CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 24,414	$ 18,066
Investment securities (at fair value)	1,392	1,517
Loans held for investment (net of deferred loan fees of $2,225 and $1,950)	365,635	375,041
Allowance for credit losses	(18,122)	(18,470)
Loans held for investment, net	347,513	356,571
Loans held for sale (net of valuation allowance of $4,876 and $4,880)	10,974	10,970
Interest and fees receivable (net of allowance of $2,981 and $3,133)	4,281	3,768
Due from borrowers (net of allowance of $1,956 and $1,135)	4,413	5,150
Real estate owned, net	18,865	18,574
Investments in limited liability companies	53,935	53,942
Investments in developmental real estate, net	16,432	14,032
Property and equipment, net	3,209	3,222
Other assets	5,967	6,164
Total assets	491,395	491,976
Liabilities:
Notes payable (net of deferred financing costs of $3,232 and $3,713)	227,007	226,526
Repurchase agreements	41,519	33,708
Mortgage payable	981	1,002
Lines of credit	36,100	40,000
Accounts payable and accrued liabilities	2,705	4,377
Advances from borrowers	3,079	4,047
Below market lease intangible	665	665
Total liabilities	312,056	310,325
Commitments and Contingencies - Note 13
Shareholders' equity:
Preferred shares - $.001 par value; 5,000,000 shares authorized; 2,903,000 shares designated as Series A Preferred Stock; 2,306,748 shares of Series A Preferred Stock issued and outstanding at March 31, 2025 and December 31, 2024	2	2
Common Shares - $0.001 par value; 200,000,000 shares authorized; 47,310,139 and 46,965,306 issued and outstanding at March 31, 2025 and December 31, 2024, respectively	47	47
Additional paid-in capital	257,220	256,956
Cumulative net earnings	36,422	35,518
Cumulative dividends paid	(114,352)	(110,872)
Total shareholders' equity	179,339	181,651
Total liabilities and shareholders' equity	$ 491,395	$ 491,976