CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 47,067	$ 57,268
Commercial mortgage loans at cost, net of allowance for loan loss of $0	817,094	665,498
Real estate owned, net of depreciation	31,352	31,535
Finance lease right of use asset, net of amortization	5,400	5,454
Deferred debt finance costs	603	1,202
Accrued interest receivable	2,418	1,416
Prepaid expenses and other assets	3,381	2,055
Total assets	907,315	764,428
Liabilities:
Repurchase agreements	489,757	307,083
Credit facility payable		14,350
Loan participations sold, net	96,950	109,772
Finance lease liability	17,365	17,105
Due to related parties	2,504	2,894
Interest payable	1,065	364
Distributions payable	1,081	1,137
Accrued expenses	8,022	4,578
Total liabilities	616,744	457,283
Stockholders’ Equity:
Preferred stock, $0.001 par value, 50,000,000 shares authorized: 6.75% Series A Cumulative Redeemable Preferred Stock, $0.001 par value, 4,025,000 shares authorized and 3,595,370 and 3,600,000 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively	4	4
Additional paid in capital (net of offering costs of $30,400 and $29,534 at September 30, 2022 and December 31, 2021, respectively)	347,670	359,406
Accumulated deficit	(57,113)	(52,275)
Total stockholders’ equity	290,571	307,145
Total liabilities and stockholders’ equity	907,315	764,428
Class P Common Stock
Stockholders’ Equity:
Common stock	9	9
Class A Common Stock
Stockholders’ Equity:
Common stock	1	1
Class T Common Stock
Stockholders’ Equity:
Common stock	0	0
Class S Common Stock
Stockholders’ Equity:
Common stock	0	0
Class D Common Stock
Stockholders’ Equity:
Common stock	0	0
Class I Common Stock
Stockholders’ Equity:
Common stock	$ 0	$ 0