CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net income	$ 9,615	$ 7,125
Adjustments to reconcile net income to cash provided by operations:
Depreciation and amortization expense	835	817
Reduction in the carrying amount of the right-of-use asset	54	53
Amortization of equity-based compensation	23	24
Amortization of debt finance costs to operating expense	1,222	1,138
Amortization of debt finance costs to interest expense	92	54
Amortization of origination fees	(210)	(582)
Amortization of deferred exit fees		6
Amortization of loan extension fees	(182)	(266)
Changes in assets and liabilities:
Accrued interest receivable	(1,002)	(53)
Accrued expenses	3,021	3,486
Loan fees payable		(350)
Accrued interest payable	961	261
Due to related parties	(390)	(168)
Prepaid expenses and other assets	(903)	(1,044)
Net cash provided by operating activities	13,136	10,501
Cash flows from investing activities:
Origination of commercial loans	(269,107)	(149,068)
Loan extension fees received on commercial loans	330	231
Principal repayments of commercial loans	117,576	69,500
Real estate capital expenditures	(652)	(67)
Net cash used in investing activities	(151,853)	(79,404)
Cash flows from financing activities:
Proceeds from issuance of common stock	2,419	10
Proceeds from issuance of preferred stock		87,500
Redemptions of common stock	(13,687)	(8,313)
Repurchase of Preferred Stock	(92)
Payment of offering costs	(864)	(4,231)
Proceeds from repurchase agreements	239,611	103,920
Principal repayments of repurchase agreements	(56,947)	(51,438)
Proceeds from credit facility		14,350
Principal repayments of credit facility	(14,350)
Proceeds from sale of loan participations	2,538
Principal repayments of loan participations	(15,360)
Debt finance costs	(706)	(1,086)
Distributions paid to common stockholders	(9,490)	(9,079)
Distributions paid to preferred stockholders	(4,556)	0
Net cash provided by financing activities	128,516	131,633
Net change in cash, cash equivalents and restricted cash	(10,201)	62,730
Cash, cash equivalents and restricted cash at beginning of period	57,268	72,107
Cash, cash equivalents and restricted cash at end of period	47,067	134,837
Supplemental disclosure of cash flow information:
Amortization of deferred exit fees due to related party	3	349
Interest paid	11,719	6,498
Accrued stockholder servicing fee due to related party	(2)	(49)
Distribution reinvestment	$ 487	$ 421