CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 11,036	$ 8,732
Restricted cash	0	143
Loans held for investment, net	280,219	242,078
Accrued interest receivable	946	755
Prepaid expenses and other assets	40	221
Total assets	292,241	251,929
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable, accrued liabilities and deposits	658	1,011
Master repurchase facility, net	200,501	164,694
Due to related persons	19	3
Total liabilities	201,178	165,708
Commitments and contingencies
Shareholders' equity:
Common shares of beneficial interest, $0.01 par value per share; 25,000,000 shares authorized; 8,303,254 and 8,239,610 shares issued and outstanding, respectively	83	82
Additional paid in capital	89,035	88,869
Cumulative net income	8,590	1,937
Cumulative distributions	(6,645)	(4,667)
Total shareholders’ equity	91,063	86,221
Total liabilities and shareholders' equity	$ 292,241	$ 251,929