CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 4,028	$ 1,472
Adjustments to reconcile net income to net cash provided by operating activities:
Share based compensation	114	220
Amortization of deferred financing costs	241	225
Amortization of loan origination and exit fees	(950)	(682)
Changes in operating assets and liabilities:
Accrued interest receivable	(575)	(525)
Prepaid expenses and other assets	28	91
Accounts payable, accrued liabilities and deposits	(234)	150
Due to related persons	279	(146)
Net cash provided by operating activities	2,931	805
CASH FLOWS FROM INVESTING ACTIVITIES:
Origination of loans held for investment	(25,738)	(119,062)
Additional funding of loans held for investment	(9,067)	(3,369)
Net cash used in investing activities	(34,805)	(122,431)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from master repurchase facility	35,602	92,983
Repayments under master repurchase facility	0	(11,900)
Proceeds from RMR credit agreement	0	14,220
Repayment of RMR credit agreement	0	(14,220)
Payments of deferred financing costs	(72)	(341)
Proceeds from issuance of common shares, net	0	26,074
Repurchase of common shares	(3)	(6)
Distributions	(1,895)	(1,052)
Net cash provided by financing activities	33,632	105,758
Increase (decrease) in cash, cash equivalents and restricted cash	1,758	(15,868)
Cash, cash equivalents and restricted cash at beginning of period	8,875	27,335
Cash, cash equivalents and restricted cash at end of period	10,633	11,467
SUPPLEMENTAL DISCLOSURES:
Interest paid	2,941	3,149
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$ 10,633	$ 11,467