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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net income $ 20,244 $ 16,419
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 29,235 28,558
Impairment of real estate asset 2,451
Amortization of bond issuance costs 558 1,160
Amortization of deferred financing costs 560 504
(Increase) decrease in other assets (3,326) 289
Amortization of right of use asset 291 231
Foreign currency transaction (gain) loss (462) 10,932
Foreign currency translation adjustments (1,395) 971
Credit for doubtful accounts due to recovery of foreclosed real estate (1,200)
Decrease (increase) in straight-line rent receivables 200 (272)
Increase (decrease) increase in accounts payable and accrued liabilities and other liabilities 6,879 (6,435)
Repayment of operating lease liability (291) (231)
Net cash provided by operating activities 54,944 50,926
Cash flow from investing activities:    
Purchase of Real estate investments (108,061) (513)
Decrease (Increase) in notes receivable 1,713 (9,588)
Net cash used in investing activities (106,348) (10,101)
Cash flows from financing activities:    
Proceeds from senior debt, net of discount 69,208 105,000
Deferred financing costs (804) (1,469)
Proceeds from issuance of bonds, net of issuance costs 52,381
Repayment of bonds (24,038) (106,012)
Repayment of senior debt (14,019) (33,248)
Repayment of non-controlling interest redemption liability (15,753)
Non-controlling interest distributions (20,599) (10,883)
Payment of dividends (2,872) (637)
Common stock retirement (46)
Net cash provided by (used in) financing activities 43,458 (47,249)
Decrease in cash and cash equivalent and restricted cash and equivalents (7,946) (6,424)
Cash and cash equivalents and restricted cash and equivalents at the beginning of the year 45,704 52,128
Cash and cash equivalents and restricted cash and equivalents at the end of the year 37,758 45,704
Supplemental Disclosure of Cash Flow Information:    
Cash paid during the year for interest 24,389 21,629
Supplemental schedule of noncash activities:    
Foreign currency translation adjustments 1,162 25,188
Increase in real estate investments due to non-cash recovery of foreclosed real estate 1,200
Reclassification of non-controlling interest to non-controlling interest redemption liability $ 15,753