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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net income (loss) $ 4,556 $ 18,074
Adjustments to reconcile net income to net cash provided by operating activities:    
Accretion of deferred origination and amendment fees (4,088) (5,318)
Depreciation and amortization 601 219
Amortization of right of use assets 106 99
Amortization of debt issuance costs 143 143
Amortization of credit facility costs 377 379
Stock-based compensation expense for restricted stock units 905 985
Provision for credit losses, net 1,701 1,747
Gain on sale of real property 30 (257)
Impairment 1,004 0
Change in fair value of warrant liabilities 0 8
Changes in operating assets and liabilities:    
Interest and fees receivable, net (1,516) (1,991)
Other assets 308 (135)
Accounts payable and accrued liabilities (3,085) 714
Lease liabilities (128) (114)
Net cash provided by operating activities 914 14,553
Cash flows from investing activities:    
Fundings of mortgage notes receivable (78,555) (123,802)
Principal collections 73,204 96,366
Origination and amendment fees received on mortgage notes receivable 1,379 1,968
Purchases of property and equipment 0 (198)
Proceeds from sale of real property 3,304 5,288
Improvements in real property (1,855) (1,450)
Net cash provided by (used in) investing activities (2,523) (21,828)
Cash flows from financing activities:    
Dividends paid (13,831) (27,879)
Payment of taxes on shares withheld for tax liability (201) (328)
Net cash used in financing activities (14,032) (28,207)
Net decrease in cash and cash equivalents (15,641) (35,482)
Cash and cash equivalents, beginning of period 54,964 132,889
Cash and cash equivalents, end of period 39,323 97,407
Supplemental disclosure of non-cash investing and financing activities:    
Dividends payable 4,612 9,297
Mortgage notes receivable converted to investment in real property 103,013 0
Interest and fee receivables converted to investments in real property $ 3,389 $ 0