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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Assets:    
Cash and cash equivalents $ 54,143 $ 29,408
Commercial mortgage loans:    
Commercial mortgage loans at cost 743,852 845,866
Allowance for credit losses (21,849) (3,588)
Commercial mortgage loans at cost, net [1] 722,003 842,278
Real estate owned, net of depreciation   31,215
Finance lease right of use asset, net of amortization   5,382
Deferred debt finance costs 604 872
Accrued interest receivable 3,283 3,121
Prepaid expenses and other assets 312 2,219
Total assets 780,345 914,495
Liabilities:    
Repurchase agreements 457,438 488,086
Credit facility payable 9,498 18,380
Loan participations sold, net 57,226 99,420
Finance lease liability   17,457
Due to related parties $ 2,028 $ 2,197
Other Liability, Related Party, Type [Extensible Enumeration] us-gaap:RelatedPartyMember us-gaap:RelatedPartyMember
Accrued interest payable $ 1,792 $ 1,499
Distributions payable 1,050 1,047
Accrued expenses 762 7,852
Total liabilities 529,794 635,938
Commitments and contingencies (Note 8)
Stockholders' Equity:    
6.75% Series A Cumulative Redeemable Preferred Stock, $0.001 par value, 4,025,000 shares authorized, 3,544,553 and 3,548,696 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively 4 4
Additional paid in capital 339,581 339,470
Accumulated deficit (89,044) (60,927)
Total stockholders' equity 250,551 278,557
Total liabilities and stockholders’ equity 780,345 914,495
Class P Common Stock    
Stockholders' Equity:    
Common stock 9 9
Class A Common Stock    
Stockholders' Equity:    
Common stock 1 1
Class T Common Stock    
Stockholders' Equity:    
Common stock 0 0
Class S Common Stock    
Stockholders' Equity:    
Common stock 0 0
Class D Common Stock    
Stockholders' Equity:    
Common stock 0 0
Class I Common Stock    
Stockholders' Equity:    
Common stock $ 0 $ 0
[1] First mortgage loans are first position mortgage loans and credit loans are mezzanine and subordinated loans.