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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities    
Interest income received $ 2,552 $ 4,373
Interest expense (718) (409)
Late fees and other loan income 29 78
Operations expense (2,893) (2,521)
Total cash (used in) provided by operating activities (1,030) 1,521
Investing activities    
Loans funded (5,700) (47,169)
Principal collected 7,243 28,462
Loan transferred to related mortgage fund 3,956 3,284
Proceeds from loans sold to non-affiliate, net 0 9,893
Advances (funded) collected (73) 75
Total - Loans 5,426 (5,455)
REO-sales proceeds, net 0 2,490
Total cash provided by (used in) investing activities 5,426 (2,965)
Partners’ capital    
Partner withdrawals, net of early withdrawal penalties (4,723) (9,625)
Early withdrawal penalties (50) (100)
Partner distributions (363) (871)
Cash distributions to partners, net (5,136) (10,596)
Line of credit    
Advances 0 11,000
Repayments (2,590) (1,000)
Debt issuance costs 0 (57)
Cash (used in) provided by line of credit (2,590) 9,943
Promissory note received from related mortgage fund 2,800 1,000
Promissory note repaid to related mortgage fund 0 (1,000)
Mortgages repaid (35) (105)
RMC payments - formation loan 0 496
Total cash used in financing activities (4,961) (262)
Net (decrease) in cash (565) (1,706)
Cash, beginning of period 963 3,903
Cash, end of period 398 2,197
Net income (loss) (41) 1,413
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities    
Gain on sale, loans 0 (122)
Amortization of debt issuance costs 21 28
REO - (decrease) increase in valuation allowance 0 (261)
Change in operating assets and liabilities    
Loan payments in trust 0 21
Accrued interest (684) (194)
Prepaid interest (435) 726
Receivable from related party 68 0
Other assets (13) (3)
Accounts payable and accrued liabilities 157 (109)
Payable to related party (103) 22
Total cash (used in) provided by operating activities $ (1,030) $ 1,521