Seven Hills Realty Trust (SEVN) 10-K 18 Feb 25 2024 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Feb. 13, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-34383
Entity Registrant Name	Seven Hills Realty Trust
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-4649929
Entity Address, Address Line One	Two Newton Place
Entity Address, Address Line Two	255 Washington Street
Entity Address, Address Line Three	Suite 300
Entity Address, City or Town	Newton
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02458-1634
City Area Code	617
Local Phone Number	332-9530
Title of 12(b) Security	Common stock, $0.001 par value per share
Trading Symbol	SEVN
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 160.3
Entity Common Stock, Shares Outstanding		14,902,773
Documents Incorporated by Reference	Certain information required by Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K is incorporated by reference to our definitive Proxy Statement for the 2025 Annual Meeting of Shareholders to be filed with the Securities and Exchange Commission within 120 days after the fiscal year ended December 31, 2024.
Entity Central Index Key	0001452477
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Boston, Massachusetts

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 70,750	$ 87,855
Loans held for investment	609,916	626,462
Allowance for credit losses	(8,074)	(4,376)
Loans held for investment, net	601,842	622,086
Real estate owned, net	11,187	11,278
Acquired real estate leases, net	3,366	4,137
Accrued interest receivable	2,954	3,632
Prepaid expenses and other assets, net	2,709	2,537
Total assets	692,808	731,525
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable, accrued liabilities and other liabilities	3,982	3,808
Secured financing facilities, net	417,796	454,422
Due to related persons	1,752	2,047
Total liabilities	423,530	460,277
Commitments and contingencies
Shareholders' equity:
Common shares of beneficial interest, $0.001 par value per share; 25,000,000 shares authorized; 14,902,773 and 14,811,410 shares issued and outstanding, respectively	15	15
Additional paid in capital	240,425	239,443
Cumulative net income	89,480	71,660
Cumulative distributions	(60,642)	(39,870)
Total shareholders' equity	269,278	271,248
Total liabilities and shareholders' equity	$ 692,808	$ 731,525

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common shares, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	25,000,000	25,000,000
Common shares issued (in shares)	14,902,773	14,811,410
Common shares outstanding (in shares)	14,902,773	14,811,410

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
INCOME FROM INVESTMENTS:
Interest and related income	$ 62,415	$ 66,337
Purchase discount accretion	2,347	4,128
Less: interest and related expenses	(31,769)	(33,518)
Income from loan investments, net	32,993	36,947
Revenue from real estate owned	2,281	1,288
Total revenue	35,274	38,235
OTHER EXPENSES:
Base management fees	4,329	4,303
Incentive fees	974	968
General and administrative expenses	3,902	3,947
Reimbursement of shared services expenses	2,647	2,596
Provision for (reversal of) credit losses	3,080	(799)
Expenses from real estate owned	2,489	1,293
Total other expenses	17,421	12,308
Income before income taxes	17,853	25,927
Income tax (expense) benefit	(33)	38
Net income	$ 17,820	$ 25,965
Weighted average common shares outstanding- basic (in shares)	14,712	14,625
Weighted average common shares outstanding - diluted (in shares)	14,712	14,625
Net income per common share, basic (in dollars per share)	$ 1.20	$ 1.76
Net income per common share, diluted (in dollars per share)	$ 1.20	$ 1.76

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Shares	Additional Paid In Capital	Cumulative Net Income	Cumulative Net Income Cumulative Effect, Period of Adoption, Adjustment	Cumulative Distributions
Beginning balance (in shares) at Dec. 31, 2022			14,709,000
Beginning balance at Dec. 31, 2022	$ 271,579	$ (6,595)	$ 15	$ 238,505	$ 52,290	$ (6,595)	$ (19,231)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share grants (in shares)			122,000
Share grants	$ 1,124			1,124
Share repurchases (in shares)	(17,421)		(17,000)
Share repurchases	$ (183)			(183)
Share forfeitures (in shares)			(3,000)
Share forfeitures	(3)			(3)
Net income	25,965				25,965
Distributions	$ (20,639)						(20,639)
Ending balance (in shares) at Dec. 31, 2023	14,811,410		14,811,000
Ending balance at Dec. 31, 2023	$ 271,248		$ 15	239,443	71,660		(39,870)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share grants (in shares)			120,000
Share grants	$ 1,359			1,359
Share repurchases (in shares)	(28,165)		(28,000)
Share repurchases	$ (377)			(377)
Net income	17,820				17,820
Distributions	$ (20,772)						(20,772)
Ending balance (in shares) at Dec. 31, 2024	14,902,773		14,903,000
Ending balance at Dec. 31, 2024	$ 269,278		$ 15	$ 240,425	$ 89,480		$ (60,642)

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical)	12 Months Ended
	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Accounting Standards Update [Extensible List]	Accounting Standards Update 2016-13 [Member]

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 17,820	$ 25,965
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of purchase discount	(2,347)	(4,128)
Provision for (reversal of) credit losses	3,080	(799)
Amortization of loan origination and exit fees	(2,697)	(3,333)
Amortization of deferred financing costs	1,423	1,405
Straight line rental income	(447)	(647)
Depreciation and amortization	1,291	604
Share based compensation	1,359	1,121
Changes in operating assets and liabilities:
Accrued interest receivable	678	(498)
Prepaid expenses and other assets	188	630
Accounts payable, accrued liabilities and other liabilities	57	(253)
Due to related persons	(295)	203
Net cash provided by operating activities	20,110	20,270
CASH FLOWS FROM INVESTING ACTIVITIES:
Origination of loans held for investment	(132,061)	(131,679)
Additional funding of loans held for investment	(12,333)	(5,416)
Repayment of loans held for investment	165,984	172,283
Cash assumed from transfer of loans held for investment to real estate owned	0	1,742
Real estate owned improvements	(329)	(1,086)
Net cash provided by investing activities	21,261	35,844
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from secured financing facilities	101,335	123,208
Repayments under secured financing facilities	(137,529)	(141,009)
Payments of deferred financing costs	(1,133)	(703)
Repurchase of common shares	(377)	(183)
Distributions	(20,772)	(20,639)
Net cash used in financing activities	(58,476)	(39,326)
(Decrease) increase in cash and cash equivalents	(17,105)	16,788
Cash and cash equivalents at beginning of period	87,855	71,067
Cash and cash equivalents at end of period	70,750	87,855
SUPPLEMENTAL DISCLOSURES:
Interest paid	30,555	32,079
Income taxes (refunded) paid	(35)	135
NON-CASH INVESTING ACTIVITIES
Transfer of loans held for investment to real estate owned	$ 0	$ 14,800

Organization

Organization	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	OrganizationSeven Hills Realty Trust is a Maryland real estate investment trust, or REIT, that focuses primarily on originating and investing in first mortgage loans secured by middle market and transitional commercial real estate, or CRE.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation. These consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles, or GAAP, which requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in the accompanying consolidated financial statements include our allowance for credit losses and the fair value of financial instruments. Consolidation. These consolidated financial statements include the accounts of ours and our subsidiaries, all of which are 100% owned directly by us. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. For each loan investment we make, we evaluate whether we have a controlling financial interest and consolidation of the borrower's financial statements is required under GAAP. Cash and Cash Equivalents. We consider highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. Secured Financing Agreements. Loans financed through our Secured Financing Agreements (as defined in Note 5) are treated as collateralized financing transactions, unless they meet sales treatment under GAAP. Pursuant to GAAP treatment of collateralized financing transactions, loans financed through our Secured Financing Agreements remain on our consolidated balance sheets as assets and cash received from the purchasers is recorded on our consolidated balance sheets as liabilities. Interest paid in accordance with our Secured Financing Agreements is recorded as interest expense. Loans Held for Investment. Generally, our loans are classified as held for investment based upon our intent and ability to hold them until maturity. Loans that are held for investment are carried at cost, net of unamortized loan origination fees, accreted exit fees, unamortized premiums and unaccreted discounts, as applicable, that are required to be recognized in the carrying value of the loans in accordance with GAAP, unless the loans are determined to be collateral dependent. Loans that we have a plan to sell or liquidate are held at the lower of cost or fair value less cost to sell. Allowance for Credit Losses. On January 1, 2023, we adopted Accounting Standards Update, or ASU, No. 2016-13, Financial Instruments - Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments , which replaces the “incurred loss” model for recognizing credit losses with a forward-looking “expected loss” model that generally will result in the earlier recognition of credit losses. The measurement of current expected credit losses, or CECL, is based upon historical experience, current conditions, and reasonable and supportable forecasts incorporating forward-looking information that affect the collectability of the reported amount. ASU No. 2016-13 is applicable to financial assets measured at amortized cost and off-balance sheet credit exposures, such as unfunded loan commitments. The allowance for credit losses is a valuation account that is deducted from the related loans’ amortized cost basis in our consolidated balance sheets. Our loans typically include commitments to fund incremental proceeds to borrowers over the life of the loan; these future funding commitments are also subject to the CECL model. The allowance for credit losses related to unfunded loan commitments is included in accounts payable, accrued liabilities and other liabilities in our consolidated balance sheets. Given the lack of historical loss data related to our loan portfolio, we estimate our expected losses using an analytical model that considers the likelihood of default and loss given default for each individual loan. This analytical model incorporates data from a third party database with historical loan loss information for commercial mortgage-backed securities, or CMBS, and CRE loans since 1998. We estimate the allowance for credit losses for our portfolio, including unfunded loan commitments, at the individual loan level. Significant inputs to the model include certain loan specific data, such as loan to value, or LTV, property type, geographic location, occupancy, vintage year, remaining loan term, net operating income, expected timing and amounts of future loan fundings and macroeconomic forecast assumptions, including the performance of CRE assets, unemployment rates, interest rates and other factors. We utilize the model to estimate credit losses over a reasonable and supportable economic forecast period of 12 months, followed by a straight-line reversion period of six months to average historical losses. Average historical losses are established using a population of third party historical loss data that approximates our portfolio as of the measurement date. We evaluate the estimated allowance for each of our loans individually and we consider our internal loan risk rating as the primary credit quality indicator underlying our assessment. We have elected to exclude accrued interest receivable from amortized cost and not to measure an allowance for credit losses on accrued interest receivable. Accrued interest receivables are generally written off when payments are 120 days past due. Such amounts are reversed against interest income and no further interest will be recorded until it is collected. If a loan is determined to be collateral dependent (because the repayment of the loan is expected to be provided substantially through the operation or sale of the underlying collateral property) and the borrower is experiencing financial difficulties, but foreclosure is not probable, we may elect to apply a practical expedient to determine the loan's allowance for credit losses by comparing the collateral's fair value to the amortized cost basis of the loan. For collateral-dependent loans for which foreclosure is probable, the related allowance for credit losses is determined using the fair value, less costs to sell, if applicable, of the collateral compared to the loan's amortized cost. Upon adoption of ASU No. 2016-13 using the modified retrospective transition method and, based on our loan portfolio, the then current economic environment and expectations for future conditions, we recorded a cumulative-effect adjustment reducing our cumulative net income in our consolidated balance sheets by $6,595, establishing an allowance for credit losses of $4,893 with respect to our then outstanding loans held for investment and increasing accounts payable, accrued liabilities and other liabilities by $1,702 with respect to our then unfunded loan commitments. No reserve for loan losses or allowance for credit losses was recognized within our consolidated financial statements prior to our adoption of ASU No. 2016-13. We evaluate the credit quality of each of our loans at least quarterly by assessing a variety of risk factors in relation to each loan and assigning a risk rating to each loan based on those factors. Factors considered in these evaluations include, but are not limited to, property type, geographic and local market dynamics, physical condition, leasing and tenant profile, projected cash flow, risk of loss, current LTV, debt yield, collateral performance, structure, exit plan and sponsorship. Loans are rated “1” (less risk) through “5” (greater risk) as defined below: “1” lower risk—Criteria reflects a sponsor having a strong financial condition and low credit risk and our evaluation of management's experience; collateral performance exceeding performance metrics included in the business plan or credit underwriting; and the property demonstrating stabilized occupancy and/or market rates, resulting in strong current cash flow and net operating income and/or having a very low LTV. “2” average risk—Criteria reflects a sponsor having a stable financial condition and our evaluation of management's experience; collateral performance meeting or exceeding substantially all performance metrics included in the business plan or credit underwriting; and the property demonstrating improved occupancy at market rents, resulting in sufficient current cash flow and/or having a low LTV. “3” acceptable risk—Criteria reflects a sponsor having a history of repaying loans at maturity and meeting its credit obligations and our evaluation of management's experience; collateral performance expected to meet performance metrics included in the business plan or credit underwriting; and the property having a moderate LTV. New loans and loans with a limited history will typically be assigned this rating and will be adjusted to other levels from time to time as appropriate. “4” higher risk—Criteria reflects a sponsor having a history of unresolved missed or late payments, maturity extensions and difficulty timely fulfilling its credit obligations and our evaluation of management's experience; collateral performance failing to meet the business plan or credit underwriting; the existence of a risk of default possibly leading to a loss and/or potential weaknesses that deserve management’s attention; and/or the property having a high LTV. “5” loss likely—Criteria reflects a very high risk of realizing a principal loss or having incurred a principal loss; a sponsor having a history of default payments, trouble fulfilling its credit obligations, deeds in lieu of foreclosures, and/or bankruptcies; collateral performance is significantly worse than performance metrics included in the business plan; loan covenants or performance milestones having been breached or not attained; timely exit via sale or refinancing being uncertain; and/or the property having a very high LTV. See Note 3 for further information regarding our allowance for credit losses and our loan portfolio’s assessment under our internal risk rating policy. Real Estate Owned. Real estate owned is property acquired in full or partial settlement of loan obligations generally through foreclosure or by deed in lieu of foreclosure. Upon acquisition, we allocate the fair value of the real estate owned in accordance with ASC 805, Business Combinations. Upon acquisition, real estate owned is recognized at the fair value of the property at the time of acquisition. We allocate the purchase price to land, building and improvements, and acquired in place leases based on determinations of the relative fair values of these assets assuming the properties are vacant. The fair value of the property is determined using Level III inputs and standard industry valuation methods, including discounted cash flow analyses that are based on a number of factors, including capitalization rates and discount rates, among others, and sales comparisons. If the amortized cost of the loan exceeds the fair value of the property the difference is recorded through the allowance for credit losses as a write off. Conversely, if the fair value of the property exceeds the amortized cost of the loan, the difference is recorded through the allowance for credit losses as a recovery, with any excess recorded as a gain. Any related shortfall or excess of previously established allowances for credit losses is recognized in the consolidated statements of operations as a provision for or reversal of credit losses, respectively. Subsequent to acquisition, costs incurred related to improvements to the property are capitalized and depreciated over their estimated useful lives and costs related to the operation of the property are expensed as incurred. We recognize depreciation on a straight line basis over estimated useful lives generally ranging from 7 to 40 years. We allocate a portion of the purchase price to acquired in place leases and tenant relationships based upon market estimates to lease up the property based on the leases in place at the time of acquisition. We allocate this aggregate value between acquired in place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant’s lease. We amortize the value of acquired in place leases (included in acquired real estate leases, net in our consolidated balance sheets) over the terms of the associated leases. Such amortization is included in expenses from real estate owned in our consolidated statements of operations. We regularly evaluate real estate owned for indicators of impairment. Impairment indicators may include declining tenant occupancy, lack of progress leasing vacant space, tenant bankruptcies, low long term prospects for improvement in property performance, weak or declining tenant profitability, cash flow or liquidity, our decision to dispose of an asset before the end of its estimated useful life and legislative, market or industry changes that could permanently reduce the value of a property. If there is an indication that the carrying value of an asset is not recoverable, we estimate the projected undiscounted cash flows to determine if an impairment loss should be recognized. The future net undiscounted cash flows are subjective and are based in part on assumptions regarding hold periods, market rents and terminal capitalization rates. We determine the amount of any impairment loss by comparing the carrying value to estimated fair value. We estimate fair value through an evaluation of recent financial performance and projected discounted cash flows using standard industry valuation methods. See Note 4 for further information regarding our real estate owned. Fair Value of Financial Instruments. We determine the estimated fair value of financial assets and liabilities using the three-tier fair value hierarchy established by GAAP, which prioritizes observable inputs in active markets when measuring fair value. The three levels of inputs that may be used to measure fair value in order of priority are as follows: Level I—Inputs include quoted prices in active markets for identical assets or liabilities that we have the ability to access. Level II—Inputs include quoted prices in markets that are less active or inactive or for which all significant inputs are observable, either directly or indirectly. Level III—Inputs include unobservable prices and are supported by little or no market activity and are significant to the overall fair value measurement. Loan Deferred Fees. Loan origination and exit fees are fees charged to our borrowers and unamortized or unaccreted balances are reflected as a reduction in loans held for investment, net, in our consolidated balance sheets. These fees are recognized in interest income over the life of the related loans held for investment. Deferred Financing Costs. Costs incurred in connection with financings are capitalized and recorded as a reduction to the related liability in our consolidated balance sheets. Deferred financing costs are amortized over the term of the respective financing agreement and are recorded in our consolidated statements of operations as a component of interest and related expenses. Net Income Per Common Share. We calculate net income per common share - basic using the two class method. We calculate net income per common share - diluted using the more dilutive of the two class or treasury stock method. Revenue Recognition. Interest income related to our first mortgage loans secured by CRE will generally be accrued based on the coupon rates applied to the outstanding principal balance of such loans. Fees, premiums and discounts, if any, will be amortized or accreted into interest income over the remaining lives of the loans using the effective interest method, as adjusted for any prepayments. If a loan's interest or principal payments are not paid when due and there is uncertainty that such payments will be collected, the loan may be categorized as non-accrual and no interest will be recorded until it is collected. When all overdue payments are collected and, in our judgment, a loan is likely to remain current, it may be re-categorized as accrual. We did not have any non-accrual loans as of December 31, 2024. For loans purchased at a discount, GAAP limits the yield that may be accreted (accretable yield) to the excess of the investor’s estimate of undiscounted expected principal, interest and other cash flows (cash flows expected at acquisition to be collected) over the investor’s initial investment in the loan. GAAP also requires that the excess of contractual cash flows over cash flows expected to be collected (non-accretable difference) not be recognized as an adjustment of yield, loss accrual or valuation allowance. Subsequent increases in cash flows expected to be collected from such loans generally will be recognized prospectively through adjustment of the loan’s yield over its remaining life. Decreases in cash flows expected to be collected will be recorded through our provision for credit losses. Revenue from real estate owned represents rental income from operating leases with tenants and is recognized on a straight line basis over the lease term. Segments. Effective for the fiscal year ended December 31, 2024, we adopted ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , or ASU No. 2023-07, which requires public entities to: i) provide disclosures of significant segment expenses and other segment items if they are regularly provided to the Chief Operating Decision Maker, or the CODM, and included in each reported measure of segment profit or loss; ii) provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by ASC 280, Segment Reporting , or ASC 280, in interim periods; and iii) disclose the CODM’s title and position, as well as an explanation of how the CODM uses the reported measures and other disclosures. Public entities with a single reportable segment must apply all the disclosure requirements of ASU No. 2023-07, as well as all the existing segment disclosures under ASC 280. The amendments in ASU No. 2023-07 are incremental to the requirements in ASC 280 and do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. As a result, we have included additional information related to the required disclosures within Note 13 to our consolidated financial statements. New Accounting Pronouncements. In November 2024, the Financial Accounting Standards Board issued ASU No. 2024-03, Income Statement (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures , or ASU No. 2024-03, which requires public entities to provide disaggregated disclosure of certain income statement expense captions within the footnotes to the financial statements. ASU No. 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. We are currently evaluating the impact ASU No. 2024-03 will have on our consolidated financial statements and disclosures.

Loans Held for Investment

Loans Held for Investment	12 Months Ended
	Dec. 31, 2024
Receivables [Abstract]
Loans Held for Investment	Loans Held for Investment, net We originate first mortgage loans secured by middle market and transitional CRE, which are generally to be held as long term investments. The table below provides overall statistics for our loan portfolio as of December 31, 2024 and 2023: As of December 31, 2024 2023 Number of loans 21 24 Total loan commitments $ 641,213 $ 670,293 Unfunded loan commitments (1) $ 30,402 $ 40,401 Principal balance $ 610,811 $ 629,892 Carrying value $ 601,842 $ 622,086 Weighted average coupon rate 8.24 % 9.19 % Weighted average all in yield (2) 8.62 % 9.64 % Weighted average floor 2.12 % 1.36 % Weighted average maximum maturity (years) (3) 2.6 3.0 Weighted average risk rating 3.1 3.0 (1) Unfunded loan commitments are primarily used to finance property improvements and leasing capital and are generally funded over the term of the loan. (2) All in yield represents the yield on a loan, including amortization of deferred fees over the initial term of the loan and excluding any purchase discount accretion. (3) Maximum maturity assumes all borrower loan extension options have been exercised, which options are subject to the borrower meeting certain conditions. The table below represents our loan activities during 2023 and 2024: Principal Balance Deferred Fees and Other Items Amortized Cost Balance at December 31, 2022 $ 678,555 $ (8,626) $ 669,929 Additional funding 5,650 (14) 5,636 Originations 133,300 (1,621) 131,679 Repayments (171,748) (535) (172,283) Transfer to real estate owned (15,865) (95) (15,960) Net amortization of deferred fees — 3,333 3,333 Purchase discount accretion — 4,128 4,128 Balance at December 31, 2023 629,892 (3,430) 626,462 Additional funding 12,492 (158) 12,334 Originations 133,817 (1,757) 132,060 Repayments (165,390) (594) (165,984) Net amortization of deferred fees — 2,697 2,697 Purchase discount accretion — 2,347 2,347 Balance at December 31, 2024 $ 610,811 $ (895) $ 609,916 The tables below detail the property type and geographic location of the properties securing the loans in our portfolio as of December 31, 2024 and 2023: As of December 31, 2024 2023 Property Type Number of Loans Amortized Cost Percentage of Value Number of Loans Amortized Cost Percentage of Value Office 6 $ 167,749 28 % 7 $ 181,268 29 % Multifamily 5 163,987 27 % 7 207,734 33 % Industrial 5 136,646 22 % 5 118,707 19 % Hotel 3 84,028 14 % 2 45,791 7 % Retail 2 57,506 9 % 3 72,962 12 % 21 $ 609,916 100 % 24 $ 626,462 100 % As of December 31, 2024 2023 Geographic Location Number of Loans Amortized Cost Percentage of Value Number of Loans Amortized Cost Percentage of Value South 7 $ 192,108 32 % 8 $ 222,477 36 % West 6 142,560 23 % 9 185,294 30 % East 4 139,899 23 % 3 89,815 14 % Midwest 4 135,349 22 % 4 128,876 20 % 21 $ 609,916 100 % 24 $ 626,462 100 % Credit Quality Information and Allowance for Credit Losses We evaluate the credit quality of each of our loans at least quarterly by assessing a variety of risk factors in relation to each loan and assigning a risk rating to each loan based on those factors. The higher the number, the greater the risk level. As of December 31, 2024 and 2023, the amortized cost of our loan portfolio within each internal risk rating by year of origination was as follows: December 31, 2024 Risk Rating Number of Loans Percentage of Portfolio 2024 2023 2022 2021 Prior Total 1 — — % $ — $ — $ — $ — $ — $ — 2 4 18 % 41,570 53,070 — 15,252 — 109,892 3 12 58 % 91,515 25,086 163,228 76,034 — 355,863 4 5 24 % — — — 114,556 29,605 144,161 5 — — % — — — — — — 21 100 % $ 133,085 $ 78,156 $ 163,228 $ 205,842 $ 29,605 $ 609,916 December 31, 2023 Risk Rating Number of Loans Percentage of Portfolio 2023 2022 2021 Prior Total 1 — — % $ — $ — $ — $ — $ — 2 3 15 % 37,323 42,089 15,435 — 94,847 3 18 71 % 94,881 167,491 144,456 38,548 445,376 4 3 14 % — — 86,239 — 86,239 5 — — % — — — — — 24 100 % $ 132,204 $ 209,580 $ 246,130 $ 38,548 $ 626,462 The tables below present the changes to the allowance for credit losses during the years ended December 31, 2024 and 2023: Loans Held for Investment, net Unfunded Loan Commitments Total Balance at December 31, 2023 $ 4,376 $ 1,452 $ 5,828 Provision for credit losses 3,698 (618) 3,080 Balance at December 31, 2024 $ 8,074 $ 834 $ 8,908 Loans Held for Investment, net Unfunded Loan Commitments Total Balance at December 31, 2022 $ — $ — $ — Cumulative-effect adjustment upon adoption of the CECL model 4,893 1,702 6,595 Reversal of credit losses (549) (250) (799) Write offs (1) (708) — (708) Recoveries 740 — 740 Balance at December 31, 2023 $ 4,376 $ 1,452 $ 5,828 (1) Write offs for the year ended December 31, 2023 relate to our loan secured by an office property located in Yardley, PA that was originated in 2019. We assumed legal title to the property through a deed in lieu of foreclosure in June 2023. The increase in the allowance for credit losses during the year ended December 31, 2024 is primarily attributable to declining values for CRE and unfavorable CRE pricing forecasts used in our CECL model and increased provisions for our office loans. We may enter into loan modifications that include among other changes, extensions of maturity dates, repurposing or required replenishment of reserves, increases or decreases in loan commitments and required pay downs of principal amounts outstanding. Loan modifications are evaluated to determine whether a modification results in a new loan or a continuation of an existing loan under ASC 310. In August 2024, we amended the agreement governing our loan secured by an office property in Dallas, TX. As part of this amendment, the loan commitment was reduced by $3,189, the borrower was required to contribute $2,900 to cash reserves and the maturity date was extended by two years to August 25, 2026. As of December 31, 2024, this loan had an amortized cost of $43,511 and a risk rating of 4. In August 2024, we amended the agreement governing our loan secured by an office property in Plano, TX. As part of this amendment, the coupon rate was reduced from SOFR + 4.75% to SOFR + 3.75% and the maturity date was extended by two years to July 1, 2026. As of December 31, 2024, this loan had an amortized cost of $26,635 and a risk rating of 4. In November 2024, we amended the agreement governing our loan secured by an office property in Carlsbad, CA. As part of this amendment, the borrower was required to contribute $1,100 to cash reserves and the maturity date was extended by two years to October 27, 2026. As of December 31, 2024, this loan had an amortized cost of $24,412 and a risk rating of 4. In November 2024, we amended the agreement governing our loan secured by an office property in Bellevue, WA. As part of this amendment, the maturity date was extended by 90 days to February 5, 2025. Subsequently, in January 2025, the maturity date was extended by 60 days to April 7, 2025. As of December 31, 2024, this loan had an amortized cost of $19,997 and a risk rating of 4. There were no other modifications to our loan portfolio for borrowers experiencing financial difficulties during the year ended December 31, 2024.

Real Estate Owned

Real Estate Owned	12 Months Ended
	Dec. 31, 2024
Banking and Thrift, Interest [Abstract]
Real Estate Owned	Real Estate Owned In June 2023, we assumed legal title to an office property located in Yardley, PA through a deed in lieu of foreclosure. The table below presents the assets and liabilities of real estate owned in our consolidated balance sheets: December 31, 2024 2023 Land $ 2,880 $ 2,880 Building and improvements 7,354 7,349 Tenant improvements 1,501 1,164 Total real estate owned 11,735 11,393 Less: accumulated depreciation (548) (115) Real estate owned, net 11,187 11,278 Acquired real estate leases 4,352 4,595 Less: accumulated amortization (986) (458) Acquired real estate leases, net 3,366 4,137 Prepaid expenses and other assets, net (1) 1,826 1,352 Total assets $ 16,379 $ 16,767 Accounts payable, accrued liabilities and other liabilities $ 501 $ 517 Total liabilities $ 501 $ 517 (1) Includes $1,094 and $647 of straight line rent receivables as of December 31, 2024 and 2023, respectively. Revenue from real estate owned represents rental income from operating leases with tenants and is recognized on a straight line basis over the lease term. We increased revenue from real estate owned to record revenue on a straight line basis by $447 and $647 for the years ended December 31, 2024 and 2023, respectively. Expenses from real estate owned represents costs related to the acquisition of the property, costs to operate the property and depreciation and amortization expense. We recognized amortization expense related to our acquired real estate leases of $771 and $458 for the years ended December 31, 2024 and 2023, respectively. Future amortization of acquired in place lease values is estimated to be $594 in 2025, $493 in 2026, $493 in 2027, $466 in 2028, $446 in 2029 and $874 thereafter. As of December 31, 2024 and 2023, the weighted average amortization period of acquired real estate leases was 6.9 and 7.4 years, respectively. The following operating lease maturity analysis presents the future contractual lease payments to be received by us through 2034 as of December 31, 2024: Year Amount 2025 $ 2,090 2026 2,034 2027 2,108 2028 2,090 2029 2,052 Thereafter 4,100 Total $ 14,474

Secured Financing Agreements

Secured Financing Agreements	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Secured Financing Agreements	Secured Financing Agreements As of December 31, 2024 and 2023, we had secured financing facilities governed by master repurchase agreements with Wells Fargo, National Association, or Wells Fargo, Citibank N.A., or Citibank, and UBS AG, or UBS; and a facility loan program with BMO Harris Bank N.A, or BMO. We refer to the Wells Fargo, Citibank and UBS facilities as our Master Repurchase Facilities and the BMO facility as our BMO Facility. Collectively, we refer to our Master Repurchase Facilities and the BMO Facility as our Secured Financing Facilities. Pursuant to our Master Repurchase Facilities, we may sell to, and later repurchase from the respective lender, the purchased assets related to the applicable facility. The initial purchase price paid under our Master Repurchase Facilities is generally between 75% and 80% of the market value or the unpaid principal balance of such purchased asset. Our Master Repurchase Facilities each contain margin maintenance provisions that provide our lenders with the right, in certain circumstances related to a credit event, to redetermine the value of purchased assets. Where a decline in the value of a purchased asset results in a margin deficit, we may be required to eliminate such a deficit through a combination of purchased asset repurchases and cash transfers. Pursuant to our BMO Facility, BMO advances amounts to fund new mortgage loan originations and/or fund future obligations under existing loans. Advances under the BMO Facility are secured by a security interest and collateral assignment of the underlying loan, are coterminous with the pledged mortgage loans, generally up to an 80% advance rate and are not subject to margin calls. In connection with each of our Secured Financing Facilities, we entered into guarantees that require us to guarantee 25% of the aggregate purchase price of the asset and also contain financial covenants, which require us to maintain a minimum tangible net worth, a minimum liquidity and a minimum interest coverage ratio and to satisfy a total indebtedness to stockholders’ equity ratio. Interest expense under our Secured Financing Facilities accrues at a rate of SOFR plus a premium. In September 2024, we amended our Citibank Master Repurchase Agreement. The amendment to the Citibank Master Repurchase Agreement made certain changes to the agreement and related fee letter, including extending the stated maturity date to September 27, 2026. In October 2024, we amended our Wells Fargo Master Repurchase Agreement. The amendment to the Wells Fargo Master Repurchase Agreement made certain changes to the agreement and related fee letter, including extending the stated maturity date to March 11, 2026. In December 2024, we amended the fee letter to our UBS Master Repurchase Agreement to extend the stated maturity date to February 18, 2026 and increase the maximum facility size to $250,000. As of December 31, 2024, we were in compliance with the covenants and other terms of the agreements that govern our Secured Financing Facilities. The table below summarizes our Secured Financing Facilities as of December 31, 2024 and 2023: Debt Obligation Weighted Average Collateral Maximum Facility Size Principal Balance Carrying Value Coupon Rate (1) Remaining Maturity (years) (2) Maturity Date Principal Balance December 31, 2024: UBS Master Repurchase Facility $ 250,000 $ 181,989 $ 181,566 6.85 % 0.7 2/18/2026 $ 267,084 Citibank Master Repurchase Facility 215,000 93,314 92,700 6.57 % 1.5 9/27/2026 145,520 BMO Facility 150,000 103,855 103,622 6.39 % 0.9 Various 145,234 Wells Fargo Master Repurchase Facility 125,000 40,464 39,908 6.31 % 0.6 3/11/2026 52,973 Total/weighted average $ 740,000 $ 419,622 $ 417,796 6.62 % 0.9 $ 610,811 December 31, 2023 Citibank Master Repurchase Facility $ 215,000 $ 91,115 $ 90,811 7.47 % 0.7 3/15/2025 $ 142,465 UBS Master Repurchase Facility 205,000 181,381 181,162 7.72 % 0.8 2/18/2025 241,887 BMO Facility 150,000 87,767 87,451 7.29 % 1.3 Various 118,471 Wells Fargo Master Repurchase Facility 125,000 95,551 94,998 7.44 % 1.1 3/11/2025 127,069 Total/weighted average $ 695,000 $ 455,814 $ 454,422 7.53 % 0.9 $ 629,892 (1) The weighted average coupon rate is determined using SOFR plus a spread ranging from 1.83% to 2.95%, as applicable, for the respective borrowings under our Secured Financing Facilities as of the applicable date. (2) The weighted average remaining maturity of our Master Repurchase Facilities is determined using the earlier of the underlying loan investment maturity date and the respective repurchase agreement maturity date. The weighted average remaining maturity of the BMO Facility is determined using the underlying loan investment maturity date. As of December 31, 2024, our outstanding borrowings under our Secured Financing Facilities had the following remaining maturities: Maturity Year Principal Payments 2025 $ 255,765 2026 147,769 2027 16,088 2028 and thereafter — $ 419,622 Based upon the performance and payment history of our commercial mortgage loans, along with our ability to obtain financing under repurchase agreements and success in extending certain of our existing Master Repurchase Agreements, we believe it is probable that we will extend our Master Repurchase Facilities prior to their maturities.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The carrying values of cash and cash equivalents and accounts payable approximate their fair values due to the short term nature of these financial instruments. We estimate the fair values of our loans held for investment and outstanding principal balances under our Secured Financing Facilities by using Level III inputs, including discounted cash flow analyses and currently prevailing market terms as of the measurement date. The table below provides information regarding our financial assets and liabilities not carried at fair value in our consolidated balance sheets: As of December 31, 2024 2023 Carrying Value Fair Value Carrying Value Fair Value Financial assets Loans held for investment $ 601,842 $ 603,558 $ 622,086 $ 626,079 Financial liabilities Secured Financing Facilities $ 417,796 $ 418,492 $ 454,422 $ 454,620

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity Common Share Awards We have common shares available for issuance under the terms of our Amended and Restated 2021 Equity Compensation Plan, or the 2021 Plan. During the years ended December 31, 2024 and 2023, we awarded to our officers and certain other employees of Tremont and of RMR annual share awards of 91,118 and 80,000 of our common shares, respectively, valued at $1,236 and $876, in aggregate, respectively. In accordance with our Trustee compensation arrangements, during the years ended December 31, 2024 and 2023, we awarded each of our then Trustees 4,735 and 6,000 of our common shares, respectively, valued at $360 and $387, respectively, as part of their annual compensation. The values of the share awards are based upon the closing price of our common shares on The Nasdaq Stock Market LLC, or Nasdaq, on the dates of awards. The common shares that we award to our Trustees as trustee compensation vest immediately. The common shares we award to our officers and certain other employees of Tremont and of RMR vest in five equal annual installments beginning on the date of award. We recognize any share forfeitures as they occur. We include the value of awarded shares in general and administrative expenses ratably over the vesting period. A summary of shares granted, forfeited, vested and unvested under the terms of the 2021 Plan for the years ended December 31, 2024 and 2023 is as follows: 2024 2023 Number of Weighted Average Grant Number of Weighted Average Grant Unvested shares, beginning of year 136,421 $ 10.57 129,680 $ 10.24 Shares granted 119,528 $ 13.35 122,000 $ 10.35 Shares forfeited — $ — (2,334) $ 10.19 Shares vested (108,887) $ 11.58 (112,925) $ 9.96 Unvested shares, end of year 147,062 $ 12.07 136,421 $ 10.57 The 147,062 unvested shares as of December 31, 2024 are scheduled to vest as follows: 53,822 shares in 2025, 43,316 shares in 2026, 31,722 shares in 2027 and 18,202 shares in 2028. As of December 31, 2024, the estimated future compensation expense for the unvested shares was $1,594. The weighted average period over which the compensation expense will be recorded is approximately 22 months. During the years ended December 31, 2024 and 2023, we recorded $1,359 and $1,121, respectively, of compensation expense related to the 2021 Plan. At December 31, 2024, 57,466 of our common shares remained available for issuance under the 2021 Plan. Common Share Purchases During the years ended December 31, 2024 and 2023, we purchased 28,165 and 17,421 of our common shares, respectively, from certain of our current and former officers and current and former officers and employees of Tremont and/or RMR in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares, valued at the closing price of our common shares on Nasdaq on the applicable purchase date. The aggregate value of common shares purchased during the years ended December 31, 2024 and 2023 was $377 and $183, respectively. Distributions During the years ended December 31, 2024 and 2023, we declared and paid regular quarterly distributions to common shareholders, using cash on hand, as follows: Characterization of Distributions Year Annual Per Share Distribution Total Distribution Return of Capital Ordinary Income Qualified Dividend 2024 $ 1.40 $ 20,772 — % 100 % — % 2023 $ 1.40 $ 20,639 — % 100 % — % On January 16, 2025, we declared a quarterly distribution of $0.35 per common share, or $5,216, to shareholders of record on January 27, 2025, and we expect to pay this distribution on February 20, 2025 using cash on hand.

Management Agreement with Tremo

Management Agreement with Tremont	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Management Agreement with Tremont	Management Agreement with Tremont We have no employees. T he personnel and various services we require to operate our business are provided to us, pursuant to a management agreement with Tremont, which provides for the day to day management of our operations by Tremont, subject to the oversight and direction of our Board of Trustees. Our management agreement with Tremont provides for an annual base management fee and an incentive fee, payable in cash, among other terms: • Base Management Fee . We are required to pay Tremont the annual base management fee equal to 1.5% of our “Equity”, payable in cash quarterly (0.375% per quarter) in arrears. Under our management agreement, “Equity” means (a) the sum of (i) our net asset value as of January 5, 2021, plus (ii) the net proceeds received by us from any future sale or issuance of shares of beneficial interest, plus (iii) our cumulative “Core Earnings,” as defined below, for the period commencing on January 5, 2021 to the end of the applicable most recent completed calendar quarter, less (b) (i) any distributions previously paid to holders of our common shares, (ii) any incentive fee previously paid to Tremont and (iii) any amount that we may have paid to repurchase our common shares. All items in the foregoing sentence (other than clause (a)(iii)) are calculated on a daily weighted average basis. As a result of our merger with Tremont Mortgage Trust, or TRMT, in 2021, or the Merger, as of September 30, 2021, the net book value of TRMT was included as “Equity” under the management agreement. • Incentive Fee. We are required to pay Tremont quarterly an incentive fee in arrears in cash equal to the difference between: • The product of (i) 20% and (ii) the difference between (A) our Core Earnings for the most recent 12 month period (or such lesser number of completed calendar quarters, if applicable), including the calendar quarter (or part thereof) for which the calculation of the incentive fee is being made, and (B) the product of (1) our Equity in the most recent 12 month period (or such lesser number of completed calendar quarters, if applicable), including the calendar quarter (or part thereof) for which the calculation of the incentive fee is being made, and (2) 7% per year, and • The sum of any incentive fees paid to Tremont with respect to the first three calendar quarters of the most recent 12 month period (or such lesser number of completed calendar quarters, if applicable). No incentive fee shall be payable with respect to any calendar quarter unless Core Earnings for the 12 most recently completed calendar quarters (or such lesser number of completed calendar quarters, if applicable) in the aggregate is greater than zero. Pursuant to the terms of our management agreement, any management incentive fees are subject to Tremont earning those fees in accordance with the management agreement. For purposes of the calculation of base management fees and incentive fees payable to Tremont under our management agreement, “Core Earnings” is defined as net income (or loss) attributable to our common shareholders, computed in accordance with GAAP, including realized losses not otherwise included in GAAP net income (loss), and excluding: (a) the incentive fees earned by Tremont, (b) depreciation and amortization of real estate owned and related intangible assets (if any); (c) non-cash equity compensation expense (if any); (d) unrealized gains, losses and other similar non-cash items that are included in net income for the period of the calculation (regardless of whether such items are included in or deducted from net income or in other comprehensive income or loss under GAAP); and (e) one-time events pursuant to changes in GAAP and certain material non-cash income or expense items, in each case after discussion between Tremont and our Independent Trustees and approved by a majority of our Independent Trustees. Core Earnings are reduced for realized losses on loan investments when amounts are deemed uncollectable. Pursuant to the terms of our management agreement, the exclusion of depreciation and amortization from the calculation of Core Earnings shall only apply with respect to real property we own. Our shares of beneficial interest that are entitled to a specific periodic distribution or have other debt characteristics will not be included in “Equity” for the purpose of calculating incentive fees payable to Tremont. Instead, the aggregate distribution amount that accrues to such shares during the calendar quarter of such calculation will be subtracted from Core Earnings for purposes of calculating incentive fees, unless such distribution is otherwise already excluded from Core Earnings. Equity and Core Earnings as defined in our management agreement are non-GAAP financial measures and may be different from our shareholders’ equity and our net income calculated according to GAAP. Term. The term of our management agreement ended on December 31, 2024, and the agreement automatically renewed for a successive one year term on January 1, 2025, and will renew for successive one year terms each January 1 thereafter, unless it is sooner terminated as detailed below. Termination Rights. We have the right to terminate our management agreement with Tremont upon written notice delivered no later than 180 days prior to a renewal date by the affirmative vote of at least two-thirds (2/3) of our Independent Trustees based upon a determination that: (a) Tremont’s performance is unsatisfactory and materially detrimental to us or (b) the base management fee and incentive fee, taken as a whole, payable to Tremont under our management agreement are not fair to us (provided that, in the instance of (b), Tremont will be afforded the opportunity to renegotiate the base management fee and incentive fee prior to termination). Our management agreement may be terminated by Tremont before each annual renewal upon written notice delivered to our Board of Trustees no later than 180 days prior to an annual renewal date. We may also terminate our management agreement at any time without the payment of any termination fee, with at least 30 days’ prior written notice from us upon the occurrence of a “cause event,” as defined in the management agreement. Tremont may terminate our management agreement in certain other circumstances, including if we become required to register as an investment company under the 1940 Act for our uncured “material breach,” as defined in our management agreement, we materially reduce Tremont’s duties and responsibilities or scope of its authority under our management agreement or we cease or take steps to cease to conduct the business of originating or investing in CRE loans. Termination Fee. In the event our management agreement is terminated by us without a cause event or by Tremont for a material breach, we will be required to pay Tremont a termination fee equal to: (a) three times the sum of (i) the average annual base management fee and (ii) the average annual incentive fee, in each case paid or payable to Tremont during the 24 month period immediately preceding the most recently completed calendar quarter prior to the date of termination plus (b) $1,600. No termination fee will be payable if our management agreement is terminated by us for a cause event or by Tremont without our material breach. In addition, as described above, in connection with the Merger and the termination of TRMT’s management agreement with Tremont, the initial organizational costs related to TRMT’s formation and the costs of its initial public offering and the concurrent private placement that Tremont had paid pursuant to that management agreement of $6,680 will be included in the “Termination Fee” under and as defined in our management agreement with Tremont. Expense Reimbursement. Tremont, and not us, is responsible for the costs of its employees who provide services to us, including the cost of Tremont’s personnel who originate our loans, unless any such payment or reimbursement is specifically approved by a majority of our Independent Trustees, is a shared services cost or relates to awards made under any equity compensation plan adopted by us. Generally, it is the practice of Tremont and RMR to treat individuals who spend 50% or more of their business time providing services to Tremont as employees of Tremont. We are required to pay or to reimburse Tremont and its affiliates for all other costs and expenses of our operations, including but not limited to, the cost of rent, utilities, office furniture, equipment, machinery and other overhead type expenses, the costs of legal, accounting, auditing, tax planning and tax return preparation, consulting services, diligence costs related to our investments, investor relations expenses and other professional services, and other costs and expenses not specifically required under our management agreement to be borne by Tremont. Some of these overhead, professional and other services are provided by RMR pursuant to a shared services agreement between Tremont and RMR. We reimburse Tremont for shared services costs Tremont pays to RMR and its affiliates, and these reimbursements include an allocation of the cost of applicable personnel employed by RMR and our share of RMR’s costs of providing our internal audit function, with such shared services costs being subject to approval by a majority of our Independent Trustees at least annually. Business Opportunities. Under our management agreement, we and Tremont have agreed that for so long as Tremont is managing us, neither Tremont nor any of its affiliates, including RMR, will sponsor or manage any other publicly traded REIT that invests primarily in first mortgage loans secured by middle market and transitional CRE located in the United States, unless such activity is approved by our Independent Trustees. However, our management agreement does not prohibit Tremont or its affiliates (including RMR) or their respective directors, trustees, officers, employees or agents from competing or providing services to other persons, funds and investment vehicles, private REITs or other entities that may compete with us, including, among other things, with respect to the origination, acquisition, making, arranging or managing of first mortgage loans secured by middle market or transitional CRE or other investments like those we intend to make. Because Tremont and RMR will not be prohibited from competing with us in all circumstances, and RMR provides management services to other companies, conflicts of interest exist with regard to the allocation of investment opportunities and for the time and attention of Tremont, RMR and their personnel. Our management agreement acknowledges these conflicts of interest and, in that agreement, we agree that Tremont, RMR and their subsidiaries may resolve such conflicts in good faith in their fair and reasonable discretion. In the case of such a conflict, Tremont, RMR and their subsidiaries will endeavor to allocate such investment opportunities in a fair and reasonable manner, taking into account such factors as they deem appropriate. Our management agreement also provides that if Tremont, its affiliates (including RMR) or any of their respective directors, trustees, officers, employees or agents acquires knowledge of a potential business opportunity, we renounce any potential interest or expectation in, or right to be offered or to participate in, such business opportunity to the maximum extent permitted by Maryland law. Liability and Indemnification . Tremont maintains a contractual as opposed to a fiduciary relationship with us. Pursuant to our management agreement, Tremont does not assume any responsibility other than to render the services called for thereunder in good faith and is not responsible for any action of our Board of Trustees in following or declining to follow its advice or recommendations. Under the terms of our management agreement, Tremont and its affiliates, including RMR, and their respective directors, trustees, officers, shareholders, owners, members, managers, employees and personnel will not be liable to us or any of our Trustees, shareholders or subsidiaries, or any of the trustees, directors or shareholders of any of our subsidiaries, for any acts or omissions related to the provision of services to us under our management agreement, except by reason of acts or omissions that have been determined in a final, non-appealable adjudication to have constituted bad faith, fraud, intentional misconduct, gross negligence or reckless disregard of the duties of Tremont under our management agreement. In addition, under the terms of our management agreement, we agree to indemnify, hold harmless and advance expenses to Tremont and its affiliates, including RMR, and their respective directors, trustees, officers, shareholders, owners, members, managers, employees and personnel from and against any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever, including all reasonable attorneys’, accountants’ and experts’ fees and expenses, arising from any acts or omissions related to the provision of services to us or the performance of any matters pursuant to an instruction by our Board of Trustees, except to the extent there is a final, non-appealable adjudication that such acts or omissions constituted bad faith, fraud, intentional misconduct, gross negligence or reckless disregard of the duties of Tremont under our management agreement. Such persons will also not be liable for trade errors that may result from ordinary negligence, including errors in the investment decision making or trade process.

Related Person Transactions

Related Person Transactions	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Person Transactions	Related Person Transactions We have relationships and historical and continuing transactions with Tremont, RMR, The RMR Group Inc., or RMR Inc., and others related to them, including other companies to which RMR or its subsidiaries provide management services and some of which have trustees, directors or officers who are also our Trustees or officers. Tremont is a subsidiary of RMR, which is a majority owned subsidiary of RMR Inc., and RMR Inc. is the managing member of RMR. RMR provides certain shared services to Tremont that are applicable to us, and we reimburse Tremont or pay RMR for the amounts Tremont or RMR pays for those services. One of our Managing Trustees and Chair of our Board of Trustees, Adam D. Portnoy, is the sole trustee, an officer and the controlling shareholder of ABP Trust, which is the controlling shareholder of RMR Inc., and he is also a director of Tremont, the chair of the board of directors, a managing director and the president and chief executive officer of RMR Inc., and an officer and employee of RMR. Matthew P. Jordan, our other Managing Trustee, is a director and the president and chief executive officer of Tremont. Mr. Jordan is also an officer of RMR Inc. and an officer and employee of RMR, and our other officers are officers and employees of Tremont and/or RMR. Our Independent Trustees also serve as independent trustees of other public companies to which RMR or its subsidiaries provide management services. Adam D. Portnoy serves as the chair of the board and as a managing trustee of those companies and other officers of RMR, including Mr. Jordan and certain of our other officers and officers of Tremont, serve as managing trustees or officers of certain of these companies. Our Manager, Tremont Realty Capital LLC. Tremont provides management services to us pursuant to our management agreement. See Note 8 for further information regarding our management agreement. As of December 31, 2024, Tremont owned 1,708,058 of our common shares, or approximately 11.5% of our outstanding common shares, and Mr. Portnoy beneficially owned (including through Tremont and ABP Trust) 13.5% of our outstanding common shares. RMR Inc. and RMR . RMR provides certain shared services to Tremont which are applicable to us, and we reimburse Tremont or pay RMR for the amounts Tremont or RMR pays for those services. See Note 8 for further information regarding this shared services arrangement. Property Management Agreement with RMR . We entered into a property management agreement with RMR in July 2023 with respect to real estate owned in Yardley, PA. Pursuant to this agreement, RMR provides property management services and we pay management fees equal to 3.0% of gross collected rents. Also under the terms of this property management agreement, we pay RMR additional fees for construction supervision services equal to 5.0% of the cost of such construction. Either we or RMR may terminate this agreement upon 30 days' prior notice. No termination fee would be payable as a result of terminating the agreement. We recognized property management and construction supervision fees of $71 and $17 during the years ended December 31, 2024 and 2023, respectively, related to real estate owned.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes

Weighted Average Common Shares

Weighted Average Common Shares	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Weighted Average Common Shares	Weighted Average Common Shares We calculate net income per common share - basic using the two class method. We calculate net income per common share - diluted using the more dilutive of the two class or treasury stock method. Unvested share awards are considered participating securities and the related impact on earnings are considered when calculating net income per common share - basic and net income per common share - diluted. The calculation of net income per common share - basic and diluted is as follows (amounts in thousands, except per share data): Year Ended December 31, 2024 2023 Numerators: Net income $ 17,820 $ 25,965 Income attributable to unvested share awards (184) (219) Net income used in calculating net income per common share - basic and diluted $ 17,636 $ 25,746 Denominators: Weighted average common shares outstanding - basic and diluted 14,712 14,625 Net income per common share - basic and diluted $ 1.20 $ 1.76

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of December 31, 2024, we had unfunded loan commitments of $30,402 related to our loans held for investment that are not reflected in our consolidated balance sheets. These unfunded loan commitments had a weighted average initial maturity of 1.2 years as of December 31, 2024. See Note 3 for further information related to our loans held for investment.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Reporting	Segment ReportingWe manage our business on a consolidated basis and therefore have one reportable segment: originating and investing in floating rate first mortgage loans secured by CRE properties. The Chief Operating Decision Maker, or CODM, is our President and Chief Investment Officer. The CODM assesses performance, allocates resources and makes strategic decisions based on net income as shown in our Consolidated Statements of Operations. Our significant expense categories are included in our Consolidated Statements of Operations. The accounting policies of our reportable segment are the same as the ones described in Note 2. The measure of segment assets is reported as total assets in our Consolidated Balance Sheets.

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	# Property Type/Location Interest Rate Maturity Date Maximum Maturity Date (1) Payment Terms (2) Prior Liens (3) Principal Carrying Value First Mortgage Loans (4) 1 Multifamily, Olmsted Falls, OH (5) S + 4.00% 01/28/2025 01/28/2026 I/O — $ 52,050 $ 52,446 2 Industrial, Passaic, NJ S + 3.85% 09/08/2025 09/08/2027 I/O — 43,808 43,689 3 Office, Dallas, TX S + 3.25% 08/25/2026 08/25/2026 I/O — 43,511 43,511 4 Hotel, Boston, MA S + 3.95% 12/16/2027 12/16/2029 I/O — 39,800 39,335 5 Retail, Brandywine, MD S + 3.85% 03/29/2025 03/29/2027 I/O — 42,200 42,254 6 Multifamily, Oxford, MS S + 2.95% 11/26/2027 11/26/2029 I/O — 42,000 41,570 7 Multifamily, Farmington Hills, MI S + 3.15% 05/24/2025 05/24/2027 I/O — 29,443 29,710 8 Office, Downers Grove, IL S + 5.00% 02/24/2025 02/24/2025 I/O — 29,500 29,605 9 Hotel, Anaheim, CA S + 4.00% 11/29/2025 11/29/2028 I/O — 29,000 28,855 10 Industrial, Fountain Inn, SC S + 4.25% 07/13/2025 07/13/2026 I/O — 24,300 24,216 11 Office, Plano, TX S + 3.75% 07/01/2026 07/01/2026 I/O — 26,569 26,635 12 Multifamily, Las Vegas, NV S + 3.30% 06/10/2025 06/10/2027 I/O — 25,448 25,641 13 Industrial, Fayetteville, GA S + 3.35% 10/06/2026 10/06/2028 I/O — 25,250 25,086 14 Office, Carlsbad, CA S + 3.25% 10/27/2026 10/27/2026 I/O — 24,417 24,412 15 Industrial, Fontana, CA S + 3.75% 11/18/2025 11/18/2026 I/O — 22,000 21,934 16 Industrial, Los Angeles, CA S + 3.40% 06/28/2027 06/28/2029 I/O — 21,940 21,721 17 Office, Downers Grove, IL S + 4.25% 12/09/2025 12/09/2026 I/O — 23,530 23,588 18 Office, Bellevue, WA (6) S + 3.85% 02/05/2025 11/05/2026 I/O — 20,000 19,997 19 Multifamily, Newport News, VA S + 3.15% 04/25/2027 04/25/2029 I/O — 14,759 14,620 20 Retail, Sandy Springs, GA S + 3.75% 09/23/2025 09/23/2026 I/O — 15,286 15,252 21 Hotel, Lake Mary, FL S + 4.00% 09/06/2027 09/06/2029 I/O — 16,000 15,839 Total $ 610,811 $ 609,916 Less: allowance for credit losses (7) (8,074) Total carrying value including allowance for credit losses $ 601,842 (1) Maximum maturity assumes all extension option have been exercised, which options are subject to the borrower meeting certain conditions. (2) I/O = interest only until final maturity. (3) Represents only third party prior liens. (4) As of December 31, 2024, none of our borrowers were delinquent in payment. (5) In January 2025, the maturity date of this loan was extended to January 28, 2026. (6) In January 2025, the maturity date of this loan was extended to April 7, 2025. (7) For further information regarding our allowance for credit losses, see Note 3 to our Consolidated Financial Statements. Reconciliation of Mortgage Loans on Real Estate: Carrying Value Balance as of January 1, 2023 $ 669,929 Additions during the year: Originations 133,300 Additional funding 5,636 Purchase discount accretion 4,128 Net amortization of deferred fees 3,333 Decrease in allowance for credit losses 517 Deductions during the year: Repayments (172,283) Transfer to real estate owned (15,960) Deferred fees (1,621) Cumulative effect adjustment upon adoption of the CECL model (4,893) Balance as of December 31, 2023 622,086 Additions during the year: Originations 133,817 Additional funding 12,492 Purchase discount accretion 2,347 Net amortization of deferred fees 2,697 Deductions during the year: Repayments (165,390) Deferred fees (2,509) Increase in allowance for credit losses (3,698) Balance as of December 31, 2024 $ 601,842

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net income	$ 17,820	$ 25,965

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We rely on the information technology and systems maintained by our manager, Tremont, and RMR, and rely on Tremont and RMR to identify and manage material risks from cybersecurity threats. RMR takes various actions, and incurs significant costs, to maintain and protect the operation and security of information technology and systems, including the data maintained in those systems. Our Audit Committee oversees cybersecurity matters, including the material risks related thereto, and regularly receives updates from RMR’s Chief Information Officer regarding the development and advancement of its cybersecurity strategy, as well as the related risks. In the event of a cybersecurity incident, RMR has a detailed incident response plan in place for contacting authorities and informing key stakeholders, including our management. We have not been materially affected and do not believe we are reasonably likely to be materially affected by any risks from cybersecurity threats, including as a result of previous incidents.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We rely on the information technology and systems maintained by our manager, Tremont, and RMR, and rely on Tremont and RMR to identify and manage material risks from cybersecurity threats. RMR takes various actions, and incurs significant costs, to maintain and protect the operation and security of information technology and systems, including the data maintained in those systems. Our Audit Committee oversees cybersecurity matters, including the material risks related thereto, and regularly receives updates from RMR’s Chief Information Officer regarding the development and advancement of its cybersecurity strategy, as well as the related risks.
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Audit Committee oversees cybersecurity matters, including the material risks related thereto, and regularly receives updates from RMR’s Chief Information Officer regarding the development and advancement of its cybersecurity strategy, as well as the related risks.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	We rely on the information technology and systems maintained by our manager, Tremont, and RMR, and rely on Tremont and RMR to identify and manage material risks from cybersecurity threats. RMR takes various actions, and incurs significant costs, to maintain and protect the operation and security of information technology and systems, including the data maintained in those systems. Our Audit Committee oversees cybersecurity matters, including the material risks related thereto, and regularly receives updates from RMR’s Chief Information Officer regarding the development and advancement of its cybersecurity strategy, as well as the related risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	RMR takes various actions, and incurs significant costs, to maintain and protect the operation and security of information technology and systems, including the data maintained in those systems. Our Audit Committee oversees cybersecurity matters, including the material risks related thereto, and regularly receives updates from RMR’s Chief Information Officer regarding the development and advancement of its cybersecurity strategy, as well as the related risks. In the event of a cybersecurity incident, RMR has a detailed incident response plan in place for contacting authorities and informing key stakeholders, including our management.
Cybersecurity Risk Role of Management [Text Block]	We rely on the information technology and systems maintained by our manager, Tremont, and RMR, and rely on Tremont and RMR to identify and manage material risks from cybersecurity threats. RMR takes various actions, and incurs significant costs, to maintain and protect the operation and security of information technology and systems, including the data maintained in those systems. Our Audit Committee oversees cybersecurity matters, including the material risks related thereto, and regularly receives updates from RMR’s Chief Information Officer regarding the development and advancement of its cybersecurity strategy, as well as the related risks.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Audit Committee oversees cybersecurity matters, including the material risks related thereto, and regularly receives updates from RMR’s Chief Information Officer regarding the development and advancement of its cybersecurity strategy, as well as the related risks.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Audit Committee oversees cybersecurity matters, including the material risks related thereto, and regularly receives updates from RMR’s Chief Information Officer regarding the development and advancement of its cybersecurity strategy, as well as the related risks.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation.
Use of Estimates	Actual results could differ from those estimates. Significant estimates in the accompanying consolidated financial statements include our allowance for credit losses and the fair value of financial instruments.
Consolidation	Consolidation. These consolidated financial statements include the accounts of ours and our subsidiaries, all of which are 100% owned directly by us. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated.
Cash and Cash Equivalents	Cash and Cash Equivalents. We consider highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents.
Secured Financing Agreements	Secured Financing Agreements. Loans financed through our Secured Financing Agreements (as defined in Note 5) are treated as collateralized financing transactions, unless they meet sales treatment under GAAP. Pursuant to GAAP treatment of collateralized financing transactions, loans financed through our Secured Financing Agreements remain on our consolidated balance sheets as assets and cash received from the purchasers is recorded on our consolidated balance sheets as liabilities. Interest paid in accordance with our Secured Financing Agreements is recorded as interest expense.
Loans Held for Investment	Loans Held for Investment. Generally, our loans are classified as held for investment based upon our intent and ability to hold them until maturity. Loans that are held for investment are carried at cost, net of unamortized loan origination fees, accreted exit fees, unamortized premiums and unaccreted discounts, as applicable, that are required to be recognized in the carrying value of the loans in accordance with GAAP, unless the loans are determined to be collateral dependent. Loans that we have a plan to sell or liquidate are held at the lower of cost or fair value less cost to sell.
Allowance for Credit Losses	Allowance for Credit Losses. On January 1, 2023, we adopted Accounting Standards Update, or ASU, No. 2016-13, Financial Instruments - Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments , which replaces the “incurred loss” model for recognizing credit losses with a forward-looking “expected loss” model that generally will result in the earlier recognition of credit losses. The measurement of current expected credit losses, or CECL, is based upon historical experience, current conditions, and reasonable and supportable forecasts incorporating forward-looking information that affect the collectability of the reported amount. ASU No. 2016-13 is applicable to financial assets measured at amortized cost and off-balance sheet credit exposures, such as unfunded loan commitments. The allowance for credit losses is a valuation account that is deducted from the related loans’ amortized cost basis in our consolidated balance sheets. Our loans typically include commitments to fund incremental proceeds to borrowers over the life of the loan; these future funding commitments are also subject to the CECL model. The allowance for credit losses related to unfunded loan commitments is included in accounts payable, accrued liabilities and other liabilities in our consolidated balance sheets. Given the lack of historical loss data related to our loan portfolio, we estimate our expected losses using an analytical model that considers the likelihood of default and loss given default for each individual loan. This analytical model incorporates data from a third party database with historical loan loss information for commercial mortgage-backed securities, or CMBS, and CRE loans since 1998. We estimate the allowance for credit losses for our portfolio, including unfunded loan commitments, at the individual loan level. Significant inputs to the model include certain loan specific data, such as loan to value, or LTV, property type, geographic location, occupancy, vintage year, remaining loan term, net operating income, expected timing and amounts of future loan fundings and macroeconomic forecast assumptions, including the performance of CRE assets, unemployment rates, interest rates and other factors. We utilize the model to estimate credit losses over a reasonable and supportable economic forecast period of 12 months, followed by a straight-line reversion period of six months to average historical losses. Average historical losses are established using a population of third party historical loss data that approximates our portfolio as of the measurement date. We evaluate the estimated allowance for each of our loans individually and we consider our internal loan risk rating as the primary credit quality indicator underlying our assessment. We have elected to exclude accrued interest receivable from amortized cost and not to measure an allowance for credit losses on accrued interest receivable. Accrued interest receivables are generally written off when payments are 120 days past due. Such amounts are reversed against interest income and no further interest will be recorded until it is collected. If a loan is determined to be collateral dependent (because the repayment of the loan is expected to be provided substantially through the operation or sale of the underlying collateral property) and the borrower is experiencing financial difficulties, but foreclosure is not probable, we may elect to apply a practical expedient to determine the loan's allowance for credit losses by comparing the collateral's fair value to the amortized cost basis of the loan. For collateral-dependent loans for which foreclosure is probable, the related allowance for credit losses is determined using the fair value, less costs to sell, if applicable, of the collateral compared to the loan's amortized cost. Upon adoption of ASU No. 2016-13 using the modified retrospective transition method and, based on our loan portfolio, the then current economic environment and expectations for future conditions, we recorded a cumulative-effect adjustment reducing our cumulative net income in our consolidated balance sheets by $6,595, establishing an allowance for credit losses of $4,893 with respect to our then outstanding loans held for investment and increasing accounts payable, accrued liabilities and other liabilities by $1,702 with respect to our then unfunded loan commitments. No reserve for loan losses or allowance for credit losses was recognized within our consolidated financial statements prior to our adoption of ASU No. 2016-13. We evaluate the credit quality of each of our loans at least quarterly by assessing a variety of risk factors in relation to each loan and assigning a risk rating to each loan based on those factors. Factors considered in these evaluations include, but are not limited to, property type, geographic and local market dynamics, physical condition, leasing and tenant profile, projected cash flow, risk of loss, current LTV, debt yield, collateral performance, structure, exit plan and sponsorship. Loans are rated “1” (less risk) through “5” (greater risk) as defined below: “1” lower risk—Criteria reflects a sponsor having a strong financial condition and low credit risk and our evaluation of management's experience; collateral performance exceeding performance metrics included in the business plan or credit underwriting; and the property demonstrating stabilized occupancy and/or market rates, resulting in strong current cash flow and net operating income and/or having a very low LTV. “2” average risk—Criteria reflects a sponsor having a stable financial condition and our evaluation of management's experience; collateral performance meeting or exceeding substantially all performance metrics included in the business plan or credit underwriting; and the property demonstrating improved occupancy at market rents, resulting in sufficient current cash flow and/or having a low LTV. “3” acceptable risk—Criteria reflects a sponsor having a history of repaying loans at maturity and meeting its credit obligations and our evaluation of management's experience; collateral performance expected to meet performance metrics included in the business plan or credit underwriting; and the property having a moderate LTV. New loans and loans with a limited history will typically be assigned this rating and will be adjusted to other levels from time to time as appropriate. “4” higher risk—Criteria reflects a sponsor having a history of unresolved missed or late payments, maturity extensions and difficulty timely fulfilling its credit obligations and our evaluation of management's experience; collateral performance failing to meet the business plan or credit underwriting; the existence of a risk of default possibly leading to a loss and/or potential weaknesses that deserve management’s attention; and/or the property having a high LTV. “5” loss likely—Criteria reflects a very high risk of realizing a principal loss or having incurred a principal loss; a sponsor having a history of default payments, trouble fulfilling its credit obligations, deeds in lieu of foreclosures, and/or bankruptcies; collateral performance is significantly worse than performance metrics included in the business plan; loan covenants or performance milestones having been breached or not attained; timely exit via sale or refinancing being uncertain; and/or the property having a very high LTV. See Note 3 for further information regarding our allowance for credit losses and our loan portfolio’s assessment under our internal risk rating policy.
Real Estate Owned	Real Estate Owned. Real estate owned is property acquired in full or partial settlement of loan obligations generally through foreclosure or by deed in lieu of foreclosure. Upon acquisition, we allocate the fair value of the real estate owned in accordance with ASC 805, Business Combinations. Upon acquisition, real estate owned is recognized at the fair value of the property at the time of acquisition. We allocate the purchase price to land, building and improvements, and acquired in place leases based on determinations of the relative fair values of these assets assuming the properties are vacant. The fair value of the property is determined using Level III inputs and standard industry valuation methods, including discounted cash flow analyses that are based on a number of factors, including capitalization rates and discount rates, among others, and sales comparisons. If the amortized cost of the loan exceeds the fair value of the property the difference is recorded through the allowance for credit losses as a write off. Conversely, if the fair value of the property exceeds the amortized cost of the loan, the difference is recorded through the allowance for credit losses as a recovery, with any excess recorded as a gain. Any related shortfall or excess of previously established allowances for credit losses is recognized in the consolidated statements of operations as a provision for or reversal of credit losses, respectively. Subsequent to acquisition, costs incurred related to improvements to the property are capitalized and depreciated over their estimated useful lives and costs related to the operation of the property are expensed as incurred. We recognize depreciation on a straight line basis over estimated useful lives generally ranging from 7 to 40 years. We allocate a portion of the purchase price to acquired in place leases and tenant relationships based upon market estimates to lease up the property based on the leases in place at the time of acquisition. We allocate this aggregate value between acquired in place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant’s lease. We amortize the value of acquired in place leases (included in acquired real estate leases, net in our consolidated balance sheets) over the terms of the associated leases. Such amortization is included in expenses from real estate owned in our consolidated statements of operations. We regularly evaluate real estate owned for indicators of impairment. Impairment indicators may include declining tenant occupancy, lack of progress leasing vacant space, tenant bankruptcies, low long term prospects for improvement in property performance, weak or declining tenant profitability, cash flow or liquidity, our decision to dispose of an asset before the end of its estimated useful life and legislative, market or industry changes that could permanently reduce the value of a property. If there is an indication that the carrying value of an asset is not recoverable, we estimate the projected undiscounted cash flows to determine if an impairment loss should be recognized. The future net undiscounted cash flows are subjective and are based in part on assumptions regarding hold periods, market rents and terminal capitalization rates. We determine the amount of any impairment loss by comparing the carrying value to estimated fair value. We estimate fair value through an evaluation of recent financial performance and projected discounted cash flows using standard industry valuation methods.
Fair Value of Financial Instruments	Fair Value of Financial Instruments. We determine the estimated fair value of financial assets and liabilities using the three-tier fair value hierarchy established by GAAP, which prioritizes observable inputs in active markets when measuring fair value. The three levels of inputs that may be used to measure fair value in order of priority are as follows: Level I—Inputs include quoted prices in active markets for identical assets or liabilities that we have the ability to access. Level II—Inputs include quoted prices in markets that are less active or inactive or for which all significant inputs are observable, either directly or indirectly.
Loan Deferred Fees	Loan Deferred Fees. Loan origination and exit fees are fees charged to our borrowers and unamortized or unaccreted balances are reflected as a reduction in loans held for investment, net, in our consolidated balance sheets. These fees are recognized in interest income over the life of the related loans held for investment.
Deferred Financing Costs	Deferred Financing Costs. Costs incurred in connection with financings are capitalized and recorded as a reduction to the related liability in our consolidated balance sheets. Deferred financing costs are amortized over the term of the respective financing agreement and are recorded in our consolidated statements of operations as a component of interest and related expenses.
Net Income Per Common Share	Net Income Per Common Share.
Revenue Recognition	Revenue Recognition. Interest income related to our first mortgage loans secured by CRE will generally be accrued based on the coupon rates applied to the outstanding principal balance of such loans. Fees, premiums and discounts, if any, will be amortized or accreted into interest income over the remaining lives of the loans using the effective interest method, as adjusted for any prepayments. If a loan's interest or principal payments are not paid when due and there is uncertainty that such payments will be collected, the loan may be categorized as non-accrual and no interest will be recorded until it is collected. When all overdue payments are collected and, in our judgment, a loan is likely to remain current, it may be re-categorized as accrual. We did not have any non-accrual loans as of December 31, 2024. For loans purchased at a discount, GAAP limits the yield that may be accreted (accretable yield) to the excess of the investor’s estimate of undiscounted expected principal, interest and other cash flows (cash flows expected at acquisition to be collected) over the investor’s initial investment in the loan. GAAP also requires that the excess of contractual cash flows over cash flows expected to be collected (non-accretable difference) not be recognized as an adjustment of yield, loss accrual or valuation allowance. Subsequent increases in cash flows expected to be collected from such loans generally will be recognized prospectively through adjustment of the loan’s yield over its remaining life. Decreases in cash flows expected to be collected will be recorded through our provision for credit losses.
New Accounting Pronouncements	ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , or ASU No. 2023-07, which requires public entities to: i) provide disclosures of significant segment expenses and other segment items if they are regularly provided to the Chief Operating Decision Maker, or the CODM, and included in each reported measure of segment profit or loss; ii) provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by ASC 280, Segment Reporting , or ASC 280, in interim periods; and iii) disclose the CODM’s title and position, as well as an explanation of how the CODM uses the reported measures and other disclosures. Public entities with a single reportable segment must apply all the disclosure requirements of ASU No. 2023-07, as well as all the existing segment disclosures under ASC 280. The amendments in ASU No. 2023-07 are incremental to the requirements in ASC 280 and do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. As a result, we have included additional information related to the required disclosures within Note 13 to our consolidated financial statements. New Accounting Pronouncements. In November 2024, the Financial Accounting Standards Board issued ASU No. 2024-03, Income Statement (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures , or ASU No. 2024-03, which requires public entities to provide disaggregated disclosure of certain income statement expense captions within the footnotes to the financial statements. ASU No. 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. We are currently evaluating the impact ASU No. 2024-03 will have on our consolidated financial statements and disclosures.

Loans Held for Investment (Tabl

Loans Held for Investment (Tables)	12 Months Ended
	Dec. 31, 2024
Receivables [Abstract]
Schedule of Loans	The table below provides overall statistics for our loan portfolio as of December 31, 2024 and 2023: As of December 31, 2024 2023 Number of loans 21 24 Total loan commitments $ 641,213 $ 670,293 Unfunded loan commitments (1) $ 30,402 $ 40,401 Principal balance $ 610,811 $ 629,892 Carrying value $ 601,842 $ 622,086 Weighted average coupon rate 8.24 % 9.19 % Weighted average all in yield (2) 8.62 % 9.64 % Weighted average floor 2.12 % 1.36 % Weighted average maximum maturity (years) (3) 2.6 3.0 Weighted average risk rating 3.1 3.0 (1) Unfunded loan commitments are primarily used to finance property improvements and leasing capital and are generally funded over the term of the loan. (2) All in yield represents the yield on a loan, including amortization of deferred fees over the initial term of the loan and excluding any purchase discount accretion. (3) Maximum maturity assumes all borrower loan extension options have been exercised, which options are subject to the borrower meeting certain conditions. The table below represents our loan activities during 2023 and 2024: Principal Balance Deferred Fees and Other Items Amortized Cost Balance at December 31, 2022 $ 678,555 $ (8,626) $ 669,929 Additional funding 5,650 (14) 5,636 Originations 133,300 (1,621) 131,679 Repayments (171,748) (535) (172,283) Transfer to real estate owned (15,865) (95) (15,960) Net amortization of deferred fees — 3,333 3,333 Purchase discount accretion — 4,128 4,128 Balance at December 31, 2023 629,892 (3,430) 626,462 Additional funding 12,492 (158) 12,334 Originations 133,817 (1,757) 132,060 Repayments (165,390) (594) (165,984) Net amortization of deferred fees — 2,697 2,697 Purchase discount accretion — 2,347 2,347 Balance at December 31, 2024 $ 610,811 $ (895) $ 609,916 The tables below detail the property type and geographic location of the properties securing the loans in our portfolio as of December 31, 2024 and 2023: As of December 31, 2024 2023 Property Type Number of Loans Amortized Cost Percentage of Value Number of Loans Amortized Cost Percentage of Value Office 6 $ 167,749 28 % 7 $ 181,268 29 % Multifamily 5 163,987 27 % 7 207,734 33 % Industrial 5 136,646 22 % 5 118,707 19 % Hotel 3 84,028 14 % 2 45,791 7 % Retail 2 57,506 9 % 3 72,962 12 % 21 $ 609,916 100 % 24 $ 626,462 100 % As of December 31, 2024 2023 Geographic Location Number of Loans Amortized Cost Percentage of Value Number of Loans Amortized Cost Percentage of Value South 7 $ 192,108 32 % 8 $ 222,477 36 % West 6 142,560 23 % 9 185,294 30 % East 4 139,899 23 % 3 89,815 14 % Midwest 4 135,349 22 % 4 128,876 20 % 21 $ 609,916 100 % 24 $ 626,462 100 %
Schedule of Carrying Value Excluding Allowance of Credit Losses	As of December 31, 2024 and 2023, the amortized cost of our loan portfolio within each internal risk rating by year of origination was as follows: December 31, 2024 Risk Rating Number of Loans Percentage of Portfolio 2024 2023 2022 2021 Prior Total 1 — — % $ — $ — $ — $ — $ — $ — 2 4 18 % 41,570 53,070 — 15,252 — 109,892 3 12 58 % 91,515 25,086 163,228 76,034 — 355,863 4 5 24 % — — — 114,556 29,605 144,161 5 — — % — — — — — — 21 100 % $ 133,085 $ 78,156 $ 163,228 $ 205,842 $ 29,605 $ 609,916 December 31, 2023 Risk Rating Number of Loans Percentage of Portfolio 2023 2022 2021 Prior Total 1 — — % $ — $ — $ — $ — $ — 2 3 15 % 37,323 42,089 15,435 — 94,847 3 18 71 % 94,881 167,491 144,456 38,548 445,376 4 3 14 % — — 86,239 — 86,239 5 — — % — — — — — 24 100 % $ 132,204 $ 209,580 $ 246,130 $ 38,548 $ 626,462
Schedule of Changes to Allowance for Credit Loss	The tables below present the changes to the allowance for credit losses during the years ended December 31, 2024 and 2023: Loans Held for Investment, net Unfunded Loan Commitments Total Balance at December 31, 2023 $ 4,376 $ 1,452 $ 5,828 Provision for credit losses 3,698 (618) 3,080 Balance at December 31, 2024 $ 8,074 $ 834 $ 8,908 Loans Held for Investment, net Unfunded Loan Commitments Total Balance at December 31, 2022 $ — $ — $ — Cumulative-effect adjustment upon adoption of the CECL model 4,893 1,702 6,595 Reversal of credit losses (549) (250) (799) Write offs (1) (708) — (708) Recoveries 740 — 740 Balance at December 31, 2023 $ 4,376 $ 1,452 $ 5,828 (1)

Real Estate Owned (Tables)

Real Estate Owned (Tables)	12 Months Ended
	Dec. 31, 2024
Banking and Thrift, Interest [Abstract]
Schedule of Assets and Liabilities of Real Estate Owned	The table below presents the assets and liabilities of real estate owned in our consolidated balance sheets: December 31, 2024 2023 Land $ 2,880 $ 2,880 Building and improvements 7,354 7,349 Tenant improvements 1,501 1,164 Total real estate owned 11,735 11,393 Less: accumulated depreciation (548) (115) Real estate owned, net 11,187 11,278 Acquired real estate leases 4,352 4,595 Less: accumulated amortization (986) (458) Acquired real estate leases, net 3,366 4,137 Prepaid expenses and other assets, net (1) 1,826 1,352 Total assets $ 16,379 $ 16,767 Accounts payable, accrued liabilities and other liabilities $ 501 $ 517 Total liabilities $ 501 $ 517 (1)
Schedule of Operating Lease Maturity	The following operating lease maturity analysis presents the future contractual lease payments to be received by us through 2034 as of December 31, 2024: Year Amount 2025 $ 2,090 2026 2,034 2027 2,108 2028 2,090 2029 2,052 Thereafter 4,100 Total $ 14,474

Secured Financing Agreements (T

Secured Financing Agreements (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Secured Financing Agreements	The table below summarizes our Secured Financing Facilities as of December 31, 2024 and 2023: Debt Obligation Weighted Average Collateral Maximum Facility Size Principal Balance Carrying Value Coupon Rate (1) Remaining Maturity (years) (2) Maturity Date Principal Balance December 31, 2024: UBS Master Repurchase Facility $ 250,000 $ 181,989 $ 181,566 6.85 % 0.7 2/18/2026 $ 267,084 Citibank Master Repurchase Facility 215,000 93,314 92,700 6.57 % 1.5 9/27/2026 145,520 BMO Facility 150,000 103,855 103,622 6.39 % 0.9 Various 145,234 Wells Fargo Master Repurchase Facility 125,000 40,464 39,908 6.31 % 0.6 3/11/2026 52,973 Total/weighted average $ 740,000 $ 419,622 $ 417,796 6.62 % 0.9 $ 610,811 December 31, 2023 Citibank Master Repurchase Facility $ 215,000 $ 91,115 $ 90,811 7.47 % 0.7 3/15/2025 $ 142,465 UBS Master Repurchase Facility 205,000 181,381 181,162 7.72 % 0.8 2/18/2025 241,887 BMO Facility 150,000 87,767 87,451 7.29 % 1.3 Various 118,471 Wells Fargo Master Repurchase Facility 125,000 95,551 94,998 7.44 % 1.1 3/11/2025 127,069 Total/weighted average $ 695,000 $ 455,814 $ 454,422 7.53 % 0.9 $ 629,892 (1) The weighted average coupon rate is determined using SOFR plus a spread ranging from 1.83% to 2.95%, as applicable, for the respective borrowings under our Secured Financing Facilities as of the applicable date. (2) The weighted average remaining maturity of our Master Repurchase Facilities is determined using the earlier of the underlying loan investment maturity date and the respective repurchase agreement maturity date. The weighted average remaining maturity of the BMO Facility is determined using the underlying loan investment maturity date.
Schedule of Maturities of Long-term Debt	As of December 31, 2024, our outstanding borrowings under our Secured Financing Facilities had the following remaining maturities: Maturity Year Principal Payments 2025 $ 255,765 2026 147,769 2027 16,088 2028 and thereafter — $ 419,622

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The table below provides information regarding our financial assets and liabilities not carried at fair value in our consolidated balance sheets: As of December 31, 2024 2023 Carrying Value Fair Value Carrying Value Fair Value Financial assets Loans held for investment $ 601,842 $ 603,558 $ 622,086 $ 626,079 Financial liabilities Secured Financing Facilities $ 417,796 $ 418,492 $ 454,422 $ 454,620

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Unvested Share Activity	A summary of shares granted, forfeited, vested and unvested under the terms of the 2021 Plan for the years ended December 31, 2024 and 2023 is as follows: 2024 2023 Number of Weighted Average Grant Number of Weighted Average Grant Unvested shares, beginning of year 136,421 $ 10.57 129,680 $ 10.24 Shares granted 119,528 $ 13.35 122,000 $ 10.35 Shares forfeited — $ — (2,334) $ 10.19 Shares vested (108,887) $ 11.58 (112,925) $ 9.96 Unvested shares, end of year 147,062 $ 12.07 136,421 $ 10.57
Schedule of Dividends Declared	During the years ended December 31, 2024 and 2023, we declared and paid regular quarterly distributions to common shareholders, using cash on hand, as follows: Characterization of Distributions Year Annual Per Share Distribution Total Distribution Return of Capital Ordinary Income Qualified Dividend 2024 $ 1.40 $ 20,772 — % 100 % — % 2023 $ 1.40 $ 20,639 — % 100 % — %

Weighted Average Common Shares

Weighted Average Common Shares (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Weighted Average Number of Shares	The calculation of net income per common share - basic and diluted is as follows (amounts in thousands, except per share data): Year Ended December 31, 2024 2023 Numerators: Net income $ 17,820 $ 25,965 Income attributable to unvested share awards (184) (219) Net income used in calculating net income per common share - basic and diluted $ 17,636 $ 25,746 Denominators: Weighted average common shares outstanding - basic and diluted 14,712 14,625 Net income per common share - basic and diluted $ 1.20 $ 1.76

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percent ownership	100%
Allowance for credit losses	$ 8,074	$ 4,376
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Property useful life	7 years
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Property useful life	40 years
Total
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ 8,908	5,828		$ 0
Loans Held for Investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	8,074	4,376		0
Unfunded Loan Commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ 834	$ 1,452		0
Cumulative Effect, Period of Adoption, Adjustment | Total
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses			$ 6,595	6,595
Cumulative Effect, Period of Adoption, Adjustment | Loans Held for Investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses			4,893	4,893
Cumulative Effect, Period of Adoption, Adjustment | Unfunded Loan Commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses			$ 1,702	$ 1,702

Loans Held for Investment - Loa

Loans Held for Investment - Loan Portfolio Statistics (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)
Receivables [Abstract]
Number of loans | loan	21	24
Total loan commitments	$ 641,213	$ 670,293
Unfunded loan commitments	30,402	40,401
Principal balance	610,811	629,892	$ 678,555
Carrying value	$ 601,842	$ 622,086
Weighted average coupon rate	8.24%	9.19%
Weighted average all in yield	8.62%	9.64%
Weighted average floor	2.12%	1.36%
Weighted average maximum maturity (years)	2 years 7 months 6 days	3 years
Weighted average risk rating	3.1	3

Loans Held for Investment - L_2

Loans Held for Investment - Loan Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Principal Balance
Principal, beginning balance	$ 629,892	$ 678,555
Additional funding	12,492	5,650
Originations	133,817	133,300
Repayments	(165,390)	(171,748)
Transfer to real estate owned		(15,865)
Principal, ending balance	610,811	629,892
Deferred Fees and Other Items
Beginning balance	(3,430)	(8,626)
Additional funding	(158)	(14)
Originations	(1,757)	(1,621)
Repayments	(594)	(535)
Transfer to real estate owned		(95)
Net amortization of deferred fees	2,697	3,333
Purchase discount accretion	2,347	4,128
Ending balance	(895)	(3,430)
Amortized Cost
Beginning balance	626,462	669,929
Additional funding	12,334	5,636
Originations	132,060	131,679
Repayments	(165,984)	(172,283)
Transfer to real estate owned		(15,960)
Net amortization of deferred fees	2,697	3,333
Purchase discount accretion	2,347	4,128
Ending balance	$ 609,916	$ 626,462

Loans Held for Investment - L_3

Loans Held for Investment - Loan Portfolio (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	21	24
Amortized Cost | $	$ 609,916	$ 626,462	$ 669,929
Percentage of Value	100%	100%
South
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	7	8
Amortized Cost | $	$ 192,108	$ 222,477
Percentage of Value	32%	36%
West
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	6	9
Amortized Cost | $	$ 142,560	$ 185,294
Percentage of Value	23%	30%
East
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	4	3
Amortized Cost | $	$ 139,899	$ 89,815
Percentage of Value	23%	14%
Midwest
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	4	4
Amortized Cost | $	$ 135,349	$ 128,876
Percentage of Value	22%	20%
Office
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	6	7
Amortized Cost | $	$ 167,749	$ 181,268
Percentage of Value	28%	29%
Multifamily
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	5	7
Amortized Cost | $	$ 163,987	$ 207,734
Percentage of Value	27%	33%
Industrial
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	5	5
Amortized Cost | $	$ 136,646	$ 118,707
Percentage of Value	22%	19%
Hotel
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	3	2
Amortized Cost | $	$ 84,028	$ 45,791
Percentage of Value	14%	7%
Retail
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	2	3
Amortized Cost | $	$ 57,506	$ 72,962
Percentage of Value	9%	12%

Loans Held for Investment - L_4

Loans Held for Investment - Loan Risk Ratings Carrying Value (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	21	24
Percentage of Value	100%	100%
Year one	$ 133,085	$ 132,204
Year two	78,156	209,580
Year three	163,228	246,130
Year four	205,842	38,548
Prior	29,605
Accrued interest receivable	$ 609,916	$ 626,462
1
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	0	0
Percentage of Value	0%	0%
Year one	$ 0	$ 0
Year two	0	0
Year three	0	0
Year four	0	0
Prior	0
Accrued interest receivable	$ 0	$ 0
2
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	4	3
Percentage of Value	18%	15%
Year one	$ 41,570	$ 37,323
Year two	53,070	42,089
Year three	0	15,435
Year four	15,252	0
Prior	0
Accrued interest receivable	$ 109,892	$ 94,847
3
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	12	18
Percentage of Value	58%	71%
Year one	$ 91,515	$ 94,881
Year two	25,086	167,491
Year three	163,228	144,456
Year four	76,034	38,548
Prior	0
Accrued interest receivable	$ 355,863	$ 445,376
4
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	5	3
Percentage of Value	24%	14%
Year one	$ 0	$ 0
Year two	0	0
Year three	0	86,239
Year four	114,556	0
Prior	29,605
Accrued interest receivable	$ 144,161	$ 86,239
5
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	0	0
Percentage of Value	0%	0%
Year one	$ 0	$ 0
Year two	0	0
Year three	0	0
Year four	0	0
Prior	0
Accrued interest receivable	$ 0	$ 0

Loans Held for Investment, net

Loans Held for Investment, net - Provision for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 4,376
Provision for credit losses	3,080	$ (799)
Ending balance	8,074	4,376
Loans Held for Investment, net
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	4,376	0
Provision for credit losses	3,698	(549)
Write offs		(708)
Recoveries		740
Ending balance	8,074	4,376
Loans Held for Investment, net | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		4,893
Unfunded Loan Commitments
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,452	0
Provision for credit losses	(618)	(250)
Write offs		0
Recoveries		0
Ending balance	834	1,452
Unfunded Loan Commitments | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		1,702
Total
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	5,828	0
Provision for credit losses	3,080	(799)
Write offs		(708)
Recoveries		740
Ending balance	$ 8,908	5,828
Total | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		$ 6,595

Loans Held for Investment - Nar

Loans Held for Investment - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended
	Jan. 11, 2024	Nov. 30, 2024	Aug. 31, 2024	Dec. 31, 2024	Jul. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortize cost				$ 609,916		$ 626,462
4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortize cost				144,161		$ 86,239
Dallas, TX | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan commitment, decrease from modification			$ 3,189
Proceeds from outstanding principal amount			$ 2,900
Financing receivable, extended maturity period			2 years
Dallas, TX | Office | 4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortize cost				43,511
Plano, TX | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, extended maturity period			2 years
Coupon rate			3.75%		4.75%
Plano, TX | Office | 4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortize cost				26,635
Office, Bellevue, WA | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, extended maturity period		90 days
Office, Bellevue, WA | Office | 4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortize cost				19,997
Office, Carlsbad, CA | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from outstanding principal amount		$ 1,100
Financing receivable, extended maturity period	2 years
Office, Carlsbad, CA | Office | 4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortize cost				$ 24,412

Real Estate Owned - Schedule of

Real Estate Owned - Schedule of Assets and Liabilities of Real Estate Owned (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total real estate owned	$ 11,735	$ 11,393
Less: accumulated depreciation	(548)	(115)
Real estate owned, net	11,187	11,278
Acquired real estate leases	4,352	4,595
Less: accumulated amortization	(986)	(458)
Acquired real estate leases, net	3,366	4,137
Prepaid expenses and other assets, net	1,826	1,352
Total assets	16,379	16,767
Accounts payable, accrued liabilities and other liabilities	501	517
Total liabilities	501	517
Straight line rent receivables	1,094	647
Land
Property, Plant and Equipment [Line Items]
Total real estate owned	2,880	2,880
Building and improvements
Property, Plant and Equipment [Line Items]
Total real estate owned	7,354	7,349
Tenant improvements
Property, Plant and Equipment [Line Items]
Total real estate owned	$ 1,501	$ 1,164

Real Estate Owned - Narrative (

Real Estate Owned - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Banking and Thrift, Interest [Abstract]
Straight line rent adjustments	$ 447	$ 647
Real estate amortization expense	771	$ 458
Future amortization of acquired place lease 2025	594
Future amortization of acquired place lease 2026	493
Future amortization of acquired place lease 2027	493
Future amortization of acquired place lease 2028	466
Future amortization of acquired place lease 2029	446
Future amortization of acquired place lease thereafter	$ 874
Acquired lease term (in years)	6 years 10 months 24 days	7 years 4 months 24 days

Real Estate Owned - Schedule _2

Real Estate Owned - Schedule of Operating Lease Maturity (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Banking and Thrift, Interest [Abstract]
2025	$ 2,090
2026	2,034
2027	2,108
2028	2,090
2029	2,052
Thereafter	4,100
Total	$ 14,474

Secured Financing Agreements -

Secured Financing Agreements - Narrative (Details) - Total/weighted average - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets Sold under Agreements to Repurchase [Line Items]
Maximum facility size	$ 740,000	$ 695,000
Wells Fargo Master Repurchase Facility | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Percent of purchased asset	75%
Wells Fargo Master Repurchase Facility | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Percent of purchased asset	80%
BMO Facility
Assets Sold under Agreements to Repurchase [Line Items]
Minimum percentage of margin to advance	80%
Percentage of loan guaranteed	25%
UBS Master Repurchase Facility
Assets Sold under Agreements to Repurchase [Line Items]
Maximum facility size	$ 250,000

Secured Financing Agreements _2

Secured Financing Agreements - Schedule of Secured Financing Agreements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Total/weighted average
Debt Instrument [Line Items]
Maximum Facility Size	$ 740,000	$ 695,000
Principal Balance	419,622	455,814
Carrying Value	$ 417,796	$ 454,422
Coupon rate	6.62%	7.53%
Remaining maturity (Years)	10 months 24 days	10 months 24 days
Principal Balance	$ 610,811	$ 629,892
Total/weighted average | Minimum
Debt Instrument [Line Items]
Coupon rate	1.83%
Total/weighted average | Maximum
Debt Instrument [Line Items]
Coupon rate	2.95%
UBS Master Repurchase Facility | Total/weighted average
Debt Instrument [Line Items]
Maximum Facility Size	$ 250,000
UBS Master Repurchase Facility | Master Repurchase Facility
Debt Instrument [Line Items]
Maximum Facility Size	250,000	205,000
Principal Balance	181,989	181,381
Carrying Value	$ 181,566	$ 181,162
Coupon rate	6.85%	7.72%
Remaining maturity (Years)	8 months 12 days	9 months 18 days
Principal Balance	$ 267,084	$ 241,887
Citibank Master Repurchase Facility | Master Repurchase Facility
Debt Instrument [Line Items]
Maximum Facility Size	215,000	215,000
Principal Balance	93,314	91,115
Carrying Value	$ 92,700	$ 90,811
Coupon rate	6.57%	7.47%
Remaining maturity (Years)	1 year 6 months	8 months 12 days
Principal Balance	$ 145,520	$ 142,465
BMO Facility | Master Repurchase Facility
Debt Instrument [Line Items]
Maximum Facility Size	150,000	150,000
Principal Balance	103,855	87,767
Carrying Value	$ 103,622	$ 87,451
Coupon rate	6.39%	7.29%
Remaining maturity (Years)	10 months 24 days	1 year 3 months 18 days
Principal Balance	$ 145,234	$ 118,471
Wells Fargo Master Repurchase Facility | Wells Fargo Master Repurchase Facility
Debt Instrument [Line Items]
Maximum Facility Size	125,000	125,000
Principal Balance	40,464	95,551
Carrying Value	$ 39,908	$ 94,998
Coupon rate	6.31%	7.44%
Remaining maturity (Years)	7 months 6 days	1 year 1 month 6 days
Principal Balance	$ 52,973	$ 127,069

Secured Financing Agreements _3

Secured Financing Agreements - Debt Maturities (Details) - Total/weighted average $ in Thousands	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
2025	$ 255,765
2026	147,769
2027	16,088
2028 and thereafter	0
Total	$ 419,622

Fair Value Measurements - Recur

Fair Value Measurements - Recurring Fair Value (Details) - Level III - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment	$ 601,842	$ 622,086
Secured Financing Facilities	417,796	454,422
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment	603,558	626,079
Secured Financing Facilities	$ 418,492	$ 454,620

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 16, 2025 USD ($) $ / shares	Dec. 31, 2024 USD ($) installment shares	Dec. 31, 2023 USD ($) shares
Subsidiary, Sale of Stock [Line Items]
Share repurchases (in shares)		28,165	17,421
Shares repurchased | $		$ 377	$ 183
Distributions | $		$ 20,772	$ 20,639
Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Distribution per Share, declared (in dollars per share) | $ / shares	$ 0.35
Distributions | $	$ 5,216
2021 Equity Compensation Plan | Restricted Unvested Common Shares
Subsidiary, Sale of Stock [Line Items]
Shares granted (in shares)		119,528	122,000
Number of installments | installment		5
2025		53,822
2026		43,316
2027		31,722
2028		18,202
Future compensation expense | $		$ 1,594
Future compensation expense, period of recognition		22 months
Compensation expense | $		$ 1,359	$ 1,121
Common shares available for issuance (in shares)		57,466
Officers And Certain Other Employees Compensation Arrangement | Restricted Unvested Common Shares
Subsidiary, Sale of Stock [Line Items]
Shares granted (in shares)		91,118	80,000
Grants in period | $		$ 1,236	$ 876
Trustee Compensation Arrangements | Restricted Unvested Common Shares
Subsidiary, Sale of Stock [Line Items]
Shares granted (in shares)		4,735	6,000
Grants in period | $		$ 360	$ 387

Shareholders' Equity - Nonveste

Shareholders' Equity - Nonvested Share Activity (Details) - Restricted Unvested Common Shares - 2021 Equity Compensation Plan - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Number of Shares
Unvested shares, beginning of year (in shares)	136,421	129,680
Shares granted (in shares)	119,528	122,000
Shares forfeited (in shares)	0	(2,334)
Shares vested (in shares)	(108,887)	(112,925)
Unvested shares, end of year (in shares)	147,062	136,421
Weighted Average Grant Date Fair Value
Unvested shares, beginning of year (in dollars per share)	$ 10.57	$ 10.24
Shares granted (in dollars per share)	0	10.35
Shares forfeited (in dollars per share)	13.35	10.19
Shares vested (in dollars per share)	11.58	9.96
Unvested shares, end of year (in dollars per share)	$ 12.07	$ 10.57

Shareholders' Equity - Repurcha

Shareholders' Equity - Repurchases and Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Annual Per Share Distribution (in dollars per share)	$ 1.40	$ 1.40
Total Distribution	$ 20,772	$ 20,639
Return of Capital	0%	0%
Ordinary Income	100%	100%
Qualified Dividend	0%	0%

Management Agreement with Tre_2

Management Agreement with Tremont (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) employee	Jan. 05, 2021
Related Party Transaction [Line Items]
Number of employees | employee	0
Annualized base management fee		1.50%
Quarterly base management fee		0.375%
Incentive fee percentage		20%
Base management fee, percent of equity		7%
Management agreement term	1 year
Management agreement, termination rights, affirmative vote threshold, percentage	66.67%
Management agreement terminated upon written notice delivered term	180 days
Management agreement, terminated upon written notice, cause event term	30 days
Management agreement termination fee	3
Termination fee calculation period	24 months
Exit fees	$ 1,600
Formation costs included in termination fee	$ 6,680
Shared Service Costs | Principal Owner
Related Party Transaction [Line Items]
Percent threshold to be considered employee of manager	50%

Related Person Transactions (De

Related Person Transactions (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
The RMR Group Inc
Related Party Transaction [Line Items]
Property management agreement, termination notice period	30 days
RMR Group
Related Party Transaction [Line Items]
Real estate owned, property management and construction supervision fees		$ 71	$ 17
Management Services | Tremont Realty Advisors LLC
Related Party Transaction [Line Items]
Shares owned by related party (in shares)		1,708,058
Ownership percentage		11.50%
Management Services | Affiliated Entity | Diane Portnoy
Related Party Transaction [Line Items]
Ownership percentage		13.50%
Property Management Services | The RMR Group Inc
Related Party Transaction [Line Items]
Property management fee, percent fee	3%
Construction Supervision Services | The RMR Group Inc
Related Party Transaction [Line Items]
Property management fee, percent fee	5%

Weighted Average Common Share_2

Weighted Average Common Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Numerators:
Net income	$ 17,820	$ 25,965
Income attributable to unvested share awards	(184)	(219)
Net income used in calculating net income per common share, basic	17,636	25,746
Net income used in calculating net income per common share, diluted	$ 17,636	$ 25,746
Denominators:
Weighted average common shares outstanding - basic (in shares)	14,712	14,625
Weighted average common shares outstanding - diluted (in shares)	14,712	14,625
Net income per common share, basic (in dollars per share)	$ 1.20	$ 1.76
Net income per common share, diluted (in dollars per share)	$ 1.20	$ 1.76

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Unfunded loan commitments	$ 30,402	$ 40,401
Weighted average initial maturity	2 years 7 months 6 days	3 years
Unfunded Commitments
Loss Contingencies [Line Items]
Weighted average initial maturity	1 year 2 months 12 days

Segment Reporting (Details)

Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate - Schedule of Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal	$ 610,811	$ 629,892	$ 678,555
Carrying Value	609,916	626,462	669,929
Total carrying value including allowance for credit losses	601,842	622,086	$ 669,929
Loans held for investment	609,916	626,462
Office
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	167,749	181,268
Retail
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	57,506	72,962
Multifamily
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	163,987	207,734
Industrial
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	136,646	118,707
Hotel
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	84,028	$ 45,791
First Mortgage Bridge Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal	610,811
Carrying Value	609,916
Less: allowance for credit losses	(8,074)
Total carrying value including allowance for credit losses	$ 601,842
First Mortgage Bridge Loans | Office | Office, Dallas, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.25%
Prior Liens	$ 0
Principal	43,511
Carrying Value	$ 43,511
First Mortgage Bridge Loans | Office | Office, Downers Grove, IL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	5%
Prior Liens	$ 0
Principal	29,500
Carrying Value	$ 29,605
First Mortgage Bridge Loans | Office | Office, Plano, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.75%
Prior Liens	$ 0
Principal	26,569
Carrying Value	$ 26,635
First Mortgage Bridge Loans | Office | Office, Carlsbad, CA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.25%
Prior Liens	$ 0
Principal	24,417
Carrying Value	$ 24,412
First Mortgage Bridge Loans | Office | Office, Downers Grove, IL 2
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.25%
Prior Liens	$ 0
Principal	23,530
Carrying Value	$ 23,588
First Mortgage Bridge Loans | Office | Office, Bellevue, WA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.85%
Prior Liens	$ 0
Principal	20,000
Carrying Value	$ 19,997
First Mortgage Bridge Loans | Retail | Retail, Brandywine, MD
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.85%
Prior Liens	$ 0
Principal	42,200
Carrying Value	$ 42,254
First Mortgage Bridge Loans | Retail | Retail, Sandy Springs, GA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.75%
Prior Liens	$ 0
Principal	15,286
Carrying Value	$ 15,252
First Mortgage Bridge Loans | Multifamily | Multifamily, Olmsted Falls, OH
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4%
Prior Liens	$ 0
Principal	52,050
Carrying Value	$ 52,446
First Mortgage Bridge Loans | Multifamily | Multifamily, Starkville, MS
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	2.95%
Prior Liens	$ 0
Principal	42,000
Carrying Value	$ 41,570
First Mortgage Bridge Loans | Multifamily | Multifamily, Farmington Hills, MI
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.15%
Prior Liens	$ 0
Principal	29,443
Carrying Value	$ 29,710
First Mortgage Bridge Loans | Multifamily | Multifamily, Las Vegas, NV
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.30%
Prior Liens	$ 0
Principal	25,448
Carrying Value	$ 25,641
First Mortgage Bridge Loans | Multifamily | Multifamily, Newport News, VA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.15%
Prior Liens	$ 0
Principal	14,759
Carrying Value	$ 14,620
First Mortgage Bridge Loans | Industrial | Industrial, Passaic, NJ
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.85%
Prior Liens	$ 0
Principal	43,808
Carrying Value	$ 43,689
First Mortgage Bridge Loans | Industrial | Industrial, Fountain Inn, SC
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.25%
Prior Liens	$ 0
Principal	24,300
Carrying Value	$ 24,216
First Mortgage Bridge Loans | Industrial | Industrial, Fayetteville, GA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.35%
Prior Liens	$ 0
Principal	25,250
Carrying Value	$ 25,086
First Mortgage Bridge Loans | Industrial | Industrial, Fontana, CA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.75%
Prior Liens	$ 0
Principal	22,000
Carrying Value	$ 21,934
First Mortgage Bridge Loans | Industrial | Industrial, Los Angeles, CA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.40%
Prior Liens	$ 0
Principal	21,940
Carrying Value	$ 21,721
First Mortgage Bridge Loans | Hotel | Hotel, Boston, MA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.95%
Prior Liens	$ 0
Principal	39,800
Carrying Value	$ 39,335
First Mortgage Bridge Loans | Hotel | Hotel, Anaheim, CA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4%
Prior Liens	$ 0
Principal	29,000
Carrying Value	$ 28,855
First Mortgage Bridge Loans | Hotel | Hotel, Lake Mary, FL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4%
Prior Liens	$ 0
Principal	16,000
Carrying Value	$ 15,839

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans on Real Estate - Reconciliation of Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Principal Balance
Beginning balance	$ 622,086	$ 669,929
Additions during the year:
Originations	133,817	133,300
Additional funding	12,334	5,636
Purchase discount accretion	2,347	4,128
Net amortization of deferred fees	2,697	3,333
Increase drcrease in allowance for credit losses	(3,698)	517
Deductions during the year:
Repayments	(165,984)	(172,283)
Transfer to real estate owned		15,960
Deferred fees	(2,509)	(1,621)
Ending balance	601,842	622,086
Cumulative Effect, Period of Adoption, Adjustment
Principal Balance
Beginning balance	$ (4,893)
Deductions during the year:
Ending balance		$ (4,893)