v3.25.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets    
Loans receivable, at fair value (includes pledged loans of $124,396 and $0 at June 30, 2025 and December 31, 2024, respectively) $ 146,163 $ 0
Real estate securities, at fair value (includes pledged securities of $57,410 and $0 at June 30, 2025 and December 31, 2024, respectively) 57,426 0
Cash 13,042 26
Restricted cash 23,036 0
Interest receivable 635 0
Other assets 64 0
Total assets 240,366 26
Liabilities    
Repurchase agreements, at fair value 135,876 0
Interest payable 293 0
Subscriptions received in advance 23,036 0
Distributions payable 518 0
Total liabilities 166,258 25
Commitments and contingencies (See Note 11)
Equity    
Additional paid-in capital 76,513 1
Accumulated deficit (2,408) 0
Total stockholders' equity 74,108 1
Total liabilities and stockholders' equity 240,366 26
Common Shares    
Equity    
Common stock 0 0
Common Shares Class G    
Equity    
Common stock 2 0
Common Shares Class G-D    
Equity    
Common stock 1 0
Common Shares Class G-S    
Equity    
Common stock 0 0
Related Party    
Liabilities    
Other liabilities 5,973 25
Nonrelated Party    
Liabilities    
Other liabilities $ 562 $ 0