v3.25.2
CONSOLIDATED STATEMENT OF CASH FLOWS
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2025
USD ($)
Cash flows from operating activities:    
Net Loss $ (1,890) $ (1,890)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Unrealized gain on real estate securities, at fair value (135) (135)
Financing fees 387 387
Change in assets and liabilities    
Increase in interest receivable   (635)
Increase in other receivables   (64)
Increase in interest payable   293
Increase in due to affiliates   3,129
Increase in other liabilities   562
Net cash provided by operating activities   1,647
Cash flows from investing activities:    
Loan origination and funding activities   (146,163)
Purchases of real estate securities   (57,291)
Net cash used in investing activities   (203,454)
Cash flows from financing activities:    
Net borrowings (paydowns) on repurchase agreements - less than 90 days maturity   135,876
Financing fees paid   (387)
Proceeds from issuance of common shares (in thousands)   79,334
Subscriptions received in advance   23,036
Net cash provided by financing activities   237,859
Net increase in cash and restricted cash    
Net increase in cash and restricted cash   36,052
Cash and restricted cash, beginning of the period   26
Cash and restricted cash, end of the period 36,078 36,078
Reconciliation of cash and restricted cash:    
Cash 13,042 13,042
Restricted cash 23,036 23,036
Cash and restricted cash, end of the period 36,078 36,078
Supplemental disclosure of cash flow information:    
Cash paid for interest   595
Non-cash activities:    
Accrued stockholder servicing fees due to affiliates   676
Accrued offering costs due to affiliates   2,143
Distributions payable $ 518 $ 518