v3.25.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2025
Dec. 31, 2024
ASSETS    
Cash and cash equivalents $ 100,859,000 $ 80,221,000
Restricted cash 23,058,000 19,813,000
Interest receivable 15,204,000 12,600,000
Derivative assets, at fair value 0 4,064,000
Total assets [1] 3,700,591,000 2,508,194,000
LIABILITIES    
Secured lending agreements, at fair value 1,679,778,000 1,720,350,000
Term lending agreement, at fair value 147,732,000 134,518,000
Collateralized loan obligations, at fair value 1,001,129,000 0
Interest payable 8,851,000 8,344,000
Derivative liabilities, at fair value 3,590,000 0
Dividends and distributions payable (including $791 and $961 due to related party, respectively) 5,033,000 3,765,000
Accounts payable, accrued expenses and other liabilities 25,863,000 23,159,000
Due to affiliates 37,973,000 31,342,000
Total liabilities [1] 2,909,949,000 1,921,478,000
Commitments and contingencies (See Note 14)
Redeemable common stock - related party (see Note 11) 125,200,000 151,367,000
STOCKHOLDERS’ EQUITY    
Additional paid-in capital 686,368,000 448,947,000
Accumulated other comprehensive income (loss) 84,000 (65,000)
Accumulated deficit (21,290,000) (13,920,000)
Total stockholders’ equity 665,442,000 435,349,000
Total liabilities, redeemable common stock and stockholders’ equity 3,700,591,000 2,508,194,000
Commercial Real Estate Loan Investments    
ASSETS    
Fair value, option, assets 3,550,378,000 2,391,078,000
Real Estate-Related Securities    
ASSETS    
Fair value, option, assets 9,763,000 0
Nonrelated Party    
ASSETS    
Other assets 1,329,000 418,000
Series A Preferred Stock    
STOCKHOLDERS’ EQUITY    
Preferred stock, $0.01 par value per share, 50,000,000 shares authorized: 12.5% Series A Cumulative Redeemable Preferred Stock, — and 228 shares issued and outstanding, respectively ($228 aggregate liquidation preference as of December 31, 2024) 0 205,000
Class S Common Stock    
STOCKHOLDERS’ EQUITY    
Common stock 2,000 0
Class S-1 Common Stock    
STOCKHOLDERS’ EQUITY    
Common stock 139,000 72,000
Class D Common Stock    
STOCKHOLDERS’ EQUITY    
Common stock 0 0
Class D-1 Common Stock    
STOCKHOLDERS’ EQUITY    
Common stock 0 0
Class I Common Stock    
STOCKHOLDERS’ EQUITY    
Common stock 53,000 27,000
Class E Common Stock    
STOCKHOLDERS’ EQUITY    
Common stock 1,000 1,000
Class F Common Stock    
STOCKHOLDERS’ EQUITY    
Common stock $ 85,000 $ 82,000
[1]
(1) The condensed consolidated balance sheet at June 30, 2025 includes assets of $1.2 billion and liabilities of $1.0 billion of a consolidated collateralized loan obligation, which is a variable interest entity (“VIE”). The VIE’s assets can only be used to settle the obligations of the VIE. See Note 6, “Collateralized Loan Obligations”, for additional information.