v3.25.2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Dividends and distributions payable $ 5,033 $ 3,765
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, authorized (in shares) 50,000,000 50,000,000
Total assets [1] $ 3,700,591 $ 2,508,194
Total liabilities [1] 2,909,949 1,921,478
Variable Interest Entity, Primary Beneficiary    
Total assets 1,224,172  
Total liabilities 1,003,215  
Commercial Real Estate Loan Investments    
Loans pledged as collateral 3,528,119 2,355,509
Related Party    
Dividends and distributions payable $ 791 $ 961
Series A Preferred Stock    
Preferred stock, dividend rate (in percent) 12.50% 12.50%
Preferred stock, issued (in shares) 0 228
Preferred stock, outstanding (in shares) 0 228
Preferred stock, liquidation preference   $ 228
Class S Common Stock    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 500,000,000 500,000,000
Class S-1 Common Stock    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 500,000,000 500,000,000
Class D Common Stock    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 500,000,000 500,000,000
Class D-1 Common Stock    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 500,000,000 500,000,000
Class I Common Stock    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 500,000,000 500,000,000
Class E Common Stock    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 500,000,000 500,000,000
Class F Common Stock    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 500,000,000 500,000,000
[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.