v3.25.2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Net Interest Income        
Other interest income $ 1,059 $ 587 $ 2,034 $ 828
Interest expense (37,323) (13,843) (68,620) (24,249)
Net interest income 19,007 7,159 35,526 12,134
Other Income (Expense)        
Unrealized gain (loss) on secured financing facilities, net (20,681) (199) (29,155) (922)
Gain (loss) on derivative instruments, net (5,362) 0 (7,542) 0
Gain (loss) on foreign currency transactions, net (117) 0 (108) 0
Commitment fee income, net of related party expense of $3,246, $5,365, $2,120 and $3,518 for the three and six months ended June 30, 2025 and 2024, respectively 3,459 2,120 5,578 3,518
Other income 290 249 579 350
Total other income (expense), net (1,130) 2,455 3,313 4,149
Expenses        
Management and performance fees - related party 1,838 952 3,668 1,302
Debt issuance and other financing costs related to borrowings, at fair value 5,478 3,221 10,394 3,690
Organizational costs 0 14 2 19
General and administrative 2,274 1,800 4,824 2,958
Total expenses 9,590 5,987 18,888 7,969
Net income (loss) 8,287 3,627 19,951 8,314
Dividends to preferred stockholders 0 (7) (2) (14)
Issuance and redemption costs of redeemed preferred stock 0 0 (27) 0
Net income (loss) attributable to common stockholders, basic 8,287 3,620 19,922 8,300
Net income (loss) attributable to common stockholders, diluted 8,287 3,620 19,922 8,300
Currency translation adjustment 123 0 149 0
Comprehensive income (loss) 8,410 3,627 20,100 8,314
Issuance and redemption costs of redeemed preferred stock 0 0 (27) 0
Comprehensive income (loss) attributable to common stockholders $ 8,410 $ 3,620 $ 20,071 $ 8,300
Earnings (loss) per share:        
Basic (in dollars per share) $ 0.26 $ 0.34 $ 0.68 $ 0.93
Diluted (in dollars per share) $ 0.26 $ 0.34 $ 0.68 $ 0.93
Weighted average number of shares of common stock        
Basic (in shares) 31,307,099 10,729,623 29,281,449 8,956,409
Diluted (in shares) 31,307,126 10,729,651 29,281,501 8,956,715
Commercial Real Estate Loan Investments        
Net Interest Income        
Interest income $ 55,221 $ 20,415 $ 102,062 $ 35,555
Other Income (Expense)        
Unrealized gain (loss) on loans, net 26,414 285 39,094 1,203
Real Estate-Related Securities        
Net Interest Income        
Interest income 50 0 50 0
Other Income (Expense)        
Unrealized gain (loss) on loans, net 20 0 20 0
Collateralized loan obligations        
Net Interest Income        
Interest expense     (9,800)  
Other Income (Expense)        
Unrealized gain (loss) on loans, net $ (5,153) $ 0 $ (5,153) $ 0