v3.25.2
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income (loss) $ 19,951 $ 8,314
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Unrealized (gain) loss on secured financing facilities, net 29,155 922
(Gain) loss on derivative instruments, net 7,542 0
Debt issuance costs 8,732 2,090
Amortization of equity based compensation and other 300 37
Change in operating assets and liabilities:    
Increase in operating assets (3,441) (1,763)
(Increase) decrease in due from affiliates 0 (675)
(Decrease) increase in operating liabilities (392) 2,341
(Decrease) increase in due to affiliate 2,836 8,463
Net cash provided by operating activities 30,722 18,526
Cash flows from investing activities:    
Principal payments on real estate-related securities 51 0
Settlement of foreign currency forward contracts, net 113 0
Net cash used in investing activities (1,129,789) (506,304)
Cash flows from financing activities:    
Proceeds from revolving credit facility 135,000 192,000
Repayment of revolving credit facility (135,000) (196,000)
Proceeds from secured financing facilities 822,048 439,447
Repayment of secured financing facilities (878,561) (48,476)
Proceeds from issuance of collateralized loan obligations 995,738 0
Proceeds from issuance of common stock, net of offering costs 212,363 194,465
Repurchase of common stock (3,023) 0
Repurchase of redeemable common stock (30,148) (100,000)
Redemption of preferred stock (232) 0
Proceeds from subscriptions paid in advance 22,776 9,927
Cash paid for debt issuance costs (8,263) (1,326)
Payments of dividends (9,788) (11,704)
Net cash provided by financing activities 1,122,910 478,333
Effect of exchange rate changes on cash, cash equivalents and restricted cash 40 0
Net change in cash, cash equivalents and restricted cash 23,883 (9,445)
Cash, cash equivalents and restricted cash, beginning of period 100,034 25,541
Cash, cash equivalents and restricted cash, end of period 123,917 16,096
Supplemental disclosures:    
Interest paid 67,875 23,464
Non-cash investing and financing activities:    
Dividends and distributions declared not paid 5,033 1,599
Common stock distribution reinvestment 16,238 3,409
Issuance of redeemable common stock for payment of management and performance fees 3,876 145
Deferred offering costs due to affiliate 0 (78)
Offering costs due to affiliates 7,671 3,352
Debt issuance costs due to affiliate 0 685
Adjustment to carrying value of redeemable common stock 105 175
Accrued common stock repurchases 184 29
Commercial Real Estate Loan Investments    
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Unrealized (gain) loss (39,094) (1,203)
Cash flows from investing activities:    
Originations, funding, and purchases of assets at fair value (1,120,159) (506,304)
Real Estate-Related Securities    
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Unrealized (gain) loss (20) 0
Cash flows from investing activities:    
Originations, funding, and purchases of assets at fair value (9,794) 0
Collateralized loan obligations    
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Unrealized (gain) loss $ 5,153 $ 0