v3.25.2
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
ASSETS    
Investments in real estate, net $ 833,892 $ 365,070
Investments in real estate debt 134,965 79,310
Investments in real estate-related and other securities 38,858 6,417
Intangible assets, net 43,864 20,307
Cash and cash equivalents 68,387 127,692
Restricted cash 1,694 700
Deposits on real estate 1,691 1,000
Other assets, net 17,271 3,500
Total assets 1,140,622 603,996
LIABILITIES AND EQUITY    
Mortgage notes, net 200,603 123,091
Repurchase facility, net 88,152 46,383
Intangible liabilities, net 6,001 2,797
Mandatorily redeemable instruments 105,913 105,325
Due to affiliates 23,711 20,474
Accounts payable, accrued expenses and other liabilities 13,442 5,357
Total liabilities 437,822 303,427
Commitments and Contingencies (Note 17)
Redeemable non-controlling interest 822  
Equity    
Additional paid-in-capital 735,421 329,600
Accumulated deficit (45,051) (33,780)
Total stockholders' equity 691,062 296,139
Non-controlling interests in consolidated joint ventures 10,916 4,430
Total equity 701,978 300,569
Total liabilities and equity 1,140,622 603,996
Class D Shares    
Equity    
Common stock 11 10
Class I Shares    
Equity    
Common stock 128 101
Class S Shares    
Equity    
Common stock 0 1
Class E Shares    
Equity    
Common stock 498 186
Class Y Shares    
Equity    
Common stock $ 55 $ 21