v3.25.2
CONSOLIDATED SCHEDULE OF INVESTMENTS - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Schedule of Investments [Line Items]    
Amortized Cost $ 1,266,301 [1],[2],[3],[4] $ 834,884 [5],[6],[7],[8]
Fair Value $ 1,275,931 [1],[2],[3],[4] $ 842,856 [5],[6],[7],[8]
% of Net Assets 231.40% [1],[2],[3],[4] 234.70% [5],[6],[7],[8]
Qualifying Concentration Risk | Assets, Total | Qualifying Investment Assets    
Schedule of Investments [Line Items]    
Concentration risk 100.00% 100.00%
Senior Mortgage    
Schedule of Investments [Line Items]    
Amortized Cost $ 1,202,337 $ 791,903
Fair Value $ 1,211,613 $ 799,660
% of Net Assets 219.70% 222.70%
Hospitality, Senior Mortgage    
Schedule of Investments [Line Items]    
Amortized Cost $ 180,421 $ 116,070
Fair Value $ 181,689 $ 117,235
% of Net Assets 33.00% 32.70%
Industrial Senior Mortgage    
Schedule of Investments [Line Items]    
Amortized Cost $ 93,607 $ 44,912
Fair Value $ 94,473 $ 45,436
% of Net Assets 17.20% 12.60%
Mixed Use Senior Mortgage    
Schedule of Investments [Line Items]    
Amortized Cost $ 43,125 $ 42,899
Fair Value $ 43,315 $ 43,315
% of Net Assets 7.90% 12.10%
Multifamily, Senior Mortgage    
Schedule of Investments [Line Items]    
Amortized Cost $ 870,129 $ 572,620
Fair Value $ 876,994 $ 578,144
% of Net Assets 158.90% 161.00%
Self Storage, Senior Mortgage    
Schedule of Investments [Line Items]    
Amortized Cost $ 15,055 $ 15,402
Fair Value $ 15,142 $ 15,530
% of Net Assets 2.70% 4.30%
Mezzanine    
Schedule of Investments [Line Items]    
Amortized Cost $ 25,096 $ 14,067
Fair Value $ 25,408 $ 14,204
% of Net Assets 4.60% 3.90%
Hospitality Mezzanine    
Schedule of Investments [Line Items]    
Amortized Cost $ 7,258 $ 1,036
Fair Value $ 7,296 $ 1,046
% of Net Assets 1.30% 0.30%
Mixed Use, Mezzanine    
Schedule of Investments [Line Items]    
Amortized Cost $ 5,531 $ 5,501
Fair Value $ 5,556 $ 5,556
% of Net Assets 1.00% 1.50%
Multifamily, Mezzanine    
Schedule of Investments [Line Items]    
Amortized Cost $ 12,307 $ 7,530
Fair Value $ 12,556 $ 7,602
% of Net Assets 2.30% 2.10%
Real Estate Securities    
Schedule of Investments [Line Items]    
Amortized Cost $ 38,868 $ 28,914
Fair Value $ 38,910 $ 28,992
% of Net Assets 7.10% 8.10%
Hospitality, Real Estate Securities    
Schedule of Investments [Line Items]    
Amortized Cost $ 20,067 $ 15,073
Fair Value $ 20,103 $ 15,086
% of Net Assets 3.60% 4.20%
Industrials, Real Estate Securities    
Schedule of Investments [Line Items]    
Amortized Cost $ 4,989 $ 4,988
Fair Value $ 4,967 $ 5,016
% of Net Assets 0.90% 1.40%
Multifamily, Real Estate Securities    
Schedule of Investments [Line Items]    
Amortized Cost $ 13,812 $ 8,853
Fair Value $ 13,840 $ 8,890
% of Net Assets 2.60% 2.50%
Investment, Identifier [Axis]: 188 West St James Owner, LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [9],[10],[11],[12] 6.50%  
Interest Rate [9],[10],[11],[13] 10.82%  
Par Amount [9],[10],[11] $ 42,759  
Amortized Cost [9],[10],[11] 42,171  
Fair Value [9],[10],[11] $ 42,758  
% of Net Assets [9],[10],[11] 7.80%  
Investment, Identifier [Axis]: 1915 WBP Owner, LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [9],[10],[11],[12],[14] 2.75%  
Interest Rate [9],[10],[11],[13],[14] 7.07%  
Par Amount [9],[10],[11],[14] $ 10,345  
Amortized Cost [9],[10],[11],[14] 10,243  
Fair Value [9],[10],[11],[14] $ 10,345  
% of Net Assets [9],[10],[11],[14] 1.90%  
Investment, Identifier [Axis]: 26 W 9th Street LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate 5.25% [9],[10],[11],[12] 5.25% [15],[16],[17],[18]
Interest Rate 9.57% [9],[10],[11],[13] 9.58% [16],[17],[18],[19]
Par Amount $ 19,822 [9],[10],[11] $ 16,613 [16],[17],[18]
Amortized Cost 19,794 [9],[10],[11] 16,453 [16],[17],[18]
Fair Value $ 19,822 [9],[10],[11] $ 16,613 [16],[17],[18]
% of Net Assets 3.60% [9],[10],[11] 4.60% [16],[17],[18]
Investment, Identifier [Axis]: 26 W 9th Street LLC, Multifamily 1    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [15],[16],[17],[18]   12.75%
Interest Rate [16],[17],[18],[19]   17.08%
Par Amount [16],[17],[18]   $ 1,893
Amortized Cost [16],[17],[18]   1,875
Fair Value [16],[17],[18]   $ 1,893
% of Net Assets [16],[17],[18]   0.50%
Investment, Identifier [Axis]: 26 W 9th Street LLC, Multifamily 1    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [9],[10],[11],[12] 12.75%  
Interest Rate [9],[10],[11],[13] 17.07%  
Par Amount [9],[10],[11] $ 2,335  
Amortized Cost [9],[10],[11] 2,331  
Fair Value [9],[10],[11] $ 2,335  
% of Net Assets [9],[10],[11] 0.40%  
Investment, Identifier [Axis]: 300 Pressler Street Owner, LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [9],[10],[11],[12] 6.00%  
Interest Rate [9],[10],[11],[13] 10.32%  
Par Amount [9],[10],[11] $ 640  
Amortized Cost [9],[10],[11] 534  
Fair Value [9],[10],[11] $ 640  
% of Net Assets [9],[10],[11] 0.10%  
Investment, Identifier [Axis]: 300 Pressler Street Owner, LLC, Multifamily 1    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [9],[10],[11],[12] 15.25%  
Interest Rate [9],[10],[11],[13] 19.57%  
Par Amount [9],[10],[11] $ 123  
Amortized Cost [9],[10],[11] 103  
Fair Value [9],[10],[11] $ 123  
% of Net Assets [9],[10],[11] 0.00%  
Investment, Identifier [Axis]: 50 West BSP Owner LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [15],[16],[17],[18],[20]   2.95%
Interest Rate [16],[17],[18],[19],[20]   7.28%
Par Amount [16],[17],[18],[20]   $ 42,281
Amortized Cost [16],[17],[18],[20]   41,855
Fair Value [16],[17],[18],[20]   $ 42,281
% of Net Assets [16],[17],[18],[20]   11.80%
Investment, Identifier [Axis]: 50 West BSP Owner LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [9],[10],[11],[12],[14] 2.95%  
Interest Rate [9],[10],[11],[13],[14] 7.27%  
Par Amount [9],[10],[11],[14] $ 42,866  
Amortized Cost [9],[10],[11],[14] 42,554  
Fair Value [9],[10],[11],[14] $ 42,865  
% of Net Assets [9],[10],[11],[14] 7.80%  
Investment, Identifier [Axis]: 50 West BSP Owner LLC, Multifamily 1    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [15],[16],[17],[18],[20]   8.23%
Interest Rate [16],[17],[18],[19],[20]   12.56%
Par Amount [16],[17],[18],[20]   $ 2,546
Amortized Cost [16],[17],[18],[20]   2,520
Fair Value [16],[17],[18],[20]   $ 2,546
% of Net Assets [16],[17],[18],[20]   0.70%
Investment, Identifier [Axis]: 50 West BSP Owner LLC, Multifamily 1    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [9],[10],[11],[12],[14] 8.23%  
Interest Rate [9],[10],[11],[13],[14] 12.55%  
Par Amount [9],[10],[11],[14] $ 2,582  
Amortized Cost [9],[10],[11],[14] 2,563  
Fair Value [9],[10],[11],[14] $ 2,582  
% of Net Assets [9],[10],[11],[14] 0.50%  
Investment, Identifier [Axis]: 6304 Sheriff Road LLC, Industrial    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [9],[10],[11],[12],[14] 3.65%  
Interest Rate [9],[10],[11],[13],[14] 7.97%  
Par Amount [9],[10],[11],[14] $ 36,751  
Amortized Cost [9],[10],[11],[14] 36,417  
Fair Value [9],[10],[11],[14] $ 36,751  
% of Net Assets [9],[10],[11],[14] 6.70%  
Investment, Identifier [Axis]: 68 East Avenue Austin, LLC, Hospitality    
Schedule of Investments [Line Items]    
Spread Above Reference Rate 4.00% [9],[11],[12],[14] 4.00% [15],[16],[18],[20]
Interest Rate 8.32% [9],[11],[13],[14] 8.33% [16],[18],[19],[20]
Par Amount $ 22,320 [9],[11],[14] $ 22,320 [16],[18],[20]
Amortized Cost 22,191 [9],[11],[14] 22,129 [16],[18],[20]
Fair Value $ 22,320 [9],[11],[14] $ 22,320 [16],[18],[20]
% of Net Assets 4.00% [9],[11],[14] 6.20% [16],[18],[20]
Investment, Identifier [Axis]: ALP Delaware, LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate 3.05% [9],[11],[12],[21] 3.05% [15],[16],[18],[22]
Interest Rate 7.37% [9],[11],[13],[21] 7.38% [16],[18],[19],[22]
Par Amount $ 21,219 [9],[11],[21] $ 21,219 [16],[18],[22]
Amortized Cost 21,105 [9],[11],[21] 21,047 [16],[18],[22]
Fair Value $ 21,219 [9],[11],[21] $ 21,219 [16],[18],[22]
% of Net Assets 3.80% [9],[11],[21] 5.90% [16],[18],[22]
Investment, Identifier [Axis]: AREIT RE 1505 Exchange LLC & AREIT RE Woodlands LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [10],[11],[12],[23] 3.15%  
Interest Rate [10],[11],[13],[23] 7.47%  
Par Amount [10],[11],[23] $ 34,000  
Amortized Cost [10],[11],[23] 33,694  
Fair Value [10],[11],[23] $ 34,000  
% of Net Assets [10],[11],[23] 6.20%  
Investment, Identifier [Axis]: AVR Eugene Hotel LLC, Hospitality    
Schedule of Investments [Line Items]    
Spread Above Reference Rate 3.95% [9],[11],[12] 4.50% [15],[16],[17],[18]
Interest Rate 8.27% [9],[11],[13] 8.83% [16],[17],[18],[19]
Par Amount $ 12,598 [9],[11] $ 8,969 [16],[17],[18]
Amortized Cost 12,531 [9],[11] 8,868 [16],[17],[18]
Fair Value $ 12,598 [9],[11] $ 8,969 [16],[17],[18]
% of Net Assets 2.30% [9],[11] 2.50% [16],[17],[18]
Investment, Identifier [Axis]: AWH Dallas PC Hotel, LP, Hospitality    
Schedule of Investments [Line Items]    
Spread Above Reference Rate 10.51% [9],[11],[12] 10.51% [15],[16],[17],[18]
Interest Rate 14.83% [9],[11],[13] 14.84% [16],[17],[18],[19]
Par Amount $ 1,046 [9],[11] $ 1,046 [16],[17],[18]
Amortized Cost 1,038 [9],[11] 1,036 [16],[17],[18]
Fair Value $ 1,046 [9],[11] $ 1,046 [16],[17],[18]
% of Net Assets 0.20% [9],[11] 0.30% [16],[17],[18]
Investment, Identifier [Axis]: AWH Dallas PC Hotel, LP, Hospitality    
Schedule of Investments [Line Items]    
Spread Above Reference Rate 3.25% [9],[11],[12],[14] 3.25% [15],[16],[18]
Interest Rate 7.57% [9],[11],[13],[14] 7.58% [16],[18],[19]
Par Amount $ 10,641 [9],[11],[14] $ 10,641 [16],[18]
Amortized Cost 10,562 [9],[11],[14] 10,534 [16],[18]
Fair Value $ 10,641 [9],[11],[14] $ 10,641 [16],[18]
% of Net Assets 1.90% [9],[11],[14] 3.00% [16],[18]
Investment, Identifier [Axis]: Admiral's Cove Holdings LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [15],[16],[18],[24]   2.75%
Interest Rate [16],[18],[19],[24]   7.08%
Par Amount [16],[18],[24]   $ 46,837
Amortized Cost [16],[18],[24]   46,449
Fair Value [16],[18],[24]   $ 46,837
% of Net Assets [16],[18],[24]   13.10%
Investment, Identifier [Axis]: Admiral's Cove Holdings LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [9],[11],[12],[25] 2.75%  
Interest Rate [9],[11],[13],[25] 7.07%  
Par Amount [9],[11],[25] $ 46,837  
Amortized Cost [9],[11],[25] 46,574  
Fair Value [9],[11],[25] $ 46,836  
% of Net Assets [9],[11],[25] 8.50%  
Investment, Identifier [Axis]: Admiral's Cove Holdings Mezz LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [9],[11],[12],[25] 6.75%  
Interest Rate [9],[11],[13],[25] 11.07%  
Par Amount [9],[11],[25] $ 3,163  
Amortized Cost [9],[11],[25] 3,144  
Fair Value [9],[11],[25] $ 3,163  
% of Net Assets [9],[11],[25] 0.60%  
Investment, Identifier [Axis]: Admiral's Cove Holdings Mezz LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [15],[16],[18],[24]   6.75%
Interest Rate [16],[18],[19],[24]   11.08%
Par Amount [16],[18],[24]   $ 3,163
Amortized Cost [16],[18],[24]   3,135
Fair Value [16],[18],[24]   $ 3,163
% of Net Assets [16],[18],[24]   0.90%
Investment, Identifier [Axis]: Augusta Flats 2024 LP, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate 2.95% [9],[11],[12],[14] 2.95% [15],[16],[18],[20]
Interest Rate 7.27% [9],[11],[13],[14] 7.28% [16],[18],[19],[20]
Par Amount $ 15,077 [9],[11],[14] $ 15,077 [16],[18],[20]
Amortized Cost 14,958 [9],[11],[14] 14,930 [16],[18],[20]
Fair Value $ 15,077 [9],[11],[14] $ 15,077 [16],[18],[20]
% of Net Assets 2.70% [9],[11],[14] 4.20% [16],[18],[20]
Investment, Identifier [Axis]: BX 2024-SLCT D, Hospitality    
Schedule of Investments [Line Items]    
Spread Above Reference Rate 2.94% [9],[12],[26] 2.94% [15],[16],[27]
Interest Rate 7.26% [9],[13],[26] 7.27% [16],[19],[27]
Par Amount $ 15,111 [9],[26] $ 15,111 [16],[27]
Amortized Cost 15,079 [9],[26] 15,073 [16],[27]
Fair Value $ 15,078 [9],[26] $ 15,086 [16],[27]
% of Net Assets 2.70% [9],[26] 4.20% [16],[27]
Investment, Identifier [Axis]: Blue Suede Hospitality Group, Hospitality    
Schedule of Investments [Line Items]    
Spread Above Reference Rate 4.40% [9],[10],[11],[12],[14] 4.40% [15],[16],[17],[18],[20]
Interest Rate 8.72% [9],[10],[11],[13],[14] 8.73% [16],[17],[18],[19],[20]
Par Amount $ 18,336 [9],[10],[11],[14] $ 18,336 [16],[17],[18],[20]
Amortized Cost 18,223 [9],[10],[11],[14] 18,169 [16],[17],[18],[20]
Fair Value $ 18,336 [9],[10],[11],[14] $ 18,336 [16],[17],[18],[20]
% of Net Assets 3.30% [9],[10],[11],[14] 5.10% [16],[17],[18],[20]
Investment, Identifier [Axis]: Bristol LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [9],[11],[12],[25] 3.00%  
Interest Rate [9],[11],[13],[25] 7.32%  
Par Amount [9],[11],[25] $ 30,412  
Amortized Cost [9],[11],[25] 30,144  
Fair Value [9],[11],[25] $ 30,412  
% of Net Assets [9],[11],[25] 5.50%  
Investment, Identifier [Axis]: CRP/RPM LYV Broadway GP, LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate 2.80% [9],[11],[12],[25] 2.80% [15],[16],[18],[24]
Interest Rate 7.12% [9],[11],[13],[25] 7.13% [16],[18],[19],[24]
Par Amount $ 44,250 [9],[11],[25] $ 44,250 [16],[18],[24]
Amortized Cost 44,015 [9],[11],[25] 43,950 [16],[18],[24]
Fair Value $ 44,250 [9],[11],[25] $ 44,250 [16],[18],[24]
% of Net Assets 8.00% [9],[11],[25] 12.30% [16],[18],[24]
Investment, Identifier [Axis]: CS Harvey, LTD., Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate 2.90% [11],[12],[25] 2.90% [15],[16],[18],[24]
Interest Rate 7.22% [11],[13],[25] 7.23% [16],[18],[19],[24]
Par Amount $ 35,200 [11],[25] $ 35,200 [16],[18],[24]
Amortized Cost 34,975 [11],[25] 34,881 [16],[18],[24]
Fair Value $ 35,200 [11],[25] $ 35,200 [16],[18],[24]
% of Net Assets 6.40% [11],[25] 9.80% [16],[18],[24]
Investment, Identifier [Axis]: Caledon Owner, LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate 3.25% [9],[11],[12],[14] 3.25% [15],[16],[18]
Interest Rate 7.57% [9],[11],[13],[14] 7.58% [16],[18],[19]
Par Amount $ 13,641 [9],[11],[14] $ 13,641 [16],[18]
Amortized Cost 13,529 [9],[11],[14] 13,505 [16],[18]
Fair Value $ 13,641 [9],[11],[14] $ 13,641 [16],[18]
% of Net Assets 2.50% [9],[11],[14] 3.80% [16],[18]
Investment, Identifier [Axis]: Camp Kinship Property Owner LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [9],[11],[12] 2.95%  
Interest Rate [9],[11],[13] 7.27%  
Par Amount [9],[11] $ 10,000  
Amortized Cost [9],[11] 9,901  
Fair Value [9],[11] $ 10,000  
% of Net Assets [9],[11] 1.80%  
Investment, Identifier [Axis]: Canal Properties LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate 3.75% [9],[11],[12],[14] 3.75% [15],[16],[18],[20]
Interest Rate 8.07% [9],[11],[13],[14] 8.08% [16],[18],[19],[20]
Par Amount $ 12,205 [9],[11],[14] $ 12,205 [16],[18],[20]
Amortized Cost 12,120 [9],[11],[14] 12,088 [16],[18],[20]
Fair Value $ 12,205 [9],[11],[14] $ 12,205 [16],[18],[20]
% of Net Assets 2.20% [9],[11],[14] 3.40% [16],[18],[20]
Investment, Identifier [Axis]: Creekside Logistics Center Owner, LLC, Industrial    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [9],[10],[11],[12],[14] 3.65%  
Interest Rate [9],[10],[11],[13],[14] 7.97%  
Par Amount [9],[10],[11],[14] $ 10,210  
Amortized Cost [9],[10],[11],[14] 10,082  
Fair Value [9],[10],[11],[14] $ 10,210  
% of Net Assets [9],[10],[11],[14] 1.90%  
Investment, Identifier [Axis]: DBGS 2024-SBL D, Industrial    
Schedule of Investments [Line Items]    
Spread Above Reference Rate 3.54% [9],[12],[28] 3.54% [15],[16],[29]
Interest Rate 7.86% [9],[13],[28] 7.87% [16],[19],[29]
Par Amount $ 5,000 [9],[28] $ 5,000 [16],[29]
Amortized Cost 4,989 [9],[28] 4,988 [16],[29]
Fair Value $ 4,967 [9],[28] $ 5,016 [16],[29]
% of Net Assets 0.90% [9],[28] 1.40% [16],[29]
Investment, Identifier [Axis]: DK LDOI IV Aggregate Holdco LP, Hospitality    
Schedule of Investments [Line Items]    
Spread Above Reference Rate 4.03% [9],[11],[12],[14] 4.03% [15],[16],[18],[20]
Interest Rate 8.35% [9],[11],[13],[14] 8.36% [16],[18],[19],[20]
Par Amount $ 36,927 [9],[11],[14] $ 41,900 [16],[18],[20]
Amortized Cost 36,620 [9],[11],[14] 41,521 [16],[18],[20]
Fair Value $ 36,927 [9],[11],[14] $ 41,900 [16],[18],[20]
% of Net Assets 6.70% [9],[11],[14] 11.70% [16],[18],[20]
Investment, Identifier [Axis]: Dynamic Tampa DE LLC, Hospitality    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [9],[11],[12] 4.50%  
Interest Rate [9],[11],[13] 8.82%  
Par Amount [9],[11] $ 7,500  
Amortized Cost [9],[11] 7,428  
Fair Value [9],[11] $ 7,500  
% of Net Assets [9],[11] 1.40%  
Investment, Identifier [Axis]: EPH 51, LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [9],[11],[12],[14] 3.15%  
Interest Rate [9],[11],[13],[14] 7.47%  
Par Amount [9],[11],[14] $ 29,685  
Amortized Cost [9],[11],[14] 29,456  
Fair Value [9],[11],[14] $ 29,685  
% of Net Assets [9],[11],[14] 5.40%  
Investment, Identifier [Axis]: GDC White Plains Fee LLC, Mixed Use    
Schedule of Investments [Line Items]    
Spread Above Reference Rate 5.35% [9],[11],[12],[14] 5.35% [15],[16],[18]
Interest Rate 9.67% [9],[11],[13],[14] 9.68% [16],[18],[19]
Par Amount $ 43,315 [9],[11],[14] $ 43,315 [16],[18]
Amortized Cost 43,125 [9],[11],[14] 42,899 [16],[18]
Fair Value $ 43,315 [9],[11],[14] $ 43,315 [16],[18]
% of Net Assets 7.90% [9],[11],[14] 12.10% [16],[18]
Investment, Identifier [Axis]: GDC White Plains SPE LLC, Mixed Use    
Schedule of Investments [Line Items]    
Interest Rate [16],[18],[19]   16.00%
Par Amount [16],[18]   $ 5,556
Amortized Cost [16],[18]   5,501
Fair Value [16],[18]   $ 5,556
% of Net Assets [16],[18]   1.50%
Investment, Identifier [Axis]: GDC White Plains SPE LLC, Mixed Use    
Schedule of Investments [Line Items]    
Interest Rate [9],[11],[13],[14] 16.00%  
Par Amount [9],[11],[14] $ 5,556  
Amortized Cost [9],[11],[14] 5,531  
Fair Value [9],[11],[14] $ 5,556  
% of Net Assets [9],[11],[14] 1.00%  
Investment, Identifier [Axis]: GSMS 2021-DM AS, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [9],[12],[28] 1.39%  
Interest Rate [9],[13],[28] 5.71%  
Par Amount [9],[28] $ 5,000  
Amortized Cost [9],[28] 4,955  
Fair Value [9],[28] $ 4,963  
% of Net Assets [9],[28] 1.00%  
Investment, Identifier [Axis]: GVP TC Wilmer Property Owner, LLC, Industrial    
Schedule of Investments [Line Items]    
Spread Above Reference Rate 3.75% [9],[10],[11],[12],[14] 3.75% [15],[16],[17],[18],[20]
Interest Rate 8.07% [9],[10],[11],[13],[14] 8.08% [16],[17],[18],[19],[20]
Par Amount $ 39,153 [9],[10],[11],[14] $ 37,077 [16],[17],[18],[20]
Amortized Cost 38,813 [9],[10],[11],[14] 36,640 [16],[17],[18],[20]
Fair Value $ 39,153 [9],[10],[11],[14] $ 37,077 [16],[17],[18],[20]
% of Net Assets 7.10% [9],[10],[11],[14] 10.30% [16],[17],[18],[20]
Investment, Identifier [Axis]: Gainsville Properties III, LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate 3.50% [9],[11],[12],[14] 3.50% [15],[16],[18]
Interest Rate 7.82% [9],[11],[13],[14] 7.83% [16],[18],[19]
Par Amount $ 20,192 [9],[11],[14] $ 20,192 [16],[18]
Amortized Cost 20,046 [9],[11],[14] 19,992 [16],[18]
Fair Value $ 20,192 [9],[11],[14] $ 20,192 [16],[18]
% of Net Assets 3.70% [9],[11],[14] 5.60% [16],[18]
Investment, Identifier [Axis]: Grand Cypress Apartments, LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate 2.75% [9],[10],[11],[12],[25] 2.75% [15],[16],[17],[18],[24]
Interest Rate 7.07% [9],[10],[11],[13],[25] 7.08% [16],[17],[18],[19],[24]
Par Amount $ 49,228 [9],[10],[11],[25] $ 48,484 [16],[17],[18],[24]
Amortized Cost 48,953 [9],[10],[11],[25] 48,139 [16],[17],[18],[24]
Fair Value $ 49,227 [9],[10],[11],[25] $ 48,484 [16],[17],[18],[24]
% of Net Assets 8.90% [9],[10],[11],[25] 13.50% [16],[17],[18],[24]
Investment, Identifier [Axis]: Hallandale Oasis 2019 LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate 8.30% [9],[10],[11],[12] 8.30% [15],[16],[17],[18]
Interest Rate 12.62% [9],[10],[11],[13] 12.63% [16],[17],[18],[19]
Par Amount $ 6,570 [9],[10],[11] $ 6,388 [16],[17],[18]
Amortized Cost 6,431 [9],[10],[11] 6,200 [16],[17],[18]
Fair Value $ 6,570 [9],[10],[11] $ 6,388 [16],[17],[18]
% of Net Assets 1.20% [9],[10],[11] 1.80% [16],[17],[18]
Investment, Identifier [Axis]: Haven at Liberty Hills LP, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [9],[11],[12],[25] 2.80%  
Interest Rate [9],[11],[13],[25] 7.12%  
Par Amount [9],[11],[25] $ 13,500  
Amortized Cost [9],[11],[25] 13,383  
Fair Value [9],[11],[25] $ 13,500  
% of Net Assets [9],[11],[25] 2.40%  
Investment, Identifier [Axis]: Haven at the Gulch, LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [9],[11],[12],[14] 2.90%  
Interest Rate [9],[11],[13],[14] 7.22%  
Par Amount [9],[11],[14] $ 22,548  
Amortized Cost [9],[11],[14] 22,362  
Fair Value [9],[11],[14] $ 22,548  
% of Net Assets [9],[11],[14] 4.10%  
Investment, Identifier [Axis]: INTEGRA MYST FLORIDA CAPITAL LP, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [9],[11],[12],[25] 7.18%  
Interest Rate [9],[11],[13],[25] 11.50%  
Par Amount [9],[11],[25] $ 1,838  
Amortized Cost [9],[11],[25] 1,821  
Fair Value [9],[11],[25] $ 1,838  
% of Net Assets [9],[11],[25] 0.30%  
Investment, Identifier [Axis]: INTEGRA MYST LIMITED PARTNERSHIP, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [9],[11],[12],[25] 3.21%  
Interest Rate [9],[11],[13],[25] 7.53%  
Par Amount [9],[11],[25] $ 23,429  
Amortized Cost [9],[11],[25] 23,225  
Fair Value [9],[11],[25] $ 23,429  
% of Net Assets [9],[11],[25] 4.20%  
Investment, Identifier [Axis]: Insite Orlando Two, LLC, Hospitality    
Schedule of Investments [Line Items]    
Spread Above Reference Rate 4.75% [9],[10],[11],[12],[25] 4.75% [15],[16],[18],[24]
Interest Rate 9.07% [9],[10],[11],[13],[25] 9.08% [16],[18],[19],[24]
Par Amount $ 15,867 [9],[10],[11],[25] $ 15,069 [16],[18],[24]
Amortized Cost 15,688 [9],[10],[11],[25] 14,849 [16],[18],[24]
Fair Value $ 15,867 [9],[10],[11],[25] $ 15,069 [16],[18],[24]
% of Net Assets 2.90% [9],[10],[11],[25] 4.20% [16],[18],[24]
Investment, Identifier [Axis]: KSVAB SPE LLC, CSVAB SPE LLC, CLM Columbia Hotel Owner SPE LLC, and TVEH and Associates, Hospitality    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [9],[11],[12] 4.25%  
Interest Rate [9],[11],[13] 8.57%  
Par Amount [9],[11] $ 7,500  
Amortized Cost [9],[11] 7,431  
Fair Value [9],[11] $ 7,500  
% of Net Assets [9],[11] 1.40%  
Investment, Identifier [Axis]: NYC 2024-3ELV C, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate 2.84% [9],[12],[28] 2.84% [15],[16],[29]
Interest Rate 7.16% [9],[13],[28] 7.17% [16],[19],[29]
Par Amount $ 8,875 [9],[28] $ 8,875 [16],[29]
Amortized Cost 8,857 [9],[28] 8,853 [16],[29]
Fair Value $ 8,877 [9],[28] $ 8,890 [16],[29]
% of Net Assets 1.60% [9],[28] 2.50% [16],[29]
Investment, Identifier [Axis]: Olymbec Viscount LLC, Industrial    
Schedule of Investments [Line Items]    
Spread Above Reference Rate 3.50% [9],[10],[11],[12],[25] 3.50% [15],[16],[17],[18]
Interest Rate 7.82% [9],[10],[11],[13],[25] 7.83% [16],[17],[18],[19]
Par Amount $ 8,359 [9],[10],[11],[25] $ 8,359 [16],[17],[18]
Amortized Cost 8,295 [9],[10],[11],[25] 8,272 [16],[17],[18]
Fair Value $ 8,359 [9],[10],[11],[25] $ 8,359 [16],[17],[18]
% of Net Assets 1.50% [9],[10],[11],[25] 2.30% [16],[17],[18]
Investment, Identifier [Axis]: PRE Mirage Propco, LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [9],[11],[12],[25] 3.25%  
Interest Rate [9],[11],[13],[25] 7.57%  
Par Amount [9],[11],[25] $ 13,820  
Amortized Cost [9],[11],[25] 13,715  
Fair Value [9],[11],[25] $ 13,820  
% of Net Assets [9],[11],[25] 2.50%  
Investment, Identifier [Axis]: PREF Montabella PropCo, LLC & PREF Dominion PropCo, LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [9],[11],[12],[25] 4.00%  
Interest Rate [9],[11],[13],[25] 8.32%  
Par Amount [9],[11],[25] $ 10,411  
Amortized Cost [9],[11],[25] 10,333  
Fair Value [9],[11],[25] $ 10,411  
% of Net Assets [9],[11],[25] 1.90%  
Investment, Identifier [Axis]: Paraiso 256, LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate 2.75% [9],[10],[11],[12],[25] 2.75% [15],[16],[17],[18],[24]
Interest Rate 7.07% [9],[10],[11],[13],[25] 7.08% [16],[17],[18],[19],[24]
Par Amount $ 29,446 [9],[10],[11],[25] $ 27,011 [16],[17],[18],[24]
Amortized Cost 29,279 [9],[10],[11],[25] 26,801 [16],[17],[18],[24]
Fair Value $ 29,446 [9],[10],[11],[25] $ 27,011 [16],[17],[18],[24]
% of Net Assets 5.30% [9],[10],[11],[25] 7.50% [16],[17],[18],[24]
Investment, Identifier [Axis]: Pines at Woodcreek Leasehold LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [9],[11],[12],[25] 3.50%  
Interest Rate [9],[11],[13],[25] 7.82%  
Par Amount [9],[11],[25] $ 13,845  
Amortized Cost [9],[11],[25] 13,718  
Fair Value [9],[11],[25] $ 13,845  
% of Net Assets [9],[11],[25] 2.50%  
Investment, Identifier [Axis]: Racetrack Properties I, LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate 2.95% [9],[11],[12],[14] 2.95% [15],[18],[20]
Interest Rate 7.27% [9],[11],[13],[14] 7.28% [18],[19],[20]
Par Amount $ 44,300 [9],[11],[14] $ 44,300 [18],[20]
Amortized Cost 44,016 [9],[11],[14] 43,898 [18],[20]
Fair Value $ 44,300 [9],[11],[14] $ 44,300 [18],[20]
% of Net Assets 8.00% [9],[11],[14] 12.30% [18],[20]
Investment, Identifier [Axis]: Rise Bridgeview, LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate 3.25% [9],[10],[11],[12],[25] 3.25% [15],[16],[17],[18]
Interest Rate 7.57% [9],[10],[11],[13],[25] 7.58% [16],[17],[18],[19]
Par Amount $ 10,737 [9],[10],[11],[25] $ 10,737 [16],[17],[18]
Amortized Cost 10,631 [9],[10],[11],[25] 10,609 [16],[17],[18]
Fair Value $ 10,737 [9],[10],[11],[25] $ 10,737 [16],[17],[18]
% of Net Assets 1.90% [9],[10],[11],[25] 3.00% [16],[17],[18]
Investment, Identifier [Axis]: Rise Stone Gate, LLC & Artic Investments, LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [9],[10],[11],[12],[25] 3.25%  
Interest Rate [9],[10],[11],[13],[25] 7.57%  
Par Amount [9],[10],[11],[25] $ 7,585  
Amortized Cost [9],[10],[11],[25] 7,502  
Fair Value [9],[10],[11],[25] $ 7,585  
% of Net Assets [9],[10],[11],[25] 1.40%  
Investment, Identifier [Axis]: S2 Pleasantdale LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate 2.75% [9],[10],[11],[12],[14] 2.75% [15],[16],[17],[18],[20]
Interest Rate 7.07% [9],[10],[11],[13],[14] 7.08% [16],[17],[18],[19],[20]
Par Amount $ 19,275 [9],[10],[11],[14] $ 18,078 [16],[17],[18],[20]
Amortized Cost 19,094 [9],[10],[11],[14] 17,858 [16],[17],[18],[20]
Fair Value $ 19,275 [9],[10],[11],[14] $ 18,078 [16],[17],[18],[20]
% of Net Assets 3.50% [9],[10],[11],[14] 5.00% [16],[17],[18],[20]
Investment, Identifier [Axis]: SL 418, LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate 2.75% [9],[10],[11],[12],[25] 2.75% [15],[16],[17],[18],[24]
Interest Rate 7.07% [9],[10],[11],[13],[25] 7.08% [16],[17],[18],[19],[24]
Par Amount $ 47,981 [9],[10],[11],[25] $ 47,797 [16],[17],[18],[24]
Amortized Cost 47,715 [9],[10],[11],[25] 47,461 [16],[17],[18],[24]
Fair Value $ 47,981 [9],[10],[11],[25] $ 47,797 [16],[17],[18],[24]
% of Net Assets 8.70% [9],[10],[11],[25] 13.30% [16],[17],[18],[24]
Investment, Identifier [Axis]: Silver Star Delray, LLC, Self Storage    
Schedule of Investments [Line Items]    
Spread Above Reference Rate 3.50% [11],[12] 3.50% [15],[16],[18],[24]
Interest Rate 7.82% [11],[13] 7.83% [16],[18],[19],[24]
Par Amount $ 15,142 [11] $ 15,530 [16],[18],[24]
Amortized Cost 15,055 [11] 15,402 [16],[18],[24]
Fair Value $ 15,142 [11] $ 15,530 [16],[18],[24]
% of Net Assets 2.70% [11] 4.30% [16],[18],[24]
Investment, Identifier [Axis]: Smart Living Texas City MM, LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate 3.80% [9],[11],[12],[25] 3.80% [15],[16],[18],[24]
Interest Rate 8.12% [9],[11],[13],[25] 8.13% [16],[18],[19],[24]
Par Amount $ 14,200 [9],[11],[25] $ 14,200 [16],[18],[24]
Amortized Cost 14,196 [9],[11],[25] 14,120 [16],[18],[24]
Fair Value $ 14,200 [9],[11],[25] $ 14,200 [16],[18],[24]
% of Net Assets 2.60% [9],[11],[25] 4.00% [16],[18],[24]
Investment, Identifier [Axis]: US Living Montrose LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [9],[11],[12] 3.00%  
Interest Rate [9],[11],[13] 7.32%  
Par Amount [9],[11] $ 27,103  
Amortized Cost [9],[11] 26,832  
Fair Value [9],[11] $ 27,103  
% of Net Assets [9],[11] 4.90%  
Investment, Identifier [Axis]: VCP Kennesaw, LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate 2.95% [9],[11],[12],[14] 2.95% [15],[16],[18],[20]
Interest Rate 7.27% [9],[11],[13],[14] 7.28% [16],[18],[19],[20]
Par Amount $ 47,227 [9],[11],[14] $ 47,227 [16],[18],[20]
Amortized Cost 46,909 [9],[11],[14] 46,784 [16],[18],[20]
Fair Value $ 47,226 [9],[11],[14] $ 47,227 [16],[18],[20]
% of Net Assets 8.60% [9],[11],[14] 13.20% [16],[18],[20]
Investment, Identifier [Axis]: VCP Manager LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate 3.10% [9],[11],[12],[14] 3.10% [15],[16],[18],[20]
Interest Rate 7.42% [9],[11],[13],[14] 7.43% [16],[18],[19],[20]
Par Amount $ 29,380 [9],[11],[14] $ 29,380 [16],[18],[20]
Amortized Cost 29,194 [9],[11],[14] 29,117 [16],[18],[20]
Fair Value $ 29,380 [9],[11],[14] $ 29,380 [16],[18],[20]
% of Net Assets 5.30% [9],[11],[14] 8.20% [16],[18],[20]
Investment, Identifier [Axis]: WFCM 2025-DWHP C, Hospitality    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [9],[12] 3.34%  
Interest Rate [9],[13] 7.66%  
Par Amount [9] $ 5,000  
Amortized Cost [9] 4,988  
Fair Value [9] $ 5,025  
% of Net Assets [9] 0.90%  
Investment, Identifier [Axis]: WHK Waterfront Urban Renewal LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate 5.50% [9],[10],[11],[12] 5.50% [15],[16],[17],[18]
Interest Rate 9.82% [9],[10],[11],[13] 9.83% [16],[17],[18],[19]
Par Amount $ 3,584 [9],[10],[11] $ 3,347 [16],[17],[18]
Amortized Cost 3,248 [9],[10],[11] 2,928 [16],[17],[18]
Fair Value $ 3,584 [9],[10],[11] $ 3,347 [16],[17],[18]
% of Net Assets 0.60% [9],[10],[11] 0.90% [16],[17],[18]
Investment, Identifier [Axis]: WHK Waterfront Urban Renewal LLC, Multifamily 1    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [9],[10],[11],[12] 11.90%  
Interest Rate [9],[10],[11],[13] 16.22%  
Par Amount [9],[10],[11] $ 2,515  
Amortized Cost [9],[10],[11] 2,345  
Fair Value [9],[10],[11] $ 2,515  
% of Net Assets [9],[10],[11] 0.50%  
Investment, Identifier [Axis]: West 63 Empire Associates LLC (Mezz), Hospitality    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [9],[11],[12],[14] 11.00%  
Interest Rate [9],[11],[13],[14] 15.32%  
Par Amount [9],[11],[14] $ 6,250  
Amortized Cost [9],[11],[14] 6,220  
Fair Value [9],[11],[14] $ 6,250  
% of Net Assets [9],[11],[14] 1.10%  
Investment, Identifier [Axis]: West 63 Empire Associates LLC (Senior), Hospitality    
Schedule of Investments [Line Items]    
Spread Above Reference Rate [9],[11],[12],[14] 3.41%  
Interest Rate [9],[11],[13],[14] 7.73%  
Par Amount [9],[11],[14] $ 50,000  
Amortized Cost [9],[11],[14] 49,747  
Fair Value [9],[11],[14] $ 50,000  
% of Net Assets [9],[11],[14] 9.10%  
Investment, Identifier [Axis]: Woodbine MF TIC 1 LLC, Multifamily    
Schedule of Investments [Line Items]    
Spread Above Reference Rate 2.75% [11],[12],[14] 2.75% [15],[16],[18],[20]
Interest Rate 7.07% [11],[13],[14] 7.08% [16],[18],[19],[20]
Par Amount $ 13,680 [11],[14] $ 13,680 [16],[18],[20]
Amortized Cost 13,580 [11],[14] 13,555 [16],[18],[20]
Fair Value $ 13,680 [11],[14] $ 13,680 [16],[18],[20]
% of Net Assets 2.50% [11],[14] 3.80% [16],[18],[20]
[1] All debt investments are income-producing, unless otherwise noted.
[2] All investments are U.S. domiciled.
[3] All of the Company's investments, except the investments noted by this footnote, are qualifying assets under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of June 30, 2025, qualifying assets represent 100.0% of the Company's total assets.
[4] All of the Company’s investments are Non-Control/Non-Affiliate investments. Non-Control/Non-Affiliate investments are defined as investments in which the Company own less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.
[5] All of the Company’s investments are Non-Control/Non-Affiliate investments. Non-Control/Non-Affiliate investments are defined as investments in which the Company own less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.
[6] All debt investments are income-producing, unless otherwise noted.
[7] All investments are U.S. domiciled.
[8] All of the Company's investments, except the investments noted by this footnote, are qualifying assets under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2024, qualifying assets represent 100.0% of the Company's total assets.
[9] Represents co-investments made with the Company’s affiliates. Refer to Note 3 - Related Party Transactions.
[10] The Company’s investment or a portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. Refer to Note 7 - Commitments and Contingencies.
[11] The fair value of investments with respect to securities for which market quotations are not readily available is determined by the Advisor (as defined below), as valuation designee, subject to oversight from the Company’s Board (as defined below) in accordance with Rule 2a-5 under the Investment Company Act of 1940, as amended (the “1940 Act”). Such investments are valued using significant unobservable inputs. Refer to Note 5 - Fair Value Measurement.
[12] The investments herein bear interest at rates that may be determined by reference to Secured Overnight Financing Rate (“SOFR”), which typically resets monthly or quarterly. For each such investment, the Company has provided the spread over SOFR and the current contractual interest rate in effect at June 30, 2025. As of June 30, 2025, rates for 1M SOFR, 3M SOFR, 6M SOFR, 12M SOFR are 4.32%, 4.29%, 4.15%, and 3.88%, respectively. Certain investments are subject to a SOFR floor.
[13] Interest rates on investments are annualized.
[14] The Company’s investment or a portion thereof is pledged as collateral under the JPM Credit Facility (as defined in Note 6).
[15] The investments herein bear interest at rates that may be determined by reference to Secured Overnight Financing Rate (“SOFR”), which typically resets monthly or quarterly. For each such investment, the Company has provided the spread over SOFR and the current contractual interest rate in effect at December 31, 2024. As of December 31, 2024, rates for 1M SOFR, 3M SOFR, 6M SOFR, 12M SOFR are 4.33%, 4.31%, 4.25%, and 4.18%, respectively. Certain investments are subject to a SOFR floor.
[16] Represents co-investments made with the Company’s affiliates. Refer to Note 3 - Related Party Transactions.
[17] The Company’s investment or a portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. Refer to Note 7 - Commitments and Contingencies.
[18] The fair value of investments with respect to securities for which market quotations are not readily available is determined by the Advisor (as defined below), as valuation designee, subject to oversight from the Company’s Board (as defined below) in accordance with Rule 2a-5 under the Investment Company Act of 1940, as amended (the “1940 Act”). Such investments are valued using significant unobservable inputs. Refer to Note 5 - Fair Value Measurement.
[19] Interest rates on investments are annualized.
[20] The Company’s investment or a portion thereof is pledged as collateral under the JPM Credit Facility (as defined in Note 6).
[21] The Company’s investment or a portion thereof is pledged as collateral under the Webster Warehouse Facility (as defined in Note 6.)
[22] The Company’s investment or a portion thereof is pledged as collateral under the Webster Warehouse Facility (as defined in Note 6.)
[23] The Company’s investment or a portion thereof is pledged as collateral under the Wells Fargo Warehouse Facility (as defined in Note 6).
[24] The Company’s investment or a portion thereof is pledged as collateral under the Barclay’s Warehouse Facility (as defined in Note 6).
[25] The Company’s investment or a portion thereof is pledged as collateral under the Barclay’s Warehouse Facility (as defined in Note 6).
[26] The Company’s investment or a portion thereof is pledged as collateral under the Barclay’s Repo Facility (as defined in Note 6).
[27] The Company’s investment or a portion thereof is pledged as collateral under the Barclay’s Repo Facility (as defined in Note 6)
[28] The Company’s investment or a portion thereof is pledged as collateral under the JPM Repo Facility (as defined in Note 6).
[29] The Company’s investment or a portion thereof is pledged as collateral under the JPM Repo Facility (as defined in Note 6).