v3.25.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets    
Loans receivable, at fair value $ 1,028,960 $ 828,215
Cash and cash equivalents 5,342 2,789
Restricted cash 5,165 8,592
Accrued interest receivable 5,372 4,700
Other assets 481 309
Total assets 1,045,320 844,605
Liabilities and Equity    
Secured financings, at fair value 771,266 619,787
Subscriptions received in advance 5,165 8,592
Due to advisor 9,513 8,818
Accrued shareholder servicing fees 8,820 7,294
Interest payable 2,630 2,414
Distribution payable 1,911 1,338
Other liabilities 4,251 523
Total liabilities 803,556 648,766
Commitments and contingencies (Note 13)
Redeemable common shares - Class E shares, par value $0.01 per share; 1,687,964 and 1,670,897 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 35,113 34,307
Equity    
Additional paid-in capital 209,181 166,938
Accumulated deficit and cumulative distributions (2,642) (5,495)
Total shareholders' equity 206,651 161,532
Total liabilities, redeemable common shares, and equity 1,045,320 844,605
Common Stock Class S [Member]    
Equity    
Common shares 63 51
Common Stock Class I [Member]    
Equity    
Common shares $ 49 $ 38