v3.25.2
Condensed Consolidated Statement of Cash Flows - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities        
Net income $ 6,591,000 $ 1,530,000 $ 12,655,000 $ 2,570,000
Adjustments to reconcile net income to net cash provided by operating activities        
Unrealized (gain) loss on loans receivable, at fair value (978,000) 1,786,000 (1,924,000) 2,569,000
Unrealized loss (gain) on secured financings, at fair value 258,000 (1,655,000) 509,000 (1,732,000)
Unrealized loss on derivative instruments, net 2,532,000 474,000 3,515,000 474,000
Gain on foreign currency translation (2,390,000) (564,000) (3,585,000) (564,000)
Financing fees 193,000 2,906,000 354,000 3,088,000
Amortization of share grants     30,000 30,000
Change in assets and liabilities        
Increase in accrued interest receivable     (569,000) (2,967,000)
Increase in prepaid assets     (257,000)  
Increase in due to advisor     627,000 2,506,000
Increase in interest payable     139,000  
Increase in other liabilities     298,000 2,031,000
Net cash provided by operating activities     11,792,000 8,005,000
Cash flows from investing activities        
Loan origination and funding activities     (200,176,000) (302,849,000)
Repayment of loans receivable     19,500,000  
Net cash used in investing activities     (180,676,000) (302,849,000)
Cash flows from financing activities        
Borrowings under secured financings     197,334,000 297,863,000
Financing fees     (354,000) (3,088,000)
Repayments of secured financings     (60,938,000) (119,250,000)
Proceeds from issuance of common stock, net     37,175,000 126,191,000
Subscriptions received in advance     5,165,000  
Repurchases of common stock (300,000) 0 (255,000) 0
Offering costs paid     (333,000) (687,000)
Distributions     (9,802,000) (3,237,000)
Net cash provided by financing activities     167,992,000 297,792,000
Effect of exchange rate changes on cash balances     18,000 175,000
Net change in cash and cash equivalents and restricted cash     (874,000) 3,123,000
Cash and cash equivalents and restricted cash, beginning of period     11,381,000 777,000
Cash and cash equivalents and restricted cash, end of period 10,507,000 3,900,000 10,507,000 3,900,000
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:        
Cash and cash equivalents 5,342,000 3,900,000 5,342,000 3,900,000
Restricted cash 5,165,000   5,165,000  
Total cash and cash equivalents and restricted cash 10,507,000 3,900,000 10,507,000 3,900,000
Supplemental disclosure of cash flow information:        
Cash paid for interest     22,258,000 6,156,000
Non-cash financing activities:        
Accrued shareholder servicing fees due to affiliate     1,526,000 5,573,000
Accrued offering costs due to affiliate     68,000 8,000
Adjustment to carrying value of redeemable common stock     424,000  
Distributions payable $ 1,911,000 $ 760,000 $ 1,911,000 $ 760,000