v3.25.2
Condensed Consolidated Statement of Cash Flows (Unaudited)
 6 Months Ended
Jun. 30, 2025
USD ($)
Cash flows from operating activities  
Net income (loss) $ 2,000
Change in assets and liabilities  
(Increase) decrease in accrued interest receivable (425,000)
(Increase) decrease in due from affiliate (59,000)
Increase (decrease) in accrued interest payable 223,000
Increase (decrease) in accrued expenses 216,000
Net cash used in operating activities (43,000)
Cash flows from investing activities  
Originations and fundings of real estate loan investments (127,453,000)
Net cash used in investing activities (127,453,000)
Cash flows from financing activities  
Proceeds from issuance of common shares 6,500,000
Borrowings under debt obligations 122,320,000
Net cash provided by financing activities 128,820,000
Net change in cash and cash equivalents 1,324,000
Cash and cash equivalents, beginning of the period 2,000
Cash and cash equivalents, end of the period 1,326,000
Supplemental disclosure of cash flow information:  
Cash paid for interest $ 316,000