v3.25.2
Consolidated Balance Sheets - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Loan receivables held for investment, net, at amortized cost    
Mortgage loans receivable $ 969,565,000 $ 867,687,000
Allowance for credit losses (6,512,000) (6,127,000)
Commercial debt securities, at fair value (cost of $5,000 and $0, respectively) 5,006,000 0
Equity method investments 27,157,000 31,045,000
Cash and cash equivalents 114,775,000 10,913,000
Accrued interest receivable 3,984,000 5,538,000
Other assets 98,000 52,000
Deferred financing costs, net 1,927,000 1,208,000
Total assets 1,116,000,000 910,316,000
Liabilities    
Credit facility 120,000,000 38,000,000
Repurchase agreement 380,771,000 246,491,000
Notes payable 205,787,000 261,037,000
Capital received in advance 50,804,000 0
Distribution payable 7,832,000 8,269,000
Redemption payable 3,608,000 4,094,000
Reimbursement payable (see Note 9) 0 168,000
Incentive fee payable (see Note 9) 673,000 1,152,000
Management fees payable (see Note 9) 2,417,000 2,459,000
Accounts payable and accrued expenses 3,690,000 2,868,000
Other liabilities 822,000 509,000
Total liabilities $ 777,069,000 $ 566,205,000
Other Liability, Noncurrent, Related Party, Type [Extensible Enumeration] Related Party [Member] Related Party [Member]
Commitments and contingencies (see Note 11) $ 0 $ 0
Members' capital    
Common units (36,242,138 and 36,290,817 units issued and outstanding at June 30, 2025 and December 31, 2024, respectively) 354,061,000 354,488,000
Distributions in excess of earnings (15,130,000) (10,377,000)
Total member's capital 338,931,000 344,111,000
Total liabilities and members' capital 1,116,000,000 910,316,000
Related Party [Member]    
Liabilities    
Related party payables and accrued expenses (See Note 9) $ 665,000 $ 1,158,000