v3.26.1
Consolidated Balance Sheet - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets    
Loans receivable, at fair value (including pledged loans of $1,392,131 and $828,215, respectively) $ 1,392,131 $ 828,215
Cash and cash equivalents 3,272 2,789
Restricted cash 5,600 8,592
Accrued interest receivable 5,619 4,700
Other assets 1,433 309
Total assets 1,408,055 844,605
Liabilities and Equity    
Secured financings, at fair value 1,077,803 619,787
Subscriptions received in advance 5,600 8,592
Due to advisor 10,050 8,818
Accrued shareholder servicing fees 10,033 7,294
Interest payable 3,054 2,414
Distribution payable 5,493 1,338
Other liabilities 4,041 523
Total liabilities 1,116,074 648,766
Commitments and contingencies (Note 13)
Redeemable common shares - Class E shares, par value $0.01 per share; 1,703,737 and 1,670,897 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively 35,910 34,307
Equity    
Additional paid-in capital 257,060 166,938
Accumulated deficit and cumulative distributions (1,125) (5,495)
Total shareholders' equity 256,071 161,532
Total liabilities, redeemable common shares, and equity 1,408,055 844,605
Common Stock Class S [Member]    
Equity    
Common shares 74 51
Common Stock Class I [Member]    
Equity    
Common shares $ 62 $ 38