Consolidated Statement of Operations - USD ($) |
6 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2025 |
Dec. 31, 2024 |
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| Revenues | |||||
| Interest income | $ 1,225,000 | $ 72,409,000 | $ 41,466,000 | ||
| Other revenue | 1,794,000 | 10,058,000 | 6,853,000 | ||
| Total revenues | 3,019,000 | 82,467,000 | 48,319,000 | ||
| Expenses | |||||
| Interest expense | 861,000 | 46,488,000 | 25,686,000 | ||
| General and administrative expenses | 913,000 | 3,641,000 | 5,287,000 | ||
| Financing fees | 694,000 | 2,413,000 | 4,376,000 | ||
| Management fees | 0 | 0 | 1,430,000 | ||
| Performance fees | 0 | 3,482,000 | 1,081,000 | ||
| Organization costs | 888,000 | 0 | 0 | ||
| Total expenses | 3,356,000 | 56,024,000 | 37,860,000 | ||
| Gains (losses) from operations and financing | |||||
| Unrealized gain (loss) on loans receivable, at fair value | (1,712,000) | 4,351,000 | (4,552,000) | ||
| Unrealized (loss) gain on secured financings, at fair value | 304,000 | (1,179,000) | 1,532,000 | ||
| Unrealized (loss) gain on derivative instruments, net | 0 | (2,730,000) | 85,000 | ||
| Gain on foreign currency translation | 0 | 2,750,000 | 156,000 | ||
| Total gain (loss) from operations and financing, net | (1,408,000) | 3,192,000 | (2,779,000) | ||
| Net income (loss) | $ (1,745,000) | $ 29,635,000 | $ 7,680,000 | ||
| Net income (loss) per common share, basic | $ (4.99) | $ 2.32 | $ 1.02 | ||
| Net income (loss) per common share, diluted | $ (4.99) | $ 2.32 | $ 1.02 | ||
| Weighted-average common shares outstanding, basic | 349,868 | 12,769,213 | 7,553,549 | ||
| Weighted-average common shares outstanding, diluted | [1] | 349,868 | 12,769,336 | 7,555,116 | |
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- Definition Financing fees. No definition available.
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- Definition Gain loss from operations and financing. No definition available.
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- Definition Gains (losses) from operations and financing. No definition available.
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- Definition Management fees. No definition available.
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- Definition Organization costs. No definition available.
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- Definition Performance fees. No definition available.
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- Definition Unrealized gain on secured financings, at fair value. No definition available.
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- Definition Unrealized loss on loans receivable, at fair value. No definition available.
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- Definition Total costs of sales and operating expenses for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount before tax of foreign currency transaction realized and unrealized gain recognized in the income statement. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate interest and fee income generated by: (1) loans the Entity has positive intent and ability to hold for the foreseeable future, or until maturity or payoff, including commercial and consumer loans, whether domestic or foreign, which may consist of: (a) industrial and agricultural; (b) real estate; and (c) real estate construction loans; (d) trade financing; (e) lease financing; (f) home equity lines-of-credit; (g) automobile and other vehicle loans; and (h) credit card and other revolving-type loans and (2) loans and leases held-for-sale which may include mortgage loans, direct financing, and sales-type leases. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of revenue earned, classified as other, excluding interest income. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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- Definition The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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