v3.26.1
Consolidated Statement of Cash Flows - USD ($)
 6 Months Ended 12 Months Ended
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities      
Net income (loss) $ (1,745,000) $ 29,635,000 $ 7,680,000
Adjustments to reconcile net income to net cash provided by operating activities      
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)
Financing fees 694,000 2,413,000 4,376,000
Amortization of share grants 5,000 60,000 60,000
Change in assets and liabilities      
Increase in accrued interest receivable (214,000) (919,000) (4,486,000)
Increase in prepaid assets   (1,209,000) (224,000)
Increase in due to advisor 1,781,000 1,164,000 4,168,000
Increase in interest payable   640,000  
Increase in other liabilities 445,000 873,000 2,432,000
Net cash provided by operating activities 2,374,000 29,465,000 16,785,000
Cash flows from investing activities      
Loan origination and funding activities (160,000,000) (730,223,000) (674,395,000)
Repayment of loans receivable   184,935,000  
Net cash used in investing activities (160,000,000) (545,288,000) (674,395,000)
Cash flows from financing activities      
Borrowings under secured financings 120,500,000 682,394,000 653,704,000
Borrowings under bridge loan 125,750,000    
Financing fees (694,000) (2,413,000) (4,376,000)
Repayments of secured financings   (237,018,000) (152,750,000)
Repayments of bridge loan (125,750,000)    
Contributions received from common shares issued 38,629,000 97,339,000 173,912,000
Subscriptions received in advance   5,600,000 8,592,000
Repurchases of common shares 0 (9,594,000) 0
Offering costs (32,000) (1,820,000) (1,017,000)
Distributions   (21,110,000) (10,092,000)
Net cash provided by financing activities 158,403,000 513,378,000 667,973,000
Effect of exchange rate changes on cash balances   (64,000) 241,000
Net change in cash and cash equivalents and restricted cash 777,000 (2,509,000) 10,604,000
Cash and cash equivalents and restricted cash, beginning of year   11,381,000 777,000
Cash and cash equivalents and restricted cash, end of year 777,000 8,872,000 11,381,000
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:      
Cash and cash equivalents 777,000 3,272,000 2,789,000
Restricted cash   5,600,000 8,592,000
Total cash and cash equivalents and restricted cash 777,000 8,872,000 11,381,000
Supplemental disclosure of cash flow information:      
Cash paid for interest 555,000 45,890,000 22,913,000
Non-cash financing activities:      
Accrued shareholder servicing fee due to affiliate 422,000 4,249,000 6,872,000
Accrued offering costs due to affiliate 2,294,000 68,000 40,000
Distributions payable 246,000 5,493,000 1,092,000
Distribution reinvestment   12,412,000 5,239,000
Allocation to redeemable non-controlling interests $ 133,000 $ 860,000 $ 675,000