v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets    
Commercial real estate loan investments, at fair value $ 2,177,027 $ 370,401
Investments in real estate-related assets, at fair value 471,526 80,667
Cash and cash equivalents 213,124 83,766
Restricted cash 159,641 113,106
Other assets 33,748 4,796
Total assets 3,055,066 652,736
Liabilities    
Repurchase facilities payable, net 1,386,979 231,934
Revolving credit facility, net 295,078 61,436
Subscriptions received in advance 36,016 105,063
Lender reserves 50,996 9,383
Accounts payable and accrued expenses 6,445 1,313
Distribution payable 8,147 2,761
Total liabilities 1,847,601 420,724
Commitments and contingencies (see Note 10)
Redeemable common shares (Note 6) 25,427 22,739
Equity    
Additional paid-in capital 1,163,658 204,633
Accumulated deficit (6,116) (4,081)
Total shareholders' equity 1,158,147 200,656
Non-controlling interests 23,891 8,617
Total equity 1,182,038 209,273
Total liabilities and equity 3,055,066 652,736
Affiliated Party [Member]    
Liabilities    
Other liabilities 60,670 7,121
Nonrelated Party [Member]    
Liabilities    
Other liabilities 3,270 1,713
Common Class B [Member]    
Equity    
Common stock 253 94
Common Class R [Member]    
Equity    
Common stock 45 10
Common Class I [Member]    
Equity    
Common stock 53 0
Common Class J-1 [Member]    
Equity    
Common stock 159 0
Common Class J-2 [Member]    
Equity    
Common stock 33 0
Common Class J-4 [Member]    
Equity    
Common stock 51 0
Common Class S [Member]    
Equity    
Common stock $ 11 $ 0