v3.26.1
Consolidated Statement of Cash Flows
$ in Thousands
 7 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2025
USD ($)
Cash flows from operating activities:    
Net income $ 1,448 $ 71,421
Adjustments to reconcile net loss to net cash provided by operating activities:    
Organizational costs 3,243 20
Amortization of deferred financing costs 60 1,844
Net unrealized gain on investments (306) 4,744
Net realized loss on investments 0 1,791
Changes in assets and liabilities:    
Increase in other assets (2,323) (14,763)
Increase in other liabilities/due to affiliate 3,488 8,733
Net cash provided by operating activities 5,610 73,790
Cash flows from investing activities:    
Originations and fundings of commercial real estate loans (370,401) (1,829,584)
Principal repayment of commercial real estate loans 0 23,111
Fundings of other real estate-related investments (111,488) (668,020)
Proceeds received from other real-estate related investments 29,958 256,270
Change in lender reserves 8,079 42,917
Net cash used in investing activities (443,852) (2,175,306)
Cash flows from financing activities:    
Borrowings under repurchase agreements 233,285 1,170,533
Repayments of repurchase agreements 0 (10,894)
Borrowings under revolving credit facility 61,591 374,480
Repayment of revolving credit facility 0 (140,864)
Proceeds from issuance of common shares 207,630 878,830
Proceeds from issuance of redeemable common shares 22,685 3,461
Offering costs paid 0 (227)
Repurchase of common shares 0 (213)
Payments of deferred financing costs (1,567) (6,412)
Subscriptions received in advance 105,063 36,016
Payment of distributions to common shares (1,880) (39,988)
Contributions from non-controlling interests 16,522 62,548
Distributions to non-controlling interests (8,215) (47,661)
Purchase of non-controlling interests 0 (2,200)
Net cash provided by financing activities 635,114 2,277,409
Net change in cash, cash equivalents and restricted cash 196,872 175,893
Cash, cash equivalents and restricted cash, beginning of period 0 196,872
Cash, cash equivalents and restricted cash, end of period 196,872 372,765
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets:    
Cash and cash equivalents 83,766 213,124
Restricted cash 113,106 159,641
Total cash, cash equivalents and restricted cash 196,872 372,765
Supplemental disclosures:    
Cash paid for interest 1,355 47,200
Non-cash investing and financing activities:    
Issuance of Class E shares as payment of the board of directors compensation 0 175
Share class exchange 3 0
Accrued shareholder servicing fee 1,713 50,439
Advanced offering costs due to affiliate 1,704 434
Other offering costs payable 0 167
Allocation to redeemable common shares 35 (30)
Repurchases payable 0 1,042
Distribution reinvestment for common shares 578 25,218
Distribution reinvestment for redeemable common shares 0 264
Accrued distributions $ 2,761 $ 8,147