Income Taxes |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Note 11. Income Taxes The Company intends to elect to be taxed as a REIT under Sections 856 through 860 of the Code commencing with the taxable year ended December 31, 2025. The Company believes that it is organized and operates in such a manner as to qualify for treatment as a REIT and intends to continue to operate in the foreseeable future in such a manner that the Company will remain qualified as a REIT for income tax purposes. A REIT is required by U.S. federal income tax law to distribute annually at least 90% of our REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and pay tax at regular corporate rates to the extent that a REIT annually distributes less than 100% of its net taxable income. It is generally the Company’s policy that it will distribute 100% of its REIT taxable income. To the extent there is any undistributed REIT taxable income at the end of a year, the Company will distribute such shortfall within the next year as permitted by the Code. Upon filing, the Company's tax returns for three years from the date filed are subject to examination. The Company and its direct subsidiary, BLKM Funding (TRS) LLC, have made a joint election to treat the subsidiary as a TRS. As such, the TRS is taxable as a domestic C corporation and subject to federal, state and local income taxes based upon its taxable income. As of March 31, 2026, no valuation allowance was established. |