v3.26.1
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income $ 4,905,000 $ 0
Adjustments to reconcile net income to net cash provided by operating activities    
Debt issuance costs 751,000 0
Change in assets and liabilities    
(Increase) decrease in accrued interest receivable (1,981,000) 0
(Increase) decrease in other assets 209,000 0
(Increase) decrease in due to affiliates 2,074,000 0
Increase (decrease) in accrued interest payable 681,000 0
Increase (decrease) in accrued expenses 23,000 0
Net cash provided by operating activities 6,662,000 0
Cash flow from investing activities    
Originations and fundings of real estate loan investments (231,534,000) 0
Net cash used in investing activities (231,534,000) (0)
Cash flows from financing activities    
Proceeds from issuance of common shares 53,600,000 0
Borrowings under debt obligations 253,545,000 0
Repayment of debt obligations (80,695,000) 0
Distributions paid (3,637,000) 0
Repurchase of common shares (52,000)  
Payment of debt issuance costs (79,000) 0
Net cash provided by financing activities 222,682,000 0
Net change in cash, cash equivalents and restricted cash (2,190,000) 0
Cash, cash equivalents and restricted cash, beginning of period 5,420,000 2,000
Cash, cash equivalents and restricted cash, end of period 3,230,000 2,000
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:    
Cash and cash equivalents 3,171,000 2,000
Restricted cash 59,000  
Total cash, cash equivalents and restricted cash 3,230,000 2,000
Supplemental disclosure of cash flow information:    
Cash paid for interest 6,750,000 0
Non-cash financing activities    
Change in accrued debt issuance costs due to affiliates 672,000 0
Accrued distributions and repurchases 1,380,000 0
Change in advanced offering costs due to affiliates 759,000 0
Shareholder servicing fees payable 2,350,000 0
Distribution reinvestment $ 1,354,000 $ 0