v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents $ 19,405 $ 16,557
Restricted cash 34,334 29,058
Interest receivable 22,161 20,746
Derivative assets, at fair value 3,134 615
Total assets [1] 5,334,903 4,785,177
LIABILITIES    
Secured lending agreements, at fair value 2,820,938 2,359,543
Term lending agreements, at fair value 223,397 223,033
Collateralized loan obligations, at fair value 1,004,858 1,005,157
Revolving credit facility, at fair value 16,000 55,000
Interest payable 13,282 12,795
Derivative liabilities, at fair value 838 1,992
Dividends and distributions payable (including $828 and $804 due to related party, respectively) 7,277 6,536
Accounts payable, accrued expenses and other liabilities 45,390 31,526
Due to affiliates 42,545 47,261
Total liabilities [1] 4,174,525 3,742,843
Commitments and contingencies (See Note 14) 0 0
Redeemable common stock - related party (see Note 11) 131,747 127,691
EQUITY    
Additional paid-in capital 1,046,115 930,845
Accumulated other comprehensive income 23 94
Accumulated deficit (18,048) (16,676)
Total stockholders’ equity 1,028,518 914,643
Non-controlling interest 113 0
Total equity 1,028,631 914,643
Total liabilities, redeemable common stock and equity 5,334,903 4,785,177
Class S Common Stock    
EQUITY    
Common stock 3 2
Class S-1 Common Stock    
EQUITY    
Common stock 226 203
Class D Common Stock    
EQUITY    
Common stock 0 0
Class D-1 Common Stock    
EQUITY    
Common stock 1 0
Class I Common Stock    
EQUITY    
Common stock 106 85
Class E Common Stock    
EQUITY    
Common stock 1 1
Class F Common Stock    
EQUITY    
Common stock 91 89
Nonrelated Party    
ASSETS    
Other assets 38,429 655
Commercial real estate loan investments    
ASSETS    
Fair value, option, assets 5,200,218 4,702,728
Real estate-related securities    
ASSETS    
Fair value, option, assets $ 17,222 $ 14,818
[1]
(1) The condensed consolidated balance sheets at March 31, 2026 and December 31, 2025 include assets of $1.2 billion and liabilities of $1.0 billion of a consolidated collateralized loan obligation, which is a variable interest entity (“VIE”). The VIE’s assets can only be used to settle the obligations of the VIE. See Note 6 — “Collateralized Loan Obligations”, for additional information.