v3.26.1
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Assets    
Loans receivable, at fair value (includes pledged loans of $567,565 and $273,489 at March 31, 2026 and December 31, 2025, respectively) $ 619,721,000 $ 372,276,000
Real estate securities, at fair value (includes pledged securities of $86,275 and $103,370 at March 31, 2026 and December 31, 2025, respectively) 102,051,000 103,668,000
Cash 18,444,000 12,315,000
Restricted cash 9,819,000 7,589,000
Interest receivable 2,482,000 1,016,000
Due from affiliates 615,000 615,000
Prepaid expenses and other assets 567,000 330,000
Total assets 753,699,000 497,809,000
Liabilities    
Repurchase agreements, at fair value 512,402,000 292,032,000
Subscriptions received in advance 9,819,000 7,589,000
Due to affiliates 10,905,000 9,512,000
Distributions payable 1,543,000 1,164,000
Redemption payable 46,767 0
Interest payable 1,214,000 623,000
Accrued expenses and other liabilities 988,000 1,128,000
Total liabilities 536,918,000 312,048,000
Commitments and contingencies (See Note 12)
Equity    
Additional paid-in capital 203,207,000 175,234,000
Accumulated deficit (6,272,000) (4,328,000)
Total stockholders' equity 196,944,000 170,913,000
Non-controlling interests 19,837,000 14,848,000
Total equity 216,781,000 185,761,000
Total liabilities and equity 753,699,000 497,809,000
Common Shares    
Equity    
Common stock $ 0 $ 0
Common stock outstanding (in shares) 0 0
Common stock issued (in shares) 0 0
Common Shares Class G    
Equity    
Common stock $ 5,000 $ 4,000
Common stock outstanding (in shares) 4,599,068 3,918,589
Common stock issued (in shares) 4,599,068 3,918,589
Common Shares Class G-D    
Equity    
Common stock $ 2,000 $ 2,000
Common stock outstanding (in shares) 1,959,278 1,768,731
Common stock issued (in shares) 1,959,278 1,768,731
Common Shares Class G-S    
Equity    
Common stock $ 2,000 $ 1,000
Common stock outstanding (in shares) 1,751,134 1,484,584
Common stock issued (in shares) 1,751,134 1,484,584
Common Shares Class E    
Equity    
Common stock $ 0 $ 0
Common stock outstanding (in shares) 8,440 7,773
Common stock issued (in shares) 8,440 7,773
Class I Common Stock    
Equity    
Common stock $ 0 $ 0
Common stock outstanding (in shares) 5,542 0
Common stock issued (in shares) 5,542 0