Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2026

The table below shows the costs incurred due to arrangements with the Adviser and its affiliates during the three months ended:


(in thousands)	March 31, 2026		March 31, 2025
Administrative Expenses	$	649	$	—
Performance Fees	594		—
Management Fees	272		—
Stockholder Servicing Fees(1)	377		—
Offering Costs(2)	199		—
	2,091		—

(1) The Company accrues the full amount of stockholder servicing fees payable over an estimated investor holding period as an offering cost at the time each applicable share is sold during the Company’s continuous offering and records the amount as an offset (reduction) to additional paid-in capital in the Consolidated Balance Sheets.

(2) Offering costs consist of costs incurred in connection with the Company’s continuous offering. Offering costs are recorded as a reduction to paid-in capital.

Due from Affiliates

The following table details the components of Due from affiliates:


(in thousands)	March 31, 2026		December 31, 2025
Other	615		615
Total due from affiliates	$	615	$	615

Due to Affiliates

The following table details the components of Due to affiliates:


(in thousands)	March 31, 2026		December 31, 2025
Accrued organization costs	$	1,053	$	1,053
Accrued offering costs	2,563		2,364
Accrued management fees	272		220
Accrued performance fees	594		325
Accrued administration fees	1,636		1,626
Accrued stockholder services fees	2,691		2,418
Due to advisor	2,096		1,506
Total due to affiliates	$	10,905	$	9,512

The below table details the commercial real estate loan interests and associated debt acquired during the three months ended March 31, 2026:


(in thousands)	Principal Balance Acquired		Debt Acquired		Net Cash Paid (1)
Related Party Acquisitions	$	136,525	$	(93,197)	$	43,846

(1) Net cash paid includes accrued interest income of $0.5 million.