v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 2,533,000 $ 0
Adjustments to reconcile net income to net cash provided by operating activities:    
Unrealized loss on real estate securities, at fair value 529,000 0
Financing fees 445,000 0
Accretion of purchase discount on real estate securities, net (7,000) 0
Change in assets and liabilities    
Increase in interest receivable (1,466,000) 0
Increase in prepaid expenses and other assets (237,000) 0
Increase in interest payable 591,000 0
Increase in due to affiliates 921,000 0
Decrease in accrued expenses and other liabilities (140,000) 0
Net cash provided by operating activities 3,169,000 0
Cash flows from investing activities:    
Deposits received in relation to origination of loans 0 46,000
Loan origination and funding activities (248,677,000) 0
Principal repayments received on loans 1,232,000 0
Proceeds from sale or paydown of real estate securities 1,095,000 0
Net cash used in investing activities (246,350,000) 46,000
Cash flows from financing activities:    
Borrowings on repurchase agreements 232,360,000 0
Repayment on repurchase agreements (924,000) 0
Net borrowings (paydowns) on repurchase agreements - less than 90 days maturity (11,066,000) 0
Financing fees paid (445,000) 0
Proceeds from issuance of common stock, net offering costs paid 28,597,000 0
Contributions from non-controlling interests 4,753,000 0
Stockholder servicing fees - paid (104,000) 0
Distributions paid (3,861,000) 0
Subscriptions received in advance 2,230,000 34,417,000
Net cash provided by financing activities 251,540,000 34,417,000
Net increase in cash and restricted cash    
Net increase in cash and restricted cash 8,359,000 34,463,000
Cash and restricted cash, beginning of the period 19,904,000 26,000
Cash and restricted cash, end of the period 28,263,000 34,489,000
Reconciliation of cash and restricted cash:    
Cash 18,444,000 72,000
Restricted cash 9,819,000 34,417,000
Cash and restricted cash, end of the period 28,263,000 34,489,000
Supplemental disclosure of cash flow information:    
Cash paid for interest 4,800,000 0
Non-cash financing activities:    
Accrued stockholder servicing fees due to affiliates 377,000 0
Accrued offering costs due to affiliates 199,000 0
Distributions payable 380,000 0
Redemption payable $ 46,767 $ 0