v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets    
Loans receivable, at fair value (including pledged loans of $1,570,361 and $1,392,131, respectively) $ 1,570,361 $ 1,392,131
Cash and cash equivalents 9,187 3,272
Restricted cash 1,061 5,600
Accrued interest receivable 6,355 5,619
Other assets 1,155 1,433
Total assets 1,588,119 1,408,055
Liabilities and Equity    
Secured financings (including $1,102,653 and $1,077,803, at fair value, respectively) 1,217,277 1,077,803
Subscriptions received in advance 1,061 5,600
Due to advisor 9,219 10,050
Accrued shareholder servicing fees 10,550 10,033
Interest payable 3,210 3,054
Distribution payable 2,659 5,493
Other liabilities 2,984 4,041
Total liabilities 1,246,960 1,116,074
Commitments and contingencies (Note 13)
Redeemable common shares - Class E shares, par value $0.01 per share 1,737,461 and 1,703,737 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 36,655 35,910
Equity    
Additional paid-in capital 305,467 257,060
Accumulated deficit and cumulative distributions (1,123) (1,125)
Total shareholders' equity 304,504 256,071
Total liabilities, redeemable common shares, and equity 1,588,119 1,408,055
Common Stock Class S [Member]    
Equity    
Common shares 79 74
Common Stock Class I [Member]    
Equity    
Common shares $ 81 $ 62