v3.26.1
Condensed Consolidated Statement of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income $ 7,467,000 $ 6,063,000
Adjustments to reconcile net income to net cash provided by operating activities    
Unrealized gain on loans receivable, at fair value (470,000) (946,000)
Unrealized loss on secured financings, at fair value 156,000 251,000
Unrealized (gain) loss on derivative instruments, net (855,000) 982,000
Loss (gain) on foreign currency translation 757,000 (1,195,000)
Financing fees 180,000 161,000
Amortization of share grants 15,000 15,000
Change in assets and liabilities    
Increase in accrued interest receivable (736,000) (236,000)
Decrease (increase) in prepaid assets 316,000 (353,000)
Decrease in due to advisor (669,000) (84,000)
Increase (decrease) in interest payable 156,000 (81,000)
(Decrease) increase in other liabilities (240,000) 552,000
Net cash provided by operating activities 6,077,000 5,129,000
Cash flows from investing activities    
Loan origination and funding activities (201,484,000) (101,267,000)
Repayment of loans receivable 20,042,000  
Net cash used in investing activities (181,442,000) (101,267,000)
Cash flows from financing activities    
Borrowings under secured financings 164,873,000 109,424,000
Financing fees paid (755,000) (161,000)
Repayments of secured financings (22,033,000) (18,500,000)
Contributions received from common shares issued 45,944,000 11,625,000
Subscriptions received in advance 1,061,000 5,453,000
Repurchases of common shares (1,459,000) 0
Offering costs (407,000) (201,000)
Distributions (10,299,000) (4,444,000)
Net cash provided by financing activities 176,925,000 103,196,000
Effect of exchange rate changes on cash balances (184,000) 18,000
Net change in cash and cash equivalents and restricted cash 1,376,000 7,076,000
Cash and cash equivalents and restricted cash, beginning of period 8,872,000 11,381,000
Cash and cash equivalents and restricted cash, end of period 10,248,000 18,457,000
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:    
Cash and cash equivalents 9,187,000 13,004,000
Restricted cash 1,061,000 5,453,000
Total cash and cash equivalents and restricted cash 10,248,000 18,457,000
Supplemental disclosure of cash flow information:    
Cash paid for interest 14,396,000 10,340,000
Non-cash financing activities:    
Accrued shareholder servicing fees due to affiliate 910,000 678,000
Accrued offering costs due to affiliate (120,000) 68,000
Distributions payable 2,659,000 1,464,000
Distribution reinvestment 4,863,000 2,103,000
Allocation to redeemable non-controlling interests $ 14,000 $ 259,000