Summary of Significant Accounting Policies	6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The condensed consolidated financial statements, including the condensed notes thereto, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing our condensed consolidated financial statements are reasonable and prudent. The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with the financial statements included in our prospectus dated May 13, 2026, as filed with the SEC on May 15, 2026. The accompanying condensed consolidated financial statements include our accounts and those of our consolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents include cash in banks and short-term investments. We consider all short-term, highly liquid investments that are readily convertible to cash with a maturity of three months or less at the time of purchase to be cash equivalents. We maintain our cash and cash equivalents in multiple financial institutions and at times these balances exceed federally insurable limits. For the three and six months ended June 30, 2026, we recognized $9.3 million of interest income on cash and cash equivalents. Income Taxes We intend to make an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with our taxable year ending December 31, 2025. If we qualify for taxation as a REIT, we generally will not be subject to federal corporate income tax to the extent we distribute 90% of our taxable income to our stockholders. REITs are subject to a number of other organizational and operational requirements. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property, and federal income and excise taxes on our undistributed income. Organization and Offering Costs Organization expenses are expensed as incurred and included within general and administrative expenses on the accompanying condensed consolidated statements of operations. Offering costs are reflected as a reduction to additional paid-in capital as incurred. Our Manager has agreed to advance certain organization and offering expenses on our behalf (including legal, accounting, and other expenses attributable to our organization, but excluding underwriting discounts and commissions payable). We will reimburse our Manager for all such advanced expenses ratably over a 5-year period following June 30, 2027. As of June 30, 2026, our Manager and its affiliates had incurred organization and offering expenses on our behalf of $8.4 million, consisting of organization costs of $0.5 million and offering costs of $7.9 million. These organization and offering costs were recorded in the accompanying condensed consolidated statements of operations and condensed consolidated statements of changes in equity, respectively, for the three and six months ended June 30, 2026, and the related payable to our Manager and its affiliates is recorded as due to affiliates on the accompanying condensed consolidated balance sheets. During the three and six months ended June 30, 2026, we incurred underwriting discounts and commissions of $79.9 million in connection with the IPO, of which $17.8 million is payable on November 15, 2026 and is reflected within other liabilities as of June 30, 2026. These offering costs were recorded in the accompanying condensed consolidated statements of changes in equity for the three and six months ended June 30, 2026. Deferred Financing Costs Deferred financing costs include legal, structuring, and other loan costs related to our financing agreements. Deferred financing costs related to our secured revolving credit facilities are amortized over the term of the applicable financing agreements. As of June 30, 2026, we had $10.3 million of deferred financing costs, net within other assets on our condensed consolidated balance sheets. Amortization of deferred financing costs is recorded as interest expense in the condensed consolidated statements of operations. Our Manager and its affiliates paid $0.2 million of deferred financing costs on our behalf, which is recorded as due to affiliates on the accompanying condensed consolidated balance sheets. Net Income Per Share Basic net income per share of common stock is calculated by dividing net income by the weighted-average shares of common stock and unvested participating shares of restricted common stock outstanding for the period. Diluted net income per share of common stock reflects the impact of all dilutive securities, including interests in BXDC OP held by third-parties, if any. Stock-Based Compensation Restricted stock awards granted to non-employee directors under our stock incentive plan are measured at fair value on the grant date and recognized as compensation expense on a straight-line basis over the applicable vesting period. Recent Accounting Pronouncements In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03 “Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”). ASU 2024-03 requires disclosures in the notes to the financial statements of specified information about certain costs and expenses for each interim and annual reporting period. ASU 2024-03 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We did not early adopt ASU 2024-03 and are still evaluating the impact on our condensed consolidated financial statements.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The condensed consolidated financial statements, including the condensed notes thereto, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing our condensed consolidated financial statements are reasonable and prudent. The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with the financial statements included in our prospectus dated May 13, 2026, as filed with the SEC on May 15, 2026.

The accompanying condensed consolidated financial statements include our accounts and those of our consolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

The preparation of condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and cash equivalents include cash in banks and short-term investments. We consider all short-term, highly liquid investments that are readily convertible to cash with a maturity of three months or less at the time of purchase to be cash equivalents. We maintain our cash and cash equivalents in multiple financial institutions and at times these balances exceed federally insurable limits. For the three and six months ended June 30, 2026, we recognized $9.3 million of interest income on cash and cash equivalents.

We intend to make an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with our taxable year ending December 31, 2025. If we qualify for taxation as a REIT, we generally will not be subject to federal corporate income tax to the extent we distribute 90% of our taxable income to our stockholders. REITs are subject to a number of other organizational and operational requirements. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property, and federal income and excise taxes on our undistributed income.

Organization expenses are expensed as incurred and included within general and administrative expenses on the accompanying condensed consolidated statements of operations. Offering costs are reflected as a reduction to additional paid-in capital as incurred.

Our Manager has agreed to advance certain organization and offering expenses on our behalf (including legal, accounting, and other expenses attributable to our organization, but excluding underwriting discounts and commissions payable). We will reimburse our Manager for all such advanced expenses ratably over a 5-year period following June 30, 2027.

As of June 30, 2026, our Manager and its affiliates had incurred organization and offering expenses on our behalf of $8.4 million, consisting of organization costs of $0.5 million and offering costs of $7.9 million. These organization and offering costs were recorded in the accompanying condensed consolidated statements of operations and condensed consolidated statements of changes in equity, respectively, for the three and six months ended June 30, 2026, and the related payable to our Manager and its affiliates is recorded as due to affiliates on the accompanying condensed consolidated balance sheets.

During the three and six months ended June 30, 2026, we incurred underwriting discounts and commissions of $79.9 million in connection with the IPO, of which $17.8 million is payable on November 15, 2026 and is reflected within other liabilities as of June 30, 2026. These offering costs were recorded in the accompanying condensed consolidated statements of changes in equity for the three and six months ended June 30, 2026.

Deferred financing costs include legal, structuring, and other loan costs related to our financing agreements. Deferred financing costs related to our secured revolving credit facilities are amortized over the term of the applicable financing agreements. As of June 30, 2026, we had $10.3 million of deferred financing costs, net within other assets on our condensed consolidated balance sheets. Amortization of deferred financing costs is recorded as interest expense in the condensed consolidated statements of operations. Our Manager and its affiliates paid $0.2 million of deferred financing costs on our behalf, which is recorded as due to affiliates on the accompanying condensed consolidated balance sheets.

Basic net income per share of common stock is calculated by dividing net income by the weighted-average shares of common stock and unvested participating shares of restricted common stock outstanding for the period. Diluted net income per share of common stock reflects the impact of all dilutive securities, including interests in BXDC OP held by third-parties, if any.

Restricted stock awards granted to non-employee directors under our stock incentive plan are measured at fair value on the grant date and recognized as compensation expense on a straight-line basis over the applicable vesting period.

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03 “Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”). ASU 2024-03 requires disclosures in the notes to the financial statements of specified information about certain costs and expenses for each interim and annual reporting period. ASU 2024-03 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We did not early adopt ASU 2024-03 and are still evaluating the impact on our condensed consolidated financial statements.