v3.26.1
Condensed Consolidated Statement of Cash Flows (Unaudited)
 6 Months Ended
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Cash flows from operating activities    
Net income $ 10,079,000 $ 2,000
Adjustments to reconcile net income to net cash provided by operating activities    
Debt issuance costs 2,875,000 0
Change in assets and liabilities    
(Increase) decrease in accrued interest receivable (3,466,000) (425,000)
(Increase) decrease in due from affiliate 0 (59,000)
(Increase) decrease in other assets 321,000 0
Increase (decrease) in accrued interest payable 801,000 223,000
Increase (decrease) in accrued expenses and other liabilities (277,000) 216,000
Increase (decrease) in due to affiliates 4,440,000 0
Net cash provided by operating activities 14,773,000 (43,000)
Cash flow from investing activities    
Originations and fundings of real estate loan investments (338,902,000) (127,453,000)
Principal repayments received on real estate loan investments 182,000 0
Net cash used in investing activities (338,720,000) (127,453,000)
Cash flows from financing activities    
Proceeds from issuance of common shares 129,551,000 6,500,000
Borrowings under debt obligations 371,693,000 122,320,000
Repayment of debt obligations (151,395,000) 0
Distributions paid (8,098,000) 0
Repurchase of common shares (15,052,000)  
Payment of debt issuance costs (921,000) 0
Net cash provided by financing activities 325,778,000 128,820,000
Net change in cash, cash equivalents and restricted cash 1,831,000 1,324,000
Cash, cash equivalents and restricted cash, beginning of period 5,420,000 2,000
Cash, cash equivalents and restricted cash, end of period 7,251,000 1,326,000
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:    
Cash and cash equivalents 5,628,000 1,326,000
Restricted cash 1,623,000 0
Total cash, cash equivalents and restricted cash 7,251,000 1,326,000
Supplemental disclosure of cash flow information:    
Cash paid for interest 14,962,000 316,000
Non-cash financing activities    
Change in accrued debt issuance costs due to affiliates 1,954,000 0
Accrued distributions 1,760,000 0
Change in advanced offering costs due to affiliates 1,470,000 0
Shareholder servicing fees payable 6,289,000 0
Common shares repurchase payable 15,000,000  
Distribution reinvestment $ 2,973,000 $ 0