v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents $ 75,728 $ 16,557
Restricted cash 126,389 29,058
Interest receivable 30,072 20,746
Derivative assets, at fair value 5,731 615
Total assets [1] 6,454,946 4,785,177
LIABILITIES    
Secured lending agreements, at fair value 2,583,774 2,359,543
Term lending agreements, at fair value 223,681 223,033
Collateralized loan obligations, at fair value 2,126,794 1,005,157
Revolving credit facility, at fair value 100,000 55,000
Interest payable 19,170 12,795
Derivative liabilities, at fair value 777 1,992
Dividends and distributions payable (including $1,026 and $804 due to related party, respectively) 8,234 6,536
Accounts payable, accrued expenses and other liabilities 31,952 31,526
Due to affiliates 49,400 47,261
Total liabilities [1] 5,143,782 3,742,843
Commitments and contingencies (See Note 14) 0 0
Redeemable common stock - related party (see Note 11) 163,324 127,691
EQUITY    
Additional paid-in capital 1,165,712 930,845
Accumulated other comprehensive income 47 94
Accumulated deficit (18,510) (16,676)
Total stockholders’ equity 1,147,727 914,643
Non-controlling interest 113 0
Total equity 1,147,840 914,643
Total liabilities, redeemable common stock and equity 6,454,946 4,785,177
Class S Common Stock    
EQUITY    
Common stock 3 2
Class S-1 Common Stock    
EQUITY    
Common stock 251 203
Class D Common Stock    
EQUITY    
Common stock 0 0
Class D-1 Common Stock    
EQUITY    
Common stock 3 0
Class I Common Stock    
EQUITY    
Common stock 127 85
Class E Common Stock    
EQUITY    
Common stock 1 1
Class F Common Stock    
EQUITY    
Common stock 93 89
Nonrelated Party    
ASSETS    
Other assets 134,680 655
Commercial real estate loan investments    
ASSETS    
Fair value, option, assets 6,062,942 4,702,728
Real estate-related securities    
ASSETS    
Fair value, option, assets $ 19,404 $ 14,818
[1]
(1) The condensed consolidated balance sheets at June 30, 2026 and December 31, 2025 include assets of $2.5 billion and $1.2 billion, respectively, and liabilities of $2.1 billion and $1.0 billion, respectively, of consolidated collateralized loan obligations, which are variable interest entities (“VIE”). The VIE’s assets can only be used to settle the obligations of the VIE. See Note 6 — “Collateralized Loan Obligations” for additional information.