v3.26.1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Net Interest Income        
Other interest income $ 1,154 $ 1,059 $ 2,019 $ 2,034
Interest expense (60,793) (37,323) (112,412) (68,620)
Net interest income 31,406 19,007 58,011 35,526
Other Income (Expense)        
Gain (loss) on secured financing facilities, net 8,374 (20,681) 18,516 (29,155)
Gain (loss) on derivative instruments, net 1,318 (5,362) 7,577 (7,542)
Gain (loss) on foreign currency transactions, net (3) (117) (469) (108)
Loan arrangement fee income, net of related party expense of $3,494, $4,957, $3,246 and $5,365 for the three and six months ended June 30, 2026 and 2025, respectively 10,484 3,459 14,864 5,578
Other income and (expense), net (54) 290 138 579
Total other income (expense), net 10,734 (1,130) 15,836 3,313
Expenses        
Management and performance fees - related party 4,140 1,838 7,944 3,668
Debt issuance and other financing costs related to borrowings, at fair value 11,735 5,478 16,603 10,394
Organizational costs 0 0 0 2
General and administrative 2,893 2,274 6,212 4,824
Total expenses 18,768 9,590 30,759 18,888
Net income (loss) 23,372 8,287 43,088 19,951
Net income (loss) attributable to non-controlling interest 3 0 6 0
Dividends to preferred stockholders 0 0 0 (2)
Issuance and redemption costs of redeemed preferred stock 0 0 0 (27)
Net income (loss) available to common stockholders 23,369 8,287 43,082 19,922
Currency translation adjustment 24 123 (47) 149
Comprehensive income (loss) 23,396 8,410 43,041 20,100
Net income (loss) attributable to non-controlling interest 3 0 6 0
Issuance and redemption costs of redeemed preferred stock 0 0 0 (27)
Comprehensive income (loss) attributable to common stockholders $ 23,393 $ 8,410 $ 43,035 $ 20,071
Earnings (loss) per share:        
Basic (in dollars per share) $ 0.45 $ 0.26 $ 0.87 $ 0.68
Diluted (in dollars per share) $ 0.45 $ 0.26 $ 0.87 $ 0.68
Weighted average number of shares of common stock        
Basic (in shares) 52,468,721 31,307,099 49,521,555 29,281,449
Diluted (in shares) 52,468,743 31,307,126 49,521,678 29,281,501
Commercial real estate loan investments        
Net Interest Income        
Interest income $ 90,785 $ 55,221 $ 167,910 $ 102,062
Other Income (Expense)        
Unrealized gain (loss) on loans, net (19,661) 26,414 (35,891) 39,094
Real estate-related securities        
Net Interest Income        
Interest income 260 50 494 50
Other Income (Expense)        
Unrealized gain (loss) on loans, net 67 20 21 20
Collateralized loan obligations        
Net Interest Income        
Interest expense (16,700) (9,800) (31,300) (9,800)
Other Income (Expense)        
Unrealized gain (loss) on loans, net $ 10,209 $ (5,153) $ 11,080 $ (5,153)