v3.26.1
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income (loss) $ 43,088 $ 19,951
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
(Gain) loss on secured financing facilities, net (18,516) 29,155
(Gain) loss on derivative instruments, net (7,577) 7,542
(Gain) loss on foreign currency transactions 3 0
Debt issuance costs 14,942 8,732
Amortization of equity based compensation and other 710 300
Change in operating assets and liabilities:    
Increase in operating assets (12,180) (3,441)
Increase (decrease) in operating liabilities 6,243 (392)
Increase (decrease) in due to affiliate 7,076 2,836
Net cash provided by operating activities 58,579 30,722
Cash flows from investing activities:    
Principal payments from commercial real estate loans 271,433 0
Principal payments from real estate-related securities 2,000 51
Settlement of foreign currency forward contracts, net 1,246 113
Net cash used in investing activities (1,530,622) (1,129,789)
Cash flows from financing activities:    
Proceeds from revolving credit facility 416,000 135,000
Repayment of revolving credit facility (371,000) (135,000)
Proceeds from secured financing facilities 1,296,447 822,048
Repayment of secured financing facilities (1,053,052) (878,561)
Proceeds from collateralized loan obligations 1,132,152 995,738
Proceeds from issuance of common stock, net of offering costs 214,853 212,363
Proceeds from non-controlling interest, net of offering costs 113 0
Proceeds from issuance of redeemable common stock 30,000 0
Repurchase of common stock (28,180) (3,023)
Repurchase of redeemable common stock (3,922) (30,148)
Redemption of preferred stock 0 (232)
Proceeds from subscriptions paid in advance 23,152 22,776
Cash paid for debt issuance costs (12,326) (8,263)
Payments of dividends (15,692) (9,788)
Distributions to non-controlling interest (6) 0
Net cash provided by financing activities 1,628,539 1,122,910
Effect of exchange rate changes on cash, cash equivalents and restricted cash 6 40
Net change in cash, cash equivalents and restricted cash 156,502 23,883
Cash, cash equivalents and restricted cash, beginning of period 45,615 100,034
Cash, cash equivalents and restricted cash, end of period 202,117 123,917
Supplemental disclosures:    
Interest paid 105,464 67,875
Taxes paid 11 0
Non-cash investing and financing activities:    
Dividends and distributions declared not paid 8,234 5,033
Common stock distribution reinvestment 27,526 16,238
Common stock subscription receivable 35 0
Issuance of redeemable common stock for payment of management and performance fees 9,022 3,876
Accrued common stock repurchases 3,587 184
Offering costs due to affiliates 4,085 7,671
Adjustment to carrying value of redeemable common stock 533 105
Principal payments from commercial real estate loans due from servicer 131,200 0
Commercial real estate loan investments    
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Unrealized (gain) loss 35,891 (39,094)
Cash flows from investing activities:    
Originations, funding, and purchases of assets at fair value (1,798,736) (1,120,159)
Real estate-related securities    
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Unrealized (gain) loss (21) (20)
Cash flows from investing activities:    
Originations, funding, and purchases of assets at fair value (6,565) (9,794)
Collateralized loan obligations    
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Unrealized (gain) loss $ (11,080) $ 5,153