v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets    
Loans receivable, at fair value (includes pledged loans of $692,365 and $273,489 at June 30, 2026 and December 31, 2025, respectively) $ 754,457 $ 372,276
Real estate securities, at fair value (includes pledged securities of $133,447 and $103,370 at June 30, 2026 and December 31, 2025, respectively) 149,439 103,668
Cash 37,641 12,315
Restricted cash 12,663 7,589
Interest receivable 2,736 1,016
Due from affiliates 0 615
Prepaid expenses and other assets 742 330
Total assets 957,678 497,809
Liabilities    
Repurchase agreements, at fair value 645,910 292,032
Subscriptions received in advance 12,663 7,589
Due to affiliates 13,566 9,512
Distributions payable 1,983 1,164
Share repurchase payable 13,234 0
Interest payable 1,457 623
Accrued expenses and other liabilities 1,107 1,128
Total liabilities 689,920 312,048
Commitments and contingencies (See Note 12)
Equity    
Additional paid-in capital 248,086 175,234
Accumulated deficit (7,882) (4,328)
Total stockholders' equity 240,214 170,913
Non-controlling interests 27,544 14,848
Total equity 267,758 185,761
Total liabilities and equity 957,678 497,809
Common Shares Class G    
Equity    
Common stock 6 4
Common Shares Class G-D    
Equity    
Common stock 2 2
Common Shares Class G-S    
Equity    
Common stock 2 1
Common Shares Class E    
Equity    
Common stock 0 0
Class I Common Stock    
Equity    
Common stock $ 0 $ 0