Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2026

The table below shows the costs incurred due to arrangements with the Adviser and its affiliates during the three and six months ended:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Administrative Expenses	$	615	$	1,520	$	1,264	$	1,520
Performance Fees	634		4		1,228		4
Management Fees	334		83		606		83
Stockholder Servicing Fees(1)	952		676		1,330		676
Organizational Costs	—		1,053		—		1,053
Offering Costs(2)	197		2,143		397		2,143
	$	2,732	$	5,479	$	4,825	$	5,479

(1) The Company accrues the full amount of stockholder servicing fees payable over an estimated investor holding period as an offering cost at the time each applicable share is sold during the Company’s continuous offering and records the amount as an offset (reduction) to additional paid-in capital in the Consolidated Balance Sheets. In connection with repurchased shares, the Company reversed $148,122 from accrued shareholder servicing fees for the six months ended June 30, 2026.

(2) Offering costs consist of costs incurred in connection with the Company’s continuous offering. Offering costs are recorded as a reduction to paid-in capital.

Due from Affiliates

The following table details the components of Due from affiliates:


(in thousands)	June 30, 2026		December 31, 2025
Other	$	—	$	615
Total due from affiliates	$	—	$	615

Due to Affiliates

The following table details the components of Due to affiliates:


(in thousands)	June 30, 2026		December 31, 2025
Accrued organization costs	$	1,053	$	1,053
Accrued offering costs	2,760		2,364
Accrued management fees	334		220
Accrued performance fees	634		325
Accrued administration fees	2,251		1,626
Accrued stockholder services fees	3,524		2,418
Due to advisor	3,010		1,506
Total due to affiliates	$	13,566	$	9,512

The below table details the commercial real estate loan interests and associated debt acquired during the six months ended June 30, 2026:


(in thousands)	Principal Balance Acquired		Debt Acquired		Net Cash Paid (1)
Related Party Acquisitions	$	136,525	$	(93,196)	$	43,846

(1) Net cash paid includes accrued interest income of $0.5 million.