v3.26.1
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income (loss) $ 7,121 $ (1,890)
Adjustments to reconcile net income to net cash provided by operating activities:    
Unrealized gain (loss) on real estate securities, at fair value 313 (135)
Financing fees 875 387
Accretion of purchase discount on real estate securities, net (6) 0
Change in assets and liabilities    
Increase in interest receivable (1,720) (635)
Increase in prepaid expenses and other assets (344) 0
Increase in other receivables 0 (64)
Decrease in due from affiliates 615 0
Increase in interest payable 834 293
Increase in due to affiliates 2,549 3,129
(Decrease) increase in accrued expenses and other liabilities (21) 562
Net cash provided by operating activities 10,216 1,647
Cash flows from investing activities:    
Loan origination and funding activities (391,183) (146,163)
Principal repayments received on loans 8,935 0
Purchases of real estate securities (49,754) (57,291)
Proceeds from sale or paydown of real estate securities 3,677 0
Net cash used in investing activities (428,325) (203,454)
Cash flows from financing activities:    
Borrowings on repurchase agreements 337,014 0
Repayment on repurchase agreements (6,536) 0
Net borrowings on repurchase agreements - less than 90 days maturity 23,400 135,876
Financing fees paid (875) (387)
Proceeds from issuance of common stock, net offering costs paid 87,860 79,334
Contributions from non-controlling interests 11,671 0
Stockholder servicing fees - paid (223) 0
Distributions paid (8,830) 0
Share repurchases paid (47) 0
Subscriptions received in advance 5,075 23,036
Net cash provided by financing activities 448,509 237,859
Net increase in cash and restricted cash    
Net increase in cash and restricted cash 30,400 36,052
Cash and restricted cash, beginning of the period 19,904 26
Cash and restricted cash, end of the period 50,304 36,078
Reconciliation of cash and restricted cash:    
Cash 37,641 13,042
Restricted cash 12,663 23,036
Cash and restricted cash, end of the period 50,304 36,078
Supplemental disclosure of cash flow information:    
Cash paid for interest 12,228 595
Non-cash financing activities:    
Change in accrued stockholder servicing fees due to affiliates 1,330 676
Change in accrued offering costs due to affiliates 398 2,143
Distributions payable 819 518
Share repurchase payable $ 13,234 $ 0