v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets    
Commercial real estate loan investments, at fair value $ 2,900,385 $ 2,177,027
Investments in real estate-related assets, at fair value 455,231 471,526
Cash and cash equivalents 310,481 213,124
Restricted cash 118,572 159,641
Other assets 70,329 33,748
Total assets 3,854,998 3,055,066
Liabilities    
Repurchase facilities payable, net 2,030,134 1,386,979
Revolving credit facility, net 314,189 295,078
Subscriptions received in advance 13,285 36,016
Lender reserves 54,116 50,996
Accounts payable and accrued expenses 8,774 6,445
Distribution payable 9,022 8,147
Total liabilities 2,502,839 1,847,601
Commitments and contingencies (Note 10)
Redeemable common shares (Note 6) 25,957 25,427
Equity    
Additional paid-in capital 1,309,392 1,163,658
Accumulated deficit (10,295) (6,116)
Total shareholders' equity 1,299,776 1,158,147
Non-controlling interests 26,426 23,891
Total equity 1,326,202 1,182,038
Total liabilities and equity 3,854,998 3,055,066
Affiliated Party [Member]    
Liabilities    
Other liabilities 66,441 60,670
Nonrelated Party [Member]    
Liabilities    
Other liabilities 6,878 3,270
Common Class B [Member]    
Equity    
Common stock 263 253
Common Class R [Member]    
Equity    
Common stock 44 45
Common Class J-1 [Member]    
Equity    
Common stock 163 159
Common Class J-2 [member]    
Equity    
Common stock 34 33
Common Class J-4 [Member]    
Equity    
Common stock 70 51
Common Class S [Member]    
Equity    
Common stock 17 11
Common Class I [Member]    
Equity    
Common stock 87 53
Common Class F-I [Member]    
Equity    
Common stock 0 0
Common Class F-S [Member]    
Equity    
Common stock $ 1 $ 0