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) $ 49,177 $ 30,136
Adjustments to reconcile net income to net cash provided by operating activities:    
Organizational costs 0 274
Amortization of deferred financing costs 2,232 638
Net unrealized (gain) loss on investments (491) 975
Net realized loss on investments 1,405 841
Changes in assets and liabilities:    
Increase in other assets (3,904) (9,088)
Increase in other liabilities/due to affiliates 5,126 4,844
Net cash provided by operating activities 53,545 28,620
Cash flows from investing activities:    
Originations and fundings of commercial real estate loans (836,105) (938,716)
Principal repayment of commercial real estate loans 113,614 0
Fundings of other real estate-related investments (286,959) (412,265)
Proceeds received from other real-estate related investments 271,897 45,050
Change in lender reserves 3,120 19,651
Net cash used in investing activities (734,433) (1,286,280)
Cash flows from financing activities:    
Borrowings under repurchase agreements 726,118 410,377
Repayments of repurchase agreements (83,491) 0
Borrowings under revolving credit facility 156,460 229,737
Repayment of revolving credit facility (137,396) (35,159)
Proceeds from issuance of common shares 96,916 669,365
Proceeds from issuance of redeemable common shares 99 2,810
Offering costs paid (397) 0
Repurchase of common shares (3,173) 0
Payments of deferred financing costs (1,656) (1,971)
Subscriptions received in advance 13,285 41,772
Payment of distributions to common shares (30,777) (15,197)
Contributions from non-controlling interests 20,569 36,531
Distributions to non-controlling interests (19,381) (27,076)
Net cash provided by financing activities 737,176 1,311,189
Net change in cash, cash equivalents and restricted cash 56,288 53,529
Cash, cash equivalents and restricted cash, beginning of period 372,765 196,872
Cash, cash equivalents and restricted cash, end of period 429,053 250,401
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets:    
Cash and cash equivalents 310,481 161,356
Restricted cash 118,572 89,045
Total cash, cash equivalents and restricted cash 429,053 250,401
Supplemental disclosures:    
Cash paid for interest 52,374 13,400
Non-cash investing and financing activities:    
Issuance of Class E shares as payment of the board of directors compensation 300 175
Accrued shareholders servicing fee 3,807 44,693
Advanced offering costs due to affiliate 35 1,964
Other offering costs payable 365 305
Allocation to redeemable common shares 0 84
Repurchases payable 984 183
Distribution reinvestment for common shares 20,171 8,623
Distribution reinvestment for redeemable common shares 187 0
Accrued distributions $ 9,022 $ 6,149