v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets    
Loans receivable, at fair value (including pledged loans of $1,526,491 and $1,392,131, respectively) $ 1,526,491 $ 1,392,131
Cash and cash equivalents 5,525 3,272
Restricted cash 2,537 5,600
Accrued interest receivable 6,114 5,619
Other assets 875 1,433
Total assets 1,541,542 1,408,055
Liabilities and Equity    
Secured financings (including $1,009,806 and $1,077,803, at fair value, respectively) 1,150,101 1,077,803
Subscriptions received in advance 2,537 5,600
Due to advisor 8,605 10,050
Accrued shareholder servicing fees 11,163 10,033
Interest payable 2,912 3,054
Distribution payable 2,331 5,493
Other liabilities 3,297 4,041
Total liabilities 1,180,946 1,116,074
Commitments and contingencies (Note 13)
Redeemable common shares - Class E shares, par value $0.01 per share; 1,742,736 and 1,703,737 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 36,665 35,910
Equity    
Additional paid-in capital 325,821 257,060
Accumulated deficit and cumulative distributions (2,061) (1,125)
Total shareholders' equity 323,931 256,071
Total liabilities, redeemable common shares, and equity 1,541,542 1,408,055
Common Stock Class S [Member]    
Equity    
Common shares 85 74
Common Stock Class I [Member]    
Equity    
Common shares $ 86 $ 62