SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
Sep. 30, 2026
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting — The accompanying consolidated financial statements are prepared in accordance with GAAP. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company's financial position, results of operations and cash flows have been included and are of a normal and recurring nature.
Use of Estimates	Use of Estimates — The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Management believes that estimates utilized in the preparation of the consolidated financial statements are reasonable. The most critical estimates include those related to fair value measurements of the Company’s assets and liabilities. Actual results could differ from those estimates, and such differences could be material.
Risks and Uncertainties	Risks and Uncertainties — In the normal course of its business, the Company primarily encounters two significant types of economic risk: credit risk and market risk. Credit risk is the risk of default on the Company’s investments that results from a borrower’s or counterparty’s inability or unwillingness to make contractually required payments. The two primary components of credit risk are default risk, which is the risk that a borrower fails to make scheduled principal and interest payments, and loss severity risk, which is the risk of loss upon a borrower’s default on a mortgage loan or other secured or unsecured loan. Loss severity risk includes the risk of loss of value of the property or other asset, if any, securing the loan, as well as the risk of loss associated with taking over the property or other asset, if any, including foreclosure costs. Market risk reflects changes in the value of investments due to changes in prepayment rates, interest rates, spreads or other market factors, including risks that impact the value of the collateral underlying the Company’s investments. Taking into consideration these risks along with estimated prepayments, financings, collateral values, payment histories and other information, the Company believes that the carrying values of its investments are reasonable. Furthermore, for each of the periods presented, a significant portion of the Company’s assets is dependent on its servicers’ and subservicers’ abilities to perform their servicing obligations with respect to the RTLs and NQMs.
Consolidation	Consolidation — The Company consolidates entities in which the Company has a controlling financial interest. The Company evaluates whether it holds a variable interest in an entity and whether that entity is a VIE. Entities are classified as VIEs, if the equity investors either do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support, are unable to direct the entity’s activities or are not exposed to the entity’s losses or entitled to its residual returns. The Company consolidates a VIE when it is the primary beneficiary of a VIE, where it has a controlling financial interest in the entity, which is defined as (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant. In circumstances where an entity does not have the characteristics of a VIE, it would be considered a voting interest entity (“VOE”). The Company would consolidate a VOE where the Company has a majority equity interest and has control over significant operating, financial and investing decisions of the entity. The Company reassesses the classification of such entities when there is a substantive change in the entity’s governing documents, contractual arrangements, capital structure or activities. The Company also continuously reassesses whether it remains appropriate to consolidate any VIE or VOE.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash — Cash and cash equivalents include cash maintained in one or more custodian bank accounts. The Company considers all highly liquid short-term investments with maturities of 90 days or less when purchased to be cash equivalents. As of September 30, 2026 and December 31, 2025, restricted cash was $5.7 million and $7.0 million, respectively. Restricted cash consists of cash balances subject to contractual or legal restrictions on use. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure.
Residential Transition Loans and Residential Mortgage Loans	Residential Transition Loans and Residential Mortgage Loans — The Company’s loan portfolio primarily consists of RTLs and residential mortgage loans, specifically, NQMs. The Company has elected to apply the fair value option for all RTLs and residential mortgage loans. The fair value option provides an election which allows a company to irrevocably elect fair value for certain financial assets and liabilities on an instrument-by-instrument basis. The Company elected the fair value option for these loans to better align reported results with the underlying economic changes in value of the loans on the Company’s consolidated balance sheets. Furthermore, as a result of the election to apply the fair value option, these loans are not subject to an allowance for credit losses under the current expected credit losses impairment model. The Company reports the change in the fair value of RTLs and NQMs within realized and unrealized gain (loss) on residential transition loans, at fair value and realized and unrealized gain (loss) on residential mortgage loans, at fair value, respectively, in the consolidated statements of operations. RTLs include construction holdback and interest reserve when funded on the consolidated balance sheets. The construction holdback represents amounts withheld from the funding of construction loans and released as the project progresses. The interest reserve represents amounts withheld from the funding of certain mortgage loans in order to satisfy monthly interest payments for all or part of the term of the related loan. Accrued interest is paid out of the interest reserve and recognized as interest income on a monthly basis. RTLs can be placed in contractual default status for (i) an interest payment that is more than 30 days past due or sooner, if collection is considered doubtful, (ii) a loan that matures and the borrower fails to make payment of all amounts owed or extend the loan or (iii) the collateral that becomes impaired in such a way that the ultimate collection of the loan receivable is doubtful. The accrual of interest income is suspended when a loan is in contractual default unless the interest is paid in cash or collectability of all amounts due is reasonably assured. In addition, in certain instances, where the interest reserve on a current loan has been fully depleted and the interest payment is not expected to be collected from the borrower, the Company may place a current loan on non-accrual status and recognize interest income on a cash basis. Interest previously accrued may be reversed at that time, and such reversal is offset against interest income. The accrual of interest income resumes only when the suspended loan becomes contractually current or a credit analysis supports the ability to collect in accordance with the terms of the loan. In addition to interest income, the Company may generate loan fee income, including loan origination fees, loan renewal fees and inspection fees. The Company may earn loan extension fees when maturing loans are renewed or extended and amendment fees when loan terms are modified, such as increases in interest reserves and construction holdbacks. Loans are generally only renewed or extended if the loan is not in default and satisfies the Company’s underwriting criteria. Loan fee income is recorded as interest income at origination or amendment given the Company’s election of the fair value option. Both interest and loan fee income earned on mortgage loans are presented in interest income in the consolidated statements of operations. Fair value of residential mortgage loans is generally determined using a market approach by utilizing either (i) the fair value of securities backed by similar residential mortgage loans, adjusted for certain factors to approximate the fair value of a whole residential mortgage loan, (ii) current commitments to purchase loans or (iii) recent observable market trades for similar loans, adjusted for credit risk and other individual loan characteristics. Interest income on residential mortgage loans is accrued based on the unpaid principal balance (“UPB”) and the contractual interest rate. Interest earned on mortgage loans is reported in interest income in the consolidated statements of operations. If it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the original contractual terms of the loan agreement, or if the loan becomes 90 days delinquent, the Company will reverse all prior accrued and unpaid interest on such mortgage loan. The Company will return loans to accrual status only when it reinstates the loan and there is no significant uncertainty as to collectability.
Secured Financings	Secured Financings — The Company finances its RTL and NQM portfolios through secured borrowing arrangements, including repurchase agreements and warehouse credit facilities entered into by the VIEs. Under these arrangements, the Company pledges mortgage loans and/or related trust interests evidenced by trust certificates (with legal title to the underlying mortgage loans held by a trustee on behalf of the related trust) as collateral to the financing counterparty; the trust may also provide a guaranty in connection with certain arrangements. These arrangements are accounted for as secured financings whereby the pledged assets remain on the consolidated balance sheets and the proceeds received are recorded as a secured borrowing. Interest expense is recognized over the term of the borrowing including any contractual price differential, and the arrangements are typically subject to margin maintenance provisions that may require the Company to post additional collateral or cash. The Company has elected to apply the fair value option for all secured financings. Borrowings under these secured financing arrangements generally bear interest at floating rates (benchmark rate plus a contractual spread) and, because the borrowings are typically short-term and reprice frequently, the Company believes the carrying value of the secured borrowings approximates fair value as of the reporting date.
Derivatives and Hedging	Derivatives and Hedging — The Company enters into economic hedges, including exchange-traded interest rate futures, to hedge a portion of its interest rate risk exposure on its floating-rate secured financings. The Company’s derivative instruments are economic hedges that are not designated as hedges for accounting purposes. The Company does not use derivative instruments to hedge its investments in loans. Derivatives and other economic hedging instruments are recorded at fair value and presented separately as derivative assets, at fair value or derivative liabilities, at fair value on the consolidated balance sheets. Changes in fair value, together with realized gains and losses, are recognized currently in earnings within realized and unrealized gain on derivatives. Because the Company has elected the fair value option for its secured financings, those financings are not eligible to be designated as hedged items, and the Company therefore does not apply hedge accounting. Changes in the fair value of the Company’s derivative instruments are recognized in the period in which they occur, while the interest expense that those instruments are intended to offset is recognized over the remaining term of the Company’s floating-rate secured financings as it accrues. Amounts or obligations owed by or to the Company are subject to the right of setoff with the counterparty. Daily changes in the value of the Company's open futures positions are reflected as open trade equity at the Company's clearing broker and are not settled in cash until a position is closed. The Company therefore carries its derivative instruments at the full fair value of the open positions and has no variation margin accounts against which derivative amounts are presented net.
Share-based Compensation	Share-based Compensation — The Company records all equity-based incentive grants to non-employee members of the Board based on their fair values determined on the date of grant. Share-based compensation expense, which is included in general and administrative expenses in the consolidated statements of operations, is recognized on a straight-line basis over the requisite service period of the award, which is generally the vesting term of the outstanding equity awards.
Income Taxes	Income Taxes — The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Code, commencing with its taxable year ending December 31, 2025. A REIT is subject to several organizational and operational requirements including that it must distribute at least 90% of its REIT taxable income to its shareholders each year. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to federal and state income tax on its taxable income at regular corporate tax rates.
Operating Expenses	Operating Expenses — The Company will pay directly or reimburse the Adviser or its affiliates for costs and expenses the Adviser or its affiliates incur in connection with the services they provide to the Company, including, but not limited to, (i) the actual cost of goods and services used by the Company and obtained from either an affiliate or a non-affiliated person, including fees paid to affiliated service providers, administrators, transfer agents, consultants, attorneys, accountants, tax advisors, technology providers and other service providers, and brokerage fees paid in connection with the origination, acquisition, purchase and sale of its investments, (ii) expenses of managing, operating and disposing of its investments, whether payable to an affiliate or a non-affiliated person, (iii) expenses related to the personnel of the Adviser performing services for the Company other than those who provide investment advisory services to us, (iv) expenses relating to compliance-related matters and regulatory filings relating to its activities and (v) administration fees and expenses, if any, payable under the Advisory Agreement (including payments based upon its allocable portion of the Adviser’s overhead in performing its obligations under the Advisory Agreement, including rent and the allocable portion of the cost (including total compensation) of its chief financial officer and chief legal officer, and their respective staffs that assist with the activities covered by the Advisory Agreement). The Adviser has agreed to advance certain of the Company's operating costs and expenses, certain costs and expenses incurred pursuant to the Advisory Agreement, and other expenses incurred on its behalf, through the earlier of (i) the date that its aggregate NAV is at least $200.0 million and (ii) the first anniversary of the date on which the Company first calculates NAV, which is December 1, 2026 (the “Operating Expense Commencement Date”). The Company will reimburse the Adviser for all such advanced operating expenses ratably over the 60 months following such date. For purposes of calculating the Company's NAV, the operating costs and expenses paid by the Adviser on the Company's behalf through the Operating Expense Commencement Date will not be deducted as an expense until reimbursed by the Company. After the Operating Expense Commencement Date, the Company will reimburse the Adviser, as applicable, for any operating expenses that it incurs on the Company's behalf as and when incurred. The reimbursements may be paid, at the Adviser’s election, as applicable, in cash or Class E shares, or any combination thereof. As of September 30, 2026 and December 31, 2025, amounts payable to the Adviser and its affiliates for advanced operating expenses incurred on the Company’s behalf were approximately $2.0 million and $0.5 million, respectively, and are presented within due to related parties on the Company’s consolidated balance sheets. For the three and nine months ended September 30, 2026, the Adviser elected not to seek reimbursement of approximately $0.8 million of overhead expenses previously allocated to the Company during prior periods, which the Company recorded as a reduction of general and administrative expenses in the current period. After giving effect to that reduction, the Company recognized approximately $(0.3) million and $1.5 million, respectively, of such expenses in general and administrative expenses on the consolidated statements of operations. As of September 30, 2026, no payments have been made and the full advanced balance remains payable to the Adviser.
Organization and Offering Expenses	Organization, Offering Expenses and Shareholder Servicing Fees — Organization and offering expenses include, without limitation, costs incurred in connection with the Company's formation and offering activities, such as underwriting and placement-related costs, legal, accounting and tax fees, printing and filing fees, marketing and distribution expenses, transfer agent and subscription processing costs, and other out-of-pocket costs related to structuring, organizing and offering the Company's shares. There is no cap on organization and offering expenses. The Adviser advances all of the Company’s organization and offering expenses through the earlier of (i) the date that the Company’s aggregate NAV is at least $200.0 million and (ii) the first anniversary of the date on which the Company first calculates NAV, which is December 1, 2026. The Company will reimburse the Adviser for all such advanced expenses ratably over the 60 months following the date on which the Adviser stops advancing organization and offering expenses per the prior sentence. Thereafter, the Company will reimburse the Adviser for any organization and offering expenses as and when incurred. The reimbursements may be paid, at the Adviser’s election, in cash or Class E shares, or any combination thereof. Subsequent to September 30, 2026, the Company and the Adviser amended the Advisory Agreement to modify the terms governing the advancement and reimbursement of organization and offering expenses. See Note 14 for further details. As of September 30, 2026 and December 31, 2025, amounts payable to the Adviser and its affiliates for advanced organization and offering expenses incurred on the Company’s behalf were approximately $2.7 million, and are included in due to related parties on the Company’s consolidated balance sheets. For the three and nine months ended September 30, 2026, the Company did not recognize any organization and offering expenses related to costs incurred by the Adviser or its affiliates on the Company’s behalf. Shareholder servicing fees (“Shareholder Servicing Fees”) represent ongoing fees paid in connection with the distribution of certain classes of the Company's shares and related shareholder services. These fees are calculated based on the NAV of the applicable shares, recognized as incurred and payable monthly in arrears. Accrued and unpaid Shareholder Servicing Fees are included in due to related parties on the consolidated balance sheets. Refer to Note 10 for additional information. Organization expenses are expensed as incurred and are included in general and administrative expenses on the consolidated statements of operations. Offering expenses and Shareholder Servicing Fees are charged to shareholders' equity as a reduction of additional paid-in capital on the consolidated statements of changes in shareholders' equity.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Standards In July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient to measure credit losses for current accounts receivable and current contract assets under FASB Accounting Standards Codification 606—Revenues from Contracts with Customers. The practical expedient assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. The Company adopted this ASU on January 1, 2026 on a prospective basis and the adoption did not have a material impact on the Company’s consolidated financial statements. Recently Issued Accounting Standards In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), and in January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This standard requires public companies to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The new standard, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the potential impact on its consolidated financial statements upon adoption. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies interim disclosure requirements and the applicability of Topic 270. This ASU is effective for the Company on January 1, 2028, with early adoption permitted. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. The Company is an emerging growth company and has elected not to use the extended transition period for adopting new or revised accounting standards; accordingly, the Company adopts such standards on the effective dates applicable to public companies.

SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 30, 2026

Basis of Accounting — The accompanying consolidated financial statements are prepared in accordance with GAAP. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company's financial position, results of operations and cash flows have been included and are of a normal and recurring nature.

Use of Estimates

Use of Estimates — The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Management believes that estimates utilized in the preparation of the consolidated financial statements are reasonable. The most critical estimates include those related to fair value measurements of the Company’s assets and liabilities. Actual results could differ from those estimates, and such differences could be material.

Risks and Uncertainties

Risks and Uncertainties — In the normal course of its business, the Company primarily encounters two significant types of economic risk: credit risk and market risk. Credit risk is the risk of default on the Company’s investments that results from a borrower’s or counterparty’s inability or unwillingness to make contractually required payments. The two primary components of credit risk are default risk, which is the risk that a borrower fails to make scheduled principal and interest payments, and loss severity risk, which is the risk of loss upon a borrower’s default on a mortgage loan or other secured or unsecured loan. Loss severity risk includes the risk of loss of value of the property or other asset, if any, securing the loan, as well as the risk of loss associated with taking over the property or other asset, if any, including foreclosure costs. Market risk reflects changes in the value of investments due to changes in prepayment rates, interest rates, spreads or other market factors, including risks that impact the value of the collateral underlying the Company’s investments. Taking into consideration these risks along with estimated prepayments, financings, collateral values, payment histories and other information, the Company believes that the carrying values of its investments are reasonable. Furthermore, for each of the periods presented, a significant portion of the Company’s assets is dependent on its servicers’ and subservicers’ abilities to perform their servicing obligations with respect to the RTLs and NQMs.

Consolidation

Consolidation — The Company consolidates entities in which the Company has a controlling financial interest. The Company evaluates whether it holds a variable interest in an entity and whether that entity is a VIE. Entities are classified as VIEs, if the equity investors either do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support, are unable to direct the entity’s activities or are not exposed to the entity’s losses or entitled to its residual returns. The Company consolidates a VIE when it is the primary beneficiary of a VIE, where it has a controlling financial interest in the entity, which is defined as (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant. In circumstances where an entity does not have the characteristics of a VIE, it would be considered a voting interest entity (“VOE”). The Company would consolidate a VOE where the Company has a majority equity interest and has control over significant operating, financial and investing decisions of the entity. The Company reassesses the classification of such entities when there is a substantive change in the entity’s governing documents, contractual arrangements, capital structure or activities. The Company also continuously reassesses whether it remains appropriate to consolidate any VIE or VOE.

Cash and Cash Equivalents and Restricted Cash

Cash and Cash Equivalents and Restricted Cash — Cash and cash equivalents include cash maintained in one or more custodian bank accounts. The Company considers all highly liquid short-term investments with maturities of 90 days or less when purchased to be cash equivalents. As of September 30, 2026 and December 31, 2025, restricted cash was $5.7 million and $7.0 million, respectively. Restricted cash consists of cash balances subject to contractual or legal restrictions on use. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure.

Residential Transition Loans and Residential Mortgage Loans

Residential Transition Loans and Residential Mortgage Loans — The Company’s loan portfolio primarily consists of RTLs and residential mortgage loans, specifically, NQMs.

The Company has elected to apply the fair value option for all RTLs and residential mortgage loans. The fair value option provides an election which allows a company to irrevocably elect fair value for certain financial assets and liabilities on an instrument-by-instrument basis. The Company elected the fair value option for these loans to better align reported results with the underlying economic changes in value of the loans on the Company’s consolidated balance sheets. Furthermore, as a result of the election to apply the fair value option, these loans are not subject to an allowance for credit losses under the current expected credit losses impairment model. The Company reports the change in the fair value of RTLs and NQMs within realized and unrealized gain (loss) on residential transition loans, at fair value and realized and unrealized gain (loss) on residential mortgage loans, at fair value, respectively, in the consolidated statements of operations.

RTLs include construction holdback and interest reserve when funded on the consolidated balance sheets. The construction holdback represents amounts withheld from the funding of construction loans and released as the project progresses. The interest reserve represents amounts withheld from the funding of certain mortgage loans in order to satisfy monthly interest payments for all or part of the term of the related loan. Accrued interest is paid out of the interest reserve and recognized as interest income on a monthly basis.

RTLs can be placed in contractual default status for (i) an interest payment that is more than 30 days past due or sooner, if collection is considered doubtful, (ii) a loan that matures and the borrower fails to make payment of all amounts owed or extend the loan or (iii) the collateral that becomes impaired in such a way that the ultimate collection of the loan receivable is doubtful. The accrual of interest income is suspended when a loan is in contractual default unless the interest is paid in cash or collectability of all amounts due is reasonably assured. In addition, in certain instances, where the interest reserve on a current loan has been fully depleted and the interest payment is not expected to be collected from the borrower, the Company may place a current loan on non-accrual status and recognize interest income on a cash basis. Interest previously accrued may be reversed at that time, and such reversal is offset against interest income. The accrual of interest income resumes only when the suspended loan becomes contractually current or a credit analysis supports the ability to collect in accordance with the terms of the loan. In addition to interest income, the Company may generate loan fee income, including loan origination fees, loan renewal fees and inspection fees.

The Company may earn loan extension fees when maturing loans are renewed or extended and amendment fees when loan terms are modified, such as increases in interest reserves and construction holdbacks. Loans are generally only renewed or extended if the loan is not in default and satisfies the Company’s underwriting criteria. Loan fee income is recorded as interest income at origination or amendment given the Company’s election of the fair value option. Both interest and loan fee income earned on mortgage loans are presented in interest income in the consolidated statements of operations.

Fair value of residential mortgage loans is generally determined using a market approach by utilizing either (i) the fair value of securities backed by similar residential mortgage loans, adjusted for certain factors to approximate the fair value of a whole residential mortgage loan, (ii) current commitments to purchase loans or (iii) recent observable market trades for similar loans, adjusted for credit risk and other individual loan characteristics.

Interest income on residential mortgage loans is accrued based on the unpaid principal balance (“UPB”) and the contractual interest rate. Interest earned on mortgage loans is reported in interest income in the consolidated statements of operations. If it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the original contractual terms of the loan agreement, or if the loan becomes 90 days delinquent, the Company will reverse all prior accrued and unpaid interest on such mortgage loan. The Company will return loans to accrual status only when it reinstates the loan and there is no significant uncertainty as to collectability.

Secured Financings

Secured Financings — The Company finances its RTL and NQM portfolios through secured borrowing arrangements, including repurchase agreements and warehouse credit facilities entered into by the VIEs. Under these arrangements, the Company pledges mortgage loans and/or related trust interests evidenced by trust certificates (with legal title to the underlying mortgage loans held by a trustee on behalf of the related trust) as collateral to the financing counterparty; the trust may also provide a guaranty in connection with certain arrangements.

These arrangements are accounted for as secured financings whereby the pledged assets remain on the consolidated balance sheets and the proceeds received are recorded as a secured borrowing. Interest expense is recognized over the term of the borrowing including any contractual price differential, and the arrangements are typically subject to margin maintenance provisions that may require the Company to post additional collateral or cash. The Company has elected to apply the fair value option for all secured financings. Borrowings under these secured financing arrangements generally bear interest at floating rates (benchmark rate plus a contractual spread) and, because the borrowings are typically short-term and reprice frequently, the Company believes the carrying value of the secured borrowings approximates fair value as of the reporting date.

Derivatives and Hedging

Derivatives and Hedging — The Company enters into economic hedges, including exchange-traded interest rate futures, to hedge a portion of its interest rate risk exposure on its floating-rate secured financings. The Company’s derivative instruments are economic hedges that are not designated as hedges for accounting purposes. The Company does not use derivative instruments to hedge its investments in loans.

Derivatives and other economic hedging instruments are recorded at fair value and presented separately as derivative assets, at fair value or derivative liabilities, at fair value on the consolidated balance sheets. Changes in fair value, together with realized gains and losses, are recognized currently in earnings within realized and unrealized gain on derivatives. Because the Company has elected the fair value option for its secured financings, those financings are not eligible to be designated as hedged items, and the Company therefore does not apply hedge accounting. Changes in the fair value of the Company’s derivative instruments are recognized in the period in which they occur, while the interest expense that those instruments are intended to offset is recognized over the remaining term of the Company’s floating-rate secured financings as it accrues.

Amounts or obligations owed by or to the Company are subject to the right of setoff with the counterparty. Daily changes in the value of the Company's open futures positions are reflected as open trade equity at the Company's clearing broker and are not settled in cash until a position is closed. The Company therefore carries its derivative instruments at the full fair value of the open positions and has no variation margin accounts against which derivative amounts are presented net.

Share-based Compensation

Share-based Compensation — The Company records all equity-based incentive grants to non-employee members of the Board based on their fair values determined on the date of grant. Share-based compensation expense, which is included in general and administrative expenses in the consolidated statements of operations, is recognized on a straight-line basis over the requisite service period of the award, which is generally the vesting term of the outstanding equity awards.

Income Taxes

Income Taxes — The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Code, commencing with its taxable year ending December 31, 2025. A REIT is subject to several organizational and operational requirements including that it must distribute at least 90% of its REIT taxable income to its shareholders each year. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to federal and state income tax on its taxable income at regular corporate tax rates.

Operating Expenses

Operating Expenses — The Company will pay directly or reimburse the Adviser or its affiliates for costs and expenses the Adviser or its affiliates incur in connection with the services they provide to the Company, including, but not limited to, (i) the actual cost of goods and services used by the Company and obtained from either an affiliate or a non-affiliated person, including fees paid to affiliated service providers, administrators, transfer agents, consultants, attorneys, accountants, tax advisors, technology providers and other service providers, and brokerage fees paid in connection with the origination, acquisition, purchase and sale of its investments, (ii) expenses of managing, operating and disposing of its investments, whether payable to an affiliate or a non-affiliated person, (iii) expenses related to the personnel of the Adviser performing services for the Company other than those who provide investment advisory services to us, (iv) expenses relating to compliance-related matters and regulatory filings relating to its activities and (v) administration fees and expenses, if any, payable under the Advisory Agreement (including payments based upon its allocable portion of the Adviser’s overhead in performing its obligations under the Advisory Agreement, including rent and the allocable portion of the cost (including total compensation) of its chief financial officer and chief legal officer, and their respective staffs that assist with the activities covered by the Advisory Agreement).

The Adviser has agreed to advance certain of the Company's operating costs and expenses, certain costs and expenses incurred pursuant to the Advisory Agreement, and other expenses incurred on its behalf, through the earlier of (i) the date that its aggregate NAV is at least $200.0 million and (ii) the first anniversary of the date on which the Company first calculates NAV, which is December 1, 2026 (the “Operating Expense Commencement Date”). The Company will reimburse the Adviser for all such advanced operating expenses ratably over the 60 months following such date. For purposes of calculating the Company's NAV, the operating costs and expenses paid by the Adviser on the Company's behalf through the Operating Expense Commencement Date will not be deducted as an expense until reimbursed by the Company.

After the Operating Expense Commencement Date, the Company will reimburse the Adviser, as applicable, for any operating expenses that it incurs on the Company's behalf as and when incurred. The reimbursements may be paid, at the Adviser’s election, as applicable, in cash or Class E shares, or any combination thereof.

As of September 30, 2026 and December 31, 2025, amounts payable to the Adviser and its affiliates for advanced operating expenses incurred on the Company’s behalf were approximately $2.0 million and $0.5 million, respectively, and are presented within due to related parties on the Company’s consolidated balance sheets. For the three and nine months ended September 30, 2026, the Adviser elected not to seek reimbursement of approximately $0.8 million of overhead expenses previously allocated to the Company during prior periods, which the Company recorded as a reduction of general and administrative expenses in the current period. After giving effect to that reduction, the Company recognized approximately $(0.3) million and $1.5 million, respectively, of such expenses in general and administrative expenses on the consolidated statements of operations. As of September 30, 2026, no payments have been made and the full advanced balance remains payable to the Adviser.

Organization and Offering Expenses

Organization, Offering Expenses and Shareholder Servicing Fees — Organization and offering expenses include, without limitation, costs incurred in connection with the Company's formation and offering activities, such as underwriting and placement-related costs, legal, accounting and tax fees, printing and filing fees, marketing and distribution expenses, transfer

agent and subscription processing costs, and other out-of-pocket costs related to structuring, organizing and offering the Company's shares. There is no cap on organization and offering expenses.

The Adviser advances all of the Company’s organization and offering expenses through the earlier of (i) the date that the Company’s aggregate NAV is at least $200.0 million and (ii) the first anniversary of the date on which the Company first calculates NAV, which is December 1, 2026. The Company will reimburse the Adviser for all such advanced expenses ratably over the 60 months following the date on which the Adviser stops advancing organization and offering expenses per the prior sentence. Thereafter, the Company will reimburse the Adviser for any organization and offering expenses as and when incurred. The reimbursements may be paid, at the Adviser’s election, in cash or Class E shares, or any combination thereof. Subsequent to September 30, 2026, the Company and the Adviser amended the Advisory Agreement to modify the terms governing the advancement and reimbursement of organization and offering expenses. See Note 14 for further details.

As of September 30, 2026 and December 31, 2025, amounts payable to the Adviser and its affiliates for advanced organization and offering expenses incurred on the Company’s behalf were approximately $2.7 million, and are included in due to related parties on the Company’s consolidated balance sheets. For the three and nine months ended September 30, 2026, the Company did not recognize any organization and offering expenses related to costs incurred by the Adviser or its affiliates on the Company’s behalf.

Shareholder servicing fees (“Shareholder Servicing Fees”) represent ongoing fees paid in connection with the distribution of certain classes of the Company's shares and related shareholder services. These fees are calculated based on the NAV of the applicable shares, recognized as incurred and payable monthly in arrears. Accrued and unpaid Shareholder Servicing Fees are included in due to related parties on the consolidated balance sheets. Refer to Note 10 for additional information.

Organization expenses are expensed as incurred and are included in general and administrative expenses on the consolidated statements of operations. Offering expenses and Shareholder Servicing Fees are charged to shareholders' equity as a reduction of additional paid-in capital on the consolidated statements of changes in shareholders' equity.

Recent Accounting Pronouncements

Recently Adopted Accounting Standards

In July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient to measure credit losses for current accounts receivable and current contract assets under FASB Accounting Standards Codification 606—Revenues from Contracts with Customers. The practical expedient assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. The Company adopted this ASU on January 1, 2026 on a prospective basis and the adoption did not have a material impact on the Company’s consolidated financial statements.

Recently Issued Accounting Standards

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), and in January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This standard requires public companies to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The new standard, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the potential impact on its consolidated financial statements upon adoption.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies interim disclosure requirements and the applicability of Topic 270. This ASU is effective for the Company on January 1, 2028, with early adoption permitted. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements.

The Company is an emerging growth company and has elected not to use the extended transition period for adopting new or revised accounting standards; accordingly, the Company adopts such standards on the effective dates applicable to public companies.