v3.26.1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Net Interest Income    
Other interest income $ 865 $ 975
Interest expense (51,619) (31,297)
Net interest income 26,605 16,519
Other Income (Expense)    
Unrealized gain (loss) on secured financing facilities, net 10,142 (8,474)
Gain (loss) on derivative instruments, net 6,259 (2,180)
Gain (loss) on foreign currency transactions, net (466) 9
Commitment fee income, net of related party expense of $1,463 and $2,119 for the three months ended March 31, 2026 and 2025, respectively 4,380 2,119
Other income and (expense), net 192 289
Total other income (expense), net 5,102 4,443
Expenses    
Management and performance fees - related party 3,804 1,830
Debt issuance and other financing costs related to borrowings, at fair value 4,868 4,916
Organizational costs 0 2
General and administrative 3,319 2,550
Total expenses 11,991 9,298
Net income (loss) 19,716 11,664
Net income (loss) attributable to non-controlling interest 3 0
Dividends to preferred stockholders 0 (2)
Issuance and redemption costs of redeemed preferred stock 0 (27)
Net income (loss) available to common stockholders 19,713 11,635
Currency translation adjustment (71) 26
Comprehensive income (loss) 19,645 11,690
Net income (loss) attributable to non-controlling interest 3 0
Issuance and redemption costs of redeemed preferred stock 0 (27)
Comprehensive income (loss) attributable to common stockholders $ 19,642 $ 11,661
Earnings (loss) per share:    
Basic (in dollars per share) $ 0.42 $ 0.43
Diluted (in dollars per share) $ 0.42 $ 0.43
Weighted average number of shares of common stock    
Basic (in shares) 46,541,642 27,233,292
Diluted (in shares) 46,541,867 27,233,368
Commercial real estate loan investments    
Net Interest Income    
Interest income $ 77,125 $ 46,841
Other Income (Expense)    
Unrealized gain (loss) on loans, net (16,230) 12,680
Real estate-related securities    
Net Interest Income    
Interest income 234 0
Other Income (Expense)    
Unrealized gain (loss) on loans, net (46) 0
Collateralized loan obligations    
Net Interest Income    
Interest expense (14,700)  
Other Income (Expense)    
Unrealized gain (loss) on loans, net $ 871 $ 0