v3.26.1
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income (loss) $ 19,716 $ 11,664
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
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 5 0
Debt issuance costs 4,062 3,541
Amortization of equity based compensation and other 634 19
Change in operating assets and liabilities:    
Increase in operating assets (2,467) (1,019)
Increase (decrease) in operating liabilities 1,670 (458)
Increase (decrease) in due to affiliate 110 (450)
Net cash provided by operating activities 22,734 11,271
Cash flows from investing activities:    
Principal payments from commercial real estate loans 45,112 0
Settlement of foreign currency forward contracts, net 2,586 117
Net cash used in investing activities (549,603) (384,589)
Cash flows from financing activities:    
Proceeds from revolving credit facility 220,000 135,000
Repayment of revolving credit facility (259,000) (135,000)
Proceeds from secured financing facilities 506,497 286,301
Repayment of secured financing facilities (34,596) 0
Proceeds from issuance of common stock, net of offering costs 95,650 89,741
Proceeds from non-controlling interest, net of offering costs 113 0
Repurchase of common stock (13,973) (809)
Repurchase of redeemable common stock (2,848) (30,000)
Redemption of preferred stock 0 (232)
Proceeds from subscriptions paid in advance 32,095 28,495
Cash paid for debt issuance costs (1,674) (1,079)
Payments of dividends (7,234) (4,885)
Net cash provided by financing activities 535,030 367,532
Effect of exchange rate changes on cash, cash equivalents and restricted cash (37) (1)
Net change in cash, cash equivalents and restricted cash 8,124 (5,787)
Cash, cash equivalents and restricted cash, beginning of period 45,615 100,034
Cash, cash equivalents and restricted cash, end of period 53,739 94,247
Supplemental disclosures:    
Interest paid 50,560 31,770
Non-cash investing and financing activities:    
Dividends and distributions declared not paid 7,277 4,257
Common stock distribution reinvestment 13,110 7,568
Issuance of redeemable common stock for payment of management and performance fees 6,804 2,814
Accrued common stock repurchases 6,244 0
Offering costs due to affiliates 1,978 3,857
Real estate-related securities purchased, not settled 750 0
Adjustment to carrying value of redeemable common stock 100 160
Principal payments from commercial real estate loans due from servicer 36,768 0
Distributions to non-controlling interest, not yet paid 3 0
Commercial real estate loan investments    
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Unrealized (gain) loss 16,230 (12,680)
Cash flows from investing activities:    
Originations, funding, and purchases of assets at fair value (595,601) (384,706)
Real estate-related securities    
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Unrealized (gain) loss 46 0
Cash flows from investing activities:    
Originations, funding, and purchases of assets at fair value (1,700) 0
Collateralized loan obligations    
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Unrealized (gain) loss $ (871) $ 0