|
Q2 FY2026
As of Jun 30, 2026
|
Q1 FY2026
As of Mar 31, 2026
|
Q4 FY2025
As of Dec 31, 2025
|
Q3 FY2025
As of Sep 30, 2025
|
Q2 FY2025
As of Jun 30, 2025
|
Q1 FY2025
As of Mar 31, 2025
|
Q4 FY2024
As of Dec 31, 2024
|
Q3 FY2024
As of Sep 30, 2024
|
Q2 FY2024
As of Jun 30, 2024
|
Q1 FY2024
As of Mar 31, 2024
|
Q4 FY2023
As of Dec 31, 2023
|
Q3 FY2023
As of Sep 30, 2023
|
Q2 FY2023
As of Jun 30, 2023
|
Q1 FY2023
As of Mar 31, 2023
|
Q4 FY2022
As of Dec 31, 2022
|
Q3 FY2022
As of Sep 30, 2022
|
Q2 FY2022
As of Jun 30, 2022
|
Q1 FY2022
As of Mar 31, 2022
|
Q4 FY2021
As of Dec 31, 2021
|
Q3 FY2021
As of Sep 30, 2021
|
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ASSETS | ||||||||||||||||||||
| Cash and cash equivalents | ||||||||||||||||||||
| Commercial mortgage loans at cost, net of allowance for loan loss of $3,588 and $0, respectively | ||||||||||||||||||||
| Restricted cash | ||||||||||||||||||||
| Real estate securities at fair value | ||||||||||||||||||||
| Commercial mortgage loans: | ||||||||||||||||||||
| Commercial mortgage loans at cost | ||||||||||||||||||||
| Allowance for credit losses | ||||||||||||||||||||
| Carrying Value | ||||||||||||||||||||
| Real estate owned, net of depreciation | ||||||||||||||||||||
| Acquired lease intangible assets, net | ||||||||||||||||||||
| Deferred debt finance costs | ||||||||||||||||||||
| Accrued interest receivable | ||||||||||||||||||||
| Due from related parties | ||||||||||||||||||||
| Prepaid expenses and other assets | ||||||||||||||||||||
| Total assets | ||||||||||||||||||||
| LIABILITIES AND EQUITY | ||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||
| Repurchase agreements | ||||||||||||||||||||
| Credit facility payable | ||||||||||||||||||||
| Loan participations sold, net | ||||||||||||||||||||
| Mortgage loan payable, net | ||||||||||||||||||||
| Acquired lease intangible liabilities, net | ||||||||||||||||||||
| Due to related parties | ||||||||||||||||||||
| Accrued interest payable | ||||||||||||||||||||
| Distributions payable | ||||||||||||||||||||
| Accrued expenses and other liabilities | ||||||||||||||||||||
| Total liabilities | ||||||||||||||||||||
| Stockholders’ Equity: | ||||||||||||||||||||
| 6.75% Series A Cumulative Redeemable Preferred Stock, $0.001 par value, 4,025,000 shares authorized and 3,544,553 shares issued and outstanding as of June 30, 2026 and December 31, 2025 | ||||||||||||||||||||
| Common stock | ||||||||||||||||||||
| Class P Common Stock | ||||||||||||||||||||
| Class A Common Stock | ||||||||||||||||||||
| Class T Common Stock | ||||||||||||||||||||
| Class S Common Stock | ||||||||||||||||||||
| Class D Common Stock | ||||||||||||||||||||
| Class I Common Stock | ||||||||||||||||||||
| Additional paid in capital | ||||||||||||||||||||
| Accumulated deficit | ||||||||||||||||||||
| Total stockholders’ equity | ||||||||||||||||||||
| Total liabilities and stockholders’ equity | ||||||||||||||||||||
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