Subsequent Events

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 18 - Subsequent Events

Subsequent to the nine months ended September 30, 2024, the following events took place:

Investment Activity: The Company originated a $25.0 million first mortgage loan, fully funded at closing, secured by a 367-key hotel located in New York, New York. Additionally, the Company funded approximately $20.5 million for previously closed commercial mortgage loans and purchased approximately $36.5 of real estate-related securities.

Financing Activity: The Company drew approximately $1.2 million and subsequently repaid $50.0 million of its outstanding borrowings on the JPM Repurchase Agreement.

Equity Activity: The Company issued Class A-II shares to clients of a certain financial intermediary in excess of $500.0 million, the minimum Class A-III subscription requirement. On November 4, 2024 (the "Third Exchange Date"), the Company exchanged all of the outstanding Class A-II shares held by clients of such financial intermediary for Class A-III shares at an exchange rate based on the NAV per share for the Company's Class A-II shares and the Company’s total NAV per share as of the Third Exchange Date.