Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net income	$ 34,495	$ 9,017
Adjustments to reconcile net income to net cash provided by operating activities:
Management fee	5,437	2,139
Performance participation allocation	347	358
Depreciation and amortization	6,375	1,200
Straight line rent amortization	(1,570)	(1,060)
Above- and below- market lease amortization, net	(514)	(37)
Amortization of discount/premium	(156)	(135)
Amortization of deferred financing costs	707
Amortization of restricted stock awards	75	50
Unrealized (gain)/loss on fair value of investments in real estate debt	(152)	(343)
Realized gain on repayments of real-estate related securities	(71)
Changes in assets and liabilities:
Other assets	(2,037)	(1,995)
Due to affiliates	444	4,269
Other liabilities	2,887	248
Net cash provided by operating activities	46,267	13,711
Cash flows from investing activities:
Acquisitions of real estate	(107,241)	(101,599)
Capital improvements to real estate	(64)	(621)
Origination and acquisition of commercial mortgage and mezzanine loans	(210,356)	(178,198)
Purchase of real estate-related securities	(8,978)	(16,845)
Add-on fundings of commercial mortgage loans	(184,821)	(25,097)
Repayments from real estate-related securities	3,950	17
Net cash used in investing activities	(507,510)	(322,343)
Cash flows from financing activities:
Borrowings from secured debt arrangements	188,775
Payment of deferred financing costs	(177)
Proceeds from issuance of common stock	344,009	301,765
Proceeds from issuance of preferred equity	125
Distributions paid	(18,690)	(3,758)
Distributions to non-controlling preferred stockholders	(7)
Repurchase of common stock	(4,871)	(151)
Offering costs paid	(845)	(18)
Net cash provided by financing activities	508,319	297,838
Net change in cash, cash equivalents and restricted cash	47,076	(10,794)
Cash, cash equivalents and restricted cash, beginning of period	95,205	131,589
Cash, cash equivalents and restricted cash, end of period	142,281	120,795
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	142,197	120,795
Restricted cash	84
Total cash, cash equivalents and restricted cash	142,281	120,795
Supplemental disclosure of cash flow information:
Cash paid for interest	5,257
Non-cash investing and financing activities:
Accrued offering costs due to affiliate	151	1,071
Accrued stockholder servicing fees due to affiliate	7
Distribution reinvestments	8,268	1,868
Distributions accrued and not paid	4,185	1,537
Accrued repurchases	317
Issuance of Class E shares for payment of management fee	4,342	1,097
Redeemable non-controlling interest issuance as Class E units of the Operating Partnership for payment of management fee	823	$ 669
Redeemable non-controlling interest issuance as Class E units of the Operating Partnership for payment of performance participation allocation	562
Allocation to redeemable non-controlling interests	$ 22