Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Values of Loan Investments

	Fair Value Measurements
	Level 1		Level 2		Level 3		Total
Senior Mortgage	$	—	$	—	$	799,660	$	799,660
Mezzanine	—		—		14,204		14,204
Real Estate Securities	—		28,992		—		28,992
Total	$	—	$	28,992	$	813,864	$	842,856

Schedule of Changes in Fair Value of Level 3 Assets by Investment Type

The below tables present a summary of changes in fair value of Level 3 assets by investment type (amounts in thousands):

	Senior Mortgage		Mezzanine		Total
Balance as of March 11, 2024	$	—	$	—	$	—
Origination of Loans	799,659		21,682		821,341
Loan origination fees collected	(8,642)		(241)		(8,883)
Net (accretion) on investments	885		21		906
Net change in unrealized appreciation (depreciation) on investments(1)	7,758		137		7,895
Sales of investments	—		(7,390)		(7,390)
Net realized gains (losses)	—		(5)		(5)
Balance as of December 31, 2024	$	799,660	$	14,204	$	813,864

(1) Represents the total amount of unrealized gains relating to the Company’s Level 3 assets held as of December 31, 2024.

Schedule of Unobservable Inputs and Valuation Techniques

The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value (amounts in thousands).

					Range
Asset Category	Fair Value		Primary Valuation Technique	Unobservable Inputs	Minimum	Maximum	Weighted Average
Senior Mortgage	$	106,885	Recent Transaction	n/a	n/a	n/a	n/a
Senior Mortgage	692,775		DCF Method	Discount Rate	2.65%	8.30%	3.46%
Mezzanine	6,602		Recent Transaction	n/a	n/a	n/a	n/a
Mezzanine	7,602		DCF Method	Discount Rate	6.75%	12.75%	8.78%
Total	$	813,864