CONSOLIDATED STATEMENT OF CASH FLOWS $ in Thousands	10 Months Ended
	Dec. 31, 2024 USD ($)
Operating activities:
Net increase (decrease) in net assets from operations	$ 22,060
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Origination of loans	(821,341)
Loan origination fees collected	8,883
Net (accretion) on investments	(906)
Purchases of real estate securities	(50,111)
Discounts on real estate securities	125
Proceeds from sales of real estate securities and loans	28,486
Amortization of deferred financing fees	202
Net realized (gain) loss on sale of real estate securities and loans	(42)
Net change in unrealized (appreciation) depreciation on investments	(7,972)
(Increase) decrease in operating assets:
Interest and fees receivable	(3,297)
Increase (decrease) in operating liabilities:
Accrued administration fee	562
Interest payable	1,356
Other payable	994
Net cash provided by (used in) operating activities	(821,001)
Financing activities:
Payments of financing costs	(1,711)
Proceeds from borrowings on repurchase agreements	610,609
Paydowns on repurchase agreements	(109,409)
Proceeds from issuance of common shares	350,001
Net cash provided by (used in) financing activities	849,490
Net increase (decrease) in cash	28,489
Cash, beginning of period	0
Cash, end of period	28,489
Supplemental disclosures of non - cash flow information:
Distributions declared but not paid	$ 13,220