CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2025
Operating activities:
Net increase (decrease) in net assets from operations	$ (396)	$ 14,178
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Origination of loans	0	(279,517)
Loan origination fees collected	0	2,970
Net (accretion) on investments	0	(1,621)
Proceeds from sales of real estate securities and loans	0	4,973
Amortization of deferred financing fees	0	235
Net change in unrealized (appreciation) depreciation on investments	0	(1,278)
(Increase) decrease in operating assets:
Interest and fees receivable	0	(1,249)
Due from advisor	0	(278)
Increase (decrease) in operating liabilities:
Accrued administration fee	0	490
Accrued organizational costs	396	0
Interest payable	0	377
Other payable	0	(283)
Net cash provided by (used in) operating activities	0	(261,003)
Financing activities:
Payments of financing costs	0	(995)
Proceeds from borrowings on repurchase agreements	0	175,295
Paydowns on repurchase agreements	0	(2,988)
Proceeds from issuance of common shares	0	100,000
Proceeds from issuance of Series A preferred shares	0	125
Series A preferred shares offering costs	0	(14)
Common shareholder distributions	0	(25,220)
Net cash provided by (used in) financing activities	0	246,203
Net increase (decrease) in cash	0	(14,800)
Cash, beginning of period	0	28,489
Cash, end of period	$ 0	$ 13,689