CONSOLIDATED SCHEDULE OF INVESTMENTS - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
		Mar. 31, 2025		Dec. 31, 2024
Schedule of Investments [Line Items]
Amortized Cost		$ 1,108,079	[1],[2],[3],[4]	$ 834,884	[5],[6],[7],[8]
Fair Value		$ 1,117,329	[1],[2],[3],[4]	$ 842,856	[5],[6],[7],[8]
% of Net Assets		242.40%	[1],[2],[3],[4]	234.70%	[5],[6],[7],[8]
Qualifying Concentration Risk | Assets, Total | Qualifying Investment Assets
Schedule of Investments [Line Items]
Concentration risk		100.00%		100.00%
Senior Mortgage
Schedule of Investments [Line Items]
Amortized Cost		$ 1,054,685		$ 791,903
Fair Value		$ 1,063,590		$ 799,660
% of Net Assets		230.70%		222.70%
Hospitality, Senior Mortgage
Schedule of Investments [Line Items]
Amortized Cost		$ 164,362		$ 116,070
Fair Value		$ 165,729		$ 117,235
% of Net Assets		35.90%		32.70%
Industrial Senior Mortgage
Schedule of Investments [Line Items]
Amortized Cost		$ 90,577		$ 44,912
Fair Value		$ 91,533		$ 45,436
% of Net Assets		19.90%		12.60%
Mixed Use Senior Mortgage
Schedule of Investments [Line Items]
Amortized Cost		$ 43,023		$ 42,899
Fair Value		$ 43,315		$ 43,315
% of Net Assets		9.40%		12.10%
Multifamily, Senior Mortgage
Schedule of Investments [Line Items]
Amortized Cost		$ 741,296		$ 572,620
Fair Value		$ 747,483		$ 578,144
% of Net Assets		162.10%		161.00%
Self Storage, Senior Mortgage
Schedule of Investments [Line Items]
Amortized Cost		$ 15,427		$ 15,402
Fair Value		$ 15,530		$ 15,530
% of Net Assets		3.40%		4.30%
Mezzanine
Schedule of Investments [Line Items]
Amortized Cost		$ 24,469		$ 14,067
Fair Value		$ 24,819		$ 14,204
% of Net Assets		5.40%		3.90%
Hospitality Mezzanine
Schedule of Investments [Line Items]
Amortized Cost		$ 7,243		$ 1,036
Fair Value		$ 7,296		$ 1,046
% of Net Assets		1.60%		0.30%
Mixed Use, Mezzanine
Schedule of Investments [Line Items]
Amortized Cost		$ 5,518		$ 5,501
Fair Value		$ 5,555		$ 5,556
% of Net Assets		1.20%		1.50%
Multifamily, Mezzanine
Schedule of Investments [Line Items]
Amortized Cost		$ 11,708		$ 7,530
Fair Value		$ 11,968		$ 7,602
% of Net Assets		2.60%		2.10%
Real Estate Securities
Schedule of Investments [Line Items]
Amortized Cost		$ 28,925		$ 28,914
Fair Value		$ 28,920		$ 28,992
% of Net Assets		6.30%		8.10%
Hospitality, Real Estate Securities
Schedule of Investments [Line Items]
Amortized Cost		$ 15,079		$ 15,073
Fair Value		$ 15,027		$ 15,086
% of Net Assets		3.30%		4.20%
Industrials, Real Estate Securities
Schedule of Investments [Line Items]
Amortized Cost		$ 4,989		$ 4,988
Fair Value		$ 5,004		$ 5,016
% of Net Assets		1.10%		1.40%
Multifamily, Real Estate Securities
Schedule of Investments [Line Items]
Amortized Cost		$ 8,857		$ 8,853
Fair Value		$ 8,889		$ 8,890
% of Net Assets		1.90%		2.50%
Investment, Identifier [Axis]: 1915 WBP Owner, LLC, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate	[9],[10],[11],[12]	2.75%
Interest Rate	[9],[10],[11],[13]	7.07%
Par Amount	[9],[10],[11]	$ 10,099
Amortized Cost	[9],[10],[11]	9,989
Fair Value	[9],[10],[11]	$ 10,099
% of Net Assets	[9],[10],[11]	2.20%
Investment, Identifier [Axis]: 26 W 9th Street LLC, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate		5.25%	[9],[10],[11],[12]	5.25%	[14],[15],[16],[17]
Interest Rate		9.57%	[9],[10],[11],[13]	9.58%	[15],[16],[17],[18]
Par Amount		$ 17,715	[9],[10],[11]	$ 16,613	[15],[16],[17]
Amortized Cost		17,626	[9],[10],[11]	16,453	[15],[16],[17]
Fair Value		$ 17,715	[9],[10],[11]	$ 16,613	[15],[16],[17]
% of Net Assets		3.80%	[9],[10],[11]	4.60%	[15],[16],[17]
Investment, Identifier [Axis]: 26 W 9th Street LLC, Multifamily 1
Schedule of Investments [Line Items]
Spread Above Reference Rate	[14],[15],[16],[17]			12.75%
Interest Rate	[15],[16],[17],[18]			17.08%
Par Amount	[15],[16],[17]			$ 1,893
Amortized Cost	[15],[16],[17]			1,875
Fair Value	[15],[16],[17]			$ 1,893
% of Net Assets	[15],[16],[17]			0.50%
Investment, Identifier [Axis]: 26 W 9th Street LLC, Multifamily 1
Schedule of Investments [Line Items]
Spread Above Reference Rate	[9],[10],[11],[12]	12.75%
Interest Rate	[9],[10],[11],[13]	17.07%
Par Amount	[9],[10],[11]	$ 2,056
Amortized Cost	[9],[10],[11]	2,046
Fair Value	[9],[10],[11]	$ 2,056
% of Net Assets	[9],[10],[11]	0.40%
Investment, Identifier [Axis]: 50 West BSP Owner LLC, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate	[14],[15],[16],[17],[19]			2.95%
Interest Rate	[15],[16],[17],[18],[19]			7.28%
Par Amount	[15],[16],[17],[19]			$ 42,281
Amortized Cost	[15],[16],[17],[19]			41,855
Fair Value	[15],[16],[17],[19]			$ 42,281
% of Net Assets	[15],[16],[17],[19]			11.80%
Investment, Identifier [Axis]: 50 West BSP Owner LLC, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate	[9],[10],[11],[12],[20]	2.95%
Interest Rate	[9],[10],[11],[13],[20]	7.27%
Par Amount	[9],[10],[11],[20]	$ 42,693
Amortized Cost	[9],[10],[11],[20]	42,332
Fair Value	[9],[10],[11],[20]	$ 42,693
% of Net Assets	[9],[10],[11],[20]	9.30%
Investment, Identifier [Axis]: 50 West BSP Owner LLC, Multifamily 1
Schedule of Investments [Line Items]
Spread Above Reference Rate	[14],[15],[16],[17],[19]			8.23%
Interest Rate	[15],[16],[17],[18],[19]			12.56%
Par Amount	[15],[16],[17],[19]			$ 2,546
Amortized Cost	[15],[16],[17],[19]			2,520
Fair Value	[15],[16],[17],[19]			$ 2,546
% of Net Assets	[15],[16],[17],[19]			0.70%
Investment, Identifier [Axis]: 50 West BSP Owner LLC, Multifamily 1
Schedule of Investments [Line Items]
Spread Above Reference Rate	[9],[10],[11],[12],[20]	8.23%
Interest Rate	[9],[10],[11],[13],[20]	12.55%
Par Amount	[9],[10],[11],[20]	$ 2,571
Amortized Cost	[9],[10],[11],[20]	2,550
Fair Value	[9],[10],[11],[20]	$ 2,571
% of Net Assets	[9],[10],[11],[20]	0.60%
Investment, Identifier [Axis]: 6304 Sheriff Road LLC, Industrial
Schedule of Investments [Line Items]
Spread Above Reference Rate	[9],[10],[11],[12],[20]	3.65%
Interest Rate	[9],[10],[11],[13],[20]	7.97%
Par Amount	[9],[10],[11],[20]	$ 35,196
Amortized Cost	[9],[10],[11],[20]	34,833
Fair Value	[9],[10],[11],[20]	$ 35,196
% of Net Assets	[9],[10],[11],[20]	7.60%
Investment, Identifier [Axis]: 68 East Avenue Austin, LLC, Hospitality
Schedule of Investments [Line Items]
Spread Above Reference Rate		4.00%	[9],[11],[12],[20]	4.00%	[14],[15],[17],[19]
Interest Rate		8.32%	[9],[11],[13],[20]	8.33%	[15],[17],[18],[19]
Par Amount		$ 22,320	[9],[11],[20]	$ 22,320	[15],[17],[19]
Amortized Cost		22,165	[9],[11],[20]	22,129	[15],[17],[19]
Fair Value		$ 22,320	[9],[11],[20]	$ 22,320	[15],[17],[19]
% of Net Assets		4.80%	[9],[11],[20]	6.20%	[15],[17],[19]
Investment, Identifier [Axis]: ALP Delaware, LLC, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate		3.05%	[9],[11],[12],[21]	3.05%	[14],[15],[17],[22]
Interest Rate		7.37%	[9],[11],[13],[21]	7.38%	[15],[17],[18],[22]
Par Amount		$ 21,219	[9],[11],[21]	$ 21,219	[15],[17],[22]
Amortized Cost		21,081	[9],[11],[21]	21,047	[15],[17],[22]
Fair Value		$ 21,219	[9],[11],[21]	$ 21,219	[15],[17],[22]
% of Net Assets		4.60%	[9],[11],[21]	5.90%	[15],[17],[22]
Investment, Identifier [Axis]: AVR Eugene Hotel LLC, Hospitality
Schedule of Investments [Line Items]
Spread Above Reference Rate		4.50%	[9],[10],[11],[12]	4.50%	[14],[15],[16],[17]
Interest Rate		8.82%	[9],[10],[11],[13]	8.83%	[15],[16],[17],[18]
Par Amount		$ 12,235	[9],[10],[11]	$ 8,969	[15],[16],[17]
Amortized Cost		12,153	[9],[10],[11]	8,868	[15],[16],[17]
Fair Value		$ 12,235	[9],[10],[11]	$ 8,969	[15],[16],[17]
% of Net Assets		2.70%	[9],[10],[11]	2.50%	[15],[16],[17]
Investment, Identifier [Axis]: AWH Dallas PC Hotel, LP, Hospitality
Schedule of Investments [Line Items]
Spread Above Reference Rate		10.51%	[9],[11],[12]	10.51%	[14],[15],[16],[17]
Interest Rate		14.83%	[9],[11],[13]	14.84%	[15],[16],[17],[18]
Par Amount		$ 1,046	[9],[11]	$ 1,046	[15],[16],[17]
Amortized Cost		1,037	[9],[11]	1,036	[15],[16],[17]
Fair Value		$ 1,046	[9],[11]	$ 1,046	[15],[16],[17]
% of Net Assets		0.20%	[9],[11]	0.30%	[15],[16],[17]
Investment, Identifier [Axis]: AWH Dallas PC Hotel, LP, Hospitality
Schedule of Investments [Line Items]
Spread Above Reference Rate		3.25%	[9],[11],[12],[20]	3.25%	[14],[15],[17]
Interest Rate		7.57%	[9],[11],[13],[20]	7.58%	[15],[17],[18]
Par Amount		$ 10,641	[9],[11],[20]	$ 10,641	[15],[17]
Amortized Cost		10,550	[9],[11],[20]	10,534	[15],[17]
Fair Value		$ 10,641	[9],[11],[20]	$ 10,641	[15],[17]
% of Net Assets		2.30%	[9],[11],[20]	3.00%	[15],[17]
Investment, Identifier [Axis]: Admiral's Cove Holdings LLC, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate	[14],[15],[17],[23]			2.75%
Interest Rate	[15],[17],[18],[23]			7.08%
Par Amount	[15],[17],[23]			$ 46,837
Amortized Cost	[15],[17],[23]			46,449
Fair Value	[15],[17],[23]			$ 46,837
% of Net Assets	[15],[17],[23]			13.10%
Investment, Identifier [Axis]: Admiral's Cove Holdings LLC, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate	[9],[11],[12],[24]	2.75%
Interest Rate	[9],[11],[13],[24]	7.07%
Par Amount	[9],[11],[24]	$ 46,837
Amortized Cost	[9],[11],[24]	46,522
Fair Value	[9],[11],[24]	$ 46,837
% of Net Assets	[9],[11],[24]	10.10%
Investment, Identifier [Axis]: Admiral's Cove Holdings Mezz LLC, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate	[9],[11],[12],[24]	6.75%
Interest Rate	[9],[11],[13],[24]	11.07%
Par Amount	[9],[11],[24]	$ 3,163
Amortized Cost	[9],[11],[24]	3,141
Fair Value	[9],[11],[24]	$ 3,163
% of Net Assets	[9],[11],[24]	0.70%
Investment, Identifier [Axis]: Admiral's Cove Holdings Mezz LLC, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate	[14],[15],[17],[23]			6.75%
Interest Rate	[15],[17],[18],[23]			11.08%
Par Amount	[15],[17],[23]			$ 3,163
Amortized Cost	[15],[17],[23]			3,135
Fair Value	[15],[17],[23]			$ 3,163
% of Net Assets	[15],[17],[23]			0.90%
Investment, Identifier [Axis]: Augusta Flats 2024 LP, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate		2.95%	[9],[11],[12],[20]	2.95%	[14],[15],[17],[19]
Interest Rate		7.27%	[9],[11],[13],[20]	7.28%	[15],[17],[18],[19]
Par Amount		$ 15,077	[9],[11],[20]	$ 15,077	[15],[17],[19]
Amortized Cost		14,947	[9],[11],[20]	14,930	[15],[17],[19]
Fair Value		$ 15,077	[9],[11],[20]	$ 15,077	[15],[17],[19]
% of Net Assets		3.30%	[9],[11],[20]	4.20%	[15],[17],[19]
Investment, Identifier [Axis]: BX 2024-SLCT D, Hospitality
Schedule of Investments [Line Items]
Spread Above Reference Rate		2.94%	[9],[12],[25]	2.94%	[14],[15],[26]
Interest Rate		7.26%	[9],[13],[25]	7.27%	[15],[18],[26]
Par Amount		$ 15,111	[9],[25]	$ 15,111	[15],[26]
Amortized Cost		15,079	[9],[25]	15,073	[15],[26]
Fair Value		$ 15,027	[9],[25]	$ 15,086	[15],[26]
% of Net Assets		3.30%	[9],[25]	4.20%	[15],[26]
Investment, Identifier [Axis]: Blue Suede Hospitality Group, Hospitality
Schedule of Investments [Line Items]
Spread Above Reference Rate		4.40%	[9],[10],[11],[12],[20]	4.40%	[14],[15],[16],[17],[19]
Interest Rate		8.72%	[9],[10],[11],[13],[20]	8.73%	[15],[16],[17],[18],[19]
Par Amount		$ 18,336	[9],[10],[11],[20]	$ 18,336	[15],[16],[17],[19]
Amortized Cost		18,201	[9],[10],[11],[20]	18,169	[15],[16],[17],[19]
Fair Value		$ 18,336	[9],[10],[11],[20]	$ 18,336	[15],[16],[17],[19]
% of Net Assets		4.00%	[9],[10],[11],[20]	5.10%	[15],[16],[17],[19]
Investment, Identifier [Axis]: Bristol LLC, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate	[9],[11],[12]	3.00%
Interest Rate	[9],[11],[13]	7.32%
Par Amount	[9],[11]	$ 30,412
Amortized Cost	[9],[11]	30,111
Fair Value	[9],[11]	$ 30,412
% of Net Assets	[9],[11]	6.60%
Investment, Identifier [Axis]: CRP/RPM LYV Broadway GP, LLC, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate		2.80%	[9],[11],[12],[24]	2.80%	[14],[15],[17],[23]
Interest Rate		7.12%	[9],[11],[13],[24]	7.13%	[15],[17],[18],[23]
Par Amount		$ 44,250	[9],[11],[24]	$ 44,250	[15],[17],[23]
Amortized Cost		43,992	[9],[11],[24]	43,950	[15],[17],[23]
Fair Value		$ 44,250	[9],[11],[24]	$ 44,250	[15],[17],[23]
% of Net Assets		9.60%	[9],[11],[24]	12.30%	[15],[17],[23]
Investment, Identifier [Axis]: CS Harvey, LTD, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate	[9],[11],[12],[24]	2.90%
Interest Rate	[9],[11],[13],[24]	7.22%
Par Amount	[9],[11],[24]	$ 35,200
Amortized Cost	[9],[11],[24]	34,935
Fair Value	[9],[11],[24]	$ 35,200
% of Net Assets	[9],[11],[24]	7.60%
Investment, Identifier [Axis]: CS Harvey, LTD., Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate	[14],[15],[17],[23]			2.90%
Interest Rate	[15],[17],[18],[23]			7.23%
Par Amount	[15],[17],[23]			$ 35,200
Amortized Cost	[15],[17],[23]			34,881
Fair Value	[15],[17],[23]			$ 35,200
% of Net Assets	[15],[17],[23]			9.80%
Investment, Identifier [Axis]: Caledon Owner, LLC, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate		3.25%	[9],[11],[12],[20]	3.25%	[14],[15],[17]
Interest Rate		7.57%	[9],[11],[13],[20]	7.58%	[15],[17],[18]
Par Amount		$ 13,641	[9],[11],[20]	$ 13,641	[15],[17]
Amortized Cost		13,519	[9],[11],[20]	13,505	[15],[17]
Fair Value		$ 13,641	[9],[11],[20]	$ 13,641	[15],[17]
% of Net Assets		3.00%	[9],[11],[20]	3.80%	[15],[17]
Investment, Identifier [Axis]: Canal Properties LLC, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate		3.75%	[9],[11],[12],[20]	3.75%	[14],[15],[17],[19]
Interest Rate		8.07%	[9],[11],[13],[20]	8.08%	[15],[17],[18],[19]
Par Amount		$ 12,205	[9],[11],[20]	$ 12,205	[15],[17],[19]
Amortized Cost		12,106	[9],[11],[20]	12,088	[15],[17],[19]
Fair Value		$ 12,205	[9],[11],[20]	$ 12,205	[15],[17],[19]
% of Net Assets		2.60%	[9],[11],[20]	3.40%	[15],[17],[19]
Investment, Identifier [Axis]: Creekside Logistics Center Owner, LLC, Industrial
Schedule of Investments [Line Items]
Spread Above Reference Rate	[9],[10],[11],[12],[20]	3.65%
Interest Rate	[9],[10],[11],[13],[20]	7.97%
Par Amount	[9],[10],[11],[20]	$ 9,919
Amortized Cost	[9],[10],[11],[20]	9,775
Fair Value	[9],[10],[11],[20]	$ 9,919
% of Net Assets	[9],[10],[11],[20]	2.20%
Investment, Identifier [Axis]: DBGS 2024-SBL D, Industrial
Schedule of Investments [Line Items]
Spread Above Reference Rate		3.54%	[9],[12],[27]	3.54%	[14],[15],[28]
Interest Rate		7.86%	[9],[13],[27]	7.87%	[15],[18],[28]
Par Amount		$ 5,000	[9],[27]	$ 5,000	[15],[28]
Amortized Cost		4,989	[9],[27]	4,988	[15],[28]
Fair Value		$ 5,004	[9],[27]	$ 5,016	[15],[28]
% of Net Assets		1.10%	[9],[27]	1.40%	[15],[28]
Investment, Identifier [Axis]: DK LDOI IV Aggregate Holdco LP, Hospitality
Schedule of Investments [Line Items]
Spread Above Reference Rate		4.03%	[9],[11],[12],[20]	4.03%	[14],[15],[17],[19]
Interest Rate		8.35%	[9],[11],[13],[20]	8.36%	[15],[17],[18],[19]
Par Amount		$ 36,927	[9],[11],[20]	$ 41,900	[15],[17],[19]
Amortized Cost		36,589	[9],[11],[20]	41,521	[15],[17],[19]
Fair Value		$ 36,927	[9],[11],[20]	$ 41,900	[15],[17],[19]
% of Net Assets		8.00%	[9],[11],[20]	11.70%	[15],[17],[19]
Investment, Identifier [Axis]: EPH 51, LLC, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate	[9],[11],[12],[20]	3.15%
Interest Rate	[9],[11],[13],[20]	7.47%
Par Amount	[9],[11],[20]	$ 30,000
Amortized Cost	[9],[11],[20]	29,738
Fair Value	[9],[11],[20]	$ 30,000
% of Net Assets	[9],[11],[20]	6.50%
Investment, Identifier [Axis]: GDC White Plains Fee LLC, Mixed Use
Schedule of Investments [Line Items]
Spread Above Reference Rate		5.35%	[9],[11],[12],[20]	5.35%	[14],[15],[17]
Interest Rate		9.67%	[9],[11],[13],[20]	9.68%	[15],[17],[18]
Par Amount		$ 43,315	[9],[11],[20]	$ 43,315	[15],[17]
Amortized Cost		43,023	[9],[11],[20]	42,899	[15],[17]
Fair Value		$ 43,315	[9],[11],[20]	$ 43,315	[15],[17]
% of Net Assets		9.40%	[9],[11],[20]	12.10%	[15],[17]
Investment, Identifier [Axis]: GDC White Plains SPE LLC, Mixed Use
Schedule of Investments [Line Items]
Interest Rate	[15],[17],[18]			16.00%
Par Amount	[15],[17]			$ 5,556
Amortized Cost	[15],[17]			5,501
Fair Value	[15],[17]			$ 5,556
% of Net Assets	[15],[17]			1.50%
Investment, Identifier [Axis]: GDC White Plains SPE LLC, Mixed Use
Schedule of Investments [Line Items]
Interest Rate	[9],[11],[13],[20]	16.00%
Par Amount	[9],[11],[20]	$ 5,556
Amortized Cost	[9],[11],[20]	5,518
Fair Value	[9],[11],[20]	$ 5,555
% of Net Assets	[9],[11],[20]	1.20%
Investment, Identifier [Axis]: GVP TC Wilmer Property Owner, LLC, Industrial
Schedule of Investments [Line Items]
Spread Above Reference Rate		3.75%	[9],[10],[11],[12],[20]	3.75%	[14],[15],[16],[17],[19]
Interest Rate		8.07%	[9],[10],[11],[13],[20]	8.08%	[15],[16],[17],[18],[19]
Par Amount		$ 38,059	[9],[10],[11],[20]	$ 37,077	[15],[16],[17],[19]
Amortized Cost		37,684	[9],[10],[11],[20]	36,640	[15],[16],[17],[19]
Fair Value		$ 38,059	[9],[10],[11],[20]	$ 37,077	[15],[16],[17],[19]
% of Net Assets		8.30%	[9],[10],[11],[20]	10.30%	[15],[16],[17],[19]
Investment, Identifier [Axis]: Gainsville Properties III, LLC, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate		3.50%	[9],[11],[12],[20]	3.50%	[14],[15],[17]
Interest Rate		7.82%	[9],[11],[13],[20]	7.83%	[15],[17],[18]
Par Amount		$ 20,192	[9],[11],[20]	$ 20,192	[15],[17]
Amortized Cost		20,023	[9],[11],[20]	19,992	[15],[17]
Fair Value		$ 20,192	[9],[11],[20]	$ 20,192	[15],[17]
% of Net Assets		4.40%	[9],[11],[20]	5.60%	[15],[17]
Investment, Identifier [Axis]: Grand Cypress Apartments, LLC, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate		2.75%	[9],[10],[11],[12],[24]	2.75%	[14],[15],[16],[17],[23]
Interest Rate		7.07%	[9],[10],[11],[13],[24]	7.08%	[15],[16],[17],[18],[23]
Par Amount		$ 49,228	[9],[10],[11],[24]	$ 48,484	[15],[16],[17],[23]
Amortized Cost		48,926	[9],[10],[11],[24]	48,139	[15],[16],[17],[23]
Fair Value		$ 49,228	[9],[10],[11],[24]	$ 48,484	[15],[16],[17],[23]
% of Net Assets		10.60%	[9],[10],[11],[24]	13.50%	[15],[16],[17],[23]
Investment, Identifier [Axis]: Hallandale Oasis 2019 LLC, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate		8.30%	[9],[10],[11],[12]	8.30%	[14],[15],[16],[17]
Interest Rate		12.62%	[9],[10],[11],[13]	12.63%	[15],[16],[17],[18]
Par Amount		$ 8,637	[9],[10],[11]	$ 6,388	[15],[16],[17]
Amortized Cost		8,482	[9],[10],[11]	6,200	[15],[16],[17]
Fair Value		$ 8,637	[9],[10],[11]	$ 6,388	[15],[16],[17]
% of Net Assets		1.90%	[9],[10],[11]	1.80%	[15],[16],[17]
Investment, Identifier [Axis]: Haven at the Gulch, LLC, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate	[9],[11],[12],[20]	2.90%
Interest Rate	[9],[11],[13],[20]	7.22%
Par Amount	[9],[11],[20]	$ 22,548
Amortized Cost	[9],[11],[20]	22,336
Fair Value	[9],[11],[20]	$ 22,548
% of Net Assets	[9],[11],[20]	4.90%
Investment, Identifier [Axis]: INTEGRA MYST FLORIDA CAPITAL LP, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate	[9],[11],[12],[24]	7.18%
Interest Rate	[9],[11],[13],[24]	11.50%
Par Amount	[9],[11],[24]	$ 1,838
Amortized Cost	[9],[11],[24]	1,819
Fair Value	[9],[11],[24]	$ 1,838
% of Net Assets	[9],[11],[24]	0.40%
Investment, Identifier [Axis]: INTEGRA MYST LIMITED PARTNERSHIP, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate	[9],[11],[12],[24]	3.21%
Interest Rate	[9],[11],[13],[24]	7.53%
Par Amount	[9],[11],[24]	$ 23,429
Amortized Cost	[9],[11],[24]	23,199
Fair Value	[9],[11],[24]	$ 23,429
% of Net Assets	[9],[11],[24]	5.10%
Investment, Identifier [Axis]: Insite Orlando Two, LLC, Hospitality
Schedule of Investments [Line Items]
Spread Above Reference Rate		4.75%	[9],[10],[11],[12],[24]	4.75%	[14],[15],[17],[23]
Interest Rate		9.07%	[9],[10],[11],[13],[24]	9.08%	[15],[17],[18],[23]
Par Amount		$ 15,270	[9],[10],[11],[24]	$ 15,069	[15],[17],[23]
Amortized Cost		15,074	[9],[10],[11],[24]	14,849	[15],[17],[23]
Fair Value		$ 15,270	[9],[10],[11],[24]	$ 15,069	[15],[17],[23]
% of Net Assets		3.30%	[9],[10],[11],[24]	4.20%	[15],[17],[23]
Investment, Identifier [Axis]: NYC 2024-3ELV C, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate		2.84%	[9],[12],[27]	2.84%	[14],[15],[28]
Interest Rate		7.16%	[9],[13],[27]	7.17%	[15],[18],[28]
Par Amount		$ 8,875	[9],[27]	$ 8,875	[15],[28]
Amortized Cost		8,857	[9],[27]	8,853	[15],[28]
Fair Value		$ 8,889	[9],[27]	$ 8,890	[15],[28]
% of Net Assets		1.90%	[9],[27]	2.50%	[15],[28]
Investment, Identifier [Axis]: Olymbec Viscount LLC, Industrial
Schedule of Investments [Line Items]
Spread Above Reference Rate		3.50%	[9],[10],[11],[12],[24]	3.50%	[14],[15],[16],[17]
Interest Rate		7.82%	[9],[10],[11],[13],[24]	7.83%	[15],[16],[17],[18]
Par Amount		$ 8,359	[9],[10],[11],[24]	$ 8,359	[15],[16],[17]
Amortized Cost		8,285	[9],[10],[11],[24]	8,272	[15],[16],[17]
Fair Value		$ 8,359	[9],[10],[11],[24]	$ 8,359	[15],[16],[17]
% of Net Assets		1.80%	[9],[10],[11],[24]	2.30%	[15],[16],[17]
Investment, Identifier [Axis]: PRE Mirage Propco, LLC, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate	[9],[11],[12],[24]	3.25%
Interest Rate	[9],[11],[13],[24]	7.57%
Par Amount	[9],[11],[24]	$ 13,820
Amortized Cost	[9],[11],[24]	13,701
Fair Value	[9],[11],[24]	$ 13,820
% of Net Assets	[9],[11],[24]	3.00%
Investment, Identifier [Axis]: PREF Montabella PropCo, LLC & PREF Dominion PropCo, LLC, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate	[9],[11],[12],[24]	4.00%
Interest Rate	[9],[11],[13],[24]	8.32%
Par Amount	[9],[11],[24]	$ 10,411
Amortized Cost	[9],[11],[24]	10,322
Fair Value	[9],[11],[24]	$ 10,411
% of Net Assets	[9],[11],[24]	2.30%
Investment, Identifier [Axis]: Paraiso 256, LLC, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate		2.75%	[9],[10],[11],[12],[24]	2.75%	[14],[15],[16],[17],[23]
Interest Rate		7.07%	[9],[10],[11],[13],[24]	7.08%	[15],[16],[17],[18],[23]
Par Amount		$ 28,645	[9],[10],[11],[24]	$ 27,011	[15],[16],[17],[23]
Amortized Cost		28,461	[9],[10],[11],[24]	26,801	[15],[16],[17],[23]
Fair Value		$ 28,645	[9],[10],[11],[24]	$ 27,011	[15],[16],[17],[23]
% of Net Assets		6.20%	[9],[10],[11],[24]	7.50%	[15],[16],[17],[23]
Investment, Identifier [Axis]: Pines at Woodcreek Leasehold LLC, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate	[9],[11],[12],[24]	3.50%
Interest Rate	[9],[11],[13],[24]	7.82%
Par Amount	[9],[11],[24]	$ 13,845
Amortized Cost	[9],[11],[24]	13,709
Fair Value	[9],[11],[24]	$ 13,845
% of Net Assets	[9],[11],[24]	3.00%
Investment, Identifier [Axis]: Racetrack Properties I, LLC, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate		2.95%	[9],[11],[12],[20]	2.95%	[14],[17],[19]
Interest Rate		7.27%	[9],[11],[13],[20]	7.28%	[17],[18],[19]
Par Amount		$ 44,300	[9],[11],[20]	$ 44,300	[17],[19]
Amortized Cost		43,967	[9],[11],[20]	43,898	[17],[19]
Fair Value		$ 44,300	[9],[11],[20]	$ 44,300	[17],[19]
% of Net Assets		9.60%	[9],[11],[20]	12.30%	[17],[19]
Investment, Identifier [Axis]: Rise Bridgeview, LLC, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate		3.25%	[9],[10],[11],[12],[24]	3.25%	[14],[15],[16],[17]
Interest Rate		7.57%	[9],[10],[11],[13],[24]	7.58%	[15],[16],[17],[18]
Par Amount		$ 10,737	[9],[10],[11],[24]	$ 10,737	[15],[16],[17]
Amortized Cost		10,622	[9],[10],[11],[24]	10,609	[15],[16],[17]
Fair Value		$ 10,737	[9],[10],[11],[24]	$ 10,737	[15],[16],[17]
% of Net Assets		2.30%	[9],[10],[11],[24]	3.00%	[15],[16],[17]
Investment, Identifier [Axis]: Rise Stone Gate, LLC & Artic Investments, LLC, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate	[9],[10],[11],[12],[24]	3.25%
Interest Rate	[9],[10],[11],[13],[24]	7.57%
Par Amount	[9],[10],[11],[24]	$ 7,585
Amortized Cost	[9],[10],[11],[24]	7,496
Fair Value	[9],[10],[11],[24]	$ 7,585
% of Net Assets	[9],[10],[11],[24]	1.60%
Investment, Identifier [Axis]: S2 Pleasantdale LLC, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate		2.75%	[9],[10],[11],[12],[20]	2.75%	[14],[15],[16],[17],[19]
Interest Rate		7.07%	[9],[10],[11],[13],[20]	7.08%	[15],[16],[17],[18],[19]
Par Amount		$ 18,786	[9],[10],[11],[20]	$ 18,078	[15],[16],[17],[19]
Amortized Cost		18,589	[9],[10],[11],[20]	17,858	[15],[16],[17],[19]
Fair Value		$ 18,786	[9],[10],[11],[20]	$ 18,078	[15],[16],[17],[19]
% of Net Assets		4.10%	[9],[10],[11],[20]	5.00%	[15],[16],[17],[19]
Investment, Identifier [Axis]: SL 418, LLC, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate		2.75%	[9],[10],[11],[12],[24]	2.75%	[14],[15],[16],[17],[23]
Interest Rate		7.07%	[9],[10],[11],[13],[24]	7.08%	[15],[16],[17],[18],[23]
Par Amount		$ 47,981	[9],[10],[11],[24]	$ 47,797	[15],[16],[17],[23]
Amortized Cost		47,690	[9],[10],[11],[24]	47,461	[15],[16],[17],[23]
Fair Value		$ 47,981	[9],[10],[11],[24]	$ 47,797	[15],[16],[17],[23]
% of Net Assets		10.40%	[9],[10],[11],[24]	13.30%	[15],[16],[17],[23]
Investment, Identifier [Axis]: Silver Star Delray, LLC, Self Storage
Schedule of Investments [Line Items]
Spread Above Reference Rate		3.50%	[9],[11],[12],[24]	3.50%	[14],[15],[17],[23]
Interest Rate		7.82%	[9],[11],[13],[24]	7.83%	[15],[17],[18],[23]
Par Amount		$ 15,530	[9],[11],[24]	$ 15,530	[15],[17],[23]
Amortized Cost		15,427	[9],[11],[24]	15,402	[15],[17],[23]
Fair Value		$ 15,530	[9],[11],[24]	$ 15,530	[15],[17],[23]
% of Net Assets		3.40%	[9],[11],[24]	4.30%	[15],[17],[23]
Investment, Identifier [Axis]: Smart Living Texas City MM, LLC, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate		3.80%	[9],[11],[12],[24]	3.80%	[14],[15],[17],[23]
Interest Rate		8.12%	[9],[11],[13],[24]	8.13%	[15],[17],[18],[23]
Par Amount		$ 14,200	[9],[11],[24]	$ 14,200	[15],[17],[23]
Amortized Cost		14,160	[9],[11],[24]	14,120	[15],[17],[23]
Fair Value		$ 14,200	[9],[11],[24]	$ 14,200	[15],[17],[23]
% of Net Assets		3.10%	[9],[11],[24]	4.00%	[15],[17],[23]
Investment, Identifier [Axis]: VCP Kennesaw, LLC, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate		2.95%	[9],[11],[12],[20]	2.95%	[14],[15],[17],[19]
Interest Rate		7.27%	[9],[11],[13],[20]	7.28%	[15],[17],[18],[19]
Par Amount		$ 47,227	[9],[11],[20]	$ 47,227	[15],[17],[19]
Amortized Cost		46,856	[9],[11],[20]	46,784	[15],[17],[19]
Fair Value		$ 47,227	[9],[11],[20]	$ 47,227	[15],[17],[19]
% of Net Assets		10.20%	[9],[11],[20]	13.20%	[15],[17],[19]
Investment, Identifier [Axis]: VCP Manager LLC, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate		3.10%	[9],[11],[12],[20]	3.10%	[14],[15],[17],[19]
Interest Rate		7.42%	[9],[11],[13],[20]	7.43%	[15],[17],[18],[19]
Par Amount		$ 29,380	[9],[11],[20]	$ 29,380	[15],[17],[19]
Amortized Cost		29,162	[9],[11],[20]	29,117	[15],[17],[19]
Fair Value		$ 29,380	[9],[11],[20]	$ 29,380	[15],[17],[19]
% of Net Assets		6.40%	[9],[11],[20]	8.20%	[15],[17],[19]
Investment, Identifier [Axis]: WHK Waterfront Urban Renewal LLC, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate		5.50%	[9],[10],[11],[12]	5.50%	[14],[15],[16],[17]
Interest Rate		9.82%	[9],[10],[11],[13]	9.83%	[15],[16],[17],[18]
Par Amount		$ 3,504	[9],[10],[11]	$ 3,347	[15],[16],[17]
Amortized Cost		3,127	[9],[10],[11]	2,928	[15],[16],[17]
Fair Value		$ 3,504	[9],[10],[11]	$ 3,347	[15],[16],[17]
% of Net Assets		0.80%	[9],[10],[11]	0.90%	[15],[16],[17]
Investment, Identifier [Axis]: WHK Waterfront Urban Renewal LLC, Multifamily 1
Schedule of Investments [Line Items]
Spread Above Reference Rate	[9],[10],[11],[12]	11.90%
Interest Rate	[9],[10],[11],[13]	16.22%
Par Amount	[9],[10],[11]	$ 2,340
Amortized Cost	[9],[10],[11]	2,152
Fair Value	[9],[10],[11]	$ 2,340
% of Net Assets	[9],[10],[11]	0.50%
Investment, Identifier [Axis]: West 63 Empire Associates LLC (Mezz), Hospitality
Schedule of Investments [Line Items]
Spread Above Reference Rate	[9],[11],[12],[20]	11.00%
Interest Rate	[9],[11],[13],[20]	15.32%
Par Amount	[9],[11],[20]	$ 6,250
Amortized Cost	[9],[11],[20]	6,206
Fair Value	[9],[11],[20]	$ 6,250
% of Net Assets	[9],[11],[20]	1.40%
Investment, Identifier [Axis]: West 63 Empire Associates LLC (Senior), Hospitality
Schedule of Investments [Line Items]
Spread Above Reference Rate	[9],[11],[12],[20]	3.41%
Interest Rate	[9],[11],[13],[20]	7.73%
Par Amount	[9],[11],[20]	$ 50,000
Amortized Cost	[9],[11],[20]	49,630
Fair Value	[9],[11],[20]	$ 50,000
% of Net Assets	[9],[11],[20]	10.80%
Investment, Identifier [Axis]: Woodbine MF TIC 1 LLC, Multifamily
Schedule of Investments [Line Items]
Spread Above Reference Rate		2.75%	[9],[11],[12],[20]	2.75%	[14],[15],[17],[19]
Interest Rate		7.07%	[9],[11],[13],[20]	7.08%	[15],[17],[18],[19]
Par Amount		$ 13,680	[9],[11],[20]	$ 13,680	[15],[17],[19]
Amortized Cost		13,570	[9],[11],[20]	13,555	[15],[17],[19]
Fair Value		$ 13,680	[9],[11],[20]	$ 13,680	[15],[17],[19]
% of Net Assets		3.00%	[9],[11],[20]	3.80%	[15],[17],[19]

[1] All debt investments are income-producing, unless otherwise noted.

[2] All investments are U.S. domiciled.

[3] All of the Company's investments, except the investments noted by this footnote, are qualifying assets under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of March 31, 2025, qualifying assets represent 100.0% of the Company's total assets.

[4] All of the Company’s investments are Non-Control/Non-Affiliate investments. Non-Control/Non-Affiliate investments as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 25.0%/5.0% of the issued and outstanding voting securities.

[5] All of the Company’s investments are Non-Control/Non-Affiliate investments. Non-Control/Non-Affiliate investments as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 25.0%/5.0% of the issued and outstanding voting securities.

[6] All debt investments are income-producing, unless otherwise noted.

[7] All investments are U.S. domiciled.

[8] All of the Company's investments, except the investments noted by this footnote, are qualifying assets under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2024, qualifying assets represent 100.0% of the Company's total assets.

[9] Represents co-investments made with the Company’s affiliates. Refer to Note 3 - Related Party Transactions.

[10] The Company’s investment or a portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. Refer to Note 7 - Commitments and Contingencies.

[11] The fair value of investments with respect to securities for which market quotations are not readily available is determined in good faith by the Company's Board (as defined below) as required by the Investment Company Act of 1940, as amended (the “1940 Act”). Such investments are valued using significant unobservable inputs. Refer to Note 5 - Fair Value Measurement.

[12] The investments herein bear interest at rates that may be determined by reference to Secured Overnight Financing Rate (“SOFR”), which typically resets monthly or quarterly. For each such investment, the Company has provided the spread over SOFR and the current contractual interest rate in effect at March 31, 2025. As of March 31, 2025, rates for 1M SOFR, 3M SOFR, 6M SOFR, 12M SOFR are 4.32%, 4.29%, 4.19%, and 4.01%, respectively. Certain investments are subject to a SOFR floor.

[13] Interest rates on investments are annualized.

[14] The investments herein bear interest at rates that may be determined by reference to Secured Overnight Financing Rate (“SOFR”), which typically resets monthly or quarterly. For each such investment, the Company has provided the spread over SOFR and the current contractual interest rate in effect at December 31, 2024. As of December 31, 2024, rates for 1M SOFR, 3M SOFR, 6M SOFR, 12M SOFR are 4.33%, 4.31%, 4.25%, and 4.18%, respectively. Certain investments are subject to a SOFR floor.

[15] Represents co-investments made with the Company’s affiliates. Refer to Note 3 - Related Party Transactions.

[16] The Company’s investment or a portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. Refer to Note 7 - Commitments and Contingencies.

[17] The fair value of investments with respect to securities for which market quotations are not readily available is determined in good faith by the Company's Board (as defined below) as required by the Investment Company Act of 1940, as amended (the “1940 Act”). Such investments are valued using significant unobservable inputs. Refer to Note 5 - Fair Value Measurement.

[18] Interest rates on investments are annualized.

[19] The Company’s investment or a portion thereof is pledged as collateral under the JPM Credit Facility (as defined in Note 6).

[20] The Company’s investment or a portion thereof is pledged as collateral under the JPM Credit Facility (as defined in Note 6).

[21] The Company’s investment or a portion thereof is pledged as collateral under the Webster Warehouse Facility (as defined in Note 6.)

[22] The Company’s investment or a portion thereof is pledged as collateral under the Webster Warehouse Facility (as defined in Note 6.)

[23] The Company’s investment or a portion thereof is pledged as collateral under the Barclay’s Warehouse Facility (as defined in Note 6).

[24] The Company’s investment or a portion thereof is pledged as collateral under the Barclay’s Warehouse Facility (as defined in Note 6).

[25] The Company’s investment or a portion thereof is pledged as collateral under the Barclay’s Repo Facility (as defined in Note 6).

[26] The Company’s investment or a portion thereof is pledged as collateral under the Barclay’s Repo Facility (as defined in Note 6)

[27] The Company’s investment or a portion thereof is pledged as collateral under the JPM Repo Facility (as defined in Note 6).

[28] The Company’s investment or a portion thereof is pledged as collateral under the JPM Repo Facility (as defined in Note 6).