SEGMENT REPORTING

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

SEGMENT REPORTING

SEGMENT REPORTING

Operating segments are defined as components of a business that can earn revenues and incur expenses for which discrete financial information is available that is evaluated on a regular basis by the chief operating decision maker ("CODM"). The Company's CODM is its Chief Executive Officer, who decides how to allocate resources and assess performance. A single management team reports to the CODM, who manages the entire business. The Company has determined it operates as a single reportable segment that derives revenues primarily from investing in private real estate credit investments.

The Company's CODM reviews, among other things, the net increase in net assets resulting from operations that is reported on the consolidated statement of operations to make decisions, allocate resources and assess performance and does not evaluate the net increase in net assets resulting from operations from any separate geography or product line. The measure of segment assets is reported on the consolidated statement of assets and liabilities as total consolidated assets.