SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2026

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the date of issuance of the consolidated financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the consolidated financial statements as of March 31, 2026, except as discussed below.

April Subscriptions and Distribution Declaration

The Company received $40.0 million of net proceeds relating to the issuance of Common Shares for subscriptions effective April 1, 2026.

On April 30, 2026, the Company's Board declared net distributions of $0.1850 per Common Share, which is payable on or about May 27, 2026, to shareholders of record as of April 30, 2026.

May Subscriptions

The Company received $10.0 million of net proceeds relating to the issuance of the Common Shares for subscriptions effective May 1, 2026.

Revolving Credit Agreement

On April 23, 2026, the Company and BREC Holdings, LP (the “Borrower”) entered into a revolving credit facility (the “Revolving Credit Facility”) with Wells Fargo Bank, N.A. as administrative agent (the “Administrative Agent”).

The Revolving Credit Facility provides for borrowings in U.S. dollars in an initial aggregate principal amount of up to $150 million. Borrowings under the Revolving Credit Facility are subject to compliance with a maximum loan to value ratio and a minimum net asset value (“NAV”). The Revolving Credit Facility has an accordion feature, subject to the satisfaction of various conditions, to increase total aggregate commitments under the Revolving Credit Facility to an amount not to exceed the greater of $160 million and 20% of NAV. The Revolving Credit Facility provides for the issuance of letters of credit on behalf of the Borrower in an aggregate face amount of up to $25 million. Proceeds from the borrowings under the Revolving Credit Facility may be used for general corporate purposes of the Borrower and its subsidiaries, including, but not limited to, the funding of acquisitions, investments, capital expenditures and working capital needs. The Revolving Credit Facility will mature on April 23, 2029, subject to customary extension options.

Loans under the Revolving Credit Facility bear interest at a per annum rate equal to, (x) for loans for which the Borrower elects the base rate option, the “alternate base rate” (which is the greatest of (a) the prime rate as publicly announced by the Administrative Agent, (b) the sum of (i) the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System plus (ii) 0.50%, and (c) one month Term SOFR plus 1% per annum) plus 1.40% and (y) for loans for which the Borrower elects the benchmark option, either the Term SOFR rate for the related Interest Period or the Daily Simple SOFR rate, as applicable, plus 2.40%. The Borrower will pay an unused fee of 0.35% per annum on the daily unused amount of the revolving commitments.