CONSOLIDATED BALANCE SHEET $ in Thousands	Dec. 31, 2025 USD ($)
Assets
Residential transition loans, at fair value	$ 176,584
Residential mortgage loans, at fair value	87,630
Cash and cash equivalents	638
Restricted cash	7,007
Accounts receivable and other assets	4,594
Total Assets	276,453
Liabilities
Secured financings, at fair value	207,084
Due to (from) related parties	11,134
Accounts payable and other liabilities	1,038
Total Liabilities	219,256
Commitments and Contingencies (Note 11)
Stockholders' Equity
Additional paid-in capital	59,916
Accumulated deficit	(2,749)
Total Stockholders' Equity	57,197
Total Liabilities and Stockholders' Equity	$ 276,453
Other Liability, Related Party [Extensible Enumeration]	Related Party
Class J Par Value
Stockholders' Equity
Common stock	$ 28
Class E Par Value
Stockholders' Equity
Common stock	$ 2