CONSOLIDATED STATEMENT OF CASH FLOWS $ in Thousands	5 Months Ended
	Dec. 31, 2025 USD ($)
Cash Flows From Operating Activities
Net loss	$ (2,749)
Adjustments to Reconcile Net Loss to Net Cash from Operating Activities:
Realized and unrealized gain on residential transition loans, at fair value	(209)
Share-based compensation	16
Changes in Assets and Liabilities:
Accounts receivable and other assets	(2,347)
Accounts payable and other liabilities	1,038
Due to related parties	3,317
Net cash used in operating activities	(934)
Cash Flows From Investing Activities
Residential transition loan acquisition and funding activities	(174,429)
Residential mortgage loan acquisition and funding activities	(89,877)
Residential transition loan paydowns	5,841
Net cash used in investing activities	(258,465)
Cash Flows From Financing Activities
Borrowings under secured financings	207,084
Proceeds from issuance of common stock	59,960
Net cash provided by financing activities	267,044
Net increase in cash and cash equivalents and restricted cash	7,645
Cash and cash equivalents and restricted cash, beginning of period	0
Cash and cash equivalents and restricted cash, end of period	7,645
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents	638
Restricted cash	7,007
Cash and cash equivalents and restricted cash, beginning of period	7,645
Supplemental Schedule of Non-Cash Investing and Financing Activities
Issuance of restricted Class E shares	$ 195