Inpoint Commercial Real Estate Income (ICR-PA) 10-Q 9 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 08, 2024
Document And Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Registrant Name	INPOINT COMMERCIAL REAL ESTATE INCOME, INC.
Entity Central Index Key	0001690012
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity File Number	001-40833
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	32-0506267
Entity Address, Address Line One	2901 Butterfield Road
Entity Address, City or Town	Oak Brook
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60523
City Area Code	800
Local Phone Number	826-8228
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	6.75% Series A Cumulative Redeemable Preferred Stock, par value $0.001
Trading Symbol	ICR PR A
Security Exchange Name	NYSE
Class P Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		8,562,777
Class T Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		290,345
Class I Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		469,168
Class A Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		745,881
Class D Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		48,015
Class S Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		0

CONSOLIDATED BALANCE SHEETS (un

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents		$ 44,557	$ 54,143
Commercial mortgage loans:
Commercial mortgage loans at cost		705,624	743,852
Allowance for credit losses		(21,218)	(21,849)
Commercial mortgage loans at cost, net	[1]	684,406	722,003
Deferred debt finance costs		1,148	604
Accrued interest receivable		3,810	3,283
Prepaid expenses and other assets		271	312
Total assets		734,192	780,345
Liabilities:
Repurchase agreements		422,944	457,438
Credit facility payable		0	9,498
Loan participations sold, net		56,226	57,226
Due to related parties		$ 1,671	$ 2,028
Other Liability, Related Party, Type [Extensible Enumeration]		us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Accrued interest payable		$ 2,215	$ 1,792
Distributions payable		1,051	1,050
Accrued expenses and other liabilities		493	762
Total liabilities		484,600	529,794
Commitments and contingencies (Note 8)
Stockholders’ Equity:
6.75% Series A Cumulative Redeemable Preferred Stock, $0.001 par value, 4,025,000 shares authorized and 3,544,553 shares issued and outstanding as of June 30, 2024 and December 31, 2023.		4	4
Additional paid in capital		339,525	339,581
Accumulated deficit		(89,947)	(89,044)
Total stockholders’ equity		249,592	250,551
Total liabilities and stockholders’ equity		734,192	780,345
Class P Common Stock
Stockholders’ Equity:
Common stock		9	9
Class A Common Stock
Stockholders’ Equity:
Common stock		1	1
Class T Common Stock
Stockholders’ Equity:
Common stock		0	0
Class S Common Stock
Stockholders’ Equity:
Common stock		0	0
Class D Common Stock
Stockholders’ Equity:
Common stock		0	0
Class I Common Stock
Stockholders’ Equity:
Common stock		$ 0	$ 0
[1] First mortgage loans are first position mortgage loans and credit loans are mezzanine and subordinated loans.

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	50,000,000	50,000,000
Class P Common Stock
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares, issued	8,562,777	8,562,777
Common stock, shares, outstanding	8,562,777	8,562,777
Class A Common Stock
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares, issued	745,881	745,887
Common stock, shares, outstanding	745,881	745,887
Class T Common Stock
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares, issued	290,345	290,345
Common stock, shares, outstanding	290,345	290,345
Class S Common Stock
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares, issued	0	0
Common stock, shares, outstanding	0	0
Class D Common Stock
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares, issued	48,015	48,015
Common stock, shares, outstanding	48,015	48,015
Class I Common Stock
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares, issued	469,168	469,168
Common stock, shares, outstanding	469,168	469,168
6.75% Series A Cumulative Redeemable Preferred Stock
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	4,025,000	4,025,000
Percentage of cumulative redeemable preferred stock	6.75%	6.75%
Preferred stock, shares issued	3,544,553	3,544,553
Preferred stock, shares outstanding	3,544,553	3,544,553

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income:
Interest income	$ 14,983	$ 17,332	$ 30,095	$ 34,186
Less: Interest expense	(9,356)	(10,708)	(18,832)	(20,937)
Net interest income	5,627	6,624	11,263	13,249
Revenue from real estate	0	5,326	0	8,247
Total income	5,627	11,950	11,263	21,496
Operating expenses:
Advisory fee	799	861	1,604	1,742
Amortization of debt finance costs	369	507	772	878
Directors compensation	19	21	39	40
Professional service fees	212	186	493	377
Real estate operating expenses	0	4,722	0	7,910
Provision for asset impairment	0	6,934	0	6,934
Depreciation and amortization	0	193	0	514
Other expenses	324	475	715	828
Total operating expenses	1,723	13,899	3,623	19,223
Other income (loss):
Reversal of (provision for) credit losses	1,086	(13,364)	749	(12,965)
Total other income (loss)	1,086	(13,364)	749	(12,965)
Net income (loss) before income taxes	4,990	(15,313)	8,389	(10,692)
Income tax provision	0	22	0	22
Net income (loss)	4,990	(15,335)	8,389	(10,714)
Gain on repurchase and retirement of preferred stock	0	0	0	21
Net income (loss) attributable to common stockholders	$ 3,494	$ (16,831)	$ 5,398	$ (13,684)
Net income (loss) attributable to common stockholders per share basic	$ 0.35	$ (1.66)	$ 0.53	$ (1.35)
Net income (loss) attributable to common stockholders per share diluted	$ 0.35	$ (1.66)	$ 0.53	$ (1.35)
Weighted average number of shares of common stock
Basic	10,116,191	10,114,470	10,116,186	10,113,849
Diluted	10,116,975	10,114,470	10,116,748	10,113,849
Series A Preferred Stock
Other income (loss):
Series A Preferred Stock dividends	$ (1,496)	$ (1,496)	$ (2,991)	$ (2,991)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	Total	Preferred Stock Series A Preferred Stock	Common Stock Class P Common Stock	Common Stock Class A Common Stock	Additional Paid in Capital	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment Accumulated Deficit	Cumulative Effect, Period of Adoption, Adjusted Balance	Cumulative Effect, Period of Adoption, Adjusted Balance Preferred Stock Series A Preferred Stock	Cumulative Effect, Period of Adoption, Adjusted Balance Common Stock Class P Common Stock	Cumulative Effect, Period of Adoption, Adjusted Balance Common Stock Class A Common Stock	Cumulative Effect, Period of Adoption, Adjusted Balance Additional Paid in Capital	Cumulative Effect, Period of Adoption, Adjusted Balance Accumulated Deficit
Balance at Dec. 31, 2022	$ 278,557	$ 4	$ 9	$ 1	$ 339,470	$ (60,927)	$ (5,122)	$ (5,122)	$ 273,435	$ 4	$ 9	$ 1	$ 339,470	$ (66,049)
Proceeds from issuance of common stock	342				342
Repurchase and retirement of preferred stock	(83)				(104)	21
Offering costs	(145)				(145)
Net Income (Loss)	(10,714)					(10,714)
Common stock distributions declared	(6,297)					(6,297)
Preferred stock distributions declared	(2,991)					(2,991)
Distribution reinvestment	85				85
Equity-based compensation	15				15
Balance at Jun. 30, 2023	253,647	4	9	1	339,663	(86,030)
Balance at Mar. 31, 2023	273,683	4	9	1	339,718	(66,049)
Offering costs	(63)				(63)
Net Income (Loss)	(15,335)					(15,335)
Common stock distributions declared	(3,150)					(3,150)
Preferred stock distributions declared	(1,496)					(1,496)
Equity-based compensation	8				8
Balance at Jun. 30, 2023	253,647	4	9	1	339,663	(86,030)
Balance at Dec. 31, 2023	250,551	4	9	1	339,581	(89,044)
Offering costs	(71)				(71)
Net Income (Loss)	8,389					8,389
Common stock distributions declared	(6,301)					(6,301)
Preferred stock distributions declared	(2,991)					(2,991)
Equity-based compensation	15				15
Balance at Jun. 30, 2024	249,592	4	9	1	339,525	(89,947)
Balance at Mar. 31, 2024	249,277	4	9	1	339,554	(90,291)
Offering costs	(36)				(36)
Net Income (Loss)	4,990					4,990
Common stock distributions declared	(3,150)					(3,150)
Preferred stock distributions declared	(1,496)					(1,496)
Equity-based compensation	7				7
Balance at Jun. 30, 2024	$ 249,592	$ 4	$ 9	$ 1	$ 339,525	$ (89,947)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net Income (Loss)	$ 8,389	$ (10,714)
Adjustments to reconcile net income (loss) to cash provided by operations:
(Reversal of) provision for credit losses	(749)	12,965
Depreciation and amortization expense		514
Reduction in the carrying amount of the right-of-use asset		30
Provision for asset impairment	0	6,934
Amortization of equity-based compensation	15	15
Amortization of debt finance costs to operating expense	772	878
Amortization of debt finance costs to interest expense		3
Amortization of origination fees		(15)
Amortization of loan extension fees	(227)	(371)
Changes in assets and liabilities:
Accrued interest receivable	(527)	(76)
Accrued expenses and other liabilities	(152)	(3,060)
Accrued interest payable	423	206
Due to related parties	(70)	(24)
Prepaid expenses and other assets	42	(941)
Net cash provided by operating activities	7,916	6,344
Cash flows from investing activities:
Origination of commercial loans	(5,387)	(13,597)
Loan extension fees received on commercial loans	164	126
Principal repayments of commercial loans	43,410	66,112
Escrow deposit on real estate held for sale		1,250
Real estate capital expenditures		(496)
Net cash provided by investing activities	38,187	53,395
Cash flows from financing activities:
Proceeds from issuance of common stock		342
Repurchase of preferred stock		(83)
Payment of offering costs	(90)	(164)
Proceeds from repurchase agreements	8,201	359,951
Principal repayments of repurchase agreements	(42,695)	(372,764)
Principal repayments of credit facility	(9,498)
Proceeds from sale of loan participations		435
Principal repayments of loan participations	(1,000)	(21,423)
Debt finance costs	(1,316)	(1,607)
Distributions paid to common stockholders	(6,300)	(6,209)
Distributions paid to preferred stockholders	(2,991)	(2,991)
Net cash used in financing activities	(55,689)	(44,513)
Net change in cash, cash equivalents and restricted cash	(9,586)	15,226
Cash, cash equivalents and restricted cash at beginning of period	54,143	29,408
Cash, cash equivalents and restricted cash at end of period	44,557	44,634
Supplemental disclosure of cash flow information:
Amortization of deferred exit fees due to related party	(268)	(89)
Interest paid	18,408	20,918
Accrued stockholder servicing fee due to related party	$ (19)	(19)
Distribution reinvestment		$ 85

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 4,990	$ (15,335)	$ 8,389	$ (10,714)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Business Opera

Organization and Business Operations	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Operations	Note 1 – Orga nization and Business Operations InPoint Commercial Real Estate Income, Inc. (the “Company”) was incorporated in Maryland on September 13, 2016 to originate, acquire and manage a diversified portfolio of commercial real estate (“CRE”) investments primarily comprised of (i) CRE debt, including (a) primarily floating-rate first mortgage loans, and (b) subordinate mortgage and mezzanine loans, and participations in such loans and (ii) floating-rate CRE securities, such as commercial mortgage-backed securities (“CMBS”), and senior unsecured debt of publicly traded real estate investment trusts (“REITs”). Substantially all of the Company’s business is conducted through InPoint REIT Operating Partnership, LP (the “Operating Partnership”), a Delaware limited partnership. The Company is the sole general partner and directly or indirectly holds all of the limited partner interests in the Operating Partnership. The Company has elected to be taxed as a REIT for U.S. federal income tax purposes. The Company is externally managed by Inland InPoint Advisor, LLC (the “Advisor”), a Delaware limited liability company formed in August 2016 that is a wholly owned indirect subsidiary of Inland Real Estate Investment Corporation (“IREIC”), a member of The Inland Real Estate Group of Companies, Inc. The Advisor is responsible for coordinating the management of the day-to-day operations and originating, acquiring and managing the Company’s CRE investment portfolio, subject to the supervision of the Company’s board of directors (the “Board”). The Advisor performs its duties and responsibilities as the Company’s fiduciary pursuant to an amended and restated advisory agreement dated July 1, 2021 among the Company, the Advisor and the Operating Partnership (the “Advisory Agreement”). The Advisor has delegated certain of its duties to SPCRE InPoint Advisors, LLC (the “Sub-Advisor”), a Delaware limited liability company formed in September 2016 that is a wholly owned subsidiary of Sound Point CRE Management, LP, pursuant to a second amended and restated sub-advisory agreement between the Advisor and the Sub-Advisor dated July 1, 2021. Among other duties, the Sub-Advisor has the authority to identify, negotiate, acquire and originate the Company’s investments and provide portfolio management, disposition, property management and leasing services to the Company. Notwithstanding such delegation to the Sub-Advisor, the Advisor retains ultimate responsibility for the performance of all the matters entrusted to it under the Advisory Agreement, including those duties which the Advisor has not delegated to the Sub-Advisor, such as (i) valuation of the Company’s assets and calculation of the Company’s net asset value (“NAV”); (ii) management of the Company’s day-to-day operations; (iii) preparation of stockholder reports and communications and arrangement of the Company’s annual stockholder meetings; and (iv) monitoring the Company’s ongoing compliance with the REIT qualification requirements for U.S. federal income tax purposes. On October 25, 2016, the Company commenced a private offering (the “Private Offering”) of up to $ 500,000 in shares of Class P common stock (“Class P Shares”). The Company issued 10,258,094 Class P Shares in the Private Offering, resulting in gross proceeds of $ 276,681 and terminated the Private Offering on June 28, 2019. On March 22, 2019, the Company filed a registration statement on Form S-11 (File No. 333-230465) (the “2019 Registration Statement”) with the Securities and Exchange Commission (the “SEC”) to register up to $ 2,350,000 in shares of common stock (the “IPO”). On May 3, 2019, the SEC declared effective the 2019 Registration Statement and the Company commenced the IPO. The purchase price per share for each class of common stock in the IPO (Class A, Class I, Class D, Class S and Class T) varied and generally equaled the prior month’s NAV per share, as determined monthly, plus applicable upfront selling commissions and dealer manager fees. Inland Securities Corporation (the “Dealer Manager”), an affiliate of the Advisor, served as the Company’s exclusive dealer manager for the IPO on a best efforts basis. On September 22, 2021, the Company completed an underwritten public offering of 3,500,000 shares of its 6.75 % Series A Cumulative Redeemable Preferred Stock, par value $ 0.001 per share (the “Series A Preferred Stock”), with a liquidation preference of $ 25.00 per share (the “Preferred Stock Offering”). In addition, on October 15, 2021, Raymond James & Associates, Inc., as a representative of the underwriters, partially exercised their over-allotment option to purchase an additional 100,000 shares of Series A Preferred Stock. The Series A Preferred Stock were issued and sold pursuant to an effective registration statement on Form S-11 (File No. 333-258802) filed with the SEC. The Company received net proceeds in the Preferred Stock Offering of $ 86,310 , after underwriter’s discount and issuance costs, and contributed the net proceeds to the Operating Partnership in exchange for an equivalent number of Series A units in the Operating Partnership (with economic terms that mirror those of the Series A Preferred Stock). For more information on the Preferred Stock Offering, see “Note 6 – Stockholders’ Equity.” On April 28, 2022, the Company filed a registration statement on Form S-11 (File No. 333-264540) (the “2022 Registration Statement”) with the SEC to register up to $ 2,200,000 in shares of common stock, which was declared effective by the SEC on November 2, 2022 (the “Second Public Offering” and collectively with the IPO, the “Public Offerings”). In light of the pace of fundraising in the Second Public Offering and the amount of monthly redemption requests pursuant to the share repurchase plan (the “SRP”), which were in excess of such fundraising, on January 30, 2023, the Board approved, effective immediately, the suspension of the operation of the SRP. In connection with such suspension, the Board also approved the suspension of the sale of shares in the primary portion of the Second Public Offering (the “Primary Offering”), effective immediately, and the suspension of the sale of shares pursuant to the distribution reinvestment plan (the “DRP”), effective as of February 10, 2023. The Primary Offering, the SRP, and the DRP shall each remain suspended unless and until such time as the Board approves their resumption. Please refer to “Note 14 – Subsequent Events” for updates to the Company’s business after June 30, 2024 .

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Disclosures discussing all significant accounting policies are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on March 15, 2024 (the “Annual Report”), under the heading “Note 2 – Summary of Significant Accounting Policies.” See below for discussion of changes to the Company’s significant accounting policies for the six months ended June 30, 2024. Basis of Accounting The accompanying consolidated financial statements and related footnotes have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Actual results could differ from such estimates. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include funds on deposit with financial institutions, including demand deposits with financial institutions with original maturities of three months or less. The account balance may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage limits and, as a result, there could be a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage limits. The Company believes that the risk will not be significant, as the Company does not anticipate the financial institutions’ non-performance. Restricted cash represents cash the Company is required to hold in a segregated account as additional collateral on real estate securities repurchase agreements. As of June 30, 2024 and December 31, 2023 , no restricted cash was held by the Company. Allowance for Credit Losses On January 1, 2023 , the Company adopted Accounting Standards Update 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which requires companies to estimate a current expected credit loss (“CECL”) for the recognition of credit losses on financial instruments, including commercial mortgage loans, in their consolidated financial statements. The allowance for credit losses is adjusted each period for changes in expected credit losses. This replaces prior GAAP which required losses to be recognized as incurred. The Company adopted ASU 2016-13 using the modified retrospective method, therefore, the results for reporting periods prior to January 1, 2023 remain unadjusted and reported in accordance with previously applicable GAAP. In connection with the adoption of ASU 2016-13, the Company recorded a $ 5,122 increase to accumulated deficit with offsets on the consolidated balance sheet as noted below. The following table illustrates the impact of adoption ASU 2016-13: January 1, 2023 As Reported Under ASU 2016-13 As Reported Pre-Adoption Impact of Adoption Assets: Allowance for credit losses $ 8,375 $ 3,588 $ 4,787 Liabilities: Accrued expenses and other liabilities $ 8,187 $ 7,852 $ 335 The allowance for credit losses is recorded in accordance with ASU 2016-13, and is a valuation account that is deducted from the amortized cost basis of loans held-for-investment on the Company’s consolidated balance sheets. Changes to the allowance for credit losses are recognized through net income (loss) on the Company’s consolidated statements of operations. The allowance is based on relevant information about past events, including historical loss experience, current portfolio, market conditions and reasonable and supportable forecasts for the duration of each respective loan. All loans held-for-investment within the Company’s portfolio have some amount of expected loss to reflect the GAAP principal underlying the CECL model that all loans have some inherent risk of loss, regardless of credit quality, subordinate capital or other mitigating factors. The Company’s loans typically include commitments to fund incremental proceeds to its borrowers over the life of the loan. Those future funding commitments are also subject to an allowance for credit losses. The allowance for credit losses related to future loan fundings is recorded as a component of “Accrued expenses and other liabilities” on the Company’s consolidated balance sheets, and not as an offset to the related loan balance. This allowance for credit losses is estimated using the same process outlined below for the Company’s outstanding loan balances, and changes in this component of the allowance for credit losses similarly flow through the Company’s consolidated statements of operations. The allowance for credit losses is estimated on a quarterly basis and represents management’s estimates of current expected credit losses in the Company’s investment portfolio. Pools of loans with similar risk characteristics are collectively evaluated while loans that no longer share risk characteristics with loan pools are evaluated individually. Estimating an allowance for credit losses is inherently subjective, as it requires management to exercise significant judgment in establishing appropriate factors used to determine the allowance and a variety of subjective assumptions, including (i) determination of relevant historical loan loss data sets, (ii) the expected timing and amount of future loan fundings and repayments, (iii) the current credit quality of loans and operating performance of loan collateral and the Company’s expectations of performance, and (iv) selecting the forecast for macroeconomic conditions. The Company estimates the analytical portion of its allowance for credit losses by using a probability-weighted quantitative analytical model that considers the likelihood of default and loss-given-default for each individual loan. The analytical model incorporates a third-party licensed database for over 100,000 commercial real estate loans. The Company licenses certain macroeconomic financial forecasts from a third-party to inform its view of the potential future impact that broader macroeconomic conditions may have on the performance of the loans held-for-investment. These macroeconomic factors include unemployment rates, interest rates, price indices for commercial property and other factors. The Company may use one or more of these forecasts in the process of estimating its allowance for credit losses. Selection of these economic forecasts requires significant judgment about future events that, while based on the information available to the Company as of the balance sheet date, are ultimately unknowable with certainty, and the actual economic conditions impacting the Company’s portfolio could vary significantly from the estimates the Company made for the periods presented. Significant inputs to the Company’s estimate of the allowance for credit losses include the reasonable and supportable forecast period and loan specific factors such as debt service coverage ratio, or DSCR, loan-to-value ratio, or LTV, remaining contractual loan term, property type and others. In addition, the Company also considers relevant loan-specific qualitative factors to estimate its allowance for credit losses. Accounting Pronouncements Recently Issued but Not Yet Effective In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reportable segment are required to provide the new disclosures and all the disclosures required under ASC 280. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. The amendments should be applied retrospectively to all periods presented in the financial statements, unless it is impracticable. The Company is currently evaluating the impact of ASU 2023-07 on the Company’s consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASU 2023-09 improves the transparency of income tax disclosures related to rate reconciliation and income taxes. ASU 2023-07 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied prospectively, however retrospective application is permitted. The Company is currently evaluating the impact of ASU 2023-09 on the Company’s consolidated financial statements.

Commercial Mortgage Loans Held

Commercial Mortgage Loans Held for Investment	6 Months Ended
	Jun. 30, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Commercial Mortgage Loans Held for Investment	Note 3 – Commercial Mortgage Loans Held for Investment The following tables show a summary of the Company’s commercial mortgage loans held for investment as of June 30, 2024 and December 31, 2023: June 30, 2024 Loan Type (1) Number Principal Unamortized (fees)/costs, net Allowance for credit losses Carrying Weighted Average (2) Weighted Average (3) First mortgage loans 31 $ 691,356 $ 768 $ ( 17,189 ) $ 674,935 7.8 % 0.6 Credit loans 2 13,500 — ( 4,029 ) 9,471 9.6 % 1.9 Total and average 33 $ 704,856 $ 768 $ ( 21,218 ) $ 684,406 7.9 % 0.6 December 31, 2023 Loan Type (1) Number Principal Unamortized (fees)/costs, net Allowance for credit losses Carrying Weighted Average (2) Weighted Average (3) First mortgage loans 34 $ 729,380 $ 972 $ ( 21,809 ) $ 708,543 8.8 % 0.9 Credit loans 2 13,500 — ( 40 ) 13,460 9.6 % 2.4 Total and average 36 $ 742,880 $ 972 $ ( 21,849 ) $ 722,003 8.8 % 0.9 (1) First mortgage loans are first position mortgage loans and credit loans are mezzanine and subordinated loans. (2) Weighted average interest rate is based on the loan spreads plus the applicable indices as of the last interest reset date, which is typically the 15th of each month. On June 15, 2024, the one-month term USD Secured Overnight Financing Rate (“SOFR”) rate reset to 5.33 % . On December 15, 2023, the SOFR rate reset to 5.36 %. Weighted average interest rate excludes maturity default interest and interest on loans placed on nonaccrual status. (3) Weighted average years to maturity excludes allowable extensions on the loans. For the six months ended June 30, 2024, the activity in the Company’s commercial mortgage loans, held-for-investment portfolio was as follows: Commercial mortgage loans at cost Allowance for credit losses Carrying Value Balance at Beginning of Year $ 743,852 $ ( 21,849 ) $ 722,003 Loan originations/advances 5,387 — 5,387 Principal repayments ( 43,410 ) — ( 43,410 ) Amortization of loan origination and deferred exit fees 287 — 287 Origination fees and extension fees received on commercial loans ( 492 ) — ( 492 ) Reversal of credit losses — 631 631 Balance at End of Period $ 705,624 $ ( 21,218 ) $ 684,406 Allowance for Credit Losses The following table presents the activity in the Company’s allowance for credit losses for the six months ended June 30, 2024: Commercial Mortgage Loans Unfunded Loan Commitments (1) Total Balance at beginning of period $ ( 21,849 ) $ ( 289 ) $ ( 22,138 ) Reversal of credit losses 631 118 749 Ending allowance for credit losses $ ( 21,218 ) $ ( 171 ) $ ( 21,389 ) (1) The reserve for expected credit losses related to unfunded loan commitments is recorded in “accrued expenses and other liabilities” on the consolidated balance sheets following the adoption of ASU 2016-13 on January 1, 2023. The following table presents the activity in the Company’s allowance for credit losses for the six months ended June 30, 2023: Commercial Mortgage Loans Unfunded Loan Commitments (1) Total Balance at beginning of period $ ( 3,588 ) $ — $ ( 3,588 ) Adoption of ASU 2016-13 ( 4,787 ) ( 335 ) ( 5,122 ) Balance at beginning of period after adoption ( 8,375 ) ( 335 ) ( 8,710 ) Provision for credit losses ( 12,962 ) ( 3 ) ( 12,965 ) Ending allowance for credit losses $ ( 21,337 ) $ ( 338 ) $ ( 21,675 ) (1) The reserve for expected credit losses related to unfunded loan commitments is recorded in “accrued expenses and other liabilities” on the consolidated balance sheets following the adoption of ASU 2016-13 on January 1, 2023. As of June 30, 2024 , the Company had a total CECL reserve of $ 21,389 , which included an asset-specific component of $ 16,740 related to seven loans. During the six months ended June 30, 2024, the Company decreased the CECL reserve by $ 749 . This CECL reserve reflects certain loans assessed for impairment in the Company’s portfolio as well as reserves determined based on an analysis of macroeconomic conditions. During the six months ended June 30, 2024 , the Company recorded a net increase of $ 474 in the asset-specific component of the CECL reserve. As of June 30, 2024 , the asset-specific component relates to three loans secured by office properties and four loans secured by multifamily properties. Since December 31, 2023, the Company observed an improvement in the valuation of the properties securing four loans resulting in a reduction in the asset-specific reserve of $ 7,231 . This was offset by the addition of $ 7,705 in asset-specific reserve related to four additional loans. As of June 30, 2023, the Company had a total CECL reserve of $ 21,675 , which included an asset specific component of $ 11,591 related to five loans. During the six-months ended June 30, 2023, the Company increased the CECL reserve by $ 18,087, which included $ 5,122 from adoption of ASU 2016-13 and $ 12,965 in provision for credit losses bringing the total CECL reserve to $ 21,675 . This CECL reserve reflects certain loans assessed for impairment in the Company’s portfolio as well as reserves determined based on an analysis of macroeconomic conditions. During the six-months ended June 30, 2023, the Company recorded a net increase of $ 11,591 in the asset-specific component of the CECL reserve. The increase was primarily due to four loans secured by office properties and one loan secured by a multifamily property. While all loans were current on their debt service, the Company observed a decline in the estimated fair value of the collateral since the quarter ended March 31, 2023 due to macroeconomic conditions making the value of the collateral less than the outstanding balances on these loans as of June 30, 2023. Credit Characteristics As part of the Company’s process for monitoring the credit quality of its investments, it performs a quarterly asset review of the investment portfolio and assigns risk ratings to each of its loans and certain securities it may own, such as CMBS. Risk factors include payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographic location, as well as national and regional economic factors. To determine the likelihood of loss, the loans are rated on a 5-point scale as follows: Investment Grade Investment Grade Definition 1 Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable. 2 Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. 3 Performing investment requiring closer monitoring. Trends and risk factors show some deterioration. Collection of principal and interest is still expected. 4 Underperforming investment with the potential of some interest loss but still expecting a positive return on investment. Trends and risk factors are negative. 5 Underperforming investment with expected loss of interest and some principal. All investments are assigned an initial risk rating of 2 at origination or acquisition. As of June 30, 2024 , 16 loans had a risk rating of 2, nine had a risk rating of 3, four had a risk rating of 4 and four had a risk rating of 5. As of December 31, 2023 , 24 loans had a risk rating of 2, seven had a risk rating of 3, three had a risk rating of 4 and two had a risk rating of 5. As of June 30, 2024 , the Company has established an asset-specific CECL reserve of $ 16,740 related to seven loans. Below is a summary of the status of each of the loans: • A senior loan secured by a multifamily property located in Portland, OR with an outstanding balance of $ 29,476 and no unfunded commitment was extended in December 2023 to May 9, 2024 to provide the sponsor time to stabilize the rent roll and eventually sell the property. The Company established an interest reserve through maturity that was added to the principal balance in the amount of $ 1,750 . The borrower was unable to sell the property or pay-off the loan at maturity. The Company has begun foreclosure proceedings that are expected to conclude in October 2024. The loan is on nonaccrual status and the Company has recorded an asset-specific CECL reserve of $ 6,900 on this loan as of June 30, 2024 . The loan has a risk rating of 5 as of June 30, 2024. • A senior loan secured by an office property in Reston, VA with an outstanding loan balance of $ 13,113 , no unfunded commitment and a maturity date of March 9, 2024 . The Company has been unsuccessful in negotiating a loan extension with the sponsor. The loan was placed on nonaccrual status as of February 1, 2024. During June 2024, the Company received a letter of intent to purchase the loan at par and the loan sale agreement was signed on August 5, 2024. The Company expects to close the sale in the third quarter of 2024 and, therefore, removed the $ 3,187 asset-specific CECL reserve that was recorded as of March 31, 2024. The loan has a risk rating of 5 as of June 30, 2024. • A senior loan secured by two office properties located in Addison, TX with an outstanding balance of $ 24,411 and no unfunded commitment was in maturity default since September 9, 2023 . The loan was on nonaccrual status and the Company had recorded an asset-specific CECL reserve of $ 281 on this loan as of June 30, 2024 . The loan has a risk rating of 5 as of June 30, 2024. On July 2, 2024, the Company foreclosed on the two properties securing the loan. The Company intends to hold these properties as real estate held for use with the intent to eventually sell when the market improves. • A senior loan secured by an office property located in Charlotte, NC with an outstanding balance of $ 22,616 , no unfunded commitment and a maturity date of October 9, 2025 for which the Company has recorded an asset-specific CECL reserve of $ 1,854 as of June 30, 2024 as the estimated value of the property securing the loan was below the loan balance. The loan has a risk rating of 3 as of June 30, 2024. • A senior loan secured by a multifamily property located in Converse, TX with an outstanding balance of $ 25,696 , an unfunded commitment of $ 114 and a maturity date of November 9, 2024 for which the Company has recorded an asset-specific CECL reserve of $ 178 as of June 30, 2024 as the estimated value of the property securing the loan was below the loan balance. The loan has a risk rating of 2 as of June 30, 2024. • A senior loan secured by a multifamily property located in Atlanta, GA with an outstanding balance of $ 39,967 , an unfunded commitment of $ 33 and a maturity date of December 9, 2024 for which the Company has recorded an asset-specific CECL reserve of $ 2,530 as of June 30, 2024 as the estimated value of the property securing the loan was below the loan balance. The loan has a risk rating of 2 as of June 30, 2024. • A senior loan secured by a multifamily property located in Shenandoah, TX with an outstanding balance of $ 29,070 , an unfunded commitment of $ 815 and a maturity date of March 9, 2025 for which the Company has recorded an asset-specific CECL reserve of $ 997 as of June 30, 2024 as the estimated value of the property securing the loan was below the loan balance. The loan has a risk rating of 2 as of June 30, 2024. • A credit loan secured by an office property located in Las Vegas, NV with an outstanding balance of $ 6,000 , no unfunded commitment and a maturity date of October 6, 2024 for which the Company has recorded an asset-specific CECL reserve of $ 4,000 as of June 30, 2024. The office property has a single tenant that will vacate the property at the end of its lease term, which is after the loan maturity date. The Company believes the sponsor will have difficulty refinancing the loan at maturity without a long-term tenant and, as such, has recorded an asset-specific CECL reserve. The loan has a risk rating of 5 as of June 30, 2024 . The loan was placed on nonaccrual status effective July 1, 2024 . During the three and six months ended June 30, 2024 , the Company recognized $ 0 and $ 123 , respectively, in interest income related to the nonaccrual status loans. During the three and six months ended June 30, 2024 , there was no reversal of interest income as a result of placing the loans on nonaccrual status. For the three and six months ended June 30, 2024 , the total interest income forgone on the loans on nonaccrual status was $ 1,602 and $ 3,082 , respectively. Loan Modifications The Company may amend or modify a loan based on its specific facts and circumstances. These modifications are often in the form of a term extension to provide the borrower additional time to refinance or sell the collateral property in order to repay the principal balance of the loan. Such extensions are generally made at the loan’s contractual interest rate and may require an extension fee be paid to the Company. During the three and six months ended June 30, 2024, the Company made one such modification which is disclosable under ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures , as it was considered an other-than-insignificant payment delay for a borrower experiencing financial difficulty. In this instance, the Company granted a two-year term extension, which can be further extended by one year subject to certain terms and conditions, for a senior loan secured by an office property located in Charlotte, NC described above. The Company waived maturity default interest of $ 738 on the loan. No principal was forgiven as a result of the modification. The modification provides for payment-in-kind of any accrued interest that exceeds a per annum rate of 4 %. The loan’s modified terms were included in the determination of the CECL reserve. The loan had an amortized cost basis of $ 20,762 , which is net of $ 1,854 of asset-specific CECL reserve on the loan, representing 3.0 % of the Company’s commercial mortgage loans as of June 30, 2024. During the three and six months ended June 30, 2023, the Company made no such modifications which are disclosable under ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures.

Repurchase Agreements and Credi

Repurchase Agreements and Credit Facilities	6 Months Ended
	Jun. 30, 2024
Disclosure of Repurchase Agreements [Abstract]
Repurchase Agreements and Credit Facilities	Note 4 – Repurchase Agreements and Credit Facilities Commercial Mortgage Loans On February 15, 2018, the Company, through a wholly owned subsidiary, entered into a master repurchase agreement (the “Atlas Repo Facility”) with Column Financial, Inc. as administrative agent for certain of its affiliates. As the Company’s business has grown, it has increased the borrowing limit and extended the maturity. The most recent extension was in November 2023 for a twelve-month term and the maximum advance amount was reduced to $ 100,000 . On February 8, 2023, Column Financial, Inc. and affiliated parties sold and assigned their interest in the Atlas Repo Facility to Atlas Securitized Products Investments 2, L.P. (“Atlas”) with no changes to the terms of the Atlas Repo Facility. Advances under the Atlas Repo Facility accrue interest at a per annum annual rate equal to SOFR plus 2.50 % to 3.00 % with a 0.15 % to 0.25 % floor. The Company paid off the outstanding balance on the Atlas Repo Facility in May 2023 and had no outstanding balance as of June 30, 2024. As there were no borrowings outstanding, the Company was not subject to any financial covenants. On May 6, 2019, the Company, through a wholly owned subsidiary, entered into an uncommitted master repurchase agreement (the “JPM Repo Facility”) with JPMorgan Chase Bank, National Association (“JPM”). The JPM Repo Facility provides up to $ 150,000 in advances that the Company expects to use to finance the acquisition or origination of eligible loans and participation interests therein. Advances made prior to December 2021 under the JPM Repo Facility accrue interest at per annum rates equal to the sum of (i) the applicable one-month USD London Interbank Offered Rate (“LIBOR”) index rate plus (ii) a margin of between 1.75 % to 2.50 % with no floor, depending on the attributes of the purchased assets. Advances made subsequent to December 2021 under the JPM Repo Facility accrue interest at per annum rates equal to the sum of SOFR plus an agreed upon margin. As of June 30, 2024 , all of the advances made under the JPM Repo Facility were indexed to SOFR and have margins between 1.85 % and 2.85 % with a floor between 0.00 % to 2.00 %. In May 2022, the maturity date of the JPM Repo Facility was extended to May 6, 2023 . On May 5, 2023, the Company entered into an amendment that extended the maturity date to May 6, 2026 , with the option to extend the maturity date further to May 6, 2028 subject to two optional one-year extensions . The amendment also increased the maximum facility amount to $ 526,076 . The Company used the increased capacity to pay off the balance on the Atlas Repo Facility. The JPM Repo Facility is subject to certain financial covenants. The Company was in compliance with all financial covenant requirements as of June 30, 2024 and December 31, 2023. On March 10, 2021, the Company, through a wholly owned subsidiary, entered into a loan and security agreement and a promissory note (collectively, the “WA Credit Facility”) with Western Alliance Bank (“Western Alliance”). The WA Credit Facility provides for loan advances up to the lesser of $ 75,000 or the borrowing base. The borrowing base consists of eligible assets pledged to and accepted by Western Alliance in its discretion up to the lower of (i) 60 % to 70 % of loan-to-unpaid balance or (ii) 45 % to 50 % of the loan-to-appraised value (depending on the property type underlying the asset, for both (i) and (ii)). Assets that would otherwise be eligible become ineligible after being pledged as part of the borrowing base for 36 months. Advances under the WA Credit Facility accrue interest at an annual rate equal to one-month LIBOR plus 3.25 % with a floor of 0.75 %. The initial maturity date of the WA Credit Facility was March 10, 2023 . On March 9, 2023, the Company extended the maturity date of the WA Credit Facility to March 10, 2025 , modified that loan advances are up to the lesser of $ 40,000 or the borrowing base, and changed the index rate from LIBOR to SOFR. In addition, the spread increased to 3.50 % and the floor to 2.50 %. The Company has an option to convert the loan made pursuant to the WA Credit Facility upon its initial maturity to a term loan with the same interest rate and floor and a maturity of two years in exchange for, among other things, a conversion fee of 0.25 % of the outstanding amount at the time of conversion. The WA Credit Facility requires maintenance of an average unrestricted aggregate deposit account balance with Western Alliance of not less than $ 3,750 , until the calendar quarter ending on June 30, 2023 and not less than $ 5,000 commencing with the calendar quarter ending on September 30, 2023. Failure to meet the minimum deposit balance will result in, among other things, the interest rate of the WA Credit Facility increasing by 0.50 % per annum for each quarter in which the compensating balances are not maintained. The Company paid off the outstanding balance on the WA Credit Facility in May 2024 and had no outstanding balance as of June 30, 2024. As there were no borrowings outstanding, the Company was not subject to any financial covenants. The JPM Repo Facility, Atlas Repo Facility and WA Credit Facility (collectively, the “Facilities”) are used to finance eligible loans and each act in the manner of a revolving credit facility that can be repaid as the Company’s assets are paid off and re-drawn as advances against new assets. The details of the Facilities as of June 30, 2024 and December 31, 2023 are as follows: June 30, 2024 Weighted Average Committed Financing Amount (1) Accrued Collateral Interest Days to Atlas Repo Facility $ 100,000 $ — $ — $ — — — JPM Repo Facility 526,076 422,944 1,181 578,485 7.75 % 1,406 Total Repurchase Facilities — commercial mortgage loans 626,076 422,944 1,181 578,485 7.75 % 1,406 WA Credit Facility 40,000 — — — — — $ 666,076 $ 422,944 $ 1,181 $ 578,485 7.75 % 1,406 December 31, 2023 Weighted Average Committed Financing Amount (1) Accrued Collateral Interest Days to Atlas Repo Facility $ 100,000 $ — $ — $ — — — JPM Repo Facility 526,076 457,438 1,385 644,201 7.78 % 1,588 Total Repurchase Facilities — commercial mortgage loans 626,076 457,438 1,385 644,201 7.78 % 1,588 WA Credit Facility 40,000 9,498 42 13,647 9.34 % (2) 435 $ 666,076 $ 466,936 $ 1,427 $ 657,848 7.81 % 1,565 (1) Excluding $ 0 of unamortized debt issuance costs as of June 30, 2024 and December 31, 2023 . (2) Includes 0.50 % additional interest rate during the third and fourth quarters of 2023 as the minimum deposit balance was not met by the Company as of June 30, 2023.

Loan Participations Sold, Net

Loan Participations Sold, Net	6 Months Ended
	Jun. 30, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Loan Participations Sold, Net	Note 5 – Loan Participations Sold, Net On November 15, 2021, the Company sold a non-recourse senior participation interest in nine first mortgage loans to a third party. Under the loan participation agreement, in the event of default by the underlying mortgagor, any amounts paid are first allocated to the third party before any amounts are allocated to the Company’s subordinate interest. The Company, as the directing participant in the loan participation agreement, is entitled to exercise, without the consent of the third party, each of the consent approval and control rights under the applicable underlying mortgage loan documents with a few exceptions. The Company requires the third party’s approval for any modification or amendment to the loan, a bankruptcy plan for an underlying mortgagor where the third party would incur an out-of-pocket loss, or any transfer of the underlying mortgaged property if the Company’s approval is required by the underlying mortgage documents. The Company remains the directing participant unless certain conditions are met related to losses on the property or if the mortgagor is an affiliate of the Company. In the former case, the Company may post cash or short-term U.S. government securities as collateral to retain the rights of the directing participant. The third party, as the senior participation interest holder, receives interest and principal payments from the borrower until they receive the amounts to which they are entitled. All expenses or losses on the underlying mortgages are allocated first to the Company and then to the third party. If the underlying mortgage is in default, the Company will have the option to purchase the third party’s participation interest and remove it from the loan participation agreement. The financing or transfer of a portion of a loan by the non-recourse sale of a senior interest in the loan through a participation agreement generally does not qualify as a sale under GAAP. Therefore, in this instance, the Company presents the whole loan as an asset and the loan participation sold as a liability on the consolidated balance sheet until the loan is repaid. The obligation to pay principal and interest on these liabilities is generally based on the performance of the related loan obligation. The gross presentation of loan participations sold does not impact stockholders’ equity or net income. The following tables detail the Company’s loan participations sold as of June 30, 2024 and December 31, 2023: June 30, 2024 Loan Participations Sold Count Principal Balance Book Value Yield/Cost (1) Guarantee (2) Weighted Average Maximum Maturity (4) Total Loans 4 $ 70,282 $ 68,262 SOFR+ 3.5 % n/a 0.19 Senior participations (3) 4 $ 56,226 $ 56,226 SOFR+ 2.0 % n/a 0.19 December 31, 2023 Loan Participations Sold Count Principal Balance Book Value Yield/Cost (1) Guarantee (2) Weighted Average Maximum Maturity (4) Total Loans 4 $ 71,532 $ 65,435 SOFR+ 3.5 % n/a 0.11 Senior participations (3) 4 $ 57,226 $ 57,226 SOFR+ 2.0 % n/a 0.11 ____________ (1) The yield/cost is the present value of all future principal and interest payments on the loan or participation interest and does not include any origination fees or deferred commitment fees. The yield/cost excludes maturity default interest and interest on loans placed on nonaccrual status. (2) As of June 30, 2024 and December 31, 2023, the loan participations sold were non-recourse to the Company. (3) During the six months ended June 30, 2024 and 2023, the Company recorded $ 1,456 and $ 2,988 of interest expense related to loan participations sold, respectively. (4) Based on the furthest maximum maturity date of all the loans subject to the participation agreement.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Stockholders' Equity	Note 6 – Stockholders’ Equity Preferred Stock Offering On September 22, 2021, the Company issued and sold 3,500,000 shares of the Series A Preferred Stock at a public offering price of $ 25.00 per share. In addition, on October 15, 2021, Raymond James & Associates, Inc., as representative of the underwriters, partially exercised their over-allotment option to purchase an additional 100,000 shares of Series A Preferred Stock. The Series A Preferred Stock were issued and sold pursuant to an effective registration statement on Form S-11 (File No. 333-258802) filed with the SEC. The Company received net proceeds of approximately $ 86,310 , after underwriter’s discount and issuance costs, and contributed the net proceeds to the Operating Partnership in exchange for an equivalent number of Series A units in the Operating Partnership. Dividends on the Series A Preferred Stock are cumulative and payable quarterly in arrears at a rate per annum equal to 6.75 % per annum of the $ 25.00 liquidation preference (the “Initial Rate”). Subject to certain exceptions, upon a Downgrade Event (as such terms are defined in the Articles Supplementary designating the Series A Preferred Stock (the “Articles Supplementary”)) or where any shares of the Series A Preferred Stock remain outstanding after September 22, 2026, the Series A Preferred Stock will thereafter accrue cumulative cash dividends at a rate higher than the Initial Rate. Subject to certain exceptions, upon the occurrence of a Change of Control, each holder of shares of Series A Preferred Stock will have the right to convert some or all of the Series A Preferred Stock held by such holder into a number of the Company’s shares of Class I common stock as provided for in the Articles Supplementary. The Company may not redeem the Series A Preferred Stock prior to September 22, 2026 , except in limited circumstances relating to maintaining the Company’s qualification as a REIT and in connection with a Change of Control. On and after September 22, 2026, the Company may, at its option, redeem the Series A Preferred Stock, in whole or from time-to-time in part, at a price of $ 25.00 per share of Series A Preferred Stock plus an amount equal to accrued and unpaid dividends (whether or not declared), if any. The Series A Preferred Stock has no maturity date and will remain outstanding indefinitely unless redeemed by the Company or converted by the holder pursuant to its terms (as set forth in the Articles Supplementary). On August 11, 2022, the Board authorized and approved a share repurchase program (the “Series A Preferred Repurchase Program”) pursuant to which the Company was permitted to repurchase up to the lesser of 1,000,000 shares or $ 15,000 of the outstanding shares of the Company’s Series A Preferred Stock through December 31, 2022. On November 10, 2022, the Board approved to extend the Series A Preferred Repurchase Program through December 31, 2023. Under the Series A Preferred Repurchase Program, repurchases of shares of the Company’s Series A Preferred Stock were to be made at management’s discretion from time to time through open market purchases, privately-negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws. During the three and six months ended June 30, 2024 , the Company repurchased and retired zero shares of Series A Preferred Stock. During the three and six months ended June 30, 2023, the Company repurchased and retired zero shares and 4,143 shares, respectively, of Series A Preferred Stock resulting in a gain of zero and $ 21 , respectively, from these repurchases. On January 30, 2023, the Board approved the termination of the Series A Preferred Repurchase Program. The Series A Preferred Stock is listed on the New York Stock Exchange under the symbol ICR PR A. Share Activity for Common Stock and Preferred Stock The following tables detail the change in the Company’s outstanding shares of all classes of common and preferred stock, including restricted common stock: Preferred Stock Common Stock Six months ended June 30, 2024 Series A Class P Class A Class T Class S Class D Class I Beginning balance 3,544,553 8,562,777 745,887 290,345 — 48,015 469,168 Administrative correction — — ( 6 ) — — — — Ending balance 3,544,553 8,562,777 745,881 290,345 — 48,015 469,168 Preferred Stock Common Stock Six months ended June 30, 2023 Series A Class P Class A Class T Class S Class D Class I Beginning balance 3,548,696 8,562,777 743,183 286,341 — 47,888 452,667 Issuance of shares — — 1,445 3,453 — — 12,386 Distribution reinvestment — — 1,259 551 — 127 2,393 Repurchase and retirement of preferred stock ( 4,143 ) — — — — — — Ending balance 3,544,553 8,562,777 745,887 290,345 — 48,015 467,446 Distributions – Common Stock and Series A Preferred Stock The table below presents the aggregate annualized and monthly distributions declared on common stock by record date for all classes of shares. Record date Aggregate annualized gross distribution declared per share Aggregate monthly gross distribution declared per share January 31, 2023 $ 1.2500 $ 0.1042 February 28, 2023 $ 1.2500 $ 0.1042 March 31, 2023 $ 1.2500 $ 0.1042 April 30, 2023 $ 1.2500 $ 0.1042 May 31, 2023 $ 1.2500 $ 0.1042 June 30, 2023 $ 1.2500 $ 0.1042 July 31, 2023 $ 1.2500 $ 0.1042 August 31, 2023 $ 1.2500 $ 0.1042 September 30, 2023 $ 1.2500 $ 0.1042 October 31, 2023 $ 1.2500 $ 0.1042 November 30, 2023 $ 1.2500 $ 0.1042 December 31, 2023 $ 1.2500 $ 0.1042 January 30, 2024 $ 1.2500 $ 0.1042 February 29, 2024 $ 1.2500 $ 0.1042 March 31, 2024 $ 1.2500 $ 0.1042 April 30, 2024 $ 1.2500 $ 0.1042 May 31, 2024 $ 1.2500 $ 0.1042 June 30, 2024 $ 1.2500 $ 0.1042 The gross distribution was reduced each month for Class D and Class T of the Company’s common stock for applicable class-specific stockholder servicing fees to arrive at a lower net distribution amount paid to those classes. For a description of the stockholder servicing fees applicable to Class D, Class S and Class T shares of the Company’s common stock, please see “Note 10 – Transactions with Related Parties” below. Since the IPO and through June 30, 2024, the Company had not issued any shares of Class S common stock. The following table shows the monthly net distribution per share for shares of Class D and Class T common stock. Record date Monthly net distribution declared per share of Class D common stock Monthly net distribution declared per share of Class T common stock January 31, 2023 $ 0.1000 $ 0.0900 February 28, 2023 $ 0.1004 $ 0.0914 March 31,2023 $ 0.1001 $ 0.0903 April 30,2023 $ 0.1002 $ 0.0907 May 31, 2023 $ 0.1001 $ 0.0903 June 30, 2023 $ 0.1004 $ 0.0912 July 31, 2023 $ 0.1005 $ 0.0916 August 31, 2023 $ 0.1005 $ 0.0915 September 30, 2023 $ 0.1006 $ 0.0920 October 31, 2023 $ 0.1005 $ 0.0916 November 30, 2023 $ 0.1006 $ 0.0920 December 31, 2023 $ 0.1005 $ 0.0916 January 30, 2024 $ 0.1006 $ 0.0919 February 29, 2024 $ 0.1008 $ 0.0927 March 31, 2024 $ 0.1006 $ 0.0920 April 30, 2024 $ 0.1007 $ 0.0925 May 31, 2024 $ 0.1006 $ 0.0921 June 30, 2024 $ 0.1008 $ 0.0925 Series A Preferred Stock dividends are paid quarterly in arrears based on an annualized distribution rate of 6.75 % of the $ 25.00 per share liquidation preference, or $ 1.6875 per share per annum. The tables below present the aggregate distributions declared per share for each applicable class of common stock and preferred stock during the six months ended June 30, 2024 and 2023. The tables exclude distributions declared for any month for a class of shares of stock when there were no shares of that class outstanding on the applicable record date. Preferred Stock Common Stock Six months ended June 30, 2024 Series A Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 0.8438 $ 0.6252 $ 0.6252 $ 0.6252 $ — $ 0.6252 $ 0.6252 Stockholder servicing fee per share N/A N/A N/A 0.0715 — 0.0211 $ — Net distributions declared per share $ 0.8438 $ 0.6252 $ 0.6252 $ 0.5537 $ — $ 0.6041 $ 0.6252 Preferred Stock Common Stock Six months ended June 30, 2023 Series A Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 0.8438 $ 0.6252 $ 0.6252 $ 0.6252 $ — $ 0.6252 $ 0.6252 Stockholder servicing fee per share N/A N/A N/A 0.0813 — 0.0240 N/A Net distributions declared per share $ 0.8438 $ 0.6252 $ 0.6252 $ 0.5439 $ — $ 0.6012 $ 0.6252 As of June 30, 2024 and December 31, 2023, distributions declared but not yet paid amounted to $ 1,051 and $ 1,050 , respectively.

Net Income Per Share Attributab

Net Income Per Share Attributable to Common Stockholders	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Income Per Share Attributable to Common Stockholders	Note 7 – Net Income Per Share Attributable to Common Stockholders Basic earnings per share attributable to common stockholders (“EPS”) is computed by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income attributable to common stockholders by the common shares plus common share equivalents. The Company’s common share equivalents are unvested restricted shares. The Company excludes antidilutive restricted shares from the calculation of weighted-average shares for diluted earnings per share. There were 784 and 562 antidilutive restricted shares for the three and six months ended June 30, 2024 , respectively. There were zero antidilutive restricted shares for both the three and six months ended June 30, 2023. For further information about the Company’s restricted shares, see “Note 11 – Equity-Based Compensation.” The following table is a summary of the basic and diluted net income per share attributable to common stockholders computation for the three and six months ended June 30, 2024 and 2023: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Net income (loss) attributable to common stockholders $ 3,494 $ ( 16,831 ) $ 5,398 $ ( 13,684 ) Weighted average shares outstanding, basic 10,116,191 10,114,470 10,116,186 10,113,849 Dilutive effect of restricted stock 784 — 562 — Weighted average shares outstanding, diluted 10,116,975 10,114,470 10,116,748 10,113,849 Net income (loss) attributable to common stockholders per share, basic and diluted $ 0.35 $ ( 1.66 ) $ 0.53 $ ( 1.35 )

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 8 – Commitments and Contingencies In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. The Company has no knowledge of material legal or regulatory proceedings pending or known to be contemplated against the Company at this time. The Company has made a commitment to advance additional funds under certain of its CRE loans if the borrower meets certain conditions. As of June 30, 2024 , the Company had 19 such loans with a total remaining future funding commitment of $ 16,577 . As of December 31, 2023 , the Company had 27 such loans with a total remaining future funding commitment of $ 31,021 . The Company could advance future funds at its discretion if requested by the borrower and the borrower meets certain requirements as specified in individual loan agreements.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Reporting	Note 9 – Segment Reporting The Company has one reportable segment as defined by GAAP for the six months ended June 30, 2024 and 2023 .

Transactions with Related Parti

Transactions with Related Parties	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Transactions with Related Parties	Note 10 – Transactions with Related Parties As of June 30, 2024 , the Advisor had invested $ 1,000 in the Company through the purchase of 40,040 Class P shares. The purchase price per Class P share for the Advisor’s investment was equal to $ 25.00 . The Advisor has agreed that, for so long as it or its affiliate is serving as the Company’s advisor, (i) it will not sell or transfer at least 8,000 of the Class P shares that it has purchased, accounting for $ 200 of its investment, to an unaffiliated third party and (ii) repurchase requests made for these Class P shares will only be accepted (a) on the last business day of a calendar quarter, (b) after all repurchase requests from all other stockholders for such quarter have been accepted and (c) to the extent that such repurchases do not cause total repurchases in the quarter in which they are being repurchased to exceed that quarter’s repurchase cap. As of June 30, 2024 , Sound Point Capital Management, LP (“Sound Point”), an affiliate of the Sub-Advisor, had invested $ 3,000 in the Company through the purchase of 120,000 Class P shares. The purchase price per Class P share for the Sub-Advisor’s investment was $ 25.00 . Sound Point has agreed that, for so long as the Sub-Advisor or its affiliate is serving as the Company’s sub-advisor, repurchase requests made for these Class P shares will only be accepted (a) on the last business day of a calendar quarter, (b) after all repurchase requests from all other stockholders for such quarter have been accepted and (c) to the extent that such repurchases do not cause total repurchases in the quarter in which they are being repurchased to exceed that quarter’s repurchase cap. The following table summarizes the Company’s related party transactions for the three and six months ended June 30, 2024 and 2023 and the amount due to related parties as of June 30, 2024 and December 31, 2023: Three months ended Six months ended Payable as of Payable as of 2024 2023 2024 2023 2024 2023 Organization and offering expense reimbursement (1) $ 2 $ ( 1 ) $ 2 $ — $ — $ 2 Selling commissions and dealer manager fee (2) — — — 4 — — Advisory fee (3) 799 861 1,604 1,742 266 271 Loan fees (4) 26 89 84 180 981 1,313 Accrued stockholder servicing fee (5) — — — 4 424 442 Total $ 827 $ 949 $ 1,690 $ 1,930 $ 1,671 $ 2,028 (1) The Company reimburses the Advisor, the Sub-Advisor and their respective affiliates for costs and other expenses related to the Public Offerings, provided the Advisor has agreed to reimburse the Company to the extent that the organization and offering expenses that the Company incurs exceeds 15 % of its gross proceeds from the Public Offerings. (2) For the Public Offerings, the Dealer Manager was entitled to receive (a) upfront selling commissions of up to 6.0 %, and upfront dealer manager fees of up to 1.25 %, of the transaction price of each Class A share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 7.25 % of the transaction price; (b) upfront selling commissions of up to 3.0 %, and upfront dealer manager fees of 0.5 %, of the transaction price of each Class T share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 3.5 % of the transaction price; and (c) upfront selling commissions of up to 3.5 % of the transaction price of each Class S share sold in the primary offering. No upfront selling commissions or dealer manager fees are paid with respect to purchases of Class D shares, Class I shares or shares of any class sold pursuant to the Company’s DRP. All upfront selling commissions and dealer manager fees were reallowed (paid) by the Dealer Manager to participating broker-dealers. (3) The Advisor is entitled to receive an advisory fee comprised of two separate components: (a) a fixed component payable monthly and (b) a performance component payable annually. The fixed component of the advisory fee is paid in an amount equal to 1/12 th of 1.25 % of the Company’s average NAV for each month, paid monthly in arrears. The performance component of the advisory fee is calculated and paid annually, such that for any year in which the Company’s total return per share exceeds 7 % per annum, the Advisor will receive 20 % of the excess total return allocable to shares of the Company’s common stock; provided that in no event will the performance fee exceed 15 % of the aggregate total return allocable to shares of the Company’s common stock for such year. In addition, if the NAV per share decreases below $ 25 for any class of shares during the measurement period, any subsequent increase in NAV per share to $ 25 (or such other adjusted number) will not be included in the calculation of the performance component with respect to that class. The Advisor pays fees to the Sub-Advisor for the services it delegates to the Sub-Advisor or may direct the Company to pay a portion of the fees otherwise payable to the Advisor directly to the Sub-Advisor. (4) The Company pays the Advisor all new loan origination and administrative fees related to CRE loans held for investment, to the extent that such fees are paid by the borrower. Pursuant to the Sub-Advisory Agreement, the Advisor generally will reallow a portion of loan fees and all administrative fees to the Sub-Advisor. (5) Subject to the Financial Industry Regulatory Authority, Inc. limitations on underwriting compensation, the Company pays the Dealer Manager selling commissions over time as stockholder servicing fees for ongoing services rendered to stockholders by participating broker-dealers or broker-dealers servicing stockholders’ accounts as follows: (a) for Class T shares only, 0.85 % per annum of the NAV of the Class T shares; (b) for Class S shares only, 0.85 % per annum of the aggregate NAV for the Class S shares; and (c) for Class D shares only, 0.25 % per annum of the aggregate NAV for the Class D shares. The Company will cease paying the stockholder servicing fee with respect to any Class T share, Class S share or Class D share held in a stockholder’s account upon the occurrence of certain events. The Company accrues the full cost of the stockholder servicing fee as an offering cost at the time the Company sells Class T, Class S, and Class D shares. The Dealer Manager does not retain any of these fees, all of which are retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers for ongoing stockholder services performed by such broker-dealers. Expense Limitation Agreement Pursuant to an expense limitation agreement (the “Expense Limitation Agreement”) dated July 1, 2021, the Advisor and Sub-Advisor agree to waive reimbursement of or pay, on a quarterly basis, certain of the Company’s ordinary operating expenses for each class of shares to the extent necessary to ensure that the ordinary operating expenses do not exceed 1.5 % of the average monthly net assets on an annualized basis (the “ 1.5 % Expense Limit”). Amounts waived or paid by the Advisor or Sub-Advisor pursuant to the Expense Limitation Agreement are subject to conditional repayment on a quarterly basis by the Company during the three years following the quarter in which the expenses were incurred, but only to the extent such repayment does not cause the Company to exceed its then-current expenses limitation, if any, for such quarter. Any waiver or reimbursement by the Advisor or Sub-Advisor not repaid by the Company within the three-year period will be deemed permanently waived and not subject to repayment under the Expense Limitation Agreement. During the six months ended June 30, 2024 , the amount of ordinary operating expenses either submitted for reimbursement by the Advisor and Sub-Advisor or incurred by the Company directly that was subject to the Expense Limitation Agreement did not exceed the 1.5 % Expense Limit. Separately from the limitation on ordinary operating expenses under the Expense Limitation Agreement, the Advisor and Sub-Advisor voluntarily chose not to seek reimbursement for certain expenses that they incurred or paid on behalf of the Company during the six months ended June 30, 2024, and for which they may have been entitled to be reimbursed. The Advisory Agreement and Sub-Advisory Agreement provide that expenses will be submitted monthly to the Company for reimbursement, and the amount of expenses submitted for reimbursement in any particular month is not necessarily indicative of the total amount of expenses actually incurred by the Advisor and Sub-Advisor in providing services to the Company and for which reimbursement could have been received by the Advisor and Sub-Advisor. Revolving Credit Liquidity Letter Agreements IREIC, the Company’s sponsor, and Sound Point have agreed under separate letter agreements dated July 20, 2021, and July 15, 2021, respectively, to make revolving credit loans to the Company in an aggregate principal amount outstanding at any one time not to exceed $ 5,000 and $ 15,000 , respectively (the “IREIC-Sound Point Commitments”) from time to time until the Termination Date (defined below) of the letter agreements. These letter agreements are identical to each other in all material respects other than the commitment amounts. Use of the IREIC-Sound Point Commitments is limited to satisfying requirements to maintain cash or cash equivalents under the Company’s repurchase and other borrowing arrangements. The “Termination Date” is the earliest of (i) the Maturity Date (defined below) (ii) the first date on which the Company’s balance sheet equity is equal to or greater than $ 500,000 , (iii) the date IREIC or one of its affiliates is no longer the Company’s advisor or Sound Point or one of its affiliates is no longer the Company’s sub-advisor and (iv) such earlier date on which the commitment will terminate as provided in the letter agreements, for example, because of an event of default. The “Maturity Date” is one year from the date of the agreement, and the Maturity Date will be automatically extended every year for an additional year, unless (a) the lender delivers notice of termination 60 days prior to an anniversary of the letter agreements or (b) an Event of Default (defined below) has occurred and is continuing. Each revolving loan will bear interest at 6.00 % per annum. Interest is payable in arrears when principal is paid or repaid and on the Termination Date. Each of the following constitutes an “Event of Default” under the letter agreements: (y) the Company fails to perform or observe any covenant or condition to be performed or observed under the letter agreement (including the obligation to repay a loan in full on the Termination Date) and such failure is not remedied within three business days of its receipt of notice thereof; or (z) the Company becomes insolvent or the subject of any bankruptcy proceeding.

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	Note 11 – Equity-Based Compensation With each stock grant, the Company awards each of its three independent directors an equal number of restricted shares. The table below summarizes total stock grants as of June 30, 2024 with a vesting date after January 1, 2023. Grant Date Class of common stock granted Total number of shares granted Grant Date Fair Value Per Share Total Fair Value of Grant Proportion of total shares that vest annually Vesting Date Year 1 Vesting Date Year 2 Vesting Date Year 3 December 1, 2020 Class I 1,393 $ 21.54 $ 30 1/3 12/1/2021 12/1/2022 12/1/2023 October 14, 2021 Class I 1,477 $ 20.31 $ 30 1/3 10/14/2022 10/14/2023 10/14/2024 October 3, 2022 Class I 1,534 $ 19.55 $ 30 1/3 10/3/2023 10/3/2024 10/3/2025 September 29, 2023 Class I 1,722 $ 17.42 $ 30 1/3 9/29/2024 9/29/2025 9/29/2026 Under the Company’s Independent Director Restricted Share Plan (the “RSP”), restricted shares generally vest over a three-year vesting period from the date of the grant, subject to the specific terms of the grant. Restricted shares are included in common stock outstanding on the grant date. The grant-date value of the restricted shares is amortized over the vesting period representing the requisite service period. Compensation expense associated with the restricted shares issued to the independent directors was $ 7 and $ 15 , in the aggregate, for the three and six months ended June 30, 2024 , respectively. Compensation expense associated with the restricted shares issued to the independent directors was $ 8 and $ 15 , in the aggregate, for the three and six months ended June 30, 2023, respectively. As of June 30, 2024 , the Company had $ 38 of unrecognized compensation expense related to the unvested restricted shares, in the aggregate. The weighted average remaining period that compensation expense related to unvested restricted shares will be recognized is 0.95 years. There were no restricted shares that vested during the six months ended June 30, 2024 and 2023. A summary table of the status of the restricted shares granted under the RSP is presented below: Restricted Shares Weighted Average Grant Date Fair Value Per Share Outstanding at December 31, 2023 3,237 $ 18.53 Granted — — Vested — — Converted — — Forfeited — — Outstanding at June 30, 2024 3,237 $ 18.53

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 12 – Fair Value of Financial Instruments GAAP requires the disclosure of fair value information about financial instruments, whether or not they are recognized at fair value in the consolidated balance sheets, for which it is practicable to estimate that value. The following table details the carrying amount and estimated fair value of the Company’s financial instruments at the dates below: June 30, 2024 December 31, 2023 Carrying Estimated Fair Carrying Estimated Fair Financial assets Cash and cash equivalents $ 44,557 $ 44,557 $ 54,143 $ 54,143 Commercial mortgage loans, net 684,406 684,406 722,003 722,003 Total $ 728,963 $ 728,963 $ 776,146 $ 776,146 Financial liabilities Repurchase agreements — commercial mortgage $ 422,944 $ 422,944 $ 457,438 $ 457,438 Credit facility payable — — 9,498 9,498 Loan participations — sold 56,226 56,226 57,226 57,226 Total $ 479,170 $ 479,170 $ 524,162 $ 524,162 The following describes the Company’s methods for estimating the fair value for financial instruments: • The estimated fair values of restricted cash, cash and cash equivalents were based on the bank balance and was a Level 1 fair value measurement. • The estimated fair value of commercial mortgage loans, net is a Level 3 fair value measurement. The majority of the loans are floating rate and as such the interest rates on such loans reflect the current interest rate spreads. Additionally, since the loans have a short duration to maturity ( 0.6 years), are not delinquent or impaired (except for three loans impaired as of June 30, 2024 and two loans impaired as of December 31, 2023, for which an asset-specific CECL reserve has been recorded) and are expected to return to par, the Advisor determined the amortized cost, less allowance for credit losses, is the best estimate of fair value for all loans. The allowance for credit losses includes the analytical portion as well as the asset-specific component of the CECL reserve. For the impaired loans, the CECL reserve was recorded based on the Company’s estimation of the fair value of the loans’ aggregate underlying collateral as of June 30, 2024 and December 31, 2023 , as applicable. These loans are therefore measured at fair value on a nonrecurring basis using significant unobservable inputs and are classified as Level 3 assets in the fair value hierarchy. The Company estimated the fair value of these loans by considering a variety of inputs including property performance, market data, and comparable sales, as applicable. The significant unobservable input used is the exit capitalization rate assumption used to forecast the future sale price of the underlying real estate collateral, which ranged from 5.75 % to 9.40 % and had weighted average of 7.76 %. • The estimated fair values of repurchase agreements – commercial mortgage loans, credit facility payable and loan participations sold are Level 3 fair value measurements based on expected present value techniques. This method discounts future estimated cash flows using rates the Company determined best reflect current market interest rates that would be offered for repurchase agreements, credit facilities and loan participations sold with similar characteristics and credit quality. The carrying value of these instruments approximates fair value as the fair value of these instruments is not materially sensitive to shifts in market interest rates because of the floating interest rates on these instruments.

Leases

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	Note 13– Leases Prior to September 28, 2023, the Company was the lessee under one ground lease. The ground lease, which commenced on April 1, 1999 , was assumed as part of the Renaissance O’Hare property acquired through a deed-in-lieu of foreclosure transaction on August 20, 2020. The lease was classified as a finance lease. Upon the sale of the property on September 28, 2023, the Company was no longer obligated under the ground lease. Upon assumption of the lease on August 20, 2020, the Company recorded a lease liability of $ 16,827 and a right-of-use asset of $ 5,549 on its consolidated balance sheet. The lease liability was based on the present value of the ground lease’s future payments using an interest rate of 11.37 %, which the Company considered reasonable and an estimate of the Company’s incremental borrowing rate. For the three and six months ended June 30, 2023, total finance lease cost recorded to real estate operating expenses on the Company’s consolidated statements of operations was comprised as follows: Three months ended Six months ended Amortization of right-of-use assets $ 12 $ 30 Interest on lease liabilities 500 997 Total finance lease cost $ 512 $ 1,027

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 14– Subsequent Events The Company has evaluated subsequent events through August 9, 2024, the date the consolidated financial statements were issued, and determined that there have not been any events that have occurred that would require adjustments to disclosures in the consolidated financial statements except for the following transactions: Foreclosure On July 2, 2024, the Company acquired, through non-judicial foreclosure transactions, two office properties located in Addison, TX. The properties previously collateralized a senior loan with an outstanding balance of $ 24,411 and no unfunded commitment as of June 30, 2024. The loan was on nonaccrual status and the Company had recorded an asset-specific CECL reserve of $ 281 on this loan as of June 30, 2024. The transactions were accounted for as asset acquisitions under ASC 805. Common Stock Distributions On July 30, 2024 , the Company announced that the Board authorized distributions to stockholders of record as of July 31, 2024 , payable on or about August 19, 2024 for each class of its common stock in the amount per share set forth below: Common Stock Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 0.1042 $ 0.1042 $ 0.1042 $ — $ 0.1042 $ 0.1042 Stockholder servicing fee per share N/A N/A 0.0121 — 0.0036 N/A Net distributions declared per share $ 0.1042 $ 0.1042 $ 0.0921 $ — $ 0.1006 $ 0.1042

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying consolidated financial statements and related footnotes have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Actual results could differ from such estimates. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include funds on deposit with financial institutions, including demand deposits with financial institutions with original maturities of three months or less. The account balance may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage limits and, as a result, there could be a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage limits. The Company believes that the risk will not be significant, as the Company does not anticipate the financial institutions’ non-performance. Restricted cash represents cash the Company is required to hold in a segregated account as additional collateral on real estate securities repurchase agreements. As of June 30, 2024 and December 31, 2023 , no restricted cash was held by the Company.
Allowance for Credit Losses	Allowance for Credit Losses On January 1, 2023 , the Company adopted Accounting Standards Update 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which requires companies to estimate a current expected credit loss (“CECL”) for the recognition of credit losses on financial instruments, including commercial mortgage loans, in their consolidated financial statements. The allowance for credit losses is adjusted each period for changes in expected credit losses. This replaces prior GAAP which required losses to be recognized as incurred. The Company adopted ASU 2016-13 using the modified retrospective method, therefore, the results for reporting periods prior to January 1, 2023 remain unadjusted and reported in accordance with previously applicable GAAP. In connection with the adoption of ASU 2016-13, the Company recorded a $ 5,122 increase to accumulated deficit with offsets on the consolidated balance sheet as noted below. The following table illustrates the impact of adoption ASU 2016-13: January 1, 2023 As Reported Under ASU 2016-13 As Reported Pre-Adoption Impact of Adoption Assets: Allowance for credit losses $ 8,375 $ 3,588 $ 4,787 Liabilities: Accrued expenses and other liabilities $ 8,187 $ 7,852 $ 335 The allowance for credit losses is recorded in accordance with ASU 2016-13, and is a valuation account that is deducted from the amortized cost basis of loans held-for-investment on the Company’s consolidated balance sheets. Changes to the allowance for credit losses are recognized through net income (loss) on the Company’s consolidated statements of operations. The allowance is based on relevant information about past events, including historical loss experience, current portfolio, market conditions and reasonable and supportable forecasts for the duration of each respective loan. All loans held-for-investment within the Company’s portfolio have some amount of expected loss to reflect the GAAP principal underlying the CECL model that all loans have some inherent risk of loss, regardless of credit quality, subordinate capital or other mitigating factors. The Company’s loans typically include commitments to fund incremental proceeds to its borrowers over the life of the loan. Those future funding commitments are also subject to an allowance for credit losses. The allowance for credit losses related to future loan fundings is recorded as a component of “Accrued expenses and other liabilities” on the Company’s consolidated balance sheets, and not as an offset to the related loan balance. This allowance for credit losses is estimated using the same process outlined below for the Company’s outstanding loan balances, and changes in this component of the allowance for credit losses similarly flow through the Company’s consolidated statements of operations. The allowance for credit losses is estimated on a quarterly basis and represents management’s estimates of current expected credit losses in the Company’s investment portfolio. Pools of loans with similar risk characteristics are collectively evaluated while loans that no longer share risk characteristics with loan pools are evaluated individually. Estimating an allowance for credit losses is inherently subjective, as it requires management to exercise significant judgment in establishing appropriate factors used to determine the allowance and a variety of subjective assumptions, including (i) determination of relevant historical loan loss data sets, (ii) the expected timing and amount of future loan fundings and repayments, (iii) the current credit quality of loans and operating performance of loan collateral and the Company’s expectations of performance, and (iv) selecting the forecast for macroeconomic conditions. The Company estimates the analytical portion of its allowance for credit losses by using a probability-weighted quantitative analytical model that considers the likelihood of default and loss-given-default for each individual loan. The analytical model incorporates a third-party licensed database for over 100,000 commercial real estate loans. The Company licenses certain macroeconomic financial forecasts from a third-party to inform its view of the potential future impact that broader macroeconomic conditions may have on the performance of the loans held-for-investment. These macroeconomic factors include unemployment rates, interest rates, price indices for commercial property and other factors. The Company may use one or more of these forecasts in the process of estimating its allowance for credit losses. Selection of these economic forecasts requires significant judgment about future events that, while based on the information available to the Company as of the balance sheet date, are ultimately unknowable with certainty, and the actual economic conditions impacting the Company’s portfolio could vary significantly from the estimates the Company made for the periods presented. Significant inputs to the Company’s estimate of the allowance for credit losses include the reasonable and supportable forecast period and loan specific factors such as debt service coverage ratio, or DSCR, loan-to-value ratio, or LTV, remaining contractual loan term, property type and others. In addition, the Company also considers relevant loan-specific qualitative factors to estimate its allowance for credit losses.
Accounting Pronouncements Recently Issued but Not Yet Effective	Accounting Pronouncements Recently Issued but Not Yet Effective In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reportable segment are required to provide the new disclosures and all the disclosures required under ASC 280. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. The amendments should be applied retrospectively to all periods presented in the financial statements, unless it is impracticable. The Company is currently evaluating the impact of ASU 2023-07 on the Company’s consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASU 2023-09 improves the transparency of income tax disclosures related to rate reconciliation and income taxes. ASU 2023-07 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied prospectively, however retrospective application is permitted. The Company is currently evaluating the impact of ASU 2023-09 on the Company’s consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Schedule of the Impact of Adoption	The following table illustrates the impact of adoption ASU 2016-13: January 1, 2023 As Reported Under ASU 2016-13 As Reported Pre-Adoption Impact of Adoption Assets: Allowance for credit losses $ 8,375 $ 3,588 $ 4,787 Liabilities: Accrued expenses and other liabilities $ 8,187 $ 7,852 $ 335

Commercial Mortgage Loans Hel_2

Commercial Mortgage Loans Held for Investment (Tables)	6 Months Ended
	Jun. 30, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule of Commercial Mortgage Loans Held for Investment	The following tables show a summary of the Company’s commercial mortgage loans held for investment as of June 30, 2024 and December 31, 2023: June 30, 2024 Loan Type (1) Number Principal Unamortized (fees)/costs, net Allowance for credit losses Carrying Weighted Average (2) Weighted Average (3) First mortgage loans 31 $ 691,356 $ 768 $ ( 17,189 ) $ 674,935 7.8 % 0.6 Credit loans 2 13,500 — ( 4,029 ) 9,471 9.6 % 1.9 Total and average 33 $ 704,856 $ 768 $ ( 21,218 ) $ 684,406 7.9 % 0.6 December 31, 2023 Loan Type (1) Number Principal Unamortized (fees)/costs, net Allowance for credit losses Carrying Weighted Average (2) Weighted Average (3) First mortgage loans 34 $ 729,380 $ 972 $ ( 21,809 ) $ 708,543 8.8 % 0.9 Credit loans 2 13,500 — ( 40 ) 13,460 9.6 % 2.4 Total and average 36 $ 742,880 $ 972 $ ( 21,849 ) $ 722,003 8.8 % 0.9 (1) First mortgage loans are first position mortgage loans and credit loans are mezzanine and subordinated loans. (2) Weighted average interest rate is based on the loan spreads plus the applicable indices as of the last interest reset date, which is typically the 15th of each month. On June 15, 2024, the one-month term USD Secured Overnight Financing Rate (“SOFR”) rate reset to 5.33 % . On December 15, 2023, the SOFR rate reset to 5.36 %. Weighted average interest rate excludes maturity default interest and interest on loans placed on nonaccrual status. (3) Weighted average years to maturity excludes allowable extensions on the loans.
Schedule of Commercial Mortgage Loans held for Investment Portfolio	For the six months ended June 30, 2024, the activity in the Company’s commercial mortgage loans, held-for-investment portfolio was as follows: Commercial mortgage loans at cost Allowance for credit losses Carrying Value Balance at Beginning of Year $ 743,852 $ ( 21,849 ) $ 722,003 Loan originations/advances 5,387 — 5,387 Principal repayments ( 43,410 ) — ( 43,410 ) Amortization of loan origination and deferred exit fees 287 — 287 Origination fees and extension fees received on commercial loans ( 492 ) — ( 492 ) Reversal of credit losses — 631 631 Balance at End of Period $ 705,624 $ ( 21,218 ) $ 684,406
Schedule of Allowance for Credit Losses	The following table presents the activity in the Company’s allowance for credit losses for the six months ended June 30, 2024: Commercial Mortgage Loans Unfunded Loan Commitments (1) Total Balance at beginning of period $ ( 21,849 ) $ ( 289 ) $ ( 22,138 ) Reversal of credit losses 631 118 749 Ending allowance for credit losses $ ( 21,218 ) $ ( 171 ) $ ( 21,389 ) (1) The reserve for expected credit losses related to unfunded loan commitments is recorded in “accrued expenses and other liabilities” on the consolidated balance sheets following the adoption of ASU 2016-13 on January 1, 2023. The following table presents the activity in the Company’s allowance for credit losses for the six months ended June 30, 2023: Commercial Mortgage Loans Unfunded Loan Commitments (1) Total Balance at beginning of period $ ( 3,588 ) $ — $ ( 3,588 ) Adoption of ASU 2016-13 ( 4,787 ) ( 335 ) ( 5,122 ) Balance at beginning of period after adoption ( 8,375 ) ( 335 ) ( 8,710 ) Provision for credit losses ( 12,962 ) ( 3 ) ( 12,965 ) Ending allowance for credit losses $ ( 21,337 ) $ ( 338 ) $ ( 21,675 ) (1) The reserve for expected credit losses related to unfunded loan commitments is recorded in “accrued expenses and other liabilities” on the consolidated balance sheets following the adoption of ASU 2016-13 on January 1, 2023.
Summary of Investment Grade of Loans Loss	As part of the Company’s process for monitoring the credit quality of its investments, it performs a quarterly asset review of the investment portfolio and assigns risk ratings to each of its loans and certain securities it may own, such as CMBS. Risk factors include payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographic location, as well as national and regional economic factors. To determine the likelihood of loss, the loans are rated on a 5-point scale as follows: Investment Grade Investment Grade Definition 1 Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable. 2 Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. 3 Performing investment requiring closer monitoring. Trends and risk factors show some deterioration. Collection of principal and interest is still expected. 4 Underperforming investment with the potential of some interest loss but still expecting a positive return on investment. Trends and risk factors are negative. 5 Underperforming investment with expected loss of interest and some principal.

Repurchase Agreements and Cre_2

Repurchase Agreements and Credit Facilities (Tables)	6 Months Ended
	Jun. 30, 2024
Repurchase Agreement [Line Items]
Schedule of Outstanding Repurchase Agreements	The details of the Facilities as of June 30, 2024 and December 31, 2023 are as follows: June 30, 2024 Weighted Average Committed Financing Amount (1) Accrued Collateral Interest Days to Atlas Repo Facility $ 100,000 $ — $ — $ — — — JPM Repo Facility 526,076 422,944 1,181 578,485 7.75 % 1,406 Total Repurchase Facilities — commercial mortgage loans 626,076 422,944 1,181 578,485 7.75 % 1,406 WA Credit Facility 40,000 — — — — — $ 666,076 $ 422,944 $ 1,181 $ 578,485 7.75 % 1,406 December 31, 2023 Weighted Average Committed Financing Amount (1) Accrued Collateral Interest Days to Atlas Repo Facility $ 100,000 $ — $ — $ — — — JPM Repo Facility 526,076 457,438 1,385 644,201 7.78 % 1,588 Total Repurchase Facilities — commercial mortgage loans 626,076 457,438 1,385 644,201 7.78 % 1,588 WA Credit Facility 40,000 9,498 42 13,647 9.34 % (2) 435 $ 666,076 $ 466,936 $ 1,427 $ 657,848 7.81 % 1,565 (1) Excluding $ 0 of unamortized debt issuance costs as of June 30, 2024 and December 31, 2023 . (2) Includes 0.50 % additional interest rate during the third and fourth quarters of 2023 as the minimum deposit balance was not met by the Company as of June 30, 2023.

Loan Participations Sold, Net (

Loan Participations Sold, Net (Tables)	6 Months Ended
	Jun. 30, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Summary of Loan Participations Sold	The following tables detail the Company’s loan participations sold as of June 30, 2024 and December 31, 2023: June 30, 2024 Loan Participations Sold Count Principal Balance Book Value Yield/Cost (1) Guarantee (2) Weighted Average Maximum Maturity (4) Total Loans 4 $ 70,282 $ 68,262 SOFR+ 3.5 % n/a 0.19 Senior participations (3) 4 $ 56,226 $ 56,226 SOFR+ 2.0 % n/a 0.19 December 31, 2023 Loan Participations Sold Count Principal Balance Book Value Yield/Cost (1) Guarantee (2) Weighted Average Maximum Maturity (4) Total Loans 4 $ 71,532 $ 65,435 SOFR+ 3.5 % n/a 0.11 Senior participations (3) 4 $ 57,226 $ 57,226 SOFR+ 2.0 % n/a 0.11 ____________ (1) The yield/cost is the present value of all future principal and interest payments on the loan or participation interest and does not include any origination fees or deferred commitment fees. The yield/cost excludes maturity default interest and interest on loans placed on nonaccrual status. (2) As of June 30, 2024 and December 31, 2023, the loan participations sold were non-recourse to the Company. (3) During the six months ended June 30, 2024 and 2023, the Company recorded $ 1,456 and $ 2,988 of interest expense related to loan participations sold, respectively. (4) Based on the furthest maximum maturity date of all the loans subject to the participation agreement.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Change in Outstanding Shares Including Restricted Common Stock	The following tables detail the change in the Company’s outstanding shares of all classes of common and preferred stock, including restricted common stock: Preferred Stock Common Stock Six months ended June 30, 2024 Series A Class P Class A Class T Class S Class D Class I Beginning balance 3,544,553 8,562,777 745,887 290,345 — 48,015 469,168 Administrative correction — — ( 6 ) — — — — Ending balance 3,544,553 8,562,777 745,881 290,345 — 48,015 469,168 Preferred Stock Common Stock Six months ended June 30, 2023 Series A Class P Class A Class T Class S Class D Class I Beginning balance 3,548,696 8,562,777 743,183 286,341 — 47,888 452,667 Issuance of shares — — 1,445 3,453 — — 12,386 Distribution reinvestment — — 1,259 551 — 127 2,393 Repurchase and retirement of preferred stock ( 4,143 ) — — — — — — Ending balance 3,544,553 8,562,777 745,887 290,345 — 48,015 467,446
Schedule of Distributions Declared	The table below presents the aggregate annualized and monthly distributions declared on common stock by record date for all classes of shares. Record date Aggregate annualized gross distribution declared per share Aggregate monthly gross distribution declared per share January 31, 2023 $ 1.2500 $ 0.1042 February 28, 2023 $ 1.2500 $ 0.1042 March 31, 2023 $ 1.2500 $ 0.1042 April 30, 2023 $ 1.2500 $ 0.1042 May 31, 2023 $ 1.2500 $ 0.1042 June 30, 2023 $ 1.2500 $ 0.1042 July 31, 2023 $ 1.2500 $ 0.1042 August 31, 2023 $ 1.2500 $ 0.1042 September 30, 2023 $ 1.2500 $ 0.1042 October 31, 2023 $ 1.2500 $ 0.1042 November 30, 2023 $ 1.2500 $ 0.1042 December 31, 2023 $ 1.2500 $ 0.1042 January 30, 2024 $ 1.2500 $ 0.1042 February 29, 2024 $ 1.2500 $ 0.1042 March 31, 2024 $ 1.2500 $ 0.1042 April 30, 2024 $ 1.2500 $ 0.1042 May 31, 2024 $ 1.2500 $ 0.1042 June 30, 2024 $ 1.2500 $ 0.1042 The following table shows the monthly net distribution per share for shares of Class D and Class T common stock. Record date Monthly net distribution declared per share of Class D common stock Monthly net distribution declared per share of Class T common stock January 31, 2023 $ 0.1000 $ 0.0900 February 28, 2023 $ 0.1004 $ 0.0914 March 31,2023 $ 0.1001 $ 0.0903 April 30,2023 $ 0.1002 $ 0.0907 May 31, 2023 $ 0.1001 $ 0.0903 June 30, 2023 $ 0.1004 $ 0.0912 July 31, 2023 $ 0.1005 $ 0.0916 August 31, 2023 $ 0.1005 $ 0.0915 September 30, 2023 $ 0.1006 $ 0.0920 October 31, 2023 $ 0.1005 $ 0.0916 November 30, 2023 $ 0.1006 $ 0.0920 December 31, 2023 $ 0.1005 $ 0.0916 January 30, 2024 $ 0.1006 $ 0.0919 February 29, 2024 $ 0.1008 $ 0.0927 March 31, 2024 $ 0.1006 $ 0.0920 April 30, 2024 $ 0.1007 $ 0.0925 May 31, 2024 $ 0.1006 $ 0.0921 June 30, 2024 $ 0.1008 $ 0.0925 The tables below present the aggregate distributions declared per share for each applicable class of common stock and preferred stock during the six months ended June 30, 2024 and 2023. The tables exclude distributions declared for any month for a class of shares of stock when there were no shares of that class outstanding on the applicable record date. Preferred Stock Common Stock Six months ended June 30, 2024 Series A Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 0.8438 $ 0.6252 $ 0.6252 $ 0.6252 $ — $ 0.6252 $ 0.6252 Stockholder servicing fee per share N/A N/A N/A 0.0715 — 0.0211 $ — Net distributions declared per share $ 0.8438 $ 0.6252 $ 0.6252 $ 0.5537 $ — $ 0.6041 $ 0.6252 Preferred Stock Common Stock Six months ended June 30, 2023 Series A Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 0.8438 $ 0.6252 $ 0.6252 $ 0.6252 $ — $ 0.6252 $ 0.6252 Stockholder servicing fee per share N/A N/A N/A 0.0813 — 0.0240 N/A Net distributions declared per share $ 0.8438 $ 0.6252 $ 0.6252 $ 0.5439 $ — $ 0.6012 $ 0.6252

Net Income Per Share Attribut_2

Net Income Per Share Attributable to Common Stockholders (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Summary of Basic and Diluted Net Income Per Share Attributable to Common Stockholders	The following table is a summary of the basic and diluted net income per share attributable to common stockholders computation for the three and six months ended June 30, 2024 and 2023: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Net income (loss) attributable to common stockholders $ 3,494 $ ( 16,831 ) $ 5,398 $ ( 13,684 ) Weighted average shares outstanding, basic 10,116,191 10,114,470 10,116,186 10,113,849 Dilutive effect of restricted stock 784 — 562 — Weighted average shares outstanding, diluted 10,116,975 10,114,470 10,116,748 10,113,849 Net income (loss) attributable to common stockholders per share, basic and diluted $ 0.35 $ ( 1.66 ) $ 0.53 $ ( 1.35 )

Transactions with Related Par_2

Transactions with Related Parties (Tables)	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Summary of Related Party Transactions	The following table summarizes the Company’s related party transactions for the three and six months ended June 30, 2024 and 2023 and the amount due to related parties as of June 30, 2024 and December 31, 2023: Three months ended Six months ended Payable as of Payable as of 2024 2023 2024 2023 2024 2023 Organization and offering expense reimbursement (1) $ 2 $ ( 1 ) $ 2 $ — $ — $ 2 Selling commissions and dealer manager fee (2) — — — 4 — — Advisory fee (3) 799 861 1,604 1,742 266 271 Loan fees (4) 26 89 84 180 981 1,313 Accrued stockholder servicing fee (5) — — — 4 424 442 Total $ 827 $ 949 $ 1,690 $ 1,930 $ 1,671 $ 2,028 (1) The Company reimburses the Advisor, the Sub-Advisor and their respective affiliates for costs and other expenses related to the Public Offerings, provided the Advisor has agreed to reimburse the Company to the extent that the organization and offering expenses that the Company incurs exceeds 15 % of its gross proceeds from the Public Offerings. (2) For the Public Offerings, the Dealer Manager was entitled to receive (a) upfront selling commissions of up to 6.0 %, and upfront dealer manager fees of up to 1.25 %, of the transaction price of each Class A share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 7.25 % of the transaction price; (b) upfront selling commissions of up to 3.0 %, and upfront dealer manager fees of 0.5 %, of the transaction price of each Class T share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 3.5 % of the transaction price; and (c) upfront selling commissions of up to 3.5 % of the transaction price of each Class S share sold in the primary offering. No upfront selling commissions or dealer manager fees are paid with respect to purchases of Class D shares, Class I shares or shares of any class sold pursuant to the Company’s DRP. All upfront selling commissions and dealer manager fees were reallowed (paid) by the Dealer Manager to participating broker-dealers. (3) The Advisor is entitled to receive an advisory fee comprised of two separate components: (a) a fixed component payable monthly and (b) a performance component payable annually. The fixed component of the advisory fee is paid in an amount equal to 1/12 th of 1.25 % of the Company’s average NAV for each month, paid monthly in arrears. The performance component of the advisory fee is calculated and paid annually, such that for any year in which the Company’s total return per share exceeds 7 % per annum, the Advisor will receive 20 % of the excess total return allocable to shares of the Company’s common stock; provided that in no event will the performance fee exceed 15 % of the aggregate total return allocable to shares of the Company’s common stock for such year. In addition, if the NAV per share decreases below $ 25 for any class of shares during the measurement period, any subsequent increase in NAV per share to $ 25 (or such other adjusted number) will not be included in the calculation of the performance component with respect to that class. The Advisor pays fees to the Sub-Advisor for the services it delegates to the Sub-Advisor or may direct the Company to pay a portion of the fees otherwise payable to the Advisor directly to the Sub-Advisor. (4) The Company pays the Advisor all new loan origination and administrative fees related to CRE loans held for investment, to the extent that such fees are paid by the borrower. Pursuant to the Sub-Advisory Agreement, the Advisor generally will reallow a portion of loan fees and all administrative fees to the Sub-Advisor. (5) Subject to the Financial Industry Regulatory Authority, Inc. limitations on underwriting compensation, the Company pays the Dealer Manager selling commissions over time as stockholder servicing fees for ongoing services rendered to stockholders by participating broker-dealers or broker-dealers servicing stockholders’ accounts as follows: (a) for Class T shares only, 0.85 % per annum of the NAV of the Class T shares; (b) for Class S shares only, 0.85 % per annum of the aggregate NAV for the Class S shares; and (c) for Class D shares only, 0.25 % per annum of the aggregate NAV for the Class D shares. The Company will cease paying the stockholder servicing fee with respect to any Class T share, Class S share or Class D share held in a stockholder’s account upon the occurrence of certain events. The Company accrues the full cost of the stockholder servicing fee as an offering cost at the time the Company sells Class T, Class S, and Class D shares. The Dealer Manager does not retain any of these fees, all of which are retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers for ongoing stockholder services performed by such broker-dealers.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Total Stock Grants	The table below summarizes total stock grants as of June 30, 2024 with a vesting date after January 1, 2023. Grant Date Class of common stock granted Total number of shares granted Grant Date Fair Value Per Share Total Fair Value of Grant Proportion of total shares that vest annually Vesting Date Year 1 Vesting Date Year 2 Vesting Date Year 3 December 1, 2020 Class I 1,393 $ 21.54 $ 30 1/3 12/1/2021 12/1/2022 12/1/2023 October 14, 2021 Class I 1,477 $ 20.31 $ 30 1/3 10/14/2022 10/14/2023 10/14/2024 October 3, 2022 Class I 1,534 $ 19.55 $ 30 1/3 10/3/2023 10/3/2024 10/3/2025 September 29, 2023 Class I 1,722 $ 17.42 $ 30 1/3 9/29/2024 9/29/2025 9/29/2026
Summary of Restricted Shares Granted under RSP	A summary table of the status of the restricted shares granted under the RSP is presented below: Restricted Shares Weighted Average Grant Date Fair Value Per Share Outstanding at December 31, 2023 3,237 $ 18.53 Granted — — Vested — — Converted — — Forfeited — — Outstanding at June 30, 2024 3,237 $ 18.53

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments	The following table details the carrying amount and estimated fair value of the Company’s financial instruments at the dates below: June 30, 2024 December 31, 2023 Carrying Estimated Fair Carrying Estimated Fair Financial assets Cash and cash equivalents $ 44,557 $ 44,557 $ 54,143 $ 54,143 Commercial mortgage loans, net 684,406 684,406 722,003 722,003 Total $ 728,963 $ 728,963 $ 776,146 $ 776,146 Financial liabilities Repurchase agreements — commercial mortgage $ 422,944 $ 422,944 $ 457,438 $ 457,438 Credit facility payable — — 9,498 9,498 Loan participations — sold 56,226 56,226 57,226 57,226 Total $ 479,170 $ 479,170 $ 524,162 $ 524,162

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Summary of Finance Lease Cost	For the three and six months ended June 30, 2023, total finance lease cost recorded to real estate operating expenses on the Company’s consolidated statements of operations was comprised as follows: Three months ended Six months ended Amortization of right-of-use assets $ 12 $ 30 Interest on lease liabilities 500 997 Total finance lease cost $ 512 $ 1,027

Subsequent Events (Tables)

Subsequent Events (Tables)	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Schedule of Declared Distributions for Class of Common Stock	On July 30, 2024 , the Company announced that the Board authorized distributions to stockholders of record as of July 31, 2024 , payable on or about August 19, 2024 for each class of its common stock in the amount per share set forth below: Common Stock Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 0.1042 $ 0.1042 $ 0.1042 $ — $ 0.1042 $ 0.1042 Stockholder servicing fee per share N/A N/A 0.0121 — 0.0036 N/A Net distributions declared per share $ 0.1042 $ 0.1042 $ 0.0921 $ — $ 0.1006 $ 0.1042

Organization and Business Ope_2

Organization and Business Operations - Additional Information (Details) - USD ($)						6 Months Ended	32 Months Ended
	Apr. 28, 2022	Oct. 15, 2021	Sep. 22, 2021	Mar. 22, 2019	Oct. 25, 2016	Jun. 30, 2023	Jun. 28, 2019	Jun. 30, 2024	Dec. 31, 2023
Organization And Business Operations [Line Items]
Issuance of common stock, value						$ 342,000
Preferred stock, par value								$ 0.001	$ 0.001
Maximum | Initial Public Offering
Organization And Business Operations [Line Items]
Issuance of common stock, value	$ 2,200,000,000			$ 2,350,000,000
Class P Common Stock
Organization And Business Operations [Line Items]
Shares issued, private offering							10,258,094
Gross proceeds from issuance of private offering							$ 276,681,000
Class P Common Stock | Maximum
Organization And Business Operations [Line Items]
Shares authorized value, private offering					$ 500,000,000
Series A Preferred Stock
Organization And Business Operations [Line Items]
Liquidation preference per share								$ 25
Series A Preferred Stock | Preferred Stock Offering
Organization And Business Operations [Line Items]
Preferred stock, shares issued			3,500,000
Percentage of cumulative redeemable preferred stock			6.75%
Preferred stock, par value			$ 0.001
Liquidation preference per share			$ 25
Net proceeds after underwriter's discount and issuance costs			$ 86,310,000
Series A Preferred Stock | Over-Allotment | Raymond James & Associates, Inc.
Organization And Business Operations [Line Items]
Additional shares issued to cover over-allotments		100,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024		Dec. 31, 2023		Jan. 01, 2023
Summary Of Significant Accounting Policies Disclosures [Line Items]
Cash and cash equivalents, description	Cash and cash equivalents include funds on deposit with financial institutions, including demand deposits with financial institutions with original maturities of three months or less.
Restricted cash current	$ 0		$ 0
Adoption of ASU 2016-13, increase to accumulated deficit	5,122,000
Allowance for credit losses	$ 21,218,000	[1]	$ 21,849,000	[1]	$ 3,588,000
ASU 2016-13
Summary Of Significant Accounting Policies Disclosures [Line Items]
Allowance for credit losses					$ 8,375,000
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2023
[1] First mortgage loans are first position mortgage loans and credit loans are mezzanine and subordinated loans.

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of the Impact of Adoption (Details) - USD ($) $ in Thousands	Jun. 30, 2024	[1]	Dec. 31, 2023	[1]	Jan. 01, 2023
Assets:
Allowance for credit losses	$ 21,218		$ 21,849		$ 3,588
Liabilities:
Accrued expenses and other liabilities					7,852
ASU 2016-13
Assets:
Allowance for credit losses					8,375
Liabilities:
Accrued expenses and other liabilities					8,187
Impact of Adoption | ASU 2016-13
Assets:
Allowance for credit losses					4,787
Liabilities:
Accrued expenses and other liabilities					$ 335
[1] First mortgage loans are first position mortgage loans and credit loans are mezzanine and subordinated loans.

Commercial Mortgage Loans Hel_3

Commercial Mortgage Loans Held for Investment - Schedule of Commercial Mortgage Loans held for Investment (Details) $ in Thousands		Jun. 30, 2024 USD ($) Loan		Dec. 31, 2023 USD ($) Loan		Jan. 01, 2023 USD ($)
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	[1]	33		36
Principal Balance	[1]	$ 704,856		$ 742,880
Unamortized (fees)/costs, net	[1]	768		972
Allowance for credit losses		(21,218)	[1]	(21,849)	[1]	$ (3,588)
Commercial mortgage loans at cost, net	[1]	$ 684,406		$ 722,003
Weighted Average Interest Rate	[2]	7.90%		8.80%
Weighted Average Years to Maturity	[3]	7 months 6 days		10 months 24 days
First Mortgage Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	[1]	31		34
Principal Balance	[1]	$ 691,356		$ 729,380
Unamortized (fees)/costs, net	[1]	768		972
Allowance for credit losses	[1]	(17,189)		(21,809)
Carrying Value	[1]	$ 674,935		$ 708,543
Weighted Average Interest Rate	[2]	7.80%		8.80%
Weighted Average Years to Maturity	[3]	7 months 6 days		10 months 24 days
Credit Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	[1]	2		2
Principal Balance	[1]	$ 13,500		$ 13,500
Allowance for credit losses	[1]	(4,029)		(40)
Carrying Value	[1]	$ 9,471		$ 13,460
Weighted Average Interest Rate	[2]	9.60%		9.60%
Weighted Average Years to Maturity	[3]	1 year 10 months 24 days		2 years 4 months 24 days
[1] First mortgage loans are first position mortgage loans and credit loans are mezzanine and subordinated loans. Weighted average interest rate is based on the loan spreads plus the applicable indices as of the last interest reset date, which is typically the 15th of each month. On June 15, 2024, the one-month term USD Secured Overnight Financing Rate (“SOFR”) rate reset to 5.33 % . On December 15, 2023, the SOFR rate reset to 5.36 %. Weighted average interest rate excludes maturity default interest and interest on loans placed on nonaccrual status. Weighted average years to maturity excludes allowable extensions on the loans.

Commercial Mortgage Loans Hel_4

Commercial Mortgage Loans Held for Investment - Schedule of Commercial Mortgage Loans held for Investment (Parenthetical) (Details)	Jun. 15, 2024	Dec. 15, 2023
SOFR [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgage loans applicable reference rate percentage	5.33%	5.36%

Commercial Mortgage Loans Hel_5

Commercial Mortgage Loans Held for Investment - Schedule of Commercial Mortgage Loans held for Investment Portfolio (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Balance at Beginning of Year	$ 743,852
Balance at Beginning of Year, Allowance for credit losses	(21,849)	[1]
Balance at Beginning of Year, Carrying value	722,003	[1]
Loan originations/advances	5,387
Principal repayments	(43,410)
Amortization of loan origination and deferred exit fees	287
Origination fees and extension fees received on commercial loans	(492)
Reversal for credit losses, Allowance for credit losses	631
Reversal of credit losses	631
Balance at End of Period	705,624
Balance at End of Period, Allowance for credit losses	(21,218)	[1]
Balance at End of Period, Carrying value	684,406	[1]
Commercial Mortgage Loans at Cost
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Balance at Beginning of Year	743,852
Loan originations/advances	5,387
Principal repayments	(43,410)
Amortization of loan origination and deferred exit fees	287
Origination fees and extension fees received on commercial loans	(492)
Balance at End of Period	$ 705,624
[1] First mortgage loans are first position mortgage loans and credit loans are mezzanine and subordinated loans.

Commercial Mortgage Loans Hel_6

Commercial Mortgage Loans Held for Investment - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands		3 Months Ended				6 Months Ended
		Jun. 30, 2024		Jun. 30, 2023		Jun. 30, 2024		Jun. 30, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Balance at Beginning of Year, Allowance for credit losses						$ (22,138)		$ (3,588)
Balance at Beginning of Year, Allowance for credit losses	[1]					(21,849)
Impact of adoption of ASU 2016-13								(5,122)
Reversal/Provision for credit losses		$ 1,086		$ (13,364)		749		(12,965)
Balance at End of Period, Allowance for credit losses		(21,389)		(21,675)		(21,389)		(21,675)
ASU 2016-13
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Balance at beginning of period after adoption								(8,710)
Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Balance at Beginning of Year, Allowance for credit losses						(21,849)		(3,588)
Reversal/Provision for credit losses						631		(12,962)
Balance at End of Period, Allowance for credit losses		(21,218)		(21,337)		(21,218)		(21,337)
Commercial Mortgage Loans | ASU 2016-13
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Balance at Beginning of Year, Allowance for credit losses								(8,375)
Commercial Mortgage Loans | ASU 2016-13 | Impact of Adoption
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Balance at Beginning of Year, Allowance for credit losses								(4,787)
Unfunded Loan Commitments
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Balance at Beginning of Year, Allowance for credit losses	[2]					(289)
Reversal/Provision for credit losses						118	[2]	(3)	[3]
Balance at End of Period, Allowance for credit losses		$ (171)	[2]	$ (338)	[3]	$ (171)	[2]	(338)	[3]
Unfunded Loan Commitments | ASU 2016-13
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Adoption of ASU 2016-13	[3]							(335)
Unfunded Loan Commitments | ASU 2016-13 | Impact of Adoption
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Adoption of ASU 2016-13	[3]							$ (335)
[1] First mortgage loans are first position mortgage loans and credit loans are mezzanine and subordinated loans. The reserve for expected credit losses related to unfunded loan commitments is recorded in “accrued expenses and other liabilities” on the consolidated balance sheets following the adoption of ASU 2016-13 on January 1, 2023. The reserve for expected credit losses related to unfunded loan commitments is recorded in “accrued expenses and other liabilities” on the consolidated balance sheets following the adoption of ASU 2016-13 on January 1, 2023.

Commercial Mortgage Loans Hel_7

Commercial Mortgage Loans Held for Investment - Additional Information (Details)	3 Months Ended				6 Months Ended				12 Months Ended
	Jun. 30, 2024 USD ($) Loan Rating Property		Jun. 30, 2023 USD ($)		Jun. 30, 2024 USD ($) Loan Rating Property		Jun. 30, 2023 USD ($)		Dec. 31, 2023 USD ($) Loan		Mar. 31, 2024 USD ($)	Dec. 31, 2022 USD ($)
Mortgage Loans On Real Estate [Line Items]
Allowance for credit losses	$ 21,218,000				$ 21,218,000				$ 21,849,000
Number of loans risk rated two | Loan	16				16				24
Number of loans risk rated three | Loan	9				9				7
Number of loans risk rated four | Loan	4				4				3
Number of loans risk rated five | Loan	4				4				2
Asset specific CECL reserve	$ 16,740,000		$ 11,591,000		$ 16,740,000		$ 11,591,000		$ 7,231,000
Increase (decrease) in CECL reserve					(749,000)		18,087,000
Provision for (reversal of) credit losses	(1,086,000)		13,364,000		(749,000)		12,965,000
Impact of adoption of ASU 2016-13			5,122,000				5,122,000					$ 5,122,000
Total CECL reserve	21,389,000		21,675,000		21,389,000		21,675,000		22,138,000			$ 3,588,000
Net increase (decrease) in asset specific CECL reserve					474,000		11,591,000		7,705,000
Unfunded Loan Commitments
Mortgage Loans On Real Estate [Line Items]
Provision for (reversal of) credit losses					(118,000)	[1]	3,000	[2]
Total CECL reserve	$ 171,000	[1]	$ 338,000	[2]	$ 171,000	[1]	$ 338,000	[2]	$ 289,000	[1]
Portland, OR Loan [Member]
Mortgage Loans On Real Estate [Line Items]
Risk rating for commercial mortgage loans held for investment and real estate securities | Rating	5				5
Interest reserve through maturity added to the principal amount					$ 1,750,000
Asset specific CECL reserve	$ 6,900,000				6,900,000
Mortgage loans on real estate, outstanding	29,476,000				$ 29,476,000
Mortgage loans on real estate maturity date					May 09, 2024
Portland, OR Loan [Member] | Unfunded Loan Commitments
Mortgage Loans On Real Estate [Line Items]
Mortgage loans on real estate, outstanding	$ 0				$ 0
Reston, VA Loan [Member]
Mortgage Loans On Real Estate [Line Items]
Risk rating for commercial mortgage loans held for investment and real estate securities | Rating	5				5
Asset specific CECL reserve											$ 3,187,000
Mortgage loans on real estate, outstanding	$ 13,113,000				$ 13,113,000
Mortgage loans on real estate maturity date					Mar. 09, 2024
Reston, VA Loan [Member] | Unfunded Loan Commitments
Mortgage Loans On Real Estate [Line Items]
Mortgage loans on real estate, outstanding	$ 0				$ 0
Addison TX Loan [Member]
Mortgage Loans On Real Estate [Line Items]
Risk rating for commercial mortgage loans held for investment and real estate securities | Rating	5				5
Asset specific CECL reserve	$ 281,000				$ 281,000
Number of office properties | Property	2				2
Mortgage loans on real estate, outstanding	$ 24,411,000				$ 24,411,000
Mortgage loans on real estate maturity date					Sep. 09, 2023
Addison TX Loan [Member] | Unfunded Loan Commitments
Mortgage Loans On Real Estate [Line Items]
Mortgage loans on real estate, outstanding	$ 0				$ 0
Charlotte, NC Loan [Member]
Mortgage Loans On Real Estate [Line Items]
Risk rating for commercial mortgage loans held for investment and real estate securities | Rating	3				3
Troubled debt restructurings amortized cost basis	$ 20,762,000				$ 20,762,000
Asset specific CECL reserve	$ 1,854,000				$ 1,854,000
Percentage of loans receivable on commercial mortgage	3%				3%
Mortgage loans on real estate, outstanding	$ 22,616,000				$ 22,616,000
Mortgage loans on real estate maturity date					Oct. 09, 2025
Financing receivable, waived maturity default interest					$ 738,000
Financing receivable accrued interest rate	4%				4%
Charlotte, NC Loan [Member] | Unfunded Loan Commitments
Mortgage Loans On Real Estate [Line Items]
Mortgage loans on real estate, outstanding	$ 0				$ 0
Three Senior Loans [Member] | Nonaccrual Basis Loans
Mortgage Loans On Real Estate [Line Items]
Interest income Accured	0				123,000
Reversal of interest income on loans	0				0
Interest income forgone of loans on nonaccrual status	$ 1,602,000				$ 3,082,000
Converse, TX Loan [Member]
Mortgage Loans On Real Estate [Line Items]
Risk rating for commercial mortgage loans held for investment and real estate securities | Rating	2				2
Asset specific CECL reserve	$ 178,000				$ 178,000
Mortgage loans on real estate, outstanding	25,696,000				$ 25,696,000
Mortgage loans on real estate maturity date					Nov. 09, 2024
Converse, TX Loan [Member] | Unfunded Loan Commitments
Mortgage Loans On Real Estate [Line Items]
Mortgage loans on real estate, outstanding	$ 114,000				$ 114,000
Atlanta, GA Loan [Member]
Mortgage Loans On Real Estate [Line Items]
Risk rating for commercial mortgage loans held for investment and real estate securities | Rating	2				2
Asset specific CECL reserve	$ 2,530,000				$ 2,530,000
Mortgage loans on real estate, outstanding	39,967,000				$ 39,967,000
Mortgage loans on real estate maturity date					Dec. 09, 2024
Atlanta, GA Loan [Member] | Unfunded Loan Commitments
Mortgage Loans On Real Estate [Line Items]
Mortgage loans on real estate, outstanding	$ 33,000				$ 33,000
Shenandoah, TX Loan [Member]
Mortgage Loans On Real Estate [Line Items]
Risk rating for commercial mortgage loans held for investment and real estate securities | Rating	2				2
Asset specific CECL reserve	$ 997,000				$ 997,000
Mortgage loans on real estate, outstanding	29,070,000				$ 29,070,000
Mortgage loans on real estate maturity date					Mar. 09, 2025
Shenandoah, TX Loan [Member] | Unfunded Loan Commitments
Mortgage Loans On Real Estate [Line Items]
Mortgage loans on real estate, outstanding	$ 815,000				$ 815,000
Las Vegas, NV Loan [Member]
Mortgage Loans On Real Estate [Line Items]
Risk rating for commercial mortgage loans held for investment and real estate securities | Rating	5				5
Asset specific CECL reserve	$ 4,000,000				$ 4,000,000
Mortgage loans on real estate, outstanding	6,000,000				$ 6,000,000
Mortgage loans on real estate maturity date					Oct. 06, 2024
Nonaccrual status effective date					Jul. 01, 2024
Las Vegas, NV Loan [Member] | Unfunded Loan Commitments
Mortgage Loans On Real Estate [Line Items]
Mortgage loans on real estate, outstanding	$ 0				$ 0
[1] The reserve for expected credit losses related to unfunded loan commitments is recorded in “accrued expenses and other liabilities” on the consolidated balance sheets following the adoption of ASU 2016-13 on January 1, 2023. The reserve for expected credit losses related to unfunded loan commitments is recorded in “accrued expenses and other liabilities” on the consolidated balance sheets following the adoption of ASU 2016-13 on January 1, 2023.

Commercial Mortgage Loans Hel_8

Commercial Mortgage Loans Held for Investment - Summary of Investment Grade of Loans Loss (Details) - Commercial Mortgage Loans	6 Months Ended
	Jun. 30, 2024
Investment Grade One
Financing Receivable Recorded Investment [Line Items]
Description of Investment Grade	Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable.
Investment Grade Two
Financing Receivable Recorded Investment [Line Items]
Description of Investment Grade	Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable.
Investment Grade Three
Financing Receivable Recorded Investment [Line Items]
Description of Investment Grade	Performing investment requiring closer monitoring. Trends and risk factors show some deterioration. Collection of principal and interest is still expected.
Investment Grade Four
Financing Receivable Recorded Investment [Line Items]
Description of Investment Grade	Underperforming investment with the potential of some interest loss but still expecting a positive return on investment. Trends and risk factors are negative.
Investment Grade Five
Financing Receivable Recorded Investment [Line Items]
Description of Investment Grade	Underperforming investment with expected loss of interest and some principal.

Repurchase Agreements and Cre_3

Repurchase Agreements and Credit Facilities - Additional Information (Details) - USD ($)				1 Months Ended	3 Months Ended		6 Months Ended	32 Months Ended
	May 05, 2023	Mar. 09, 2023	Mar. 10, 2021	May 31, 2022	Sep. 30, 2023	Jun. 30, 2023	Jun. 30, 2024	Dec. 31, 2021	Nov. 30, 2023	May 06, 2019
Atlas Repo Facility
Repurchase Agreement [Line Items]
Repurchase agreement, maximum advance amount									$ 100,000,000
Amount Outstanding							$ 0
Atlas Repo Facility | Secured Overnight Financing Rate (SOFR) | Minimum
Repurchase Agreement [Line Items]
Interest rate spread							2.50%
Floor rate							0.15%
Atlas Repo Facility | Secured Overnight Financing Rate (SOFR) | Maximum
Repurchase Agreement [Line Items]
Interest rate spread							3%
Floor rate							0.25%
JP Morgan Repo Facility
Repurchase Agreement [Line Items]
Repurchase agreement, maximum advance amount	$ 526,076,000									$ 150,000,000
Maturity date	May 06, 2026			May 06, 2023
Option to extend maturity date	May 06, 2028
Option to extend maturity, description							two optional one-year extensions
JP Morgan Repo Facility | Minimum
Repurchase Agreement [Line Items]
Interest rate spread							1.85%
Floor rate							0%
JP Morgan Repo Facility | Maximum
Repurchase Agreement [Line Items]
Interest rate spread							2.85%
Floor rate							2%
JP Morgan Repo Facility | London Interbank Offered Rate | Minimum
Repurchase Agreement [Line Items]
Interest rate spread								1.75%
JP Morgan Repo Facility | London Interbank Offered Rate | Maximum
Repurchase Agreement [Line Items]
Interest rate spread								2.50%
Western Alliance Credit Facility
Repurchase Agreement [Line Items]
Repurchase agreement, maximum advance amount		$ 40,000,000	$ 75,000,000
Interest rate spread		3.50%
Floor rate		2.50%
Amount Outstanding							$ 0
Maturity date		Mar. 10, 2025	Mar. 10, 2023
Borrowing base period for eligible pledged assets become ineligible			36 months
Convertible by option term loan initial maturity period			2 years
Percentage of conversion fee of convertible by option term loan.			0.25%
Minimum required average unrestricted aggregate deposit account balance amount to be maintained					$ 5,000,000	$ 3,750,000
Increased interest rate due to failure to meet the minimum deposit balance			0.50%
Western Alliance Credit Facility | Minimum
Repurchase Agreement [Line Items]
Loan-to-unpaid balance percentage			60%
Loan-to-appraised value percentage			45%
Western Alliance Credit Facility | Maximum
Repurchase Agreement [Line Items]
Loan-to-unpaid balance percentage			70%
Loan-to-appraised value percentage			50%
Western Alliance Credit Facility | London Interbank Offered Rate
Repurchase Agreement [Line Items]
Interest rate spread			3.25%
Floor rate			0.75%

Repurchase Agreements and Cre_4

Repurchase Agreements and Credit Facilities - Schedule of Outstanding Repurchase Agreements (Details) - USD ($)		Jun. 30, 2024	Dec. 31, 2023
Repurchase Agreements And Credit Facility [Line Items]
Accrued Interest Payable		$ 2,215,000	$ 1,792,000
Atlas Repo Facility
Repurchase Agreements And Credit Facility [Line Items]
Amount Outstanding		0
Atlas Repo Facility | Commercial Mortgage Loans
Repurchase Agreements And Credit Facility [Line Items]
Committed Financing		100,000,000	100,000,000
JPM Repo Facility | Commercial Mortgage Loans
Repurchase Agreements And Credit Facility [Line Items]
Committed Financing		526,076,000	526,076,000
Amount Outstanding	[1]	422,944,000	457,438,000
Accrued Interest Payable		$ 1,181,000	$ 1,385,000
Weighted Average Interest Rate		7.75%	7.78%
Weighted Average Days to Maturity		1406 days	1588 days
JPM Repo Facility | Commercial Mortgage Loans | Collateral Pledged
Repurchase Agreements And Credit Facility [Line Items]
Collateral Pledged		$ 578,485,000	$ 644,201,000
Repo Facility | Commercial Mortgage Loans
Repurchase Agreements And Credit Facility [Line Items]
Committed Financing		626,076,000	626,076,000
Amount Outstanding	[1]	422,944,000	457,438,000
Accrued Interest Payable		$ 1,181,000	$ 1,385,000
Weighted Average Interest Rate		7.75%	7.78%
Weighted Average Days to Maturity		1406 days	1588 days
Repo Facility | Commercial Mortgage Loans | Collateral Pledged
Repurchase Agreements And Credit Facility [Line Items]
Collateral Pledged		$ 578,485,000	$ 644,201,000
Western Alliance Credit Facility
Repurchase Agreements And Credit Facility [Line Items]
Amount Outstanding		0
Western Alliance Credit Facility | Commercial Mortgage Loans
Repurchase Agreements And Credit Facility [Line Items]
Committed Financing		40,000,000	40,000,000
Amount Outstanding	[1]		9,498,000
Accrued Interest Payable			$ 42,000
Weighted Average Interest Rate	[2]		9.34%
Weighted Average Days to Maturity			435 days
Western Alliance Credit Facility | Commercial Mortgage Loans | Collateral Pledged
Repurchase Agreements And Credit Facility [Line Items]
Collateral Pledged			$ 13,647,000
Facilities | Commercial Mortgage Loans
Repurchase Agreements And Credit Facility [Line Items]
Committed Financing		666,076,000	666,076,000
Amount Outstanding	[1]	422,944,000	466,936,000
Accrued Interest Payable		$ 1,181,000	$ 1,427,000
Weighted Average Interest Rate		7.75%	7.81%
Weighted Average Days to Maturity		1406 days	1565 days
Facilities | Commercial Mortgage Loans | Collateral Pledged
Repurchase Agreements And Credit Facility [Line Items]
Collateral Pledged		$ 578,485,000	$ 657,848,000
[1] Excluding $ 0 of unamortized debt issuance costs as of June 30, 2024 and December 31, 2023 . Includes 0.50 % additional interest rate during the third and fourth quarters of 2023 as the minimum deposit balance was not met by the Company as of June 30, 2023.

Repurchase Agreements and Cre_5

Repurchase Agreements and Credit Facilities - Schedule of Outstanding Repurchase Agreements (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2024
Repo Facility
Repurchase Agreements And Credit Facility [Line Items]
Unamortized Debt Issuance Expense	$ 0		$ 0
Western Alliance Credit Facility
Repurchase Agreements And Credit Facility [Line Items]
Additional interest rate	0.50%	0.50%

Loan Participations Sold, Net -

Loan Participations Sold, Net - Additional Information (Details)	Nov. 15, 2021 Loan
First Mortgage Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Number of loans sold to third party	9

Loan Participations Sold, Net_2

Loan Participations Sold, Net - Summary of Loan Participations Sold (Details) $ in Thousands		6 Months Ended		12 Months Ended
		Jun. 30, 2024 USD ($) Loan		Dec. 31, 2023 USD ($) Loan
Loan Participations
Mortgage Loans On Real Estate [Line Items]
Number of loans sold to third party | Loan		4		4
Principal Balance		$ 70,282		$ 71,532
Book Value		$ 68,262		$ 65,435
Weighted Average Interest Rate	[1]	3.50%		3.50%
Weighted Average Maximum Maturity		2 months 8 days		1 month 9 days	[2]
Senior Loan Participations
Mortgage Loans On Real Estate [Line Items]
Number of loans sold to third party | Loan		4	[2]	4	[3]
Principal Balance		$ 56,226	[2]	$ 57,226	[3]
Book Value		$ 56,226	[2]	$ 57,226	[3]
Weighted Average Interest Rate	[1],[3]	2%	[2]	2%
Weighted Average Maximum Maturity	[2]	2 months 8 days		1 month 9 days	[3]
[1] The yield/cost is the present value of all future principal and interest payments on the loan or participation interest and does not include any origination fees or deferred commitment fees. The yield/cost excludes maturity default interest and interest on loans placed on nonaccrual status. Based on the furthest maximum maturity date of all the loans subject to the participation agreement. During the six months ended June 30, 2024 and 2023, the Company recorded $ 1,456 and $ 2,988 of interest expense related to loan participations sold, respectively.

Loan Participations Sold, Net_3

Loan Participations Sold, Net - Summary of Loan Participations Sold (Parenthetical) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Mortgage Loans On Real Estate [Line Items]
Investment, Type [Extensible Enumeration]	Loan Participations [Member]	Loan Participations [Member]
Interest expense on loan sold	$ 1,456	$ 2,988

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)			3 Months Ended		6 Months Ended
	Oct. 15, 2021	Sep. 22, 2021	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Aug. 11, 2022
Class Of Stock [Line Items]
Preferred stock, change of control, terms of conversion					Subject to certain exceptions, upon the occurrence of a Change of Control, each holder of shares of Series A Preferred Stock will have the right to convert some or all of the Series A Preferred Stock held by such holder into a number of the Company’s shares of Class I common stock as provided for in the Articles Supplementary.
Distributions payable			$ 1,051,000		$ 1,051,000		$ 1,050,000
Gain on repurchase and retirement of preferred stock			$ 0	$ 0	$ 0	$ 21,000
Series A Preferred Stock
Class Of Stock [Line Items]
Liquidation preference per share			$ 25		$ 25
Preferred stock, redemption date		Sep. 22, 2026
Preferred stock, redemption price per share		$ 25
Percentage of dividend rate					6.75%
Annual dividend per share					$ 1.6875
Shares repurchased and retired						4,143
Class S Common Stock
Class Of Stock [Line Items]
Common stock, shares, issued			0		0		0
Preferred Stock Offering | Series A Preferred Stock
Class Of Stock [Line Items]
Preferred stock, shares issued		3,500,000
Offered price		$ 25
Net proceeds after underwriter's discount and issuance costs		$ 86,310,000
Liquidation preference per share		$ 25
Percentage of dividend rate		6.75%
Over-Allotment | Series A Preferred Stock | Raymond James & Associates, Inc.
Class Of Stock [Line Items]
Additional shares issued to cover over-allotments	100,000
Series A Preferred Repurchase Program
Class Of Stock [Line Items]
Share repurchase program, shares authorized to be repurchased								1,000,000
Share repurchase program, authorized amount								$ 15,000,000
Shares repurchased and retired			0	0	0	4,143
Gain on repurchase and retirement of preferred stock				$ 0		$ 21

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Change in Outstanding Shares Including Restricted Common Stock (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Series A Preferred Stock
Class Of Stock [Line Items]
Beginning balance	3,544,553	3,548,696
Repurchase and retirement of preferred stock		(4,143)
Ending balance	3,544,553	3,544,553
Class P Common Stock
Class Of Stock [Line Items]
Beginning balance	8,562,777	8,562,777
Ending balance	8,562,777	8,562,777
Class A Common Stock
Class Of Stock [Line Items]
Beginning balance	745,887	743,183
Administrative correction	(6)
Issuance of shares		1,445
Distribution reinvestment		1,259
Ending balance	745,881	745,887
Class T Common Stock
Class Of Stock [Line Items]
Beginning balance	290,345	286,341
Issuance of shares		3,453
Distribution reinvestment		551
Ending balance	290,345	290,345
Class S Common Stock
Class Of Stock [Line Items]
Beginning balance	0
Ending balance	0
Class D Common Stock
Class Of Stock [Line Items]
Beginning balance	48,015	47,888
Distribution reinvestment		127
Ending balance	48,015	48,015
Class I Common Stock
Class Of Stock [Line Items]
Beginning balance	469,168	452,667
Issuance of shares		12,386
Distribution reinvestment		2,393
Ending balance	469,168	467,446

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Aggregate Annualized and Monthly Distributions Declared by Record Date for all Classes of Shares (Details) - $ / shares	1 Months Ended
	Jun. 30, 2024	May 31, 2024	Apr. 30, 2024	Mar. 31, 2024	Feb. 29, 2024	Jan. 30, 2024	Dec. 31, 2023	Nov. 30, 2023	Oct. 31, 2023	Sep. 30, 2023	Aug. 31, 2023	Jul. 31, 2023	Jun. 30, 2023	May 31, 2023	Apr. 30, 2023	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023
Class Of Stock [Line Items]
Record date	Jun. 30, 2024	May 31, 2024	Apr. 30, 2024	Mar. 31, 2024	Feb. 29, 2024	Jan. 30, 2024	Dec. 31, 2023	Nov. 30, 2023	Oct. 31, 2023	Sep. 30, 2023	Aug. 31, 2023	Jul. 31, 2023	Jun. 30, 2023	May 31, 2023	Apr. 30, 2023	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023
Aggregate Annualized Gross Dividend Declared
Class Of Stock [Line Items]
Aggregate annualized gross distribution declared per share	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.2500	$ 1.2500	$ 1.2500
Aggregate Monthly Gross Dividend Declared
Class Of Stock [Line Items]
Aggregate annualized gross distribution declared per share	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042

Stockholders' Equity - Schedu_3

Stockholders' Equity - Schedule of Monthly Net Distributions Per Share (Details) - $ / shares	1 Months Ended
	Jun. 30, 2024	May 31, 2024	Apr. 30, 2024	Mar. 31, 2024	Feb. 29, 2024	Jan. 30, 2024	Dec. 31, 2023	Nov. 30, 2023	Oct. 31, 2023	Sep. 30, 2023	Aug. 31, 2023	Jul. 31, 2023	Jun. 30, 2023	May 31, 2023	Apr. 30, 2023	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023
Class Of Stock [Line Items]
Record date	Jun. 30, 2024	May 31, 2024	Apr. 30, 2024	Mar. 31, 2024	Feb. 29, 2024	Jan. 30, 2024	Dec. 31, 2023	Nov. 30, 2023	Oct. 31, 2023	Sep. 30, 2023	Aug. 31, 2023	Jul. 31, 2023	Jun. 30, 2023	May 31, 2023	Apr. 30, 2023	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023
Monthly Net Distribution Declared of Class D Common Stock
Class Of Stock [Line Items]
Net distributions declared per share	$ 0.1008	$ 0.1006	$ 0.1007	$ 0.1006	$ 0.1008	$ 0.1006	$ 0.1005	$ 0.1006	$ 0.1005	$ 0.1006	$ 0.1005	$ 0.1005	$ 0.1004	$ 0.1001	$ 0.1002	$ 0.1001	$ 0.1004	$ 0.1000
Monthly Net Distribution Declared of Class T Common Stock
Class Of Stock [Line Items]
Net distributions declared per share	$ 0.0925	$ 0.0921	$ 0.0925	$ 0.092	$ 0.0927	$ 0.0919	$ 0.0916	$ 0.092	$ 0.0916	$ 0.092	$ 0.0915	$ 0.0916	$ 0.0912	$ 0.0903	$ 0.0907	$ 0.0903	$ 0.0914	$ 0.0900

Stockholders' Equity - Schedu_4

Stockholders' Equity - Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock and Preferred Stock (Details) - $ / shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Series A Preferred Stock
Distributions Declared [Line Items]
Aggregate gross distributions declared per share	$ 0.8438	$ 0.8438
Net distributions declared per share	0.8438	0.8438
Class P Common Stock
Distributions Declared [Line Items]
Aggregate gross distributions declared per share	0.6252	0.6252
Net distributions declared per share	0.6252	0.6252
Class A Common Stock
Distributions Declared [Line Items]
Aggregate gross distributions declared per share	0.6252	0.6252
Net distributions declared per share	0.6252	0.6252
Class T Common Stock
Distributions Declared [Line Items]
Aggregate gross distributions declared per share	0.6252	0.6252
Stockholder servicing fee per share	0.0715	0.0813
Net distributions declared per share	0.5537	0.5439
Class D Common Stock
Distributions Declared [Line Items]
Aggregate gross distributions declared per share	0.6252	0.6252
Stockholder servicing fee per share	0.0211	0.024
Net distributions declared per share	0.6041	0.6012
Class I Common Stock
Distributions Declared [Line Items]
Aggregate gross distributions declared per share	0.6252	0.6252
Net distributions declared per share	$ 0.6252	$ 0.6252

Net Income Per Share Attribut_3

Net Income Per Share Attributable to Common Stockholders - Additional information (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Antidilutive restricted shares	784	0	562	0

Net Income Per Share Attribut_4

Net Income Per Share Attributable to Common Stockholders - Summary of Basic and Diluted Net Income Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income (loss) attributable to common stockholders	$ 3,494	$ (16,831)	$ 5,398	$ (13,684)
Weighted average shares outstanding, basic	10,116,191	10,114,470	10,116,186	10,113,849
Dilutive effect of restricted stock	784	0	562	0
Weighted average shares outstanding, diluted	10,116,975	10,114,470	10,116,748	10,113,849
Net income (loss) attributable to common stockholders per share basic	$ 0.35	$ (1.66)	$ 0.53	$ (1.35)
Net income (loss) attributable to common stockholders per share diluted	$ 0.35	$ (1.66)	$ 0.53	$ (1.35)

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands	Jun. 30, 2024 USD ($) Loan	Dec. 31, 2023 USD ($) Loan
Commitments and Contingencies Disclosure [Abstract]
Number of commercial real estate loans with remaining future funding commitment | Loan	19	27
Commercial real estate, remaining future funding commitment | $	$ 16,577	$ 31,021

Segment Reporting - Additional

Segment Reporting - Additional Information (Details) - Segment	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting [Abstract]
Number of reportable segment	1	1

Transactions with Related Par_3

Transactions with Related Parties - Additional Information (Details) - USD ($)			1 Months Ended	6 Months Ended
	Jul. 20, 2021	Jul. 15, 2021	Nov. 30, 2016	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Proceeds from issuance of common stock					$ 342,000
Expense Limitation Agreement
Related Party Transaction [Line Items]
Annualized ordinary operating expenses of quarter to extent expenses do not exceed average monthly net assets percentage				1.50%
Annualized basis expense limit percentage				1.50%
Reimbursement of expenses payable term				3 years
Waive reimbursement on quarterly basis terms				waive reimbursement of or pay, on a quarterly basis, certain of the Company’s ordinary operating expenses for each class of shares to the extent necessary to ensure that the ordinary operating expenses do not exceed 1.5% of the average monthly net assets on an annualized basis (the “1.5% Expense Limit”). Amounts waived or paid by the Advisor or Sub-Advisor pursuant to the Expense Limitation Agreement are subject to conditional repayment on a quarterly basis by the Company during the three years following the quarter in which the expenses were incurred, but only to the extent such repayment does not cause the Company to exceed its then-current expenses limitation, if any, for such quarter. Any waiver or reimbursement by the Advisor or Sub-Advisor not repaid by the Company within the three-year period will be deemed permanently waived and not subject to repayment under the Expense Limitation Agreement. During the six months ended June 30, 2024, the amount of ordinary operating expenses either submitted for reimbursement by the Advisor and Sub-Advisor or incurred by the Company directly that was subject to the Expense Limitation Agreement did not exceed the 1.5% Expense Limit.
Expense Limitation Agreement | Maximum
Related Party Transaction [Line Items]
Reimbursement of expenses payable term				3 years
Class P Common Stock
Related Party Transaction [Line Items]
Common stock, shares, issued				8,562,777		8,562,777
Advisor | Class P Common Stock
Related Party Transaction [Line Items]
Proceeds from issuance of common stock			$ 1,000,000
Common stock, shares, issued			40,040
Common stock, purchase price per share			$ 25
Subscription agreement, minimum number of shares to be held				8,000
Subscription agreement, value of minimum number of shares to be held				$ 200,000
Description of subscription agreement				The Advisor has agreed that, for so long as it or its affiliate is serving as the Company’s advisor, (i) it will not sell or transfer at least 8,000 of the Class P shares that it has purchased, accounting for $200 of its investment, to an unaffiliated third party and (ii) repurchase requests made for these Class P shares will only be accepted (a) on the last business day of a calendar quarter, (b) after all repurchase requests from all other stockholders for such quarter have been accepted and (c) to the extent that such repurchases do not cause total repurchases in the quarter in which they are being repurchased to exceed that quarter’s repurchase cap.
Sub-Advisor | Class P Common Stock
Related Party Transaction [Line Items]
Proceeds from issuance of common stock			$ 3,000,000
Common stock, shares, issued			120,000
Common stock, purchase price per share			$ 25
Description of subscription agreement				Sound Point has agreed that, for so long as the Sub-Advisor or its affiliate is serving as the Company’s sub-advisor, repurchase requests made for these Class P shares will only be accepted (a) on the last business day of a calendar quarter, (b) after all repurchase requests from all other stockholders for such quarter have been accepted and (c) to the extent that such repurchases do not cause total repurchases in the quarter in which they are being repurchased to exceed that quarter’s repurchase cap.
Inland Real Estate Investment Corporation | Revolving Credit Liquidity Letter Agreements
Related Party Transaction [Line Items]
Number of days notice of termination prior to maturity date of agreement	60 days
Fixed interest rate	6%
Inland Real Estate Investment Corporation | Revolving Credit Liquidity Letter Agreements | Maximum
Related Party Transaction [Line Items]
Aggregate principal amount outstanding	$ 5,000,000
Inland Real Estate Investment Corporation | Revolving Credit Liquidity Letter Agreements | Minimum
Related Party Transaction [Line Items]
Stockholders equity balance to trigger termination of liquidity letter agreements	$ 500,000,000
Sound Point | Revolving Credit Liquidity Letter Agreements
Related Party Transaction [Line Items]
Number of days notice of termination prior to maturity date of agreement		60 days
Fixed interest rate		6%
Sound Point | Revolving Credit Liquidity Letter Agreements | Maximum
Related Party Transaction [Line Items]
Aggregate principal amount outstanding		$ 15,000,000
Sound Point | Revolving Credit Liquidity Letter Agreements | Minimum
Related Party Transaction [Line Items]
Stockholders equity balance to trigger termination of liquidity letter agreements		$ 500,000,000

Transactions with Related Par_4

Transactions with Related Parties - Summary of Related Party Transactions (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Advisory fee		$ 799	$ 861	$ 1,604	$ 1,742
Accrued stockholder servicing fee				(19)	(19)
Total		1,671		1,671		$ 2,028
Advisor, Sub-Advisor and Dealer Manager
Related Party Transaction [Line Items]
Organization and offering expense reimbursement	[1]	2	(1)	2
Selling commissions and dealer manager fee	[2]				4
Advisory fee	[3]	799	861	1,604	1,742
Loan fees	[4]	26	89	84	180
Accrued stockholder servicing fee	[5]				4
Total		827	$ 949	1,690	$ 1,930
Organization and offering expense reimbursement, payable	[1]					2
Advisory fee, payable	[3]	266		266		271
Loan fees, payable	[4]	981		981		1,313
Accrued stockholder servicing fee, payable	[5]	424		424		442
Total		$ 1,671		$ 1,671		$ 2,028
[1] The Company reimburses the Advisor, the Sub-Advisor and their respective affiliates for costs and other expenses related to the Public Offerings, provided the Advisor has agreed to reimburse the Company to the extent that the organization and offering expenses that the Company incurs exceeds 15 % of its gross proceeds from the Public Offerings. For the Public Offerings, the Dealer Manager was entitled to receive (a) upfront selling commissions of up to 6.0 %, and upfront dealer manager fees of up to 1.25 %, of the transaction price of each Class A share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 7.25 % of the transaction price; (b) upfront selling commissions of up to 3.0 %, and upfront dealer manager fees of 0.5 %, of the transaction price of each Class T share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 3.5 % of the transaction price; and (c) upfront selling commissions of up to 3.5 % of the transaction price of each Class S share sold in the primary offering. No upfront selling commissions or dealer manager fees are paid with respect to purchases of Class D shares, Class I shares or shares of any class sold pursuant to the Company’s DRP. All upfront selling commissions and dealer manager fees were reallowed (paid) by the Dealer Manager to participating broker-dealers. The Advisor is entitled to receive an advisory fee comprised of two separate components: (a) a fixed component payable monthly and (b) a performance component payable annually. The fixed component of the advisory fee is paid in an amount equal to 1/12 th of 1.25 % of the Company’s average NAV for each month, paid monthly in arrears. The performance component of the advisory fee is calculated and paid annually, such that for any year in which the Company’s total return per share exceeds 7 % per annum, the Advisor will receive 20 % of the excess total return allocable to shares of the Company’s common stock; provided that in no event will the performance fee exceed 15 % of the aggregate total return allocable to shares of the Company’s common stock for such year. In addition, if the NAV per share decreases below $ 25 for any class of shares during the measurement period, any subsequent increase in NAV per share to $ 25 (or such other adjusted number) will not be included in the calculation of the performance component with respect to that class. The Advisor pays fees to the Sub-Advisor for the services it delegates to the Sub-Advisor or may direct the Company to pay a portion of the fees otherwise payable to the Advisor directly to the Sub-Advisor. The Company pays the Advisor all new loan origination and administrative fees related to CRE loans held for investment, to the extent that such fees are paid by the borrower. Pursuant to the Sub-Advisory Agreement, the Advisor generally will reallow a portion of loan fees and all administrative fees to the Sub-Advisor. Subject to the Financial Industry Regulatory Authority, Inc. limitations on underwriting compensation, the Company pays the Dealer Manager selling commissions over time as stockholder servicing fees for ongoing services rendered to stockholders by participating broker-dealers or broker-dealers servicing stockholders’ accounts as follows: (a) for Class T shares only, 0.85 % per annum of the NAV of the Class T shares; (b) for Class S shares only, 0.85 % per annum of the aggregate NAV for the Class S shares; and (c) for Class D shares only, 0.25 % per annum of the aggregate NAV for the Class D shares. The Company will cease paying the stockholder servicing fee with respect to any Class T share, Class S share or Class D share held in a stockholder’s account upon the occurrence of certain events. The Company accrues the full cost of the stockholder servicing fee as an offering cost at the time the Company sells Class T, Class S, and Class D shares. The Dealer Manager does not retain any of these fees, all of which are retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers for ongoing stockholder services performed by such broker-dealers.

Transactions with Related Par_5

Transactions with Related Parties - Summary of Related Party Transactions (Parenthetical) (Details) - Advisor - $ / shares		6 Months Ended	60 Months Ended
	Jul. 01, 2021	Jun. 30, 2024	Jun. 30, 2024
Related Party Transaction [Line Items]
Maximum percentage of gross proceeds from issuance of initial public offering			15%
Percentage of net asset value of assets, paid monthly	0.104%
Percentage of excess total return	20%
Net asset value		$ 25	$ 25
Net asset value description		if the NAV per share decreases below $25 for any class of shares during the measurement period, any subsequent increase in NAV per share to $25 (or such other adjusted number) will not be included in the calculation of the performance component with respect to that class.
Class T Common Stock
Related Party Transaction [Line Items]
Percentage of stockholder servicing fees on net asset value		0.85%
Class S Common Stock
Related Party Transaction [Line Items]
Aggregate percentage of stockholder servicing fees on net asset value		0.85%
Class D and Class I Common Stock
Related Party Transaction [Line Items]
Percentage of upfront selling commission		0%
Percentage of upfront dealer manager fee		0%
Class D Common Stock
Related Party Transaction [Line Items]
Aggregate percentage of stockholder servicing fees on net asset value		0.25%
Public Offerings | Class T Common Stock
Related Party Transaction [Line Items]
Percentage of upfront dealer manager fee		0.50%
Minimum
Related Party Transaction [Line Items]
Minimum percentage to earn performance component of advisory fee	7%
Maximum
Related Party Transaction [Line Items]
Percentage of aggregate total return	15%
Maximum | Public Offerings | Class A Common Stock
Related Party Transaction [Line Items]
Percentage of upfront selling commission		6%
Percentage of upfront dealer manager fee		1.25%
Percentage of participation dealers fee		7.25%
Maximum | Public Offerings | Class T Common Stock
Related Party Transaction [Line Items]
Percentage of upfront selling commission		3%
Percentage of participation dealers fee		3.50%
Maximum | Public Offerings | Class S Common Stock
Related Party Transaction [Line Items]
Percentage of upfront selling commission		3.50%

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Total Stock Grants (Details) - Restricted Shares - RSP - Class I Common Stock - USD ($) $ / shares in Units, $ in Thousands	Sep. 29, 2023	Oct. 03, 2022	Oct. 14, 2021	Dec. 01, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total number of shares granted	1,722	1,534	1,477	1,393
Grant Date Fair Value Per Share	$ 17.42	$ 19.55	$ 20.31	$ 21.54
Total Fair Value of Grant	$ 30	$ 30	$ 30	$ 30
Proportion of total shares that vest annually	33.33%	33.33%	33.33%	33.33%
Year 1
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting Date	Sep. 29, 2024	Oct. 03, 2023	Oct. 14, 2022	Dec. 01, 2021
Year 2
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting Date	Sep. 29, 2025	Oct. 03, 2024	Oct. 14, 2023	Dec. 01, 2022
Year 3
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting Date	Sep. 29, 2026	Oct. 03, 2025	Oct. 14, 2024	Dec. 01, 2023

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) Director	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) Director shares	Jun. 30, 2023 USD ($) shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of independent directors | Director	3		3
RSP | Restricted Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares vested | shares			0	0
RSP | Restricted Shares | Independent Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			3 years
Compensation expense	$ 7	$ 8	$ 15	$ 15
Unrecognized compensation cost	$ 38		$ 38
Weighted average remaining period that compensation expense recognizable			11 months 12 days

Equity-Based Compensation - S_2

Equity-Based Compensation - Summary of Restricted Shares Granted under RSP (Details) - Restricted Shares - RSP - $ / shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding beginning balance, Shares	3,237
Vested, Shares	0	0
Outstanding ending balance, Shares	3,237
Outstanding beginning balance, Weighted average grant date fair value per share	$ 18.53
Outstanding ending balance, Weighted average grant date fair value per share	$ 18.53

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Carrying Amount
Financial assets
Cash and cash equivalents	$ 44,557	$ 54,143
Commercial mortgage loans, net	684,406	722,003
Total	728,963	776,146
Financial liabilities
Credit facility payable		9,498
Loan participations - sold	56,226	57,226
Total	479,170	524,162
Carrying Amount | Commercial Mortgage Loans
Financial liabilities
Repurchase agreements	422,944	457,438
Estimated Fair Value
Financial assets
Cash and cash equivalents	44,557	54,143
Commercial mortgage loans, net	684,406	722,003
Total	728,963	776,146
Financial liabilities
Credit facility payable		9,498
Loan participations - sold	56,226	57,226
Total	479,170	524,162
Estimated Fair Value | Commercial Mortgage Loans
Financial liabilities
Repurchase agreements	$ 422,944	$ 457,438

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Details) - Loan		Jun. 30, 2024	Dec. 31, 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loan term	[1]	7 months 6 days	10 months 24 days
Weighted average		7.76%
Maximum
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Percentage of exit capitalization rate on impaired loans		9.40%
Minimum
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Percentage of exit capitalization rate on impaired loans		5.75%
Commercial Mortgage Loans
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Number of loans impaired		3	2
[1] Weighted average years to maturity excludes allowable extensions on the loans.

Disposition of Real Estate - Ad

Disposition of Real Estate - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Real Estate [Abstract]
Asset Impairment Charges	$ 0	$ 6,934	$ 0	$ 6,934

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Aug. 20, 2020
Leases [Abstract]
Lessee finance lease description	Prior to September 28, 2023, the Company was the lessee under one ground lease. The ground lease, which commenced on April 1, 1999, was assumed as part of the Renaissance O’Hare property acquired through a deed-in-lieu of foreclosure transaction on August 20, 2020. The lease was classified as a finance lease. Upon the sale of the property on September 28, 2023, the Company was no longer obligated under the ground lease.
Finance lease, commencement date	Apr. 01, 1999
Finance lease liability		$ 16,827
Finance lease, right-of-use asset		$ 5,549
Finance lease liability, interest rate		11.37%

Leases - Summary of Finance Lea

Leases - Summary of Finance Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Leases [Abstract]
Amortization of right-of-use assets	$ 12	$ 30
Interest on lease liabilities	500	997
Total finance lease cost	$ 512	$ 1,027

Subsequent Events - Additional

Subsequent Events - Additional Information (Details)

1 Months Ended

Jul. 30, 2024

Jun. 30, 2024 USD ($) Property

May 31, 2024

Apr. 30, 2024

Mar. 31, 2024

Feb. 29, 2024

Jan. 30, 2024

Dec. 31, 2023 USD ($)

Nov. 30, 2023

Oct. 31, 2023

Sep. 30, 2023

Aug. 31, 2023

Jul. 31, 2023

Jun. 30, 2023 USD ($)

May 31, 2023

Apr. 30, 2023

Mar. 31, 2023

Feb. 28, 2023

Jan. 31, 2023

Jul. 02, 2024 Property

Subsequent Event [Line Items]

Distributions record date

Jun. 30, 2024

May 31, 2024

Apr. 30, 2024

Mar. 31, 2024

Feb. 29, 2024

Jan. 30, 2024

Dec. 31, 2023

Nov. 30, 2023

Oct. 31, 2023

Sep. 30, 2023

Aug. 31, 2023

Jul. 31, 2023

Jun. 30, 2023

May 31, 2023

Apr. 30, 2023

Mar. 31, 2023

Feb. 28, 2023

Jan. 31, 2023

Asset specific CECL reserve

$ 16,740,000

$ 7,231,000

$ 11,591,000

Addison TX Loan [Member]

Subsequent Event [Line Items]

Number of office properties | Property

2

Mortgage loans on real estate, outstanding

$ 24,411,000

Asset specific CECL reserve

281,000

Addison TX Loan [Member] | Unfunded Loan Commitments

Subsequent Event [Line Items]

Mortgage loans on real estate, outstanding

$ 0

Subsequent Event | Common Stock

Subsequent Event [Line Items]

Distributions declared date

Jul. 30, 2024

Distributions record date

Jul. 31, 2024

Distributions paid date

Aug. 19, 2024

Subsequent Event | Addison, TX

Subsequent Event [Line Items]

Number of office properties | Property

2

Subsequent Events -Schedule of

Subsequent Events -Schedule of Declared Distributions for Class of Common Stock (Details) - $ / shares		6 Months Ended
	Jul. 30, 2024	Jun. 30, 2024	Jun. 30, 2023
Class P Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share		$ 0.6252	$ 0.6252
Class A Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share		0.6252	0.6252
Class T Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share		0.6252	0.6252
Stockholder servicing fee per share		0.0715	0.0813
Class D Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share		0.6252	0.6252
Stockholder servicing fee per share		0.0211	0.024
Class I Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share		$ 0.6252	$ 0.6252
Subsequent Event | Class P Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	$ 0.1042
Net distributions declared per share	0.1042
Subsequent Event | Class A Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.1042
Net distributions declared per share	0.1042
Subsequent Event | Class T Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.1042
Stockholder servicing fee per share	0.0121
Net distributions declared per share	0.0921
Subsequent Event | Class D Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.1042
Stockholder servicing fee per share	0.0036
Net distributions declared per share	0.1006
Subsequent Event | Class I Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.1042
Net distributions declared per share	$ 0.1042