AB Commercial Real Estate Private Debt Fund 10-K 1 Apr 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Apr. 01, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Transition Report	false
Document Annual Report	true
Entity Interactive Data Current	Yes
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Entity Registrant Name	AB COMMERCIAL REAL ESTATE PRIVATE DEBT FUND, LLC
Entity Central Index Key	0001876255
Entity File Number	000-56320
Entity Tax Identification Number	87-1137341
Entity Incorporation, State or Country Code	DE
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Address, Address Line One	1345 Avenue of the Americas
Entity Address, City or Town	New York
Entity Address, State or Province	NY
City Area Code	212
Local Phone Number	486-5800
Entity Address, Postal Zip Code	10105
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
ICFR Auditor Attestation Flag	false
Entity Common Stock, Shares Outstanding		30,006,873
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	238
Auditor Location	New York
Entity Public Float			$ 0
Document Financial Statement Error Correction [Flag]	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Loan receivables held for investment, net, at amortized cost:
Mortgage loans receivable	$ 675,211	$ 264,896
Allowance for credit losses	(5,275)	(1,603)
Equity method investments	47,251	58,539
Cash and cash equivalents	26,622	5,199
Accrued interest receivable	3,750	1,415
Other assets	111	0
Deferred financing costs, net	1,519	742
Total assets	749,189	330,078
Liabilities
Credit facility	0	52,800
Repurchase agreement	186,945	158,653
Notes payable	259,417	0
Distribution payable	8,233	4,904
Incentive fee payable	1,547	268
Management fee payable	1,041	865
Accounts payable and accrued expenses	2,573	2,077
Other liabilities	108	276
Total Liabilities	460,005	219,906
Commitments and contingencies (see Note 11)
Members' capital
Common units (30,006,873 and 11,424,012 units issued and outstanding at December 31, 2023 and 2022, respectively)	294,615	112,603
Distributions in excess of earnings	(5,431)	(2,431)
Total members' capital	289,184	110,172
Total liabilities and members' capital	749,189	330,078
Related Party [Member]
Loan receivables held for investment, net, at amortized cost:
Reimbursement receivable (see Note 8)	0	890
Liabilities
Related party payables and accrued expenses (See Note 8)	$ 141	$ 63

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common unit, issued	30,006,873	11,424,012
Common unit, outstanding	30,006,873	11,424,012

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	7 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Net interest income
Interest income net of amortization/accretion	$ 79	$ 46,030	$ 13,001
Interest expense	(70)	(25,756)	(7,425)
Net interest income	9	20,274	5,576
Provision for credit losses	(372)	(3,672)	(1,231)
Net interest income after provision for credit losses	(363)	16,602	4,345
Operating Expenses:
Management fees	32	2,579	1,165
Incentive fees	0	1,547	268
Professional fees	226	1,197	902
Administration and custodian fees	36	319	165
Other expenses	289	92	18
Total operating expenses	583	5,734	2,518
Other Income:
Reimbursement—Investment Manager (see Note 8)	538	(5)	352
Waived management fees	32	0	300
Income from equity method investments	0	5,905	3,798
Other income	0	780	46
Total Other Income	570	6,680	4,496
Net Income (Loss)	$ (376)	$ 17,548	$ 6,323
Net income per unit (basic and diluted)
Net income per unit, Basic	$ (0.18)	$ 0.94	$ 0.77
Net income per unit, Diluted	$ (0.18)	$ 0.94	$ 0.77
Weighted average units outstanding, Basic	2,120,510	18,662,148	8,186,123
Weighted average units outstanding, Diluted	2,120,510	18,662,148	8,186,123

Consolidated Statements of Chan

Consolidated Statements of Changes in Members' Capital - USD ($) $ in Thousands	7 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Members' capital, Beginning balance (Value)	$ 0	$ 110,172	$ 20,829
Members' capital, Beginning balance (Shares)		11,424,012
Issuance of common units (Value)	21,205	$ 182,012	91,398
Net Income (Loss)	(376)	17,548	6,323
Distributions declared		(20,548)	(8,378)
Members' capital, Ending balance (Value)	$ 20,829	$ 289,184	$ 110,172
Members' capital, Ending balance (Shares)		30,006,873	11,424,012
Common Unit [Member]
Members' capital, Beginning balance (Shares)	0	11,424,012	2,120,510
Issuance of common units (Shares)	2,120,510	18,582,861	9,303,502
Members' capital, Ending balance (Shares)	2,120,510	30,006,873	11,424,012
Additional Paid-in Capital [Member]
Members' capital, Beginning balance (Value)	$ 0	$ 112,603	$ 21,205
Issuance of common units (Value)	21,205	182,012	91,398
Members' capital, Ending balance (Value)	21,205	294,615	112,603
Distributions in excess of earnings [Member]
Members' capital, Beginning balance (Value)	0	(2,431)	(376)
Net Income (Loss)	(376)	17,548	6,323
Distributions declared		(20,548)	(8,378)
Members' capital, Ending balance (Value)	$ (376)	$ (5,431)	$ (2,431)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	7 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net income (loss)	$ (376)	$ 17,548	$ 6,323
Adjustments to reconcile net loss to net cash provided by operating activities
Amortization of net loan fees and discount/premiums on loans receivable	(9)	(3,200)	(723)
Income from equity method investments	0	(5,905)	(3,074)
Distributions of earnings from equity method investments	0	5,059	1,715
Amortization of deferred financing costs	34	807	788
Provision for credit losses	372	3,672	1,231
Increase or decrease in operating assets and liabilities:
(Increase) in accrued interest receivable	(70)	(2,335)	(1,345)
(Increase) in other assets	0	(113)	0
Decrease (increase) in prepaid expenses	(179)	0	179
Decrease (increase) in reimbursement receivable	(538)	933	(352)
Increase in management fees payable	0	177	865
Increase in accounts payable and accrued expenses	541	497	1,536
Increase in related party payables and accrued expenses	30	35	33
Increase in incentive fees payable	0	1,279	268
(Decrease) increase in other liabilities	410	(168)	(134)
Net cash provided by operating activities	215	18,286	7,310
Cash flows from investing activities
Origination and purchase of mortgage loan receivables	(82,523)	(412,172)	(181,641)
Repayment of mortgage loan receivables		5,057
Purchase of equity method investments	0	0	(74,652)
Distributions from equity method investments in excess of earnings	0	12,136	17,474
Net cash (used in) investing activities	(82,523)	(394,979)	(238,819)
Cash flows from financing activities
Issuance of common units	21,205	182,012	91,398
Distributions paid	0	(17,220)	(3,474)
Line of credit borrowings	64,400	307,300	145,300
Line of credit paydowns	0	(360,100)	(156,900)
Repurchase agreement borrowings	0	30,099	159,005
Repurchase agreement paydowns	0	(1,808)	(353)
Notes payable borrowings	0	261,544	0
Notes payable paydowns	0	(2,126)	0
Deferred financing costs paid	(188)	(1,585)	(1,377)
Net cash provided by financing activities	85,417	398,116	233,599
Net increase in cash and cash equivalents	3,109	21,423	2,090
Cash and cash equivalents, beginning of period	0	5,199	3,109
Cash and cash equivalents, end of period	3,109	26,622	5,199
Supplemental financing activities
Cash paid during the period for interest	0	23,977	5,882
Noncash financing activities
Increase in distribution payable	$ 0	$ 3,329	$ 4,904

Organization and Business Purpo

Organization and Business Purpose	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Purpose	1. Organization and Business Purpose AB Commercial Real Estate Private Debt Fund, LLC (the “Company”) is a Delaware limited liability company formed on June 1, 2021 (“Formation”) to operate as a private investment entity generally for qualified US investors. The Company has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). The investment objective of the Company is to generate attractive risk-adjusted returns through investments primarily in loans secured by high quality commercial real estate properties located in the United States. The Company will seek to prioritize capital preservation and high current income by investing primarily in directly originated first mortgage loans, senior and junior mezzanine loans, B-notes, second mortgages or other subordinated loans. To a lesser extent, the Company will invest in the following: legacy, new issue, and single-borrower commercial mortgage backed securities (“CMBS”); commercial real estate-related securities; performing, sub-performing and non-performing/distressed loans; and net leased assets. While the Company intends to focus mainly on loans directly secured by commercial real estate-related assets, it will also have the flexibility to invest in other types of debt investments, including unsecured debt of entities that directly or indirectly own real property or real estate-related debt, and may invest in commercial real estate-related preferred and common equity interests where doing so is in keeping with the investment objective. The Company conducts private offerings of its Units to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The Company’s initial private offering of Units (the “Private Offering”) has been conducted in reliance on Regulation D under the Securities Act. Any investors in our Private Offering are required to be “accredited investors” as defined in Regulation D of the Securities Act. The limited liability company units in the Company (the “Units”) are registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) pursuant to a Form 10 Registration Statement (the “Form 10 Registration Statement”). Accordingly, the Company is currently required comply with certain reporting requirements set forth in the Exchange Act, including the filing of annual, quarterly and current reports, proxy statements and other information with the U.S. Securities and Exchange Commission (the “SEC”). AllianceBernstein L.P. (the “Investment Manager” or “AllianceBernstein”), a Delaware limited partnership and an affiliate of a shareholder, will serve as the investment manager of the Company pursuant to the Management Agreement. The investment management services provided by the Investment Manager will be in accordance with the Company’s investment objectives and policies. The Investment Manager is registered with the U.S. Securities and Exchange Commission (the “SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Pursuant to the Management Agreement, the Investment Manager is responsible for management of the portfolio of the Company and any subsidiary. The Company commenced operations during December 2021.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies The following is a summary of significant accounting policies followed by the Company. Basis of Presentation and Consolidation The accompanying consolidated financial statements and related notes of the Company are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company will generally consolidate entities (i) it controls through either majority ownership or voting rights or (ii) management determines that the Company is the primary beneficiary of entities deemed to be variable interest entities (“VIEs”). Accordingly, the Company consolidated the results of its subsidiary (AB CRE PDF Member I LLC and AB CRE PDF TNVA1 LLC, wholly owned entities formed to hold assets and be the borrowers under the Company’s debt obligations—see Note 7) in its consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of these financial statements require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ. Mortgage Loan Receivables Held for Investment Loans for which the Company has the intention and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances net of any unearned income, unamortized deferred fees or costs, premiums or discounts and an allowance for credit losses. Loan origination fees and direct loan origination costs are deferred and recognized in interest income over the estimated life of the loans using the effective interest method, adjusted for actual prepayments. Upon the decision to sell such loans, the Company will transfer the loan from mortgage loan receivables held for investment to mortgage loan receivables held for sale at the lower of carrying value or fair value on the consolidated balance sheets. Provision for Loan Losses The Company uses a current expected credit loss model (“CECL”) for estimating the provision for loan losses on its loan portfolio. The CECL model requires the consideration of possible credit losses over the life of an instrument and includes a portfolio-based component and an asset-specific component. In compliance with the CECL reporting requirements, the Company supplemented its existing credit monitoring and management processes with additional processes to support the calculation of the CECL reserves. The credit loss model is a forward-looking, econometric, commercial real estate loss forecasting tool. It is comprised of a probability of default model and a loss given default model that, layered together with user’s loan-level data, selected forward-looking macroeconomic variables, and pool-level mean loss rates, produces life of loan expected losses at the loan and portfolio level. Where management has determined that the credit loss model does not fully capture certain external factors, including portfolio trends or loan-specific factors, a qualitative adjustment to the reserve, is recorded. The asset-specific reserve component relates to reserves for losses on individually impaired loans. The Company evaluates each loan for impairment at least quarterly. Impairment occurs when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. If the loan is considered to be impaired, an allowance is recorded to reduce the carrying value of the loan to the present value of the expected future cash flows discounted at the loan’s effective rate or the fair value of the collateral, less the estimated costs to sell, if recovery of the Company’s investment is expected solely from the collateral. The Company may use the direct capitalization rate valuation methodology or the sales comparison approach to estimate the fair value of the collateral for such loans and in certain cases will obtain external appraisals and take into account potential sale bids. Determining fair value of the collateral may take into account a number of assumptions including, but not limited to, cash flow projections, market capitalization rates, discount rates and data regarding recent comparable sales of similar properties. Such assumptions are generally based on current market conditions and are subject to economic and market uncertainties. The Company’s loans are typically collateralized by real estate directly or indirectly. As a result, the Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan-by-loan basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash flow from operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan at maturity, and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic submarket in which the collateral property is located. Such impairment analyses are completed and reviewed by asset management and underwriting personnel, who utilize various data sources, including (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrowers’ business plan, and capitalization and discount rates, (ii) site inspections, and (iii) current credit spreads and other market data and ultimately presented to management for approval. The Company designates non-accrual loans generally when (i) the principal or coupon interest components of loan payments become 90-days past due or (ii) in the opinion of the Company, it is doubtful the Company will be able to collect all amounts due according to the contractual terms of the loan. Interest income on non-accrual loans in which the Company reasonably expects a full recovery of the loan’s outstanding principal balance is recognized when received in cash. Otherwise, income recognition will be suspended and any cash received will be applied as a reduction to the amortized cost. A non-accrual loan is returned to accrual status at such time as the loan becomes contractually current and future principal and coupon interest are reasonably assured to be received in accordance with the contractual loan terms. A loan will be written off when management has determined it is no longer realizable and deemed non-recoverable. There have been no non-accrual loans through December 31, 2023. The allowance for credit losses was $5.3 million and $1.6 million at December 31, 2023 and December 31, 2022, respectively, and is included in the accompanying consolidated balance sheets. During the year ended December 31, 2023 this allowance was impacted by an increase of $3.7 million in allowance for credit losses as reflected in the accompanying consolidated statements of income. Valuation of Financial Instruments The Company discloses (see Note 6) the value of its financial instruments at fair value accordance with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure (“ASC Topic 820”) issued by the Financial Accounting Standards Board (the “FASB”). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Investment Manager, which is subject to oversight by our Board, makes this fair value determination on a quarterly basis and any other time when a decision regarding the fair value of the portfolio investments is required. A determination of fair value involves subjective judgments and estimates and depends on the facts and circumstances. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. ASC Topic 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC Topic 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings and provides for enhanced disclosures determined by the level within the hierarchy of information used in the valuation. In accordance with ASC Topic 820, these inputs are summarized in the three levels listed below: • Level 1—Valuations are based on quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. • Level 2—Valuations are based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly and model-based valuation techniques for which all significant inputs are observable. • Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models incorporating significant unobservable inputs, such as discounted cash flow models and other similar valuations techniques. The valuation of Level 3 assets and liabilities generally requires significant management judgment due to the inability to observe inputs to valuation. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of observable input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. Under ASC Topic 820, the fair value measurement also assumes that the transaction to sell an asset occurs in the principal market for the asset or, in the absence of a principal market, the most advantageous market for the asset, which may be a hypothetical market, and excludes transaction costs. The principal market for any asset is the market with the greatest volume and level of activity for such asset in which the reporting entity would or could sell or transfer the asset. In determining the principal market for an asset or liability under ASC Topic 820, it is assumed that the reporting entity has access to such market as of the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable and willing and able to transact. The value of any investment on any valuation date is intended to represent the fair value of such investment on such date based upon the amount at which the investment could be exchanged between willing parties, other than in a forced liquidation sale, and reflects the Board’s determination of fair value using the methodology described herein. Any valuation of an investment may not reflect the actual amount received by the Company upon the liquidation of such investment. The Company’s investments are expected to mostly be considered Level 3 assets under ASC Topic 820 because the investments will generally not have identical assets or liabilities with quoted prices in active markets and will generally not have all significant inputs observable. Equity Method Investments The Company accounts for its investments in unconsolidated entities under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as equity method investments, subsequently adjusted for equity in earnings and cash contributions and distributions. In some instances, the reporting period of the investments’ financial statements lags the Company’s financial reporting period, but such lag is never more than three months. In the event there is an outside basis portion of the Company’s equity method investments, it is amortized over the anticipated useful lives of the underlying entities’ tangible and intangible assets acquired and liabilities assumed. The Company evaluates equity investments on a periodic basis to determine if there are any indicators that the value of the equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value. The Company classifies distributions received from equity method investments using the cumulative earnings approach. Distributions received are considered returns on the investment and classified as cash inflows from operating activities. If, however, the investor’s cumulative distributions received, less distributions received in prior periods determined to be returns of investment, exceeds cumulative equity in earnings recognized, the excess is considered a return of investment and is classified as cash inflows from investing activities. Cash and Cash Equivalents Cash and cash equivalents include cash and short-term investments with original maturities of three months or less at the date of acquisition. Cash and cash equivalents typically include amounts held in interest bearing overnight accounts and amounts held in money market funds, and these balances generally exceed insured limits. The Company holds its cash at institutions that it believes to be highly creditworthy. Repurchase Agreements The Company finances certain of its mortgage loan receivables using repurchase agreements. Under a repurchase agreement, an asset is sold to a counterparty to be repurchased at a future date at a predetermined price. The Company accounts for these repurchase agreements as financings under Accounting Standards Codification 860-10-40. Revenue Recognition Interest income, adjusted for amortization of market premium and accretion of market discount, is recorded on an accrual basis to the extent amounts are expected to be collected. Original issue discount and market discount or premium are capitalized and are accreted or amortized into income over the life of the respective security using the effective interest method. Loan origination fees received in connection with the closing of investments are reported as unearned income which is included as amortized cost of the investment; the unearned income from such fees is accreted over the contractual life of the loan based using the effective interest method up to the maturity date of the loan. Upon prepayment of a loan or debt security, any prepayment penalties, unamortized loan origination fees, and unamortized market discounts are recorded as income. Deferred Financing Costs Deferred financing costs include capitalized expenses related to the closing of the debt obligations. Amortization of deferred financing costs is computed on the straight-line basis over the contractual term for both the Credit Facility and Repurchase Agreement. The amortization of such costs is included in interest expense in the consolidated statements of income, with any unamortized amounts included in deferred financing costs on the consolidated balance sheets. Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Code for U.S. federal income tax purposes commencing with our taxable year that begins on the date of our Initial Closing. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distributes at least 90% of our REIT taxable income, subject to certain adjustments and excluding any net capital gain, to the Members. The Company intends to adhere to the REIT qualification requirements and to maintain our qualification for taxation as a REIT. As a REIT, the Company is generally not subject to U.S. federal corporate income tax on the portion of taxable income that is distributed to the Members. If the Company fails to qualify for taxation as a REIT in any taxable year, it may be subject to U.S. federal income taxes at regular corporate rates and it may not be able to qualify as a REIT for four subsequent taxable years. As a REIT, the Company may be subject to certain state and local taxes on our income and property, and to U.S. federal income and excise taxes on undistributed taxable income. Taxable income from non-REIT activities is taxable to the extent it is subject to U.S. federal, state, and local income taxes at the applicable rates. The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax basis, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company performs an annual review for any uncertain tax positions and, if necessary, will record the expected future tax consequences of uncertain tax positions in the consolidated financial statements. Recent Accounting Pronouncements In March 2022, the FASB issued ASU 2022-02 Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, (“ASU 2022-02”). ASU 2022-02 eliminates the recognition and measurement guidance for troubled debt restructuring for creditors that have adopted Accounting Standards Codification 326 (“ASC Topic 326”) and requires them to make enhanced disclosures about loan modifications for borrowers experiencing financial difficulty. Early adoption is permitted and is effective for fiscal years beginning after December 15, 2022. The Company has adopted the standard effective January 1, 2023. The adoption did not have an impact on the Company’s consolidated financial statements.

Capital Commitments

Capital Commitments	12 Months Ended
	Dec. 31, 2023
Capital Commitments [Abstract]
Capital Commitments	3. Capital Commitments The following information sets forth the capital commitments of the Company as of December 31, 2023 and December 31, 2022 (in ‘000s): As of As of Capital Commitments $ 626,104 $ 525,317 Capital Funded (1) 287,117 111,193 Unfunded Capital Commitments $ 338,987 $ 414,124 (1) Excludes cumulative amounts reinvested totaling $7.5 million and $1.4 million as of December 31, 2023 and December 31, 2022, respectively. With respect to each capital commitment made by a Member, the Member will be required to either (i) opt into the Company’s reinvestment plan (the “Reinvestment Plan”), whereby the Member will have its current income distributions automatically withheld and reinvested into the Company (with additional Units of the Company corresponding to such reinvestment being issued to such Member), which is referred to as a “Reinvestment Election”, or (ii) opt out of the Reinvestment Plan, which is referred to as a “Distribution Election”, in each case, as elected in the Company’s subscription agreement (the “Subscription Agreement”) of such Member. Any Member that does not make any such election in its Subscription Agreement will, by default, be deemed to have made a Distribution Election.” The Company entered into separate subscription agreements with a number of investors for the Private Offering. Each investor will make a capital commitment (a “Capital Commitment”) to purchase Units pursuant to a subscription agreement (a “Subscription Agreement”). We refer to the initial date on which Capital Commitments were first accepted by or on behalf of the Company from Members as the “Initial Closing,” and each such date on which Capital Commitments are accepted as a “closing.” Thereafter, subsequent closings for additional Capital Commitments from new and existing Members may generally be held as of the end of the calendar quarter, subject to our discretion to hold closings at any other time. Each Capital Commitment made by a Member at a closing will have its own lock-up period (a “Lock-Up Period”). The Lock- Up Period for each Capital Commitment will be the period commencing on the applicable closing and ending on the third anniversary of such closing. Upon the expiration of a Member’s Lock-Up Period, such Member may choose to be released from its Remaining Commitment (as defined below), subject to certain post-commitment period obligations. A Member’s “Remaining Commitment” will be equal to such Capital Commitment reduced by amounts contributed to the Company in respect of capital calls and post-commitment period capital calls and increased by (i) the amount of any unused capital contributions that are returned to such Member pursuant to the last sentence of the following paragraph and (ii) distributions to such Member that represent a return of capital (and not Current Income (as defined below)). Each Capital Commitment made by a Member will be accounted for separately, including for purposes of determining Remaining Commitments and capital calls. In no event will a Member be required to make a capital contribution in respect of its Capital Commitment in excess of its Remaining Commitment. Each Capital Commitment (or a portion thereof, as applicable) of a Member will last until (i) the Company determines to repurchase all or any portion of such Member’s Units that are attributable to such Capital Commitment (or such portion thereof, as applicable), as discussed below (which for the avoidance of doubt, will not become available pursuant to a Member’s repurchase request until the expiration of the Lock-Up Period), (ii) such Member has chosen to be released from its Remaining Commitments after the expiration of its Lock-Up Period (except with respect to post commitment period obligations) or (iii) the Company has elected to wind up.

Loan Receivables Held for Inves

Loan Receivables Held for Investment	12 Months Ended
	Dec. 31, 2023
Loans and Leases Receivable Disclosure [Abstract]
Loan Receivables Held for Investment	4. Loan Receivables Held for Investment The following table summarizes the Company’s investments in loan receivables held for investment as of December 31, 2023 (in ‘000s): Investment Investment Loan Origination Total Loan Contractual Carrying Interest rate at (1) Maturity Payment Loan 1 Loan origination Multifamily 12/17/2021 $ 41,648 $ 41,276 SOFR+3.06 % $ 41,270 8.42 % 1/10/2024 Interest only Loan 2 Loan origination Industrial 12/28/2021 48,325 41,440 SOFR+3.61 % 41,224 8.97 % 7/10/2025 Interest only Loan 3 Loan origination Hospitality 2/14/2022 42,750 41,000 SOFR+6.50 % 40,822 11.86 % 3/10/2025 Interest only Loan 4 Loan origination Multifamily 4/14/2022 41,500 40,782 SOFR+3.30 % 40,591 8.66 % 5/10/2025 Interest only Loan 5 Loan origination Office 7/14/2022 55,935 54,328 SOFR+4.25 % 54,157 9.60 % 8/5/2024 Interest only Loan 6 Purchase Hospitality 7/7/2022 37,748 37,748 SOFR+4.75 % 37,583 10.11 % 7/5/2025 Interest only Loan 7 Purchase Mixed Use 11/22/2022 25,224 17,362 SOFR+9.05 % 17,325 14.41 % 3/10/2024 Interest only Loan 8 Loan origination Industrial 3/10/2023 35,800 34,498 SOFR+3.50 % 34,227 8.86 % 3/10/2026 Interest only Loan 9 Purchase Student Housing 3/31/2023 162,503 162,503 SOFR+2.25 % 161,044 7.61 % 8/9/2024 Interest only Loan 10 Loan origination Multifamily 8/31/2023 86,300 85,000 SOFR+2.90 % 84,222 8.26 % 9/10/2026 Interest only Loan 11 Loan origination Mixed Use 11/2/2023 146,000 124,100 SOFR+5.50 % 122,746 10.86 % 11/10/2025 Interest only Total $ 723,733 $ 680,037 $ 675,211 (1) The above loan receivables held for investment are floating rate loans and are presented using SOFR or the applicable SOFR floor plus the applicable spread as of December 31, 2023. Loan 1 was modified in January 2024 with the maturity extended through January 10, 2025 in exchange for a $ 12 Loan 7 was extended in March 2024 with the maturity extended through April 10, 2024 to allow for further negotiation on a modification. The following table summarizes the Company’s investments in loan receivables held for investment as of December 31, 2022 (in ‘000s): Investment Investment Loan Origination Total Loan Contractual Carrying Interest rate at (1) Maturity Payment Loan 1 Loan origination Multifamily 12/17/2021 $ 41,648 $ 40,780 SOFR+3.06 % $ 40,569 7.35 % 1/10/2024 Interest only Loan 2 Loan origination Industrial 12/28/2021 50,585 43,700 SOFR+3.61 % 43,331 7.90 % 7/10/2025 Interest only Loan 3 Loan origination Hospitality 2/14/2022 42,750 41,000 SOFR+6.50 % 40,685 10.78 % 3/10/2025 Interest only Loan 4 Loan origination Multifamily 4/14/2022 41,500 37,920 SOFR+3.30 % 37,597 7.58 % 5/10/2025 Interest only Loan 5 Loan origination Office 7/14/2022 55,935 51,067 SOFR+4.25 % 50,628 8.43 % 8/5/2024 Interest only Loan 6 Purchase Hospitality 7/7/2022 37,748 37,748 SOFR+4.75 % 37,472 9.03 % 7/5/2025 Interest only Loan 7 Purchase Mixed Use 11/22/2022 25,224 14,834 SOFR+9.05 % 14,614 13.34 % 3/10/2024 Interest only Total $ 295,390 $ 267,049 $ 264,896 (1) The above loan receivables held for investment are floating rate loans and are presented using SOFR or the applicable SOFR floor plus the applicable spread as of December 31, 2022.

Equity Method Investments

Equity Method Investments	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	5. Equity Method Investments As of December 31, 2023, the Company held 7.18% and 7.01% interests in AB Commercial Real Estate Debt Fund, SICAV-SIF (“AB CRED II”) and AB Commercial Real Estate Debt Fund III, SICAV-SIF S.C.Sp. (“AB CRED III”), respectively, entities managed by affiliates of the Investment Manager, and unconsolidated joint ventures for which the Company is not the primary beneficiary, at their carrying values of $6.0 million and $41.2 million, respectively. As of December 31, 2022, the carrying value was $11.6 million and $46.9 million, respectively. The Company reported its share of the net asset value of AB CRED II and AB CRED III in its Consolidated Balance Sheets, presented as “Equity method investments”. The reporting period of the investments’ financial statements lags the Company’s financial reporting period, but such lag is never more than three months. At December 31, 2023 and 2022, the unamortized basis differences of the Company’s equity investments were $1.3 million and $2.9 million. At acquisition of the equity investments, the Company allocated the basis difference to the mortgage loans held by the entities; the basis difference is amortized over the estimated life of the investments or recognized when a loan is repaid. Net amortization of the basis differences increased the carrying values of the Company’s equity investments during the years ended December 31, 2023 and 2022, in the amount of $1.6 million and $2.1 million, respectively. Summarized financial information for the equity method investments as of September 30, 2023 and September 30, 2022 (balance sheet) and for the twelve months ended September 30, 2023 (statement of income) is as follows (in ‘000s): Balance Sheet As of As of Assets Investments in mortgage loans $ 704,210 $ 924,020 Cash and cash equivalents 75,768 100,787 Other assets 10,126 8,549 Total assets 790,104 1,033,356 Liabilities Accrued expenses 800 1,932 Other liabilities 1,714 4,077 Total liabilities $ 2,514 $ 6,009 Total equity $ 787,590 $ 1,027,347 Total liabilities and equity $ 790,104 $ 1,033,356 Statement of Income For the For the Total income $ 73,202 $ 27,325 Total expenses 7,439 4,303 Net investment income 65,763 23,022 Net realized loss 774 (7,782 ) Net change in unrealized depreciation (10,491 ) 4,148 Net income $ 56,046 $ 19,388

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Fair Value of Financial Instruments	6. Fair Value of Financial Instruments Fair value is based upon internal models, using market quotations, broker quotations, counterparty quotations or pricing services quotations, which provide valuation estimates based upon reasonable market order indications and are subject to significant variability based on market conditions, such as interest rates, credit spreads and market liquidity. The following table presents the carrying value and fair value of the Company’s financial instruments disclosed, but not carried, at fair value as of December 31, 2023, and the level of each financial instrument within the fair value hierarchy (in ‘000s): Carrying Level 1 Level 2 Level 3 Total Assets Loan receivables held for investment $ 675,211 $ —  $ —  $ 678,586 $ 678,586 $ 675,211 $ —  $ —  $ 678,586 $ 678,586 Liabilities Line of credit payable $ —  $ —  $ —  $ —  $ —  Repurchase agreement 186,945 —  —  186,945 186,945 Note Payable 123,502 —  —  123,502 123,502 HSBC Loan 135,915 —  —  135,915 135,915 $ 446,362 $ —  $ —  $ 446,362 $ 446,362 Fair values for commercial real estate loans are measured by discounting future contractual cash flows to be received on the mortgage loan using a discount rate that is derived from observations in the market of discount rates on similar loans with similar credit characteristics and tenor. The discount rate is typically expressed as a spread to Treasuries of a similar tenor if the loan is fixed rate or if floating, as a discount margin to the floating rate index described in the mortgage. The spread or discount margin is reflective of the risk premium associated with the specific loan. Loans that are experiencing deteriorating credit fundamentals, delinquencies, or are anticipated to be foreclosed upon will tend to have higher spreads or discount margins reflecting their higher credit risk. Loans that are experiencing improving fundamentals will correspondingly have lower spreads or discount margins reflecting their improving credit quality. The discounted cash flow method was used in calculating the fair values of the Company’s loan receivables held for investment. The significant unobservable inputs as of December 31, 2023, are the discount rates and range from 2.45% to 6.83%. Fair values of the liabilities presented above approximate their carrying value as of December 31, 2023 because interest rates approximate the discount rates used in calculating the fair value of the investments. The fair value for the Line of Credit is based on pricing that reflects current market rates to extend the facility. The following table presents the carrying value and fair value of the Company’s financial instruments disclosed, but not carried, at fair value as of December 31, 2022 and the level of each financial instrument within the fair value hierarchy (in ‘000s): Carrying Level 1 Level 2 Level 3 Total Assets Loan receivables held for investment $ 264,896 $ —  $ —  $ 267,257 $ 267,257 $ 264,896 $ —  $ —  $ 267,257 $ 267,257 Liabilities Line of credit payable $ 52,800 $ —  $ —  $ 52,800 $ 52,800 Repurchase agreement 158,653 —  —  158,653 158,653 $ 211,453 $ —  $ —  $ 211,453 $ 211,453 The discounted cash flow method was used in calculating the fair values of the Company’s loan receivables held for investment. The significant unobservable inputs as of December 31, 2022, are the discount rates and range from 2.95% to 6.75%. Fair values of the Company’s debt obligations approximate their carrying value as of December 31, 2022 because interest rates approximate the discount rates used in calculating the fair value of the investments, as of period end.

Debt Obligations

Debt Obligations	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt Obligations	7. Debt Obligations Summarized Debt Obligations The following table summarizes the Company’s debt obligations (in ‘000s) Debt Obligation Outstanding Outstanding Interest Rate at (1) Interest Interest Value of Credit facility $ —  $ 52,800 0.00 % $ 4,504 $ 177 $ N/A Repurchase agreement 186,945 158,653 7.70 % 13,495 680 250,072 Note Payable 123,502 —  6.56 % 6,150 384 162,503 HSBC Loan 135,915 —  7.61 % 718 489 209,100 Total $ 446,362 $ 211,453 $ 24,867 $ 1,730 $ 621,674 (1) The above rates are the weighted average interest rates of floating rate loans and are presented using SOFR or the Prime Rate or the applicable SOFR or Prime Rate floor plus the applicable spread as of December 31, 2023. Credit Facility On December 14, 2021, the Company entered into a credit agreement (the “Agreement”) to establish a revolving credit facility (the “Credit Facility”) with State Street Bank and Trust Company (“State Street”) as administrative bank (the “Administrative Bank”) and as a lender, and any other lender that becomes a party to the Agreement in accordance with the terms of the Agreement, as lenders (each, a “Lender” and collectively, the “Lenders”). The maximum principal amount (the “Maximum Commitment”) of the Credit Facility was $65 million. The Maximum Commitment amount may be increased from time to time upon request of the Company to an amount not exceeding $140 million, subject to certain terms and conditions as described in the Agreement. During February 2022 the Company increased the Maximum Commitment to $100 million. During September 2022 the Maximum Commitment was reduced to $65 million. During February 2023 the Maximum Commitment was increased to $100 million Borrowings under the Credit Facility bear interest, at the Company’s election at the time of drawdown, at a rate per annum equal to (i) with respect to SOFR Rate Loans, Adjusted SOFR (SOFR plus the applicable spread based upon the interest period one-month in the amount of .11448%, three-month in the amount of .26161% and six month in the amount of .42826%) for the applicable Interest Period; and (ii) with respect to reference rate loans, the reference rate in effect from day to day which is the Federal Funds Rate plus .11448% plus .50%. The Credit Facility was scheduled to mature on December 13, 2022 and was extended to December 12, 2023 (as it may be extended from time to time, the “Stated Maturity Date”) at which time the amount outstanding is due, subject to the Company’s option to extend the maturity date for up to one additional term not longer than 364 days, subject to certain terms and conditions as described in the Agreement. On December 12, 2023, the Company entered into an amendment (the “Amendment”) to the Agreement. The Amendment, among other changes, (i) extended the maturity date of the Credit Facility from December 12, 2023 to December 10, 2024 and (ii) increased the Borrowing Base from 60 percent of the aggregate Unfunded Capital Commitments to 70 percent of the aggregate Unfunded Capital Commitments. Subject to certain terms and conditions, the Credit Facility is secured by perfected first priority security interests in and Liens on all of the collateral (i) of the Company (the “Initial Borrower”) in favor of the Administrative Bank for the benefit of the Administrative Bank, the Lenders and each Indemnitee (collectively the “Secured Parties”), subject to no other Liens (other than Permitted Liens), (ii) of any Blocker and its Blocker Managing Member, subject to no other Liens (other than Permitted Liens), and (iii) of any Feeder Fund and its Feeder Fund General Partner, subject to no other Liens (other than Permitted Liens), except as enforceability may be limited by Debtor Relief Laws and general equitable principles. Repurchase Agreement On April 27, 2022, AB CRE PDF Member I LLC entered into a $150 million master repurchase and securities contract agreement (the “Repurchase Agreement”), with an option to increase the maximum facility amount (the “Maximum Facility Amount”) to $250 million, with Morgan Stanley Mortgage Capital Holdings LLC (“Morgan Stanley”), as administrative agent for Morgan Stanley Bank, N.A. Pursuant to the Repurchase Agreement, AB CRE PDF Member I LLC is permitted to sell, and later repurchase, eligible commercial mortgage loans collateralized by multifamily, office, retail, industrial, hospitality, self-storage or mixed-use properties or such other property types acceptable to Morgan Stanley. The expiration date of the Repurchase Agreement is April 27, 2025, unless extended or earlier terminated in accordance with the terms of the Repurchase Agreement. Any capitalized terms used herein and not defined herein shall have the meanings ascribed to them in the Repurchase Agreement. During July 2022 the Company increased the Maximum Facility Amount to $200 million. Under the Repurchase Agreement, the proceeds received by AB CRE PDF Member I LLC for each Purchased Asset is equal to the product of (a) the outstanding principal balance of such Purchased Asset, multiplied by (b) the applicable Purchase Percentage. Upon repurchase of the Purchased Asset by AB CRE PDF Member I LLC, the Repurchase Price for such Purchased Asset shall equal the sum of the Purchase Price of such Purchased Asset and the accrued and unpaid Price Differential with respect to such Purchased Asset as of the date of such determination, minus all Income and other cash actually received by Buyers in respect of such Purchased Asset and applied towards the Repurchase Price and/or Price Differential pursuant to the Repurchase Agreement. For borrowings under the Repurchase Agreement the advance rate and spread are determined based on the individual loan. In connection with the Repurchase Agreement, the Company has agreed to guarantee certain obligations of AB CRE PDF Member I LLC under the Repurchase Agreement. Note Payable On March 31, 2023, AB CRE PDF Athena LLC, a wholly owned subsidiary of the Company, entered into a note-on-note financing (the “Note”) with Citibank, N.A. (the “Note Lender”). The Note has a maximum commitment of $125.6 million and is scheduled to mature within one hundred fifty (150) days after August 9, 2024, or as otherwise provided in the Loan and Security Agreement, by and among AB CRE PDF Athena LLC, as borrower, the Note Lender, as Class A Lender and the Company, as Subordinated Lender (the “Loan and Security Agreement”). Except as otherwise provided in the Loan and Security Agreement, borrowings under the Note bear interest at Term SOFR plus 1.20%. The Note is collateralized by Loan 9, see footnote 4. HSBC Loan On December 7, 2023, AB CRE PDF TNVA1 LLC (“TNVA1”), a wholly owned subsidiary of the Company entered into a Loan and Security Agreement (the “HSBC Loan and Security Agreement”) by and among TNVA1, as borrower, HSBC Bank USA, National Association (“HSBC”), as administrative agent for itself and the other lenders signatory thereto, and the lenders signatory thereto (the “HSBC Lenders”) as part of a “note-on-note” loan (the “HSBC TNVA1 Loan”) transaction. The HSBC Lenders have made the HSBC TNVA1 Loan in the aggregate principal amount of $151 million. The HSBC TNVA1 Loan generally bears interest at a rate per annum equal to the greater of (i) Term SOFR plus a margin of 2.25%, with a 0.0% floor on Term SOFR and (ii) 5.25%. The HSBC TNVA1 Loan is secured by a first priority security interest in certain collaterally assigned loans. In connection with the HSBC TNVA1 Loan, the Fund undertook obligations to guaranty the payment of the HSBC TNVA1 Loan in an amount equal to the lesser of (i) 35% of the outstanding principal balance of the HSBC TNVA1 Loan and (ii) $52.8 million. The HSBC Loan and Security Agreement includes customary covenants, reporting requirements, and other customary requirements applicable to the Company and TNVA1 and provides for events of default and acceleration provisions customary for a loan of its type. The HSBC TNVA1 Loan has an initial maturity date of December 7, 2026, unless the HSBC Loan and Security Agreement is either extended or sooner terminated in accordance with its terms. Combined Maturity of Debt Obligations The following schedule reflects the Company’s contractual payments under all borrowings by maturity (in ‘000s): Year ending December 31, Borrowing 2024 $ —  2025 186,945 2026 259,417 2027 —  2028 —  Total $ 446,362

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	8. Related Party Transactions Management Fee The Company has entered into an investment management agreement, as amended and restated on June 20, 2022, (as amended, the “Management Agreement”) with the Investment Manager. Pursuant to the Management Agreement the Company will pay the Investment Manager, on a quarterly basis, a management fee (the “Management Fee”) in respect of each Member, in arrears, equal to the Applicable Percentage (as defined below) of such Member multiplied by the sum of (i) the net asset value (“NAV”) of the Units and (ii) the product of (a) all unfunded commitment amounts under any investments (“Portfolio Investments”) with ongoing funding obligations (e.g., delayed-draw term loans) and (b) the Indebtedness Fraction (as defined below), each of (i) and (ii) as of the last day of each calendar quarter. The Management Fee shall not be charged with respect to any portion of the Company’s assets that are attributable to direct leverage. The “Indebtedness Fraction” means an amount equal to one minus a fraction, the numerator of which is the total outstanding portfolio level indebtedness of the Company, and the denominator of which is the principal amount of any Portfolio Investments held by the Company. The portfolio indebtedness used to calculate the ratio includes the debt obligations noted in the accompanying balance sheet. The Investment Management Agreement clarifies that loan servicing fees and expenses, and other fees and expenses incurred in connection with the acquisition, disposition, ownership and operation of the Portfolio Investments (as defined therein) are not to be included as Company Expenses (as defined therein) for purposes of calculating the Organizational Expenses and Company Expenses limit. A Member’s “Applicable Percentage” is set forth below: Aggregate Capital Commitment of a Member Applicable Percentage $50,000 - $500,000 1.50 % $500,001 - $1,000,000 1.40 % $1,000,001 - $3,000,000 1.30 % $3,000,001 - $5,000,000 1.15 % $5,000,001 and over 1.00 % Notwithstanding the foregoing, with respect to any Member that makes a capital commitment (“Capital Commitment”) on the initial closing (“Initial Closing Date”) (each, a “Founding Member”), the Management Fee shall be waived with respect to such Founding Member (including any additional Capital Commitments made by such Member) until the six-month anniversary of the Initial Closing Date. Payment of the Management Fee will be made within ten (10) days of the last day of each calendar quarter, or as soon as reasonably practicable thereafter. The Management Fee charged with respect to a Member will be prorated for any capital contribution or repurchase of Units, as defined by the Management Agreement, that is effective other than as of the first day of a calendar quarter. The Investment Manager may, in its discretion, reduce, waive or calculate differently the Management Fee charged at the Company level with regard to the Units held by certain Members, including, without limitation, a related party investor (“Related Investor”), so long as such reduction, waiver or calculation does not result in a preferential dividend under Section 562(c) of the Code. For the years ended December 31, 2023 and 2022, the Company incurred Management Fees of $2.6 million and $1.2 million, respectively, of which the Investment Manager waived $0 and $0.3 million, respectively. As of December 31, 2023, and December 31, 2022 the Management Fees payable amounted to $1.0 million and $0.9 million, respectively and is included in the consolidated balance sheets in the accompanying financial statements. Investment Activity As disclosed in Note 5, the Company holds interests in AB CRED II and AB CRED III, affiliated entities of the Company and unconsolidated joint ventures. During the year ended December 31, 2022, the Company purchased Loan 6 and Loan 7 from a related party which remain outstanding as of December 31, 2023. An affiliate of the Investment Manager previously originated a loan to an unaffiliated borrower in 2019 secured by the same collateral as Loan 11. The unaffiliated borrower used the refinancing proceeds from Loan 11 to repay the loan of the affiliate of the Investment Manager. Incentive Fee Pursuant to the Management Agreement at the end of each calendar quarter, the Investment Manager is entitled to receive an incentive fee (the “Incentive Fee”) equal to the difference between (x) the product of (A) 15% and (B) the difference between (1) Core Earnings (as defined below) of the Company for the most recent 12 month period (or such lesser number of completed calendar quarters, if applicable), and (2) the product of (I) the weighted average of the Company’s NAV of the three previous calendar quarters (or such lesser number of completed calendar quarters, if applicable) and the Company’s NAV as of the beginning of the then current calendar quarter, and (II) 6% per annum, and (y) the sum of the Incentive Fee previously paid to the Investment Manager with respect to the first three calendar quarters of the most recent 12 month period (or such lesser number of completed calendar quarters, if applicable); provided, that no Incentive Fee is payable to the Investment Manager with respect to any calendar quarter unless the Core Earnings for the twelve (12) most recently completed calendar quarters (or such lesser number of completed calendar quarters following the date of the Initial Closing Date is greater than zero. The Incentive Fee is prorated for partial periods, to the extent necessary, based on the number of days elapsed or remaining in such periods as the case may be. Unless otherwise determined by the Investment Manager, the Company’s NAV at the beginning of a calendar quarter for purposes of this Incentive Fee calculation shall be equal to the Company’s NAV as of the end of the previous calendar quarter as increased by capital contributions and decreased by repurchases. For purposes of the foregoing, “Core Earnings” means the net income (loss) attributable to the holders of Units, computed in accordance with GAAP, including realized gains and losses not otherwise included in net income (loss), and excluding (i) the Incentive Fee, (ii) depreciation and amortization, (iii) any unrealized gains or losses or other similar non-cash items that are included in net income for the Applicable Period (as defined below), regardless of whether such items are included in other comprehensive income or loss or in net income and (iv) one-time events pursuant to changes in GAAP and certain material non-cash income or expense items, in each case after discussions between the Investment Manager and the Board and approved by a majority of the Board. “Applicable Period” means the calendar quarter (or part thereof) for which the calculation of the Incentive Fee is being made. The Investment Manager is entitled to receive an Incentive Fee with respect to any Units that are repurchased at the end of any calendar quarter (in connection with repurchases of such Units pursuant to the Unit repurchase plan) in an amount calculated as described above with the relevant period being the portion of the calendar quarter for which such Unit was outstanding, and proceeds for any such Unit repurchase will be reduced by the amount of any such Incentive Fee. In the sole discretion of the Company, the Incentive Fee may be waived, reduced or calculated differently with respect to the Units held by certain Members, including, without limitation, a Related Investor, so long as such waiver, reduction or calculation does not result in a preferential dividend under Section 562(c) of the Code. Due to the fact that the Incentive Fee is calculated at the Company level in the aggregate and not charged separately with respect to each Member, it is possible that the Company may be charged the Incentive Fee despite the Member’s particular investment in the Company having a negative performance during a calendar quarter. For the years ended December 31, 2023 and 2022, the Company incurred Incentive Fees of $1.5 million and $0.3 million, respectively of which the Investment Manager waived $0 and $0, respectively. As of December 31, 2023 and December 31, 2022 the Incentive Fees payable amounted to $1.5 million and $0.3 million, respectively and are included in the consolidated balance sheets in the accompanying financial statements. Expense Reimbursement Pursuant to an Expense Limitation Agreement, as amended on June 20, 2022, the Investment Manager may determine to cap Organizational Expenses and Company Expenses in the aggregate that are borne by the Company to the extent necessary to prevent Organizational Expenses and Company Expenses, on an annualized basis, from exceeding a percentage determined by the Investment Manager in its discretion. This cap will be maintained until the third anniversary of the Initial Closing. Pursuant to the cap, any fees waived and expenses borne by the Investment Manager may be charged to the Company during the three year period that the Expense Cap is in place, provided that no such payment will be made that would cause the Company’s expenses to exceed the same cap. Extraordinary expenses (including, but not limited to, litigation expenses, indemnification expenses, lender liability expenses and other expenses not incurred in the ordinary course of the Company’s business), the Management Fee, the Incentive Fee, interest expenses, financing costs and expenses, reserves for and costs associated with determining current expected credit losses, loan servicing fees and expenses and other fees and expenses incurred in connection with the acquisition, disposition, ownership and operating of the Portfolio Investments will not be included as Company Expenses for purposes of calculating the expense cap. For the years ended December 31, 2023 and 2022, the Company incurred expenses in excess of the Expense Cap totaling $0 million and $0.4 million, respectively. As of December 31, 2023 and December 31, 2022 the Company is owed reimbursements of $0 million and $0.9 million, respectively, from the Investment Manager and is included in the consolidated balance sheets in the accompanying financial statements. It is expected the reimbursement amounts will be fully paid by at the third anniversary of the initial closing or as soon as practical.

Risks and Uncertainties

Risks and Uncertainties	12 Months Ended
	Dec. 31, 2023
Risks and Uncertainties [Abstract]
Risks and Uncertainties	9. Risks and Uncertainties The Company’s financial condition may be adversely affected by a significant economic downturn and it may be subject to legal, regulatory, reputational and other unforeseen risks that could have a material adverse effect on the Company’s operations. A sustained downturn in the United States or global economy or any particular segment thereof could impede the ability of the Company’s portfolio entities to perform under or refinance their existing obligations and impair the Company’s ability to effectively exit investments on favorable terms. Any of the foregoing events could result in substantial or total losses to the Company in respect of certain investments, which losses will likely be exacerbated by the presence of leverage in the Company’s capital structure.

Member's Capital

Member's Capital	12 Months Ended
	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Member's Capital	10. Member’s Capital The following table sets forth the dividends declared and their related tax characterization for the fiscal tax years ended December 31, 2023 and December 31, 2022: Fiscal Tax Year Distributions Declared Return of Capital Dividends Year ended December 31, 2023 100.00 % 0.00 % 100.00 % Year ended December 31, 2022 100.00 % 18.28 % 81.72 %

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies Commitments The Company may enter into commitments to fund investments. As of December 31, 2023 and December 31, 2022, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The amounts associated with unfunded commitments to provide funds to portfolio companies are not recorded in the Company’s consolidated balance sheets. Since these commitments and the associated amounts may expire without being drawn upon, the total commitment amount does not necessarily represent a future cash requirement. The Company had the following unfunded commitments by investment as of December 31, 2023 (in ‘000s): Investment Expiration Unfunded Loan 1 1/10/2024 $ 372 Loan 2 7/10/2025 6,885 Loan 3 3/10/2025 1,750 Loan 4 5/10/2025 718 Loan 5 8/5/2024 1,607 Loan 6 7/5/2025 —  Loan 7 3/10/2024 7,862 Loan 8 3/10/2026 1,302 Loan 9 8/9/2024 —  Loan 10 9/10/2026 1,300 Loan 11 11/10/2025 21,900 Total $ 43,696 As of December 31, 2023, the Company is subject to an unfunded commitment amount of $45.9 million from the underlying interest in the equity method investments. The Company does not expect these unfunded commitments to impact the Company’s overall liquidity or capital resources. The Company had the following unfunded commitments by investment as of December 31, 2022 (in ‘000s): Investment Expiration Unfunded Loan 1 1/10/2024 $ 868 Loan 2 7/10/2025 6,885 Loan 3 3/10/2025 1,750 Loan 4 5/10/2025 3,580 Loan 5 8/5/2024 4,868 Loan 6 7/5/2025 —  Loan 7 3/10/2024 10,390 Total $ 28,341 Contingencies In the normal course of business, the Company enters into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications. The Company is subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance. Management believes that final outcome of such matters will not have a material adverse effect on the financial position of, results of operations or liquidity of the Company.

Economic Dependency

Economic Dependency	12 Months Ended
	Dec. 31, 2023
Economic Dependency [Abstract]
Economic Dependency	12. Economic Dependency Under various agreements, the Company has engaged or will engage the Investment Manager, its affiliates and entities under common control with the Investment Manager to provide certain services that are essential to the Company, including asset management services, asset acquisition, origination or disposition decisions, as well as other administrative responsibilities for the Company including accounting and legal services, human resources and information technology. As a result of these relationships, the Company is dependent upon the Investment Manager and its affiliates. In the event that these companies are unable to provide the Company with the respective services, the Company will be required to find alternative providers of these services.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events Subsequent events after the balance sheet date have been evaluated through the date the consolidated financial statements were issued. Loan 1 was modified in January 2024 with the maturity extended through January 10, 2025 in exchange for a $12 million paydown of the loan and other consideration. Loan 7 was extended in March 2024 with the maturity extended through April 10, 2024 to allow for further negotiation on a modification.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying consolidated financial statements and related notes of the Company are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company will generally consolidate entities (i) it controls through either majority ownership or voting rights or (ii) management determines that the Company is the primary beneficiary of entities deemed to be variable interest entities (“VIEs”). Accordingly, the Company consolidated the results of its subsidiary (AB CRE PDF Member I LLC and AB CRE PDF TNVA1 LLC, wholly owned entities formed to hold assets and be the borrowers under the Company’s debt obligations—see Note 7) in its consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of these financial statements require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ.
Mortgage Loan Receivables Held for Investment	Mortgage Loan Receivables Held for Investment Loans for which the Company has the intention and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances net of any unearned income, unamortized deferred fees or costs, premiums or discounts and an allowance for credit losses. Loan origination fees and direct loan origination costs are deferred and recognized in interest income over the estimated life of the loans using the effective interest method, adjusted for actual prepayments. Upon the decision to sell such loans, the Company will transfer the loan from mortgage loan receivables held for investment to mortgage loan receivables held for sale at the lower of carrying value or fair value on the consolidated balance sheets.
Provision for Loan Losses	Provision for Loan Losses The Company uses a current expected credit loss model (“CECL”) for estimating the provision for loan losses on its loan portfolio. The CECL model requires the consideration of possible credit losses over the life of an instrument and includes a portfolio-based component and an asset-specific component. In compliance with the CECL reporting requirements, the Company supplemented its existing credit monitoring and management processes with additional processes to support the calculation of the CECL reserves. The credit loss model is a forward-looking, econometric, commercial real estate loss forecasting tool. It is comprised of a probability of default model and a loss given default model that, layered together with user’s loan-level data, selected forward-looking macroeconomic variables, and pool-level mean loss rates, produces life of loan expected losses at the loan and portfolio level. Where management has determined that the credit loss model does not fully capture certain external factors, including portfolio trends or loan-specific factors, a qualitative adjustment to the reserve, is recorded. The asset-specific reserve component relates to reserves for losses on individually impaired loans. The Company evaluates each loan for impairment at least quarterly. Impairment occurs when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. If the loan is considered to be impaired, an allowance is recorded to reduce the carrying value of the loan to the present value of the expected future cash flows discounted at the loan’s effective rate or the fair value of the collateral, less the estimated costs to sell, if recovery of the Company’s investment is expected solely from the collateral. The Company may use the direct capitalization rate valuation methodology or the sales comparison approach to estimate the fair value of the collateral for such loans and in certain cases will obtain external appraisals and take into account potential sale bids. Determining fair value of the collateral may take into account a number of assumptions including, but not limited to, cash flow projections, market capitalization rates, discount rates and data regarding recent comparable sales of similar properties. Such assumptions are generally based on current market conditions and are subject to economic and market uncertainties. The Company’s loans are typically collateralized by real estate directly or indirectly. As a result, the Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan-by-loan basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash flow from operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan at maturity, and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic submarket in which the collateral property is located. Such impairment analyses are completed and reviewed by asset management and underwriting personnel, who utilize various data sources, including (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrowers’ business plan, and capitalization and discount rates, (ii) site inspections, and (iii) current credit spreads and other market data and ultimately presented to management for approval. The Company designates non-accrual loans generally when (i) the principal or coupon interest components of loan payments become 90-days past due or (ii) in the opinion of the Company, it is doubtful the Company will be able to collect all amounts due according to the contractual terms of the loan. Interest income on non-accrual loans in which the Company reasonably expects a full recovery of the loan’s outstanding principal balance is recognized when received in cash. Otherwise, income recognition will be suspended and any cash received will be applied as a reduction to the amortized cost. A non-accrual loan is returned to accrual status at such time as the loan becomes contractually current and future principal and coupon interest are reasonably assured to be received in accordance with the contractual loan terms. A loan will be written off when management has determined it is no longer realizable and deemed non-recoverable. There have been no non-accrual loans through December 31, 2023. The allowance for credit losses was $5.3 million and $1.6 million at December 31, 2023 and December 31, 2022, respectively, and is included in the accompanying consolidated balance sheets. During the year ended December 31, 2023 this allowance was impacted by an increase of $3.7 million in allowance for credit losses as reflected in the accompanying consolidated statements of income.
Valuation of Financial Instruments	Valuation of Financial Instruments The Company discloses (see Note 6) the value of its financial instruments at fair value accordance with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure (“ASC Topic 820”) issued by the Financial Accounting Standards Board (the “FASB”). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Investment Manager, which is subject to oversight by our Board, makes this fair value determination on a quarterly basis and any other time when a decision regarding the fair value of the portfolio investments is required. A determination of fair value involves subjective judgments and estimates and depends on the facts and circumstances. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. ASC Topic 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC Topic 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings and provides for enhanced disclosures determined by the level within the hierarchy of information used in the valuation. In accordance with ASC Topic 820, these inputs are summarized in the three levels listed below: • Level 1—Valuations are based on quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. • Level 2—Valuations are based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly and model-based valuation techniques for which all significant inputs are observable. • Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models incorporating significant unobservable inputs, such as discounted cash flow models and other similar valuations techniques. The valuation of Level 3 assets and liabilities generally requires significant management judgment due to the inability to observe inputs to valuation. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of observable input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. Under ASC Topic 820, the fair value measurement also assumes that the transaction to sell an asset occurs in the principal market for the asset or, in the absence of a principal market, the most advantageous market for the asset, which may be a hypothetical market, and excludes transaction costs. The principal market for any asset is the market with the greatest volume and level of activity for such asset in which the reporting entity would or could sell or transfer the asset. In determining the principal market for an asset or liability under ASC Topic 820, it is assumed that the reporting entity has access to such market as of the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable and willing and able to transact. The value of any investment on any valuation date is intended to represent the fair value of such investment on such date based upon the amount at which the investment could be exchanged between willing parties, other than in a forced liquidation sale, and reflects the Board’s determination of fair value using the methodology described herein. Any valuation of an investment may not reflect the actual amount received by the Company upon the liquidation of such investment. The Company’s investments are expected to mostly be considered Level 3 assets under ASC Topic 820 because the investments will generally not have identical assets or liabilities with quoted prices in active markets and will generally not have all significant inputs observable.
Equity Method Investments	Equity Method Investments The Company accounts for its investments in unconsolidated entities under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as equity method investments, subsequently adjusted for equity in earnings and cash contributions and distributions. In some instances, the reporting period of the investments’ financial statements lags the Company’s financial reporting period, but such lag is never more than three months. In the event there is an outside basis portion of the Company’s equity method investments, it is amortized over the anticipated useful lives of the underlying entities’ tangible and intangible assets acquired and liabilities assumed. The Company evaluates equity investments on a periodic basis to determine if there are any indicators that the value of the equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value. The Company classifies distributions received from equity method investments using the cumulative earnings approach. Distributions received are considered returns on the investment and classified as cash inflows from operating activities. If, however, the investor’s cumulative distributions received, less distributions received in prior periods determined to be returns of investment, exceeds cumulative equity in earnings recognized, the excess is considered a return of investment and is classified as cash inflows from investing activities.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash and short-term investments with original maturities of three months or less at the date of acquisition. Cash and cash equivalents typically include amounts held in interest bearing overnight accounts and amounts held in money market funds, and these balances generally exceed insured limits. The Company holds its cash at institutions that it believes to be highly creditworthy.
Repurchase Agreements	Repurchase Agreements The Company finances certain of its mortgage loan receivables using repurchase agreements. Under a repurchase agreement, an asset is sold to a counterparty to be repurchased at a future date at a predetermined price. The Company accounts for these repurchase agreements as financings under Accounting Standards Codification 860-10-40.
Revenue Recognition	Revenue Recognition Interest income, adjusted for amortization of market premium and accretion of market discount, is recorded on an accrual basis to the extent amounts are expected to be collected. Original issue discount and market discount or premium are capitalized and are accreted or amortized into income over the life of the respective security using the effective interest method. Loan origination fees received in connection with the closing of investments are reported as unearned income which is included as amortized cost of the investment; the unearned income from such fees is accreted over the contractual life of the loan based using the effective interest method up to the maturity date of the loan. Upon prepayment of a loan or debt security, any prepayment penalties, unamortized loan origination fees, and unamortized market discounts are recorded as income.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs include capitalized expenses related to the closing of the debt obligations. Amortization of deferred financing costs is computed on the straight-line basis over the contractual term for both the Credit Facility and Repurchase Agreement. The amortization of such costs is included in interest expense in the consolidated statements of income, with any unamortized amounts included in deferred financing costs on the consolidated balance sheets.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Code for U.S. federal income tax purposes commencing with our taxable year that begins on the date of our Initial Closing. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distributes at least 90% of our REIT taxable income, subject to certain adjustments and excluding any net capital gain, to the Members. The Company intends to adhere to the REIT qualification requirements and to maintain our qualification for taxation as a REIT. As a REIT, the Company is generally not subject to U.S. federal corporate income tax on the portion of taxable income that is distributed to the Members. If the Company fails to qualify for taxation as a REIT in any taxable year, it may be subject to U.S. federal income taxes at regular corporate rates and it may not be able to qualify as a REIT for four subsequent taxable years. As a REIT, the Company may be subject to certain state and local taxes on our income and property, and to U.S. federal income and excise taxes on undistributed taxable income. Taxable income from non-REIT activities is taxable to the extent it is subject to U.S. federal, state, and local income taxes at the applicable rates. The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax basis, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company performs an annual review for any uncertain tax positions and, if necessary, will record the expected future tax consequences of uncertain tax positions in the consolidated financial statements.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2022, the FASB issued ASU 2022-02 Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, (“ASU 2022-02”). ASU 2022-02 eliminates the recognition and measurement guidance for troubled debt restructuring for creditors that have adopted Accounting Standards Codification 326 (“ASC Topic 326”) and requires them to make enhanced disclosures about loan modifications for borrowers experiencing financial difficulty. Early adoption is permitted and is effective for fiscal years beginning after December 15, 2022. The Company has adopted the standard effective January 1, 2023. The adoption did not have an impact on the Company’s consolidated financial statements.

Capital Commitments (Tables)

Capital Commitments (Tables)	12 Months Ended
	Dec. 31, 2023
Capital Commitments [Abstract]
Schedule Of Capital Commitments Of The Company	The following information sets forth the capital commitments of the Company as of December 31, 2023 and December 31, 2022 (in ‘000s): As of As of Capital Commitments $ 626,104 $ 525,317 Capital Funded (1) 287,117 111,193 Unfunded Capital Commitments $ 338,987 $ 414,124 (1) Excludes cumulative amounts reinvested totaling $7.5 million and $1.4 million as of December 31, 2023 and December 31, 2022, respectively.

Loan Receivables Held for Inv_2

Loan Receivables Held for Investment (Tables)	12 Months Ended
	Dec. 31, 2023
Loans and Leases Receivable Disclosure [Abstract]
Schedule Of Company's Investments In Loan Receivables Held For Investment	The following table summarizes the Company’s investments in loan receivables held for investment as of December 31, 2023 (in ‘000s): Investment Investment Loan Origination Total Loan Contractual Carrying Interest rate at (1) Maturity Payment Loan 1 Loan origination Multifamily 12/17/2021 $ 41,648 $ 41,276 SOFR+3.06 % $ 41,270 8.42 % 1/10/2024 Interest only Loan 2 Loan origination Industrial 12/28/2021 48,325 41,440 SOFR+3.61 % 41,224 8.97 % 7/10/2025 Interest only Loan 3 Loan origination Hospitality 2/14/2022 42,750 41,000 SOFR+6.50 % 40,822 11.86 % 3/10/2025 Interest only Loan 4 Loan origination Multifamily 4/14/2022 41,500 40,782 SOFR+3.30 % 40,591 8.66 % 5/10/2025 Interest only Loan 5 Loan origination Office 7/14/2022 55,935 54,328 SOFR+4.25 % 54,157 9.60 % 8/5/2024 Interest only Loan 6 Purchase Hospitality 7/7/2022 37,748 37,748 SOFR+4.75 % 37,583 10.11 % 7/5/2025 Interest only Loan 7 Purchase Mixed Use 11/22/2022 25,224 17,362 SOFR+9.05 % 17,325 14.41 % 3/10/2024 Interest only Loan 8 Loan origination Industrial 3/10/2023 35,800 34,498 SOFR+3.50 % 34,227 8.86 % 3/10/2026 Interest only Loan 9 Purchase Student Housing 3/31/2023 162,503 162,503 SOFR+2.25 % 161,044 7.61 % 8/9/2024 Interest only Loan 10 Loan origination Multifamily 8/31/2023 86,300 85,000 SOFR+2.90 % 84,222 8.26 % 9/10/2026 Interest only Loan 11 Loan origination Mixed Use 11/2/2023 146,000 124,100 SOFR+5.50 % 122,746 10.86 % 11/10/2025 Interest only Total $ 723,733 $ 680,037 $ 675,211 (1) The above loan receivables held for investment are floating rate loans and are presented using SOFR or the applicable SOFR floor plus the applicable spread as of December 31, 2023. The following table summarizes the Company’s investments in loan receivables held for investment as of December 31, 2022 (in ‘000s): Investment Investment Loan Origination Total Loan Contractual Carrying Interest rate at (1) Maturity Payment Loan 1 Loan origination Multifamily 12/17/2021 $ 41,648 $ 40,780 SOFR+3.06 % $ 40,569 7.35 % 1/10/2024 Interest only Loan 2 Loan origination Industrial 12/28/2021 50,585 43,700 SOFR+3.61 % 43,331 7.90 % 7/10/2025 Interest only Loan 3 Loan origination Hospitality 2/14/2022 42,750 41,000 SOFR+6.50 % 40,685 10.78 % 3/10/2025 Interest only Loan 4 Loan origination Multifamily 4/14/2022 41,500 37,920 SOFR+3.30 % 37,597 7.58 % 5/10/2025 Interest only Loan 5 Loan origination Office 7/14/2022 55,935 51,067 SOFR+4.25 % 50,628 8.43 % 8/5/2024 Interest only Loan 6 Purchase Hospitality 7/7/2022 37,748 37,748 SOFR+4.75 % 37,472 9.03 % 7/5/2025 Interest only Loan 7 Purchase Mixed Use 11/22/2022 25,224 14,834 SOFR+9.05 % 14,614 13.34 % 3/10/2024 Interest only Total $ 295,390 $ 267,049 $ 264,896 (1) The above loan receivables held for investment are floating rate loans and are presented using SOFR or the applicable SOFR floor plus the applicable spread as of December 31, 2022.

Equity Method Investments (Tabl

Equity Method Investments (Tables)	12 Months Ended
	Dec. 31, 2023
Equity Method Investment, Summarized Financial Information [Abstract]
Summarized financial information for the equity method investments	Summarized financial information for the equity method investments as of September 30, 2023 and September 30, 2022 (balance sheet) and for the twelve months ended September 30, 2023 (statement of income) is as follows (in ‘000s): Balance Sheet As of As of Assets Investments in mortgage loans $ 704,210 $ 924,020 Cash and cash equivalents 75,768 100,787 Other assets 10,126 8,549 Total assets 790,104 1,033,356 Liabilities Accrued expenses 800 1,932 Other liabilities 1,714 4,077 Total liabilities $ 2,514 $ 6,009 Total equity $ 787,590 $ 1,027,347 Total liabilities and equity $ 790,104 $ 1,033,356 Statement of Income For the For the Total income $ 73,202 $ 27,325 Total expenses 7,439 4,303 Net investment income 65,763 23,022 Net realized loss 774 (7,782 ) Net change in unrealized depreciation (10,491 ) 4,148 Net income $ 56,046 $ 19,388

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis	The following table presents the carrying value and fair value of the Company’s financial instruments disclosed, but not carried, at fair value as of December 31, 2023, and the level of each financial instrument within the fair value hierarchy (in ‘000s): Carrying Level 1 Level 2 Level 3 Total Assets Loan receivables held for investment $ 675,211 $ —  $ —  $ 678,586 $ 678,586 $ 675,211 $ —  $ —  $ 678,586 $ 678,586 Liabilities Line of credit payable $ —  $ —  $ —  $ —  $ —  Repurchase agreement 186,945 —  —  186,945 186,945 Note Payable 123,502 —  —  123,502 123,502 HSBC Loan 135,915 —  —  135,915 135,915 $ 446,362 $ —  $ —  $ 446,362 $ 446,362 The following table presents the carrying value and fair value of the Company’s financial instruments disclosed, but not carried, at fair value as of December 31, 2022 and the level of each financial instrument within the fair value hierarchy (in ‘000s): Carrying Level 1 Level 2 Level 3 Total Assets Loan receivables held for investment $ 264,896 $ —  $ —  $ 267,257 $ 267,257 $ 264,896 $ —  $ —  $ 267,257 $ 267,257 Liabilities Line of credit payable $ 52,800 $ —  $ —  $ 52,800 $ 52,800 Repurchase agreement 158,653 —  —  158,653 158,653 $ 211,453 $ —  $ —  $ 211,453 $ 211,453

Debt Obligations (Tables)

Debt Obligations (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule Of debt obligations	Summarized Debt Obligations The following table summarizes the Company’s debt obligations (in ‘000s) Debt Obligation Outstanding Outstanding Interest Rate at (1) Interest Interest Value of Credit facility $ —  $ 52,800 0.00 % $ 4,504 $ 177 $ N/A Repurchase agreement 186,945 158,653 7.70 % 13,495 680 250,072 Note Payable 123,502 —  6.56 % 6,150 384 162,503 HSBC Loan 135,915 —  7.61 % 718 489 209,100 Total $ 446,362 $ 211,453 $ 24,867 $ 1,730 $ 621,674 (1) The above rates are the weighted average interest rates of floating rate loans and are presented using SOFR or the Prime Rate or the applicable SOFR or Prime Rate floor plus the applicable spread as of December 31, 2023.
Schedule of Maturity of Debt Obligations	Combined Maturity of Debt Obligations The following schedule reflects the Company’s contractual payments under all borrowings by maturity (in ‘000s): Year ending December 31, Borrowing 2024 $ —  2025 186,945 2026 259,417 2027 —  2028 —  Total $ 446,362

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Schedule Of Related Party Capital Commitments And Applicable Management Fee Percentage	A Member’s “Applicable Percentage” is set forth below: Aggregate Capital Commitment of a Member Applicable Percentage $50,000 - $500,000 1.50 % $500,001 - $1,000,000 1.40 % $1,000,001 - $3,000,000 1.30 % $3,000,001 - $5,000,000 1.15 % $5,000,001 and over 1.00 %

Member's Capital (Tables)

Member's Capital (Tables)	12 Months Ended
	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Schedule Of Dividends Declared Per Unit And Their Related Tax Characterization	The following table sets forth the dividends declared and their related tax characterization for the fiscal tax years ended December 31, 2023 and December 31, 2022: Fiscal Tax Year Distributions Declared Return of Capital Dividends Year ended December 31, 2023 100.00 % 0.00 % 100.00 % Year ended December 31, 2022 100.00 % 18.28 % 81.72 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule Of Unfunded Commitments By Investment Types	The Company had the following unfunded commitments by investment as of December 31, 2023 (in ‘000s): Investment Expiration Unfunded Loan 1 1/10/2024 $ 372 Loan 2 7/10/2025 6,885 Loan 3 3/10/2025 1,750 Loan 4 5/10/2025 718 Loan 5 8/5/2024 1,607 Loan 6 7/5/2025 —  Loan 7 3/10/2024 7,862 Loan 8 3/10/2026 1,302 Loan 9 8/9/2024 —  Loan 10 9/10/2026 1,300 Loan 11 11/10/2025 21,900 Total $ 43,696 The Company had the following unfunded commitments by investment as of December 31, 2022 (in ‘000s): Investment Expiration Unfunded Loan 1 1/10/2024 $ 868 Loan 2 7/10/2025 6,885 Loan 3 3/10/2025 1,750 Loan 4 5/10/2025 3,580 Loan 5 8/5/2024 4,868 Loan 6 7/5/2025 —  Loan 7 3/10/2024 10,390 Total $ 28,341

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Date of incorporation	Jun. 01, 2021

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Loans and leases receivable impaired non performing non accrual of interest	$ 0
Minimum percentage of taxable income to be distributed	90%	90%
Allowance for credit losses	$ 5,275	$ 1,603
Allowance For Credit Losses Increase During The Period	$ 3,700

Capital Commitments - Schedule

Capital Commitments - Schedule Of Capital Commitments Of The Company (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Capital Commitments [Abstract]
Capital Commitments	$ 626,104	$ 525,317
Capital Funded	287,117	111,193
Unfunded Capital Commitments	$ 338,987	$ 414,124

Capital Commitments - Schedul_2

Capital Commitments - Schedule Of Capital Commitments Of The Company (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Capital Commitments [Abstract]
Stock Issued During Period, Value, Dividend Reinvestment Plan	$ 7.5	$ 1.4

Loan Receivables Held for Inv_3

Loan Receivables Held for Investment - Schedule Of Company's Investments In Loan Receivables Held For Investment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Total Commitment	$ 723,733	$ 295,390
Loan Balance	680,037	267,049
Carrying Value	$ 675,211	$ 264,896
Loan 1 [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Investment Type	Loan origination	Loan origination
Origination Date	Dec. 17, 2021	Dec. 17, 2021
Total Commitment	$ 41,648	$ 41,648
Loan Balance	$ 41,276	$ 40,780
Contractual Interest Rate	SOFR+3.06	SOFR+3.06
Loans receivable basis spread on variable rate	3.06%	3.06%
Carrying Value	$ 41,270	$ 40,569
Interest rate	8.42%	7.35%
Maturity Date	Jan. 10, 2024	Jan. 10, 2024
Payment Terms	Interest only	Interest only
Loan 1 [Member] | Multifamily [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Loan Type	Multifamily	Multifamily
Loan 2 [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Investment Type	Loan origination	Loan origination
Origination Date	Dec. 28, 2021	Dec. 28, 2021
Total Commitment	$ 48,325	$ 50,585
Loan Balance	$ 41,440	$ 43,700
Contractual Interest Rate	SOFR+3.61	SOFR+3.61
Loans receivable basis spread on variable rate	3.61%	3.61%
Carrying Value	$ 41,224	$ 43,331
Interest rate	8.97%	7.90%
Maturity Date	Jul. 10, 2025	Jul. 10, 2025
Payment Terms	Interest only	Interest only
Loan 2 [Member] | Industrial Property [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Loan Type	Industrial	Industrial
Loan 3 [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Investment Type	Loan origination	Loan origination
Origination Date	Feb. 14, 2022	Feb. 14, 2022
Total Commitment	$ 42,750	$ 42,750
Loan Balance	$ 41,000	$ 41,000
Contractual Interest Rate	SOFR+6.50	SOFR+6.50
Loans receivable basis spread on variable rate	6.50%	6.50%
Carrying Value	$ 40,822	$ 40,685
Interest rate	11.86%	10.78%
Maturity Date	Mar. 10, 2025	Mar. 10, 2025
Payment Terms	Interest only	Interest only
Loan 3 [Member] | Hospitality [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Loan Type	Hospitality	Hospitality
Loan 4 [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Investment Type	Loan origination	Loan origination
Origination Date	Apr. 14, 2022	Apr. 14, 2022
Total Commitment	$ 41,500	$ 41,500
Loan Balance	$ 40,782	$ 37,920
Contractual Interest Rate	SOFR+3.30	SOFR+3.30
Loans receivable basis spread on variable rate	3.30%	3.30%
Carrying Value	$ 40,591	$ 37,597
Interest rate	8.66%	7.58%
Maturity Date	May 10, 2025	May 10, 2025
Payment Terms	Interest only	Interest only
Loan 4 [Member] | Multifamily [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Loan Type	Multifamily	Multifamily
Loan 5 [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Investment Type	Loan origination	Loan origination
Origination Date	Jul. 14, 2022	Jul. 14, 2022
Total Commitment	$ 55,935	$ 55,935
Loan Balance	$ 54,328	$ 51,067
Contractual Interest Rate	SOFR+4.25	SOFR+4.25
Loans receivable basis spread on variable rate	4.25%	4.25%
Carrying Value	$ 54,157	$ 50,628
Interest rate	9.60%	8.43%
Maturity Date	Aug. 05, 2024	Aug. 05, 2024
Payment Terms	Interest only	Interest only
Loan 5 [Member] | Office [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Loan Type	Office	Office
Loan 6 [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Investment Type	Purchase	Purchase
Origination Date	Jul. 07, 2022	Jul. 07, 2022
Total Commitment	$ 37,748	$ 37,748
Loan Balance	$ 37,748	$ 37,748
Contractual Interest Rate	SOFR+4.75	SOFR+4.75
Loans receivable basis spread on variable rate	4.75%	4.75%
Carrying Value	$ 37,583	$ 37,472
Interest rate	10.11%	9.03%
Maturity Date	Jul. 05, 2025	Jul. 05, 2025
Payment Terms	Interest only	Interest only
Loan 6 [Member] | Hospitality [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Loan Type	Hospitality	Hospitality
Loan 7 [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Investment Type	Purchase	Purchase
Origination Date	Nov. 22, 2022	Nov. 22, 2022
Total Commitment	$ 25,224	$ 25,224
Loan Balance	$ 17,362	$ 14,834
Contractual Interest Rate	SOFR+9.05	SOFR+9.05
Loans receivable basis spread on variable rate	9.05%	9.05%
Carrying Value	$ 17,325	$ 14,614
Interest rate	14.41%	13.34%
Maturity Date	Mar. 10, 2024	Mar. 10, 2024
Payment Terms	Interest only	Interest only
Loan 7 [Member] | Mixed Use [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Loan Type	Mixed Use	Mixed Use
Loan 8 [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Investment Type	Loan origination
Origination Date	Mar. 10, 2023
Total Commitment	$ 35,800
Loan Balance	$ 34,498
Contractual Interest Rate	SOFR+3.50
Loans receivable basis spread on variable rate	3.50%
Carrying Value	$ 34,227
Interest rate	8.86%
Maturity Date	Mar. 10, 2026
Payment Terms	Interest only
Loan 8 [Member] | Industrial Property [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Loan Type	Industrial
Loan 9 [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Investment Type	Purchase
Origination Date	Mar. 31, 2023
Total Commitment	$ 162,503
Loan Balance	$ 162,503
Contractual Interest Rate	SOFR+2.25
Loans receivable basis spread on variable rate	2.25%
Carrying Value	$ 161,044
Interest rate	7.61%
Maturity Date	Aug. 09, 2024
Payment Terms	Interest only
Loan 9 [Member] | Student Housing [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Loan Type	Student Housing
Loan 10 [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Investment Type	Loan origination
Origination Date	Aug. 31, 2023
Total Commitment	$ 86,300
Loan Balance	$ 85,000
Contractual Interest Rate	SOFR+2.90
Loans receivable basis spread on variable rate	2.90%
Carrying Value	$ 84,222
Interest rate	8.26%
Maturity Date	Sep. 10, 2026
Payment Terms	Interest only
Loan 10 [Member] | Multifamily [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Loan Type	Multifamily
Loan 11 [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Investment Type	Loan origination
Origination Date	Nov. 02, 2023
Total Commitment	$ 146,000
Loan Balance	$ 124,100
Contractual Interest Rate	SOFR+5.50
Loans receivable basis spread on variable rate	5.50%
Carrying Value	$ 122,746
Interest rate	10.86%
Maturity Date	Nov. 10, 2025
Payment Terms	Interest only
Loan 11 [Member] | Mixed Use [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Loan Type	Mixed Use

Loan Receivables Held for Inv_4

Loan Receivables Held for Investment - Additional Information (Detail) - USD ($) $ in Thousands		1 Months Ended		7 Months Ended	12 Months Ended
	Jan. 01, 2024	Mar. 31, 2024	Jan. 31, 2024	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Repayments of Long-Term Lines of Credit				$ 0	$ 360,100	$ 156,900
Subsequent Event [Member] | Loan 1 [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Line of Credit Facility, Expiration Date	Jan. 10, 2025		Jan. 10, 2025
Repayments of Long-Term Lines of Credit	$ 12,000		$ 12,000
Subsequent Event [Member] | Loan 7 [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Line of Credit Facility, Expiration Date	Apr. 10, 2024	Apr. 10, 2024

Equity Method Investments - Sum

Equity Method Investments - Summarized financial information for the equity method investments (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Assets
Investments in mortgage loans			$ 675,211	$ 264,896
Cash and cash equivalents			26,622	5,199
Other assets			111	0
Total assets			749,189	330,078
Liabilities
Other liabilities			108	276
Total Liabilities			460,005	219,906
Total liabilities and members' capital			$ 749,189	$ 330,078
Equity Method Investments [Member]
Assets
Investments in mortgage loans	$ 924,020	$ 704,210
Cash and cash equivalents	100,787	75,768
Other assets	8,549	10,126
Total assets	1,033,356	790,104
Liabilities
Accrued expenses	1,932	800
Other liabilities	4,077	1,714
Total Liabilities	6,009	2,514
Total equity	1,027,347	787,590
Total liabilities and members' capital	1,033,356	790,104
Total income	27,325	73,202
Total expenses	4,303	7,439
Net investment income	23,022	65,763
Other income/(expenses)
Net realized gain (loss)	(7,782)	774
Net change in unrealized depreciation	4,148	(10,491)
Net Income	$ 19,388	$ 56,046

Equity Method Investments - Add

Equity Method Investments - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 47,251	$ 58,539
Equity method investment difference between carrying amount and underlying equity	1,300	2,900
Net amortization of basis difference equity method investments	$ 1,600	2,100
AB Commercial Real Estate Debt Fund AB Cred Two [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment ownership percentage	7.18%
Equity method investments	$ 6,000	11,600
AB Commercial Real Estate Debt Fund AB Cred Three [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment ownership percentage	7.01%
Equity method investments	$ 41,200	$ 46,900

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Assets, fair value disclosure	$ 678,586	$ 267,257
Liabilities
Liabilities, fair value disclosure	446,362	211,453
Level 3 [Member]
Assets
Assets, fair value disclosure	678,586	267,257
Liabilities
Liabilities, fair value disclosure	446,362	211,453
Carrying Value [Member]
Assets
Assets, fair value disclosure	675,211	264,896
Liabilities
Liabilities, fair value disclosure	446,362	211,453
Loan Receivables Held For Investment [Member]
Assets
Assets, fair value disclosure	678,586	267,257
Loan Receivables Held For Investment [Member] | Level 3 [Member]
Assets
Assets, fair value disclosure	678,586	267,257
Loan Receivables Held For Investment [Member] | Carrying Value [Member]
Assets
Assets, fair value disclosure	675,211	264,896
Line of credit [Member]
Liabilities
Liabilities, fair value disclosure	0	52,800
Line of credit [Member] | Level 3 [Member]
Liabilities
Liabilities, fair value disclosure	0	52,800
Line of credit [Member] | Carrying Value [Member]
Liabilities
Liabilities, fair value disclosure	0	52,800
Repurchase Agreement Payable [Member]
Liabilities
Liabilities, fair value disclosure	186,945	158,653
Repurchase Agreement Payable [Member] | Level 3 [Member]
Liabilities
Liabilities, fair value disclosure	186,945	158,653
Repurchase Agreement Payable [Member] | Carrying Value [Member]
Liabilities
Liabilities, fair value disclosure	186,945	$ 158,653
Notes payable [Member]
Liabilities
Liabilities, fair value disclosure	123,502
Notes payable [Member] | Level 3 [Member]
Liabilities
Liabilities, fair value disclosure	123,502
Notes payable [Member] | Carrying Value [Member]
Liabilities
Liabilities, fair value disclosure	123,502
HSBC Loan [Member]
Liabilities
Liabilities, fair value disclosure	135,915
HSBC Loan [Member] | Level 3 [Member]
Liabilities
Liabilities, fair value disclosure	135,915
HSBC Loan [Member] | Carrying Value [Member]
Liabilities
Liabilities, fair value disclosure	$ 135,915

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Detail) - Measurement Input, Discount Rate [Member]	Dec. 31, 2023	Dec. 31, 2022
Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loan receivables held for investment	2.45%	2.95%
Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loan receivables held for investment	6.83%	6.75%

Debt Obligations - Schedule Of

Debt Obligations - Schedule Of debt obligations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Line of credit outstanding	$ 446,362	$ 211,453
Interest Expense	24,867
Interest payable	1,730
Value of Underlying Collateral	621,674
Credit facility [Member]
Debt Instrument [Line Items]
Line of credit outstanding	$ 0	52,800
Interest Rate	0%
Interest Expense	$ 4,504
Interest payable	177
Repurchase agreement [Member]
Debt Instrument [Line Items]
Line of credit outstanding	$ 186,945	158,653
Interest Rate	7.70%
Interest Expense	$ 13,495
Interest payable	680
Value of Underlying Collateral	250,072
Notes payable [Member]
Debt Instrument [Line Items]
Line of credit outstanding	$ 123,502	0
Interest Rate	6.56%
Interest Expense	$ 6,150
Interest payable	384
Value of Underlying Collateral	162,503
HSBC Loan [Member]
Debt Instrument [Line Items]
Line of credit outstanding	$ 135,915	$ 0
Interest Rate	7.61%
Interest Expense	$ 718
Interest payable	489
Value of Underlying Collateral	$ 209,100

Debt Obligations - Schedule o_2

Debt Obligations - Schedule of Maturity of Debt Obligations (Detail) $ in Thousands	Dec. 31, 2023 USD ($)
Maturities of Long-Term Debt [Abstract]
2024	$ 0
2025	186,945
2026	259,417
2027	0
2028	0
Total	$ 446,362

Debt Obligations - Additional I

Debt Obligations - Additional Information (Detail)		1 Months Ended		12 Months Ended
	Dec. 12, 2023	Feb. 28, 2023 USD ($)	Feb. 28, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jul. 31, 2022 USD ($)	Apr. 27, 2022 USD ($)
Debt Instrument [Line Items]
Line of credit current borrowing capacity				$ 0	$ 52,800,000
Line of credit facility, increase (decrease), net		$ 100,000,000	$ 100,000,000
Debt instrument, annual principal payment				$ 151,000,000
Percent of principal amount outstanding of loans				35
Loan, held-in-portfolio				$ 52,800,000
Maximum [Member]
Debt Instrument [Line Items]
Line of credit facility, expiration date	Dec. 10, 2024
Maximum [Member] | Unfunded Loan Commitment [Member]
Debt Instrument [Line Items]
Percentage of lines of credit current	70
Minimum [Member]
Debt Instrument [Line Items]
Line of credit facility, expiration date	Dec. 12, 2023
Minimum [Member] | Unfunded Loan Commitment [Member]
Debt Instrument [Line Items]
Percentage of lines of credit current	60
Line of Credit [Member]
Debt Instrument [Line Items]
Line of credit current borrowing capacity				65,000,000
Line of credit maximum borrowing capacity				$ 140,000,000
Line of Credit [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Debt instrument interest rate				50%
Line of Credit [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Debt Instrument, Redemption, Period One [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate				0.11448%
Line of Credit [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Debt Instrument, Redemption, Period Two [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate				0.26161%
Line of Credit [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Debt Instrument, Redemption, Period Three [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate				0.42826%
Line of Credit [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate				0.11448%
Loan Repurchase Agreement April 2022 [Member] | AB CRE PDF Member One LLC [Member] | Morgan Stanley Mortgage Capital Holdings [Member] | Mortgage Stanley [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity						$ 200,000,000	$ 250,000,000
Loan Repurchase Agreement April 2022 [Member] | AB CRE PDF Member One LLC [Member] | Morgan Stanley Mortgage Capital Holdings [Member] | Mortgage Stanley [Member] | Minimum [Member]
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity							$ 150,000,000
Notes payable [Member] | AB CRE PDF Member One LLC [Member]
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity				$ 125,600,000
Notes payable [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | AB CRE PDF Member One LLC [Member]
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis				interest at Term SOFR plus 1.20%
HSBC Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate				2.25%
Debt instrument interest rate				5.25%
Derivative, floor interest rate				0%

Related Party Transactions - Sc

Related Party Transactions - Schedule Of Related Party Capital Commitments And Applicable Management Fee Percentage (Detail) - Investment Manager [Member]	12 Months Ended
	Dec. 31, 2023 USD ($)
Capital Commitment Slab One [Member]
Related Party Transaction [Line Items]
Applicable Percentage	1.50%
Capital Commitment Slab One [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Aggregate Capital Commitment of a Member	$ 500,000
Capital Commitment Slab One [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Aggregate Capital Commitment of a Member	$ 50,000
Capital Commitment Slab Two [Member]
Related Party Transaction [Line Items]
Applicable Percentage	1.40%
Capital Commitment Slab Two [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Aggregate Capital Commitment of a Member	$ 1,000,000
Capital Commitment Slab Two [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Aggregate Capital Commitment of a Member	$ 500,001
Capital Commitment Slab Three [Member]
Related Party Transaction [Line Items]
Applicable Percentage	1.30%
Capital Commitment Slab Three [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Aggregate Capital Commitment of a Member	$ 3,000,000
Capital Commitment Slab Three [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Aggregate Capital Commitment of a Member	$ 1,000,001
Capital Commitment Slab Four [Member]
Related Party Transaction [Line Items]
Applicable Percentage	1.15%
Capital Commitment Slab Four [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Aggregate Capital Commitment of a Member	$ 5,000,000
Capital Commitment Slab Four [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Aggregate Capital Commitment of a Member	$ 3,000,001
Capital Commitment Slab Five [Member]
Related Party Transaction [Line Items]
Applicable Percentage	1%
Aggregate Capital Commitment of a Member	$ 5,000,001

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	7 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Management fee payment description		Payment of the Management Fee will be made within ten (10) days of the last day of each calendar quarter, or as soon as reasonably practicable thereafter.
Management fees payable		$ 1,041	$ 865
Incentive fee expense incurred	$ 0	1,547	268
Investment Manager [Member]
Related Party Transaction [Line Items]
Management fee expense incurred		2,600	1,200
Management fee waiver		0	300
Management fees payable		$ 1,000	900
Incentive fee description		Pursuant to the Management Agreement at the end of each calendar quarter, the Investment Manager is entitled to receive an incentive fee (the “Incentive Fee”) equal to the difference between (x) the product of (A) 15% and (B) the difference between (1) Core Earnings (as defined below) of the Company for the most recent 12 month period (or such lesser number of completed calendar quarters, if applicable), and (2) the product of (I) the weighted average of the Company’s NAV of the three previous calendar quarters (or such lesser number of completed calendar quarters, if applicable) and the Company’s NAV as of the beginning of the then current calendar quarter, and (II) 6% per annum, and (y) the sum of the Incentive Fee previously paid to the Investment Manager with respect to the first three calendar quarters of the most recent 12 month period (or such lesser number of completed calendar quarters, if applicable); provided, that no Incentive Fee is payable to the Investment Manager with respect to any calendar quarter unless the Core Earnings for the twelve (12) most recently completed calendar quarters (or such lesser number of completed calendar quarters following the date of the Initial Closing Date is greater than zero. The Incentive Fee is prorated for partial periods, to the extent necessary, based on the number of days elapsed or remaining in such periods as the case may be. Unless otherwise determined by the Investment Manager, the Company’s NAV at the beginning of a calendar quarter for purposes of this Incentive Fee calculation shall be equal to the Company’s NAV as of the end of the previous calendar quarter as increased by capital contributions and decreased by repurchases.
Incentive fee expense incurred		$ 1,500	300
Related party reimbursements owed		0	900
Incentive fee waived		0	0
Incentive fee payable		1,500	300
Investment Manager [Member] | Related Party [Member]
Related Party Transaction [Line Items]
Related party expenses		$ 0	$ 400

Member's Capital - Schedule Of

Member's Capital - Schedule Of Dividends Declared And Their Related Tax Characterization (Detail)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Distributions Declared	100%	100%
Return of Capital	0%	18.28%
Dividends	100%	81.72%

Commitments and Contingencies -

Commitments and Contingencies - Schedule Of Unfunded Commitments By Investment Types (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Long-term Purchase Commitment [Line Items]
Unfunded Commitment	$ 45,900
Unfunded Loan Commitment [Member]
Long-term Purchase Commitment [Line Items]
Unfunded Commitment	$ 43,696	$ 28,341
Unfunded Loan Commitment [Member] | Loan 1 [Member]
Long-term Purchase Commitment [Line Items]
Expiration Date	Jan. 10, 2024	Jan. 10, 2024
Unfunded Commitment	$ 372	$ 868
Unfunded Loan Commitment [Member] | Loan 2 [Member]
Long-term Purchase Commitment [Line Items]
Expiration Date	Jul. 10, 2025	Jul. 10, 2025
Unfunded Commitment	$ 6,885	$ 6,885
Unfunded Loan Commitment [Member] | Loan 3 [Member]
Long-term Purchase Commitment [Line Items]
Expiration Date	Mar. 10, 2025	Mar. 10, 2025
Unfunded Commitment	$ 1,750	$ 1,750
Unfunded Loan Commitment [Member] | Loan 4 [Member]
Long-term Purchase Commitment [Line Items]
Expiration Date	May 10, 2025	May 10, 2025
Unfunded Commitment	$ 718	$ 3,580
Unfunded Loan Commitment [Member] | Loan 5 [Member]
Long-term Purchase Commitment [Line Items]
Expiration Date	Aug. 05, 2024	Aug. 05, 2024
Unfunded Commitment	$ 1,607	$ 4,868
Unfunded Loan Commitment [Member] | Loan 6 [Member]
Long-term Purchase Commitment [Line Items]
Expiration Date	Jul. 05, 2025	Jul. 05, 2025
Unfunded Loan Commitment [Member] | Loan 7 [Member]
Long-term Purchase Commitment [Line Items]
Expiration Date	Mar. 10, 2024	Mar. 10, 2024
Unfunded Commitment	$ 7,862	$ 10,390
Unfunded Loan Commitment [Member] | Loan 8 [Member]
Long-term Purchase Commitment [Line Items]
Expiration Date	Mar. 10, 2026
Unfunded Commitment	$ 1,302
Unfunded Loan Commitment [Member] | Loan 9 [Member]
Long-term Purchase Commitment [Line Items]
Expiration Date	Aug. 09, 2024
Unfunded Loan Commitment [Member] | Loan 10 [Member]
Long-term Purchase Commitment [Line Items]
Expiration Date	Sep. 10, 2026
Unfunded Commitment	$ 1,300
Unfunded Loan Commitment [Member] | Loan 11 [Member]
Long-term Purchase Commitment [Line Items]
Expiration Date	Nov. 10, 2025
Unfunded Commitment	$ 21,900

Commitments and Contingencies_2

Commitments and Contingencies - Additional information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Unfunded Commitment	$ 45.9

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands		1 Months Ended		7 Months Ended	12 Months Ended
	Jan. 01, 2024	Mar. 31, 2024	Jan. 31, 2024	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Repayments of long-term lines of credit				$ 0	$ 360,100	$ 156,900
Subsequent Event [Member] | Loan One [Member]
Repayments of long-term lines of credit	$ 12,000		$ 12,000
Line of credit facility, expiration date	Jan. 10, 2025		Jan. 10, 2025
Subsequent Event [Member] | Loan Seven [Member]
Line of credit facility, expiration date	Apr. 10, 2024	Apr. 10, 2024