AB Commercial Real Estate Private Debt Fund 10-Q 9 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Aug. 09, 2024
Cover [Abstract]
Document Type	10-Q
Document Transition Report	false
Amendment Flag	false
Document Quarterly Report	true
Entity Interactive Data Current	Yes
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
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	true
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 Common Stock, Shares Outstanding		30,633,187

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Loan receivables held for investments, net, at amortized cost
Mortgage loans receivable	$ 844,011	$ 675,211
Allowance for credit losses	(8,448)	(5,275)
Equity method investments	44,325	47,251
Cash and cash equivalents	6,878	26,622
Accrued interest receivable	4,706	3,750
Other assets	48	111
Reimbursement receivable (see Note 8)	170	0
Deferred financing costs, net	1,682	1,519
Total assets	893,372	749,189
Liabilities
Credit facility	51,000	0
Repurchase agreement	275,281	186,945
Notes payable	259,417	259,417
Distribution payable	8,254	8,233
Incentive fee payable (see Note 8)	2,969	1,547
Management fee payable (see Note 8)	1,046	1,041
Accounts payable and accrued expenses	3,610	2,573
Other liabilities	352	108
Total liabilities	$ 602,549	$ 460,005
Other Liability, Noncurrent, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Commitments and contingencies (see Note 10)	$ 0	$ 0
Members' capital
Common units (30,633,187 and 30,006,873 units issued and outstanding at June 30, 2024 and December 31, 2023)	300,602	294,615
Distributions in excess of earnings	(9,779)	(5,431)
Total member's capital	290,823	289,184
Total liabilities and members' capital	893,372	749,189
Related Party [Member]
Liabilities
Related party payables and accrued expenses (See Note 8)	$ 620	$ 141

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common unit, issued	30,633,187	30,006,873
Common unit, outstanding	30,633,187	30,006,873

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net interest income
Interest income net of amortization/accretion	$ 18,673	$ 11,145	$ 35,324	$ 17,792
Interest expense	(9,528)	(6,739)	(17,922)	(10,782)
Net interest income	9,145	4,406	17,402	7,010
Provision for credit losses	(8)	149	(3,173)	(877)
Net interest income after provision for credit losses	9,137	4,555	14,229	6,133
Operating Expenses:
Management fees (see Note 8)	1,046	521	2,079	918
Incentive fees (see Note 8)	673	421	1,422	680
Professional fees	369	402	639	633
Administration and custodian fees	562	71	810	130
Other expenses	3	34	5	37
Total operating expenses	2,653	1,449	4,955	2,398
Other Income:
Reimbursement - Investment Manager (see Note 8)	317	178	213	216
Income from equity method investments	951	1,620	1,664	3,351
Other income	306	110	898	141
Total Other Income	1,574	1,908	2,775	3,708
Net Income	$ 8,058	$ 5,014	$ 12,049	$ 7,443
Net income per unit (basic and diluted)
Net income per unit, Basic	$ 0.26	$ 0.33	$ 0.4	$ 0.56
Net income per unit, Diluted	$ 0.26	$ 0.33	$ 0.4	$ 0.56
Weighted average units outstanding, Basic	30,524,544	15,061,362	30,366,091	13,308,603
Weighted average units outstanding, Diluted	30,524,544	15,061,362	30,366,091	13,308,603

Consolidated Statements of Chan

Consolidated Statements of Changes in Members' Capital - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Members' capital, Beginning balance (Value)	$ 288,019	$ 289,184	$ 111,691	$ 110,172	$ 289,184	$ 110,172
Members' capital, Beginning balance (Shares)		30,006,873			30,006,873
Issuance of common units (Value)	3,000	$ 2,987	51,225	1,682
Net Income	8,058	3,991	5,014	2,429	$ 12,049	7,443
Distributions declared	(8,254)	(8,143)	(4,328)	(2,592)
Members' capital, Ending balance (Value)	$ 290,823	$ 288,019	$ 163,602	$ 111,691	$ 290,823	$ 163,602
Members' capital, Ending balance (Shares)	30,633,187				30,633,187
Common Unit [Member]
Members' capital, Beginning balance (Shares)	30,317,777	30,006,873	11,598,358	11,424,012	30,006,873	11,424,012
Issuance of common units (Shares)	315,410	310,904	5,252,219	174,346
Members' capital, Ending balance (Shares)	30,633,187	30,317,777	16,850,577	11,598,358	30,633,187	16,850,577
Additional Paid-in Capital [Member]
Members' capital, Beginning balance (Value)	$ 297,602	$ 294,615	$ 114,285	$ 112,603	$ 294,615	$ 112,603
Issuance of common units (Value)	3,000	2,987	51,225	1,682
Members' capital, Ending balance (Value)	300,602	297,602	165,510	114,285	300,602	165,510
Distributions in excess of earnings [Member]
Members' capital, Beginning balance (Value)	(9,583)	(5,431)	(2,594)	(2,431)	(5,431)	(2,431)
Net Income	8,058	3,991	5,014	2,429
Distributions declared	(8,254)	(8,143)	(4,328)	(2,592)
Members' capital, Ending balance (Value)	$ (9,779)	$ (9,583)	$ (1,908)	$ (2,594)	$ (9,779)	$ (1,908)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net Income (Loss)	$ 12,049	$ 7,443
Adjustments to reconcile net income to net cash provided by operating activities
Amortization of net loan fees and discount/premiums on loans receivable	(2,389)	(1,193)
Income from equity method investments	(1,664)	(3,351)
Distributions of earnings from equity method investments	2,146	2,512
Amortization of deferred financing costs	628	404
Provision for credit loss	3,173	877
Increase or decrease in operating assets and liabilities:
(Increase) in accrued interest receivable	(956)	(907)
Decrease (increase) in other assets	64	(27)
(Increase) decrease in reimbursement receivable	(170)	713
(Decrease) increase in related party payables and accrued expenses	479	17
Increase in incentive fee payable	1,422	411
Increase (decrease) increase in management fee payable	5	(345)
Increase in accounts payable and accrued expenses	1,037	260
Increase (decrease) in other liabilities	243	(194)
Net cash provided by operating activities	16,067	6,620
Cash flows from investing activities
Origination and purchase of mortgage loan receivables	(229,193)	(199,863)
Repayment of mortgage loan receivables	62,782	0
Distributions from equity method investments in excess of earnings	2,444	3,536
Net cash (used for) investing activities	(163,967)	(196,327)
Cash flows from financing activities
Issuance of common units	5,987	52,907
Distributions paid	(16,375)	(7,495)
Credit facility borrowings	116,000	104,500
Credit facility paydowns	(65,000)	(109,800)
Repurchase agreement borrowings	136,866	25,746
Repurchase agreement paydowns	(48,530)	0
Note payable borrowings	0	125,628
Deferred financing costs paid	(792)	(194)
Net cash provided by financing activities	128,156	191,292
Net (decrease) increase in cash and cash equivalents	(19,744)	1,585
Cash and cash equivalents, beginning of period	26,622	5,199
Cash and cash equivalents, end of period	6,878	6,784
Supplemental financing activities
Cash paid during the period for interest	$ 16,941	$ 9,893

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 8,058	$ 3,991	$ 5,014	$ 2,429	$ 12,049	$ 7,443

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Business Purpo

Organization and Business Purpose	6 Months Ended
	Jun. 30, 2024
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 which commenced operations in December 2021. 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 seeks to prioritize capital preservation and high current income by investing primarily in directly originated first mortgage loans, senior and junior mezzanine loans, B-notes, sub-performing non-performing/distressed 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 to 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, serves as the investment manager of the Company pursuant to the Management Agreement. The investment management services are provided by the Investment Manager 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.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
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”). In the opinion of management, the unaudited financial information for the interim period presented in this report reflects all normal and recurring adjustments necessary for a fair statement of financial position and results from operations. Operating results for interim periods are not necessarily indicative of operating results for an entire year. 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 subsidiaries (AB CRE PDF Member I LLC, a wholly owned entity formed to hold assets and be the borrower under the Company’s repurchase agreement—see Note 7, AB CRE PDF Athena LLC, a wholly owned entity, and AB CRE PDF TNVA1 LLC, a wholly owned entity) in its consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation. 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 The Company designates non-accrual 90-days non-accrual non-accrual non-recoverable. non-accrual The allowance for credit losses was $8.4 million and $5.3 million at June 30, 2024 and December 31, 2023, respectively, and is included in the accompanying consolidated balance sheets. During the three and six months ended June 30, 2024, respectively, this allowance was impacted by an increase of $0.0 million and $3.2 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 ASC 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 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 the Credit Facility, Repurchase Agreement and Notes Payable. 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 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.

Capital Commitments

Capital Commitments	6 Months Ended
	Jun. 30, 2024
Capital Commitments [Abstract]
Capital Commitments	3. Capital Commitments The following information sets forth the total capital committed to the Company as of June 30, 2024 and December 31, 2023 (in ‘000s): As of As of Capital Commitments $ 726,040 $ 626,104 Cumulative Capital Funded (1) 338,560 287,117 Unfunded Capital Commitments $ 387,480 $ 338,987 (1) Excludes cumulative amounts reinvested totaling $13.5 million and $7.5 million as of June 30, 2024 and December 31, 2023, respectively. With respect to each capital commitment made by a Member, the Member is 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 has made 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 has its own lock-up “Lock-Up Lock-Up Lock-Up A Member’s “Remaining Commitment” equals 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 is 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 lasts 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 Lock-Up

Loan Receivables Held for Inves

Loan Receivables Held for Investment	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 (in ‘000s): Investment Investment Type Loan Type Origination Total Loan Contractual Carrying Interest rate Maturity Payment Terms Loan 1 Loan origination Multifamily 12/17/2021 $ 29,276 $ 29,276 SOFR+ 3.06% $ 29,275 8.39 % 1/10/2025 Interest only Loan 2 Loan origination Industrial 12/28/2021 48,325 41,440 SOFR+ 3.61% 41,293 8.94 % 7/10/2025 Interest only Loan 3 Loan origination Hospitality 2/14/2022 42,750 41,000 SOFR+ 6.50% 40,894 11.83 % 3/10/2025 Interest only Loan 5 Loan origination Office 7/14/2022 55,935 55,802 SOFR+ 4.25% 55,773 9.58 % 8/5/2024 Interest only Loan 6 Purchase Hospitality 7/7/2022 27,748 27,748 SOFR+ 4.75% 27,670 10.08 % 7/5/2025 Interest only Loan 7 Purchase Mixed Use 11/22/2022 25,224 19,309 SOFR+ 9.05% 19,309 14.37 % 7/10/2024 Interest only Loan 8 Loan origination Industrial 3/10/2023 35,800 34,498 SOFR+ 3.50% 34,284 8.83 % 3/10/2026 Interest only Loan 9 Purchase Student Housing 3/31/2023 162,503 162,503 SOFR+ 2.25% 162,232 7.58 % 8/9/2024 Interest only Loan 10 Loan origination Multifamily 8/31/2023 86,300 85,000 SOFR+ 2.90% 84,353 8.23 % 9/10/2026 Interest only Loan 11 Loan origination Mixed Use 11/2/2023 146,000 126,747 SOFR+ 5.50% 125,729 10.83 % 11/10/2025 Interest only Loan 12 Loan origination Hospitality 5/7/2024 30,000 30,000 SOFR+ 4.00% 29,713 9.33 % 5/10/2027 Interest only Loan 13 Loan origination Mixed Use 5/16/2024 110,000 100,063 SOFR+ 4.25% 99,023 9.58 % 6/10/2026 Interest only Loan 14 Loan origination Multifamily 6/11/2024 100,000 95,461 SOFR+ 3.75% 94,463 9.08 % 7/10/2027 Interest only Total 899,861 848,847 844,011 (1) The above loan receivables held for investment are floating rate loans and are presented with the contractual rate based on SOFR or the applicable SOFR floor plus the applicable spread as of June 30, 2024 Loan 4 was paid off at par during the three months ended June 30, 2024. Loan 6 was modified in April 2024 resulting in a $10 million paydown of the loan and other consideration. Proceeds were partially used to repay $7.0 million of the Repurchase Agreement borrowings associated with Loan 6. Loan 7 was amended in May 2024 with the maturity extended through July 10, 2024 Loans 12, 13 and 14 were originated during the three months ended June 30, 2024. The following table summarizes the Company’s investments in loan receivables held for investment as of December 31, 2023 (in ‘000s): Investment Investment Type Loan Type Origination Total Loan Contractual Interest Rate Carrying Interest rate at (1) Maturity Payment Terms Loan1 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.

Equity Method Investments

Equity Method Investments	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	5. Equity Method Investments As of June 30, 2024, the Company held 7.19% and 7.01% interests in AB Commercial Real Estate Debt Fund, SICAV-SIF SICAV-SIF At June 30, 2024, the unamortized basis differences of the Company’s equity investments were $1.0 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 three and six months ended June 30, 2024 in the amount of $0.1 million and $0.3 million, respectively and during the three and six months ended June 30, 2023 in the amount of $0.4 million and $1.0 million, respectively. Summarized financial information for the equity method investments as of December 31, 2023 and March 31, 2024 (balance sheet) and for the three and six months ended March 31, 2024 (statement of income) is as follows: Balance Sheet (in ‘000s) As of March 31, 2024 As of December 31, 2023 Assets Investments at fair value $ 687,482 $ 688,366 Cash and cash equivalents 1,369 1,057 Other assets 9,011 10,306 Total assets 697,862 699,729 Liabilities Accrued expenses 1,214 978 Other liabilities 2,611 1,297 Total liabilities 3,825 2,275 Total equity 694,037 667,454 Total liabilities and equity $ 697,862 $ 699,729 Statement of Income (in thousands) For the Three For the Three Total income $ 13,348 $ 17,267 Total expenses 1,503 1,740 Net investment income 11,845 15,527 Net realized gain 155 728 Net change in unrealized depreciation (709 ) (642 ) Net income $ 11,291 $ 15,613 For the Six For the Six Total income $ 29,109 $ 35,934 Total expenses 2,797 3,740 Net investment income 26,312 32,194 Net realized gain (951 ) 606 Net change in unrealized depreciation (8,312 ) (1,908 ) Net income $ 17,049 $ 30,892

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024, and the level of each financial instrument within the fair value hierarchy (in ‘000s): (in thousands) Carrying Level 1 Level 2 Level 3 Total Assets Loan receivables held for investment $ 844,011 $ —  $ —  $ 847,259 $ 847,259 Liabilities $ 844,011 $ —  $ —  $ 847,259 $ 847,259 Credit facility $ 51,000 $ —  $ —  $ 51,000 $ 51,000 Repurchase agreement 275,281 —  —  275,281 275,281 Note payable 123,502 —  —  123,502 123,502 HSBC Loan 135,915 —  —  135,915 135,915 $ 585,698 $ —  $ —  $ 585,698 $ 585,698 Fair values for loan receivables, held for investment, 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 June 30, 2024 are the discount rates and range from 2.45% to 9.83% Fair values of Repurchase Agreement, Credit Facility, and Notes Payable approximate their carrying value as of June 30, 2024 because interest rates approximate the discount rates used in calculating the fair value of the investments. 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 Liabilities $ 675,211 $ —  $ —  $ 678,586 $ 678,586 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 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 Company’s debt obligations 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, as of period end.

Debt Obligations

Debt Obligations	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt Obligations	7. Debt Obligations Summarized Debt Obligations The following table summarizes the Company’s debt obligations (in ‘000s): Debt Obligation (in thousands) Outstanding Balance Outstanding Balance Weighted Average (1) Value of Underlying Credit facility $ 51,000 $ —  7.94 % N/A Repurchase agreement 275,281 186,945 7.78 % 384,288 Note payable 123,502 123,502 6.53 % 162,503 HSBC Loan 135,915 135,915 7.58 % 211,747 Total $ 585,698 $ 446,362 $ 758,538 (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 June 30, 2024. 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. As of June 2024 the maximum commitment was $140 million. Borrowings under the Credit Facility bear interest at a variable rate dependent on the type of borrowing elected by the Company at the time of drawdown. The Credit Facility was scheduled to mature on December 13, 2022 and was extended to December 12, 2023. 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) increase 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 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 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” 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: Year ending December 31, Borrowing by 2024 (last 6 months) $ 51,000 2025 123,502 2026 411,196 2027 —  2028 —  Total $ 585,698

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2024
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 pays 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 is not 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 Management Agreement was amended and restated on June 20, 2022 to, among other things, clarify 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 (as defined therein) 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 made a capital commitment (“Capital Commitment”) on the initial closing (“Initial Closing Date”) (each, a “Founding Member”), the Management Fee was waived with respect to such Founding Member (including any additional Capital Commitments made by such Member) for the first six months after the Initial Closing Date. Payment of the Management Fee is 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 is prorated for any capital contribution or repurchase of Units 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 three and six months ended June 30, 2024. the Company incurred Management Fees of $1.0 million and $2.1 million, respectively. ($0.5 million and $0.9 million for the three and six months ended June 30, 2023, respectively). As of June 30, 2024 and December 31, 2023, the Management Fees payable amounted to $1.0 million and $1.0 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. 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 (iv) one-time non-cash 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 three and six months ended June 30, 2024, the Company incurred Incentive Fees of $0.7 million and $1.4 million respectively ($0.4 million and $0.7 million for the three and six months ended June 30, 2023, respectively) of which the Investment Manager waived $0 and $0 respectively. As of June 30, 2024 and December 31, 2023 the Incentive Fees payable amounted to $3.0 million and $1.5 million, respectively and are included in the consolidated balance sheets in the accompanying financial statements. Expense Reimbursement Under the Management Agreement and the Company’s Second Amended and Restated Limited Liability Company Operating Agreement (the “Second A&R LLCA”), the Company is required to reimburse the Investment Manager for documented costs and expenses incurred by it on behalf of the Company, except those specifically required to be borne by the Investment Manager under the Management Agreement and the Second A&R LLCA. The Investment Manager is responsible for, and the Company does not reimburse the Investment Manager for, the expenses related to investment personnel of the Investment Manager who provide services to the Company. However, the Company does reimburse the Investment Manager for the Company’s allocable share of compensation paid to certain of the Investment Manager’s non-investment For the three and six months ended June 30, 2024, the Company incurred reimbursement costs of $0.4 million and $0.5 million, respectively and are included in administration and custodian fees in the accompanying consolidated statements of income. As of June 30, 2024 and December 31, 2023 the Company owes the Investment Manager reimbursement costs in the amount of $0.5 million and $0.0, respectively and are included in related party payables and accrued expenses in the accompanying consolidated balance sheets. Expense Limitation 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, which is November 5, 2024. 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 are not included as Company Expenses for purposes of calculating the expense cap. For the three and six months ended June 30, 2024, the Company incurred expenses in excess of the Expense Cap totaling $0.3 million and $0.2 million, respectively ($0.2 million and $0.2 million for the three and six months ended June 30, 2023, respectively). As of June 30, 2024 and December 31, 2023, the Company is owed reimbursements of $0.2 million and $0.0 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 paid at the third anniversary of the initial closing or as soon as practical.

Risks and Uncertainties

Risks and Uncertainties	6 Months Ended
	Jun. 30, 2024
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.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Commitments The Company may enter into commitments to fund investments. As of June 30, 2024 and December 31, 2023, 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 June 30, 2024: Expiration Unfunded Loan 1 1/10/2025 $ —  Loan 2 7/10/2025 6,885 Loan 3 3/10/2025 1,750 Loan 5 8/5/2024 133 Loan 6 7/5/2025 —  Loan 7 7/10/2024 5,915 Loan 8 3/10/2026 1,302 Loan 9 8/9/2024 —  Loan 10 9/10/2026 1,300 Loan 11 11/10/2025 19,253 Loan 12 5/10/2027 —  Loan 13 6/10/2026 9,937 Loan 14 7/10/2027 4,539 Total $ 51,014 As of June 30, 2024, 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, 2023: 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 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	6 Months Ended
	Jun. 30, 2024
Economic Dependency [Abstract]
Economic Dependency	11. 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	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events Subsequent events after the balance sheet date have been evaluated through the date the consolidated financial statements were issued. The Company is in ongoing negotiations with the borrower on Loan 7. During July 2024 Loan 9 was extended to August 9, 2025. The Note Payable was extended in accordance with the Loan and Security Agreement based on the underlying loan extension. During August 2024 Loan 5 exercised its first extension option, extending the maturity to August 5, 2025.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
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”). In the opinion of management, the unaudited financial information for the interim period presented in this report reflects all normal and recurring adjustments necessary for a fair statement of financial position and results from operations. Operating results for interim periods are not necessarily indicative of operating results for an entire year. 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 subsidiaries (AB CRE PDF Member I LLC, a wholly owned entity formed to hold assets and be the borrower under the Company’s repurchase agreement—see Note 7, AB CRE PDF Athena LLC, a wholly owned entity, and AB CRE PDF TNVA1 LLC, a wholly owned entity) in its consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation. 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 The Company designates non-accrual 90-days non-accrual non-accrual non-recoverable. non-accrual The allowance for credit losses was $8.4 million and $5.3 million at June 30, 2024 and December 31, 2023, respectively, and is included in the accompanying consolidated balance sheets. During the three and six months ended June 30, 2024, respectively, this allowance was impacted by an increase of $0.0 million and $3.2 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 ASC 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 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 the Credit Facility, Repurchase Agreement and Notes Payable. 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 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.

Capital Commitments (Tables)

Capital Commitments (Tables)	6 Months Ended
	Jun. 30, 2024
Capital Commitments [Abstract]
Schedule Of Capital Commitments Of The Company	The following information sets forth the total capital committed to the Company as of June 30, 2024 and December 31, 2023 (in ‘000s): As of As of Capital Commitments $ 726,040 $ 626,104 Cumulative Capital Funded (1) 338,560 287,117 Unfunded Capital Commitments $ 387,480 $ 338,987 (1) Excludes cumulative amounts reinvested totaling $13.5 million and $7.5 million as of June 30, 2024 and December 31, 2023, respectively.

Loan Receivables Held for Inv_2

Loan Receivables Held for Investment (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 (in ‘000s): Investment Investment Type Loan Type Origination Total Loan Contractual Carrying Interest rate Maturity Payment Terms Loan 1 Loan origination Multifamily 12/17/2021 $ 29,276 $ 29,276 SOFR+ 3.06% $ 29,275 8.39 % 1/10/2025 Interest only Loan 2 Loan origination Industrial 12/28/2021 48,325 41,440 SOFR+ 3.61% 41,293 8.94 % 7/10/2025 Interest only Loan 3 Loan origination Hospitality 2/14/2022 42,750 41,000 SOFR+ 6.50% 40,894 11.83 % 3/10/2025 Interest only Loan 5 Loan origination Office 7/14/2022 55,935 55,802 SOFR+ 4.25% 55,773 9.58 % 8/5/2024 Interest only Loan 6 Purchase Hospitality 7/7/2022 27,748 27,748 SOFR+ 4.75% 27,670 10.08 % 7/5/2025 Interest only Loan 7 Purchase Mixed Use 11/22/2022 25,224 19,309 SOFR+ 9.05% 19,309 14.37 % 7/10/2024 Interest only Loan 8 Loan origination Industrial 3/10/2023 35,800 34,498 SOFR+ 3.50% 34,284 8.83 % 3/10/2026 Interest only Loan 9 Purchase Student Housing 3/31/2023 162,503 162,503 SOFR+ 2.25% 162,232 7.58 % 8/9/2024 Interest only Loan 10 Loan origination Multifamily 8/31/2023 86,300 85,000 SOFR+ 2.90% 84,353 8.23 % 9/10/2026 Interest only Loan 11 Loan origination Mixed Use 11/2/2023 146,000 126,747 SOFR+ 5.50% 125,729 10.83 % 11/10/2025 Interest only Loan 12 Loan origination Hospitality 5/7/2024 30,000 30,000 SOFR+ 4.00% 29,713 9.33 % 5/10/2027 Interest only Loan 13 Loan origination Mixed Use 5/16/2024 110,000 100,063 SOFR+ 4.25% 99,023 9.58 % 6/10/2026 Interest only Loan 14 Loan origination Multifamily 6/11/2024 100,000 95,461 SOFR+ 3.75% 94,463 9.08 % 7/10/2027 Interest only Total 899,861 848,847 844,011 (1) The above loan receivables held for investment are floating rate loans and are presented with the contractual rate based on SOFR or the applicable SOFR floor plus the applicable spread as of June 30, 2024 The following table summarizes the Company’s investments in loan receivables held for investment as of December 31, 2023 (in ‘000s): Investment Investment Type Loan Type Origination Total Loan Contractual Interest Rate Carrying Interest rate at (1) Maturity Payment Terms Loan1 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.

Equity Method Investments (Tabl

Equity Method Investments (Tables)	6 Months Ended
	Jun. 30, 2024
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 December 31, 2023 and March 31, 2024 (balance sheet) and for the three and six months ended March 31, 2024 (statement of income) is as follows: Balance Sheet (in ‘000s) As of March 31, 2024 As of December 31, 2023 Assets Investments at fair value $ 687,482 $ 688,366 Cash and cash equivalents 1,369 1,057 Other assets 9,011 10,306 Total assets 697,862 699,729 Liabilities Accrued expenses 1,214 978 Other liabilities 2,611 1,297 Total liabilities 3,825 2,275 Total equity 694,037 667,454 Total liabilities and equity $ 697,862 $ 699,729 Statement of Income (in thousands) For the Three For the Three Total income $ 13,348 $ 17,267 Total expenses 1,503 1,740 Net investment income 11,845 15,527 Net realized gain 155 728 Net change in unrealized depreciation (709 ) (642 ) Net income $ 11,291 $ 15,613 For the Six For the Six Total income $ 29,109 $ 35,934 Total expenses 2,797 3,740 Net investment income 26,312 32,194 Net realized gain (951 ) 606 Net change in unrealized depreciation (8,312 ) (1,908 ) Net income $ 17,049 $ 30,892

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024, and the level of each financial instrument within the fair value hierarchy (in ‘000s): (in thousands) Carrying Level 1 Level 2 Level 3 Total Assets Loan receivables held for investment $ 844,011 $ —  $ —  $ 847,259 $ 847,259 Liabilities $ 844,011 $ —  $ —  $ 847,259 $ 847,259 Credit facility $ 51,000 $ —  $ —  $ 51,000 $ 51,000 Repurchase agreement 275,281 —  —  275,281 275,281 Note payable 123,502 —  —  123,502 123,502 HSBC Loan 135,915 —  —  135,915 135,915 $ 585,698 $ —  $ —  $ 585,698 $ 585,698 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 Liabilities $ 675,211 $ —  $ —  $ 678,586 $ 678,586 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

Debt Obligations (Tables)

Debt Obligations (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule Of debt obligations	Summarized Debt Obligations The following table summarizes the Company’s debt obligations (in ‘000s): Debt Obligation (in thousands) Outstanding Balance Outstanding Balance Weighted Average (1) Value of Underlying Credit facility $ 51,000 $ —  7.94 % N/A Repurchase agreement 275,281 186,945 7.78 % 384,288 Note payable 123,502 123,502 6.53 % 162,503 HSBC Loan 135,915 135,915 7.58 % 211,747 Total $ 585,698 $ 446,362 $ 758,538 (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 June 30, 2024.
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: Year ending December 31, Borrowing by 2024 (last 6 months) $ 51,000 2025 123,502 2026 411,196 2027 —  2028 —  Total $ 585,698

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2024
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 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule Of Unfunded Commitments By Investment Types	The Company had the following unfunded commitments by investment as of June 30, 2024: Expiration Unfunded Loan 1 1/10/2025 $ —  Loan 2 7/10/2025 6,885 Loan 3 3/10/2025 1,750 Loan 5 8/5/2024 133 Loan 6 7/5/2025 —  Loan 7 7/10/2024 5,915 Loan 8 3/10/2026 1,302 Loan 9 8/9/2024 —  Loan 10 9/10/2026 1,300 Loan 11 11/10/2025 19,253 Loan 12 5/10/2027 —  Loan 13 6/10/2026 9,937 Loan 14 7/10/2027 4,539 Total $ 51,014 The Company had the following unfunded commitments by investment as of December 31, 2023: 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

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2024
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	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Accounting Policies [Abstract]
Loans and leases receivable impaired non performing non accrual of interest	$ 0	$ 0
Minimum percentage of taxable income to be distributed		90%	90%
Allowance for credit losses	8,448	$ 8,448		$ 5,275
Allowance For Credit Losses Increase During The Period	$ 0	$ 3,200

Capital Commitments - Schedule

Capital Commitments - Schedule Of Capital Commitments Of The Company (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Capital Commitments [Abstract]
Capital Commitments	$ 726,040	$ 626,104
Cumulative Capital Funded	338,560	287,117
Unfunded Capital Commitments	$ 387,480	$ 338,987

Capital Commitments - Schedul_2

Capital Commitments - Schedule Of Capital Commitments Of The Company (Parenthetical) (Detail) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Capital Commitments [Abstract]
Stock Issued During Period, Value, Dividend Reinvestment Plan	$ 13.5	$ 7.5

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	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Total Commitment	$ 899,861	$ 723,733
Loan Balance	848,847	680,037
Carrying Value	$ 844,011	$ 675,211
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	$ 29,276	$ 41,648
Loan Balance	$ 29,276	$ 41,276
Contractual Interest Rate	SOFR+ 3.06	SOFR+3.06
Loans receivable basis spread on variable rate	3.06%	3.06%
Carrying Value	$ 29,275	$ 41,270
Interest rate	8.39%	8.42%
Maturity Date	Jan. 10, 2025	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	$ 48,325
Loan Balance	$ 41,440	$ 41,440
Contractual Interest Rate	SOFR+ 3.61	SOFR+3.61
Loans receivable basis spread on variable rate	3.61%	3.61%
Carrying Value	$ 41,293	$ 41,224
Interest rate	8.94%	8.97%
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	$ 40,894	$ 40,822
Interest rate	11.83%	11.86%
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
Origination Date		Apr. 14, 2022
Total Commitment		$ 41,500
Loan Balance		$ 40,782
Contractual Interest Rate		SOFR+3.30
Loans receivable basis spread on variable rate		3.30%
Carrying Value		$ 40,591
Interest rate		8.66%
Maturity Date		May 10, 2025
Payment Terms		Interest only
Loan 4 [Member] | Multifamily [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Loan Type		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	$ 55,802	$ 54,328
Contractual Interest Rate	SOFR+ 4.25	SOFR+4.25
Loans receivable basis spread on variable rate	4.25%	4.25%
Carrying Value	$ 55,773	$ 54,157
Interest rate	9.58%	9.60%
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	$ 27,748	$ 37,748
Loan Balance	$ 27,748	$ 37,748
Contractual Interest Rate	SOFR+ 4.75	SOFR+4.75
Loans receivable basis spread on variable rate	4.75%	4.75%
Carrying Value	$ 27,670	$ 37,583
Interest rate	10.08%	10.11%
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	$ 19,309	$ 17,362
Contractual Interest Rate	SOFR+ 9.05	SOFR+9.05
Loans receivable basis spread on variable rate	9.05%	9.05%
Carrying Value	$ 19,309	$ 17,325
Interest rate	14.37%	14.41%
Maturity Date	Jul. 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	Loan origination
Origination Date	Mar. 10, 2023	Mar. 10, 2023
Total Commitment	$ 35,800	$ 35,800
Loan Balance	$ 34,498	$ 34,498
Contractual Interest Rate	SOFR+ 3.50	SOFR+3.50
Loans receivable basis spread on variable rate	3.50%	3.50%
Carrying Value	$ 34,284	$ 34,227
Interest rate	8.83%	8.86%
Maturity Date	Mar. 10, 2026	Mar. 10, 2026
Payment Terms	Interest only	Interest only
Loan 8 [Member] | Industrial Property [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Loan Type	Industrial	Industrial
Loan 9 [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Investment Type	Purchase	Purchase
Origination Date	Mar. 31, 2023	Mar. 31, 2023
Total Commitment	$ 162,503	$ 162,503
Loan Balance	$ 162,503	$ 162,503
Contractual Interest Rate	SOFR+ 2.25	SOFR+2.25
Loans receivable basis spread on variable rate	2.25%	2.25%
Carrying Value	$ 162,232	$ 161,044
Interest rate	7.58%	7.61%
Maturity Date	Aug. 09, 2024	Aug. 09, 2024
Payment Terms	Interest only	Interest only
Loan 9 [Member] | Student Housing [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Loan Type	Student Housing	Student Housing
Loan 10 [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Investment Type	Loan origination	Loan origination
Origination Date	Aug. 31, 2023	Aug. 31, 2023
Total Commitment	$ 86,300	$ 86,300
Loan Balance	$ 85,000	$ 85,000
Contractual Interest Rate	SOFR+ 2.90	SOFR+2.90
Loans receivable basis spread on variable rate	2.90%	2.90%
Carrying Value	$ 84,353	$ 84,222
Interest rate	8.23%	8.26%
Maturity Date	Sep. 10, 2026	Sep. 10, 2026
Payment Terms	Interest only	Interest only
Loan 10 [Member] | Multifamily [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Loan Type	Multifamily	Multifamily
Loan 11 [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Investment Type	Loan origination	Loan origination
Origination Date	Nov. 02, 2023	Nov. 02, 2023
Total Commitment	$ 146,000	$ 146,000
Loan Balance	$ 126,747	$ 124,100
Contractual Interest Rate	SOFR+ 5.50	SOFR+5.50
Loans receivable basis spread on variable rate	5.50%	5.50%
Carrying Value	$ 125,729	$ 122,746
Interest rate	10.83%	10.86%
Maturity Date	Nov. 10, 2025	Nov. 10, 2025
Payment Terms	Interest only	Interest only
Loan 11 [Member] | Mixed Use [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Loan Type	Mixed Use	Mixed Use
Loan 12 [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Investment Type	Loan origination
Origination Date	May 07, 2024
Total Commitment	$ 30,000
Loan Balance	$ 30,000
Contractual Interest Rate	SOFR+ 4.00
Loans receivable basis spread on variable rate	4%
Carrying Value	$ 29,713
Interest rate	9.33%
Maturity Date	May 10, 2027
Payment Terms	Interest only
Loan 12 [Member] | Hospitality [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Loan Type	Hospitality
Loan 13 [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Investment Type	Loan origination
Origination Date	May 16, 2024
Total Commitment	$ 110,000
Loan Balance	$ 100,063
Contractual Interest Rate	SOFR+ 4.25
Loans receivable basis spread on variable rate	4.25%
Carrying Value	$ 99,023
Interest rate	9.58%
Maturity Date	Jun. 10, 2026
Payment Terms	Interest only
Loan 13 [Member] | Mixed Use [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Loan Type	Mixed Use
Loan 14 [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Investment Type	Loan origination
Origination Date	Jun. 11, 2024
Total Commitment	$ 100,000
Loan Balance	$ 95,461
Contractual Interest Rate	SOFR+ 3.75
Loans receivable basis spread on variable rate	3.75%
Carrying Value	$ 94,463
Interest rate	9.08%
Maturity Date	Jul. 10, 2027
Payment Terms	Interest only
Loan 14 [Member] | Multifamily [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Loan Type	Multifamily

Loan Receivables Held for Inv_4

Loan Receivables Held for Investment - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended		6 Months Ended
	May 31, 2024	Apr. 30, 2024	Jun. 30, 2024	Jun. 30, 2023
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Repayments of Long-Term Lines of Credit			$ 65,000	$ 109,800
Morgan Stanley Mortgage Capital Holdings [Member] | Loan Repurchase Agreement April Two Thousand And Twenty Two [Member] | Mortgage Stanley [Member] | AB CRE PDF Member One LLC [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Line of Credit Facility, Expiration Date		Apr. 27, 2026
Loan 6 [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Repayments of Long-Term Lines of Credit		$ 10,000
Loan 6 [Member] | Morgan Stanley Mortgage Capital Holdings [Member] | Loan Repurchase Agreement April Two Thousand And Twenty Two [Member] | Mortgage Stanley [Member] | AB CRE PDF Member One LLC [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Repayments of Long-Term Lines of Credit		$ 7,000
Loan 7 [Member]
Disclosure In Tabular Form Of Loans Receivable Held For Investment [Line Items]
Line of Credit Facility, Expiration Date	Jul. 10, 2024

Equity Method Investments - Sum

Equity Method Investments - Summarized financial information for the equity method investments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2024	Dec. 31, 2023
Assets
Investments at fair value					$ 844,011	$ 675,211
Cash and cash equivalents					6,878	26,622
Other assets					48	111
Total assets					893,372	749,189
Liabilities
Other liabilities					352	108
Total liabilities					602,549	460,005
Total liabilities and members' capital					$ 893,372	749,189
Equity Method Investments [Member]
Assets
Investments at fair value	$ 687,482		$ 687,482			688,366
Cash and cash equivalents	1,369		1,369			1,057
Other assets	9,011		9,011			10,306
Total assets	697,862		697,862			699,729
Liabilities
Accrued expenses	1,214		1,214			978
Other liabilities	2,611		2,611			1,297
Total liabilities	3,825		3,825			2,275
Total equity	694,037		694,037			667,454
Total liabilities and members' capital	697,862		697,862			$ 699,729
Total income	13,348	$ 17,267	29,109	$ 35,934
Total expenses	1,503	1,740	2,797	3,740
Net investment income	11,845	15,527	26,312	32,194
Other income/(expenses)
Net realized gain	155	728	(951)	606
Net change in unrealized depreciation	(709)	(642)	(8,312)	(1,908)
Net Income	$ 11,291	$ 15,613	$ 17,049	$ 30,892

Equity Method Investments - Add

Equity Method Investments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 44,325		$ 44,325		$ 47,251
Equity method investment difference between carrying amount and underlying equity	1,000		1,000
Net amortization of basis difference equity method investments	$ 100	$ 400	$ 300	$ 1,000
AB Commercial Real Estate Debt Fund AB Cred Two [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment ownership percentage	7.19%		7.19%
Equity method investments	$ 1,500		$ 1,500		6,000
AB Commercial Real Estate Debt Fund AB Cred Three [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment ownership percentage	7.01%		7.01%
Equity method investments	$ 42,800		$ 42,800		$ 41,200

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	Jun. 30, 2024	Dec. 31, 2023
Assets
Assets, fair value disclosure	$ 847,259	$ 678,586
Liabilities
Liabilities, fair value disclosure	585,698	446,362
Level 3 [Member]
Assets
Assets, fair value disclosure	847,259	678,586
Liabilities
Liabilities, fair value disclosure	585,698	446,362
Carrying Value [Member]
Assets
Assets, fair value disclosure	844,011	675,211
Liabilities
Liabilities, fair value disclosure	585,698	446,362
Loan Receivables Held For Investment [Member]
Assets
Assets, fair value disclosure	847,259	678,586
Loan Receivables Held For Investment [Member] | Level 3 [Member]
Assets
Assets, fair value disclosure	847,259	678,586
Loan Receivables Held For Investment [Member] | Carrying Value [Member]
Assets
Assets, fair value disclosure	844,011	675,211
Credit facility [Member]
Liabilities
Liabilities, fair value disclosure	51,000
Credit facility [Member] | Level 3 [Member]
Liabilities
Liabilities, fair value disclosure	51,000
Credit facility [Member] | Carrying Value [Member]
Liabilities
Liabilities, fair value disclosure	51,000
Repurchase Agreement Payable [Member]
Liabilities
Liabilities, fair value disclosure	275,281	186,945
Repurchase Agreement Payable [Member] | Level 3 [Member]
Liabilities
Liabilities, fair value disclosure	275,281	186,945
Repurchase Agreement Payable [Member] | Carrying Value [Member]
Liabilities
Liabilities, fair value disclosure	275,281	186,945
Notes payable [Member]
Liabilities
Liabilities, fair value disclosure	123,502	123,502
Notes payable [Member] | Level 3 [Member]
Liabilities
Liabilities, fair value disclosure	123,502	123,502
Notes payable [Member] | Carrying Value [Member]
Liabilities
Liabilities, fair value disclosure	123,502	123,502
HSBC Loan [Member]
Liabilities
Liabilities, fair value disclosure	135,915	135,915
HSBC Loan [Member] | Level 3 [Member]
Liabilities
Liabilities, fair value disclosure	135,915	135,915
HSBC Loan [Member] | Carrying Value [Member]
Liabilities
Liabilities, fair value disclosure	$ 135,915	$ 135,915

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Detail) - Measurement Input, Discount Rate [Member]	Jun. 30, 2024	Dec. 31, 2023
Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loan receivables held for investment	2.45%	2.45%
Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loan receivables held for investment	9.83%	6.83%

Debt Obligations - Schedule Of

Debt Obligations - Schedule Of debt obligations (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Line of credit outstanding	$ 51,000	$ 0
Value of Underlying Collateral	758,538
Credit facility [Member]
Debt Instrument [Line Items]
Line of credit outstanding	$ 51,000	0
Interest Rate	7.94%
Repurchase agreement [Member]
Debt Instrument [Line Items]
Line of credit outstanding	$ 275,281	186,945
Interest Rate	7.78%
Value of Underlying Collateral	$ 384,288
Notes payable [Member]
Debt Instrument [Line Items]
Line of credit outstanding	$ 123,502	123,502
Interest Rate	6.53%
Value of Underlying Collateral	$ 162,503
HSBC Loan [Member]
Debt Instrument [Line Items]
Line of credit outstanding	$ 135,915	135,915
Interest Rate	7.58%
Value of Underlying Collateral	$ 211,747
Total Debt Obligation [Member]
Debt Instrument [Line Items]
Line of credit outstanding	$ 585,698	$ 446,362

Debt Obligations - Schedule o_2

Debt Obligations - Schedule of Maturity of Debt Obligations (Detail) $ in Thousands	Jun. 30, 2024 USD ($)
Maturities of Long-Term Debt [Abstract]
2024 (last 6 months)	$ 51,000
2025	123,502
2026	411,196
2027	0
2028	0
Total	$ 585,698

Debt Obligations - Additional I

Debt Obligations - Additional Information (Detail)		1 Months Ended	6 Months Ended
	Dec. 12, 2023	Apr. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jul. 31, 2022 USD ($)	Apr. 27, 2022 USD ($)
Debt Instrument [Line Items]
Line of credit facility, increase (decrease), net			$ 140,000,000
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
Loan Repurchase Agreement April 2022 [Member] | AB CRE PDF Member One LLC [Member] | Morgan Stanley Mortgage Capital Holdings [Member]
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity		$ 400,000,000
Loan Repurchase Agreement April 2022 [Member] | AB CRE PDF Member One LLC [Member] | Morgan Stanley Mortgage Capital Holdings [Member] | Mortgage Stanley [Member]
Debt Instrument [Line Items]
Line of credit facility, expiration date		Apr. 27, 2026
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]	6 Months Ended
	Jun. 30, 2024 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	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Management fee payment description			Payment of the Management Fee is made within ten (10) days of the last day of each calendar quarter, or as soon as reasonably practicable thereafter.
Management fees payable	$ 1,046		$ 1,046		$ 1,041
Incentive fee expense incurred	673	$ 421	1,422	$ 680
Related party reimbursements owed	170		170		0
Reimbursement Cost	400		500
Investment Manager [Member]
Related Party Transaction [Line Items]
Management fee expense incurred	1,000	500	2,100	900
Management fees payable	1,000		$ 1,000		1,000
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	700	400	$ 1,400	700
Incentive fees waived	0		0
Related party reimbursements owed	200		200		0
Incentive fee payable	3,000		3,000		1,500
Reimbursement costs payable	500		500		$ 0
Investment Manager [Member] | Related Party [Member]
Related Party Transaction [Line Items]
Related party expenses	$ 300	$ 200	$ 200	$ 200

Commitments and Contingencies -

Commitments and Contingencies - Schedule Of Unfunded Commitments By Investment Types (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Long-term Purchase Commitment [Line Items]
Unfunded Commitment	$ 45,900
Unfunded Loan Commitment [Member]
Long-term Purchase Commitment [Line Items]
Unfunded Commitment	$ 51,014	$ 43,696
Unfunded Loan Commitment [Member] | Loan 1 [Member]
Long-term Purchase Commitment [Line Items]
Expiration Date	Jan. 10, 2025	Jan. 10, 2024
Unfunded Commitment		$ 372
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
Unfunded Commitment		$ 718
Unfunded Loan Commitment [Member] | Loan 5 [Member]
Long-term Purchase Commitment [Line Items]
Expiration Date	Aug. 05, 2024	Aug. 05, 2024
Unfunded Commitment	$ 133	$ 1,607
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	Jul. 10, 2024	Mar. 10, 2024
Unfunded Commitment	$ 5,915	$ 7,862
Unfunded Loan Commitment [Member] | Loan 8 [Member]
Long-term Purchase Commitment [Line Items]
Expiration Date	Mar. 10, 2026	Mar. 10, 2026
Unfunded Commitment	$ 1,302	$ 1,302
Unfunded Loan Commitment [Member] | Loan 9 [Member]
Long-term Purchase Commitment [Line Items]
Expiration Date	Aug. 09, 2024	Aug. 09, 2024
Unfunded Loan Commitment [Member] | Loan 10 [Member]
Long-term Purchase Commitment [Line Items]
Expiration Date	Sep. 10, 2026	Sep. 10, 2026
Unfunded Commitment	$ 1,300	$ 1,300
Unfunded Loan Commitment [Member] | Loan 11 [Member]
Long-term Purchase Commitment [Line Items]
Expiration Date	Nov. 10, 2025	Nov. 10, 2025
Unfunded Commitment	$ 19,253	$ 21,900
Unfunded Loan Commitment [Member] | Loan 12 [Member]
Long-term Purchase Commitment [Line Items]
Expiration Date	May 10, 2027
Unfunded Loan Commitment [Member] | Loan 13 [Member]
Long-term Purchase Commitment [Line Items]
Expiration Date	Jun. 10, 2026
Unfunded Commitment	$ 9,937
Unfunded Loan Commitment [Member] | Loan 14 [Member]
Long-term Purchase Commitment [Line Items]
Expiration Date	Jul. 10, 2027
Unfunded Commitment	$ 4,539

Commitments and Contingencies_2

Commitments and Contingencies - Additional information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Unfunded Commitment	$ 45.9

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member]	1 Months Ended
	Aug. 31, 2024	Jul. 31, 2024
Loan Nine [Member]
Loan commitment expiration date		Aug. 09, 2025
Loan Five [Member]
Loan commitment expiration date	Aug. 05, 2025