Fortress Credit Realty Income Trust 10-Q 19 Dec 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Dec. 18, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Document Transition Report	false
Entity File Number	000-56685
Entity Registrant Name	Fortress Credit Realty Income Trust
Entity Central Index Key	0002026738
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	99-3367363
Entity Address, Address Line One	1345 Avenue of the Americas
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10105
City Area Code	212
Local Phone Number	798-6100
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		9,401,238
Common Class R [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		975,965
Common Class I [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		17,544
Common Class E [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,133,401

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Jul. 16, 2024
Assets
Commercial real estate loan investments, at fair value	$ 59,102	$ 0
Investments in real estate-related assets, at fair value	14,046	0
Cash and cash equivalents	38,283	50
Restricted cash	20,911	0
Other assets	1,850	0
Total assets	134,192	50
Liabilities
Subscriptions received in advance	20,605	0
Lender reserves	3,194	0
Accounts payable and accrued expenses	351	0
Distribution payable	525	0
Total liabilities	28,691	0
Commitments and contingencies (see Note 10)
Equity
Additional paid-in capital	103,962	50
Accumulated deficit	(2,826)	0
Total stockholders' equity	101,189	50
Non-controlling interests	4,312	0
Total equity	105,501	50
Total liabilities and equity	134,192	50
Affiliated Party [Member]
Liabilities
Other liabilities	4,016	0
Common Class B [Member]
Equity
Common stock	44	0
Common Class E [Member]
Equity
Common stock	6	0
Common Class I [Member]
Equity
Common stock	$ 3	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Sep. 30, 2024	Jul. 16, 2024
Equity [Abstract]
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares outstanding (in shares)	5,246
Common Class B [Member]
Equity [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	4,351	0
Common stock, shares outstanding (in shares)	4,351	0
Common Class E [Member]
Equity [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	645	2,500
Common stock, shares outstanding (in shares)	645	2,500
Common Class I [Member]
Equity [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	250	0
Common stock, shares outstanding (in shares)	250	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended	4 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Revenues
Interest income	$ 1,437	$ 1,437
Total revenues	1,437	1,437
Expenses
Organizational costs	2,412	2,412
General and administrative	1,093	1,093
Total expenses	3,505	3,505
Other income (expense)
Net unrealized loss on investments	(46)	(46)
Other income	106	106
Total other income (expense)	60	60
Net loss	(2,008)	(2,008)
Net income attributable to non-controlling interests	93	93
Net loss attributable to common stockholders	$ (2,101)	$ (2,101)
Net loss per share of common stock - basic (in dollars per share)	$ (0.9)	$ (1.17)
Net loss per share of common stock - diluted (in dollars per share)	$ (0.9)	$ (1.17)
Weighted-average shares of common stock outstanding, basic (in shares)	2,327	1,799
Weighted-average shares of common stock outstanding, diluted (in shares)	2,327	1,799

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Parent [Member]	Common Stock [Member] Class B [Member]	Common Stock [Member] Class E [Member]	Common Stock [Member] Class I [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Non-controlling Interests [Member]	Total
Beginning balance at Jun. 03, 2024	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued	104,904	44	6	3	104,851	0	0	104,904
Offering costs	(889)	0	0	0	(889)	0	0	(889)
Net income (loss)	(2,101)	0	0	0	0	(2,101)	93	(2,008)
Distributions declared on common stock	(725)	0	0	0	0	(725)	0	(725)
Contributions of non-controlling interests	0	0	0	0	0	0	4,290	4,290
Distributions to non-controlling interests	0	0	0	0	0	0	(71)	(71)
Ending balance at Sep. 30, 2024	101,189	44	6	3	103,962	(2,826)	4,312	105,501
Beginning balance at Jun. 30, 2024	0	0	0	0	0	0	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued	104,904	44	6	3	104,851	0	0	104,904
Offering costs	(889)	0	0	0	(889)	0	0	(889)
Net income (loss)	(2,101)	0	0	0	0	(2,101)	93	(2,008)
Distributions declared on common stock	(725)	0	0	0	0	(725)	0	(725)
Contributions of non-controlling interests	0	0	0	0	0	0	4,290	4,290
Distributions to non-controlling interests	0	0	0	0	0	0	(71)	(71)
Ending balance at Sep. 30, 2024	$ 101,189	$ 44	$ 6	$ 3	$ 103,962	$ (2,826)	$ 4,312	$ 105,501

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Cash Flows (Unaudited) $ in Thousands	3 Months Ended	4 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)
Cash flows from operating activities:
Net loss	$ (2,008)	$ (2,008)
Adjustments to reconcile net loss to net cash provided by operating activities:
Organizational costs	2,412	2,412
Unrealized loss on investments	46	46
Other items		536
Net cash provided by operating activities		986
Cash flows from investing activities:
Funding of commercial real estate loan investments		(59,102)
Funding of investments in real estate-related assets		(15,412)
Change in lender reserves		3,194
Net cash used in investing activities		(71,320)
Cash flows from financing activities:
Proceeds from issuance of common stock		104,904
Subscriptions received in advance		20,605
Payment of distributions to common shareholders		(200)
Contributions of non-controlling interests		4,290
Distributions to non-controlling interests		(71)
Net cash provided by financing activities		129,528
Net change in cash, cash equivalents and restricted cash		59,194
Cash, cash equivalents and restricted cash, beginning of period		0
Cash, cash equivalents and restricted cash, end of period	59,194	59,194
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	38,283	38,283
Restricted cash	20,911	20,911
Total cash, cash equivalents and restricted cash	$ 59,194	59,194
Non-cash investing and financing activities:
Distributions declared and unpaid		525
Advanced offering costs due to affiliate		$ 889

Organization and Business Purpo

Organization and Business Purpose	9 Months Ended
	Sep. 30, 2024
Organization and Business Purpose [Abstract]
Organization and Business Purpose	1. Organization and Business Purpose Fortress Credit Realty Income Trust (“FCR” or the “Company”) was formed on June 4, 2024 (“Date of Formation”) as a Maryland statutory trust and intends to make an election to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ending December 31, 2024. The Company is managed by FCR Advisors, LLC, a Delaware limited liability company (the “Adviser”), an affiliate of the Company’s sponsor, Fortress Investment Group LLC, a Delaware limited liability company (“Fortress”). The Company is a credit-focused diversified mortgage REIT that invests in the senior parts of the capital structure, with a focus on (i) floating rate loans across commercial real estate (“CRE”) debt (“CRE Debt”) and (ii) investments in real estate-related assets. The CRE Debt component originates, acquires, finances and manages a portfolio of primarily CRE debt investments, focused on senior secured, floating-rate CRE loans diversified across both geography and asset class. The Company’s CRE loans are expected to be primarily secured by properties located in the U.S., and include multifamily, industrial, hospitality and select other CRE asset classes, such as student housing, self-storage, retail and office. The investments in real estate-related assets component originates, acquires, finances and manages a portfolio of diversified residential real estate assets located across the U.S., including tax liens, second lien, jumbo and non-qualified mortgages, single-family rental loans, equity investments in mortgage servicing rights and other ancillary residential products. The Company is authorized to issue an unlimited number of common shares of beneficial interests, par value $0.01 per share. Initially, the Company plans to offer up to $300 million in Class B shares in its primary offering (the “Initial Offering”), and up to $50 million in Class R shares, not including any shares issued pursuant to its distribution reinvestment plan or any Class E shares purchased by Fortress or employees, officers or directors of Fortress or its affiliates (including eligible family members). The share classes have different upfront selling commissions, dealer manager fees and ongoing shareholder servicing fees. The Company intends to undertake an offering of its shares through a continuous private placement offering under Regulation D of the Securities Act of 1933, as amended.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The Company believes the following significant accounting policies, among others, affect its more significant estimates and assumptions used in the preparation of the condensed consolidated financial statements. Principles of Consolidation and Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. All significant intercompany balances and transactions have been eliminated in consolidation. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements included in the Company’s registration statement on Form 10, as amended as of July 16, 2024 initially filed with the U.S. Securities and Exchange Commission (the “SEC”) on September 6, 2024 (as amended, the “Form 10”). The Company consolidates all entities in which it has a controlling financial interest through majority ownership or voting rights and variable interest entities whereby the Company is the primary beneficiary. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a variable interest entity (“VIE”) and whether it is the primary beneficiary. The Company is the primary beneficiary of a VIE when it has (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligations to absorb losses or receive benefits significant to the VIE. For consolidated entities, the non-controlling partner’s share of the assets, liabilities, and operations of each entity is included in non-controlling interests as equity of the Company. The non-controlling partner’s interest is computed as the non-controlling interests’ ownership percentage. Any profit interest due to the owner is reported within non-controlling interest. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results may ultimately differ materially from those estimates. Fair Value Option The Company has elected the fair value option for certain eligible financial assets including commercial real estate loan investments and investments in real estate-related assets. These financial assets for which the Company has elected the fair value option are recorded in commercial real estate loan investments, at fair value and investments in real estate-related assets, at fair value on the Condensed Consolidated Balance Sheets. The decision to elect the fair value option is determined on an instrument-by-instrument basis and must be applied to an entire instrument and is irrevocable once elected. Assets measured at fair value pursuant to this guidance are required to be reported separately on the Company’s Condensed Consolidated Balance Sheets from those instruments using another accounting method. The Company’s fair value option elections will be made in accordance with the guidance in ASC 825, Financial Instruments Commercial Real Estate Loan Investments CRE loan investments structured as senior loans are secured by the borrower’s interest in underlying real estate and are recorded at fair value. Changes in the fair value are recorded as unrealized gain (loss) on investments, net in our Condensed Consolidated Statements of Operations. Investments in Real Estate-Related Assets Equity Investments The Company has entered into a subscription agreement for an investment in a conventional mortgage servicing rights portfolio (“MSR”) and has agreed to purchase an aggregate of $150.0 million subscriptions. The subscription agreement was executed in connection with a joint venture agreement with a third party. Pursuant to the joint venture operating agreement, most major decisions related to the joint venture, including acquisitions thereof, and its assets require the consent of the Company. The Company also retains the unilateral right to cause the joint venture to take certain actions, including as to matters related to litigation, servicing and disposition of assets. Tax Lien Investments Tax lien investments are legal claims against a residential or commercial property of an individual that fails to pay property taxes owed to the local government. When the lien is issued, a certificate evidences the amount owed on the property plus interest and penalties due. The Company records bid deposits as a component of other assets on the Condensed Consolidated Balance Sheets, which are refunded by the municipality if the Company does not win the bid. As of September 30, 2024, the Company recorded $0.9 million of bid deposits as a component of other assets on the Condensed Consolidated Balance Sheets. Repurchase Agreements The Company may finance CRE loan investments using a repurchase agreement and secure these financing transactions with the CRE loan investments. The repurchase agreements are, therefore, treated as collateralized financing transactions and recorded at par value in the Condensed Consolidated Balance Sheets and corresponding interest income and expense are reported on a gross basis in the Condensed Consolidated Statements of Operations. As of September 30, 2024, the Company has not financed any CRE loan investments. Fair Value Measurement In accordance with ASC 820, Fair Value Measurement Level 1 – Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. Level 2 – Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by management. The Adviser considers observable data to be that market data, which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary and provided by multiple, independent sources that are actively involved in the relevant market. The categorization of an investment within the hierarchy is based upon the pricing transparency of the investment and does not necessarily correspond to management’s perceived risk of that investment. The Company has elected the fair value option for investments in CRE loans and other real estate-related assets as the Company believes fair value provides a more accurate depiction of these assets’ values. CRE loans are generally valued using discounted cash flow analyses incorporating discount rates and assumptions regarding the value of collateral (where appropriate). In determining the appropriate discount rate, reference may be made to published credit spreads on assets or securities of similar credit quality and term or recent market transactions in the case of performing loans. The valuation method used requires significant judgment, and therefore generally results in a Level 3 fair value classification. Tax lien investments are generally valued using a yield analysis that considers expected cash flow collections based on pool level characteristics including but not limited to geography, seasonality, historical collection experience, and comparison of current market and collateral conditions to those present at origination or acquisition. The valuation method used requires significant judgment, and therefore generally results in a Level 3 fair value classification. The Company’s equity investment in a conventional mortgage servicing rights portfolio is valued using a discounted cash flow analysis. The valuation method used requires significant judgment, and therefore generally results in a Level 3 fair value classification. Cash and Cash Equivalents The Company held $38.3 million of cash and cash equivalents as of September 30, 2024, which represents cash on hand, cash held in banks and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk. Restricted Cash As of September 30, 2024, restricted cash consists primarily of $20.6 million of cash received for subscriptions prior to the date in which the subscriptions are effective, which is held in a bank account controlled by the Company’s transfer agent but in the name of the Company. Other restricted cash consists of amounts reserved to service loan interests due to the Company. Lender Reserves As of September 30, 2024, the Company held $3.2 million in lender reserves. Lender reserves represent interest, tax and insurance on commercial real estate loans held by the Company on behalf of the borrower and are presented on Condensed Consolidated Balance Sheets as a liability. Revenue Recognition Interest income on loans and financial instruments is accrued based on the outstanding principal amount and contractual terms of the instrument. Origination fees are recorded directly in income on the Condensed Consolidated Statements of Operations within interest income and are not deferred. Income Taxes The Company intends to make an election to be taxed as a REIT under the Code, commencing with its taxable year ending December 31, 2024. The Company’s qualification as a REIT will depend upon its ability to meet, on a continuing basis, through actual investment and operating results, various complex requirements under the Code relating to, among other things, the sources of the Company’s gross income, the composition and value of the Company’s assets, the Company’s distribution levels and the diversity of ownership of the Company’s capital shares. The Company believes that it is organized in conformity with the requirements for qualification as a REIT under the Code and that its manner of operation enables the Company to meet the requirements for qualification and taxation as a REIT for U.S. federal income tax purposes commencing with the Company’s taxable year ending December 31, 2024. As a REIT, the Company generally will not be subject to U.S. federal income tax on its net taxable income that it distributes currently to its shareholders. Under the Code, REITs are subject to numerous organizational and operational requirements, including a requirement that they distribute each year at least 90% of their REIT taxable income, determined without regard to the deduction for dividends paid and excluding any net capital gains. If the Company fails to qualify for taxation as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company’s income for that year will be taxed at regular corporate rates, and the Company would be disqualified from taxation as a REIT for the four taxable years following the year during which the Company ceased to qualify as a REIT. Even if the Company qualifies as a REIT for U.S. federal income tax purposes, it may still be subject to state and local taxes on its income and assets and to U.S. federal income and excise taxes on its undistributed income. Organization and Offering Expense Reimbursement The Adviser has agreed to advance all of our organization and offering expenses on our behalf (including legal, accounting (including NAV calculation), printing, mailing, subscription processing and filing fees and offering expenses, including costs associated with technology integration between our systems and those of our participating broker-dealers, due diligence expenses of participating broker-dealers supported by itemized invoices, costs in connection with preparing sales materials, design and website expenses, fees and expenses of our transfer agent, fees to attend retail seminars sponsored by participating broker-dealers, reimbursements for customary travel, lodging and meals, and fees, expenses and taxes related to the filing, registration and qualification of our shares or the sale thereof under federal and state laws, but excluding ongoing servicing fees) through August 1, 2025, the first anniversary of the initial closing of our private offering. We will reimburse the Adviser for all such advanced expenses ratably over the 60 months following August 1, 2025. For purposes of calculating our NAV, the organization and offering expenses paid by the Adviser on our behalf through such date will not be deducted as an expense until reimbursed by us. After August 1, 2025, we will reimburse the Adviser for any organization and offering expenses associated with our private offering that it incurs on our behalf as and when incurred. The Adviser may elect to receive all or a portion of any such reimbursements in the form of cash or Class E shares. To the extent that the Adviser elects to receive any portion of these reimbursements in Class E shares, we may repurchase such Class E shares from the Adviser at a later date and such repurchases of Class E shares will not be subject to the repurchase limits of our share repurchase plan or any Early Repurchase Deduction. Earnings Per Share Basic earnings/(loss) per share of common shares is determined by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings/(loss) per share is computed by dividing net earnings/(loss) attributable to shareholders for the period by the weighted average number of common shares and common share equivalents outstanding (unless their effect is antidilutive) for the period. There are no common share equivalents outstanding that would have a dilutive effect as a result of the net earnings/(loss), and accordingly, the weighted average number of common shares outstanding is identical for both basic and diluted shares. Share-Based Compensation Each of the trustees who are not affiliated with the Adviser or Fortress will receive $100,000 of Class E shares for services provided. The annual award of common shares will vest one year from the date of grant and will be based on the then-current per share transaction price of Class E shares at the time of issuance. The Company accounts for stock-based compensation in accordance with ASC 718, Compensation – Stock Compensation. See “Note 6 – Equity” for additional information regarding share-based compensation Recently Adopted Accounting Pronouncements In November of 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

Commercial Real Estate Loan Inv

Commercial Real Estate Loan Investments	9 Months Ended
	Sep. 30, 2024
Commercial Real Estate Loan Investments [Abstract]
Commercial Real Estate Loan Investments	3. Commercial Real Estate Loan Investments As of September 30, 2024, the Company held the following investments in senior secured CRE loans ($ in thousands): Location Property Type Loan Amount (1) Outstanding Principal Fair Value Interest Rate (2) Maturity Date New York Multifamily $ 12,500 $ 11,558 $ 11,558 9.13 % 8/9/2026 New York Multifamily $ 9,250 $ 8,194 $ 8,194 9.13 % 8/9/2026 New York Multifamily $ 3,800 $ 3,525 $ 3,525 9.06 % 10/1/2026 California Retail $ 32,910 $ 30,500 $ 30,500 8.90 % 9/26/2027 New York Multifamily $ 5,700 $ 5,325 $ 5,325 9.06 % 10/1/2026 (1) (2) Secured Overnight Financing Rate

Investments in Real Estate-Rela

Investments in Real Estate-Related Assets	9 Months Ended
	Sep. 30, 2024
Investments in Real Estate-Related Assets [Abstract]
Investments in Real Estate-Related Assets	4. Investments in Real Estate-Related Assets Equity Investments As of September 30, 2024, the Company’s equity interest in a MSR portfolio represents $635.2 million of unpaid principal balance on residential mortgage loan Tax Lien Investments As of September 30, 2024, the Company held the following tax lien investments ($ in thousands): Location Lien Count Acquisition Date Par Value Fair Value New Jersey 155 8/30/2024 $ 1,384 $ 1,384 Mississippi 755 9/4/2024 $ 3,778 $ 3,778

Repurchase Agreement

Repurchase Agreement	9 Months Ended
	Sep. 30, 2024
Repurchase Agreement [Abstract]
Repurchase Agreement	5. Repurchase Agreement On August 16, 2024, a subsidiary of the Company, FCR GS Seller I LLC, as seller (the “GS Seller I”), and Goldman Sachs Bank USA, as purchaser (“Goldman Sachs”), entered into a Master Repurchase Agreement (together with the related transaction documents, the “GS Seller I Repurchase Agreement”). The GS Seller I Repurchase Agreement provides financing of up to an aggregate of in connection with the acquisition and/or origination by the Company of certain loans as more particularly described in the GS Seller I Repurchase Agreement. Subject to the terms and conditions thereof, the GS Seller I Repurchase Agreement provides for the purchase, sale and repurchase of commercial mortgage loans, related mezzanine loans and participation interests in such commercial mortgage loans satisfying certain conditions set forth in the GS Seller I Repurchase Agreement (the “GS Seller I Repurchase Facility”). In connection with the GS Seller I Repurchase Agreement, the Company provided a guaranty (the “GS Guaranty I”), under which the Company (i) guarantees losses associated with customary non-recourse carve-outs with respect to the Company and the GS Seller I and (ii) agrees to satisfy certain financial covenants including minimum net worth, liquidity and interest coverage and maximum leverage

Equity

Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Equity	6. Equity Authorized Capital As of September 30, 2024, the Company had the authority to issue an unlimited number of preferred shares and six classes of common shares including Class B, Class R, Class S, Class D, Class I and Class E. Each class of common shares and preferred shares has a par value of $0.01. The Company’s board of trustees has the ability to establish the preferences and rights of each class or series of preferred shares, without shareholder approval, and as such, it may afford the holders of any series or class of preferred shares preferences, powers and rights senior to the rights of holders of common shares. The differences among the common share classes relate to ongoing servicing fees, management fees, performance participation allocation and share repurchase rights. Other than differences in fees and repurchase rights, each class of common shares has the same economic and voting rights. Common Shares For the three months ended September 30, 2024 and for the period from June 4, 2024 (Date of Formation) through September 30, 2024, the below tables detail the movement in the Company’s outstanding common shares (in thousands): Three Months Ended September 30, 2024 Class B Class E Class I Total June 30, 2024 — — — — Common shares issued 4,351 645 250 5,246 Distribution reinvestment — — — — Class transfers — — — — Common shares repurchased — — — — September 30, 2024 4,351 645 250 5,246 From June 4, 2024 (Date of Formation) through September 30, 2024 Class B Class E Class I Total June 4, 2024 — — — — Common shares issued 4,351 645 250 5,246 Distribution reinvestment — — — — Class transfers — — — — Common shares repurchased — — — — September 30, 2024 4,351 645 250 5,246 Share and Unit Repurchases The Company has adopted a share repurchase plan whereby, subject to certain limitations, shareholders may request, on a quarterly basis, that the Company repurchase all or any portion of their shares. The aggregate NAV of total repurchases of the Company’s common shares under the Company’s share repurchase plan is limited to no more than 5% of the Company’s aggregate NAV per quarter (measured using the average aggregate NAV attributable to shareholders as of the end of the immediately preceding three months). Shares issued to the Adviser and its affiliates as payment for management fees, performance fees or as reimbursements of expenses are subject to the repurchase plan but exempt from the redemption limitations. The Company is not obligated to repurchase any shares, including shares held by the Adviser acquired as payment of the Adviser’s management fee or performance fee, and may choose to repurchase fewer shares than have been requested to be repurchased, or none at all, in its discretion at any time. Further, the Company’s board of trustees may make exceptions to, modify or suspend the Company’s share repurchase plan (including to make exceptions to the repurchase limitations or purchase fewer shares than such repurchase limitations) if it deems such action to be in the Company’s best interest. In the event that the Company determines to repurchase some but not all of the shares submitted for repurchase during any month, shares repurchased at the end of the quarter will be repurchased on a pro rata basis. The Company had no repurchase requests from June 4, 2024 (Date of Formation) through September 30, 2024. Distributions The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income in accordance with GAAP, to its shareholders each year to comply with the REIT provisions of the Code. Each class of common shares receive the same gross distribution per share during the period. For the three months ended September 30, 2024 and for the period from June 4, 2024 (Date of Formation) through September 30, 2024, the aggregate distributions declared for each applicable class of common shares are below: Three Months Ended September 30, 2024 Class B Class E Class I (1) Aggregate gross distributions declared per share of common shares $ 0.2000 $ 0.2000 $ 0.1000 From June 4, 2024 (Date of Formation) through September 30, 2024 Class B Class E Class I (1) Aggregate gross distributions declared per share of common shares $ 0.2000 $ 0.2000 $ 0.1000 (1) Shares were outstanding for a portion of the three months ended September 30, 2024 and for the period from June 4, 2024 (Date of Formation) through September 30, 2024. Share Based Compensation The Company accrued $100,000 of non-cash compensation expense as of September 30, 2024.

Earning Per Share

Earning Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	7. Earnings Per Share Basic earnings/(loss) per common share is determined by dividing net income/(loss) attributable to common shareholders by the weighted average number of common shares outstanding during the period. All classes of common shares are allocated income/(loss) at the same rate per share and receive the same gross distribution per share before class-specific fees and accruals/allocations. To the extent that class-specific fees and accruals/allocations are applicable they will be deducted to arrive at class specific net income/(loss) per share and net distribution rate per share. For the three months ended September 30, 2024 and for the period from June 4, 2024 (Date of Formation) through September 30, 2024, net loss per common share is computed as below ($ in thousands, except per share data): Three Months Ended September 30, 2024 Class B Class E Class I Total Net loss $ (1,698 ) $ (375 ) $ (28 ) $ (2,101 ) Weighted average number of common shares outstanding 1,898 353 76 2,327 Net loss per common share $ (0.89 ) $ (1.06 ) $ (0.37 ) $ (0.90 ) From June 4, 2024 (Date of Formation) through September 30, 2024 Class B Class E Class I Total Net loss $ (1,698 ) $ (375 ) $ (28 ) $ (2,101 ) Weighted average number of common shares outstanding 1,467 273 59 1,799 Net loss per common share $ (1.16 ) $ (1.37 ) $ (0.47 ) $ (1.17 )

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2024
Fair Value of Financial Instruments [Abstract]
Fair Value of Financial Instruments	8. Fair Value of Financial Instruments The following table presents the Company’s investment assets carried at fair value on a recurring basis in the Condensed Consolidated Balance Sheets by their level in the fair value hierarchy ($ in thousands): September 30, 2024 Level I Level II Level III Financial Assets: Commercial real estate loan investments $ — $ — $ 59,102 Investments in real estate-related assets: Equity investments — — 8,884 Tax liens — — 5,162 Total $ — $ — $ 73,148 The following table summarizes changes in investments during the period from June 4, 2024 (Date of Formation) through September 30, 2024 ($ in thousands): From June 4, 2024 (Date of Formation) through September 30, 2024 Commercial Real Estate Loan Investments Equity Investments Tax Liens Beginning balance $ — $ — $ — Loan originations and fundings 59,102 8,930 5,162 Unrealized loss on investments — (46 ) — Ending balance $ 59,102 $ 8,884 $ 5,162 The key unobservable inputs used in determining the fair value of the Company’s investments as of September 30, 2024 were as follows: Level 3 Asset Category Fair Value Valuation Technique Significant Unobservable Inputs Range of Inputs Impact to Valuation from an Increase in Input Commercial real estate loan investments $ 59,102 Discounted cash flow Discount rate 8.46% - 9.23 % Decrease Investments in real estate-related assets: Equity investments $ 8,884 Discounted cash flow Discount rate 10.00% - 12.00 % Decrease Tax liens $ 5,162 Yield analysis Yield 12.68% - 14.85 % Increase

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	9. Related Party Transactions Due to Affiliates The Adviser has agreed to advance organization and offering costs on behalf of the Company (including legal, accounting and other expenses attributable to the organization, but excluding ongoing servicing fees) through August 1, 2025, the first anniversary of the initial closing of the Company’s private offering. The Company will reimburse the Adviser for all such advanced expenses ratably over the 60-month period following August 1, 2025. Any amount due to the Adviser but not paid will be recognized as a liability on the Condensed Consolidated Balance Sheets. As of September 30, 2024, the Adviser has incurred organization and offering expenses on the Company’s behalf of $3.3 million and are recorded as a component of due to affiliate The Adviser has agreed to advance certain operating costs, including debt issuance costs and general and administrative expenses, incurred through the earlier of (i) the date aggregate NAV is at least $300 million and (ii) December 31, 2024. The Company will reimburse the Adviser for all such advanced operating expenses ratably over the 60 months following such date. As of September 30, 2024, the Adviser had incurred operating expenses, including general and administrative expenses of $0.7 million on behalf of the Company, that are recorded as a component of due to affiliates Management Fee As compensation for its services provided pursuant to the management agreement, the Adviser, for Class S shares, Class D shares and Class I shares, will be paid a management fee of 1.25% of NAV per annum payable monthly, and for Class B shares, Class R shares and Class E shares, a management fee of 1.00% of NAV per annum payable monthly. The management fee paid in respect of any Class B shares or Class R shares that are purchased by a shareholder until March 31, 2025 will be waived. The management fee paid to the Adviser in respect of any Class E Shares will be waived by the Adviser for periods following the time that the Company qualifies as a “publicly offered REIT” for U.S. federal income tax purposes. As of September 30, 2024, the Company has not incurred any management fees. Performance Fee The Adviser may be entitled to a performance fee, which is accrued monthly and payable quarterly in arrears. The performance fee will be in an amount equal to 12.5% of the Company’s Core Earnings (as defined below) for the immediately Once the Company’s Core Earnings in any calendar quarter exceeds the hurdle rate, the Adviser is entitled to a “catch-up” fee equal to the amount of Core Earnings in excess of the hurdle rate, until the Company’s Core Earnings for such quarter exceeds the result of (i) the hurdle rate divided by (ii) 0.875 (or 1 minus 0.125) of adjusted capital. Thereafter, the Adviser is entitled to receive 12.5% of the Company’s Core Earnings. The Company will not pay the Adviser a performance fee with respect to the Class B shares, Class R shares or Class E shares. For purposes of calculating the performance fee, “Core Earnings” means: the net income (loss) attributable to shareholders of Class S shares, Class D shares and Class I shares, computed in accordance with GAAP, including realized gains (losses) not otherwise included in GAAP net income (loss) and excluding (i) non-cash equity compensation expense, (ii) the performance fee, (iii) depreciation and amortization, (iv) any unrealized gains or losses or other non-cash items that are included in net income for the applicable reporting period, regardless of whether such items are included in other comprehensive income or loss, or in net income, (v) one-time events pursuant to changes in GAAP, and (vi) certain non-cash adjustments and certain material non-cash income or expense items, in each case after discussions between the Adviser and the Company’s independent trustees and approved by a majority of the Company’s independent trustees. As of September 30, 2024, the Company has not incurred any performance fees.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Commitments and contingencies may arise in the ordinary course of business. As of September 30, 2024, the Company had unfunded commitments of $141.1 million and $5.1 million related to its equity investments in mortgage servicing rights portfolio subscription agreement and CRE loan investments, respectively. The exact timing and amounts of such future fundings are uncertain. As of September 30, 2024, the Company is not subject to any material litigation nor is the Company aware of any material litigation threatened against it.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	11. Subsequent Events Investment Activity Subsequent to September 30, 2024, the Company originated the following CRE loans ($ in thousands): Location Property Type Origination Date Loan Amount (1) Outstanding Principal Interest Rate Maturity Date Florida Multifamily 10/2/2024 $ 21,780 $ 21,000 8.41 % 10/2/2027 Louisiana Multifamily 11/1/2024 $ 66,800 $ 66,500 8.19 % 11/1/2026 Georgia Hospitality 11/4/2024 $ 28,500 $ 28,500 9.85 % 11/4/2027 New York Multifamily 11/18/2024 $ 3,600 $ 3,410 8.39 % 12/1/2026 Texas Hospitality 11/20/2024 $ 27,200 $ 23,725 8.11 % 11/20/2027 California Multifamily 11/21/2024 $ 11,175 $ 9,550 7.49 % 12/1/2027 California Multifamily 11/25/2024 $ 12,000 $ 12,000 8.11 % 12/1/2027 New York Multifamily 11/26/2024 $ 33,750 $ 33,750 8.18 % 11/25/2026 Oregon Multifamily 12/4/2024 $ 58,000 $ 57,000 8.24 % 1/1/2028 New York Multifamily 12/9/2024 $ 6,875 $ 6,875 8.51 % 12/9/2025 (1) Loan amount consists of outstanding principal balance plus unfunded loan commitments Subsequent to September 30, 2024, the Company made the following investments in tax liens ($ in thousands): Location Lien Count Purchase Price California 64,834 $ 64,648 Colorado 1,177 9,418 New Jersey 166 4,651 Illinois 265 2,518 Total 66,442 $ 81,235 Subsequent to September 30, 2024, the Company contributed $1.0 million to its equity investments in mortgage servicing rights portfolio subscription agreement. Borrowing Activity The table below summarizes the Company’s borrowings subsequent to September 30, 2024 ($ in thousands): Borrowings Outstanding Maturity Date Repurchase Agreements: GS Seller I Repurchase Agreement $ 119,246 8/16/2027 GS Seller III Repurchase Agreement 34,508 10/11/2027 Atlas Repurchase Agreement 14,027 10/11/2027 Total Repurchase Agreements 167,780 JPM Loan Agreement 4,462 5/8/2027 Total Borrowings $ 172,243 Atlas Repurchase Agreement On October 11, 2024, a subsidiary of the Company, FCR DC JV Atlas Seller I LLC, as seller (the “Atlas Seller”), and Atlas Securitized Product Investments 2, L.P., as administrative agent and buyer (“Atlas”), entered into a Master Repurchase Agreement (together with the related transaction documents, the “Atlas Repurchase Agreement”) to finance the acquisition and origination by the Company of up to $200 million of certain loans as more particularly described in the Atlas Repurchase Agreement. Subject to the terms and conditions thereof, the Atlas Repurchase Agreement provides for the purchase, sale and repurchase of commercial mortgage loans, related mezzanine loans and participation interests in such commercial mortgage loans satisfying certain conditions set forth in the Atlas Repurchase Agreement (the “Atlas Repurchase Facility”). Advances under the Atlas Repurchase Agreement, with respect to each transaction, accrue interest at a per annum rate equal to Term SOFR for a one-month period (subject to a SOFR In connection with the Atlas Repurchase Agreement, the Company provided a Guaranty (the “Atlas Guaranty”), under which the Company (i) guarantees losses associated with customary non-recourse carve-outs with respect to the Company and Atlas Seller and (ii) agrees to satisfy certain financial covenants including minimum net worth and liquidity. The Atlas Guaranty may become fully recourse to the Company up to the entire amount needed for Atlas Seller to repurchase the loans and interests in such loans comprising the Atlas Repurchase Facility if the Atlas Seller or FCR DC JV Atlas Pledgor LLC, a Delaware limited liability company, as equity pledgor, becomes the subject of a voluntary or involuntary proceeding under any bankruptcy, insolvency or similar law. The Company is also liable under the Atlas Guaranty for costs, expenses, damages and losses actually incurred by Atlas resulting from customary “bad boy” events pertaining to the Company and/or Atlas Seller as described in the Atlas Guaranty. GS Seller Repurchase Agreement On October 11, 2024, a subsidiary of the Company, FCR DC GS Seller III LLC, as seller (the “GS Seller III”), and Goldman Sachs, as purchaser, entered into a Master Repurchase Agreement (together with the related transaction documents, the “GS Seller III Repurchase Agreement”). On December 18, 2024, a subsidiary of the Company, FCR Key GS Seller II LLC, as seller (the “GS Seller II” and, together with the GS Seller I and GS Seller III, the “GS Sellers”), and Goldman Sachs, as purchaser, entered into a Master Repurchase Agreement (together with the related transaction documents, the “GS Seller II Repurchase Agreement” and, together with the GS Seller I Repurchase Agreement and GS Seller III Repurchase Agreement, the “GS Repurchase Agreements”). The GS Repurchase Agreements provide financing of up to an aggregate of $500 million in connection with the acquisition and/or origination by the Company of certain loans as more particularly described in the GS Repurchase Agreements. Subject to the terms and conditions thereof, the GS Repurchase Agreements provide for the purchase, sale and repurchase of commercial mortgage loans, related mezzanine loans and participation interests in such commercial mortgage loans satisfying certain conditions set forth in the GS Repurchase Agreements (collectively, the “GS Repurchase Facilities”). Advances under the GS Repurchase Agreements accrue interest at a per annum rate equal to Term SOFR one In connection with the GS Repurchase Agreements, the Company provided guaranties (the “GS Guaranty I”, the “GS Guaranty II” and the “GS Guaranty III,” respectively, and collectively, the “GS Guaranties”), under which the Company (i) guarantees losses associated with customary non-recourse carve-outs with respect to the Company and the GS Sellers and (ii) agrees to satisfy certain financial covenants including minimum net worth, liquidity and interest coverage and maximum leverage. The GS Guaranties may become fully recourse to the Company up to the entire amount needed for the GS Sellers to repurchase the loans and interests in such loans comprising the GS Repurchase Facilities if the GS Sellers or the Company become the subject of a voluntary or involuntary proceeding under any bankruptcy, insolvency or similar law. The Company is also liable under the GS Guaranties for costs, expenses, damages and losses actually incurred by Goldman Sachs resulting from customary “bad boy” events pertaining to the Company and/or the GS Sellers as described in the GS Guaranties. JPM Loan Agreement On November 8, 2024, FCR TL Holdings LLC, an indirect, wholly-owned subsidiary of the Company (the “FCR TL”), as borrower, entered into a Loan and Security Agreement (the “Subsidiary Loan Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”), pursuant to which, among other things, the lenders from time to time party thereto agreed to make loans and other financial accommodations available to FCR TL on an uncommitted basis in an aggregate principal amount not to exceed $300 million (the “Subsidiary Loan”). Subject to the terms and conditions of the Subsidiary Loan Agreement, all amounts outstanding under the Subsidiary Loan Agreement will be due and payable in full on May 8, 2027, or such earlier date upon which the Subsidiary Loan Agreement shall terminate in accordance with the provisions thereof. Capitalized terms used herein and not otherwise defined herein shall have the meaning attributed to such terms in the Subsidiary Loan Agreement. The obligations of FCR TL under the Subsidiary Loan Agreement are secured by, among other things, (i) substantially all of the assets of FCR TL and certain other direct and indirect subsidiaries of FCR TL, each of which has provided a guaranty of FCR TL’s obligations under the Subsidiary Loan Agreement, (ii) a pledge of the equity interests of FCR TL by its immediate parent entity, FCR TL Investors LLC, and (iii) all proceeds of the foregoing, in each case subject to certain exclusions set forth in the Subsidiary Loan Agreement and the other Subsidiary Loan Documents. Further, the Subsidiary Loan will bear interest at the greater of (i) a rate equal to daily simple SOFR The Subsidiary Loan Agreement contains various restrictions and covenants applicable to FCR TL. Among other requirements, FCR TL may not exceed certain debt limitations and is subject to certain investment limitations, subject to certain carveouts described more fully therein. The Subsidiary Loan Agreement also contains customary events of default. If an event of default under the Subsidiary Loan Agreement occurs and is continuing, then the Administrative Agent may declare any outstanding obligations under the Subsidiary Loan Agreement to be immediately due and payable. In addition, if FCR TL becomes the subject of voluntary or involuntary proceedings under any bankruptcy, insolvency or similar law, then any outstanding obligations under the Subsidiary Loan Agreement will automatically become due and payable. In connection with the Subsidiary Loan Agreement, the Company provided a Limited Guaranty (the “Limited Guaranty”), pursuant to which the Company (i) has agreed to guarantee losses associated with customary non-recourse carve-outs with respect to the Guarantors (as defined in the Limited Guaranty), FCR TL, FCR TL Investors LLC or any Eligible Asset Owner and (ii) agreed to satisfy certain financial covenants as set forth in the Subsidiary Loan Agreement, including minimum net worth and liquidity requirements. The Company is also liable under the Limited Guaranty for costs, expenses, damages and losses actually incurred by the Administrative Agent resulting from customary “bad boy” events pertaining to the Company as described more fully in the Limited Guaranty. Amended Offering Documents On November 18, 2024, the Company’s board of trustees authorized the Company to offer and sell new classes of common shares to be designated the “Class J-1 common shares”, “Class J-2 common shares” and “Class J-3 common shares”. The Class J-3 common shares will pay a 1.25% management fee and a 12.5% performance fee. The Class J-1 and Class J-2 common shares will pay a 1.00% management fee (which the Adviser has agreed to waive until March 31, 2025) and will not pay a performance fee. On December 16, 2024, the Company’s board of trustees authorized the Company to rename the previously designated Class J-3 common shares to “Class J-4 common shares” and authorized the Company to offer and sell new classes of common shares to be designated the “Class J-3 common shares” and “Class J-5 common shares”. The Class J-5 common shares will pay a 1.25% management fee and a 12.5% performance fee. The Class J-3 common shares will pay a 1.00% management fee (which the Adviser has agreed to waive until March 31, 2025) and will not pay a performance fee. Proceeds from the Issuance of Common Shares On October 1, 2024, the Company issued and sold an aggregate of 1,021,026 common shares, consisting of 1,013,280 Class B shares, 5,000 Class I shares and 2,746 Class E shares for aggregate proceeds of $20.4 million, including shares issued pursuant to the Company’s distribution reinvestment plan. On November 1, 2024, the Company issued and sold an aggregate of 422,819 common shares, consisting of 410,011 Class B shares, 12,461 Class I shares and 347 Class E shares for aggregate proceeds of $8.5 million, including shares issued pursuant to the Company’s distribution reinvestment plan. On December 2, 2024, the Company issued and sold an aggregate of 4,838,996 common shares, consisting of 975,965 Class R shares, 3,377,140 Class B shares, 83 Class I shares and 485,808 Class E shares for aggregate proceeds of $97.1 million, including shares issued pursuant to the Company’s distribution reinvestment plan. The Company has performed an evaluation of subsequent events through December 19, 2024, which is the date the condensed consolidated financial statements were issued. Other than those items previously disclosed, no other events have occurred that require consideration as adjustments to, or disclosures in, the condensed consolidated financial statements.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Insider Trading Arrangements [Line Items]
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

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Summary of Significant Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. All significant intercompany balances and transactions have been eliminated in consolidation. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements included in the Company’s registration statement on Form 10, as amended as of July 16, 2024 initially filed with the U.S. Securities and Exchange Commission (the “SEC”) on September 6, 2024 (as amended, the “Form 10”). The Company consolidates all entities in which it has a controlling financial interest through majority ownership or voting rights and variable interest entities whereby the Company is the primary beneficiary. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a variable interest entity (“VIE”) and whether it is the primary beneficiary. The Company is the primary beneficiary of a VIE when it has (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligations to absorb losses or receive benefits significant to the VIE. For consolidated entities, the non-controlling partner’s share of the assets, liabilities, and operations of each entity is included in non-controlling interests as equity of the Company. The non-controlling partner’s interest is computed as the non-controlling interests’ ownership percentage. Any profit interest due to the owner is reported within non-controlling interest.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results may ultimately differ materially from those estimates.
Fair Value Option	Fair Value Option The Company has elected the fair value option for certain eligible financial assets including commercial real estate loan investments and investments in real estate-related assets. These financial assets for which the Company has elected the fair value option are recorded in commercial real estate loan investments, at fair value and investments in real estate-related assets, at fair value on the Condensed Consolidated Balance Sheets. The decision to elect the fair value option is determined on an instrument-by-instrument basis and must be applied to an entire instrument and is irrevocable once elected. Assets measured at fair value pursuant to this guidance are required to be reported separately on the Company’s Condensed Consolidated Balance Sheets from those instruments using another accounting method. The Company’s fair value option elections will be made in accordance with the guidance in ASC 825, Financial Instruments
Commercial Real Estate Loan Investments	Commercial Real Estate Loan Investments CRE loan investments structured as senior loans are secured by the borrower’s interest in underlying real estate and are recorded at fair value. Changes in the fair value are recorded as unrealized gain (loss) on investments, net in our Condensed Consolidated Statements of Operations.
Investments in Real Estate-Related Assets	Investments in Real Estate-Related Assets Equity Investments The Company has entered into a subscription agreement for an investment in a conventional mortgage servicing rights portfolio (“MSR”) and has agreed to purchase an aggregate of $150.0 million subscriptions. The subscription agreement was executed in connection with a joint venture agreement with a third party. Pursuant to the joint venture operating agreement, most major decisions related to the joint venture, including acquisitions thereof, and its assets require the consent of the Company. The Company also retains the unilateral right to cause the joint venture to take certain actions, including as to matters related to litigation, servicing and disposition of assets. Tax Lien Investments Tax lien investments are legal claims against a residential or commercial property of an individual that fails to pay property taxes owed to the local government. When the lien is issued, a certificate evidences the amount owed on the property plus interest and penalties due. The Company records bid deposits as a component of other assets on the Condensed Consolidated Balance Sheets, which are refunded by the municipality if the Company does not win the bid. As of September 30, 2024, the Company recorded $0.9 million of bid deposits as a component of other assets on the Condensed Consolidated Balance Sheets.
Repurchase Agreements	Repurchase Agreements The Company may finance CRE loan investments using a repurchase agreement and secure these financing transactions with the CRE loan investments. The repurchase agreements are, therefore, treated as collateralized financing transactions and recorded at par value in the Condensed Consolidated Balance Sheets and corresponding interest income and expense are reported on a gross basis in the Condensed Consolidated Statements of Operations. As of September 30, 2024, the Company has not financed any CRE loan investments.
Fair Value Measurement	Fair Value Measurement In accordance with ASC 820, Fair Value Measurement Level 1 – Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. Level 2 – Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by management. The Adviser considers observable data to be that market data, which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary and provided by multiple, independent sources that are actively involved in the relevant market. The categorization of an investment within the hierarchy is based upon the pricing transparency of the investment and does not necessarily correspond to management’s perceived risk of that investment. The Company has elected the fair value option for investments in CRE loans and other real estate-related assets as the Company believes fair value provides a more accurate depiction of these assets’ values. CRE loans are generally valued using discounted cash flow analyses incorporating discount rates and assumptions regarding the value of collateral (where appropriate). In determining the appropriate discount rate, reference may be made to published credit spreads on assets or securities of similar credit quality and term or recent market transactions in the case of performing loans. The valuation method used requires significant judgment, and therefore generally results in a Level 3 fair value classification. Tax lien investments are generally valued using a yield analysis that considers expected cash flow collections based on pool level characteristics including but not limited to geography, seasonality, historical collection experience, and comparison of current market and collateral conditions to those present at origination or acquisition. The valuation method used requires significant judgment, and therefore generally results in a Level 3 fair value classification. The Company’s equity investment in a conventional mortgage servicing rights portfolio is valued using a discounted cash flow analysis. The valuation method used requires significant judgment, and therefore generally results in a Level 3 fair value classification.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company held $38.3 million of cash and cash equivalents as of September 30, 2024, which represents cash on hand, cash held in banks and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk.
Restricted Cash	Restricted Cash As of September 30, 2024, restricted cash consists primarily of $20.6 million of cash received for subscriptions prior to the date in which the subscriptions are effective, which is held in a bank account controlled by the Company’s transfer agent but in the name of the Company. Other restricted cash consists of amounts reserved to service loan interests due to the Company.
Lender Reserves	Lender Reserves As of September 30, 2024, the Company held $3.2 million in lender reserves. Lender reserves represent interest, tax and insurance on commercial real estate loans held by the Company on behalf of the borrower and are presented on Condensed Consolidated Balance Sheets as a liability.
Revenue Recognition	Revenue Recognition Interest income on loans and financial instruments is accrued based on the outstanding principal amount and contractual terms of the instrument. Origination fees are recorded directly in income on the Condensed Consolidated Statements of Operations within interest income and are not deferred.
Income Taxes	Income Taxes The Company intends to make an election to be taxed as a REIT under the Code, commencing with its taxable year ending December 31, 2024. The Company’s qualification as a REIT will depend upon its ability to meet, on a continuing basis, through actual investment and operating results, various complex requirements under the Code relating to, among other things, the sources of the Company’s gross income, the composition and value of the Company’s assets, the Company’s distribution levels and the diversity of ownership of the Company’s capital shares. The Company believes that it is organized in conformity with the requirements for qualification as a REIT under the Code and that its manner of operation enables the Company to meet the requirements for qualification and taxation as a REIT for U.S. federal income tax purposes commencing with the Company’s taxable year ending December 31, 2024. As a REIT, the Company generally will not be subject to U.S. federal income tax on its net taxable income that it distributes currently to its shareholders. Under the Code, REITs are subject to numerous organizational and operational requirements, including a requirement that they distribute each year at least 90% of their REIT taxable income, determined without regard to the deduction for dividends paid and excluding any net capital gains. If the Company fails to qualify for taxation as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company’s income for that year will be taxed at regular corporate rates, and the Company would be disqualified from taxation as a REIT for the four taxable years following the year during which the Company ceased to qualify as a REIT. Even if the Company qualifies as a REIT for U.S. federal income tax purposes, it may still be subject to state and local taxes on its income and assets and to U.S. federal income and excise taxes on its undistributed income.
Organization and Offering Expense Reimbursement	Organization and Offering Expense Reimbursement The Adviser has agreed to advance all of our organization and offering expenses on our behalf (including legal, accounting (including NAV calculation), printing, mailing, subscription processing and filing fees and offering expenses, including costs associated with technology integration between our systems and those of our participating broker-dealers, due diligence expenses of participating broker-dealers supported by itemized invoices, costs in connection with preparing sales materials, design and website expenses, fees and expenses of our transfer agent, fees to attend retail seminars sponsored by participating broker-dealers, reimbursements for customary travel, lodging and meals, and fees, expenses and taxes related to the filing, registration and qualification of our shares or the sale thereof under federal and state laws, but excluding ongoing servicing fees) through August 1, 2025, the first anniversary of the initial closing of our private offering. We will reimburse the Adviser for all such advanced expenses ratably over the 60 months following August 1, 2025. For purposes of calculating our NAV, the organization and offering expenses paid by the Adviser on our behalf through such date will not be deducted as an expense until reimbursed by us. After August 1, 2025, we will reimburse the Adviser for any organization and offering expenses associated with our private offering that it incurs on our behalf as and when incurred. The Adviser may elect to receive all or a portion of any such reimbursements in the form of cash or Class E shares. To the extent that the Adviser elects to receive any portion of these reimbursements in Class E shares, we may repurchase such Class E shares from the Adviser at a later date and such repurchases of Class E shares will not be subject to the repurchase limits of our share repurchase plan or any Early Repurchase Deduction.
Earnings Per Share	Earnings Per Share Basic earnings/(loss) per share of common shares is determined by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings/(loss) per share is computed by dividing net earnings/(loss) attributable to shareholders for the period by the weighted average number of common shares and common share equivalents outstanding (unless their effect is antidilutive) for the period. There are no common share equivalents outstanding that would have a dilutive effect as a result of the net earnings/(loss), and accordingly, the weighted average number of common shares outstanding is identical for both basic and diluted shares.
Share-Based Compensation	Share-Based Compensation Each of the trustees who are not affiliated with the Adviser or Fortress will receive $100,000 of Class E shares for services provided. The annual award of common shares will vest one year from the date of grant and will be based on the then-current per share transaction price of Class E shares at the time of issuance. The Company accounts for stock-based compensation in accordance with ASC 718, Compensation – Stock Compensation. See “Note 6 – Equity” for additional information regarding share-based compensation
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In November of 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

Commercial Real Estate Loan I_2

Commercial Real Estate Loan Investments (Tables)	9 Months Ended
	Sep. 30, 2024
Commercial Real Estate Loan Investments [Abstract]
Investments in Senior Secured Commercial Real Estate Loans	As of September 30, 2024, the Company held the following investments in senior secured CRE loans ($ in thousands): Location Property Type Loan Amount (1) Outstanding Principal Fair Value Interest Rate (2) Maturity Date New York Multifamily $ 12,500 $ 11,558 $ 11,558 9.13 % 8/9/2026 New York Multifamily $ 9,250 $ 8,194 $ 8,194 9.13 % 8/9/2026 New York Multifamily $ 3,800 $ 3,525 $ 3,525 9.06 % 10/1/2026 California Retail $ 32,910 $ 30,500 $ 30,500 8.90 % 9/26/2027 New York Multifamily $ 5,700 $ 5,325 $ 5,325 9.06 % 10/1/2026 (1) (2) Secured Overnight Financing Rate

Investments in Real Estate-Re_2

Investments in Real Estate-Related Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Investments in Real Estate-Related Assets [Abstract]
Tax Lien Investments	As of September 30, 2024, the Company held the following tax lien investments ($ in thousands): Location Lien Count Acquisition Date Par Value Fair Value New Jersey 155 8/30/2024 $ 1,384 $ 1,384 Mississippi 755 9/4/2024 $ 3,778 $ 3,778

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Movement of Outstanding Shares of Common Shares	For the three months ended September 30, 2024 and for the period from June 4, 2024 (Date of Formation) through September 30, 2024, the below tables detail the movement in the Company’s outstanding common shares (in thousands): Three Months Ended September 30, 2024 Class B Class E Class I Total June 30, 2024 — — — — Common shares issued 4,351 645 250 5,246 Distribution reinvestment — — — — Class transfers — — — — Common shares repurchased — — — — September 30, 2024 4,351 645 250 5,246 From June 4, 2024 (Date of Formation) through September 30, 2024 Class B Class E Class I Total June 4, 2024 — — — — Common shares issued 4,351 645 250 5,246 Distribution reinvestment — — — — Class transfers — — — — Common shares repurchased — — — — September 30, 2024 4,351 645 250 5,246
Aggregate Distributions Declared for Each Applicable Class of Common Shares	For the three months ended September 30, 2024 and for the period from June 4, 2024 (Date of Formation) through September 30, 2024, the aggregate distributions declared for each applicable class of common shares are below: Three Months Ended September 30, 2024 Class B Class E Class I (1) Aggregate gross distributions declared per share of common shares $ 0.2000 $ 0.2000 $ 0.1000 From June 4, 2024 (Date of Formation) through September 30, 2024 Class B Class E Class I (1) Aggregate gross distributions declared per share of common shares $ 0.2000 $ 0.2000 $ 0.1000 (1) Shares were outstanding for a portion of the three months ended September 30, 2024 and for the period from June 4, 2024 (Date of Formation) through September 30, 2024.

Earning Per Share (Tables)

Earning Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	For the three months ended September 30, 2024 and for the period from June 4, 2024 (Date of Formation) through September 30, 2024, net loss per common share is computed as below ($ in thousands, except per share data): Three Months Ended September 30, 2024 Class B Class E Class I Total Net loss $ (1,698 ) $ (375 ) $ (28 ) $ (2,101 ) Weighted average number of common shares outstanding 1,898 353 76 2,327 Net loss per common share $ (0.89 ) $ (1.06 ) $ (0.37 ) $ (0.90 ) From June 4, 2024 (Date of Formation) through September 30, 2024 Class B Class E Class I Total Net loss $ (1,698 ) $ (375 ) $ (28 ) $ (2,101 ) Weighted average number of common shares outstanding 1,467 273 59 1,799 Net loss per common share $ (1.16 ) $ (1.37 ) $ (0.47 ) $ (1.17 )

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value of Financial Instruments [Abstract]
Schedule Investment Assets Carried at Fair Value on a Recurring Basis	The following table presents the Company’s investment assets carried at fair value on a recurring basis in the Condensed Consolidated Balance Sheets by their level in the fair value hierarchy ($ in thousands): September 30, 2024 Level I Level II Level III Financial Assets: Commercial real estate loan investments $ — $ — $ 59,102 Investments in real estate-related assets: Equity investments — — 8,884 Tax liens — — 5,162 Total $ — $ — $ 73,148
Summarizes Changes in Investments	The following table summarizes changes in investments during the period from June 4, 2024 (Date of Formation) through September 30, 2024 ($ in thousands): From June 4, 2024 (Date of Formation) through September 30, 2024 Commercial Real Estate Loan Investments Equity Investments Tax Liens Beginning balance $ — $ — $ — Loan originations and fundings 59,102 8,930 5,162 Unrealized loss on investments — (46 ) — Ending balance $ 59,102 $ 8,884 $ 5,162
Significant Unobservable Inputs Used in Fair Value of Investments	The key unobservable inputs used in determining the fair value of the Company’s investments as of September 30, 2024 were as follows: Level 3 Asset Category Fair Value Valuation Technique Significant Unobservable Inputs Range of Inputs Impact to Valuation from an Increase in Input Commercial real estate loan investments $ 59,102 Discounted cash flow Discount rate 8.46% - 9.23 % Decrease Investments in real estate-related assets: Equity investments $ 8,884 Discounted cash flow Discount rate 10.00% - 12.00 % Decrease Tax liens $ 5,162 Yield analysis Yield 12.68% - 14.85 % Increase

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
CRE Loans	Subsequent to September 30, 2024, the Company originated the following CRE loans ($ in thousands): Location Property Type Origination Date Loan Amount (1) Outstanding Principal Interest Rate Maturity Date Florida Multifamily 10/2/2024 $ 21,780 $ 21,000 8.41 % 10/2/2027 Louisiana Multifamily 11/1/2024 $ 66,800 $ 66,500 8.19 % 11/1/2026 Georgia Hospitality 11/4/2024 $ 28,500 $ 28,500 9.85 % 11/4/2027 New York Multifamily 11/18/2024 $ 3,600 $ 3,410 8.39 % 12/1/2026 Texas Hospitality 11/20/2024 $ 27,200 $ 23,725 8.11 % 11/20/2027 California Multifamily 11/21/2024 $ 11,175 $ 9,550 7.49 % 12/1/2027 California Multifamily 11/25/2024 $ 12,000 $ 12,000 8.11 % 12/1/2027 New York Multifamily 11/26/2024 $ 33,750 $ 33,750 8.18 % 11/25/2026 Oregon Multifamily 12/4/2024 $ 58,000 $ 57,000 8.24 % 1/1/2028 New York Multifamily 12/9/2024 $ 6,875 $ 6,875 8.51 % 12/9/2025 (1) Loan amount consists of outstanding principal balance plus unfunded loan commitments
Investments in Tax Liens	Subsequent to September 30, 2024, the Company made the following investments in tax liens ($ in thousands): Location Lien Count Purchase Price California 64,834 $ 64,648 Colorado 1,177 9,418 New Jersey 166 4,651 Illinois 265 2,518 Total 66,442 $ 81,235
Borrowings	The table below summarizes the Company’s borrowings subsequent to September 30, 2024 ($ in thousands): Borrowings Outstanding Maturity Date Repurchase Agreements: GS Seller I Repurchase Agreement $ 119,246 8/16/2027 GS Seller III Repurchase Agreement 34,508 10/11/2027 Atlas Repurchase Agreement 14,027 10/11/2027 Total Repurchase Agreements 167,780 JPM Loan Agreement 4,462 5/8/2027 Total Borrowings $ 172,243

Organization and Business Pur_2

Organization and Business Purpose (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 30, 2024	Jul. 16, 2024	Jun. 04, 2024
Organization and Business Purpose [Abstract]
Common stock, par value (in dollars per share)	$ 0.01
Class B Shares [Member]
Organization and Business Purpose [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Class B Shares [Member] | Maximum [Member]
Organization and Business Purpose [Abstract]
Sale of common stock through initial offering			$ 300
Class R Shares [Member]
Organization and Business Purpose [Abstract]
Common stock, par value (in dollars per share)			$ 0.01
Class R Shares [Member] | Maximum [Member]
Organization and Business Purpose [Abstract]
Sale of common stock through initial offering			$ 50

Summary of Significant Accoun_3

Summary of Significant Accounting Policies, Investments in Real Estate-Related Assets (Details) $ in Millions	Sep. 30, 2024 USD ($)
Summary of Significant Accounting Policies [Abstract]
Mortgage servicing rights	$ 150
Bid deposits	$ 0.9

Summary of Significant Accoun_4

Summary of Significant Accounting Policies, Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jul. 16, 2024
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 38,283	$ 50
Restricted Cash [Abstract]
Restricted cash held in bank	$ 20,600

Summary of Significant Accoun_5

Summary of Significant Accounting Policies, Lender Reserves (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jul. 16, 2024
Lender Reserves [Abstract]
Lender reserves	$ 3,194	$ 0

Summary of Significant Accoun_6

Summary of Significant Accounting Policies, Organization and Offering Expense Reimbursement (Details)	4 Months Ended
	Sep. 30, 2024
Adviser [Member]
Organization and Offering Expense Reimbursement [Abstract]
Reimbursement period for repayment of advance expenses	60 months

Summary of Significant Accoun_7

Summary of Significant Accounting Policies, Earnings Per Share and Share-Based Compensation (Details) $ in Thousands	4 Months Ended
	Sep. 30, 2024 USD ($) shares
Earnings Per Share, Diluted, Other Disclosure [Abstract]
Common share equivalents, dilutive effect (in shares) | shares	0
Class E [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Abstract]
Value of stock issued during period | $	$ 100,000
Award vesting period	1 year

Commercial Real Estate Loan I_3

Commercial Real Estate Loan Investments (Details) - Commercial Real Estate [Member] $ in Thousands	4 Months Ended
	Sep. 30, 2024 USD ($)
Investments in Senior Secured Loans [Abstract]
Variable term of loan	1 month
Loans earn interest rate	5.16%
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Minimum [Member]
Investments in Senior Secured Loans [Abstract]
Interest rate, floor	4%
Maximum [Member]
Investments in Senior Secured Loans [Abstract]
Interest rate, floor	5.38%
New York [Member] | Multifamily [Member]
Investments in Senior Secured Loans [Abstract]
Loan amount	$ 12,500	[1]
Outstanding principal	11,558
Fair value	$ 11,558
Interest rate	9.13%	[2]
Maturity date	Aug. 09, 2026
New York [Member] | Multifamily [Member]
Investments in Senior Secured Loans [Abstract]
Loan amount	$ 9,250	[1]
Outstanding principal	8,194
Fair value	$ 8,194
Interest rate	9.13%	[2]
Maturity date	Aug. 09, 2026
New York [Member] | Multifamily [Member]
Investments in Senior Secured Loans [Abstract]
Loan amount	$ 3,800	[1]
Outstanding principal	3,525
Fair value	$ 3,525
Interest rate	9.06%	[2]
Maturity date	Oct. 01, 2026
New York [Member] | Multifamily [Member]
Investments in Senior Secured Loans [Abstract]
Loan amount	$ 5,700	[1]
Outstanding principal	5,325
Fair value	$ 5,325
Interest rate	9.06%	[2]
Maturity date	Oct. 01, 2026
California [Member] | Retail [Member]
Investments in Senior Secured Loans [Abstract]
Loan amount	$ 32,910	[1]
Outstanding principal	30,500
Fair value	$ 30,500
Interest rate	8.90%	[2]
Maturity date	Sep. 26, 2027
[1]Loan amount consists of outstanding principal balance plus unfunded loan commitments.[2]Represents weighted average interest rate of the most recent interest period in effect for each loan as of period end. As of September 30, 2024, loans earn interest at the one-month term Secured Overnight Financing Rate

Investments in Real Estate-Re_3

Investments in Real Estate-Related Assets, Equity Investments (Details) $ in Millions	Sep. 30, 2024 USD ($)
Equity Investments [Abstract]
Equity interest MSR portfolio	$ 8.9
Residential Mortgage [Member]
Equity Investments [Abstract]
Unpaid principal balance	$ 635.2

Investments in Real Estate-Re_4

Investments in Real Estate-Related Assets, Tax Lien Investments (Details) - Tax Lien Investments [Member] $ in Thousands	3 Months Ended
	Sep. 30, 2024 USD ($) Lien
New Jersey [Member]
Investment Owned, Balance [Abstract]
Lien Count | Lien	155
Acquisition Date	Aug. 30, 2024
Par Value	$ 1,384
Fair Value	$ 1,384
Mississippi [Member]
Investment Owned, Balance [Abstract]
Lien Count | Lien	755
Acquisition Date	Sep. 04, 2024
Par Value	$ 3,778
Fair Value	$ 3,778

Repurchase Agreement (Details)

Repurchase Agreement (Details) - GS Seller I Repurchase Agreement [Member] - USD ($) $ in Millions	Sep. 30, 2024	Aug. 16, 2024
Repurchase Agreements [Abstract]
Debt instrument, maximum borrowing capacity		$ 500
Outstanding repurchase	$ 0

Equity, Authorized Capital (Det

Equity, Authorized Capital (Details)	9 Months Ended
	Sep. 30, 2024 Class $ / shares
Equity [Abstract]
Number of classes of shares | Class	6
Preferred stock, par value (in dollars per share)	$ 0.01
Common stock, par value (in dollars per share)	$ 0.01

Equity, Common Shares (Details)

Equity, Common Shares (Details) - shares shares in Thousands	3 Months Ended	4 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Common Stock [Abstract]
Beginning balance (in shares)	0
Common shares issued (in shares)	5,246	5,246
Distribution reinvestment (in shares)	0	0
Class transfers (in shares)	0	0
Common shares repurchased (in shares)	0	0
Ending balance (in shares)	5,246	5,246
Common Class B [Member]
Common Stock [Abstract]
Beginning balance (in shares)	0
Common shares issued (in shares)	4,351	4,351
Distribution reinvestment (in shares)	0	0
Class transfers (in shares)	0	0
Common shares repurchased (in shares)	0	0
Ending balance (in shares)	4,351	4,351
Common Class E [Member]
Common Stock [Abstract]
Beginning balance (in shares)	0
Common shares issued (in shares)	645	645
Distribution reinvestment (in shares)	0	0
Class transfers (in shares)	0	0
Common shares repurchased (in shares)	0	0
Ending balance (in shares)	645	645
Common Class I [Member]
Common Stock [Abstract]
Beginning balance (in shares)	0
Common shares issued (in shares)	250	250
Distribution reinvestment (in shares)	0	0
Class transfers (in shares)	0	0
Common shares repurchased (in shares)	0	0
Ending balance (in shares)	250	250

Equity, Share and Unit Repurcha

Equity, Share and Unit Repurchases (Details) - USD ($)	4 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Equity [Abstract]
Percentage of aggregate net asset value per quarter related to share repurchase plan		5%
Common shares repurchased	$ 0

Equity, Distributions (Details)

Equity, Distributions (Details) - $ / shares		3 Months Ended	4 Months Ended
		Sep. 30, 2024	Sep. 30, 2024
Common Class B [Member]
Equity Distribution [Abstract]
Aggregate gross distributions declared per share of common shares (in dollars per share)		$ 0.2	$ 0.2
Common Class E [Member]
Equity Distribution [Abstract]
Aggregate gross distributions declared per share of common shares (in dollars per share)		0.2	0.2
Common Class I [Member]
Equity Distribution [Abstract]
Aggregate gross distributions declared per share of common shares (in dollars per share)	[1]	$ 0.1	$ 0.1
[1] Shares were outstanding for a portion of the three months ended September 30, 2024 and for the period from June 4, 2024 (Date of Formation) through September 30, 2024.

Equity, Share Based Compensatio

Equity, Share Based Compensation (Details)	9 Months Ended
	Sep. 30, 2024 USD ($)
Equity [Abstract]
Non-cash compensation expense	$ 100,000

Earning Per Share (Details)

Earning Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	4 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Earnings Per Share, Basic [Abstract]
Net loss	$ (2,101)	$ (2,101)
Weighted average number of common shares outstanding, basic (in shares)	2,327	1,799
Weighted average number of common shares outstanding, diluted (in shares)	2,327	1,799
Net loss per common share, basic (in dollars per share)	$ (0.9)	$ (1.17)
Net loss per common share, diluted (in dollars per share)	$ (0.9)	$ (1.17)
Class B [Member]
Earnings Per Share, Basic [Abstract]
Net loss	$ (1,698)	$ (1,698)
Weighted average number of common shares outstanding, basic (in shares)	1,898	1,467
Weighted average number of common shares outstanding, diluted (in shares)	1,898	1,467
Net loss per common share, basic (in dollars per share)	$ (0.89)	$ (1.16)
Net loss per common share, diluted (in dollars per share)	$ (0.89)	$ (1.16)
Class E [Member]
Earnings Per Share, Basic [Abstract]
Net loss	$ (375)	$ (375)
Weighted average number of common shares outstanding, basic (in shares)	353	273
Weighted average number of common shares outstanding, diluted (in shares)	353	273
Net loss per common share, basic (in dollars per share)	$ (1.06)	$ (1.37)
Net loss per common share, diluted (in dollars per share)	$ (1.06)	$ (1.37)
Class I [Member]
Earnings Per Share, Basic [Abstract]
Net loss	$ (28)	$ (28)
Weighted average number of common shares outstanding, basic (in shares)	76	59
Weighted average number of common shares outstanding, diluted (in shares)	76	59
Net loss per common share, basic (in dollars per share)	$ (0.37)	$ (0.47)
Net loss per common share, diluted (in dollars per share)	$ (0.37)	$ (0.47)

Fair Value of Financial Instr_3

Fair Value of Financial Instruments, Investment Assets Carried at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring [Member] $ in Thousands	Sep. 30, 2024 USD ($)
Level 1 [Member]
Financial Assets: [Abstract]
Total	$ 0
Level 1 [Member] | Commercial Real Estate Loan Investments [Member]
Financial Assets: [Abstract]
Total	0
Level 1 [Member] | Equity Investments [Member]
Financial Assets: [Abstract]
Total	0
Level 1 [Member] | Tax Lien [Member]
Financial Assets: [Abstract]
Total	0
Level 2 [Member]
Financial Assets: [Abstract]
Total	0
Level 2 [Member] | Commercial Real Estate Loan Investments [Member]
Financial Assets: [Abstract]
Total	0
Level 2 [Member] | Equity Investments [Member]
Financial Assets: [Abstract]
Total	0
Level 2 [Member] | Tax Lien [Member]
Financial Assets: [Abstract]
Total	0
Level 3 [Member]
Financial Assets: [Abstract]
Total	73,148
Level 3 [Member] | Commercial Real Estate Loan Investments [Member]
Financial Assets: [Abstract]
Total	59,102
Level 3 [Member] | Equity Investments [Member]
Financial Assets: [Abstract]
Total	8,884
Level 3 [Member] | Tax Lien [Member]
Financial Assets: [Abstract]
Total	$ 5,162

Fair Value of Financial Instr_4

Fair Value of Financial Instruments, Summarizes Changes in Investments (Details) - USD ($) $ in Thousands	3 Months Ended	4 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Fair Value, Net Asset (Liability) [Abstract]
Unrealized loss on investments	$ (46)	$ (46)
Commercial Real Estate Loan Investments [Member]
Fair Value, Net Asset (Liability) [Abstract]
Beginning balance		0
Loan originations and fundings		59,102,000
Unrealized loss on investments		0
Ending balance	59,102,000	59,102,000
Equity Investments [Member]
Fair Value, Net Asset (Liability) [Abstract]
Beginning balance		0
Loan originations and fundings		8,930,000
Unrealized loss on investments		(46,000)
Ending balance	8,884,000	8,884,000
Tax Lien [Member]
Fair Value, Net Asset (Liability) [Abstract]
Beginning balance		0
Loan originations and fundings		5,162,000
Unrealized loss on investments		0
Ending balance	$ 5,162,000	$ 5,162,000

Fair Value of Financial Instr_5

Fair Value of Financial Instruments, Significant Unobservable Inputs Used in Fair Value of Investments (Details) - Fair Value, Inputs, Level 3 [Member]	2 Months Ended
	Sep. 30, 2024 USD ($)
Commercial Real Estate Loan Investments [Member] | Discount Rate [Member]
Assets, Fair Value Disclosure [Abstract]
Impact to Valuation from an Increase in Input	Decrease
Commercial Real Estate Loan Investments [Member] | Discount Rate [Member] | Minimum [Member]
Assets, Fair Value Disclosure [Abstract]
Financial asset measurement input	0.0846
Commercial Real Estate Loan Investments [Member] | Discount Rate [Member] | Maximum [Member]
Assets, Fair Value Disclosure [Abstract]
Financial asset measurement input	0.0923
Commercial Real Estate Loan Investments [Member] | Discounted Cash Flow [Member]
Assets, Fair Value Disclosure [Abstract]
Assets, Fair Value Disclosure	$ 59,102,000
Equity Investments [Member] | Discount Rate [Member]
Assets, Fair Value Disclosure [Abstract]
Impact to Valuation from an Increase in Input	Decrease
Equity Investments [Member] | Discount Rate [Member] | Minimum [Member]
Assets, Fair Value Disclosure [Abstract]
Financial asset measurement input	0.10
Equity Investments [Member] | Discount Rate [Member] | Maximum [Member]
Assets, Fair Value Disclosure [Abstract]
Financial asset measurement input	0.12
Equity Investments [Member] | Discounted Cash Flow [Member]
Assets, Fair Value Disclosure [Abstract]
Assets, Fair Value Disclosure	$ 8,884,000
Tax Lien [Member] | Yield [Member]
Assets, Fair Value Disclosure [Abstract]
Impact to Valuation from an Increase in Input	Increase
Tax Lien [Member] | Yield [Member] | Minimum [Member]
Assets, Fair Value Disclosure [Abstract]
Financial asset measurement input	0.1268
Tax Lien [Member] | Yield [Member] | Maximum [Member]
Assets, Fair Value Disclosure [Abstract]
Financial asset measurement input	0.1485
Tax Lien [Member] | Yield Analysis [Member]
Assets, Fair Value Disclosure [Abstract]
Assets, Fair Value Disclosure	$ 5,162,000

Related Party Transactions, Due

Related Party Transactions, Due to Affiliate (Details) - Adviser [Member] - USD ($) $ in Thousands	4 Months Ended
	Sep. 30, 2024	Jul. 16, 2024
Due to Affiliates [Abstract]
Reimbursement period for repayment of advance expenses	60 months
Due to affiliate	$ 4,016	$ 0
Aggregate net asset value, subject to determine advisers advance payment of operating costs	300,000
Organization and Offering Costs [Member]
Due to Affiliates [Abstract]
Due to affiliate	$ 3,300
Other Liability, Related Party [Extensible Enumeration]	Adviser [Member]
General and Administrative Expense [Member]
Due to Affiliates [Abstract]
Due to affiliate	$ 700
Other Liability, Related Party [Extensible Enumeration]	Adviser [Member]

Related Party Transactions, Man

Related Party Transactions, Management Fee (Details) - USD ($) $ in Thousands	4 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Management Fee [Abstract]
Frequency of management fee periodic payment	monthly
Management fees		$ 0
Adviser [Member] | Class S shares [Member]
Management Fee [Abstract]
Percentage of net asset value payable related to management fee	1.25%
Adviser [Member] | Class D Shares [Member]
Management Fee [Abstract]
Percentage of net asset value payable related to management fee	1.25%
Adviser [Member] | Class I Shares [Member]
Management Fee [Abstract]
Percentage of net asset value payable related to management fee	1.25%
Adviser [Member] | Class B Shares [Member]
Management Fee [Abstract]
Percentage of net asset value payable related to management fee	1%
Adviser [Member] | Class R Shares [Member]
Management Fee [Abstract]
Percentage of net asset value payable related to management fee	1%
Adviser [Member] | Class E Shares [Member]
Management Fee [Abstract]
Percentage of net asset value payable related to management fee	1%

Related Party Transactions, Per

Related Party Transactions, Performance Fee (Details) - USD ($) $ in Thousands	4 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Performance Fee [Abstract]
Performance fee		$ 0
Adviser [Member]
Performance Fee [Abstract]
Percentage of performance fee	12.50%
Percentage of quarterly hurdle rate	1.25%
Percentage of annual hurdle rate	5%
Multiplier to adjusted capital	0.875
Adviser [Member] | Class B Shares [Member]
Performance Fee [Abstract]
Percentage of performance fee	0%
Adviser [Member] | Class R Shares [Member]
Performance Fee [Abstract]
Percentage of performance fee	0%
Adviser [Member] | Class E Shares [Member]
Performance Fee [Abstract]
Percentage of performance fee	0%

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2024 USD ($)
Equity Investments [Member]
Other Commitments [Abstract]
Unfunded commitments	$ 141.1
CRE loan Investments [Member]
Other Commitments [Abstract]
Unfunded commitments	$ 5.1

Subsequent Events, Investment A

Subsequent Events, Investment Activity (Details) - Subsequent Event [Member] - USD ($) $ in Thousands		Dec. 09, 2024	Dec. 04, 2024	Nov. 26, 2024	Nov. 25, 2024	Nov. 21, 2024	Nov. 20, 2024	Nov. 18, 2024	Nov. 04, 2024	Nov. 01, 2024	Oct. 02, 2024
Florida [Member] | Multifamily [Member]
Investment Activity [Abstract]
Origination Date											Oct. 02, 2024
Loan Amount	[1]										$ 21,780
Outstanding Principal											$ 21,000
Interest Rate											8.41%
Maturity Date											Oct. 02, 2027
Louisiana [Member] | Multifamily [Member]
Investment Activity [Abstract]
Origination Date										Nov. 01, 2024
Loan Amount	[1]									$ 66,800
Outstanding Principal										$ 66,500
Interest Rate										8.19%
Maturity Date										Nov. 01, 2026
Georgia [Member] | Hospitality [Member]
Investment Activity [Abstract]
Origination Date									Nov. 04, 2024
Loan Amount	[1]								$ 28,500
Outstanding Principal									$ 28,500
Interest Rate									9.85%
Maturity Date									Nov. 04, 2027
New York [Member] | Multifamily [Member]
Investment Activity [Abstract]
Origination Date		Dec. 09, 2024		Nov. 26, 2024				Nov. 18, 2024
Loan Amount	[1]	$ 6,875		$ 33,750				$ 3,600
Outstanding Principal		$ 6,875		$ 33,750				$ 3,410
Interest Rate		8.51%		8.18%				8.39%
Maturity Date		Dec. 09, 2025		Nov. 25, 2026				Dec. 01, 2026
Texas [Member] | Hospitality [Member]
Investment Activity [Abstract]
Origination Date							Nov. 20, 2024
Loan Amount	[1]						$ 27,200
Outstanding Principal							$ 23,725
Interest Rate							8.11%
Maturity Date							Nov. 20, 2027
California [Member] | Multifamily [Member]
Investment Activity [Abstract]
Origination Date					Nov. 25, 2024	Nov. 21, 2024
Loan Amount	[1]				$ 12,000	$ 11,175
Outstanding Principal					$ 12,000	$ 9,550
Interest Rate					8.11%	7.49%
Maturity Date					Dec. 01, 2027	Dec. 01, 2027
Oregon [Member] | Multifamily [Member]
Investment Activity [Abstract]
Origination Date			Dec. 04, 2024
Loan Amount	[1]		$ 58,000
Outstanding Principal			$ 57,000
Interest Rate			8.24%
Maturity Date			Jan. 01, 2028
[1] Loan amount consists of outstanding principal balance plus unfunded loan commitments

Subsequent Events, Investments

Subsequent Events, Investments in Tax Liens (Details) - Subsequent Event [Member] $ in Thousands		3 Months Ended
	Dec. 20, 2024 USD ($) Lien	Dec. 20, 2024 USD ($)
Investments in Tax Liens [Abstract]
Lien Count | Lien	66,442
Purchase Price	$ 81,235	$ 81,235
Payments to acquire mortgage service rights		1,000
California [Member]
Investments in Tax Liens [Abstract]
Lien Count | Lien	64,834
Purchase Price	$ 64,648	64,648
Colorado [Member]
Investments in Tax Liens [Abstract]
Lien Count | Lien	1,177
Purchase Price	$ 9,418	9,418
New Jersey [Member]
Investments in Tax Liens [Abstract]
Lien Count | Lien	166
Purchase Price	$ 4,651	4,651
Illinois [Member]
Investments in Tax Liens [Abstract]
Lien Count | Lien	265
Purchase Price	$ 2,518	$ 2,518

Subsequent Events, Borrowing Ac

Subsequent Events, Borrowing Activity (Details) - Subsequent Event [Member] - USD ($) $ in Thousands			3 Months Ended
	Nov. 08, 2024	Oct. 11, 2024	Dec. 20, 2024
Debt Instruments [Abstract]
Borrowings Outstanding			$ 172,243
Repurchase Agreements [Member]
Debt Instruments [Abstract]
Borrowings Outstanding			167,780
GS Seller I Repurchase Agreement [Member]
Debt Instruments [Abstract]
Borrowings Outstanding			$ 119,246
Maturity Date		Aug. 16, 2027	Aug. 16, 2027
GS Seller III Repurchase Agreement [Member]
Debt Instruments [Abstract]
Borrowings Outstanding			$ 34,508
Maturity Date			Oct. 11, 2027
Atlas Repurchase Agreement [Member]
Debt Instruments [Abstract]
Borrowings Outstanding			$ 14,027
Maturity Date			Oct. 11, 2027
JPM Loan Agreement [Member]
Debt Instruments [Abstract]
Borrowings Outstanding			$ 4,462
Maturity Date	May 08, 2027		May 08, 2027

Subsequent Events, Atlas Repurc

Subsequent Events, Atlas Repurchase Agreement (Details) - Subsequent Event [Member] - Atlas Repurchase Agreement [Member] - USD ($) $ in Millions		3 Months Ended
	Oct. 11, 2024	Dec. 20, 2024
Line of Credit Facility [Abstract]
Debt instrument, maximum borrowing capacity	$ 200
Basis spread term	1 month
Floor rate	2.50%
Debt instrument, basis spread on variable rate	2.50%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Debt instrument, maturity date		Oct. 11, 2027
Debt instrument, maturity extension term	1 year

Subsequent Events, GS Seller Re

Subsequent Events, GS Seller Repurchase Agreement (Details) - Subsequent Event [Member] - USD ($) $ in Millions		3 Months Ended
	Oct. 11, 2024	Dec. 20, 2024
GS Repurchase Agreement [Member]
Line of Credit Facility [Abstract]
Debt instrument, maximum borrowing capacity		$ 500
Basis spread term	1 month
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Debt instrument, maturity extension term	1 year
Debt instruments maturity, additional extension term	1 year
GS Seller I Repurchase Agreement [Member]
Line of Credit Facility [Abstract]
Debt instrument, maturity date	Aug. 16, 2027	Aug. 16, 2027
GS Seller III Repurchase Agreement [Member]
Line of Credit Facility [Abstract]
Debt instrument, maturity date		Oct. 11, 2027

Subsequent Events, JPM Loan Agr

Subsequent Events, JPM Loan Agreement (Details) - Subsequent Event [Member] - JPM Loan Agreement [Member] - USD ($) $ in Millions		3 Months Ended
	Nov. 08, 2024	Dec. 20, 2024
Loan Agreement [Abstract]
Debt instrument, maximum borrowing capacity	$ 300
Debt instrument, maturity date	May 08, 2027	May 08, 2027
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Debt instrument, interest rate	0%
Debt instrument, basis spread on variable rate	2%

Subsequent Events, Amended Offe

Subsequent Events, Amended Offering Documents (Details) - Subsequent Event [Member] - Common Stock [Member]	Dec. 20, 2024	Nov. 18, 2024
Class J-1 Common Shares [Member]
Amended Offering [Abstract]
Management fee percentage		1%
Percentage of performance fee		0%
Class J-2 Common Shares [Member]
Amended Offering [Abstract]
Management fee percentage		1%
Percentage of performance fee		0%
Class J-3 Common Shares [Member]
Amended Offering [Abstract]
Management fee percentage	1%	1.25%
Percentage of performance fee	0%	12.50%
Class J-5 Common Shares [Member]
Amended Offering [Abstract]
Management fee percentage	1.25%
Percentage of performance fee	12.50%

Subsequent Events, Proceeds fro

Subsequent Events, Proceeds from the Issuance of Common Shares (Details) - USD ($) shares in Thousands, $ in Thousands				3 Months Ended	4 Months Ended
	Dec. 02, 2024	Nov. 01, 2024	Oct. 01, 2024	Sep. 30, 2024	Sep. 30, 2024
Equity [Abstract]
Aggregate number of shares issued and sold (in shares)				5,246	5,246
Proceeds from issuance of common stock				$ 104,904	$ 104,904
Class B Shares [Member]
Equity [Abstract]
Aggregate number of shares issued and sold (in shares)				4,351	4,351
Class I Shares [Member]
Equity [Abstract]
Aggregate number of shares issued and sold (in shares)				250	250
Class E Shares [Member]
Equity [Abstract]
Aggregate number of shares issued and sold (in shares)				645	645
Common Stock [Member] | Class B Shares [Member]
Equity [Abstract]
Proceeds from issuance of common stock				$ 44	$ 44
Common Stock [Member] | Class I Shares [Member]
Equity [Abstract]
Proceeds from issuance of common stock				3	3
Common Stock [Member] | Class E Shares [Member]
Equity [Abstract]
Proceeds from issuance of common stock				$ 6	$ 6
Subsequent Event [Member]
Equity [Abstract]
Proceeds from issuance of common stock	$ 97,100	$ 8,500	$ 20,400
Subsequent Event [Member] | Common Stock [Member]
Equity [Abstract]
Aggregate number of shares issued and sold (in shares)	4,838,996	422,819	1,021,026
Subsequent Event [Member] | Common Stock [Member] | Class B Shares [Member]
Equity [Abstract]
Aggregate number of shares issued and sold (in shares)	3,377,140	410,011	1,013,280
Subsequent Event [Member] | Common Stock [Member] | Class I Shares [Member]
Equity [Abstract]
Aggregate number of shares issued and sold (in shares)	83	12,461	5,000
Subsequent Event [Member] | Common Stock [Member] | Class E Shares [Member]
Equity [Abstract]
Aggregate number of shares issued and sold (in shares)	485,808	347	2,746
Subsequent Event [Member] | Common Stock [Member] | Class R Shares [Member]
Equity [Abstract]
Aggregate number of shares issued and sold (in shares)	975,965