v3.25.2
Secured Debt, net - Schedule of Debt (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Weighted-Average Interest Rate 4.15% [1] 4.15% [2]
Deferred financing costs, net $ (3,313) $ (511)
Total secured debt, net: Amortized Cost 452,627 108,359
Total secured debt, net: Principal Balance $ 458,093 $ 111,415
Mortgage loans    
Debt Instrument [Line Items]    
Weighted-Average Interest Rate [3],[4] 5.86% 4.02%
Amortized Cost [3] $ 405,640 $ 58,570
Total secured debt, net: Principal Balance [3] $ 407,793 $ 61,115
Mortgage loans | Weighted Average    
Debt Instrument [Line Items]    
Weighted-Average Maturity Date [3] May 26, 2030 Apr. 01, 2028
Secured note    
Debt Instrument [Line Items]    
Amortized Cost [5] $ 50,300 $ 50,300
Total secured debt, net: Principal Balance [5] $ 50,300 $ 50,300
Secured note | Weighted Average    
Debt Instrument [Line Items]    
Weighted-Average Maturity Date [5] Jan. 01, 2028 Jan. 01, 2028
Secured note | SOFR    
Debt Instrument [Line Items]    
Weighted-Average Interest Rate [4],[5] 2.00% 2.00%
[1] Represents the one-month SOFR, which was 4.32% as of June 30, 2025.
[2] Represents the one-month SOFR, which was 4.50% as of December 31, 2024.
[3] Amortized cost is net of unamortized mortgage discount of $2,153 and $2,545 as of June 30, 2025 and December 31, 2024, respectively.
[4] The term "S" represents one-month SOFR, which was 4.32% and 4.50% as of June 30, 2025 and December 31, 2024, respectively.
[5] Secured by an investment in real estate debt with the same benchmark rate and maturity date including two one-year extension options.