Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Assets Measured at Fair Value on a Recurring Basis

The following table details the Company's assets measured at fair value on a recurring basis ($ in thousands):


		December 31, 2025																December 31, 2024
		Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3				Total
Assets:
Investments in real estate debt		$	—			$	121,521			$	1,085,326			$	1,206,847			$	—			$	73,120			$	814,066			$	887,186
Total		$	—			$	121,521			$	1,085,326			$	1,206,847			$	—			$	73,120			$	814,066			$	887,186

The following table details the Company's assets measured at fair value on a recurring basis using Level 3 inputs ($ in thousands):


		Investments in Real Estate Debt
Balance as of December 31, 2023			302,868
Originations, acquisitions, and add on fundings			511,374
Repayments			-
Amortization of discount/premium and payment-in-kind interest			178
Included in net income:
Unrealized gain/(loss) from investments in real estate debt			(354	)
Balance as of December 31, 2024			814,066
Originations, acquisitions, and add on fundings			534,082
Repayments			(263,556	)
Amortization of discount/premium and payment-in-kind interest			731
Included in net income:
Unrealized gain/(loss) from investments in real estate debt			3
Balance as of December 31, 2025			1,085,326

Summary of Quantitative Inputs and Assumptions Used for items Categorized in Level 3 of Fair Value Hierarchy

The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands):

            
           December 31, 2025

            
           Fair Value

           Valuation Technique

           Unobservable Inputs

           Rate Range

           Weighted Average

           Impact to Valuation from an Increase in Input

           Assets:

Investments in real estate debt

$

1,085,326

Discounted cash flow

Discount rate

5.98% - 11.00%

7.6%

Decrease

            
           December 31, 2024

            
           Fair Value

           Valuation Technique

           Unobservable Inputs

           Rate Range

           Weighted Average

           Impact to Valuation from an Increase in Input

           Assets:

Investments in real estate debt

$

814,066

Discounted cash flow

Discount rate

6.50% - 12.13%

8.2%

Decrease

Summary of Investments in Real estate Stated at Cost and Generally Depreciated on Straight-Line Basis over Estimated Useful Lives of Assets

The Company's investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows:


Description		Depreciable Life
Buildings		17 - 50 years
Building and land improvements		6 - 15 years
Furniture, fixtures & equipment		10 years
Tenant improvements		Tenant improvements are amortized on a straight-line basis over the lives of the related leases, which approximate the useful lives of the tenant improvements
Lease intangibles and leasehold improvements		Lease term

Summary of Selling Commissions, Dealer Manager Fees, and Stockholder Servicing Fees for each Applicable Share Class

The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of December 31, 2025:


		Class S Shares		Class D Shares		Class I Shares				Class F-I Shares				Class A-I Shares				Class A-III Shares
Selling commissions and dealer manager fees (% of transaction price)		up to 3.5%		up to 1.5%			—				—				—				—
Stockholder servicing fee (% of NAV)		0.85%		0.25%			—				—				—				—