Subsequent Events	12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	18. Subsequent Events The Company evaluated subsequent events through the issuance date of the financial statements, and determined that except as otherwise disclosed herein there were no additional material subsequent events requiring disclosure. On January 14, 2026, the Company originated an $84.0 million whole loan to fund the acquisition and renovation of a 198-unit, 1986-vintage, townhome style multifamily property in the San Diego, California Metropolitan Statistical Area. The origination was funded with the proceeds from the sale of shares of common stock and borrowings from the Credit Facility. Subsequent to December 31, 2025 through March 16, 2026 , the Company repurchased 1.9 million Class E units from the Adviser for an aggregate amount of $22.2 million. On March 11, 2026, the Company, the Operating Partnership, and the Adviser entered into that certain Fourth Amended and Restated Advisory Agreement (the “Fourth A&R Advisory Agreement”). The Fourth A&R Advisory Agreement amends and restates the prior version of the advisory agreement. The amendments make certain updates to the terms requested by a state securities examiner and also allow us to reimburse the Adviser for all expenses, at the Adviser’s discretion, in cash or cash equivalent aggregate NAV amounts of Class E shares, Class I shares, Class I units or Class E units.

Subsequent Events

12 Months Ended

Dec. 31, 2025

18. Subsequent Events

The Company evaluated subsequent events through the issuance date of the financial statements, and determined that except as otherwise disclosed herein there were no additional material subsequent events requiring disclosure.

On January 14, 2026, the Company originated an $84.0 million whole loan to fund the acquisition and renovation of a 198-unit, 1986-vintage, townhome style multifamily property in the San Diego, California Metropolitan Statistical Area. The origination was funded with the proceeds from the sale of shares of common stock and borrowings from the Credit Facility.

Subsequent to December 31, 2025 through March 16, 2026 , the Company repurchased 1.9 million Class E units from the Adviser for an aggregate amount of $22.2 million.

On March 11, 2026, the Company, the Operating Partnership, and the Adviser entered into that certain Fourth Amended and Restated Advisory Agreement (the “Fourth A&R Advisory Agreement”). The Fourth A&R Advisory Agreement amends and restates the prior version of the advisory agreement. The amendments make certain updates to the terms requested by a state securities examiner and also allow us to reimburse the Adviser for all expenses, at the Adviser’s discretion, in cash or cash equivalent aggregate NAV amounts of Class E shares, Class I shares, Class I units or Class E units.