v3.26.1
Summary of Significant Accounting Policies - Schedule of Company's Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Recurring Basis    
Assets, Fair Value Disclosure [Abstract]    
Investments, fair value disclosure $ 239,923 $ 85,727
Liabilities, Fair Value Disclosure [Abstract]    
Liabilities, fair value disclosure 55,148 105,460
Recurring Basis | Level 1    
Assets, Fair Value Disclosure [Abstract]    
Investments, fair value disclosure   588
Liabilities, Fair Value Disclosure [Abstract]    
Liabilities, fair value disclosure   17
Recurring Basis | Level 2    
Assets, Fair Value Disclosure [Abstract]    
Investments, fair value disclosure 15,323 5,829
Liabilities, Fair Value Disclosure [Abstract]    
Liabilities, fair value disclosure 354 118
Recurring Basis | Level 3    
Assets, Fair Value Disclosure [Abstract]    
Investments, fair value disclosure 224,600 79,310
Liabilities, Fair Value Disclosure [Abstract]    
Liabilities, fair value disclosure 54,794 105,325
Mandatorily Redeemable Instruments | Level 3    
Liabilities, Fair Value Disclosure [Abstract]    
Liabilities, fair value disclosure [1] 54,794 105,325
Mandatorily Redeemable Instruments | Recurring Basis    
Liabilities, Fair Value Disclosure [Abstract]    
Liabilities, fair value disclosure 54,794 105,325
Mandatorily Redeemable Instruments | Recurring Basis | Level 3    
Liabilities, Fair Value Disclosure [Abstract]    
Liabilities, fair value disclosure 54,794 105,325
Treasury-note Futures Contracts | Recurring Basis    
Liabilities, Fair Value Disclosure [Abstract]    
Derivatives, fair value disclosure [2]   17
Treasury-note Futures Contracts | Recurring Basis | Level 1    
Liabilities, Fair Value Disclosure [Abstract]    
Derivatives, fair value disclosure [2]   17
Interest Rate Swap | Recurring Basis    
Liabilities, Fair Value Disclosure [Abstract]    
Derivatives, fair value disclosure [2] 354 118
Interest Rate Swap | Recurring Basis | Level 2    
Liabilities, Fair Value Disclosure [Abstract]    
Derivatives, fair value disclosure [2] 354 118
Investment in Real Estate Debt | Recurring Basis    
Assets, Fair Value Disclosure [Abstract]    
Investments, fair value disclosure 224,600 79,310
Investment in Real Estate Debt | Recurring Basis | Level 3    
Assets, Fair Value Disclosure [Abstract]    
Investments, fair value disclosure 224,600 79,310
Investments in Real Estate-related and Other Securities | Recurring Basis    
Assets, Fair Value Disclosure [Abstract]    
Investments, fair value disclosure 15,323 6,417
Investments in Real Estate-related and Other Securities | Recurring Basis | Level 1    
Assets, Fair Value Disclosure [Abstract]    
Investments, fair value disclosure   588
Investments in Real Estate-related and Other Securities | Recurring Basis | Level 2    
Assets, Fair Value Disclosure [Abstract]    
Investments, fair value disclosure $ 15,323 $ 5,829
[1]

(2) Mandatorily Redeemable Instruments are carried at the NAV of the Class E shares/units, which is determined monthly in accordance with the Company’s valuation guidelines.
[2]

(1) Included in accounts payable, accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets.