Segment Reporting - Summary of Total Assets by Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Total assets	$ 1,503,518	$ 603,996
Multifamily
Segment Reporting Information [Line Items]
Total assets	649,339	174,928
Industrial
Segment Reporting Information [Line Items]
Total assets	438,750	120,741
Single-family rental
Segment Reporting Information [Line Items]
Total assets	43,671	45,005
Retail
Segment Reporting Information [Line Items]
Total assets	122,873	51,081
Investments in real estate debt, real estate-related and other securities
Segment Reporting Information [Line Items]
Total assets	241,220	91,859
Other (corporate)
Segment Reporting Information [Line Items]
Total assets	$ 7,665	$ 120,382

Amount of asset recognized for present right to economic benefit.

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+ Details