v3.26.1
Fair Value Measurements - Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets:    
Investments in real estate-related securities $ 30,663 $ 33,259
Investments in commercial loans 197,098 95,335
Investment in affiliated fund 8,153 12,545
Derivative instruments 510 405
Liabilities:    
Interest rate swaps 159 524
Fair Value, Recurring    
Assets:    
Investments in real estate-related securities 30,663 33,259
Investments in commercial loans 197,098 95,335
Investment in affiliated fund 8,153 12,545
Total assets 236,424 141,544
Liabilities:    
Total liabilities 159 524
Fair Value, Recurring | Interest rate swap    
Assets:    
Derivative instruments 510 405
Liabilities:    
Interest rate swaps 159 524
Level 1 | Fair Value, Recurring    
Assets:    
Investments in real estate-related securities 1,885 2,008
Investments in commercial loans 0 0
Investment in affiliated fund 0 0
Total assets 1,885 2,008
Liabilities:    
Total liabilities 0 0
Level 1 | Fair Value, Recurring | Interest rate swap    
Assets:    
Derivative instruments 0 0
Liabilities:    
Interest rate swaps 0 0
Level 2 | Fair Value, Recurring    
Assets:    
Investments in real estate-related securities 28,778 31,251
Investments in commercial loans 0 0
Investment in affiliated fund 0 0
Total assets 29,288 31,656
Liabilities:    
Total liabilities 159 524
Level 2 | Fair Value, Recurring | Interest rate swap    
Assets:    
Derivative instruments 510 405
Liabilities:    
Interest rate swaps 159 524
Level 3 | Fair Value, Recurring    
Assets:    
Investments in real estate-related securities 0 0
Investments in commercial loans 197,098 95,335
Investment in affiliated fund 0 0
Total assets 197,098 95,335
Liabilities:    
Total liabilities 0 0
Level 3 | Fair Value, Recurring | Interest rate swap    
Assets:    
Derivative instruments 0 0
Liabilities:    
Interest rate swaps 0 0
NAV as a Practical Expedient | Fair Value, Recurring    
Assets:    
Investments in real estate-related securities 0 0
Investments in commercial loans 0 0
Investment in affiliated fund 8,153 12,545
Total assets 8,153 12,545
Liabilities:    
Total liabilities 0 0
NAV as a Practical Expedient | Fair Value, Recurring | Interest rate swap    
Assets:    
Derivative instruments 0 0
Liabilities:    
Interest rate swaps $ 0 $ 0