v3.26.1
Fair Value Measurements - Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets:    
Investments in real estate-related securities $ 26,904 $ 33,259
Investments in commercial loans 197,867 95,335
Investment in affiliated fund 7,249 12,545
Interest rate swap 522 405
Liabilities:    
Interest rate swaps 0 524
Fair Value, Recurring    
Assets:    
Investments in real estate-related securities 26,904 33,259
Investments in commercial loans 197,867 95,335
Investment in affiliated fund 7,249 12,545
Total assets 232,542 141,544
Liabilities:    
Total liabilities   524
Fair Value, Recurring | Interest rate swaps    
Assets:    
Interest rate swap 522 405
Liabilities:    
Interest rate swaps   524
Level 1 | Fair Value, Recurring    
Assets:    
Investments in real estate-related securities 1,889 2,008
Investments in commercial loans 0 0
Investment in affiliated fund 0 0
Total assets 1,889 2,008
Liabilities:    
Total liabilities   0
Level 1 | Fair Value, Recurring | Interest rate swaps    
Assets:    
Interest rate swap 0 0
Liabilities:    
Interest rate swaps   0
Level 2 | Fair Value, Recurring    
Assets:    
Investments in real estate-related securities 25,015 31,251
Investments in commercial loans 0 0
Investment in affiliated fund 0 0
Total assets 25,537 31,656
Liabilities:    
Total liabilities   524
Level 2 | Fair Value, Recurring | Interest rate swaps    
Assets:    
Interest rate swap 522 405
Liabilities:    
Interest rate swaps   524
Level 3 | Fair Value, Recurring    
Assets:    
Investments in real estate-related securities 0 0
Investments in commercial loans 197,867 95,335
Investment in affiliated fund 0 0
Total assets 197,867 95,335
Liabilities:    
Total liabilities   0
Level 3 | Fair Value, Recurring | Interest rate swaps    
Assets:    
Interest rate swap 0 0
Liabilities:    
Interest rate swaps   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 7,249 12,545
Total assets 7,249 12,545
Liabilities:    
Total liabilities   0
NAV as a Practical Expedient | Fair Value, Recurring | Interest rate swaps    
Assets:    
Interest rate swap $ 0 0
Liabilities:    
Interest rate swaps   $ 0