v3.26.3
COMMERCIAL LOANS AND INVESTMENTS - Components - Tabular Disclosure (Details) - USD ($)
$ in Thousands
9 Months Ended 12 Months Ended
May 07, 2026
Apr. 17, 2026
Jan. 01, 2026
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Jul. 11, 2024
Commercial Loans and Investments              
Original Face Amount       $ 263,763   $ 159,650  
Current Face Amount       227,945   108,050  
Carrying Value       224,737   105,944  
CECL Reserve       (2,257)   (1,140)  
Total Commercial Loans and Investments       222,480   104,804  
Preferred Equity Agreement, Mixed-use Property, Watters Creek at Montgomery Farm, Allen, Texas              
Commercial Loans and Investments              
Original Face Amount           30,000  
Current Face Amount           30,000  
Carrying Value           $ 29,980  
Coupon Rate (as a percent)           9.50%  
Preferred Equity Agreements, 2026              
Commercial Loans and Investments              
Original Face Amount       133,400      
Preferred Equity Agreement, Class A Premier Retail Preferred Investment, Southwest              
Commercial Loans and Investments              
Original Face Amount   $ 75,000   75,750      
Current Face Amount       75,750      
Carrying Value       $ 74,448      
Coupon Rate (as a percent)   12.00%   12.00%      
Preferred Equity Agreement, Grocery-Anchored Retail Development Preferred Investment, Northeast              
Commercial Loans and Investments              
Original Face Amount $ 21,400     $ 21,363      
Current Face Amount       21,621      
Carrying Value       $ 21,465      
Coupon Rate (as a percent) 12.00%     12.00%      
Mortgage Note, Founders Square, Dallas, Texas              
Commercial Loans and Investments              
Original Face Amount       $ 15,000   $ 15,000  
Current Face Amount       15,000   15,000  
Carrying Value       $ 14,973   $ 14,992  
Coupon Rate (as a percent)     9.50% 9.50%   8.75%  
Mortgage Note, Main Street, Daytona Beach, Florida              
Commercial Loans and Investments              
Original Face Amount       $ 5,000 $ 5,000 $ 5,000  
Current Face Amount       5,000   5,000  
Carrying Value       $ 4,981   $ 4,977  
Coupon Rate (as a percent)       6.50% 6.50% 6.50%  
Series A Preferred Investment              
Commercial Loans and Investments              
Original Face Amount       $ 10,000   $ 10,000 $ 10,000
Current Face Amount       10,000   10,000  
Carrying Value       $ 9,945   $ 9,929  
Coupon Rate (as a percent)       14.00%   14.00%  
Construction Loan, Rivana, Herndon, Virginia              
Commercial Loans and Investments              
Original Face Amount       $ 59,450   $ 59,450  
Current Face Amount       48,937   34,246  
Carrying Value       $ 47,798   $ 32,478  
Coupon Rate (as a percent)     12.00% 12.00%   11.50%  
Construction Loan, Rivana, Herndon, Virginia | Weighted Average              
Commercial Loans and Investments              
Coupon Rate (as a percent)       11.65%      
Construction Loan, Whole Foods, Forsyth, Georgia              
Commercial Loans and Investments              
Original Face Amount       $ 40,200   $ 40,200  
Current Face Amount       21,844   13,804  
Carrying Value       $ 21,748   $ 13,588  
Coupon Rate (as a percent)       12.15%   12.15%  
Construction Loan, Mixed-Use Property, Austin, Texas              
Commercial Loans and Investments              
Original Face Amount       $ 37,000      
Current Face Amount       29,793      
Carrying Value       $ 29,379      
Coupon Rate (as a percent)       9.75%