v3.26.3
Fair Value Measurements - Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Assets:    
Investments in real estate-related securities $ 41,856 $ 33,259
Investments in commercial loans 198,243 95,335
Investment in affiliated fund 6,802 12,545
Interest rate swap 541 405
Liabilities:    
Interest rate swaps 0 524
Fair Value, Recurring    
Assets:    
Investments in real estate-related securities 41,856 33,259
Investments in commercial loans 198,243 95,335
Investment in affiliated fund 6,802 12,545
Total assets 247,442 141,544
Liabilities:    
Total liabilities   524
Fair Value, Recurring | Interest rate swaps    
Assets:    
Interest rate swap 541 405
Liabilities:    
Interest rate swaps   524
Level 1 | Fair Value, Recurring    
Assets:    
Investments in real estate-related securities 1,793 2,008
Investments in commercial loans 0 0
Investment in affiliated fund 0 0
Total assets 1,793 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 40,063 31,251
Investments in commercial loans 0 0
Investment in affiliated fund 0 0
Total assets 40,604 31,656
Liabilities:    
Total liabilities   524
Level 2 | Fair Value, Recurring | Interest rate swaps    
Assets:    
Interest rate swap 541 405
Liabilities:    
Interest rate swaps   524
Level 3 | Fair Value, Recurring    
Assets:    
Investments in real estate-related securities 0 0
Investments in commercial loans 198,243 95,335
Investment in affiliated fund 0 0
Total assets 198,243 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 6,802 12,545
Total assets 6,802 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