Debt and Preferred Equity Investments - Schedule of Debt Investments with an Aggregate Weighted Average Current Yield (Details) - USD ($)	6 Months Ended
	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgage loans on real estate, interest rate	5.01%
Debt Investments Held [Abstract]
Carrying Value, Fixed Rate	$ 315,684,000	$ 303,726,000
Debt and preferred equity investments	315,684,000	303,726,000
Allowance for loan loss	(66,452,000)	(13,520,000)	$ (13,520,000)
Debt Investments in Mortgage Loans
Debt Investments Held [Abstract]
Future Funding Obligations	3,477,000
Senior Financing	708,671,000
Debt and preferred equity investments	176,730,000	167,006,000
Allowance for loan loss	(454,000)	(13,520,000)
Total fixed rate
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	180,000,000
Carrying Value, Fixed Rate	46,786,000	63,366,000
Total fixed rate | Mezzanine Loan Due June 2024
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	0
Carrying Value, Fixed Rate	0	13,366,000
Total fixed rate | Mezzanine Loan Due January 2025 -1
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	95,000,000
Carrying Value, Fixed Rate	26,786,000	30,000,000
Total fixed rate | Mezzanine Loan Due December 2029
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	85,000,000
Carrying Value, Fixed Rate	20,000,000	20,000,000
Total floating rate
Debt Investments Held [Abstract]
Future Funding Obligations	3,477,000
Senior Financing	528,671,000
Debt and preferred equity investments	130,398,000	117,160,000
Total floating rate | Mezzanine Loan Due July 2025
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	54,000,000
Debt and preferred equity investments	9,268,000	8,991,000
Loan interest income	0
Total floating rate | Mezzanine Loan Due December 2025
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	283,000,000
Debt and preferred equity investments	53,687,000	53,687,000
Loan interest income	0
Total floating rate | Mezzanine Loan Due January 2026
Debt Investments Held [Abstract]
Future Funding Obligations	3,477,000
Senior Financing	191,671,000
Debt and preferred equity investments	$ 67,443,000	$ 54,482,000