Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Investments in real estate, net	$ 1,583,386	$ 1,592,802
Investments in real estate-related loans and securities, net	101,053	71,505
Investments in unconsolidated entities	167,788	81,566
Intangible assets, net	31,669	35,008
Cash and cash equivalents	35,147	13,763
Restricted cash	11,298	10,544
Accounts and other receivables	11,691	9,401
Other assets	88,505	6,674
Total Assets	2,030,537	1,821,263
Liabilities and Equity
Mortgage loans and secured credit facilities, net	1,103,507	1,061,366
Affiliate line of credit	0	12,790
Due to affiliates	26,836	32,883
Intangible liabilities, net	23,444	24,783
Accounts payable, accrued expenses and other liabilities	42,851	42,732
Subscriptions received in advance	370	1,204
Liabilities, Total	1,197,008	1,175,758
Commitments and Contingencies	0	0
Redeemable non-controlling interests attributable to OP unitholders	960	302,743
Equity, Attributable to Parent [Abstract]
Preferred stock, $0.01 par value per share, 50,000 shares authorized; no shares issued nor outstanding at December 31, 2025 and December 31, 2024, respectively	0	0
Additional paid-in capital	1,053,490	619,431
Accumulated deficit	(350,514)	(296,692)
Total Stockholders’ Equity	703,842	323,226
Non-controlling interests in consolidated joint ventures	112,018	18,911
Non-controlling interests attributable to preferred stockholders	625	625
Non-controlling interests attributable to Operating Partnership unitholders	16,084	0
Total Equity	832,569	342,762
Total Liabilities and Stockholders’ Equity	$ 2,030,537	$ 1,821,263
Common Stock, Shares, outstanding (in shares)	92,598,000	51,803,000
Variable Interest Entity, Primary Beneficiary
Assets
Total Assets	$ 526,300	$ 392,600
Liabilities and Equity
Liabilities, Total	329,000	252,900
Common Stock Class S
Equity, Attributable to Parent [Abstract]
Common stock	$ 250	$ 278
Common Stock, Shares, outstanding (in shares)	24,982,000	27,817,000
Common stock, shares issued (in shares)	24,982,000	27,817,000
Common Stock Class I
Equity, Attributable to Parent [Abstract]
Common stock	$ 574	$ 142
Common Stock, Shares, outstanding (in shares)	57,394,000	14,215,000
Common stock, shares issued (in shares)	57,394,000	14,215,000
Common Stock Class T
Equity, Attributable to Parent [Abstract]
Common stock	$ 0	$ 0
Common Stock, Shares, outstanding (in shares)	20,000	0
Common stock, shares issued (in shares)	20,000	0
Common Stock Class D
Equity, Attributable to Parent [Abstract]
Common stock	$ 1	$ 1
Common Stock, Shares, outstanding (in shares)	98,000	127,000
Common stock, shares issued (in shares)	98,000	127,000
Common Stock Class C
Equity, Attributable to Parent [Abstract]
Common stock	$ 41	$ 66
Common Stock, Shares, outstanding (in shares)	6,156,000	8,262,000
Common stock, shares issued (in shares)	6,156,000	8,262,000
Common Stock Class E
Equity, Attributable to Parent [Abstract]
Common stock	$ 0	$ 0
Common Stock, Shares, outstanding (in shares)	3,948,000	1,382,000
Common stock, shares issued (in shares)	3,948,000	1,382,000