Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table sets forth the total assets by segment ($ in thousands):

	December 31, 2025		December 31, 2024
Multifamily/Student Housing	$	984,316	$	1,008,812
Office	34,997		33,695
Logistics	176,507		104,330
Single-Family Rental	211,813		183,510
Net Lease	411,962		413,130
Real Estate-Related Loans and Securities	101,053		71,505
Total assets for reportable segments	1,920,648		1,814,982
Other (Corporate)	109,889		6,281
Total assets	$	2,030,537	$	1,821,263

The following table sets forth the financial results by segment for the year ended December 31, 2025 ($ in thousands):

	Multifamily/Student Housing		Office		Logistics		Single-Family Rental		Net Lease		Real Estate-Related Loans and Securities		Total
Revenues:
Rental revenues	$	80,943	$	5,974	$	8,105	$	14,349	$	20,463	$	—	$	129,834
Other revenues	12,738		2		11		678		45		—		13,474
Total revenues	93,681		5,976		8,116		15,027		20,508		—		143,308
Expenses:
Rental property operating	38,723		3,228		2,080		7,740		3,946		—		55,717
Total expenses	38,723		3,228		2,080		7,740		3,946		—		55,717
Income from real estate-related loans and securities	—		—		—		—		—		17,497		17,497
Gain from unconsolidated entities	—		—		14,406		—		6,592		—		20,998
Segment net operating income	$	54,958	$	2,748	$	20,442	$	7,287	$	23,154	$	17,497	$	126,086
Other income, net													1,407
Depreciation and amortization													(52,550)
General and administrative expenses													(6,392)
Management fee													(12,726)
Interest expense													(59,032)
Net loss													$	(3,207)
Net income attributable to non-controlling interests in consolidated joint ventures													(1,845)
Net income attributable to non-controlling interests - preferred stockholders													(77)
Net loss attributable to redeemable non-controlling interests													916
Net loss attributable to non-controlling interest in Operating Partnership unitholders													45
Net loss attributable to stockholders													$	(4,168)

The following table sets forth the financial results by segment for the year ended December 31, 2024 ($ in thousands):

	Multifamily/Student Housing		Office		Logistics		Single-Family Rental		Net Lease		Real Estate-Related Loans and Securities		Total
Revenues:
Rental revenues	$	78,790	$	9,294	$	8,078	$	12,504	$	20,755	$	—	$	129,421
Other revenues	12,886		794		6		628		253		—		14,567
Total revenues	91,676		10,088		8,084		13,132		21,008		—		143,988
Expenses:
Rental property operating	35,377		5,182		2,062		6,177		4,088		—		52,886
Total expenses	35,377		5,182		2,062		6,177		4,088		—		52,886
Income from real estate-related loans and securities	—		—		—		—		—		12,055		12,055
Gain from unconsolidated entities	—		—		—		—		6,413		—		6,413
Segment net operating income	$	56,299	$	4,906	$	6,022	$	6,955	$	23,333	$	12,055	$	109,570
Other income, net													2,921
Impairment of investments in real estate													(33,922)
Gain on extinguishment of debt													32,251
Depreciation and amortization													(55,259)
General and administrative expenses													(8,113)
Management fee													(11,183)
Interest expense													(68,446)
Net loss													$	(32,181)
Net loss attributable to non-controlling interests in consolidated joint ventures													800
Net income attributable to non-controlling interests - preferred stockholders													(69)
Net loss attributable to redeemable non-controlling interests													3,680
Net loss attributable to stockholders													$	(27,770)

The following table sets forth the financial results by segment for the year ended December 31, 2023 ($ in thousands):

	Multifamily/Student Housing		Office		Logistics		Single-Family Rental		Net Lease		Real Estate-Related Loans and Securities		Total
Revenues:
Rental revenues	$	74,369	$	12,222	$	7,780	$	9,454	$	22,703	$	—	$	126,528
Other revenues	10,919		666		3		449		82		—		12,119
Total revenues	85,288		12,888		7,783		9,903		22,785		—		138,647
Expenses:
Rental property operating	33,515		6,275		2,325		4,812		5,734		—		52,661
Total expenses	33,515		6,275		2,325		4,812		5,734		—		52,661
Income from real estate-related loans and securities	—		—		—		—		—		17,609		17,609
Loss from unconsolidated entities	—		—		—		—		(2,083)		—		(2,083)
Segment net operating income	$	51,773	$	6,613	$	5,458	$	5,091	$	14,968	$	17,609	$	101,512
Other income, net													331
Impairment of investments in real estate													(19,331)
Depreciation and amortization													(51,691)
General and administrative expenses													(8,389)
Management fee													(13,895)
Interest expense													(58,577)
Net loss													$	(50,040)
Net loss attributable to non-controlling interests in consolidated joint ventures													1,179
Net income attributable to non-controlling interests - preferred stockholders													(45)
Net loss attributable to redeemable non-controlling interests													42
Net loss attributable to stockholders													$	(48,864)