Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Distributions to non-controlling interests	$ (3,207,000)	$ (32,181,000)	$ (50,040,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	52,550,000	55,259,000	51,691,000
Impairment of investments in real estate	0	33,922,000	19,331,000
Management fees	12,726,000	11,183,000	13,895,000
Gain on extinguishment of debt	0	(32,251,000)	0
Amortization of above and below market leases and lease inducements, net	(1,322,000)	(907,000)	(1,016,000)
Amortization of restricted stock grants	323,000	323,000	323,000
Amortization of deferred financing costs	1,973,000	3,501,000	3,169,000
Amortization of upfront derivative acquisition costs	1,056,000	1,860,000	1,943,000
Provision for current expected credit losses	565,000	848,000	2,044,000
Amortization of origination fees and discount	0	0	(84,000)
Accrued paid-in-kind interest	(913,000)	(888,000)	0
Realized loss (gain) on sale of derivatives	1,967,000	(2,839,000)	0
Realized gain on investments in real estate-related loans and securities	(992,000)	(7,590,000)	(3,048,000)
Unrealized loss (gain) on investments	(22,681,000)	1,305,000	5,698,000
Distributions of earnings from unconsolidated entities	1,839,000	2,002,000	4,211,000
Changes in assets and liabilities:
Increase in lease inducements and origination costs	(343,000)	(1,028,000)	(1,037,000)
Upfront derivative acquisition costs	(766,000)	(1,242,000)	(10,134,000)
Realized gain on sale of treasury bills	(1,558,000)	0	0
Receipt of deferred loan origination fees	300,000	0	0
Payments for settlement of derivative contracts	(13,485,000)	0	0
Proceeds from settlement of derivative contracts	11,516,000	10,135,000	0
(Increase) decrease in other assets	(435,000)	(383,000)	451,000
Increase in accounts and other receivables	(2,285,000)	(955,000)	(3,116,000)
Increase (decrease) in accounts payable, accrued expenses and other liabilities	(1,992,000)	3,108,000	(1,809,000)
Increase in due to affiliates	1,808,000	114,000	1,266,000
Net cash provided by operating activities	36,644,000	43,296,000	33,738,000
Cash flows from investing activities
Acquisitions of real estate	(15,830,000)	(166,505,000)	(1,561,000)
Investment in unconsolidated entities	(61,396,000)	0	0
Purchase of real estate-related loans and securities	(210,977,000)	(15,871,000)	(62,800,000)
Funding of real estate-related loans and securities	(19,086,000)	0	0
Proceeds from sale of real estate-related loans and securities	70,252,000	171,869,000	116,878,000
Proceeds from principal repayments of real estate-related loans	131,278,000	12,140,000	32,436,000
Proceeds from disposition of real estate	0	25,468,000	0
Capital improvements to real estate	(7,353,000)	(5,766,000)	(8,943,000)
Purchase of trading securities	(558,084,000)	(201,772,000)	(287,053,000)
Proceeds from sale of trading securities	485,337,000	242,340,000	264,808,000
Net cash (used in) provided by investing activities	(185,859,000)	61,903,000	53,765,000
Cash flows from financing activities:
Borrowings from mortgage loans	166,700,000	132,000,000	911,000
Borrowings from secured credit facility	129,973,000	25,500,000	0
Repayment of mortgage loans	(107,036,000)	(125,521,000)	0
Repayment of secured credit facility	(144,485,000)	0	0
Proceeds from affiliate line of credit	110,000,000	93,500,000	0
Repayments of affiliate line of credit	(122,790,000)	(80,710,000)	0
Proceeds from issuance of preferred units	0	375,000	0
Payment of deferred financing costs	(4,990,000)	(2,165,000)	(35,000)
Proceeds from issuance of common stock	226,445,000	53,778,000	102,503,000
Repurchases of common stock	(136,126,000)	(205,492,000)	(199,176,000)
Repurchases of preferred stock	0	(125,000)	0
Subscriptions received in advance	370,000	1,204,000	3,003,000
Payment of organizational and offering costs	(5,621,000)	(6,739,000)	(7,253,000)
Distributions to non-controlling interests	(2,565,000)	(74,000)	(21,000)
Contributions from non-controlling interests	93,827,000	16,762,000	152,000
Distributions	(32,272,000)	(23,817,000)	(26,840,000)
Distributions to non-controlling interests attributable to preferred stockholders	(77,000)	(69,000)	(45,000)
Net cash (used in) provided by financing activities	171,353,000	(121,593,000)	(126,801,000)
Net change in cash and cash-equivalents and restricted cash	22,138,000	(16,394,000)	(39,298,000)
Cash and cash-equivalents and restricted cash, beginning of period	24,307,000	40,701,000	79,999,000
Cash and cash-equivalents and restricted cash, end of period	46,445,000	24,307,000	40,701,000
Cash and cash equivalents	35,147,000	13,763,000	24,272,000
Restricted cash	11,298,000	10,544,000	16,429,000
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Total	46,445,000	24,307,000	40,701,000
Supplemental disclosures:
Interest paid	56,001,000	63,342,000	52,215,000
Non-cash investing and financing activities:
Issuance of Operating Partnership units as consideration for acquisitions of real estate	(16,316,000)	0	0
Payable for unsettled purchase of trading securities	8,978,000	0	0
Accrued distributions	(14,940,000)	2,125,000	(118,000)
Accrued stockholder servicing fee due to affiliate	(2,118,000)	(4,974,000)	16,000
Accrued capital expenditures	0	1,390,000	(533,000)
Accrued repurchases in accounts payable	4,310,000	2,598,000	1,312,000
Accrued repurchases in due to affiliates	3,271,000	(611,000)	3,353,000
Accrued offering costs	546,000	374,000	453,000
Investments in real estate, net	0	33,922,000	0
Mortgage loans	0	32,251,000	0
Conversion of Operating Partnership units to Common shares
Non-cash investing and financing activities:
Conversion of Operating Partnership units to Common shares	305,533,000	0	0
Conversion of Common shares to Operating Partnership units
Non-cash investing and financing activities:
Conversion of Operating Partnership units to Common shares	$ 0	$ (302,445,000)	$ 0