Segment Reporting (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2025 USD ($) reportableSegment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting [Abstract]
Number of reportable segments | reportableSegment			6
Segment Reporting Information [Line Items]
Number of reportable segments | reportableSegment			6
Total assets	$ 2,030,537	$ 1,821,263	$ 2,030,537	$ 1,821,263
Rental revenues			129,834	129,421	$ 126,528
Other revenues			13,474	14,567	12,119
Total revenues			143,308	143,988	138,647
Rental property operating			55,717	52,886	52,661
Income from real estate-related loans and securities			17,497	12,055	17,609
Segment net operating income			126,086	109,570	101,512
Gain from unconsolidated entities	20,998	6,413	(2,083)
Gain on extinguishment of debt			0	32,251	0
Other income, net			1,407	2,921	331
Gain (loss) from unconsolidated entities			20,998	6,413	(2,083)
Depreciation and amortization			(52,550)	(55,259)	(51,691)
Impairment of investments in real estate			0	(33,922)	(19,331)
General and administrative			(6,392)	(8,113)	(8,389)
Management fee			(12,726)	(11,183)	(13,895)
Interest expense			(59,032)	(68,446)	(58,577)
Distributions to non-controlling interests			(3,207)	(32,181)	(50,040)
Net loss attributable to non-controlling interests in consolidated joint ventures			(1,845)	800	1,179
Net income attributable to non-controlling interests - preferred stockholders			(77)	(69)	(45)
Net loss attributable to redeemable non-controlling interests			916	3,680	42
Net loss attributable to stockholders			(4,168)	(27,770)	(48,864)
Gain (Loss) on Extinguishment of Debt			0	32,251	0
Operating Segments
Segment Reporting Information [Line Items]
Total assets	1,920,648	1,814,982	1,920,648	1,814,982
Multifamily/Student Housing
Segment Reporting Information [Line Items]
Gain from unconsolidated entities	0	0	0
Multifamily/Student Housing | Operating Segments
Segment Reporting Information [Line Items]
Total assets	984,316	1,008,812	984,316	1,008,812
Rental revenues			80,943	78,790	74,369
Other revenues			12,738	12,886	10,919
Total revenues			93,681	91,676	85,288
Rental property operating			38,723	35,377	33,515
Income from real estate-related loans and securities			0	0	0
Segment net operating income			54,958	56,299	51,773
Office | Operating Segments
Segment Reporting Information [Line Items]
Total assets	34,997	33,695	34,997	33,695
Rental revenues			5,974	9,294	12,222
Other revenues			2	794	666
Total revenues			5,976	10,088	12,888
Rental property operating			3,228	5,182	6,275
Income from real estate-related loans and securities			0	0	0
Segment net operating income			2,748	4,906	6,613
Logistics | Operating Segments
Segment Reporting Information [Line Items]
Total assets	176,507	104,330	176,507	104,330
Rental revenues			8,105	8,078	7,780
Other revenues			11	6	3
Total revenues			8,116	8,084	7,783
Rental property operating			2,080	2,062	2,325
Income from real estate-related loans and securities			0	0	0
Segment net operating income			20,442	6,022	5,458
Single-Family Rental | Operating Segments
Segment Reporting Information [Line Items]
Total assets	211,813	183,510	211,813	183,510
Rental revenues			14,349	12,504	9,454
Other revenues			678	628	449
Total revenues			15,027	13,132	9,903
Rental property operating			7,740	6,177	4,812
Income from real estate-related loans and securities			0	0	0
Segment net operating income			7,287	6,955	5,091
Net Lease
Segment Reporting Information [Line Items]
Gain from unconsolidated entities	6,592	6,413	(2,083)
Net Lease | Operating Segments
Segment Reporting Information [Line Items]
Total assets	411,962	413,130	411,962	413,130
Rental revenues			20,463	20,755	22,703
Other revenues			45	253	82
Total revenues			20,508	21,008	22,785
Rental property operating			3,946	4,088	5,734
Income from real estate-related loans and securities			0	0	0
Segment net operating income			23,154	23,333	14,968
Real Estate-Related Loans and Securities | Operating Segments
Segment Reporting Information [Line Items]
Total assets	101,053	71,505	101,053	71,505
Rental revenues			0	0	0
Other revenues			0	0	0
Total revenues			0	0	0
Rental property operating			0	0	0
Income from real estate-related loans and securities			17,497	12,055	17,609
Segment net operating income			17,497	12,055	$ 17,609
Other (Corporate) | Segment Reporting, Reconciling Item, Corporate Nonsegment
Segment Reporting Information [Line Items]
Total assets	$ 109,889	$ 6,281	$ 109,889	$ 6,281