Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets Measured on Recurring Basis

The following table details our assets measured at fair value on a recurring basis:

	December 31, 2023
	Fair Value Measurements Using:
$ in thousands	Level 1		Level 2		Level 3		NAV as a practical expedient(1)		Total at Fair Value
Investments in real estate-related securities	$	4,729	$	23,301	$	—	$	—	$	28,030
Investments in commercial loans	—		—		34,626		—		34,626
Investment in affiliated fund	—		—		—		27,717		27,717
Interest rate caps	—		3,320		—		—		3,320
Interest rate swap	—		1,498		—		—		1,498
Total	$	4,729	$	28,119	$	34,626	$	27,717	$	95,191

	December 31, 2022
	Fair Value Measurements Using:
$ in thousands	Level 1		Level 2		Level 3		NAV as a practical expedient(1)		Total at Fair Value
Investments in real estate-related securities	$	5,129	$	18,383	$	—	$	—	$	23,512
Investments in commercial loans	—		—		21,800		—		21,800
Investment in affiliated fund	—		—		—		14,969		14,969
Interest rate caps	—		7,167		—		—		7,167
Interest rate swap	—		2,178		—		—		2,178
Total	$	5,129	$	27,728	$	21,800	$	14,969	$	69,626

(1)Our investment in affiliated fund is valued using the NAV as a practical expedient and is not subject to redemption, although investors may sell or transfer their interest at the approval of the general partner of the underlying funds on a quarterly basis by giving 45 days prior notice.

Schedule of Investment In Real Estate Debt

The following table details our investments in commercial loans:

$ in thousands	Investments in Commercial Loans
Balance as of December 31, 2022	$	21,800
Loan originations	13,007
Unrealized loss	(181)
Balance as of December 31, 2023	$	34,626

Schedule of Fair Value Measurements Of Our Investment In Real Estate Debt

The following table shows the significant unobservable inputs related to the Level 3 fair value measurement of our investments in commercial loans as of December 31, 2023.

Type	Asset Class	Valuation Technique	Unobservable Input	Rate
Commercial loans	Industrial	Discounted cash flow	Discount rate	8.30%

Schedule of Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis

The following table presents the carrying value and estimated fair value of our liabilities that are not carried at fair value on the consolidated balance sheets:

	December 31, 2023				December 31, 2022
$ in thousands	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Revolving credit facility	$	—	$	—	$	9,000	$	9,000
Mortgage notes payable(1)	339,034		333,605		378,623		372,682
Total	$	339,034	$	333,605	$	387,623	$	381,682

(1)The mortgage notes payable does not include unamortized debt issuance costs.