Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets Measured on Recurring Basis

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

	June 30, 2024
	Fair Value Measurements Using:
in thousands	Level 1		Level 2		Level 3		NAV as a Practical Expedient		Total at Fair Value
Investments in real estate-related securities	$	5,637	$	33,804	$	—	$	—	$	39,441
Investments in commercial loans	—		—		34,736		—		34,736
Investment in affiliated fund	—		—		—		25,995		25,995
Interest rate caps	—		2,034		—		—		2,034
Interest rate swap	—		2,176		—		—		2,176
Total	$	5,637	$	38,014	$	34,736	$	25,995	$	104,382

	December 31, 2023
	Fair Value Measurements Using:
in thousands	Level 1		Level 2		Level 3		NAV as a Practical Expedient		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

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, 2023	$	34,626
Net unrealized gain	110
Balance as of June 30, 2024	$	34,736

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 June 30, 2024.

Type	Asset Class	Valuation Technique	Unobservable Input	Weighted Average 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:

	June 30, 2024				December 31, 2023
in thousands	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Mortgage notes payable(1)	$	339,294	$	334,722	$	339,034	$	333,605
Total	$	339,294	$	334,722	$	339,034	$	333,605

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