Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

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

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

	March 31, 2025
	Fair Value Measurements Using:
in thousands	Level 1		Level 2		Level 3		NAV as a Practical Expedient		Total at Fair Value
Assets:
Investments in real estate-related securities	$	5,285	$	51,968	$	—	$	—	$	57,253
Investment in commercial loan	—		—		12,168		—		12,168
Investment in affiliated fund	—		—		—		20,481		20,481
Interest rate caps	—		15		—		—		15
Interest rate swap	—		984		—		—		984
Total Assets	$	5,285	$	52,967	$	12,168	$	20,481	$	90,901
Liabilities:
Interest rate swap	$	—	$	258	$	—	$	—	$	258
Total Liabilities	$	—	$	258	$	—	$	—	$	258

	December 31, 2024
	Fair Value Measurements Using:
in thousands	Level 1		Level 2		Level 3		NAV as a Practical Expedient		Total at Fair Value
Assets:
Investments in real estate-related securities	$	5,600	$	50,872	$	—	$	—	$	56,472
Investment in commercial loan	—		—		12,996		—		12,996
Investment in affiliated fund	—		—		—		21,342		21,342
Interest rate caps	—		237		—		—		237
Interest rate swap	—		1,496		—		—		1,496
Total Assets	$	5,600	$	52,605	$	12,996	$	21,342	$	92,543

Schedule of Investment in the Commercial Loan

The following table details our investment in commercial loan measured at fair value on a recurring basis using Level 3 inputs:

in thousands	Investment in Commercial Loan
Balance as of December 31, 2024	$	12,996
Unrealized gain (loss)	(66)
Loan repayment	(762)
Balance as of March 31, 2025	$	12,168

Schedule of Fair Value Measurements of Investment

The following table shows the significant unobservable inputs related to the Level 3 fair value measurement of our investment in commercial loan as of March 31, 2025.

				Weighted Average Rate
Type	Asset Class	Valuation Technique	Unobservable Input	March 31, 2025	December 31, 2024
Commercial loan	Industrial	Discounted cash flow	Discount rate	8.75%	8.75%

Schedule of Carrying Value and Estimated Fair Value of our Liabilities

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

	March 31, 2025				December 31, 2024
in thousands	Principal Balance		Estimated Fair Value		Principal Balance		Estimated Fair Value
Mortgage notes payable	$	305,101	$	302,684	$	286,601	$	283,937
Total	$	305,101	$	302,684	$	286,601	$	283,937