Fair Value Measurements - Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Assets:
Investments in real estate-related securities	$ 57,721	$ 56,472
Investment in commercial loan	12,190	12,996
Investment in affiliated fund	14,487	21,342
Derivative instruments	651	1,733
Liabilities:
Interest rate swap	374	0
Fair Value, Recurring
Assets:
Investments in real estate-related securities	57,721	56,472
Investment in commercial loan	12,190	12,996
Investment in affiliated fund	14,487	21,342
Total assets	85,049	92,543
Liabilities:
Total liabilities	374
Fair Value, Recurring | Interest rate caps
Assets:
Derivative instruments	4	237
Fair Value, Recurring | Interest rate swap
Assets:
Derivative instruments	647	1,496
Liabilities:
Interest rate swap	374
Level 1 | Fair Value, Recurring
Assets:
Investments in real estate-related securities	1,954	5,600
Investment in commercial loan	0	0
Investment in affiliated fund	0	0
Total assets	1,954	5,600
Liabilities:
Total liabilities	0
Level 1 | Fair Value, Recurring | Interest rate caps
Assets:
Derivative instruments	0	0
Level 1 | Fair Value, Recurring | Interest rate swap
Assets:
Derivative instruments	0	0
Liabilities:
Interest rate swap	0
Level 2 | Fair Value, Recurring
Assets:
Investments in real estate-related securities	55,767	50,872
Investment in commercial loan	0	0
Investment in affiliated fund	0	0
Total assets	56,418	52,605
Liabilities:
Total liabilities	374
Level 2 | Fair Value, Recurring | Interest rate caps
Assets:
Derivative instruments	4	237
Level 2 | Fair Value, Recurring | Interest rate swap
Assets:
Derivative instruments	647	1,496
Liabilities:
Interest rate swap	374
Level 3 | Fair Value, Recurring
Assets:
Investments in real estate-related securities	0	0
Investment in commercial loan	12,190	12,996
Investment in affiliated fund	0	0
Total assets	12,190	12,996
Liabilities:
Total liabilities	0
Level 3 | Fair Value, Recurring | Interest rate caps
Assets:
Derivative instruments	0	0
Level 3 | Fair Value, Recurring | Interest rate swap
Assets:
Derivative instruments	0	0
Liabilities:
Interest rate swap	0
NAV as a Practical Expedient | Fair Value, Recurring
Assets:
Investments in real estate-related securities	0	0
Investment in commercial loan	0	0
Investment in affiliated fund	14,487	21,342
Total assets	14,487	21,342
Liabilities:
Total liabilities	0
NAV as a Practical Expedient | Fair Value, Recurring | Interest rate caps
Assets:
Derivative instruments	0	0
NAV as a Practical Expedient | Fair Value, Recurring | Interest rate swap
Assets:
Derivative instruments	0	$ 0
Liabilities:
Interest rate swap	$ 0