Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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:

	September 30, 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	$	2,048	$	40,739	$	—	$	—	$	42,787
Investment in commercial loan	—		—		12,213		—		12,213
Investment in affiliated fund	—		—		—		13,224		13,224
Interest rate swap	—		554		—		—		554
Total assets	$	2,048	$	41,293	$	12,213	$	13,224	$	68,778
Liabilities:
Interest rate swaps	$	—	$	493	$	—	$	—	$	493
Total liabilities	$	—	$	493	$	—	$	—	$	493

	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)	(22)
Loan repayment	(761)
Balance as of September 30, 2025	$	12,213

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 September 30, 2025.

				Weighted Average Rate
Type	Asset Class	Valuation Technique	Unobservable Input	September 30, 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:

	September 30, 2025				December 31, 2024
in thousands	Principal Balance		Estimated Fair Value		Principal Balance		Estimated Fair Value
Revolving credit facility	$	25,000	$	25,000	$	—	$	—
Mortgage notes payable	235,318		234,288		286,601		283,937
Total	$	260,318	$	259,288	$	286,601	$	283,937