Fair Value Measurements - Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Assets:
Investments in real estate-related securities	$ 42,787	$ 56,472
Investment in commercial loan	12,213	12,996
Investment in affiliated fund	13,224	21,342
Derivative instruments	554	1,733
Liabilities:
Interest rate swaps	493	0
Fair Value, Recurring
Assets:
Investments in real estate-related securities	42,787	56,472
Investment in commercial loan	12,213	12,996
Investment in affiliated fund	13,224	21,342
Total assets	68,778	92,543
Liabilities:
Total liabilities	493
Fair Value, Recurring | Interest rate caps
Assets:
Derivative instruments		237
Fair Value, Recurring | Interest rate swap
Assets:
Derivative instruments	554	1,496
Liabilities:
Interest rate swaps	493
Level 1 | Fair Value, Recurring
Assets:
Investments in real estate-related securities	2,048	5,600
Investment in commercial loan	0	0
Investment in affiliated fund	0	0
Total assets	2,048	5,600
Liabilities:
Total liabilities	0
Level 1 | Fair Value, Recurring | Interest rate caps
Assets:
Derivative instruments		0
Level 1 | Fair Value, Recurring | Interest rate swap
Assets:
Derivative instruments	0	0
Liabilities:
Interest rate swaps	0
Level 2 | Fair Value, Recurring
Assets:
Investments in real estate-related securities	40,739	50,872
Investment in commercial loan	0	0
Investment in affiliated fund	0	0
Total assets	41,293	52,605
Liabilities:
Total liabilities	493
Level 2 | Fair Value, Recurring | Interest rate caps
Assets:
Derivative instruments		237
Level 2 | Fair Value, Recurring | Interest rate swap
Assets:
Derivative instruments	554	1,496
Liabilities:
Interest rate swaps	493
Level 3 | Fair Value, Recurring
Assets:
Investments in real estate-related securities	0	0
Investment in commercial loan	12,213	12,996
Investment in affiliated fund	0	0
Total assets	12,213	12,996
Liabilities:
Total liabilities	0
Level 3 | Fair Value, Recurring | Interest rate caps
Assets:
Derivative instruments		0
Level 3 | Fair Value, Recurring | Interest rate swap
Assets:
Derivative instruments	0	0
Liabilities:
Interest rate swaps	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	13,224	21,342
Total assets	13,224	21,342
Liabilities:
Total liabilities	0
NAV as a Practical Expedient | Fair Value, Recurring | Interest rate caps
Assets:
Derivative instruments		0
NAV as a Practical Expedient | Fair Value, Recurring | Interest rate swap
Assets:
Derivative instruments	0	$ 0
Liabilities:
Interest rate swaps	$ 0