Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Assets

The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows:

Description	Depreciable Life
Buildings	31-40 years
Site improvements - buildings and land	4-20 years
Furniture, fixtures and equipment	6-15 years
Lease intangibles	Over lease term

Schedule of company's assets and liabilities measured at fair value on a recurring basis

The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands):

	June 30, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Investment in real estate debt	$	—	$	—	$	16,825	$	16,825	$	—	$	—	$	16,825	$	16,825
Investments in real estate-related and other securities		420		—		—		420		416		—		—		416
Treasury note futures contracts(1)		—		—		—		—		22		—		—		22
Total	$	420	$	—	$	16,825	$	17,245	$	438	$	—	$	16,825	$	17,263
Liabilities:
Mandatorily Redeemable Instruments	$	—	$	—	$	103,172	$	103,172	$	—	$	—	$	101,753	$	101,753
Treasury note futures contracts(2)		25		—		—		25		—		—		—		—
Interest rate swap(2)		—		101		—		101		—		—		—		—
Total	$	25	$	101	$	103,172	$	103,298	$	—	$	—	$	101,753	$	101,753

(1) Included in other assets, net on the Company's Consolidated Balance Sheets.

(2) Included in accounts payable, accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets.

The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs ($ in thousands):

	Investment in Real Estate Debt (asset)		Mandatorily Redeemable Instruments (liability)
Balance at December 31, 2023	$	16,825	$	101,753
Distributions declared		—		2,149
Reclassify to distributions payable/paid		—		(2,149	)
Redemption value adjustment		—		1,419
Balance at June 30, 2024	$	16,825	$	103,172

Schedule of quantitative inputs and assumptions

The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands):

	June 30, 2024
	Fair Value		Valuation Technique	Unobservable Inputs	Weighted - Average Rate	Impact to Valuation from an Increase in Input
Assets:
Investment in real estate debt	$	16,825	Discounted cash flow	Market credit spread	SOFR(1) + 5.22%	Decrease
Liabilities:
Mandatorily Redeemable Instruments(2)	$	103,172	Discounted cash flow	Discount rate/ Exit capitalization rate/Market yield	7.50%/ 5.75%/ 5.39%	Decrease

(1) "SOFR" refers to the Secured Overnight Financing Rate. 30-day SOFR at June 30, 2024 was 5.34% per annum.

(2) Mandatorily Redeemable Instruments are carried at the NAV of the Class E units and Class E shares, which is determined monthly in accordance with the Company's valuation guidelines.

Schedule of Carrying Value and Fair Value of Financial Instruments

The following table presents the carrying value and fair value of financial instruments that are not carried at fair value on the Consolidated Balance Sheets:

	June 30, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Mortgage notes(1)	$	125,093	$	123,417	$	115,346	$	113,516
Total	$	125,093	$	123,417	$	115,346	$	113,516

(1) Mortgage notes carrying value excludes deferred financing costs and mortgage discounts.