Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
ASSETS
Investments in real estate, net	$ 1,155,338	$ 1,159,632
Investments in real estate debt	304,573	224,600
Investments in real estate-related and other securities	15,095	15,323
Intangible assets, net	53,199	58,548
Cash and cash equivalents	15,285	18,416
Restricted cash	4,676	4,689
Deposits on real estate	1,000	0
Other assets, net	24,429	22,310
Total assets	1,573,595	1,503,518
LIABILITIES AND EQUITY
Mortgage notes, net	363,841	359,445
Repurchase facility, net	227,808	167,863
Unsecured revolving credit facility	73,000	73,000
Intangible liabilities, net	7,603	8,435
Mandatorily redeemable instruments	22,512	54,794
Due to affiliates	31,060	28,969
Accounts payable, accrued expenses and other liabilities	31,905	26,856
Total liabilities	757,729	719,362
Commitments and contingencies (Note 17)
Redeemable non-controlling interest	257	864
Equity
Additional paid-in capital	889,548	844,236
Accumulated deficit	(87,071)	(74,128)
Total stockholders' equity	803,312	770,901
Non-controlling interests in consolidated joint ventures	12,297	12,391
Total equity	815,609	783,292
Total liabilities and equity	1,573,595	1,503,518
Class D Shares
Equity
Common stock	10	10
Class I Shares
Equity
Common stock	145	139
Class E Shares
Equity
Common stock	581	558
Class Y Shares
Equity
Common stock	$ 99	$ 86