Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

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	15-40 years
Site improvements - buildings and land	2-20 years
Furniture, fixtures and equipment	5-15 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):

	March 31, 2026								December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Investments in real estate debt	$	—	$	—	$	304,573	$	304,573	$	—	$	—	$	224,600	$	224,600
Investments in real estate-related and other securities		—		15,095		—		15,095		—		15,323		—		15,323
Total	$	—	$	15,095	$	304,573	$	319,668	$	—	$	15,323	$	224,600	$	239,923
Liabilities:
Mandatorily Redeemable Instruments	$	—	$	—	$	22,512	$	22,512	$	—	$	—	$	54,794	$	54,794
Interest rate swaps(1)		—		366		—		366		—		354		—		354
Total	$	—	$	366	$	22,512	$	22,878	$	—	$	354	$	54,794	$	55,148

(1) Included in accounts payable, accrued expenses and other liabilities on the Company’s Condensed 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):

	Investments in Real Estate Debt (asset)			Mandatorily Redeemable Instruments (liability)
Balance at December 31, 2025	$	224,600		$	54,794
Additions		80,000			—
Repurchases		—			(32,490	)
Distributions declared		—			364
Reclassify to distributions payable/paid		—			(364	)
Redemption value adjustment		—			208
Fair value adjustment		(27	)		—
Balance at March 31, 2026	$	304,573		$	22,512

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):

	March 31, 2026
	Fair Value		Valuation Technique	Unobservable Inputs	Weighted - Average Rate	Impact to Valuation from an Increase in Input
Assets:
Investments in real estate debt	$	304,573	Discounted cash flow	Market credit spread	SOFR(1) + 2.54%	Decrease
Liabilities:
Mandatorily Redeemable Instruments(2)	$	22,512	Discounted cash flow	Discount rate/ Exit capitalization rate/ Market yield	7.55%/ 6.13%/ 5.26%	Decrease

	December 31, 2025
	Fair Value		Valuation Technique	Unobservable Inputs	Weighted - Average Rate	Impact to Valuation from an Increase in Input
Assets:
Investments in real estate debt	$	224,600	Discounted cash flow	Market credit spread	SOFR(1) + 2.69%	Decrease
Liabilities:
Mandatorily Redeemable Instruments(2)	$	54,794	Discounted cash flow	Discount rate/ Exit capitalization rate/ Market yield	7.52%/ 6.07%/ 5.44%	Decrease

(1) “SOFR” refers to the Secured Overnight Financing Rate at March 31, 2026.

(2) Mandatorily Redeemable Instruments are carried at the NAV of the Class E units, 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 Condensed Consolidated Balance Sheets ($ in thousands):

	March 31, 2026				December 31, 2025
	Carrying Value(1)		Fair Value		Carrying Value(1)		Fair Value
Mortgage notes	$	369,604	$	370,635	$	365,641	$	366,381
Repurchase facility		228,450		228,450		168,450		168,450
Unsecured revolving credit facility		73,000		73,000		73,000		73,000
Total	$	671,054	$	672,085	$	607,091	$	607,831

(1) Excludes deferred financing costs and discounts.