Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues
Rental revenue	$ 29,672	$ 8,270
Total revenues	29,672	8,270
Expenses
Rental property operating	11,292	3,033
General and administrative	1,845	1,647
Depreciation and amortization	14,948	3,558
Total expenses	28,085	8,238
Other income (expense), net
Income from investments in real estate debt	5,182	1,478
Income from investments in real estate-related and other securities	23	1,081
Mandatorily redeemable instruments interest costs	(573)	(1,186)
Interest expense	(9,310)	(2,488)
Other income, net	114	2,743
Total other (expense) income, net	(4,564)	1,628
Net (loss) income	(2,977)	1,660
Net loss attributable to non-controlling interests in consolidated joint ventures	(199)	(21)
Net (loss) income attributable to JPMREIT stockholders, basic	(2,778)	1,681
Net (loss) income attributable to JPMREIT stockholders, diluted	$ (2,778)	$ 1,681
Net (loss) income per share of common stock - basic	$ (0.03)	$ 0.03
Net (loss) income per share of common stock - diluted	$ (0.03)	$ 0.03
Weighted-average shares of common stock outstanding - basic	82,216	50,719
Weighted-average shares of common stock outstanding - diluted	82,216	50,724