Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net Income (Loss)	$ (2,977)	$ 1,660
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	14,948	3,558
Amortization of above- and below-market lease intangibles, net	(697)	(15)
Straight-line rent amortization	(1,161)	(216)
Amortization of deferred financing costs	785	84
Amortization of restricted stock grants	26	25
Realized gain on financial instruments		(52)
Unrealized loss (gain) on financial instruments	267	(636)
Redemption Value Adjustment on Mandatorily Redeemable Instruments	208	111
Change in assets and liabilities:
Increase in other assets	(1,204)	(2,473)
Increase in due to affiliates	1,593	1,032
(Decrease) increase in accounts payable, accrued expenses and other liabilities	(50)	2,428
Net cash provided by operating activities	11,738	5,506
Cash flows from investing activities:
Acquisitions of real estate		(51,410)
Capital Improvements on real estate	(4,897)	(353)
Origination of investments in real estate debt	(80,000)
Deposits on real estate acquisitions	(1,000)	(4,000)
Variation margin proceeds (payments)		188
Proceeds from real estate-related and other securities		20
Purchases of real-estate related and other securities		(63,064)
Net cash used in investing activities	(85,897)	(118,619)
Cash flows from financing activities:
Proceeds from issuance of common stock	46,198	297,518
Repurchase of common stock	(5,669)	(1,704)
Repurchase of mandatorily redeemable instruments	(28,300)
Borrowings under unsecured revolving credit facility	78,000
Repayments under unsecured revolving credit facility	(78,000)
Contributions from non-controlling interests	383	3,268
Distributions paid on common stock	(4,508)	(2,601)
Distributions to non-controlling interests	(279)	(38)
Repurchase of redeemable non-controlling interest	(612)
Proceeds from mortgage notes and debt secured by real estate	4,201
Proceeds from repurchase facility	60,000
Principal repayments of mortgage notes and debt secured by real estate	(237)	(136)
Payment of deferred financing costs	(162)	(339)
Net cash provided by financing activities	71,015	295,968
Net change in cash, cash equivalents and restricted cash:	(3,144)	182,855
Cash, cash equivalents and restricted cash, at the beginning of the period	23,105	128,392
Cash, cash equivalents and restricted cash, at the end of the period	19,961	311,247
Reconciliation of cash, cash equivalents and restricted cash to the Consolidated Balance Sheets:
Cash and cash equivalents	15,285	310,316
Restricted cash	4,676	931
Total cash, cash equivalents and restricted cash	19,961	311,247
Supplemental disclosure of cash flow information:
Cash paid for interest	8,108	2,328
Supplemental disclosure of non-cash investing and financing activities:
Assumption of mortgage note, net, in conjunction with acquisition of real estate		14,913
Accrued distributions	213	1,010
Distribution re-investments	5,444	2,119
Reclassification of deposits to investments in real estate, net		1,005
Accrued stockholder servicing fee due to affiliate	835	1,044
Accrued redemptions	$ 4,397	159
Redeemable non-controlling interest issued as settlement for performance participation allocation		$ 810