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Investments in Real Estate Debt - Schedule of Real Estate-Related Securities (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Fair Value    
Beginning balance $ 87,209  
Ending balance 696,052 $ 87,209
CMBS    
Amortized Cost Basis    
Beginning balance 30,830 23,839
Face value of real estate-related securities acquired 512,551 30,830
Sale of real estate-related securities (41,781) (23,793)
Realized gain on sale of real estate-related securities 494 0
Unrealized gain on real estate securities 0 0
Sale of accrued interest associated with real estate-related securities 1,285 (46)
Ending balance 503,379 30,830
Gain/(Loss)    
Beginning balance 144 (23)
Face value of real estate-related securities acquired 0 0
Sale of real estate-related securities 0 0
Realized gain on sale of real estate-related securities 95
Unrealized gain on real estate securities 2,014 72
Sale of accrued interest associated with real estate-related securities 0
Ending balance 2,158 144
Fair Value    
Beginning balance 30,974 23,816
Face value of real estate-related securities acquired 512,551 30,830
Sale of real estate-related securities (41,781) (23,793)
Realized gain on sale of real estate-related securities 494 95
Unrealized gain on real estate securities 2,014 72
Sale of accrued interest associated with real estate-related securities 1,285 (46)
Ending balance $ 505,537 $ 30,974