v3.25.4
Schedule IV - Mortgage Loans on Real Estate - Schedule of Mortgage Loans on Real Estate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Mortgage Loans On Real Estate [Line Items]        
Principal Balance [2] $ 350,675 [1] $ 562,683    
Carrying Amount $ 347,893 [1],[3] $ 549,173 $ 722,003 $ 842,278
Investment, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember      
First Mortgage Loan 1 | Office        
Mortgage Loans On Real Estate [Line Items]        
Principal Balance [1],[3] $ 12,700      
Carrying Amount [1],[3] $ 13,363      
Cash Coupon [1],[3] SOFR+4.70%      
Investment, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember      
Periodic Payment Terms [3],[4] I/O      
Maximum Maturity [3],[5],[6] Feb. 09, 2026      
First Mortgage Loan 2 | Office        
Mortgage Loans On Real Estate [Line Items]        
Principal Balance [1],[3] $ 13,626      
Carrying Amount [1],[3] $ 13,424      
Cash Coupon [1],[3] SOFR+3.10%      
Investment, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember      
Periodic Payment Terms [3],[4] I/O      
Maximum Maturity [3],[6] May 09, 2026      
First Mortgage Loan 3 | Multifamily        
Mortgage Loans On Real Estate [Line Items]        
Principal Balance [1],[3] $ 24,946      
Carrying Amount [1],[3] $ 24,039      
Cash Coupon [1],[3] SOFR+2.90%      
Investment, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember      
Periodic Payment Terms [3],[4] I/O      
Maximum Maturity [3],[6],[7] May 09, 2026      
First Mortgage Loan 4 | Multifamily        
Mortgage Loans On Real Estate [Line Items]        
Principal Balance [1],[3] $ 24,081      
Carrying Amount [1],[3] $ 24,106      
Cash Coupon [1],[3] SOFR+3.05%      
Investment, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember      
Periodic Payment Terms [3],[4] I/O      
Maximum Maturity [3],[6] Dec. 09, 2026      
First Mortgage Loan 5 | Multifamily        
Mortgage Loans On Real Estate [Line Items]        
Principal Balance [1],[3] $ 25,625      
Carrying Amount [1],[3] $ 24,790      
Cash Coupon [1],[3] SOFR+2.85%      
Investment, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember      
Periodic Payment Terms [3],[4] I/O      
Maximum Maturity [3],[6] Dec. 09, 2026      
First Mortgage Loan 6 | Multifamily        
Mortgage Loans On Real Estate [Line Items]        
Principal Balance [1],[3] $ 39,217      
Carrying Amount [1],[3] $ 38,788      
Cash Coupon [1],[3] SOFR+3.05%      
Investment, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember      
Periodic Payment Terms [3],[4] I/O      
Maximum Maturity [3],[6] Dec. 09, 2026      
First Mortgage Loan 7 | Multifamily        
Mortgage Loans On Real Estate [Line Items]        
Principal Balance [1],[3] $ 25,655      
Carrying Amount [1],[3] $ 25,525      
Cash Coupon [1],[3] SOFR+3.20%      
Investment, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember      
Periodic Payment Terms [3],[4] I/O      
Maximum Maturity [3],[6] Jan. 09, 2027      
First Mortgage Loan 8 | Industrial        
Mortgage Loans On Real Estate [Line Items]        
Principal Balance [1],[3] $ 16,040      
Carrying Amount [1],[3] $ 16,018      
Cash Coupon [1],[3] SOFR+3.55%      
Investment, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember      
Periodic Payment Terms [3],[4] I/O      
Maximum Maturity [3],[6] Mar. 09, 2026      
First Mortgage Loan 9 | Multifamily        
Mortgage Loans On Real Estate [Line Items]        
Principal Balance [1],[3] $ 15,261      
Carrying Amount [1],[3] $ 15,239      
Cash Coupon [1],[3] SOFR+3.30%      
Investment, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember      
Periodic Payment Terms [3],[4] I/O      
Maximum Maturity [3],[6] Feb. 09, 2027      
First Mortgage Loan 10 | Mixed Use        
Mortgage Loans On Real Estate [Line Items]        
Principal Balance [1],[3] $ 30,000      
Carrying Amount [1],[3] $ 29,971      
Cash Coupon [1],[3] SOFR+3.04%      
Investment, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember      
Periodic Payment Terms [3],[4] I/O      
Maximum Maturity [3],[6] Mar. 09, 2027      
First Mortgage Loan 11 | Multifamily        
Mortgage Loans On Real Estate [Line Items]        
Principal Balance [1],[3] $ 29,472      
Carrying Amount [1],[3] $ 29,404      
Cash Coupon [1],[3] SOFR+3.40%      
Investment, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember      
Periodic Payment Terms [3],[4] I/O      
Maximum Maturity [3],[6] Mar. 09, 2027      
First Mortgage Loan 12 | Multifamily        
Mortgage Loans On Real Estate [Line Items]        
Principal Balance [1],[3] $ 15,227      
Carrying Amount [1],[3] $ 14,989      
Cash Coupon [1],[3] SOFR+3.25%      
Investment, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember      
Periodic Payment Terms [3],[4] I/O      
Maximum Maturity [3],[6] Apr. 09, 2027      
First Mortgage Loan 13 | Multifamily        
Mortgage Loans On Real Estate [Line Items]        
Principal Balance [1],[3] $ 20,102      
Carrying Amount [1],[3] $ 20,069      
Cash Coupon [1],[3] SOFR+3.40%      
Investment, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember      
Periodic Payment Terms [3],[4] I/O      
Maximum Maturity [3],[6] May 09, 2026      
First Mortgage Loan 14 | Multifamily        
Mortgage Loans On Real Estate [Line Items]        
Principal Balance [1],[3] $ 51,223      
Carrying Amount [1],[3] $ 50,679      
Cash Coupon [1],[3] SOFR+3.45%      
Investment, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember      
Periodic Payment Terms [3],[4] I/O      
Maximum Maturity [3],[6] Jun. 09, 2027      
Credit Loan 1 | Office        
Mortgage Loans On Real Estate [Line Items]        
Principal Balance [1],[3] $ 7,500      
Carrying Amount [1],[3] $ 7,489      
Cash Coupon [1],[3] 9.20%      
Periodic Payment Terms [3],[4] I/O      
Maximum Maturity [3],[6] Oct. 11, 2027      
[1] Cash coupon is the stated rate on the loan. Our first mortgage loans are all floating rate and each contains a minimum SOFR floor. As of December 31, 2025, the weighted average SOFR floor for these loans was 0.31%. An 80% undivided senior interest in First Mortgage Loan 1, which includes the right to receive priority interest payments at a rate of SOFR+2.00%, was sold by our Operating Partnership pursuant to a Loan Participation Agreement dated November 15, 2021. Our Operating Partnership has retained a 20% undivided subordinate interest in the loan.
[2] First mortgage loans are first position mortgage loans and credit loans are mezzanine and subordinated loans.
[3] First mortgage loans are first position mortgage loans and credit loans are mezzanine and subordinated loans.
[4] I/O = interest only, P/I = principal and interest.
[5] During the quarter ended December 31, 2025, the Company reviewed the property performance and estimated the property value, noting that the valuation exceeded the outstanding loan balance. As a result, no asset-specific CECL reserve was recorded for the loan as of December 31, 2025. The loan matured on February 9, 2026 and was not repaid or extended. The Company sent the borrower a maturity default notice and began the foreclosure process.
[6] Maximum maturity assumes all extension options are exercised by the borrower, however loans may be repaid prior to such date.
[7] The loan matures on May 9, 2026. The Company has reviewed the loan and based on the estimated LTV recorded a $0.9 million asset-specific CECL reserve as of December 31, 2025.