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Debt - Mortgages Payable - Additional Information (Details)
$ in Thousands

3 Months Ended

Jan. 24, 2025

Mar. 31, 2025

USD ($)

Mortgage

Jan. 23, 2025

Jan. 22, 2025

Dec. 31, 2024

USD ($)

Mortgage

Debt Instrument [Line Items]

Notes receivable, net

^[1]

$ 125,701

$ 126,584

Renaissance Portfolio [Member]

Debt Instrument [Line Items]

Ownership interest rate

48.00%

48.00%

20.00%

Renaissance Portfolio [Member] | Minimum

Debt Instrument [Line Items]

Ownership interest rate

20.00%

Renaissance Portfolio [Member] | Maximum

Debt Instrument [Line Items]

Ownership interest rate

100.00%

68.00%

Mortgages

Debt Instrument [Line Items]

Number of properties collateralized | Mortgage

51

31

Fund IV

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 22,500

Long-term line of credit, noncurrent

36,200

$ 0

Remaining borrowing capacity

$ 36,200

$ 0

Fund IV | Minimum

Debt Instrument [Line Items]

Maturity date

Mar. 31, 2025

Fund IV | Maximum

Debt Instrument [Line Items]

Maturity date

May 31, 2025

Fund V

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 35,400

Share value below debt service coverage ratio

$ 7,100

Core Portfolio | Renaissance Portfolio [Member]

Debt Instrument [Line Items]

Ownership interest rate

^[2]

68.00%

Investment owned balance principal amount

$ 156,100

Investment Owned Balance Principal Paydown

$ 50,000

Maturity date

Nov. 06, 2026

Basis spread on variable rate

1.55%

2.55%

Interest rate

9.11%

Investment Management

Debt Instrument [Line Items]

Scheduled principal payment

$ 1,200

Investment Management | Mortgages | Subscription Line

Debt Instrument [Line Items]

Notes receivable, net

$ 25,300

Investment Management | Mortgages | Subscription Line | Minimum

Debt Instrument [Line Items]

Maturity date

Jan. 31, 2025

Investment Management | Mortgages | Subscription Line | Maximum

Debt Instrument [Line Items]

Maturity date

May 31, 2025

[1]

Includes Notes receivable, net from related parties of $14.0 million and $14.8 million as of March 31, 2025 and December 31, 2024, respectively (Note 3).

[2]

On January 23, 2025, the Company acquired an additional 48% economic ownership interest, and increased its existing 20% interest to 68%, in the Renaissance Portfolio primarily located in Washington D.C. Prior to the acquisition, the Company accounted for its 20% interest under the equity method of accounting. Due to the Company gaining a controlling financial interest as a result of this acquisition, the Company determined that the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary, and it should consolidate its investment within its Core Portfolio effective January 23, 2025. Accordingly, the Company recognized a loss on change in control of $9.6 million (Note 2).

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