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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities    
Net loss $ (32,598) $ (12,091)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 31,690 21,566
Amortization of fair value adjustments 325 127
Income from preferred equity investments (8,759) (11,937)
Share of net earnings of equity method investment (1,058)  
Impairment and (gain on sale) of real estate investments, net 4,216 (7,081)
Gain on sale of available-for-sale investments, net (3,664)  
Fair value adjustment of interest rate caps and swaps 2,105 3,885
Recovery of credit losses, net (103) (93)
Loss on extinguishment of debt costs 27 151
Noncash operating lease expense 604  
Distributions of income from preferred equity investments 26,575 2,348
Distributions from investments in unconsolidated real estate funds 553  
Share-based compensation attributable to equity incentive plan 3,993 3,316
Share-based compensation to Manager - C-LTIP Units 875 6,644
Changes in operating assets and liabilities:    
Due to (from) affiliates, net 4,011 (638)
Accounts receivable, prepaids and other assets (4,890) 1,255
Notes and accrued interest receivable 470 (341)
Accounts payable and other accrued liabilities 3,391 1,947
Net cash provided by operating activities 27,763 9,058
Cash flows from investing activities    
Acquisitions of real estate investments (226,463) (248,205)
Capital expenditures (17,360) (9,311)
Purchase of interest rate cap (1,564) (2,688)
Investment in notes receivable   (22,300)
Repayments on notes receivable 31,700 8,284
Investments in unconsolidated real estate funds (25,000)  
Proceeds from sale of real estate investments 21,462 50,013
Proceeds from redemption of preferred equity investments 64,564 16,238
Insurance proceeds related to real estate investments   149
Investments in preferred equity investments (16,785) (17,097)
Net cash used in investing activities (169,446) (224,917)
Cash flows from financing activities    
Distributions to common stockholders (1,511) (3,879)
Distributions to noncontrolling interests (3,423) (8,509)
Distributions to partially owned properties' noncontrolling interests (2,287) (145)
Distributions to preferred stockholders (8,971) (3,457)
Contributions from noncontrolling interests 133,640 5,903
Purchase of interests from noncontrolling interests (1,054) (2,861)
Borrowings on mortgages payable 126,890 158,476
Repayments on mortgages payable including prepayment penalties (6,704) (22,338)
Proceeds from revolving credit facilities 42,000 71,000
Repayments on revolving credit facilities (103,000) (20,000)
Payments of deferred financing fees (6,343) (6,331)
Net proceeds from issuance of 6.0% Series A Redeemable Preferred Stock 36,539 92,857
Payments to redeem 6.0% Series A Redeemable Preferred Stock (868)  
Payments to redeem Operating Partnership Units (4)  
Net cash provided by financing activities 204,904 260,716
Net increase in cash, cash equivalents and restricted cash 63,221 44,857
Cash, cash equivalents and restricted cash, beginning of year 131,241 86,384
Cash, cash equivalents and restricted cash, end of year 194,462 131,241
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 169,561 115,209
Restricted cash 24,901 16,032
Total cash, cash equivalents and restricted cash, end of year 194,462 131,241
Supplemental disclosure of cash flow information    
Cash paid for interest (net of interest capitalized) 19,102 11,581
Cash paid for income taxes 1,136  
Supplemental disclosure of non-cash investing and financing activities    
Repayment of revolving credit facility with borrowings on mortgage payable 60,000  
Capital expenditures held in accounts payable and other accrued liabilities 1,563 790
Distributions payable to common stockholders - declared and unpaid 507  
Distributions payable to noncontrolling interests - declared and unpaid 1,148  
Distributions payable to preferred stockholders - declared and unpaid $ 849 617
Mortgage assumed upon property acquisition   24,333
Conversion of note receivable to preferred equity investment   7,800
Right-of-use asset recognized   5,058
Lease liability recognized   $ 4,969