Condensed Consolidated Statements of Cash Flow - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net loss	$ (2,372)	$ (1,556)
Adjustments to reconcile net loss to net cash provided by operating activities:
Performance participation allocation	791	0
Income from unconsolidated real estate entities, net	(1,503)	0
Depreciation and amortization	3,562	0
Share-based compensation	39	0
Straight-line rents	(310)	0
Amortization of below-market leases	(98)	0
Amortization of deferred financing costs	318	0
Unrealized gain on real estate-related securities, net	(13)	0
Distributions of earnings from investments in unconsolidated real estate entities	780	0
Other items	31	0
Change in assets and liabilities, net of assets and liabilities acquired in acquisitions:
Increase in other assets	(583)	(924)
Increase in due to affiliates	2,720	2,480
Increase in accounts payable, accrued expenses and other liabilities	285	0
Net cash provided by operating activities	3,647	0
Cash flows from investing activities:
Investments in unconsolidated real estate entities	(11,096)	0
Acquisitions of real estate	(71,015)	0
Capital improvements to real estate	(24)	0
Purchase of real estate-related securities	(4,452)	0
Proceeds from sale of real estate-related securities	564	0
Distributions of capital from investments in unconsolidated real estate entities	2,512	0
Net cash used in investing activities	(83,511)	0
Cash flows from financing activities:
Proceeds from issuance of redeemable common stock	61,726	0
Proceeds from issuance of common stock	9,351	0
Proceeds from revolving credit facility	80,900	0
Repayment of revolving credit facility	(111,700)	0
Borrowings from mortgages payable	45,000	0
Payment of deferred financing costs	(1,457)	0
Common stock distributions	(4,688)	0
Preferred stock dividends	(4)	0
Net cash provided by financing activities	79,128	0
Net change in cash and cash equivalents and restricted cash	(736)	0
Cash and cash equivalents and restricted cash, beginning of period	3,718	200
Cash and cash equivalents and restricted cash, end of period	2,982	200
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	2,123	200
Restricted cash	859	0
Total cash and cash equivalents and restricted cash	2,982	200
Supplemental disclosures:
Interest paid	736	0
Non-cash investing and financing activities:
Assumption of assets and liabilities in conjunction with acquisitions of real estate, net	68	0
Accrued capital expenditures	1,438	0
Distributions payable	825	0
Accrued offering costs due to affiliates	2,922	0
Distribution reinvestment	27	0
Adjustment to carrying value of redeemable common stock	$ 10,249	$ 0