Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Investments in real estate, net	$ 434,373	$ 60,773
Investments in unconsolidated entities	115,285	89,284
Investments in real estate-related securities, at fair value	12,685	877
Intangible assets, net	21,977	7,600
Cash and cash equivalents	13,754	2,968
Restricted cash	1,745	750
Other assets	12,558	586
Total assets	612,377	162,838
LIABILITIES
Revolving credit facility	75,500	67,700
Mortgages payable, net	161,653	0
Financing obligation, net	53,619	0
Due to affiliates	16,930	4,868
Accounts payable, accrued expenses and other liabilities	5,907	1,844
Total liabilities	313,609	74,412
Commitments and contingencies (See Note 14)	0	0
Redeemable common stock, Class N shares, $0.01 par value per share, 7,372,812 and 3,247,457 shares issued and outstanding, respectively	224,667	83,194
EQUITY
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; 125 shares issued and outstanding ($500.00 per share liquidation preference)	41	41
Additional paid-in capital	94,097	9,276
Accumulated deficit and cumulative distributions	(24,150)	(4,089)
Total stockholders' equity	70,030	5,232
Non-controlling interests in consolidated joint ventures	4,071	0
Total equity	74,101	5,232
Total liabilities, redeemable common stock and equity	612,377	162,838
Class T Common Stock
EQUITY
Common stock	2	0
Class S Common Stock
EQUITY
Common stock	2	0
Class D Common Stock
EQUITY
Common stock	2	0
Class I Common Stock
EQUITY
Common stock	2	0
Class E Common Stock
EQUITY
Common stock	22	0
Class N Common Stock
EQUITY
Common stock	$ 12	$ 4