Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Investments in real estate, net	$ 565,123	$ 434,373
Investments in unconsolidated entities	121,286	115,285
Investments in real estate-related securities, at fair value	23,660	12,685
Intangible assets, net	33,694	21,977
Cash and cash equivalents	9,633	13,754
Restricted cash	5,267	1,745
Other assets	21,245	12,558
Total assets	779,908	612,377
LIABILITIES
Revolving credit facility	108,300	75,500
Mortgage notes payable, net	201,052	161,653
Due to affiliates	18,473	16,930
Financing obligation, net	53,752	53,619
Accounts payable, accrued expenses and other liabilities	11,196	5,907
Total liabilities	392,773	313,609
Commitments and contingencies (See Note 15)	0	0
Class N redeemable common stock, $0.01 par value per share, 8,777,697 and 7,372,812 shares issued and outstanding, respectively	277,701	224,667
Redeemable non-controlling interest in INREIT OP	3,127	0
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	132,155	94,097
Accumulated deficit and cumulative distributions	(31,950)	(24,150)
Total stockholders' equity	100,305	70,030
Non-controlling interests	6,002	4,071
Total equity	106,307	74,101
Total liabilities, redeemable equity instruments and equity	779,908	612,377
Class T Common Stock
EQUITY
Common stock	4	2
Class S Common Stock
EQUITY
Common stock	4	2
Class D Common Stock
EQUITY
Common stock	4	2
Class I Common Stock
EQUITY
Common stock	5	2
Class E Common Stock
EQUITY
Common stock	22	22
Class N Common Stock
EQUITY
Common stock	$ 20	$ 12