Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Investments in real estate, net	$ 763,576	$ 434,373
Investments in unconsolidated entities	127,170	115,285
Investment in commercial loan, at fair value	21,800	0
Investments in real estate-related securities, at fair value	24,396	12,685
Intangible assets, net	29,571	21,977
Cash and cash equivalents	25,992	13,754
Restricted cash	10,161	1,745
Other assets	21,455	12,558
Total assets	1,024,121	612,377
LIABILITIES
Revolving credit facility	88,500	75,500
Mortgage notes payable, net	374,355	161,653
Financing obligation, net	53,752	53,619
Due to affiliates	23,668	16,930
Accounts payable, accrued expenses and other liabilities	19,266	5,907
Total liabilities	559,541	313,609
Commitments and contingencies (See Note 16)	0	0
Class N redeemable common stock, $0.01 par value per share, 10,385,246 and 7,372,812 shares issued and outstanding, respectively	343,404	224,667
Redeemable non-controlling interest in INREIT OP	3,178	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	143,217	94,097
Accumulated deficit and cumulative distributions	(56,125)	(24,150)
Total stockholders' equity	87,200	70,030
Non-controlling interests in consolidated joint ventures	30,798	4,071
Total equity	117,998	74,101
Total liabilities, redeemable equity instruments and equity	1,024,121	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	5	2
Class I Common Stock
EQUITY
Common stock	31	2
Class E Common Stock
EQUITY
Common stock	23	22
Class N Common Stock
EQUITY
Common stock	$ 0	$ 12