Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Investments in real estate, net	$ 759,461	$ 434,373
Investments in unconsolidated entities	127,360	115,285
Investment in commercial loan, at fair value	21,800	0
Investments in real estate-related securities, at fair value	23,512	12,685
Investment in unconsolidated affiliated fund, at fair value	14,969	0
Intangible assets, net	26,018	21,977
Cash and cash equivalents	39,888	13,754
Restricted cash	5,354	1,745
Other assets	20,796	12,558
Total assets	1,039,158	612,377
LIABILITIES
Mortgages payable, net	374,733	161,653
Financing obligation, net	53,752	53,619
Revolving credit facility	9,000	75,500
Due to affiliates	22,952	16,930
Accounts payable, accrued expenses and other liabilities	12,430	5,907
Total liabilities	472,867	313,609
Commitments and contingencies (See Note 16)	0	0
Class N redeemable common stock, $0.01 par value per share, 13,523,324 and 7,372,812 shares issued and outstanding, respectively	432,604	224,667
Redeemable non-controlling interest in INREIT OP	2,797	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	167,611	94,097
Accumulated deficit and cumulative distributions	(66,856)	(24,150)
Total stockholders' equity	100,866	70,030
Non-controlling interests in consolidated joint ventures	30,024	4,071
Total equity	130,890	74,101
Total liabilities, redeemable equity instruments and equity	1,039,158	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	6	2
Class I Common Stock
EQUITY
Common stock	38	2
Class E Common Stock
EQUITY
Common stock	18	22
Class N Common Stock
EQUITY
Common stock	$ 0	$ 12