Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Investments in real estate, net	$ 755,017	$ 759,461
Investments in unconsolidated entities	125,068	127,360
Investments in commercial loans, at fair value	34,807	21,800
Investments in real estate-related securities, at fair value	29,209	23,512
Investments in affiliated fund, at fair value	28,712	14,969
Intangible assets, net	23,962	26,018
Cash and cash equivalents	12,609	39,888
Restricted cash	5,648	5,354
Other assets	19,273	20,796
Total assets	1,034,305	1,039,158
LIABILITIES
Mortgages payable, net	375,501	374,733
Financing obligation, net	53,752	53,752
Revolving credit facility	18,000	9,000
Due to affiliates	20,560	22,952
Accounts payable, accrued expenses and other liabilities	11,251	12,430
Total liabilities	479,064	472,867
Commitments and contingencies (See Note 17)	0	0
Class N redeemable common stock, $0.01 par value per share, 13,523,324 and 13,523,324 shares issued and outstanding, respectively	419,709	432,604
Redeemable non-controlling interest in INREIT OP	7,223	2,797
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	179,933	167,611
Accumulated deficit and cumulative distributions	(80,806)	(66,856)
Total stockholders' equity	99,238	100,866
Non-controlling interests in consolidated joint ventures	29,071	30,024
Total equity	128,309	130,890
Total liabilities, redeemable equity instruments and equity	1,034,305	1,039,158
Class T Common Stock
EQUITY
Common stock	5	4
Class S Common Stock
EQUITY
Common stock	4	4
Class D Common Stock
EQUITY
Common stock	7	6
Class I Common Stock
EQUITY
Common stock	40	38
Class E Common Stock
EQUITY
Common stock	$ 14	$ 18