Condensed Consolidated Statements of Cash Flow - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (6,243)	$ (2,197)
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee - related party	396	114
Performance participation interest - related party	0	2,121
(Income) loss from unconsolidated entities, net	453	(3,979)
Depreciation and amortization	7,391	8,778
Share-based compensation	20	19
Straight-line rents	(305)	(359)
Amortization of below-market lease intangibles	(99)	(49)
Amortization of above-market lease intangibles	44	33
Amortization of deferred financing costs	406	293
Loss from investments in affiliated fund	933	0
Unrealized loss on real estate-related securities, net	322	160
Unrealized gain (loss) on derivative instruments	2,346	(1,516)
Distributions of earnings from investments in unconsolidated entities	795	989
Other items	206	123
Change in assets and liabilities, net of assets and liabilities acquired in acquisitions:
Decrease (increase) in other assets	(261)	2,808
Increase in due to affiliates	1,026	1,510
Decrease (increase) in accounts payable, accrued expenses and other liabilities	(2,915)	508
Net cash provided by operating activities	4,515	9,356
Cash flows from investing activities:
Investments in unconsolidated entities	(369)	(3,068)
Investment in unconsolidated affiliated fund	(15,000)	0
Origination of commercial loan	(13,007)	0
Acquisitions of real estate	0	(150,997)
Pre-acquisition deposits	0	(6,118)
Capital improvements to real estate	(685)	(164)
Purchase of real estate-related securities	(6,249)	(11,161)
Proceeds from sale of real estate-related securities	287	0
Distributions of capital from investments in unconsolidated entities	1,413	0
Net cash used in investing activities	(33,610)	(171,508)
Cash flows from financing activities:
Proceeds from issuance of redeemable common stock	0	42,999
Proceeds from issuance of common stock	12,737	48,535
Offering costs paid	(86)	0
Repurchase of common stock	(13,025)	0
Subscriptions received in advance	1,257	3,092
Proceeds from revolving credit facility	23,000	79,800
Repayment of revolving credit facility	(14,000)	(47,000)
Borrowings from mortgages payable	464	39,660
Purchase of derivative instruments	0	(1,808)
Payment of deferred financing costs	(300)	(534)
Common stock and INREIT OP unit distributions	(7,737)	(5,119)
Preferred stock dividends	(2)	(2)
Sale of interest to non-controlling interest	0	2,025
Contributions from non-controlling interests	28	0
Distributions to non-controlling interests	(226)	(95)
Net cash provided by financing activities	2,110	161,553
Net change in cash and cash equivalents and restricted cash	(26,985)	(599)
Cash and cash equivalents and restricted cash, beginning of period	45,242	15,499
Cash and cash equivalents and restricted cash, end of period	18,257	14,900
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	12,609	9,633
Restricted cash	5,648	5,267
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total	18,257	14,900
Supplemental disclosures:
Interest paid	4,824	1,570
Non-cash investing and financing activities:
Assumption of assets and liabilities in conjunction with acquisitions of real estate, net	0	510
Issuance of Class E OP Units to non-controlling interests	3,976	3,280
Issuance of Class E shares for payment of management fees	399	0
Accrued capital expenditures	280	0
Distributions payable	2,894	2,132
Distribution reinvestment	270	80
Accrued offering costs due to affiliates	320	386
Adjustment to carrying value of redeemable equity instruments	$ (12,324)	$ 10,182