Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Investments in real estate, net	$ 751,583	$ 759,461
Investments in unconsolidated entities	124,315	127,360
Investments in commercial loans, at fair value	34,807	21,800
Investments in real estate-related securities, at fair value	28,871	23,512
Investments in affiliated fund, at fair value	28,583	14,969
Intangible assets, net	23,063	26,018
Cash and cash equivalents	11,499	39,888
Restricted cash	6,056	5,354
Other assets	22,615	20,796
Total assets	1,031,392	1,039,158
LIABILITIES
Mortgages payable, net	377,106	374,733
Financing obligation, net	53,752	53,752
Revolving credit facility	17,900	9,000
Due to affiliates	21,462	22,952
Accounts payable, accrued expenses and other liabilities	13,154	12,430
Total liabilities	483,374	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	415,766	432,604
Redeemable non-controlling interest in INREIT OP	7,154	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	185,223	167,611
Accumulated deficit and cumulative distributions	(89,362)	(66,856)
Total stockholders' equity	95,974	100,866
Non-controlling interests in consolidated joint ventures	29,124	30,024
Total equity	125,098	130,890
Total liabilities, redeemable equity instruments and equity	1,031,392	1,039,158
Class T Common Stock
EQUITY
Common stock	6	4
Class S Common Stock
EQUITY
Common stock	4	4
Class D Common Stock
EQUITY
Common stock	8	6
Class I Common Stock
EQUITY
Common stock	42	38
Class E Common Stock
EQUITY
Common stock	$ 12	$ 18