Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Investments in real estate, net	$ 685,603	$ 759,461
Investments in unconsolidated entities	121,319	127,360
Investments in commercial loans, at fair value	34,626	21,800
Investments in real estate-related securities, at fair value	28,030	23,512
Investment in affiliated fund, at fair value	27,717	14,969
Intangible assets, net	20,730	26,018
Cash and cash equivalents	36,046	39,888
Restricted cash	7,326	5,354
Other assets	11,367	20,796
Total assets	972,764	1,039,158
LIABILITIES
Mortgages payable, net	336,744	374,733
Financing obligation, net	53,752	53,752
Revolving credit facility	0	9,000
Due to affiliates	21,994	22,952
Accounts payable, accrued expenses and other liabilities	17,989	12,430
Total liabilities	430,479	472,867
Commitments and contingencies (See Note 18)	0	0
Class N redeemable common stock, $0.01 par value per share, 13,783,204 and 13,523,324 shares issued and outstanding, respectively	405,479	432,604
Redeemable non-controlling interest in INREIT OP	5,658	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	214,297	167,611
Accumulated deficit and cumulative distributions	(118,388)	(66,856)
Total stockholders' equity	96,024	100,866
Non-controlling interests in consolidated joint ventures	35,124	30,024
Total equity	131,148	130,890
Total liabilities, redeemable equity instruments and equity	972,764	1,039,158
Class T Common Stock
EQUITY
Common stock	6	4
Class S Common Stock
EQUITY
Common stock	5	4
Class D Common Stock
EQUITY
Common stock	8	6
Class I Common Stock
EQUITY
Common stock	43	38
Class E Common Stock
EQUITY
Common stock	$ 12	$ 18