Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (18,785)	$ (17,899)	$ (8,401)
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee – related party	1,720	1,026	28
Performance participation interest – related party	0	3,977	3,280
Income from unconsolidated entities, net	(1,908)	(8,367)	(3,148)
Impairment loss on investments in real estate	7,924	0	0
Depreciation and amortization	25,491	41,015	10,457
Share-based compensation	98	78	78
Straight-line rents	(1,137)	(1,328)	(517)
Amortization of below-market lease intangibles	(397)	(366)	(195)
Amortization of above-market lease intangibles	176	165	26
Amortization of deferred financing costs	1,938	1,495	700
Net gain from disposition of real estate	(54)	0	0
(Income) loss from investment in affiliated fund, net	(493)	31	0
Unrealized loss (gain) on real estate-related securities, net	(1,015)	3,003	168
Unrealized loss from commercial loans	181	0	0
Realized and unrealized loss (gain) on derivative instruments, net	4,560	(6,679)	0
Distributions of earnings from investments in unconsolidated entities	3,087	7,178	1,830
Realized loss on sale of real estate-related securities	1,927	235	5
Other items	633	807	63
Change in assets and liabilities, net of assets and liabilities acquired in acquisitions:
Decrease (increase) in other assets	(630)	3,306	(351)
Increase in due to affiliates	702	1,899	4,503
(Decrease) increase in accounts payable, accrued expenses and other liabilities	(3,799)	1,538	1,078
Net cash provided by operating activities	20,219	31,114	9,604
Cash flows from investing activities:
Acquisitions of real estate	0	(367,219)	(401,106)
Proceeds from disposition of real estate	61,523	0	0
Distribution from affiliated fund	2,197	0	0
Investments in unconsolidated entities	(3,780)	(11,868)	(29,630)
Proceeds from unconsolidated entities	4,562	0	0
Investment in affiliated fund	(15,000)	(15,000)	0
Redemption of investment in affiliated fund	547	0	0
Origination of commercial loans	(13,007)	(21,800)	0
Pre-acquisition deposits	0	0	(3,390)
Capital improvements to real estate	(9,508)	(1,951)	(2,758)
Purchase of real estate-related securities	(15,960)	(17,354)	(14,079)
Proceeds from sale of real estate-related securities	10,815	3,291	2,864
Distributions of capital from investments in unconsolidated entities	4,080	982	4,948
Net cash provided by (used in) investing activities	26,469	(430,919)	(443,151)
Cash flows from financing activities:
Proceeds from issuance of redeemable common stock	0	201,888	187,475
Repurchase of redeemable common stock	0	(4,795)	(70,000)
Proceeds from issuance of common stock	51,993	110,396	111,986
Offering costs paid	(97)	(92)	0
Repurchase of common stock and OP units	(36,405)	(25,200)	0
Subscriptions received in advance	3,503	1,842	250
Proceeds from revolving credit facility	36,100	182,500	135,500
Repayment of revolving credit facility	(45,100)	(249,000)	(127,700)
Borrowings from mortgages payable	5,411	215,124	163,500
Payments of mortgages payable	(45,000)	0	0
Debt extinguishment charges	225	0	0
Borrowing from financing obligation	0	0	54,000
Sale of derivative instruments	290	0	0
Purchase of derivative instruments	(323)	(2,666)	0
Payment of deferred financing costs	(629)	(2,987)	(3,138)
Contributions from non-controlling interests	7,978	6,237	4,127
Distributions to non-controlling interests	(1,205)	(1,309)	(31)
Sale of interest to non-controlling interest	0	22,462	0
Preferred stock dividends	(8)	(8)	(8)
Common stock and INREIT OP unit distributions	(25,291)	(24,844)	(10,633)
Net cash (used in) provided by financing activities	(48,558)	429,548	445,328
Net change in cash and cash equivalents and restricted cash	(1,870)	29,743	11,781
Cash and cash equivalents and restricted cash, beginning of period	45,242	15,499	3,718
Cash and cash equivalents and restricted cash, end of period	43,372	45,242	15,499
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	36,046	39,888	13,754
Restricted cash	7,326	5,354	1,745
Total cash and cash equivalents and restricted cash	43,372	45,242	15,499
Supplemental disclosures:
Interest paid	26,399	13,187	1,743
Non-cash investing and financing activities:
Unsettled trade payable	0	0	904
Assumption of assets and liabilities in conjunction with acquisitions of real estate, net	0	1,224	1,042
Transfer of assets and liabilities in conjunction with disposition of real estate, net	(228)	0	0
Issuance of Class E OP Units to non-controlling interests	3,977	3,280	0
Issuance of Class E shares for payment of management fees	1,677	761	0
Accrued capital expenditures	117	248	492
Distributions payable	2,980	2,378	1,440
Accrued offering costs due to affiliates	2,150	1,950	3,313
Distribution reinvestment	9,223	575	107
Accrued common stock repurchases	5,458	0	0
Adjustment to carrying value of redeemable common stock	$ (34,500)	$ 11,048	$ 24,137