Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Investments in real estate, net	$ 681,852	$ 685,603
Investments in unconsolidated entities	119,997	121,319
Investments in commercial loans, at fair value	34,680	34,626
Investments in real estate-related securities, at fair value	35,775	28,030
Investments in affiliated fund, at fair value	27,170	27,717
Intangible assets, net	19,836	20,730
Cash and cash equivalents	36,742	36,046
Restricted cash	11,375	7,326
Other assets	12,346	11,367
Total assets	979,773	972,764
LIABILITIES
Mortgages payable, net	336,996	336,744
Financing obligation, net	53,747	53,752
Due to affiliates	22,018	21,994
Accounts payable, accrued expenses and other liabilities	16,025	17,989
Total liabilities	428,786	430,479
Commitments and contingencies (See Note 17)	0	0
Class N redeemable common stock, $0.01 par value per share, 13,947,862 and 13,783,204 shares issued and outstanding, respectively	410,314	405,479
Redeemable non-controlling interest in INREIT OP	4,735	5,658
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	222,126	214,297
Accumulated deficit and cumulative distributions	(126,456)	(118,388)
Total stockholders' equity	95,789	96,024
Non-controlling interests in consolidated joint ventures	40,149	35,124
Total equity	135,938	131,148
Total liabilities, redeemable equity instruments and equity	979,773	972,764
Class T Common Stock
EQUITY
Common stock	6	6
Class S Common Stock
EQUITY
Common stock	6	5
Class D Common Stock
EQUITY
Common stock	9	8
Class I Common Stock
EQUITY
Common stock	45	43
Class E Common Stock
EQUITY
Common stock	$ 12	$ 12