Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 837	$ (6,243)
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee - related party	465	396
(Income) loss from unconsolidated entities, net	(1,002)	453
Depreciation and amortization	6,024	7,391
Share-based compensation	19	20
Straight-line rents	(175)	(305)
Amortization of below-market lease intangibles	(99)	(99)
Amortization of above-market lease intangibles	43	44
Amortization of deferred financing costs	312	406
(Income) loss from investment in affiliated fund, net	(653)	933
Unrealized (gain) loss on real estate-related securities, net	(2,154)	322
Unrealized gain on commercials loans	(54)	0
Unrealized (gain) loss on derivative instruments, net	(332)	2,346
Distributions of earnings from investments in unconsolidated entities	672	795
Realized loss (gain) on sale of real estate-related securities	1,618	(15)
Other items	97	221
Change in assets and liabilities, net of assets and liabilities acquired in acquisitions:
Decrease (increase) in other assets	341	(261)
(Decrease) increase in due to affiliates	(649)	1,026
Decrease in accounts payable, accrued expenses and other liabilities	(3,744)	(2,915)
Net cash provided by operating activities	1,566	4,515
Cash flows from investing activities:
Investments in unconsolidated entities	(142)	(369)
Proceeds from unconsolidated entities	646	0
Investment in affiliated fund	0	(15,000)
Redemption of investment in affiliated fund	547	0
Distribution from affiliated fund	653	0
Origination of commercial loans	0	(13,007)
Pre-acquisition deposits	(1,000)	0
Capital improvements to real estate	(1,302)	(685)
Purchase of real estate-related securities	(15,465)	(6,249)
Proceeds from sale of real estate-related securities	8,281	287
Distributions of capital from investments in unconsolidated entities	1,148	1,413
Net cash used in investing activities	(6,634)	(33,610)
Cash flows from financing activities:
Proceeds from issuance of common stock	15,030	12,737
Offering costs paid	(38)	(86)
Repurchase of common stock and OP units	(13,377)	(13,025)
Subscriptions received in advance	6,853	1,257
Proceeds from revolving credit facility	0	23,000
Repayment of revolving credit facility	0	(14,000)
Borrowings from mortgages payable	0	464
Payment of deferred financing costs	0	(300)
Payment of financing obligation	(5)	0
Common stock and INREIT OP unit distributions	(3,697)	(7,737)
Preferred stock dividends	0	(2)
Contributions from non-controlling interests	5,472	28
Distributions to non-controlling interests	(425)	(226)
Net cash provided by financing activities	9,813	2,110
Net change in cash and cash equivalents and restricted cash	4,745	(26,985)
Cash and cash equivalents and restricted cash, beginning of period	43,372	45,242	$ 45,242
Cash and cash equivalents and restricted cash, end of period	48,117	18,257	43,372
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	36,742	12,609	36,046
Restricted cash	11,375	5,648	7,326
Total cash and cash equivalents and restricted cash	48,117	18,257	$ 43,372
Supplemental disclosures:
Interest paid	5,760	4,824
Non-cash investing and financing activities:
Issuance of Class E OP Units to non-controlling interests	0	3,976
Issuance of Class E shares for payment of management fees	465	399
Accrued capital expenditures	731	280
Accrued preferred dividends	2	0
Distributions payable	3,038	2,894
Distribution reinvestment	5,279	270
Accrued offering costs due to affiliates	670	320
Adjustment to carrying value of redeemable equity instruments	54	(12,324)
Accrued common stock repurchases	$ (5,148)	$ 0