Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Investments in real estate, net	$ 677,474	$ 685,603
Investments in unconsolidated entities	126,398	121,319
Investments in commercial loans, at fair value	34,736	34,626
Investments in real estate-related securities, at fair value	39,441	28,030
Investments in affiliated fund, at fair value	25,995	27,717
Intangible assets, net	18,936	20,730
Cash and cash equivalents	42,778	36,046
Restricted cash	5,218	7,326
Other assets	12,032	11,367
Total assets	983,008	972,764
LIABILITIES
Mortgages payable, net	337,508	336,744
Financing obligation, net	53,746	53,752
Due to affiliates	22,487	21,994
Accounts payable, accrued expenses and other liabilities	12,556	17,989
Total liabilities	426,297	430,479
Commitments and contingencies (See Note 17)	0	0
Class N redeemable common stock, $0.01 par value per share, 14,116,867 and 13,783,204 shares issued and outstanding, respectively	415,203	405,479
Redeemable non-controlling interest in INREIT OP	3,848	5,658
EQUITY
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; no shares and 125 shares issued and outstanding, respectively ($500.00 per share liquidation preference)	0	41
Additional paid-in capital	226,599	214,297
Accumulated deficit and cumulative distributions	(136,707)	(118,388)
Total stockholders' equity	89,972	96,024
Non-controlling interests in consolidated joint ventures	47,688	35,124
Total equity	137,660	131,148
Total liabilities, redeemable equity instruments and equity	983,008	972,764
Class T Common Stock
EQUITY
Common stock	6	6
Class S Common Stock
EQUITY
Common stock	7	5
Class D Common Stock
EQUITY
Common stock	9	8
Class I Common Stock
EQUITY
Common stock	46	43
Class E Common Stock
EQUITY
Common stock	$ 12	$ 12