Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ (775)	$ (6,259)
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee - related party	963	814
(Income) loss from unconsolidated entities, net	(1,081)	(360)
Depreciation and amortization	11,943	13,530
Share-based compensation	38	39
Straight-line rents	(338)	(624)
Amortization of below-market lease intangibles	(198)	(198)
Amortization of above-market lease intangibles	87	87
Amortization of deferred financing costs	625	853
(Income) loss from investment in affiliated fund, net	(1,156)	418
Unrealized (gain) loss on real estate-related securities, net	(2,191)	616
Unrealized gain on commercials loans	(110)	0
Realized and unrealized loss on derivative instruments, net	334	546
Distributions of earnings from investments in unconsolidated entities	1,941	1,314
Realized loss on sale of real estate-related securities	1,639	384
Other items	172	370
Change in assets and liabilities, net of assets and liabilities acquired in acquisitions:
Increase in other assets	(967)	(842)
(Decrease) increase in due to affiliates	(799)	1,112
Decrease in accounts payable, accrued expenses and other liabilities	(3,382)	(945)
Net cash provided by operating activities	6,745	10,855
Cash flows from investing activities:
Investments in unconsolidated entities	(9,217)	(651)
Distributions of capital from investments in unconsolidated entities	3,278	2,742
Investment in affiliated fund	0	(15,000)
Redemption of investment in affiliated fund	1,652	0
Distribution from affiliated fund	1,228	0
Origination of commercial loans	0	(13,007)
Pre-acquisition deposits	(95)	0
Capital improvements to real estate	(1,986)	(2,533)
Purchase of real estate-related securities	(19,789)	(8,826)
Proceeds from sale of real estate-related securities	9,008	2,590
Net cash used in investing activities	(15,921)	(34,685)
Cash flows from financing activities:
Redemption of preferred stock	(65)	0
Proceeds from issuance of common stock	27,032	24,395
Offering costs paid	(83)	(124)
Repurchase of common stock and OP units	(20,088)	(23,202)
Subscriptions received in advance	1,111	1,619
Proceeds from revolving credit facility	0	34,100
Repayment of revolving credit facility	0	(25,200)
Borrowings from mortgages payable	260	1,716
Purchase of derivative instruments	(300)	(323)
Proceeds from the sale of derivative instruments	574	0
Payment of deferred financing costs	(250)	(300)
Payment of financing obligation	(6)	0
Common stock and INREIT OP unit distributions	(7,442)	(16,350)
Preferred stock dividends	(4)	(4)
Contributions from non-controlling interests	13,801	219
Distributions to non-controlling interests	(740)	(403)
Net cash provided by (used in) financing activities	13,800	(3,857)
Net change in cash and cash equivalents and restricted cash	4,624	(27,687)
Cash and cash equivalents and restricted cash, beginning of period	43,372	45,242
Cash and cash equivalents and restricted cash, end of period	47,996	17,555
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	42,778	11,499
Restricted cash	5,218	6,056
Total cash and cash equivalents and restricted cash	47,996	17,555
Supplemental disclosures:
Interest paid	11,518	10,175
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	938	797
Accrued capital expenditures	6	334
Distributions payable	3,050	2,870
Distribution reinvestment	10,673	594
Accrued offering costs due to affiliates	1,296	1,137
Adjustment to carrying value of redeemable equity instruments	81	(16,247)
Accrued common stock repurchases	$ (3,180)	$ 0