Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Investments in real estate, net	$ 685,984	$ 685,603
Investments in unconsolidated entities	123,171	121,319
Investments in commercial loans, at fair value	12,972	34,626
Investments in real estate-related securities, at fair value	40,559	28,030
Investments in affiliated fund, at fair value	22,869	27,717
Intangible assets, net	19,061	20,730
Cash and cash equivalents	69,326	36,046
Restricted cash	10,324	7,326
Other assets	8,589	11,367
Total assets	992,855	972,764
LIABILITIES
Mortgages payable, net	337,761	336,744
Financing obligation, net	53,745	53,752
Due to affiliates	22,258	21,994
Accounts payable, accrued expenses and other liabilities	24,437	17,989
Total liabilities	438,201	430,479
Commitments and contingencies (See Note 17)	0	0
Class N redeemable common stock, $0.01 par value per share, 14,289,603 and 13,783,204 shares issued and outstanding, respectively	420,164	405,479
Redeemable non-controlling interest in INREIT OP	2,926	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	228,311	214,297
Accumulated deficit and cumulative distributions	(149,399)	(118,388)
Total stockholders' equity	78,992	96,024
Non-controlling interests in consolidated joint ventures	52,572	35,124
Total equity	131,564	131,148
Total liabilities, redeemable equity instruments and equity	992,855	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