Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Mar. 31, 2025	Dec. 31, 2024
ASSETS
Investments in real estate, net		$ 675,880	$ 680,596
Investments in unconsolidated entities		120,929	124,473
Investment in commercial loan, at fair value		12,168	12,996
Investments in real estate-related securities, at fair value		57,253	56,472
Investment in affiliated fund, at fair value		20,481	21,342
Intangible assets, net		22,952	24,943
Cash and cash equivalents		140,800	48,176
Restricted cash		5,470	4,883
Other assets		15,726	9,198
Total assets	[1]	1,071,659	983,079
LIABILITIES
Mortgages payable, net		303,375	285,266
Financing obligation, net		53,989	53,991
Due to affiliates		22,977	23,960
Accounts payable, accrued expenses and other liabilities		19,790	16,058
Total liabilities	[2]	400,131	379,275
Commitments and contingencies (See Note 19)		0	0
Class N redeemable common stock, $0.01 par value per share		430,275	425,178
Redeemable non-controlling interest in INREIT OP		1,149	2,018
EQUITY
Additional paid-in capital		242,799	229,983
Accumulated deficit and cumulative distributions		(139,502)	(127,796)
Total stockholders' equity		103,377	102,268
Non-controlling interests in consolidated joint ventures		136,727	74,340
Total equity		240,104	176,608
Total liabilities, redeemable equity instruments and equity		1,071,659	983,079
Class T Common Stock
EQUITY
Common stock		6	6
Class S Common Stock
EQUITY
Common stock		8	7
Class D Common Stock
EQUITY
Common stock		9	9
Class I Common Stock
EQUITY
Common stock		45	47
Class E Common Stock
EQUITY
Common stock		$ 12	$ 12

[1] Includes restricted assets of consolidated variable interest entities (“VIEs”) at March 31, 2025 and December 31, 2024 of $314.6 million and $165.7 million, respectively. See Note 16 — “Variable Interest Entities.”

[2] Includes non-recourse liabilities of consolidated VIEs at March 31, 2025 and December 31, 2024 of $142.8 million and $4.1 million, respectively. See Note 16 — “Variable Interest Entities.”