Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net income (loss)	$ (2,342)	$ 837
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Management fee - related party	605	465
(Income) loss from unconsolidated entities, net	(73)	(1,002)
Depreciation and amortization	7,056	6,024
Share-based compensation	62	19
Straight-line rents	(145)	(175)
Amortization of below-market lease intangibles	(490)	(99)
Amortization of above-market lease intangibles	44	43
Amortization of deferred financing costs	321	312
(Income) loss from investment in affiliated fund, net	(473)	(653)
Unrealized (gain) loss from real estate-related securities, net	332	(2,154)
Unrealized (gain) loss on commercial loans	66	(54)
(Gain) loss on derivative instruments, net	782	(332)
Distributions of earnings from investments in unconsolidated entities	1,373	672
Realized (gain) loss from real estate-related securities, net	34	1,618
Other items	76	97
Change in assets and liabilities, net of assets and liabilities acquired in acquisitions:
Decrease (increase) in other assets	(372)	341
(Decrease) increase in due to affiliates	(1,051)	(649)
(Decrease) increase in accounts payable, accrued expenses and other liabilities	(1,237)	(3,744)
Net cash (used in) provided by operating activities	4,568	1,566
Cash flows from investing activities:
Investments in unconsolidated entities	(306)	(142)
Proceeds from unconsolidated entities	0	646
Distributions of capital from investments in unconsolidated entities	2,550	1,148
Redemption of investment in affiliated fund	789	547
Distribution from affiliated fund	500	653
Proceeds from repayment of commercial loan	762	0
Pre-acquisition deposits	0	(1,000)
Capital improvements to real estate	(357)	(1,302)
Purchase of real estate-related securities	(1,745)	(15,465)
Proceeds from sale of real estate-related securities	660	8,281
Net cash provided by (used in) investing activities	2,853	(6,634)
Cash flows from financing activities:
Proceeds from issuance of common stock	4,163	15,030
Offering costs paid	(45)	(38)
Repurchase of common stock and OP units	(6,315)	(13,377)
Subscriptions received in advance	1,345	6,853
Borrowings from mortgages payable	84,000	0
Payments of mortgages payable	(65,500)	0
Debt extinguishment charges	34	0
Payment of financing obligation	(2)	(5)
Common stock and INREIT OP unit distributions	(3,711)	(3,697)
Cash received from sale of interest in consolidated joint ventures	9,421	0
Contributions from non-controlling interests	63,827	5,472
Distributions to non-controlling interests	(1,427)	(425)
Net cash provided by (used in) financing activities	85,790	9,813
Net change in cash and cash equivalents and restricted cash	93,211	4,745
Cash and cash equivalents and restricted cash, beginning of period	53,059	43,372
Cash and cash equivalents and restricted cash, end of period	146,270	48,117
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	140,800	36,742
Restricted cash	5,470	11,375
Total cash and cash equivalents and restricted cash	146,270	48,117
Supplemental disclosures:
Interest paid	4,235	5,760
Income taxes paid	16	122
Non-cash investing and financing activities:
Note receivable from sale of consolidated joint ventures	7,629	0
Issuance of Class E shares for payment of management fees	551	465
Accrued capital expenditures	6	731
Accrued preferred dividends	0	2
Distributions payable	3,142	3,038
Distribution reinvestment	5,672	5,279
Accrued offering costs due to affiliates	35	670
Adjustment to carrying value of redeemable equity instruments	0	54
Accrued common stock repurchases	$ 4,055	$ (5,148)