Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2025	Dec. 31, 2024
ASSETS
Investments in real estate, net		$ 681,143	$ 680,596
Investments in unconsolidated entities		119,627	124,473
Investment in commercial loan, at fair value		12,190	12,996
Investments in real estate-related securities, at fair value		57,721	56,472
Investment in affiliated fund, at fair value		14,487	21,342
Intangible assets, net		21,967	24,943
Cash and cash equivalents		68,929	48,176
Restricted cash		2,946	4,883
Other assets		16,233	9,198
Total assets	[1]	995,243	983,079
LIABILITIES
Mortgages payable, net		234,117	285,266
Financing obligation, net		53,997	53,991
Due to affiliates		22,523	23,960
Accounts payable, accrued expenses and other liabilities		17,132	16,058
Total liabilities	[2]	327,769	379,275
Commitments and contingencies (See Note 19)		0	0
Class N redeemable common stock, $0.01 par value per share		435,407	425,178
Redeemable non-controlling interest in INREIT OP		284	2,018
EQUITY
Additional paid-in capital		242,384	229,983
Accumulated deficit and cumulative distributions		(153,037)	(127,796)
Total stockholders' equity		89,427	102,268
Non-controlling interests in consolidated joint ventures		142,356	74,340
Total equity		231,783	176,608
Total liabilities, redeemable equity instruments and equity		995,243	983,079
Class T Common Stock
EQUITY
Common stock		3	6
Class S Common Stock
EQUITY
Common stock		5	7
Class D Common Stock
EQUITY
Common stock		5	9
Class I Common Stock
EQUITY
Common stock		41	47
Class E Common Stock
EQUITY
Common stock		13	12
Class S-PR Common Stock
EQUITY
Common stock		9	0
Class K-PR Common Stock
EQUITY
Common stock		$ 4	$ 0

[1] Includes restricted assets of consolidated variable interest entities (“VIEs”) at June 30, 2025 and December 31, 2024 of $395.0 million and $165.7 million, respectively. See Note 16 — “Variable Interest Entities.”

[2] Includes non-recourse liabilities of consolidated VIEs at June 30, 2025 and December 31, 2024 of $144.2 million and $4.1 million, respectively. See Note 16 — “Variable Interest Entities.”