Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities:
Net income (loss)	$ (6,125)	$ (775)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Management fee - related party	1,313	963
Performance participation interest - related party	8	0
(Income) loss from unconsolidated entities, net	(492)	(1,081)
Depreciation and amortization	14,209	11,943
Share-based compensation	125	38
Straight-line rents	(332)	(338)
Amortization of below-market lease intangibles	(955)	(198)
Amortization of above-market lease intangibles	87	87
Amortization of deferred financing costs	747	625
(Income) loss from investment in affiliated fund, net	(697)	(1,156)
Unrealized (gain) loss from real estate-related securities, net	(343)	(2,191)
Unrealized (gain) loss on commercial loans	45	(110)
(Gain) loss on derivative instruments, net	1,246	334
Distributions of earnings from investments in unconsolidated entities	2,195	1,941
Realized (gain) loss from real estate-related securities, net	1,029	1,639
Other items	254	172
Change in assets and liabilities, net of assets and liabilities acquired in acquisitions:
Decrease (increase) in other assets	(1,076)	(967)
(Decrease) increase in due to affiliates	(1,923)	(799)
(Decrease) increase in accounts payable, accrued expenses and other liabilities	(1,926)	(3,382)
Net cash (used in) provided by operating activities	7,389	6,745
Cash flows from investing activities:
Investments in unconsolidated entities	(341)	(9,217)
Distributions of capital from investments in unconsolidated entities	3,483	3,278
Redemption of investment in affiliated fund	6,606	1,652
Distribution from affiliated fund	901	1,228
Proceeds from repayment of commercial loan	761	0
Acquisitions of real estate	(9,718)	0
Pre-acquisition deposits	0	(95)
Capital improvements to real estate	(1,672)	(1,986)
Purchase of real estate-related securities	(28,636)	(19,789)
Proceeds from sale of real estate-related securities	26,834	9,008
Net cash provided by (used in) investing activities	(1,782)	(15,921)
Cash flows from financing activities:
Redemption of preferred stock	0	(65)
Proceeds from issuance of common stock	9,491	27,032
Offering costs paid	(96)	(83)
Repurchase of common stock and OP units	(16,335)	(20,088)
Subscriptions received in advance	1,457	1,111
Borrowings from mortgages payable	84,000	260
Payments of mortgages payable	(135,500)	0
Purchase of derivative instruments	0	(300)
Proceeds from the sale of derivative instruments	0	574
Payment of deferred financing costs	0	(250)
Debt extinguishment charges	485	0
Payment of financing obligation	(4)	(6)
Common stock and INREIT OP unit distributions	(7,390)	(7,442)
Preferred stock dividends	0	(4)
Purchase of interest in consolidated joint ventures	(1,520)	0
Cash received from sale of interest in consolidated joint ventures	9,421	0
Contributions from non-controlling interests	71,812	13,801
Distributions to non-controlling interests	(2,612)	(740)
Net cash provided by (used in) financing activities	13,209	13,800
Net change in cash and cash equivalents and restricted cash	18,816	4,624
Cash and cash equivalents and restricted cash, beginning of period	53,059	43,372
Cash and cash equivalents and restricted cash, end of period	71,875	47,996
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	68,929	42,778
Restricted cash	2,946	5,218
Total cash and cash equivalents and restricted cash	71,875	47,996
Supplemental disclosures:
Interest paid	8,238	11,518
Income taxes paid	155	591
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	1,196	938
Accrued capital expenditures	59	6
Distributions payable	3,123	3,050
Distribution reinvestment	11,418	10,673
Accrued offering costs due to affiliates	401	1,296
Adjustment to carrying value of redeemable equity instruments	(35)	81
Accrued common stock repurchases	$ 1,546	$ (3,180)