Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Sep. 30, 2025	Dec. 31, 2024
ASSETS
Investments in real estate, net		$ 799,604	$ 680,596
Investments in unconsolidated entities		116,938	124,473
Investment in commercial loan, at fair value		12,213	12,996
Investments in real estate-related securities, at fair value		42,787	56,472
Investment in affiliated fund, at fair value		13,224	21,342
Intangible assets, net		33,663	24,943
Cash and cash equivalents		39,385	48,176
Restricted cash		3,222	4,883
Other assets		8,517	9,198
Total assets	[1]	1,069,553	983,079
LIABILITIES
Mortgages payable, net		234,626	285,266
Financing obligation, net		53,985	53,991
Revolving credit facility		25,000	0
Due to affiliates		23,453	23,960
Accounts payable, accrued expenses and other liabilities		20,274	16,058
Total liabilities	[2]	357,338	379,275
Commitments and contingencies (See Note 19)		0	0
Class N redeemable common stock, $0.01 par value per share		440,723	425,178
Redeemable non-controlling interest in INREIT OP		0	2,018
EQUITY
Additional paid-in capital		240,892	229,983
Accumulated deficit and cumulative distributions		(163,972)	(127,796)
Total stockholders' equity		77,000	102,268
Non-controlling interests in consolidated joint ventures		194,492	74,340
Total equity		271,492	176,608
Total liabilities, redeemable equity instruments and equity		1,069,553	983,079
Class T Common Stock
EQUITY
Common stock		4	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		40	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 September 30, 2025 and December 31, 2024 of $478.9 million and $165.7 million, respectively. See Note 16 — “Variable Interest Entities.”

[2] Includes non-recourse liabilities of consolidated VIEs at September 30, 2025 and December 31, 2024 of $145.6 million and $4.1 million, respectively. See Note 16 — “Variable Interest Entities.”