Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net income (loss)	$ (7,145)	$ (5,237)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Management fee - related party	2,089	1,478
(Income) loss from unconsolidated entities, net	(506)	(129)
Depreciation and amortization	21,821	17,676
Share-based compensation	176	57
Straight-line rents	(450)	(498)
Amortization of below-market lease intangibles	(1,436)	(289)
Amortization of above-market lease intangibles	131	131
Amortization of deferred financing costs	1,175	993
(Income) loss from investment in affiliated fund, net	(922)	(1,356)
Unrealized (gain) loss from real estate-related securities, net	(335)	(2,864)
Unrealized (gain) loss on commercial loans	22	(146)
(Gain) loss on derivative instruments, net	1,434	2,954
Distributions of earnings from investments in unconsolidated entities	2,960	2,203
Realized (gain) loss from real estate-related securities, net	903	1,413
Other items	433	292
Change in assets and liabilities, net of assets and liabilities acquired in acquisitions:
Decrease (increase) in other assets	(881)	(371)
(Decrease) increase in due to affiliates	(1,587)	(1,241)
(Decrease) increase in accounts payable, accrued expenses and other liabilities	2,691	(1,438)
Net cash (used in) provided by operating activities	20,573	13,628
Cash flows from investing activities:
Investments in unconsolidated entities	(441)	(9,538)
Distributions of capital from investments in unconsolidated entities	5,522	5,612
Redemption of investment in affiliated fund	7,764	4,429
Distribution from affiliated fund	1,198	1,778
Proceeds from repayment of commercial loan	761	21,800
Acquisitions of real estate	(145,917)	(11,990)
Capital improvements to real estate	(2,757)	(2,891)
Purchase of real estate-related securities	(43,169)	(29,436)
Proceeds from sale of real estate-related securities	56,478	18,492
Net cash provided by (used in) investing activities	(120,561)	(1,744)
Cash flows from financing activities:
Redemption of preferred stock	0	(65)
Proceeds from issuance of common stock	14,326	35,426
Offering costs paid	(147)	(129)
Repurchase of common stock and OP units	(25,554)	(25,045)
Subscriptions received in advance	1,740	6,204
Proceeds from revolving credit facility	25,000	0
Borrowings from mortgages payable	84,217	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	(550)	(250)
Debt extinguishment charges	485	0
Payment of financing obligation	(6)	(7)
Common stock and INREIT OP unit distributions	(10,903)	(11,202)
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	17,049	0
Contributions from non-controlling interests	125,604	19,845
Distributions to non-controlling interests	(4,705)	(913)
Net cash provided by (used in) financing activities	89,536	24,394
Net change in cash and cash equivalents and restricted cash	(10,452)	36,278
Cash and cash equivalents and restricted cash, beginning of period	53,059	43,372
Cash and cash equivalents and restricted cash, end of period	42,607	79,650
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	39,385	69,326
Restricted cash	3,222	10,324
Total cash and cash equivalents and restricted cash	42,607	79,650
Supplemental disclosures:
Interest paid	11,988	17,363
Income taxes paid	293	735
Non-cash investing and financing activities:
Issuance of Class E shares for payment of management fees	1,920	1,444
Accrued capital expenditures	10	6
Distributions payable	3,143	3,078
Distribution reinvestment	17,363	16,164
Accrued offering costs due to affiliates	953	1,480
Adjustment to carrying value of redeemable equity instruments	(35)	96
Accrued common stock repurchases	$ (262)	$ (230)