Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net income	$ 9,636	$ 683
Adjustments to reconcile net income to net cash provided by operating activities:
Management fee	1,511	234
Performance participation allocation	203
Depreciation and amortization	1,455	283
Straight line rent amortization	(388)	(651)
Above- and below- market lease amortization, net	(190)
Amortization of discount/premium	(67)
Amortization of deferred financing costs	21	0
Amortization of restricted stock awards	25
Unrealized gain on fair value of investments in real estate debt and real estate related securities	(152)
Realized gain on repayments of real-estate related securities	(20)
Changes in assets and liabilities:
Other assets	25	(266)
Due to affiliate	169	1,270
Other liabilities	1,095	102
Net cash provided by operating activities	13,323	1,655
Cash flows from investing activities:
Acquisitions of real estate		(44,214)
Origination and acquisition of real estate debt	(65,397)	(58,675)
Add-on fundings of commercial mortgage loans	(81,646)
Repayments from real-estate related securities	1,230
Net cash used in investing activities	(145,813)	(102,889)
Cash flows from financing activities:
Proceeds from issuance of common stock	88,385	60,150
Contributions from non-controlling preferred shareholders	125
Distributions paid	(4,500)
Repurchase of common stock	(154)
Offering costs paid	(94)	(18)
Net cash provided by financing activities	83,762	60,132
Net change in cash, cash equivalents and restricted cash	(48,728)	(41,102)
Cash, cash equivalents and restricted cash, beginning of period	95,205	131,589
Cash, cash equivalents and restricted cash, end of period	46,477	90,487
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	46,466	90,487
Restricted cash	11
Total cash, cash equivalents and restricted cash	46,477	90,487
Supplemental disclosure of cash flow information:
Cash paid for interest	363
Non-cash investing and financing activities
Accrued offering costs due to affiliate	261	$ (65)
Distribution reinvestments	2,144
Distributions accrued and not paid	2,846
Issuance of Class E shares for payment of management fee	1,181
Redeemable non-controlling interest issuance as Class E units of the Operating Partnership for payment of management fee	269
Redeemable non-controlling interest issuance as Class E units of the Operating Partnership for payment of performance participation allocation	562
Allocation to redeemable non-controlling interests	$ 31