Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Investments in real estate, net	$ 199,429
Investment in real estate debt	16,825
Investment in real estate-related securities	1,842
Intangible assets, net	3,767
Cash	5,660	$ 200
Restricted cash	128
Deposits on real estate	5,494
Other assets, net	1,167
Total assets	234,312	200
LIABILITIES AND EQUITY
Secured credit facility	40,200
Mortgage notes, net	113,760
Intangible liabilities, net	1,800
Mandatorily redeemable Class E units	45,784
Due to affiliate	9,970
Accrued expenses and other liabilities	4,852
Total liabilities	216,366
Commitments and Contingencies (Note 12)
Equity
Preferred stock, $0.01 par value per share, 100,000 shares authorized, 0 issued, and outstanding as of December 31, 2022 and December 31, 2021, respectively
Additional paid-in-capital	19,427	200
Accumulated deficit	(3,814)
Total stockholders equity	15,638	200
Non-controlling interests in consolidated joint ventures	2,308
Total equity	17,946	200
Total liabilities and equity	234,312	200
Class E Shares
Equity
Common stock	24
Class D Shares
Equity
Common stock
Class I Shares
Equity
Common stock	1
Class S Shares
Equity
Common stock
Class T Shares
Equity
Common stock