Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Investments in real estate, net	$ 263,727	$ 199,429
Investment in real estate debt	16,825	16,825
Investments in real estate-related and other securities	2,163	1,842
Intangible assets, net	9,693	3,767
Cash and cash equivalents	23,601	5,660
Restricted cash	197	128
Deposits on real estate	0	5,494
Other assets, net	902	1,167
Total assets	317,108	234,312
LIABILITIES AND EQUITY
Credit facility		40,200
Mortgage notes, net	113,624	113,760
Intangible liabilities, net	1,714	1,800
Mandatorily redeemable	97,079	45,784
Due to affiliate	14,054	9,970
Accounts payable accrued expenses and other liabilities current and non current	3,863	4,852
Total liabilities	230,334	216,366
Commitments and Contingencies (Note 16)
Equity
Preferred stock- $0.01 par value per share, 100,000 shares authorized, 0 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively
Additional paid-in-capital	101,742	19,427
Accumulated deficit	(17,204)	(3,814)
Total stockholders' equity	84,641	15,638
Non-controlling interests in consolidated joint ventures	2,133	2,308
Total equity	86,774	17,946
Total liabilities and equity	317,108	234,312
Class D Shares
Equity
Common stock	3
Class I Shares
Equity
Common stock	43	1
Class S Shares
Equity
Common stock	1
Class T Shares
Equity
Common stock
Class E Shares
Equity
Common stock	$ 56	$ 24