Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Investments in real estate, net	$ 275,473	$ 199,429
Investment in real estate debt	16,825	16,825
Investments in real estate-related and other securities	416	1,842
Intangible assets, net	9,369	3,767
Cash and cash equivalents	32,452	5,660
Restricted cash	231	128
Deposits on real estate	9,072	5,494
Other assets, net	1,066	1,167
Total assets	344,904	234,312
LIABILITIES AND EQUITY
Credit facility		40,200
Mortgage notes, net	113,577	113,760
Intangible liabilities, net	1,684	1,800
Mandatorily redeemable instruments	101,753	45,784
Due to affiliate	14,719	9,970
Accounts payable, accrued expenses and other liabilities	3,704	4,852
Total liabilities	235,437	216,366
Commitments and Contingencies (Note 17)
Equity
Preferred stock- $0.01 par value per share, 100,000 shares authorized, 0 issued and outstanding as of December 31, 2023 and December 31, 2022, respectively
Additional paid-in-capital	122,915	19,427
Accumulated deficit	(15,679)	(3,814)
Total stockholders equity	107,360	15,638
Non-controlling interests in consolidated joint ventures	2,107	2,308
Total equity	109,467	17,946
Total liabilities and equity	344,904	234,312
Class D Shares
Equity
Common stock	5
Class I Shares
Equity
Common stock	54	1
Class S Shares
Equity
Common stock	1
Class T Shares
Equity
Common stock
Class E Shares
Equity
Common stock	64	24
Class X Shares
Equity
Common stock
Class Y Shares
Equity
Common stock