Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Investments in real estate, net	$ 338,842	$ 275,473
Investment in real estate debt	16,825	16,825
Investments in real estate-related and other securities	420	416
Intangible assets, net	18,619	9,369
Cash and cash equivalents	26,381	32,452
Restricted cash	261	231
Deposits on real estate	1,864	9,072
Other assets, net	2,166	1,066
Total assets	405,378	344,904
LIABILITIES AND EQUITY
Mortgage notes, net	123,157	113,577
Intangible liabilities, net	2,943	1,684
Mandatorily redeemable instruments	103,172	101,753
Due to affiliate	17,956	14,719
Accounts payable, accrued expenses and other liabilities	3,750	3,704
Total liabilities	250,978	235,437
Commitments and Contingencies (Note 17)
Equity
Preferred stock- $0.01 par value per share, 100,000 shares authorized, 0 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively
Additional paid-in-capital	174,027	122,915
Accumulated deficit	(24,314)	(15,679)
Total stockholders' equity	149,887	107,360
Non-controlling interests in consolidated joint ventures	4,513	2,107
Total equity	154,400	109,467
Total liabilities and equity	405,378	344,904
Class D Shares
Equity
Common stock	8	5
Class I Shares
Equity
Common stock	77	54
Class S Shares
Equity
Common stock	1	1
Class T Shares
Equity
Common stock
Class E Shares
Equity
Common stock	79	64
Class X Shares
Equity
Common stock
Class Y Shares
Equity
Common stock	$ 9