v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
ASSETS    
Investments in real estate, net $ 851,876 $ 857,577
Investments in unconsolidated entities 121,347 123,462
Investments in commercial loans, at fair value 197,098 95,335
Investments in real estate-related securities, at fair value 30,663 33,259
Investment in affiliated fund, at fair value 8,153 12,545
Intangible assets, net 39,911 43,207
Cash and cash equivalents 33,840 25,578
Restricted cash 8,996 1,954
Other assets 9,533 7,999
Total assets [1] 1,301,417 1,200,916
LIABILITIES    
Revolving credit facility 0 40,000
Secured lending agreement 157,680 66,480
Mortgages payable, net 235,153 234,748
Financing obligation, net 53,980 53,983
Due to affiliates 24,735 22,395
Accounts payable, accrued expenses and other liabilities 25,396 22,340
Total liabilities [2] 496,944 439,946
Commitments and contingencies (See Note 19) 0 0
Class N redeemable common stock, $0.01 par value per share 451,347 445,933
Redeemable non-controlling interest in INREIT OP 150 0
EQUITY    
Additional paid-in capital 232,935 242,367
Accumulated deficit and cumulative distributions (187,135) (175,374)
Total stockholders' equity 45,879 67,071
Non-controlling interests in consolidated joint ventures 307,097 247,966
Total equity 352,976 315,037
Total liabilities, redeemable equity instruments and equity 1,301,417 1,200,916
Class T Common Stock    
EQUITY    
Common stock 3 3
Class S Common Stock    
EQUITY    
Common stock 5 4
Class D Common Stock    
EQUITY    
Common stock 5 5
Class I Common Stock    
EQUITY    
Common stock 38 40
Class E Common Stock    
EQUITY    
Common stock 13 13
Class S-PR Common Stock    
EQUITY    
Common stock 10 9
Class K-PR Common Stock    
EQUITY    
Common stock $ 5 $ 4
[1] Includes restricted assets of consolidated variable interest entities at March 31, 2026 and December 31, 2025 of $483.3 million and $489.7 million, respectively. See Note 16 — “Variable Interest Entities.”
[2] Includes non-recourse liabilities of consolidated variable interest entities at March 31, 2026 and December 31, 2025 of $145.8 million and $145.7 million, respectively. See Note 16 — “Variable Interest Entities.”