v3.26.1
Condensed Consolidated Statements of Changes in Equity and Redeemable Equity Instruments - USD ($)
$ in Thousands
Total
Total Stockholders' Equity
Common Stock
Class T Common Stock
Common Stock
Class S Common Stock
Common Stock
Class D Common Stock
Common Stock
Class I Common Stock
Common Stock
Class E Common Stock
Common Stock
Class N Common Stock
Common Stock
Class S-PR Common Stock
Common Stock
Class K-PR Common Stock
Additional Paid-in Capital
Accumulated Deficit and Cumulative Distributions
Non-controlling Interests in Consolidated Joint Ventures
Beginning balance at Dec. 31, 2024 $ 176,608 $ 102,268 $ 6 $ 7 $ 9 $ 47 $ 12 $ 0 $ 0 $ 0 $ 229,983 $ (127,796) $ 74,340
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Proceeds from issuance of common stock, net of offering costs 4,633 4,633   1   1         4,631    
Distribution reinvestment 575 575                 575    
Common stock repurchased (9,505) (9,505)       (3)         (9,502)    
Share-based compensation 62 62                 62    
Net income (loss) (2,360) (2,347)                   (2,347) (13)
Common stock and INREIT OP unit distributions (9,359) (9,359)                   (9,359)  
Contributions from non-controlling interests 63,827                       63,827
Distributions to non-controlling interests (1,427)                       (1,427)
Sale of interest in consolidated joint ventures 17,050 17,050                 17,050    
Ending balance at Mar. 31, 2025 240,104 103,377 6 8 9 45 12 0 0 0 242,799 (139,502) 136,727
Beginning balance at Dec. 31, 2024 425,178                        
Beginning balance at Dec. 31, 2024 2,018                        
Increase (Decrease) in Temporary Equity [Roll Forward]                          
Distribution reinvestment 5,097                        
Common stock repurchased (865)                        
Net income (loss) 18                        
Common stock and INREIT OP unit distributions (22)                        
Issuance of Class E OP Units to non-controlling interests 0                        
Ending balance at Mar. 31, 2025 430,275                        
Ending balance at Mar. 31, 2025 1,149                        
Beginning balance at Dec. 31, 2025 315,037 67,071 3 4 5 40 13 0 9 4 242,367 (175,374) 247,966
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Proceeds from issuance of common stock, net of offering costs 6,488 6,488   1         1 1 6,485    
Distribution reinvestment 651 651                 651    
Common stock repurchased (7,631) (7,631)       (2)         (7,629)    
Share-based compensation 81 81                 81    
Net income (loss) 56 (2,158)                   (2,158) 2,214
Common stock and INREIT OP unit distributions (9,603) (9,603)                   (9,603)  
Contributions from non-controlling interests 59,343                       59,343
Distributions to non-controlling interests (2,547)                       (2,547)
Distributions to non-controlling interests for promote crystallization in consolidated joint ventures (8,899) (9,020)                 (9,020)   121
Ending balance at Mar. 31, 2026 352,976 $ 45,879 $ 3 $ 5 $ 5 $ 38 $ 13 $ 0 $ 10 $ 5 $ 232,935 $ (187,135) $ 307,097
Beginning balance at Dec. 31, 2025 445,933                        
Beginning balance at Dec. 31, 2025 0                        
Increase (Decrease) in Temporary Equity [Roll Forward]                          
Proceeds from issuance of common stock, net of offering costs 0                        
Distribution reinvestment 5,414                        
Net income (loss) 0                        
Issuance of Class E OP Units to non-controlling interests 150                        
Ending balance at Mar. 31, 2026 451,347                        
Ending balance at Mar. 31, 2026 $ 150