v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income (loss) $ 56 $ (2,342)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Non-cash management fee 1,033 605
Non-cash performance participation interest 781 0
(Income) loss from unconsolidated entities, net (1,138) (73)
Depreciation and amortization 9,628 7,056
Non-cash share-based compensation awards 81 62
Straight-line rents (369) (145)
Amortization of below-market lease intangibles (587) (490)
Amortization of above-market lease intangibles 43 44
Amortization of deferred financing costs 292 321
(Income) loss from investment in affiliated fund, net 71 (473)
Unrealized (gain) loss from real estate-related securities, net 255 332
Realized (gain) loss from real estate-related securities, net 6 34
Unrealized (gain) loss on commercial loans (8) 66
(Gain) loss on derivative instruments, net (468) 782
Distributions of earnings from investments in unconsolidated entities 5,622 1,373
Other items 97 76
Change in assets and liabilities, net of assets and liabilities acquired in acquisitions:    
Decrease (increase) in other assets (772) (372)
(Decrease) increase in due to affiliates 1,497 (1,051)
(Decrease) increase in accounts payable, accrued expenses and other liabilities (669) (1,237)
Net cash (used in) provided by operating activities 15,451 4,568
Cash flows from investing activities:    
Distribution from affiliated fund 237 500
Investments in unconsolidated entities (2,700) (306)
Distributions of capital from investments in unconsolidated entities 331 2,550
Redemption of investment in affiliated fund 4,119 789
Origination of commercial loans (114,000) 0
Proceeds from repayment of commercial loan 12,245 762
Capital improvements to real estate (572) (357)
Purchase of real estate-related securities 0 (1,745)
Proceeds from sale of real estate-related securities 2,400 660
Net cash provided by (used in) investing activities (97,940) 2,853
Cash flows from financing activities:    
Proceeds from issuance of common stock 5,711 4,163
Offering costs paid (49) (45)
Repurchase of common stock and OP units (8,148) (6,315)
Subscriptions received in advance 4,626 1,345
Proceeds from revolving credit facility 20,000 0
Repayment of revolving credit facility (60,000) 0
Borrowings from mortgages payable 337 84,000
Payments of mortgages payable 0 (65,500)
Borrowings under secured financings of investments in real estate debt 91,200 0
Payment of deferred financing costs (265) 0
Debt extinguishment charges 0 34
Payment of financing obligation (3) (2)
Contributions from non-controlling interests 59,343 63,827
Distributions to non-controlling interests (2,547) (1,427)
Cash paid for promote crystallization in consolidated joint ventures (8,899) 0
Cash received from sale of interest in consolidated joint ventures 0 9,421
Common stock and INREIT OP unit distributions (3,513) (3,711)
Net cash provided by (used in) financing activities 97,793 85,790
Net change in cash and cash equivalents and restricted cash 15,304 93,211
Cash and cash equivalents and restricted cash, beginning of period 27,532 53,059
Cash and cash equivalents and restricted cash, end of period 42,836 146,270
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:    
Cash and cash equivalents 33,840 140,800
Restricted cash 8,996 5,470
Total cash and cash equivalents and restricted cash 42,836 146,270
Supplemental disclosures:    
Interest paid 5,685 4,235
Income taxes paid 14 16
Non-cash investing and financing activities:    
Note receivable from sale of consolidated joint ventures 0 7,629
Issuance of Class E OP Units to non-controlling interests 150 0
Issuance of Class E shares for payment of management fees 961 551
Accrued capital expenditures 51 6
Distributions payable 3,238 3,142
Distribution reinvestment 6,065 5,672
Accrued offering costs due to affiliates 134 35
Accrued common stock repurchases $ (517) $ 4,055