v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
ASSETS    
Investments in real estate, net $ 874,997 $ 857,577
Investments in unconsolidated entities 121,725 123,462
Investments in commercial loans, at fair value 197,867 95,335
Investments in real estate-related securities, at fair value 26,904 33,259
Investment in affiliated fund, at fair value 7,249 12,545
Intangible assets, net 41,250 43,207
Cash and cash equivalents 35,726 25,578
Restricted cash 4,980 1,954
Other assets 11,661 7,999
Total assets [1] 1,322,359 1,200,916
LIABILITIES    
Revolving credit facility 15,000 40,000
Secured lending agreement 157,680 66,480
Mortgages payable, net 235,276 234,748
Financing obligation, net 53,977 53,983
Due to affiliates 23,945 22,395
Accounts payable, accrued expenses and other liabilities 26,308 22,340
Total liabilities [2] 512,186 439,946
Commitments and contingencies (See Note 19) 0 0
Class N redeemable common stock, $0.01 par value per share 456,803 445,933
Redeemable non-controlling interest in INREIT OP 147 0
EQUITY    
Additional paid-in capital 233,133 242,367
Accumulated deficit and cumulative distributions (199,157) (175,374)
Total stockholders' equity 34,055 67,071
Non-controlling interests in consolidated joint ventures 319,168 247,966
Total equity 353,223 315,037
Total liabilities, redeemable equity instruments and equity 1,322,359 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 36 40
Class E Common Stock    
EQUITY    
Common stock 12 13
Class S-PR Common Stock    
EQUITY    
Common stock 11 9
Class K-PR Common Stock    
EQUITY    
Common stock $ 7 $ 4
[1] Includes restricted assets of consolidated variable interest entities at June 30, 2026 and December 31, 2025 of $574.3 million and $489.7 million, respectively. See Note 16 — “Variable Interest Entities.”
[2] Includes non-recourse liabilities of consolidated variable interest entities at June 30, 2026 and December 31, 2025 of $150.0 million and $145.7 million, respectively. See Note 16 — “Variable Interest Entities.”