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)                        
Ending balance at Mar. 31, 2025 430,275                        
Ending balance at Mar. 31, 2025 1,149                        
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]                          
Adjustment to carrying value of redeemable equity instruments                     35    
Ending balance at Jun. 30, 2025 231,783 89,427 3 5 5 41 13 0 9 4 242,384 (153,037) 142,356
Beginning balance at Dec. 31, 2024 425,178                        
Beginning balance at Dec. 31, 2024 2,018                        
Increase (Decrease) in Temporary Equity [Roll Forward]                          
Common stock repurchased (1,724)                        
Net income (loss) 55                        
Common stock and INREIT OP unit distributions (30)                        
Issuance of Class E OP Units to non-controlling interests 0                        
Adjustment to carrying value of redeemable equity instruments (35)                        
Ending balance at Jun. 30, 2025 435,407                        
Ending balance at Jun. 30, 2025 284                        
Beginning balance at Mar. 31, 2025 240,104 103,377 6 8 9 45 12 0 0 0 242,799 (139,502) 136,727
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Proceeds from issuance of common stock, net of offering costs 5,559 5,559       1 1       5,557    
Distribution reinvestment 614 614                 614    
Common stock repurchased (6,654) (6,654)       (2)         (6,652)    
Share-based compensation 63 63                 63    
Net income (loss) (3,820) (4,137)                   (4,137) 317
Exchange of common stock 0   (3) (3) (4) (3)     9 4      
Common stock and INREIT OP unit distributions (9,398) (9,398)                   (9,398)  
Contributions from non-controlling interests 7,985                       7,985
Distributions to non-controlling interests (1,185)                       (1,185)
Purchase of interest in consolidated joint ventures (1,520) (32)                 (32)   (1,488)
Adjustment to carrying value of redeemable equity instruments 35 35                 35    
Ending balance at Jun. 30, 2025 231,783 89,427 3 5 5 41 13 0 9 4 242,384 (153,037) 142,356
Beginning balance at Mar. 31, 2025 430,275                        
Beginning balance at Mar. 31, 2025 1,149                        
Increase (Decrease) in Temporary Equity [Roll Forward]                          
Distribution reinvestment 5,132                        
Common stock repurchased (859)                        
Net income (loss) 37                        
Common stock and INREIT OP unit distributions (8)                        
Issuance of Class E OP Units to non-controlling interests 0                        
Adjustment to carrying value of redeemable equity instruments (35)                        
Ending balance at Jun. 30, 2025 435,407                        
Ending balance at Jun. 30, 2025 284                        
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]                          
Distribution reinvestment 5,414                        
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                        
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]                          
Adjustment to carrying value of redeemable equity instruments                     0    
Ending balance at Jun. 30, 2026 353,223 34,055 3 5 5 36 12 0 11 7 233,133 (199,157) 319,168
Beginning balance at Dec. 31, 2025 445,933                        
Beginning balance at Dec. 31, 2025 0                        
Increase (Decrease) in Temporary Equity [Roll Forward]                          
Common stock repurchased 0                        
Net income (loss) (1)                        
Common stock and INREIT OP unit distributions (2)                        
Issuance of Class E OP Units to non-controlling interests 150                        
Adjustment to carrying value of redeemable equity instruments 0                        
Ending balance at Jun. 30, 2026 456,803                        
Ending balance at Jun. 30, 2026 147                        
Beginning balance at Mar. 31, 2026 352,976 45,879 3 5 5 38 13 0 10 5 232,935 (187,135) 307,097
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Proceeds from issuance of common stock, net of offering costs 11,001 11,001       1     1 2 10,997    
Distribution reinvestment 748 748                 748    
Common stock repurchased (11,631) (11,631)       (3) (1)       (11,627)    
Share-based compensation 80 80                 80    
Net income (loss) 275 (2,339)                   (2,339) 2,614
Common stock and INREIT OP unit distributions (9,683) (9,683)                   (9,683)  
Contributions from non-controlling interests 12,644                       12,644
Distributions to non-controlling interests (3,187)                       (3,187)
Adjustment to carrying value of redeemable equity instruments                     0    
Ending balance at Jun. 30, 2026 353,223 $ 34,055 $ 3 $ 5 $ 5 $ 36 $ 12 $ 0 $ 11 $ 7 $ 233,133 $ (199,157) $ 319,168
Beginning balance at Mar. 31, 2026 451,347                        
Beginning balance at Mar. 31, 2026 150                        
Increase (Decrease) in Temporary Equity [Roll Forward]                          
Distribution reinvestment 5,456                        
Common stock repurchased 0                        
Net income (loss) (1)                        
Common stock and INREIT OP unit distributions (2)                        
Issuance of Class E OP Units to non-controlling interests 0                        
Adjustment to carrying value of redeemable equity instruments 0                        
Ending balance at Jun. 30, 2026 456,803                        
Ending balance at Jun. 30, 2026 $ 147