v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income (loss) $ 330 $ (6,125)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Non-cash management fee 2,181 1,313
Non-cash performance participation interest 1,263 8
(Income) loss from unconsolidated entities, net (2,819) (492)
Depreciation and amortization 19,209 14,209
Non-cash share-based compensation awards 161 125
Straight-line rents (952) (332)
Amortization of below-market lease intangibles (1,145) (955)
Amortization of above-market lease intangibles 87 87
Amortization of deferred financing costs 532 747
(Income) loss from investment in affiliated fund, net (14) (697)
Unrealized (gain) loss from real estate-related securities, net 398 (343)
Realized (gain) loss from real estate-related securities, net 6 1,029
Unrealized (gain) loss on commercial loans (179) 45
(Gain) loss on derivative instruments, net (639) 1,246
Distributions of earnings from investments in unconsolidated entities 6,542 2,195
Other items (221) 254
Change in assets and liabilities, net of assets and liabilities acquired in acquisitions:    
Decrease (increase) in other assets (2,105) (1,076)
(Decrease) increase in due to affiliates 87 (1,923)
(Decrease) increase in accounts payable, accrued expenses and other liabilities 4,204 (1,926)
Net cash (used in) provided by operating activities 26,926 7,389
Cash flows from investing activities:    
Distribution from affiliated fund 365 901
Investments in unconsolidated entities (3,040) (341)
Distributions of capital from investments in unconsolidated entities 1,054 3,483
Redemption of investment in affiliated fund 4,980 6,606
Originations and fundings of commercial loans (114,598) 0
Proceeds from repayment of commercial loan 12,245 761
Acquisitions of real estate (32,605) (9,718)
Capital improvements to real estate (1,808) (1,672)
Purchase of real estate-related securities 0 (28,636)
Proceeds from sale of real estate-related securities 6,081 26,834
Net cash provided by (used in) investing activities (127,326) (1,782)
Cash flows from financing activities:    
Proceeds from issuance of common stock 15,764 9,491
Offering costs paid (99) (96)
Repurchase of common stock and OP units (19,288) (16,335)
Subscriptions received in advance 697 1,457
Proceeds from revolving credit facility 35,000 0
Repayment of revolving credit facility (60,000) 0
Borrowings from mortgages payable 337 84,000
Payments of mortgages payable 0 (135,500)
Borrowings under secured financings of investments in private real estate credit 91,200 0
Payment of deferred financing costs (383) 0
Debt extinguishment charges 0 485
Payment of financing obligation (6) (4)
Contributions from non-controlling interests 71,987 71,812
Distributions to non-controlling interests (5,734) (2,612)
Cash paid for promote crystallization in consolidated joint ventures (8,899) 0
Purchase of interest in consolidated joint ventures 0 (1,520)
Cash received from sale of interest in consolidated joint ventures 0 9,421
Common stock and INREIT OP unit distributions (7,002) (7,390)
Net cash provided by (used in) financing activities 113,574 13,209
Net change in cash and cash equivalents and restricted cash 13,174 18,816
Cash and cash equivalents and restricted cash, beginning of period 27,532 53,059
Cash and cash equivalents and restricted cash, end of period 40,706 71,875
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:    
Cash and cash equivalents 35,726 68,929
Restricted cash 4,980 2,946
Total cash and cash equivalents and restricted cash 40,706 71,875
Supplemental disclosures:    
Interest paid 11,353 8,238
Income taxes paid 349 155
Non-cash investing and financing activities:    
Note receivable from sale of consolidated joint ventures 0 7,629
Assumption of assets and liabilities in conjunction with acquisitions of real estate, net 265 0
Issuance of Class E OP Units to non-controlling interests 150 0
Issuance of Class E shares for payment of management fees 2,032 1,196
Accrued capital expenditures 45 59
Distributions payable 3,231 3,123
Distribution reinvestment 12,269 11,418
Accrued offering costs due to affiliates 208 401
Adjustment to carrying value of redeemable equity instruments 0 (35)
Accrued common stock repurchases $ (26) $ 1,546