v3.26.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
ASSETS    
Investments in real estate, net $ 963,960 $ 857,577
Investments in unconsolidated entities 135,748 123,462
Investments in commercial loans, at fair value 198,243 95,335
Investments in real estate-related securities, at fair value 41,856 33,259
Investment in affiliated fund, at fair value 6,802 12,545
Intangible assets, net 54,147 43,207
Cash and cash equivalents 20,206 25,578
Restricted cash 9,065 1,954
Other assets 11,967 7,999
Total assets [1] 1,441,994 1,200,916
LIABILITIES    
Revolving credit facility 32,000 40,000
Secured lending agreement 158,447 66,480
Mortgages payable, net 235,576 234,748
Financing obligation, net 53,974 53,983
Due to affiliates 23,550 22,395
Accounts payable, accrued expenses and other liabilities 40,303 22,340
Total liabilities [2] 543,850 439,946
Commitments and contingencies (See Note 19) 0 0
Class N redeemable common stock, $0.01 par value per share 462,403 445,933
Redeemable non-controlling interest in INREIT OP 144 0
EQUITY    
Additional paid-in capital 234,810 242,367
Accumulated deficit and cumulative distributions (211,656) (175,374)
Total stockholders' equity 23,236 67,071
Non-controlling interests in consolidated joint ventures 399,316 247,966
Non-controlling interests in INREIT OP 13,045 0
Total equity 435,597 315,037
Total liabilities, redeemable equity instruments and equity 1,441,994 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 39 40
Class E Common Stock    
EQUITY    
Common stock 10 13
Class S-PR Common Stock    
EQUITY    
Common stock 12 9
Class K-PR Common Stock    
EQUITY    
Common stock $ 8 $ 4
[1] Includes restricted assets of consolidated variable interest entities at September 30, 2026 and December 31, 2025 of $659.8 million and $489.7 million, respectively. See Note 16 — “Variable Interest Entities.”
[2] Includes non-recourse liabilities of consolidated variable interest entities at September 30, 2026 and December 31, 2025 of $157.7 million and $145.7 million, respectively. See Note 16 — “Variable Interest Entities.”