v3.26.3
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
Non-controlling Interests in INREIT OP
Beginning balance at Dec. 31, 2024 $ 176,608 $ 102,268 $ 6 $ 7 $ 9 $ 47 $ 12 $ 0 $ 0 $ 0 $ 229,983 $ (127,796) $ 74,340 $ 0
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 0
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 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Adjustment to carrying value of redeemable equity instruments                     35      
Ending balance at Sep. 30, 2025 271,492 77,000 4 5 5 40 13 0 9 4 240,892 (163,972) 194,492 0
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 (2,008)                          
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 Sep. 30, 2025 440,723                          
Ending balance at Sep. 30, 2025 0                          
Beginning balance at Mar. 31, 2025 240,104 103,377 6 8 9 45 12 0 0 0 242,799 (139,502) 136,727 0
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 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 0
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)                          
Adjustment to carrying value of redeemable equity instruments (35)                          
Ending balance at Jun. 30, 2025 435,407                          
Ending balance at Jun. 30, 2025 284                          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Proceeds from issuance of common stock, net of offering costs 4,953 4,953 1     1         4,951      
Distribution reinvestment 629 629                 629      
Common stock repurchased (7,125) (7,125)       (2)         (7,123)      
Share-based compensation 51 51                 51      
Net income (loss) (1,020) (1,457)                   (1,457) 437  
Common stock and INREIT OP unit distributions (9,478) (9,478)                   (9,478)    
Contributions from non-controlling interests 53,792                       53,792  
Distributions to non-controlling interests (2,093)                       (2,093)  
Ending balance at Sep. 30, 2025 271,492 77,000 4 5 5 40 13 0 9 4 240,892 (163,972) 194,492 0
Increase (Decrease) in Temporary Equity [Roll Forward]                            
Distribution reinvestment 5,316                          
Common stock repurchased (284)                          
Net income (loss) 0                          
Common stock and INREIT OP unit distributions 0                          
Issuance of Class E OP Units to non-controlling interests 0                          
Adjustment to carrying value of redeemable equity instruments 0                          
Ending balance at Sep. 30, 2025 440,723                          
Ending balance at Sep. 30, 2025 0                          
Beginning balance at Dec. 31, 2025 315,037 67,071 3 4 5 40 13 0 9 4 242,367 (175,374) 247,966 0
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 0
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 0
Ending balance at Sep. 30, 2026 435,597 23,236 3 5 5 39 10 0 12 8 234,810 (211,656) 399,316 13,045
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 (5)                          
Issuance of Class E OP Units to non-controlling interests 150                          
Adjustment to carrying value of redeemable equity instruments 0                          
Ending balance at Sep. 30, 2026 462,403                          
Ending balance at Sep. 30, 2026 144                          
Beginning balance at Mar. 31, 2026 352,976 45,879 3 5 5 38 13 0 10 5 232,935 (187,135) 307,097 0
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)  
Ending balance at Jun. 30, 2026 353,223 34,055 3 5 5 36 12 0 11 7 233,133 (199,157) 319,168 0
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                          
Net income (loss) (1)                          
Common stock and INREIT OP unit distributions (2)                          
Ending balance at Jun. 30, 2026 456,803                          
Ending balance at Jun. 30, 2026 147                          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Proceeds from issuance of common stock, net of offering costs 14,614 14,614       4     1 1 14,608      
Issuance of Class I OP Units to non-controlling interests 13,312                         13,312
Distribution reinvestment 810 810                 810      
Common stock repurchased (13,819) (13,819)       (1) (2)       (13,816)      
Share-based compensation 75 75                 75      
Net income (loss) 336 (2,695)                   (2,695) 3,086 (55)
Common stock and INREIT OP unit distributions (9,804) (9,804)                   (9,804)    
Contributions from non-controlling interests 80,537                       80,537  
Distributions to non-controlling interests (3,687)                       (3,475) (212)
Ending balance at Sep. 30, 2026 435,597 $ 23,236 $ 3 $ 5 $ 5 $ 39 $ 10 $ 0 $ 12 $ 8 $ 234,810 $ (211,656) $ 399,316 $ 13,045
Increase (Decrease) in Temporary Equity [Roll Forward]                            
Distribution reinvestment 5,600                          
Common stock repurchased 0                          
Net income (loss) 0                          
Common stock and INREIT OP unit distributions (3)                          
Issuance of Class E OP Units to non-controlling interests 0                          
Adjustment to carrying value of redeemable equity instruments 0                          
Ending balance at Sep. 30, 2026 462,403                          
Ending balance at Sep. 30, 2026 $ 144