v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net income (loss) $ 666 $ (7,145)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:    
Non-cash management fee 3,541 2,089
Non-cash performance participation interest 1,565 0
(Income) loss from unconsolidated entities, net (4,900) (506)
Depreciation and amortization 29,326 21,821
Non-cash share-based compensation awards 236 176
Straight-line rents (1,353) (450)
Amortization of below-market lease intangibles (1,733) (1,436)
Amortization of above-market lease intangibles 131 131
Amortization of deferred financing costs 771 1,175
(Income) loss from investment in affiliated fund, net (164) (922)
Unrealized (gain) loss from real estate-related securities, net 776 (335)
Realized (gain) loss from real estate-related securities, net 2 903
Unrealized (gain) loss on commercial loans (105) 22
(Gain) loss on derivative instruments, net (660) 1,434
Distributions of earnings from investments in unconsolidated entities 8,612 2,960
Other items (527) 433
Change in assets and liabilities, net of assets and liabilities acquired in acquisitions:    
Decrease (increase) in other assets (2,426) (881)
(Decrease) increase in due to affiliates (773) (1,587)
(Decrease) increase in accounts payable, accrued expenses and other liabilities 2,273 2,691
Net cash provided by (used in) operating activities 35,258 20,573
Cash flows from investing activities:    
Distribution from affiliated fund 500 1,198
Redemption of investment in affiliated fund 5,442 7,764
Investments in unconsolidated entities (19,572) (441)
Distributions of capital from investments in unconsolidated entities 3,574 5,522
Originations and fundings of commercial loans (115,048) 0
Proceeds from repayment of commercial loan 12,245 761
Acquisitions of real estate (120,647) (145,917)
Capital improvements to real estate (4,204) (2,757)
Purchase of real estate-related securities (17,734) (43,169)
Proceeds from sale of real estate-related securities 8,554 56,478
Net cash provided by (used in) investing activities (246,890) (120,561)
Cash flows from financing activities:    
Proceeds from issuance of common stock 29,394 14,326
Offering costs paid (302) (147)
Repurchase of common stock and OP units (28,663) (25,554)
Subscriptions received in advance 4,917 1,740
Proceeds from revolving credit facility 92,000 25,000
Repayment of revolving credit facility (100,000) 0
Borrowings from mortgages payable 536 84,217
Payments of mortgages payable 0 (135,500)
Borrowings under secured financings of investments in private real estate credit 91,967 0
Payment of deferred financing costs (383) (550)
Debt extinguishment charges 0 485
Payment of financing obligation (9) (6)
Contributions from non-controlling interests 152,524 125,604
Distributions to non-controlling interests (9,209) (4,705)
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 17,049
Common stock and INREIT OP unit distributions (10,502) (10,903)
Net cash provided by (used in) financing activities 213,371 89,536
Net change in cash and cash equivalents and restricted cash 1,739 (10,452)
Cash and cash equivalents and restricted cash, beginning of period 27,532 53,059
Cash and cash equivalents and restricted cash, end of period 29,271 42,607
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:    
Cash and cash equivalents 20,206 39,385
Restricted cash 9,065 3,222
Total cash and cash equivalents and restricted cash 29,271 42,607
Supplemental disclosures:    
Interest paid 16,944 11,988
Income taxes paid 358 293
Non-cash investing and financing activities:    
Assumption of assets and liabilities in conjunction with acquisitions of real estate, net 992 0
Issuance of Class E OP Units to non-controlling interests 150 0
Issuance of Class E shares for payment of management fees 3,238 1,920
Issuance of Class I OP Units to non-controlling interests 13,312 0
Accrued capital expenditures 411 10
Distributions payable 3,340 3,143
Distribution reinvestment 18,679 17,363
Accrued offering costs due to affiliates 227 953
Adjustment to carrying value of redeemable equity instruments 0 (35)
Accrued common stock repurchases $ 4,418 $ (262)