NexPoint Real Estate Finance (NREF) S-11 14 Jul 20 Registration of securities for real estate companies Financial data

Cover

Cover	3 Months Ended
	Mar. 31, 2020
Cover page.
Document Type	S-11
Amendment Flag	false
Entity Registrant Name	NexPoint Real Estate Finance, Inc.
Entity Central Index Key	0001786248
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET - USD ($)	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 197,000	$ 10
Loans, held-for-investment, net	22,282,000
Preferred stock	40,374,000
Mortgage loans, held-for-investment, net	933,219,000
Accrued interest and dividends	5,248,000
Mortgage loans held in variable interest entities, at fair value	1,712,909,000
Other assets	1,096,000
TOTAL ASSETS	2,715,325,000
Liabilities:
Credit facility	788,345,000
Accounts payable and other accrued liabilities	1,636,000
Accrued interest payable	932,000
Bonds payable held in variable interest entities, at fair value	1,607,918,000
Total Liabilities	2,398,831,000
Redeemable noncontrolling interests in the Operating Partnership	233,395,000
Stockholders' Equity:
Preferred stock, value
Common stock, value	53,000
Additional paid-in capital	91,894,000	10
Accumulated deficit	(7,510,000)
Common stock held in treasury at cost	(1,338,000)
Total Stockholders' Equity	83,099,000	$ 10
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 2,715,325,000

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, shares authorized	100,000,000	100
Preferred stock, shares issued	0	0
Preferred stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	900
Common stock, shares, issued	5,350,000	10
Common stock, shares, outstanding	5,262,534	10
Common stock, par value	$ 0.01	$ 0.01
Treasury stock, common, shares	87,466

CONSOLIDATED STATEMENT OF OPERA

CONSOLIDATED STATEMENT OF OPERATIONS shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)$ / sharesshares
Net interest income
Interest income	$ 6,586
Interest expense	3,331
Total net interest income	3,255
Other income (loss)
Change in net assets related to consolidated CMBS variable interest entities	(25,159)
Loan loss provision	(212)
Dividend income, net	447
Total other income (loss)	(24,924)
Operating expenses
General and administrative expenses	348
Loan servicing fees	655
Management fees	196
Total operating expenses	1,199
Net Loss	(22,868)
Net loss attributable to redeemable noncontrolling interests	(16,515)
Net loss attributable to common stockholders	$ (6,353)
Weighted-average common shares outstanding-basic | shares	5,223
Weighted-average common shares outstanding-diluted | shares	5,223
Loss per share-basic | $ / shares	$ (1.22)
Loss per share-diluted | $ / shares	(1.22)
Dividends declared per common share | $ / shares	$ 0.2198

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS EQUITY - 3 months ended Mar. 31, 2020 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Earnings (Loss) Less Dividends	Common Stock Held in Treasury at Cost
Beginning Balance, Values at Dec. 31, 2019	$ 0	$ 0	$ 0	$ 0	$ 0
Beginning Balance, Shares at Dec. 31, 2019		0
Issuance of common stock through public offering, net	91,948	$ 54	91,894
Issuance of common stock through public offering, net, shares		5,350,000
Repurchase of common stock	$ (1,339)	$ (1)			(1,338)
Repurchase of common stock, shares	(87,466)	(87,466)
Net loss attributable to common stockholders	$ (6,353)			(6,353)
Common stock dividends declared	(1,157)			(1,157)
Ending Balance, Values at Mar. 31, 2020	$ 83,099	$ 53	$ 91,894	$ (7,510)	$ (1,338)
Ending balance, Shares at Mar. 31, 2020		5,262,534

CONSOLIDATED STATEMENT OF STO_2

CONSOLIDATED STATEMENT OF STOCKHOLDERS EQUITY (Parenthetical)	3 Months Ended
	Mar. 31, 2020$ / shares
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share	$ 0.2198

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Cash flows from operating activities
Net loss	$ (22,868)
Adjustments to reconcile net loss to net cash provided by operating activities:
Amortization of premiums	1,060
Loan loss provision, net	212
Change in unrealized loss on investments held at fair value	26,901
Changes in operating assets and liabilities:
Accrued interest receivable	(1,632)
Other assets	(1,096)
Accrued interest payable	932
Accounts payable, accrued expenses and other liabilities	1,636
Net cash provided by operating activities	5,145
Cash flows from investing activities
Proceeds from payments received on mortgage loans held in variable interest entities	2,281
Proceeds from payments received on mortgage loans held for investment	455
Net cash provided by investing activities	2,736
Cash flows from financing activities
Principal repayments on borrowings under secured financing agreements	(419)
Bridge facility payments	(95,000)
Proceeds from the issuance of common stock through public offering, net of offering costs	91,948
Repurchase of common stock	(1,339)
Dividends paid to common stockholders	(1,157)
Distributions to redeemable noncontrolling interests in the Operating Partnership	(2,019)
Contributions from noncontrolling interests	302
Net cash used in financing activities	(7,684)
Net increase in cash, cash equivalents and restricted cash	197
Cash, cash equivalents and restricted cash, end of period	197
Supplemental Disclosure of Cash Flow Information
Interest paid	3,054
Supplemental Disclosure of Noncash Activities (Note 2)
Contributions from noncontrolling interests	2,739,693
Other assets acquired from contributions from noncontrolling interests	3,616
Assumed debt on contributions from noncontrolling interests	$ (2,491,682)

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Organization Consolidation And Presentation Of Financial Statements Abstract
Organization and Description of Business	1. Organization and Description of Business NexPoint Real Estate Finance, Inc. (the “Company”, “we”, “our”) is a newly formed commercial mortgage real estate investment trust (“REIT”) incorporated in Maryland on June 7, 2019. We intend to elect to be treated as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) commencing with our taxable year ending December 31, 2020. The Company is focused on originating, structuring and investing in first-lien mortgage loans, mezzanine loans, preferred equity and preferred stock, as well as multifamily commercial mortgage-backed securities (“CMBS securitizations”). Substantially all of the Company’s business is conducted through NexPoint Real Estate Finance Operating Partnership, L.P. (the “OP”), the Company’s operating partnership. The Company holds all of the limited partnership interests in the OP, and the OP owns approximately 27.78% of each of its subsidiary partnerships. NexPoint Real Estate Finance Operating Partnership GP, LLC (the “OP GP”) is the sole general partner of the OP. The Company commenced operations on February 11, 2020 upon the closing of its initial public offering of shares of its common stock (the “IPO”). Prior to the closing of the IPO, the Company engaged in a series of transactions through which it acquired an initial portfolio consisting of senior pooled mortgage loans backed by single family rental (“SFR”) properties (the “SFR Loans”), the junior most bonds of multifamily CMBS securitizations (the “CMBS B-Pieces”), The Company is externally managed by NexPoint Real Estate Advisors VII, L.P. (the “Manager”), through a management agreement dated February 6, 2020, for a three-year term set to expire on February 6, 2023 (the “Management Agreement”), by and among the Company and the Manager. The Manager conducts substantially all of the Company’s operations and provides asset management services for its real estate investments. The Company expects it will only have accounting employees while the Management Agreement is in effect. All of the Company’s investment decisions are made by the Manager, subject to general oversight by the Manager’s investment committee and the Company’s board of directors (the “Board”). The Manager is wholly owned by our Sponsor. The Company’s primary investment objective is to generate attractive, risk-adjusted returns for stockholders over the long term, primarily through dividends and secondarily through capital appreciation. We intend to achieve this objective primarily by originating, structuring and investing in first-lien mortgage loans, mezzanine loans, preferred equity and preferred stock, as well as multifamily CMBS securitizations. We concentrate on investments in real estate sectors where our senior management team has operating expertise, including in the multifamily, SFR, self-storage, hospitality and office sectors predominantly in the top 50 metropolitan statistical areas. In addition, we target lending or investing in properties that are stabilized or have a “light transitional” business plan, meaning a property that requires limited deferred funding to support leasing or ramp-up value-add risk-mix	1. Organization and Description of Business NexPoint Real Estate Finance, Inc. (the “Company”, “we”, “our”) was incorporated in Maryland on June 7, 2019. Under the Company’s charter, the Company is authorized to issue up to 900 shares of common stock and 100 shares of preferred stock. As of December 31, 2019, the Company has not commenced operations. Substantially all of the Company’s business will be conducted through NexPoint Real Estate Finance Operating Partnership, L.P. (the “OP”).

Formation of the Company and In

Formation of the Company and Initial Public Offering	3 Months Ended
	Dec. 31, 2019
Initial Public Offering [Abstract]
Formation of the Company and Initial Public Offering	2. Formation of the Company and Initial Public Offering The Company intends to conduct an initial public offering of shares of its common stock (the “IPO”). Before the completion of the IPO, the Company intends to engage in a series of transactions intended to establish its operating and capital structure (the “Formation Transaction”), through which it will acquire a portfolio of first mortgage loans, the most subordinate tranches (“CMBS B-Pieces”) The Company intends to qualify as a real estate investment trust (a “REIT”) for U.S. federal income tax purposes beginning with the taxable year ending December 31, 2020. The Company’s primary investment objective is to generate attractive, risk-adjusted returns to stockholders over the long term, primarily through dividends and distributions and secondarily through capital appreciation. The Company intends to achieve this objective by originating, investing in and structuring first mortgage loans, CMBS B-Pieces Upon completion of the IPO, the Company will be externally managed by NexPoint Real Estate Advisors VII, L.P., a Delaware limited partnership.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Accounting The accompanying unaudited consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the unaudited consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. There have been no significant changes to the Company’s significant accounting policies during the three months ended March 31, 2020. The accompanying unaudited consolidated financial statements have been prepared according to the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company’s financial position as of March 31, 2020 and results of operations for the three months ended March 31, 2020 have been included. Such adjustments are normal and recurring in nature. The unaudited information included in this quarterly report on Form 10-Q S-11 No. 333-235698) Use of Estimates and Assumptions The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. It is at least reasonably possible that these estimates could change in the near term. Estimates are inherently subjective in nature and actual results could differ from our estimates and the differences could be material. Since being reported in December 2019, COVID-19 COVID-19 COVID-19. The COVID-19 COVID-19 COVID-19 Certain states and cities have reacted to the COVID-19 COVID-19 COVID-19 COVID-19 COVID-19 COVID-19 Principles of Consolidation The Company accounts for subsidiary partnerships in which it holds an ownership interest in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation Variable Interest Entities The Company evaluates all of its interests in VIEs for consolidation. When the Company’s interests are determined to be variable interests, the Company assesses whether it is deemed to be the primary beneficiary of the VIE. The primary beneficiary of a VIE is required to consolidate the VIE. FASB ASC Topic 810, Consolidation CMBS The Company consolidates the trusts that issue beneficial ownership interests in mortgage loans secured by commercial real estate (commonly known as CMBS) when the Company holds a variable interest in, and management considers the Company to be the primary beneficiary of those trusts. Management believes the performance of the assets that underlie CMBS issuances most significantly impact the economic performance of the trust, and the primary beneficiary is generally the entity that conducts activities that most significantly impact the performance of the underlying assets. In particular, the most subordinate tranches of CMBS expose the holder to greater variability of economic performance when compared to more senior tranches since the subordinate tranches absorb a disproportionately higher amount of the credit risk related to the underlying assets. Generally, a trust designates the most junior subordinate tranche outstanding as the controlling class, which entitles the holder of the controlling class to unilaterally appoint, remove and replace the special servicer for the trust. For the CMBS that the Company consolidates, the Company owns 100% of the most subordinate tranche of the securities issued by the trusts, which include the controlling class, and has the ability to remove and replace the special servicer. On the Consolidated Balance Sheet as of March 31, 2020, we consolidated the two Freddie Mac K-Series B-Piece B-Pieces B-Pieces B-Pieces. Investment in subsidiaries The Company conducts its operations through the OP, which acts as the general partner of the subsidiary partnerships that own the investments through limited liability companies that are SPEs. The Company is the sole limited partner of the OP, has 100% of the limited partnership interests in the OP and has the ability to remove the general partner of the OP with or without cause, and as such, consolidates the OP. The Company consolidates the SPEs in which it has a controlling financial interest as well as any VIEs where it is the primary beneficiary. All of the investments the SPEs own are consolidated in the unaudited consolidated financial statements. Generally, the assets of each entity can only be used to settle obligations of that particular entity, and the creditors of each entity have no recourse to the assets of other entities or the Company notwithstanding equity pledges various lenders may have in certain entities. Redeemable Noncontrolling Interests Noncontrolling interests represent the ownership interests in consolidated subsidiaries held by entities other than the Company. Those noncontrolling interests that the holder is allowed to redeem before liquidation or termination of the entity that issued those interests are considered redeemable noncontrolling interests. The subsidiary partnerships of the OP have redeemable noncontrolling interests classified on the Consolidated Balance Sheet as temporary equity in accordance with ASC 480. This is presented as “Redeemable noncontrolling interests in the Operating Partnership” on the Consolidated Balance Sheet and their share of “Net Income (Loss)” as “Net Income (Loss) attributable to redeemable noncontrolling interests” in the accompanying Consolidated Statements of Operations. The redeemable noncontrolling interests were initially measured at the fair value of the contributed assets in accordance with ASC 805-50. Acquisition Accounting The Company accounts for the acquisitions of the Initial Portfolio, including the SFR Loans and CMBS B-Pieces, 805-50 B-Pieces in-place B-Pieces 805-10-55. non-cash Formation Transaction The Company commenced operations on February 11, 2020 upon the closing of its IPO. Prior to the closing of the IPO, the Company engaged in the Formation Transaction through which it acquired the Initial Portfolio consisting of SFR Loans, CMBS B-Pieces, B-Pieces The following table shows the par values, fair values and purchase premiums (discounts) of the Initial Portfolio as February 11, 2020, the closing date of the IPO: Par value Fair Value Premium (Discount) Assets Cash $ 302 $ 302 $ — Loans, held-for-investment, 22,127 22,282 155 Preferred stock 40,000 40,400 400 Mortgage loans, held-for-investment, 863,564 934,918 71,354 Accrued interest and dividends 3,616 3,616 — Mortgage loans held in variable interest entities, at fair value 1,742,186 1,742,093 (93 ) $ 2,671,795 $ 2,743,611 $ 71,816 Liabilities Credit facility $ 788,764 $ 788,764 $ — Bridge facility 95,000 95,000 — Bonds payable held in variable interest entities, at fair value 1,607,918 1,607,918 — $ 2,491,682 $ 2,491,682 $ — Total contributions $ 180,113 $ 251,929 $ 71,816 Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents are stated at cost, which approximates fair value. Mortgage and other loans held-for-investment Loans that are held-for-investment Income Recognition Interest Income held-for-investment, available-for-sale held-to-maturity Dividend Income—Dividend income is recorded when declared. Realized Gain (Loss) on Sale of Investments Expense Recognition Interest expense, in accordance with the Company’s financing agreements, is recorded on the accrual basis. General and administrative expenses are expensed as incurred. Allowance for Loan Losses The Company, with the assistance of an independent valuations firm, performs a quarterly evaluation of loans classified as held for investment for impairment on a loan by loan basis in accordance with ASC 310-10-35, Receivables, Subsequent Measurement 310-10-35”). non-impaired 450-20, Loss Contingencies 450-20”), non-performing Significant judgment is required in determining impairment and in estimating the resulting loss allowance, and actual losses, if any, could materially differ from those estimates. We perform a quarterly review of our portfolio. In conjunction with this review, we assess the risk factors of each loan, including, without limitation, loan-to-value ratio, a 5-point scale, 1- Outperform—Materially exceeds performance metrics (for example, technical milestones, occupancy, rents, net operating income) included in original or current credit underwriting and business plan; 2- Exceeds Expectations—Collateral performance exceeds substantially all performance metrics included in original or current credit underwriting and business plan; 3- Satisfactory—Collateral performance meets, or is on track to meet, underwriting; business plan is met or can reasonably be achieved; 4- Underperformance—Collateral performance falls short of underwriting, material differences exist from business plan, or both; technical milestones have been missed; defaults may exist, or may soon occur absent material improvement; and 5- Risk of Impairment/Default—Collateral performance is significantly worse than underwriting; major variance from business plan; loan covenants or technical milestones have been breached; timely exit from loan via sale or refinancing is questionable. We regularly evaluate the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral, as well as the financial and operating capability of the borrower. Specifically, the collateral’s operating results and any cash reserves are analyzed and used to assess (i) whether cash from operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan and/or (iii) the collateral’s liquidation value. We also evaluate the financial condition of any loan guarantors, as well as any changes in the borrower’s competency in managing and operating the collateral. In addition, we consider the overall economic environment, real estate or industry sector and geographic sub-market We consider loans to be past-due non-performing past-due charged-off For individual loans, a troubled debt restructuring is a formal restructuring of a loan where, for economic or legal reasons related to the borrower’s financial difficulties, a concession that would not otherwise be considered is granted to the borrower. The concession may be granted in various forms, including providing a below-market interest rate, a reduction in the loan balance or accrued interest, an extension of the maturity date, or a combination of these. An individual loan that has had a troubled debt restructuring is considered to be impaired and is subject to the relevant accounting for impaired loans. A loan is written off when it is no longer realizable and/or it is legally discharged. We will evaluate acquired loans and debt securities for which it is probable at acquisition that all contractually required payments will not be collected in accordance with ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality. Other-Than-Temporary Impairment The Company accounts for its investment in Preferred Stock as a debt security held to maturity. Debt securities held to maturity are evaluated on a quarterly basis, and more frequently when triggering events or market conditions warrant such an evaluation, to determine whether declines in their value are other-than-temporary impairments (“OTTI”). To determine whether a loss in value is other-than-temporary, the Company utilizes criteria including: the reasons underlying the decline, the magnitude and duration of the decline (greater or less than twelve months) and whether or not we intend to sell or expect that it is more likely than not that we will be required to sell the investment prior to an anticipated recovery of the carrying value. The term “other-than-temporary” is not intended to indicate that the decline is permanent, but indicates that the prospects for a near-term recovery of value is not necessarily favorable, or that there is a lack of evidence to support a realizable value equal to or greater than the carrying value of the investment. In the event that the fair value of debt securities held to maturity is less than amortized cost, we consider whether the unrealized holding loss represents an OTTI. If we do not expect to recover the carrying value of the debt security held-to-maturity Fair Value GAAP requires the categorization of the fair value of financial instruments into three broad levels that form a hierarchy based on the transparency of inputs to the valuation. Level 1—Inputs are adjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Inputs are other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3—Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. The Company follows this hierarchy for our financial instruments. Classifications will be based on the lowest level of input that is significant to the fair value measurement. We review the valuation of Level 3 financial instruments as part of our quarterly process. Valuation of Consolidated VIEs We report the financial assets and liabilities of each CMBS trust that we consolidate at fair value using the measurement alternative included in Accounting Standards Update (“ASU”) No. 2014-13, 2014-13”). 2014-13, 2014-13, Valuation Methodologies CMBS Trusts SFR Loans, Preferred Equity Investments, Preferred Stock and Mezzanine Loans Repurchase Agreements Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Overall, our determination of fair value is based upon the best information available for a given circumstance and may incorporate assumptions that are our best estimates after consideration of a variety of internal and external factors. When an independent valuation firm expresses an opinion on the fair value of a financial instrument in the form of a range, we select a value within the range provided by the independent valuation firm, generally the midpoint, to assess the reasonableness of our estimated fair value for that financial instrument. Income Taxes The Company believes that it will operate in a manner that will allow it to qualify for taxation as a REIT under the Code, commencing with its taxable year ending December 31, 2020. As a result of the Company’s expected REIT qualification the Company does not expect to pay U.S. federal corporate level taxes. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute annually at least 90% of its “REIT taxable income,” as defined by the Code, to its stockholders. If the Company fails to meet these requirements, it could be subject to federal income tax on all of the Company’s taxable income at regular corporate rates for that year. The Company would not be able to deduct distributions paid to stockholders in any year in which it fails to qualify as a REIT. Additionally, the Company will also be disqualified from electing to be taxed as a REIT for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions. Taxable income from certain non-REIT We evaluate the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more-likely-than-not” more-likely-than-not We recognize our tax positions and evaluate them using a two-step Recent Accounting Pronouncements Section 107 of the Jumpstart Our Business Startups Act (“JOBS Act”) provides that an emerging growth company can take advantage of the extended transition period provided in Section 13(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for complying with new or revised accounting standards applicable to public companies. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of this extended transition period. As a result of this election, our financial statements may not be comparable to companies that comply with public company effective dates for such new or revised standards. We may elect to comply with public company effective dates at any time, and such election would be irrevocable pursuant to Section 107(b) of the JOBS Act. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses on Financial Instruments 2016-13”), off-balance This allowance is deducted from the financial asset’s amortized cost basis to present the net amount expected to be collected. The new expected credit loss model will also apply to purchased financial assets with credit deterioration, superseding current accounting guidance for such assets. The amended guidance also amends the impairment model for available-for-sale available-for-sale available-for-sale 2016-13 In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses 2018-19”), 2016-13. 2016-13. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326. Financial Instruments – Credit Losses 2019-04”), 2016-13. 2016-13. In May 2019, the FASB issued ASU 2019-05, Targeted Transition Relief for Topic 326. Financial Instruments – Credit Losses 2019-05”), 2016-13.	3. Summary of Significant Accounting Policies Basis of Accounting The accompanying financial statement is presented in accordance with accounting principles generally accepted in the United States (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statement and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company’s financial position as of December 31, 2019 have been included.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events Acquisitions/Financing On April 15, 2020, the Company, through the Sub OPs, purchased an aggregate principal amount of approximately $3.1 million of the X3 tranche of the Freddie Mac K-1510 1-month On April 15, 2020 the Company, through the Sub OPs, purchased an aggregate principal amount of approximately $3.2 million of the X3 tranche of the Freddie Mac K-1513 1-month On April 21, 2020, the Company, through the Sub OPs, entered into a repurchase agreement and borrowed approximately $48.8 million. Approximately $134.4 million par value of the Company’s CMBS B-Piece 1-month K-107 On April 23, 2020, the Company, through the Sub OPs, purchased an aggregate principal amount of approximately $82.0 million of the Class D tranche of the Freddie Mac K-107 Dividends Declared On May 4, 2020, the Board declared a quarterly dividend of $0.40 per share, payable on June 30, 2020 to stockholders of record on June 15, 2020.	4. Subsequent Events Management has evaluated the impact of all subsequent events on the Company through January 17, 2020, the date the financial statement was issued, and determined there are no subsequent events to report.

Loans Held for Investment

Loans Held for Investment	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
Loans Held for Investment	3. Loans Held for Investment The Company’s investments in SFR Loans, mezzanine loans, and preferred equity are accounted for as loans held for investment. The following table summarizes our loans held for investment as of March 31, 2020 (dollars in thousands). Weighted Average Loan Type Outstanding Carrying Loan Fixed Coupon (2) Life March 31, 2020 SFR Loans, held-for-investment $ 863,109 $ 933,219 27 100.00 % 4.91 % 8.11 Mezzanine loan, held-for-investment 3,250 3,222 1 0.00 % 8.00 % (4) 1.84 Preferred equity, held-for-investment 18,877 19,060 3 100.00 % 8.85 % 5.31 $ 885,236 $ 955,501 31 99.63 % 5.01 % 8.02 (1) Carrying value includes the outstanding face amount plus unamortized purchase premiums/discounts and any allowance for loan losses. (2) The weighted-average coupon is weighted on current principal balance. (3) The weighted-average life is weighted on current principal balance and assumes no prepayments. The maturity date for preferred equity investments represents the maturity date of the senior mortgage, as the preferred equity investments require repayment upon the sale or refinancing of the asset. (4) Interest for the Mezzanine loan is calculated using the March 31, 2020 WSJ Prime of 3.25% plus a spread of 9.0%. A fixed minimum rate of 8.0% is paid in cash on a monthly basis. The difference between the 8.0% minimum monthly payment and the stated rate is accrued as paid-in-kind For the three months ended March 31, 2020, the loan and preferred equity portfolio activity was as follows (in thousands): Held-for-Investment Total Balance at December 31, 2019 $ — $ — Contributions from noncontrolling interests in the OP 957,200 957,200 Proceeds from principal repayments (455 ) (455 ) Amortization of loan premium, net (1) (1,032 ) (1,032 ) Loan loss provision, net (2) (212 ) (212 ) Balance at March 31, 2020 $ 955,501 $ 955,501 (1) Includes net amortization of loan purchase premiums. (2) Based on management’s judgment and estimate of credit losses. See Note 2 for additional information. As of March 31, 2020, there were $70.3 million of unamortized premiums on loans held-for-investment, As discussed in Note 2, the Company evaluates loans classified as held-for-investment loan-by-loan March 31, 2020 Risk Rating Number of Carrying % of Loan 1 — $ — — 2 — — — 3 31 955,501 100.00 % 4 — — — 5 — — — 31 $ 955,501 100.00 % As of March 31, 2020, all 31 loans held-for-investment The following tables present the geographies and property types of collateral underlying the Company’s loans held-for-investment Geography March 31, Georgia 44.15 % Florida 22.32 % Texas 6.68 % Minnesota 5.29 % Alabama 4.21 % New Jersey 2.04 % Maryland 1.94 % North Carolina 1.91 % Mississippi 1.14 % Michigan 1.08 % Oklahoma 1.05 % Tennessee 0.98 % Connecticut 0.94 % Missouri 0.85 % New York 0.72 % Illinois 0.71 % Nebraska 0.65 % Virginia 0.64 % Massachusetts 0.61 % Ohio 0.51 % Indiana 0.50 % South Carolina 0.45 % Pennsylvania 0.25 % Kentucky 0.22 % Arkansas 0.15 % 100.00 % Collateral Property Type March 31, Single Family Rental 97.50 % Multifamily 2.50 % 100.00 %

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	4. Debt The following table summarizes the Company’s financing arrangements in place as of March 31, 2020: March 31, 2020 Facility Collateral Date Outstanding face amount Carrying value Maximum facility Final maturity Weighted average interest rate (1) Weighted average life (years) (2) Outstanding face amount Carrying value Weighted average life (years) (2) Asset Specific Financing Single Family Rental Freddie Mac 7/12/2019 788,345 788,345 789,967 7/12/2029 2.44 % 8.1 863,109 933,219 8.1 Total/weighted average $ 788,345 $ 788,345 $ 789,967 2.44 % 8.1 $ 863,109 $ 933,219 8.1 (1) Weighted-average interest rate is weighted using unpaid principal balances. (2) Weighted-average life is determined using the maximum maturity date of the corresponding loans, assuming all extension options are exercised by the borrower. Prior to the Formation Transaction, two of our subsidiaries entered into a loan and security agreement dated July 12, 2019 with Freddie Mac (the “Credit Facility”). Under the Credit Facility, these entities borrowed approximately $788.8 million in connection with their acquisition of senior pooled mortgage loans backed by SFR properties (the “Underlying Loans”). No additional borrowings can be made under the Credit Facility, and our obligations will be secured by the Underlying Loans. The Credit Facility is guaranteed by certain members of the Contribution Group. The guarantors are subject to minimum net worth and liquidity covenants. The Credit Facility continues to be guaranteed by members of the Contribution Group as of March 31, 2020. The Credit Facility was assumed by the Company as part of the Formation Transaction at carrying value which approximated fair value. As such, the remaining outstanding balance of $788.8 million was contributed to the Company on February 11, 2020. Our borrowings under the Credit Facility will mature on July 12, 2029. However, if an Underlying Loan prepays or matures prior to July 12, 2029, we will be required to repay the portion of the Credit Facility that is allocated to that loan. As of March 31, 2020, the outstanding principal balances related to the SFR Loans consisted of the following (dollars in thousands): Investment Investment Outstanding Location Property Type Interest Interest Maturity SFR Loans Senior loan 2/11/2020 $ 465,689 Various Single-family Fixed 2.24 % 9/1/2028 Senior loan 2/11/2020 9,304 Various Single-family Fixed 3.51 % 2/1/2028 Senior loan 2/11/2020 4,980 Various Single-family Fixed 2.48 % 8/1/2023 Senior loan 2/11/2020 9,701 Various Single-family Fixed 2.79 % 9/1/2028 Senior loan 2/11/2020 6,955 Various Single-family Fixed 2.69 % 7/1/2028 Senior loan 2/11/2020 5,236 Various Single-family Fixed 2.64 % 10/1/2028 Senior loan 2/11/2020 11,326 Various Single-family Fixed 3.02 % 10/1/2028 Senior loan 2/11/2020 5,832 Various Single-family Fixed 2.87 % 9/1/2023 Senior loan 2/11/2020 7,711 Various Single-family Fixed 3.02 % 11/1/2028 Senior loan 2/11/2020 46,146 Various Single-family Fixed 2.14 % 10/1/2025 Senior loan 2/11/2020 9,158 Various Single-family Fixed 3.30 % 10/1/2028 Senior loan 2/11/2020 36,176 Various Single-family Fixed 2.70 % 11/1/2028 Senior loan 2/11/2020 5,973 Various Single-family Fixed 2.68 % 11/1/2028 Senior loan 2/11/2020 13,603 Various Single-family Fixed 2.61 % 11/1/2023 Senior loan 2/11/2020 5,346 Various Single-family Fixed 3.14 % 12/1/2028 Senior loan 2/11/2020 9,562 Various Single-family Fixed 3.02 % 12/1/2028 Senior loan 2/11/2020 10,036 Various Single-family Fixed 2.77 % 12/1/2028 Senior loan 2/11/2020 4,932 Various Single-family Fixed 2.97 % 1/1/2029 Senior loan 2/11/2020 8,468 Various Single-family Fixed 3.14 % 1/1/2029 Senior loan 2/11/2020 5,878 Various Single-family Fixed 2.40 % 2/1/2024 Senior loan 2/11/2020 4,279 Various Single-family Fixed 3.06 % 2/1/2029 Senior loan 2/11/2020 16,179 Various Single-family Fixed 2.91 % 2/1/2029 Senior loan 2/11/2020 7,064 Various Single-family Fixed 2.98 % 2/1/2029 Senior loan 2/11/2020 7,346 Various Single-family Fixed 2.80 % 2/1/2029 Senior loan 2/11/2020 6,191 Various Single-family Fixed 2.99 % 3/1/2029 Senior loan 2/11/2020 9,284 Various Single-family Fixed 2.45 % 3/1/2026 Senior loan 2/11/2020 55,988 Various Single-family Fixed 2.70 % 3/1/2029 Total $ 788,345 2.44 % For the three months ended March 31, 2020, the activity related to the carrying value of the Credit Facility were as follows (in thousands): Balances as of December 31, 2019 $ — Assumption of debt 788,764 Principal repayments (419 ) Balances as of March 31, 2020 $ 788,345 Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to March 31, 2020 are as follows (in thousands): Year Non-recourse Total 2020 $ — $ — 2021 — — 2022 — — 2023 (24,415 ) (24,415 ) 2024 (5,878 ) (5,878 ) Thereafter (758,052 ) (758,052 ) $(788,345) $(788,345) KeyBank Bridge Facility On February 7, 2020, we, through our subsidiaries, entered into a $95.0 million bridge facility (the “Bridge Facility”) with KeyBank National Association (“KeyBank”) and immediately drew $95.0 million to fund a portion of the Formation Transaction. During the three months ended March 31, 2020, the Company used proceeds from the IPO to pay down the entirety of the Bridge Facility. As of March 31, 2020, the facility is extinguished.

CMBS Trusts

CMBS Trusts	3 Months Ended
	Mar. 31, 2020
Statement of Financial Position [Abstract]
CMBS Trusts	5. CMBS Trusts As of March 31, 2020, the Company consolidated the CMBS Entities that we determined are VIEs and for which we are the primary beneficiary. The Company elected the fair-value option for each of the trusts and carries the fair values of the trust’s assets and liabilities at fair value in its Consolidated Balance Sheet; recognizes changes in the trust’s net assets, including changes in fair-value adjustments and net interest earned, in its Consolidate Statements of Operations; and records cash interest received from the trusts, net of cash interest paid to CMBS not beneficially owned by the Company, as operating cash-flows. The following table presents the Company’s recognized Trust’s Assets and Liabilities (in thousands): Trust’s Assets March 31, Mortgage loans held in variable interest entities, at fair value $ 1,712,909 Accrued interest receivable 751 Trust’s Liabilities Bonds payable held in variable interest entities, at fair value (1,607,918 ) Accrued interest payable (558 ) $105,184 The following table presents “Change in net assets related to consolidated CMBS variable interest entities” (in thousands): For the Three Months Net interest earned $ 1,742 Unrealized gain (loss) (26,901 ) Change in net assets related to consolidated CMBS variable interest entities $ (25,159 ) The following tables present the geographies and property types of collateral underlying the CMBS trusts consolidated by the Company as a percentage of the collateral unpaid principal balance: Geography March 31, Arizona 18.25 % Florida 17.06 % Texas 12.96 % Georgia 9.25 % Washington 8.96 % Nevada 6.71 % Pennsylvania 6.62 % California 6.43 % Tennessee 3.20 % Louisiana 2.81 % Utah 2.50 % Colorado 2.43 % Oregon 1.32 % New York 1.21 % Alabama 0.28 % 100.00 % Collateral Property Type March 31, Multifamily 99.20 % Manufactured Housing 0.80 % 100.00 %

Preferred Stock

Preferred Stock	3 Months Ended
	Mar. 31, 2020
Stockholders Equity Note Abstract
Preferred Stock	6. Preferred Stock As of March 31, 2020 the Company held one preferred stock investment accounted for as a debt security held to maturity recorded at amortized cost. The preferred stock investment consists of 40,000 shares of preferred stock in Jernigan Capital, Inc., (“JCAP”), a publicly traded REIT that provides capital to private developers as well as owners and operators of self-storage facilities. The preferred stock pays a fixed quarterly cash dividend of 7% in addition to a quarterly stock dividend of $2.125 million payable on a pro rata basis to the holders of the preferred stock for the first three quarters of 2020 and for the first fiscal quarter of 2021. For the last fiscal quarter of 2020 and for the second fiscal quarter of 2021, the stock dividend varies based on the underlying company’s incremental book value and past aggregate dividends among other things, but will be no less than $2.125 million on a pro rata basis to the holders of the preferred stock. The following table presents the preferred stock investments as of March 31, 2020 (in thousands, except share amounts): Investment Investment Date Shares Carrying Property Type Interest Rate Maturity Date Preferred Stock Jernigan Capital 2/11/2020 40,000 40,374 Self-storage 7.00 % 12/31/2021 (1) Carrying value includes an unamortized purchase premium of approximately $0.4 million. The following table presents activity related to the Company’s preferred stock (in thousands): For the Three Months Dividend income $ 473 Amortization of premium on preferred stock investment (26 ) $ 447

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	7. Fair Value of Financial Instruments Fair-value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. As a basis for considering market-participant assumptions in fair-value measurements, ASC 820 establishes a fair-value hierarchy that distinguishes between market-participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market-participant assumptions (unobservable inputs classified within Level 3 of the hierarchy): • Level 1 inputs are adjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. • Level 2 inputs are other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar instruments in active markets, and inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. • Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, related market activity for the asset or liability. The Company’s assessment of the significance of a particular input to the fair-value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Financial Instruments Carried at Fair Value See Note 5 for additional information. Financial Instruments Not Carried at Fair Value The fair values of cash and cash equivalents, accrued interest and dividends, accounts payable and other accrued liabilities and accrued interest payable approximated their carrying values because of the short-term nature of these instruments. The estimated fair values of other financial instruments were determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company would realize on the disposition of the financial instruments. The use of different market assumptions or estimation methodologies may have a material effect on the estimated fair value amounts. Long-term indebtedness is carried at amounts that reasonably approximate their fair value. In calculating the fair value of its long-term indebtedness, the Company used interest rate and spread assumptions that reflect current credit worthiness and market conditions available for the issuance of long-term debt with similar terms and remaining maturities. These financial instruments utilize Level 2 inputs. The carrying values and fair values of the Company’s financial assets and liabilities recorded at fair value on a recurring basis, as well as other financial instruments not carried at fair value as of March 31, 2020 (in thousands): Carrying Value Fair Value Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 197 $ 197 $ — $ — $ 197 Loans, held-for-investment, 22,282 — — 22,304 22,304 Preferred stock 40,374 — — 39,091 39,091 Mortgage loans, held-for-investment, 933,219 — — 915,380 915,380 Accrued interest and dividends 5,248 5,248 — — 5,248 Mortgage loans held in variable interest entities, at fair value 1,712,909 — 1,712,909 — 1,712,909 Other assets 1,096 1,096 — — 1,096 $ 2,715,325 $ 6,541 $ 1,712,909 $ 976,774 $ 2,696,224 Liabilities Credit facility $ 788,345 $ — $ — $ 789,401 $ 789,401 Accounts payable and other accrued liabilities 1,636 1,636 — — 1,636 Accrued interest payable 932 932 — — 932 Bonds payable held in variable interest entities, at fair value 1,607,918 — 1,607,918 — 1,607,918 $ 2,398,831 $ 2,568 $ 1,607,918 $ 789,401 $ 2,399,887 Other Financial Instruments Carried at Fair Value Redeemable noncontrolling interests in the OP have a redemption feature and are marked to their redemption value if such value exceeds the carrying value of the redeemable noncontrolling interests in the OP (see Note 10). The redemption value is based on the fair value of the Company’s common stock at the redemption date, and therefore, is calculated based on the fair value of the Company’s common stock at the balance sheet date. Since the valuation is based on observable inputs such as quoted prices for similar instruments in active markets, redeemable noncontrolling interests in the OP are classified as Level 2 if they are adjusted to their redemption value. At March 31, 2020, the redeemable noncontrolling interests in the OP are valued at their carrying value on the consolidated balance sheet.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Stockholders' Equity	8. Stockholders’ Equity Common Stock On February 11, 2020, the Company completed its IPO of 5,000,000 shares of common stock, par value $0.01 per share, at a price of $19.00 per share. In connection with the IPO, the Company sold an additional 350,000 shares of common stock, par value $0.01 per share, at a price of $19.00 per share pursuant to the partial exercise of the underwriters’ option to purchase additional shares. Gross proceeds from the IPO and partial exercise was approximately $101.7 million. Underwriting discounts and commissions of approximately $6.9 million and offering expenses of approximately $2.9 million were deducted from additional paid in capital. As of March 31, 2020, the Company had 5,350,000 shares of common stock, par value $0.01 per share, issued and 5,262,534 shares of common stock, par value $0.01 per share, outstanding. Share Repurchase Program On March 9, 2020, the Board authorized the Company to repurchase up to $10.0 million of its common stock, par value $0.01 per share, during a two-year Long Term Incentive Plan On January 31, 2020, the Company’s sole stockholder approved a long-term incentive plan (the “2020 LTIP”). The 2020 LTIP authorizes the compensation committee of the Board to provide equity-based compensation in the form of stock options, appreciation rights, restricted shares, restricted stock units, performance shares, performance units and certain other awards denominated or payable in, or otherwise based on, the Company’s common stock or factors that may influence the value of the Company’s common stock, plus cash incentive awards, for the purpose of providing the Company’s directors, officers and other key employees (and those of the Manager and the Company’s subsidiaries), the Company’s non-employee non-employees Dividends On March 16, 2020, the Company’s Board declared a quarterly dividend of $0.2198 per share, payable on March 31, 2020 to stockholders of record on March 23, 2020.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	9. Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted- average number of shares of the Company’s common stock outstanding and excludes any unvested restricted stock units issued pursuant to the 2020 LTIP. Diluted earnings (loss) per share is computed by adjusting basic earnings (loss) per share for the dilutive effect of the assumed vesting of restricted stock units. During periods of net loss, the assumed vesting of restricted stock units is anti-dilutive and is not included in the calculation of earnings (loss) per share. The effect of the conversion of common units in the OP (“OP Units”) held by noncontrolling limited partners is not reflected in the computation of basic and diluted earnings (loss) per share, as they are exchangeable for common stock on a one-for-one The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods presented (in thousands, except per share amounts): For the Three Months Numerator for loss per share: Net loss $ (22,868 ) Net loss attributable to redeemable noncontrolling interests (16,515 ) Net loss attributable to common stockholders $ (6,353 ) Denominator for earnings (loss) per share: Weighted-average common shares outstanding 5,223 Denominator for basic loss per share 5,223 Weighted-average unvested restricted stock units — Denominator for diluted earnings per share 5,223 Earnings (loss) per weighted average common share: Basic $ (1.22 ) Diluted $ (1.22 )

Noncontrolling Interests

Noncontrolling Interests	3 Months Ended
	Mar. 31, 2020
Noncontrolling Interest [Abstract]
Noncontrolling Interests	10. Noncontrolling Interests Redeemable Noncontrolling Interests in the Subsidiary Operating Partnerships In connection with the Formation Transaction, the Contribution Group contributed assets to SPEs owned by subsidiary partnerships of the Company in exchange for limited partnership interests in subsidiary partnerships of the OP (the “Sub OPs”). Interests in the Sub OPs are represented by “Sub OP Units”. Net income (loss) is allocated to holders of Sub OP Units based upon net income (loss) attributable to common stockholders and the weighted-average number of Sub OP Units outstanding to total common shares plus Sub OP Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to Sub OP Units in accordance with the terms of the partnership agreement of the Sub OPs. Each time the Sub OPs distribute cash, limited partners of the Sub OPs receive their pro-rata In connection with the issuance of Sub OP Units to the Contribution Group on February 11, 2020, the Sub OPs and the OP amended the partnership agreements of the Sub OPs (the “Sub OP Amendments”). Pursuant to the Sub OP Amendments, limited partners holding Sub OP Units have the right to cause the Sub OP to redeem their units at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the Sub OPs), provided that such OP Units have been outstanding for at least one year. The OP is the general partner of the Sub OPs and may, in its sole discretion, purchase the Sub OP Units by paying to the Sub OP Unit holder either the Cash Amount or the OP Unit Amount (one OP Unit for each Sub OP Unit, subject to adjustment), as defined in the partnership agreement of the Sub OP. Notwithstanding the foregoing, a limited partner will not be entitled to exercise its redemption right to the extent the issuance of the OP Units to the redeeming limited partner would (1) be prohibited, as determined in the OP’s sole discretion, or (2) cause the acquisition of OP Units by such redeeming limited partner to be “integrated” with any other distribution of OP Units for purposes of complying with the Securities Act. Redeemable Noncontrolling Interests in the OP Interests in the OP held by limited partners are represented by OP Units. As of March 31, 2020, the Company is the sole limited partner in the OP. Net income (loss) is allocated to holders of OP Units based upon net income (loss) attributable to common stockholders and the weighted-average number of OP Units outstanding to total common shares plus OP Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to OP Units in accordance with the terms of the partnership agreement of the OP. Each time the OP distributes cash to the Company, limited partners of the OP receive their pro-rata In connection with the IPO on February 11, 2020, the Company and the OP GP amended the partnership agreement of the OP (the “OP Amendment”). Pursuant to the OP Amendment, limited partners holding OP Units have the right to cause the OP to redeem their units at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the OP), provided that such OP Units have been outstanding for at least one year. The Company may, in its sole discretion, purchase the OP Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (one share of common stock of the Company for each OP Unit), as defined in the partnership agreement of the OP. Notwithstanding the foregoing, a limited partner will not be entitled to exercise its redemption right to the extent the issuance of the Company’s common stock to the redeeming limited partner would (1) be prohibited, as determined in the Company’s sole discretion, under the Company’s charter or (2) cause the acquisition of common stock by such redeeming limited partner to be “integrated” with any other distribution of the Company’s common stock for purposes of complying with the Securities Act. Accordingly, the Company records the OP Units held by noncontrolling limited partners outside of permanent equity and reports the OP Units at the greater of their carrying value or their redemption value using the Company’s stock price at each balance sheet date. The OP, as the general partner and primary beneficiary of the Sub OPs, consolidates the Sub OPs. The following table sets forth the redeemable noncontrolling interests in the OP (reflecting the OP’s consolidation of the Sub OPs) for the three months ended March 31, 2020 (in thousands): Redeemable noncontrolling interests in the OP, December 31, 2019 $ — Net loss attributable to redeemable noncontrolling interests in the OP (16,515 ) Contributions from redeemable noncontrolling interests in the OP 251,929 Distributions to redeemable noncontrolling interests in the OP (2,019 ) Redeemable noncontrolling interests in the OP, March 31, 2020 $ 233,395

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	11. Related Party Transactions Management Fee In accordance with the Management Agreement, the Company pays the Manager an advisory fee equal to 1.5% of Equity (as defined below), paid monthly, in cash or shares of Company common stock at the election of our Manager (the “Annual Fee”). The duties performed by the Company’s Manager under the terms of the Management Agreement include, but are not limited to: providing daily management for the Company, selecting and working with third-party service providers, formulating an investment strategy for the Company and selecting suitable investments, managing the Company’s outstanding debt and its interest rate exposure and determining when to sell assets. “Equity” means (a) the sum of (1) total stockholders’ equity immediately prior to the IPO, plus (2) the net proceeds received by the Company from all issuances of the Company’s common stock in and after the IPO, plus (3) the Company’s cumulative Core Earnings (as defined below) from and after the IPO to the end of the most recently completed calendar quarter, (b) less (1) any distributions to the Company’s stockholders from and after the IPO to the end of the most recently completed calendar quarter and (2) all amounts that the Company or any of its subsidiaries has paid to repurchase the Company’s common stock from and after the IPO to the end of the most recently completed calendar quarter. In the Company’s calculation of Equity, the Company will adjust its calculation of Core Earnings to remove the compensation expense relating to awards granted under one or more of its long-term incentive plans that is added back in the calculation of Core Earnings. Additionally, for the avoidance of doubt, Equity will not include the assets contributed to the Company in the Formation Transaction. “Core Earnings” means the net income (loss) attributable to the common stockholders of the Company, computed in accordance with GAAP, including realized gains and losses not otherwise included in net income (loss), excluding any unrealized gains or losses or other similar non-cash one-time non-cash Pursuant to the terms of the Management Agreement, the Company is required to pay directly or reimburse the Manager for all documented Operating Expenses and Offering Expenses it incurs on behalf of the Company. “Operating Expenses” include legal, accounting, financial and due diligence services performed by the Manager that outside professionals or outside consultants would otherwise perform, the Company’s pro rata share of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of the Manager required for the Company’s operations, and compensation expenses under the 2020 LTIP. “Offering Expenses” include all expenses (other than underwriters’ discounts) in connection with an offering of securities, including, without limitation, legal, accounting, printing, mailing and filing fees and other documented offering expenses. For the three months ended March 31, 2020, the Company reimbursed the Manager for approximately $0.1 million of Offering Expenses that were paid on the Company’s behalf. The Initial Portfolio was acquired from affiliates of our Sponsor (the Contribution Group), pursuant to a contribution agreement with the Contribution Group through which the Contribution Group contributed their interest in the Initial Portfolio to SPEs owned by subsidiary partnerships of the Company, in exchange for limited partnership interests in the Sub OPs (see Notes 1 and 2 for more information). The Contribution Group owns the noncontrolling interests in the Sub OPs (see Note 10 for more information). Expense Cap Pursuant to the terms of the Management Agreement, direct payment of operating expenses by the Company, which includes compensation expense relating to equity awards granted under the 2020 LTIP, together with reimbursement of operating expenses to the Manager, plus the Annual Fee, may not exceed 2.5% of equity book value (the “Expense Cap”) for any calendar year or portion thereof, provided, however, that this limitation will not apply to Offering Expenses, legal, accounting, financial, due diligence and other service fees incurred in connection with extraordinary litigation and mergers and acquisitions and other events outside the ordinary course of business or any out-of-pocket For the three months ended March 31, 2020, the Company incurred management fees of $0.2 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying unaudited consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the unaudited consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. There have been no significant changes to the Company’s significant accounting policies during the three months ended March 31, 2020. The accompanying unaudited consolidated financial statements have been prepared according to the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company’s financial position as of March 31, 2020 and results of operations for the three months ended March 31, 2020 have been included. Such adjustments are normal and recurring in nature. The unaudited information included in this quarterly report on Form 10-Q S-11 No. 333-235698)	Basis of Accounting The accompanying financial statement is presented in accordance with accounting principles generally accepted in the United States (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statement and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company’s financial position as of December 31, 2019 have been included.
Use of Estimates and Assumptions	Use of Estimates and Assumptions The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. It is at least reasonably possible that these estimates could change in the near term. Estimates are inherently subjective in nature and actual results could differ from our estimates and the differences could be material.
Principles of Consolidation	Principles of Consolidation The Company accounts for subsidiary partnerships in which it holds an ownership interest in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation
Variable Interest Entities	Variable Interest Entities The Company evaluates all of its interests in VIEs for consolidation. When the Company’s interests are determined to be variable interests, the Company assesses whether it is deemed to be the primary beneficiary of the VIE. The primary beneficiary of a VIE is required to consolidate the VIE. FASB ASC Topic 810, Consolidation
CMBS	CMBS The Company consolidates the trusts that issue beneficial ownership interests in mortgage loans secured by commercial real estate (commonly known as CMBS) when the Company holds a variable interest in, and management considers the Company to be the primary beneficiary of those trusts. Management believes the performance of the assets that underlie CMBS issuances most significantly impact the economic performance of the trust, and the primary beneficiary is generally the entity that conducts activities that most significantly impact the performance of the underlying assets. In particular, the most subordinate tranches of CMBS expose the holder to greater variability of economic performance when compared to more senior tranches since the subordinate tranches absorb a disproportionately higher amount of the credit risk related to the underlying assets. Generally, a trust designates the most junior subordinate tranche outstanding as the controlling class, which entitles the holder of the controlling class to unilaterally appoint, remove and replace the special servicer for the trust. For the CMBS that the Company consolidates, the Company owns 100% of the most subordinate tranche of the securities issued by the trusts, which include the controlling class, and has the ability to remove and replace the special servicer. On the Consolidated Balance Sheet as of March 31, 2020, we consolidated the two Freddie Mac K-Series B-Piece B-Pieces B-Pieces B-Pieces.
Investment in subsidiaries	Investment in subsidiaries The Company conducts its operations through the OP, which acts as the general partner of the subsidiary partnerships that own the investments through limited liability companies that are SPEs. The Company is the sole limited partner of the OP, has 100% of the limited partnership interests in the OP and has the ability to remove the general partner of the OP with or without cause, and as such, consolidates the OP. The Company consolidates the SPEs in which it has a controlling financial interest as well as any VIEs where it is the primary beneficiary. All of the investments the SPEs own are consolidated in the unaudited consolidated financial statements. Generally, the assets of each entity can only be used to settle obligations of that particular entity, and the creditors of each entity have no recourse to the assets of other entities or the Company notwithstanding equity pledges various lenders may have in certain entities.
Redeemable Noncontrolling Interests	Redeemable Noncontrolling Interests Noncontrolling interests represent the ownership interests in consolidated subsidiaries held by entities other than the Company. Those noncontrolling interests that the holder is allowed to redeem before liquidation or termination of the entity that issued those interests are considered redeemable noncontrolling interests. The subsidiary partnerships of the OP have redeemable noncontrolling interests classified on the Consolidated Balance Sheet as temporary equity in accordance with ASC 480. This is presented as “Redeemable noncontrolling interests in the Operating Partnership” on the Consolidated Balance Sheet and their share of “Net Income (Loss)” as “Net Income (Loss) attributable to redeemable noncontrolling interests” in the accompanying Consolidated Statements of Operations. The redeemable noncontrolling interests were initially measured at the fair value of the contributed assets in accordance with ASC 805-50.
Acquisition Accounting	Acquisition Accounting The Company accounts for the acquisitions of the Initial Portfolio, including the SFR Loans and CMBS B-Pieces, 805-50 B-Pieces in-place B-Pieces 805-10-55. non-cash
Formation Transaction	Formation Transaction The Company commenced operations on February 11, 2020 upon the closing of its IPO. Prior to the closing of the IPO, the Company engaged in the Formation Transaction through which it acquired the Initial Portfolio consisting of SFR Loans, CMBS B-Pieces, B-Pieces The following table shows the par values, fair values and purchase premiums (discounts) of the Initial Portfolio as February 11, 2020, the closing date of the IPO: Par value Fair Value Premium (Discount) Assets Cash $ 302 $ 302 $ — Loans, held-for-investment, 22,127 22,282 155 Preferred stock 40,000 40,400 400 Mortgage loans, held-for-investment, 863,564 934,918 71,354 Accrued interest and dividends 3,616 3,616 — Mortgage loans held in variable interest entities, at fair value 1,742,186 1,742,093 (93 ) $ 2,671,795 $ 2,743,611 $ 71,816 Liabilities Credit facility $ 788,764 $ 788,764 $ — Bridge facility 95,000 95,000 — Bonds payable held in variable interest entities, at fair value 1,607,918 1,607,918 — $ 2,491,682 $ 2,491,682 $ — Total contributions $ 180,113 $ 251,929 $ 71,816
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents are stated at cost, which approximates fair value.
Mortgage and other loans held-for-investment	Mortgage and other loans held-for-investment Loans that are held-for-investment
Income Recognition	Income Recognition Interest Income held-for-investment, available-for-sale held-to-maturity Dividend Income—Dividend income is recorded when declared. Realized Gain (Loss) on Sale of Investments
Expense Recognition	Expense Recognition Interest expense, in accordance with the Company’s financing agreements, is recorded on the accrual basis. General and administrative expenses are expensed as incurred.
Allowance for Loan Losses	Allowance for Loan Losses The Company, with the assistance of an independent valuations firm, performs a quarterly evaluation of loans classified as held for investment for impairment on a loan by loan basis in accordance with ASC 310-10-35, Receivables, Subsequent Measurement 310-10-35”). non-impaired 450-20, Loss Contingencies 450-20”), non-performing Significant judgment is required in determining impairment and in estimating the resulting loss allowance, and actual losses, if any, could materially differ from those estimates. We perform a quarterly review of our portfolio. In conjunction with this review, we assess the risk factors of each loan, including, without limitation, loan-to-value ratio, a 5-point scale, 1- Outperform—Materially exceeds performance metrics (for example, technical milestones, occupancy, rents, net operating income) included in original or current credit underwriting and business plan; 2- Exceeds Expectations—Collateral performance exceeds substantially all performance metrics included in original or current credit underwriting and business plan; 3- Satisfactory—Collateral performance meets, or is on track to meet, underwriting; business plan is met or can reasonably be achieved; 4- Underperformance—Collateral performance falls short of underwriting, material differences exist from business plan, or both; technical milestones have been missed; defaults may exist, or may soon occur absent material improvement; and 5- Risk of Impairment/Default—Collateral performance is significantly worse than underwriting; major variance from business plan; loan covenants or technical milestones have been breached; timely exit from loan via sale or refinancing is questionable. We regularly evaluate the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral, as well as the financial and operating capability of the borrower. Specifically, the collateral’s operating results and any cash reserves are analyzed and used to assess (i) whether cash from operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan and/or (iii) the collateral’s liquidation value. We also evaluate the financial condition of any loan guarantors, as well as any changes in the borrower’s competency in managing and operating the collateral. In addition, we consider the overall economic environment, real estate or industry sector and geographic sub-market We consider loans to be past-due non-performing past-due charged-off For individual loans, a troubled debt restructuring is a formal restructuring of a loan where, for economic or legal reasons related to the borrower’s financial difficulties, a concession that would not otherwise be considered is granted to the borrower. The concession may be granted in various forms, including providing a below-market interest rate, a reduction in the loan balance or accrued interest, an extension of the maturity date, or a combination of these. An individual loan that has had a troubled debt restructuring is considered to be impaired and is subject to the relevant accounting for impaired loans. A loan is written off when it is no longer realizable and/or it is legally discharged. We will evaluate acquired loans and debt securities for which it is probable at acquisition that all contractually required payments will not be collected in accordance with ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality.
Other-Than-Temporary Impairment	Other-Than-Temporary Impairment The Company accounts for its investment in Preferred Stock as a debt security held to maturity. Debt securities held to maturity are evaluated on a quarterly basis, and more frequently when triggering events or market conditions warrant such an evaluation, to determine whether declines in their value are other-than-temporary impairments (“OTTI”). To determine whether a loss in value is other-than-temporary, the Company utilizes criteria including: the reasons underlying the decline, the magnitude and duration of the decline (greater or less than twelve months) and whether or not we intend to sell or expect that it is more likely than not that we will be required to sell the investment prior to an anticipated recovery of the carrying value. The term “other-than-temporary” is not intended to indicate that the decline is permanent, but indicates that the prospects for a near-term recovery of value is not necessarily favorable, or that there is a lack of evidence to support a realizable value equal to or greater than the carrying value of the investment. In the event that the fair value of debt securities held to maturity is less than amortized cost, we consider whether the unrealized holding loss represents an OTTI. If we do not expect to recover the carrying value of the debt security held-to-maturity
Fair Value	Fair Value GAAP requires the categorization of the fair value of financial instruments into three broad levels that form a hierarchy based on the transparency of inputs to the valuation. Level 1—Inputs are adjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Inputs are other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3—Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. The Company follows this hierarchy for our financial instruments. Classifications will be based on the lowest level of input that is significant to the fair value measurement. We review the valuation of Level 3 financial instruments as part of our quarterly process. Valuation of Consolidated VIEs We report the financial assets and liabilities of each CMBS trust that we consolidate at fair value using the measurement alternative included in Accounting Standards Update (“ASU”) No. 2014-13, 2014-13”). 2014-13, 2014-13, Valuation Methodologies CMBS Trusts SFR Loans, Preferred Equity Investments, Preferred Stock and Mezzanine Loans Repurchase Agreements Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Overall, our determination of fair value is based upon the best information available for a given circumstance and may incorporate assumptions that are our best estimates after consideration of a variety of internal and external factors. When an independent valuation firm expresses an opinion on the fair value of a financial instrument in the form of a range, we select a value within the range provided by the independent valuation firm, generally the midpoint, to assess the reasonableness of our estimated fair value for that financial instrument.
Income Taxes	Income Taxes The Company believes that it will operate in a manner that will allow it to qualify for taxation as a REIT under the Code, commencing with its taxable year ending December 31, 2020. As a result of the Company’s expected REIT qualification the Company does not expect to pay U.S. federal corporate level taxes. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute annually at least 90% of its “REIT taxable income,” as defined by the Code, to its stockholders. If the Company fails to meet these requirements, it could be subject to federal income tax on all of the Company’s taxable income at regular corporate rates for that year. The Company would not be able to deduct distributions paid to stockholders in any year in which it fails to qualify as a REIT. Additionally, the Company will also be disqualified from electing to be taxed as a REIT for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions. Taxable income from certain non-REIT We evaluate the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more-likely-than-not” more-likely-than-not We recognize our tax positions and evaluate them using a two-step
Recent Accounting Pronouncements	Recent Accounting Pronouncements Section 107 of the Jumpstart Our Business Startups Act (“JOBS Act”) provides that an emerging growth company can take advantage of the extended transition period provided in Section 13(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for complying with new or revised accounting standards applicable to public companies. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of this extended transition period. As a result of this election, our financial statements may not be comparable to companies that comply with public company effective dates for such new or revised standards. We may elect to comply with public company effective dates at any time, and such election would be irrevocable pursuant to Section 107(b) of the JOBS Act. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses on Financial Instruments 2016-13”), off-balance This allowance is deducted from the financial asset’s amortized cost basis to present the net amount expected to be collected. The new expected credit loss model will also apply to purchased financial assets with credit deterioration, superseding current accounting guidance for such assets. The amended guidance also amends the impairment model for available-for-sale available-for-sale available-for-sale 2016-13 In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses 2018-19”), 2016-13. 2016-13. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326. Financial Instruments – Credit Losses 2019-04”), 2016-13. 2016-13. In May 2019, the FASB issued ASU 2019-05, Targeted Transition Relief for Topic 326. Financial Instruments – Credit Losses 2019-05”), 2016-13.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Schedule of Par Values, Fair Values and Purchase Premiums (Discounts) of Initial Portfolio	The following table shows the par values, fair values and purchase premiums (discounts) of the Initial Portfolio as February 11, 2020, the closing date of the IPO: Par value Fair Value Premium (Discount) Assets Cash $ 302 $ 302 $ — Loans, held-for-investment, 22,127 22,282 155 Preferred stock 40,000 40,400 400 Mortgage loans, held-for-investment, 863,564 934,918 71,354 Accrued interest and dividends 3,616 3,616 — Mortgage loans held in variable interest entities, at fair value 1,742,186 1,742,093 (93 ) $ 2,671,795 $ 2,743,611 $ 71,816 Liabilities Credit facility $ 788,764 $ 788,764 $ — Bridge facility 95,000 95,000 — Bonds payable held in variable interest entities, at fair value 1,607,918 1,607,918 — $ 2,491,682 $ 2,491,682 $ — Total contributions $ 180,113 $ 251,929 $ 71,816

Loans Held for Investment (Tabl

Loans Held for Investment (Tables)	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
Summary of Loans Held for Investment	The following table summarizes our loans held for investment as of March 31, 2020 (dollars in thousands). Weighted Average Loan Type Outstanding Carrying Loan Fixed Coupon (2) Life March 31, 2020 SFR Loans, held-for-investment $ 863,109 $ 933,219 27 100.00 % 4.91 % 8.11 Mezzanine loan, held-for-investment 3,250 3,222 1 0.00 % 8.00 % (4) 1.84 Preferred equity, held-for-investment 18,877 19,060 3 100.00 % 8.85 % 5.31 $ 885,236 $ 955,501 31 99.63 % 5.01 % 8.02 (1) Carrying value includes the outstanding face amount plus unamortized purchase premiums/discounts and any allowance for loan losses. (2) The weighted-average coupon is weighted on current principal balance. (3) The weighted-average life is weighted on current principal balance and assumes no prepayments. The maturity date for preferred equity investments represents the maturity date of the senior mortgage, as the preferred equity investments require repayment upon the sale or refinancing of the asset. (4) Interest for the Mezzanine loan is calculated using the March 31, 2020 WSJ Prime of 3.25% plus a spread of 9.0%. A fixed minimum rate of 8.0% is paid in cash on a monthly basis. The difference between the 8.0% minimum monthly payment and the stated rate is accrued as paid-in-kind
Summary of Loan and Preferred Equity Portfolio Activity	For the three months ended March 31, 2020, the loan and preferred equity portfolio activity was as follows (in thousands): Held-for-Investment Total Balance at December 31, 2019 $ — $ — Contributions from noncontrolling interests in the OP 957,200 957,200 Proceeds from principal repayments (455 ) (455 ) Amortization of loan premium, net (1) (1,032 ) (1,032 ) Loan loss provision, net (2) (212 ) (212 ) Balance at March 31, 2020 $ 955,501 $ 955,501 (1) Includes net amortization of loan purchase premiums. (2) Based on management’s judgment and estimate of credit losses. See Note 2 for additional information.
Principal Balance and Net Book Value of Loan Portfolio Based on Internal Risk Ratings	The following table allocates the principal balance and net book value of the loan portfolio based on our internal risk ratings (dollars in thousands): March 31, 2020 Risk Rating Number of Carrying % of Loan 1 — $ — — 2 — — — 3 31 955,501 100.00 % 4 — — — 5 — — — 31 $ 955,501 100.00 %
Summary of Loans Held for Investment as Percentage of Loans Face Amount	The following tables present the geographies and property types of collateral underlying the Company’s loans held-for-investment Geography March 31, Georgia 44.15 % Florida 22.32 % Texas 6.68 % Minnesota 5.29 % Alabama 4.21 % New Jersey 2.04 % Maryland 1.94 % North Carolina 1.91 % Mississippi 1.14 % Michigan 1.08 % Oklahoma 1.05 % Tennessee 0.98 % Connecticut 0.94 % Missouri 0.85 % New York 0.72 % Illinois 0.71 % Nebraska 0.65 % Virginia 0.64 % Massachusetts 0.61 % Ohio 0.51 % Indiana 0.50 % South Carolina 0.45 % Pennsylvania 0.25 % Kentucky 0.22 % Arkansas 0.15 % 100.00 % Collateral Property Type March 31, Single Family Rental 97.50 % Multifamily 2.50 % 100.00 %

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Summary of Company's Financing Arrangements	The following table summarizes the Company’s financing arrangements in place as of March 31, 2020: March 31, 2020 Facility Collateral Date Outstanding face amount Carrying value Maximum facility Final maturity Weighted average interest rate (1) Weighted average life (years) (2) Outstanding face amount Carrying value Weighted average life (years) (2) Asset Specific Financing Single Family Rental Freddie Mac 7/12/2019 788,345 788,345 789,967 7/12/2029 2.44 % 8.1 863,109 933,219 8.1 Total/weighted average $ 788,345 $ 788,345 $ 789,967 2.44 % 8.1 $ 863,109 $ 933,219 8.1 (1) Weighted-average interest rate is weighted using unpaid principal balances. (2) Weighted-average life is determined using the maximum maturity date of the corresponding loans, assuming all extension options are exercised by the borrower.
Schedule of Outstanding Principal Balances Related to SFR Loans	As of March 31, 2020, the outstanding principal balances related to the SFR Loans consisted of the following (dollars in thousands): Investment Investment Outstanding Location Property Type Interest Interest Maturity SFR Loans Senior loan 2/11/2020 $ 465,689 Various Single-family Fixed 2.24 % 9/1/2028 Senior loan 2/11/2020 9,304 Various Single-family Fixed 3.51 % 2/1/2028 Senior loan 2/11/2020 4,980 Various Single-family Fixed 2.48 % 8/1/2023 Senior loan 2/11/2020 9,701 Various Single-family Fixed 2.79 % 9/1/2028 Senior loan 2/11/2020 6,955 Various Single-family Fixed 2.69 % 7/1/2028 Senior loan 2/11/2020 5,236 Various Single-family Fixed 2.64 % 10/1/2028 Senior loan 2/11/2020 11,326 Various Single-family Fixed 3.02 % 10/1/2028 Senior loan 2/11/2020 5,832 Various Single-family Fixed 2.87 % 9/1/2023 Senior loan 2/11/2020 7,711 Various Single-family Fixed 3.02 % 11/1/2028 Senior loan 2/11/2020 46,146 Various Single-family Fixed 2.14 % 10/1/2025 Senior loan 2/11/2020 9,158 Various Single-family Fixed 3.30 % 10/1/2028 Senior loan 2/11/2020 36,176 Various Single-family Fixed 2.70 % 11/1/2028 Senior loan 2/11/2020 5,973 Various Single-family Fixed 2.68 % 11/1/2028 Senior loan 2/11/2020 13,603 Various Single-family Fixed 2.61 % 11/1/2023 Senior loan 2/11/2020 5,346 Various Single-family Fixed 3.14 % 12/1/2028 Senior loan 2/11/2020 9,562 Various Single-family Fixed 3.02 % 12/1/2028 Senior loan 2/11/2020 10,036 Various Single-family Fixed 2.77 % 12/1/2028 Senior loan 2/11/2020 4,932 Various Single-family Fixed 2.97 % 1/1/2029 Senior loan 2/11/2020 8,468 Various Single-family Fixed 3.14 % 1/1/2029 Senior loan 2/11/2020 5,878 Various Single-family Fixed 2.40 % 2/1/2024 Senior loan 2/11/2020 4,279 Various Single-family Fixed 3.06 % 2/1/2029 Senior loan 2/11/2020 16,179 Various Single-family Fixed 2.91 % 2/1/2029 Senior loan 2/11/2020 7,064 Various Single-family Fixed 2.98 % 2/1/2029 Senior loan 2/11/2020 7,346 Various Single-family Fixed 2.80 % 2/1/2029 Senior loan 2/11/2020 6,191 Various Single-family Fixed 2.99 % 3/1/2029 Senior loan 2/11/2020 9,284 Various Single-family Fixed 2.45 % 3/1/2026 Senior loan 2/11/2020 55,988 Various Single-family Fixed 2.70 % 3/1/2029 Total $ 788,345 2.44 %
Activity Related to Carrying Value of Credit Facility	For the three months ended March 31, 2020, the activity related to the carrying value of the Credit Facility were as follows (in thousands): Balances as of December 31, 2019 $ — Assumption of debt 788,764 Principal repayments (419 ) Balances as of March 31, 2020 $ 788,345
Summary of Aggregate Scheduled Maturities of Total Debt	The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to March 31, 2020 are as follows (in thousands): Year Non-recourse Total 2020 $ — $ — 2021 — — 2022 — — 2023 (24,415 ) (24,415 ) 2024 (5,878 ) (5,878 ) Thereafter (758,052 ) (758,052 ) $(788,345) $(788,345)

CMBS Trusts (Tables)

CMBS Trusts (Tables)	3 Months Ended
	Mar. 31, 2020
Statement of Financial Position [Abstract]
Schedule of Recognized Trusts Assets and Liabilities	The following table presents the Company’s recognized Trust’s Assets and Liabilities (in thousands): Trust’s Assets March 31, Mortgage loans held in variable interest entities, at fair value $ 1,712,909 Accrued interest receivable 751 Trust’s Liabilities Bonds payable held in variable interest entities, at fair value (1,607,918 ) Accrued interest payable (558 ) $105,184
Schedule of Change in Net Assets Related to Consolidated CMBS Variable Interest Entities	The following table presents “Change in net assets related to consolidated CMBS variable interest entities” (in thousands): For the Three Months Net interest earned $ 1,742 Unrealized gain (loss) (26,901 ) Change in net assets related to consolidated CMBS variable interest entities $ (25,159 )
Schedule of Geographies and Property Types of Collateral Underlying the CMBS Trusts as Percentage of Collateral Unpaid Principal Balance	The following tables present the geographies and property types of collateral underlying the CMBS trusts consolidated by the Company as a percentage of the collateral unpaid principal balance: Geography March 31, Arizona 18.25 % Florida 17.06 % Texas 12.96 % Georgia 9.25 % Washington 8.96 % Nevada 6.71 % Pennsylvania 6.62 % California 6.43 % Tennessee 3.20 % Louisiana 2.81 % Utah 2.50 % Colorado 2.43 % Oregon 1.32 % New York 1.21 % Alabama 0.28 % 100.00 % Collateral Property Type March 31, Multifamily 99.20 % Manufactured Housing 0.80 % 100.00 %

Preferred Stock (Tables)

Preferred Stock (Tables)	3 Months Ended
	Mar. 31, 2020
Stockholders Equity Note Abstract
Schedule of Preferred Stock Investments	The following table presents the preferred stock investments as of March 31, 2020 (in thousands, except share amounts): Investment Investment Date Shares Carrying Property Type Interest Rate Maturity Date Preferred Stock Jernigan Capital 2/11/2020 40,000 40,374 Self-storage 7.00 % 12/31/2021 (1) Carrying value includes an unamortized purchase premium of approximately $0.4 million.
Schedule of Activity Related to Preferred Stock Investments	The following table presents activity related to the Company’s preferred stock (in thousands): For the Three Months Dividend income $ 473 Amortization of premium on preferred stock investment (26 ) $ 447

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Fair Values of Financial Assets and Liabilities Recorded at Fair Value on a Recurring Basis	The carrying values and fair values of the Company’s financial assets and liabilities recorded at fair value on a recurring basis, as well as other financial instruments not carried at fair value as of March 31, 2020 (in thousands): Carrying Value Fair Value Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 197 $ 197 $ — $ — $ 197 Loans, held-for-investment, 22,282 — — 22,304 22,304 Preferred stock 40,374 — — 39,091 39,091 Mortgage loans, held-for-investment, 933,219 — — 915,380 915,380 Accrued interest and dividends 5,248 5,248 — — 5,248 Mortgage loans held in variable interest entities, at fair value 1,712,909 — 1,712,909 — 1,712,909 Other assets 1,096 1,096 — — 1,096 $ 2,715,325 $ 6,541 $ 1,712,909 $ 976,774 $ 2,696,224 Liabilities Credit facility $ 788,345 $ — $ — $ 789,401 $ 789,401 Accounts payable and other accrued liabilities 1,636 1,636 — — 1,636 Accrued interest payable 932 932 — — 932 Bonds payable held in variable interest entities, at fair value 1,607,918 — 1,607,918 — 1,607,918 $ 2,398,831 $ 2,568 $ 1,607,918 $ 789,401 $ 2,399,887

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share	The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods presented (in thousands, except per share amounts): For the Three Months Numerator for loss per share: Net loss $ (22,868 ) Net loss attributable to redeemable noncontrolling interests (16,515 ) Net loss attributable to common stockholders $ (6,353 ) Denominator for earnings (loss) per share: Weighted-average common shares outstanding 5,223 Denominator for basic loss per share 5,223 Weighted-average unvested restricted stock units — Denominator for diluted earnings per share 5,223 Earnings (loss) per weighted average common share: Basic $ (1.22 ) Diluted $ (1.22 )

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	3 Months Ended
	Mar. 31, 2020
Noncontrolling Interest [Abstract]
Schedule of Redeemable Noncontrolling Interests	The following table sets forth the redeemable noncontrolling interests in the OP (reflecting the OP’s consolidation of the Sub OPs) for the three months ended March 31, 2020 (in thousands): Redeemable noncontrolling interests in the OP, December 31, 2019 $ — Net loss attributable to redeemable noncontrolling interests in the OP (16,515 ) Contributions from redeemable noncontrolling interests in the OP 251,929 Distributions to redeemable noncontrolling interests in the OP (2,019 ) Redeemable noncontrolling interests in the OP, March 31, 2020 $ 233,395

Organization and Description _2

Organization and Description of Business - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Jun. 07, 2019
Real Estate Properties [Line Items]
Common stock, share authorized	500,000,000	900	900
Preferred stock, share authorized	100,000,000	100	100
Date of incorporation	Jun. 7, 2019
OP | Subsidiary Partnership
Real Estate Properties [Line Items]
Limited partner ownership percentage	27.78%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020USD ($)
Summary Of Significant Accounting Policies [Line Items]
Minimum percentage of distributed taxable income to qualify as REIT	90.00%
Unrecognized tax benefit or expense, accrued interest or penalties	$ 0
Minimum
Summary Of Significant Accounting Policies [Line Items]
Loans delinquency period	120 days
Percentage of uncertain tax positions likelihood of being sustained	50.00%
OP
Summary Of Significant Accounting Policies [Line Items]
Limited partner ownership percentage	100.00%
CMBS
Summary Of Significant Accounting Policies [Line Items]
Variable interest entity, ownership percentage	100.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Par Values, Fair Values and Purchase Premiums (Discounts) of Initial Portfolio (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Feb. 11, 2020
Carrying Value
Assets
Cash	$ 197	$ 302
Loans, held-for-investment, net	22,282	22,127
Preferred stock	40,374	40,000
Mortgage loans, held-for-investment, net	933,219	863,564
Accrued interest and dividends	5,248	3,616
Mortgage loans held in variable interest entities, at fair value	1,712,909	1,742,186
Assets	2,715,325	2,671,795
Liabilities
Credit facility	788,345	788,764
Bridge facility		95,000
Bonds payable held in variable interest entities, at fair value	1,607,918	1,607,918
Liabilities	$ 2,398,831	2,491,682
Total contributions		180,113
Fair Value
Assets
Cash		302
Loans, held-for-investment, net		22,282
Preferred stock		40,400
Mortgage loans, held-for-investment, net		934,918
Accrued interest and dividends		3,616
Mortgage loans held in variable interest entities, at fair value		1,742,093
Assets		2,743,611
Liabilities
Credit facility		788,764
Bridge facility		95,000
Bonds payable held in variable interest entities, at fair value		1,607,918
Liabilities		2,491,682
Total contributions		251,929
Premium (Discount)
Assets
Loans, held-for-investment, net		155
Preferred stock		400
Mortgage loans, held-for-investment, net		71,354
Mortgage loans held in variable interest entities, at fair value		(93)
Assets		71,816
Liabilities
Total contributions		$ 71,816

Loans Held for Investment - Sum

Loans Held for Investment - Summary of Loans Held for Investment (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)Loan
Accounts Notes And Loans Receivable [Line Items]
Outstanding Face Amount	$ 885,236
Carrying Value	$ 955,501
Loan Count | Loan	31
Weighted Average Fixed Rate	99.63%
Weighted Average Coupon	5.01%
Weighted Average Life (years)	8 years 7 days
SFR Loans Held-For-Investment
Accounts Notes And Loans Receivable [Line Items]
Outstanding Face Amount	$ 863,109
Carrying Value	$ 933,219
Loan Count | Loan	27
Weighted Average Fixed Rate	100.00%
Weighted Average Coupon	4.91%
Weighted Average Life (years)	8 years 1 month 9 days
Mezzanine Loan Held-For-Investment
Accounts Notes And Loans Receivable [Line Items]
Outstanding Face Amount	$ 3,250
Carrying Value	$ 3,222
Loan Count | Loan	1
Weighted Average Fixed Rate	0.00%
Weighted Average Coupon	8.00%
Weighted Average Life (years)	1 year 10 months 2 days
Preferred Equity, Held-for-Investment
Accounts Notes And Loans Receivable [Line Items]
Outstanding Face Amount	$ 18,877
Carrying Value	$ 19,060
Loan Count | Loan	3
Weighted Average Fixed Rate	100.00%
Weighted Average Coupon	8.85%
Weighted Average Life (years)	5 years 3 months 21 days

Loans Held for Investment - S_2

Loans Held for Investment - Summary of Loans Held for Investment (Parenthetical) (Detail) - Mezzanine Loan Held-For-Investment	3 Months Ended
	Mar. 31, 2020
Accounts Notes And Loans Receivable [Line Items]
Interest rate on loan	9.00%
Minimum rate	8.00%
Frequency of payment description	paid in cash on a monthly basis
Prime
Accounts Notes And Loans Receivable [Line Items]
Interest rate on loan	3.25%

Loans Held for Investment - S_3

Loans Held for Investment - Summary of Loan and Preferred Equity Portfolio Activity (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Accounts Notes And Loans Receivable [Line Items]
Contributions from noncontrolling interests in the OP	$ 957,200
Proceeds from principal repayments	(455)
Amortization of loan premium, net	(1,032)
Loan loss provision, net	(212)
Balance at March 31, 2020	955,501
Held-For-Investment
Accounts Notes And Loans Receivable [Line Items]
Contributions from noncontrolling interests in the OP	957,200
Proceeds from principal repayments	(455)
Amortization of loan premium, net	(1,032)
Loan loss provision, net	(212)
Balance at March 31, 2020	$ 955,501

Loans Held for Investment - Add

Loans Held for Investment - Additional Information (Detail) $ in Millions	Mar. 31, 2020USD ($)
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Unamortized premiums on loans held-for-investment	$ 70.3

Loans Held for Investment - Pri

Loans Held for Investment - Principal Balance and Net Book Value of Loan Portfolio Based on Internal Risk Ratings (Details) (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)Loan
Accounts Notes And Loans Receivable [Line Items]
Loan Count | Loan	31
Carrying Value | $	$ 955,501
% of Loan Portfolio	100.00%
Risk Rating 3
Accounts Notes And Loans Receivable [Line Items]
Loan Count | Loan	31
Carrying Value | $	$ 955,501
% of Loan Portfolio	100.00%

Loans Held for Investment - S_4

Loans Held for Investment - Summary of Loans Held for Investment as Percentage of Loans Face Amount (Detail)	Mar. 31, 2020
Accounts Notes And Loans Receivable [Line Items]
Percent of loans held for investment	100.00%
Single Family Rental
Accounts Notes And Loans Receivable [Line Items]
Percent of loans held for investment	97.50%
Multifamily
Accounts Notes And Loans Receivable [Line Items]
Percent of loans held for investment	2.50%
Georgia
Accounts Notes And Loans Receivable [Line Items]
Percent of loans held for investment	44.15%
Florida
Accounts Notes And Loans Receivable [Line Items]
Percent of loans held for investment	22.32%
Texas
Accounts Notes And Loans Receivable [Line Items]
Percent of loans held for investment	6.68%
Minnesota
Accounts Notes And Loans Receivable [Line Items]
Percent of loans held for investment	5.29%
Alabama
Accounts Notes And Loans Receivable [Line Items]
Percent of loans held for investment	4.21%
New Jersey
Accounts Notes And Loans Receivable [Line Items]
Percent of loans held for investment	2.04%
Maryland
Accounts Notes And Loans Receivable [Line Items]
Percent of loans held for investment	1.94%
North Carolina
Accounts Notes And Loans Receivable [Line Items]
Percent of loans held for investment	1.91%
Mississippi
Accounts Notes And Loans Receivable [Line Items]
Percent of loans held for investment	1.14%
Michigan
Accounts Notes And Loans Receivable [Line Items]
Percent of loans held for investment	1.08%
Oklahoma
Accounts Notes And Loans Receivable [Line Items]
Percent of loans held for investment	1.05%
Tennessee
Accounts Notes And Loans Receivable [Line Items]
Percent of loans held for investment	0.98%
Connecticut
Accounts Notes And Loans Receivable [Line Items]
Percent of loans held for investment	0.94%
Missouri
Accounts Notes And Loans Receivable [Line Items]
Percent of loans held for investment	0.85%
New York
Accounts Notes And Loans Receivable [Line Items]
Percent of loans held for investment	0.72%
Illinois
Accounts Notes And Loans Receivable [Line Items]
Percent of loans held for investment	0.71%
Nebraska
Accounts Notes And Loans Receivable [Line Items]
Percent of loans held for investment	0.65%
Virginia
Accounts Notes And Loans Receivable [Line Items]
Percent of loans held for investment	0.64%
Massachusetts
Accounts Notes And Loans Receivable [Line Items]
Percent of loans held for investment	0.61%
Ohio
Accounts Notes And Loans Receivable [Line Items]
Percent of loans held for investment	0.51%
Indiana
Accounts Notes And Loans Receivable [Line Items]
Percent of loans held for investment	0.50%
South Carolina
Accounts Notes And Loans Receivable [Line Items]
Percent of loans held for investment	0.45%
Pennsylvania
Accounts Notes And Loans Receivable [Line Items]
Percent of loans held for investment	0.25%
Kentucky
Accounts Notes And Loans Receivable [Line Items]
Percent of loans held for investment	0.22%
Arkansas
Accounts Notes And Loans Receivable [Line Items]
Percent of loans held for investment	0.15%

Debt - Summary of Financing Arr

Debt - Summary of Financing Arrangements (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Facility
Outstanding face amount	$ 788,345
Carrying value	788,345
Maximum facility size	$ 789,967
Weighted average interest rate	2.44%	[1]
Weighted average life (years)	8 years 1 month 6 days	[2]
Collateral
Outstanding face amount	$ 863,109
Carrying value	$ 933,219
Weighted average life (years)	8 years 1 month 6 days	[2]
Freddie Mac | Facility
Date issued	Jul. 12, 2019
Outstanding face amount	$ 788,345
Carrying value	788,345
Maximum facility size	$ 789,967
Final stated maturity	Jul. 12, 2029
Weighted average interest rate	2.44%	[1]
Weighted average life (years)	8 years 1 month 6 days	[2]
Freddie Mac | Collateral
Outstanding face amount	$ 863,109
Carrying value	$ 933,219
Weighted average life (years)	8 years 1 month 6 days	[2]
[1]	Weighted-average interest rate is weighted using unpaid principal balances.
[2]	Weighted-average life is determined using the maximum maturity date of the corresponding loans, assuming all extension options are exercised by the borrower.

Debt - Additional Information (

Debt - Additional Information (Detail)	Feb. 07, 2020USD ($)	Jul. 12, 2019USD ($)Subsidiary	Mar. 31, 2020USD ($)	Feb. 11, 2020USD ($)
Debt Instrument [Line Items]
Amount borrowed under credit Facility			$ 788,764,000
Remaining outstanding balance			$ 788,345,000
KeyBank
Debt Instrument [Line Items]
Bridge facility	$ 95,000,000
Drawn from bridge facility	$ 95,000,000
Loan and Security Agreement
Debt Instrument [Line Items]
Number of subsidiaries | Subsidiary		2
Amount borrowed under credit Facility		$ 788,800,000
Remaining outstanding balance				$ 788,800,000
Additional borrowings under credit facility		$ 0
Credit facility, maturity date		Jul. 12, 2029

Debt - Schedule of Outstanding

Debt - Schedule of Outstanding Principal Balances Related to SFR Loans (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 788,345
Interest Rate	2.44%
Senior Loans | Single Family Rental | Debt Instrument One
Debt Instrument [Line Items]
Investment Date	Feb. 11, 2020
Outstanding Principal Balance	$ 465,689
Interest Type	Fixed
Interest Rate	2.24%
Maturity Date	Sep. 1, 2028
Senior Loans | Single Family Rental | Debt Instrument Two
Debt Instrument [Line Items]
Investment Date	Feb. 11, 2020
Outstanding Principal Balance	$ 9,304
Interest Type	Fixed
Interest Rate	3.51%
Maturity Date	Feb. 1, 2028
Senior Loans | Single Family Rental | Debt Instrument Three
Debt Instrument [Line Items]
Investment Date	Feb. 11, 2020
Outstanding Principal Balance	$ 4,980
Interest Type	Fixed
Interest Rate	2.48%
Maturity Date	Aug. 1, 2023
Senior Loans | Single Family Rental | Debt Instrument Four
Debt Instrument [Line Items]
Investment Date	Feb. 11, 2020
Outstanding Principal Balance	$ 9,701
Interest Type	Fixed
Interest Rate	2.79%
Maturity Date	Sep. 1, 2028
Senior Loans | Single Family Rental | Debt Instrument Five
Debt Instrument [Line Items]
Investment Date	Feb. 11, 2020
Outstanding Principal Balance	$ 6,955
Interest Type	Fixed
Interest Rate	2.69%
Maturity Date	Jul. 1, 2028
Senior Loans | Single Family Rental | Debt Instrument Six
Debt Instrument [Line Items]
Investment Date	Feb. 11, 2020
Outstanding Principal Balance	$ 5,236
Interest Type	Fixed
Interest Rate	2.64%
Maturity Date	Oct. 1, 2028
Senior Loans | Single Family Rental | Debt Instrument Seven
Debt Instrument [Line Items]
Investment Date	Feb. 11, 2020
Outstanding Principal Balance	$ 11,326
Interest Type	Fixed
Interest Rate	3.02%
Maturity Date	Oct. 1, 2028
Senior Loans | Single Family Rental | Debt Instrument Eight
Debt Instrument [Line Items]
Investment Date	Feb. 11, 2020
Outstanding Principal Balance	$ 5,832
Interest Type	Fixed
Interest Rate	2.87%
Maturity Date	Sep. 1, 2023
Senior Loans | Single Family Rental | Debt Instrument Nine
Debt Instrument [Line Items]
Investment Date	Feb. 11, 2020
Outstanding Principal Balance	$ 7,711
Interest Type	Fixed
Interest Rate	3.02%
Maturity Date	Nov. 1, 2028
Senior Loans | Single Family Rental | Debt Instrument Ten
Debt Instrument [Line Items]
Investment Date	Feb. 11, 2020
Outstanding Principal Balance	$ 46,146
Interest Type	Fixed
Interest Rate	2.14%
Maturity Date	Oct. 1, 2025
Senior Loans | Single Family Rental | Debt Instrument Eleven
Debt Instrument [Line Items]
Investment Date	Feb. 11, 2020
Outstanding Principal Balance	$ 9,158
Interest Type	Fixed
Interest Rate	3.30%
Maturity Date	Oct. 1, 2028
Senior Loans | Single Family Rental | Debt Instrument Twelve
Debt Instrument [Line Items]
Investment Date	Feb. 11, 2020
Outstanding Principal Balance	$ 36,176
Interest Type	Fixed
Interest Rate	2.70%
Maturity Date	Nov. 1, 2028
Senior Loans | Single Family Rental | Debt Instrument Thirteen
Debt Instrument [Line Items]
Investment Date	Feb. 11, 2020
Outstanding Principal Balance	$ 5,973
Interest Type	Fixed
Interest Rate	2.68%
Maturity Date	Nov. 1, 2028
Senior Loans | Single Family Rental | Debt Instrument Fourteen
Debt Instrument [Line Items]
Investment Date	Feb. 11, 2020
Outstanding Principal Balance	$ 13,603
Interest Type	Fixed
Interest Rate	2.61%
Maturity Date	Nov. 1, 2023
Senior Loans | Single Family Rental | Debt Instrument Fifteen
Debt Instrument [Line Items]
Investment Date	Feb. 11, 2020
Outstanding Principal Balance	$ 5,346
Interest Type	Fixed
Interest Rate	3.14%
Maturity Date	Dec. 1, 2028
Senior Loans | Single Family Rental | Debt Instrument Sixteen
Debt Instrument [Line Items]
Investment Date	Feb. 11, 2020
Outstanding Principal Balance	$ 9,562
Interest Type	Fixed
Interest Rate	3.02%
Maturity Date	Dec. 1, 2028
Senior Loans | Single Family Rental | Debt Instrument Seventeen
Debt Instrument [Line Items]
Investment Date	Feb. 11, 2020
Outstanding Principal Balance	$ 10,036
Interest Type	Fixed
Interest Rate	2.77%
Maturity Date	Dec. 1, 2028
Senior Loans | Single Family Rental | Debt Instrument Eighteen
Debt Instrument [Line Items]
Investment Date	Feb. 11, 2020
Outstanding Principal Balance	$ 4,932
Interest Type	Fixed
Interest Rate	2.97%
Maturity Date	Jan. 1, 2029
Senior Loans | Single Family Rental | Debt Instrument Nineteen
Debt Instrument [Line Items]
Investment Date	Feb. 11, 2020
Outstanding Principal Balance	$ 8,468
Interest Type	Fixed
Interest Rate	3.14%
Maturity Date	Jan. 1, 2029
Senior Loans | Single Family Rental | Debt Instrument Twenty
Debt Instrument [Line Items]
Investment Date	Feb. 11, 2020
Outstanding Principal Balance	$ 5,878
Interest Type	Fixed
Interest Rate	2.40%
Maturity Date	Feb. 1, 2024
Senior Loans | Single Family Rental | Debt Instrument Twenty One
Debt Instrument [Line Items]
Investment Date	Feb. 11, 2020
Outstanding Principal Balance	$ 4,279
Interest Type	Fixed
Interest Rate	3.06%
Maturity Date	Feb. 1, 2029
Senior Loans | Single Family Rental | Debt Instrument Twenty Two
Debt Instrument [Line Items]
Investment Date	Feb. 11, 2020
Outstanding Principal Balance	$ 16,179
Interest Type	Fixed
Interest Rate	2.91%
Maturity Date	Feb. 1, 2029
Senior Loans | Single Family Rental | Debt Instrument Twenty Three
Debt Instrument [Line Items]
Investment Date	Feb. 11, 2020
Outstanding Principal Balance	$ 7,064
Interest Type	Fixed
Interest Rate	2.98%
Maturity Date	Feb. 1, 2029
Senior Loans | Single Family Rental | Debt Instrument Twenty Four
Debt Instrument [Line Items]
Investment Date	Feb. 11, 2020
Outstanding Principal Balance	$ 7,346
Interest Type	Fixed
Interest Rate	2.80%
Maturity Date	Feb. 1, 2029
Senior Loans | Single Family Rental | Debt Instrument Twenty Five
Debt Instrument [Line Items]
Investment Date	Feb. 11, 2020
Outstanding Principal Balance	$ 6,191
Interest Type	Fixed
Interest Rate	2.99%
Maturity Date	Mar. 1, 2029
Senior Loans | Single Family Rental | Debt Instrument Twenty Six
Debt Instrument [Line Items]
Investment Date	Feb. 11, 2020
Outstanding Principal Balance	$ 9,284
Interest Type	Fixed
Interest Rate	2.45%
Maturity Date	Mar. 1, 2026
Senior Loans | Single Family Rental | Debt Instrument Twenty Seven
Debt Instrument [Line Items]
Investment Date	Feb. 11, 2020
Outstanding Principal Balance	$ 55,988
Interest Type	Fixed
Interest Rate	2.70%
Maturity Date	Mar. 1, 2029

Debt - Activity Related to Carr

Debt - Activity Related to Carrying Value of Credit Facility (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Debt Disclosure [Abstract]
Assumption of debt	$ 788,764
Principal repayments	(419)
Balances as of March 31, 2020	$ 788,345

Debt - Summary of Aggregate Sch

Debt - Summary of Aggregate Scheduled Maturities of Total Debt (Detail) $ in Thousands	Mar. 31, 2020USD ($)
Debt Instrument [Line Items]
2020	$ 0
2021	0
2022	0
2023	(24,415)
2024	(5,878)
Thereafter	(758,052)
Total debt	(788,345)
Non-recourse
Debt Instrument [Line Items]
2020	0
2021	0
2022	0
2023	(24,415)
2024	(5,878)
Thereafter	(758,052)
Total debt	$ (788,345)

CMBS Trusts - Schedule of Recog

CMBS Trusts - Schedule of Recognized Trust's Assets and Liabilities (Detail) $ in Thousands	Mar. 31, 2020USD ($)
ASSETS
Mortgage loans held in variable interest entities, at fair value	$ 1,712,909
CMBS Trusts
ASSETS
Mortgage loans held in variable interest entities, at fair value	1,712,909
Accrued interest receivable	751
Trust's Liabilities
Bonds payable held in variable interest entities, at fair value	(1,607,918)
Accrued interest payable	(558)
Assets and Liabilities	$ 105,184

CMBS Trusts - Schedule of Chang

CMBS Trusts - Schedule of Change in Net Assets Related to Consolidated CMBS Variable Interest Entities (Detail) - CMBS Variable Interest Entities $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Net interest earned	$ 1,742
Unrealized gain (loss)	(26,901)
Change in net assets related to consolidated CMBS variable interest entities	$ (25,159)

CMBS Trusts - Schedule of Geogr

CMBS Trusts - Schedule of Geographies and Property Types of Collateral Underlying the CMBS Trusts as Percentage of Collateral Unpaid Principal Balance (Detail) - CMBS Trusts	Mar. 31, 2020
Financing Receivable Impaired [Line Items]
Percentage of collateral unpaid principal balance	100.00%
Multifamily
Financing Receivable Impaired [Line Items]
Percentage of collateral unpaid principal balance	99.20%
Manufactured Housing
Financing Receivable Impaired [Line Items]
Percentage of collateral unpaid principal balance	0.80%
Arizona
Financing Receivable Impaired [Line Items]
Percentage of collateral unpaid principal balance	18.25%
Florida
Financing Receivable Impaired [Line Items]
Percentage of collateral unpaid principal balance	17.06%
Texas
Financing Receivable Impaired [Line Items]
Percentage of collateral unpaid principal balance	12.96%
Georgia
Financing Receivable Impaired [Line Items]
Percentage of collateral unpaid principal balance	9.25%
Washington
Financing Receivable Impaired [Line Items]
Percentage of collateral unpaid principal balance	8.96%
Nevada
Financing Receivable Impaired [Line Items]
Percentage of collateral unpaid principal balance	6.71%
Pennsylvania
Financing Receivable Impaired [Line Items]
Percentage of collateral unpaid principal balance	6.62%
California
Financing Receivable Impaired [Line Items]
Percentage of collateral unpaid principal balance	6.43%
Tennessee
Financing Receivable Impaired [Line Items]
Percentage of collateral unpaid principal balance	3.20%
Louisiana
Financing Receivable Impaired [Line Items]
Percentage of collateral unpaid principal balance	2.81%
Utah
Financing Receivable Impaired [Line Items]
Percentage of collateral unpaid principal balance	2.50%
Colorado
Financing Receivable Impaired [Line Items]
Percentage of collateral unpaid principal balance	2.43%
Oregon
Financing Receivable Impaired [Line Items]
Percentage of collateral unpaid principal balance	1.32%
New York
Financing Receivable Impaired [Line Items]
Percentage of collateral unpaid principal balance	1.21%
Alabama
Financing Receivable Impaired [Line Items]
Percentage of collateral unpaid principal balance	0.28%

Preferred Stock - Additional In

Preferred Stock - Additional Information (Detail) - Jernigan Capital, Inc - Preferred Stock Investment - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Class Of Stock [Line Items]
Investment shares						40,000
Cash dividend on preferred stock shares investment, percentage						7.00%
Stock dividend on preferred stock shares investment						$ 2,125
Preferred Stock, dividend payment terms						The preferred stock pays a fixed quarterly cash dividend of 7% in addition to a quarterly stock dividend of $2.125 million payable on a pro rata basis to the holders of the preferred stock
Scenario Forecast
Class Of Stock [Line Items]
Stock dividend on preferred stock shares investment		$ 2,125		$ 2,125	$ 2,125
Scenario Forecast | Maximum [Member]
Class Of Stock [Line Items]
Stock dividend on preferred stock shares investment	$ 2,125		$ 2,125

Preferred Stock - Schedule of P

Preferred Stock - Schedule of Preferred Stock Investments (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)shares
Class Of Stock [Line Items]
Carrying Value	$ 40,374
Jernigan Capital, Inc | Preferred Stock Investment
Class Of Stock [Line Items]
Investment Date	Feb. 11, 2020
Shares | shares	40,000
Carrying Value	$ 40,374	[1]
Property Type	Self-storage
Interest Rate	7.00%
Maturity Date	Dec. 31, 2021
[1]	Carrying value includes an unamortized purchase premium of approximately $0.4 million.

Preferred Stock - Schedule of_2

Preferred Stock - Schedule of Preferred Stock Investments (Parenthetical) (Detail) $ in Millions	Mar. 31, 2020USD ($)
Preferred Stock Investment | Jernigan Capital, Inc
Class Of Stock [Line Items]
Unamortized purchase premium	$ 0.4

Preferred Stock - Schedule of A

Preferred Stock - Schedule of Activity Related to Preferred Stock Investments (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Class Of Stock [Line Items]
Dividend income	$ 447
Preferred Stock Investment
Class Of Stock [Line Items]
Dividend income	473
Amortization of premium on preferred stock investment	(26)
Total	$ 447

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Carrying Values and Fair Values of Financial Assets and Liabilities Recorded at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Feb. 11, 2020
Fair Value Recurring Basis
Assets
Cash and cash equivalents	$ 197
Loans, held-for-investment,net	22,304
Preferred stock	39,091
Mortgage loans, held-for-investment,net	915,380
Accrued interest and dividends	5,248
Mortgage loans held in variable interest entities, at fair value	1,712,909
Other assets	1,096
Assets	2,696,224
Liabilities
Credit facility	789,401
Accounts payable and other accrued liabilities	1,636
Accrued interest payable	932
Bonds payable held in variable interest entities, at fair value	1,607,918
Liabilities	2,399,887
Fair Value Recurring Basis | Level 1
Assets
Cash and cash equivalents	197
Accrued interest and dividends	5,248
Other assets	1,096
Assets	6,541
Liabilities
Accounts payable and other accrued liabilities	1,636
Accrued interest payable	932
Liabilities	2,568
Fair Value Recurring Basis | Level 2
Assets
Mortgage loans held in variable interest entities, at fair value	1,712,909
Assets	1,712,909
Liabilities
Bonds payable held in variable interest entities, at fair value	1,607,918
Liabilities	1,607,918
Fair Value Recurring Basis | Level 3
Assets
Loans, held-for-investment,net	22,304
Preferred stock	39,091
Mortgage loans, held-for-investment,net	915,380
Assets	976,774
Liabilities
Credit facility	789,401
Liabilities	789,401
Carrying Value
Assets
Cash and cash equivalents	197	$ 302
Loans, held-for-investment,net	22,282	22,127
Preferred stock	40,374	40,000
Mortgage loans, held-for-investment,net	933,219	863,564
Accrued interest and dividends	5,248	3,616
Mortgage loans held in variable interest entities, at fair value	1,712,909	1,742,186
Other assets	1,096
Assets	2,715,325	2,671,795
Liabilities
Credit facility	788,345	788,764
Accounts payable and other accrued liabilities	1,636
Accrued interest payable	932
Bonds payable held in variable interest entities, at fair value	1,607,918	1,607,918
Liabilities	$ 2,398,831	$ 2,491,682

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	Mar. 16, 2020	Mar. 09, 2020	Feb. 11, 2020	Mar. 31, 2020	Dec. 31, 2019
Class Of Stock [Line Items]
Common stock, par value		$ 0.01		$ 0.01	$ 0.01
Gross proceeds from IPO				$ 91,948,000
Common stock, shares, issued				5,350,000	10
Common stock, shares, outstanding				5,262,534	10
Share repurchase program, authorized amount		$ 10,000,000
Stock repurchase program, expiration date		Mar. 9, 2022
Stock repurchase program period in force		2 years
Share repurchase program, treasury stock shares				87,466
Share repurchase program, treasury stock, value				$ 1,339,000
Share repurchase program, treasury stock, per share				$ 15.30
Treasury stock, common, shares				87,466
Dividends payable, amount per share	$ 0.2198
Dividends payable date declared	Mar. 16, 2020
Dividend payable date to be paid	Mar. 31, 2020
Dividends payable date of record	Mar. 23, 2020
IPO
Class Of Stock [Line Items]
Issuance of common stock through public offering, shares			5,000,000
Common stock, par value			$ 0.01
Common stock price, per share			$ 19
Additional number of common stock shares sold			350,000
Additional common stock sold price, per share			$ 19
Gross proceeds from IPO			$ 101,700,000
Underwriting discount and commission expenses			6,900,000
Offering expenses			$ 2,900,000

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Stock conversion ratio	100.00%

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share (Detail) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)$ / sharesshares
Numerator for loss per share:
Net loss | $	$ (22,868)
Net loss attributable to redeemable noncontrolling interests | $	(16,515)
Net loss attributable to common stockholders | $	$ (6,353)
Denominator for earnings (loss) per share:
Weighted-average common shares outstanding	5,223
Denominator for basic loss per share	5,223
Weighted-average unvested restricted stock units	0
Denominator for diluted earnings per share	5,223
Earnings (loss) per weighted average common share:
Basic | $ / shares	$ (1.22)
Diluted | $ / shares	$ (1.22)

Noncontrolling Interests - Sche

Noncontrolling Interests - Schedule of Redeemable Noncontrolling Interests (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Noncontrolling Interest [Abstract]
Net loss attributable to redeemable noncontrolling interests in the OP	$ (16,515)
Contributions from redeemable noncontrolling interests in the OP	251,929
Distributions to redeemable noncontrolling interests in the OP	(2,019)
Redeemable noncontrolling interests in the OP, March 31, 2020	$ 233,395

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020USD ($)
Related Party Transaction [Line Items]
Offering expenses	$ 100,000
Management fees	$ 196,000
NexPoint Real Estate Advisors VII, L.P.
Related Party Transaction [Line Items]
Percentage of annual advisory, paid monthly	1.50%
Increase (decrease) in operating expense in excess of expense capital	$ 0
Management fees	$ 200,000
NexPoint Real Estate Advisors VII, L.P. | Maximum [Member]
Related Party Transaction [Line Items]
Percentage of direct payment of operating expense	2.50%

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Millions	May 04, 2020$ / shares	Apr. 23, 2020USD ($)Loan$ / shares	Apr. 21, 2020USD ($)	Apr. 15, 2020USD ($)Loan$ / shares	Mar. 16, 2020$ / shares
Subsequent Event [Line Items]
Dividends payable, amount per share | $ / shares					$ 0.2198
Dividends payable date declared					Mar. 16, 2020
Dividend payable date to be paid					Mar. 31, 2020
Dividends payable date of record					Mar. 23, 2020
Subsequent Event
Subsequent Event [Line Items]
Dividends payable, amount per share | $ / shares	$ 0.40
Dividends payable date declared	May 4, 2020
Dividend payable date to be paid	Jun. 30, 2020
Dividends payable date of record	Jun. 15, 2020
Subsequent Event | Repurchase Agreement
Subsequent Event [Line Items]
Debt instrument, Borrowed amount			$ 48.8
Subsequent Event | Repurchase Agreement | CMBS B-Piece Investments
Subsequent Event [Line Items]
Debt instrument collateral amount			$ 134.4
Subsequent Event | Repurchase Agreement | 1-month LIBOR
Subsequent Event [Line Items]
Debt instrument, Interest rate spread on variable rate			2.75%
Freddie Mac K-1513 CMBS | Subsequent Event
Subsequent Event [Line Items]
Business acquisition, aggregate principal amount				$ 3.1
Business acquisition, Share price | $ / shares				$ 28.10
Number of fixed-rate mortgage loans | Loan				45
Freddie Mac K-1513 CMBS | Subsequent Event | Repurchase Agreement
Subsequent Event [Line Items]
Debt instrument, Borrowed amount				$ 0.6
Freddie Mac K-1513 CMBS | Subsequent Event | Repurchase Agreement | 1-month LIBOR
Subsequent Event [Line Items]
Debt instrument, Interest rate spread on variable rate				1.50%
Freddie Mac K-1510 CMBS | Subsequent Event
Subsequent Event [Line Items]
Business acquisition, aggregate principal amount				$ 3.2
Business acquisition, Share price | $ / shares				$ 23.10
Number of fixed-rate mortgage loans | Loan				47
Freddie Mac K-1510 CMBS | Subsequent Event | Repurchase Agreement
Subsequent Event [Line Items]
Debt instrument, Borrowed amount				$ 0.5
Freddie Mac K-1510 CMBS | Subsequent Event | Repurchase Agreement | 1-month LIBOR
Subsequent Event [Line Items]
Debt instrument, Interest rate spread on variable rate				1.50%
Freddie Mac K-107 CMBS | Subsequent Event
Subsequent Event [Line Items]
Business acquisition, aggregate principal amount		$ 82
Business acquisition, Share price | $ / shares		$ 57.18
Number of fixed-rate mortgage loans | Loan		50
Business acquisition, percentage of interests acquired of subordinate tranche		100.00%