NexPoint Real Estate Finance (NREF) 10-Q 30 Apr 21 2021 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Document Information [Line Items]
Entity Registrant Name	NexPoint Real Estate Finance, Inc.
Entity Central Index Key	0001786248
Trading Symbol	nref
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Small Business	true
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding (in shares)		5,282,263
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Title of 12(b) Security	Common Stock, par value $0.01 per share; 8.50% Series A Cumulative Redeemable Preferred Stock, par value 0.01 per share

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 14,917	$ 30,241
Restricted cash	570	3,230
Loans, held-for-investment, net	153,637	127,777
Common stock, at fair value	45,460	44,626
Mortgage loans, held-for-investment, net	915,348	918,114
Accrued interest and dividends	5,646	5,078
CMBS structured pass through certificates, at fair value (Note 6)	38,923	38,984
Accounts receivable and other assets	3,384	745
TOTAL ASSETS	5,960,203	6,176,310
Liabilities:
Master repurchase agreements	162,168	161,465
Unsecured notes, net	35,025	34,960
Accounts payable and other accrued liabilities	3,807	1,779
Accrued interest payable	2,791	2,311
Total Liabilities	5,540,249	5,772,397
Redeemable noncontrolling interests in the OP	285,587	275,670
Stockholders' Equity:
Preferred stock, $0.01 par value: 100,000,000 shares authorized; 2,000,000 and 2,000,000 shares issued and 1,645,000 and 1,645,000 shares outstanding, respectively	16	16
Common stock, $0.01 par value: 500,000,000 shares authorized; 5,309,565 and 5,350,000 shares issued and 5,022,578 and 5,022,578 shares outstanding, respectively	50	50
Additional paid-in capital	137,845	138,043
Retained earnings	9,218	3,485
Preferred stock held in treasury at cost; 355,000 shares and 355,000, respectively	(8,567)	(8,567)
Common stock held in treasury at cost; 286,987 shares and 327,422 shares, respectively	(4,195)	(4,784)
Total Stockholders' Equity	134,367	128,243
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	5,960,203	6,176,310
Facility [Member]
Liabilities:
Secured financing agreements, net	839,687	840,453
Variable Interest Entity, Primary Beneficiary [Member]
ASSETS
Loans, held-for-investment, net	4,782,318	5,007,515
Liabilities:
Bonds payable held in variable interest entities, at fair value	$ 4,496,771	$ 4,731,429

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	2,000,000	2,000,000
Preferred stock, shares outstanding (in shares)	1,645,000	1,645,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	5,309,565	5,350,000
Common stock, shares outstanding (in shares)	5,022,578	5,022,578
Preferred stock held in treasury, shares (in shares)	355,000	355,000
Common stock held in treasury, shares (in shares)	286,987	327,422

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net interest income
Interest income	$ 12,649	$ 6,586
Interest expense	(6,497)	(3,331)
Total net interest income	6,152	3,255
Other income (loss)
Change in unrealized gain on CMBS structured pass through certificates	631
Change in unrealized gain on common stock	834
Loan loss provision	(124)	(212)
Dividend income, net		447
Realized losses	(65)
Other income	303
Total other income (loss)	22,290	(24,924)
Operating expenses
General and administrative expenses	1,518	348
Loan servicing fees	1,336	655
Management fees	518	196
Total operating expenses	3,372	1,199
Net income	25,070	(22,868)
Preferred stock dividends	(874)
Net (income) loss attributable to redeemable noncontrolling interests	(15,829)	16,515
Net income (loss) attributable to common stockholders	$ 8,367	$ (6,353)
Weighted-average common shares outstanding - basic (in shares)	5,023	5,223
Weighted-average common shares outstanding - diluted (in shares)	19,199	5,223
Earnings (loss) per share - basic (in dollars per share)	$ 1.67	$ (1.22)
Earnings (loss) per share - diluted (in dollars per share)	1.26	(1.22)
Dividends declared per common share (in dollars per share)	$ 0.475	$ 0.2198
Variable Interest Entity, Primary Beneficiary [Member]
Other income (loss)
Change in net assets related to consolidated CMBS variable interest entities	$ 20,711	$ (25,159)
Change in unrealized gain on CMBS structured pass through certificates	$ 15,011	$ (26,901)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock 1 [Member]Preferred Stock Outstanding [Member]	Common Stock 1 [Member]Common Stock Outstanding [Member]	Common Stock 1 [Member]Additional Paid-in Capital [Member]	Common Stock 1 [Member]Retained Earnings [Member]	Common Stock 1 [Member]Treasury Stock, Common [Member]	Common Stock 1 [Member]Treasury Stock, Preferred [Member]	Common Stock 1 [Member]	Preferred Stock Outstanding [Member]	Common Stock Outstanding [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock, Common [Member]	Treasury Stock, Preferred [Member]	Total
Balances (in shares) at Dec. 31, 2019
Balances at Dec. 31, 2019
Cancellation of common stock held in treasury (in shares)		(87,466)
Net income (loss) attributable to common stockholders											(6,353)			(6,353)
Common stock dividends declared											(1,157)			(1,157)
Issuance of stock through public offering, net		$ 54	$ 91,894				$ 91,948
Repurchase of common stock		$ (1)			(1,338)		(1,339)
Balances (in shares) at Mar. 31, 2020									5,262,534
Balances at Mar. 31, 2020									$ 53	91,894	(7,510)	(1,338)		83,099
Balances (in shares) at Dec. 31, 2020								1,645,000	5,022,578
Balances at Dec. 31, 2020								$ 16	$ 50	138,043	3,485	(4,784)	$ (8,567)	128,243
Vesting of stock-based compensation										391				$ 391
Cancellation of common stock held in treasury (in shares)														327,422
Cancellation of common stock held in treasury			$ (589)		$ 589
Net income attributable to preferred stockholders											874			$ 874
Net income (loss) attributable to common stockholders											8,367			8,367
Preferred stock dividends declared											(874)			(874)
Common stock dividends declared											(2,634)			(2,634)
Repurchase of common stock														(4,800)
Balances (in shares) at Mar. 31, 2021								1,645,000	5,022,578
Balances at Mar. 31, 2021								$ 16	$ 50	$ 137,845	$ 9,218	$ (4,195)	$ (8,567)	$ 134,367

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals)	3 Months Ended
	Mar. 31, 2021$ / shares
Preferred stock dividends declared, per share (in dollars per share)	$ 0.5313
Common stock dividends declared, per share (in dollars per share)	$ 0.475

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net income (loss)	$ 25,070	$ (22,868)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Accretion of loan discounts	2,516	1,060
Accretion of discounts	(1,668)
Loan loss provision, net	124	212
Net change in unrealized (gain) loss on investments held at fair value	(16,476)	26,901
Net realized losses	65
Vesting of stock-based compensation	391
Changes in operating assets and liabilities:
Accrued interest and dividends receivable	(568)	(1,632)
Accounts receivable and other assets	(2,639)	(1,096)
Accrued interest payable	480	932
Accounts payable, accrued expenses and other liabilities	1,781	1,636
Net cash provided by operating activities	9,076	5,145
Cash flows from investing activities
Proceeds from payments received on mortgage loans	834	455
Originations of loans, held-for-investment, net	(25,876)
Net cash provided by investing activities	71,409	30,936
Cash flows from financing activities
Principal repayments on borrowings under secured financing agreements	(766)	(419)
Borrowings under master repurchase agreements	5,737
Principal repayments on borrowings under master repurchase agreements	(5,034)
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	(2,386)	(1,157)
Dividends paid to preferred stockholders	(874)
Distributions to redeemable noncontrolling interests in the OP	(5,912)	(2,019)
Contributions from noncontrolling interests		302
Net cash used in financing activities	(98,469)	(35,884)
Net increase (decrease) in cash, cash equivalents and restricted cash	(17,984)	197
Cash, cash equivalents and restricted cash, beginning of period	33,471
Cash, cash equivalents and restricted cash, end of period	15,487	197
Supplemental Disclosure of Cash Flow Information
Interest paid	7,289	3,054
Supplemental Disclosure of Noncash Activities (Note 2)
Contributions from noncontrolling interests, including consolidation of the associated mortgage loans held in variable interest entities		2,787,735
Other assets acquired from contributions from noncontrolling interests		3,616
Assumed debt on contributions from noncontrolling interests, including consolidation of the associated bonds payable held in variable interest entities		(2,539,724)
Increase in dividends payable upon vesting of restricted stock units	248
Increase in dividends payable to preferred stockholders	874
Variable Interest Entity, Primary Beneficiary [Member]
Cash flows from investing activities
Proceeds from payments received on mortgage loans	96,451	30,481
Cash flows from financing activities
Distributions to bondholders of variable interest entities	$ (89,234)	$ (28,200)

Note 1 - Organization and Descr

Note 1 - Organization and Description of Business	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. NexPoint Real Estate Finance, Inc. (the “Company”, “we”, “our”) is a commercial mortgage REIT incorporated in Maryland on June 7, 2019. 1986, December 31, 2020. first March 31, 2021 50.28% 27.78% two 100% one 11 The Company commenced operations on February 11, 2020 The Company is externally managed by the Manager through a management agreement dated February 6, 2020 July 17, 2020, three February 6, 2023 ( The Company's primary investment objective is to generate attractive, risk-adjusted returns for stockholders over the long term. The Company intends to achieve this objective primarily by originating, structuring and investing in first 50

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. Basis of Accounting The accompanying unaudited consolidated financial statements are presented in accordance with accounting principles generally accepted in the U.S. (“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 three March 31, 2021 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 In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company's financial position as of March 31, 2021 December 31, 2020 three March 31, 2021 2020 10 December 31, 2020 10 February 25, 2021. 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. As a result of the COVID- 19 may may may 19 March 31, 2021 two 0.9% nine March 31, 2021 no three three twelve 19 1A. 10 February 25, 2021. 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 first 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 one not not not CMBS Trusts 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% On the Consolidated Balance Sheets as of March 31, 2021 five not not 810 Investment in subsidiaries The Company conducts its operations through the OP, which acts as the general partner of the Subsidiary OPs which own investments through limited liability companies that are SPEs and as the sole member of the Mezz LLC, which owns investments directly. The Company is the majority limited partner of the OP, holds approximately 50.28% no may 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 OPs have redeemable noncontrolling interests classified on the Consolidated Balance Sheets as temporary equity in accordance with ASC 480. 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 assets acquired in the Formation Transaction as asset acquisitions pursuant to ASC 805 50 one no not 805 10 55. Formation Transaction The Company commenced operations on February 11, 2020 January 31, 2020. third 820. The following table shows the par values, fair values and purchase premiums (discounts) of the Initial Portfolio as of February 11, 2020, Par value Fair Value Premium (Discount) Assets Cash $ 302 $ 302 $ — Loans, held-for-investment, net 22,127 22,282 155 Preferred stock 40,000 40,400 400 Mortgage loans, held-for-investment, net 863,564 934,918 71,354 Accrued interest and dividends 3,616 3,616 — Mortgage loans held in variable interest entities, at fair value 1,790,228 1,790,135 (93 ) $ 2,719,837 $ 2,791,653 $ 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 1,655,960 1,655,960 — $ 2,539,724 $ 2,539,724 $ — Total contributions $ 180,113 $ 251,929 $ 71,816 Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of three From time to time, the Company may Mortgage and Other Loans Held-For-Investment Loans that are held-for-investment are carried at their aggregate outstanding face amount, net of applicable (i) unamortized origination or acquisition premium and discounts, (ii) unamortized deferred fees and other direct loan origination costs, (iii) valuation allowance for loan losses and (iv) write-downs of impaired loans. The effective interest method is used to amortize origination or acquisition premiums and discounts and deferred fees or other direct loan origination costs. In general, an increase in prepayment rates accelerates the amortization of purchase premiums, thereby reducing the interest income earned on the assets. Conversely, discounts on such assets are accreted into interest income. In general, an increase in prepayment rates accelerates the accretion of purchase discounts, thereby increasing the interest income earned on the assets. Secured Financing and Master Repurchase Agreements The Company's borrowings under secured financing agreements and master repurchase agreements are treated as collateralized financing arrangements carried at their contractual amounts, net of unamortized debt issuance costs, if any. Income Recognition Interest Income Dividend Income - 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” no 450 20, Loss Contingencies 450 20” 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. The Company performs a quarterly review of the portfolio. In conjunction with this review, the Company assesses the risk factors of each loan, including, without limitation, loan-to-value ratio, debt yield, property type, geographic and local market dynamics, physical condition, collateral, cash-flow volatility, leasing and tenant profile, loan structure, exit plan and project sponsorship. Based on a 5 “1” “5,” 1 2 3 4 may may 5 The Company regularly evaluates 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. The Company also evaluates 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, the Company considers the overall economic environment, real estate or industry sector and geographic sub-market in which the borrower operates. Such impairment analyses are completed and reviewed by asset management and finance personnel who utilize various data sources, including (i) periodic financial data such as property operating statements, occupancy, tenant profile, rental rates, operating expenses, the borrower's exit plan, and capitalization and discount rates, (ii) site inspections and (iii) current credit spreads and discussions with market participants. The Company considers loans to be past-due when a monthly payment is due and unpaid for 60 120 120 not 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 may three March 31, 2021 no no A loan is written off when it is no The Company will evaluate acquired loans and debt securities for which it is probable at acquisition that all contractually required payments will not 310 30, Loans and Debt Securities Acquired with Deteriorated Credit Quality. three March 31, 2021 no Fair Value GAAP requires the categorization of the fair value of financial instruments into three Level 1 Level 2 2 Level 3 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. The Company reviews the valuation of Level 3 Valuation of Consolidated VIEs The Company reports the financial assets and liabilities of each consolidated CMBS trust at fair value using the measurement alternative included in Accounting Standards Update (“ASU”) No. 2014 13, 2014 13” 2014 13, not 2014 13, 1 2 3 Valuation Methodologies CMBS Trusts 2 3 not CMBS Structured Pass Through Certificates 2 2 SFR Loans, Preferred Equity Investments and Mezzanine Loans 3 not Common Stock Investment - 3 825 10. 5 Repurchase Agreements 3 Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis not first Overall, our determination of fair value is based upon the best information available for a given circumstance and may 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 ended December 31, 2020. not 90% not four March 31, 2021 no The Company evaluates 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” 50 not not no none The Company recognizes its tax positions and evaluates them using a two not not no March 31, 2021 Recent Accounting Pronouncements Section 107 13 1934, may not may 107 In June 2016, 2016 13, Financial Instruments Credit Losses on Financial Instruments 2016 13” not not 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 debt securities, requiring entities to determine whether all or a portion of the unrealized loss on such securities is a credit loss, and also eliminating the option for management to consider the length of time a security has been in an unrealized loss position as a factor in concluding whether or not December 15, 2022. 2016 13 In November 2018, 2018 19, Codification Improvements to Topic 326, Credit Losses 2016 13. 2016 13. In April 2019, 2019 04, Codification Improvements to Topic 326. Credit Losses 2016 13. 2016 13. In May 2019, 2019 05, Targeted Transition Relief for Topic 326. Credit Losses not 2016 13. In March 2020, 2020 04, Reference Rate Reform (Topic 848 may December 31, 2022. not March 31, 2021 Other Matters During the first 2021, 250, Q1 2020 $28.2 three March 31, 2020. three March 31, 2020, $48.0 no

Note 3 - Loans Held for Investm

Note 3 - Loans Held for Investment	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	3. The Company's investments in SFR Loans, mezzanine loans, and preferred equity are accounted for as loans held for investment. The SFR Loans are presented as Mortgage loans, held-for-investment, net and the mezzanine loans and preferred equity is presented as Loans, held-for-investment, net on the Consolidated Balance Sheets. The following table summarizes our loans held for investment as of March 31, 2021 Weighted Average Loan Type Outstanding Face Amount Carrying Value (1) Loan Count Fixed Rate (2) Coupon (3) Life (years) (4) March 31, 2021 SFR Loans, held-for-investment $ 853,531 $ 915,348 26 100.00 % 4.90 % 7.14 Mezzanine loan, held-for-investment 131,784 134,439 21 79.98 % 8.62 % 7.42 Preferred equity, held-for-investment 18,877 19,198 3 100.00 % 7.79 % 6.87 $ 1,004,192 $ 1,068,985 50 97.37 % 5.45 % 7.17 ( 1 Carrying value includes the outstanding face amount plus unamortized purchase premiums/discounts and any allowance for loan losses. ( 2 The weighted-average fixed rate is weighted on current principal balance. ( 3 The weighted-average coupon is weighted on current principal balance. ( 4 The weighted-average life is weighted on current principal balance and assumes no For the three March 31, 2021 Held-for-Investment Balance at December 31, 2020 $ 1,045,891 Originations 25,876 Proceeds from principal repayments (1) (834 ) Amortization of loan premium, net (2) (1,759 ) Loan loss provision, net (3) (124 ) Realized losses (65 ) Balance at March 31, 2021 $ 1,068,985 ( 1 Includes principal repayments on SFR Loans. ( 2 Includes net amortization of loan purchase premiums. ( 3 Based on management's judgment and estimate of credit losses. See Note 2 As of March 31, 2021 $65.2 As discussed in Note 2, “1” “5,” 2 March 31, 2021 Number of Carrying % of Loan Risk Rating Loans Value Portfolio 1 — $ — — 2 — — — 3 50 1,068,985 100.00 % 4 — — — 5 — — — 50 $ 1,068,985 100.00 % As of March 31, 2021 50 “3,” 2. The following tables present the geographies and property types of collateral underlying the Company's loans held-for-investment as a percentage of the loans' face amounts. Geography March 31, 2021 Georgia 38.61 % Florida 20.32 % Texas 7.18 % Maryland 6.94 % Minnesota 5.05 % Alabama 3.48 % California 2.63 % New Jersey 1.92 % North Carolina 1.63 % Mississippi 1.01 % Missouri 1.25 % Other (19 states each at <1%) 9.98 % 100.00 % Collateral Property Type March 31, 2021 Single Family Rental 85.00 % Multifamily 15.00 % 100.00 %

Note 4 - CMBS Trusts

Note 4 - CMBS Trusts	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Commercial Mortgage Backed Securities Trusts [Text Block]	4. As of March 31, 2021 2014 13 not The following table presents the Company's recognized Trust's Assets and Liabilities (in thousands): Trust's Assets March 31, 2021 Mortgage loans held in variable interest entities, at fair value $ 4,782,318 Accrued interest receivable 1,030 Trust's Liabilities Bonds payable held in variable interest entities, at fair value (4,496,771 ) Accrued interest payable (771 ) The following table presents “Change in net assets related to consolidated CMBS variable interest entities” (in thousands): For the Three Months Ended March 31, 2021 2020 Net interest earned $ 5,700 $ 1,742 Unrealized gain (loss) 15,011 (26,901 ) Change in net assets related to consolidated CMBS variable interest entities $ 20,711 $ (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, 2021 Florida 16.18 % Texas 15.21 % Arizona 11.88 % California 8.40 % Georgia 7.19 % Washington 5.88 % Nevada 4.20 % New Jersey 4.22 % New York 3.05 % Pennsylvania 3.36 % Indiana 2.47 % Colorado 2.31 % Virginia 2.12 % Ohio 2.04 % North Carolina 2.02 % Tennessee 1.46 % Maryland 1.34 % Missouri 1.22 % South Carolina 1.10 % Other (16 states each at <1%) 4.37 % 100.00 % Collateral Property Type March 31, 2021 Multifamily 98.09 % Manufactured Housing 1.91 % 100.00 %

Note 5 - Common Stock

Note 5 - Common Stock	3 Months Ended
	Mar. 31, 2021
Common Stock [Member]
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	5. On November 6, 2020, one $0.01 25.8% 825 10 10 The investment in NSP is a Level 3 one one 5% November 6, 2020 $17.30 $1,063.47 no December 31, 2020 March 31, 2021, The following table presents the NSP common stock investment as of March 31, 2021 Investment Investment Date Shares Fair Value Property Type Common Stock NexPoint Storage Partners 11/6/2020 41,963 $ 45,460 Self-storage

Note 6 - CMBS Structured Pass T

Note 6 - CMBS Structured Pass Through Certificates	3 Months Ended
	Mar. 31, 2021
CMBS Structured Pass Through Certificates [Member]
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	6. As of March 31, 2021 six 2 8 The following table presents the CMBS I/O Strips as of March 31, 2021 Investment Investment Date Carrying Value Property Type Interest Rate Current Yield Maturity Date CMBS I/O Strips CMBS I/O Strip 4/15/2020 $ 1,010 Multifamily 3.40 % 12.40 % 1/25/2037 CMBS I/O Strip 4/15/2020 945 Multifamily 2.94 % 12.99 % 12/25/2037 CMBS I/O Strip 5/18/2020 2,532 Multifamily 2.02 % 14.43 % 9/25/2046 CMBS I/O Strip 8/6/2020 8,147 Multifamily 0.10 % 13.73 % 6/25/2030 CMBS I/O Strip 8/6/2020 1,769 Multifamily 0.10 % 14.73 % 6/25/2030 CMBS I/O Strip 8/6/2020 24,520 Multifamily 2.98 % 13.57 % 6/25/2030 Total $ 38,923 The following table presents activity related to the Company's CMBS I/O Strips (in thousands): For the Three Months Ended March 31, 2021 2020 Interest income $ 611 $ — Change in unrealized gain on CMBS structured pass through certificates 631 — $ 1,242 $ —

Note 7 - Debt

Note 7 - Debt	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Debt Disclosure [Text Block]	7. The following table summarizes the Company's financing arrangements in place as of March 31, 2021 March 31, 2021 Facility Collateral Date issued Outstanding face amount Carrying value Final stated maturity Weighted average interest rate (1) Weighted average life (years) (2) Outstanding face amount Amortized cost basis Carrying value (3) Weighted average life (years) (2) Master Repurchase Agreements CMBS Mizuho (4) Apr 2020 162,168 162,168 N/A (5) 2.41 % 0.01 1,944,055 302,736 321,326 10.3 Asset Specific Financing Single Family Rental Freddie Mac 7/12/2019 779,773 779,773 7/12/2029 2.44 % 7.1 853,531 915,348 915,348 7.1 Mezzanine Freddie Mac 10/20/2020 59,914 59,914 8/1/2031 0.30 % 9.1 97,899 101,023 101,023 9.1 Unsecured Note Various 10/15/2020 36,500 35,025 10/25/2025 7.50 % 4.6 N/A N/A N/A N/A Total/weighted average $ 1,038,355 $ 1,036,880 2.49 % 5.98 $ 2,895,485 $ 1,319,107 $ 1,337,697 9.32 ( 1 Weighted-average interest rate 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. ( 3 CMBS are shown at fair value. SFR Loans and mezzanine loans are shown at their carrying values. ( 4 In April 2020, three ( 5 The master repurchase agreement with Mizuho does not one two Prior to the Formation Transaction, two July 12, 2019, $788.8 No March 31, 2021 $788.8 February 11, 2020. July 12, 2029. July 12, 2029, March 31, 2021 $779.8 In connection with our recent CMBS acquisitions and new mezzanine debt investment, we, through the Subsidiary OPs, have borrowed approximately $162.2 $1.9 March 31, 2021 On October 15, 2020, $36.5 7.50%. October 15, 2025 99% $36.1 March 31, 2021 On October 20, 2020, 18 $97.9 7.54% 102% $0.3 $59.9 0.30%. As of March 31, 2021 Outstanding Investment Principal Investment Date Balance Location Property Type Interest Type Interest Rate Maturity Date SFR Loans Senior loan 2/11/2020 $ 465,689 Various Single-family Fixed 2.24 % 9/1/2028 Senior loan 2/11/2020 9,163 Various Single-family Fixed 3.51 % 2/1/2028 Senior loan 2/11/2020 4,907 Various Single-family Fixed 2.48 % 8/1/2023 Senior loan 2/11/2020 9,559 Various Single-family Fixed 2.79 % 9/1/2028 Senior loan 2/11/2020 6,848 Various Single-family Fixed 2.69 % 7/1/2028 Senior loan 2/11/2020 5,159 Various Single-family Fixed 2.64 % 10/1/2028 Senior loan 2/11/2020 11,169 Various Single-family Fixed 3.02 % 10/1/2028 Senior loan 2/11/2020 7,611 Various Single-family Fixed 3.02 % 11/1/2028 Senior loan 2/11/2020 46,094 Various Single-family Fixed 2.14 % 10/1/2025 Senior loan 2/11/2020 8,922 Various Single-family Fixed 3.30 % 10/1/2028 Senior loan 2/11/2020 35,711 Various Single-family Fixed 2.70 % 11/1/2028 Senior loan 2/11/2020 5,820 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 9,436 Various Single-family Fixed 3.02 % 12/1/2028 Senior loan 2/11/2020 9,900 Various Single-family Fixed 2.77 % 12/1/2028 Senior loan 2/11/2020 4,863 Various Single-family Fixed 2.97 % 1/1/2029 Senior loan 2/11/2020 8,360 Various Single-family Fixed 3.14 % 1/1/2029 Senior loan 2/11/2020 5,786 Various Single-family Fixed 2.40 % 2/1/2024 Senior loan 2/11/2020 4,273 Various Single-family Fixed 3.06 % 2/1/2029 Senior loan 2/11/2020 15,962 Various Single-family Fixed 2.91 % 2/1/2029 Senior loan 2/11/2020 6,965 Various Single-family Fixed 2.98 % 2/1/2029 Senior loan 2/11/2020 7,245 Various Single-family Fixed 2.80 % 2/1/2029 Senior loan 2/11/2020 6,106 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 $ 779,773 2.44 % Mezzanine Loans Senior loan 10/20/2020 $ 3,348 Wilmington, DE Multifamily Fixed 0.30 % 5/1/2029 Senior loan 10/20/2020 6,353 White Marsh, MD Multifamily Fixed 0.30 % 7/1/2031 Senior loan 10/20/2020 8,723 Philadelphia, PA Multifamily Fixed 0.30 % 6/1/2029 Senior loan 10/20/2020 2,264 Daytona Beach, FL Multifamily Fixed 0.30 % 10/1/2028 Senior loan 10/20/2020 7,344 Laurel, MD Multifamily Fixed 0.30 % 4/1/2031 Senior loan 10/20/2020 1,836 Temple Hills, MD Multifamily Fixed 0.30 % 8/1/2031 Senior loan 10/20/2020 918 Temple Hills, MD Multifamily Fixed 0.30 % 8/1/2031 Senior loan 10/20/2020 3,390 Lakewood, NJ Multifamily Fixed 0.30 % 5/1/2029 Senior loan 10/20/2020 2,215 Rosedale, MD Multifamily Fixed 0.30 % 7/1/2031 Senior loan 10/20/2020 4,179 North Aurora, IL Multifamily Fixed 0.30 % 1/1/2029 Senior loan 10/20/2020 5,881 Cockeysville, MD Multifamily Fixed 0.30 % 7/1/2031 Senior loan 10/20/2020 4,523 Laurel, MD Multifamily Fixed 0.30 % 7/1/2031 Senior loan 10/20/2020 662 Vancouver, WA Multifamily Fixed 0.30 % 11/1/2030 Senior loan 10/20/2020 1,307 Tyler, TX Multifamily Fixed 0.30 % 10/1/2028 Senior loan 10/20/2020 728 Las Vegas, NV Multifamily Fixed 0.30 % 3/1/2029 Senior loan 10/20/2020 2,026 Atlanta, GA Multifamily Fixed 0.30 % 7/1/2029 Senior loan 10/20/2020 1,763 Des Moines, IA Multifamily Fixed 0.30 % 11/1/2028 Senior loan 10/20/2020 2,454 Urbandale, IA Multifamily Fixed 0.30 % 11/1/2028 Total $ 59,914 0.30 % For the three March 31, 2021 Balances as of December 31, 2020 $ 1,036,878 Principal borrowings 5,737 Principal repayments (5,800 ) Accretion of loan discounts 65 Balances as of March 31, 2021 $ 1,036,880 Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five March 31, 2021 Year Recourse Non-recourse Total 2021¹ — $ (162,168 ) $ (162,168 ) 2022 — — — 2023 — (18,510 ) (18,510 ) 2024 — (5,786 ) (5,786 ) 2025 — (46,094 ) (46,094 ) Thereafter (36,500 ) (769,297 ) (805,797 ) $ (36,500 ) $ (1,001,855 ) $ (1,038,355 ) ( 1 The transactions in place in the master repurchase agreement with Mizuho have a one two

Note 8 - Fair Value of Financia

Note 8 - Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block]	8. 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 1 2 3 ● Level 1 ● Level 2 2 may ● Level 3 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 2 4 6 Financial Instruments Not 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 may 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 Amounts borrowed under master repurchase agreements are based on their contractual amounts which reasonably approximate their fair value given the short to moderate term and floating rate nature. 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 March 31, 2021 Fair Value Carrying Value Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 14,917 $ 14,917 $ — $ — $ 14,917 Restricted Cash 570 570 — — 570 Loans, held-for-investment, net 153,637 — — 153,382 153,382 Common stock 45,460 — — 45,460 45,460 Mortgage loans, held-for-investment, net 915,348 — — 904,317 904,317 Accrued interest and dividends 5,646 5,646 — — 5,646 Mortgage loans held in variable interest entities, at fair value 4,782,318 — 4,782,318 — 4,782,318 CMBS structured pass through certificates, at fair value 38,923 — 38,923 — 38,923 Other assets 3,384 3,384 — — 3,384 $ 5,960,203 $ 24,517 $ 4,821,241 $ 1,103,159 $ 5,948,917 Liabilities Secured financing agreements, net $ 839,687 $ — $ — $ 869,421 $ 869,421 Master repurchase agreements 162,168 — — 162,168 162,168 Unsecured Notes 35,025 — — 35,025 35,025 Accounts payable and other accrued liabilities 3,807 3,807 — — 3,807 Accrued interest payable 2,791 2,791 — — 2,791 Bonds payable held in variable interest entities, at fair value 4,496,771 — 4,496,771 — 4,496,771 $ 5,540,249 $ 6,598 $ 4,496,771 $ 1,066,614 $ 5,569,983 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 11 2 March 31, 2021

Note 9 - Stockholders' Equity

Note 9 - Stockholders' Equity	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	9. Equity Common Stock On February 11, 2020, 5,000,000 $0.01 $19.00 350,000 $0.01 $19.00 $101.7 $6.9 $3.3 As of March 31, 2021 5,309,565 $0.01 5,022,578 $0.01 Preferred Stock On July 24, 2020, 2,000,000 8.50% $24.00 $48.0 $1.2 $0.8 $25.00 Share Repurchase Program On March 9, 2020, may $10.0 $0.01 two March 9, 2022 ( September 28, 2020, may may March 31, 2021 327,422 $0.01 $4.8 $14.61 March 3, 2021, 40,435 286,987 The audit committee has approved and ratified, subject to the prior authorization of our Board, repurchases from related party affiliates of the Company through the Share Repurchase Program, including accounts advised by affiliates of our Sponsor. As of March 31, 2021 not Long Term Incentive Plan On January 31, 2020, 2020 “2020 8 1,319,734 $0.01 may 2020 2020 may Restricted Stock Units 2020 may three five four May 8, 2020, 2020 14,739 June 24, 2020, 274,274 November 2, 2020, 1,838 one February 22, 2021 220,352 11,832 March 31, 2021 2021 Number of Units Weighted Average Grant Date Fair Value Outstanding January 1, 2021 290,851 $ 12.12 Granted 232,184 19.39 Vested — — Forfeited — — Outstanding March 31, 2021 523,035 $ 15.35 At-The-Market-Offering On March 31, 2021, may $100.0 Sales of shares of common stock or Series A Preferred Stock under the ATM Program, if any, may 415 Dividends The Board declared the first 2021 $0.475 February 15, 2021 March 31, 2021 March 15, 2021 The Board declared a dividend to preferred stockholders of $0.53125 March 15, 2021 April 25, 2021 March 25, 2021

Note 10 - Earnings (Loss) Per S

Note 10 - Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Earnings Per Share [Text Block]	10. 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 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. Additionally, the Company includes the dilutive effect of the potential redemption of OP Units for common shares in accordance with the amended partnership agreement of the OP. During periods of net loss, the assumed vesting of restricted stock units is anti-dilutive and is not 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 Ended March 31, 2021 2020 Net income attributable to common stockholders $ 8,367 $ (6,353 ) Earnings for basic computations Net income attributable to redeemable noncontrolling interests 15,829 (16,515 ) Net income for diluted computations $ 24,196 $ (22,868 ) Weighted-average common shares outstanding Average number of common shares outstanding - basic 5,023 5,223 Average number of unvested restricted stock units 389 — Average number of OP Units 13,787 12,596 Average number of common shares outstanding - diluted 19,199 17,819 Earnings (loss) per weighted average common share: Basic $ 1.67 $ (1.22 ) Diluted $ 1.26 $ (1.22 )

Note 11 - Noncontrolling Intere

Note 11 - Noncontrolling Interests	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Noncontrolling Interest Disclosure [Text Block]	11. Redeemable Noncontrolling Interests in the Subsidiary OPs In connection with the Formation Transaction, the Contribution Group contributed assets to SPEs owned by Subsidiary OPs of the Company in exchange for SubOP Units. Net income (loss) is allocated to holders of SubOP Units based upon net income (loss) attributable to common stockholders and the weighted-average number of SubOP Units outstanding to total common shares plus SubOP Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to SubOP Units in accordance with the terms of the partnership agreement of the Subsidiary OPs. Each time the Subsidiary OPs distribute cash, limited partners of the Subsidiary OPs receive their pro-rata share of the distribution. Redeemable noncontrolling interests in the Subsidiary OPs 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 Subsidiary OPs. In connection with the issuance of SubOP Units to the Contribution Group on February 11, 2020, one The OP is the general partner of the Subsidiary OPs and may, one not 1 2 1933, The OP, as the general partner and primary beneficiary of the Subsidiary OPs, consolidates the Subsidiary OPs. Redeemable Noncontrolling Interests in the OP Interests in the OP held by limited partners are represented by OP Units. As of March 31, 2021 In connection with the IPO on February 11, 2020, one may, one not 1 2 The Cash Amount is defined in the partnership agreement of the OP as the greater of the most recent NAV of the Company as determined by our Board and the volume-weighted average price of the Company's common stock, which because the Company's common stock is listed on the New York Stock Exchange (the "NYSE") will be calculated for the ten first March 31, 2021 $18.40 13,787,123 1 2 March 31, 2021 3 $253.7 On July 30, 2020, one 359,000 $6.6 August 4, 2020, 267,320 $4.9 June 30, 2020, $18.33 On September 30, 2020, 100% 50.28% The following table sets forth the redeemable noncontrolling interests in the OP (reflecting the OP's consolidation of the Subsidiary OPs) for the three March 31, 2021 Redeemable noncontrolling interests in the OP, December 31, 2020 $ 275,670 Contributions from redeemable noncontrolling interests in the OP — Net income attributable to redeemable noncontrolling interests in the OP 15,829 Distributions to redeemable noncontrolling interests in the OP (5,912 ) Redeemable noncontrolling interests in the OP, March 31, 2021 $ 285,587 On July 20, 2020, 8.50% $25.00 March 31, 2021,

Note 12 - Related Party Transac

Note 12 - Related Party Transactions	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	12. Formation Transaction The Company commenced operations on February 11, 2020 1 11 The Formation Transaction was a related party transaction between the Contribution Group and the Company as the entities in the Contribution Group are affiliates of our Sponsor. See Note 1 Management Fee In accordance with the Management Agreement, the Company pays the Manager an annual management fee equal to 1.5% not third “Equity” means (a) the sum of ( 1 2 3 1 2 one not “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 may one 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 three March 31, 2021 no Connections at Buffalo Pointe Contribution On May 29, 2020, $10.0 564,334.09 $10.0 first $17.72 95.2% March 31, 2021 6.5%, 4.5%, 82.9% May 1, 2030. Pursuant to the OP's limited partnership agreement and the Buffalo Pointe Contribution Agreement, the BP Contributors have the right to cause our OP to redeem their OP Units for cash or, at our election, shares of our common stock on a one one one Jernigan Capital Acquisition On November 6, 2020, 5 RSU Issuance On May 8, 2020, 2020 14,739 June 24, 2020, 274,274 November 2, 2020, 1,838 one February 22, 2021 232,184 9 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 may not 2.5% not three March 31, 2021 not For the three March 31, 2021 2020 $0.5 $0.2

Note 13 - Commitments and Conti

Note 13 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	13. The Company is not The Notes previously mentioned in Note 7 March 31, 2021 no not

Note 14 - Subsequent Events

Note 14 - Subsequent Events	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Subsequent Events [Text Block]	14. At-The-Market-Offering No March 31, 2021. April 30, 2021, 259,685 $20.27 $5.3 $0.1 Unsecured Notes Offering On April 20, 2021, $75 5.75% 2026 99.5% $73.1 $2.5 5.75% CMBS Acquisitions On April 28, 2021, $50.0 X1 107 12.06% $6.1 $4.6 0.5% one 1.71%, 14.04% January 25, 2030. On April 29, 2021, $76.0 108 100% 100% 37 Dividends Declared On April 26, 2021 $0.4750 June 30, 2021 June 15, 2021

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Accounting The accompanying unaudited consolidated financial statements are presented in accordance with accounting principles generally accepted in the U.S. (“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 three March 31, 2021 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 In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company's financial position as of March 31, 2021 December 31, 2020 three March 31, 2021 2020 10 December 31, 2020 10 February 25, 2021.
Use of Estimates, Policy [Policy Text Block]	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. As a result of the COVID- 19 may may may 19 March 31, 2021 two 0.9% nine March 31, 2021 no three three twelve 19 1A. 10 February 25, 2021.
Consolidation, Policy [Policy Text Block]	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 first
Consolidation, Variable Interest Entity, Policy [Policy Text Block]	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 one not not not
Mortgage Banking Activity [Policy Text Block]	CMBS Trusts 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% On the Consolidated Balance Sheets as of March 31, 2021 five not not 810
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block]	Investment in subsidiaries The Company conducts its operations through the OP, which acts as the general partner of the Subsidiary OPs which own investments through limited liability companies that are SPEs and as the sole member of the Mezz LLC, which owns investments directly. The Company is the majority limited partner of the OP, holds approximately 50.28% no may
Redeemable Noncontrolling Interests [Policy Text Block]	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 OPs have redeemable noncontrolling interests classified on the Consolidated Balance Sheets as temporary equity in accordance with ASC 480. The redeemable noncontrolling interests were initially measured at the fair value of the contributed assets in accordance with ASC 805 50.
Business Combinations Policy [Policy Text Block]	Acquisition Accounting The Company accounts for the assets acquired in the Formation Transaction as asset acquisitions pursuant to ASC 805 50 one no not 805 10 55.
Formation Transaction [Policy Text Block]	Formation Transaction The Company commenced operations on February 11, 2020 January 31, 2020. third 820. The following table shows the par values, fair values and purchase premiums (discounts) of the Initial Portfolio as of February 11, 2020, Par value Fair Value Premium (Discount) Assets Cash $ 302 $ 302 $ — Loans, held-for-investment, net 22,127 22,282 155 Preferred stock 40,000 40,400 400 Mortgage loans, held-for-investment, net 863,564 934,918 71,354 Accrued interest and dividends 3,616 3,616 — Mortgage loans held in variable interest entities, at fair value 1,790,228 1,790,135 (93 ) $ 2,719,837 $ 2,791,653 $ 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 1,655,960 1,655,960 — $ 2,539,724 $ 2,539,724 $ — Total contributions $ 180,113 $ 251,929 $ 71,816
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of three From time to time, the Company may
Financing Receivable, Held-for-investment [Policy Text Block]	Mortgage and Other Loans Held-For-Investment Loans that are held-for-investment are carried at their aggregate outstanding face amount, net of applicable (i) unamortized origination or acquisition premium and discounts, (ii) unamortized deferred fees and other direct loan origination costs, (iii) valuation allowance for loan losses and (iv) write-downs of impaired loans. The effective interest method is used to amortize origination or acquisition premiums and discounts and deferred fees or other direct loan origination costs. In general, an increase in prepayment rates accelerates the amortization of purchase premiums, thereby reducing the interest income earned on the assets. Conversely, discounts on such assets are accreted into interest income. In general, an increase in prepayment rates accelerates the accretion of purchase discounts, thereby increasing the interest income earned on the assets.
Repurchase and Resale Agreements Policy [Policy Text Block]	Secured Financing and Master Repurchase Agreements The Company's borrowings under secured financing agreements and master repurchase agreements are treated as collateralized financing arrangements carried at their contractual amounts, net of unamortized debt issuance costs, if any.
Revenue [Policy Text Block]	Income Recognition Interest Income Dividend Income - Realized Gain (Loss) on Sale of Investments
Interest Expense, Policy [Policy Text Block]	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.
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block]	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” no 450 20, Loss Contingencies 450 20” 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. The Company performs a quarterly review of the portfolio. In conjunction with this review, the Company assesses the risk factors of each loan, including, without limitation, loan-to-value ratio, debt yield, property type, geographic and local market dynamics, physical condition, collateral, cash-flow volatility, leasing and tenant profile, loan structure, exit plan and project sponsorship. Based on a 5 “1” “5,” 1 2 3 4 may may 5 The Company regularly evaluates 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. The Company also evaluates 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, the Company considers the overall economic environment, real estate or industry sector and geographic sub-market in which the borrower operates. Such impairment analyses are completed and reviewed by asset management and finance personnel who utilize various data sources, including (i) periodic financial data such as property operating statements, occupancy, tenant profile, rental rates, operating expenses, the borrower's exit plan, and capitalization and discount rates, (ii) site inspections and (iii) current credit spreads and discussions with market participants. The Company considers loans to be past-due when a monthly payment is due and unpaid for 60 120 120 not 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 may three March 31, 2021 no no A loan is written off when it is no The Company will evaluate acquired loans and debt securities for which it is probable at acquisition that all contractually required payments will not 310 30, Loans and Debt Securities Acquired with Deteriorated Credit Quality. three March 31, 2021 no
Fair Value Measurement, Policy [Policy Text Block]	Fair Value GAAP requires the categorization of the fair value of financial instruments into three Level 1 Level 2 2 Level 3 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. The Company reviews the valuation of Level 3 Valuation of Consolidated VIEs The Company reports the financial assets and liabilities of each consolidated CMBS trust at fair value using the measurement alternative included in Accounting Standards Update (“ASU”) No. 2014 13, 2014 13” 2014 13, not 2014 13, 1 2 3 Valuation Methodologies CMBS Trusts 2 3 not CMBS Structured Pass Through Certificates 2 2 SFR Loans, Preferred Equity Investments and Mezzanine Loans 3 not Common Stock Investment - 3 825 10. 5 Repurchase Agreements 3 Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis not first Overall, our determination of fair value is based upon the best information available for a given circumstance and may
Income Tax, Policy [Policy Text Block]	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 ended December 31, 2020. not 90% not four March 31, 2021 no The Company evaluates 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” 50 not not no none The Company recognizes its tax positions and evaluates them using a two not not no March 31, 2021
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements Section 107 13 1934, may not may 107 In June 2016, 2016 13, Financial Instruments Credit Losses on Financial Instruments 2016 13” not not 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 debt securities, requiring entities to determine whether all or a portion of the unrealized loss on such securities is a credit loss, and also eliminating the option for management to consider the length of time a security has been in an unrealized loss position as a factor in concluding whether or not December 15, 2022. 2016 13 In November 2018, 2018 19, Codification Improvements to Topic 326, Credit Losses 2016 13. 2016 13. In April 2019, 2019 04, Codification Improvements to Topic 326. Credit Losses 2016 13. 2016 13. In May 2019, 2019 05, Targeted Transition Relief for Topic 326. Credit Losses not 2016 13. In March 2020, 2020 04, Reference Rate Reform (Topic 848 may December 31, 2022. not March 31, 2021
Reclassification, Comparability Adjustment [Policy Text Block]	Other Matters During the first 2021, 250, Q1 2020 $28.2 three March 31, 2020. three March 31, 2020, $48.0 no

Note 2 - Summary of Significa_2

Note 2 - Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Fair Value, by Balance Sheet Grouping [Table Text Block]	Par value Fair Value Premium (Discount) Assets Cash $ 302 $ 302 $ — Loans, held-for-investment, net 22,127 22,282 155 Preferred stock 40,000 40,400 400 Mortgage loans, held-for-investment, net 863,564 934,918 71,354 Accrued interest and dividends 3,616 3,616 — Mortgage loans held in variable interest entities, at fair value 1,790,228 1,790,135 (93 ) $ 2,719,837 $ 2,791,653 $ 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 1,655,960 1,655,960 — $ 2,539,724 $ 2,539,724 $ — Total contributions $ 180,113 $ 251,929 $ 71,816

Note 3 - Loans Held for Inves_2

Note 3 - Loans Held for Investment (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	Weighted Average Loan Type Outstanding Face Amount Carrying Value (1) Loan Count Fixed Rate (2) Coupon (3) Life (years) (4) March 31, 2021 SFR Loans, held-for-investment $ 853,531 $ 915,348 26 100.00 % 4.90 % 7.14 Mezzanine loan, held-for-investment 131,784 134,439 21 79.98 % 8.62 % 7.42 Preferred equity, held-for-investment 18,877 19,198 3 100.00 % 7.79 % 6.87 $ 1,004,192 $ 1,068,985 50 97.37 % 5.45 % 7.17
Schedule of Loan and Preferred Equity Portfolio Activity [Table Text Block]	Held-for-Investment Balance at December 31, 2020 $ 1,045,891 Originations 25,876 Proceeds from principal repayments (1) (834 ) Amortization of loan premium, net (2) (1,759 ) Loan loss provision, net (3) (124 ) Realized losses (65 ) Balance at March 31, 2021 $ 1,068,985
Financing Receivable Credit Quality Indicators [Table Text Block]	March 31, 2021 Number of Carrying % of Loan Risk Rating Loans Value Portfolio 1 — $ — — 2 — — — 3 50 1,068,985 100.00 % 4 — — — 5 — — — 50 $ 1,068,985 100.00 %
Schedule of Loans Held for Investment as a Percentage of Face Amount by Geographic Areas [Table Text Block]	Geography March 31, 2021 Georgia 38.61 % Florida 20.32 % Texas 7.18 % Maryland 6.94 % Minnesota 5.05 % Alabama 3.48 % California 2.63 % New Jersey 1.92 % North Carolina 1.63 % Mississippi 1.01 % Missouri 1.25 % Other (19 states each at <1%) 9.98 % 100.00 % Collateral Property Type March 31, 2021 Single Family Rental 85.00 % Multifamily 15.00 % 100.00 %

Note 4 - CMBS Trusts (Tables)

Note 4 - CMBS Trusts (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Recognized Trusts Assets and Liabilities [Table Text Block]	Trust's Assets March 31, 2021 Mortgage loans held in variable interest entities, at fair value $ 4,782,318 Accrued interest receivable 1,030 Trust's Liabilities Bonds payable held in variable interest entities, at fair value (4,496,771 ) Accrued interest payable (771 )
Schedule of Change in Net Assets Related to Consolidated CMBS Variable Interest Entities [Table Text Block]	For the Three Months Ended March 31, 2021 2020 Net interest earned $ 5,700 $ 1,742 Unrealized gain (loss) 15,011 (26,901 ) Change in net assets related to consolidated CMBS variable interest entities $ 20,711 $ (25,159 )
Impaired Financing Receivables [Table Text Block]	Geography March 31, 2021 Florida 16.18 % Texas 15.21 % Arizona 11.88 % California 8.40 % Georgia 7.19 % Washington 5.88 % Nevada 4.20 % New Jersey 4.22 % New York 3.05 % Pennsylvania 3.36 % Indiana 2.47 % Colorado 2.31 % Virginia 2.12 % Ohio 2.04 % North Carolina 2.02 % Tennessee 1.46 % Maryland 1.34 % Missouri 1.22 % South Carolina 1.10 % Other (16 states each at <1%) 4.37 % 100.00 % Collateral Property Type March 31, 2021 Multifamily 98.09 % Manufactured Housing 1.91 % 100.00 %

Note 5 - Common Stock (Tables)

Note 5 - Common Stock (Tables)	3 Months Ended
	Mar. 31, 2021
Common Stock [Member]
Notes Tables
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block]	Investment Investment Date Shares Fair Value Property Type Common Stock NexPoint Storage Partners 11/6/2020 41,963 $ 45,460 Self-storage

Note 6 - CMBS Structured Pass_2

Note 6 - CMBS Structured Pass Through Certificates (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Activity Related to Commercial Mortgage Backed Securities [Table Text Block]	For the Three Months Ended March 31, 2021 2020 Interest income $ 611 $ — Change in unrealized gain on CMBS structured pass through certificates 631 — $ 1,242 $ —
CMBS I/O Strips [Member]
Notes Tables
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block]	Investment Investment Date Carrying Value Property Type Interest Rate Current Yield Maturity Date CMBS I/O Strips CMBS I/O Strip 4/15/2020 $ 1,010 Multifamily 3.40 % 12.40 % 1/25/2037 CMBS I/O Strip 4/15/2020 945 Multifamily 2.94 % 12.99 % 12/25/2037 CMBS I/O Strip 5/18/2020 2,532 Multifamily 2.02 % 14.43 % 9/25/2046 CMBS I/O Strip 8/6/2020 8,147 Multifamily 0.10 % 13.73 % 6/25/2030 CMBS I/O Strip 8/6/2020 1,769 Multifamily 0.10 % 14.73 % 6/25/2030 CMBS I/O Strip 8/6/2020 24,520 Multifamily 2.98 % 13.57 % 6/25/2030 Total $ 38,923

Note 7 - Debt (Tables)

Note 7 - Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	March 31, 2021 Facility Collateral Date issued Outstanding face amount Carrying value Final stated maturity Weighted average interest rate (1) Weighted average life (years) (2) Outstanding face amount Amortized cost basis Carrying value (3) Weighted average life (years) (2) Master Repurchase Agreements CMBS Mizuho (4) Apr 2020 162,168 162,168 N/A (5) 2.41 % 0.01 1,944,055 302,736 321,326 10.3 Asset Specific Financing Single Family Rental Freddie Mac 7/12/2019 779,773 779,773 7/12/2029 2.44 % 7.1 853,531 915,348 915,348 7.1 Mezzanine Freddie Mac 10/20/2020 59,914 59,914 8/1/2031 0.30 % 9.1 97,899 101,023 101,023 9.1 Unsecured Note Various 10/15/2020 36,500 35,025 10/25/2025 7.50 % 4.6 N/A N/A N/A N/A Total/weighted average $ 1,038,355 $ 1,036,880 2.49 % 5.98 $ 2,895,485 $ 1,319,107 $ 1,337,697 9.32
Schedule of Debt [Table Text Block]	Outstanding Investment Principal Investment Date Balance Location Property Type Interest Type Interest Rate Maturity Date SFR Loans Senior loan 2/11/2020 $ 465,689 Various Single-family Fixed 2.24 % 9/1/2028 Senior loan 2/11/2020 9,163 Various Single-family Fixed 3.51 % 2/1/2028 Senior loan 2/11/2020 4,907 Various Single-family Fixed 2.48 % 8/1/2023 Senior loan 2/11/2020 9,559 Various Single-family Fixed 2.79 % 9/1/2028 Senior loan 2/11/2020 6,848 Various Single-family Fixed 2.69 % 7/1/2028 Senior loan 2/11/2020 5,159 Various Single-family Fixed 2.64 % 10/1/2028 Senior loan 2/11/2020 11,169 Various Single-family Fixed 3.02 % 10/1/2028 Senior loan 2/11/2020 7,611 Various Single-family Fixed 3.02 % 11/1/2028 Senior loan 2/11/2020 46,094 Various Single-family Fixed 2.14 % 10/1/2025 Senior loan 2/11/2020 8,922 Various Single-family Fixed 3.30 % 10/1/2028 Senior loan 2/11/2020 35,711 Various Single-family Fixed 2.70 % 11/1/2028 Senior loan 2/11/2020 5,820 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 9,436 Various Single-family Fixed 3.02 % 12/1/2028 Senior loan 2/11/2020 9,900 Various Single-family Fixed 2.77 % 12/1/2028 Senior loan 2/11/2020 4,863 Various Single-family Fixed 2.97 % 1/1/2029 Senior loan 2/11/2020 8,360 Various Single-family Fixed 3.14 % 1/1/2029 Senior loan 2/11/2020 5,786 Various Single-family Fixed 2.40 % 2/1/2024 Senior loan 2/11/2020 4,273 Various Single-family Fixed 3.06 % 2/1/2029 Senior loan 2/11/2020 15,962 Various Single-family Fixed 2.91 % 2/1/2029 Senior loan 2/11/2020 6,965 Various Single-family Fixed 2.98 % 2/1/2029 Senior loan 2/11/2020 7,245 Various Single-family Fixed 2.80 % 2/1/2029 Senior loan 2/11/2020 6,106 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 $ 779,773 2.44 % Mezzanine Loans Senior loan 10/20/2020 $ 3,348 Wilmington, DE Multifamily Fixed 0.30 % 5/1/2029 Senior loan 10/20/2020 6,353 White Marsh, MD Multifamily Fixed 0.30 % 7/1/2031 Senior loan 10/20/2020 8,723 Philadelphia, PA Multifamily Fixed 0.30 % 6/1/2029 Senior loan 10/20/2020 2,264 Daytona Beach, FL Multifamily Fixed 0.30 % 10/1/2028 Senior loan 10/20/2020 7,344 Laurel, MD Multifamily Fixed 0.30 % 4/1/2031 Senior loan 10/20/2020 1,836 Temple Hills, MD Multifamily Fixed 0.30 % 8/1/2031 Senior loan 10/20/2020 918 Temple Hills, MD Multifamily Fixed 0.30 % 8/1/2031 Senior loan 10/20/2020 3,390 Lakewood, NJ Multifamily Fixed 0.30 % 5/1/2029 Senior loan 10/20/2020 2,215 Rosedale, MD Multifamily Fixed 0.30 % 7/1/2031 Senior loan 10/20/2020 4,179 North Aurora, IL Multifamily Fixed 0.30 % 1/1/2029 Senior loan 10/20/2020 5,881 Cockeysville, MD Multifamily Fixed 0.30 % 7/1/2031 Senior loan 10/20/2020 4,523 Laurel, MD Multifamily Fixed 0.30 % 7/1/2031 Senior loan 10/20/2020 662 Vancouver, WA Multifamily Fixed 0.30 % 11/1/2030 Senior loan 10/20/2020 1,307 Tyler, TX Multifamily Fixed 0.30 % 10/1/2028 Senior loan 10/20/2020 728 Las Vegas, NV Multifamily Fixed 0.30 % 3/1/2029 Senior loan 10/20/2020 2,026 Atlanta, GA Multifamily Fixed 0.30 % 7/1/2029 Senior loan 10/20/2020 1,763 Des Moines, IA Multifamily Fixed 0.30 % 11/1/2028 Senior loan 10/20/2020 2,454 Urbandale, IA Multifamily Fixed 0.30 % 11/1/2028 Total $ 59,914 0.30 %
Schedule of Line of Credit Facilities [Table Text Block]	Balances as of December 31, 2020 $ 1,036,878 Principal borrowings 5,737 Principal repayments (5,800 ) Accretion of loan discounts 65 Balances as of March 31, 2021 $ 1,036,880
Schedule of Maturities of Long-term Debt [Table Text Block]	Year Recourse Non-recourse Total 2021¹ — $ (162,168 ) $ (162,168 ) 2022 — — — 2023 — (18,510 ) (18,510 ) 2024 — (5,786 ) (5,786 ) 2025 — (46,094 ) (46,094 ) Thereafter (36,500 ) (769,297 ) (805,797 ) $ (36,500 ) $ (1,001,855 ) $ (1,038,355 )

Note 8 - Fair Value of Financ_2

Note 8 - Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Fair Value Carrying Value Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 14,917 $ 14,917 $ — $ — $ 14,917 Restricted Cash 570 570 — — 570 Loans, held-for-investment, net 153,637 — — 153,382 153,382 Common stock 45,460 — — 45,460 45,460 Mortgage loans, held-for-investment, net 915,348 — — 904,317 904,317 Accrued interest and dividends 5,646 5,646 — — 5,646 Mortgage loans held in variable interest entities, at fair value 4,782,318 — 4,782,318 — 4,782,318 CMBS structured pass through certificates, at fair value 38,923 — 38,923 — 38,923 Other assets 3,384 3,384 — — 3,384 $ 5,960,203 $ 24,517 $ 4,821,241 $ 1,103,159 $ 5,948,917 Liabilities Secured financing agreements, net $ 839,687 $ — $ — $ 869,421 $ 869,421 Master repurchase agreements 162,168 — — 162,168 162,168 Unsecured Notes 35,025 — — 35,025 35,025 Accounts payable and other accrued liabilities 3,807 3,807 — — 3,807 Accrued interest payable 2,791 2,791 — — 2,791 Bonds payable held in variable interest entities, at fair value 4,496,771 — 4,496,771 — 4,496,771 $ 5,540,249 $ 6,598 $ 4,496,771 $ 1,066,614 $ 5,569,983

Note 9 - Stockholders' Equity (

Note 9 - Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]	2021 Number of Units Weighted Average Grant Date Fair Value Outstanding January 1, 2021 290,851 $ 12.12 Granted 232,184 19.39 Vested — — Forfeited — — Outstanding March 31, 2021 523,035 $ 15.35

Note 10 - Earnings (Loss) Per_2

Note 10 - Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the Three Months Ended March 31, 2021 2020 Net income attributable to common stockholders $ 8,367 $ (6,353 ) Earnings for basic computations Net income attributable to redeemable noncontrolling interests 15,829 (16,515 ) Net income for diluted computations $ 24,196 $ (22,868 ) Weighted-average common shares outstanding Average number of common shares outstanding - basic 5,023 5,223 Average number of unvested restricted stock units 389 — Average number of OP Units 13,787 12,596 Average number of common shares outstanding - diluted 19,199 17,819 Earnings (loss) per weighted average common share: Basic $ 1.67 $ (1.22 ) Diluted $ 1.26 $ (1.22 )

Note 11 - Noncontrolling Inte_2

Note 11 - Noncontrolling Interests (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Redeemable Noncontrolling Interest [Table Text Block]	Redeemable noncontrolling interests in the OP, December 31, 2020 $ 275,670 Contributions from redeemable noncontrolling interests in the OP — Net income attributable to redeemable noncontrolling interests in the OP 15,829 Distributions to redeemable noncontrolling interests in the OP (5,912 ) Redeemable noncontrolling interests in the OP, March 31, 2021 $ 285,587

Note 1 - Organization and Des_2

Note 1 - Organization and Description of Business (Details Textual)	Jul. 17, 2020	Mar. 31, 2021
The Manager [Member]
Management Agreement, Term (Year)	3 years
OP [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest		50.28%
Two Subsidiary Partnerships [Member] | OP [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest		27.78%
One Subsidiary Partnership [Member] | OP [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest		100.00%

Note 2 - Summary of Significa_3

Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total	$ 0
Net Cash Provided by (Used in) Investing Activities, Total	71,409	$ 30,936
Net Cash Provided by (Used in) Financing Activities, Total	$ (98,469)	(35,884)
Financial Asset Acquired with Credit Deterioration [Member]
Number of Loan Acquired	0
OP [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	50.28%
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	100.00%
Variable Interest Entity, Primary Beneficiary [Member] | Revision of Prior Period, Error Correction, Adjustment [Member]
Net Cash Provided by (Used in) Investing Activities, Total		28,200
Net Cash Provided by (Used in) Financing Activities, Total		28,200
Consolidation of Mortgage Loans and Bonds Payable Held in Variable Interest Entities		$ 48,000
CMBS B-Pieces [Member]
Financing Receivable, Deferred Payments, Percentage of Consolidated Unpaid Principal Balance Outstanding	0.90%
SFR Loans [Member]
Financing Receivable, Number of Payment Deferrals	9

Note 2 - Summary of Significa_4

Note 2 - Summary of Significant Accounting Policies - Schedule of Par Values, Fair Values and Purchase Premiums (Discounts) of the Initial Portfolio (Details)	Feb. 11, 2020USD ($)
Reported Value Measurement [Member]
Cash	$ 302
Loans, held-for-investment, net	22,127
Preferred stock	40,000
Accrued interest and dividends	3,616
Assets, Fair Value Disclosure	2,719,837
Financial and Nonfinancial Liabilities, Fair Value Disclosure	2,539,724
Total contributions	180,113
Reported Value Measurement [Member] | Credit Facility [Member]
Facility	788,764
Reported Value Measurement [Member] | Bridge Facility [Member]
Facility	95,000
Reported Value Measurement [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Bonds payable held in variable interest entities, at fair value	1,655,960
Reported Value Measurement [Member] | Mortgages [Member]
Loans, held-for-investment, net	863,564
Reported Value Measurement [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Loans, held-for-investment, net	1,790,228
Estimate of Fair Value Measurement [Member]
Cash	302
Loans, held-for-investment, net	22,282
Preferred stock	40,400
Accrued interest and dividends	3,616
Assets, Fair Value Disclosure	2,791,653
Financial and Nonfinancial Liabilities, Fair Value Disclosure	2,539,724
Total contributions	251,929
Estimate of Fair Value Measurement [Member] | Credit Facility [Member]
Facility	788,764
Estimate of Fair Value Measurement [Member] | Bridge Facility [Member]
Facility	95,000
Estimate of Fair Value Measurement [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Bonds payable held in variable interest entities, at fair value	1,655,960
Estimate of Fair Value Measurement [Member] | Mortgages [Member]
Loans, held-for-investment, net	934,918
Estimate of Fair Value Measurement [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Loans, held-for-investment, net	1,790,135
Changes Measurement [Member]
Cash
Loans, held-for-investment, net	155
Preferred stock	400
Accrued interest and dividends
Assets, Fair Value Disclosure	71,816
Financial and Nonfinancial Liabilities, Fair Value Disclosure
Total contributions	71,816
Changes Measurement [Member] | Credit Facility [Member]
Facility
Changes Measurement [Member] | Bridge Facility [Member]
Facility
Changes Measurement [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Bonds payable held in variable interest entities, at fair value
Changes Measurement [Member] | Mortgages [Member]
Loans, held-for-investment, net	71,354
Changes Measurement [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Loans, held-for-investment, net	$ (93)

Note 3 - Loans Held for Inves_3

Note 3 - Loans Held for Investment (Details Textual) $ in Millions	Mar. 31, 2021USD ($)
Financing Receivable, Unamortized Purchase Premium (Discount)	$ (65.2)
Loans and Leases Receivable, Number of Loans	50
Risk Rating 3 [Member]
Loans and Leases Receivable, Number of Loans	50

Note 3 - Loans Held for Inves_4

Note 3 - Loans Held for Investment - Summary of Loans Held for Investment (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Outstanding Face Amount	$ 1,004,192
Carrying Value	$ 1,068,985	[1]
Loan count	50
Weighted average, fixed rate	97.37%	[2]
Weighted average, coupon	5.45%	[3]
Weighted average, life (Year)	7 years 62 days	[4]
SFR Loans [Member]
Outstanding Face Amount	$ 853,531
Carrying Value	$ 915,348	[1]
Loan count	26
Weighted average, fixed rate	100.00%	[2]
Weighted average, coupon	4.90%	[3]
Weighted average, life (Year)	7 years 51 days	[4]
Mezzanine Loan [Member]
Outstanding Face Amount	$ 131,784
Carrying Value	$ 134,439	[1]
Loan count	21
Weighted average, fixed rate	79.98%	[2]
Weighted average, coupon	8.62%	[3]
Weighted average, life (Year)	7 years 153 days	[4]
Preferred Equity [Member]
Outstanding Face Amount	$ 18,877
Carrying Value	$ 19,198	[1]
Loan count	3
Weighted average, fixed rate	100.00%	[2]
Weighted average, coupon	7.79%	[3]
Weighted average, life (Year)	6 years 317 days	[4]
[1]	Carrying value includes the outstanding face amount plus unamortized purchase premiums/discounts and any allowance for loan losses.
[2]	The weighted-average fixed rate is weighted on current principal balance.
[3]	The weighted-average coupon is weighted on current principal balance.
[4]	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.

Note 3 - Loans Held for Inves_5

Note 3 - Loans Held for Investment - Loan and Preferred Equity Portfolio Activity (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Originations		$ 25,876
Loan loss provision, net (3)		(124)	$ (212)
Balance at March 31, 2021	[1]	1,068,985
Loans Receivable, Held for Investment [Member]
Balance at December 31, 2020		1,045,891
Originations		25,876
Proceeds from principal repayments (1)	[2]	(834)
Amortization of loan premium, net (2)	[3]	(1,759)
Loan loss provision, net (3)	[4]	(124)
Realized losses		(65)
Balance at March 31, 2021		$ 1,068,985
[1]	Carrying value includes the outstanding face amount plus unamortized purchase premiums/discounts and any allowance for loan losses.
[2]	Includes principal repayments on SFR Loans.
[3]	Includes net amortization of loan purchase premiums.
[4]	Based on management's judgment and estimate of credit losses. See Note 2 for additional information.

Note 3 - Loans Held for Inves_6

Note 3 - Loans Held for Investment - Principal Balance and Net Book Value of the Loan Portfolio Based on Internal Risk Ratings (Details) $ in Thousands	Mar. 31, 2021USD ($)
Loan count	50
Carrying Value	$ 1,068,985	[1]
% of loan portfolio	100.00%
Risk Rating 1 [Member]
Loan count
Carrying Value
% of loan portfolio
Risk Rating 2 [Member]
Loan count
Carrying Value
% of loan portfolio
Risk Rating 3 [Member]
Loan count	50
Carrying Value	$ 1,068,985
% of loan portfolio	100.00%
Risk Rating 4 [Member]
Loan count
Carrying Value
% of loan portfolio
Risk Rating 5 [Member]
Loan count
Carrying Value
% of loan portfolio
[1]	Carrying value includes the outstanding face amount plus unamortized purchase premiums/discounts and any allowance for loan losses.

Note 3 - Loans Held for Inves_7

Note 3 - Loans Held for Investment - Geographies and Property Types of Collateral Underlying the Loans Held-for-investment as a Percentage of the Loans' Face Amounts (Details)	Mar. 31, 2021
% of loan portfolio	100.00%
Single Family Rental [Member]
% of loan portfolio	85.00%
Multifamily [Member]
% of loan portfolio	15.00%
GEORGIA
% of loan portfolio	38.61%
FLORIDA
% of loan portfolio	20.32%
TEXAS
% of loan portfolio	7.18%
MARYLAND
% of loan portfolio	6.94%
MINNESOTA
% of loan portfolio	5.05%
ALABAMA
% of loan portfolio	3.48%
CALIFORNIA
% of loan portfolio	2.63%
NEW JERSEY
% of loan portfolio	1.92%
NORTH CAROLINA
% of loan portfolio	1.63%
MISSISSIPPI
% of loan portfolio	1.01%
MISSOURI
% of loan portfolio	1.25%
Other [Member]
% of loan portfolio	9.98%

Note 4 - CMBS Trusts - Schedule

Note 4 - CMBS Trusts - Schedule of Recognized Trusts Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Mortgage loans held in variable interest entities, at fair value	$ 153,637	$ 127,777
Bonds payable held in variable interest entities, at fair value	1,038,355
Variable Interest Entity, Primary Beneficiary [Member]
Mortgage loans held in variable interest entities, at fair value	4,782,318	$ 5,007,515
Accrued interest receivable	1,030
Bonds payable held in variable interest entities, at fair value	4,496,771
Accrued interest payable	$ (771)

Note 4 - CMBS Trusts - Schedu_2

Note 4 - CMBS Trusts - Schedule of Change in Net Assets Related to Consolidated CMBS Variable Interest Entities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Unrealized gain (loss)	$ 631
Variable Interest Entity, Primary Beneficiary [Member]
Net interest earned	5,700	1,742
Unrealized gain (loss)	15,011	(26,901)
Change in net assets related to consolidated CMBS variable interest entities	$ 20,711	$ (25,159)

Note 4 - CMBS Trusts - Schedu_3

Note 4 - CMBS Trusts - Schedule of Geographies and Property Types of Collateral Underlying the CMBS Trusts as Percentage of Collateral Unpaid Principal Balance (Details) - Variable Interest Entity, Primary Beneficiary [Member]	Mar. 31, 2021
Percentage of Collateral Unpaid Principal Balance	100.00%
Multifamily [Member]
Percentage of Collateral Unpaid Principal Balance	98.09%
Manufactured Housing [Member]
Percentage of Collateral Unpaid Principal Balance	1.91%
FLORIDA
Percentage of Collateral Unpaid Principal Balance	16.18%
TEXAS
Percentage of Collateral Unpaid Principal Balance	15.21%
ARIZONA
Percentage of Collateral Unpaid Principal Balance	11.88%
CALIFORNIA
Percentage of Collateral Unpaid Principal Balance	8.40%
GEORGIA
Percentage of Collateral Unpaid Principal Balance	7.19%
WASHINGTON
Percentage of Collateral Unpaid Principal Balance	5.88%
NEVADA
Percentage of Collateral Unpaid Principal Balance	4.20%
NEW JERSEY
Percentage of Collateral Unpaid Principal Balance	4.22%
NEW YORK
Percentage of Collateral Unpaid Principal Balance	3.05%
PENNSYLVANIA
Percentage of Collateral Unpaid Principal Balance	3.36%
INDIANA
Percentage of Collateral Unpaid Principal Balance	2.47%
COLORADO
Percentage of Collateral Unpaid Principal Balance	2.31%
VIRGINIA
Percentage of Collateral Unpaid Principal Balance	2.12%
OHIO
Percentage of Collateral Unpaid Principal Balance	2.04%
NORTH CAROLINA
Percentage of Collateral Unpaid Principal Balance	2.02%
TENNESSEE
Percentage of Collateral Unpaid Principal Balance	1.46%
MARYLAND
Percentage of Collateral Unpaid Principal Balance	1.34%
MISSOURI
Percentage of Collateral Unpaid Principal Balance	1.22%
SOUTH CAROLINA
Percentage of Collateral Unpaid Principal Balance	1.10%
Other [Member]
Percentage of Collateral Unpaid Principal Balance	4.37%

Note 5 - Common Stock (Details

Note 5 - Common Stock (Details Textual) - $ / shares	Nov. 06, 2020	Mar. 31, 2021	Dec. 31, 2020	Mar. 09, 2020	Jan. 31, 2020
Common Stock, Par or Stated Value Per Share (in dollars per share)		$ 0.01	$ 0.01	$ 0.01	$ 0.01
Conversion of JCAP Preferred Stock into NSP Common Stock [Member]
Conversion of Stock, Shares Issued Per Each Share Converted (in shares)	1
Conversion of Stock, Price Per Share Converted (in dollars per share)	$ 1,063.47
NexPoint Storage Partners [Member]
Equity Method Investment, Ownership Percentage		25.80%
NexPoint Storage Partners [Member]
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01
Common Stock, Accrued Interest and Dividend Rate, Percentage	5.00%
Jernigan Capital [Member]
Share Price (in dollars per share)	$ 17.30

Note 5 - Common Stock - Schedul

Note 5 - Common Stock - Schedule of Common Stock Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Investment, fair value	$ 45,460	$ 44,626
NexPoint Storage Partners [Member]
Investment date	Nov. 6, 2020
Investment, shares (in shares)	41,963
Investment, fair value	$ 45,460

Note 6 - CMBS Structured Pass_3

Note 6 - CMBS Structured Pass Through Certificates (Details Textual)	Mar. 31, 2021
Debt Securities, Trading, Number of Positions	6

Note 6 - CMBS Structured Pass_4

Note 6 - CMBS Structured Pass Through Certificates - Summary of CMBS I/O Strips (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Carrying value	$ 38,923	$ 38,984
Multifamily [Member] | CMBS I/O Strip, One [Member]
Investment date	Apr. 15, 2020
Carrying value	$ 1,010
Interest rate	3.40%
Current yield	12.40%
Maturity date	Jan. 25, 2037
Multifamily [Member] | CMBS I/O Strip, Two [Member]
Investment date	Apr. 15, 2020
Carrying value	$ 945
Interest rate	2.94%
Current yield	12.99%
Maturity date	Dec. 25, 2037
Multifamily [Member] | CMBS I/O Strip, Three [Member]
Investment date	May 18, 2020
Carrying value	$ 2,532
Interest rate	2.02%
Current yield	14.43%
Maturity date	Sep. 25, 2046
Multifamily [Member] | CMBS I/O Strip, Four [Member]
Investment date	Aug. 6, 2020
Carrying value	$ 8,147
Interest rate	0.10%
Current yield	13.73%
Maturity date	Jun. 25, 2030
Multifamily [Member] | CMBS I/O Strip, Five [Member]
Investment date	Aug. 6, 2020
Carrying value	$ 1,769
Interest rate	0.10%
Current yield	14.73%
Maturity date	Jun. 25, 2030
Multifamily [Member] | CMBS I/O Strip, Six [Member]
Investment date	Aug. 6, 2020
Carrying value	$ 24,520
Interest rate	2.98%
Current yield	13.57%
Maturity date	Jun. 25, 2030
Multifamily [Member] | Collateralized Mortgage Backed Securities [Member]
Carrying value	$ 38,923

Note 6 - CMBS Structured Pass_5

Note 6 - CMBS Structured Pass Through Certificates - Schedule of Activity Related to CMBS I/O Strips (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Unrealized gain (loss)	$ 631
Collateralized Mortgage Backed Securities [Member]
Interest income	611
Unrealized gain (loss)	631
Interest Income and Unrealized Gains (Losses) in Debt Securities, Trading	$ 1,242

Note 7 - Debt (Details Textual)

Note 7 - Debt (Details Textual) $ in Thousands		Oct. 20, 2020USD ($)	Oct. 15, 2020USD ($)	Jul. 12, 2019USD ($)	Mar. 31, 2021USD ($)	Feb. 11, 2020USD ($)
Loans and Leases Receivable, Number of Loans					50
Loans and Leases Receivable, Weighted Average Fixed Rate	[1]				97.37%
Mezzanine Loan Portfolio [Member]
Loans and Leases Receivable, Number of Loans		18
Loans and Leases Receivable, Gross, Total		$ 97,900
Loans and Leases Receivable, Weighted Average Fixed Rate		7.54%
Percentage of Acquired Loans Held for Investment Face Amount		102.00%
Interest Receivable		$ 300
Unsecured Debt [Member]
Debt, Weighted Average Interest Rate	[2]				7.50%
Unsecured Debt [Member] | OP [Member]
Debt Instrument, Face Amount			$ 36,500
Debt Instrument, Interest Rate, Stated Percentage			7.50%
Debt Instrument, Percentage of Par Value			99.00%
Proceeds from Issuance of Unsecured Debt			$ 36,100
Credit Facility [Member] | Freddie Mac [Member]
Proceeds from Long-term Lines of Credit				$ 788,800
Line of Credit Facility, Remaining Borrowing Capacity				$ 0
Long-term Line of Credit, Total					$ 779,800	$ 788,800
Proceeds from Lines of Credit, Total		$ 59,900
Debt, Weighted Average Interest Rate		0.30%
Credit Facility [Member] | Mizuho [Member]
Proceeds from Long-term Lines of Credit					162,200
Credit Facility [Member] | Mizuho [Member] | Collateralized Mortgage Backed Securities [Member]
Debt Instrument, Collateral Amount					$ 1,900,000
[1]	The weighted-average fixed rate is weighted on current principal balance.
[2]	Weighted-average interest rate using unpaid principal balances.

Note 7 - Debt - Summary of Fina

Note 7 - Debt - Summary of Financing Arrangements (Details)	3 Months Ended
	Mar. 31, 2021USD ($)
Unsecured Debt [Member]
Date issued	Oct. 15, 2020
Weighted average interest rate	7.50%	[1]
Maturity Date	Oct. 25, 2025
Facility [Member]
Outstanding face amount	$ 1,038,355
Carrying value	$ 1,036,880
Weighted average interest rate	2.49%	[1]
Weighted average life (Year)	5 years 357 days	[2]
Facility [Member] | Unsecured Debt [Member]
Outstanding face amount	$ 36,500
Carrying value	$ 35,025
Weighted average life (Year)	4 years 219 days	[2]
Collateral [Member]
Outstanding face amount	$ 2,895,485
Carrying value	$ 1,337,697	[3]
Weighted average life (Year)	9 years 116 days	[2]
Amortized cost basis	$ 1,319,107
Master Repurchase Agreements [Member] | Mizuho [Member] | Commercial Mortgage Backed Securities [Member] | Facility [Member]
Date issued	Apr. 30, 2020	[4]
Outstanding face amount	$ 162,168	[4]
Carrying value	$ 162,168	[4]
Weighted average interest rate	2.41%	[1],[4]
Weighted average life (Year)	3 days	[2],[4]
Master Repurchase Agreements [Member] | Mizuho [Member] | Commercial Mortgage Backed Securities [Member] | Collateral [Member]
Outstanding face amount	$ 1,944,055	[4]
Carrying value	$ 321,326	[3],[4]
Weighted average life (Year)	10 years 109 days	[2],[4]
Amortized cost basis	$ 302,736	[4]
Asset Specific Financing [Member] | Freddie Mac [Member] | Facility [Member]
Date issued	Jul. 12, 2019
Outstanding face amount	$ 779,773
Carrying value	$ 779,773
Weighted average interest rate	2.44%	[1]
Weighted average life (Year)	7 years 36 days	[2]
Maturity Date	Jul. 12, 2029
Asset Specific Financing [Member] | Freddie Mac [Member] | Collateral [Member]
Outstanding face amount	$ 853,531
Carrying value	$ 915,348	[3]
Weighted average life (Year)	7 years 36 days	[2]
Amortized cost basis	$ 915,348
Mezzanine Loan [Member] | Freddie Mac [Member] | Facility [Member]
Date issued	Oct. 20, 2020
Outstanding face amount	$ 59,914
Carrying value	$ 59,914
Weighted average interest rate	0.30%	[1]
Weighted average life (Year)	9 years 36 days	[2]
Maturity Date	Aug. 1, 2031
Mezzanine Loan [Member] | Freddie Mac [Member] | Collateral [Member]
Outstanding face amount	$ 97,899
Carrying value	$ 101,023	[3]
Weighted average life (Year)	9 years 36 days	[2]
Amortized cost basis	$ 101,023
[1]	Weighted-average interest rate 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.
[3]	CMBS are shown at fair value. SFR Loans and mezzanine loans are shown at their carrying values.
[4]	In April 2020, three of our subsidiaries entered into a master repurchase agreement with Mizuho Securities ("Mizuho"). Borrowings under these repurchase agreements are collateralized by portions of the CMBS B-Pieces and CMBS I/O Strips.

Note 7 - Debt - Schedule of Out

Note 7 - Debt - Schedule of Outstanding Principal Balances Related to SFR Loans (Details) - Senior Loan [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Single Family Rental [Member]
Investment Date	Feb. 11, 2020
Secured financing agreements, net	$ 779,773
Interest Type
Interest Rate	2.44%
Single Family Rental [Member] | Debt Instrument One [Member]
Investment Date	Feb. 11, 2020
Secured financing agreements, net	$ 465,689
Interest Type	Fixed
Interest Rate	2.24%
Maturity Date	Sep. 1, 2028
Single Family Rental [Member] | Debt Instrument Two [Member]
Investment Date	Feb. 11, 2020
Secured financing agreements, net	$ 9,163
Interest Type	Fixed
Interest Rate	3.51%
Maturity Date	Feb. 1, 2028
Single Family Rental [Member] | Debt Instrument Three [Member]
Investment Date	Feb. 11, 2020
Secured financing agreements, net	$ 4,907
Interest Type	Fixed
Interest Rate	2.48%
Maturity Date	Aug. 1, 2023
Single Family Rental [Member] | Debt Instrument Four [Member]
Investment Date	Feb. 11, 2020
Secured financing agreements, net	$ 9,559
Interest Type	Fixed
Interest Rate	2.79%
Maturity Date	Sep. 1, 2028
Single Family Rental [Member] | Debt Instrument Five [Member]
Investment Date	Feb. 11, 2020
Secured financing agreements, net	$ 6,848
Interest Type	Fixed
Interest Rate	2.69%
Maturity Date	Jul. 1, 2028
Single Family Rental [Member] | Debt Instrument Six [Member]
Investment Date	Feb. 11, 2020
Secured financing agreements, net	$ 5,159
Interest Type	Fixed
Interest Rate	2.64%
Maturity Date	Oct. 1, 2028
Single Family Rental [Member] | Debt Instrument Seven [Member]
Investment Date	Feb. 11, 2020
Secured financing agreements, net	$ 11,169
Interest Type	Fixed
Interest Rate	3.02%
Maturity Date	Oct. 1, 2028
Single Family Rental [Member] | Debt Instrument Eight [Member]
Investment Date	Feb. 11, 2020
Secured financing agreements, net	$ 7,611
Interest Type	Fixed
Interest Rate	3.02%
Maturity Date	Nov. 1, 2028
Single Family Rental [Member] | Debt Instrument Nine [Member]
Investment Date	Feb. 11, 2020
Secured financing agreements, net	$ 46,094
Interest Type	Fixed
Interest Rate	2.14%
Maturity Date	Oct. 1, 2025
Single Family Rental [Member] | Debt Instrument Ten [Member]
Investment Date	Feb. 11, 2020
Secured financing agreements, net	$ 8,922
Interest Type	Fixed
Interest Rate	3.30%
Maturity Date	Oct. 1, 2028
Single Family Rental [Member] | Debt Instrument Eleven [Member]
Investment Date	Feb. 11, 2020
Secured financing agreements, net	$ 35,711
Interest Type	Fixed
Interest Rate	2.70%
Maturity Date	Nov. 1, 2028
Single Family Rental [Member] | Debt Instrument Twelve [Member]
Investment Date	Feb. 11, 2020
Secured financing agreements, net	$ 5,820
Interest Type	Fixed
Interest Rate	2.68%
Maturity Date	Nov. 1, 2028
Single Family Rental [Member] | Debt Instrument Thirteen [Member]
Investment Date	Feb. 11, 2020
Secured financing agreements, net	$ 13,603
Interest Type	Fixed
Interest Rate	2.61%
Maturity Date	Nov. 1, 2023
Single Family Rental [Member] | Debt Instrument Fourteen [Member]
Investment Date	Feb. 11, 2020
Secured financing agreements, net	$ 5,346
Interest Type	Fixed
Interest Rate	3.14%
Maturity Date	Dec. 1, 2028
Single Family Rental [Member] | Debt Instrument Fifteen [Member]
Investment Date	Feb. 11, 2020
Secured financing agreements, net	$ 9,436
Interest Type	Fixed
Interest Rate	3.02%
Maturity Date	Dec. 1, 2028
Single Family Rental [Member] | Debt Instrument Sixteen [Member]
Investment Date	Feb. 11, 2020
Secured financing agreements, net	$ 9,900
Interest Type	Fixed
Interest Rate	2.77%
Maturity Date	Dec. 1, 2028
Single Family Rental [Member] | Debt Instrument Seventeen [Member]
Investment Date	Feb. 11, 2020
Secured financing agreements, net	$ 4,863
Interest Type	Fixed
Interest Rate	2.97%
Maturity Date	Jan. 1, 2029
Single Family Rental [Member] | Debt Instrument Eighteen [Member]
Investment Date	Feb. 11, 2020
Secured financing agreements, net	$ 8,360
Interest Type	Fixed
Interest Rate	3.14%
Maturity Date	Jan. 1, 2029
Single Family Rental [Member] | Debt Instrument Nineteen [Member]
Investment Date	Feb. 11, 2020
Secured financing agreements, net	$ 5,786
Interest Type	Fixed
Interest Rate	2.40%
Maturity Date	Feb. 1, 2024
Single Family Rental [Member] | Debt Instrument Twenty [Member]
Investment Date	Feb. 11, 2020
Secured financing agreements, net	$ 4,273
Interest Type	Fixed
Interest Rate	3.06%
Maturity Date	Feb. 1, 2029
Single Family Rental [Member] | Debt Instrument Twenty One [Member]
Investment Date	Feb. 11, 2020
Secured financing agreements, net	$ 15,962
Interest Type	Fixed
Interest Rate	2.91%
Maturity Date	Feb. 1, 2029
Single Family Rental [Member] | Debt Instrument Twenty Two [Member]
Investment Date	Feb. 11, 2020
Secured financing agreements, net	$ 6,965
Interest Type	Fixed
Interest Rate	2.98%
Maturity Date	Feb. 1, 2029
Single Family Rental [Member] | Debt Instrument Twenty Three [Member]
Investment Date	Feb. 11, 2020
Secured financing agreements, net	$ 7,245
Interest Type	Fixed
Interest Rate	2.80%
Maturity Date	Feb. 1, 2029
Single Family Rental [Member] | Debt Instrument Twenty Four [Member]
Investment Date	Feb. 11, 2020
Secured financing agreements, net	$ 6,106
Interest Type	Fixed
Interest Rate	2.99%
Maturity Date	Mar. 1, 2029
Single Family Rental [Member] | Debt Instrument Twenty Five [Member]
Investment Date	Feb. 11, 2020
Secured financing agreements, net	$ 9,284
Interest Type	Fixed
Interest Rate	2.45%
Maturity Date	Mar. 1, 2026
Single Family Rental [Member] | Debt Instrument Twenty Six [Member]
Secured financing agreements, net	$ 55,988
Interest Type	Fixed
Interest Rate	2.70%
Maturity Date	Mar. 1, 2029
Multifamily [Member] | Mezzanine Loan Portfolio [Member]
Secured financing agreements, net	$ 59,914
Interest Rate	0.30%
Multifamily [Member] | Debt Instrument One [Member] | Mezzanine Loan Portfolio [Member] | Wilmington, DE [Member]
Investment Date	Oct. 20, 2020
Secured financing agreements, net	$ 3,348
Interest Type	Fixed
Interest Rate	0.30%
Maturity Date	May 1, 2029
Multifamily [Member] | Debt Instrument Two [Member] | Mezzanine Loan Portfolio [Member] | White Marsh, MD [Member]
Investment Date	Oct. 20, 2020
Secured financing agreements, net	$ 6,353
Interest Type	Fixed
Interest Rate	0.30%
Maturity Date	Jul. 1, 2031
Multifamily [Member] | Debt Instrument Three [Member] | Mezzanine Loan Portfolio [Member] | Philadelphia, PA [Member]
Investment Date	Oct. 20, 2020
Secured financing agreements, net	$ 8,723
Interest Type	Fixed
Interest Rate	0.30%
Maturity Date	Jun. 1, 2029
Multifamily [Member] | Debt Instrument Four [Member] | Mezzanine Loan Portfolio [Member] | Daytona Beach, FL [Member]
Investment Date	Oct. 20, 2020
Secured financing agreements, net	$ 2,264
Interest Type	Fixed
Interest Rate	0.30%
Maturity Date	Oct. 1, 2028
Multifamily [Member] | Debt Instrument Five [Member] | Mezzanine Loan Portfolio [Member] | Laurel, MD [Member]
Investment Date	Oct. 20, 2020
Secured financing agreements, net	$ 7,344
Interest Type	Fixed
Interest Rate	0.30%
Maturity Date	Apr. 1, 2031
Multifamily [Member] | Debt Instrument Six [Member] | Mezzanine Loan Portfolio [Member] | Temple Hills, MD [Member]
Investment Date	Oct. 20, 2020
Secured financing agreements, net	$ 1,836
Interest Type	Fixed
Interest Rate	0.30%
Maturity Date	Aug. 1, 2031
Multifamily [Member] | Debt Instrument Seven [Member] | Mezzanine Loan Portfolio [Member] | Temple Hills, MD [Member]
Investment Date	Oct. 20, 2020
Secured financing agreements, net	$ 918
Interest Type	Fixed
Interest Rate	0.30%
Maturity Date	Aug. 1, 2031
Multifamily [Member] | Debt Instrument Eight [Member] | Mezzanine Loan Portfolio [Member] | Lakewood, NJ [Member]
Investment Date	Oct. 20, 2020
Secured financing agreements, net	$ 3,390
Interest Type	Fixed
Interest Rate	0.30%
Maturity Date	May 1, 2029
Multifamily [Member] | Debt Instrument Nine [Member] | Mezzanine Loan Portfolio [Member] | Rosedale, MD [Member]
Investment Date	Oct. 20, 2020
Secured financing agreements, net	$ 2,215
Interest Type	Fixed
Interest Rate	0.30%
Maturity Date	Jul. 1, 2031
Multifamily [Member] | Debt Instrument Ten [Member] | Mezzanine Loan Portfolio [Member] | North Aurora, IL [Member]
Investment Date	Oct. 20, 2020
Secured financing agreements, net	$ 4,179
Interest Type	Fixed
Interest Rate	0.30%
Maturity Date	Jan. 1, 2029
Multifamily [Member] | Debt Instrument Eleven [Member] | Mezzanine Loan Portfolio [Member] | Cockeysville, MD [Member]
Investment Date	Oct. 20, 2020
Secured financing agreements, net	$ 5,881
Interest Type	Fixed
Interest Rate	0.30%
Maturity Date	Jul. 1, 2031
Multifamily [Member] | Debt Instrument Twelve [Member] | Mezzanine Loan Portfolio [Member] | Laurel, MD [Member]
Investment Date	Oct. 20, 2020
Secured financing agreements, net	$ 4,523
Interest Type	Fixed
Interest Rate	0.30%
Maturity Date	Jul. 1, 2031
Multifamily [Member] | Debt Instrument Thirteen [Member] | Mezzanine Loan Portfolio [Member] | Vancouver, WA [Member]
Investment Date	Oct. 20, 2020
Secured financing agreements, net	$ 662
Interest Type	Fixed
Interest Rate	0.30%
Maturity Date	Nov. 1, 2030
Multifamily [Member] | Debt Instrument Fourteen [Member] | Mezzanine Loan Portfolio [Member] | Tyler, TX [Member]
Investment Date	Oct. 20, 2020
Secured financing agreements, net	$ 1,307
Interest Type	Fixed
Interest Rate	0.30%
Maturity Date	Oct. 1, 2028
Multifamily [Member] | Debt Instrument Fifteen [Member] | Mezzanine Loan Portfolio [Member] | Las Vegas, NV [Member]
Investment Date	Oct. 20, 2020
Secured financing agreements, net	$ 728
Interest Type	Fixed
Interest Rate	0.30%
Maturity Date	Mar. 1, 2029
Multifamily [Member] | Debt Instrument Sixteen [Member] | Mezzanine Loan Portfolio [Member] | Atlanta, GA [Member]
Investment Date	Oct. 20, 2020
Secured financing agreements, net	$ 2,026
Interest Type	Fixed
Interest Rate	0.30%
Maturity Date	Jul. 1, 2029
Multifamily [Member] | Debt Instrument Seventeen [Member] | Mezzanine Loan Portfolio [Member] | Des Moines, IA [Member]
Investment Date	Oct. 20, 2020
Secured financing agreements, net	$ 1,763
Interest Type	Fixed
Interest Rate	0.30%
Maturity Date	Nov. 1, 2028
Multifamily [Member] | Debt Instrument Eighteen [Member] | Mezzanine Loan Portfolio [Member] | Urbandale, IA [Member]
Investment Date	Oct. 20, 2020
Secured financing agreements, net	$ 2,454
Interest Type	Fixed
Interest Rate	0.30%
Maturity Date	Nov. 1, 2028

Note 7 - Debt - Activity Relate

Note 7 - Debt - Activity Related to Carrying Value of Secured Financing Agreements and Master Repurchase Agreements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accretion of loan discounts	$ 2,516	$ 1,060
Secured Financing Agreements and Master Repurchase Agreements [Member]
Balances as of December 31, 2020	1,036,878
Principal borrowings	5,737
Principal repayments	(5,800)
Accretion of loan discounts	65
Balances as of March 31, 2021	$ 1,036,880

Note 7 - Debt - Summary of Aggr

Note 7 - Debt - Summary of Aggregate Scheduled Maturities of Total Debt (Details) $ in Thousands	Mar. 31, 2021USD ($)
2021¹	$ (162,168)	[1]
2022
2023	(18,510)
2024	(5,786)
2025	(46,094)
Thereafter	(805,797)
Long-term Debt, Total	(1,038,355)
Recourse [Member]
2021¹		[1]
2022
2023
2024
2025
Thereafter	(36,500)
Long-term Debt, Total	(36,500)
Nonrecourse [Member]
2021¹	(162,168)	[1]
2022
2023	(18,510)
2024	(5,786)
2025	(46,094)
Thereafter	(769,297)
Long-term Debt, Total	$ (1,001,855)
[1]	The transactions in place in the master repurchase agreement with Mizuho have a one-month to two-month tenor and are expected to roll accordingly.

Note 8 - Fair Value of Financ_3

Note 8 - 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 (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Feb. 11, 2020
Common stock, at fair value	$ 45,460,000	$ 44,626,000
Carrying value	38,923,000	$ 38,984,000
Reported Value Measurement [Member]
Cash and cash equivalents			$ 302
Loans, held-for-investment, net			22,127
Accrued interest and dividends			3,616
Assets, Fair Value Disclosure			2,719,837
Financial and Nonfinancial Liabilities, Fair Value Disclosure			2,539,724
Reported Value Measurement [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Bonds payable held in variable interest entities, at fair value			1,655,960
Reported Value Measurement [Member] | Mortgages [Member]
Loans, held-for-investment, net			863,564
Reported Value Measurement [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Loans, held-for-investment, net			$ 1,790,228
Fair Value, Recurring [Member]
Cash and cash equivalents	14,917,000
Restricted Cash	570,000
Loans, held-for-investment, net	153,382,000
Common stock, at fair value	45,460,000
Accrued interest and dividends	5,646,000
Carrying value	38,923,000
Other assets	3,384,000
Assets, Fair Value Disclosure	5,948,917,000
Secured financing agreements, net	869,421,000
Master repurchase agreements	162,168,000
Unsecured Notes	35,025,000
Accounts payable and other accrued liabilities	3,807,000
Accrued interest payable	2,791,000
Financial and Nonfinancial Liabilities, Fair Value Disclosure	5,569,983,000
Fair Value, Recurring [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Bonds payable held in variable interest entities, at fair value	4,496,771,000
Fair Value, Recurring [Member] | Mortgages [Member]
Loans, held-for-investment, net	904,317,000
Fair Value, Recurring [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Loans, held-for-investment, net	4,782,318,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	14,917,000
Restricted Cash	570,000
Loans, held-for-investment, net
Common stock, at fair value
Accrued interest and dividends	5,646,000
Carrying value
Other assets	3,384,000
Assets, Fair Value Disclosure	24,517,000
Secured financing agreements, net
Master repurchase agreements
Unsecured Notes
Accounts payable and other accrued liabilities	3,807,000
Accrued interest payable	2,791,000
Financial and Nonfinancial Liabilities, Fair Value Disclosure	6,598,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Bonds payable held in variable interest entities, at fair value
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgages [Member]
Loans, held-for-investment, net
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Loans, held-for-investment, net
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Cash and cash equivalents
Restricted Cash
Loans, held-for-investment, net
Common stock, at fair value
Accrued interest and dividends
Carrying value	38,923,000
Other assets
Assets, Fair Value Disclosure	4,821,241,000
Secured financing agreements, net
Master repurchase agreements
Unsecured Notes
Accounts payable and other accrued liabilities
Accrued interest payable
Financial and Nonfinancial Liabilities, Fair Value Disclosure	4,496,771,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Bonds payable held in variable interest entities, at fair value	4,496,771,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgages [Member]
Loans, held-for-investment, net
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Loans, held-for-investment, net	4,782,318,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Cash and cash equivalents
Restricted Cash
Loans, held-for-investment, net	153,382,000
Common stock, at fair value	45,460,000
Accrued interest and dividends
Carrying value
Other assets
Assets, Fair Value Disclosure	1,103,159,000
Secured financing agreements, net	869,421,000
Master repurchase agreements	162,168,000
Unsecured Notes	35,025,000
Accounts payable and other accrued liabilities
Accrued interest payable
Financial and Nonfinancial Liabilities, Fair Value Disclosure	1,066,614,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Bonds payable held in variable interest entities, at fair value
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgages [Member]
Loans, held-for-investment, net	904,317,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Loans, held-for-investment, net
Fair Value, Recurring [Member] | Reported Value Measurement [Member]
Cash and cash equivalents	14,917,000
Restricted Cash	570,000
Loans, held-for-investment, net	153,637,000
Common stock, at fair value	45,460,000
Accrued interest and dividends	5,646,000
Carrying value	38,923,000
Other assets	3,384,000
Assets, Fair Value Disclosure	5,960,203,000
Secured financing agreements, net	839,687,000
Master repurchase agreements	162,168,000
Unsecured Notes	35,025,000
Accounts payable and other accrued liabilities	3,807,000
Accrued interest payable	2,791,000
Financial and Nonfinancial Liabilities, Fair Value Disclosure	5,540,249,000
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Bonds payable held in variable interest entities, at fair value	4,496,771,000
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | Mortgages [Member]
Loans, held-for-investment, net	915,348,000
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Loans, held-for-investment, net	$ 4,782,318,000

Note 9 - Stockholders' Equity_2

Note 9 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions

Mar. 15, 2021

Feb. 22, 2021

Feb. 15, 2021

Nov. 02, 2020

Jul. 24, 2020

Jul. 20, 2020

Jun. 24, 2020

May 08, 2020

Mar. 09, 2020

Feb. 11, 2020

Jan. 31, 2020

Mar. 31, 2021

Mar. 31, 2020

Mar. 03, 2021

Dec. 31, 2020

Aug. 04, 2020

Common Stock, Par or Stated Value Per Share (in dollars per share)

$ 0.01

$ 0.01

$ 0.01

$ 0.01

Common Stock, Shares, Issued, Total (in shares)

5,309,565

5,350,000

Common Stock, Shares, Outstanding, Ending Balance (in shares)

5,022,578

5,022,578

Stock Repurchase Program, Authorized Amount

$ 10

Stock Repurchase Program, Period in Force (Year)

2 years

Treasury Stock, Shares, Acquired (in shares)

327,422

Treasury Stock, Value, Acquired, Cost Method

$ 4.8

Treasury Stock Acquired, Average Cost Per Share (in dollars per share)

$ 14.61

Treasury Stock, Shares, Ending Balance (in shares)

286,987

Common Stock [Member]

Dividends Payable, Amount Per Share (in dollars per share)

$ 0.475

Dividends Payable, Date Declared

Feb. 15, 2021

Dividends Payable, Date to be Paid

Mar. 31, 2021

Dividends Payable, Date of Record

Mar. 15, 2021

Preferred Stock [Member]

Dividends Payable, Amount Per Share (in dollars per share)

$ 0.53125

Dividends Payable, Date Declared

Mar. 15, 2021

Dividends Payable, Date to be Paid

Apr. 25, 2021

Dividends Payable, Date of Record

Mar. 25, 2021

Restricted Stock Units (RSUs) [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)

232,184

2020 LTIP [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares)

1,319,734

2020 LTIP [Member] | Restricted Stock Units (RSUs) [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)

4 years

2020 LTIP [Member] | Restricted Stock Units (RSUs) [Member] | Director [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)

11,832

14,739

2020 LTIP [Member] | Restricted Stock Units (RSUs) [Member] | Officers and Other Employees [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)

220,352

274,274

2020 LTIP [Member] | Restricted Stock Units (RSUs) [Member] | General Partner of Subsidiary [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)

1,838

2020 LTIP [Member] | Restricted Stock Units (RSUs) [Member] | Minimum [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)

3 years

2020 LTIP [Member] | Restricted Stock Units (RSUs) [Member] | Maximum [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)

5 years

Series A Preferred Stock [Member]

Stock Issued During Period, Shares, New Issues (in shares)

2,000,000

Underwriting Discount and Commission Expenses

$ 1.2

Payments of Stock Issuance Costs

$ 0.8

Preferred Stock, Dividend Rate, Percentage

8.50%

8.50%

Preferred Stock, Redemption Price Per Share (in dollars per share)

$ 24

Proceeds from Issuance of Preferred Stock and Preference Stock

$ 48

Preferred Stock, Liquidation Preference Per Share (in dollars per share)

$ 25

$ 25

Treasury Stock, Shares, Acquired (in shares)

0

Third-party Investor [Member] | Series A Preferred Stock [Member]

Shares Issued, Price Per Share (in dollars per share)

$ 40,435

IPO [Mmember]

Stock Issued During Period, Shares, New Issues (in shares)

5,000,000

Common Stock, Par or Stated Value Per Share (in dollars per share)

$ 0.01

Shares Issued, Price Per Share (in dollars per share)

$ 19

Proceeds from Issuance Initial Public Offering

$ 101.7

Underwriting Discount and Commission Expenses

6.9

Payments of Stock Issuance Costs

$ 3.3

IPO [Mmember] | Underwriters [Member]

Stock Issued During Period, Shares, New Issues (in shares)

350,000

Common Stock, Par or Stated Value Per Share (in dollars per share)

$ 0.01

Shares Issued, Price Per Share (in dollars per share)

$ 19

At-the-market Offering [Member]

Stock Issued During Period, Shares, New Issues (in shares)

0

Equity Distribution Agreements, Maximum Aggregate Sales Price

$ 100

Note 9 - Stockholders' Equity -

Note 9 - Stockholders' Equity - Number of Restricted Stock Units Granted, Vested, Forfeited and Outstanding (Details) - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Outstanding January 1, 2021 (in shares) | shares	290,851
Outstanding January 1, 2020, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 12.12
Granted (in shares) | shares	232,184
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 19.39
Vested (in shares) | shares
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares
Forfeited (in shares) | shares
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares
Outstanding March 31, 2021 (in shares) | shares	523,035
Outstanding September 30, 2020, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 15.35

Note 10 - Earnings (Loss) Per_3

Note 10 - Earnings (Loss) Per Share - Computation of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net income attributable to common stockholders	$ 8,367	$ (6,353)
Net income attributable to redeemable noncontrolling interests	15,829	(16,515)
Net income for diluted computations	$ 24,196	$ (22,868)
Weighted-average common shares outstanding (in shares)	5,023	5,223
Average number of unvested restricted stock units (in shares)	389
Average number of OP Units (in shares)	13,787	12,596
Average number of common shares outstanding - diluted (in shares)	19,199	5,223
Basic (in dollars per share)	$ 1.67	$ (1.22)
Diluted (in dollars per share)	$ 1.26	$ (1.22)

Note 11 - Noncontrolling Inte_3

Note 11 - Noncontrolling Interests (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Aug. 04, 2020	Jul. 30, 2020	Jul. 24, 2020	Jul. 20, 2020	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020
Series A Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage			8.50%	8.50%
Preferred Stock, Liquidation Preference Per Share (in dollars per share)			$ 25	$ 25
Subscription Agreements [Member] | OP IV [Member]
Percentage of Redemption Right Exercised						100.00%
Noncontrolling Interest, Ownership Percentage by Parent						50.28%
OP [Member] | Manager Affiliates [Member] | Subscription Agreements [Member]
Partners' Capital, Distribution Amount Per Share (in dollars per share)					$ 18.40
Weighted Average Limited Partnership Units Outstanding, Basic (in shares)					13,787,123
Partners' Capital Account, Redemptions					$ 253.7
OP IV [Member] | Subscription Agreements [Member]
Book Value Of Common Stock Per Share (in dollars per share)							$ 18.33
OP IV [Member] | Manager Affiliates [Member] | Subscription Agreements [Member]
Partners' Capital Account, Units, Sale of Units, Total (in shares)	267,320	359,000
Partners' Capital Account, Sale of Units, Total	$ 4.9	$ 6.6

Note 11 - Noncontrolling Inte_4

Note 11 - Noncontrolling Interests - Redeemable Noncontrolling Interests in the OP (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Redeemable noncontrolling interests in the OP, December 31, 2020	$ 275,670
Contributions from redeemable noncontrolling interests in the OP
Net income attributable to redeemable noncontrolling interests in the OP	15,829
Distributions to redeemable noncontrolling interests in the OP	(5,912)
Redeemable noncontrolling interests in the OP, March 31, 2021	$ 285,587

Note 12 - Related Party Trans_2

Note 12 - Related Party Transactions (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Feb. 22, 2021	Nov. 02, 2020	Jun. 24, 2020	May 29, 2020	May 08, 2020	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2020	Dec. 31, 2020
Payment for Management Fee						$ 0
Management Fee Expense						$ 518	$ 196
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)						232,184
2020 LTIP [Member] | Restricted Stock Units (RSUs) [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	11,832				14,739
2020 LTIP [Member] | Restricted Stock Units (RSUs) [Member] | Officers and Other Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	220,352		274,274
2020 LTIP [Member] | Restricted Stock Units (RSUs) [Member] | General Partner of Subsidiary [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		1,838
2020 LTIP [Member] | Restricted Stock Units (RSUs) [Member] | Directors, Officers and Certain Key Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	232,184
NexPoint Real Estate Advisors VII, L.P. [Member]
Percentage of Annual Advisory Paid Monthly						1.50%
Management Fee Expense						$ 500	$ 200
NexPoint Real Estate Advisors VII, L.P. [Member] | Maximum [Member]
Percentage of Direct Payment of Operating Expense						2.50%
Buffalo Pointe [Member] | Contribution Agreement [Member]
Percentage of Occupancy of Multifamily Property									95.20%
Percentage of Preferred Equity Investment Current Interest Rate						6.50%
Percentage of Preferred Equity Investment Deferred Interest Rate						4.50%
Percentage of Loan to Value						82.90%
Preferred Equity Investment Maturity Date								May 1, 2030
Buffalo Pointe [Member] | OP [Member] | Contribution Agreement [Member]
Payments of Distributions to Affiliates				$ 10,000
Partners' Capital Account, Units, Sale of Units, Total (in shares)				564,334.09
Book Value Of Common Stock Per Share (in dollars per share)				$ 17.72

Note 14 - Subsequent Events (De

Note 14 - Subsequent Events (Details Textual) $ / shares in Units, $ in Thousands	Apr. 29, 2021USD ($)	Apr. 28, 2021USD ($)	Apr. 20, 2021USD ($)	Feb. 15, 2021$ / shares	Oct. 15, 2020USD ($)	Apr. 30, 2021USD ($)$ / sharesshares	Apr. 26, 2021$ / shares	Mar. 31, 2020shares	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Debt Securities, Trading									$ 38,923	$ 38,984
Common Stock [Member]
Dividends Payable, Amount Per Share (in dollars per share) | $ / shares				$ 0.475
Dividends Payable, Date Declared				Feb. 15, 2021
Dividends Payable, Date to be Paid				Mar. 31, 2021
Dividends Payable, Date of Record				Mar. 15, 2021
OP [Member] | Unsecured Debt [Member]
Shares Issued, Price Per Share (in dollars per share) | $ / shares						$ 20,270,000
Debt Instrument, Face Amount					$ 36,500
Debt Instrument, Interest Rate, Stated Percentage					7.50%
Debt Instrument, Percentage of Par Value					99.00%
Proceeds from Issuance of Unsecured Debt					$ 36,100
At-the-market Offering [Member]
Stock Issued During Period, Shares, New Issues (in shares) | shares								0
Subsequent Event [Member] | Common Stock [Member]
Dividends Payable, Amount Per Share (in dollars per share) | $ / shares							$ 0.475
Dividends Payable, Date Declared							Apr. 26, 2021
Dividends Payable, Date to be Paid							Jun. 30, 2021
Dividends Payable, Date of Record							Jun. 15, 2021
Subsequent Event [Member] | CMBS X1 Interest Only Tranche [Member]
Payments to Acquire Trading Securities Held-for-investment		$ 50,000
Debt Securities, Trading, Percentage of Par Value		12.06%
Debt Securities, Trading		$ 6,100
Assets Sold under Agreements to Repurchase, Repurchase Liability		$ 4,600
Assets Sold under Agreements to Repurchase, Interest Rate		0.50%
Debt Securities, Trading, Interest Rate		1.71%
Debt Securities, Trading, Current Yield		14.04%
Subsequent Event [Member] | CMBS Class CS Tranche [Member] | Multifamily [Member]
Payments to Acquire Trading Securities Held-for-investment	$ 76,000
Debt Securities, Trading, Percentage of Par Value	100.00%
Percentage of Investment Portfolio	100.00%
Number of Floating-rate Mortgage Loans	37
Subsequent Event [Member] | The 5.75 Percent Senior Notes Due 2026 [Member]
Debt Instrument, Face Amount			$ 75,000
Debt Instrument, Interest Rate, Stated Percentage			5.75%
Debt Instrument, Percentage of Par Value			99.50%
Proceeds from Issuance of Unsecured Debt			$ 73,100
Subsequent Event [Member] | The 5.75 Percent Senior Notes Due 2026 [Member] | Accounts Advised by NexAnnuity Asset Management, L.P. [Member]
Debt Instrument, Face Amount			$ 2,500
Debt Instrument, Interest Rate, Stated Percentage			5.75%
Subsequent Event [Member] | At-the-market Offering [Member]
Stock Issued During Period, Shares, New Issues (in shares) | shares						259,685
Stock Issued During Period, Value, New Issues						$ 5,300
Subsequent Event [Member] | At-the-market Offering [Member] | Sales Agents [Member]
Payments of Stock Issuance Costs						$ 100