Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 02, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001786248 | |
Entity Registrant Name | NexPoint Real Estate Finance, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-39210 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 84-2178264 | |
Entity Address, Address Line One | 2515 McKinney Avenue, Suite 1100 | |
Entity Address, City or Town | Dallas | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75201 | |
City Area Code | 833 | |
Local Phone Number | 697-6246 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,498,980 | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | NREF | |
Security Exchange Name | NYSE | |
Series A Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 8.50% Series A Cumulative Redeemable Preferred | |
Trading Symbol | NREF-PRA | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 29,988 | $ 30,241 |
Restricted cash | 690 | 3,230 |
Loans, held-for-investment, net | 149,683 | 127,777 |
Common stock, at fair value | 47,959 | 44,626 |
Mortgage loans, held-for-investment, net | 896,746 | 918,114 |
Accrued interest and dividends | 5,722 | 5,078 |
CMBS structured pass through certificates, at fair value (Note 6) | 55,758 | 38,984 |
Accounts receivable and other assets | 1,454 | 745 |
TOTAL ASSETS | 8,536,132 | 6,176,310 |
Liabilities: | ||
Master repurchase agreements | 177,625 | 161,465 |
Unsecured notes, net | 107,861 | 34,960 |
Accounts payable and other accrued liabilities | 4,547 | 1,779 |
Accrued interest payable | 3,312 | 2,311 |
Due to brokers for securities purchased, not yet settled | 67,523 | 0 |
Total Liabilities | 8,098,596 | 5,772,397 |
Redeemable noncontrolling interests in the OP | 285,510 | 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; 5,785,967 and 5,350,000 shares issued and 5,498,980 and 5,022,578 shares outstanding, respectively | 55 | 50 |
Additional paid-in capital | 145,786 | 138,043 |
Retained earnings | 11,964 | 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 | 152,026 | 128,243 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 8,536,132 | 6,176,310 |
Facility [Member] | ||
Liabilities: | ||
Secured financing agreements, net | 825,286 | 840,453 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
ASSETS | ||
Loans, held-for-investment, net | 7,348,132 | 5,007,515 |
Liabilities: | ||
Bonds payable held in variable interest entities, at fair value | 6,912,442 | 4,731,429 |
Stockholders' Equity: | ||
Noncontrolling interest in CMBS variable interest entities | 6,869 | 0 |
Subsidiaries [Member] | ||
Stockholders' Equity: | ||
Noncontrolling interest in CMBS variable interest entities | $ 98 | $ 0 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 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) | 5,785,967 | 5,350,000 |
Common stock, shares outstanding (in shares) | 5,498,980 | 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 | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |||
Net interest income | ||||||
Interest income | $ 12,879 | $ 9,821 | $ 25,528 | $ 16,407 | ||
Interest expense | (7,589) | (5,216) | (14,086) | (8,547) | ||
Total net interest income | 5,290 | 4,605 | 11,442 | 7,860 | ||
Other income (loss) | ||||||
Change in unrealized gain (loss) on CMBS structured pass through certificates | (192) | 301 | 439 | 301 | ||
Change in unrealized gain on common stock | 2,499 | 0 | 3,333 | 0 | ||
Loan loss benefit (provision) | 17 | (81) | (107) | (293) | ||
Dividend income, net | 0 | 1,805 | 0 | 2,252 | ||
Realized losses | (192) | 0 | (257) | 0 | ||
Other income | 471 | 0 | 774 | 0 | ||
Total other income (loss) | 10,577 | 17,057 | 32,867 | (7,867) | ||
Operating expenses | ||||||
General and administrative expenses | 1,816 | 846 | 3,334 | 1,194 | ||
Loan servicing fees | 1,279 | 1,192 | 2,615 | 1,847 | ||
Management fees | 518 | 351 | 1,036 | 547 | ||
Total operating expenses | 3,613 | 2,389 | 6,985 | 3,588 | ||
Net income (loss) | 12,254 | 19,273 | 37,324 | (3,595) | ||
Preferred stock dividends | (878) | 0 | (1,752) | 0 | ||
Net (income) loss attributable to redeemable noncontrolling interests | (5,834) | (14,003) | (21,663) | 2,512 | ||
Net income (loss) attributable to common stockholders | $ 5,542 | $ 5,270 | $ 13,909 | $ (1,083) | ||
Weighted-average common shares outstanding - basic (in shares) | 5,306 | 5,263 | 5,165 | 5,248 | ||
Weighted-average common shares outstanding - diluted (in shares) | 19,603 | 5,292 | 19,402 | 5,248 | ||
Earnings (loss) per share - basic (in dollars per share) | $ 1.04 | $ 1 | $ 2.69 | $ (0.21) | ||
Earnings (loss) per share - diluted (in dollars per share) | 0.58 | 1 | [1] | 1.83 | (0.21) | [1] |
Dividends declared per common share (in dollars per share) | $ 0.4750 | $ 0.4000 | $ 0.9500 | $ 0.6198 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Other income (loss) | ||||||
Change in net assets related to consolidated CMBS variable interest entities | $ 7,974 | $ 15,032 | $ 28,685 | $ (10,127) | ||
Change in unrealized gain (loss) on CMBS structured pass through certificates | $ 1,550 | $ 12,179 | $ 16,561 | $ (14,722) | ||
[1] | Unvested restricted stock units and OP Units and SubOP Units are not included in the diluted earnings per share calculation for 2020. |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | At-the-market Offering [Member]Preferred Stock Outstanding [Member] | At-the-market Offering [Member]Common Stock Outstanding [Member] | At-the-market Offering [Member]Additional Paid-in Capital [Member] | At-the-market Offering [Member]Retained Earnings [Member] | At-the-market Offering [Member]Treasury Stock, Common [Member] | At-the-market Offering [Member]Treasury Stock, Preferred [Member] | At-the-market Offering [Member]Noncontrolling Interest [Member]Variable Interest Entity, Primary Beneficiary [Member] | At-the-market Offering [Member]Noncontrolling Interest [Member]Subsidiaries [Member] | At-the-market Offering [Member] | Private Placement [Member]Preferred Stock Outstanding [Member] | Private Placement [Member]Common Stock Outstanding [Member] | Private Placement [Member]Additional Paid-in Capital [Member] | Private Placement [Member]Retained Earnings [Member] | Private Placement [Member]Treasury Stock, Common [Member] | Private Placement [Member]Treasury Stock, Preferred [Member] | Private Placement [Member]Noncontrolling Interest [Member]Variable Interest Entity, Primary Beneficiary [Member] | Private Placement [Member]Noncontrolling Interest [Member]Subsidiaries [Member] | Private Placement [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] | Noncontrolling Interest [Member]Variable Interest Entity, Primary Beneficiary [Member] | Noncontrolling Interest [Member]Subsidiaries [Member] | Total |
Balances (in shares) at Dec. 31, 2019 | 0 | 0 | |||||||||||||||||||||||||
Balances at Dec. 31, 2019 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||||||||
Vesting of stock-based compensation | $ 0 | $ 0 | 39 | 0 | 0 | 39 | |||||||||||||||||||||
Issuance of common shares (in shares) | 0 | 5,350,000 | |||||||||||||||||||||||||
Issuance of common shares | $ 0 | $ 54 | 91,894 | 0 | 0 | 91,948 | |||||||||||||||||||||
Net income attributable to common stockholders | 0 | 0 | 0 | (1,083) | 0 | (1,083) | |||||||||||||||||||||
Common stock dividends declared | 0 | 0 | 0 | (3,268) | 0 | (3,268) | |||||||||||||||||||||
Repurchase of common stock | $ 0 | $ (1) | 0 | 0 | (1,338) | (1,339) | |||||||||||||||||||||
Repurchase of common stock (in shares) | 0 | (87,466) | |||||||||||||||||||||||||
Balances (in shares) at Jun. 30, 2020 | 0 | 5,262,534 | |||||||||||||||||||||||||
Balances at Jun. 30, 2020 | $ 0 | $ 53 | 91,933 | (4,351) | (1,338) | 86,297 | |||||||||||||||||||||
Balances (in shares) at Mar. 31, 2020 | 0 | 5,262,534 | |||||||||||||||||||||||||
Balances at Mar. 31, 2020 | $ 0 | $ 53 | 91,894 | (7,510) | (1,338) | 83,099 | |||||||||||||||||||||
Vesting of stock-based compensation | 0 | 0 | 39 | 0 | 0 | 39 | |||||||||||||||||||||
Issuance of common shares | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Net income attributable to common stockholders | 0 | 0 | 0 | 5,270 | 0 | 5,270 | |||||||||||||||||||||
Common stock dividends declared | 0 | 0 | 0 | (2,111) | 0 | (2,111) | |||||||||||||||||||||
Repurchase of common stock | $ 0 | $ 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Balances (in shares) at Jun. 30, 2020 | 0 | 5,262,534 | |||||||||||||||||||||||||
Balances at Jun. 30, 2020 | $ 0 | $ 53 | 91,933 | (4,351) | (1,338) | 86,297 | |||||||||||||||||||||
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) | $ 0 | $ 0 | 128,243 | ||||||||||||||||||
Vesting of stock-based compensation (in shares) | 0 | 67,992 | |||||||||||||||||||||||||
Vesting of stock-based compensation | $ 0 | $ 1 | 628 | 0 | 0 | 0 | 0 | 0 | 629 | ||||||||||||||||||
Cancellation of common stock held in treasury | 0 | 0 | (589) | 0 | 589 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Issuance of common shares (in shares) | 0 | 408,410 | |||||||||||||||||||||||||
Issuance of common shares | $ 0 | $ 4 | $ 7,704 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 7,708 | ||||||||||||||||||
Issuance of subsidiary preferred membership units through private offering, net | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 98 | $ 98 | ||||||||||||||||||
Noncontrolling interest in CMBS VIEs | 0 | 0 | 0 | 0 | 0 | 0 | 6,869 | 0 | 6,869 | ||||||||||||||||||
Net income attributable to preferred stockholders | 0 | 0 | 0 | 1,752 | 0 | 0 | 0 | 0 | 1,752 | ||||||||||||||||||
Net income attributable to common stockholders | 0 | 0 | 0 | 13,909 | 0 | 0 | 0 | 0 | 13,909 | ||||||||||||||||||
Preferred stock dividends declared | 0 | 0 | 0 | (1,752) | 0 | 0 | 0 | 0 | (1,752) | ||||||||||||||||||
Common stock dividends declared | $ 0 | $ 0 | 0 | (5,430) | 0 | 0 | 0 | 0 | (5,430) | ||||||||||||||||||
Balances (in shares) at Jun. 30, 2021 | 1,645,000 | 5,498,980 | |||||||||||||||||||||||||
Balances at Jun. 30, 2021 | $ 16 | $ 55 | 145,786 | 11,964 | (4,195) | (8,567) | 6,869 | 98 | 152,026 | ||||||||||||||||||
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) | 0 | 0 | 134,367 | ||||||||||||||||||
Vesting of stock-based compensation (in shares) | 0 | 67,992 | |||||||||||||||||||||||||
Vesting of stock-based compensation | $ 0 | $ 1 | 237 | 0 | 0 | 0 | 0 | 0 | 238 | ||||||||||||||||||
Cancellation of common stock held in treasury | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Issuance of common shares (in shares) | 0 | 408,410 | 408,410 | ||||||||||||||||||||||||
Issuance of common shares | $ 0 | $ 4 | $ 7,704 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 7,708 | ||||||||||||||||||
Issuance of subsidiary preferred membership units through private offering, net | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 98 | $ 98 | ||||||||||||||||||
Noncontrolling interest in CMBS VIEs | 0 | 0 | 0 | 0 | 0 | 0 | 6,869 | 0 | 6,869 | ||||||||||||||||||
Net income attributable to preferred stockholders | 0 | 0 | 0 | 878 | 0 | 0 | 0 | 0 | 878 | ||||||||||||||||||
Net income attributable to common stockholders | 0 | 0 | 0 | 5,542 | 0 | 0 | 0 | 0 | 5,542 | ||||||||||||||||||
Preferred stock dividends declared | 0 | 0 | 0 | (878) | 0 | 0 | 0 | 0 | (878) | ||||||||||||||||||
Common stock dividends declared | $ 0 | $ 0 | 0 | (2,796) | 0 | 0 | 0 | 0 | (2,796) | ||||||||||||||||||
Balances (in shares) at Jun. 30, 2021 | 1,645,000 | 5,498,980 | |||||||||||||||||||||||||
Balances at Jun. 30, 2021 | $ 16 | $ 55 | $ 145,786 | $ 11,964 | $ (4,195) | $ (8,567) | $ 6,869 | $ 98 | $ 152,026 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Preferred stock dividends declared, per share (in dollars per share) | $ 0.5313 | $ 1.0625 |
Common stock dividends declared, per share (in dollars per share) | $ 0.4750 | $ 0.9500 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities | ||
Net income (loss) | $ 37,324 | $ (3,595) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Amortization of premiums | 5,288 | 3,088 |
Accretion of discounts | (3,332) | (412) |
Loan loss (benefit) provision, net | 107 | 293 |
Net change in unrealized (gain) loss on investments held at fair value | (20,335) | 14,834 |
Net realized losses | 397 | 0 |
Vesting of stock-based compensation | 947 | 39 |
Changes in operating assets and liabilities: | ||
Accrued interest and dividends receivable | (644) | (3,231) |
Accounts receivable and other assets | (709) | (1,118) |
Accrued interest payable | 1,001 | 768 |
Accounts payable, accrued expenses and other liabilities | 2,797 | 1,243 |
Net cash provided by operating activities | 22,841 | 11,909 |
Cash flows from investing activities | ||
Proceeds from payments received on mortgage loans | 20,825 | 1,298 |
Originations of loans, held-for-investment, net | (25,926) | (7,500) |
Purchases of CMBS, at fair value | (21,271) | (4,076) |
Sales of CMBS structured pass through certificates, at fair value | 3,921 | 0 |
Net cash provided by (used in) investing activities | 45,069 | (21,377) |
Cash flows from financing activities | ||
Principal repayments on borrowings under secured financing agreements | (15,167) | (1,195) |
Borrowings under master repurchase agreements | 26,936 | 60,123 |
Principal repayments on borrowings under master repurchase agreements | (10,776) | 0 |
Proceeds received from unsecured notes offering, net | 72,684 | 0 |
Bridge Facility payments | 0 | (95,000) |
Proceeds from the issuance of common stock through public offering, net of offering costs | 7,708 | 91,948 |
Proceeds from the issuance of subsidiary preferred membership units through private offering, net of offering costs | 98 | 0 |
Repurchase of common stock | 0 | (1,339) |
Payments for taxes related to net share settlement of stock-based compensation | (318) | 0 |
Dividends paid to common stockholders | (5,459) | (3,262) |
Dividends paid to preferred stockholders | (1,752) | 0 |
Distributions to redeemable noncontrolling interests in the OP | (11,823) | (8,033) |
Contributions from noncontrolling interests | 0 | 302 |
Net cash provided by (used in) financing activities | (70,703) | 10,434 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (2,793) | 966 |
Cash, cash equivalents and restricted cash, beginning of period | 33,471 | 0 |
Cash, cash equivalents and restricted cash, end of period | 30,678 | 966 |
Supplemental Disclosure of Cash Flow Information | ||
Interest paid | 12,868 | 9,626 |
Supplemental Disclosure of Noncash Investing and Financing Activities | ||
Contributions from noncontrolling interests, including consolidation of the associated mortgage loans held in variable interest entities | 0 | 2,797,735 |
Other assets acquired from contributions from noncontrolling interests | 0 | 3,616 |
Assumed debt on contributions from noncontrolling interests, including consolidation of the associated bonds payable held in variable interest entities | 0 | (2,539,724) |
Consolidation of mortgage loans and bonds payable held in variable interest entities | 2,394,732 | 1,011,315 |
Due to brokers for securities purchased, not yet settled | 67,523 | 0 |
Consolidation of noncontrolling interest in CMBS variable interest entities | 6,869 | 0 |
Increase (decrease) in dividends payable upon vesting of restricted stock units | (29) | 6 |
Increase in dividends payable to preferred stockholders | 874 | 0 |
Stock dividends | 0 | 627 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Cash flows from investing activities | ||
Proceeds from payments received on mortgage loans | 143,567 | 35,785 |
Purchases of CMBS, at fair value | (76,047) | (46,884) |
Cash flows from financing activities | ||
Distributions to bondholders of variable interest entities | $ (132,834) | $ (33,110) |
Note 1 - Organization and Descr
Note 1 - Organization and Description of Business | 6 Months Ended |
Jun. 30, 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 June 30, 2021 two 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 | 6 Months Ended |
Jun. 30, 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 six June 30, 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 June 30, 2021 December 31, 2020 three six June 30, 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 June 30, 2021 two June 30, 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 seven six one not On the Consolidated Balance Sheets as of June 30, 2021 seven not not 810 On June 30, 2021, July 6, 2021. June 30, 2021. not June 30, 2021. 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 63.87% of the OP Units in the OP as of June 30, 2021 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 OP and the Subsidiary OPs have issued 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 six June 30, 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. six June 30, 2021 Fair Value GAAP requires the categorization of the fair value of financial instruments into three Level 1 Level 2 2 may 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 June 30, 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 June 30, 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 June 30, 2021 |
Note 3 - Loans Held for Investm
Note 3 - Loans Held for Investment | 6 Months Ended |
Jun. 30, 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 tables summarize our loans held for investment as of June 30, 2021 December 31, 2020 Weighted Average Loan Type Outstanding Face Amount Carrying Value (1) Loan Count Fixed Rate (2) Coupon (3) Life (years) (4) June 30, 2021 SFR Loans, held-for-investment $ 837,362 $ 896,746 25 100.00 % 4.89 % 6.98 Mezzanine loan, held-for-investment 131,784 134,416 21 79.98 % 7.57 % 7.17 Preferred equity, held-for-investment 15,056 15,267 2 100.00 % 11.50 % 8.03 $ 984,202 $ 1,046,429 48 97.32 % 5.35 % 7.02 ( 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. The coupon rate for preferred equity includes current cash and deferred interest income. ( 4 The weighted-average life is weighted on current principal balance and assumes no Weighted Average Loan Type Outstanding Face Amount Carrying Value (1) Loan Count Fixed Rate (2) Coupon (3) Life (years) (4) December 31, 2020 SFR Loans, held-for-investment $ 854,365 $ 918,114 26 100.00 % 4.90 % 7.39 Mezzanine loan, held-for-investment 105,399 108,557 19 100.00 % 7.46 % 8.82 Preferred equity, held-for-investment 18,877 19,220 3 100.00 % 7.79 % 7.12 $ 978,641 $ 1,045,891 48 100.00 % 5.24 % 7.54 ( 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. The coupon rate for preferred equity includes current cash and deferred interest income. ( 4 The weighted-average life is weighted on current principal balance and assumes no For the six June 30, 2021 2020 For the Six Months Ended June 30, 2021 2020 Balance at December 31, $ 1,045,891 $ — Contributions from noncontrolling interests in the OP — 967,201 Originations 25,926 7,500 Proceeds from principal repayments (1) (20,825 ) (1,298 ) Amortization of loan premium, net (2) (3,571 ) (2,999 ) Loan loss benefit (provision), net (107 ) (293 ) Realized losses (885 ) — Balance at June 30, $ 1,046,429 $ 970,111 ( 1 Includes principal repayments on SFR Loans. ( 2 Includes net amortization of loan purchase premiums. As of June 30, 2021 December 31, 2020 As discussed in Note 2, “1” “5,” 2 June 30, 2021 Number of Carrying % of Loan Risk Rating Loans Value Portfolio 1 — $ — — 2 — — — 3 48 1,046,429 100.00 % 4 — — — 5 — — — 48 $ 1,046,429 100.00 % December 31, 2020 Number of Carrying % of Loan Risk Rating Loans Value Portfolio 1 — $ — — 2 — — — 3 48 1,045,891 100.00 % 4 — — — 5 — — — 48 $ 1,045,891 100.00 % As of June 30, 2021 “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 June 30, 2021 December 31, 2020 Georgia 39.37 % 39.81 % Florida 19.18 % 20.88 % Maryland 7.08 % 7.26 % Texas 6.94 % 7.66 % Minnesota 5.15 % 4.82 % Alabama 3.55 % 3.59 % California 2.68 % 0.00 % New Jersey 1.96 % 1.98 % North Carolina 1.67 % 1.67 % Missouri 1.27 % 1.01 % Mississippi 1.02 % 1.03 % Other (19 states each at <1%) 10.12 % 10.29 % 100.00 % 100.00 % Collateral Property Type June 30, 2021 December 31, 2020 Single Family Rental 85.08 % 87.30 % Multifamily 14.92 % 12.70 % 100.00 % 100.00 % |
Note 4 - CMBS Trusts
Note 4 - CMBS Trusts | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Commercial Mortgage Backed Securities Trusts [Text Block] | 4. As of June 30, 2021 2014 13 not The following table presents the Company’s recognized Trust’s Assets and Liabilities (in thousands): Trust's Assets June 30, 2021 December 31, 2020 Mortgage loans held in variable interest entities, at fair value $ 7,348,132 $ 5,007,515 Accrued interest receivable 1,813 1,063 Trust's Liabilities Bonds payable held in variable interest entities, at fair value (6,912,442 ) (4,731,429 ) Accrued interest payable (1,295 ) (794 ) The following table presents “Change in net assets related to consolidated CMBS variable interest entities” (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Net interest earned $ 6,424 $ 2,853 $ 12,124 $ 4,595 Unrealized gain (loss) 1,550 12,179 16,561 (14,722 ) Change in net assets related to consolidated CMBS variable interest entities $ 7,974 $ 15,032 $ 28,685 $ (10,127 ) 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 June 30, 2021 Texas 15.83 % Florida 13.90 % Arizona 9.70 % California 7.07 % Georgia 6.45 % Washington 6.43 % New Jersey 4.60 % Nevada 4.17 % Colorado 4.04 % Connecticut 3.00 % North Carolina 2.81 % New York 2.58 % Pennsylvania 2.26 % Ohio 1.71 % Virginia 1.68 % Indiana 1.66 % South Carolina 1.54 % Maryland 1.54 % Missouri 1.25 % Tennessee 1.17 % Other (18 states each at <1%) 6.62 % 100.00 % Geography December 31, 2020 Florida 16.25 % Texas 15.02 % Arizona 11.80 % California 8.25 % Georgia 7.05 % Washington 5.76 % Nevada 4.12 % New Jersey 4.14 % New York 3.00 % Pennsylvania 3.30 % Indiana 2.42 % Colorado 2.26 % Virginia 2.09 % Ohio 2.00 % North Carolina 1.98 % Tennessee 1.45 % Utah 1.33 % Maryland 1.32 % Missouri 1.20 % South Carolina 1.08 % Other (15 states each at <1%) 4.21 % Collateral Property Type June 30, 2021 December 31, 2020 Multifamily 98.25 % 98.12 % Manufactured Housing 1.75 % 1.88 % 100.00 % 100.00 % |
Note 5 - Common Stock
Note 5 - Common Stock | 6 Months Ended |
Jun. 30, 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 825 10 10 The investment in NSP is a Level 3 one one November 6, 2020 no December 31, 2020 March 31, 2021, The following table presents the NSP common stock investment as of June 30, 2021 Investment Investment Date Shares Fair Value Property Type Common Stock NexPoint Storage Partners 11/6/2020 41,963 $ 47,959 Self-storage |
Note 6 - CMBS Structured Pass T
Note 6 - CMBS Structured Pass Through Certificates | 6 Months Ended |
Jun. 30, 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 June 30, 2021 eight 2 8 The following table presents the CMBS I/O Strips as of June 30, 2021 Investment Investment Date Carrying Value Property Type Interest Rate Current Yield Maturity Date CMBS I/O Strips CMBS I/O Strip 5/18/2020 $ 2,497 Multifamily 2.09 % 14.94 % 9/25/2046 CMBS I/O Strip 8/6/2020 8,003 Multifamily 0.10 % 14.03 % 6/25/2030 CMBS I/O Strip 8/6/2020 24,091 Multifamily 3.09 % 14.33 % 6/25/2030 CMBS I/O Strip 4/28/2021¹ 7,812 Multifamily 1.71 % 14.20 % 1/25/2030 CMBS I/O Strip 5/27/2021 5,039 Multifamily 3.50 % 13.99 % 5/25/2030 CMBS I/O Strip 6/7/2021 637 Multifamily 2.39 % 16.14 % 11/25/2028 CMBS I/O Strip 6/11/2021 5,590 Multifamily 1.25 % 13.95 % 5/25/2029 CMBS I/O Strip 6/21/2021 2,089 Multifamily 1.31 % 18.20 % 5/25/2030 Total $ 55,758 ( 1 The Company, through the Subsidiary OPs, purchased approximately $50.0 million and $15.0 million aggregate notional amount of the X1 107 April 28, 2021 May 4, 2021, The following table presents activity related to the Company’s CMBS I/O Strips (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Interest income $ 2,091 $ 80 $ 2,702 $ 80 Change in unrealized gain on CMBS structured pass through certificates (192 ) 301 439 301 Realized gain 484 — 484 — $ 2,383 $ 381 $ 3,625 $ 381 |
Note 7 - Debt
Note 7 - Debt | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. The following table summarizes the Company’s financing arrangements in place as of June 30, 2021 June 30, 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 177,625 177,625 N/A (5) 1.86 % 0.04 1,848,933 381,356 333,895 8.7 Asset Specific Financing Single Family Rental Freddie Mac 7/12/2019 765,372 765,372 7/12/2029 2.43 % 6.9 837,362 896,746 896,746 6.9 Mezzanine Freddie Mac 10/20/2020 59,914 59,914 8/1/2031 0.30 % 8.8 97,899 100,988 100,988 8.8 Unsecured Note Various 10/15/2020 36,500 35,092 10/25/2025 7.50 % 4.3 N/A N/A N/A N/A Various 4/20/2021 75,000 72,769 4/15/2026 5.75 % 4.8 N/A N/A N/A N/A Total/weighted average $ 1,114,411 $ 1,110,772 2.62 % 5.67 $ 2,784,194 $ 1,379,090 $ 1,331,629 8.16 ( 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 The following table summarizes the Company’s financing arrangements in place as of December 31, 2020 December 31, 2020 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 161,465 161,465 N/A (5) 2.46 % 0.02 1,955,879 313,632 316,827 10.6 Asset Specific Financing Single Family Rental Freddie Mac 7/12/2019 780,539 780,539 3/1/2029 2.44 % 7.4 854,365 918,114 918,114 7.4 Mezzanine Freddie Mac 10/20/2020 59,914 59,914 8/1/2031 0.30 % 9.3 97,899 101,057 101,057 7.1 Unsecured Note Various 10/15/2020 36,500 34,960 10/25/2025 7.50 % 4.8 N/A N/A N/A N/A Total/weighted average $ 1,038,418 $ 1,036,878 2.50 % 6.27 $ 2,908,143 $ 1,332,803 $ 1,335,998 9.52 ( 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, June 30, 2021 February 11, 2020. July 12, 2029. July 12, 2029, June 30, 2021 In connection with certain of our previous CMBS acquisitions and a recent mezzanine debt investment, we, through the Subsidiary OPs, have borrowed approximately $177.6 million under our repurchase agreements and posted $1.8 billion par value of our CMBS B-Piece and CMBS I/O Strip investments as collateral as of June 30, 2021 On October 15, 2020, October 15, 2025 June 30, 2021 On October 20, 2020, On April 20, 2021, 2026 5.75% As of June 30, 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 9,127 Various Single-family Fixed 3.51 % 2/1/2028 Senior loan 2/11/2020 4,888 Various Single-family Fixed 2.48 % 8/1/2023 Senior loan 2/11/2020 9,524 Various Single-family Fixed 2.79 % 9/1/2028 Senior loan 2/11/2020 6,821 Various Single-family Fixed 2.69 % 7/1/2028 Senior loan 2/11/2020 5,140 Various Single-family Fixed 2.64 % 10/1/2028 Senior loan 2/11/2020 11,130 Various Single-family Fixed 3.02 % 10/1/2028 Senior loan 2/11/2020 7,586 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 8,887 Various Single-family Fixed 3.30 % 10/1/2028 Senior loan 2/11/2020 35,595 Various Single-family Fixed 2.70 % 11/1/2028 Senior loan 2/11/2020 5,799 Various Single-family Fixed 2.68 % 11/1/2028 Senior loan 2/11/2020 5,346 Various Single-family Fixed 3.14 % 12/1/2028 Senior loan 2/11/2020 9,404 Various Single-family Fixed 3.02 % 12/1/2028 Senior loan 2/11/2020 9,866 Various Single-family Fixed 2.77 % 12/1/2028 Senior loan 2/11/2020 4,846 Various Single-family Fixed 2.97 % 1/1/2029 Senior loan 2/11/2020 8,181 Various Single-family Fixed 3.14 % 1/1/2029 Senior loan 2/11/2020 5,763 Various Single-family Fixed 2.40 % 2/1/2024 Senior loan 2/11/2020 4,260 Various Single-family Fixed 3.06 % 2/1/2029 Senior loan 2/11/2020 15,908 Various Single-family Fixed 2.91 % 2/1/2029 Senior loan 2/11/2020 6,940 Various Single-family Fixed 2.98 % 2/1/2029 Senior loan 2/11/2020 7,220 Various Single-family Fixed 2.80 % 2/1/2029 Senior loan 2/11/2020 6,085 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 $ 765,372 2.43 % 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 4,179 North Aurora, IL Multifamily Fixed 0.30 % 1/1/2029 Senior loan 10/20/2020 2,215 Rosedale, MD Multifamily Fixed 0.30 % 7/1/2031 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 six June 30, 2021 2020 For the Six Months Ended June 30, 2021 2020 Balances as of December 31, $ 1,036,878 $ — Assumption of debt — 788,764 Principal borrowings 99,620 60,123 Principal repayments (25,943 ) (1,195 ) Accretion of loan discounts 217 — Balances as of June 30, $ 1,110,772 $ 847,692 Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five June 30, 2021 Year Recourse Non-recourse Total 2021¹ — $ (177,625 ) $ (177,625 ) 2022 — — — 2023 — (4,888 ) (4,888 ) 2024 — (5,763 ) (5,763 ) 2025 (36,500 ) (46,094 ) (82,594 ) Thereafter (75,000 ) (768,541 ) (843,541 ) $ (111,500 ) $ (1,002,911 ) $ (1,114,411 ) ( 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2021 Fair Value Carrying Value Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 29,988 $ 29,988 $ — $ — $ 29,988 Restricted Cash 690 690 — — 690 Loans, held-for-investment, net 149,683 — — 149,712 149,712 Common stock 47,959 — — 47,959 47,959 Mortgage loans, held-for-investment, net 896,746 — — 898,486 898,486 Accrued interest and dividends 5,722 5,722 — — 5,722 Mortgage loans held in variable interest entities, at fair value 7,348,132 — 7,348,132 — 7,348,132 CMBS structured pass through certificates, at fair value 55,758 — 55,758 — 55,758 Other assets 1,454 1,454 — — 1,454 $ 8,536,132 $ 37,854 $ 7,403,890 $ 1,096,156 $ 8,537,900 Liabilities Secured financing agreements, net $ 825,286 $ — $ — $ 855,485 $ 855,485 Master repurchase agreements 177,625 — — 177,625 177,625 Unsecured Notes 107,861 — — 107,861 107,861 Accounts payable and other accrued liabilities 4,547 4,547 — — 4,547 Accrued interest payable 3,312 3,312 — — 3,312 Due to brokers for securities purchased, not yet settled 67,523 — 67,523 — 67,523 Bonds payable held in variable interest entities, at fair value 6,912,442 — 6,912,442 — 6,912,442 $ 8,098,596 $ 7,859 $ 6,979,965 $ 1,140,971 $ 8,128,795 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 June 30, 2021 |
Note 9 - Stockholders' Equity
Note 9 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 9. Equity Common Stock On February 11, 2020, As of June 30, 2021 Preferred Stock On July 24, 2020, Share Repurchase Program On March 9, 2020, may two March 9, 2022 ( September 28, 2020, may may June 30, 2021 March 3, 2021, 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 June 30, 2021 not Long Term Incentive Plan On January 31, 2020, 2020 “2020 May 7, 2020, 8 may 2020 2020 may Restricted Stock Units 2020 may three five four May 8, 2020, 2020 June 24, 2020, November 2, 2020, one February 22, 2021 June 30, 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 (83,311 )(1) 12.11 Forfeited — — Outstanding June 30, 2021 439,724 $ 15.96 ( 1 Certain key employees of the Manager elected to net the taxes owed upon vesting against the shares issued resulting in 67,992 shares being issued as shown on the consolidated statements of stockholders' equity. At-The-Market-Offering On March 31, 2021, may Sales of shares of common stock or Series A Preferred Stock under the ATM Program, if any, may 415 June 30, 2021 six June 30, 2021 Gross Proceeds $ 8,415,980 Shares of Common Stock Issued 408,410 Gross Average Sale Price per Share of Common Stock $ 20.61 Sales Commissions $ 126,240 Offering Costs 583,851 Net Proceeds 7,705,889 Average Price Per Share, net $ 18.87 Noncontrolling Interest in Subsidiary On April 1, 2021, one 125 $0.1 $1,000 December 31, 2023. 125 Dividends The Board declared the second 2021 April 26, 2021 June 30, 2021 June 15, 2021 The Board declared a dividend to preferred stockholders of $0.53125 per share on June 25, 2021 July 26, 2021 July 15, 2021 . The REIT Sub paid a distribution of $30.00 per Preferred Membership Unit on June 30, 2021 June 15, 2021. |
Note 10 - Earnings (Loss) Per S
Note 10 - Earnings (Loss) Per Share | 6 Months Ended |
Jun. 30, 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 June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Net income (loss) attributable to common stockholders $ 5,542 $ 5,270 $ 13,909 $ (1,083 ) Earnings for basic computations Net income (loss) attributable to redeemable noncontrolling interests 5,834 14,003 21,663 (2,512 ) Net income for diluted computations $ 11,376 $ 19,273 $ 35,572 $ (3,595 ) Weighted-average common shares outstanding Average number of common shares outstanding - basic 5,306 5,263 5,165 5,248 Average number of unvested restricted stock units 509 30 449 19 Average number of OP Units and SubOP Units 13,787 12,807 13,787 12,733 Average number of common shares outstanding - diluted 19,603 18,100 19,402 18,000 Earnings (loss) per weighted average common share: Basic $ 1.04 $ 1.00 $ 2.69 $ (0.21 ) Diluted $ 0.58 $ 1.00 (1) $ 1.83 $ (0.21 )(1) ( 1 Unvested restricted stock units, OP Units and SubOP Units are not 2020. |
Note 11 - Noncontrolling Intere
Note 11 - Noncontrolling Interests | 6 Months Ended |
Jun. 30, 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 June 30, 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 June 30, 2021 1 2 June 30, 2021 3 On July 30, 2020, one August 4, 2020, June 30, 2020, On September 30, 2020, June 30, 2021 The following table sets forth the redeemable noncontrolling interests in the OP (reflecting the OP’s consolidation of the Subsidiary OPs) for the six June 30, 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 21,663 Distributions to redeemable noncontrolling interests in the OP (11,823 ) Redeemable noncontrolling interests in the OP, June 30, 2021 $ 285,510 On July 20, 2020, March 31, 2021, |
Note 12 - Related Party Transac
Note 12 - Related Party Transactions | 6 Months Ended |
Jun. 30, 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% of Equity (as defined below), paid monthly, in cash or shares of Company common stock at the election of our Manager (the “Annual Fee”). The duties performed by the Company’s Manager under the terms of the Management Agreement include, but are not 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 six June 30, 2021 Connections at Buffalo Pointe Contribution On May 29, 2020, first June 30, 2021 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 May 11, 2021, Jernigan Capital Acquisition On November 6, 2020, 5 RSU Issuance On May 8, 2020, 2020 June 24, 2020, November 2, 2020, one February 22, 2021 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 not six June 30, 2021 not For the six June 30, 2021 2020 |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 13. The Company is not The OP Notes previously described in Note 7 June 30, 2021 no not |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 14. Financing On July 6, 2021, one K62 Dividends Declared On July 28, 2021 September 30, 2021 September 15, 2021 . |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 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 six June 30, 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 June 30, 2021 December 31, 2020 three six June 30, 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 June 30, 2021 two June 30, 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 seven six one not On the Consolidated Balance Sheets as of June 30, 2021 seven not not 810 On June 30, 2021, July 6, 2021. June 30, 2021. not June 30, 2021. |
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 63.87% of the OP Units in the OP as of June 30, 2021 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 OP and the Subsidiary OPs have issued 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 six June 30, 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. six June 30, 2021 |
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 may 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 June 30, 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 June 30, 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 June 30, 2021 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 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) | 6 Months Ended |
Jun. 30, 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) June 30, 2021 SFR Loans, held-for-investment $ 837,362 $ 896,746 25 100.00 % 4.89 % 6.98 Mezzanine loan, held-for-investment 131,784 134,416 21 79.98 % 7.57 % 7.17 Preferred equity, held-for-investment 15,056 15,267 2 100.00 % 11.50 % 8.03 $ 984,202 $ 1,046,429 48 97.32 % 5.35 % 7.02 Weighted Average Loan Type Outstanding Face Amount Carrying Value (1) Loan Count Fixed Rate (2) Coupon (3) Life (years) (4) December 31, 2020 SFR Loans, held-for-investment $ 854,365 $ 918,114 26 100.00 % 4.90 % 7.39 Mezzanine loan, held-for-investment 105,399 108,557 19 100.00 % 7.46 % 8.82 Preferred equity, held-for-investment 18,877 19,220 3 100.00 % 7.79 % 7.12 $ 978,641 $ 1,045,891 48 100.00 % 5.24 % 7.54 |
Schedule of Loan and Preferred Equity Portfolio Activity [Table Text Block] | For the Six Months Ended June 30, 2021 2020 Balance at December 31, $ 1,045,891 $ — Contributions from noncontrolling interests in the OP — 967,201 Originations 25,926 7,500 Proceeds from principal repayments (1) (20,825 ) (1,298 ) Amortization of loan premium, net (2) (3,571 ) (2,999 ) Loan loss benefit (provision), net (107 ) (293 ) Realized losses (885 ) — Balance at June 30, $ 1,046,429 $ 970,111 |
Financing Receivable Credit Quality Indicators [Table Text Block] | June 30, 2021 Number of Carrying % of Loan Risk Rating Loans Value Portfolio 1 — $ — — 2 — — — 3 48 1,046,429 100.00 % 4 — — — 5 — — — 48 $ 1,046,429 100.00 % December 31, 2020 Number of Carrying % of Loan Risk Rating Loans Value Portfolio 1 — $ — — 2 — — — 3 48 1,045,891 100.00 % 4 — — — 5 — — — 48 $ 1,045,891 100.00 % |
Schedule of Loans Held for Investment as a Percentage of Face Amount by Geographic Areas [Table Text Block] | Geography June 30, 2021 December 31, 2020 Georgia 39.37 % 39.81 % Florida 19.18 % 20.88 % Maryland 7.08 % 7.26 % Texas 6.94 % 7.66 % Minnesota 5.15 % 4.82 % Alabama 3.55 % 3.59 % California 2.68 % 0.00 % New Jersey 1.96 % 1.98 % North Carolina 1.67 % 1.67 % Missouri 1.27 % 1.01 % Mississippi 1.02 % 1.03 % Other (19 states each at <1%) 10.12 % 10.29 % 100.00 % 100.00 % Collateral Property Type June 30, 2021 December 31, 2020 Single Family Rental 85.08 % 87.30 % Multifamily 14.92 % 12.70 % 100.00 % 100.00 % |
Note 4 - CMBS Trusts (Tables)
Note 4 - CMBS Trusts (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Recognized Trusts Assets and Liabilities [Table Text Block] | Trust's Assets June 30, 2021 December 31, 2020 Mortgage loans held in variable interest entities, at fair value $ 7,348,132 $ 5,007,515 Accrued interest receivable 1,813 1,063 Trust's Liabilities Bonds payable held in variable interest entities, at fair value (6,912,442 ) (4,731,429 ) Accrued interest payable (1,295 ) (794 ) |
Schedule of Change in Net Assets Related to Consolidated CMBS Variable Interest Entities [Table Text Block] | For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Net interest earned $ 6,424 $ 2,853 $ 12,124 $ 4,595 Unrealized gain (loss) 1,550 12,179 16,561 (14,722 ) Change in net assets related to consolidated CMBS variable interest entities $ 7,974 $ 15,032 $ 28,685 $ (10,127 ) |
Impaired Financing Receivables [Table Text Block] | Geography June 30, 2021 Texas 15.83 % Florida 13.90 % Arizona 9.70 % California 7.07 % Georgia 6.45 % Washington 6.43 % New Jersey 4.60 % Nevada 4.17 % Colorado 4.04 % Connecticut 3.00 % North Carolina 2.81 % New York 2.58 % Pennsylvania 2.26 % Ohio 1.71 % Virginia 1.68 % Indiana 1.66 % South Carolina 1.54 % Maryland 1.54 % Missouri 1.25 % Tennessee 1.17 % Other (18 states each at <1%) 6.62 % 100.00 % Geography December 31, 2020 Florida 16.25 % Texas 15.02 % Arizona 11.80 % California 8.25 % Georgia 7.05 % Washington 5.76 % Nevada 4.12 % New Jersey 4.14 % New York 3.00 % Pennsylvania 3.30 % Indiana 2.42 % Colorado 2.26 % Virginia 2.09 % Ohio 2.00 % North Carolina 1.98 % Tennessee 1.45 % Utah 1.33 % Maryland 1.32 % Missouri 1.20 % South Carolina 1.08 % Other (15 states each at <1%) 4.21 % Collateral Property Type June 30, 2021 December 31, 2020 Multifamily 98.25 % 98.12 % Manufactured Housing 1.75 % 1.88 % 100.00 % 100.00 % |
Note 5 - Common Stock (Tables)
Note 5 - Common Stock (Tables) | 6 Months Ended |
Jun. 30, 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 $ 47,959 Self-storage |
Note 6 - CMBS Structured Pass_2
Note 6 - CMBS Structured Pass Through Certificates (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Activity Related to Commercial Mortgage Backed Securities [Table Text Block] | For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Interest income $ 2,091 $ 80 $ 2,702 $ 80 Change in unrealized gain on CMBS structured pass through certificates (192 ) 301 439 301 Realized gain 484 — 484 — $ 2,383 $ 381 $ 3,625 $ 381 |
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 5/18/2020 $ 2,497 Multifamily 2.09 % 14.94 % 9/25/2046 CMBS I/O Strip 8/6/2020 8,003 Multifamily 0.10 % 14.03 % 6/25/2030 CMBS I/O Strip 8/6/2020 24,091 Multifamily 3.09 % 14.33 % 6/25/2030 CMBS I/O Strip 4/28/2021¹ 7,812 Multifamily 1.71 % 14.20 % 1/25/2030 CMBS I/O Strip 5/27/2021 5,039 Multifamily 3.50 % 13.99 % 5/25/2030 CMBS I/O Strip 6/7/2021 637 Multifamily 2.39 % 16.14 % 11/25/2028 CMBS I/O Strip 6/11/2021 5,590 Multifamily 1.25 % 13.95 % 5/25/2029 CMBS I/O Strip 6/21/2021 2,089 Multifamily 1.31 % 18.20 % 5/25/2030 Total $ 55,758 |
Note 7 - Debt (Tables)
Note 7 - Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 30, 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 177,625 177,625 N/A (5) 1.86 % 0.04 1,848,933 381,356 333,895 8.7 Asset Specific Financing Single Family Rental Freddie Mac 7/12/2019 765,372 765,372 7/12/2029 2.43 % 6.9 837,362 896,746 896,746 6.9 Mezzanine Freddie Mac 10/20/2020 59,914 59,914 8/1/2031 0.30 % 8.8 97,899 100,988 100,988 8.8 Unsecured Note Various 10/15/2020 36,500 35,092 10/25/2025 7.50 % 4.3 N/A N/A N/A N/A Various 4/20/2021 75,000 72,769 4/15/2026 5.75 % 4.8 N/A N/A N/A N/A Total/weighted average $ 1,114,411 $ 1,110,772 2.62 % 5.67 $ 2,784,194 $ 1,379,090 $ 1,331,629 8.16 December 31, 2020 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 161,465 161,465 N/A (5) 2.46 % 0.02 1,955,879 313,632 316,827 10.6 Asset Specific Financing Single Family Rental Freddie Mac 7/12/2019 780,539 780,539 3/1/2029 2.44 % 7.4 854,365 918,114 918,114 7.4 Mezzanine Freddie Mac 10/20/2020 59,914 59,914 8/1/2031 0.30 % 9.3 97,899 101,057 101,057 7.1 Unsecured Note Various 10/15/2020 36,500 34,960 10/25/2025 7.50 % 4.8 N/A N/A N/A N/A Total/weighted average $ 1,038,418 $ 1,036,878 2.50 % 6.27 $ 2,908,143 $ 1,332,803 $ 1,335,998 9.52 |
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 9,127 Various Single-family Fixed 3.51 % 2/1/2028 Senior loan 2/11/2020 4,888 Various Single-family Fixed 2.48 % 8/1/2023 Senior loan 2/11/2020 9,524 Various Single-family Fixed 2.79 % 9/1/2028 Senior loan 2/11/2020 6,821 Various Single-family Fixed 2.69 % 7/1/2028 Senior loan 2/11/2020 5,140 Various Single-family Fixed 2.64 % 10/1/2028 Senior loan 2/11/2020 11,130 Various Single-family Fixed 3.02 % 10/1/2028 Senior loan 2/11/2020 7,586 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 8,887 Various Single-family Fixed 3.30 % 10/1/2028 Senior loan 2/11/2020 35,595 Various Single-family Fixed 2.70 % 11/1/2028 Senior loan 2/11/2020 5,799 Various Single-family Fixed 2.68 % 11/1/2028 Senior loan 2/11/2020 5,346 Various Single-family Fixed 3.14 % 12/1/2028 Senior loan 2/11/2020 9,404 Various Single-family Fixed 3.02 % 12/1/2028 Senior loan 2/11/2020 9,866 Various Single-family Fixed 2.77 % 12/1/2028 Senior loan 2/11/2020 4,846 Various Single-family Fixed 2.97 % 1/1/2029 Senior loan 2/11/2020 8,181 Various Single-family Fixed 3.14 % 1/1/2029 Senior loan 2/11/2020 5,763 Various Single-family Fixed 2.40 % 2/1/2024 Senior loan 2/11/2020 4,260 Various Single-family Fixed 3.06 % 2/1/2029 Senior loan 2/11/2020 15,908 Various Single-family Fixed 2.91 % 2/1/2029 Senior loan 2/11/2020 6,940 Various Single-family Fixed 2.98 % 2/1/2029 Senior loan 2/11/2020 7,220 Various Single-family Fixed 2.80 % 2/1/2029 Senior loan 2/11/2020 6,085 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 $ 765,372 2.43 % 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 4,179 North Aurora, IL Multifamily Fixed 0.30 % 1/1/2029 Senior loan 10/20/2020 2,215 Rosedale, MD Multifamily Fixed 0.30 % 7/1/2031 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] | For the Six Months Ended June 30, 2021 2020 Balances as of December 31, $ 1,036,878 $ — Assumption of debt — 788,764 Principal borrowings 99,620 60,123 Principal repayments (25,943 ) (1,195 ) Accretion of loan discounts 217 — Balances as of June 30, $ 1,110,772 $ 847,692 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year Recourse Non-recourse Total 2021¹ — $ (177,625 ) $ (177,625 ) 2022 — — — 2023 — (4,888 ) (4,888 ) 2024 — (5,763 ) (5,763 ) 2025 (36,500 ) (46,094 ) (82,594 ) Thereafter (75,000 ) (768,541 ) (843,541 ) $ (111,500 ) $ (1,002,911 ) $ (1,114,411 ) |
Note 8 - Fair Value of Financ_2
Note 8 - Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 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 $ 29,988 $ 29,988 $ — $ — $ 29,988 Restricted Cash 690 690 — — 690 Loans, held-for-investment, net 149,683 — — 149,712 149,712 Common stock 47,959 — — 47,959 47,959 Mortgage loans, held-for-investment, net 896,746 — — 898,486 898,486 Accrued interest and dividends 5,722 5,722 — — 5,722 Mortgage loans held in variable interest entities, at fair value 7,348,132 — 7,348,132 — 7,348,132 CMBS structured pass through certificates, at fair value 55,758 — 55,758 — 55,758 Other assets 1,454 1,454 — — 1,454 $ 8,536,132 $ 37,854 $ 7,403,890 $ 1,096,156 $ 8,537,900 Liabilities Secured financing agreements, net $ 825,286 $ — $ — $ 855,485 $ 855,485 Master repurchase agreements 177,625 — — 177,625 177,625 Unsecured Notes 107,861 — — 107,861 107,861 Accounts payable and other accrued liabilities 4,547 4,547 — — 4,547 Accrued interest payable 3,312 3,312 — — 3,312 Due to brokers for securities purchased, not yet settled 67,523 — 67,523 — 67,523 Bonds payable held in variable interest entities, at fair value 6,912,442 — 6,912,442 — 6,912,442 $ 8,098,596 $ 7,859 $ 6,979,965 $ 1,140,971 $ 8,128,795 |
Note 9 - Stockholders' Equity (
Note 9 - Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 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 (83,311 )(1) 12.11 Forfeited — — Outstanding June 30, 2021 439,724 $ 15.96 |
Schedule of Sale of Stock [Table Text Block] | Gross Proceeds $ 8,415,980 Shares of Common Stock Issued 408,410 Gross Average Sale Price per Share of Common Stock $ 20.61 Sales Commissions $ 126,240 Offering Costs 583,851 Net Proceeds 7,705,889 Average Price Per Share, net $ 18.87 |
Note 10 - Earnings (Loss) Per_2
Note 10 - Earnings (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Net income (loss) attributable to common stockholders $ 5,542 $ 5,270 $ 13,909 $ (1,083 ) Earnings for basic computations Net income (loss) attributable to redeemable noncontrolling interests 5,834 14,003 21,663 (2,512 ) Net income for diluted computations $ 11,376 $ 19,273 $ 35,572 $ (3,595 ) Weighted-average common shares outstanding Average number of common shares outstanding - basic 5,306 5,263 5,165 5,248 Average number of unvested restricted stock units 509 30 449 19 Average number of OP Units and SubOP Units 13,787 12,807 13,787 12,733 Average number of common shares outstanding - diluted 19,603 18,100 19,402 18,000 Earnings (loss) per weighted average common share: Basic $ 1.04 $ 1.00 $ 2.69 $ (0.21 ) Diluted $ 0.58 $ 1.00 (1) $ 1.83 $ (0.21 )(1) |
Note 11 - Noncontrolling Inte_2
Note 11 - Noncontrolling Interests (Tables) | 6 Months Ended |
Jun. 30, 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 21,663 Distributions to redeemable noncontrolling interests in the OP (11,823 ) Redeemable noncontrolling interests in the OP, June 30, 2021 $ 285,510 |
Note 1 - Organization and Des_2
Note 1 - Organization and Description of Business (Details Textual) | Jul. 17, 2020 | Jun. 30, 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 | 63.87% | |
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) - USD ($) $ in Thousands | Jul. 06, 2021 | Jun. 30, 2021 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 | |
Financial Asset Acquired with Credit Deterioration [Member] | ||
Number of Loan Acquired | 0 | |
CMBS B-Pieces [Member] | Subsequent Event [Member] | ||
Payments for Purchase of Securities, Operating Activities | $ 67,500 | |
OP [Member] | ||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 63.87% | |
Variable Interest Entity, Primary Beneficiary [Member] | Subsequent Event [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Period Increase (Decrease), Total | 1,530,000 | |
Mortgage Loans, Fair Value | $ 1,460,000 | |
Variable Interest Entity, Primary Beneficiary [Member] | Six Securities [Member] | ||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 100.00% | |
Variable Interest Entity, Primary Beneficiary [Member] | One Security [Member] | ||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 90.00% | |
CMBS B-Pieces [Member] | ||
Financing Receivable, Deferred Payments, Percentage of Consolidated Unpaid Principal Balance Outstanding | 0.60% | |
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 | 0 |
Loans, held-for-investment, net | 155 |
Preferred stock | 400 |
Accrued interest and dividends | 0 |
Assets, Fair Value Disclosure | 71,816 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 |
Total contributions | 71,816 |
Changes Measurement [Member] | Credit Facility [Member] | |
Facility | 0 |
Changes Measurement [Member] | Bridge Facility [Member] | |
Facility | 0 |
Changes Measurement [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |
Bonds payable held in variable interest entities, at fair value | 0 |
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 | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Financing Receivable, Unamortized Purchase Premium (Discount) | $ 62.7 | $ 67.6 |
Loans and Leases Receivable, Number of Loans | 48 | 48 |
Risk Rating 3 [Member] | ||
Loans and Leases Receivable, Number of Loans | 48 | 48 |
Note 3 - Loans Held for Inves_4
Note 3 - Loans Held for Investment - Summary of Loans Held for Investment (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | ||
Outstanding Face Amount | $ 984,202 | $ 978,641 | |
Carrying Value | [1] | $ 1,046,429 | $ 1,045,891 |
Loan count | 48 | 48 | |
Weighted average, fixed rate | [2] | 97.32% | 100.00% |
Weighted average, coupon | [3] | 5.35% | 5.24% |
Weighted average, life (Year) | [4] | 7 years 7 days | 7 years 6 months 14 days |
SFR Loans [Member] | |||
Outstanding Face Amount | $ 837,362 | $ 854,365 | |
Carrying Value | [1] | $ 896,746 | $ 918,114 |
Loan count | 25 | 26 | |
Weighted average, fixed rate | [2] | 100.00% | 100.00% |
Weighted average, coupon | [3] | 4.89% | 4.90% |
Weighted average, life (Year) | [4] | 6 years 11 months 23 days | 7 years 4 months 20 days |
Mezzanine Loan [Member] | |||
Outstanding Face Amount | $ 131,784 | $ 105,399 | |
Carrying Value | [1] | $ 134,416 | $ 108,557 |
Loan count | 21 | 19 | |
Weighted average, fixed rate | [2] | 79.98% | 100.00% |
Weighted average, coupon | [3] | 7.57% | 7.46% |
Weighted average, life (Year) | [4] | 7 years 2 months 1 day | 8 years 9 months 25 days |
Preferred Equity [Member] | |||
Outstanding Face Amount | $ 15,056 | $ 18,877 | |
Carrying Value | [1] | $ 15,267 | $ 19,220 |
Loan count | 2 | 3 | |
Weighted average, fixed rate | [2] | 100.00% | 100.00% |
Weighted average, coupon | [3] | 11.50% | 7.79% |
Weighted average, life (Year) | [4] | 8 years 10 days | 7 years 1 month 13 days |
[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. The coupon rate for preferred equity includes current cash and deferred interest income. | ||
[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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | ||
Balance at December 31, | [1] | $ 1,045,891 | |
Contributions from noncontrolling interests in the OP | 0 | $ 967,201 | |
Originations | 25,926 | 7,500 | |
Loan loss benefit (provision), net | (107) | (293) | |
Balance at June 30, | [1] | 1,046,429 | |
Loans Receivable, Held for Investment [Member] | |||
Balance at December 31, | 1,045,891 | 0 | |
Originations | 25,926 | 7,500 | |
Proceeds from principal repayments (1) | [2] | (20,825) | (1,298) |
Amortization of loan premium, net (2) | [3] | (3,571) | (2,999) |
Realized losses | (885) | 0 | |
Balance at June 30, | $ 1,046,429 | $ 970,111 | |
[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. |
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 | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | |
Loan count | 48 | 48 | |
Carrying Value | [1] | $ 1,046,429 | $ 1,045,891 |
% of loan portfolio | 100.00% | 100.00% | |
Risk Rating 1 [Member] | |||
Loan count | 0 | 0 | |
Carrying Value | $ 0 | $ 0 | |
% of loan portfolio | 0.00% | 0.00% | |
Risk Rating 2 [Member] | |||
Loan count | 0 | 0 | |
Carrying Value | $ 0 | $ 0 | |
% of loan portfolio | 0.00% | 0.00% | |
Risk Rating 3 [Member] | |||
Loan count | 48 | 48 | |
Carrying Value | $ 1,046,429 | $ 1,045,891 | |
% of loan portfolio | 100.00% | 100.00% | |
Risk Rating 4 [Member] | |||
Loan count | 0 | 0 | |
Carrying Value | $ 0 | $ 0 | |
% of loan portfolio | 0.00% | 0.00% | |
Risk Rating 5 [Member] | |||
Loan count | 0 | 0 | |
Carrying Value | $ 0 | $ 0 | |
% of loan portfolio | 0.00% | 0.00% | |
[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) | Jun. 30, 2021 | Dec. 31, 2020 |
% of loan portfolio | 100.00% | 100.00% |
GEORGIA | ||
% of loan portfolio | 39.37% | 39.81% |
FLORIDA | ||
% of loan portfolio | 19.18% | 20.88% |
MARYLAND | ||
% of loan portfolio | 7.08% | 7.26% |
TEXAS | ||
% of loan portfolio | 6.94% | 7.66% |
MINNESOTA | ||
% of loan portfolio | 5.15% | 4.82% |
ALABAMA | ||
% of loan portfolio | 3.55% | 3.59% |
CALIFORNIA | ||
% of loan portfolio | 2.68% | 0.00% |
NEW JERSEY | ||
% of loan portfolio | 1.96% | 1.98% |
NORTH CAROLINA | ||
% of loan portfolio | 1.67% | 1.67% |
MISSOURI | ||
% of loan portfolio | 1.27% | 1.01% |
MISSISSIPPI | ||
% of loan portfolio | 1.02% | 1.03% |
Other [Member] | ||
% of loan portfolio | 10.12% | 10.29% |
Single Family Rental [Member] | ||
% of loan portfolio | 85.08% | 87.30% |
Multifamily [Member] | ||
% of loan portfolio | 14.92% | 12.70% |
Note 4 - CMBS Trusts - Schedule
Note 4 - CMBS Trusts - Schedule of Recognized Trusts Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Mortgage loans held in variable interest entities, at fair value | $ 149,683 | $ 127,777 |
Bonds payable held in variable interest entities, at fair value | 1,114,411 | |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Mortgage loans held in variable interest entities, at fair value | 7,348,132 | 5,007,515 |
Accrued interest receivable | 1,813 | 1,063 |
Bonds payable held in variable interest entities, at fair value | 6,912,442 | 4,731,429 |
Accrued interest payable | $ (1,295) | $ (794) |
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Unrealized gain (loss) | $ (192) | $ 301 | $ 439 | $ 301 |
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Net interest earned | 6,424 | 2,853 | 12,124 | 4,595 |
Unrealized gain (loss) | 1,550 | 12,179 | 16,561 | (14,722) |
Change in net assets related to consolidated CMBS variable interest entities | $ 7,974 | $ 15,032 | $ 28,685 | $ (10,127) |
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] | Jun. 30, 2021 | Dec. 31, 2020 |
Percentage of Collateral Unpaid Principal Balance | 100.00% | 100.00% |
TEXAS | ||
Percentage of Collateral Unpaid Principal Balance | 15.83% | 15.02% |
FLORIDA | ||
Percentage of Collateral Unpaid Principal Balance | 13.90% | 16.25% |
ARIZONA | ||
Percentage of Collateral Unpaid Principal Balance | 9.70% | 11.80% |
CALIFORNIA | ||
Percentage of Collateral Unpaid Principal Balance | 7.07% | 8.25% |
GEORGIA | ||
Percentage of Collateral Unpaid Principal Balance | 6.45% | 7.05% |
WASHINGTON | ||
Percentage of Collateral Unpaid Principal Balance | 6.43% | 5.76% |
NEW JERSEY | ||
Percentage of Collateral Unpaid Principal Balance | 4.60% | 4.14% |
NEVADA | ||
Percentage of Collateral Unpaid Principal Balance | 4.17% | 4.12% |
COLORADO | ||
Percentage of Collateral Unpaid Principal Balance | 4.04% | 2.26% |
NEW YORK | ||
Percentage of Collateral Unpaid Principal Balance | 2.58% | 3.00% |
CONNECTICUT | ||
Percentage of Collateral Unpaid Principal Balance | 3.00% | |
PENNSYLVANIA | ||
Percentage of Collateral Unpaid Principal Balance | 2.26% | 3.30% |
NORTH CAROLINA | ||
Percentage of Collateral Unpaid Principal Balance | 2.81% | 1.98% |
INDIANA | ||
Percentage of Collateral Unpaid Principal Balance | 1.66% | 2.42% |
VIRGINIA | ||
Percentage of Collateral Unpaid Principal Balance | 1.68% | 2.09% |
OHIO | ||
Percentage of Collateral Unpaid Principal Balance | 1.71% | 2.00% |
TENNESSEE | ||
Percentage of Collateral Unpaid Principal Balance | 1.17% | 1.45% |
SOUTH CAROLINA | ||
Percentage of Collateral Unpaid Principal Balance | 1.54% | 1.08% |
UTAH | ||
Percentage of Collateral Unpaid Principal Balance | 1.33% | |
MARYLAND | ||
Percentage of Collateral Unpaid Principal Balance | 1.54% | 1.32% |
MISSOURI | ||
Percentage of Collateral Unpaid Principal Balance | 1.25% | 1.20% |
Other [Member] | ||
Percentage of Collateral Unpaid Principal Balance | 6.62% | 4.21% |
Multifamily [Member] | ||
Percentage of Collateral Unpaid Principal Balance | 98.25% | 98.12% |
Manufactured Housing [Member] | ||
Percentage of Collateral Unpaid Principal Balance | 1.75% | 1.88% |
Note 5 - Common Stock (Details
Note 5 - Common Stock (Details Textual) - $ / shares | Nov. 06, 2020 | Jun. 30, 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 | Jun. 30, 2021 | Dec. 31, 2020 |
Investment, fair value | $ 47,959 | $ 44,626 |
NexPoint Storage Partners [Member] | ||
Investment, shares (in shares) | 41,963 | |
Investment, fair value | $ 47,959 |
Note 6 - CMBS Structured Pass_3
Note 6 - CMBS Structured Pass Through Certificates (Details Textual) - USD ($) $ in Millions | May 07, 2021 | Apr. 28, 2021 |
Multifamily [Member] | CMBS I/O Strip, Four [Member] | ||
Payments for Purchase of Securities, Operating Activities | $ 15 | $ 50 |
Note 6 - CMBS Structured Pass_4
Note 6 - CMBS Structured Pass Through Certificates - Summary of CMBS I/O Strips (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2020 | ||
CMBS structured pass through certificates, at fair value | $ 55,758 | $ 38,984 | |
CMBS structured pass through certificates, at fair value (Note 6) | 55,758 | $ 38,984 | |
Multifamily [Member] | CMBS I/O Strip, One [Member] | |||
CMBS structured pass through certificates, at fair value | $ 2,497 | ||
Interest rate | 2.09% | ||
Current yield | 14.94% | ||
CMBS structured pass through certificates, at fair value (Note 6) | $ 2,497 | ||
Interest rate | 2.09% | ||
Current yield | 14.94% | ||
Multifamily [Member] | CMBS I/O Strip, Two [Member] | |||
CMBS structured pass through certificates, at fair value | $ 8,003 | ||
Interest rate | 0.10% | ||
Current yield | 14.03% | ||
CMBS structured pass through certificates, at fair value (Note 6) | $ 8,003 | ||
Interest rate | 0.10% | ||
Current yield | 14.03% | ||
Multifamily [Member] | CMBS I/O Strip, Three [Member] | |||
CMBS structured pass through certificates, at fair value | $ 24,091 | ||
Interest rate | 3.09% | ||
Current yield | 14.33% | ||
CMBS structured pass through certificates, at fair value (Note 6) | $ 24,091 | ||
Interest rate | 3.09% | ||
Current yield | 14.33% | ||
Multifamily [Member] | CMBS I/O Strip, Four [Member] | |||
CMBS structured pass through certificates, at fair value | [1] | $ 7,812 | |
Interest rate | 1.71% | ||
Current yield | 14.20% | ||
CMBS structured pass through certificates, at fair value (Note 6) | [1] | $ 7,812 | |
Interest rate | 1.71% | ||
Current yield | 14.20% | ||
Multifamily [Member] | CMBS I/O Strip, Five [Member] | |||
CMBS structured pass through certificates, at fair value | $ 5,039 | ||
Interest rate | 3.50% | ||
Current yield | 13.99% | ||
CMBS structured pass through certificates, at fair value (Note 6) | $ 5,039 | ||
Interest rate | 3.50% | ||
Current yield | 13.99% | ||
Multifamily [Member] | CMBS I/O Strip, Six [Member] | |||
CMBS structured pass through certificates, at fair value | $ 637 | ||
Interest rate | 2.39% | ||
Current yield | 16.14% | ||
CMBS structured pass through certificates, at fair value (Note 6) | $ 637 | ||
Interest rate | 2.39% | ||
Current yield | 16.14% | ||
Multifamily [Member] | CMBS IO Strip Seven [Member] | |||
CMBS structured pass through certificates, at fair value | $ 5,590 | ||
Interest rate | 1.25% | ||
Current yield | 13.95% | ||
CMBS structured pass through certificates, at fair value (Note 6) | $ 5,590 | ||
Interest rate | 1.25% | ||
Current yield | 13.95% | ||
Multifamily [Member] | CMBS IO Strip Eight [Member] | |||
CMBS structured pass through certificates, at fair value | $ 2,089 | ||
Interest rate | 1.31% | ||
Current yield | 18.20% | ||
CMBS structured pass through certificates, at fair value (Note 6) | $ 2,089 | ||
Interest rate | 1.31% | ||
Current yield | 18.20% | ||
Multifamily [Member] | Collateralized Mortgage Backed Securities [Member] | |||
CMBS structured pass through certificates, at fair value | $ 55,758 | ||
CMBS structured pass through certificates, at fair value (Note 6) | $ 55,758 | ||
[1] | The Company, through the Subsidiary OPs, purchased approximately $50.0 million and $15.0 million aggregate notional amount of the X1 interest-only tranche of the FHMS K-107 CMBS I/O Strip on April 28, 2021 and May 4, 2021, respectively. |
Note 6 - CMBS Structured Pass_5
Note 6 - CMBS Structured Pass Through Certificates - Schedule of Activity Related to CMBS I/O Strips (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Unrealized gain (loss) | $ (192) | $ 301 | $ 439 | $ 301 |
Collateralized Mortgage Backed Securities [Member] | ||||
Interest income | 2,091 | 80 | 2,702 | 80 |
Unrealized gain (loss) | (192) | 301 | 439 | 301 |
Realized gain | 484 | 0 | 484 | 0 |
Interest Income and Gains (Loss) on Debt Securities, Trading | $ 2,383 | $ 381 | $ 3,625 | $ 381 |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) $ in Thousands | Apr. 20, 2021USD ($) | Oct. 20, 2020USD ($) | Oct. 15, 2020USD ($) | Jul. 12, 2019USD ($) | Jun. 30, 2021USD ($) | Dec. 31, 2020 | Feb. 11, 2020USD ($) | |
Loans and Leases Receivable, Number of Loans | 48 | 48 | ||||||
Loans and Leases Receivable, Weighted Average Fixed Rate | [1] | 97.32% | 100.00% | |||||
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% | 7.50% | |||||
Unsecured Debt [Member] | OP [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | |||||||
Debt Instrument, Face Amount | $ 36,500 | |||||||
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 | $ 765,400 | $ 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 | 177,600 | |||||||
Debt Instrument, Collateral Amount | $ 1,800,000 | |||||||
The 5.75 Percent Senior Notes Due 2026 [Member] | Unsecured Debt [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |||||||
Debt Instrument, Face Amount | $ 75,000 | |||||||
Debt Instrument, Percentage of Par Value | 99.50% | |||||||
Proceeds from Issuance of Unsecured Debt | $ 73,100 | |||||||
Debt, Weighted Average Interest Rate | [2] | 5.75% | ||||||
The 5.75 Percent Senior Notes Due 2026 [Member] | Unsecured Debt [Member] | Accounts Advised by NexAnnuity Asset Management, L.P. [Member] | ||||||||
Debt Instrument, Face Amount | $ 2,500 | |||||||
[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) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2020 | Apr. 20, 2021 | ||
Unsecured Debt [Member] | ||||
Weighted average interest rate | [1] | 7.50% | 7.50% | |
Facility [Member] | ||||
Outstanding face amount | $ 1,114,411 | $ 1,038,418 | ||
Carrying value | $ 1,110,772 | $ 1,036,878 | ||
Weighted average interest rate | [1] | 2.62% | 2.50% | |
Weighted average life (Year) | [2] | 5 years 8 months 1 day | 6 years 3 months 7 days | |
Facility [Member] | Unsecured Debt [Member] | ||||
Outstanding face amount | $ 36,500 | $ 36,500 | ||
Carrying value | $ 35,092 | $ 34,960 | ||
Weighted average life (Year) | [2] | 4 years 3 months 18 days | 4 years 9 months 18 days | |
Collateral [Member] | ||||
Collateral outstanding amount | $ 2,784,194 | $ 2,908,143 | ||
Amortized cost basis | 1,379,090 | 1,332,803 | ||
Collateral carrying value | [3] | $ 1,331,629 | $ 1,335,998 | |
Collateral weighted average life (Year) | [2] | 8 years 1 month 28 days | 9 years 6 months 7 days | |
Master Repurchase Agreements Collateralized By CMBS[Member] | Mizuho [Member] | ||||
Outstanding face amount | [4] | $ 177,625 | $ 161,465 | |
Carrying value | [4] | $ 177,625 | $ 161,465 | |
Weighted average interest rate | [1],[4] | 1.86% | 2.46% | |
Weighted average life (Year) | [2],[4] | 14 days | 7 days | |
Collateral outstanding amount | [4] | $ 1,848,933 | $ 1,955,879 | |
Amortized cost basis | [4] | 381,356 | 313,632 | |
Collateral carrying value | [3],[4] | $ 333,895 | $ 316,827 | |
Collateral weighted average life (Year) | [2],[4] | 8 years 8 months 12 days | 10 years 7 months 6 days | |
Asset Specific Financing [Member] | Freddie Mac [Member] | Facility [Member] | ||||
Outstanding face amount | $ 765,372 | $ 780,539 | ||
Carrying value | $ 765,372 | $ 780,539 | ||
Weighted average interest rate | [1] | 2.43% | 2.44% | |
Weighted average life (Year) | [2] | 6 years 10 months 24 days | 7 years 4 months 24 days | |
Asset Specific Financing [Member] | Freddie Mac [Member] | Collateral [Member] | ||||
Collateral outstanding amount | $ 837,362 | $ 854,365 | ||
Amortized cost basis | 896,746 | 918,114 | ||
Collateral carrying value | [3] | $ 896,746 | $ 918,114 | |
Collateral weighted average life (Year) | [2] | 6 years 10 months 24 days | 7 years 4 months 24 days | |
Mezzanine Loan [Member] | Freddie Mac [Member] | Facility [Member] | ||||
Outstanding face amount | $ 59,914 | $ 59,914 | ||
Carrying value | $ 59,914 | $ 59,914 | ||
Weighted average interest rate | [1] | 0.30% | 0.30% | |
Weighted average life (Year) | [2] | 8 years 9 months 18 days | 9 years 3 months 18 days | |
Mezzanine Loan [Member] | Freddie Mac [Member] | Collateral [Member] | ||||
Collateral outstanding amount | $ 97,899 | $ 97,899 | ||
Amortized cost basis | 100,988 | 101,057 | ||
Collateral carrying value | [3] | $ 100,988 | $ 101,057 | |
Collateral weighted average life (Year) | [2] | 8 years 9 months 18 days | 7 years 1 month 6 days | |
The 5.75 Percent Senior Notes Due 2026 [Member] | Unsecured Debt [Member] | ||||
Outstanding face amount | $ 75,000,000 | |||
Weighted average interest rate | [1] | 5.75% | ||
The 5.75 Percent Senior Notes Due 2026 [Member] | Facility [Member] | Unsecured Debt [Member] | ||||
Outstanding face amount | $ 75,000 | |||
Carrying value | $ 72,769 | |||
Weighted average life (Year) | [2] | 4 years 9 months 18 days | ||
[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 | Jun. 30, 2021USD ($) |
Single Family Rental [Member] | |
Secured financing agreements, net | $ 765,372 |
Interest Rate | 2.43% |
Single Family Rental [Member] | Debt Instrument One [Member] | |
Secured financing agreements, net | $ 465,689 |
Interest Rate | 2.24% |
Single Family Rental [Member] | Debt Instrument Two [Member] | |
Secured financing agreements, net | $ 9,127 |
Interest Rate | 3.51% |
Single Family Rental [Member] | Debt Instrument Three [Member] | |
Secured financing agreements, net | $ 4,888 |
Interest Rate | 2.48% |
Single Family Rental [Member] | Debt Instrument Four [Member] | |
Secured financing agreements, net | $ 9,524 |
Interest Rate | 2.79% |
Single Family Rental [Member] | Debt Instrument Five [Member] | |
Secured financing agreements, net | $ 6,821 |
Interest Rate | 2.69% |
Single Family Rental [Member] | Debt Instrument Six [Member] | |
Secured financing agreements, net | $ 5,140 |
Interest Rate | 2.64% |
Single Family Rental [Member] | Debt Instrument Seven [Member] | |
Secured financing agreements, net | $ 11,130 |
Interest Rate | 3.02% |
Single Family Rental [Member] | Debt Instrument Eight [Member] | |
Secured financing agreements, net | $ 7,586 |
Interest Rate | 3.02% |
Single Family Rental [Member] | Debt Instrument Nine [Member] | |
Secured financing agreements, net | $ 46,094 |
Interest Rate | 2.14% |
Single Family Rental [Member] | Debt Instrument Ten [Member] | |
Secured financing agreements, net | $ 8,887 |
Interest Rate | 3.30% |
Single Family Rental [Member] | Debt Instrument Eleven [Member] | |
Secured financing agreements, net | $ 35,595 |
Interest Rate | 2.70% |
Single Family Rental [Member] | Debt Instrument Twelve [Member] | |
Secured financing agreements, net | $ 5,799 |
Interest Rate | 2.68% |
Single Family Rental [Member] | Debt Instrument Thirteen [Member] | |
Secured financing agreements, net | $ 5,346 |
Interest Rate | 3.14% |
Single Family Rental [Member] | Debt Instrument Fourteen [Member] | |
Secured financing agreements, net | $ 9,404 |
Interest Rate | 3.02% |
Single Family Rental [Member] | Debt Instrument Fifteen [Member] | |
Secured financing agreements, net | $ 9,866 |
Interest Rate | 2.77% |
Single Family Rental [Member] | Debt Instrument Sixteen [Member] | |
Secured financing agreements, net | $ 4,846 |
Interest Rate | 2.97% |
Single Family Rental [Member] | Debt Instrument Seventeen [Member] | |
Secured financing agreements, net | $ 8,181 |
Interest Rate | 3.14% |
Single Family Rental [Member] | Debt Instrument Eighteen [Member] | |
Secured financing agreements, net | $ 5,763 |
Interest Rate | 2.40% |
Single Family Rental [Member] | Debt Instrument Nineteen [Member] | |
Secured financing agreements, net | $ 4,260 |
Interest Rate | 3.06% |
Single Family Rental [Member] | Debt Instrument Twenty [Member] | |
Secured financing agreements, net | $ 15,908 |
Interest Rate | 2.91% |
Single Family Rental [Member] | Debt Instrument Twenty One [Member] | |
Secured financing agreements, net | $ 6,940 |
Interest Rate | 2.98% |
Single Family Rental [Member] | Debt Instrument Twenty Two [Member] | |
Secured financing agreements, net | $ 7,220 |
Interest Rate | 2.80% |
Single Family Rental [Member] | Debt Instrument Twenty Three [Member] | |
Secured financing agreements, net | $ 6,085 |
Interest Rate | 2.99% |
Single Family Rental [Member] | Debt Instrument Twenty Four [Member] | |
Secured financing agreements, net | $ 9,284 |
Interest Rate | 2.45% |
Single Family Rental [Member] | Debt Instrument Twenty Five [Member] | |
Secured financing agreements, net | $ 55,988 |
Interest Rate | 2.70% |
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] | |
Secured financing agreements, net | $ 3,348 |
Interest Rate | 0.30% |
Multifamily [Member] | Debt Instrument Two [Member] | Mezzanine Loan Portfolio [Member] | White Marsh, MD [Member] | |
Secured financing agreements, net | $ 6,353 |
Interest Rate | 0.30% |
Multifamily [Member] | Debt Instrument Three [Member] | Mezzanine Loan Portfolio [Member] | Philadelphia, PA [Member] | |
Secured financing agreements, net | $ 8,723 |
Interest Rate | 0.30% |
Multifamily [Member] | Debt Instrument Four [Member] | Mezzanine Loan Portfolio [Member] | Daytona Beach, FL [Member] | |
Secured financing agreements, net | $ 2,264 |
Interest Rate | 0.30% |
Multifamily [Member] | Debt Instrument Five [Member] | Mezzanine Loan Portfolio [Member] | Laurel, MD [Member] | |
Secured financing agreements, net | $ 7,344 |
Interest Rate | 0.30% |
Multifamily [Member] | Debt Instrument Six [Member] | Mezzanine Loan Portfolio [Member] | Temple Hills, MD [Member] | |
Secured financing agreements, net | $ 1,836 |
Interest Rate | 0.30% |
Multifamily [Member] | Debt Instrument Seven [Member] | Mezzanine Loan Portfolio [Member] | Temple Hills, MD [Member] | |
Secured financing agreements, net | $ 918 |
Interest Rate | 0.30% |
Multifamily [Member] | Debt Instrument Eight [Member] | Mezzanine Loan Portfolio [Member] | Lakewood, NJ [Member] | |
Secured financing agreements, net | $ 3,390 |
Interest Rate | 0.30% |
Multifamily [Member] | Debt Instrument Nine [Member] | Mezzanine Loan Portfolio [Member] | North Aurora, IL [Member] | |
Secured financing agreements, net | $ 4,179 |
Interest Rate | 0.30% |
Multifamily [Member] | Debt Instrument Ten [Member] | Mezzanine Loan Portfolio [Member] | Rosedale, MD [Member] | |
Secured financing agreements, net | $ 2,215 |
Interest Rate | 0.30% |
Multifamily [Member] | Debt Instrument Eleven [Member] | Mezzanine Loan Portfolio [Member] | Cockeysville, MD [Member] | |
Secured financing agreements, net | $ 5,881 |
Interest Rate | 0.30% |
Multifamily [Member] | Debt Instrument Twelve [Member] | Mezzanine Loan Portfolio [Member] | Laurel, MD [Member] | |
Secured financing agreements, net | $ 4,523 |
Interest Rate | 0.30% |
Multifamily [Member] | Debt Instrument Thirteen [Member] | Mezzanine Loan Portfolio [Member] | Vancouver, WA [Member] | |
Secured financing agreements, net | $ 662 |
Interest Rate | 0.30% |
Multifamily [Member] | Debt Instrument Fourteen [Member] | Mezzanine Loan Portfolio [Member] | Tyler, TX [Member] | |
Secured financing agreements, net | $ 1,307 |
Interest Rate | 0.30% |
Multifamily [Member] | Debt Instrument Fifteen [Member] | Mezzanine Loan Portfolio [Member] | Las Vegas, NV [Member] | |
Secured financing agreements, net | $ 728 |
Interest Rate | 0.30% |
Multifamily [Member] | Debt Instrument Sixteen [Member] | Mezzanine Loan Portfolio [Member] | Atlanta, GA [Member] | |
Secured financing agreements, net | $ 2,026 |
Interest Rate | 0.30% |
Multifamily [Member] | Debt Instrument Seventeen [Member] | Mezzanine Loan Portfolio [Member] | Des Moines, IA [Member] | |
Secured financing agreements, net | $ 1,763 |
Interest Rate | 0.30% |
Multifamily [Member] | Debt Instrument Eighteen [Member] | Mezzanine Loan Portfolio [Member] | Urbandale, IA [Member] | |
Secured financing agreements, net | $ 2,454 |
Interest Rate | 0.30% |
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 | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Assumption of debt | $ 0 | $ 788,764 |
Amortization of premiums | 5,288 | 3,088 |
Secured Financing Agreements and Master Repurchase Agreements [Member] | ||
Balances as of December 31, | 1,036,878 | 0 |
Principal borrowings | 99,620 | 60,123 |
Principal repayments | (25,943) | (1,195) |
Amortization of premiums | 217 | 0 |
Balances as of June 30, | $ 1,110,772 | $ 847,692 |
Note 7 - Debt - Summary of Aggr
Note 7 - Debt - Summary of Aggregate Scheduled Maturities of Total Debt (Details) $ in Thousands | Jun. 30, 2021USD ($) | |
2021¹ | $ (177,625) | [1] |
2022 | 0 | |
2023 | (4,888) | |
2024 | (5,763) | |
2025 | (82,594) | |
Thereafter | (843,541) | |
Long-term Debt, Total | (1,114,411) | |
Recourse [Member] | ||
2021¹ | 0 | [1] |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | (36,500) | |
Thereafter | (75,000) | |
Long-term Debt, Total | (111,500) | |
Nonrecourse [Member] | ||
2021¹ | (177,625) | [1] |
2022 | 0 | |
2023 | (4,888) | |
2024 | (5,763) | |
2025 | (46,094) | |
Thereafter | (768,541) | |
Long-term Debt, Total | $ (1,002,911) | |
[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 ($) | Jun. 30, 2021 | Dec. 31, 2020 | Feb. 11, 2020 |
Common stock, at fair value | $ 47,959,000 | $ 44,626,000 | |
CMBS structured pass through certificates, at fair value | 55,758,000 | $ 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 | 29,988,000 | ||
Restricted Cash | 690,000 | ||
Loans, held-for-investment, net | 149,712,000 | ||
Common stock, at fair value | 47,959,000 | ||
Accrued interest and dividends | 5,722,000 | ||
CMBS structured pass through certificates, at fair value | 55,758,000 | ||
Other assets | 1,454,000 | ||
Assets, Fair Value Disclosure | 8,537,900,000 | ||
Secured financing agreements, net | 855,485,000 | ||
Master repurchase agreements | 177,625,000 | ||
Unsecured Notes | 107,861,000 | ||
Accounts payable and other accrued liabilities | 4,547,000 | ||
Accrued interest payable | 3,312,000 | ||
Due to brokers for securities purchased, not yet settled | 67,523,000 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 8,128,795,000 | ||
Fair Value, Recurring [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Bonds payable held in variable interest entities, at fair value | 6,912,442,000 | ||
Fair Value, Recurring [Member] | Mortgages [Member] | |||
Loans, held-for-investment, net | 898,486,000 | ||
Fair Value, Recurring [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Loans, held-for-investment, net | 7,348,132,000 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash and cash equivalents | 29,988,000 | ||
Restricted Cash | 690,000 | ||
Loans, held-for-investment, net | 0 | ||
Common stock, at fair value | 0 | ||
Accrued interest and dividends | 5,722,000 | ||
CMBS structured pass through certificates, at fair value | 0 | ||
Other assets | 1,454,000 | ||
Assets, Fair Value Disclosure | 37,854,000 | ||
Secured financing agreements, net | 0 | ||
Master repurchase agreements | 0 | ||
Unsecured Notes | 0 | ||
Accounts payable and other accrued liabilities | 4,547,000 | ||
Accrued interest payable | 3,312,000 | ||
Due to brokers for securities purchased, not yet settled | 0 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 7,859,000 | ||
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 | 0 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgages [Member] | |||
Loans, held-for-investment, net | 0 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Loans, held-for-investment, net | 0 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Cash and cash equivalents | 0 | ||
Restricted Cash | 0 | ||
Loans, held-for-investment, net | 0 | ||
Common stock, at fair value | 0 | ||
Accrued interest and dividends | 0 | ||
CMBS structured pass through certificates, at fair value | 55,758,000 | ||
Other assets | 0 | ||
Assets, Fair Value Disclosure | 7,403,890,000 | ||
Secured financing agreements, net | 0 | ||
Master repurchase agreements | 0 | ||
Unsecured Notes | 0 | ||
Accounts payable and other accrued liabilities | 0 | ||
Accrued interest payable | 0 | ||
Due to brokers for securities purchased, not yet settled | 67,523,000 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 6,979,965,000 | ||
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 | 6,912,442,000 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgages [Member] | |||
Loans, held-for-investment, net | 0 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Loans, held-for-investment, net | 7,348,132,000 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Cash and cash equivalents | 0 | ||
Restricted Cash | 0 | ||
Loans, held-for-investment, net | 149,712,000 | ||
Common stock, at fair value | 47,959,000 | ||
Accrued interest and dividends | 0 | ||
CMBS structured pass through certificates, at fair value | 0 | ||
Other assets | 0 | ||
Assets, Fair Value Disclosure | 1,096,156,000 | ||
Secured financing agreements, net | 855,485,000 | ||
Master repurchase agreements | 177,625,000 | ||
Unsecured Notes | 107,861,000 | ||
Accounts payable and other accrued liabilities | 0 | ||
Accrued interest payable | 0 | ||
Due to brokers for securities purchased, not yet settled | 0 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,140,971,000 | ||
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 | 0 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgages [Member] | |||
Loans, held-for-investment, net | 898,486,000 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Loans, held-for-investment, net | 0 | ||
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | |||
Cash and cash equivalents | 29,988,000 | ||
Restricted Cash | 690,000 | ||
Loans, held-for-investment, net | 149,683,000 | ||
Common stock, at fair value | 47,959,000 | ||
Accrued interest and dividends | 5,722,000 | ||
CMBS structured pass through certificates, at fair value | 55,758,000 | ||
Other assets | 1,454,000 | ||
Assets, Fair Value Disclosure | 8,536,132,000 | ||
Secured financing agreements, net | 825,286,000 | ||
Master repurchase agreements | 177,625,000 | ||
Unsecured Notes | 107,861,000 | ||
Accounts payable and other accrued liabilities | 4,547,000 | ||
Accrued interest payable | 3,312,000 | ||
Due to brokers for securities purchased, not yet settled | 67,523,000 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 8,098,596,000 | ||
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Bonds payable held in variable interest entities, at fair value | 6,912,442,000 | ||
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | Mortgages [Member] | |||
Loans, held-for-investment, net | 896,746,000 | ||
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Loans, held-for-investment, net | $ 7,348,132,000 |
Note 9 - Stockholders' Equity_2
Note 9 - Stockholders' Equity (Details Textual) - USD ($) | Jun. 25, 2021 | Apr. 26, 2021 | Apr. 01, 2021 | Mar. 03, 2021 | Feb. 22, 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 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||
Common Stock, Shares, Issued, Total (in shares) | 5,785,967 | 5,785,967 | 5,785,967 | 5,350,000 | ||||||||||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 5,498,980 | 5,498,980 | 5,498,980 | 5,022,578 | ||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 98,000 | $ 0 | ||||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 10,000,000 | |||||||||||||||||||
Stock Repurchase Program, Period in Force (Year) | 2 years | |||||||||||||||||||
Treasury Stock, Shares, Acquired (in shares) | 327,422 | |||||||||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 0 | $ 1,339,000 | $ 4,800,000 | |||||||||||||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 14.61 | |||||||||||||||||||
Treasury Stock, Shares, Retired (in shares) | 40,435 | |||||||||||||||||||
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 | Apr. 26, 2021 | |||||||||||||||||||
Dividends Payable, Date to be Paid | Jun. 30, 2021 | |||||||||||||||||||
Dividends Payable, Date of Record | Jun. 15, 2021 | |||||||||||||||||||
Preferred Stock [Member] | ||||||||||||||||||||
Dividends Payable, Amount Per Share (in dollars per share) | $ 0.53125 | |||||||||||||||||||
Dividends Payable, Date Declared | Jun. 25, 2021 | |||||||||||||||||||
Dividends Payable, Date to be Paid | Jul. 26, 2021 | |||||||||||||||||||
Dividends Payable, Date of Record | Jul. 15, 2021 | |||||||||||||||||||
NREF OP IV REIT [Member] | ||||||||||||||||||||
Sale of Stock, Price Per Share (in dollars per share) | $ 1,000 | |||||||||||||||||||
Preferred Units, Distribution Per Year Rate | 12.00% | |||||||||||||||||||
Preferred Units, Redemption Value Per Share (in dollars per share) | $ 1,000 | |||||||||||||||||||
Partners' Capital Account, Distribution Per Unit of Limited Partner Interest (in dollars per share) | $ 30 | $ 30 | $ 30 | |||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction (in shares) | 125 | |||||||||||||||||||
Sale of Stock, Consideration Received on Transaction | $ 100,000 | |||||||||||||||||||
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 | |||||||||||||||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total (in shares) | 67,992 | |||||||||||||||||||
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 | $ 1,200,000 | |||||||||||||||||||
Payments of Stock Issuance Costs | $ 800,000 | |||||||||||||||||||
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 | $ 48,000,000 | |||||||||||||||||||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ 25 | $ 25 | ||||||||||||||||||
Treasury Stock, Shares, Acquired (in shares) | 0 | |||||||||||||||||||
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 | $ 101,700,000 | |||||||||||||||||||
Underwriting Discount and Commission Expenses | 6,900,000 | |||||||||||||||||||
Payments of Stock Issuance Costs | $ 3,300,000 | |||||||||||||||||||
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) | 408,410 | |||||||||||||||||||
Payments of Stock Issuance Costs | $ 583,851 | |||||||||||||||||||
Equity Distribution Agreements, Maximum Aggregate Sales Price | $ 100,000,000 | |||||||||||||||||||
At-the-market Offering [Member] | Series A Preferred Stock [Member] | ||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 0 |
Note 9 - Stockholders' Equity -
Note 9 - Stockholders' Equity - Number of Restricted Stock Units Granted, Vested, Forfeited and Outstanding (Details) - Restricted Stock Units (RSUs) [Member] | 6 Months Ended | |
Jun. 30, 2021$ / sharesshares | ||
Outstanding January 1, 2021 (in shares) | shares | 290,851 | |
Outstanding, 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 | (83,311) | [1] |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 12.11 | |
Forfeited (in shares) | shares | 0 | |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 0 | |
Outstanding June 30, 2021 (in shares) | shares | 439,724 | |
Outstanding, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 15.96 | |
[1] | Certain key employees of the Manager elected to net the taxes owed upon vesting against the shares issued resulting in 67,992 shares being issued as shown on the consolidated statements of stockholders' equity. |
Note 9 - Stockholders' Equity_3
Note 9 - Stockholders' Equity - Summary of ATM Program Sales (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net Proceeds | $ 7,708,000 | $ 91,948,000 | |
At-the-market Offering [Member] | |||
Gross Proceeds | $ 8,415,980 | ||
Shares of Common Stock Issued (in shares) | 408,410 | ||
Gross Average Sale Price per Share of Common Stock (in dollars per share) | $ 20.61 | $ 20.61 | |
Sales Commissions | $ 126,240 | ||
Offering Costs | 583,851 | ||
Net Proceeds | $ 7,705,889 | ||
Average Price Per Share, net (in dollars per share) | $ 18.87 | $ 18.87 |
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 | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |||
Net income (loss) attributable to common stockholders | $ 5,542 | $ 5,270 | $ 13,909 | $ (1,083) | ||
Net income (loss) attributable to redeemable noncontrolling interests | 5,834 | 14,003 | 21,663 | (2,512) | ||
Net income for diluted computations | $ 11,376 | $ 19,273 | $ 35,572 | $ (3,595) | ||
Weighted-average common shares outstanding (in shares) | 5,306 | 5,263 | 5,165 | 5,248 | ||
Average number of unvested restricted stock units (in shares) | 509 | 30 | 449 | 19 | ||
Average number of OP Units and SubOP Units (in shares) | 13,787 | 12,807 | 13,787 | 12,733 | ||
Average number of common shares outstanding - diluted (in shares) | 19,603 | 18,100 | 19,402 | 18,000 | ||
Basic (in dollars per share) | $ 1.04 | $ 1 | $ 2.69 | $ (0.21) | ||
Diluted (in dollars per share) | $ 0.58 | $ 1 | [1] | $ 1.83 | $ (0.21) | [1] |
[1] | Unvested restricted stock units and OP Units and SubOP Units are not included in the diluted earnings per share calculation for 2020. |
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 | Jun. 30, 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 | 63.87% | ||||||
OP [Member] | Manager Affiliates [Member] | Subscription Agreements [Member] | |||||||
Partners' Capital, Distribution Amount Per Share (in dollars per share) | $ 20.64 | ||||||
Weighted Average Limited Partnership Units Outstanding, Basic (in shares) | 13,787,123 | ||||||
Partners' Capital Account, Redemptions | $ 284.6 | ||||||
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 | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Redeemable noncontrolling interests in the OP, December 31, 2020 | $ 275,670 |
Contributions from redeemable noncontrolling interests in the OP | 0 |
Net income attributable to redeemable noncontrolling interests in the OP | 21,663 |
Distributions to redeemable noncontrolling interests in the OP | (11,823) |
Redeemable noncontrolling interests in the OP, June 30, 2021 | $ 285,510 |
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 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Payment for Management Fee | $ 0 | ||||||||
Management Fee Expense | $ 518 | $ 351 | $ 1,036 | $ 547 | |||||
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 | $ 1,000 | $ 500 | |||||||
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 | 89.90% | 89.90% | |||||||
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) - USD ($) $ / shares in Units, $ in Millions | Jul. 28, 2021 | Jul. 06, 2021 | Apr. 26, 2021 |
Common Stock [Member] | |||
Dividends Payable, Amount Per Share (in dollars per share) | $ 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] | |||
Secured Debt, Repurchase Agreements | $ 43.7 | ||
Pledged Assets Separately Reported, Loans Pledged for Repurchase Agreements, Number of Loans | 67 | ||
Subsequent Event [Member] | Common Stock [Member] | |||
Dividends Payable, Amount Per Share (in dollars per share) | $ 0.4750 | ||
Dividends Payable, Date Declared | Jul. 28, 2021 | ||
Dividends Payable, Date to be Paid | Sep. 30, 2021 | ||
Dividends Payable, Date of Record | Sep. 15, 2021 | ||
Subsequent Event [Member] | Class D Tranche of Freddie Mac K62 CMBS [Member] | |||
Repayments of Debt | $ 98.3 | ||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 68.70% | ||
Debt Instrument, Percentage of Total Amount Outstanding Extinguished | 90.00% | ||
Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Securities Sold under Agreements to Repurchase, Average Rate Paid | 1.95% | ||
Subsequent Event [Member] | CMBS B-Pieces [Member] | |||
Pledged Assets Separately Reported, Loans Pledged for Repurchase Agreements, at Fair Value | $ 80.9 |