NexPoint Real Estate Finance (NREF) 10-Q 9 Nov 21 2021 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 08, 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	Q3
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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	300 Crescent Court, Suite 700
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	214
Local Phone Number	276-6300
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		9,162,096
Series A Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	8.50% Series A Cumulative Redeemable Preferred Stock, par value 0.01 per share
Trading Symbol	NREF-PRA
Security Exchange Name	NYSE
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

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 22,219	$ 30,241
Restricted cash	2,360	3,230
Bridge loan	32,608	0
Loans, held-for-investment, net	152,634	127,777
Common stock investment, at fair value	49,321	44,626
Mortgage loans, held-for-investment, net	871,711	918,114
Accrued interest and dividends	6,440	5,078
CMBS structured pass through certificates, at fair value (Note 6)	72,645	38,984
Accounts receivable and other assets	1,108	745
TOTAL ASSETS	8,296,407	6,176,310
Liabilities:
Master repurchase agreements	222,533	161,465
Unsecured notes, net	108,030	34,960
Accounts payable and other accrued liabilities	3,984	1,779
Accrued interest payable	5,046	2,311
Due to brokers for securities purchased, not yet settled	2,188	0
Total Liabilities	7,799,912	5,772,397
Redeemable noncontrolling interests in the OP	258,992	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; 9,449,083 and 5,350,000 shares issued and 9,162,096 and 5,022,578 shares outstanding, respectively	92	50
Additional paid-in capital	222,357	138,043
Retained earnings	20,636	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	237,503	128,243
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	8,296,407	6,176,310
Facility [Member]
Liabilities:
Secured financing agreements, net	805,427	840,453
Variable Interest Entity, Primary Beneficiary [Member]
ASSETS
Loans, held-for-investment, net	7,085,361	5,007,515
Liabilities:
Bonds payable held in variable interest entities, at fair value	6,652,704	4,731,429
Stockholders' Equity:
Noncontrolling interest in CMBS variable interest entities	7,069	0
Subsidiaries [Member]
Stockholders' Equity:
Noncontrolling interest in CMBS variable interest entities	$ 95	$ 0

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 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)	9,449,083	5,350,000
Common stock, shares outstanding (in shares)	9,162,096	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			9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020		Sep. 30, 2021	Sep. 30, 2020
Net interest income
Interest income	$ 14,372	$ 10,492		$ 39,900	$ 26,899
Interest expense	(7,790)	(6,102)		(21,876)	(14,649)
Total net interest income	6,582	4,390		18,024	12,250
Other income (loss)
Change in unrealized gain (loss) on CMBS structured pass through certificates	355	(200)		794	101
Change in unrealized gain on common stock	1,362	0		4,695	0
Loan loss benefit (provision)	6	14		(101)	(279)
Dividend income, net	0	1,305		0	3,557
Realized losses	0	0		(257)	0
Other income	0	0		774	0
Total other income (loss)	21,963	10,039		54,830	2,172
Operating expenses
General and administrative expenses	1,476	1,167		4,810	2,361
Loan servicing fees	1,327	1,241		3,942	3,088
Management fees	551	480		1,587	1,027
Total operating expenses	3,354	2,888		10,339	6,476
Net income	25,191	11,541		62,515	7,946
Net (income) attributable to preferred shareholders	(874)	(874)		(2,626)	(874)
Net (income) attributable to redeemable noncontrolling interests	(11,084)	(7,805)		(32,747)	(5,293)
Net income attributable to common stockholders	$ 13,233	$ 2,862		$ 27,142	$ 1,779
Weighted-average common shares outstanding - basic (in shares)	6,863	5,261		5,738	5,253
Weighted-average common shares outstanding - diluted (in shares)	20,721	5,550		19,846	5,379
Earnings per share - basic (in dollars per share)	$ 1.93	$ 0.54		$ 4.73	$ 0.34
Earnings per share - diluted (in dollars per share)	1.17	0.52	[1]	3.02	0.33	[1]
Dividends declared per common share (in dollars per share)	$ 0.4750	$ 0.4000		$ 1.4250	$ 1.0198
Variable Interest Entity, Primary Beneficiary [Member]
Other income (loss)
Change in net assets related to consolidated CMBS variable interest entities	$ 20,240	$ 8,920		$ 48,925	$ (1,207)
Change in unrealized gain (loss) on CMBS structured pass through certificates	$ 12,421	$ 3,903		$ 28,982	$ (11,231)
[1]	Unvested restricted stock units, 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]	Public Offering [Member]Preferred Stock Outstanding [Member]	Public Offering [Member]Common Stock Outstanding [Member]	Public Offering [Member]Additional Paid-in Capital [Member]	Public Offering [Member]Retained Earnings [Member]	Public Offering [Member]Treasury Stock, Common [Member]	Public Offering [Member]Treasury Stock, Preferred [Member]	Public Offering [Member]Noncontrolling Interest [Member]Variable Interest Entity, Primary Beneficiary [Member]	Public Offering [Member]Noncontrolling Interest [Member]Subsidiaries [Member]	Public 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			$ 0
Vesting of stock-based compensation																												$ 0	$ 0	292	0	0	0			292
Issuance of common shares (in shares)																													5,350,000
Issuance of common shares																													$ 54	91,434	0	0	0			91,488
Net income attributable to preferred stockholders																												0	0	0	874	0	0			874
Net income attributable to common stockholders																												0	0	0	1,779	0	0			1,779
Preferred stock dividends declared																												0	0	0	(874)	0	0			(874)
Common stock dividends declared																												$ 0	$ 0	0	(5,488)	0	0			(5,488)
Issuance of preferred stock through public offering, net (in shares)																												2,000,000	0
Issuance of preferred stock through public offering, net																												$ 20	$ 0	46,061	0	0	0			46,081
Repurchase of common stock (in shares)																												0	(113,511)
Repurchase of common stock																												$ 0	$ (1)	0	0	(1,715)	0			(1,716)
Repurchase of preferred stock (in shares)																												(355,000)	0
Repurchase of preferred stock																												$ (4)	$ 0	0	0	0	(8,567)			(8,571)
Balances (in shares) at Sep. 30, 2020																												1,645,000	5,236,489
Balances at Sep. 30, 2020																												$ 16	$ 53	137,787	(3,709)	(1,715)	(8,567)			123,865
Balances (in shares) at Jun. 30, 2020																												0	5,262,534
Balances at Jun. 30, 2020																												$ 0	$ 53	91,933	(4,351)	(1,338)	0			86,297
Vesting of stock-based compensation																												$ 0	$ 0	252	0	0	0			252
Issuance of common shares (in shares)																												0	0
Net income attributable to preferred stockholders																												$ 0	$ 0	0	874	0	0			874
Net income attributable to common stockholders																												0	0	0	2,862	0	0			2,862
Preferred stock dividends declared																												0	0	0	(874)	0	0			(874)
Common stock dividends declared																												0	0	0	(2,220)	0	0			(2,220)
Issuance of common stock through public offering, net																												$ 0	$ 0	(459)	0	0	0			(459)
Issuance of preferred stock through public offering, net (in shares)																												2,000,000	0
Issuance of preferred stock through public offering, net																												$ 20	$ 0	46,061	0	0	0			46,081
Repurchase of common stock (in shares)																												0	(26,045)
Repurchase of common stock																												$ 0	$ 0	0	0	(377)	0			(377)
Repurchase of preferred stock (in shares)																												(355,000)	0
Repurchase of preferred stock																												$ (4)	$ 0	0	0	0	(8,567)			(8,571)
Balances (in shares) at Sep. 30, 2020																												1,645,000	5,236,489
Balances at Sep. 30, 2020																												$ 16	$ 53	137,787	(3,709)	(1,715)	(8,567)			123,865
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
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 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	1,166	0	0	0	0	0	1,167
Issuance of common shares (in shares)	0	532,694							532,694	0	2,059,700
Issuance of common shares	$ 0	$ 5	$ 10,397	$ 0	$ 0	$ 0	$ 0	$ 0	$ 10,402	$ 0	$ 21	$ 40,962	$ 0	$ 0	$ 0	$ 0		$ 40,983
Conversion of redeemable noncontrolling interests in the OP (in shares)																												0	1,479,132
Conversion of redeemable noncontrolling interests in the OP																												$ 0	$ 15	32,378	0	0	0	0	0	32,393
Noncontrolling interest in CMBS VIEs																												0	0	0	0	0	0	7,069	0	7,069
Net income attributable to preferred stockholders																												0	0	0	2,626	0	0	0	0	2,626
Net income attributable to common stockholders																												0	0	0	27,142	0	0	0	0	27,142
Preferred stock dividends declared																												0	0	0	(2,626)	0	0	0	0	(2,626)
Common stock dividends declared																												0	0	0	(9,991)	0	0	0	0	(9,991)
Cancellation of common stock held in treasury																												$ 0	$ 0	(589)	0	589	0	0	0	0
Issuance of subsidiary preferred membership units through private offering, net																			$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 95	$ 95
Balances (in shares) at Sep. 30, 2021																												1,645,000	9,162,096
Balances at Sep. 30, 2021																												$ 16	$ 92	222,357	20,636	(4,195)	(8,567)	7,069	95	237,503
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
Vesting of stock-based compensation (in shares)																												0	0
Vesting of stock-based compensation																												$ 0	$ 0	538	0	0	0	0	0	538
Issuance of common shares (in shares)	0	124,284								0	2,059,700
Issuance of common shares	$ 0	$ 1	$ 2,693	$ 0	$ 0	$ 0	$ 0	$ 0	$ 2,694	$ 0	$ 21	$ 40,962	$ 0	$ 0	$ 0	$ 0	$ 0	$ 40,983
Issuance of subsidiary preferred membership units through private offering, net																			$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ (3)	$ (3)
Conversion of redeemable noncontrolling interests in the OP (in shares)																												0	1,479,132
Conversion of redeemable noncontrolling interests in the OP																												$ 0	$ 15	32,378	0	0	0	0	0	32,393
Noncontrolling interest in CMBS VIEs																												0	0	0	0	0	0	200	0	200
Net income attributable to preferred stockholders																												0	0	0	874	0	0	0	0	874
Net income attributable to common stockholders																												0	0	0	13,233	0	0	0	0	13,233
Preferred stock dividends declared																												0	0	0	(874)	0	0	0	0	(874)
Common stock dividends declared																												$ 0	$ 0	0	(4,561)	0	0	0	0	(4,561)
Balances (in shares) at Sep. 30, 2021																												1,645,000	9,162,096
Balances at Sep. 30, 2021																												$ 16	$ 92	$ 222,357	$ 20,636	$ (4,195)	$ (8,567)	$ 7,069	$ 95	$ 237,503

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Preferred stock dividends declared, per share (in dollars per share)	$ 0.5313	$ 0.5313	$ 1.5938	$ 0.5313
Common stock dividends declared, per share (in dollars per share)	$ 0.4750	$ 0.4000	$ 1.4250	$ 1.0198

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net income	$ 62,515	$ 7,946
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of premiums	10,484	5,620
Accretion of discounts	(6,118)	(1,549)
Loan loss (benefit) provision	101	279
Net change in unrealized (gain) loss on investments held at fair value	(34,671)	11,130
Net realized losses	395	0
Vesting of stock-based compensation	1,485	292
Changes in operating assets and liabilities:
Accrued interest and dividends receivable	(1,362)	(4,477)
Accounts receivable and other assets	(363)	(749)
Accrued interest payable	2,735	1,201
Accounts payable, accrued expenses and other liabilities	2,025	1,341
Net cash provided by operating activities	37,226	21,034
Cash flows from investing activities
Proceeds from payments received on mortgage loans	42,130	5,237
Originations of bridge loan	(32,595)	0
Originations of loans, held-for-investment, net	(28,911)	(7,500)
Purchases of CMBS, at fair value	(36,874)	(40,200)
Sales of CMBS structured pass through certificates, at fair value	3,921	0
Net cash provided by (used in) investing activities	196,542	(110,112)
Cash flows from financing activities
Principal repayments on borrowings under secured financing agreements	(35,026)	(1,825)
Borrowings under master repurchase agreements	75,911	160,379
Principal repayments on borrowings under master repurchase agreements	(14,843)	(167)
Proceeds received from unsecured notes offering, net	72,684	0
Borrowings under bridge facility	0	86,000
Bridge Facility payments	0	(181,000)
Proceeds from the issuance of common stock	32,393	0
Redemption of redeemable noncontrolling interests in the OP	(32,393)	0
Repurchase of preferred stock	0	(8,571)
Repurchase of common stock	0	(1,716)
Payments for taxes related to net share settlement of stock-based compensation	(318)	0
Dividends paid to common stockholders	(9,811)	(5,367)
Dividends paid to preferred stockholders	(2,626)	0
Distributions to redeemable noncontrolling interests in the OP	(17,032)	(13,548)
Contributions from noncontrolling interests	0	11,783
Net cash provided by (used in) financing activities	(242,660)	107,042
Net increase (decrease) in cash, cash equivalents and restricted cash	(8,892)	17,964
Cash, cash equivalents and restricted cash, beginning of period	33,471	0
Cash, cash equivalents and restricted cash, end of period	24,579	17,964
Supplemental Disclosure of Cash Flow Information
Interest paid	18,755	16,499
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	3,179,620
Due to brokers for securities purchased, not yet settled	2,188	0
Consolidation of noncontrolling interest in CMBS variable interest entities	7,069	0
Increase in dividends payable upon vesting of restricted stock units	180	121
Stock dividends received	0	1,254
Increase in dividends payable to preferred stockholders	874	874
Public Offering [Member]
Cash flows from financing activities
Proceeds from the issuance of common stock	51,385	91,488
Proceeds from the issuance of preferred stock	0	46,081
Private Placement [Member]
Cash flows from financing activities
Proceeds from the issuance of preferred stock	95	0
Variable Interest Entity, Primary Beneficiary [Member]
Cash flows from investing activities
Proceeds from payments received on mortgage loans	392,257	82,671
Purchases of CMBS, at fair value	(143,386)	(150,320)
Cash flows from financing activities
Distributions to bondholders of variable interest entities	$ (363,079)	$ (76,495)

Note 1 - Organization and Descr

Note 1 - Organization and Description of Business	9 Months Ended
	Sep. 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 September 30, 2021 two one 12 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 November 3, 2021, 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	9 Months Ended
	Sep. 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 nine September 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 September 30, 2021 December 31, 2020 three nine September 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 September 30, 2021 September 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 September 30, 2021 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 September 30, 2021 seven not not 810 Investment in subsidiaries The Company conducts its operations through the OP, which directly or through a subsidiary acts as the general partner of the Subsidiary OPs which own investments through limited liability companies that are SPEs and which is the sole member of the Mezz LLC, which owns investments directly. The OP has three no September 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. Due to Brokers for Securities Purchased, Not The Company may may not September 30, 2021 Income Recognition Interest Income Dividend Income - Realized Gain (Loss) on 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 nine September 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. nine September 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 September 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 September 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 September 30, 2021

Note 3 - Loans Held for Investm

Note 3 - Loans Held for Investment	9 Months Ended
	Sep. 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 September 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) September 30, 2021 SFR Loans, held-for-investment $ 816,083 $ 871,711 23 100.00 % 4.87 % 6.71 Mezzanine loans, held-for-investment 131,784 134,388 21 79.98 % 7.57 % 6.92 Preferred equity, held-for-investment 18,056 18,246 3 100.00 % 11.25 % 6.82 $ 965,923 $ 1,024,345 47 97.27 % 5.36 % 6.74 ( 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 outstanding face amount. ( 3 The weighted-average coupon is weighted on outstanding face amount. The coupon rate for preferred equity includes current cash and deferred interest income. ( 4 The weighted-average life is weighted on outstanding face amount 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 loans, 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 nine September 30, 2021 2020 For the Nine Months Ended September 30, 2021 2020 Balance at December 31, $ 1,045,891 $ — Contributions from noncontrolling interests in the OP — 967,202 Originations 28,911 7,500 Proceeds from principal repayments (1) (42,130 ) (1,987 ) Proceeds from redemption of mezzanine loan, net — (3,221 ) Amortization of loan premium, net (2) (7,340 ) (5,056 ) Loan loss benefit (provision) (101 ) (279 ) Realized losses (886 ) — Balance at September 30, $ 1,024,345 $ 964,159 ( 1 Includes principal repayments on SFR Loans. ( 2 Includes net amortization of loan purchase premiums. As of September 30, 2021 December 31, 2020 As discussed in Note 2, “1” “5,” 2 September 30, 2021 Number of Carrying % of Loan Risk Rating Loans Value Portfolio 1 — $ — — 2 — — — 3 47 1,024,345 100.00 % 4 — — — 5 — — — 47 $ 1,024,345 100.00 % 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 September 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 September 30, 2021 December 31, 2020 Georgia 38.78 % 39.81 % Florida 22.17 % 20.88 % Texas 6.83 % 7.26 % Maryland 5.92 % 7.66 % Minnesota 5.08 % 4.82 % Alabama 3.50 % 3.59 % California 2.64 % 0.00 % New Jersey * 1.98 % North Carolina 1.94 % 1.67 % Missouri 1.25 % 1.01 % Mississippi 1.01 % 1.03 % Other (20 and 19 states each at <1%) 10.87 % 10.29 % 100.00 % 100.00 % *Included in "Other." Collateral Property Type September 30, 2021 December 31, 2020 Single Family Rental 81.72 % 87.30 % Multifamily 17.98 % 12.70 % Life Science 0.30 % 0.00 % 100.00 % 100.00 %

Note 4 - CMBS Trusts

Note 4 - CMBS Trusts	9 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Commercial Mortgage Backed Securities Trusts [Text Block]	4. As of September 30, 2021 seven 2014 13 not The following table presents the Company’s recognized Trust’s Assets and Liabilities (in thousands): Trust's Assets September 30, 2021 December 31, 2020 Mortgage loans held in variable interest entities, at fair value $ 7,085,361 $ 5,007,515 Accrued interest receivable 1,775 1,063 Trust's Liabilities Bonds payable held in variable interest entities, at fair value (6,652,704 ) (4,731,429 ) Accrued interest payable (1,275 ) (794 ) The following table presents “Change in net assets related to consolidated CMBS variable interest entities” (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Net interest earned $ 7,819 $ 5,017 $ 19,943 $ 10,024 Unrealized gain (loss) 12,421 3,903 28,982 (11,231 ) Change in net assets related to consolidated CMBS variable interest entities $ 20,240 $ 8,920 $ 48,925 $ (1,207 ) 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 September 30, 2021 December 31, 2020 Texas 16.38 % 15.02 % Florida 14.38 % 16.25 % Arizona 8.94 % 11.80 % California 7.31 % 8.25 % Georgia 6.67 % 7.05 % Washington 6.66 % 5.76 % New Jersey 4.76 % 4.14 % Nevada 3.60 % 4.12 % Pennsylvania * 3.30 % Colorado 4.18 % 2.26 % Connecticut 3.10 % * North Carolina 2.91 % 1.98 % New York 2.66 % 3.00 % Ohio 1.77 % 2.00 % Virginia 1.74 % 2.09 % Indiana 1.72 % 2.42 % South Carolina 1.59 % 1.08 % Utah * 1.33 % Maryland 1.59 % 1.32 % Missouri 1.29 % 1.20 % Tennessee 1.21 % 1.45 % Other (19 and 15 states each at <1%) 7.54 % 4.21 % 100.00 % 100.00 % *Included in "Other." Collateral Property Type September 30, 2021 December 31, 2020 Multifamily 98.26 % 98.12 % Manufactured Housing 1.74 % 1.88 % 100.00 % 100.00 %

Note 5 - Common Stock Investmen

Note 5 - Common Stock Investment	9 Months Ended
	Sep. 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 September 30, 2021 Investment Shares Fair Value Investment Date Property Type September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Common Stock NexPoint Storage Partners 11/6/2020 Self-storage 41,963 41,963 $ 49,321 $ 44,626

Note 6 - CMBS Structured Pass T

Note 6 - CMBS Structured Pass Through Certificates	9 Months Ended
	Sep. 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 September 30, 2021 thirteen 2 9 The following table presents the CMBS I/O Strips as of September 30, 2021 Investment Investment Date Carrying Value Property Type Interest Rate Current Yield (1) Maturity Date CMBS I/O Strips CMBS I/O Strip 5/18/2020 $ 2,432 Multifamily 2.09 % 14.95 % 9/25/2046 CMBS I/O Strip 8/6/2020 8,712 Multifamily 0.10 % 14.34 % 6/25/2030 CMBS I/O Strip 8/6/2020 23,783 Multifamily 3.09 % 14.64 % 6/25/2030 CMBS I/O Strip 4/28/2021 (2) 7,437 Multifamily 1.71 % 14.77 % 1/25/2030 CMBS I/O Strip 5/27/2021 4,919 Multifamily 3.50 % 14.31 % 5/25/2030 CMBS I/O Strip 6/7/2021 611 Multifamily 2.39 % 16.61 % 11/25/2028 CMBS I/O Strip 6/11/2021 (3) 7,289 Multifamily 1.39 % 15.32 % 5/25/2029 CMBS I/O Strip 6/21/2021 1,975 Multifamily 1.31 % 18.42 % 5/25/2030 CMBS I/O Strip 8/10/2021 3,345 Multifamily 1.96 % 14.45 % 4/25/2030 CMBS I/O Strip 8/11/2021 1,734 Multifamily 3.20 % 12.72 % 7/25/2031 CMBS I/O Strip 8/24/2021 325 Multifamily 2.70 % 13.30 % 1/25/2031 CMBS I/O Strip 9/1/2021 5,058 Multifamily 2.04 % 14.06 % 6/25/2030 CMBS I/O Strip 9/11/2021 5,025 Multifamily 2.95 % 12.30 % 9/25/2031 Total $ 72,645 ( 1 Current yield is the annualized income earned divided by the cost basis of the investment. ( 2 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, ( 3 The Company, through the Subsidiary OPs, purchased approximately $80.0 million and $35.0 million aggregate notional amount of the X1 2019 SB64 June 11, 2021 September 29, 2021, The following table presents activity related to the Company’s CMBS I/O Strips (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Net interest earned $ 779 $ 441 $ 1,982 $ 521 Change in unrealized gain on CMBS structured pass through certificates 355 (200 ) 794 101 Realized gain 484 — 484 — $ 1,618 $ 241 $ 3,260 $ 622

Note 7 - Bridge Loan

Note 7 - Bridge Loan	9 Months Ended
	Sep. 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 September 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) September 30, 2021 SFR Loans, held-for-investment $ 816,083 $ 871,711 23 100.00 % 4.87 % 6.71 Mezzanine loans, held-for-investment 131,784 134,388 21 79.98 % 7.57 % 6.92 Preferred equity, held-for-investment 18,056 18,246 3 100.00 % 11.25 % 6.82 $ 965,923 $ 1,024,345 47 97.27 % 5.36 % 6.74 ( 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 outstanding face amount. ( 3 The weighted-average coupon is weighted on outstanding face amount. The coupon rate for preferred equity includes current cash and deferred interest income. ( 4 The weighted-average life is weighted on outstanding face amount 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 loans, 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 nine September 30, 2021 2020 For the Nine Months Ended September 30, 2021 2020 Balance at December 31, $ 1,045,891 $ — Contributions from noncontrolling interests in the OP — 967,202 Originations 28,911 7,500 Proceeds from principal repayments (1) (42,130 ) (1,987 ) Proceeds from redemption of mezzanine loan, net — (3,221 ) Amortization of loan premium, net (2) (7,340 ) (5,056 ) Loan loss benefit (provision) (101 ) (279 ) Realized losses (886 ) — Balance at September 30, $ 1,024,345 $ 964,159 ( 1 Includes principal repayments on SFR Loans. ( 2 Includes net amortization of loan purchase premiums. As of September 30, 2021 December 31, 2020 As discussed in Note 2, “1” “5,” 2 September 30, 2021 Number of Carrying % of Loan Risk Rating Loans Value Portfolio 1 — $ — — 2 — — — 3 47 1,024,345 100.00 % 4 — — — 5 — — — 47 $ 1,024,345 100.00 % 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 September 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 September 30, 2021 December 31, 2020 Georgia 38.78 % 39.81 % Florida 22.17 % 20.88 % Texas 6.83 % 7.26 % Maryland 5.92 % 7.66 % Minnesota 5.08 % 4.82 % Alabama 3.50 % 3.59 % California 2.64 % 0.00 % New Jersey * 1.98 % North Carolina 1.94 % 1.67 % Missouri 1.25 % 1.01 % Mississippi 1.01 % 1.03 % Other (20 and 19 states each at <1%) 10.87 % 10.29 % 100.00 % 100.00 % *Included in "Other." Collateral Property Type September 30, 2021 December 31, 2020 Single Family Rental 81.72 % 87.30 % Multifamily 17.98 % 12.70 % Life Science 0.30 % 0.00 % 100.00 % 100.00 %
Bridge Loan [Member]
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	7. On September 17, 2021, one one March 17, 2022.

Note 8 - Debt

Note 8 - Debt	9 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Debt Disclosure [Text Block]	8. The following table summarizes the Company’s financing arrangements in place as of September 30, 2021 September 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) 4/15/2020 222,533 222,533 N/A (5) 1.91 % 0.05 1,947,301 392,031 422,900 8.5 Asset Specific Financing Single Family Rental Freddie Mac 7/12/2019 745,513 745,513 7/12/2029 2.42 % 6.7 816,083 871,711 871,711 6.7 Mezzanine Freddie Mac 10/20/2020 59,914 59,914 8/1/2031 0.30 % 8.6 97,899 100,923 100,923 8.6 Unsecured Financing Various 10/15/2020 36,500 35,160 10/25/2025 7.50 % 4.1 N/A N/A N/A N/A Various 4/20/2021 75,000 72,870 4/15/2026 5.75 % 4.5 N/A N/A N/A N/A Total/weighted average $ 1,139,460 $ 1,135,990 2.59 % 5.29 $ 2,861,283 $ 1,364,665 $ 1,395,534 8.01 ( 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 On April 15, 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) 4/15/2020 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 Financing 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 On April 15, 2020, three ( 5 The master repurchase agreement with Mizuho does not one two Prior to the Formation Transaction, two July 12, 2019, September 30, 2021 February 11, 2020. July 12, 2029. July 12, 2029, September 30, 2021 In connection with certain of our previous CMBS acquisitions and a mezzanine debt investment, we, through the Subsidiary OPs, have borrowed approximately $222.5 million under our repurchase agreements and posted $1.9 billion par value of our CMBS B-Piece and CMBS I/O Strip investments as collateral as of September 30, 2021 On October 15, 2020, October 15, 2025 September 30, 2021 On October 20, 2020, On April 20, 2021, 2026 5.75% As of September 30, 2021 Outstanding Investment Principal Investment Date Balance Location Property Type Interest Type Interest Rate Maturity Date SFR Loans Senior loan 2/11/2020 $ 465,691 Various Single-family Fixed 2.24 % 9/1/2028 Senior loan 2/11/2020 55,988 Various Single-family Fixed 2.70 % 3/1/2029 Senior loan 2/11/2020 46,094 Various Single-family Fixed 2.14 % 10/1/2025 Senior loan 2/11/2020 35,477 Various Single-family Fixed 2.70 % 11/1/2028 Senior loan 2/11/2020 15,853 Various Single-family Fixed 2.91 % 2/1/2029 Senior loan 2/11/2020 11,090 Various Single-family Fixed 3.02 % 10/1/2028 Senior loan 2/11/2020 9,487 Various Single-family Fixed 2.79 % 9/1/2028 Senior loan 2/11/2020 9,285 Various Single-family Fixed 2.45 % 3/1/2026 Senior loan 2/11/2020 9,091 Various Single-family Fixed 3.51 % 2/1/2028 Senior loan 2/11/2020 8,887 Various Single-family Fixed 3.30 % 10/1/2028 Senior loan 2/11/2020 8,152 Various Single-family Fixed 3.14 % 1/1/2029 Senior loan 2/11/2020 7,561 Various Single-family Fixed 3.02 % 11/1/2028 Senior loan 2/11/2020 7,194 Various Single-family Fixed 2.80 % 2/1/2029 Senior loan 2/11/2020 6,914 Various Single-family Fixed 2.98 % 2/1/2029 Senior loan 2/11/2020 6,794 Various Single-family Fixed 2.69 % 7/1/2028 Senior loan 2/11/2020 6,063 Various Single-family Fixed 2.99 % 3/1/2029 Senior loan 2/11/2020 5,741 Various Single-family Fixed 2.68 % 11/1/2028 Senior loan 2/11/2020 5,740 Various Single-family Fixed 2.40 % 2/1/2024 Senior loan 2/11/2020 5,346 Various Single-family Fixed 3.14 % 12/1/2028 Senior loan 2/11/2020 5,120 Various Single-family Fixed 2.64 % 10/1/2028 Senior loan 2/11/2020 4,870 Various Single-family Fixed 2.48 % 8/1/2023 Senior loan 2/11/2020 4,829 Various Single-family Fixed 2.97 % 1/1/2029 Senior loan 2/11/2020 4,246 Various Single-family Fixed 3.06 % 2/1/2029 Total $ 745,513 2.42 % Mezzanine Loans Senior loan 10/20/2020 $ 8,723 Wilmington, DE Multifamily Fixed 0.30 % 6/1/2029 Senior loan 10/20/2020 7,344 White Marsh, MD Multifamily Fixed 0.30 % 4/1/2031 Senior loan 10/20/2020 6,353 Philadelphia, PA Multifamily Fixed 0.30 % 7/1/2031 Senior loan 10/20/2020 5,881 Daytona Beach, FL 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 4,179 Temple Hills, MD Multifamily Fixed 0.30 % 1/1/2029 Senior loan 10/20/2020 3,390 Temple Hills, MD Multifamily Fixed 0.30 % 5/1/2029 Senior loan 10/20/2020 3,348 Lakewood, NJ Multifamily Fixed 0.30 % 5/1/2029 Senior loan 10/20/2020 2,454 North Aurora, IL Multifamily Fixed 0.30 % 11/1/2028 Senior loan 10/20/2020 2,264 Rosedale, MD Multifamily Fixed 0.30 % 10/1/2028 Senior loan 10/20/2020 2,215 Cockeysville, MD Multifamily Fixed 0.30 % 7/1/2031 Senior loan 10/20/2020 2,026 Laurel, MD Multifamily Fixed 0.30 % 7/1/2029 Senior loan 10/20/2020 1,836 Vancouver, WA Multifamily Fixed 0.30 % 8/1/2031 Senior loan 10/20/2020 1,763 Tyler, TX Multifamily Fixed 0.30 % 11/1/2028 Senior loan 10/20/2020 1,307 Las Vegas, NV Multifamily Fixed 0.30 % 10/1/2028 Senior loan 10/20/2020 918 Atlanta, GA Multifamily Fixed 0.30 % 8/1/2031 Senior loan 10/20/2020 728 Des Moines, IA Multifamily Fixed 0.30 % 3/1/2029 Senior loan 10/20/2020 662 Urbandale, IA Multifamily Fixed 0.30 % 11/1/2030 Total $ 59,914 0.30 % For the nine September 30, 2021 2020 For the Nine Months Ended September 30, 2021 2020 Balances as of December 31, $ 1,036,878 $ — Assumption of debt — 788,764 Principal borrowings 148,595 160,379 Principal repayments (49,869 ) (1,992 ) Accretion of loan discounts 386 — Balances as of September 30, $ 1,135,990 $ 947,151 Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five September 30, 2021 Year Recourse Non-recourse Total 2021¹ — $ (222,533 ) $ (222,533 ) 2022 — — — 2023 — (4,870 ) (4,870 ) 2024 — (5,740 ) (5,740 ) 2025 (36,500 ) (46,094 ) (82,594 ) Thereafter (75,000 ) (748,723 ) (823,723 ) $ (111,500 ) $ (1,027,960 ) $ (1,139,460 ) ( 1 The transactions in place in the master repurchase agreement with Mizuho have a one two

Note 9 - Fair Value of Financia

Note 9 - Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block]	9. 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 September 30, 2021 Fair Value Carrying Value Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 22,219 $ 22,219 $ — $ — $ 22,219 Restricted Cash 2,360 2,360 — — 2,360 Bridge loan 32,608 — — 32,608 32,608 Loans, held-for-investment, net 152,634 — — 152,633 152,633 Common stock 49,321 — — 49,321 49,321 Mortgage loans, held-for-investment, net 871,711 — — 873,177 873,177 Accrued interest and dividends 6,440 6,440 — — 6,440 Mortgage loans held in variable interest entities, at fair value 7,085,361 — 7,085,361 — 7,085,361 CMBS structured pass through certificates, at fair value 72,645 — 72,645 — 72,645 Other assets 1,108 1,108 — — 1,108 $ 8,296,407 $ 32,127 $ 7,158,006 $ 1,107,739 $ 8,297,872 Liabilities Secured financing agreements, net $ 805,427 $ — $ — $ 831,822 $ 831,822 Master repurchase agreements 222,533 — — 222,533 222,533 Unsecured Notes 108,030 — — 108,030 108,030 Accounts payable and other accrued liabilities 3,984 3,984 — — 3,984 Accrued interest payable 5,046 5,046 — — 5,046 Due to brokers for securities purchased, not yet settled 2,188 — 2,188 — 2,188 Bonds payable held in variable interest entities, at fair value 6,652,704 — 6,652,704 — 6,652,704 $ 7,799,912 $ 9,030 $ 6,654,892 $ 1,162,385 $ 7,826,307 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 12 2 September 30, 2021

Note 10 - Stockholders' Equity

Note 10 - Stockholders' Equity	9 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	10. Equity Common Stock On February 11, 2020, As of September 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 September 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 September 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, September 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 September 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. The vesting schedule for the restricted stock units is as follows: Vest Date Vesting November 2, 2021 1,838 February 22, 2022 66,919 May 8, 2022 68,569 February 22, 2023 55,087 May 8, 2023 68,569 February 22, 2024 55,087 May 8, 2024 68,564 February 22, 2025 55,091 439,724 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 September 30, 2021 nine September 30, 2021 Gross Proceeds $ 11,264,237 Shares of Common Stock Issued 532,694 Gross Average Sale Price per Share of Common Stock $ 21.15 Sales Commissions $ 168,963 Offering Costs 693,575 Net Proceeds 10,401,699 Average Price Per Share, net $ 19.53 Noncontrolling Interest in Subsidiary On April 1, 2021, one December 31, 2023. 125 Secondary Public Offering On August 18, 2021, 30 August 20, 2021. September 8, 2021, 59,700 September 10, 2021. The Shares were offered and sold pursuant to a prospectus supplement, dated August 18, 2021, March 31, 2021, 3 No. 333 251854 The following table contains summary information of the secondary public offering. Gross Proceeds $ 43,253,700 Shares of Common Stock Issued 2,059,700 Gross Average Sale Price per Share of Common Stock $ 21.00 Underwriting Discounts $ 1,946,417 Offering Costs 324,124 Net Proceeds 40,983,159 Average Price Per Share, net $ 19.90 OP Unit Conversion On September 8, 2021, Dividends The Board declared the third 2021 July 28, 2021 September 30, 2021 September 15, 2021 The Board declared a dividend to preferred stockholders of $0.53125 per share on September 17, 2021 October 25, 2021 October 15, 2021 The REIT Sub paid a distribution of $30.00 per Preferred Membership Unit on June 30, 2021 June 15, 2021.

Note 11 - Earnings (Loss) Per S

Note 11 - Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Earnings Per Share [Text Block]	11. 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 September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Net income attributable to common stockholders $ 13,233 $ 2,862 $ 27,142 $ 1,779 Earnings for basic computations Net income attributable to redeemable noncontrolling interests 11,084 7,805 32,747 5,293 Net income for diluted computations $ 24,317 $ 10,667 $ 59,889 $ 7,072 Weighted-average common shares outstanding Average number of common shares outstanding - basic 6,863 5,261 5,738 5,253 Average number of unvested restricted stock units 440 289 446 126 Average number of OP Units and SubOP Units 13,417 13,575 13,663 13,065 Average number of common shares outstanding - diluted 20,720 19,125 19,847 18,444 Earnings (loss) per weighted average common share: Basic $ 1.93 $ 0.54 $ 4.73 $ 0.34 Diluted $ 1.17 $ 0.52 (1) $ 3.02 $ 0.33 (1) ( 1 Unvested restricted stock units, OP Units and SubOP Units are not 2020.

Note 12 - Noncontrolling Intere

Note 12 - Noncontrolling Interests	9 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Noncontrolling Interest Disclosure [Text Block]	12. 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 acts directly or through a subsidiary as the general partner of the Subsidiary OPs and may, one not 1 2 1933 The OP, which acts directly or through a subsidiary as the general partner and is 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 September 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 September 30, 2021 1 2 September 30, 2021 3 On July 30, 2020, one August 4, 2020, June 30, 2020, On September 30, 2020, On September 8, 2021, no not The Partnership Board of the OP has exclusive authority to select, remove and replace the general partner of the OP and no may one may In addition, on September 8, 2021, may As of September 30, 2021 11 The following table sets forth the redeemable noncontrolling interests in the OP (reflecting the OP’s consolidation of the Subsidiary OPs) for the nine September 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 32,747 Redemption of redeemable noncontrolling interests in the OP (32,393 ) Distributions to redeemable noncontrolling interests in the OP (17,032 ) Redeemable noncontrolling interests in the OP, September 30, 2021 $ 258,992 The table below presents the consolidated common shares, OP Units and SubOP Units outstanding held by the noncontrolling interests ("NCI"), as the OP Units and SubOP Units held by the Company are eliminated in consolidation: Period End Common Shares Outstanding OP Units Held by NCI SubOP Units Held by NCI Combined Outstanding March 31, 2021 5,022,578 5,290,978 8,496,144 18,809,701 June 30, 2021 5,498,980 5,290,978 8,496,144 19,286,103 September 30, 2021 9,162,096 3,811,844 8,496,144 21,470,084 On July 20, 2020, March 31, 2021,

Note 13 - Related Party Transac

Note 13 - Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	13. Formation Transaction The Company commenced operations on February 11, 2020 1 12 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 “EAD” 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 may not 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 nine September 30, 2021 Connections at Buffalo Pointe Contribution On May 29, 2020, first September 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, 10 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 nine September 30, 2021 not For the nine September 30, 2021 2020

Note 14 - Commitments and Conti

Note 14 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	14. Except as otherwise disclosed below, the Company is not On September 29, 2021, one may September 29, 2021 may September 29, 2023 may two may 1.25x 1.10x September 30, 2021 not September 30, 2021 The OP Notes previously described in Note 8 September 30, 2021 no not

Note 15 - Subsequent Events

Note 15 - Subsequent Events	9 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Subsequent Events [Text Block]	15. Financing On October 4, 2021, one On October 19, 2021, one SFR Loan On October 25, 2021, one Preferred Equity Investment On October 26, 2021, one 280 On November 8, 2021, one $30.0 Bridge Loan On November 1, 2021, Dividends Declared On November 3, 2021 December 15, 2021 December 30, 2021 . Also on November 3, 2021 January 25, 2022 January 14, 2022

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 nine September 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 September 30, 2021 December 31, 2020 three nine September 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 September 30, 2021 September 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 September 30, 2021
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 September 30, 2021 seven not not 810
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block]	Investment in subsidiaries The Company conducts its operations through the OP, which directly or through a subsidiary acts as the general partner of the Subsidiary OPs which own investments through limited liability companies that are SPEs and which is the sole member of the Mezz LLC, which owns investments directly. The OP has three no September 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.
Securities Purchased, Not Yet Settled [Policy Text Block]	Due to Brokers for Securities Purchased, Not The Company may may not September 30, 2021
Revenue [Policy Text Block]	Income Recognition Interest Income Dividend Income - Realized Gain (Loss) on 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 nine September 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. nine September 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 September 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 September 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 September 30, 2021

Note 2 - Summary of Significa_2

Note 2 - Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 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) September 30, 2021 SFR Loans, held-for-investment $ 816,083 $ 871,711 23 100.00 % 4.87 % 6.71 Mezzanine loans, held-for-investment 131,784 134,388 21 79.98 % 7.57 % 6.92 Preferred equity, held-for-investment 18,056 18,246 3 100.00 % 11.25 % 6.82 $ 965,923 $ 1,024,345 47 97.27 % 5.36 % 6.74 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 loans, 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 Nine Months Ended September 30, 2021 2020 Balance at December 31, $ 1,045,891 $ — Contributions from noncontrolling interests in the OP — 967,202 Originations 28,911 7,500 Proceeds from principal repayments (1) (42,130 ) (1,987 ) Proceeds from redemption of mezzanine loan, net — (3,221 ) Amortization of loan premium, net (2) (7,340 ) (5,056 ) Loan loss benefit (provision) (101 ) (279 ) Realized losses (886 ) — Balance at September 30, $ 1,024,345 $ 964,159
Financing Receivable Credit Quality Indicators [Table Text Block]	September 30, 2021 Number of Carrying % of Loan Risk Rating Loans Value Portfolio 1 — $ — — 2 — — — 3 47 1,024,345 100.00 % 4 — — — 5 — — — 47 $ 1,024,345 100.00 % 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 September 30, 2021 December 31, 2020 Georgia 38.78 % 39.81 % Florida 22.17 % 20.88 % Texas 6.83 % 7.26 % Maryland 5.92 % 7.66 % Minnesota 5.08 % 4.82 % Alabama 3.50 % 3.59 % California 2.64 % 0.00 % New Jersey * 1.98 % North Carolina 1.94 % 1.67 % Missouri 1.25 % 1.01 % Mississippi 1.01 % 1.03 % Other (20 and 19 states each at <1%) 10.87 % 10.29 % 100.00 % 100.00 % Collateral Property Type September 30, 2021 December 31, 2020 Single Family Rental 81.72 % 87.30 % Multifamily 17.98 % 12.70 % Life Science 0.30 % 0.00 % 100.00 % 100.00 %

Note 4 - CMBS Trusts (Tables)

Note 4 - CMBS Trusts (Tables)	9 Months Ended
	Sep. 30, 2021
Notes Tables
Schedule of Recognized Trusts Assets and Liabilities [Table Text Block]	Trust's Assets September 30, 2021 December 31, 2020 Mortgage loans held in variable interest entities, at fair value $ 7,085,361 $ 5,007,515 Accrued interest receivable 1,775 1,063 Trust's Liabilities Bonds payable held in variable interest entities, at fair value (6,652,704 ) (4,731,429 ) Accrued interest payable (1,275 ) (794 )
Schedule of Change in Net Assets Related to Consolidated CMBS Variable Interest Entities [Table Text Block]	For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Net interest earned $ 7,819 $ 5,017 $ 19,943 $ 10,024 Unrealized gain (loss) 12,421 3,903 28,982 (11,231 ) Change in net assets related to consolidated CMBS variable interest entities $ 20,240 $ 8,920 $ 48,925 $ (1,207 )
Impaired Financing Receivables [Table Text Block]	Geography September 30, 2021 December 31, 2020 Texas 16.38 % 15.02 % Florida 14.38 % 16.25 % Arizona 8.94 % 11.80 % California 7.31 % 8.25 % Georgia 6.67 % 7.05 % Washington 6.66 % 5.76 % New Jersey 4.76 % 4.14 % Nevada 3.60 % 4.12 % Pennsylvania * 3.30 % Colorado 4.18 % 2.26 % Connecticut 3.10 % * North Carolina 2.91 % 1.98 % New York 2.66 % 3.00 % Ohio 1.77 % 2.00 % Virginia 1.74 % 2.09 % Indiana 1.72 % 2.42 % South Carolina 1.59 % 1.08 % Utah * 1.33 % Maryland 1.59 % 1.32 % Missouri 1.29 % 1.20 % Tennessee 1.21 % 1.45 % Other (19 and 15 states each at <1%) 7.54 % 4.21 % 100.00 % 100.00 % Collateral Property Type September 30, 2021 December 31, 2020 Multifamily 98.26 % 98.12 % Manufactured Housing 1.74 % 1.88 % 100.00 % 100.00 %

Note 5 - Common Stock Investm_2

Note 5 - Common Stock Investment (Tables)	9 Months Ended
	Sep. 30, 2021
Common Stock [Member]
Notes Tables
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block]	Investment Shares Fair Value Investment Date Property Type September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Common Stock NexPoint Storage Partners 11/6/2020 Self-storage 41,963 41,963 $ 49,321 $ 44,626

Note 6 - CMBS Structured Pass_2

Note 6 - CMBS Structured Pass Through Certificates (Tables)	9 Months Ended
	Sep. 30, 2021
Notes Tables
Schedule of Activity Related to Commercial Mortgage Backed Securities [Table Text Block]	For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Net interest earned $ 779 $ 441 $ 1,982 $ 521 Change in unrealized gain on CMBS structured pass through certificates 355 (200 ) 794 101 Realized gain 484 — 484 — $ 1,618 $ 241 $ 3,260 $ 622
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 (1) Maturity Date CMBS I/O Strips CMBS I/O Strip 5/18/2020 $ 2,432 Multifamily 2.09 % 14.95 % 9/25/2046 CMBS I/O Strip 8/6/2020 8,712 Multifamily 0.10 % 14.34 % 6/25/2030 CMBS I/O Strip 8/6/2020 23,783 Multifamily 3.09 % 14.64 % 6/25/2030 CMBS I/O Strip 4/28/2021 (2) 7,437 Multifamily 1.71 % 14.77 % 1/25/2030 CMBS I/O Strip 5/27/2021 4,919 Multifamily 3.50 % 14.31 % 5/25/2030 CMBS I/O Strip 6/7/2021 611 Multifamily 2.39 % 16.61 % 11/25/2028 CMBS I/O Strip 6/11/2021 (3) 7,289 Multifamily 1.39 % 15.32 % 5/25/2029 CMBS I/O Strip 6/21/2021 1,975 Multifamily 1.31 % 18.42 % 5/25/2030 CMBS I/O Strip 8/10/2021 3,345 Multifamily 1.96 % 14.45 % 4/25/2030 CMBS I/O Strip 8/11/2021 1,734 Multifamily 3.20 % 12.72 % 7/25/2031 CMBS I/O Strip 8/24/2021 325 Multifamily 2.70 % 13.30 % 1/25/2031 CMBS I/O Strip 9/1/2021 5,058 Multifamily 2.04 % 14.06 % 6/25/2030 CMBS I/O Strip 9/11/2021 5,025 Multifamily 2.95 % 12.30 % 9/25/2031 Total $ 72,645

Note 8 - Debt (Tables)

Note 8 - Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	September 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) 4/15/2020 222,533 222,533 N/A (5) 1.91 % 0.05 1,947,301 392,031 422,900 8.5 Asset Specific Financing Single Family Rental Freddie Mac 7/12/2019 745,513 745,513 7/12/2029 2.42 % 6.7 816,083 871,711 871,711 6.7 Mezzanine Freddie Mac 10/20/2020 59,914 59,914 8/1/2031 0.30 % 8.6 97,899 100,923 100,923 8.6 Unsecured Financing Various 10/15/2020 36,500 35,160 10/25/2025 7.50 % 4.1 N/A N/A N/A N/A Various 4/20/2021 75,000 72,870 4/15/2026 5.75 % 4.5 N/A N/A N/A N/A Total/weighted average $ 1,139,460 $ 1,135,990 2.59 % 5.29 $ 2,861,283 $ 1,364,665 $ 1,395,534 8.01 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) 4/15/2020 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 Financing 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 $ 465,691 Various Single-family Fixed 2.24 % 9/1/2028 Senior loan 2/11/2020 55,988 Various Single-family Fixed 2.70 % 3/1/2029 Senior loan 2/11/2020 46,094 Various Single-family Fixed 2.14 % 10/1/2025 Senior loan 2/11/2020 35,477 Various Single-family Fixed 2.70 % 11/1/2028 Senior loan 2/11/2020 15,853 Various Single-family Fixed 2.91 % 2/1/2029 Senior loan 2/11/2020 11,090 Various Single-family Fixed 3.02 % 10/1/2028 Senior loan 2/11/2020 9,487 Various Single-family Fixed 2.79 % 9/1/2028 Senior loan 2/11/2020 9,285 Various Single-family Fixed 2.45 % 3/1/2026 Senior loan 2/11/2020 9,091 Various Single-family Fixed 3.51 % 2/1/2028 Senior loan 2/11/2020 8,887 Various Single-family Fixed 3.30 % 10/1/2028 Senior loan 2/11/2020 8,152 Various Single-family Fixed 3.14 % 1/1/2029 Senior loan 2/11/2020 7,561 Various Single-family Fixed 3.02 % 11/1/2028 Senior loan 2/11/2020 7,194 Various Single-family Fixed 2.80 % 2/1/2029 Senior loan 2/11/2020 6,914 Various Single-family Fixed 2.98 % 2/1/2029 Senior loan 2/11/2020 6,794 Various Single-family Fixed 2.69 % 7/1/2028 Senior loan 2/11/2020 6,063 Various Single-family Fixed 2.99 % 3/1/2029 Senior loan 2/11/2020 5,741 Various Single-family Fixed 2.68 % 11/1/2028 Senior loan 2/11/2020 5,740 Various Single-family Fixed 2.40 % 2/1/2024 Senior loan 2/11/2020 5,346 Various Single-family Fixed 3.14 % 12/1/2028 Senior loan 2/11/2020 5,120 Various Single-family Fixed 2.64 % 10/1/2028 Senior loan 2/11/2020 4,870 Various Single-family Fixed 2.48 % 8/1/2023 Senior loan 2/11/2020 4,829 Various Single-family Fixed 2.97 % 1/1/2029 Senior loan 2/11/2020 4,246 Various Single-family Fixed 3.06 % 2/1/2029 Total $ 745,513 2.42 % Mezzanine Loans Senior loan 10/20/2020 $ 8,723 Wilmington, DE Multifamily Fixed 0.30 % 6/1/2029 Senior loan 10/20/2020 7,344 White Marsh, MD Multifamily Fixed 0.30 % 4/1/2031 Senior loan 10/20/2020 6,353 Philadelphia, PA Multifamily Fixed 0.30 % 7/1/2031 Senior loan 10/20/2020 5,881 Daytona Beach, FL 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 4,179 Temple Hills, MD Multifamily Fixed 0.30 % 1/1/2029 Senior loan 10/20/2020 3,390 Temple Hills, MD Multifamily Fixed 0.30 % 5/1/2029 Senior loan 10/20/2020 3,348 Lakewood, NJ Multifamily Fixed 0.30 % 5/1/2029 Senior loan 10/20/2020 2,454 North Aurora, IL Multifamily Fixed 0.30 % 11/1/2028 Senior loan 10/20/2020 2,264 Rosedale, MD Multifamily Fixed 0.30 % 10/1/2028 Senior loan 10/20/2020 2,215 Cockeysville, MD Multifamily Fixed 0.30 % 7/1/2031 Senior loan 10/20/2020 2,026 Laurel, MD Multifamily Fixed 0.30 % 7/1/2029 Senior loan 10/20/2020 1,836 Vancouver, WA Multifamily Fixed 0.30 % 8/1/2031 Senior loan 10/20/2020 1,763 Tyler, TX Multifamily Fixed 0.30 % 11/1/2028 Senior loan 10/20/2020 1,307 Las Vegas, NV Multifamily Fixed 0.30 % 10/1/2028 Senior loan 10/20/2020 918 Atlanta, GA Multifamily Fixed 0.30 % 8/1/2031 Senior loan 10/20/2020 728 Des Moines, IA Multifamily Fixed 0.30 % 3/1/2029 Senior loan 10/20/2020 662 Urbandale, IA Multifamily Fixed 0.30 % 11/1/2030 Total $ 59,914 0.30 %
Schedule of Line of Credit Facilities [Table Text Block]	For the Nine Months Ended September 30, 2021 2020 Balances as of December 31, $ 1,036,878 $ — Assumption of debt — 788,764 Principal borrowings 148,595 160,379 Principal repayments (49,869 ) (1,992 ) Accretion of loan discounts 386 — Balances as of September 30, $ 1,135,990 $ 947,151
Schedule of Maturities of Long-term Debt [Table Text Block]	Year Recourse Non-recourse Total 2021¹ — $ (222,533 ) $ (222,533 ) 2022 — — — 2023 — (4,870 ) (4,870 ) 2024 — (5,740 ) (5,740 ) 2025 (36,500 ) (46,094 ) (82,594 ) Thereafter (75,000 ) (748,723 ) (823,723 ) $ (111,500 ) $ (1,027,960 ) $ (1,139,460 )

Note 9 - Fair Value of Financ_2

Note 9 - Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 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 $ 22,219 $ 22,219 $ — $ — $ 22,219 Restricted Cash 2,360 2,360 — — 2,360 Bridge loan 32,608 — — 32,608 32,608 Loans, held-for-investment, net 152,634 — — 152,633 152,633 Common stock 49,321 — — 49,321 49,321 Mortgage loans, held-for-investment, net 871,711 — — 873,177 873,177 Accrued interest and dividends 6,440 6,440 — — 6,440 Mortgage loans held in variable interest entities, at fair value 7,085,361 — 7,085,361 — 7,085,361 CMBS structured pass through certificates, at fair value 72,645 — 72,645 — 72,645 Other assets 1,108 1,108 — — 1,108 $ 8,296,407 $ 32,127 $ 7,158,006 $ 1,107,739 $ 8,297,872 Liabilities Secured financing agreements, net $ 805,427 $ — $ — $ 831,822 $ 831,822 Master repurchase agreements 222,533 — — 222,533 222,533 Unsecured Notes 108,030 — — 108,030 108,030 Accounts payable and other accrued liabilities 3,984 3,984 — — 3,984 Accrued interest payable 5,046 5,046 — — 5,046 Due to brokers for securities purchased, not yet settled 2,188 — 2,188 — 2,188 Bonds payable held in variable interest entities, at fair value 6,652,704 — 6,652,704 — 6,652,704 $ 7,799,912 $ 9,030 $ 6,654,892 $ 1,162,385 $ 7,826,307

Note 10 - Stockholders' Equity

Note 10 - Stockholders' Equity (Tables)	9 Months Ended
	Sep. 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 September 30, 2021 439,724 $ 15.96
Share-based Compensation Arrangements by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block]	Vest Date Vesting November 2, 2021 1,838 February 22, 2022 66,919 May 8, 2022 68,569 February 22, 2023 55,087 May 8, 2023 68,569 February 22, 2024 55,087 May 8, 2024 68,564 February 22, 2025 55,091 439,724
Schedule of Sale of Stock [Table Text Block]	Gross Proceeds $ 11,264,237 Shares of Common Stock Issued 532,694 Gross Average Sale Price per Share of Common Stock $ 21.15 Sales Commissions $ 168,963 Offering Costs 693,575 Net Proceeds 10,401,699 Average Price Per Share, net $ 19.53 Gross Proceeds $ 43,253,700 Shares of Common Stock Issued 2,059,700 Gross Average Sale Price per Share of Common Stock $ 21.00 Underwriting Discounts $ 1,946,417 Offering Costs 324,124 Net Proceeds 40,983,159 Average Price Per Share, net $ 19.90

Note 11 - Earnings (Loss) Per_2

Note 11 - Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Net income attributable to common stockholders $ 13,233 $ 2,862 $ 27,142 $ 1,779 Earnings for basic computations Net income attributable to redeemable noncontrolling interests 11,084 7,805 32,747 5,293 Net income for diluted computations $ 24,317 $ 10,667 $ 59,889 $ 7,072 Weighted-average common shares outstanding Average number of common shares outstanding - basic 6,863 5,261 5,738 5,253 Average number of unvested restricted stock units 440 289 446 126 Average number of OP Units and SubOP Units 13,417 13,575 13,663 13,065 Average number of common shares outstanding - diluted 20,720 19,125 19,847 18,444 Earnings (loss) per weighted average common share: Basic $ 1.93 $ 0.54 $ 4.73 $ 0.34 Diluted $ 1.17 $ 0.52 (1) $ 3.02 $ 0.33 (1)

Note 12 - Noncontrolling Inte_2

Note 12 - Noncontrolling Interests (Tables)	9 Months Ended
	Sep. 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 32,747 Redemption of redeemable noncontrolling interests in the OP (32,393 ) Distributions to redeemable noncontrolling interests in the OP (17,032 ) Redeemable noncontrolling interests in the OP, September 30, 2021 $ 258,992
Consolidated Common Shares of Noncontrolling Interest [Table Text Block]	Period End Common Shares Outstanding OP Units Held by NCI SubOP Units Held by NCI Combined Outstanding March 31, 2021 5,022,578 5,290,978 8,496,144 18,809,701 June 30, 2021 5,498,980 5,290,978 8,496,144 19,286,103 September 30, 2021 9,162,096 3,811,844 8,496,144 21,470,084

Note 1 - Organization and Des_2

Note 1 - Organization and Description of Business (Details Textual)	Jul. 17, 2020	Sep. 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		77.32%
OP [Member] | Class A OP Units [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest		100.00%
Two Subsidiary Partnerships [Member] | OP [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest		27.78%
One Subsidiary Partnership [Member] | OP [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest		100.00%

Note 2 - Summary of Significa_3

Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total	$ 0
Financial Asset Acquired with Credit Deterioration [Member]
Number of Loan Acquired	0
Class B OP Units [Member]
Limited Liability Units, Voting Power, Percent Per Share	50.00%
Class A OP Units [Member]
Limited Liability Units, Voting Power, Percent Per Share	50.00%
OP [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	77.32%
OP [Member] | Class A OP Units [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	100.00%
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, Number of Payment Deferrals	4
Financing Receivable, Deferred Payments, Percentage of Consolidated Unpaid Principal Balance Outstanding	0.80%
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	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Financing Receivable, Unamortized Purchase Premium (Discount)	$ 58.8	$ 67.6
Loans and Leases Receivable, Number of Loans	47	48
Risk Rating 3 [Member]
Loans and Leases Receivable, Number of Loans	47	48

Note 3 - Loans Held for Inves_4

Note 3 - Loans Held for Investment - Summary of Loans Held for Investment (Details) $ in Thousands		9 Months Ended		12 Months Ended
		Sep. 30, 2021USD ($)		Dec. 31, 2020USD ($)
Outstanding Face Amount		$ 965,923		$ 978,641
Carrying Value	[1]	$ 1,024,345		$ 1,045,891
Loan count		47		48
Weighted average, fixed rate		97.27%	[2]	100.00%	[3]
Weighted average, coupon		5.36%	[4]	5.24%	[5]
Weighted average, life (Year)		6 years 8 months 26 days	[6]	7 years 6 months 14 days	[7]
Loan count		47		48
SFR Loans [Member]
Outstanding Face Amount		$ 816,083		$ 854,365
Carrying Value	[1]	$ 871,711		$ 918,114
Loan count		23		26
Weighted average, fixed rate		100.00%	[2]	100.00%	[3]
Weighted average, coupon		4.87%	[4]	4.90%	[5]
Weighted average, life (Year)		6 years 8 months 15 days	[6]	7 years 4 months 20 days	[7]
Loan count		23		26
Mezzanine Loan [Member]
Outstanding Face Amount		$ 131,784		$ 105,399
Carrying Value	[1]	$ 134,388		$ 108,557
Loan count		21		19
Weighted average, fixed rate		79.98%	[2]	100.00%	[3]
Weighted average, coupon		7.57%	[4]	7.46%	[5]
Weighted average, life (Year)		6 years 11 months 1 day	[6]	8 years 9 months 25 days	[7]
Loan count		21		19
Preferred Equity [Member]
Outstanding Face Amount		$ 18,056		$ 18,877
Carrying Value	[1]	$ 18,246		$ 19,220
Loan count		3		3
Weighted average, fixed rate		100.00%	[2]	100.00%	[3]
Weighted average, coupon		11.25%	[4]	7.79%	[5]
Weighted average, life (Year)		6 years 9 months 25 days	[6]	7 years 1 month 13 days	[7]
Loan count		3		3
[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 outstanding face amount.
[3]	The weighted-average fixed rate is weighted on current principal balance.
[4]	The weighted-average coupon is weighted on outstanding face amount. The coupon rate for preferred equity includes current cash and deferred interest income.
[5]	The weighted-average coupon is weighted on current principal balance. The coupon rate for preferred equity includes current cash and deferred interest income.
[6]	The weighted-average life is weighted on outstanding face amount 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.
[7]	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		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020
Balance at December 31,	[1]	$ 1,045,891
Contributions from noncontrolling interests in the OP		0	$ 967,202
Originations		28,911	7,500
Proceeds from redemption of mezzanine loan, net		0	(3,221)
Loan loss benefit (provision)		(101)	(279)
Balance at September 30,	[1]	1,024,345
Loans Receivable, Held for Investment [Member]
Balance at December 31,		1,045,891	0
Originations		28,911	7,500
Proceeds from principal repayments (1)	[2]	(42,130)	(1,987)
Amortization of loan premium, net (2)	[3]	(7,340)	(5,056)
Realized losses		(886)	0
Balance at September 30,		$ 1,024,345	$ 964,159
[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		Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Loan count		47	48
Carrying Value	[1]	$ 1,024,345	$ 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		47	48
Carrying Value		$ 1,024,345	$ 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)	Sep. 30, 2021	Dec. 31, 2020
% of loan portfolio	100.00%	100.00%
Single Family Rental [Member]
% of loan portfolio	81.72%	87.30%
Multifamily [Member]
% of loan portfolio	17.98%	12.70%
Life Science [Member]
% of loan portfolio	0.30%	0.00%
GEORGIA
% of loan portfolio	38.78%	39.81%
FLORIDA
% of loan portfolio	22.17%	20.88%
TEXAS
% of loan portfolio	6.83%	7.26%
MARYLAND
% of loan portfolio	5.92%	7.66%
MINNESOTA
% of loan portfolio	5.08%	4.82%
ALABAMA
% of loan portfolio	3.50%	3.59%
CALIFORNIA
% of loan portfolio	2.64%	0.00%
NEW JERSEY
% of loan portfolio		1.98%
NORTH CAROLINA
% of loan portfolio	1.94%	1.67%
MISSOURI
% of loan portfolio	1.25%	1.01%
MISSISSIPPI
% of loan portfolio	1.01%	1.03%
Other [Member]
% of loan portfolio	10.87%	10.29%

Note 4 - CMBS Trusts - Schedule

Note 4 - CMBS Trusts - Schedule of Recognized Trusts Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Mortgage loans held in variable interest entities, at fair value	$ 152,634	$ 127,777
Bonds payable held in variable interest entities, at fair value	1,139,460
Variable Interest Entity, Primary Beneficiary [Member]
Mortgage loans held in variable interest entities, at fair value	7,085,361	5,007,515
Accrued interest receivable	1,775	1,063
Bonds payable held in variable interest entities, at fair value	6,652,704	4,731,429
Accrued interest payable	$ (1,275)	$ (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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Unrealized gain (loss)	$ 355	$ (200)	$ 794	$ 101
Variable Interest Entity, Primary Beneficiary [Member]
Net interest earned	7,819	5,017	19,943	10,024
Unrealized gain (loss)	12,421	3,903	28,982	(11,231)
Change in net assets related to consolidated CMBS variable interest entities	$ 20,240	$ 8,920	$ 48,925	$ (1,207)

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]	Sep. 30, 2021	Dec. 31, 2020
Percentage of Collateral Unpaid Principal Balance	100.00%	100.00%
Multifamily [Member]
Percentage of Collateral Unpaid Principal Balance	98.26%	98.12%
Manufactured Housing [Member]
Percentage of Collateral Unpaid Principal Balance	1.74%	1.88%
TEXAS
Percentage of Collateral Unpaid Principal Balance	16.38%	15.02%
FLORIDA
Percentage of Collateral Unpaid Principal Balance	14.38%	16.25%
ARIZONA
Percentage of Collateral Unpaid Principal Balance	8.94%	11.80%
CALIFORNIA
Percentage of Collateral Unpaid Principal Balance	7.31%	8.25%
GEORGIA
Percentage of Collateral Unpaid Principal Balance	6.67%	7.05%
WASHINGTON
Percentage of Collateral Unpaid Principal Balance	6.66%	5.76%
NEW JERSEY
Percentage of Collateral Unpaid Principal Balance	4.76%	4.14%
NEVADA
Percentage of Collateral Unpaid Principal Balance	3.60%	4.12%
PENNSYLVANIA
Percentage of Collateral Unpaid Principal Balance		3.30%
COLORADO
Percentage of Collateral Unpaid Principal Balance	4.18%	2.26%
CONNECTICUT
Percentage of Collateral Unpaid Principal Balance	3.10%
NORTH CAROLINA
Percentage of Collateral Unpaid Principal Balance	2.91%	1.98%
NEW YORK
Percentage of Collateral Unpaid Principal Balance	2.66%	3.00%
OHIO
Percentage of Collateral Unpaid Principal Balance	1.77%	2.00%
VIRGINIA
Percentage of Collateral Unpaid Principal Balance	1.74%	2.09%
INDIANA
Percentage of Collateral Unpaid Principal Balance	1.72%	2.42%
SOUTH CAROLINA
Percentage of Collateral Unpaid Principal Balance	1.59%	1.08%
UTAH
Percentage of Collateral Unpaid Principal Balance		1.33%
MARYLAND
Percentage of Collateral Unpaid Principal Balance	1.59%	1.32%
MISSOURI
Percentage of Collateral Unpaid Principal Balance	1.29%	1.20%
TENNESSEE
Percentage of Collateral Unpaid Principal Balance	1.21%	1.45%
Other [Member]
Percentage of Collateral Unpaid Principal Balance	7.54%	4.21%

Note 5 - Common Stock Investm_3

Note 5 - Common Stock Investment (Details Textual) - $ / shares	Nov. 06, 2020	Sep. 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 Investm_4

Note 5 - Common Stock Investment - Schedule of Common Stock Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Common stock investment, at fair value	$ 49,321	$ 44,626
NexPoint Storage Partners [Member]
Investment, shares (in shares)	41,963	41,963
Common stock investment, at fair value	$ 49,321	$ 44,626

Note 6 - CMBS Structured Pass_3

Note 6 - CMBS Structured Pass Through Certificates (Details Textual) - Multifamily [Member] - USD ($) $ in Millions	Sep. 29, 2021	Jun. 11, 2021	May 07, 2021	Apr. 28, 2021
CMBS I/O Strip, Four [Member]
Payments for Purchase of Securities, Operating Activities			$ 15	$ 50
CMBS IO Strip Seven [Member]
Payments for Purchase of Securities, Operating Activities	$ 35	$ 80

Note 6 - CMBS Structured Pass_4

Note 6 - CMBS Structured Pass Through Certificates - Summary of CMBS I/O Strips (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2021	Dec. 31, 2020
CMBS structured pass through certificates, at fair value		$ 72,645	$ 38,984
Multifamily [Member] | CMBS I/O Strip, One [Member]
CMBS structured pass through certificates, at fair value		$ 2,432
Interest rate		2.09%
Current yield	[1]	14.95%
Multifamily [Member] | CMBS I/O Strip, Two [Member]
CMBS structured pass through certificates, at fair value		$ 8,712
Interest rate		0.10%
Current yield	[1]	14.34%
Multifamily [Member] | CMBS I/O Strip, Three [Member]
CMBS structured pass through certificates, at fair value		$ 23,783
Interest rate		3.09%
Current yield	[1]	14.64%
Multifamily [Member] | CMBS I/O Strip, Four [Member]
CMBS structured pass through certificates, at fair value		$ 7,437
Interest rate		1.71%
Current yield	[1]	14.77%
Multifamily [Member] | CMBS I/O Strip, Five [Member]
CMBS structured pass through certificates, at fair value		$ 4,919
Interest rate		3.50%
Current yield	[1]	14.31%
Multifamily [Member] | CMBS I/O Strip, Six [Member]
CMBS structured pass through certificates, at fair value		$ 611
Interest rate		2.39%
Current yield	[1]	16.61%
Multifamily [Member] | CMBS IO Strip Seven [Member]
CMBS structured pass through certificates, at fair value		$ 7,289
Interest rate		1.39%
Current yield	[1]	15.32%
Multifamily [Member] | CMBS IO Strip Eight [Member]
CMBS structured pass through certificates, at fair value		$ 1,975
Interest rate		1.31%
Current yield	[1]	18.42%
Multifamily [Member] | CMBS I/O Strip, Nine [Member]
CMBS structured pass through certificates, at fair value		$ 3,345
Interest rate		1.96%
Multifamily [Member] | CMBS I/O Strip, Ten [Member]
CMBS structured pass through certificates, at fair value		$ 1,734
Interest rate		3.20%
Current yield	[1]	14.45%
Multifamily [Member] | CMBS I/O Strip, Eleven [Member]
CMBS structured pass through certificates, at fair value		$ 325
Interest rate		2.70%
Current yield	[1]	12.72%
Multifamily [Member] | CMBS I/O Strip, Twelve [Member]
CMBS structured pass through certificates, at fair value		$ 5,058
Interest rate		2.04%
Current yield	[1]	13.30%
Multifamily [Member] | CMBS I/O Strip, Thirteen [Member]
CMBS structured pass through certificates, at fair value		$ 5,025
Interest rate		2.95%
Current yield	[1]	14.06%
Multifamily [Member] | CMBS I/O Strip, Fourteen [Member]
Current yield	[1]	12.30%
Multifamily [Member] | Collateralized Mortgage Backed Securities [Member]
CMBS structured pass through certificates, at fair value		$ 72,645
Current yield	[1]
[1]	Current yield is the annualized income earned divided by the cost basis of the investment.

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Unrealized gain (loss)	$ 355	$ (200)	$ 794	$ 101
Collateralized Mortgage Backed Securities [Member]
Net interest earned	779	441	1,982	521
Unrealized gain (loss)	355	(200)	794	101
Realized gain	484	0	484	0
Interest Income and Gains (Loss) on Debt Securities, Trading	$ 1,618	$ 241	$ 3,260	$ 622

Note 7 - Bridge Loan (Details T

Note 7 - Bridge Loan (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 17, 2021	Dec. 31, 2020
Financing Receivable, after Allowance for Credit Loss, Current, Total	$ 32,608		$ 0
Bridge Loan [Member]
Financing Receivable, after Allowance for Credit Loss, Current, Total		$ 32,800
Bridge Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Loans Receivable, Basis Spread on Variable Rate		4.50%

Note 8 - Debt (Details Textual)

Note 8 - Debt (Details Textual) $ in Thousands		Apr. 20, 2021USD ($)	Oct. 20, 2020USD ($)	Oct. 15, 2020USD ($)	Jul. 12, 2019USD ($)	Sep. 30, 2021USD ($)		Dec. 31, 2020		Feb. 11, 2020USD ($)
Loans and Leases Receivable, Number of Loans						47		48
Loans and Leases Receivable, Weighted Average Fixed Rate						97.27%	[1]	100.00%	[2]
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	[3]					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						$ 745,500				$ 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						222,500
Debt Instrument, Collateral Amount						$ 1,900,000
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	[3]					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 outstanding face amount.
[2]	The weighted-average fixed rate is weighted on current principal balance.
[3]	Weighted-average interest rate using unpaid principal balances.

Note 8 - Debt - Summary of Fina

Note 8 - Debt - Summary of Financing Arrangements (Details) - USD ($)		9 Months Ended	12 Months Ended
		Sep. 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		$ 1,139,460	$ 1,038,418
Carrying value		$ 1,135,990	$ 1,036,878
Weighted average interest rate	[1]	2.59%	2.50%
Weighted average life (Year)	[2]	5 years 3 months 14 days	6 years 3 months 7 days
Facility [Member] | Unsecured Debt [Member]
Outstanding face amount		$ 36,500	$ 36,500
Carrying value		$ 35,160	$ 34,960
Weighted average life (Year)	[2]	4 years 1 month 6 days	4 years 9 months 18 days
Collateral [Member]
Collateral outstanding amount		$ 2,861,283	$ 2,908,143
Amortized cost basis		1,364,665	1,332,803
Collateral carrying value	[3]	$ 1,395,534	$ 1,335,998
Collateral weighted average life (Year)	[2]	8 years 3 days	9 years 6 months 7 days
Master Repurchase Agreements Collateralized By CMBS[Member] | Mizuho [Member]
Outstanding face amount	[4]	$ 222,533	$ 161,465
Carrying value	[4]	$ 222,533	$ 161,465
Weighted average interest rate	[1],[4]	1.91%	2.46%
Weighted average life (Year)	[2],[4]	18 days	7 days
Collateral outstanding amount	[4]	$ 1,947,301	$ 1,955,879
Amortized cost basis	[4]	392,031	313,632
Collateral carrying value	[3],[4]	$ 422,900	$ 316,827
Collateral weighted average life (Year)	[2],[4]	8 years 6 months	10 years 7 months 6 days
Asset Specific Financing [Member] | Freddie Mac [Member] | Facility [Member]
Outstanding face amount		$ 745,513	$ 780,539
Carrying value		$ 745,513	$ 780,539
Weighted average interest rate	[1]	2.42%	2.44%
Weighted average life (Year)	[2]	6 years 8 months 12 days	7 years 4 months 24 days
Asset Specific Financing [Member] | Freddie Mac [Member] | Collateral [Member]
Collateral outstanding amount		$ 816,083	$ 854,365
Amortized cost basis		871,711	918,114
Collateral carrying value	[3]	$ 871,711	$ 918,114
Collateral weighted average life (Year)	[2]	6 years 8 months 12 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 7 months 6 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		100,923	101,057
Collateral carrying value	[3]	$ 100,923	$ 101,057
Collateral weighted average life (Year)	[2]	8 years 7 months 6 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		$ 72,870
Weighted average life (Year)	[2]	4 years 6 months
[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]	On April 15, 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 8 - Debt - Schedule of Out

Note 8 - Debt - Schedule of Outstanding Principal Balances Related to SFR Loans (Details) - Senior Loan [Member] $ in Thousands	Sep. 30, 2021USD ($)
Single Family Rental [Member]
Secured financing agreements, net	$ 745,513
Interest Rate	2.42%
Single Family Rental [Member] | Debt Instrument One [Member]
Secured financing agreements, net	$ 465,691
Interest Rate	2.24%
Single Family Rental [Member] | Debt Instrument Two [Member]
Secured financing agreements, net	$ 55,988
Interest Rate	2.70%
Single Family Rental [Member] | Debt Instrument Three [Member]
Secured financing agreements, net	$ 46,094
Interest Rate	2.14%
Single Family Rental [Member] | Debt Instrument Four [Member]
Secured financing agreements, net	$ 35,477
Interest Rate	2.70%
Single Family Rental [Member] | Debt Instrument Five [Member]
Secured financing agreements, net	$ 15,853
Interest Rate	2.91%
Single Family Rental [Member] | Debt Instrument Six [Member]
Secured financing agreements, net	$ 11,090
Interest Rate	3.02%
Single Family Rental [Member] | Debt Instrument Seven [Member]
Secured financing agreements, net	$ 9,487
Interest Rate	2.79%
Single Family Rental [Member] | Debt Instrument Eight [Member]
Secured financing agreements, net	$ 9,285
Interest Rate	2.45%
Single Family Rental [Member] | Debt Instrument Nine [Member]
Secured financing agreements, net	$ 9,091
Interest Rate	3.51%
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	$ 8,152
Interest Rate	3.14%
Single Family Rental [Member] | Debt Instrument Twelve [Member]
Secured financing agreements, net	$ 7,561
Interest Rate	3.02%
Single Family Rental [Member] | Debt Instrument Thirteen [Member]
Secured financing agreements, net	$ 7,194
Interest Rate	2.80%
Single Family Rental [Member] | Debt Instrument Fourteen [Member]
Secured financing agreements, net	$ 6,914
Interest Rate	2.98%
Single Family Rental [Member] | Debt Instrument Fifteen [Member]
Secured financing agreements, net	$ 6,794
Interest Rate	2.69%
Single Family Rental [Member] | Debt Instrument Sixteen [Member]
Secured financing agreements, net	$ 6,063
Interest Rate	2.99%
Single Family Rental [Member] | Debt Instrument Seventeen [Member]
Secured financing agreements, net	$ 5,741
Interest Rate	2.68%
Single Family Rental [Member] | Debt Instrument Eighteen [Member]
Secured financing agreements, net	$ 5,740
Interest Rate	2.40%
Single Family Rental [Member] | Debt Instrument Nineteen [Member]
Secured financing agreements, net	$ 5,346
Interest Rate	3.14%
Single Family Rental [Member] | Debt Instrument Twenty [Member]
Secured financing agreements, net	$ 5,120
Interest Rate	2.64%
Single Family Rental [Member] | Debt Instrument Twenty One [Member]
Secured financing agreements, net	$ 4,870
Interest Rate	2.48%
Single Family Rental [Member] | Debt Instrument Twenty Two [Member]
Secured financing agreements, net	$ 4,829
Interest Rate	2.97%
Single Family Rental [Member] | Debt Instrument Twenty Three [Member]
Secured financing agreements, net	$ 4,246
Interest Rate	3.06%
Single Family Rental [Member] | Debt Instrument Twenty Four [Member]
Secured financing agreements, net	$ 8,723
Interest Rate	0.30%
Single Family Rental [Member] | Debt Instrument Twenty Five [Member]
Secured financing agreements, net	$ 7,344
Interest Rate	0.30%
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	$ 6,353
Interest Rate	0.30%
Multifamily [Member] | Debt Instrument Two [Member] | Mezzanine Loan Portfolio [Member] | White Marsh, MD [Member]
Secured financing agreements, net	$ 5,881
Interest Rate	0.30%
Multifamily [Member] | Debt Instrument Three [Member] | Mezzanine Loan Portfolio [Member] | Philadelphia, PA [Member]
Secured financing agreements, net	$ 4,523
Interest Rate	0.30%
Multifamily [Member] | Debt Instrument Four [Member] | Mezzanine Loan Portfolio [Member] | Daytona Beach, FL [Member]
Secured financing agreements, net	$ 4,179
Interest Rate	0.30%
Multifamily [Member] | Debt Instrument Five [Member] | Mezzanine Loan Portfolio [Member] | Laurel, MD [Member]
Secured financing agreements, net	$ 3,390
Interest Rate	0.30%
Multifamily [Member] | Debt Instrument Six [Member] | Mezzanine Loan Portfolio [Member] | Temple Hills, MD [Member]
Secured financing agreements, net	$ 3,348
Interest Rate	0.30%
Multifamily [Member] | Debt Instrument Seven [Member] | Mezzanine Loan Portfolio [Member] | Temple Hills, MD [Member]
Secured financing agreements, net	$ 2,454
Interest Rate	0.30%
Multifamily [Member] | Debt Instrument Eight [Member] | Mezzanine Loan Portfolio [Member] | Lakewood, NJ [Member]
Secured financing agreements, net	$ 2,264
Interest Rate	0.30%
Multifamily [Member] | Debt Instrument Nine [Member] | Mezzanine Loan Portfolio [Member] | North Aurora, IL [Member]
Secured financing agreements, net	$ 2,215
Interest Rate	0.30%
Multifamily [Member] | Debt Instrument Ten [Member] | Mezzanine Loan Portfolio [Member] | Rosedale, MD [Member]
Secured financing agreements, net	$ 2,026
Interest Rate	0.30%
Multifamily [Member] | Debt Instrument Eleven [Member] | Mezzanine Loan Portfolio [Member] | Cockeysville, MD [Member]
Secured financing agreements, net	$ 1,836
Interest Rate	0.30%
Multifamily [Member] | Debt Instrument Twelve [Member] | Mezzanine Loan Portfolio [Member] | Laurel, MD [Member]
Secured financing agreements, net	$ 1,763
Interest Rate	0.30%
Multifamily [Member] | Debt Instrument Thirteen [Member] | Mezzanine Loan Portfolio [Member] | Vancouver, WA [Member]
Secured financing agreements, net	$ 1,307
Interest Rate	0.30%
Multifamily [Member] | Debt Instrument Fourteen [Member] | Mezzanine Loan Portfolio [Member] | Tyler, TX [Member]
Secured financing agreements, net	$ 918
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	$ 662
Interest Rate	0.30%

Note 8 - Debt - Activity Relate

Note 8 - Debt - Activity Related to Carrying Value of Secured Financing Agreements and Master Repurchase Agreements (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Assumption of debt	$ 0	$ 788,764
Amortization of premiums	10,484	5,620
Secured Financing Agreements and Master Repurchase Agreements [Member]
Balances as of December 31,	1,036,878	0
Principal borrowings	148,595	160,379
Principal repayments	(49,869)	(1,992)
Amortization of premiums	386	0
Balances as of September 30,	$ 1,135,990	$ 947,151

Note 8 - Debt - Summary of Aggr

Note 8 - Debt - Summary of Aggregate Scheduled Maturities of Total Debt (Details) $ in Thousands	Sep. 30, 2021USD ($)
2021¹	$ (222,533)	[1]
2022	0
2023	(4,870)
2024	(5,740)
2025	(82,594)
Thereafter	(823,723)
Long-term Debt, Total	(1,139,460)
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	(222,533)	[1]
2022	0
2023	(4,870)
2024	(5,740)
2025	(46,094)
Thereafter	(748,723)
Long-term Debt, Total	$ (1,027,960)
[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 9 - Fair Value of Financ_3

Note 9 - 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 ($)	Sep. 30, 2021	Dec. 31, 2020	Feb. 11, 2020
Common stock investment, at fair value	$ 49,321,000	$ 44,626,000
CMBS structured pass through certificates, at fair value	72,645,000	$ 38,984,000
Reported Value Measurement [Member]
Cash and cash equivalents			$ 302
Loan			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]
Loan			863,564
Reported Value Measurement [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Loan			$ 1,790,228
Fair Value, Recurring [Member]
Cash and cash equivalents	22,219,000
Restricted Cash	2,360,000
Loan	152,633,000
Common stock investment, at fair value	49,321,000
Accrued interest and dividends	6,440,000
CMBS structured pass through certificates, at fair value	72,645,000
Other assets	1,108,000
Assets, Fair Value Disclosure	8,297,872,000
Secured financing agreements, net	831,822,000
Master repurchase agreements	222,533,000
Unsecured Notes	108,030,000
Accounts payable and other accrued liabilities	3,984,000
Accrued interest payable	5,046,000
Due to brokers for securities purchased, not yet settled	2,188,000
Financial and Nonfinancial Liabilities, Fair Value Disclosure	7,826,307,000
Fair Value, Recurring [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Bonds payable held in variable interest entities, at fair value	6,652,704,000
Fair Value, Recurring [Member] | Mortgages [Member]
Loan	873,177,000
Fair Value, Recurring [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Loan	7,085,361,000
Fair Value, Recurring [Member] | Bridge Loan [Member]
Loan	32,608,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	22,219,000
Restricted Cash	2,360,000
Loan	0
Common stock investment, at fair value	0
Accrued interest and dividends	6,440,000
CMBS structured pass through certificates, at fair value	0
Other assets	1,108,000
Assets, Fair Value Disclosure	32,127,000
Secured financing agreements, net	0
Master repurchase agreements	0
Unsecured Notes	0
Accounts payable and other accrued liabilities	3,984,000
Accrued interest payable	5,046,000
Due to brokers for securities purchased, not yet settled	0
Financial and Nonfinancial Liabilities, Fair Value Disclosure	9,030,000
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]
Loan	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Loan	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Bridge Loan [Member]
Loan	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Cash and cash equivalents	0
Restricted Cash	0
Loan	0
Common stock investment, at fair value	0
Accrued interest and dividends	0
CMBS structured pass through certificates, at fair value	72,645,000
Other assets	0
Assets, Fair Value Disclosure	7,158,006,000
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	2,188,000
Financial and Nonfinancial Liabilities, Fair Value Disclosure	6,654,892,000
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	6,652,704,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgages [Member]
Loan	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Loan	7,085,361,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Bridge Loan [Member]
Loan	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Cash and cash equivalents	0
Restricted Cash	0
Loan	152,633,000
Common stock investment, at fair value	49,321,000
Accrued interest and dividends	0
CMBS structured pass through certificates, at fair value	0
Other assets	0
Assets, Fair Value Disclosure	1,107,739,000
Secured financing agreements, net	831,822,000
Master repurchase agreements	222,533,000
Unsecured Notes	108,030,000
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	1,162,385,000
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]
Loan	873,177,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Loan	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Bridge Loan [Member]
Loan	32,608,000
Fair Value, Recurring [Member] | Reported Value Measurement [Member]
Cash and cash equivalents	22,219,000
Restricted Cash	2,360,000
Loan	152,634,000
Common stock investment, at fair value	49,321,000
Accrued interest and dividends	6,440,000
CMBS structured pass through certificates, at fair value	72,645,000
Other assets	1,108,000
Assets, Fair Value Disclosure	8,296,407,000
Secured financing agreements, net	805,427,000
Master repurchase agreements	222,533,000
Unsecured Notes	108,030,000
Accounts payable and other accrued liabilities	3,984,000
Accrued interest payable	5,046,000
Due to brokers for securities purchased, not yet settled	2,188,000
Financial and Nonfinancial Liabilities, Fair Value Disclosure	7,799,912,000
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Bonds payable held in variable interest entities, at fair value	6,652,704,000
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | Mortgages [Member]
Loan	871,711,000
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Loan	7,085,361,000
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | Bridge Loan [Member]
Loan	$ 32,608,000

Note 10 - Stockholders' Equit_2

Note 10 - Stockholders' Equity (Details Textual) - USD ($)

Sep. 17, 2021

Sep. 10, 2021

Sep. 08, 2021

Aug. 20, 2021

Jul. 28, 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

Sep. 30, 2020

Jun. 30, 2021

Sep. 30, 2021

Sep. 30, 2020

Sep. 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

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

9,449,083

9,449,083

5,350,000

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

5,498,980

9,162,096

9,162,096

5,022,578

5,022,578

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

$ 377,000

$ 1,716,000

$ 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

Noncontrolling Interest, Shares Redeemed (in shares)

1,479,132

Stock Issued During Period, Shares, Conversion of Redeemable Noncontrolling Interests (in shares)

1,479,132

Common Stock [Member]

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

$ 0.475

Dividends Payable, Date Declared

Jul. 28, 2021

Dividends Payable, Date to be Paid

Sep. 30, 2021

Dividends Payable, Date of Record

Sep. 15, 2021

Preferred Stock [Member]

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

$ 0.53125

Dividends Payable, Date Declared

Sep. 17, 2021

Dividends Payable, Date to be Paid

Oct. 25, 2021

Dividends Payable, Date of Record

Oct. 15, 2021

NREF OP IV REIT [Member]

Sale of Stock, Number of Shares Issued in Transaction (in shares)

125

Sale of Stock, Price Per Share (in dollars per share)

$ 1,000

Sale of Stock, Consideration Received on Transaction

$ 100,000

Preferred Units, Distribution Per Year Rate

12.00%

Preferred Units, Purchase Price (in dollars per share)

$ 1,000

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

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)

532,694

Payments of Stock Issuance Costs

$ 693,575

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

Underwriting Agreement [Member]

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

2,000,000

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

$ 21

Over-Allotment Option [Member]

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

59,700

300,000

Note 10 - Stockholders' Equit_3

Note 10 - Stockholders' Equity - Number of Restricted Stock Units Granted, Vested, Forfeited and Outstanding (Details) - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Sep. 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 September 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 10 - Stockholders' Equit_4

Note 10 - Stockholders' Equity - Vesting Schedule (Details) - Restricted Stock Units (RSUs) [Member] - shares	Sep. 30, 2021	Dec. 31, 2020
Restricted stock (in shares)	439,724	290,851
Share-based Payment Arrangement, Tranche One [Member]
Restricted stock (in shares)	1,838
Share-based Payment Arrangement, Tranche Two [Member]
Restricted stock (in shares)	66,919
Share-based Payment Arrangement, Tranche Three [Member]
Restricted stock (in shares)	68,569
Share-based Payment Arrangement, Tranche Five [Member]
Restricted stock (in shares)	55,087
Share-based Payment Arrangement, Tranche Six [Member]
Restricted stock (in shares)	68,569
Share-based Payment Arrangement, Tranche Seven [Member]
Restricted stock (in shares)	55,087
Share-based Payment Arrangement, Tranche Eight [Member]
Restricted stock (in shares)	68,564
Share-based Payment Arrangement, Tranche Nine [Member]
Restricted stock (in shares)	55,091

Note 10 - Stockholders' Equit_5

Note 10 - Stockholders' Equity - Summary of ATM Program Sales (Details) - USD ($)	Aug. 20, 2021	Sep. 30, 2021	Sep. 30, 2020
Net Proceeds		$ 32,393,000	$ 0
At-the-market Offering [Member]
Gross Proceeds		$ 11,264,237
Shares of Common Stock Issued (in shares)		532,694
Gross Average Sale Price per Share of Common Stock (in dollars per share)		$ 21.15
Sales Commissions		$ 168,963
Offering Costs		693,575
Net Proceeds		$ 10,401,699
Average Price Per Share, net (in dollars per share)		$ 19.53
Underwriting Agreement, Including Option Shares [Member]
Gross Proceeds	$ 43,253,700
Shares of Common Stock Issued (in shares)	2,059,700
Gross Average Sale Price per Share of Common Stock (in dollars per share)	$ 21
Offering Costs	$ 324,124
Net Proceeds	$ 40,983,159
Average Price Per Share, net (in dollars per share)	$ 19.90
Underwriting Discounts	$ 1,946,417

Note 11 - Earnings (Loss) Per_3

Note 11 - 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			9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020		Sep. 30, 2021	Sep. 30, 2020
Net income attributable to common stockholders	$ 13,233	$ 2,862		$ 27,142	$ 1,779
Net income attributable to redeemable noncontrolling interests	11,084	7,805		32,747	5,293
Net income for diluted computations	$ 24,317	$ 10,667		$ 59,889	$ 7,072
Weighted-average common shares outstanding (in shares)	6,863	5,261		5,738	5,253
Average number of unvested restricted stock units (in shares)	440	289		446	126
Average number of OP Units and SubOP Units (in shares)	13,417	13,575		13,663	13,065
Average number of common shares outstanding - diluted (in shares)	20,720	19,125		19,847	18,444
Basic (in dollars per share)	$ 1.93	$ 0.54		$ 4.73	$ 0.34
Diluted (in dollars per share)	$ 1.17	$ 0.52	[1]	$ 3.02	$ 0.33	[1]
[1]	Unvested restricted stock units, OP Units and SubOP Units are not included in the diluted earnings per share calculation for 2020.

Note 12 - Noncontrolling Inte_3

Note 12 - Noncontrolling Interests (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Aug. 04, 2020	Jul. 30, 2020	Jul. 24, 2020	Jul. 20, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2020
Class B OP Units [Member]
Limited Liability Units, Voting Power, Percent Per Share					50.00%
Class A OP Units [Member]
Limited Liability Units, Voting Power, Percent Per Share					50.00%
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
OP [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest					77.32%
OP [Member] | Class A OP Units [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest					100.00%
Subscription Agreements [Member] | OP IV [Member]
Percentage of Redemption Right Exercised						100.00%
OP [Member] | Manager Affiliates [Member] | Subscription Agreements [Member]
Partners' Capital, Distribution Amount Per Share (in dollars per share)					$ 19.81
Weighted Average Limited Partnership Units Outstanding, Basic (in shares)					12,307,988
Partners' Capital Account, Redemptions					$ 243.9
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 12 - Noncontrolling Inte_4

Note 12 - Noncontrolling Interests - Redeemable Noncontrolling Interests in the OP (Details) $ in Thousands	9 Months Ended
	Sep. 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	32,747
Redemption of redeemable noncontrolling interests in the OP	(32,393)
Distributions to redeemable noncontrolling interests in the OP	(17,032)
Redeemable noncontrolling interests in the OP, September 30, 2021	$ 258,992

Note 12 - Noncontrolling Inte_5

Note 12 - Noncontrolling Interests - Consolidated Common Shares (Details) - shares	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Common Shares Outstanding (in shares)	9,162,096	5,498,980	5,022,578	5,022,578
Common shares and partner capital units (in shares)	21,470,084	19,286,103	18,809,701
Noncontrolling Interest [Member] | OP Units [Member]
Partners capital units (in shares)	3,811,844	5,290,978	5,290,978
Noncontrolling Interest [Member] | Sub OPs [Member]
Partners capital units (in shares)	8,496,144	8,496,144	8,496,144

Note 13 - Related Party Trans_2

Note 13 - 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	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Payment for Management Fee								$ 0
Management Fee Expense						$ 551	$ 480	$ 1,587	$ 1,027
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								$ 1,600	$ 1,000
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						90.60%		90.60%
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 - Commitments and Con_2

Note 14 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Sep. 29, 2021	Sep. 30, 2021
Purchase of Preferred Equity, Purchase Amount	$ 50,000
Purchase of Preferred Equity, Purchase Amount, Option	25,000
Purchase of Preferred Equity, Amount Funded	3,000
Purchase of Preferred Equity, Funding Obligation	$ 72,000
Preferred Units, Distribution Rate	10.00%
Preferred Units [Member]
Other Commitment, Total		$ 0

Note 15 - Subsequent Events (De

Note 15 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Nov. 08, 2021	Nov. 03, 2021	Nov. 01, 2021	Oct. 26, 2021	Oct. 25, 2021	Oct. 19, 2021	Oct. 04, 2021	Sep. 17, 2021	Jul. 28, 2021	Sep. 30, 2021	Sep. 30, 2020
Payments to Acquire Loans Held-for-investment										$ 28,911	$ 7,500
Common Stock [Member]
Dividends Payable, Date Declared									Jul. 28, 2021
Dividends Payable, Amount Per Share (in dollars per share)									$ 0.475
Dividends Payable, Date to be Paid									Sep. 30, 2021
Dividends Payable, Date of Record									Sep. 15, 2021
Preferred Stock [Member]
Dividends Payable, Date Declared								Sep. 17, 2021
Dividends Payable, Amount Per Share (in dollars per share)								$ 0.53125
Dividends Payable, Date to be Paid								Oct. 25, 2021
Dividends Payable, Date of Record								Oct. 15, 2021
Subsequent Event [Member] | Common Stock [Member]
Dividends Payable, Date Declared		Nov. 3, 2021
Dividends Payable, Amount Per Share (in dollars per share)		$ 0.4750
Dividends Payable, Date to be Paid		Dec. 15, 2021
Dividends Payable, Date of Record		Dec. 30, 2021
Subsequent Event [Member] | Preferred Stock [Member]
Dividends Payable, Date Declared		Nov. 3, 2021
Dividends Payable, Amount Per Share (in dollars per share)		$ 0.53125
Dividends Payable, Date to be Paid		Jan. 25, 2022
Dividends Payable, Date of Record		Jan. 14, 2022
Subsequent Event [Member] | Bridge Facility [Member]
Proceeds from Collection of Loans Receivable			$ 32,800
Subsequent Event [Member] | Preferred Units [Member]
Payments to Acquire Investments, Total	$ 30,000
Subsequent Event [Member] | SFR Loans [Member]
Proceeds from Collection of Loans Receivable					$ 12,100
Subsequent Event [Member] | SFR Loans [Member] | Subsidiary OP [Member]
Proceeds From Repayments of Debt Penalty					$ 3,400
Subsequent Event [Member] | Preferred Equity [Member] | Property in Atlanta, Georgia [Member]
Payments to Acquire Loans Held-for-investment				$ 9,800
Investment Interest Rate				11.00%
Investment, Interest Rate, Fixed Monthly				6.00%
Investment, Interest Rate, Monthly Compounded				5.00%
Subsequent Event [Member] | CMBS I/O Strip [Member]
Secured Debt, Repurchase Agreements							$ 1,400
Pledged Assets Separately Reported, Securities Pledged for Repurchase Agreements, at Fair Value							$ 35,000
Subsequent Event [Member] | CMBS I/O Strip [Member] | London Interbank Offered Rate (LIBOR) [Member]
Securities Sold under Agreements to Repurchase, Average Rate Paid							1.00%
Subsequent Event [Member] | CMBS B-Pieces [Member]
Secured Debt, Repurchase Agreements						$ 36,300
Pledged Assets Separately Reported, Securities Pledged for Repurchase Agreements, at Fair Value						$ 93,400
Subsequent Event [Member] | CMBS B-Pieces [Member] | London Interbank Offered Rate (LIBOR) [Member]
Securities Sold under Agreements to Repurchase, Average Rate Paid						2.00%