NexPoint Real Estate Finance (NREF) 10-K 28 Feb 22 2021 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Feb. 28, 2022	Jun. 30, 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	FY
Document Fiscal Year Focus	2021
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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 Public Float			$ 89,700,000
Entity Common Stock, Shares Outstanding		14,393,817
Auditor Name	KPMG LLP
Auditor Location	Dallas, Texas
Auditor Firm ID	185
ICFR Auditor Attestation Flag	true
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

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 26,459	$ 30,241
Restricted cash	6,773	3,230
Real estate investment, net (Note 8)	62,269	0
Loans, held-for-investment, net	241,517	127,777
Common stock investment, at fair value	58,460	44,626
Mortgage loans, held-for-investment, net	847,364	918,114
Accrued interest and dividends	8,319	5,078
CMBS structured pass through certificates, at fair value (Note 6)	69,816	38,984
Accounts receivable and other assets	393	745
TOTAL ASSETS	8,513,917	6,176,310
Liabilities:
Master repurchase agreements	286,324	161,465
Unsecured notes, net	168,325	34,960
Mortgages payable, net	32,176	0
Accounts payable and other accrued liabilities	3,903	1,779
Accrued interest payable	3,985	2,311
Total Liabilities	8,007,211	5,772,397
Redeemable noncontrolling interests in the OP	261,423	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; 9,450,921 and 5,350,000 shares issued and 9,163,934 and 5,022,578 shares outstanding, respectively	92	50
Additional paid-in capital	222,300	138,043
Retained earnings	28,367	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	245,283	128,243
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	8,513,917	6,176,310
Facility [Member]
Liabilities:
Secured financing agreements, net	786,226	840,453
Variable Interest Entity, Primary Beneficiary [Member]
ASSETS
Loans, held-for-investment, net	7,192,547	5,007,515
Liabilities:
Bonds payable held in variable interest entities, at fair value	6,726,272	4,731,429
Stockholders' Equity:
Noncontrolling interest in CMBS variable interest entities	7,175	0
Subsidiaries [Member]
Stockholders' Equity:
Noncontrolling interest in CMBS variable interest entities	$ 95	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	2,000,000	2,000,000
Preferred stock, shares outstanding (in shares)	1,645,000	1,645,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	9,450,921	5,350,000
Common stock, shares outstanding (in shares)	9,163,934	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 Statement of Opera

Consolidated Statement of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Net interest income
Interest income	$ 55,827	$ 38,978
Interest expense	(29,772)	(21,312)
Total net interest income	26,055	17,666
Other income (loss)
Change in unrealized gain (loss) on CMBS structured pass through certificates	(483)	(49)
Change in unrealized gain on common stock investment	13,834	0
Loan loss benefit (provision)	(189)	(320)
Dividend income, net	0	6,309
Realized losses	(257)	(493)
Other income	780	373
Income from consolidated real estate owned (Note 8)	(40)	0
Total other income (loss)	71,263	25,752
Operating expenses
General and administrative expenses	6,371	3,382
Loan servicing fees	5,179	4,314
Management fees	2,296	1,552
Total operating expenses	13,846	9,248
Net income	83,472	34,170
Net (income) attributable to preferred shareholders	(3,508)	(1,748)
Net (income) attributable to redeemable noncontrolling interests	(40,387)	(21,323)
Net income attributable to common stockholders	$ 39,577	$ 11,099
Weighted-average common shares outstanding - basic (in shares)	6,601	5,206
Weighted-average common shares outstanding - diluted (in shares)	20,366	18,648
Earnings per share - basic (in dollars per share)	$ 6	$ 2.13
Earnings per share - diluted (in dollars per share)	3.93	1.74
Dividends declared per common share (in dollars per share)	$ 1.9000	$ 1.4198
Variable Interest Entity, Primary Beneficiary [Member]
Other income (loss)
Change in net assets related to consolidated CMBS variable interest entities	$ 57,618	$ 19,932
Change in unrealized gain (loss) on CMBS structured pass through certificates	$ 29,838	$ 4,030

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity - 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	$ 0	$ 0
Issuance of common stock through public offering, net (in shares)																												0	5,350,000
Issuance of common stock through public offering, net																												$ 0	$ 54	91,434	0	0	0	0	0	91,488
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	0	0	46,081
Vesting of stock-based compensation (in shares)																												0	0
Vesting of stock-based compensation																												$ 0	$ 0	548	0	0	0	0	0	548
Repurchase of common stock (in shares)																												0	(327,422)
Repurchase of common stock																												$ 0	$ (4)	0	0	(4,784)	0	0		(4,788)
Repurchase of preferred stock (in shares)																												(355,000)	0
Repurchase of preferred stock																												$ (4)	$ 0	0	0	0	(8,567)	0	0	(8,571)
Net income attributable to preferred stockholders																												0	0	0	1,748	0	0	0	0	1,748
Net income attributable to common stockholders																												0	0	0	11,099	0	0	0	0	11,099
Preferred stock dividends declared																												0	0	0	(1,748)	0	0	0	0	(1,748)
Common stock dividends declared																												$ 0	$ 0	0	(7,614)	0	0	0	0	(7,614)
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
Issuance of common stock through public offering, net (in shares)	0	532,694							532,694	0	2,059,700
Issuance of common stock through public offering, net	$ 0	$ 5	$ 10,296	$ 0	$ 0	$ 0	$ 0	$ 0	$ 10,301	$ 0	$ 21	$ 40,473	$ 0	$ 0	$ 0	$ 0	$ 0	$ 40,494
Vesting of stock-based compensation (in shares)																												0	69,830
Vesting of stock-based compensation																												$ 0	$ 1	1,699	0	0	0	0	0	1,700
Net income attributable to preferred stockholders																												0	0	0	3,508	0	0	0	0	3,508
Net income attributable to common stockholders																												0	0	0	39,577	0	0	0	0	39,577
Preferred stock dividends declared																												0	0	0	(3,508)	0	0	0	0	(3,508)
Common stock dividends declared																												0	0	0	(14,695)	0	0	0	0	(14,695)
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
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	7,175	0	7,175
Balances (in shares) at Dec. 31, 2021																												1,645,000	9,163,934
Balances at Dec. 31, 2021																												$ 16	$ 92	$ 222,300	$ 28,367	$ (4,195)	$ (8,567)	$ 7,175	$ 95	$ 245,283

Consolidated Statement of Sto_2

Consolidated Statement of Stockholders' Equity (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Preferred stock dividends declared, per share (in dollars per share)	$ 2.1250	$ 0.5313
Common stock dividends declared, per share (in dollars per share)	$ 1.9000	$ 1.4198

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net income	$ 83,472	$ 34,170
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of premiums	15,769	8,280
Accretion of discounts	(9,196)	(3,160)
Loan loss (benefit) provision	189	320
Net change in unrealized (gain) loss on investments held at fair value	(43,503)	(3,981)
Net realized losses	257	493
Vesting of stock-based compensation	2,023	548
Payment in kind income	(91)	0
Changes in operating assets and liabilities:
Accrued interest and dividends receivable	(3,241)	(6,001)
Accounts receivable and other assets	352	(745)
Accrued interest payable	1,674	2,311
Accounts payable, accrued expenses and other liabilities	1,593	667
Net cash provided by operating activities	49,298	32,902
Cash flows from investing activities
Proceeds from payments received on mortgage loans	62,991	22,449
Proceeds from payments received on bridge loan	32,759	0
Originations of bridge loan	(32,595)	0
Originations of loans, held-for-investment, net	(117,727)	(108,610)
Purchases of common stock investment	0	(87)
Purchases of CMBS, at fair value	(39,061)	(40,200)
Sales of CMBS structured pass through certificates, at fair value	3,921	0
Acquisitions of real estate investments	(29,789)	0
Net cash provided by (used in) investing activities	517,878	(68,261)
Cash flows from financing activities
Principal repayments on borrowings under secured financing agreements	(54,227)	(8,225)
Borrowings under master repurchase agreements	153,844	163,473
Principal repayments on borrowings under master repurchase agreements	(28,985)	(2,008)
Proceeds received on borrowings under secured financing agreements	0	59,914
Proceeds received from unsecured notes offering, net	132,813	34,904
Deferred financing costs paid	(304)	0
Borrowings under bridge facility	20,000	86,000
Bridge facility payments	(20,000)	(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	(4,788)
Payments for taxes related to net share settlement of stock-based compensation	(323)	0
Dividends paid to common stockholders	(14,164)	(7,376)
Dividends paid to preferred stockholders	(3,508)	(874)
Distributions to redeemable noncontrolling interests in the OP	(22,241)	(19,063)
Contributions from noncontrolling interests	0	11,783
Net cash provided by (used in) financing activities	(567,415)	68,830
Net increase (decrease) in cash, cash equivalents and restricted cash	(239)	33,471
Cash, cash equivalents and restricted cash, beginning of period	33,471	0
Cash, cash equivalents and restricted cash, end of period	33,232	33,471
Supplemental Disclosure of Cash Flow Information
Interest paid	27,546	23,221
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	2,946,224	3,179,620
Preferred stock investment conversion to common stock investment (Note 5)	0	41,881
Stock dividends receivable conversion to common stock investment (Note 5)	0	2,658
Consolidation of noncontrolling interest in CMBS variable interest entities	7,175	0
Increase in dividends payable upon vesting of restricted stock units	531	238
Stock dividends received	0	1,881
Other assets acquired from acquisitions	14	0
Liabilities assumed from acquisitions	47	0
Assumed debt on acquisitions	32,480	0
Increase in dividends payable to preferred stockholders	0	874
Public Offering [Member]
Cash flows from financing activities
Proceeds from the issuance of common stock	50,795	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	841,953	208,507
Purchases of CMBS, at fair value	(204,574)	(150,320)
Cash flows from financing activities
Distributions to bondholders of variable interest entities	$ (781,210)	$ (192,908)

Note 1 - Organization and Descr

Note 1 - Organization and Description of Business	12 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. NexPoint Real Estate Finance, Inc. (the “Company”, “we”, “our”) is a commercial mortgage REIT incorporated in Maryland on June 7, 2019. 1986, December 31, 2020. first December 31, 2021 two one 13 The Company commenced operations on February 11, 2020 The Company is externally managed by NexPoint Real Estate Advisors VII, L.P. (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	12 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. Basis of Accounting The accompanying consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the 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 December 31, 2021 The accompanying 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 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 December 31, 2021 December 31, 2021 no three three twelve 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 December 31, 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 eight seven one not On the Consolidated Balance Sheets as of December 31, 2021 December 31, 2020 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 December 31, 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. Purchase Price Allocation The Company considers the acquisition of real estate investments as asset acquisitions. Upon acquisition of a property, the purchase price and related acquisition costs (“total consideration”) are allocated to land, buildings, improvements, furniture, fixtures, and equipment, and intangible lease assets in accordance with FASB ASC 805, Business Combinations. 805. The allocation of total consideration, which is determined using inputs that are classified within Level 3 820, Fair Value Measurement and Disclosures 820” 10 may not 2 Real estate assets, including land, buildings, improvements, furniture, fixtures and equipment, and intangible lease assets are stated at historical cost less accumulated depreciation and amortization. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Expenditures for improvements, renovations, and replacements are capitalized at cost. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 30 years Improvements 15 years Furniture, fixtures, and equipment 3 years Intangible lease assets 6 months Post-acquisition, construction in progress includes the cost of renovation projects being performed at the various properties. Once a project is complete, the historical cost of the renovation is placed into service in one Secured Financing and Master Repurchase Agreements The Company's borrowings under secured financing agreements and master repurchase agreements are treated as collateralized financing arrangements carried at their contractual amounts, net of unamortized debt issuance costs, if any. Income Recognition Interest Income Dividend Income - Realized Gain (Loss) on Investments Revenue Recognition The Company owns a multifamily property whereby its primary operations consist of rental income earned from its residents under lease agreements typically with terms of one may not 2014 09, Revenue from Contracts with Customers 2014 09” December 31, 2021. 2014 09 not 2014 09. In July 2018, 2018 11 , Leases Targeted Improvements 2018 11” 2016 02. 2018 11 not 2018 11 2016 02, 842 842” December 31, 2021. 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 December 31, 2021 no no A loan is written off when it is no The Company will evaluate acquired loans and debt securities for which it is probable at acquisition that all contractually required payments will not 310 30, Loans and Debt Securities Acquired with Deteriorated Credit Quality. December 31, 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, Mezzanine Loans and Convertible Notes 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 December 31, 2021 no The Company evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more-likely-than- not” 50 not not no none The Company recognizes its tax positions and evaluates them using a two not not December 31, 2021 Recent Accounting Pronouncements Section 107 13 1934, may not may 107 In June 2016, 2016 13, Financial Instruments Credit Losses on Financial Instruments 2016 13” not not This allowance is deducted from the financial asset’s amortized cost basis to present the net amount expected to be collected. The new expected credit loss model will also apply to purchased financial assets with credit deterioration, superseding current accounting guidance for such assets. The amended guidance also amends the impairment model for available-for-sale debt securities, requiring entities to determine whether all or a portion of the unrealized loss on such securities is a credit loss, and also eliminating the option for management to consider the length of time a security has been in an unrealized loss position as a factor in concluding whether or not December 15, 2022. 2016 13 In November 2018, 2018 19, Codification Improvements to Topic 326, Credit Losses 2016 13. 2016 13. In April 2019, 2019 04, Codification Improvements to Topic 326. Credit Losses 2016 13. 2016 13. In May 2019, 2019 05, Targeted Transition Relief for Topic 326. Credit Losses not 2016 13. In March 2020, 2020 04, Reference Rate Reform (Topic 848 may December 31, 2022. not December 31, 2021

Note 3 - Loans Held for Investm

Note 3 - Loans Held for Investment	12 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	3. The Company’s investments in SFR Loans, mezzanine loans, preferred equity and convertible notes are accounted for as loans held for investment. The SFR Loans are presented as mortgage loans, held-for-investment, net and the mezzanine loans, preferred equity and convertible note are presented as loans, held-for-investment, net on the Consolidated Balance Sheets. The following tables summarize our loans held for investment as of December 31, 2021 December 31, 2020 Weighted Average Loan Type Outstanding Face Amount Carrying Value (1) Loan Count Fixed Rate (2) Coupon (3) Life (years) (4) December 31, 2021 SFR Loans, held-for-investment $ 795,223 $ 847,364 21 100.00 % 4.85 % 6.45 Mezzanine loans, held-for-investment 152,144 154,516 23 69.28 % 8.03 % 6.50 Preferred equity, held-for-investment 66,697 66,624 6 100.00 % 10.52 % 3.84 Convertible note, held-for-investment 20,478 20,377 1 100.00 % 9.00 % 1.99 $ 1,034,542 $ 1,088,881 51 95.48 % 5.77 % 6.20 ( 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 years ended December 31, 2021 2020 For the Year Ended December 31, 2021 2020 Balance at December 31, $ 1,045,891 $ — Contributions from noncontrolling interests in the OP — 967,202 Originations 117,727 108,610 Proceeds from principal repayments (1) (62,991 ) (9,199 ) Proceeds from redemption of mezzanine loan, net — (13,191 ) PIK distribution reinvested in Preferred Units 91 — Amortization of loan premium, net (2) (10,907 ) (6,961 ) Loan loss benefit (provision) (189 ) (320 ) Realized losses (741 ) (250 ) Balance at December 31, $ 1,088,881 $ 1,045,891 ( 1 Includes principal repayments on SFR Loans. ( 2 Includes net amortization of loan purchase premiums. As of December 31, 2021 December 31, 2020 As discussed in Note 2, “1” “5,” 2 December 31, 2021 Number of Carrying % of Loan Risk Rating Loans Value Portfolio 1 — $ — — 2 — — — 3 51 1,088,881 100.00 % 4 — — — 5 — — — 51 $ 1,088,881 100.00 % 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 December 31, 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 December 31, 2021 December 31, 2020 Georgia 38.93 % 39.81 % Florida 16.90 % 20.88 % Texas 7.74 % 7.26 % Maryland 5.66 % 7.66 % Minnesota 4.86 % 4.82 % Alabama 3.35 % 3.59 % Connecticut 2.87 % * California 2.53 % 0.00 % New Jersey 2.83 % 1.98 % North Carolina 2.23 % 1.67 % Missouri 1.19 % 1.01 % Mississippi * 1.03 % Other (19 and 19 states each at <1%) 10.91 % 10.29 % 100.00 % 100.00 % *Included in "Other." Collateral Property Type December 31, 2021 December 31, 2020 Single Family Rental 76.15 % 87.30 % Multifamily 20.32 % 12.70 % Life Science 3.53 % 0.00 % 100.00 % 100.00 %

Note 4 - CMBS Trusts

Note 4 - CMBS Trusts	12 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Commercial Mortgage Backed Securities Trusts [Text Block]	4. As of December 31, 2021 eight 2014 13 not The following table presents the Company’s recognized Trust’s Assets and Liabilities (in thousands): Trust's Assets December 31, 2021 December 31, 2020 Mortgage loans held in variable interest entities, at fair value $ 7,192,547 $ 5,007,515 Accrued interest receivable 2,212 1,063 Trust's Liabilities Bonds payable held in variable interest entities, at fair value (6,726,272 ) (4,731,429 ) Accrued interest payable (1,500 ) (794 ) The following table presents “Change in net assets related to consolidated CMBS variable interest entities” (in thousands): For the Year Ended December 31, 2021 2020 Net interest earned $ 27,780 $ 15,902 Unrealized gain (loss) 29,838 4,030 Change in net assets related to consolidated CMBS variable interest entities $ 57,618 $ 19,932 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 December 31, 2021 December 31, 2020 Texas 16.88 % 15.02 % Florida 14.77 % 16.25 % Arizona 10.37 % 11.80 % California 8.50 % 8.25 % Georgia 4.97 % 7.05 % Washington 6.19 % 5.76 % New Jersey 4.65 % 4.14 % Nevada 3.51 % 4.12 % Pennsylvania * 3.30 % Colorado 4.08 % 2.26 % Connecticut 3.02 % * North Carolina 3.12 % 1.98 % New York 2.45 % 3.00 % Ohio 1.72 % 2.00 % Virginia 1.70 % 2.09 % Indiana 1.68 % 2.42 % South Carolina 1.56 % 1.08 % Utah * 1.33 % Maryland 1.55 % 1.32 % Missouri 1.26 % 1.20 % Tennessee * 1.45 % Other (20 and 15 states each at <1%) 8.02 % 4.21 % 100.00 % 100.00 % *Included in “Other.” Collateral Property Type December 31, 2021 December 31, 2020 Multifamily 98.42 % 98.12 % Manufactured Housing 1.58 % 1.88 % 100.00 % 100.00 %

Note 5 - Common Stock Investmen

Note 5 - Common Stock Investment	12 Months Ended
	Dec. 31, 2021
Common Stock [Member]
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	5. The Company owned series A preferred stock in Jernigan Capital, Inc. (“JCAP”), a publicly traded self-storage company. 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 December 31, 2021 Investment Shares Fair Value Investment Date Property Type December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Common Stock NexPoint Storage Partners 11/6/2020 Self-storage 41,963 41,963 $ 58,460 $ 44,626

Note 6 - CMBS Structured Pass T

Note 6 - CMBS Structured Pass Through Certificates	12 Months Ended
	Dec. 31, 2021
CMBS Structured Pass Through Certificates [Member]
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	6. As of December 31, 2021 thirteen 2 10 The following tables present the CMBS I/O Strips as of December 31, 2021 December 31, 2020 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 $ 2,356 Multifamily 2.02 % 14.47 % 9/25/2046 CMBS I/O Strip 8/6/2020 8,383 Multifamily 0.10 % 14.67 % 6/25/2030 CMBS I/O Strip 8/6/2020 23,188 Multifamily 2.98 % 14.48 % 6/25/2030 CMBS I/O Strip 4/28/2021 (2) 7,274 Multifamily 1.59 % 13.88 % 1/25/2030 CMBS I/O Strip 5/27/2021 4,781 Multifamily 3.38 % 14.16 % 5/25/2030 CMBS I/O Strip 6/7/2021 589 Multifamily 2.31 % 16.56 % 11/25/2028 CMBS I/O Strip 6/11/2021 (3) 6,424 Multifamily 1.26 % 13.57 % 5/25/2029 CMBS I/O Strip 6/21/2021 1,850 Multifamily 1.20 % 17.02 % 5/25/2030 CMBS I/O Strip 8/10/2021 3,246 Multifamily 1.89 % 14.30 % 4/25/2030 CMBS I/O Strip 8/11/2021 1,697 Multifamily 3.10 % 12.55 % 7/25/2031 CMBS I/O Strip 8/24/2021 317 Multifamily 2.61 % 13.14 % 1/25/2031 CMBS I/O Strip 9/1/2021 4,827 Multifamily 1.92 % 13.53 % 6/25/2030 CMBS I/O Strip 9/11/2021 4,884 Multifamily 2.95 % 12.55 % 9/25/2031 Total $ 69,816 ( 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, Investment Investment Date Carrying Value Property Type Interest Rate Current Yield (1) Maturity Date CMBS I/O Strips CMBS I/O Strip 4/15/2020 $ 966 Multifamily 3.40% 12.32% 1/25/2037 CMBS I/O Strip 4/15/2020 885 Multifamily 2.93% 12.88% 12/25/2037 CMBS I/O Strip 5/18/2020 2,520 Multifamily 2.02% 14.43% 9/25/2046 CMBS I/O Strip 8/6/2020 8,542 Multifamily 0.10% 13.45% 6/25/2030 CMBS I/O Strip 8/6/2020 1,796 Multifamily 0.10% 14.46% 6/25/2030 CMBS I/O Strip 8/6/2020 24,275 Multifamily 2.98% 13.30% 6/25/2030 Total $ 38,984 ( 1 Current yield is the annualized income earned divided by the cost basis of the investment The following table presents activity related to the Company’s CMBS I/O Strips (in thousands): For the Year Ended December 31, 2021 2020 Net interest earned $ 3,052 $ 1,124 Change in unrealized gain on CMBS structured pass through certificates (483 ) (49 ) Realized gain 484 — $ 3,053 $ 1,075

Note 7 - Bridge Loan

Note 7 - Bridge Loan	12 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	3. The Company’s investments in SFR Loans, mezzanine loans, preferred equity and convertible notes are accounted for as loans held for investment. The SFR Loans are presented as mortgage loans, held-for-investment, net and the mezzanine loans, preferred equity and convertible note are presented as loans, held-for-investment, net on the Consolidated Balance Sheets. The following tables summarize our loans held for investment as of December 31, 2021 December 31, 2020 Weighted Average Loan Type Outstanding Face Amount Carrying Value (1) Loan Count Fixed Rate (2) Coupon (3) Life (years) (4) December 31, 2021 SFR Loans, held-for-investment $ 795,223 $ 847,364 21 100.00 % 4.85 % 6.45 Mezzanine loans, held-for-investment 152,144 154,516 23 69.28 % 8.03 % 6.50 Preferred equity, held-for-investment 66,697 66,624 6 100.00 % 10.52 % 3.84 Convertible note, held-for-investment 20,478 20,377 1 100.00 % 9.00 % 1.99 $ 1,034,542 $ 1,088,881 51 95.48 % 5.77 % 6.20 ( 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 years ended December 31, 2021 2020 For the Year Ended December 31, 2021 2020 Balance at December 31, $ 1,045,891 $ — Contributions from noncontrolling interests in the OP — 967,202 Originations 117,727 108,610 Proceeds from principal repayments (1) (62,991 ) (9,199 ) Proceeds from redemption of mezzanine loan, net — (13,191 ) PIK distribution reinvested in Preferred Units 91 — Amortization of loan premium, net (2) (10,907 ) (6,961 ) Loan loss benefit (provision) (189 ) (320 ) Realized losses (741 ) (250 ) Balance at December 31, $ 1,088,881 $ 1,045,891 ( 1 Includes principal repayments on SFR Loans. ( 2 Includes net amortization of loan purchase premiums. As of December 31, 2021 December 31, 2020 As discussed in Note 2, “1” “5,” 2 December 31, 2021 Number of Carrying % of Loan Risk Rating Loans Value Portfolio 1 — $ — — 2 — — — 3 51 1,088,881 100.00 % 4 — — — 5 — — — 51 $ 1,088,881 100.00 % 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 December 31, 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 December 31, 2021 December 31, 2020 Georgia 38.93 % 39.81 % Florida 16.90 % 20.88 % Texas 7.74 % 7.26 % Maryland 5.66 % 7.66 % Minnesota 4.86 % 4.82 % Alabama 3.35 % 3.59 % Connecticut 2.87 % * California 2.53 % 0.00 % New Jersey 2.83 % 1.98 % North Carolina 2.23 % 1.67 % Missouri 1.19 % 1.01 % Mississippi * 1.03 % Other (19 and 19 states each at <1%) 10.91 % 10.29 % 100.00 % 100.00 % *Included in "Other." Collateral Property Type December 31, 2021 December 31, 2020 Single Family Rental 76.15 % 87.30 % Multifamily 20.32 % 12.70 % Life Science 3.53 % 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. November 1, 2021,

Note 8 - Real Estate Investment

Note 8 - Real Estate Investment, Net	12 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Real Estate Owned [Text Block]	8. On December 31, 2021, 204 December 31, 2021 As of December 31, 2021 Real Estate Investment, Net Land Buildings and Improvements Intangible Lease Assets Furniture, Fixtures and Equipment Totals Hudson Montford $ 10,996 $ 49,807 $ 954 $ 512 $ 62,269 The following table reflects the revenue and expenses for the years ended December 31, 2021 December 31, 2020 For the Year Ended December 31, 2021 2020 Revenues Rental income $ 10 $ — Other income — — Total revenues 10 — Expenses Interest expense 2 — Real estate taxes and insurance 1 — Property operating expenses 6 — Property general and administrative expenses 12 — Rate cap expense 29 — Total expenses 50 — Income from consolidated real estate owned $ (40 ) $ —

Note 9 - Debt

Note 9 - Debt	12 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Debt Disclosure [Text Block]	9. The following table summarizes the Company’s financing arrangements in place as of December 31, 2021 December 31, 2021 Facility Collateral Date issued Outstanding face amount Carrying value Final stated maturity Weighted average interest rate (1) Weighted average life (years) (2) Outstanding face amount Amortized cost basis Carrying value (3) Weighted average life (years) (2) Master Repurchase Agreements CMBS Mizuho (4) 4/15/2020 286,324 286,324 N/A (5) 1.97 % 0.03 2,101,790 499,975 531,367 8.0 Asset Specific Financing Single Family Rental Freddie Mac 7/12/2019 726,312 726,312 7/12/2029 2.41 % 6.5 795,223 847,364 847,364 6.5 Mezzanine Freddie Mac 10/20/2020 59,914 59,914 8/1/2031 0.30 % 8.3 97,899 100,857 100,857 8.3 Multifamily CBRE 12/31/2021 32,480 32,176 6/1/2028 (6) 2.76 % 6.4 62,269 62,269 62,269 6.4 Unsecured Financing Various 10/15/2020 36,500 35,233 10/25/2025 7.50 % 3.8 N/A N/A N/A N/A Various 4/20/2021 135,000 133,092 4/15/2026 5.75 % 4.3 N/A N/A N/A N/A Total/weighted average $ 1,276,530 $ 1,273,051 2.72 % 4.80 $ 3,057,181 $ 1,510,465 $ 1,541,857 7.57 ( 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 on an unconsolidated basis. SFR Loans and mezzanine loans are shown at amortized cost. ( 4 On April 15, 2020, three ( 5 The master repurchase agreement with Mizuho does not one two ( 6 Debt was assumed upon acquisition of this property and recorded at the outstanding principal amount, net of debt issuance costs. The loan can be prepaid at a 1.0% prepayment premium on any unpaid principal. The loan is open to pre-payment in the last three 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 on an unconsolidated basis. SFR Loans and mezzanine loans are shown at amortized cost. ( 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, December 31, 2021 February 11, 2020. July 12, 2029. July 12, 2029, December 31, 2021 In connection with certain of our previous CMBS acquisitions and a mezzanine debt investment, we, through the Subsidiary OPs, have borrowed approximately $286.3 million under our repurchase agreements and posted $2.1 billion par value of our CMBS B-Piece and CMBS I/O Strip investments as collateral as of December 31, 2021 On October 15, 2020, October 15, 2025 December 31, 2021 On October 20, 2020, On April 20, 2021, 2026 “5.75% 5.75% On December 20, 2021, As of December 31, 2021 Outstanding Investment Principal Investment Date Balance Location Property Type Interest Type Interest Rate Maturity Date SFR Loans Senior loan 2/11/2020 $ 465,690 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 35,352 Various Single-family Fixed 2.70 % 11/1/2028 Senior loan 2/11/2020 15,795 Various Single-family Fixed 2.91 % 2/1/2029 Senior loan 2/11/2020 9,449 Various Single-family Fixed 2.79 % 9/1/2028 Senior loan 2/11/2020 9,284 Various Single-family Fixed 2.45 % 3/1/2026 Senior loan 2/11/2020 9,053 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 8,126 Various Single-family Fixed 3.14 % 1/1/2029 Senior loan 2/11/2020 7,167 Various Single-family Fixed 2.80 % 2/1/2029 Senior loan 2/11/2020 6,888 Various Single-family Fixed 2.98 % 2/1/2029 Senior loan 2/11/2020 6,765 Various Single-family Fixed 2.69 % 7/1/2028 Senior loan 2/11/2020 6,040 Various Single-family Fixed 2.99 % 3/1/2029 Senior loan 2/11/2020 5,680 Various Single-family Fixed 2.68 % 11/1/2028 Senior loan 2/11/2020 5,716 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 5,100 Various Single-family Fixed 2.64 % 10/1/2028 Senior loan 2/11/2020 4,850 Various Single-family Fixed 2.48 % 8/1/2023 Senior loan 2/11/2020 4,810 Various Single-family Fixed 2.97 % 1/1/2029 Senior loan 2/11/2020 4,232 Various Single-family Fixed 3.06 % 2/1/2029 Total $ 726,312 2.41 % 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 years ended December 31, 2021 2020 For the Year Ended December 31, 2021 2020 Balances as of December 31, $ 1,036,878 $ — Assumption of debt 32,480 883,764 Principal borrowings 306,657 344,291 Principal repayments (103,212 ) (191,233 ) Accretion of loan discounts 552 56 Balances as of December 31, $ 1,273,355 $ 1,036,878 Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five December 31, 2021 Year Recourse Non-recourse Total 2022 (1) $ — $ (286,324 ) $ (286,324 ) 2023 — (4,850 ) (4,850 ) 2024 — (5,716 ) (5,716 ) 2025 (36,500 ) (46,094 ) (82,594 ) 2026 (167,480 ) (9,284 ) (176,764 ) Thereafter — (720,282 ) (720,282 ) $ (203,980 ) $ (1,072,550 ) $ (1,276,530 ) ( 1 The transactions in place in the master repurchase agreement with Mizuho have a one two

Note 10 - Fair Value of Financi

Note 10 - Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block]	10. 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 December 31, 2021 Fair Value Carrying Value Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 26,459 $ 26,459 $ — $ — $ 26,459 Restricted cash 6,773 6,773 — — 6,773 Real estate investment, net 62,269 62,269 — — 62,269 Loans, held-for-investment, net 241,517 — — 242,396 242,396 Common stock investment, at fair value 58,460 — — 58,460 58,460 Mortgage loans, held-for-investment, net 847,364 — — 849,455 849,455 Accrued interest and dividends 8,319 8,319 — — 8,319 Mortgage loans held in variable interest entities, at fair value 7,192,547 — 7,192,547 — 7,192,547 CMBS structured pass through certificates, at fair value 69,816 — 69,816 — 69,816 Accounts receivable and other assets 393 393 — — 393 $ 8,513,917 $ 104,213 $ 7,262,363 $ 1,150,311 $ 8,516,887 Liabilities Secured financing agreements, net $ 786,226 $ — $ — $ 809,586 $ 809,586 Master repurchase agreements 286,324 — — 286,324 286,324 Unsecured notes, net 168,325 — — 168,325 168,325 Mortgages payable, net 32,176 — — 32,176 32,176 Accounts payable and other accrued liabilities 3,903 3,903 — — 3,903 Accrued interest payable 3,985 3,985 — — 3,985 Bonds payable held in variable interest entities, at fair value 6,726,272 — 6,726,272 — 6,726,272 $ 8,007,211 $ 7,888 $ 6,726,272 $ 1,296,411 $ 8,030,571 The significant unobservable inputs used in the fair value measurement of the Company’s common stock investment are the discount rate and terminal capitalization rate. Significant increases (decreases) in any of those inputs in isolation could result in a significantly lower (higher) fair value measurement. The following is a summary of significant unobservable inputs used in the fair valuation of the Company's Level 3 Carrying Value Valuation Technique Unobservable Inputs Input Values Common stock investment, at fair value $ 58,460 Discounted cash flow Terminal cap rate 4.50% Discount rate 9.50% The table below reflects a summary of changes for the Company's Level 3 December 31, 2021 Balance as of 12/31/20 Change in Unrealized Gains /(Losses) Balance as of 12/31/21 Common stock investment, at fair value $ 44,626 $ 13,834 $ 58,460 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 13 2 December 31, 2021

Note 11 - Stockholders' Equity

Note 11 - Stockholders' Equity	12 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	11. Equity Common Stock On February 11, 2020, As of December 31, 2021 Preferred Stock On July 24, 2020, Share Repurchase Program On March 9, 2020, may two March 9, 2022. September 28, 2020, may may December 31, 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 December 31, 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, November 8, 2021, one December 31, 2021 2021 Number of Units Weighted Average Grant Date Fair Value Outstanding January 1, 2021 290,851 $ 12.12 Granted 233,385 19.40 Vested (83,311 ) (1) 12.11 Forfeited — — Outstanding December 31, 2021 440,925 $ 15.97 ( 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 November 8, 2022 1,201 February 22, 2023 55,087 May 8, 2023 68,569 February 22, 2024 55,087 May 8, 2024 68,564 February 22, 2025 55,091 440,925 At-The-Market-Offering On March 31, 2021, December 16, 2021, Sales of shares of common stock or Series A Preferred Stock under the ATM Program, if any, may 415 December 16, 2021, not 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 793,779 Net Proceeds 10,301,495 Average Price Per Share, net $ 19.34 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 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 813,748 Net Proceeds 40,493,535 Average Price Per Share, net $ 19.66 OP Unit Redemption At the 2021 may September 8, 2021, Dividends The Board declared the fourth 2021 November 3, 2021 December 30, 2021 December 15, 2021 The Board declared a dividend to preferred stockholders of $0.53125 per share on November 3, 2021 January 25, 2022 January 15, 2022 The REIT Sub paid a distribution of $60.00 per Preferred Membership Unit on December 30, 2021 December 15, 2021.

Note 12 - Earnings (Loss) Per S

Note 12 - Earnings (Loss) Per Share	12 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Earnings Per Share [Text Block]	12. 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 Year Ended December 31, 2021 2020 Net income attributable to common stockholders $ 39,577 $ 11,099 Earnings for basic computations Net income attributable to redeemable noncontrolling interests 40,387 21,323 Net income for diluted computations $ 79,964 $ 32,422 Weighted-average common shares outstanding Average number of common shares outstanding - basic 6,601 5,206 Average number of unvested restricted stock units 444 172 Average number of OP Units and SubOP Units 13,321 13,270 Average number of common shares outstanding - diluted 20,366 18,648 Earnings (loss) per weighted average common share: Basic $ 6.00 $ 2.13 Diluted $ 3.93 $ 1.74

Note 13 - Noncontrolling Intere

Note 13 - Noncontrolling Interests	12 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Noncontrolling Interest Disclosure [Text Block]	13. 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. Pursuant to the second second 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 December 31, 2021 Pursuant to the second 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 December 31, 2021 1 2 December 31, 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, second second may As of December 31, 2021 13 The following table sets forth the redeemable noncontrolling interests in the OP (reflecting the OP’s consolidation of the Subsidiary OPs) for the years ended December 31, 2021 2020 For the Year Ended December 31, 2021 2020 Redeemable noncontrolling interests in the OP, December 31, $ 275,670 $ — Contributions from redeemable noncontrolling interests in the OP — 273,410 Net income attributable to redeemable noncontrolling interests in the OP 40,387 21,323 Redemption of redeemable noncontrolling interests in the OP (32,393 ) Distributions to redeemable noncontrolling interests in the OP (22,241 ) (19,063 ) Redeemable noncontrolling interests in the OP, December 31, $ 261,423 $ 275,670 The table below presents the 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 December 31, 2021 9,163,934 3,811,844 8,496,144 21,471,922 On July 20, 2020, March 31, 2021,

Note 14 - Related Party Transac

Note 14 - Related Party Transactions	12 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	14. 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 December 31, 2021 Connections at Buffalo Pointe Contribution On May 29, 2020, first December 31, 2021 May 1, 2030 Pursuant to the OP LPA 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, November 8, 2021, one 10 Equity Commitment Letter On August 3, 2020, November 6, 2020 $227.0 SubOP Units Issuance On July 31, 2020, Preferred Stock Offering On July 24, 2020, In connection with the Series A Preferred Stock offering, one August 4, 2020, third $24.00 $23.50 third Notes Offering On April 20, 2021, 5.75% OP Unit Redemptions At the 2021 may September 8, 2021, 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 December 31, 2021 not For the years ended December 31, 2021 2020

Note 15 - Commitments and Conti

Note 15 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	15. Except as otherwise disclosed below, the Company is not On September 29, 2021, one may September 29, 2021, November 8, 2021, December 20, 2021 January 14, 2022 January 19, 2022, January 27, 2022, may September 29, 2023 may two may 1.25x 1.10x December 31, 2021 not December 31, 2021 The OP Notes previously described in Note 9 December 31, 2021 no not

Note 16 - Subsequent Events

Note 16 - Subsequent Events	12 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Subsequent Events [Text Block]	16. Financing On January 25, 2022, CMBS and IO Strip Acquisitions On February 3, 2022, one X1 64 one On February 10, 2022, one 62 one SFR Loan On January 25, 2022, three On February 25, 2022, one Preferred Equity Investment On January 11, 2022, The Company, through one January 14, 2022, January 19, 2022 January 27, 2022, On January 27, 2022, one 368 $1.8 February 1, 2022, one On January 28, 2022, Mezzanine Loan On January 31, 2022, one Convertible Note Investment On January 12, 2022, one first December 27, 2023. OP Unit and SubOP Unit Redemptions On January 7, 2022, January 7, 2022, On February 14, 2022, Dividends Declared On February 14, 2022 March 31, 2022 March 15, 2022

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Accounting The accompanying consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the 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 December 31, 2021 The accompanying 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
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 December 31, 2021 December 31, 2021 no three three twelve
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 December 31, 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 eight seven one not On the Consolidated Balance Sheets as of December 31, 2021 December 31, 2020 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 December 31, 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.
Purchase Price Allocation [Policy Text Block]	Purchase Price Allocation The Company considers the acquisition of real estate investments as asset acquisitions. Upon acquisition of a property, the purchase price and related acquisition costs (“total consideration”) are allocated to land, buildings, improvements, furniture, fixtures, and equipment, and intangible lease assets in accordance with FASB ASC 805, Business Combinations. 805. The allocation of total consideration, which is determined using inputs that are classified within Level 3 820, Fair Value Measurement and Disclosures 820” 10 may not 2 Real estate assets, including land, buildings, improvements, furniture, fixtures and equipment, and intangible lease assets are stated at historical cost less accumulated depreciation and amortization. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Expenditures for improvements, renovations, and replacements are capitalized at cost. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 30 years Improvements 15 years Furniture, fixtures, and equipment 3 years Intangible lease assets 6 months Post-acquisition, construction in progress includes the cost of renovation projects being performed at the various properties. Once a project is complete, the historical cost of the renovation is placed into service in one
Repurchase and Resale Agreements Policy [Policy Text Block]	Secured Financing and Master Repurchase Agreements The Company's borrowings under secured financing agreements and master repurchase agreements are treated as collateralized financing arrangements carried at their contractual amounts, net of unamortized debt issuance costs, if any.
Revenue [Policy Text Block]	Income Recognition Interest Income Dividend Income - Realized Gain (Loss) on Investments Revenue Recognition The Company owns a multifamily property whereby its primary operations consist of rental income earned from its residents under lease agreements typically with terms of one may not 2014 09, Revenue from Contracts with Customers 2014 09” December 31, 2021. 2014 09 not 2014 09. In July 2018, 2018 11 , Leases Targeted Improvements 2018 11” 2016 02. 2018 11 not 2018 11 2016 02, 842 842” December 31, 2021.
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 December 31, 2021 no no A loan is written off when it is no The Company will evaluate acquired loans and debt securities for which it is probable at acquisition that all contractually required payments will not 310 30, Loans and Debt Securities Acquired with Deteriorated Credit Quality. December 31, 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, Mezzanine Loans and Convertible Notes 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 December 31, 2021 no The Company evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more-likely-than- not” 50 not not no none The Company recognizes its tax positions and evaluates them using a two not not December 31, 2021
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements Section 107 13 1934, may not may 107 In June 2016, 2016 13, Financial Instruments Credit Losses on Financial Instruments 2016 13” not not This allowance is deducted from the financial asset’s amortized cost basis to present the net amount expected to be collected. The new expected credit loss model will also apply to purchased financial assets with credit deterioration, superseding current accounting guidance for such assets. The amended guidance also amends the impairment model for available-for-sale debt securities, requiring entities to determine whether all or a portion of the unrealized loss on such securities is a credit loss, and also eliminating the option for management to consider the length of time a security has been in an unrealized loss position as a factor in concluding whether or not December 15, 2022. 2016 13 In November 2018, 2018 19, Codification Improvements to Topic 326, Credit Losses 2016 13. 2016 13. In April 2019, 2019 04, Codification Improvements to Topic 326. Credit Losses 2016 13. 2016 13. In May 2019, 2019 05, Targeted Transition Relief for Topic 326. Credit Losses not 2016 13. In March 2020, 2020 04, Reference Rate Reform (Topic 848 may December 31, 2022. not December 31, 2021

Note 2 - Summary of Significa_2

Note 2 - Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Notes Tables
Fair Value, by Balance Sheet Grouping [Table Text Block]	Par value Fair Value Premium (Discount) Assets Cash $ 302 $ 302 $ — Loans, held-for-investment, net 22,127 22,282 155 Preferred stock 40,000 40,400 400 Mortgage loans, held-for-investment, net 863,564 934,918 71,354 Accrued interest and dividends 3,616 3,616 — Mortgage loans held in variable interest entities, at fair value 1,790,228 1,790,135 (93 ) $ 2,719,837 $ 2,791,653 $ 71,816 Liabilities Credit Facility $ 788,764 $ 788,764 $ — Bridge Facility 95,000 95,000 — Bonds payable held in variable interest entities, at fair value 1,655,960 1,655,960 — $ 2,539,724 $ 2,539,724 $ — Total contributions $ 180,113 $ 251,929 $ 71,816
Property, Plant, and Equipment, Estimated Useful Life [Table Text Block]	Land Not depreciated Buildings 30 years Improvements 15 years Furniture, fixtures, and equipment 3 years Intangible lease assets 6 months

Note 3 - Loans Held for Inves_2

Note 3 - Loans Held for Investment (Tables)	12 Months Ended
	Dec. 31, 2021
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	Weighted Average Loan Type Outstanding Face Amount Carrying Value (1) Loan Count Fixed Rate (2) Coupon (3) Life (years) (4) December 31, 2021 SFR Loans, held-for-investment $ 795,223 $ 847,364 21 100.00 % 4.85 % 6.45 Mezzanine loans, held-for-investment 152,144 154,516 23 69.28 % 8.03 % 6.50 Preferred equity, held-for-investment 66,697 66,624 6 100.00 % 10.52 % 3.84 Convertible note, held-for-investment 20,478 20,377 1 100.00 % 9.00 % 1.99 $ 1,034,542 $ 1,088,881 51 95.48 % 5.77 % 6.20 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 Year Ended December 31, 2021 2020 Balance at December 31, $ 1,045,891 $ — Contributions from noncontrolling interests in the OP — 967,202 Originations 117,727 108,610 Proceeds from principal repayments (1) (62,991 ) (9,199 ) Proceeds from redemption of mezzanine loan, net — (13,191 ) PIK distribution reinvested in Preferred Units 91 — Amortization of loan premium, net (2) (10,907 ) (6,961 ) Loan loss benefit (provision) (189 ) (320 ) Realized losses (741 ) (250 ) Balance at December 31, $ 1,088,881 $ 1,045,891
Financing Receivable Credit Quality Indicators [Table Text Block]	December 31, 2021 Number of Carrying % of Loan Risk Rating Loans Value Portfolio 1 — $ — — 2 — — — 3 51 1,088,881 100.00 % 4 — — — 5 — — — 51 $ 1,088,881 100.00 % 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 December 31, 2021 December 31, 2020 Georgia 38.93 % 39.81 % Florida 16.90 % 20.88 % Texas 7.74 % 7.26 % Maryland 5.66 % 7.66 % Minnesota 4.86 % 4.82 % Alabama 3.35 % 3.59 % Connecticut 2.87 % * California 2.53 % 0.00 % New Jersey 2.83 % 1.98 % North Carolina 2.23 % 1.67 % Missouri 1.19 % 1.01 % Mississippi * 1.03 % Other (19 and 19 states each at <1%) 10.91 % 10.29 % 100.00 % 100.00 % Collateral Property Type December 31, 2021 December 31, 2020 Single Family Rental 76.15 % 87.30 % Multifamily 20.32 % 12.70 % Life Science 3.53 % 0.00 % 100.00 % 100.00 %

Note 4 - CMBS Trusts (Tables)

Note 4 - CMBS Trusts (Tables)	12 Months Ended
	Dec. 31, 2021
Notes Tables
Schedule of Recognized Trusts Assets and Liabilities [Table Text Block]	Trust's Assets December 31, 2021 December 31, 2020 Mortgage loans held in variable interest entities, at fair value $ 7,192,547 $ 5,007,515 Accrued interest receivable 2,212 1,063 Trust's Liabilities Bonds payable held in variable interest entities, at fair value (6,726,272 ) (4,731,429 ) Accrued interest payable (1,500 ) (794 )
Schedule of Change in Net Assets Related to Consolidated CMBS Variable Interest Entities [Table Text Block]	For the Year Ended December 31, 2021 2020 Net interest earned $ 27,780 $ 15,902 Unrealized gain (loss) 29,838 4,030 Change in net assets related to consolidated CMBS variable interest entities $ 57,618 $ 19,932
Impaired Financing Receivables [Table Text Block]	Geography December 31, 2021 December 31, 2020 Texas 16.88 % 15.02 % Florida 14.77 % 16.25 % Arizona 10.37 % 11.80 % California 8.50 % 8.25 % Georgia 4.97 % 7.05 % Washington 6.19 % 5.76 % New Jersey 4.65 % 4.14 % Nevada 3.51 % 4.12 % Pennsylvania * 3.30 % Colorado 4.08 % 2.26 % Connecticut 3.02 % * North Carolina 3.12 % 1.98 % New York 2.45 % 3.00 % Ohio 1.72 % 2.00 % Virginia 1.70 % 2.09 % Indiana 1.68 % 2.42 % South Carolina 1.56 % 1.08 % Utah * 1.33 % Maryland 1.55 % 1.32 % Missouri 1.26 % 1.20 % Tennessee * 1.45 % Other (20 and 15 states each at <1%) 8.02 % 4.21 % 100.00 % 100.00 % Collateral Property Type December 31, 2021 December 31, 2020 Multifamily 98.42 % 98.12 % Manufactured Housing 1.58 % 1.88 % 100.00 % 100.00 %

Note 5 - Common Stock Investm_2

Note 5 - Common Stock Investment (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Common Stock NexPoint Storage Partners 11/6/2020 Self-storage 41,963 41,963 $ 58,460 $ 44,626

Note 6 - CMBS Structured Pass_2

Note 6 - CMBS Structured Pass Through Certificates (Tables)	12 Months Ended
	Dec. 31, 2021
Notes Tables
Schedule of Activity Related to Commercial Mortgage Backed Securities [Table Text Block]	For the Year Ended December 31, 2021 2020 Net interest earned $ 3,052 $ 1,124 Change in unrealized gain on CMBS structured pass through certificates (483 ) (49 ) Realized gain 484 — $ 3,053 $ 1,075
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 $ 2,356 Multifamily 2.02 % 14.47 % 9/25/2046 CMBS I/O Strip 8/6/2020 8,383 Multifamily 0.10 % 14.67 % 6/25/2030 CMBS I/O Strip 8/6/2020 23,188 Multifamily 2.98 % 14.48 % 6/25/2030 CMBS I/O Strip 4/28/2021 (2) 7,274 Multifamily 1.59 % 13.88 % 1/25/2030 CMBS I/O Strip 5/27/2021 4,781 Multifamily 3.38 % 14.16 % 5/25/2030 CMBS I/O Strip 6/7/2021 589 Multifamily 2.31 % 16.56 % 11/25/2028 CMBS I/O Strip 6/11/2021 (3) 6,424 Multifamily 1.26 % 13.57 % 5/25/2029 CMBS I/O Strip 6/21/2021 1,850 Multifamily 1.20 % 17.02 % 5/25/2030 CMBS I/O Strip 8/10/2021 3,246 Multifamily 1.89 % 14.30 % 4/25/2030 CMBS I/O Strip 8/11/2021 1,697 Multifamily 3.10 % 12.55 % 7/25/2031 CMBS I/O Strip 8/24/2021 317 Multifamily 2.61 % 13.14 % 1/25/2031 CMBS I/O Strip 9/1/2021 4,827 Multifamily 1.92 % 13.53 % 6/25/2030 CMBS I/O Strip 9/11/2021 4,884 Multifamily 2.95 % 12.55 % 9/25/2031 Total $ 69,816 Investment Investment Date Carrying Value Property Type Interest Rate Current Yield (1) Maturity Date CMBS I/O Strips CMBS I/O Strip 4/15/2020 $ 966 Multifamily 3.40% 12.32% 1/25/2037 CMBS I/O Strip 4/15/2020 885 Multifamily 2.93% 12.88% 12/25/2037 CMBS I/O Strip 5/18/2020 2,520 Multifamily 2.02% 14.43% 9/25/2046 CMBS I/O Strip 8/6/2020 8,542 Multifamily 0.10% 13.45% 6/25/2030 CMBS I/O Strip 8/6/2020 1,796 Multifamily 0.10% 14.46% 6/25/2030 CMBS I/O Strip 8/6/2020 24,275 Multifamily 2.98% 13.30% 6/25/2030 Total $ 38,984

Note 8 - Real Estate Investme_2

Note 8 - Real Estate Investment, Net (Tables)	12 Months Ended
	Dec. 31, 2021
Notes Tables
Schedule of Real Estate Properties [Table Text Block]	Real Estate Investment, Net Land Buildings and Improvements Intangible Lease Assets Furniture, Fixtures and Equipment Totals Hudson Montford $ 10,996 $ 49,807 $ 954 $ 512 $ 62,269
Real Estate Investment Financial Statements, Disclosure [Table Text Block]	For the Year Ended December 31, 2021 2020 Revenues Rental income $ 10 $ — Other income — — Total revenues 10 — Expenses Interest expense 2 — Real estate taxes and insurance 1 — Property operating expenses 6 — Property general and administrative expenses 12 — Rate cap expense 29 — Total expenses 50 — Income from consolidated real estate owned $ (40 ) $ —

Note 9 - Debt (Tables)

Note 9 - Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	December 31, 2021 Facility Collateral Date issued Outstanding face amount Carrying value Final stated maturity Weighted average interest rate (1) Weighted average life (years) (2) Outstanding face amount Amortized cost basis Carrying value (3) Weighted average life (years) (2) Master Repurchase Agreements CMBS Mizuho (4) 4/15/2020 286,324 286,324 N/A (5) 1.97 % 0.03 2,101,790 499,975 531,367 8.0 Asset Specific Financing Single Family Rental Freddie Mac 7/12/2019 726,312 726,312 7/12/2029 2.41 % 6.5 795,223 847,364 847,364 6.5 Mezzanine Freddie Mac 10/20/2020 59,914 59,914 8/1/2031 0.30 % 8.3 97,899 100,857 100,857 8.3 Multifamily CBRE 12/31/2021 32,480 32,176 6/1/2028 (6) 2.76 % 6.4 62,269 62,269 62,269 6.4 Unsecured Financing Various 10/15/2020 36,500 35,233 10/25/2025 7.50 % 3.8 N/A N/A N/A N/A Various 4/20/2021 135,000 133,092 4/15/2026 5.75 % 4.3 N/A N/A N/A N/A Total/weighted average $ 1,276,530 $ 1,273,051 2.72 % 4.80 $ 3,057,181 $ 1,510,465 $ 1,541,857 7.57 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 $ 465,690 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 35,352 Various Single-family Fixed 2.70 % 11/1/2028 Senior loan 2/11/2020 15,795 Various Single-family Fixed 2.91 % 2/1/2029 Senior loan 2/11/2020 9,449 Various Single-family Fixed 2.79 % 9/1/2028 Senior loan 2/11/2020 9,284 Various Single-family Fixed 2.45 % 3/1/2026 Senior loan 2/11/2020 9,053 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 8,126 Various Single-family Fixed 3.14 % 1/1/2029 Senior loan 2/11/2020 7,167 Various Single-family Fixed 2.80 % 2/1/2029 Senior loan 2/11/2020 6,888 Various Single-family Fixed 2.98 % 2/1/2029 Senior loan 2/11/2020 6,765 Various Single-family Fixed 2.69 % 7/1/2028 Senior loan 2/11/2020 6,040 Various Single-family Fixed 2.99 % 3/1/2029 Senior loan 2/11/2020 5,680 Various Single-family Fixed 2.68 % 11/1/2028 Senior loan 2/11/2020 5,716 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 5,100 Various Single-family Fixed 2.64 % 10/1/2028 Senior loan 2/11/2020 4,850 Various Single-family Fixed 2.48 % 8/1/2023 Senior loan 2/11/2020 4,810 Various Single-family Fixed 2.97 % 1/1/2029 Senior loan 2/11/2020 4,232 Various Single-family Fixed 3.06 % 2/1/2029 Total $ 726,312 2.41 % 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 Year Ended December 31, 2021 2020 Balances as of December 31, $ 1,036,878 $ — Assumption of debt 32,480 883,764 Principal borrowings 306,657 344,291 Principal repayments (103,212 ) (191,233 ) Accretion of loan discounts 552 56 Balances as of December 31, $ 1,273,355 $ 1,036,878
Schedule of Maturities of Long-term Debt [Table Text Block]	Year Recourse Non-recourse Total 2022 (1) $ — $ (286,324 ) $ (286,324 ) 2023 — (4,850 ) (4,850 ) 2024 — (5,716 ) (5,716 ) 2025 (36,500 ) (46,094 ) (82,594 ) 2026 (167,480 ) (9,284 ) (176,764 ) Thereafter — (720,282 ) (720,282 ) $ (203,980 ) $ (1,072,550 ) $ (1,276,530 )

Note 10 - Fair Value of Finan_2

Note 10 - Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2021
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Fair Value Carrying Value Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 26,459 $ 26,459 $ — $ — $ 26,459 Restricted cash 6,773 6,773 — — 6,773 Real estate investment, net 62,269 62,269 — — 62,269 Loans, held-for-investment, net 241,517 — — 242,396 242,396 Common stock investment, at fair value 58,460 — — 58,460 58,460 Mortgage loans, held-for-investment, net 847,364 — — 849,455 849,455 Accrued interest and dividends 8,319 8,319 — — 8,319 Mortgage loans held in variable interest entities, at fair value 7,192,547 — 7,192,547 — 7,192,547 CMBS structured pass through certificates, at fair value 69,816 — 69,816 — 69,816 Accounts receivable and other assets 393 393 — — 393 $ 8,513,917 $ 104,213 $ 7,262,363 $ 1,150,311 $ 8,516,887 Liabilities Secured financing agreements, net $ 786,226 $ — $ — $ 809,586 $ 809,586 Master repurchase agreements 286,324 — — 286,324 286,324 Unsecured notes, net 168,325 — — 168,325 168,325 Mortgages payable, net 32,176 — — 32,176 32,176 Accounts payable and other accrued liabilities 3,903 3,903 — — 3,903 Accrued interest payable 3,985 3,985 — — 3,985 Bonds payable held in variable interest entities, at fair value 6,726,272 — 6,726,272 — 6,726,272 $ 8,007,211 $ 7,888 $ 6,726,272 $ 1,296,411 $ 8,030,571
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]	Carrying Value Valuation Technique Unobservable Inputs Input Values Common stock investment, at fair value $ 58,460 Discounted cash flow Terminal cap rate 4.50% Discount rate 9.50%
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Balance as of 12/31/20 Change in Unrealized Gains /(Losses) Balance as of 12/31/21 Common stock investment, at fair value $ 44,626 $ 13,834 $ 58,460

Note 11 - Stockholders' Equity

Note 11 - Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Notes Tables
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]	2021 Number of Units Weighted Average Grant Date Fair Value Outstanding January 1, 2021 290,851 $ 12.12 Granted 233,385 19.40 Vested (83,311 ) (1) 12.11 Forfeited — — Outstanding December 31, 2021 440,925 $ 15.97
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 November 8, 2022 1,201 February 22, 2023 55,087 May 8, 2023 68,569 February 22, 2024 55,087 May 8, 2024 68,564 February 22, 2025 55,091 440,925
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 793,779 Net Proceeds 10,301,495 Average Price Per Share, net $ 19.34 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 813,748 Net Proceeds 40,493,535 Average Price Per Share, net $ 19.66

Note 12 - Earnings (Loss) Per_2

Note 12 - Earnings (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2021
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the Year Ended December 31, 2021 2020 Net income attributable to common stockholders $ 39,577 $ 11,099 Earnings for basic computations Net income attributable to redeemable noncontrolling interests 40,387 21,323 Net income for diluted computations $ 79,964 $ 32,422 Weighted-average common shares outstanding Average number of common shares outstanding - basic 6,601 5,206 Average number of unvested restricted stock units 444 172 Average number of OP Units and SubOP Units 13,321 13,270 Average number of common shares outstanding - diluted 20,366 18,648 Earnings (loss) per weighted average common share: Basic $ 6.00 $ 2.13 Diluted $ 3.93 $ 1.74

Note 13 - Noncontrolling Inte_2

Note 13 - Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 31, 2021
Notes Tables
Redeemable Noncontrolling Interest [Table Text Block]	For the Year Ended December 31, 2021 2020 Redeemable noncontrolling interests in the OP, December 31, $ 275,670 $ — Contributions from redeemable noncontrolling interests in the OP — 273,410 Net income attributable to redeemable noncontrolling interests in the OP 40,387 21,323 Redemption of redeemable noncontrolling interests in the OP (32,393 ) Distributions to redeemable noncontrolling interests in the OP (22,241 ) (19,063 ) Redeemable noncontrolling interests in the OP, December 31, $ 261,423 $ 275,670
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 December 31, 2021 9,163,934 3,811,844 8,496,144 21,471,922

Note 1 - Organization and Des_2

Note 1 - Organization and Description of Business (Details Textual)	Jul. 17, 2020	Dec. 31, 2021
The Manager [Member]
Management Agreement, Term (Year)	3 years
OP [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest		80.63%
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	12 Months Ended
	Dec. 31, 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	80.63%
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 2 - Summary of Significa_5

Note 2 - Summary of Significant Accounting Policies - Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2021
Building [Member]
Buildings (Year)	30 years
Building Improvements [Member]
Buildings (Year)	15 years
Furniture, Fixtures, and Equipment [Member]
Buildings (Year)	3 years
Intangible Lease Assets [Member]
Buildings (Year)	6 months

Note 3 - Loans Held for Inves_3

Note 3 - Loans Held for Investment (Details Textual) $ in Millions	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Financing Receivable, Unamortized Purchase Premium (Discount)	$ 55	$ 67.6
Loans and Leases Receivable, Number of Loans	51	48
Risk Rating 3 [Member]
Loans and Leases Receivable, Number of Loans	51	48

Note 3 - Loans Held for Inves_4

Note 3 - Loans Held for Investment - Summary of Loans Held for Investment (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2021USD ($)		Dec. 31, 2020USD ($)
Outstanding Face Amount		$ 1,034,542		$ 978,641
Carrying Value	[1]	$ 1,088,881		$ 1,045,891
Loan count		51		48
Weighted average, fixed rate		95.48%	[2]	100.00%	[3]
Weighted average, coupon		5.77%	[4]	5.24%	[5]
Weighted average, life (Year)		6 years 2 months 12 days	[6]	7 years 6 months 14 days	[7]
SFR Loans [Member]
Outstanding Face Amount		$ 795,223		$ 854,365
Carrying Value	[1]	$ 847,364		$ 918,114
Loan count		21		26
Weighted average, fixed rate		100.00%	[2]	100.00%	[3]
Weighted average, coupon		4.85%	[4]	4.90%	[5]
Weighted average, life (Year)		6 years 5 months 12 days	[6]	7 years 4 months 20 days	[7]
Mezzanine Loan [Member]
Outstanding Face Amount		$ 152,144		$ 105,399
Carrying Value	[1]	$ 154,516		$ 108,557
Loan count		23		19
Weighted average, fixed rate		69.28%	[2]	100.00%	[3]
Weighted average, coupon		8.03%	[4]	7.46%	[5]
Weighted average, life (Year)		6 years 6 months	[6]	8 years 9 months 25 days	[7]
Preferred Equity [Member]
Outstanding Face Amount		$ 66,697		$ 18,877
Carrying Value	[1]	$ 66,624		$ 19,220
Loan count		6		3
Weighted average, fixed rate		100.00%	[2]	100.00%	[3]
Weighted average, coupon		10.52%	[4]	7.79%	[5]
Weighted average, life (Year)		3 years 10 months 2 days	[6]	7 years 1 month 13 days	[7]
Convertible Note [Member]
Outstanding Face Amount		$ 20,478
Carrying Value	[1]	$ 20,377
Loan count		1
Weighted average, fixed rate	[2]	100.00%
Weighted average, coupon	[4]	9.00%
Weighted average, life (Year)	[6]	1 year 11 months 26 days
[1]	Carrying value includes the outstanding face amount plus unamortized purchase premiums/discounts and any allowance for loan losses.
[2]	The weighted-average fixed rate is weighted on 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		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
Balance at December 31,	[1]	$ 1,045,891
Contributions from noncontrolling interests in the OP		0	$ 967,202
Originations		117,727	108,610
Proceeds from redemption of mezzanine loan, net		0	(13,191)
PIK distribution reinvested in Preferred Units		91	0
Loan loss benefit (provision)		(189)	(320)
Balance at December 31,	[1]	1,088,881	1,045,891
Loans Receivable, Held for Investment [Member]
Balance at December 31,		1,045,891	0
Originations		117,727	108,610
Proceeds from principal repayments (1)	[2]	(62,991)	(9,199)
Amortization of loan premium, net (2)	[3]	(10,907)	(6,961)
Realized losses		(741)	(250)
Balance at December 31,		$ 1,088,881	$ 1,045,891
[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		Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Loan count		51	48
Carrying Value	[1]	$ 1,088,881	$ 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		51	48
Carrying Value		$ 1,088,881	$ 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)	Dec. 31, 2021	Dec. 31, 2020
% of loan portfolio	100.00%	100.00%
Single Family Rental [Member]
% of loan portfolio	76.15%	87.30%
Multifamily [Member]
% of loan portfolio	20.32%	12.70%
Life Science [Member]
% of loan portfolio	3.53%	0.00%
GEORGIA
% of loan portfolio	38.93%	39.81%
FLORIDA
% of loan portfolio	16.90%	20.88%
TEXAS
% of loan portfolio	7.74%	7.26%
MARYLAND
% of loan portfolio	5.66%	7.66%
MINNESOTA
% of loan portfolio	4.86%	4.82%
ALABAMA
% of loan portfolio	3.35%	3.59%
CONNECTICUT
% of loan portfolio	2.87%
CALIFORNIA
% of loan portfolio	2.53%	0.00%
NEW JERSEY
% of loan portfolio	2.83%	1.98%
NORTH CAROLINA
% of loan portfolio	2.23%	1.67%
MISSOURI
% of loan portfolio	1.19%	1.01%
MISSISSIPPI
% of loan portfolio		1.03%
Other [Member]
% of loan portfolio	10.91%	10.29%

Note 4 - CMBS Trusts - Schedule

Note 4 - CMBS Trusts - Schedule of Recognized Trusts Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Mortgage loans held in variable interest entities, at fair value	$ 241,517	$ 127,777
Bonds payable held in variable interest entities, at fair value	1,276,530
Variable Interest Entity, Primary Beneficiary [Member]
Mortgage loans held in variable interest entities, at fair value	7,192,547	5,007,515
Accrued interest receivable	2,212	1,063
Bonds payable held in variable interest entities, at fair value	6,726,272	4,731,429
Accrued interest payable	$ (1,500)	$ (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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Unrealized gain (loss)	$ (483)	$ (49)
Variable Interest Entity, Primary Beneficiary [Member]
Net interest earned	27,780	15,902
Unrealized gain (loss)	29,838	4,030
Change in net assets related to consolidated CMBS variable interest entities	$ 57,618	$ 19,932

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]	Dec. 31, 2021	Dec. 31, 2020
Percentage of Collateral Unpaid Principal Balance	100.00%	100.00%
Multifamily [Member]
Percentage of Collateral Unpaid Principal Balance	98.42%	98.12%
Manufactured Housing [Member]
Percentage of Collateral Unpaid Principal Balance	1.58%	1.88%
TEXAS
Percentage of Collateral Unpaid Principal Balance	16.88%	15.02%
FLORIDA
Percentage of Collateral Unpaid Principal Balance	14.77%	16.25%
ARIZONA
Percentage of Collateral Unpaid Principal Balance	10.37%	11.80%
CALIFORNIA
Percentage of Collateral Unpaid Principal Balance	8.50%	8.25%
GEORGIA
Percentage of Collateral Unpaid Principal Balance	4.97%	7.05%
WASHINGTON
Percentage of Collateral Unpaid Principal Balance	6.19%	5.76%
NEW JERSEY
Percentage of Collateral Unpaid Principal Balance	4.65%	4.14%
NEVADA
Percentage of Collateral Unpaid Principal Balance	3.51%	4.12%
PENNSYLVANIA
Percentage of Collateral Unpaid Principal Balance		3.30%
COLORADO
Percentage of Collateral Unpaid Principal Balance	4.08%	2.26%
CONNECTICUT
Percentage of Collateral Unpaid Principal Balance	3.02%
NORTH CAROLINA
Percentage of Collateral Unpaid Principal Balance	3.12%	1.98%
NEW YORK
Percentage of Collateral Unpaid Principal Balance	2.45%	3.00%
OHIO
Percentage of Collateral Unpaid Principal Balance	1.72%	2.00%
VIRGINIA
Percentage of Collateral Unpaid Principal Balance	1.70%	2.09%
INDIANA
Percentage of Collateral Unpaid Principal Balance	1.68%	2.42%
SOUTH CAROLINA
Percentage of Collateral Unpaid Principal Balance	1.56%	1.08%
UTAH
Percentage of Collateral Unpaid Principal Balance		1.33%
MARYLAND
Percentage of Collateral Unpaid Principal Balance	1.55%	1.32%
MISSOURI
Percentage of Collateral Unpaid Principal Balance	1.26%	1.20%
TENNESSEE
Percentage of Collateral Unpaid Principal Balance		1.45%
Other [Member]
Percentage of Collateral Unpaid Principal Balance	8.02%	4.21%

Note 5 - Common Stock Investm_3

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

Note 5 - Common Stock Investm_4

Note 5 - Common Stock Investment - Schedule of Common Stock Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Common stock investment, at fair value	$ 58,460	$ 44,626
NexPoint Storage Partners [Member]
Investment, shares (in shares)	41,963	41,963
Common stock investment, at fair value	$ 58,460	$ 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		12 Months Ended
		Dec. 31, 2021		Dec. 31, 2020
CMBS structured pass through certificates, at fair value		$ 69,816		$ 38,984
Multifamily [Member] | CMBS I/O Strip, One [Member]
CMBS structured pass through certificates, at fair value		$ 2,356		$ 966
Interest rate		2.02%		3.40%
Current yield		14.47%	[1]	12.32%
Multifamily [Member] | CMBS I/O Strip, Two [Member]
CMBS structured pass through certificates, at fair value		$ 8,383		$ 885
Interest rate		0.10%		2.93%
Current yield		14.67%	[1]	12.88%
Multifamily [Member] | CMBS I/O Strip, Three [Member]
CMBS structured pass through certificates, at fair value		$ 23,188		$ 2,520
Interest rate		2.98%		2.02%
Current yield		14.48%	[1]	14.43%
Multifamily [Member] | CMBS I/O Strip, Four [Member]
CMBS structured pass through certificates, at fair value		$ 7,274		$ 8,542
Interest rate		1.59%		0.10%
Current yield		13.88%	[1]	13.45%
Multifamily [Member] | CMBS I/O Strip, Five [Member]
CMBS structured pass through certificates, at fair value		$ 4,781		$ 1,796
Interest rate		3.38%		0.10%
Current yield		14.16%	[1]	14.46%
Multifamily [Member] | CMBS I/O Strip, Six [Member]
CMBS structured pass through certificates, at fair value		$ 589		$ 24,275
Interest rate		2.31%		2.98%
Current yield		16.56%	[1]	13.30%
Multifamily [Member] | CMBS IO Strip Seven [Member]
CMBS structured pass through certificates, at fair value		$ 6,424
Interest rate		1.26%
Current yield	[1]	13.57%
Multifamily [Member] | Collateralized Mortgage Backed Securities [Member]
CMBS structured pass through certificates, at fair value		$ 69,816		$ 38,984
Current yield	[1]
Multifamily [Member] | CMBS IO Strip Eight [Member]
CMBS structured pass through certificates, at fair value		$ 1,850
Interest rate		1.20%
Current yield	[1]	17.02%
Multifamily [Member] | CMBS I/O Strip, Nine [Member]
CMBS structured pass through certificates, at fair value		$ 3,246
Interest rate		1.89%
Multifamily [Member] | CMBS I/O Strip, Ten [Member]
CMBS structured pass through certificates, at fair value		$ 1,697
Interest rate		3.10%
Current yield	[1]	14.30%
Multifamily [Member] | CMBS I/O Strip, Eleven [Member]
CMBS structured pass through certificates, at fair value		$ 317
Interest rate		2.61%
Current yield	[1]	12.55%
Multifamily [Member] | CMBS I/O Strip, Twelve [Member]
CMBS structured pass through certificates, at fair value		$ 4,827
Interest rate		1.92%
Current yield	[1]	13.14%
Multifamily [Member] | CMBS I/O Strip, Thirteen [Member]
CMBS structured pass through certificates, at fair value		$ 4,884
Interest rate		2.95%
Current yield	[1]	13.53%
Multifamily [Member] | CMBS I/O Strip, Fourteen [Member]
Current yield	[1]	12.55%
[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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Unrealized gain (loss)	$ (483)	$ (49)
Collateralized Mortgage Backed Securities [Member]
Net interest earned	3,052	1,124
Unrealized gain (loss)	(483)	(49)
Realized gain	484	0
Interest Income and Gains (Loss) on Debt Securities, Trading	$ 3,053	$ 1,075

Note 7 - Bridge Loan (Details T

Note 7 - Bridge Loan (Details Textual) - Bridge Loan [Member] $ in Millions	Sep. 17, 2021USD ($)
Financing Receivable, after Allowance for Credit Loss, Current, Total	$ 32.8
London Interbank Offered Rate (LIBOR) [Member]
Loans Receivable, Basis Spread on Variable Rate	4.50%

Note 8 - Real Estate Investme_3

Note 8 - Real Estate Investment, Net (Details Textual) - Multifamily Property [Member]	12 Months Ended
	Dec. 31, 2021USD ($)
Real Estate Property, Percent Occupied	95.60%
Real Estate, Effective Rent Per Unit	$ 1,526

Note 8 - Real Estate Investme_4

Note 8 - Real Estate Investment, Net - Investments in Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real estate investment, net	$ 62,269	$ 0
Hudson Montford [Member]
Real estate investment, net	62,269
Hudson Montford [Member] | Land [Member]
Real estate investment, net	10,996
Hudson Montford [Member] | Building and Building Improvements [Member]
Real estate investment, net	49,807
Hudson Montford [Member] | Intangible Lease Assets [Member]
Real estate investment, net	954
Hudson Montford [Member] | Furniture, Fixtures, and Equipment [Member]
Real estate investment, net	$ 512

Note 8 - Real Estate Investme_5

Note 8 - Real Estate Investment, Net - Revenue and Expenses of Property (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Interest expense	$ 29,772	$ 21,312
General and administrative expenses	6,371	3,382
Income from consolidated real estate owned (Note 8)	(40)	0
Multifamily Property [Member]
Other income	0	0
Total revenues	10	0
Interest expense	2	0
Real estate taxes and insurance	1	0
Property operating expenses	6	0
General and administrative expenses	12	0
Rate cap expense	29	0
Total expenses	50	0
Income from consolidated real estate owned (Note 8)	(40)	0
Multifamily Property [Member] | Rental Income [Member]
Rental income	$ 10	$ 0

Note 9 - Debt (Details Textual)

Note 9 - Debt (Details Textual)		Dec. 20, 2021USD ($)	Apr. 20, 2021USD ($)	Oct. 20, 2020USD ($)	Oct. 15, 2020USD ($)	Jul. 12, 2019USD ($)	Dec. 31, 2021USD ($)		Dec. 31, 2020		Feb. 11, 2020USD ($)
Loans and Leases Receivable, Number of Loans							51		48
Loans and Leases Receivable, Weighted Average Fixed Rate							95.48%	[1]	100.00%	[2]
Mezzanine Loan Portfolio [Member]
Loans and Leases Receivable, Number of Loans				18
Loans and Leases Receivable, Gross, Total				$ 97,900,000
Loans and Leases Receivable, Weighted Average Fixed Rate				7.54%
Percentage of Acquired Loans Held for Investment Face Amount				102.00%
Interest Receivable				$ 300,000
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					$ 36,500,000
Debt Instrument, Percentage of Par Value					99.00%
Proceeds from Issuance of Unsecured Debt					$ 36,100,000
Multifamily Property Debt [Member]
Debt Instrument, Repayment Premium, Percent							1.00%
Debt Instrument, Collateral Amount							$ 62,269
Debt Instrument, Face Amount							$ 32,480
Debt, Weighted Average Interest Rate	[3]						2.76%
Credit Facility [Member] | Freddie Mac [Member]
Proceeds from Long-term Lines of Credit						$ 788,800,000
Line of Credit Facility, Remaining Borrowing Capacity						$ 0
Long-term Line of Credit, Total							$ 726,300,000				$ 788,800,000
Proceeds from Lines of Credit, Total				$ 59,900,000
Debt, Weighted Average Interest Rate				0.30%
Credit Facility [Member] | Mizuho [Member]
Proceeds from Long-term Lines of Credit							286,300,000
Debt Instrument, Collateral Amount							$ 2,100,000,000
The 5.75 Percent Senior Notes Due 2026 [Member] | Unsecured Debt [Member]
Debt Instrument, Interest Rate, Stated Percentage			5.75%
Debt Instrument, Face Amount			$ 75,000,000
Debt Instrument, Percentage of Par Value			99.50%
Proceeds from Issuance of Unsecured Debt			$ 73,100,000
Debt, Weighted Average Interest Rate	[3]						5.75%
Proceeds from Issuance of Debt			73,100,000
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			$ 2,500,000
The Second 5.75 Percent Senior Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage		5.75%
Debt Instrument, Face Amount		$ 60,000,000
Debt Instrument, Percentage of Par Value		102.80%
Proceeds from Issuance of Debt		$ 60,900,000
[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 9 - Debt - Summary of Fina

Note 9 - Debt - Summary of Financing Arrangements (Details) - USD ($)		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Apr. 20, 2021
Unsecured Debt [Member]
Weighted average interest rate	[1]	7.50%	7.50%
Facility [Member]
Outstanding face amount		$ 1,276,530	$ 1,038,418
Carrying value		$ 1,273,051	$ 1,036,878
Weighted average interest rate	[1]	2.72%	2.50%
Weighted average life (Year)	[2]	4 years 9 months 18 days	6 years 3 months 7 days
Facility [Member] | Unsecured Debt [Member]
Outstanding face amount		$ 36,500	$ 36,500
Carrying value		$ 35,233	$ 34,960
Weighted average life (Year)	[2]	3 years 9 months 18 days	4 years 9 months 18 days
Collateral [Member]
Collateral outstanding amount		$ 3,057,181	$ 2,908,143
Amortized cost basis		1,510,465	1,332,803
Collateral carrying value	[3]	$ 1,541,857	$ 1,335,998
Collateral weighted average life (Year)	[2]	7 years 6 months 25 days	9 years 6 months 7 days
Master Repurchase Agreements Collateralized By CMBS[Member] | Mizuho [Member]
Outstanding face amount	[4]	$ 286,324	$ 161,465
Carrying value	[4]	$ 286,324	$ 161,465
Weighted average interest rate	[1],[4]	1.97%	2.46%
Weighted average life (Year)	[2],[4]	10 days	7 days
Collateral outstanding amount	[4]	$ 2,101,790	$ 1,955,879
Amortized cost basis	[4]	499,975	313,632
Collateral carrying value	[3],[4]	$ 531,367	$ 316,827
Collateral weighted average life (Year)	[2],[4]	8 years	10 years 7 months 6 days
Asset Specific Financing [Member] | Freddie Mac [Member] | Facility [Member]
Outstanding face amount		$ 726,312	$ 780,539
Carrying value		$ 726,312	$ 780,539
Weighted average interest rate	[1]	2.41%	2.44%
Weighted average life (Year)	[2]	6 years 6 months	7 years 4 months 24 days
Asset Specific Financing [Member] | Freddie Mac [Member] | Collateral [Member]
Collateral outstanding amount		$ 795,223	$ 854,365
Amortized cost basis		847,364	918,114
Collateral carrying value	[3]	$ 847,364	$ 918,114
Collateral weighted average life (Year)	[2]	6 years 6 months	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 3 months 18 days	9 years 3 months 18 days
Mezzanine Loan [Member] | Freddie Mac [Member] | Collateral [Member]
Collateral outstanding amount		$ 97,899	$ 97,899
Amortized cost basis		100,857	101,057
Collateral carrying value	[3]	$ 100,857	$ 101,057
Collateral weighted average life (Year)	[2]	8 years 3 months 18 days	7 years 1 month 6 days
Multifamily Property Debt [Member]
Outstanding face amount		$ 32,480
Carrying value		$ 32,176
Weighted average interest rate	[1]	2.76%
Weighted average life (Year)	[2]	6 years 4 months 24 days
Collateral outstanding amount		$ 62,269
Amortized cost basis		62,269
Collateral carrying value	[3]	$ 62,269
Collateral weighted average life (Year)	[2]	6 years 4 months 24 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		$ 135,000
Carrying value		$ 133,092
Weighted average life (Year)	[2]	4 years 3 months 18 days
[1]	Weighted-average interest rate using unpaid principal balances.
[2]	Weighted-average life is determined using the maximum maturity date of the corresponding loans, assuming all extension options are exercised by the borrower.
[3]	CMBS are shown at fair value on an unconsolidated basis. SFR Loans and mezzanine loans are shown at amortized cost.
[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 9 - Debt - Schedule of Out

Note 9 - Debt - Schedule of Outstanding Principal Balances Related to SFR Loans (Details) - Senior Loan [Member] $ in Thousands	Dec. 31, 2021USD ($)
Single Family Rental [Member]
Secured financing agreements, net	$ 726,312
Interest Rate	2.41%
Single Family Rental [Member] | Debt Instrument One [Member]
Secured financing agreements, net	$ 465,690
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	$ 35,352
Interest Rate	2.70%
Single Family Rental [Member] | Debt Instrument Five [Member]
Secured financing agreements, net	$ 15,795
Interest Rate	2.91%
Single Family Rental [Member] | Debt Instrument Six [Member]
Secured financing agreements, net	$ 9,449
Interest Rate	2.79%
Single Family Rental [Member] | Debt Instrument Seven [Member]
Secured financing agreements, net	$ 9,284
Interest Rate	2.45%
Single Family Rental [Member] | Debt Instrument Eight [Member]
Secured financing agreements, net	$ 9,053
Interest Rate	3.51%
Single Family Rental [Member] | Debt Instrument Nine [Member]
Secured financing agreements, net	$ 8,887
Interest Rate	3.30%
Single Family Rental [Member] | Debt Instrument Ten [Member]
Secured financing agreements, net	$ 8,126
Interest Rate	3.14%
Single Family Rental [Member] | Debt Instrument Eleven [Member]
Secured financing agreements, net	$ 7,167
Interest Rate	2.80%
Single Family Rental [Member] | Debt Instrument Twelve [Member]
Secured financing agreements, net	$ 6,888
Interest Rate	2.98%
Single Family Rental [Member] | Debt Instrument Thirteen [Member]
Secured financing agreements, net	$ 6,765
Interest Rate	2.69%
Single Family Rental [Member] | Debt Instrument Fourteen [Member]
Secured financing agreements, net	$ 6,040
Interest Rate	2.99%
Single Family Rental [Member] | Debt Instrument Fifteen [Member]
Secured financing agreements, net	$ 5,680
Interest Rate	2.68%
Single Family Rental [Member] | Debt Instrument Sixteen [Member]
Secured financing agreements, net	$ 5,716
Interest Rate	2.40%
Single Family Rental [Member] | Debt Instrument Seventeen [Member]
Secured financing agreements, net	$ 5,346
Interest Rate	3.14%
Single Family Rental [Member] | Debt Instrument Eighteen [Member]
Secured financing agreements, net	$ 5,100
Interest Rate	2.64%
Single Family Rental [Member] | Debt Instrument Nineteen [Member]
Secured financing agreements, net	$ 4,850
Interest Rate	2.48%
Single Family Rental [Member] | Debt Instrument Twenty [Member]
Secured financing agreements, net	$ 4,810
Interest Rate	2.97%
Single Family Rental [Member] | Debt Instrument Twenty One [Member]
Secured financing agreements, net	$ 4,232
Interest Rate	3.06%
Single Family Rental [Member] | Debt Instrument Twenty Two [Member]
Secured financing agreements, net	$ 8,723
Interest Rate	0.30%
Single Family Rental [Member] | Debt Instrument Twenty Three [Member]
Secured financing agreements, net	$ 7,344
Interest Rate	0.30%
Single Family Rental [Member] | Debt Instrument Twenty Four [Member]
Secured financing agreements, net	$ 6,353
Interest Rate	0.30%
Single Family Rental [Member] | Debt Instrument Twenty Five [Member]
Secured financing agreements, net	$ 5,881
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	$ 4,523
Interest Rate	0.30%
Multifamily [Member] | Debt Instrument Two [Member] | Mezzanine Loan Portfolio [Member] | White Marsh, MD [Member]
Secured financing agreements, net	$ 4,179
Interest Rate	0.30%
Multifamily [Member] | Debt Instrument Three [Member] | Mezzanine Loan Portfolio [Member] | Philadelphia, PA [Member]
Secured financing agreements, net	$ 3,390
Interest Rate	0.30%
Multifamily [Member] | Debt Instrument Four [Member] | Mezzanine Loan Portfolio [Member] | Daytona Beach, FL [Member]
Secured financing agreements, net	$ 3,348
Interest Rate	0.30%
Multifamily [Member] | Debt Instrument Five [Member] | Mezzanine Loan Portfolio [Member] | Laurel, MD [Member]
Secured financing agreements, net	$ 2,454
Interest Rate	0.30%
Multifamily [Member] | Debt Instrument Six [Member] | Mezzanine Loan Portfolio [Member] | Temple Hills, MD [Member]
Secured financing agreements, net	$ 2,264
Interest Rate	0.30%
Multifamily [Member] | Debt Instrument Seven [Member] | Mezzanine Loan Portfolio [Member] | Temple Hills, MD [Member]
Secured financing agreements, net	$ 2,215
Interest Rate	0.30%
Multifamily [Member] | Debt Instrument Eight [Member] | Mezzanine Loan Portfolio [Member] | Lakewood, NJ [Member]
Secured financing agreements, net	$ 2,026
Interest Rate	0.30%
Multifamily [Member] | Debt Instrument Nine [Member] | Mezzanine Loan Portfolio [Member] | North Aurora, IL [Member]
Secured financing agreements, net	$ 1,836
Interest Rate	0.30%
Multifamily [Member] | Debt Instrument Ten [Member] | Mezzanine Loan Portfolio [Member] | Rosedale, MD [Member]
Secured financing agreements, net	$ 1,763
Interest Rate	0.30%
Multifamily [Member] | Debt Instrument Eleven [Member] | Mezzanine Loan Portfolio [Member] | Cockeysville, MD [Member]
Secured financing agreements, net	$ 1,307
Interest Rate	0.30%
Multifamily [Member] | Debt Instrument Twelve [Member] | Mezzanine Loan Portfolio [Member] | Laurel, MD [Member]
Secured financing agreements, net	$ 918
Interest Rate	0.30%
Multifamily [Member] | Debt Instrument Thirteen [Member] | Mezzanine Loan Portfolio [Member] | Vancouver, WA [Member]
Secured financing agreements, net	$ 728
Interest Rate	0.30%
Multifamily [Member] | Debt Instrument Fourteen [Member] | Mezzanine Loan Portfolio [Member] | Tyler, TX [Member]
Secured financing agreements, net	$ 662
Interest Rate	0.30%

Note 9 - Debt - Activity Relate

Note 9 - Debt - Activity Related to Carrying Value of Secured Financing Agreements and Master Repurchase Agreements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Assumption of debt	$ 32,480	$ 883,764
Amortization of premiums	15,769	8,280
Secured Financing Agreements and Master Repurchase Agreements [Member]
Balances as of December 31,	1,036,878	0
Principal borrowings	306,657	344,291
Principal repayments	(103,212)	(191,233)
Amortization of premiums	552	56
Balances as of December 31,	$ 1,273,355	$ 1,036,878

Note 9 - Debt - Summary of Aggr

Note 9 - Debt - Summary of Aggregate Scheduled Maturities of Total Debt (Details) $ in Thousands	Dec. 31, 2021USD ($)
2022(1)	$ (286,324)	[1]
2023	(4,850)
2024	(5,716)
2025	(82,594)
2026	(176,764)
Thereafter	(720,282)
Long-term Debt, Total	(1,276,530)
Recourse [Member]
2022(1)	0	[1]
2023	0
2024	0
2025	(36,500)
2026	(167,480)
Thereafter	0
Long-term Debt, Total	(203,980)
Nonrecourse [Member]
2022(1)	(286,324)	[1]
2023	(4,850)
2024	(5,716)
2025	(46,094)
2026	(9,284)
Thereafter	(720,282)
Long-term Debt, Total	$ (1,072,550)
[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 10 - Fair Value of Finan_3

Note 10 - 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 ($)	Dec. 31, 2021	Dec. 31, 2020	Feb. 11, 2020
Common stock investment, at fair value	$ 58,460,000	$ 44,626,000
CMBS structured pass through certificates, at fair value	69,816,000	$ 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	26,459,000
Restricted cash	6,773,000
Real estate investment, net	62,269,000
Loan	242,396,000
Common stock investment, at fair value	58,460,000
Accrued interest and dividends	8,319,000
CMBS structured pass through certificates, at fair value	69,816,000
Accounts receivable and other assets	393,000
Assets, Fair Value Disclosure	8,516,887,000
Secured financing agreements, net	809,586,000
Master repurchase agreements	286,324,000
Unsecured notes, net	168,325,000
Mortgages payable, net	32,176,000
Accounts payable and other accrued liabilities	3,903,000
Accrued interest payable	3,985,000
Financial and Nonfinancial Liabilities, Fair Value Disclosure	8,030,571,000
Fair Value, Recurring [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Bonds payable held in variable interest entities, at fair value	6,726,272,000
Fair Value, Recurring [Member] | Mortgages [Member]
Loan	849,455,000
Fair Value, Recurring [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Loan	7,192,547,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	26,459,000
Restricted cash	6,773,000
Real estate investment, net	62,269,000
Loan	0
Common stock investment, at fair value	0
Accrued interest and dividends	8,319,000
CMBS structured pass through certificates, at fair value	0
Accounts receivable and other assets	393,000
Assets, Fair Value Disclosure	104,213,000
Secured financing agreements, net	0
Master repurchase agreements	0
Unsecured notes, net	0
Mortgages payable, net	0
Accounts payable and other accrued liabilities	3,903,000
Accrued interest payable	3,985,000
Financial and Nonfinancial Liabilities, Fair Value Disclosure	7,888,000
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 2 [Member]
Cash and cash equivalents	0
Restricted cash	0
Real estate investment, net	0
Loan	0
Common stock investment, at fair value	0
Accrued interest and dividends	0
CMBS structured pass through certificates, at fair value	69,816,000
Accounts receivable and other assets	0
Assets, Fair Value Disclosure	7,262,363,000
Secured financing agreements, net	0
Master repurchase agreements	0
Unsecured notes, net	0
Mortgages payable, net	0
Accounts payable and other accrued liabilities	0
Accrued interest payable	0
Financial and Nonfinancial Liabilities, Fair Value Disclosure	6,726,272,000
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	6,726,272,000
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	7,192,547,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Cash and cash equivalents	0
Restricted cash	0
Real estate investment, net	0
Loan	242,396,000
Common stock investment, at fair value	58,460,000
Accrued interest and dividends	0
CMBS structured pass through certificates, at fair value	0
Accounts receivable and other assets	0
Assets, Fair Value Disclosure	1,150,311,000
Secured financing agreements, net	809,586,000
Master repurchase agreements	286,324,000
Unsecured notes, net	168,325,000
Mortgages payable, net	32,176,000
Accounts payable and other accrued liabilities	0
Accrued interest payable	0
Financial and Nonfinancial Liabilities, Fair Value Disclosure	1,296,411,000
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	849,455,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Loan	0
Fair Value, Recurring [Member] | Reported Value Measurement [Member]
Cash and cash equivalents	26,459,000
Restricted cash	6,773,000
Real estate investment, net	62,269,000
Loan	241,517,000
Common stock investment, at fair value	58,460,000
Accrued interest and dividends	8,319,000
CMBS structured pass through certificates, at fair value	69,816,000
Accounts receivable and other assets	393,000
Assets, Fair Value Disclosure	8,513,917,000
Secured financing agreements, net	786,226,000
Master repurchase agreements	286,324,000
Unsecured notes, net	168,325,000
Mortgages payable, net	32,176,000
Accounts payable and other accrued liabilities	3,903,000
Accrued interest payable	3,985,000
Financial and Nonfinancial Liabilities, Fair Value Disclosure	8,007,211,000
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Bonds payable held in variable interest entities, at fair value	6,726,272,000
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | Mortgages [Member]
Loan	847,364,000
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Loan	$ 7,192,547,000

Note 10 - Fair Value of Finan_4

Note 10 - Fair Value of Financial Instruments - Significant Unobservable Inputs of Level 3 Assets (Details) $ in Thousands	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Common stock investment, at fair value	$ 58,460	$ 44,626
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Cap Rate [Member]
Common stock investment, measurement input	0.0450
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member]
Common stock investment, measurement input	0.0950

Note 10 - Fair Value of Finan_5

Note 10 - Fair Value of Financial Instruments - Changes in Level 3 Assets (Details) - Equity Securities [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Balance	$ 44,626
Change in Unrealized Gains (Losses)	13,834
Balance	$ 58,460

Note 11 - Stockholders' Equit_2

Note 11 - Stockholders' Equity (Details Textual) - USD ($)

Nov. 08, 2021

Nov. 03, 2021

Sep. 10, 2021

Sep. 08, 2021

Aug. 20, 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

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2021

Dec. 30, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

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)

9,450,921

5,350,000

9,450,921

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

9,163,934

5,022,578

9,163,934

9,162,096

5,498,980

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

$ 4,788,000

$ 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

Stock issuance Agreement, Number of Shares (in shares)

13,758,905.9

13,578,905.9

Noncontrolling Interest, Shares Redeemed (in shares)

1,479,132

1,479,132

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

1,479,132

1,479,132

Common Stock [Member]

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

$ 0.475

Dividends Payable, Date Declared

Nov. 3, 2021

Dividends Payable, Date to be Paid

Dec. 30, 2021

Dividends Payable, Date of Record

Dec. 15, 2021

Preferred Stock [Member]

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

$ 0.53125

Dividends Payable, Date Declared

Nov. 3, 2021

Dividends Payable, Date to be Paid

Jan. 25, 2022

Dividends Payable, Date of Record

Jan. 15, 2022

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)

$ 60

Restricted Stock Units (RSUs) [Member]

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

233,385

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)

1,201

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

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

$ 24

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

$ 793,779

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 11 - Stockholders' Equit_3

Note 11 - Stockholders' Equity - Number of Restricted Stock Units Granted, Vested, Forfeited and Outstanding (Details) - Restricted Stock Units (RSUs) [Member]	12 Months Ended
	Dec. 31, 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	233,385
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 19.40
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 December 31, 2021 (in shares) | shares	440,925
Outstanding, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 15.97
[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 11 - Stockholders' Equit_4

Note 11 - Stockholders' Equity - Vesting Schedule (Details) - Restricted Stock Units (RSUs) [Member] - shares	Dec. 31, 2021	Dec. 31, 2020
Restricted stock (in shares)	440,925	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 Four [Member]
Restricted stock (in shares)	1,201
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 11 - Stockholders' Equit_5

Note 11 - Stockholders' Equity - Summary of ATM Program Sales (Details) - USD ($)	Aug. 20, 2021	Dec. 31, 2021	Dec. 31, 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		793,779
Net Proceeds		$ 10,301,495
Average Price Per Share, net (in dollars per share)		$ 19.34
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	$ 813,748
Net Proceeds	$ 40,493,535
Average Price Per Share, net (in dollars per share)	$ 19.66
Underwriting Discounts	$ 1,946,417

Note 12 - Earnings (Loss) Per_3

Note 12 - Earnings (Loss) Per Share - Computation of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Net income attributable to common stockholders	$ 39,577	$ 11,099
Net income attributable to redeemable noncontrolling interests	40,387	21,323
Net income for diluted computations	$ 79,964	$ 32,422
Weighted-average common shares outstanding (in shares)	6,601	5,206
Average number of unvested restricted stock units (in shares)	444	172
Average number of OP Units and SubOP Units (in shares)	13,321	13,270
Average number of common shares outstanding - diluted (in shares)	20,366	18,648
Basic (in dollars per share)	$ 6	$ 2.13
Diluted (in dollars per share)	$ 3.93	$ 1.74

Note 13 - Noncontrolling Inte_3

Note 13 - Noncontrolling Interests (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Aug. 04, 2020	Jul. 30, 2020	Jul. 24, 2020	Jul. 20, 2020	Dec. 31, 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					80.63%
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)					$ 19.06
Weighted Average Limited Partnership Units Outstanding, Basic (in shares)					12,307,988
Partners' Capital Account, Redemptions					$ 234.5
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 13 - Noncontrolling Inte_4

Note 13 - Noncontrolling Interests - Redeemable Noncontrolling Interests in the OP (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Redeemable noncontrolling interests in the OP, December 31,	$ 275,670	$ 0
Contributions from redeemable noncontrolling interests in the OP	0	273,410
Net income attributable to redeemable noncontrolling interests in the OP	40,387	21,323
Redemption of redeemable noncontrolling interests in the OP	(32,393)
Distributions to redeemable noncontrolling interests in the OP	(22,241)	(19,063)
Redeemable noncontrolling interests in the OP, December 31,	$ 261,423	$ 275,670

Note 13 - Noncontrolling Inte_5

Note 13 - Noncontrolling Interests - Consolidated Common Shares (Details) - shares	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Common Shares Outstanding (in shares)	9,163,934	9,162,096	5,498,980	5,022,578	5,022,578
Common shares and partner capital units (in shares)	21,471,922	21,470,084	19,286,103	18,809,701
Noncontrolling Interest [Member] | OP Units [Member]
Partners capital units (in shares)	3,811,844	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	8,496,144

Note 14 - Related Party Trans_2

Note 14 - Related Party Transactions (Details Textual) - USD ($) $ / shares in Units, $ in Thousands

Nov. 08, 2021

Sep. 10, 2021

Sep. 08, 2021

Apr. 20, 2021

Feb. 22, 2021

Nov. 02, 2020

Oct. 15, 2020

Aug. 04, 2020

Jul. 31, 2020

Jul. 24, 2020

Jun. 24, 2020

May 29, 2020

May 08, 2020

Dec. 31, 2021

Dec. 31, 2020

Aug. 03, 2020

Jul. 20, 2020

Payment for Management Fee

$ 0

Stock issuance Agreement, Number of Shares (in shares)

13,758,905.9

13,578,905.9

Noncontrolling Interest, Shares Redeemed (in shares)

1,479,132

1,479,132

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

1,479,132

1,479,132

Management Fee Expense

$ 2,296

$ 1,552

The 5.75 Percent Senior Notes Due 2026 [Member] | Unsecured Debt [Member]

Debt Instrument, Face Amount

$ 75,000

Debt Instrument, Interest Rate, Stated Percentage

5.75%

Debt Instrument, Percentage of Par Value

99.50%

Proceeds from Issuance of Debt

$ 73,100

Series A Preferred Stock [Member]

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

$ 24

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

2,000,000

Proceeds from Issuance of Preferred Stock and Preference Stock

$ 48,000

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

$ 25

$ 25

Series A Preferred Stock [Member] | Unaffiliated Investor [Member]

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

$ 23.50

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

100,000

Restricted Stock Units (RSUs) [Member]

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

233,385

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)

1,201

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)

233,385

OP [Member] | Unsecured Debt [Member]

Debt Instrument, Face Amount

$ 36,500

Debt Instrument, Interest Rate, Stated Percentage

7.50%

Debt Instrument, Percentage of Par Value

99.00%

OP IV [Member]

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

$ 18.33

NexPoint Real Estate Advisors VII, L.P. [Member]

Percentage of Annual Advisory Paid Monthly

1.50%

Management Fee Expense

$ 2,300

$ 1,600

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%

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

Affiliate of the Manager [Member] | NREF OP IV REIT [Member]

Equity Commitment, Amount

$ 227,000

GAF [Member] | OP IV [Member] | Sub OPs [Member]

Partners' Capital Account, Units, Sale of Units, Total (in shares)

523,388

NRESF [Member] | OP IV [Member] | Common Partnership Units [Member]

Partners' Capital Account, Units, Sale of Units, Total (in shares)

11,340

NXDT [Member] | OP IV [Member] | Common Partnership Units [Member]

Partners' Capital Account, Units, Sale of Units, Total (in shares)

45,796

Highland Income Fund [Member] | OP IV [Member] | Common Partnership Units [Member]

Partners' Capital Account, Units, Sale of Units, Total (in shares)

45,796

Subsidiary OP [Member] | Series A Preferred Stock [Member]

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

$ 24

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

455,000

NexAnnuity Asset Management [Member] | The 5.75 Percent Senior Notes Due 2026 [Member] | Unsecured Debt [Member]

Debt Instrument, Face Amount

$ 2,500

Note 15 - Commitments and Con_2

Note 15 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Jan. 27, 2022	Jan. 19, 2022	Jan. 14, 2022	Dec. 20, 2021	Nov. 08, 2021	Sep. 29, 2021	Dec. 31, 2021
Purchase of Preferred Equity, Purchase Amount						$ 50,000
Purchase of Preferred Equity, Purchase Amount, Option						25,000	$ 18,600
Purchase of Preferred Equity, Amount Funded				$ 3,800	$ 30,000	$ 3,000
Preferred Units, Distribution Rate						10.00%
Preferred Units [Member]
Other Commitment, Total							$ 0
Subsequent Event [Member]
Purchase of Preferred Equity, Amount Funded	$ 18,500	$ 200	$ 900

Note 16 - Subsequent Events (De

Note 16 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Thousands

Feb. 25, 2022

Feb. 14, 2022

Feb. 03, 2022

Feb. 01, 2022

Jan. 31, 2022

Jan. 27, 2022

Jan. 25, 2022

Jan. 19, 2022

Jan. 14, 2022

Jan. 12, 2022

Jan. 11, 2022

Jan. 07, 2022

Nov. 03, 2021

Jan. 28, 2021

Dec. 31, 2021

Dec. 31, 2020

Feb. 10, 2022

Payments to Acquire Loans Held-for-investment

$ 117,727

$ 108,610

Payments for Repurchase of Redeemable Preferred Stock

$ 16,500

Preferred Stock Redemption, Redemption Fee, Percent

0.50%

Common Stock, Dividends, Per Share, Declared (in dollars per share)

$ 1.9000

$ 1.4198

Common Stock [Member]

Dividends Payable, Date Declared

Nov. 3, 2021

Dividends Payable, Date to be Paid

Dec. 30, 2021

Dividends Payable, Date of Record

Dec. 15, 2021

Subsequent Event [Member]

Payments for Repurchase of Redeemable Preferred Stock

$ 18,500

$ 200

$ 900

$ 6,600

Preferred Stock Redemption, Redemption Fee, Percent

0.50%

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

395,003

4,774,570

Subsequent Event [Member] | Common Stock [Member]

Common Stock, Dividends, Per Share, Declared (in dollars per share)

$ 0.5000

Dividends Payable, Date Declared

Feb. 14, 2022

Dividends Payable, Date to be Paid

Mar. 31, 2022

Dividends Payable, Date of Record

Mar. 15, 2022

Subsequent Event [Member] | Sub OPs [Member] | OP [Member]

Stock Redeemed or Called During Period, Units (in shares)

8,496,144.16

Subsequent Event [Member] | Class B OP Units [Member] | OP [Member]

Partners' Capital Account, Units, Sale of Units, Total (in shares)

3,721,571.74

Subsequent Event [Member] | Class C OP Units [Member]

Stock Redeemed or Called During Period, Units (in shares)

395,003.86

4,774,572.42

Subsequent Event [Member] | Class C OP Units [Member] | OP [Member]

Partners' Capital Account, Units, Sale of Units, Total (in shares)

4,774,572.42

Subsequent Event [Member] | Convertible Debt [Member]

Debt Instrument, Interest Rate, Stated Percentage

9.00%

Proceeds from Issuance of Debt

$ 38,700

Subsequent Event [Member] | Mezzanine Loan [Member]

Proceeds from Principal Repayments on Loans and Leases Held-for-investment

$ 1,600

Loans and Leases Held-for-investment, Interest Reserve

$ 2,000

Subsequent Event [Member] | Multifamily Property in Las Vegas, Nevada [Member]

Payments to Acquire Equity Method Investments

$ 40,100

$ 1,800

Investment Interest Rate

10.50%

Investment Interest Rate, Cash Paid

6.50%

Investment Interest Rate, Accrued

4.00%

Subsequent Event [Member] | SFR Loans [Member]

Repayments of Debt

$ 62,000

$ 32,100

Payments of Prepayment Penalty

$ 12,500

8,300

Subsequent Event [Member] | Repurchase Agreement for X1 Interest-only Tranche of the FRESB SB-64 CMBS [Member]

Secured Debt, Repurchase Agreements

$ 1,400

Subsequent Event [Member] | Repurchase Agreement for X1 Interest-only Tranche of the FRESB SB-64 CMBS [Member] | London Interbank Offered Rate (LIBOR) [Member]

Assets Sold under Agreements to Repurchase, Interest Rate

1.00%

Subsequent Event [Member] | Repurchase Agreement for Class D Tranche of the FREMF K-62 CMBS [Member]

Secured Debt, Repurchase Agreements

$ 4,300

Subsequent Event [Member] | Repurchase Agreement for Class D Tranche of the FREMF K-62 CMBS [Member] | London Interbank Offered Rate (LIBOR) [Member]

Assets Sold under Agreements to Repurchase, Interest Rate

2.00%

Subsequent Event [Member] | X1 Interest-only Tranche of the FRESB SB-64 CMBS [Member]

Investment, Notional Amount

$ 40,000

Investment Purchase Price, Par Value, Percent

8.00%

Payments to Acquire Loans Held-for-investment

$ 2,200

Subsequent Event [Member] | Class D Rranche of the FREMF K-62 CMBS [Member]

Investment, Notional Amount

$ 10,000

Investment Purchase Price, Par Value, Percent

71.00%

Outstanding Investment Tranche, Percent

10.00%

Subsequent Event [Member] | The Third 5.75 Percent Senior Notes [Member]

Debt Instrument, Face Amount

$ 35,000

Debt Instrument, Interest Rate, Stated Percentage

5.75%

Debt Instrument, Percentage of Par Value

100.90%

Proceeds from Issuance of Debt

$ 35,100