NexPoint Real Estate Finance (NREF) 10-Q 2 Nov 22 2022 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 02, 2022
Document Information [Line Items]
Entity Central Index Key	0001786248
Entity Registrant Name	NexPoint Real Estate Finance, Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-39210
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	84-2178264
Entity Address, Address Line One	300 Crescent Court, Suite 700
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	214
Local Phone Number	276-6300
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		14,979,759
Series A Cumulative Redeemable Preferred Stock, 8.5% [Member]
Document Information [Line Items]
Title of 12(b) Security	8.50% Series A Cumulative Redeemable Preferred Stock, par value 0.01 per share
Trading Symbol	NREF-PRA
Security Exchange Name	NYSE
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	NREF
Security Exchange Name	NYSE

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 22,100	$ 26,459
Restricted cash	4,382	6,773
Real estate investment, net (Note 8)	59,940	62,269
Loans, held-for-investment, net	283,866	241,517
Common stock investments, at fair value	83,619	58,460
Mortgage loans, held-for-investment, net	729,004	847,364
Accrued interest	13,691	8,319
Accounts receivable and other assets	1,575	393
Proceeds held in escrow for unsettled purchase	3,990	0
TOTAL ASSETS	8,275,922	8,513,917
Liabilities:
Master repurchase agreements	351,037	286,324
Unsecured notes, net	198,242	168,325
Mortgages payable, net	32,212	32,176
Accounts payable and other accrued liabilities	6,131	3,903
Accrued interest payable	8,249	3,985
Due to brokers for securities purchased, not yet settled	7,980	0
Total Liabilities	7,780,851	8,007,211
Redeemable noncontrolling interests in the OP	143,162	261,423
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; 15,266,746 and 9,450,921 shares issued and 14,979,759 and 9,163,934 shares outstanding, respectively	150	92
Additional paid-in capital	349,219	222,300
Retained earnings	15,191	28,367
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 286,987 shares, respectively	(4,195)	(4,195)
Total Stockholders' Equity	351,909	245,283
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	8,275,922	8,513,917
Facility [Member]
Liabilities:
Secured financing agreements, net	688,502	786,226
CMBS Structured Pass Through Certificates [Member]
ASSETS
Debt security, investment, at fair value	49,758	69,816
MSCR Notes [Member]
ASSETS
Debt security, investment, at fair value	10,218	0
Collateralized Mortgage-Backed Securities [Member]
ASSETS
Debt security, investment, at fair value	33,650	0
Variable Interest Entity, Primary Beneficiary [Member]
ASSETS
Loans, held-for-investment, net	6,980,129	7,192,547
Liabilities:
Bonds payable held in variable interest entities, at fair value	6,488,498	6,726,272
Stockholders' Equity:
Noncontrolling interest	0	7,175
Subsidiaries [Member]
Stockholders' Equity:
Noncontrolling interest	$ 95	$ 95

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
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)	15,266,746	9,450,921
Common stock, shares outstanding (in shares)	14,979,759	9,163,934
Preferred stock held in treasury, shares (in shares)	355,000	355,000
Common stock held in treasury, shares (in shares)	286,987	286,987

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net interest income
Interest income	$ 16,427	$ 14,372	$ 66,021	$ 39,900
Interest expense	(10,682)	(7,790)	(28,607)	(21,876)
Total net interest income	5,745	6,582	37,414	18,024
Other income (loss)
Change in unrealized gain (loss) on common stock investments	(3,189)	1,362	159	4,695
Loan loss benefit (provision)	7	6	(57)	(101)
Realized losses	(1,084)	0	(1,084)	(257)
Other income	115	0	353	774
Gain on extinguishment of debt	0	0	17	0
Net income (loss) from consolidated real estate owned (Note 8)	148	0	(596)	0
Total other income (loss)	(10,828)	21,963	(7,947)	54,830
Operating expenses
General and administrative expenses	1,677	1,476	5,308	4,810
Loan servicing fees	1,112	1,327	3,333	3,942
Management fees	822	551	2,330	1,587
Total operating expenses	3,611	3,354	10,971	10,339
Net income (loss)	(8,694)	25,191	18,496	62,515
Net (income) attributable to preferred shareholders	(874)	(874)	(2,630)	(2,626)
Net (income) loss attributable to redeemable noncontrolling interests	1,509	(11,084)	(5,982)	(32,747)
Net income (loss) attributable to common stockholders	$ (8,059)	$ 13,233	$ 9,884	$ 27,142
Weighted-average common shares outstanding - basic (in shares)	14,962	6,863	14,526	5,738
Weighted-average common shares outstanding - diluted (in shares)	22,678	20,721	22,402	19,846
Earnings (loss) per share - basic (in dollars per share)	$ (0.54)	$ 1.93	$ 0.68	$ 4.73
Earnings (loss) per share - diluted (in dollars per share)	(0.54)	1.17	0.71	3.02
Dividends declared per common share (in dollars per share)	$ 0.5000	$ 0.4750	$ 1.5000	$ 1.4250
CMBS Structured Pass Through Certificates [Member]
Other income (loss)
Change in unrealized gain (loss) on debt security investment	$ (3,904)	$ 355	$ (11,555)	$ 794
MSCR Notes [Member]
Other income (loss)
Change in unrealized gain (loss) on debt security investment	44	0	(147)	0
Collateralized Mortgage-Backed Securities [Member]
Other income (loss)
Change in unrealized gain (loss) on debt security investment	(317)	0	(356)	0
Variable Interest Entity, Primary Beneficiary [Member]
Other income (loss)
Change in net assets related to consolidated CMBS variable interest entities	(2,648)	20,240	5,319	48,925
Change in unrealized gain (loss) on debt security investment	$ (12,103)	$ 12,421	$ (20,304)	$ 28,982

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	At-the-market Offering [Member] Common Stock Outstanding [Member]	At-the-market Offering [Member] Additional Paid-in Capital [Member]	At-the-market Offering [Member] Series A Preferred Stock [Member]	At-the-market Offering [Member]	Public Offering [Member] Common Stock Outstanding [Member]	Public Offering [Member] Additional Paid-in Capital [Member]	Public Offering [Member]	Private Placement [Member] Noncontrolling Interest [Member] Subsidiaries [Member]	Private Placement [Member]	Preferred Stock [Member] Series A Preferred Stock [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, 2020										1,645,000	5,022,578
Balances at Dec. 31, 2020										$ 16	$ 50	$ 138,043	$ 3,485	$ (4,784)	$ (8,567)			$ 128,243
Vesting of stock-based compensation											$ 1	1,166						1,167
Issuance of common stock through at-the-market offering, net (in shares)	532,694				2,059,700
Issuance of common stock through at-the-market offering, net	$ 5	$ 10,397		$ 10,402	$ 21	$ 40,962	$ 40,983
Net income attributable to preferred stockholders													2,626					2,626
Net loss attributable to common stockholders													27,142					27,142
Preferred stock dividends declared													(2,626)					(2,626)
Common stock dividends declared													(9,991)					(9,991)
Vesting of stock-based compensation (in shares)											67,992
Conversion of redeemable noncontrolling interests in the OP (in shares)											1,479,132
Conversion of redeemable noncontrolling interests in the OP											$ 15	32,378						32,393
Conversion of redeemable noncontrolling interests in the OP (in shares)											1,479,132
Conversion of redeemable noncontrolling interests in the OP											$ 15	32,378						32,393
Noncontrolling interest in CMBS VIEs																$ 7,069		7,069
Cancellation of common stock held in treasury												(589)		589
Issuance of subsidiary preferred membership units through private offering, net								$ 95	$ 95
Balances (in shares) at Sep. 30, 2021										1,645,000	9,162,096
Balances at Sep. 30, 2021										$ 16	$ 92	222,357	20,636	(4,195)	(8,567)	7,069	$ 95	237,503
Balances (in shares) at Jun. 30, 2021										1,645,000	5,498,980
Balances at Jun. 30, 2021										$ 16	$ 55	145,786	11,964	(4,195)	(8,567)	6,869	98	152,026
Vesting of stock-based compensation												538						538
Issuance of common stock through at-the-market offering, net (in shares)	124,284				2,059,700
Issuance of common stock through at-the-market offering, net	$ 1	2,693		2,694	$ 21	$ 40,962	$ 40,983
Net income attributable to preferred stockholders													874					874
Net loss attributable to common stockholders													13,233					13,233
Preferred stock dividends declared													(874)					(874)
Common stock dividends declared													(4,561)					(4,561)
Conversion of redeemable noncontrolling interests in the OP (in shares)											1,479,132
Conversion of redeemable noncontrolling interests in the OP											$ 15	32,378						32,393
Issuance of subsidiary preferred membership units through private offering, net								$ (3)	$ (3)
Conversion of redeemable noncontrolling interests in the OP (in shares)											1,479,132
Conversion of redeemable noncontrolling interests in the OP											$ 15	32,378						32,393
Noncontrolling interest in CMBS VIEs																200		200
Balances (in shares) at Sep. 30, 2021										1,645,000	9,162,096
Balances at Sep. 30, 2021										$ 16	$ 92	222,357	20,636	(4,195)	(8,567)	7,069	95	237,503
Balances (in shares) at 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
Vesting of stock-based compensation											$ 1	1,923						1,924
Issuance of common stock through at-the-market offering, net (in shares)	531,728		0
Issuance of common stock through at-the-market offering, net	$ 5	11,513		11,518
Net income attributable to preferred stockholders													2,630					2,630
Net loss attributable to common stockholders													9,884					9,884
Preferred stock dividends declared													(2,630)					(2,630)
Common stock dividends declared													(23,060)					(23,060)
Vesting of stock-based compensation (in shares)											114,494
Conversion of redeemable noncontrolling interests in the OP (in shares)											5,169,603
Conversion of redeemable noncontrolling interests in the OP											$ 52	113,483						113,535
Noncontrolling interest in CMBS VIEs																$ (7,175)		(7,175)
Conversion of redeemable noncontrolling interests in the OP (in shares)											5,169,603
Conversion of redeemable noncontrolling interests in the OP											$ 52	113,483						113,535
Balances (in shares) at Sep. 30, 2022										1,645,000	14,979,759
Balances at Sep. 30, 2022										$ 16	$ 150	349,219	15,191	(4,195)	(8,567)		95	351,909
Balances (in shares) at Jun. 30, 2022										1,645,000	14,949,631
Balances at Jun. 30, 2022										$ 16	$ 150	347,776	31,026	(4,195)	(8,567)		95	366,301
Vesting of stock-based compensation												870						870
Issuance of common stock through at-the-market offering, net (in shares)	30,128
Issuance of common stock through at-the-market offering, net		$ 573		$ 573
Net income attributable to preferred stockholders													874					874
Net loss attributable to common stockholders													(8,059)					(8,059)
Preferred stock dividends declared													(874)					(874)
Common stock dividends declared													(7,776)					(7,776)
Balances (in shares) at Sep. 30, 2022										1,645,000	14,979,759
Balances at Sep. 30, 2022										$ 16	$ 150	$ 349,219	$ 15,191	$ (4,195)	$ (8,567)		$ 95	$ 351,909

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Preferred stock dividends declared, per share (in dollars per share)	$ 0.5313	$ 0.5313	$ 1.5938	$ 1.5938
Common stock dividends declared, per share (in dollars per share)	$ 0.5000	$ 0.4750	$ 1.5000	$ 1.4250

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net income	$ 18,496,000	$ 62,515,000
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of premiums	17,179,000	10,484,000
Accretion of discounts	(9,791,000)	(6,118,000)
Depreciation and amortization of real estate investment	2,435,000	0
Amortization of deferred financing costs	36,000	0
Loan loss provision	57,000	101,000
Net change in unrealized (gain) loss on investments held at fair value	32,202,000	(34,671,000)
Net realized losses	1,084,000	395,000
Vesting of stock-based compensation	2,414,000	1,485,000
Payment in kind income	(528,000)	0
Gain on extinguishment of debt	(17,000)	0
Changes in operating assets and liabilities:
Accrued interest	(5,372,000)	(1,362,000)
Accounts receivable and other assets	(1,182,000)	(363,000)
Accrued interest payable	4,264,000	2,735,000
Accounts payable, accrued expenses and other liabilities	1,329,000	2,025,000
Net cash provided by operating activities	62,606,000	37,226,000
Cash flows from investing activities
Proceeds from payments received on mortgage loans	196,825,000	42,130,000
Proceeds from payments received on bridge loan	13,500,000	0
Originations of bridge loan	(13,434,000)	(32,595,000)
Originations of loans, held-for-investment, net	(156,934,000)	(28,911,000)
Sales of CMBS structured pass-through certificates, at fair value	6,962,000	3,921,000
Proceeds held in escrow for unsettled purchase	(3,990,000)	0
Additions to real estate investments	(106,000)	0
Net cash provided by investing activities	850,919,000	196,542,000
Cash flows from financing activities
Principal repayments on borrowings under secured financing agreements	(97,724,000)	(35,026,000)
Borrowings under master repurchase agreements	128,988,000	75,911,000
Principal repayments on borrowings under master repurchase agreements	(64,275,000)	(14,843,000)
Proceeds received from unsecured notes offering, net	34,174,000	72,684,000
Repurchase of unsecured notes	(4,829,000)	0
Proceeds from the issuance of common stock	113,535,000	32,393,000
Redemption of redeemable noncontrolling interests in the OP	(113,535,000)	(32,393,000)
Proceeds from the issuance of subsidiary preferred membership units through private offering, net of offering costs	0	95,000
Payments for taxes related to net share settlement of stock-based compensation	(490,000)	(318,000)
Dividends paid to common stockholders	(22,161,000)	(9,811,000)
Dividends paid to preferred stockholders	(2,630,000)	(2,626,000)
Distributions to redeemable noncontrolling interests in the OP	(10,708,000)	(17,032,000)
Net cash used in financing activities	(920,275,000)	(242,660,000)
Net decrease in cash, cash equivalents and restricted cash	(6,750,000)	(8,892,000)
Cash, cash equivalents and restricted cash, beginning of period	33,232,000	33,471,000
Cash, cash equivalents and restricted cash, end of period	26,482,000	24,579,000
Supplemental Disclosure of Cash Flow Information
Interest paid	23,723,000	18,755,000
Supplemental Disclosure of Noncash Investing and Financing Activities
Consolidation of mortgage loans and bonds payable held in variable interest entities	1,244,826,000	239,473,000
Due to brokers for securities purchased, not yet settled	7,980,000	2,188,000
Consolidation of noncontrolling interest in CMBS variable interest entities	0	7,069,000
Conversion of convertible notes to common stock	25,000,000	0
Increase in dividends payable upon vesting of restricted stock units	899,000	180,000
Increase in dividends payable to preferred stockholders	0	874,000
Public Offering [Member]
Cash flows from financing activities
Proceeds from the issuance of common stock	0	51,385,000
At-the-market Offering [Member]
Cash flows from financing activities
Proceeds from the issuance of common stock	11,518,000	0
CMBS Structured Pass Through Certificates [Member]
Cash flows from investing activities
Purchases of debt securities, at fair value	(4,542,000)	(36,874,000)
MSCR Notes [Member]
Cash flows from investing activities
Purchases of debt securities, at fair value	(10,365,000)	0
Collateralized Mortgage-Backed Securities [Member]
Cash flows from investing activities
Purchases of debt securities, at fair value	(25,946,000)	0
Variable Interest Entity, Primary Beneficiary [Member]
Cash flows from investing activities
Proceeds from payments received on mortgage loans	964,225,000	392,257,000
Purchases of debt securities, at fair value	(115,276,000)	(143,386,000)
Cash flows from financing activities
Distributions to bondholders of variable interest entities	$ (892,138,000)	$ (363,079,000)

Note 1 - Organization and Descr

Note 1 - Organization and Description of Business	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. NexPoint Real Estate Finance, Inc. (the “Company”, “we”, “our”) is a commercial mortgage REIT incorporated in Maryland on June 7, 2019. 1986, December 31, 2020. first September 30, 2022 three 13 The Company commenced operations on February 11, 2020 The Company is externally managed by the Manager through a management agreement dated February 6, 2020 July 17, 2020 November 3, 2021, three February 6, 2023 ( The Company’s primary investment objective is to generate attractive, risk-adjusted returns for stockholders over the long term. The Company intends to achieve this objective primarily by originating, structuring and investing in first 50

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. Basis of Accounting The accompanying unaudited consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the unaudited consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. There have been no nine September 30, 2022 The accompanying unaudited consolidated financial statements have been prepared according to the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company’s financial position as of September 30, 2022 December 31, 2021 three nine September 30, 2022 2021 10 December 31, 2021 10 February 28, 2022. Use of Estimates and Assumptions The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. It is at least reasonably possible that these estimates could change in the near term. Estimates are inherently subjective in nature and actual results could differ from our estimates and the differences could be material. Principles of Consolidation The Company accounts for subsidiary partnerships in which it holds an ownership interest in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation first September 30, 2022 Variable Interest Entities The Company evaluates all of its interests in VIEs for consolidation. When the Company’s interests are determined to be variable interests, the Company assesses whether it is deemed to be the primary beneficiary of the VIE. The primary beneficiary of a VIE is required to consolidate the VIE. FASB ASC Topic 810, Consolidation one not not not CMBS Trusts The Company consolidates the trusts that issue beneficial ownership interests in mortgage loans secured by commercial real estate (commonly known as CMBS) when the Company holds a variable interest in, and management considers the Company to be the primary beneficiary of, those trusts. Management believes the performance of the assets that underlie CMBS issuances most significantly impact the economic performance of the trust, and the primary beneficiary is generally the entity that conducts activities that most significantly impact the performance of the underlying assets. In particular, the most subordinate tranches of CMBS expose the holder to greater variability of economic performance when compared to more senior tranches since the subordinate tranches absorb a disproportionately higher amount of the credit risk related to the underlying assets. Generally, a trust designates the most junior subordinate tranche outstanding as the controlling class, which entitles the holder of the controlling class to unilaterally appoint, remove and replace the special servicer for the trust. For the CMBS that the Company consolidates, the Company owns 100% of the most subordinate tranche of the securities. The subordinate tranche includes the controlling class and has the ability to remove and replace the special servicer. On the Consolidated Balance Sheets as of September 30, 2022 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. The Subsidiary OPs own investments through limited liability companies that are SPEs which own investments directly. The OP is the sole member of the Mezz LLC, which owns investments directly. The OP has three no September 30, 2022 no may September 30, 2022 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. 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, net 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 (in years) 30 Improvements (in years) 15 Furniture, fixtures and equipment (in years) 3 Intangible lease assets (in months) 6 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 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 8 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. 8 Expense Recognition Interest expense, in accordance with the Company’s financing agreements, is recorded on the accrual basis. General and administrative expenses are expensed as incurred. Allowance for Loan Losses The Company, with the assistance of an independent valuations firm, performs a quarterly evaluation of loans classified as held for investment for impairment on a loan-by-loan basis in accordance with ASC 310 10 35, Receivables, Subsequent Measurement 310 10 35” no 450 20, Loss Contingencies 450 20” Significant judgment is required in determining impairment and in estimating the resulting loss allowance, and actual losses, if any, could materially differ from those estimates. The Company performs a quarterly review of the portfolio. In conjunction with this review, the Company assesses the risk factors of each loan, including, without limitation, loan-to-value ratio, debt yield, property type, geographic and local market dynamics, physical condition, collateral, cash-flow volatility, leasing and tenant profile, loan structure, exit plan and project sponsorship. Based on a 5 “1” “5,” 1 2 3 4 may may 5 The Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral, as well as the financial and operating capability of the borrower. Specifically, the collateral’s operating results and any cash reserves are analyzed and used to assess (i) whether cash from operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan and/or (iii) the collateral’s liquidation value. The Company also evaluates the financial condition of any loan guarantors, as well as any changes in the borrower’s competency in managing and operating the collateral. In addition, the Company considers the overall economic environment, real estate or industry sector and geographic sub-market in which the borrower operates. Such impairment analyses are completed and reviewed by asset management and finance personnel who utilize various data sources, including (i) periodic financial data such as property operating statements, occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan and capitalization and discount rates, (ii) site inspections and (iii) current credit spreads and discussions with market participants. The Company considers loans to be past-due when a monthly payment is due and unpaid for 60 120 120 not For individual loans, a troubled debt restructuring is a formal restructuring of a loan where, for economic or legal reasons related to the borrower’s financial difficulties, a concession that would not may nine September 30, 2022 no no A loan is written off when it is no The Company will evaluate acquired loans and debt securities for which it is probable at acquisition that all contractually required payments will not 310 30, Loans and Debt Securities Acquired with Deteriorated Credit Quality. nine September 30, 2022 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 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, MSCR Notes and Mortgage Backed Securities 2 2 SFR Loans, Preferred Equity Investments and Mezzanine Loans 3 not Common Stock Investments - 3 825 10. 2 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 has elected to be taxed as a REIT and expects to continue to qualify as a REIT. As a result of the Company’s REIT qualification, the Company does not 90% not four September 30, 2022 no The Company evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more-likely-than- not” 50 not not no none The Company recognizes its tax positions and evaluates them using a two not not September 30, 2022 Recent Accounting Pronouncements Section 107 13 1934, may not may 107 In June 2016, 2016 13, Financial Instruments Credit Losses on Financial Instruments 2016 13” not not This allowance is deducted from the financial asset’s amortized cost basis to present the net amount expected to be collected. The new expected credit loss model will also apply to purchased financial assets with credit deterioration, superseding current accounting guidance for such assets. The amended guidance also amends the impairment model for available-for-sale debt securities, requiring entities to determine whether all or a portion of the unrealized loss on such securities is a credit loss, and also eliminating the option for management to consider the length of time a security has been in an unrealized loss position as a factor in concluding whether or not December 15, 2022. 2016 13 In November 2018, 2018 19, Codification Improvements to Topic 326, Credit Losses 2016 13. 2016 13. In April 2019, 2019 04, Codification Improvements to Topic 326. Credit Losses 2016 13. 2016 13. In May 2019, 2019 05, Targeted Transition Relief for Topic 326. Credit Losses not 2016 13. In March 2020, 2020 04, Reference Rate Reform (Topic 848 may December 31, 2022. not September 30, 2022

Note 3 - Loans Held for Investm

Note 3 - Loans Held for Investment, Net	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	3. The Company’s investments in mortgage loans, mezzanine loans, preferred equity and convertible notes are accounted for as loans held for investment. The mortgage loans are presented as “Mortgage loans, held-for-investment, net” and the mezzanine loans, preferred equity and convertible notes are presented as “Loans, held-for-investment, net” on the Consolidated Balance Sheets. The following tables summarize our loans held-for-investment as of September 30, 2022 December 31, 2021 Weighted Average Loan Type Outstanding Face Amount Carrying Value (1) Loan Count Fixed Rate (2) Coupon (3) Life (years) (4) September 30, 2022 Mortgage loans, held-for-investment $ 688,728 $ 729,004 15 100.00 % 4.81 % 5.61 Mezzanine loans, held-for-investment 163,021 165,197 23 63.99 % 9.96 % 5.64 Preferred equity, held-for-investment 118,993 118,669 9 78.57 % 10.87 % 5.72 $ 970,742 $ 1,012,870 47 91.33 % 6.41 % 5.63 ( 1 Carrying value includes the outstanding face amount plus unamortized purchase premiums/discounts and any allowance for loan losses. ( 2 The weighted-average of loans paying a fixed rate is weighted on current principal balance. ( 3 The weighted-average coupon is weighted on outstanding face amount. ( 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, 2021 Mortgage 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 of loans paying a fixed rate is weighted on current principal balance. ( 3 The weighted-average coupon is weighted on current principal balance. ( 4 The weighted-average life is weighted on current principal balance and assumes no For the nine September 30, 2022 2021 For the Nine Months Ended September 30, 2022 2021 Balance at January 1, $ 1,088,881 $ 1,045,891 Originations 156,934 28,911 Proceeds from principal repayments (196,825 ) (42,130 ) Conversion of convertible bonds to common stock (25,000 ) — PIK distribution reinvested in Preferred Units 528 — Amortization of loan premium, net (1) (11,591 ) (7,340 ) Loan loss provision (57 ) (101 ) Realized losses — (886 ) Balance at September 30, $ 1,012,870 $ 1,024,345 ( 1 Includes net amortization of loan purchase premiums. As of September 30, 2022 December 31, 2021 As discussed in Note 2, “1” “5,” 2 September 30, 2022 Number of Carrying % of Loan Risk Rating Loans Value Portfolio 1 — $ — — 2 — — — 3 47 1,012,870 100.00 % 4 — — — 5 — — — 47 $ 1,012,870 100.00 % 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 % As of September 30, 2022 47 “3,” 2. The following tables present the geographies and property types of collateral underlying the Company’s loans held-for-investment as a percentage of the loans’ face amounts. Geography September 30, 2022 December 31, 2021 Georgia 32.14 % 38.93 % Florida 18.54 % 16.90 % Texas 10.83 % 7.74 % Nevada 5.07 % * Maryland 5.92 % 5.66 % Minnesota 5.17 % 4.86 % California 4.52 % 2.53 % Alabama 3.57 % 3.35 % North Carolina 2.43 % 2.23 % Arkansas 1.38 % * Missouri 1.26 % 1.19 % New Jersey * 2.83 % Connecticut 0.00 % 2.87 % Other (17 and 19 states each at <1%) 9.17 % 10.91 % 100.00 % 100.00 % *Included in “Other.” Collateral Property Type September 30, 2022 December 31, 2021 Single Family Rental 70.24 % 76.15 % Multifamily 25.28 % 20.32 % Life Science 2.75 % 3.53 % Self-Storage 1.73 % 0.00 % 100.00 % 100.00 %

Note 4 - CMBS Trusts

Note 4 - CMBS Trusts	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Commercial Mortgage Backed Securities Trusts [Text Block]	4. As of September 30, 2022 2014 13 not The following table presents the Company’s recognized Trust’s Assets and Liabilities (in thousands): Trust's Assets September 30, 2022 December 31, 2021 Mortgage loans held in variable interest entities, at fair value $ 6,980,129 $ 7,192,547 Accrued interest receivable 2,898 2,212 Trust's Liabilities Bonds payable held in variable interest entities, at fair value (6,488,498 ) (6,726,272 ) Accrued interest payable (2,168 ) (1,500 ) The following table presents “Change in net assets related to consolidated CMBS variable interest entities” (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Net interest earned $ 9,455 $ 7,819 $ 25,623 $ 19,943 Unrealized gain (loss) (12,103 ) 12,421 (20,304 ) 28,982 Change in net assets related to consolidated CMBS variable interest entities $ (2,648 ) $ 20,240 $ 5,319 $ 48,925 The following tables present the geographies and property types of collateral underlying the CMBS trusts consolidated by the Company as a percentage of the collateral unpaid principal balance: Geography September 30, 2022 December 31, 2021 Texas 17.45 % 16.88 % Florida 13.62 % 14.77 % California 8.98 % 8.50 % Arizona 7.38 % 10.37 % Washington 6.83 % 6.19 % New Jersey 4.53 % 4.65 % Georgia 4.53 % 4.97 % Colorado 6.01 % 4.08 % Nevada 3.23 % 3.51 % Connecticut 3.52 % 3.02 % North Carolina 3.41 % 3.12 % New York 2.77 % 2.45 % Ohio 1.94 % 1.72 % Indiana 1.64 % 1.68 % Virginia 1.56 % 1.70 % Illinois 1.32 % * Missouri 1.24 % 1.26 % Michigan 1.07 % 1.56 % Other (24 and 20 states each at <1%) 8.97 % 8.02 % 100.00 % 100.00 % *Included in “Other.” Collateral Property Type September 30, 2022 December 31, 2021 Multifamily 98.50 % 98.42 % Manufactured Housing 1.50 % 1.58 % 100.00 % 100.00 %

Note 5 - Common Stock Investmen

Note 5 - Common Stock Investments	9 Months Ended
	Sep. 30, 2022
Common Stock [Member]
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	5. The Company owns approximately 25.8% of the total outstanding shares of common stock of NSP and thus can exercise significant influence over NSP. The Company elected the fair-value option in accordance with ASC 825 10 10 The investment in NSP is a Level 3 March 31, 2021, The investment in Private REIT is a Level 2 April 14, 2022, two The following table presents the common stock investments as of September 30, 2022 December 31, 2021 Investment Shares Fair Value Investment Date Property Type September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Common Stock NexPoint Storage Partners 11/6/2020 Self-storage 41,963 41,963 $ 55,734 $ 58,460 Private REIT 4/14/2022 Ground lease 1,394,213 — 27,885 — The following table presents “Change in unrealized gain on common stock investment” (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Change in unrealized gain on NexPoint Storage Partners $ (3,189 ) $ 1,362 $ (2,726 ) $ 4,695 Change in unrealized gain on Private REIT — — 2,885 — Change in unrealized gain on common stock investments $ (3,189 ) $ 1,362 $ 159 $ 4,695

Note 6 - CMBS Structured Pass-t

Note 6 - CMBS Structured Pass-through Certificates, MSCR Notes and Mortgage Backed Securities	9 Months Ended
	Sep. 30, 2022
CMBS Structured Pass Through Certificates [Member]
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	6. As of September 30, 2022 twelve three six 2 10 The following table presents the CMBS I/O Strips, MSCR Notes and mortgage backed securities as of September 30, 2022 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 $ 1,888 Multifamily 2.09 % 15.05 % 9/25/2046 CMBS I/O Strip 8/6/2020 19,395 Multifamily 3.09 % 16.13 % 6/25/2030 CMBS I/O Strip 4/28/2021 (2) 5,842 Multifamily 1.71 % 16.15 % 1/25/2030 CMBS I/O Strip 5/27/2021 3,855 Multifamily 3.50 % 15.79 % 5/25/2030 CMBS I/O Strip 6/7/2021 470 Multifamily 2.39 % 18.85 % 11/25/2028 CMBS I/O Strip 6/11/2021 (3) 4,952 Multifamily 1.34 % 14.96 % 5/25/2029 CMBS I/O Strip 6/21/2021 1,249 Multifamily 1.30 % 18.20 % 5/25/2030 CMBS I/O Strip 8/10/2021 2,592 Multifamily 1.96 % 16.00 % 4/25/2030 CMBS I/O Strip 8/11/2021 1,384 Multifamily 3.20 % 13.84 % 7/25/2031 CMBS I/O Strip 8/24/2021 260 Multifamily 2.70 % 14.56 % 1/25/2031 CMBS I/O Strip 9/1/2021 3,887 Multifamily 2.04 % 15.51 % 6/25/2030 CMBS I/O Strip 9/11/2021 3,984 Multifamily 3.05 % 13.84 % 9/25/2031 Total $ 49,758 2.55 % 15.72 % MSCR Notes MSCR Notes 5/25/2022 3,946 Multifamily 11.68 % 11.68 % 5/25/2052 MSCR Notes 5/25/2022 4,906 Multifamily 8.68 % 8.68 % 5/25/2052 MSCR Notes 9/23/2022 1,366 Multifamily 9.03 % 9.92 % 11/25/2051 Total $ 10,218 9.89 % 10.00 % Mortgage Backed Securities Mortgage Backed Securities 6/1/2022 9,975 Single-Family 5.59 % 5.85 % 4/17/2026 Mortgage Backed Securities 6/1/2022 9,293 Single-Family 4.87 % 5.10 % 11/19/2025 Mortgage Backed Securities 7/28/2022 546 Single-Family 6.23 % 6.34 % 10/17/2027 Mortgage Backed Securities 7/28/2022 856 Single-Family 3.60 % 4.26 % 6/20/2028 Mortgage Backed Securities 9/12/2022 5,000 Multifamily 7.80 % 7.78 % 1/25/2031 Mortgage Backed Securities 9/29/2022 7,980 Self Storage 8.73 % 8.75 % 9/15/2027 Total $ 33,650 6.42 % 6.59 % ( 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, $35.0 million, $40.0 million and $50.0 million aggregate notional amount of the X1 2019 SB64 June 11, 2021, September 29, 2021, February 3, 2022 March 18, 2022, The following table presents the CMBS I/O Strips as of December 31, 2021 Investment Investment Date Carrying Value Property Type Interest Rate Current Yield (1) Maturity Date CMBS I/O Strips CMBS I/O Strip 5/18/2020 $ 2,356 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 2.15 % 14.16 % ( 1 Current yield is the annualized income earned divided by the cost basis of the investment. ( 2 The Company, through the Subsidiary OPs, purchased approximately $50.0 million and $15.0 million aggregate notional amount of the X1 107 April 28, 2021, May 4, 2021, ( 3 The Company, through the Subsidiary OPs, purchased approximately $80.0 million and $35.0 million aggregate notional amount of the X1 2019 SB64 June 11, 2021, September 29, 2021, The following table presents activity related to the Company’s CMBS I/O Strips, MSCR Notes and mortgage backed securities (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Net interest earned $ 2,237 $ 1,263 $ 4,811 $ 2,466 Change in unrealized gain (loss) on CMBS structured pass-through certificates (3,904 ) 355 (11,555 ) 794 Change in unrealized gain (loss) on MSCR notes 44 — (147 ) — Change in unrealized (loss) on mortgage backed securities (317 ) — (356 ) — Total $ (1,940 ) $ 1,618 $ (7,247 ) $ 3,260

Note 7 - Bridge Loan

Note 7 - Bridge Loan	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	3. The Company’s investments in mortgage loans, mezzanine loans, preferred equity and convertible notes are accounted for as loans held for investment. The mortgage loans are presented as “Mortgage loans, held-for-investment, net” and the mezzanine loans, preferred equity and convertible notes are presented as “Loans, held-for-investment, net” on the Consolidated Balance Sheets. The following tables summarize our loans held-for-investment as of September 30, 2022 December 31, 2021 Weighted Average Loan Type Outstanding Face Amount Carrying Value (1) Loan Count Fixed Rate (2) Coupon (3) Life (years) (4) September 30, 2022 Mortgage loans, held-for-investment $ 688,728 $ 729,004 15 100.00 % 4.81 % 5.61 Mezzanine loans, held-for-investment 163,021 165,197 23 63.99 % 9.96 % 5.64 Preferred equity, held-for-investment 118,993 118,669 9 78.57 % 10.87 % 5.72 $ 970,742 $ 1,012,870 47 91.33 % 6.41 % 5.63 ( 1 Carrying value includes the outstanding face amount plus unamortized purchase premiums/discounts and any allowance for loan losses. ( 2 The weighted-average of loans paying a fixed rate is weighted on current principal balance. ( 3 The weighted-average coupon is weighted on outstanding face amount. ( 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, 2021 Mortgage 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 of loans paying a fixed rate is weighted on current principal balance. ( 3 The weighted-average coupon is weighted on current principal balance. ( 4 The weighted-average life is weighted on current principal balance and assumes no For the nine September 30, 2022 2021 For the Nine Months Ended September 30, 2022 2021 Balance at January 1, $ 1,088,881 $ 1,045,891 Originations 156,934 28,911 Proceeds from principal repayments (196,825 ) (42,130 ) Conversion of convertible bonds to common stock (25,000 ) — PIK distribution reinvested in Preferred Units 528 — Amortization of loan premium, net (1) (11,591 ) (7,340 ) Loan loss provision (57 ) (101 ) Realized losses — (886 ) Balance at September 30, $ 1,012,870 $ 1,024,345 ( 1 Includes net amortization of loan purchase premiums. As of September 30, 2022 December 31, 2021 As discussed in Note 2, “1” “5,” 2 September 30, 2022 Number of Carrying % of Loan Risk Rating Loans Value Portfolio 1 — $ — — 2 — — — 3 47 1,012,870 100.00 % 4 — — — 5 — — — 47 $ 1,012,870 100.00 % 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 % As of September 30, 2022 47 “3,” 2. The following tables present the geographies and property types of collateral underlying the Company’s loans held-for-investment as a percentage of the loans’ face amounts. Geography September 30, 2022 December 31, 2021 Georgia 32.14 % 38.93 % Florida 18.54 % 16.90 % Texas 10.83 % 7.74 % Nevada 5.07 % * Maryland 5.92 % 5.66 % Minnesota 5.17 % 4.86 % California 4.52 % 2.53 % Alabama 3.57 % 3.35 % North Carolina 2.43 % 2.23 % Arkansas 1.38 % * Missouri 1.26 % 1.19 % New Jersey * 2.83 % Connecticut 0.00 % 2.87 % Other (17 and 19 states each at <1%) 9.17 % 10.91 % 100.00 % 100.00 % *Included in “Other.” Collateral Property Type September 30, 2022 December 31, 2021 Single Family Rental 70.24 % 76.15 % Multifamily 25.28 % 20.32 % Life Science 2.75 % 3.53 % Self-Storage 1.73 % 0.00 % 100.00 % 100.00 %
Bridge Loan [Member]
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	7. Bridge Loan On March 31, 2022, one October 1, 2022. August 9, 2022,

Note 8 - Real Estate Investment

Note 8 - Real Estate Investment, Net	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Real Estate Owned [Text Block]	8. On December 31, 2021, 204 September 30, 2022 December 31, 2021, As of September 30, 2022 Real Estate Investment, Net Land Buildings and Improvements Intangible Lease Assets Furniture, Fixtures and Equipment Totals Hudson Montford $ 10,996 $ 49,817 $ — $ 607 $ 61,420 Accumulated depreciation and amortization — (1,328 ) — (152 ) (1,480 ) Total Real Estate Investment, Net $ 10,996 $ 48,489 $ — $ 455 $ 59,940 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 Accumulated depreciation and amortization — — — — — Total Real Estate Investment, Net $ 10,996 $ 49,807 $ 954 $ 512 $ 62,269 The following table reflects the revenue and expenses for the three nine September 30, 2022 2021 For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Revenues Rental income $ 988 $ — $ 2,809 $ — Other income 8 — 29 — Total revenues $ 996 $ — $ 2,838 $ — Expenses Interest expense 373 — 875 — Real estate taxes and insurance 119 — 373 — Property operating expenses 174 — 495 — Property general and administrative expenses 29 — 98 — Property management fees 28 — 81 — Depreciation and amortization 545 — 2,435 — Rate cap (income) expense (420 ) — (923 ) — Total expenses 848 — 3,434 — Net income (loss) from consolidated real estate owned $ 148 $ — $ (596 ) $ —

Note 9 - Debt

Note 9 - Debt	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Debt Disclosure [Text Block]	9. The following table summarizes the Company’s financing arrangements in place as of September 30, 2022 September 30, 2022 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 351,037 351,037 N/A (5) 4.64 % 0.22 1,001,008 564,848 567,690 7.3 Asset Specific Financing Single Family Rental loans Freddie Mac 7/12/2019 629,250 629,250 7/12/2029 2.35 % 5.6 688,728 729,004 729,004 5.6 Mezzanine loans Freddie Mac 10/20/2020 59,252 59,252 8/1/2031 0.30 % 7.5 105,817 108,455 108,455 7.5 Multifamily property CBRE 12/31/2021 32,480 32,212 6/1/2028 (6) 5.80 % 5.7 N/A 59,940 59,940 5.7 Unsecured Financing Various 10/15/2020 36,500 35,452 10/25/2025 7.50 % 3.1 N/A N/A N/A N/A Various 4/20/2021 165,000 162,790 4/15/2026 5.75 % 3.5 N/A N/A N/A N/A Total/weighted average $ 1,273,519 $ 1,269,993 3.56 % 3.9 $ 1,795,553 $ 1,462,247 $ 1,465,089 6.7 ( 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 their 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, 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 N/A 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 $ 2,994,912 $ 1,510,465 $ 1,541,857 7.6 ( 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 their 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 Prior to the Formation Transaction, two July 12, 2019, No September 30, 2022 $788.8 February 11, 2020. July 12, 2029; July 12, 2029, September 30, 2022 We, through the Subsidiary OPs, have borrowed approximately $351.0 million under our repurchase agreements and posted $1.0 billion par value of our CMBS B-Piece, CMBS I/O Strip, MSCR Notes and mortgage backed security investments as collateral as of September 30, 2022 On October 15, 2020, October 15, 2025 September 30, 2022 On October 20, 2020, On April 20, 2021, 2026 “5.75% On December 20, 2021, On January 25, 2022, On May 20, 2022, On June 30, 2022, As of September 30, 2022 Outstanding Investment Principal Investment Date Balance Location Property Type Interest Type Interest Rate Maturity Date SFR Loans Senior loan 2/11/2020 $ 465,689 Various Single-family Fixed 2.24 % 9/1/2028 Senior loan 2/11/2020 46,093 Various Single-family Fixed 2.14 % 10/1/2025 Senior loan 2/11/2020 34,665 Various Single-family Fixed 2.70 % 11/1/2028 Senior loan 2/11/2020 9,333 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 8,913 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 8,038 Various Single-family Fixed 3.14 % 1/1/2029 Senior loan 2/11/2020 6,806 Various Single-family Fixed 2.98 % 2/1/2029 Senior loan 2/11/2020 5,971 Various Single-family Fixed 2.99 % 3/1/2029 Senior loan 2/11/2020 5,642 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 5,037 Various Single-family Fixed 2.64 % 10/1/2028 Senior loan 2/11/2020 4,791 Various Single-family Fixed 2.48 % 8/1/2023 Senior loan 2/11/2020 4,755 Various Single-family Fixed 2.97 % 1/1/2029 Total $ 629,250 2.35 % 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 Total $ 59,252 0.30 % For the nine September 30, 2022 2021 For the Nine Months Ended September 30, 2022 2021 Balances as of January 1, $ 1,273,051 $ 1,036,878 Principal borrowings 163,162 148,595 Principal repayments (161,999 ) (49,869 ) Repurchase of unsecured notes (4,829 ) — Accretion of discounts 572 386 Amortization of deferred financing costs 36 — Balances as of September 30, $ 1,269,993 $ 1,135,990 Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five September 30, 2022 Year Recourse Non-recourse Total 2022 (1) $ — $ (351,037 ) $ (351,037 ) 2023 — (4,791 ) (4,791 ) 2024 — (5,642 ) (5,642 ) 2025 (36,500 ) (46,094 ) (82,594 ) 2026 (197,480 ) (9,284 ) (206,764 ) Thereafter — (622,691 ) (622,691 ) $ (233,980 ) $ (1,039,539 ) $ (1,273,519 ) ( 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	9 Months Ended
	Sep. 30, 2022
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. Derivative Financial Instruments and Hedging Activities The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company may The Company’s main objective in using interest rate derivatives is to add stability to interest expense related to floating rate debt. To accomplish this objective, the Company primarily uses interest rate caps as part of its interest rate risk management strategy. Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. On December 30, 2021, June 1, 2024. 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 creditworthiness 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 that reasonably approximate their fair value given the short to moderate term and floating rate nature. The carrying values and fair values of the Company’s financial assets and liabilities recorded at fair value on a recurring basis, as well as other financial instruments not September 30, 2022 Fair Value Carrying Value Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 22,100 $ 22,100 $ — $ — $ 22,100 Restricted cash 4,382 4,382 — — 4,382 Real estate investment, net 59,940 — — 59,940 59,940 Loans, held-for-investment, net 283,866 — — 288,954 288,954 Common stock investments, at fair value 83,619 — 27,885 55,734 83,619 Mortgage loans, held-for-investment, net 729,004 — — 730,152 730,152 Accrued interest 13,691 13,691 — — 13,691 Mortgage loans held in variable interest entities, at fair value 6,980,129 — 6,980,129 — 6,980,129 CMBS structured pass-through certificates, at fair value 49,758 — 49,758 — 49,758 MSCR notes, at fair value 10,218 — 10,218 — 10,218 Mortgage backed securities, at fair value 33,650 — 33,650 — 33,650 Accounts receivable and other assets 1,575 1,575 — — 1,575 Proceeds held in escrow for unsettled purchase 3,990 — 3,990 — 3,990 $ 8,275,922 $ 41,748 $ 7,105,630 $ 1,134,780 $ 8,282,158 Liabilities Secured financing agreements, net $ 688,502 $ — $ — $ 700,877 $ 700,877 Master repurchase agreements 351,037 — — 351,037 351,037 Unsecured notes, net 198,242 — 182,779 — 182,779 Mortgages payable, net 32,212 — — 27,213 27,213 Accounts payable and other accrued liabilities 6,131 6,131 — — 6,131 Accrued interest payable 8,249 8,249 — — 8,249 Due to brokers for unsecured notes purchased, not yet settled 7,980 7,980 7,980 Bonds payable held in variable interest entities, at fair value 6,488,498 — 6,488,498 — 6,488,498 $ 7,780,851 $ 22,360 $ 6,671,277 $ 1,079,127 $ 7,772,763 The significant unobservable inputs used in the fair value measurement of the Company’s investment in NSP 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 $ 55,734 Discounted cash flow Terminal cap rate 5.38 % Discount rate 8.50 % The table below reflects a summary of changes for the Company's Level 3 nine September 30, 2022 Balance as of 12/31/21 Change in Unrealized Gains/(Losses) Balance as of 9/30/22 Common stock investment, at fair value $ 58,460 $ (2,726 ) $ 55,734 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 September 30, 2022 13

Note 11 - Stockholders' Equity

Note 11 - Stockholders' Equity	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	11. Equity Common Stock During the nine September 30, 2022 As of September 30, 2022 Preferred Stock On July 24, 2020, Share Repurchase Program On March 9, 2020, may two March 9, 2022. September 28, 2020, may may March 3, 2021, 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, February 21, 2022, September 30, 2022 2022 Number of Units Weighted Average Grant Date Fair Value Outstanding January 1, 2022 439,087 $ 15.97 Granted 276,940 19.85 Vested (135,488 ) (1) 19.39 Forfeited (2,889 ) 20.81 Outstanding September 30, 2022 577,650 $ 17.89 ( 1 Certain key employees of the Manager elected to net the taxes owed upon vesting against the shares issued resulting in 114,494 shares being issued as shown on the consolidated statements of stockholders' equity. The following table contains information regarding the vesting of restricted stock units under the 2020 five September 30, 2022 Shares Vesting February May Total 2022 — (1) — (1) — 2023 133,393 68,569 201,962 2024 120,638 68,564 189,202 2025 120,644 — 120,644 2026 65,842 — 65,842 Total 440,517 137,133 577,650 ( 1 Shares vested prior to September 30, 2022 At-The-Market-Offering On March 31, 2021, “2021 “2021 “2021 2021 December 16, 2021, 2021 Sales of shares of common stock or Series A Preferred Stock under the 2021 may 415 not 2021 2021 2021 Gross Proceeds $ 11,264,237 Shares of Common Stock Issued 532,694 Gross Average Sale Price per Share of Common Stock $ 21.15 Sales Commissions $ 168,963 Offering Costs 793,779 Net Proceeds 10,301,495 Average Price Per Share, net $ 19.34 On March 15, 2022, “2022 “2022 “2022 2022 Sales of shares of common stock or Series A Preferred Stock under the 2022 may 415 The following table contains summary information of the 2022 Gross Proceeds $ 12,575,493 Shares of Common Stock Issued 531,728 Gross Average Sale Price per Share of Common Stock $ 23.65 Sales Commissions $ 188,655 Offering Costs 869,035 Net Proceeds 11,517,803 Average Price Per Share, net $ 21.66 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, January 7, 2022, February 14, 2022, Dividends The Board declared the third 2022 July 27, 2022 September 30, 2022 September 15, 2022 The Board declared a dividend to preferred stockholders of $0.53125 per share on September 21, 2022 October 25, 2022 October 14, 2022

Note 12 - Earnings Per Share

Note 12 - Earnings Per Share	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Earnings Per Share [Text Block]	12. Basic earnings per share is computed by dividing net income 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 per share is computed by adjusting basic earnings 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 per share for the periods presented (in thousands, except per share amounts): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Net income (loss) attributable to common stockholders $ (8,059 ) $ 13,233 $ 9,884 $ 27,142 Earnings for basic computations Net income (loss) attributable to redeemable noncontrolling interests (1,509 ) 11,084 5,982 32,747 Net income for diluted computations $ (9,568 ) $ 24,317 $ 15,866 $ 59,889 Weighted-average common shares outstanding Average number of common shares outstanding - basic 14,962 6,863 14,526 5,738 Average number of unvested restricted stock units 578 440 569 446 Average number of OP Units and SubOP Units 7,138 13,417 7,307 13,663 Average number of common shares outstanding - diluted 22,678 20,720 22,402 19,847 Earnings per weighted average common share: Basic $ (0.54 ) $ 1.93 $ 0.68 $ 4.73 Diluted $ (0.54 ) $ 1.17 $ 0.71 $ 3.02

Note 13 - Noncontrolling Intere

Note 13 - Noncontrolling Interests	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Noncontrolling Interest Disclosure [Text Block]	13. Redeemable Noncontrolling Interests in the OP Interests in the OP held by limited partners are represented by OP Units. As of September 30, 2022 Pursuant to the second one may, one not 1 2 The Cash Amount is defined in the OP LPA 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 NYSE will be calculated for the ten first September 30, 2022 1 2 September 30, 2022 3 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 As of September 30, 2022 11 The following table sets forth the redeemable noncontrolling interests in the OP (reflecting the OP’s consolidation of the Subsidiary OPs) for the nine September 30, 2022 For the Nine Months Ended September 30, 2022 2021 Redeemable noncontrolling interests in the OP, December 31, $ 261,423 $ 275,670 Net income attributable to redeemable noncontrolling interests in the OP 5,982 32,747 Redemption of redeemable noncontrolling interests in the OP (113,535 ) (32,393 ) Distributions to redeemable noncontrolling interests in the OP (10,708 ) (17,032 ) Redeemable noncontrolling interests in the OP, September 30, $ 143,162 $ 258,992 The table below presents the common shares and OP 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 Combined Outstanding September 30, 2022 14,979,759 7,138,382 22,118,141

Note 14 - Related Party Transac

Note 14 - Related Party Transactions	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	14. Management Fee In accordance with the Management Agreement, the Company pays the Manager an annual management fee equal to 1.5% of Equity (as defined below), paid monthly, in cash or shares of Company common stock at the election of our Manager (the “Annual Fee”). The duties performed by the Company’s Manager under the terms of the Management Agreement include, but are not third “Equity” means (a) the sum of ( 1 2 3 1 2 one not “EAD” means the net income (loss) attributable to the common stockholders of the Company, computed in accordance with GAAP, including realized gains and losses not may may not Pursuant to the terms of the Management Agreement, the Company is required to pay directly or reimburse the Manager for all documented Operating Expenses and Offering Expenses it incurs on behalf of the Company. “Operating Expenses” include legal, accounting, financial and due diligence services performed by the Manager that outside professionals or outside consultants would otherwise perform, the Company’s pro rata share of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of the Manager required for the Company’s operations and compensation expenses under the 2020 nine September 30, 2022 Connections at Buffalo Pointe Contribution On May 29, 2020, first September 30, 2022 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, RSU Issuance On May 8, 2020, 2020 June 24, 2020, November 2, 2020, one February 22, 2021, February 21, 2022, 11 OP Unit Redemptions At the 2021 may September 8, 2021, January 7, 2022, February 14, 2022, Expense Cap Pursuant to the terms of the Management Agreement, direct payment of operating expenses by the Company, which includes compensation expense relating to equity awards granted under the 2020 may not not nine September 30, 2022 not For the nine September 30, 2022 2021 Notes Offering On April 20, 2021, Jernigan Capital Acquisition On November 6, 2020, 5 Bridge Loan On March 31, 2022, one October 1, 2022. August 9, 2022,

Note 15 - Commitments and Conti

Note 15 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
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, September 30, 2022, may September 29, 2023, may two may 1.25x 1.10x September 30, 2022 not September 30, 2022 The OP Notes previously described in Note 9 September 30, 2022 no not

Note 16 - Subsequent Events

Note 16 - Subsequent Events	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Subsequent Events [Text Block]	16. Preferred Equity Investments On October 5, 2022, one one On October 19, 2022, one Dividends Declared On October 24, 2022 December 30, 2022 December 15, 2022 .

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Accounting The accompanying unaudited consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the unaudited consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. There have been no nine September 30, 2022 The accompanying unaudited consolidated financial statements have been prepared according to the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company’s financial position as of September 30, 2022 December 31, 2021 three nine September 30, 2022 2021 10 December 31, 2021 10 February 28, 2022.
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.
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The Company accounts for subsidiary partnerships in which it holds an ownership interest in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation first September 30, 2022
Consolidation, Variable Interest Entity, Policy [Policy Text Block]	Variable Interest Entities The Company evaluates all of its interests in VIEs for consolidation. When the Company’s interests are determined to be variable interests, the Company assesses whether it is deemed to be the primary beneficiary of the VIE. The primary beneficiary of a VIE is required to consolidate the VIE. FASB ASC Topic 810, Consolidation one not not not
Mortgage Banking Activity [Policy Text Block]	CMBS Trusts The Company consolidates the trusts that issue beneficial ownership interests in mortgage loans secured by commercial real estate (commonly known as CMBS) when the Company holds a variable interest in, and management considers the Company to be the primary beneficiary of, those trusts. Management believes the performance of the assets that underlie CMBS issuances most significantly impact the economic performance of the trust, and the primary beneficiary is generally the entity that conducts activities that most significantly impact the performance of the underlying assets. In particular, the most subordinate tranches of CMBS expose the holder to greater variability of economic performance when compared to more senior tranches since the subordinate tranches absorb a disproportionately higher amount of the credit risk related to the underlying assets. Generally, a trust designates the most junior subordinate tranche outstanding as the controlling class, which entitles the holder of the controlling class to unilaterally appoint, remove and replace the special servicer for the trust. For the CMBS that the Company consolidates, the Company owns 100% of the most subordinate tranche of the securities. The subordinate tranche includes the controlling class and has the ability to remove and replace the special servicer. On the Consolidated Balance Sheets as of September 30, 2022 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. The Subsidiary OPs own investments through limited liability companies that are SPEs which own investments directly. The OP is the sole member of the Mezz LLC, which owns investments directly. The OP has three no September 30, 2022 no may September 30, 2022
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.
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, net 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 (in years) 30 Improvements (in years) 15 Furniture, fixtures and equipment (in years) 3 Intangible lease assets (in months) 6 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 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 8 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. 8
Interest Expense, Policy [Policy Text Block]	Expense Recognition Interest expense, in accordance with the Company’s financing agreements, is recorded on the accrual basis. General and administrative expenses are expensed as incurred.
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block]	Allowance for Loan Losses The Company, with the assistance of an independent valuations firm, performs a quarterly evaluation of loans classified as held for investment for impairment on a loan-by-loan basis in accordance with ASC 310 10 35, Receivables, Subsequent Measurement 310 10 35” no 450 20, Loss Contingencies 450 20” Significant judgment is required in determining impairment and in estimating the resulting loss allowance, and actual losses, if any, could materially differ from those estimates. The Company performs a quarterly review of the portfolio. In conjunction with this review, the Company assesses the risk factors of each loan, including, without limitation, loan-to-value ratio, debt yield, property type, geographic and local market dynamics, physical condition, collateral, cash-flow volatility, leasing and tenant profile, loan structure, exit plan and project sponsorship. Based on a 5 “1” “5,” 1 2 3 4 may may 5 The Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral, as well as the financial and operating capability of the borrower. Specifically, the collateral’s operating results and any cash reserves are analyzed and used to assess (i) whether cash from operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan and/or (iii) the collateral’s liquidation value. The Company also evaluates the financial condition of any loan guarantors, as well as any changes in the borrower’s competency in managing and operating the collateral. In addition, the Company considers the overall economic environment, real estate or industry sector and geographic sub-market in which the borrower operates. Such impairment analyses are completed and reviewed by asset management and finance personnel who utilize various data sources, including (i) periodic financial data such as property operating statements, occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan and capitalization and discount rates, (ii) site inspections and (iii) current credit spreads and discussions with market participants. The Company considers loans to be past-due when a monthly payment is due and unpaid for 60 120 120 not For individual loans, a troubled debt restructuring is a formal restructuring of a loan where, for economic or legal reasons related to the borrower’s financial difficulties, a concession that would not may nine September 30, 2022 no no A loan is written off when it is no The Company will evaluate acquired loans and debt securities for which it is probable at acquisition that all contractually required payments will not 310 30, Loans and Debt Securities Acquired with Deteriorated Credit Quality. nine September 30, 2022
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 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, MSCR Notes and Mortgage Backed Securities 2 2 SFR Loans, Preferred Equity Investments and Mezzanine Loans 3 not Common Stock Investments - 3 825 10. 2 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 has elected to be taxed as a REIT and expects to continue to qualify as a REIT. As a result of the Company’s REIT qualification, the Company does not 90% not four September 30, 2022 no The Company evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more-likely-than- not” 50 not not no none The Company recognizes its tax positions and evaluates them using a two not not September 30, 2022
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements Section 107 13 1934, may not may 107 In June 2016, 2016 13, Financial Instruments Credit Losses on Financial Instruments 2016 13” not not This allowance is deducted from the financial asset’s amortized cost basis to present the net amount expected to be collected. The new expected credit loss model will also apply to purchased financial assets with credit deterioration, superseding current accounting guidance for such assets. The amended guidance also amends the impairment model for available-for-sale debt securities, requiring entities to determine whether all or a portion of the unrealized loss on such securities is a credit loss, and also eliminating the option for management to consider the length of time a security has been in an unrealized loss position as a factor in concluding whether or not December 15, 2022. 2016 13 In November 2018, 2018 19, Codification Improvements to Topic 326, Credit Losses 2016 13. 2016 13. In April 2019, 2019 04, Codification Improvements to Topic 326. Credit Losses 2016 13. 2016 13. In May 2019, 2019 05, Targeted Transition Relief for Topic 326. Credit Losses not 2016 13. In March 2020, 2020 04, Reference Rate Reform (Topic 848 may December 31, 2022. not September 30, 2022

Note 2 - Summary of Significa_2

Note 2 - Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Property, Plant, and Equipment, Estimated Useful Life [Table Text Block]	Land Not depreciated Buildings (in years) 30 Improvements (in years) 15 Furniture, fixtures and equipment (in years) 3 Intangible lease assets (in months) 6

Note 3 - Loans Held for Inves_2

Note 3 - Loans Held for Investment, Net (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	Weighted Average Loan Type Outstanding Face Amount Carrying Value (1) Loan Count Fixed Rate (2) Coupon (3) Life (years) (4) September 30, 2022 Mortgage loans, held-for-investment $ 688,728 $ 729,004 15 100.00 % 4.81 % 5.61 Mezzanine loans, held-for-investment 163,021 165,197 23 63.99 % 9.96 % 5.64 Preferred equity, held-for-investment 118,993 118,669 9 78.57 % 10.87 % 5.72 $ 970,742 $ 1,012,870 47 91.33 % 6.41 % 5.63 Weighted Average Loan Type Outstanding Face Amount Carrying Value (1) Loan Count Fixed Rate (2) Coupon (3) Life (years) (4) December 31, 2021 Mortgage 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
Schedule of Loan and Preferred Equity Portfolio Activity [Table Text Block]	For the Nine Months Ended September 30, 2022 2021 Balance at January 1, $ 1,088,881 $ 1,045,891 Originations 156,934 28,911 Proceeds from principal repayments (196,825 ) (42,130 ) Conversion of convertible bonds to common stock (25,000 ) — PIK distribution reinvested in Preferred Units 528 — Amortization of loan premium, net (1) (11,591 ) (7,340 ) Loan loss provision (57 ) (101 ) Realized losses — (886 ) Balance at September 30, $ 1,012,870 $ 1,024,345
Financing Receivable Credit Quality Indicators [Table Text Block]	September 30, 2022 Number of Carrying % of Loan Risk Rating Loans Value Portfolio 1 — $ — — 2 — — — 3 47 1,012,870 100.00 % 4 — — — 5 — — — 47 $ 1,012,870 100.00 % 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 %
Schedule of Loans Held for Investment as a Percentage of Face Amount by Geographic Areas [Table Text Block]	Geography September 30, 2022 December 31, 2021 Georgia 32.14 % 38.93 % Florida 18.54 % 16.90 % Texas 10.83 % 7.74 % Nevada 5.07 % * Maryland 5.92 % 5.66 % Minnesota 5.17 % 4.86 % California 4.52 % 2.53 % Alabama 3.57 % 3.35 % North Carolina 2.43 % 2.23 % Arkansas 1.38 % * Missouri 1.26 % 1.19 % New Jersey * 2.83 % Connecticut 0.00 % 2.87 % Other (17 and 19 states each at <1%) 9.17 % 10.91 % 100.00 % 100.00 % Collateral Property Type September 30, 2022 December 31, 2021 Single Family Rental 70.24 % 76.15 % Multifamily 25.28 % 20.32 % Life Science 2.75 % 3.53 % Self-Storage 1.73 % 0.00 % 100.00 % 100.00 %

Note 4 - CMBS Trusts (Tables)

Note 4 - CMBS Trusts (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Recognized Trusts Assets and Liabilities [Table Text Block]	Trust's Assets September 30, 2022 December 31, 2021 Mortgage loans held in variable interest entities, at fair value $ 6,980,129 $ 7,192,547 Accrued interest receivable 2,898 2,212 Trust's Liabilities Bonds payable held in variable interest entities, at fair value (6,488,498 ) (6,726,272 ) Accrued interest payable (2,168 ) (1,500 )
Schedule of Change in Net Assets Related to Consolidated CMBS Variable Interest Entities [Table Text Block]	For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Net interest earned $ 9,455 $ 7,819 $ 25,623 $ 19,943 Unrealized gain (loss) (12,103 ) 12,421 (20,304 ) 28,982 Change in net assets related to consolidated CMBS variable interest entities $ (2,648 ) $ 20,240 $ 5,319 $ 48,925
Impaired Financing Receivables [Table Text Block]	Geography September 30, 2022 December 31, 2021 Texas 17.45 % 16.88 % Florida 13.62 % 14.77 % California 8.98 % 8.50 % Arizona 7.38 % 10.37 % Washington 6.83 % 6.19 % New Jersey 4.53 % 4.65 % Georgia 4.53 % 4.97 % Colorado 6.01 % 4.08 % Nevada 3.23 % 3.51 % Connecticut 3.52 % 3.02 % North Carolina 3.41 % 3.12 % New York 2.77 % 2.45 % Ohio 1.94 % 1.72 % Indiana 1.64 % 1.68 % Virginia 1.56 % 1.70 % Illinois 1.32 % * Missouri 1.24 % 1.26 % Michigan 1.07 % 1.56 % Other (24 and 20 states each at <1%) 8.97 % 8.02 % 100.00 % 100.00 % Collateral Property Type September 30, 2022 December 31, 2021 Multifamily 98.50 % 98.42 % Manufactured Housing 1.50 % 1.58 % 100.00 % 100.00 %

Note 5 - Common Stock Investm_2

Note 5 - Common Stock Investments (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Investment [Table Text Block]	For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Change in unrealized gain on NexPoint Storage Partners $ (3,189 ) $ 1,362 $ (2,726 ) $ 4,695 Change in unrealized gain on Private REIT — — 2,885 — Change in unrealized gain on common stock investments $ (3,189 ) $ 1,362 $ 159 $ 4,695
Common Stock [Member]
Notes Tables
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block]	Investment Shares Fair Value Investment Date Property Type September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Common Stock NexPoint Storage Partners 11/6/2020 Self-storage 41,963 41,963 $ 55,734 $ 58,460 Private REIT 4/14/2022 Ground lease 1,394,213 — 27,885 —

Note 6 - CMBS Structured Pass_2

Note 6 - CMBS Structured Pass-through Certificates, MSCR Notes and Mortgage Backed Securities (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Activity Related to Commercial Mortgage Backed Securities [Table Text Block]	For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Net interest earned $ 2,237 $ 1,263 $ 4,811 $ 2,466 Change in unrealized gain (loss) on CMBS structured pass-through certificates (3,904 ) 355 (11,555 ) 794 Change in unrealized gain (loss) on MSCR notes 44 — (147 ) — Change in unrealized (loss) on mortgage backed securities (317 ) — (356 ) — Total $ (1,940 ) $ 1,618 $ (7,247 ) $ 3,260
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 $ 1,888 Multifamily 2.09 % 15.05 % 9/25/2046 CMBS I/O Strip 8/6/2020 19,395 Multifamily 3.09 % 16.13 % 6/25/2030 CMBS I/O Strip 4/28/2021 (2) 5,842 Multifamily 1.71 % 16.15 % 1/25/2030 CMBS I/O Strip 5/27/2021 3,855 Multifamily 3.50 % 15.79 % 5/25/2030 CMBS I/O Strip 6/7/2021 470 Multifamily 2.39 % 18.85 % 11/25/2028 CMBS I/O Strip 6/11/2021 (3) 4,952 Multifamily 1.34 % 14.96 % 5/25/2029 CMBS I/O Strip 6/21/2021 1,249 Multifamily 1.30 % 18.20 % 5/25/2030 CMBS I/O Strip 8/10/2021 2,592 Multifamily 1.96 % 16.00 % 4/25/2030 CMBS I/O Strip 8/11/2021 1,384 Multifamily 3.20 % 13.84 % 7/25/2031 CMBS I/O Strip 8/24/2021 260 Multifamily 2.70 % 14.56 % 1/25/2031 CMBS I/O Strip 9/1/2021 3,887 Multifamily 2.04 % 15.51 % 6/25/2030 CMBS I/O Strip 9/11/2021 3,984 Multifamily 3.05 % 13.84 % 9/25/2031 Total $ 49,758 2.55 % 15.72 % MSCR Notes MSCR Notes 5/25/2022 3,946 Multifamily 11.68 % 11.68 % 5/25/2052 MSCR Notes 5/25/2022 4,906 Multifamily 8.68 % 8.68 % 5/25/2052 MSCR Notes 9/23/2022 1,366 Multifamily 9.03 % 9.92 % 11/25/2051 Total $ 10,218 9.89 % 10.00 % Mortgage Backed Securities Mortgage Backed Securities 6/1/2022 9,975 Single-Family 5.59 % 5.85 % 4/17/2026 Mortgage Backed Securities 6/1/2022 9,293 Single-Family 4.87 % 5.10 % 11/19/2025 Mortgage Backed Securities 7/28/2022 546 Single-Family 6.23 % 6.34 % 10/17/2027 Mortgage Backed Securities 7/28/2022 856 Single-Family 3.60 % 4.26 % 6/20/2028 Mortgage Backed Securities 9/12/2022 5,000 Multifamily 7.80 % 7.78 % 1/25/2031 Mortgage Backed Securities 9/29/2022 7,980 Self Storage 8.73 % 8.75 % 9/15/2027 Total $ 33,650 6.42 % 6.59 % 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 2.15 % 14.16 %

Note 8 - Real Estate Investme_2

Note 8 - Real Estate Investment, Net (Tables)	9 Months Ended
	Sep. 30, 2022
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 $ 49,817 $ — $ 607 $ 61,420 Accumulated depreciation and amortization — (1,328 ) — (152 ) (1,480 ) Total Real Estate Investment, Net $ 10,996 $ 48,489 $ — $ 455 $ 59,940 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 Accumulated depreciation and amortization — — — — — Total Real Estate Investment, Net $ 10,996 $ 49,807 $ 954 $ 512 $ 62,269
Real Estate Investment Financial Statements, Disclosure [Table Text Block]	For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Revenues Rental income $ 988 $ — $ 2,809 $ — Other income 8 — 29 — Total revenues $ 996 $ — $ 2,838 $ — Expenses Interest expense 373 — 875 — Real estate taxes and insurance 119 — 373 — Property operating expenses 174 — 495 — Property general and administrative expenses 29 — 98 — Property management fees 28 — 81 — Depreciation and amortization 545 — 2,435 — Rate cap (income) expense (420 ) — (923 ) — Total expenses 848 — 3,434 — Net income (loss) from consolidated real estate owned $ 148 $ — $ (596 ) $ —

Note 9 - Debt (Tables)

Note 9 - Debt (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Long-Term Debt Instruments [Table Text Block]	September 30, 2022 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 351,037 351,037 N/A (5) 4.64 % 0.22 1,001,008 564,848 567,690 7.3 Asset Specific Financing Single Family Rental loans Freddie Mac 7/12/2019 629,250 629,250 7/12/2029 2.35 % 5.6 688,728 729,004 729,004 5.6 Mezzanine loans Freddie Mac 10/20/2020 59,252 59,252 8/1/2031 0.30 % 7.5 105,817 108,455 108,455 7.5 Multifamily property CBRE 12/31/2021 32,480 32,212 6/1/2028 (6) 5.80 % 5.7 N/A 59,940 59,940 5.7 Unsecured Financing Various 10/15/2020 36,500 35,452 10/25/2025 7.50 % 3.1 N/A N/A N/A N/A Various 4/20/2021 165,000 162,790 4/15/2026 5.75 % 3.5 N/A N/A N/A N/A Total/weighted average $ 1,273,519 $ 1,269,993 3.56 % 3.9 $ 1,795,553 $ 1,462,247 $ 1,465,089 6.7 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 N/A 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 $ 2,994,912 $ 1,510,465 $ 1,541,857 7.6
Schedule of Debt [Table Text Block]	Outstanding Investment Principal Investment Date Balance Location Property Type Interest Type Interest Rate Maturity Date SFR Loans Senior loan 2/11/2020 $ 465,689 Various Single-family Fixed 2.24 % 9/1/2028 Senior loan 2/11/2020 46,093 Various Single-family Fixed 2.14 % 10/1/2025 Senior loan 2/11/2020 34,665 Various Single-family Fixed 2.70 % 11/1/2028 Senior loan 2/11/2020 9,333 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 8,913 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 8,038 Various Single-family Fixed 3.14 % 1/1/2029 Senior loan 2/11/2020 6,806 Various Single-family Fixed 2.98 % 2/1/2029 Senior loan 2/11/2020 5,971 Various Single-family Fixed 2.99 % 3/1/2029 Senior loan 2/11/2020 5,642 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 5,037 Various Single-family Fixed 2.64 % 10/1/2028 Senior loan 2/11/2020 4,791 Various Single-family Fixed 2.48 % 8/1/2023 Senior loan 2/11/2020 4,755 Various Single-family Fixed 2.97 % 1/1/2029 Total $ 629,250 2.35 % 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 Total $ 59,252 0.30 %
Schedule of Line of Credit Facilities [Table Text Block]	For the Nine Months Ended September 30, 2022 2021 Balances as of January 1, $ 1,273,051 $ 1,036,878 Principal borrowings 163,162 148,595 Principal repayments (161,999 ) (49,869 ) Repurchase of unsecured notes (4,829 ) — Accretion of discounts 572 386 Amortization of deferred financing costs 36 — Balances as of September 30, $ 1,269,993 $ 1,135,990
Schedule of Maturities of Long-Term Debt [Table Text Block]	Year Recourse Non-recourse Total 2022 (1) $ — $ (351,037 ) $ (351,037 ) 2023 — (4,791 ) (4,791 ) 2024 — (5,642 ) (5,642 ) 2025 (36,500 ) (46,094 ) (82,594 ) 2026 (197,480 ) (9,284 ) (206,764 ) Thereafter — (622,691 ) (622,691 ) $ (233,980 ) $ (1,039,539 ) $ (1,273,519 )

Note 10 - Fair Value of Finan_2

Note 10 - Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Fair Value Carrying Value Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 22,100 $ 22,100 $ — $ — $ 22,100 Restricted cash 4,382 4,382 — — 4,382 Real estate investment, net 59,940 — — 59,940 59,940 Loans, held-for-investment, net 283,866 — — 288,954 288,954 Common stock investments, at fair value 83,619 — 27,885 55,734 83,619 Mortgage loans, held-for-investment, net 729,004 — — 730,152 730,152 Accrued interest 13,691 13,691 — — 13,691 Mortgage loans held in variable interest entities, at fair value 6,980,129 — 6,980,129 — 6,980,129 CMBS structured pass-through certificates, at fair value 49,758 — 49,758 — 49,758 MSCR notes, at fair value 10,218 — 10,218 — 10,218 Mortgage backed securities, at fair value 33,650 — 33,650 — 33,650 Accounts receivable and other assets 1,575 1,575 — — 1,575 Proceeds held in escrow for unsettled purchase 3,990 — 3,990 — 3,990 $ 8,275,922 $ 41,748 $ 7,105,630 $ 1,134,780 $ 8,282,158 Liabilities Secured financing agreements, net $ 688,502 $ — $ — $ 700,877 $ 700,877 Master repurchase agreements 351,037 — — 351,037 351,037 Unsecured notes, net 198,242 — 182,779 — 182,779 Mortgages payable, net 32,212 — — 27,213 27,213 Accounts payable and other accrued liabilities 6,131 6,131 — — 6,131 Accrued interest payable 8,249 8,249 — — 8,249 Due to brokers for unsecured notes purchased, not yet settled 7,980 7,980 7,980 Bonds payable held in variable interest entities, at fair value 6,488,498 — 6,488,498 — 6,488,498 $ 7,780,851 $ 22,360 $ 6,671,277 $ 1,079,127 $ 7,772,763
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]	Carrying Value Valuation Technique Unobservable Inputs Input Values Common stock investment, at fair value $ 55,734 Discounted cash flow Terminal cap rate 5.38 % Discount rate 8.50 %
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Balance as of 12/31/21 Change in Unrealized Gains/(Losses) Balance as of 9/30/22 Common stock investment, at fair value $ 58,460 $ (2,726 ) $ 55,734

Note 11 - Stockholders' Equity

Note 11 - Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]	2022 Number of Units Weighted Average Grant Date Fair Value Outstanding January 1, 2022 439,087 $ 15.97 Granted 276,940 19.85 Vested (135,488 ) (1) 19.39 Forfeited (2,889 ) 20.81 Outstanding September 30, 2022 577,650 $ 17.89
Share-Based Compensation Arrangements by Share-Based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block]	Shares Vesting February May Total 2022 — (1) — (1) — 2023 133,393 68,569 201,962 2024 120,638 68,564 189,202 2025 120,644 — 120,644 2026 65,842 — 65,842 Total 440,517 137,133 577,650
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 $ 12,575,493 Shares of Common Stock Issued 531,728 Gross Average Sale Price per Share of Common Stock $ 23.65 Sales Commissions $ 188,655 Offering Costs 869,035 Net Proceeds 11,517,803 Average Price Per Share, net $ 21.66 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 Per Share (T

Note 12 - Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Net income (loss) attributable to common stockholders $ (8,059 ) $ 13,233 $ 9,884 $ 27,142 Earnings for basic computations Net income (loss) attributable to redeemable noncontrolling interests (1,509 ) 11,084 5,982 32,747 Net income for diluted computations $ (9,568 ) $ 24,317 $ 15,866 $ 59,889 Weighted-average common shares outstanding Average number of common shares outstanding - basic 14,962 6,863 14,526 5,738 Average number of unvested restricted stock units 578 440 569 446 Average number of OP Units and SubOP Units 7,138 13,417 7,307 13,663 Average number of common shares outstanding - diluted 22,678 20,720 22,402 19,847 Earnings per weighted average common share: Basic $ (0.54 ) $ 1.93 $ 0.68 $ 4.73 Diluted $ (0.54 ) $ 1.17 $ 0.71 $ 3.02

Note 13 - Noncontrolling Inte_2

Note 13 - Noncontrolling Interests (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Redeemable Noncontrolling Interest [Table Text Block]	For the Nine Months Ended September 30, 2022 2021 Redeemable noncontrolling interests in the OP, December 31, $ 261,423 $ 275,670 Net income attributable to redeemable noncontrolling interests in the OP 5,982 32,747 Redemption of redeemable noncontrolling interests in the OP (113,535 ) (32,393 ) Distributions to redeemable noncontrolling interests in the OP (10,708 ) (17,032 ) Redeemable noncontrolling interests in the OP, September 30, $ 143,162 $ 258,992
Consolidated Common Shares of Noncontrolling Interest [Table Text Block]	Period End Common Shares Outstanding OP Units Held by NCI Combined Outstanding September 30, 2022 14,979,759 7,138,382 22,118,141

Note 1 - Organization and Des_2

Note 1 - Organization and Description of Business (Details Textual)		9 Months Ended
	Feb. 06, 2020	Sep. 30, 2022
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		76.42%
OP [Member] | Class A OP Units [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest		100%

Note 2 - Summary of Significa_3

Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Sep. 08, 2021	Dec. 31, 2020
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Total	$ 143,162	$ 261,423	$ 258,992		$ 275,670
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total	$ 0
Financial Asset Acquired with Credit Deterioration [Member]
Number of Loan Acquired	0
OP [Member]
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Total	$ 0
Class B OP Units [Member]
Limited Liability Units, Voting Power, Percent Per Share	50%			50%
Class A OP Units [Member]
Limited Liability Units, Voting Power, Percent Per Share	50%			50%
OP [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	76.42%
OP [Member] | Class A OP Units [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	100%
Variable Interest Entity, Primary Beneficiary [Member] | Six Securities [Member]
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	100%

Note 2 - Summary of Significa_4

Note 2 - Summary of Significant Accounting Policies - Estimated Useful Lives (Details)	9 Months Ended
	Sep. 30, 2022
Building [Member]
Property, Plant and Equipment, Useful Life (Year)	30 years
Building Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)	15 years
Furniture, Fixtures, and Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)	3 years
Intangible Lease Assets [Member]
Property, Plant and Equipment, Useful Life (Year)	6 months

Note 3 - Loans Held for Inves_3

Note 3 - Loans Held for Investment, Net (Details Textual) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Unamortized Purchase Premium (Discount)	$ 42.7	$ 55

Note 3 - Loans Held for Inves_4

Note 3 - Loans Held for Investment, Net - Summary of Loans Held for Investment (Details) $ in Thousands		9 Months Ended		12 Months Ended
		Sep. 30, 2022 USD ($)		Dec. 31, 2021 USD ($)
Outstanding Face Amount		$ 970,742		$ 1,034,542
Carrying Value	[1]	$ 1,012,870		$ 1,088,881
Loan count		47		51
Weighted average, fixed rate	[2]	91.33%		95.48%
Weighted average, coupon		6.41%	[3]	5.77%	[4]
Weighted average, life (Year)		5 years 7 months 17 days	[5]	6 years 2 months 12 days	[6]
Mortgage Loans [Member]
Outstanding Face Amount		$ 688,728		$ 795,223
Carrying Value	[1]	$ 729,004		$ 847,364
Loan count		15		21
Weighted average, fixed rate	[2]	100%		100%
Weighted average, coupon		4.81%	[3]	4.85%	[4]
Weighted average, life (Year)		5 years 7 months 9 days	[5]	6 years 5 months 12 days	[6]
Mezzanine Loan [Member]
Outstanding Face Amount		$ 163,021		$ 152,144
Carrying Value	[1]	$ 165,197		$ 154,516
Loan count		23		23
Weighted average, fixed rate	[2]	63.99%		69.28%
Weighted average, coupon		9.96%	[3]	8.03%	[4]
Weighted average, life (Year)		5 years 7 months 20 days	[5]	6 years 6 months	[6]
Preferred Equity [Member]
Outstanding Face Amount		$ 118,993		$ 66,697
Carrying Value	[1]	$ 118,669		$ 66,624
Loan count		9		6
Weighted average, fixed rate	[2]	78.57%		100%
Weighted average, coupon		10.87%	[3]	10.52%	[4]
Weighted average, life (Year)		5 years 8 months 19 days	[5]	3 years 10 months 2 days	[6]
Convertible Note [Member]
Outstanding Face Amount				$ 20,478
Carrying Value	[1]			$ 20,377
Loan count				1
Weighted average, fixed rate	[2]			100%
Weighted average, coupon	[4]			9%
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 of loans paying a fixed rate is weighted on current principal balance.[3]The weighted-average coupon is weighted on outstanding face amount.[4]The weighted-average coupon is weighted on current principal balance.[5]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.[6]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, Net - Loan and Preferred Equity Portfolio Activity (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021
Balance	[1]	$ 1,088,881
Originations		156,934	$ 28,911
Conversion of convertible bonds to common stock		(25,000)	0
PIK distribution reinvested in Preferred Units		528	0
Loan loss provision		(57)	(101)
Balance	[1]	1,012,870
Loans Receivable, Held for Investment [Member]
Balance		1,088,881	1,045,891
Originations		156,934	28,911
Proceeds from principal repayments		(196,825)	(42,130)
Conversion of convertible bonds to common stock		(25,000)	0
Amortization of loan premium, net (1)	[2]	(11,591)	(7,340)
Realized losses		0	(886)
Balance		$ 1,012,870	$ 1,024,345
[1]Carrying value includes the outstanding face amount plus unamortized purchase premiums/discounts and any allowance for loan losses.[2]Includes net amortization of loan purchase premiums.

Note 3 - Loans Held for Inves_6

Note 3 - Loans Held for Investment, Net - Principal Balance and Net Book Value of the Loan Portfolio Based on Internal Risk Ratings (Details) $ in Thousands		Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Loan count		47	51
Carrying Value	[1]	$ 1,012,870	$ 1,088,881
% of loan portfolio		100%	100%
Risk Rating 1 [Member]
Loan count		0	0
Carrying Value		$ 0	$ 0
% of loan portfolio		0%	0%
Risk Rating 2 [Member]
Loan count		0	0
Carrying Value		$ 0	$ 0
% of loan portfolio		0%	0%
Risk Rating 3 [Member]
Loan count		47	51
Carrying Value		$ 1,012,870	$ 1,088,881
% of loan portfolio		100%	100%
Risk Rating 4 [Member]
Loan count		0	0
Carrying Value		$ 0	$ 0
% of loan portfolio		0%	0%
Risk Rating 5 [Member]
Loan count		0	0
Carrying Value		$ 0	$ 0
% of loan portfolio		0%	0%
[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, Net - Geographies and Property Types of Collateral Underlying the Loans Held-for-investment as a Percentage of the Loans' Face Amounts (Details)	Sep. 30, 2022	Dec. 31, 2021
% of loan portfolio	100%	100%
Single Family Rental [Member]
% of loan portfolio	70.24%	76.15%
Multifamily [Member]
% of loan portfolio	25.28%	20.32%
Life Science [Member]
% of loan portfolio	2.75%	3.53%
Self-storage [Member]
% of loan portfolio	1.73%	0%
GEORGIA
% of loan portfolio	32.14%	38.93%
FLORIDA
% of loan portfolio	18.54%	16.90%
TEXAS
% of loan portfolio	10.83%	7.74%
NEVADA
% of loan portfolio	5.07%
MARYLAND
% of loan portfolio	5.92%	5.66%
MINNESOTA
% of loan portfolio	5.17%	4.86%
CALIFORNIA
% of loan portfolio	4.52%	2.53%
ALABAMA
% of loan portfolio	3.57%	3.35%
NORTH CAROLINA
% of loan portfolio	2.43%	2.23%
ARKANSAS
% of loan portfolio	1.38%
MISSOURI
% of loan portfolio	1.26%	1.19%
NEW JERSEY
% of loan portfolio		2.83%
CONNECTICUT
% of loan portfolio	0%	2.87%
Other [Member]
% of loan portfolio	9.17%	10.91%

Note 4 - CMBS Trusts - Schedule

Note 4 - CMBS Trusts - Schedule of Recognized Trusts Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Mortgage loans held in variable interest entities, at fair value	$ 283,866	$ 241,517
Bonds payable held in variable interest entities, at fair value	1,273,519
Variable Interest Entity, Primary Beneficiary [Member]
Mortgage loans held in variable interest entities, at fair value	6,980,129	7,192,547
Accrued interest receivable	2,898	2,212
Bonds payable held in variable interest entities, at fair value	6,488,498	6,726,272
Accrued interest payable	$ (2,168)	$ (1,500)

Note 4 - CMBS Trusts - Schedu_2

Note 4 - CMBS Trusts - Schedule of Change in Net Assets Related to Consolidated CMBS Variable Interest Entities (Details) - Variable Interest Entity, Primary Beneficiary [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net interest earned	$ 9,455	$ 7,819	$ 25,623	$ 19,943
Unrealized gain (loss)	(12,103)	12,421	(20,304)	28,982
Change in net assets related to consolidated CMBS variable interest entities	$ (2,648)	$ 20,240	$ 5,319	$ 48,925

Note 4 - CMBS Trusts - Schedu_3

Note 4 - CMBS Trusts - Schedule of Geographies and Property Types of Collateral Underlying the CMBS Trusts as Percentage of Collateral Unpaid Principal Balance (Details) - Variable Interest Entity, Primary Beneficiary [Member]	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Percentage of Collateral Unpaid Principal Balance	100%	100%	100%
Multifamily [Member]
Percentage of Collateral Unpaid Principal Balance	98.50%		98.42%
Manufactured Housing [Member]
Percentage of Collateral Unpaid Principal Balance	1.50%		1.58%
TEXAS
Percentage of Collateral Unpaid Principal Balance	17.45%	16.88%
FLORIDA
Percentage of Collateral Unpaid Principal Balance	13.62%	14.77%
CALIFORNIA
Percentage of Collateral Unpaid Principal Balance	8.98%	8.50%
ARIZONA
Percentage of Collateral Unpaid Principal Balance	7.38%	10.37%
WASHINGTON
Percentage of Collateral Unpaid Principal Balance	6.83%	6.19%
NEW JERSEY
Percentage of Collateral Unpaid Principal Balance	4.53%	4.65%
GEORGIA
Percentage of Collateral Unpaid Principal Balance	4.53%	4.97%
COLORADO
Percentage of Collateral Unpaid Principal Balance	6.01%	4.08%
NEVADA
Percentage of Collateral Unpaid Principal Balance	3.23%	3.51%
CONNECTICUT
Percentage of Collateral Unpaid Principal Balance	3.52%	3.02%
NORTH CAROLINA
Percentage of Collateral Unpaid Principal Balance	3.41%	3.12%
NEW YORK
Percentage of Collateral Unpaid Principal Balance	2.77%	2.45%
OHIO
Percentage of Collateral Unpaid Principal Balance	1.94%	1.72%
INDIANA
Percentage of Collateral Unpaid Principal Balance	1.64%	1.68%
VIRGINIA
Percentage of Collateral Unpaid Principal Balance	1.56%	1.70%
ILLINOIS
Percentage of Collateral Unpaid Principal Balance	1.32%
MISSOURI
Percentage of Collateral Unpaid Principal Balance	1.24%	1.26%
MICHIGAN
Percentage of Collateral Unpaid Principal Balance	1.07%	1.56%
Other [Member]
Percentage of Collateral Unpaid Principal Balance	8.97%	8.02%

Note 5 - Common Stock Investm_3

Note 5 - Common Stock Investments (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended
	Apr. 14, 2022	Sep. 30, 2022	Sep. 30, 2021
Debt Conversion, Converted Instrument, Amount		$ 25,000	$ 0
Convertible Note [Member]
Debt Instrument, Convertible, Conversion Price (in dollars per share)	$ 17.50
Stock Issued During Period, Shares, Conversion of Convertible Securities (in shares)	1,394,213
Debt Conversion, Converted Instrument, Amount	$ 25,000
Private REIT [Member]
Private Offering, Price Per Share (in dollars per share)		$ 20
NexPoint Storage Partners [Member]
Equity Method Investment, Ownership Percentage		25.80%

Note 5 - Common Stock Investm_4

Note 5 - Common Stock Investments - Schedule of Common Stock Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Common stock investments, at fair value	$ 83,619	$ 58,460
NexPoint Storage Partners [Member]
Investment, shares (in shares)	41,963	41,963
Common stock investments, at fair value	$ 55,734	$ 58,460
Private REIT [Member]
Investment, shares (in shares)	1,394,213	0
Common stock investments, at fair value	$ 27,885	$ 0

Note 5 - Common Stock Investm_5

Note 5 - Common Stock Investments - Change in Unrealized Gain on Common Stock Investment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Change in unrealized gain (loss) on common stock investments	$ (3,189)	$ 1,362	$ 159	$ 4,695
NexPoint Storage Partners [Member]
Change in unrealized gain (loss) on common stock investments	(3,189)	1,362	(2,726)	4,695
Private REIT [Member]
Change in unrealized gain (loss) on common stock investments	$ 0	$ 0	$ 2,885	$ 0

Note 6 - CMBS Structured Pass_3

Note 6 - CMBS Structured Pass-through Certificates, MSCR Notes and Mortgage Backed Securities (Details Textual) - Multifamily [Member] - USD ($) $ in Millions	Mar. 18, 2022	Feb. 03, 2022	Sep. 29, 2021	Jun. 11, 2021	May 04, 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	$ 50	$ 40	$ 35	$ 80

Note 6 - CMBS Structured Pass_4

Note 6 - CMBS Structured Pass-through Certificates, MSCR Notes and Mortgage Backed Securities - Summary of CMBS I/O Strips (Details) - USD ($) $ in Thousands		9 Months Ended		12 Months Ended
		Sep. 30, 2022		Dec. 31, 2021
MSCR Notes [Member]
Debt security, investment, at fair value		$ 10,218		$ 0
Collateralized Mortgage-Backed Securities [Member]
Debt security, investment, at fair value		$ 33,650		0
Interest rate		6.42%
Current yield	[1]	6.59%
Multifamily [Member] | CMBS I/O Strip, One [Member]
Debt security, investment, at fair value		$ 1,888		$ 2,356
Interest rate		2.09%		2.02%
Current yield	[1]	15.05%		14.47%
Multifamily [Member] | CMBS I/O Strip, Two [Member]
Debt security, investment, at fair value		$ 19,395		$ 8,383
Interest rate		3.09%		0.10%
Current yield	[1]	16.13%		14.67%
Multifamily [Member] | CMBS I/O Strip, Three [Member]
Debt security, investment, at fair value		$ 5,842	[2]	$ 23,188
Interest rate		1.71%		2.98%
Current yield	[1]	16.15%		14.48%
Multifamily [Member] | CMBS I/O Strip, Four [Member]
Debt security, investment, at fair value		$ 3,855		$ 7,274	[3]
Interest rate		3.50%		1.59%
Current yield	[1]	15.79%		13.88%
Multifamily [Member] | CMBS I/O Strip, Five [Member]
Debt security, investment, at fair value		$ 470		$ 4,781
Interest rate		2.39%		3.38%
Current yield	[1]	18.85%		14.16%
Multifamily [Member] | CMBS I/O Strip, Six [Member]
Debt security, investment, at fair value		$ 4,952	[4]	$ 589
Interest rate		1.34%		2.31%
Current yield	[1]	14.96%		16.56%
Multifamily [Member] | CMBS IO Strip Seven [Member]
Debt security, investment, at fair value		$ 1,249		$ 6,424	[5]
Interest rate		1.30%		1.26%
Current yield	[1]	18.20%		13.57%
Multifamily [Member] | CMBS IO Strip Eight [Member]
Debt security, investment, at fair value		$ 2,592		$ 1,850
Interest rate		1.96%		1.20%
Current yield	[1]	16%		17.02%
Multifamily [Member] | CMBS I/O Strip, Nine [Member]
Debt security, investment, at fair value		$ 1,384		$ 3,246
Interest rate		3.20%		1.89%
Current yield	[1]	13.84%		14.30%
Multifamily [Member] | CMBS I/O Strip, Ten [Member]
Debt security, investment, at fair value		$ 260		$ 1,697
Interest rate		2.70%		3.10%
Current yield	[1]	14.56%		12.55%
Multifamily [Member] | CMBS I/O Strip, Eleven [Member]
Debt security, investment, at fair value		$ 3,887		$ 317
Interest rate		2.04%		2.61%
Current yield	[1]	15.51%		13.14%
Multifamily [Member] | CMBS I/O Strip, Twelve [Member]
Debt security, investment, at fair value		$ 3,984		$ 4,827
Interest rate		3.05%		1.92%
Current yield	[1]	13.84%		13.53%
Multifamily [Member] | CMBS I/O Strip, Thirteen [Member]
Debt security, investment, at fair value				$ 4,884
Interest rate				2.95%
Current yield	[1]			12.55%
Multifamily [Member] | CMBS I/O Strips [Member]
Debt security, investment, at fair value		$ 49,758		$ 69,816
Interest rate		2.55%		2.15%
Current yield	[1]	15.72%		14.16%
Multifamily [Member] | MSCR Notes One [Member]
Debt security, investment, at fair value		$ 3,946
Interest rate		11.68%
Current yield	[1]	11.68%
Multifamily [Member] | MSCR Notes Two [Member]
Debt security, investment, at fair value		$ 4,906
Interest rate		8.68%
Current yield	[1]	8.68%
Multifamily [Member] | MSCR Notes 3 [Member]
Debt security, investment, at fair value		$ 1,366
Interest rate		9.03%
Current yield	[1]	9.92%
Multifamily [Member] | MSCR Notes [Member]
Debt security, investment, at fair value		$ 10,218
Interest rate		9.89%
Current yield	[1]	10%
Multifamily [Member] | Mortgage Backed Securities 5 [Member]
Debt security, investment, at fair value		$ 5,000
Interest rate		7.80%
Current yield	[1]	7.78%
Single Family [Member] | Mortgage Backed Securities 1 [Member]
Debt security, investment, at fair value		$ 9,975
Interest rate		5.59%
Current yield	[1]	5.85%
Single Family [Member] | Mortgage Backed Securities 2 [Member]
Debt security, investment, at fair value		$ 9,293
Interest rate		4.87%
Current yield	[1]	5.10%
Single Family [Member] | Mortgage Backed Securities 3 [Member]
Debt security, investment, at fair value		$ 546
Interest rate		6.23%
Current yield	[1]	6.34%
Single Family [Member] | Mortgage Backed Securities 4 [Member]
Debt security, investment, at fair value		$ 856
Interest rate		3.60%
Current yield	[1]	4.26%
Self-storage [Member] | Mortgage Backed Securities 6 [Member]
Debt security, investment, at fair value		$ 7,980
Interest rate		8.73%
Current yield	[1]	8.75%
[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 interest-only tranche of the FHMS K-107 CMBS I/O Strip on April 28, 2021 and May 4, 2021, respectively.[3]The Company, through the Subsidiary OPs, purchased approximately $50.0 million and $15.0 million aggregate notional amount of the X1 interest-only tranche of the FHMS K-107 CMBS I/O Strip on April 28, 2021 and May 4, 2021, respectively.[4]The Company, through the Subsidiary OPs, purchased approximately $80.0 million, $35.0 million, $40.0 million and $50.0 million aggregate notional amount of the X1 interest-only tranche of the FRESB 2019-SB64 CMBS I/O Strip on June 11, 2021, September 29, 2021, February 3, 2022 and March 18, 2022, respectively.[5]The Company, through the Subsidiary OPs, purchased approximately $80.0 million and $35.0 million aggregate notional amount of the X1 interest-only tranche of the FRESB 2019-SB64 CMBS I/O Strip on June 11, 2021 and September 29, 2021, respectively.

Note 6 - CMBS Structured Pass_5

Note 6 - CMBS Structured Pass-through Certificates, MSCR Notes and Mortgage Backed Securities - Schedule of Activity Related to CMBS I/O Strips (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Total	$ (1,940)	$ 1,618	$ (7,247)	$ 3,260
Commercial Mortgage-Backed Securities [Member]
Net interest earned	2,237	1,263	4,811	2,466
Unrealized gain (loss)	(3,904)	355	(11,555)	794
MSCR Notes [Member]
Unrealized gain (loss)	44	0	(147)	0
Collateralized Mortgage-Backed Securities [Member]
Unrealized gain (loss)	$ (317)	$ 0	$ (356)	$ 0

Note 7 - Bridge Loan (Details T

Note 7 - Bridge Loan (Details Textual) - Bridge Loan [Member] $ in Millions	Mar. 31, 2022 USD ($)
Financing Receivable, after Allowance for Credit Loss, Current, Total	$ 13.5
Prime Rate [Member]
Loans Receivable, Basis Spread on Variable Rate	1.50%

Note 8 - Real Estate Investme_3

Note 8 - Real Estate Investment, Net (Details Textual) - Multifamily Property [Member] - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Real Estate Property, Percent Occupied	96.10%	95.60%
Real Estate, Effective Rent Per Unit	$ 1,649	$ 1,526

Note 8 - Real Estate Investme_4

Note 8 - Real Estate Investment, Net - Investments in Properties (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Total Real Estate Investment, Net	$ 59,940	$ 62,269
Hudson Montford [Member]
Hudson Montford	61,420	62,269
Accumulated depreciation and amortization	(1,480)	0
Total Real Estate Investment, Net	59,940	62,269
Hudson Montford [Member] | Land [Member]
Hudson Montford	10,996	10,996
Accumulated depreciation and amortization	0	0
Total Real Estate Investment, Net	10,996	10,996
Hudson Montford [Member] | Building and Building Improvements [Member]
Hudson Montford	49,817	49,807
Accumulated depreciation and amortization	(1,328)	0
Total Real Estate Investment, Net	48,489	49,807
Hudson Montford [Member] | Intangible Lease Assets [Member]
Hudson Montford	0	954
Accumulated depreciation and amortization	0	0
Total Real Estate Investment, Net	0	954
Hudson Montford [Member] | Furniture, Fixtures, and Equipment [Member]
Hudson Montford	607	512
Accumulated depreciation and amortization	(152)	0
Total Real Estate Investment, Net	$ 455	$ 512

Note 8 - Real Estate Investme_5

Note 8 - Real Estate Investment, Net - Revenue and Expenses of Property (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Interest expense	$ 10,682	$ 7,790	$ 28,607	$ 21,876
General and administrative expenses	1,677	1,476	5,308	4,810
Depreciation and amortization of real estate investment			2,435	0
Net income (loss) from consolidated real estate owned	148	0	(596)	0
Multifamily Property [Member]
Other income	8	0	29	0
Total revenues	996	0	2,838	0
Interest expense	373	0	875	0
Real estate taxes and insurance	119	0	373	0
Property operating expenses	174	0	495	0
General and administrative expenses	29	0	98	0
Property management fees	28	0	81	0
Depreciation and amortization of real estate investment	545	0	2,435	0
Rate cap (income) expense	(420)	0	(923)	0
Total expenses	848	0	3,434	0
Net income (loss) from consolidated real estate owned	148	0	(596)	0
Multifamily Property [Member] | Rental Income [Member]
Rental income	$ 988	$ 0	$ 2,809	$ 0

Note 9 - Debt (Details Textual)

Note 9 - Debt (Details Textual) $ in Thousands										9 Months Ended
		Jun. 30, 2022 USD ($)	May 20, 2022 USD ($)	Jan. 25, 2022 USD ($)	Dec. 20, 2021 USD ($)	Apr. 20, 2021 USD ($)	Oct. 20, 2020 USD ($)	Oct. 15, 2020 USD ($)	Jul. 12, 2019 USD ($)	Sep. 30, 2022 USD ($)		Dec. 31, 2021 USD ($)
Loans and Leases Receivable, Number of Loans										47		51
Loans and Leases Receivable, Weighted Average Fixed Rate	[1]									91.33%		95.48%
Mezzanine Loan Portfolio [Member]
Loans and Leases Receivable, Number of Loans							18
Loans and Leases Receivable, Gross, Total							$ 97,900
Loans and Leases Receivable, Weighted Average Fixed Rate							7.54%
Percentage of Acquired Loans Held for Investment Face Amount							102%
Interest Receivable							$ 300
Unsecured Debt [Member]
Debt, Weighted Average Interest Rate	[2]									7.50%		7.50%
Unsecured Debt [Member] | OP [Member]
Debt Instrument, Interest Rate, Stated Percentage								7.50%
Debt Instrument, Face Amount								$ 36,500
Debt Instrument, Percentage of Par Value								99%
Proceeds from Issuance of Unsecured Debt								$ 36,100
Multifamily Property Debt [Member]
Debt Instrument, Repayment Premium, Percent										1%
Debt Instrument, Face Amount										$ 32,480		$ 32,480
Debt, Weighted Average Interest Rate										5.80%	[2]	2.76%
Credit Facility [Member] | Freddie Mac [Member]
Proceeds from Long-Term Lines of Credit									$ 788,800
Long-Term Line of Credit, Total										$ 629,300
Proceeds from Lines of Credit, Total							$ 59,900
Debt, Weighted Average Interest Rate							0.30%
Credit Facility [Member] | Mizuho [Member]
Proceeds from Long-Term Lines of Credit										351,000
Debt Instrument, Collateral Amount										$ 1,000,000
Credit Facility [Member] | The 5.75 Percent Senior Notes Due 2026 [Member]
Debt Instrument, Face Amount						$ 75,000
The 5.75 Percent Senior Notes Due 2026 [Member]
Debt Instrument, Interest Rate, Stated Percentage		5.75%	5.75%
Debt Instrument, Percentage of Par Value		96.50%	96.30%
Extinguishment of Debt, Amount		$ 2,000	$ 3,000
Repayments of Debt		$ 2,000	$ 2,900
The 5.75 Percent Senior Notes Due 2026 [Member] | Unsecured Debt [Member]
Debt Instrument, Interest Rate, Stated Percentage						5.75%
Debt Instrument, Face Amount						$ 75,000
Debt Instrument, Percentage of Par Value						99.50%
Proceeds from Issuance of Unsecured Debt						$ 73,100
Debt, Weighted Average Interest Rate	[2]									5.75%		5.75%
Proceeds from Issuance of Debt						$ 73,100
The Second 5.75 Percent Senior Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage					5.75%
Debt Instrument, Face Amount					$ 60,000
Debt Instrument, Percentage of Par Value					102.80%
Proceeds from Issuance of Debt					$ 60,900
The Third 5.75 Percent Senior Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage				5.75%
Debt Instrument, Face Amount				$ 35,000
Debt Instrument, Percentage of Par Value				100.90%
Proceeds from Issuance of Debt				$ 35,100
[1]The weighted-average of loans paying a fixed rate is weighted on current principal balance.[2]Weighted-average interest rate using unpaid principal balances.

Note 9 - Debt - Summary of Fina

Note 9 - Debt - Summary of Financing Arrangements (Details) - USD ($) $ in Thousands		9 Months Ended		12 Months Ended
		Sep. 30, 2022		Dec. 31, 2021		Apr. 20, 2021
Unsecured Debt [Member]
Weighted average interest rate	[1]	7.50%		7.50%
Facility [Member]
Outstanding face amount		$ 1,273,519		$ 1,276,530
Carrying value		$ 1,269,993		$ 1,273,051
Weighted average interest rate	[1]	3.56%		2.72%
Weighted average life (Year)	[2]	3 years 10 months 24 days		4 years 9 months 18 days
Facility [Member] | Unsecured Debt [Member]
Outstanding face amount		$ 36,500		$ 36,500
Carrying value		$ 35,452		$ 35,233
Weighted average life (Year)	[2]	3 years 1 month 6 days		3 years 9 months 18 days
Collateral [Member]
Collateral outstanding amount		$ 1,795,553		$ 2,994,912
Amortized cost basis		1,462,247		1,510,465
Collateral carrying value	[3]	$ 1,465,089		$ 1,541,857
Collateral weighted average life (Year)	[2]	6 years 8 months 12 days		7 years 7 months 6 days
Master Repurchase Agreements Collateralized By CMBS[Member] | Mizuho [Member]
Outstanding face amount		$ 351,037	[4]	$ 286,324	[5]
Carrying value		$ 351,037	[4]	$ 286,324	[5]
Weighted average interest rate	[1]	4.64%	[4]	1.97%	[5]
Weighted average life (Year)	[2]	2 months 19 days	[4]	10 days	[5]
Collateral outstanding amount		$ 1,001,008	[4]	$ 2,101,790	[5]
Amortized cost basis		564,848	[4]	499,975	[5]
Collateral carrying value	[3]	$ 567,690	[4]	$ 531,367	[5]
Collateral weighted average life (Year)	[2]	7 years 3 months 18 days	[4]	8 years	[5]
Asset Specific Financing [Member] | Freddie Mac [Member] | Facility [Member]
Outstanding face amount		$ 629,250		$ 726,312
Carrying value		$ 629,250		$ 726,312
Weighted average interest rate	[1]	2.35%		2.41%
Weighted average life (Year)	[2]	5 years 7 months 6 days		6 years 6 months
Asset Specific Financing [Member] | Freddie Mac [Member] | Collateral [Member]
Collateral outstanding amount		$ 688,728		$ 795,223
Amortized cost basis		729,004		847,364
Collateral carrying value	[3]	$ 729,004		$ 847,364
Collateral weighted average life (Year)	[2]	5 years 7 months 6 days		6 years 6 months
Mezzanine Loan [Member] | Freddie Mac [Member] | Facility [Member]
Outstanding face amount		$ 59,252		$ 59,914
Carrying value		$ 59,252		$ 59,914
Weighted average interest rate	[1]	0.30%		0.30%
Weighted average life (Year)	[2]	7 years 6 months		8 years 3 months 18 days
Mezzanine Loan [Member] | Freddie Mac [Member] | Collateral [Member]
Collateral outstanding amount		$ 105,817		$ 97,899
Amortized cost basis		108,455		100,857
Collateral carrying value	[3]	$ 108,455		$ 100,857
Collateral weighted average life (Year)	[2]	7 years 6 months		8 years 3 months 18 days
Multifamily Property Debt [Member]
Outstanding face amount		$ 32,480		$ 32,480
Carrying value		$ 32,212		$ 32,176
Weighted average interest rate		5.80%	[1]	2.76%
Weighted average life (Year)		5 years 8 months 12 days	[2]	6 years 4 months 24 days
Amortized cost basis		$ 59,940		$ 62,269
Collateral carrying value		$ 59,940	[3]	$ 62,269
Collateral weighted average life (Year)		5 years 8 months 12 days	[2]	6 years 4 months 24 days
The 5.75 Percent Senior Notes Due 2026 [Member] | Unsecured Debt [Member]
Outstanding face amount						$ 75,000
Weighted average interest rate	[1]	5.75%		5.75%
The 5.75 Percent Senior Notes Due 2026 [Member] | Facility [Member] | Unsecured Debt [Member]
Outstanding face amount		$ 165,000		$ 135,000
Carrying value		$ 162,790		$ 133,092
Weighted average life (Year)	[2]	3 years 6 months		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, CMBS I/O Strips and SFR pass-through certificates.[5]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	Sep. 30, 2022 USD ($)
Single Family Rental [Member]
Secured financing agreements, net	$ 629,250
Interest Rate	2.35%
Single Family Rental [Member] | Debt Instrument One [Member]
Secured financing agreements, net	$ 465,689
Interest Rate	2.24%
Single Family Rental [Member] | Debt Instrument Two [Member]
Secured financing agreements, net	$ 46,093
Interest Rate	2.14%
Single Family Rental [Member] | Debt Instrument Three [Member]
Secured financing agreements, net	$ 34,665
Interest Rate	2.70%
Single Family Rental [Member] | Debt Instrument Four [Member]
Secured financing agreements, net	$ 9,333
Interest Rate	2.79%
Single Family Rental [Member] | Debt Instrument Five [Member]
Secured financing agreements, net	$ 9,284
Interest Rate	2.45%
Single Family Rental [Member] | Debt Instrument Six [Member]
Secured financing agreements, net	$ 8,913
Interest Rate	3.51%
Single Family Rental [Member] | Debt Instrument Seven [Member]
Secured financing agreements, net	$ 8,887
Interest Rate	3.30%
Single Family Rental [Member] | Debt Instrument Eight [Member]
Secured financing agreements, net	$ 8,038
Interest Rate	3.14%
Single Family Rental [Member] | Debt Instrument Nine [Member]
Secured financing agreements, net	$ 6,806
Interest Rate	2.98%
Single Family Rental [Member] | Debt Instrument Ten [Member]
Secured financing agreements, net	$ 5,971
Interest Rate	2.99%
Single Family Rental [Member] | Debt Instrument Eleven [Member]
Secured financing agreements, net	$ 5,642
Interest Rate	2.40%
Single Family Rental [Member] | Debt Instrument Twelve [Member]
Secured financing agreements, net	$ 5,346
Interest Rate	3.14%
Single Family Rental [Member] | Debt Instrument Thirteen [Member]
Secured financing agreements, net	$ 5,037
Interest Rate	2.64%
Single Family Rental [Member] | Debt Instrument Fourteen [Member]
Secured financing agreements, net	$ 4,791
Interest Rate	2.48%
Single Family Rental [Member] | Debt Instrument Fifteen [Member]
Secured financing agreements, net	$ 4,755
Interest Rate	2.97%
Single Family Rental [Member] | Debt Instrument Sixteen [Member]
Secured financing agreements, net	$ 8,723
Interest Rate	0.30%
Single Family Rental [Member] | Debt Instrument Seventeen [Member]
Secured financing agreements, net	$ 7,344
Interest Rate	0.30%
Single Family Rental [Member] | Debt Instrument Eighteen [Member]
Secured financing agreements, net	$ 6,353
Interest Rate	0.30%
Single Family Rental [Member] | Debt Instrument Nineteen [Member]
Secured financing agreements, net	$ 5,881
Interest Rate	0.30%
Single Family Rental [Member] | Debt Instrument Twenty [Member]
Secured financing agreements, net	$ 4,523
Interest Rate	0.30%
Single Family Rental [Member] | Debt Instrument Twenty One [Member]
Secured financing agreements, net	$ 4,179
Interest Rate	0.30%
Single Family Rental [Member] | Debt Instrument Twenty Two [Member]
Secured financing agreements, net	$ 3,390
Interest Rate	0.30%
Single Family Rental [Member] | Debt Instrument Twenty Three [Member]
Secured financing agreements, net	$ 3,348
Interest Rate	0.30%
Single Family Rental [Member] | Debt Instrument Twenty Four [Member]
Secured financing agreements, net	$ 2,454
Interest Rate	0.30%
Single Family Rental [Member] | Debt Instrument Twenty Five [Member]
Secured financing agreements, net	$ 2,264
Interest Rate	0.30%
Multifamily [Member] | Mezzanine Loan Portfolio [Member]
Secured financing agreements, net	$ 59,252
Interest Rate	0.30%
Multifamily [Member] | Debt Instrument One [Member] | Mezzanine Loan Portfolio [Member] | Wilmington, DE [Member]
Secured financing agreements, net	$ 2,215
Interest Rate	0.30%
Multifamily [Member] | Debt Instrument Two [Member] | Mezzanine Loan Portfolio [Member] | White Marsh, MD [Member]
Secured financing agreements, net	$ 2,026
Interest Rate	0.30%
Multifamily [Member] | Debt Instrument Three [Member] | Mezzanine Loan Portfolio [Member] | Philadelphia, PA [Member]
Secured financing agreements, net	$ 1,836
Interest Rate	0.30%
Multifamily [Member] | Debt Instrument Four [Member] | Mezzanine Loan Portfolio [Member] | Daytona Beach, FL [Member]
Secured financing agreements, net	$ 1,763
Interest Rate	0.30%
Multifamily [Member] | Debt Instrument Five [Member] | Mezzanine Loan Portfolio [Member] | Laurel, MD [Member]
Secured financing agreements, net	$ 1,307
Interest Rate	0.30%
Multifamily [Member] | Debt Instrument Six [Member] | Mezzanine Loan Portfolio [Member] | Temple Hills, MD [Member]
Secured financing agreements, net	$ 918
Interest Rate	0.30%
Multifamily [Member] | Debt Instrument Seven [Member] | Mezzanine Loan Portfolio [Member] | Temple Hills, MD [Member]
Secured financing agreements, net	$ 728
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	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Repurchase of unsecured notes	$ (4,829)	$ 0
Amortization of premiums	17,179	10,484
Amortization of deferred financing costs	36	0
Secured Financing Agreements and Master Repurchase Agreements [Member]
Balances	1,273,051	1,036,878
Principal borrowings	163,162	148,595
Principal repayments	(161,999)	(49,869)
Amortization of premiums	572	386
Amortization of deferred financing costs	36	0
Balances	$ 1,269,993	$ 1,135,990

Note 9 - Debt - Summary of Aggr

Note 9 - Debt - Summary of Aggregate Scheduled Maturities of Total Debt (Details) $ in Thousands	Sep. 30, 2022 USD ($)
2022(1)	$ (351,037)	[1]
2023	(4,791)
2024	(5,642)
2025	(82,594)
2026	(206,764)
Thereafter	(622,691)
Long-Term Debt, Total	(1,273,519)
Recourse [Member]
2022(1)	0	[1]
2023	0
2024	0
2025	(36,500)
2026	(197,480)
Thereafter	0
Long-Term Debt, Total	(233,980)
Nonrecourse [Member]
2022(1)	(351,037)	[1]
2023	(4,791)
2024	(5,642)
2025	(46,094)
2026	(9,284)
Thereafter	(622,691)
Long-Term Debt, Total	$ (1,039,539)
[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 (Details Textual) - Interest Rate Cap [Member] - Designated as Hedging Instrument [Member] $ in Millions	Dec. 30, 2021 USD ($)
Derivative, Fair Value, Net, Total	$ 32.5
Derivative, Strike Price	2.29

Note 10 - Fair Value of Finan_4

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 ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Common stock investment, at fair value	$ 83,619	$ 58,460
CMBS Structured Pass Through Certificates [Member]
Debt security, investment, at fair value	49,758	69,816
MSCR Notes [Member]
Debt security, investment, at fair value	10,218	0
Collateralized Mortgage-Backed Securities [Member]
Debt security, investment, at fair value	33,650	$ 0
Fair Value, Inputs, Level 3 [Member]
Common stock investment, at fair value	55,734
Fair Value, Recurring [Member]
Cash and cash equivalents	22,100
Restricted cash	4,382
Real estate investment, net	59,940
Loan	288,954
Common stock investment, at fair value	83,619
Accrued interest	13,691
Accounts receivable and other assets	1,575
Proceeds held in escrow for unsettled purchase	3,990
Assets, Fair Value Disclosure, Total	8,282,158
Secured financing agreements, net	700,877
Master repurchase agreements	351,037
Unsecured notes, net	182,779
Mortgages payable, net	27,213
Accounts payable and other accrued liabilities	6,131
Accrued interest payable	8,249
Due to brokers for unsecured notes purchased, not yet settled	7,980
Liabilities, Fair Value Disclosure, Total	7,772,763
Fair Value, Recurring [Member] | CMBS Structured Pass Through Certificates [Member]
Debt security, investment, at fair value	49,758
Fair Value, Recurring [Member] | MSCR Notes [Member]
Debt security, investment, at fair value	10,218
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member]
Debt security, investment, at fair value	33,650
Fair Value, Recurring [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Bonds payable held in variable interest entities, at fair value	6,488,498
Fair Value, Recurring [Member] | Mortgages [Member]
Loan	730,152
Fair Value, Recurring [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Loan	6,980,129
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	22,100
Restricted cash	4,382
Real estate investment, net	0
Loan	0
Common stock investment, at fair value	0
Accrued interest	13,691
Accounts receivable and other assets	1,575
Proceeds held in escrow for unsettled purchase	0
Assets, Fair Value Disclosure, Total	41,748
Secured financing agreements, net	0
Master repurchase agreements	0
Unsecured notes, net	0
Mortgages payable, net	0
Accounts payable and other accrued liabilities	6,131
Accrued interest payable	8,249
Due to brokers for unsecured notes purchased, not yet settled	7,980
Liabilities, Fair Value Disclosure, Total	22,360
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | CMBS Structured Pass Through Certificates [Member]
Debt security, investment, at fair value	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | MSCR Notes [Member]
Debt security, investment, at fair value	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage-Backed Securities [Member]
Debt security, investment, at fair value	0
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	27,885
Accrued interest	0
Accounts receivable and other assets	0
Proceeds held in escrow for unsettled purchase	3,990
Assets, Fair Value Disclosure, Total	7,105,630
Secured financing agreements, net	0
Master repurchase agreements	0
Unsecured notes, net	182,779
Mortgages payable, net	0
Accounts payable and other accrued liabilities	0
Accrued interest payable	0
Due to brokers for unsecured notes purchased, not yet settled
Liabilities, Fair Value Disclosure, Total	6,671,277
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | CMBS Structured Pass Through Certificates [Member]
Debt security, investment, at fair value	49,758
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | MSCR Notes [Member]
Debt security, investment, at fair value	10,218
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage-Backed Securities [Member]
Debt security, investment, at fair value	33,650
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	6,488,498
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	6,980,129
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Cash and cash equivalents	0
Restricted cash	0
Real estate investment, net	59,940
Loan	288,954
Common stock investment, at fair value	55,734
Accrued interest	0
Accounts receivable and other assets	0
Proceeds held in escrow for unsettled purchase	0
Assets, Fair Value Disclosure, Total	1,134,780
Secured financing agreements, net	700,877
Master repurchase agreements	351,037
Unsecured notes, net	0
Mortgages payable, net	27,213
Accounts payable and other accrued liabilities	0
Accrued interest payable	0
Due to brokers for unsecured notes purchased, not yet settled
Liabilities, Fair Value Disclosure, Total	1,079,127
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | CMBS Structured Pass Through Certificates [Member]
Debt security, investment, at fair value	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | MSCR Notes [Member]
Debt security, investment, at fair value	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage-Backed Securities [Member]
Debt security, investment, at fair value	0
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	730,152
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	22,100
Restricted cash	4,382
Real estate investment, net	59,940
Loan	283,866
Common stock investment, at fair value	83,619
Accrued interest	13,691
Accounts receivable and other assets	1,575
Proceeds held in escrow for unsettled purchase	3,990
Assets, Fair Value Disclosure, Total	8,275,922
Secured financing agreements, net	688,502
Master repurchase agreements	351,037
Unsecured notes, net	198,242
Mortgages payable, net	32,212
Accounts payable and other accrued liabilities	6,131
Accrued interest payable	8,249
Due to brokers for unsecured notes purchased, not yet settled	7,980
Liabilities, Fair Value Disclosure, Total	7,780,851
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | CMBS Structured Pass Through Certificates [Member]
Debt security, investment, at fair value	49,758
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | MSCR Notes [Member]
Debt security, investment, at fair value	10,218
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | Collateralized Mortgage-Backed Securities [Member]
Debt security, investment, at fair value	33,650
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Bonds payable held in variable interest entities, at fair value	6,488,498
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | Mortgages [Member]
Loan	729,004
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Loan	$ 6,980,129

Note 10 - Fair Value of Finan_5

Note 10 - Fair Value of Financial Instruments - Significant Unobservable Inputs of Level 3 Assets (Details) $ in Thousands	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Common stock investment, at fair value	$ 83,619	$ 58,460
Fair Value, Inputs, Level 3 [Member]
Common stock investment, at fair value	$ 55,734
Fair Value, Inputs, Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Cap Rate [Member]
Common stock investment, measurement input	0.0538
Fair Value, Inputs, Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member]
Common stock investment, measurement input	0.0850

Note 10 - Fair Value of Finan_6

Note 10 - Fair Value of Financial Instruments - Changes in Level 3 Assets (Details) - Equity Securities [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Balance	$ 58,460
Change in Unrealized Gains (Losses)	(2,726)
Balance	$ 55,734

Note 11 - Stockholders' Equit_2

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

3 Months Ended

9 Months Ended

22 Months Ended

Feb. 21, 2022

Feb. 14, 2022

Jan. 07, 2022

Sep. 10, 2021

Sep. 08, 2021

Aug. 20, 2021

Apr. 01, 2021

Mar. 03, 2021

Feb. 22, 2021

Nov. 02, 2020

Jul. 24, 2020

Jun. 24, 2020

May 08, 2020

Mar. 09, 2020

Jan. 31, 2020

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Dec. 16, 2021

Sep. 30, 2021

Dec. 31, 2021

Mar. 15, 2022

Mar. 31, 2021

Common Stock, Shares, Issued (in shares)

15,266,746

15,266,746

9,450,921

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, Outstanding, Ending Balance (in shares)

14,979,759

14,979,759

9,163,934

Proceeds from Issuance of Preferred Stock and Preference Stock

$ 0

$ 95,000

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

$ 4,800,000

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

$ 14.61

Stock Repurchased and Retired During Period, Shares (in shares)

40,435

Treasury Stock, Shares, Ending Balance (in shares)

286,987

Stock issuance Agreement, Number of Shares (in shares)

13,578,905.9

13,758,905.9

Noncontrolling Interest, Shares Redeemed (in shares)

395,033

4,774,572

1,479,132

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

395,033

4,774,570

1,479,132

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

$ 0.5000

$ 0.4750

$ 1.5000

$ 1.4250

Common Stock [Member]

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

$ 0.53125

$ 0.53125

Dividends Payable, Date Declared

Jul. 27, 2022

Dividends Payable, Date to be Paid

Sep. 30, 2022

Dividends Payable, Date of Record

Sep. 15, 2022

Preferred Stock [Member]

Dividends Payable, Date Declared

Sep. 21, 2022

Dividends Payable, Date to be Paid

Oct. 25, 2022

Dividends Payable, Date of Record

Oct. 14, 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%

Preferred Units, Purchase Price (in dollars per share)

$ 1,000

Preferred Units, Redemption Value Per Share (in dollars per share)

$ 1,000

Restricted Stock Units (RSUs) [Member]

Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture, Total (in shares)

114,494

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

276,940

Series A Preferred Stock [Member]

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

2,000,000

Preferred Stock, Dividend Rate, Percentage

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

Underwriting Discount and Commission Expenses

1,200,000

Payments of Stock Issuance Costs

$ 800,000

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

$ 25

The 2022 At The Market Program (ATM) [Member]

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

531,728

Payments of Stock Issuance Costs

$ 869,035

Equity Distribution Agreements, Maximum Aggregate Sales Price

$ 100,000,000

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

$ 23.65

$ 23.65

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

2020 LTIP [Member]

Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture, Total (in shares)

114,494

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)

12,464

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)

264,476

220,352

274,274

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

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

1,838

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

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

3 years

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

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

5 years

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]	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Outstanding (in shares) | shares	439,087
Outstanding, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 15.97
Granted (in shares) | shares	276,940
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 19.85
Vested (in shares) | shares	(135,488)	[1]
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 19.39
Forfeited (in shares) | shares	(2,889)
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 20.81
Outstanding (in shares) | shares	577,650
Outstanding, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 17.89
[1]Certain key employees of the Manager elected to net the taxes owed upon vesting against the shares issued resulting in 114,494 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		9 Months Ended
		Sep. 30, 2022	Dec. 31, 2021
2022 (in shares)		0
2023 (in shares)		201,962
2024 (in shares)		189,202
2025 (in shares)		120,644
2026 (in shares)		65,842
Total (in shares)		577,650	439,087
Share-Based Payment Arrangement, Vesting in February [Member]
2022 (in shares)	[1]	0
2023 (in shares)		133,393
2024 (in shares)		120,638
2025 (in shares)		120,644
2026 (in shares)		65,842
Total (in shares)		440,517
Share-Based Payment Arrangement, Vesting in May [Member]
2022 (in shares)	[1]	0
2023 (in shares)		68,569
2024 (in shares)		68,564
2025 (in shares)		0
2026 (in shares)		0
Total (in shares)		137,133
[1]Shares vested prior to June 30, 2022

Note 11 - Stockholders' Equit_5

Note 11 - Stockholders' Equity - Summary of ATM Program Sales (Details) - USD ($)		9 Months Ended
	Aug. 20, 2021	Sep. 30, 2022	Dec. 16, 2021	Sep. 30, 2021
Net Proceeds		$ 113,535,000		$ 32,393,000
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		$ 11,518,000	$ 10,301,495	$ 0
Average Price Per Share, net (in dollars per share)			$ 19.34
The 2022 At The Market Program (ATM) [Member]
Shares of Common Stock Issued (in shares)		531,728
Gross Average Sale Price per Share of Common Stock (in dollars per share)		$ 531,728
Sales Commissions		$ 188,655
Offering Costs		869,035
Net Proceeds		$ 11,517,803
Average Price Per Share, net (in dollars per share)		$ 21.66
Gross Proceeds		$ 12,575,493
Gross Average Sale Price per Share of Common Stock (in dollars per share)		$ 23.65
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 Per Share -

Note 12 - Earnings Per Share - Computation of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net income (loss) attributable to common stockholders	$ (8,059)	$ 13,233	$ 9,884	$ 27,142
Net income (loss) attributable to redeemable noncontrolling interests	(1,509)	11,084	5,982	32,747
Net income for diluted computations	$ (9,568)	$ 24,317	$ 15,866	$ 59,889
Weighted-average common shares outstanding (in shares)	14,962	6,863	14,526	5,738
Average number of unvested restricted stock units (in shares)	578	440	569	446
Average number of OP Units and SubOP Units (in shares)	7,138	13,417	7,307	13,663
Average number of common shares outstanding - diluted (in shares)	22,678	20,720	22,402	19,847
Basic (in dollars per share)	$ (0.54)	$ 1.93	$ 0.68	$ 4.73
Diluted (in dollars per share)	$ (0.54)	$ 1.17	$ 0.71	$ 3.02

Note 13 - Noncontrolling Inte_3

Note 13 - Noncontrolling Interests (Details Textual) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 08, 2021
OP [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	76.42%
Class B OP Units [Member]
Limited Liability Units, Voting Power, Percent Per Share	50%	50%
Class A OP Units [Member]
Limited Liability Units, Voting Power, Percent Per Share	50%	50%
Class A OP Units [Member] | OP [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	100%
OP [Member] | Manager Affiliates [Member] | Subscription Agreements [Member]
Partners' Capital, Distribution Amount Per Share (in dollars per share)	$ 17.19
Weighted Average Limited Partnership Units Outstanding, Basic (in shares)	7,138,382
Partners' Capital Account, Redemptions	$ 122.7

Note 13 - Noncontrolling Inte_4

Note 13 - Noncontrolling Interests - Redeemable Noncontrolling Interests in the OP (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Redeemable noncontrolling interests in the OP, Balance	$ 261,423	$ 275,670
Net income attributable to redeemable noncontrolling interests in the OP	5,982	32,747
Redemption of redeemable noncontrolling interests in the OP	(113,535)	(32,393)
Distributions to redeemable noncontrolling interests in the OP	(10,708)	(17,032)
Redeemable noncontrolling interests in the OP, Balance	$ 143,162	$ 258,992

Note 13 - Noncontrolling Inte_5

Note 13 - Noncontrolling Interests - Consolidated Common Shares (Details) - shares	Sep. 30, 2022	Dec. 31, 2021
Common Shares Outstanding (in shares)	14,979,759	9,163,934
Noncontrolling Interest [Member] | OP Units [Member]
Partners capital units (in shares)	7,138,382
Noncontrolling Interest [Member] | Sub OPs [Member]
Partners capital units (in shares)	22,118,141

Note 14 - Related Party Trans_2

Note 14 - Related Party Transactions (Details Textual) - USD ($) $ / shares in Units, $ in Thousands														3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended
	Jun. 30, 2022	May 20, 2022	Feb. 21, 2022	Feb. 14, 2022	Jan. 07, 2022	Sep. 08, 2021	Apr. 20, 2021	Feb. 22, 2021	Nov. 02, 2020	Oct. 15, 2020	Jun. 24, 2020	May 29, 2020	May 08, 2020	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Mar. 31, 2022
Payment for Management Fee																	$ 0
Stock issuance Agreement, Number of Shares (in shares)						13,578,905.9													13,758,905.9
Noncontrolling Interest, Shares Redeemed (in shares)				395,033	4,774,572	1,479,132
Stock Issued During Period, Shares, Conversion of Redeemable Noncontrolling Interests (in shares)				395,033	4,774,570	1,479,132
Management Fee Expense														$ 822	$ 551		$ 2,330	$ 1,587
Bridge Loan [Member]
Financing Receivable, after Allowance for Credit Loss, Current, Total																				$ 13,500
Bridge Loan [Member] | Prime Rate [Member]
Loans Receivable, Basis Spread on Variable Rate																				1.50%
The 5.75 Percent Senior Notes Due 2026 [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.75%	5.75%														5.75%
Debt Instrument, Percentage of Par Value	96.50%	96.30%
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
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)																	276,940
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)			12,464					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)			264,476					220,352			274,274
2020 LTIP [Member] | Restricted Stock Units (RSUs) [Member] | General Partner of Subsidiary [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)									1,838
2020 LTIP [Member] | Restricted Stock Units (RSUs) [Member] | Directors, Officers and Certain Key Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)								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%
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														93.50%			93.50%
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																	73.40%
Preferred Equity Investment Maturity Date																May 01, 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
Book Value Of Common Stock Per Share (in dollars per share)												$ 17.72
NexAnnuity Asset Management [Member] | The 5.75 Percent Senior Notes Due 2026 [Member] | Unsecured Debt [Member]
Debt Instrument, Face Amount							$ 2,500
Debt Instrument, Interest Rate, Stated Percentage							5.75%

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	Sep. 30, 2022
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	$ 18,500	$ 200	$ 900	$ 3,800	$ 30,000	$ 3,000
Preferred Units, Distribution Rate						10%
Preferred Units [Member]
Other Commitment, Total							$ 0

Note 16 - Subsequent Events (De

Note 16 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Millions				3 Months Ended		9 Months Ended
	Oct. 24, 2022	Oct. 19, 2022	Oct. 05, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Common Stock, Dividends, Per Share, Declared (in dollars per share)				$ 0.5000	$ 0.4750	$ 1.5000	$ 1.4250
Common Stock [Member]
Dividends Payable, Date Declared				Jul. 27, 2022
Dividends Payable, Date to be Paid				Sep. 30, 2022
Dividends Payable, Date of Record				Sep. 15, 2022
Subsequent Event [Member]
Payments for Repurchase of Redeemable Preferred Stock		$ 15
Common Stock, Dividends, Per Share, Declared (in dollars per share)	$ 0.50
Subsequent Event [Member] | Common Stock [Member]
Dividends Payable, Date Declared	Oct. 24, 2022
Dividends Payable, Date to be Paid	Dec. 30, 2022
Dividends Payable, Date of Record	Dec. 15, 2022
Subsequent Event [Member] | Multifamily Property in Kirkland, WA [Member] | Preferred Equity Investment [Member]
Payments to Acquire Real Estate Held-for-investment			$ 4
Investment Interest Rate			10.70%
Investment Interest Rate, Cash Paid			7%