NexPoint Real Estate Finance (NREF) 10-K 31 Mar 23 2022 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Mar. 30, 2023	Jun. 30, 2022
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-39210
Entity Registrant Name	NexPoint Real Estate Finance, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	84-2178264
Entity Address, Address Line One	300 Crescent Court, Suite 700
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	214
Local Phone Number	276-6300
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 274
Entity Common Stock, Shares Outstanding		17,471,238
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the proxy statement for the registrant’s 2023 Annual Meeting of stockholders are incorporated by reference in Part III of this Form 10-K.
Entity Central Index Key	0001786248
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	NREF
Security Exchange Name	NYSE
Series A Preferred Stock
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

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Firm ID	185
Auditor Name	KPMG, LLP
Auditor Location	Dallas, Texas, United States

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 20,048	$ 26,459
Restricted cash	299	6,773
Real estate investments, net (Note 8)	245,222	62,269
Loans and leases receivable, net amount	256,147	241,517
Common stock investments, at fair value	78,264	58,460
Mortgage loans, held-for-investment, net	726,531	847,364
Accrued interest and dividends	15,665	8,319
Accounts receivable and other assets	2,197	393
TOTAL ASSETS	8,154,136	8,513,917
Liabilities:
Secured financing agreements, net	687,885	786,226
Master repurchase agreements	331,020	286,324
Unsecured notes, net	204,960	168,325
Mortgages payable, net	121,236	32,176
Accounts payable and other accrued liabilities	6,231	3,903
Accrued interest payable	7,986	3,985
Total Liabilities	7,609,122	8,007,211
Redeemable noncontrolling interests in the OP	96,501	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; 17,366,930 and 9,450,921 shares issued and 17,079,943 and 9,163,934 shares outstanding, respectively	171	92
Additional paid-in capital	392,124	222,300
Retained earnings	4,435	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	448,513	245,283
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	8,154,136	8,513,917
CMBS Structured Pass Through Certificates
ASSETS
Debt securities, trading	46,876	69,816
MSCR Notes
ASSETS
Debt securities, trading	10,313	0
Collateralized Mortgage Backed Securities
ASSETS
Debt securities, trading	32,328	0
Variable Interest Entity, Primary Beneficiary
ASSETS
Loans and leases receivable, net amount	6,720,246	7,192,547
Liabilities:
Bonds payable held in variable interest entities, at fair value	6,249,804	6,726,272
Stockholders' Equity:
Stockholders' equity attributable to noncontrolling interest	0	7,175
Subsidiaries
Stockholders' Equity:
Stockholders' equity attributable to noncontrolling interest	$ 64,529	$ 95

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value per share (in usd per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	100,000,000	100,000,000
Preferred stock, issued (in shares)	2,000,000	2,000,000
Preferred stock, outstanding (in shares)	1,645,000	1,645,000
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	17,366,930	9,450,921
Common stock, outstanding (in shares)	17,079,943	9,163,934
Treasury stock, preferred (in shares)	355,000	355,000
Treasury stock, common (in shares)	286,987	286,987

Consolidated Statement of Opera

Consolidated Statement of Operations - USD ($) shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net interest income
Interest income		$ 77,988	$ 55,827	$ 38,978
Interest expense		(40,255)	(29,772)	(21,312)
Total net interest income		37,733	26,055	17,666
Other income (loss)
Change in unrealized gain (loss) on common stock investments		(5,196)	13,834	0
Loan loss benefit (provision)		(169)	(189)	(320)
Dividend income, net		0	0	6,309
Realized losses		(1,084)	(257)	(493)
Other income		399	780	373
Gain on extinguishment of debt		17	0	0
Revenues from consolidated real estate owned (Note 8)		12,402	10	0
Total other income (loss)		2,661	71,313	25,752
Operating expenses
General and administrative expenses		7,243	6,371	3,382
Loan servicing fees		4,388	5,179	4,314
Management fees		3,151	2,296	1,552
Expenses from consolidated real estate owned (Note 8)		11,398	50	0
Total operating expenses		26,180	13,896	9,248
Net income (loss)		14,214	83,472	34,170
Net (income) attributable to preferred shareholders		(3,512)	(3,508)	(1,748)
Net (income) loss attributable to redeemable noncontrolling interests		(4,969)	(40,387)	(21,323)
Net income (loss) attributable to common stockholders		$ 3,234	$ 39,577	$ 11,099
Weighted-average common shares outstanding - basic (in shares)		14,686	6,601	5,206
Weighted-average common shares outstanding - diluted (in shares)		14,686	20,366	18,648
Earnings per share - basic (in dollars per share)		$ 0.22	$ 6	$ 2.13
Earnings per share - diluted (in dollars per share)	[1]	0.22	3.93	1.74
Dividends declared per common share (in dollars per share)		$ 2	$ 1.9000	$ 1.4198
CMBS Structured Pass Through Certificates
Other income (loss)
Debt securities, trading, unrealized gain (loss)		$ (12,664)	$ (483)	$ (49)
MSCR Notes
Other income (loss)
Debt securities, trading, unrealized gain (loss)		(53)	0	0
Collateralized Mortgage Backed Securities
Other income (loss)
Debt securities, trading, unrealized gain (loss)		(1,230)	0	0
Variable Interest Entity, Primary Beneficiary
Other income (loss)
Change in net assets related to consolidated CMBS variable interest entities		10,239	57,618	19,932
Debt securities, trading, unrealized gain (loss)		(25,627)	29,838
Subsidiaries
Operating expenses
Net (income) loss attributable to redeemable noncontrolling interests		$ (2,499)	$ 0	$ 0
[1]Diluted earnings per share ("EPS") calculations were higher than basic EPS and thus anti-dilutive for the year ended December 31, 2022. As such, the Company is presenting diluted EPS as equal to basic EPS.

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands	Total	Series A Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings Less Dividends	Common Stock Held in Treasury at Cost	Preferred Stock Held in Treasury at Cost	Noncontrolling interest Variable Interest Entity, Primary Beneficiary	Noncontrolling interest Subsidiaries	Public Offering	Public Offering Series A Preferred Stock	Public Offering Common Stock	Public Offering Additional Paid-in Capital	At-the-market Offering	At-the-market Offering Common Stock	At-the-market Offering Additional Paid-in Capital	Private Placement	Private Placement Noncontrolling interest Subsidiaries
Preferred stock, beginning balance (in shares) at Dec. 31, 2019		0
Common stock, beginning balance (in shares) at Dec. 31, 2019			0
Beginning balance at Dec. 31, 2019	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)												5,350,000
Issuance of common stock										$ 91,488		$ 54	$ 91,434
Issuance of preferred stock through public offering, net (in shares)											2,000,000
Issuance of preferred stock through public offering, net										46,081	$ 20		46,061
Repurchase of common stock (in shares)												(327,422)
Repurchase of common stock						(4,784)				(4,788)		$ (4)
Repurchase of preferred stock (in shares)		(355,000)
Repurchase of preferred stock	(8,571)	$ (4)					(8,567)
Vesting of stock-based compensation	548			548
Net income attributable to preferred stockholders	1,748				1,748
Net income attributable to common stockholders	11,099				11,099
Preferred stock dividends declared	(1,748)				(1,748)
Common stock dividends declared	(7,614)				(7,614)
Preferred stock, ending balance (in shares) at Dec. 31, 2020		1,645,000
Common stock, ending balance (in shares) at Dec. 31, 2020			5,022,578
Ending balance at Dec. 31, 2020	128,243	$ 16	$ 50	138,043	3,485	(4,784)	(8,567)	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)												2,059,700			532,694
Issuance of common stock										$ 40,494		$ 21	$ 40,473	$ 10,301	$ 5	$ 10,296
Vesting of stock-based compensation (in shares)			69,830
Vesting of stock-based compensation	1,700		$ 1	1,699
Cancellation of common stock held in treasury	0			(589)		589
Issuance of subsidiary preferred membership units through private offering, net																	$ 95	$ 95
Conversion of redeemable noncontrolling interests in the OP (in shares)			1,479,132
Conversion of redeemable noncontrolling interests in the OP	32,393		$ 15	32,378
Noncontrolling interest in CMBS VIEs	7,175							7,175
Net income attributable to preferred stockholders	3,508				3,508
Net income attributable to common stockholders	39,577				39,577
Preferred stock dividends declared	(3,508)				(3,508)
Common stock dividends declared	$ (14,695)				(14,695)
Preferred stock, ending balance (in shares) at Dec. 31, 2021	1,645,000	1,645,000
Common stock, ending balance (in shares) at Dec. 31, 2021	9,163,934		9,163,934
Ending balance at Dec. 31, 2021	$ 245,283	$ 16	$ 92	222,300	28,367	(4,195)	(8,567)	7,175	95
Preferred stock, beginning balance (in shares) at Dec. 31, 2021	1,645,000	1,645,000
Common stock, beginning balance (in shares) at Dec. 31, 2021	9,163,934		9,163,934
Beginning balance at Dec. 31, 2021	$ 245,283	$ 16	$ 92	222,300	28,367	(4,195)	(8,567)	7,175	95
Preferred stock, beginning balance (in shares) at Dec. 31, 2021	1,645,000	1,645,000
Common stock, beginning balance (in shares) at Dec. 31, 2021	9,163,934		9,163,934
Beginning balance at Dec. 31, 2021	$ 245,283	$ 16	$ 92	222,300	28,367	(4,195)	(8,567)	7,175	95
Preferred stock, beginning balance (in shares) at Dec. 31, 2021	1,645,000	1,645,000
Common stock, beginning balance (in shares) at Dec. 31, 2021	9,163,934		9,163,934
Beginning balance at Dec. 31, 2021	$ 245,283	$ 16	$ 92	222,300	28,367	(4,195)	(8,567)	7,175	95
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)															531,728
Issuance of common stock														$ 11,499	$ 5	$ 11,494
Vesting of stock-based compensation (in shares)			114,678
Vesting of stock-based compensation	2,790		$ 1	2,789
Proceeds from DST syndication fundraising	$ 64,434								64,434
Conversion of redeemable noncontrolling interests in the OP (in shares)	8,748,735		7,269,603
Conversion of redeemable noncontrolling interests in the OP	$ 155,614		$ 73	155,541
Noncontrolling interest in CMBS VIEs	(7,175)							(7,175)
Adjustment to retained earning on consolidation of real estate	(1,174)				(1,174)
Net income attributable NCI in subsidiaries	2,499				2,499
Net income attributable to preferred stockholders	3,512				3,512
Net income attributable to common stockholders	3,234				3,234
Preferred stock dividends declared	(3,512)				(3,512)
Common stock dividends declared	$ (30,839)				(30,839)
Preferred stock, ending balance (in shares) at Dec. 31, 2022	1,645,000	1,645,000
Common stock, ending balance (in shares) at Dec. 31, 2022	17,079,943		17,079,943
Ending balance at Dec. 31, 2022	$ 448,513	$ 16	$ 171	$ 392,124	$ 4,435	$ (4,195)	$ (8,567)	$ 0	$ 64,529

Consolidated Statement of Sto_2

Consolidated Statement of Stockholders' Equity (Parentheticals) - $ / shares		12 Months Ended
	Oct. 24, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Preferred stock dividends declared (in usd per share)			$ 2.1250	$ 0.5313
Common stock dividends declared (in usd per share)	$ 0.50	$ 2	$ 1.9000	$ 1.4198

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net income	$ 14,214	$ 83,472	$ 34,170
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of premiums	20,840	15,769	8,280
Accretion of discounts	(13,312)	(9,196)	(3,160)
Depreciation and amortization of real estate investment	2,895	0	0
Amortization of deferred financing costs	48	0	0
Loan loss provision	169	189	320
Net change in unrealized (gain) loss on investments held at fair value	44,765	(43,503)	(3,981)
Net realized losses	1,084	257	493
Vesting of stock-based compensation	3,286	2,023	548
Payment in kind income	(715)	(91)	0
Gain on extinguishment of debt	(17)	0	0
Changes in operating assets and liabilities:
Accrued interest	(10,247)	(3,241)	(6,001)
Accounts receivable and other assets	(433)	352	(745)
Accrued interest payable	2,914	1,674	2,311
Accounts payable, accrued expenses and other liabilities	310	1,593	667
Net cash provided by operating activities	65,801	49,298	32,902
Cash flows from investing activities
Proceeds from sale of loans held-for-investment	178,990	62,991	22,449
Proceeds from payments received on bridge loan	13,500	32,759	0
Originations of bridge loan	(13,434)	(32,595)	0
Originations of loans, held-for-investment, net	(110,502)	(117,727)	(108,610)
Purchases of common stock investment	0	0	(87)
Proceeds held in escrow for unsettled purchase	0	0	0
Acquisitions of real estate investments	(184,552)	(29,789)	0
Additions to real estate investments	(117)	0	0
Net cash provided by (used in) investing activities	950,578	517,878	(68,261)
Cash flows from financing activities
Principal repayments on borrowings under secured financing agreements	(98,341)	(54,227)	(8,225)
Borrowings under master repurchase agreements	130,629	153,844	163,473
Principal repayments on borrowings under master repurchase agreements	(85,933)	(28,985)	(2,008)
Proceeds received on borrowings under secured financing agreements	89,634	0	59,914
Proceeds received from unsecured notes offering, net	40,674	132,813	34,904
Deferred financing costs paid	0	(304)	0
Borrowings under bridge facility	55,000	20,000	86,000
Bridge facility payments	(55,000)	(20,000)	(181,000)
Repurchase of unsecured notes	(4,829)	0	0
Net Proceeds	156,491	32,393	0
Redemption of redeemable noncontrolling interests in the OP	(156,491)	(32,393)	0
Repurchase of preferred stock	0	0	(8,571)
Repurchase of common stock	0	0	(4,788)
Payments for taxes related to net share settlement of stock-based compensation	(495)	(323)	0
Dividends paid to common stockholders	(29,652)	(14,164)	(7,376)
Dividends paid to preferred stockholders	(3,512)	(3,508)	(874)
Distributions to redeemable noncontrolling interests in the OP	(14,277)	(22,241)	(19,063)
Contributions from noncontrolling interests	67,255	0	11,783
Net cash provided by (used in) financing activities	(1,029,264)	(567,415)	68,830
Net increase (decrease) in cash, cash equivalents and restricted cash	(12,885)	(239)	33,471
Cash, cash equivalents and restricted cash, beginning of period	33,232	33,471	0
Cash, cash equivalents and restricted cash, end of period	20,347	33,232	33,471
Supplemental Disclosure of Cash Flow Information
Interest paid	35,416	27,546	23,221
Supplemental Disclosure of Noncash Investing and Financing Activities
Contributions from noncontrolling interests, including consolidation of the associated mortgage loans held in variable interest entities	0	0	279,735
Other assets acquired from contributions from noncontrolling interests	0	0	3,616
Assumed debt on contributions from noncontrolling interests, including consolidation of the associated bonds payable held in variable interest entities	0	0	(2,539,724)
Consolidation of mortgage loans and bonds payable held in variable interest entities	1,244,826	2,946,224	3,179,620
Preferred stock investment conversion to common stock investment	0	0	41,881
Stock dividends receivable conversion to common stock investment	0	0	2,658
Consolidation of noncontrolling interest in CMBS variable interest entities	0	7,175	0
Conversion of convertible notes to common stock	25,000	0	0
Increase in dividends payable upon vesting of restricted stock units	1,187	531	238
Stock dividends received	0	0	1,881
Other assets acquired from acquisitions	0	14	0
Liabilities assumed from acquisitions	0	47	0
Assumed debt on acquisitions	0	32,480	0
Increase in dividends payable to preferred stockholders	0	0	874
CMBS Structured Pass Through Certificates
Cash flows from investing activities
Proceeds from sale and maturity of marketable securities	6,962	3,921	0
Purchases of debt securities, at fair value	(4,542)	(39,061)	(40,200)
MSCR Notes
Cash flows from investing activities
Purchases of debt securities, at fair value	(10,365)	0	0
Collateralized Mortgage Backed Securities
Cash flows from investing activities
Proceeds from sale and maturity of marketable securities	518	0	0
Purchases of debt securities, at fair value	(33,926)	0	0
Public Offering
Cash flows from financing activities
Net Proceeds	0	50,795	91,488
Proceeds from issuance of preferred stock	0	0	46,081
At-the-market Offering
Cash flows from financing activities
Net Proceeds	11,499	0	0
Private Placement
Cash flows from financing activities
Proceeds from issuance of preferred stock	0	95	0
Variable Interest Entity, Primary Beneficiary
Cash flows from investing activities
Proceeds from sale of loans held-for-investment	1,223,322	841,953	208,507
Purchases of debt securities, at fair value	(115,276)	(204,574)	(150,320)
Cash flows from financing activities
Distributions to bondholders of variable interest entities	$ (1,131,916)	$ (781,210)	$ (192,908)

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business NexPoint Real Estate Finance, Inc. (the “Company”, “we”, “our”) is a commercial mortgage real estate investment trust (a "REIT") incorporated in Maryland on June 7, 2019. The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2020. The Company is focused on originating, structuring and investing in first-lien mortgage loans, mezzanine loans, preferred equity, convertible notes, multifamily properties and common stock investments, as well as multifamily commercial mortgage-backed securities securitizations (“CMBS securitizations”), multifamily structured credit risk notes (“MSCR Notes”) and mortgage-backed securities, or our target assets. Substantially all of the Company’s business is conducted through NexPoint Real Estate Finance Operating Partnership, L.P. (the “OP”), the Company’s operating partnership. As of December 31, 2022, the Company holds approximately 83.36% of the common limited partnership units in the OP (“OP Units”) which represents 100% of the Class A OP Units, and the OP owned all of the common limited partnership units (“SubOP Units”) of its subsidiary partnerships (collectively, the “Subsidiary OPs”) (see Note 13). The OP also directly owns all of the membership interests of a limited liability company (the “Mezz LLC”) through which it owns a portfolio of mezzanine loans, as further discussed below. NexPoint Real Estate Finance OP GP, LLC (the “OP GP”) is the sole general partner of the OP. The Company commenced operations on February 11, 2020 upon the closing of its initial public offering of shares of its common stock (the “IPO”). Prior to the closing of the IPO, the Company engaged in a series of transactions through which it acquired an initial portfolio consisting of senior pooled mortgage loans backed by single family rental (“SFR”) properties (the “SFR Loans”), the junior most bonds of multifamily CMBS securitizations (the “CMBS B-Pieces”), mezzanine loan and preferred equity investments in real estate companies and properties in other structured real estate investments within the multifamily, SFR and self-storage asset classes (the “Initial Portfolio”). The Initial Portfolio was acquired from affiliates (the “Contribution Group”) of NexPoint Advisors, L.P. (our “Sponsor”), pursuant to a contribution agreement with the Contribution Group through which the Contribution Group contributed their interest in the Initial Portfolio to special purpose entities (“SPEs”) owned by the Subsidiary OPs, in exchange for SubOP Units (the “Formation Transaction”). Subsequent to the Formation Transaction, the Company has continued to invest in asset types and real estate sectors within the Initial Portfolio and expanded to include additional asset types and real estate sectors. The Company is externally managed by NexPoint Real Estate Advisors VII, L.P. (the “Manager”) through a management agreement dated February 6, 2020 and amended as of July 17, 2020 and November 3, 2021, for an initial three-year term that expired on February 6, 2023 and successive one-year terms thereafter unless earlier terminated (as amended, the “Management Agreement”), by and between the Company and the Manager. The Manager conducts substantially all of the Company’s operations and provides asset management services for its real estate investments. The Company expects it will only have accounting employees while the Management Agreement is in effect. All of the Company’s investment decisions are made by the Manager, subject to general oversight by the Manager’s investment committee and the Company’s board of directors (the “Board”). The Manager is wholly owned by our Sponsor. 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 our target assets. The Company concentrates on investments in real estate sectors where our senior management team has operating expertise, including in the multifamily, SFR, self-storage, life science, hospitality and office sectors predominantly in the top 50 MSAs. In addition, the Company targets lending or investing in properties that are stabilized or have a “light transitional” business plan, meaning a property that requires limited deferred funding to support leasing or ramp-up of operations and for which most capital expenditures are for value-add improvements. Through active portfolio management the Company seeks to take advantage of market opportunities to achieve a superior portfolio risk-mix that delivers attractive total returns.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Accounting The accompanying consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. There have been no significant changes to the Company’s significant accounting policies during the year ended December 31, 2022. The accompanying consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission. 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 misleading. 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. The Company first evaluates whether each entity is a variable interest entity (“VIE”). Under the VIE model, the Company consolidates an entity when it has power to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest. As of December 31, 2022, the Company has determined it must consolidate the OP and the Subsidiary OPs under the VIE model as it was determined the Company both controls the direct activities of the OP and Subsidiary OPs and possesses the right to receive benefits that could potentially be significant to the OP and Subsidiary OPs. The consolidated financial statements include the accounts of the Company and its subsidiaries, including the OP and its subsidiaries. The Company’s sole significant asset is its investment in the OP, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of the OP. 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 , defines the primary beneficiary as the party that has both (i) the power to direct the activities of the VIE that most significantly impact its economic performance, and (ii) the obligation to absorb losses and the right to receive benefits from the VIE which could be potentially significant. The Company considers its variable interests, as well as any variable interests of its related parties in making this determination. Where both of these factors are present, the Company is deemed to be the primary beneficiary, and it consolidates the VIE. Where either one of these factors is not present, the Company is not the primary beneficiary, and it does not consolidate the VIE. 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 December 31, 2022 and December 31, 2021, the Company consolidated each of the Freddie Mac K-Series securitization entities (the “CMBS Entities”) that were determined to be VIEs and for which the Company is the primary beneficiary. The CMBS Entities are independent of the Company, and the assets and liabilities of the CMBS Entities are not owned by and are not legal obligations of ours. Our exposure to the CMBS Entities is through the subordinated tranches. For financial reporting purposes, the underlying mortgage loans held by the trusts are recorded as a separate line item on the balance sheet under “Mortgage loans held in variable interest entities, at fair value.” The liabilities of the trusts consist solely of obligations to the CMBS holders of the consolidated trusts, excluding the CMBS B-Piece investments held by the Company. The liabilities are presented as “Bonds payable held in variable interest entities, at fair value” on the Consolidated Balance Sheets. The CMBS B-Pieces held by the Company, and the interest earned thereon are eliminated in consolidation. Management has elected the measurement alternative in ASC 810 to report the fair value of the assets and liabilities of the consolidated CMBS Entities in order to provide users of the financial statements with better information regarding the effects of credit risk and other market factors on the CMBS B-Pieces owned by the Company. Management has elected to show interest income and interest expense related to the CMBS Entities in aggregate with the change in fair value as “Change in net assets related to consolidated CMBS variable interest entities.” The residual difference between the fair value of the CMBS Entities’ assets and liabilities represents the Company’s investments in the CMBS B-Pieces at fair value. 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 classes of OP Units: Class A, Class B and Class C. Class A OP Units and Class B OP Units each have 50.0% of the voting power of the OP Units and Class C OP Units have no voting power. Each Class A OP Unit, Class B OP Unit and Class C OP Unit otherwise represents substantially the same economic interest in the OP. The Company is the majority limited partner of the OP in terms of economic interests, holding approximately 83.36% of the OP Units in the OP as of December 31, 2022 which represent 100% of the Class A OP Units, and the OP GP must generally receive approval of the Board to take any actions. As such, the Company consolidates the OP. The Company consolidates the SPEs in which it has a controlling financial interest, as well as any VIEs where it is the primary beneficiary. All of the investments the SPEs own are consolidated in the consolidated financial statements. Generally, the assets of each entity can only be used to settle obligations of that particular entity, and the creditors of each entity have no recourse to the assets of other entities or the Company notwithstanding equity pledges various lenders may have in certain entities or guarantees provided by certain entities. As of December 31, 2022, there are no outstanding redeemable noncontrolling interests issued by the Subsidiary OPs. 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. This is presented as “Redeemable noncontrolling interests in the OP” on the Consolidated Balance Sheets and their share of “Net Income (Loss)” as “Net Income (Loss) attributable to redeemable noncontrolling interests” in the accompanying Consolidated Statements of Operations. The redeemable noncontrolling interests were initially measured at the fair value of the contributed assets in accordance with ASC 805-50. The redeemable noncontrolling interests will be adjusted to their redemption value if such value exceeds the carrying value of the redeemable noncontrolling interests. Capital contributions, distributions and profits and losses are allocated to the redeemable noncontrolling interests in accordance with the terms of the partnership agreements of the Subsidiary OPs and the OP. Acquisition Accounting The Company accounts for the assets acquired in the Formation Transaction as asset acquisitions pursuant to ASC 805-50, rather than as business combinations. Substantially all of the fair value of the assets acquired are concentrated in a group of similar identifiable assets, i.e. the SFR Loans represent one acquisition of similar identifiable assets, and the acquisition of the CMBS B-Pieces represents an additional acquisition of similar identifiable assets. Additionally, there were no corresponding in-place workforce, servicing platforms or any other item that could be considered an input or process associated with these assets. As such, the SFR Loans and the CMBS B-Pieces do not constitute businesses as defined by ASC 805-10-55. As the investments in the Initial Portfolio were contributed to the Subsidiary OPs in a non-cash transaction, cost is based on the fair value of the assets at the time of contribution. Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents are stated at cost, which approximates fair value. Substantially all amounts on deposit with major financial institutions exceed insured limits. From time to time, the Company may have to post cash collateral to satisfy margin calls due to changes in fair value of the underlying collateral subject to master repurchase agreements. This cash is listed as restricted cash on the Consolidated Balance Sheets. Restricted cash is also stated at cost, which approximates fair value. Mortgage and Other Loans Held-For-Investment Loans that are held-for-investment are carried at their aggregate outstanding face amount, net of applicable (i) unamortized origination or acquisition premium and discounts, (ii) unamortized deferred fees and other direct loan origination costs, (iii) valuation allowance for loan losses and (iv) write-downs of impaired loans. The effective interest method is used to amortize origination or acquisition premiums and discounts and deferred fees or other direct loan origination costs. In general, an increase in prepayment rates accelerates the amortization of purchase premiums, thereby reducing the interest income earned on the assets. Conversely, discounts on such assets are accreted into interest income. In general, an increase in prepayment rates accelerates the accretion of purchase discounts, thereby increasing the interest income earned on the assets. Purchase Price Allocation The Company considers the acquisition of real estate investments as asset acquisitions. Upon acquisition of a property, the purchase price and related acquisition costs (“total consideration”) are allocated to land, buildings, improvements, furniture, fixtures, and equipment, and intangible lease assets in accordance with FASB ASC 805, Business Combinations . Acquisition costs are capitalized in accordance with FASB ASC 805. The allocation of total consideration, which is determined using inputs that are classified within Level 3 of the fair value hierarchy established by FASB ASC 820, Fair Value Measurement and Disclosures (“ASC 820”) (see Note 10), is based on management’s estimate of the property’s “as-if” vacant fair value and is calculated by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the total consideration to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, legal and other related costs, which the Company, as buyer of the property, did not have to incur to obtain the residents. If any debt is assumed in an acquisition, the difference between the fair value, which is estimated using inputs that are classified within Level 2 of the fair value hierarchy, and the face value of debt is recorded as a premium or discount and amortized as interest expense over the life of the debt assumed. 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 of the categories above depending on the type of renovation project and is depreciated over the estimated useful lives as described in the table above. 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 - Loans and mortgage loans held-for-investment, CMBS structured pass-through certificates, mortgage loans held in variable interest entities, bridge loans, MSCR Notes and mortgage backed securities where the Company expects to collect the contractual interest and principal payments are considered to be performing loans. The Company recognizes income on performing loans in accordance with the terms of the loan on an accrual basis. Interest income also includes amortization of loan premiums or discounts and loan origination costs and prepayment penalties. Realized Gain (Loss) on Investments - The Company recognizes the excess, or deficiency, of net proceeds received, less the carrying value of such investments, as realized gains or losses, respectively. The Company reverses cumulative, unrealized gains or losses previously reported in its Consolidated Statements of Operations with respect to the investment sold at the time of the sale. Revenue Recognition The Company owns two multifamily properties whereby its primary operations consist of rental income earned from its residents under lease agreements typically with terms of one year or less. See Note 8 for additional information regarding these multifamily properties. Rental income is recognized when earned. This policy effectively results in income recognition on the straight-line method over the related terms of the leases. The Company records an allowance to reflect revenue that may not be collectable. This is recorded through a provision for bad debts, which is included in rental income in the accompanying Consolidated Statements of Operations. Resident reimbursements and other income consist of charges billed to residents for utilities, carport and garage rental, pets and administrative, application and other fees and are recognized when earned. The Company implemented the provisions of Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”) as of December 31, 2021. The adoption of ASU 2014-09 did not have a material impact on the Company’s consolidated financial statements as a substantial portion of its revenue consists of rental income from leasing arrangements, which is specifically excluded from ASU 2014-09. In July 2018, the FASB issued ASU 2018-11, Leases – Targeted Improvements (“ASU 2018-11”), which provides entities with relief from the costs of implementing certain aspects of ASU 2016-02. ASU 2018-11 provides a practical expedient that allows lessors to not separate lease and non-lease components in a contract and allocate the consideration in the contract to the separate components if both (i) the timing and pattern of revenue recognition for the non-lease component and the related lease component are the same and (ii) the combined single lease component would be classified as an operating lease. The Company elected the practical expedient to account for lease and non-lease components as a single component in lease contracts where the Company is the lessor. The Company implemented the provisions of ASU 2018-11 and 2016-02, collectively Topic 842 Leases (“ASC 842”), effective January 1, 2022. The Company presents the disclosure of leases in the consolidated statements of operations and began presenting all rentals and reimbursements from tenants within revenues and expenses from consolidated real estate owned on the Consolidated Statements of Operations (Note 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 (“ASC 310-10-35”). If the Company determines that it is probable that it will be unable to collect all amounts owed according to the contractual terms of a loan, impairment of that loan is indicated. If a loan is considered to be impaired, the Company will establish an allowance for loan losses, through a valuation provision in earnings that reduces carrying value of the loan to the present value of expected future cash flows discounted at the loan’s contractual effective rate or the fair value of the collateral, if repayment is expected solely from the collateral. For non-impaired loans with no specific allowance the Company determines an allowance for loan losses in accordance with ASC 450-20, Loss Contingencies (“ASC 450-20”), which represents management’s best estimate of incurred losses inherent in the portfolio at the balance sheet date, excluding impaired loans and loans carried at fair value. Management considers quantitative factors likely to cause estimated credit losses, including default rate and loss severity rates. The Company also evaluates qualitative factors such as macroeconomic conditions, evaluations of underlying collateral, trends in delinquencies and non-performing assets. Increases to (or reversals of) the allowance for loan loss are included in “Loan loss (provision)” on the accompanying Consolidated Statements of Operations. 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-point scale, our loans are rated “1” through “5,” from least risk to greatest risk, respectively, which ratings are defined as follows: 1 – Outperform – Materially exceeds performance metrics (for example, technical milestones, occupancy, rents, and net operating income) included in original or current credit underwriting and business plan; 2 – Exceeds Expectations – Collateral performance exceeds substantially all performance metrics included in original or current credit underwriting and business plan; 3 – Satisfactory – Collateral performance meets, or is on track to meet, underwriting; business plan is met or can reasonably be achieved; 4 – Underperformance – Collateral performance falls short of underwriting, material differences exist from business plan, or both; technical milestones have been missed; defaults may exist or may soon occur absent material improvement; and 5 – Risk of Impairment/Default – Collateral performance is significantly worse than underwriting; major variance from business plan; loan covenants or technical milestones have been breached; timely exit from loan via sale or refinancing is questionable. 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 days or more. Loans will be placed on nonaccrual status and considered non-performing when full payment of principal and interest is in doubt, which generally occurs when they become 120 days or more past-due unless the loan is both well secured and in the process of collection. Accrual of interest on individual loans is discontinued when management believes that, after considering economic and business conditions and collection efforts, the borrower’s financial condition is such that collection of interest is doubtful. Our policy is to cease accruing interest when a loan’s delinquency exceeds 120 days. All interest accrued but not collected for loans that are placed on nonaccrual status or subsequently charged-off are reversed against interest income. Income is subsequently recognized on the cash basis until, in management’s judgment, the borrower’s ability to make periodic principal and interest payments returns and future payments are reasonably assured, in which case the loan is returned to accrual status. 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 otherwise be considered is granted to the borrower. The concession may be granted in various forms, including providing a below-market interest rate, a reduction in the loan balance or accrued interest, an extension of the maturity date, or a combination of these. An individual loan that has had a troubled debt restructuring is considered to be impaired and is subject to the relevant accounting for impaired loans. As of and for the year ended December 31, 2022, the Company had no loans in forbearance agreements or loan modifications and thus no troubled debt restructurings. A loan is written off when it is no longer realizable and/or it is legally discharged. The Company will evaluate acquired loans and debt securities for which it is probable at acquisition that all contractually required payments will not be collected in accordance with ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality . During the year ended December 31, 2022, there were no loans acquired with deteriorated credit quality. Fair Value GAAP requires the categorization of the fair value of financial instruments into three broad levels that form a hierarchy based on the transparency of inputs to the valuation. Level 1 – Inputs are adjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 – Inputs are other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar instruments in active markets, and inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 – Inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, related market activity for the asset or liability. 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 financial instruments as part of our quarterly process. 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, Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity (“ASU 2014-13”). Pursuant to ASU 2014-13, both the financial assets and financial liabilities of the consolidated CMBS trusts are measured using the fair value of the financial liabilities (which are considered more observable than the fair value of the financial assets) and the equity of the CMBS trusts beneficially owned by the Company. As a result, the CMBS issued by the consolidated trusts, but not beneficially owned by us, are presented as financial liabilities in our consolidated financial statements, measured at their estimated fair value; the Company measured the financial assets as the total estimated fair value of the CMBS issued by the consolidated trust, regardless of whether such CMBS represent interests beneficially owned by the Company. Under the measurement alternative prescribed by ASU 2014-13, “Net income (loss)” reflects the economic interests in the consolidated CMBS beneficially owned by the Company, presented as “Change in net assets related to consolidated CMBS variable interest entities” in the Consolidated Statements of Operations, which includes applicable (1) changes in the fair value of CMBS beneficially owned by the Company, (2) interest income, interest expense and servicing fees earned from the CMBS trusts and (3) other residual returns or losses of the CMBS trusts, if any. Valuation Methodologies CMBS Trusts - The financial liabilities and equity of the consolidated CMBS trusts were valued using broker quotes. Broker quotes represent the price that an investment could be sold for in a market transaction and represent fair market value. Loans and bonds with quotes that are based on actual trades with a sufficient level of activity on or near the valuation date are classified as Level 2 assets. Loans and bonds that are priced using quotes derived from implied values, bid/ask prices for trades that were never consummated, or a limited amount of actual trades are classified as Level 3 assets because the inputs used by the brokers and pricing services to derive the values are not readily observable. CMBS Structured Pass-Through Certificates, MSCR Notes and Mortgage Backed Securities - CMBS structured pass-through certificates (“CMBS I/O Strips”), MSCR Notes and mortgage backed securities are categorized as Level 2 assets in the fair value hierarchy. CMBS I/O Strips, MSCR notes and mortgage backed securities are valued using broker quotes. Broker quotes represent the price that an investment could be sold for in a market transaction and represent fair market value. Loans and bonds with quotes that are based on actual trades with a sufficient level of activity on or near the valuation date are classified as Level 2 assets. SFR Loans, Preferred Equity Investments, Mezzanine Loans and Convertible Notes - SFR Loans, preferred equity, mezzanine loans and convertible debt investments are categorized as Level 3 assets in the fair value hierarchy. SFR Loans, preferred equity, mezzanine loans, and convertible debt investments are valued using a discounted cash flow model using discount rates derived from observable market data applied to the internal rate of return implied by the expected contractual cash flows. The valuation is done for disclosure purposes only as these investments are not carried at fair value on the consolidated balance sheet. Common Stock Investments - The common stock investment in NexPoint Storage Partners, Inc. ("NSP") is categorized as a Level 3 asset in the fair value hierarchy. Despite our ability to exercise significant influence, the Company chose to value the NSP investment using the fair value option in accordance with ASC 825-10. The common stock investment in a private ground lease REIT (the "Private REIT") is presented at fair value using the fair value option in accordance with ASC 825-10. The investment is categorized as a Level 3 asset in the fair value hierarchy. See Note 5 for additional disclosures regarding the fair value of these investments. Repurchase Agreements - The repurchase agreements are categorized as Level 3 liabilities in the fair value hierarchy as such liabilities represent borrowings on collateral with terms specific to each borrower. Given the short to moderate term of the floating-rate facilities, the Company expects the fair value of repurchase agreements to approximate their outstanding principal balances. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis - Certain assets not measured at fair value on an ongoing basis but that are subject to fair-value adjustments only in certain circumstances, such as when there is evidence of impairment, will be measured at fair value on a nonrecurr

Loans Held for Investment, Net

Loans Held for Investment, Net	12 Months Ended
	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Loans Held for Investment, Net	Loans Held for Investment, Net 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 December 31, 2022 and December 31, 2021, respectively (dollars in thousands): Weighted Average Loan Type Outstanding Carrying Value (1) Loan Count Fixed Rate (2) Coupon (3) Life (years) (4) December 31, 2022 Mortgage loans, held-for-investment $ 688,046 $ 726,531 15 100.00 % 4.81 % 5.36 Mezzanine loans, held-for-investment 163,021 165,182 23 63.99 % 10.42 % 5.39 Preferred equity, held-for-investment 91,382 90,965 10 67.69 % 11.51 % 2.76 $ 942,449 $ 982,678 48 90.64 % 6.43 % 5.11 (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 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. Weighted Average Loan Type Outstanding 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 outstanding face amount. (4) 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. For the years ended December 31, 2022 and 2021, the loan and preferred equity portfolio activity was as follows (in thousands): For the Year Ended December 31, 2022 2021 Balance at December 31, $ 1,088,881 $ 1,045,891 Originations 110,502 117,727 Proceeds from principal repayments (178,990) (62,991) Conversion of convertible bonds to common stock (25,000) — PIK distribution reinvested in Preferred Units 715 91 Amortization of loan premium, net (1) (13,261) (10,907) Loan loss provision (169) (189) Realized losses — (741) Balance at December 31, $ 982,678 $ 1,088,881 (1) Includes net amortization of loan purchase premiums. As of December 31, 2022 and December 31, 2021, there were $40.9 million and $55.0 million of unamortized premiums on loans, held-for-investment, net, respectively, on the Consolidated Balance Sheets. As discussed in Note 2, the Company evaluates loans classified as held-for-investment on a loan-by-loan basis every quarter. In conjunction with the review of the portfolio, the Company assesses the risk factors of each loan and assign a risk rating based on a variety of factors. Loans are rated “1” through “5,” from least risk to greatest risk, respectively. See Note 2 for a more detailed discussion of the risk factors and ratings. The following tables allocate the principal balance and net book value of the loan portfolio based on our internal risk ratings (dollars in thousands): December 31, 2022 Risk Rating Number of Loans Carrying Value % of Loan Portfolio 1 — $ — — 2 — — — 3 48 982,678 100.00 % 4 — — — 5 — — — 48 $ 982,678 100.00 % December 31, 2021 Risk Rating Number of Loans Carrying Value % of Loan Portfolio 1 — $ — — 2 — — — 3 51 1,088,881 100.00 % 4 — — — 5 — — — 51 $ 1,088,881 100.00 % As of December 31, 2022, all 48 loans held-for-investment in our portfolio were rated “3,” or “Satisfactory” based on the factors assessed by the Company and discussed in Note 2. The following tables present the geographies and property types of collateral underlying the Company’s loans held-for-investment as a percentage of the loans’ face amounts. Geography December 31, 2022 December 31, 2021 Georgia 34.04 % 38.93 % Florida 19.34 % 16.90 % Texas 11.21 % 7.74 % Nevada 0.30 % * Maryland 5.59 % 5.66 % Minnesota 6.97 % 4.86 % California 4.66 % 2.53 % Alabama 3.81 % 3.35 % North Carolina 2.65 % 2.23 % Arkansas 1.42 % * Missouri 0.95 % 1.19 % New Jersey * 2.83 % Connecticut * 2.87 % Other (17 and 19 states each at <1%) 9.06 % 10.91 % 100.00 % 100.00 % * Included in "Other." Collateral Property Type December 31, 2022 December 31, 2021 Single Family Rental 72.26 % 76.15 % Multifamily 23.11 % 20.32 % Life Science 2.85 % 3.53 % Self-Storage 1.79 % — % 100.00 % 100.00 %

CMBS Trusts

CMBS Trusts	12 Months Ended
	Dec. 31, 2022
Mortgage Banking [Abstract]
CMBS Trusts	CMBS Trusts As of December 31, 2022, the Company consolidated all of the CMBS Entities that it determined are VIEs and for which the Company is the primary beneficiary. The Company elected the fair-value measurement alternative in accordance with ASU 2014-13 for each of the trusts and carries the fair values of the trust’s assets and liabilities at fair value in its Consolidated Balance Sheets; recognizes changes in the trust’s net assets, including changes in fair-value adjustments and net interest earned, in its Consolidated Statements of Operations; and records cash interest received from the trusts and cash interest paid to bondholders of the CMBS not beneficially owned by the Company, as financing cash-flows. The following table presents the Company’s recognized Trust’s Assets and Liabilities (in thousands): Trust's Assets December 31, 2022 December 31, 2021 Mortgage loans held in variable interest entities, at fair value $ 6,720,246 $ 7,192,547 Accrued interest receivable 4,029 2,212 Trust's Liabilities Bonds payable held in variable interest entities, at fair value (6,249,804) (6,726,272) Accrued interest payable (3,207) (1,500) The following table presents “Change in net assets related to consolidated CMBS variable interest entities” (in thousands): For the Year Ended December 31, 2022 2021 Net interest earned $ 35,866 $ 27,780 Unrealized gain (loss) (25,627) 29,838 Change in net assets related to consolidated CMBS variable interest entities $ 10,239 $ 57,618 The following tables present the geographies and property types of collateral underlying the CMBS trusts consolidated by the Company as a percentage of the collateral unpaid principal balance: Geography December 31, 2022 December 31, 2021 Texas 17.95 % 16.88 % Florida 13.82 % 14.77 % Arizona 6.98 % 10.37 % California 9.28 % 8.50 % Georgia 4.68 % 4.97 % Washington 6.88 % 6.19 % New Jersey 3.97 % 4.65 % Nevada 1.99 % 3.51 % Pennsylvania 1.01 % * Colorado 6.21 % 4.08 % Connecticut 3.64 % 3.02 % North Carolina 3.53 % 3.12 % New York 2.76 % 2.45 % Ohio 2.00 % 1.72 % Virginia 1.62 % 1.70 % Indiana 1.69 % 1.68 % Illinois 1.37 % * Michigan 1.11 % * South Carolina * 1.56 % Maryland * 1.55 % Missouri 1.25 % 1.26 % Other (22 and 22 states each at <1%) 8.26 % 8.02 % 100.00 % 100.00 % * Included in “Other.” Collateral Property Type December 31, 2022 December 31, 2021 Multifamily 98.45 % 98.42 % Manufactured Housing 1.55 % 1.58 % 100.00 % 100.00 %

Common Stock Investment

Common Stock Investment	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Common Stock Investment	Common Stock Investments The Company owns approximately 25.8% of the total outstanding shares of common stock of NSP and thus can exercise significant influence over NSP. NSP is a VIE and the Company has determined that it is not the primary beneficiary of NSP. The investment qualifies to be accounted for using the equity method. However, the Company elected the fair-value option in accordance with ASC 825-10-10 for NSP. The investment in NSP is a Level 3 asset in the fair value hierarchy and was initially measured using the entry price of the asset. The Company's valuation policy for common stock is to use readily available market prices on the relevant valuation date to the extent they are available. On a quarterly basis, the Company determines the value using widely accepted valuation techniques. A bottoms up approach was used by valuing the wholly-owned self-storage assets in aggregate and development loans individually. In this bottoms-up approach, the discounted cash flow methodology is applied to the self-storage assets owned by NSP. Additionally, the income approach is used to determine the fair value of the development loans owned by NSP whereby contractual cash flows are discounted at observable market discount rates. In addition, as a secondary check for reasonableness, a top down approach was applied whereby observable market terminal capitalization rates and discount rates are applied to the consolidated NSP cash flows. The valuation relies primarily on the bottoms-up approach, but uses the top down approach to corroborate the bottoms-up conclusion with a reasonable precision. The Company owned approximately 6.36% of the total outstanding shares of common stock of the Private REIT as of December 31, 2022. The Company elected the fair-value option in accordance with ASC 825-10-10 for the Private REIT. The investment in the Private REIT is a Level 3 asset in the fair value hierarchy and was initially measured using the convertible notes conversion share price of $17.50. On April 14, 2022, the two convertible notes converted into 1,394,213 shares or $25.0 million of common stock in the Private REIT, the parent company of the borrower under the convertible notes. As of December 31, 2022, the Company valued this investment based on the Private REIT's recent transaction price of $20.00 per share. The following table presents the common stock investments as of December 31, 2022 and December 31, 2021, respectively (in thousands, except share amounts): Shares Fair Value Investment Investment Date Property Type December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Common Stock NexPoint Storage Partners 11/6/2020 Self-storage 41,963 41,963 $ 50,380 $ 58,460 Private REIT 4/14/2022 Ground lease 1,394,213 — 27,884 — The following tables present the CMBS I/O Strips, MSCR Notes and mortgage backed securities as of December 31, 2022 and December 31, 2021, respectively (in thousands): 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 $ 1,807 Multifamily 2.02 % 14.56 % 9/25/2046 CMBS I/O Strip 8/6/2020 18,364 Multifamily 2.98 % 15.98 % 6/25/2030 CMBS I/O Strip 4/28/2021 (2) 5,676 Multifamily 1.59 % 15.52 % 1/25/2030 CMBS I/O Strip 5/27/2021 3,693 Multifamily 3.39 % 15.73 % 5/25/2030 CMBS I/O Strip 6/7/2021 455 Multifamily 2.31 % 18.91 % 11/25/2028 CMBS I/O Strip 6/11/2021 (3) 4,188 Multifamily 1.19 % 13.34 % 5/25/2029 CMBS I/O Strip 6/21/2021 1,117 Multifamily 1.18 % 16.77 % 5/25/2030 CMBS I/O Strip 8/10/2021 2,445 Multifamily 1.89 % 15.87 % 4/25/2030 CMBS I/O Strip 8/11/2021 1,333 Multifamily 3.10 % 13.74 % 7/25/2031 CMBS I/O Strip 8/24/2021 250 Multifamily 2.61 % 14.44 % 1/25/2031 CMBS I/O Strip 9/1/2021 3,726 Multifamily 1.92 % 15.03 % 6/25/2030 CMBS I/O Strip 9/11/2021 3,822 Multifamily 2.95 % 13.70 % 9/25/2031 Total $ 46,876 2.46 % 15.32 % MSCR Notes MSCR Notes 5/25/2022 4,019 Multifamily 13.02 % 13.02 % 5/25/2052 MSCR Notes 5/25/2022 4,988 Multifamily 10.02 % 10.02 % 5/25/2052 MSCR Notes 9/23/2022 1,306 Multifamily 10.37 % 11.40 % 11/25/2051 Total $ 10,313 11.23 % 11.36 % Mortgage Backed Securities Mortgage Backed Securities 6/1/2022 9,638 Single-Family 7.08 % 7.39 % 4/17/2026 Mortgage Backed Securities 6/1/2022 8,966 Single-Family 4.87 % 5.08 % 11/19/2025 Mortgage Backed Securities 7/28/2022 526 Single-Family 6.23 % 6.33 % 10/17/2027 Mortgage Backed Securities 7/28/2022 819 Single-Family 3.60 % 4.23 % 6/20/2028 Mortgage Backed Securities 9/12/2022 4,473 Multifamily 9.29 % 9.27 % 1/25/2031 Mortgage Backed Securities 9/29/2022 7,906 Self Storage 9.57 % 9.59 % 9/15/2027 Total $ 32,328 7.28 % 7.45 % (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 $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. Investment Investment Date Carrying Value Property Type Interest Rate Current Yield (1) Maturity Date CMBS I/O Strips CMBS I/O Strip 5/18/2020 $ 2,356 Multifamily 2.02 % 14.47 % 9/25/2046 CMBS I/O Strip 8/6/2020 8,383 Multifamily 0.10 % 14.67 % 6/25/2030 CMBS I/O Strip 8/6/2020 23,188 Multifamily 2.98 % 14.48 % 6/25/2030 CMBS I/O Strip 4/28/2021 (2) 7,274 Multifamily 1.59 % 13.88 % 1/25/2030 CMBS I/O Strip 5/27/2021 4,781 Multifamily 3.38 % 14.16 % 5/25/2030 CMBS I/O Strip 6/7/2021 589 Multifamily 2.31 % 16.56 % 11/25/2028 CMBS I/O Strip 6/11/2021 (3) 6,424 Multifamily 1.26 % 13.57 % 5/25/2029 CMBS I/O Strip 6/21/2021 1,850 Multifamily 1.20 % 17.02 % 5/25/2030 CMBS I/O Strip 8/10/2021 3,246 Multifamily 1.89 % 14.30 % 4/25/2030 CMBS I/O Strip 8/11/2021 1,697 Multifamily 3.10 % 12.55 % 7/25/2031 CMBS I/O Strip 8/24/2021 317 Multifamily 2.61 % 13.14 % 1/25/2031 CMBS I/O Strip 9/1/2021 4,827 Multifamily 1.92 % 13.53 % 6/25/2030 CMBS I/O Strip 9/11/2021 4,884 Multifamily 2.95 % 12.55 % 9/25/2031 Total $ 69,816 (1) Current yield is the annualized income earned divided by the cost basis of the investment (2) The Company, through the Subsidiary OPs, purchased approximately $50.0 million and $15.0 million aggregate notional amount of the X1 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 $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 and September 29, 2021, respectively. The following table presents activity related to the Company’s CMBS I/O Strips, MSCR notes and mortgage-backed securities (in thousands): For the Year Ended December 31, 2022 2021 Net interest earned $ 5,668 $ 3,052 Change in unrealized gain (loss) on CMBS structured pass-through certificates (12,664) (483) Realized gain on CMBS structured pass-through certificates — 484 Change in unrealized gain (loss) on MSCR notes (53) — Change in unrealized (loss) on mortgage backed securities (1,230) — Total $ (8,279) $ 3,053

CMBS Structured Pass Through Ce

CMBS Structured Pass Through Certificates, MSCR Notes and Mortgage Backed Securities	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
CMBS Structured Pass Through Certificates, MSCR Notes and Mortgage Backed Securities	Common Stock Investments The Company owns approximately 25.8% of the total outstanding shares of common stock of NSP and thus can exercise significant influence over NSP. NSP is a VIE and the Company has determined that it is not the primary beneficiary of NSP. The investment qualifies to be accounted for using the equity method. However, the Company elected the fair-value option in accordance with ASC 825-10-10 for NSP. The investment in NSP is a Level 3 asset in the fair value hierarchy and was initially measured using the entry price of the asset. The Company's valuation policy for common stock is to use readily available market prices on the relevant valuation date to the extent they are available. On a quarterly basis, the Company determines the value using widely accepted valuation techniques. A bottoms up approach was used by valuing the wholly-owned self-storage assets in aggregate and development loans individually. In this bottoms-up approach, the discounted cash flow methodology is applied to the self-storage assets owned by NSP. Additionally, the income approach is used to determine the fair value of the development loans owned by NSP whereby contractual cash flows are discounted at observable market discount rates. In addition, as a secondary check for reasonableness, a top down approach was applied whereby observable market terminal capitalization rates and discount rates are applied to the consolidated NSP cash flows. The valuation relies primarily on the bottoms-up approach, but uses the top down approach to corroborate the bottoms-up conclusion with a reasonable precision. The Company owned approximately 6.36% of the total outstanding shares of common stock of the Private REIT as of December 31, 2022. The Company elected the fair-value option in accordance with ASC 825-10-10 for the Private REIT. The investment in the Private REIT is a Level 3 asset in the fair value hierarchy and was initially measured using the convertible notes conversion share price of $17.50. On April 14, 2022, the two convertible notes converted into 1,394,213 shares or $25.0 million of common stock in the Private REIT, the parent company of the borrower under the convertible notes. As of December 31, 2022, the Company valued this investment based on the Private REIT's recent transaction price of $20.00 per share. The following table presents the common stock investments as of December 31, 2022 and December 31, 2021, respectively (in thousands, except share amounts): Shares Fair Value Investment Investment Date Property Type December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Common Stock NexPoint Storage Partners 11/6/2020 Self-storage 41,963 41,963 $ 50,380 $ 58,460 Private REIT 4/14/2022 Ground lease 1,394,213 — 27,884 — The following tables present the CMBS I/O Strips, MSCR Notes and mortgage backed securities as of December 31, 2022 and December 31, 2021, respectively (in thousands): 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 $ 1,807 Multifamily 2.02 % 14.56 % 9/25/2046 CMBS I/O Strip 8/6/2020 18,364 Multifamily 2.98 % 15.98 % 6/25/2030 CMBS I/O Strip 4/28/2021 (2) 5,676 Multifamily 1.59 % 15.52 % 1/25/2030 CMBS I/O Strip 5/27/2021 3,693 Multifamily 3.39 % 15.73 % 5/25/2030 CMBS I/O Strip 6/7/2021 455 Multifamily 2.31 % 18.91 % 11/25/2028 CMBS I/O Strip 6/11/2021 (3) 4,188 Multifamily 1.19 % 13.34 % 5/25/2029 CMBS I/O Strip 6/21/2021 1,117 Multifamily 1.18 % 16.77 % 5/25/2030 CMBS I/O Strip 8/10/2021 2,445 Multifamily 1.89 % 15.87 % 4/25/2030 CMBS I/O Strip 8/11/2021 1,333 Multifamily 3.10 % 13.74 % 7/25/2031 CMBS I/O Strip 8/24/2021 250 Multifamily 2.61 % 14.44 % 1/25/2031 CMBS I/O Strip 9/1/2021 3,726 Multifamily 1.92 % 15.03 % 6/25/2030 CMBS I/O Strip 9/11/2021 3,822 Multifamily 2.95 % 13.70 % 9/25/2031 Total $ 46,876 2.46 % 15.32 % MSCR Notes MSCR Notes 5/25/2022 4,019 Multifamily 13.02 % 13.02 % 5/25/2052 MSCR Notes 5/25/2022 4,988 Multifamily 10.02 % 10.02 % 5/25/2052 MSCR Notes 9/23/2022 1,306 Multifamily 10.37 % 11.40 % 11/25/2051 Total $ 10,313 11.23 % 11.36 % Mortgage Backed Securities Mortgage Backed Securities 6/1/2022 9,638 Single-Family 7.08 % 7.39 % 4/17/2026 Mortgage Backed Securities 6/1/2022 8,966 Single-Family 4.87 % 5.08 % 11/19/2025 Mortgage Backed Securities 7/28/2022 526 Single-Family 6.23 % 6.33 % 10/17/2027 Mortgage Backed Securities 7/28/2022 819 Single-Family 3.60 % 4.23 % 6/20/2028 Mortgage Backed Securities 9/12/2022 4,473 Multifamily 9.29 % 9.27 % 1/25/2031 Mortgage Backed Securities 9/29/2022 7,906 Self Storage 9.57 % 9.59 % 9/15/2027 Total $ 32,328 7.28 % 7.45 % (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 $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. Investment Investment Date Carrying Value Property Type Interest Rate Current Yield (1) Maturity Date CMBS I/O Strips CMBS I/O Strip 5/18/2020 $ 2,356 Multifamily 2.02 % 14.47 % 9/25/2046 CMBS I/O Strip 8/6/2020 8,383 Multifamily 0.10 % 14.67 % 6/25/2030 CMBS I/O Strip 8/6/2020 23,188 Multifamily 2.98 % 14.48 % 6/25/2030 CMBS I/O Strip 4/28/2021 (2) 7,274 Multifamily 1.59 % 13.88 % 1/25/2030 CMBS I/O Strip 5/27/2021 4,781 Multifamily 3.38 % 14.16 % 5/25/2030 CMBS I/O Strip 6/7/2021 589 Multifamily 2.31 % 16.56 % 11/25/2028 CMBS I/O Strip 6/11/2021 (3) 6,424 Multifamily 1.26 % 13.57 % 5/25/2029 CMBS I/O Strip 6/21/2021 1,850 Multifamily 1.20 % 17.02 % 5/25/2030 CMBS I/O Strip 8/10/2021 3,246 Multifamily 1.89 % 14.30 % 4/25/2030 CMBS I/O Strip 8/11/2021 1,697 Multifamily 3.10 % 12.55 % 7/25/2031 CMBS I/O Strip 8/24/2021 317 Multifamily 2.61 % 13.14 % 1/25/2031 CMBS I/O Strip 9/1/2021 4,827 Multifamily 1.92 % 13.53 % 6/25/2030 CMBS I/O Strip 9/11/2021 4,884 Multifamily 2.95 % 12.55 % 9/25/2031 Total $ 69,816 (1) Current yield is the annualized income earned divided by the cost basis of the investment (2) The Company, through the Subsidiary OPs, purchased approximately $50.0 million and $15.0 million aggregate notional amount of the X1 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 $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 and September 29, 2021, respectively. The following table presents activity related to the Company’s CMBS I/O Strips, MSCR notes and mortgage-backed securities (in thousands): For the Year Ended December 31, 2022 2021 Net interest earned $ 5,668 $ 3,052 Change in unrealized gain (loss) on CMBS structured pass-through certificates (12,664) (483) Realized gain on CMBS structured pass-through certificates — 484 Change in unrealized gain (loss) on MSCR notes (53) — Change in unrealized (loss) on mortgage backed securities (1,230) — Total $ (8,279) $ 3,053

Bridge Loan

Bridge Loan	12 Months Ended
	Dec. 31, 2022
Receivables [Abstract]
Bridge Loan	Loans Held for Investment, Net 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 December 31, 2022 and December 31, 2021, respectively (dollars in thousands): Weighted Average Loan Type Outstanding Carrying Value (1) Loan Count Fixed Rate (2) Coupon (3) Life (years) (4) December 31, 2022 Mortgage loans, held-for-investment $ 688,046 $ 726,531 15 100.00 % 4.81 % 5.36 Mezzanine loans, held-for-investment 163,021 165,182 23 63.99 % 10.42 % 5.39 Preferred equity, held-for-investment 91,382 90,965 10 67.69 % 11.51 % 2.76 $ 942,449 $ 982,678 48 90.64 % 6.43 % 5.11 (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 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. Weighted Average Loan Type Outstanding 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 outstanding face amount. (4) 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. For the years ended December 31, 2022 and 2021, the loan and preferred equity portfolio activity was as follows (in thousands): For the Year Ended December 31, 2022 2021 Balance at December 31, $ 1,088,881 $ 1,045,891 Originations 110,502 117,727 Proceeds from principal repayments (178,990) (62,991) Conversion of convertible bonds to common stock (25,000) — PIK distribution reinvested in Preferred Units 715 91 Amortization of loan premium, net (1) (13,261) (10,907) Loan loss provision (169) (189) Realized losses — (741) Balance at December 31, $ 982,678 $ 1,088,881 (1) Includes net amortization of loan purchase premiums. As of December 31, 2022 and December 31, 2021, there were $40.9 million and $55.0 million of unamortized premiums on loans, held-for-investment, net, respectively, on the Consolidated Balance Sheets. As discussed in Note 2, the Company evaluates loans classified as held-for-investment on a loan-by-loan basis every quarter. In conjunction with the review of the portfolio, the Company assesses the risk factors of each loan and assign a risk rating based on a variety of factors. Loans are rated “1” through “5,” from least risk to greatest risk, respectively. See Note 2 for a more detailed discussion of the risk factors and ratings. The following tables allocate the principal balance and net book value of the loan portfolio based on our internal risk ratings (dollars in thousands): December 31, 2022 Risk Rating Number of Loans Carrying Value % of Loan Portfolio 1 — $ — — 2 — — — 3 48 982,678 100.00 % 4 — — — 5 — — — 48 $ 982,678 100.00 % December 31, 2021 Risk Rating Number of Loans Carrying Value % of Loan Portfolio 1 — $ — — 2 — — — 3 51 1,088,881 100.00 % 4 — — — 5 — — — 51 $ 1,088,881 100.00 % As of December 31, 2022, all 48 loans held-for-investment in our portfolio were rated “3,” or “Satisfactory” based on the factors assessed by the Company and discussed in Note 2. The following tables present the geographies and property types of collateral underlying the Company’s loans held-for-investment as a percentage of the loans’ face amounts. Geography December 31, 2022 December 31, 2021 Georgia 34.04 % 38.93 % Florida 19.34 % 16.90 % Texas 11.21 % 7.74 % Nevada 0.30 % * Maryland 5.59 % 5.66 % Minnesota 6.97 % 4.86 % California 4.66 % 2.53 % Alabama 3.81 % 3.35 % North Carolina 2.65 % 2.23 % Arkansas 1.42 % * Missouri 0.95 % 1.19 % New Jersey * 2.83 % Connecticut * 2.87 % Other (17 and 19 states each at <1%) 9.06 % 10.91 % 100.00 % 100.00 % * Included in "Other." Collateral Property Type December 31, 2022 December 31, 2021 Single Family Rental 72.26 % 76.15 % Multifamily 23.11 % 20.32 % Life Science 2.85 % 3.53 % Self-Storage 1.79 % — % 100.00 % 100.00 %

Real Estate Investments, net

Real Estate Investments, net	12 Months Ended
	Dec. 31, 2022
Real Estate Investments, Net [Abstract]
Real Estate Investments, net	Real Estate Investments, netOn December 31, 2021, the Company acquired a 204-unit multifamily property in Charlotte, North Carolina (Hudson Montford). As of December 31, 2022, the property was 96.1% occupied compared to 95.6% as of December 31, 2021 with effective rent per occupied unit of $1,663 per month as of December 31, 2022 compared to $1,526 per month as of December 31, 2021. On February 1, 2022, the Company acquired a 368-unit multifamily property in Las Vegas, Nevada (Elysian at Hughes Center). As of December 31, 2022, the property was 94.0% occupied with effective rent per occupied unit of $1,927 per month as of December 31, 2022. The Company does not expect to maintain a common equity interest in this property and through an expected restructuring subsequent to December 31, 2022, the investment is expected to be deconsolidated and presented solely as a preferred equity investment in 2023. As of December 31, 2022, the major components of the Company's investments in multifamily properties were as follows (in thousands): Real Estate Investments, Net Land Buildings and Intangible Lease Construction in Progress Furniture, Totals Hudson Montford $ 10,996 $ 49,831 $ — $ 2 $ 602 $ 61,431 Elysian at Hughes (1) 25,590 160,141 — — — 185,731 Accumulated depreciation and amortization — (1,752) — — (188) (1,940) Total Real Estate Investments, Net $ 36,586 $ 208,220 $ — $ 2 $ 414 $ 245,222 (1) Elysian at Hughes is classified as held for sale and is not depreciated. The Company sold common interests in the entity that owns the property to third-party investors throughout 2022. Elysian at Hughes is subject to mortgage debt with an outstanding principal balance of approximately $89.6 million As of December 31, 2021, the major components of the Company's investments in multifamily properties were as follows (in thousands): Real Estate Investment, Net Land Buildings and Intangible Lease Construction in Progress Furniture, 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 years ended December 31, 2022 and December 31, 2021 for our multifamily properties (in thousands): For the Year Ended December 31, 2022 2021 Revenues Rental income $ 11,116 $ 10 Other income 1,286 — Total revenues 12,402 10 Expenses Interest expense 4,183 2 Real estate taxes and insurance 1,493 1 Property operating expenses 2,548 6 Property general and administrative expenses 366 12 Property management fees 301 — Depreciation and amortization 2,895 — Rate cap (income) expense (1,014) 29 Debt service bridge 626 — Total expenses 11,398 50 Net income (loss) from consolidated real estate owned $ 1,004 $ (40)

Debt

Debt	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt The following table summarizes the Company’s financing arrangements in place as of December 31, 2022 (dollars in thousands): December 31, 2022 Facility Collateral Date issued Outstanding Carrying Final stated Weighted Weighted Outstanding Amortized cost basis Carrying Weighted Master Repurchase Agreements CMBS Mizuho(4) 4/15/2020 $ 331,020 $ 331,020 N/A (5) 5.83 % 0.2 $ 974,440 $ 543,919 $ 539,736 7.0 Asset Specific Financing Single Family Rental loans Freddie Mac 7/12/2019 628,633 628,633 7/12/2029 2.35 % 5.4 688,046 726,531 726,531 5.4 Mezzanine loans Freddie Mac 10/20/2020 59,252 59,252 8/1/2031 0.30 % 7.3 105,817 108,390 108,390 7.3 Multifamily property CBRE 12/31/2021 32,480 32,176 6/1/2028 (6) 5.80 % 5.4 N/A 59,491 59,491 5.4 CBRE 2/1/2022 89,634 89,060 2/1/2032 3.52 % 9.1 N/A 185,731 185,731 9.1 Unsecured Financing Various 10/15/2020 36,500 35,530 10/25/2025 7.50 % 2.8 N/A N/A N/A 2.8 Various 4/20/2021 165,000 162,930 4/15/2026 5.75 % 3.3 N/A N/A N/A N/A Various 10/18/2022 6,500 6,500 10/18/2027 7.50 % 4.8 N/A N/A N/A N/A Total/weighted average $ 1,349,019 $ 1,345,101 3.85 % 4.1 $ 1,768,303 $ 1,624,062 $ 1,619,879 6.4 (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, MSCR Notes and mortgage backed securities. (5) The master repurchase agreement with Mizuho does not have a stated maturity date. The transactions in place have a one-month to two-month tenor and are expected to roll accordingly. (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 months of the term. The following table summarizes the Company’s financing arrangements in place as of December 31, 2021 (dollars in thousands): December 31, 2021 Facility Collateral Date issued Outstanding Carrying Final stated Weighted Weighted Outstanding Amortized cost basis Carrying Weighted 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 % 4.8 $ 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 amortized cost. (4) On April 15, 2020, three of our subsidiaries entered into a master repurchase agreement with Mizuho Securities (“Mizuho”). Borrowings under these repurchase agreements are collateralized by portions of the CMBS B-Pieces and CMBS I/O Strips. (5) The master repurchase agreement with Mizuho does not have a stated maturity date. The transactions in place have a one-month to two-month tenor and are expected to roll accordingly. (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 months of the term. Prior to the Formation Transaction, two of our subsidiaries entered into a loan and security agreement dated, July 12, 2019, with Freddie Mac (the “Credit Facility”). Under the Credit Facility, these entities borrowed approximately $788.8 million in connection with their acquisition of senior pooled mortgage loans backed by SFR properties (the “Underlying Loans”). No additional borrowings can be made under the Credit Facility, and our obligations will be secured by the Underlying Loans. The Credit Facility is guaranteed by certain members of the Contribution Group and the OP. The guarantors are subject to minimum net worth and liquidity covenants. The Credit Facility continues to be guaranteed by members of the Contribution Group and the OP as of December 31, 2022. The Credit Facility was assumed by the Company as part of the Formation Transaction at carrying value which approximated fair value. As such, the remaining outstanding balance of $788.8 million was contributed to the Company on February 11, 2020 . Our borrowings under the Credit Facility will mature on July 12, 2029 . However, if an Underlying Loan matures or is paid off prior to July 12, 2029, the Company will be required to repay the portion of the Credit Facility that is allocated to that loan. As of December 31, 2022, the outstanding balance on the Credit Facility was $628.6 million. We, through the Subsidiary OPs, have borrowed approximately $331.0 million under our repurchase agreements and posted $974.4 million par value of our CMBS B-Piece, CMBS I/O Strip, MSCR Notes and mortgage backed security investments as collateral as of December 31, 2022. The CMBS B-Pieces, CMBS I/O Strips, MSCR Notes and mortgage backed securities held as collateral are illiquid and irreplaceable in nature. These assets are restricted solely to satisfy the interest and principal balances owed to the lender. On October 15, 2020, the OP issued 7.50% Senior Unsecured Notes (the “OP Notes”) for an aggregate principal amount of $36.5 million and a coupon rate of 7.50%. The OP Notes are due October 15, 2025 and were sold at approximately 99% of par value for proceeds of approximately $36.1 million before offering costs. Additionally, the OP Notes are fully guaranteed by the Company in the event that the OP cannot satisfy the obligations of the OP Notes. As of December 31, 2022, any action required under the guaranty is considered remote. On October 20, 2020, the Company acquired a portfolio of 18 mezzanine loans with an aggregate principal amount outstanding of approximately $97.9 million and a weighted average fixed interest rate of 7.54% for a price of 102% of the outstanding principal amount plus accrued interest of $0.3 million. Freddie Mac provided seller financing of approximately $59.9 million with a weighted average fixed interest rate of 0.30%. Proceeds from the OP Notes offering and cash on hand were used to fund the remainder of the purchase price. On April 20, 2021, the Company issued $75.0 million in aggregate principal amount of its 5.75% Senior Unsecured Notes due 2026 (the “5.75% Notes”) at a price equal to 99.5% of par value for proceeds of approximately $73.1 million after original issue discount and underwriting fees. On December 20, 2021, the Company issued an additional $60.0 million aggregate principal amount of its 5.75% Notes at a price equal to 102.8% par value, including accrued interest, for proceeds of approximately $60.9 million after original issue discount and underwriting fees. On January 25, 2022, the Company issued an additional $35.0 million aggregate principal amount of its 5.75% Notes at a price equal to 100.9% par value, including accrued interest, for proceeds of approximately $35.1 million after original issue discount and underwriting fees. On May 20, 2022, the Company purchased $3.0 million aggregate principal amount of its 5.75% Notes at a price equal to 96.3% par value, including accrued interest, for approximately $2.9 million. The purchased 5.75% Notes were cancelled upon settlement. On June 30, 2022, the Company purchased $2.0 million aggregate principal amount of its 5.75% Notes at a price equal to 96.5% par value, including accrued interest, for approximately $2.0 million. The purchased 5.75% Notes were cancelled upon settlement. As of December 31, 2022, the outstanding principal balances related to the SFR Loans and levered mezzanine loans consisted of the following (dollars in thousands): Investment Investment Date Outstanding Principal Balance (1) Location Property Type Interest Type Interest Rate Maturity Date SFR Loans Senior loan 2/11/2020 $ 465,690 Various Single-family Fixed 2.24 % 9/1/2028 Senior loan 2/11/2020 46,094 Various Single-family Fixed 2.14 % 10/1/2025 Senior loan 2/11/2020 34,528 Various Single-family Fixed 2.70 % 11/1/2028 Senior loan 2/11/2020 9,293 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 8,828 Various Single-family Fixed 3.51 % 2/1/2028 Senior loan 2/11/2020 8,805 Various Single-family Fixed 3.30 % 10/1/2028 Senior loan 2/11/2020 8,007 Various Single-family Fixed 3.14 % 1/1/2029 Senior loan 2/11/2020 6,778 Various Single-family Fixed 2.98 % 2/1/2029 Senior loan 2/11/2020 5,947 Various Single-family Fixed 2.99 % 3/1/2029 Senior loan 2/11/2020 5,513 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 5,015 Various Single-family Fixed 2.64 % 10/1/2028 Senior loan 2/11/2020 4,770 Various Single-family Fixed 2.48 % 8/1/2023 Senior loan 2/11/2020 4,735 Various Single-family Fixed 2.97 % 1/1/2029 Total $ 628,633 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 % (1) Outstanding principal balance represents the total repurchase agreement balance outstanding as of December 31, 2022. For the years ended December 31, 2022 and 2021, the activity related to the carrying value of the master repurchase agreements, secured financing agreements and unsecured financing were as follows (in thousands): For the Year Ended December 31, 2022 2021 Balances as of December 31, $ 1,273,355 $ 1,036,878 Principal borrowings 260,937 339,137 Principal repayments (184,848) (103,212) Repurchase of unsecured notes (4,829) — Accretion of discounts 790 552 Amortization of deferred financing costs 48 — Balances as of December 31, $ 1,345,453 $ 1,273,355 Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to December 31, 2022 are as follows (in thousands): Year Recourse Non-recourse Total 2023(1) $ — $ (335,790) $ (335,790) 2024 — (5,513) (5,513) 2025 (36,500) (46,094) (82,594) 2026 (197,480) (9,284) (206,764) 2027 (6,500) — (6,500) Thereafter — (711,858) (711,858) $ (240,480) $ (1,108,539) $ (1,349,019) (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.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments 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 establishes a fair-value hierarchy that distinguishes between market-participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market-participant assumptions (unobservable inputs classified within Level 3 of the hierarchy): • Level 1 inputs are adjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. • Level 2 inputs are other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar instruments in active markets and inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves, that are observable at commonly quoted intervals. • Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, related market activity for the asset or liability. 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 enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing and duration of the Company’s known or expected cash payments principally related to the Company’s borrowings. In order to minimize counterparty credit risk, the Company enters into and expects to enter into hedging arrangements only with major financial institutions that have high credit ratings. The Company utilizes an independent third party to perform the market valuations on its derivative financial instruments. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair values of interest rate caps are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both the Company’s own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of the Company’s derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with the Company’s derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has determined that the significance of the impact of the credit valuation adjustments made to its derivative contracts, which determination was based on the fair value of each individual contract, was not significant to the overall valuation. As a result, all of the Company’s derivatives held as of December 31, 2022 and 2021 were classified as Level 2 of the fair value hierarchy. 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, the Company, through a subsidiary, entered into a $32.5 million interest rate cap agreement at a strike rate of 2.29% to hedge the variable cash flows associated with the Company's floating rate debt. The interest rate cap terminates on June 1, 2024. As of December 31, 2022, this interest rate cap had a fair value of approximately $1.1 million. Financial Instruments Carried at Fair Value See Note 2 and Notes 4 through 6 for additional information. Financial Instruments Not Carried at Fair Value 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 necessarily indicative of the amounts the Company would realize on the disposition of the financial instruments. The use of different market assumptions or estimation methodologies may have a material effect on the estimated fair value amounts. 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 inputs. 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 following tables present 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 carried at fair value as of December 31, 2021 and December 31, 2022, respectively (in thousands): 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 carried at fair value as of December 31, 2021 (in thousands): Fair Value Carrying Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 26,459 $ 26,459 $ — $ — $ 26,459 Restricted cash 6,773 6,773 — — 6,773 Real estate investments, net 62,269 62,269 — — 62,269 Loans, held-for-investment, net 241,517 — — 242,396 242,396 Common stock investment, at fair value 58,460 — — 58,460 58,460 Mortgage loans, held-for-investment, net 847,364 — — 849,455 849,455 Accrued interest and dividends 8,319 8,319 — — 8,319 Mortgage loans held in variable interest entities, at fair value 7,192,547 — 7,192,547 — 7,192,547 CMBS structured pass through certificates, at fair value 69,816 — 69,816 — 69,816 Accounts receivable and other assets 393 393 — — 393 $ 8,513,917 $ 104,213 $ 7,262,363 $ 1,150,311 $ 8,516,887 Liabilities Secured financing agreements, net $ 786,226 $ — $ — $ 809,586 $ 809,586 Master repurchase agreements 286,324 — — 286,324 286,324 Unsecured notes, net 168,325 — — 168,325 168,325 Mortgages payable, net 32,176 — — 32,176 32,176 Accounts payable and other accrued liabilities 3,903 3,903 — — 3,903 Accrued interest payable 3,985 3,985 — — 3,985 Bonds payable held in variable interest entities, at fair value 6,726,272 — 6,726,272 — 6,726,272 $ 8,007,211 $ 7,888 $ 6,726,272 $ 1,296,411 $ 8,030,571 The 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 carried at fair value as of December 31, 2022 (in thousands): Fair Value Carrying Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 20,048 $ 20,048 $ — $ — $ 20,048 Restricted cash 299 299 — — 299 Real estate investments, net 245,222 — — 245,222 245,222 Loans, held-for-investment, net 256,147 — — 255,254 255,254 Common stock investments, at fair value 78,264 — — 78,264 78,264 Mortgage loans, held-for-investment, net 726,531 — — 727,533 727,533 Accrued interest 15,665 15,665 — — 15,665 Mortgage loans held in variable interest entities, at fair value 6,720,246 — 6,720,246 — 6,720,246 CMBS structured pass-through certificates, at fair value 46,876 — 46,876 — 46,876 MSCR notes, at fair value 10,313 — 10,313 — 10,313 Mortgage backed securities, at fair value 32,328 — 32,328 — 32,328 Accounts receivable and other assets 2,197 2,197 — — 2,197 $ 8,154,136 $ 38,209 $ 6,809,763 $ 1,306,273 $ 8,154,245 Liabilities Secured financing agreements, net $ 687,885 $ — $ — $ 713,253 $ 713,253 Master repurchase agreements 331,020 — — 331,020 331,020 Unsecured notes, net 204,960 — 175,560 — 175,560 Mortgages payable, net 121,236 — — 121,236 121,236 Accounts payable and other accrued liabilities 6,231 6,236 — — 6,236 Accrued interest payable 7,986 7,986 — — 7,986 Bonds payable held in variable interest entities, at fair value 6,249,804 — 6,249,804 — 6,249,804 $ 7,609,122 $ 14,222 $ 6,425,364 $ 1,165,509 $ 7,605,095 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 Company's investment in the Private REIT was transferred out of level 2 to level 3 due to a lack of observable market data for the three months ended December 31, 2022. The following is a summary of significant unobservable inputs used in the fair valuation of the Company's Level 3 assets carried at fair value on the Consolidated Balance Sheets (dollars in thousands): Carrying Valuation Technique Unobservable Inputs Range Weighted Average Common stock investment, at fair value $ 50 Discounted cash flow Terminal cap rate 5.13% - 5.63% 5.38 % Discount rate 7.75% - 9.75% 8.75 % Common stock investment, at fair value 28 Recent transaction Yield 3.35% - 5.00% 3.81 % The table below reflects a summary of changes for the Company's Level 3 common stock assets carried at fair value on the Consolidated Balance Sheets for the year ended December 31, 2022. Balance as of 12/31/21 Change in Unrealized Gains /(Losses) Balance as of 12/31/22 Common stock investment, at fair value $ 58,460 $ (8,080) $ 50,380 Common stock investment, at fair value — — 27,884 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). The redemption value is based on the fair value of the Company’s common stock at the redemption date, and therefore, is calculated based on the fair value of the Company’s common stock at the balance sheet date. Since the valuation is based on observable inputs such as quoted prices for similar instruments in active markets, redeemable noncontrolling interests in the OP are classified as Level 2 if they are adjusted to their redemption value. At December 31, 2022, the redeemable noncontrolling interests in the OP are valued at their carrying value on the Consolidated Balance Sheets (see Note 13).

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders ’ Equity Common Stock For the year ended December 31, 2022, the Company issued 114,678 shares of common stock pursuant to its long-term incentive plan (see “Long Term Incentive Plan” below) and 531,728 shares of common stock pursuant to its at-the-market offering (see “At-the-Market Offering” below). As of December 31, 2022, the Company had 17,366,930 shares of common stock, par value $0.01 per share, issued and 17,079,943 shares of common stock, par value $0.01 per share, outstanding. Preferred Stock On July 24, 2020, the Company issued 2,000,000 shares of its 8.50% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”) at a price to the public of $24.00 per share, for gross proceeds of $48.0 million before deducting underwriting discounts and commissions of approximately $1.2 million and other offering expenses of approximately $0.8 million. The Series A Preferred Stock has a $25.00 per share liquidation preference. Share Repurchase Program On March 9, 2020, the Board authorized the Share Repurchase Program through which the Company could repurchase an indeterminate number of shares of our common stock at an aggregate market value of up to $10.0 million in shares of its common stock, par value $0.01 per share, during a two-year period that expired on March 9, 2022. On September 28, 2020, the Board authorized the expansion of the Share Repurchase Program to include the Company’s Series A Preferred Stock with the same period and repurchase limit. The Company was able to utilize various methods to affect the repurchases, and the timing and extent of the repurchases will depend upon several factors, including market and business conditions, regulatory requirements and other corporate considerations, including whether the Company’s common stock is trading at a significant discount to NAV per share. From inception through expiration, the Company repurchased 327,422 shares of its common stock, par value $0.01 per share, at a total cost of approximately $4.8 million, or $14.61 per share. These repurchased shares of common stock are classified as treasury stock and reduce the number of shares of the Company’s common stock outstanding and, accordingly, are considered in the weighted-average number of shares outstanding during the period. On March 3, 2021, the Company cancelled 40,435 shares of common stock, reducing the total classified as treasury stock to 286,987. Long Term Incentive Plan On January 31, 2020, the NexPoint Real Estate Finance, Inc. 2020 Long Term Incentive Plan (the “2020 LTIP”) was approved, and on May 7, 2020, the Company filed a registration statement on Form S-8 registering 1,319,734 shares of common stock, par value $0.01 per share, which the Company may issue pursuant to the 2020 LTIP. The 2020 LTIP authorizes the compensation committee of the Board to provide equity-based compensation in the form of stock options, appreciation rights, restricted shares, restricted stock units, performance shares, performance units and certain other awards denominated or payable in, or otherwise based on, the Company’s common stock or factors that may influence the value of the Company’s common stock, plus cash incentive awards, for the purpose of providing the Company’s directors, officers and other key employees (and those of the Manager and the Company’s subsidiaries), the Company’s non-employee directors, and potentially certain non-employees who perform employee-type functions, incentives and rewards for performance. Restricted Stock Units . Under the 2020 LTIP, restricted stock units may be granted to the Company’s directors, officers and other key employees (and those of the Manager and the Company’s subsidiaries) and typically vest over a three 2022 Number of Units Weighted Average Outstanding January 1, 2022 439,087 $ 15.97 Granted 276,940 19.85 Vested (135,778) (1) 19.39 Forfeited (2,889) 20.81 Outstanding December 31, 2022 577,360 $ 17.88 (1) Certain key employees of the Manager elected to net the taxes owed upon vesting against the shares issued resulting in 114,678 shares being issued as shown on the consolidated statements of stockholders' equity. The vesting schedule for the restricted stock units as of December 31, 2022 is as follows: Shares Vesting February May Total 2023 133,103 68,569 201,672 2024 120,638 68,564 189,202 2025 120,644 — 120,644 2026 65,842 — 65,842 Total 440,227 137,133 577,360 At-The-Market-Offering On March 31, 2021, the Company, the OP and the Manager entered into separate equity distribution agreements (the “2021 Equity Distribution Agreements”) with each of Raymond James & Associates, Inc. (“Raymond James”), Keefe, Bruyette & Woods, Inc., Robert W. Baird & Co. Incorporated and Virtu Americas LLC, pursuant to which the Company could issue and sell from time to time shares of the Company's common stock and Series A Preferred Stock having an aggregate sales price of up to $100.0 million (the “2021 ATM Program”). The 2021 Equity Distribution Agreements provided for the issuance and sale of common stock or Series A Preferred Stock by the Company through a sales agent acting as a sales agent or directly to the sales agent acting as principal for its own account at a price agreed upon at the time of sale. On December 16, 2021, the Company terminated each 2021 Equity Distribution Agreements. Sales of shares of common stock or Series A Preferred Stock under the 2021 ATM Program, if any, may have been made in transactions that are deemed to be “at the market” offerings, as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”), including, without limitation, sales made by means of ordinary brokers' transactions on the New York Stock Exchange (“NYSE”), to or through a market maker at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices based on prevailing market prices. The Company did not incur any termination penalties as a result of the 2021 Equity Distribution Agreements. As of the termination date, no Series A Preferred Stock had been sold through the 2021 ATM Program. The following table contains summary information of the 2021 ATM Program for sales from inception through the termination date: 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, the Company, the OP and the Manager entered into separate equity distribution agreements (the “2022 Equity Distribution Agreements”) with each of Raymond James, Keefe, Bruyette & Woods, Inc., Robert W. Baird & Co. Incorporated and Virtu Americas LLC, pursuant to which the Company could issue and sell from time to time shares of the Company's common stock and Series A Preferred Stock having an aggregate sales price of up to $100.0 million (the “2022 ATM Program”). The 2022 Equity Distribution Agreements provided for the issuance and sale of common stock or Series A Preferred Stock by the Company through a sales agent acting as a sales agent or directly to the sales agent acting as principal for its own account at a price agreed upon at the time of sale. As of December 31, 2022, pursuant to the 2022 Equity Distribution Agreements, the Company had sold 531,728 shares of its common stock and zero shares of Series A Preferred Stock for total gross sales of $12.6 million. Sales of shares of common stock or Series A Preferred Stock under the 2022 ATM Program, if any, may be made in transactions that are deemed to be “at the market” offerings, as defined in Rule 415 under the Securities Act including, without limitation, sales made by means of ordinary brokers' transactions on the NYSE, to or through a market maker at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices based on prevailing market prices. The following table contains summary information of the 2022 ATM Program since its inception through December 31, 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 888,249 Net Proceeds 11,498,589 Average Price Per Share, net $ 21.62 Noncontrolling Interest in Subsidiary On April 1, 2021, a subsidiary of one of the Subsidiary OPs (such subsidiary, the “REIT Sub”) closed its issuance of 125 preferred membership units of the REIT Sub (the “Preferred Membership Units”) at a price of $1,000 per unit, for gross proceeds of approximately $0.1 million, net of offering costs and initial administrative expenses. Holders of Preferred Membership Units are entitled to receive distributions semiannually from the REIT Sub at a per annum rate equal to 12.0% of the total of the purchase price of $1,000 per unit plus accumulated and unpaid distributions. The Preferred Membership Units are generally redeemable by the REIT Sub at any time for $1,000 per unit plus accumulated and unpaid distributions and an additional redemption premium if the Preferred Membership Units are redeemed on or before December 31, 2023. The issuance of the 125 Preferred Membership Units is presented as “Noncontrolling interest in subsidiary” on the Consolidated Balance Sheets and Consolidated Statements of Stockholders’ Equity. Secondary Public Offering On August 18, 2021, the Company, the OP and the Manager entered into an underwriting agreement (the “Underwriting Agreement”) with Raymond James as representative of the several underwriters named therein (collectively, the “Underwriters”), pursuant to which the Company agreed to sell 2,000,000 shares of its common stock (the “Firm Shares”) at a public offering price of $21.00 per share. The Company also granted the Underwriters a 30-day option to purchase up to an additional 300,000 shares of its common stock (the “Option Shares”). The Firm Shares were issued on August 20, 2021. On September 8, 2021, the Underwriters partially exercised the option to purchase 59,700 Option Shares. The 59,700 Option Shares were issued on 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 annual meeting of the Company, the Company's stockholders approved the potential issuance of 13,758,905.9 shares of the Company's common stock to related parties in connection with the redemption of their OP Units or SubOP Units that may be redeemed for OP Units. On September 8, 2021, the Company redeemed approximately 1,479,132 OP Units and issued 1,479,132 shares of common stock to the redeeming unitholders. On January 7, 2022, the Company redeemed approximately 4,774,570 OP Units and issued 4,774,570 shares of common stock to the redeeming unitholders. On February 14, 2022, the Company redeemed approximately 395,033 OP Units and issued 395,033 shares of common stock to the redeeming unitholders. On December 23, 2022, the Company redeemed 2,100,000 OP Units and issued 2,100,000 shares of common stock to the redeeming unitholders. As of December 31, 2022, the Company had issued 8,748,735 shares of the Company’s common stock to redeeming unitholders. Dividends The Board declared a dividend to preferred stockholders of $0.53125 per share on December 15, 2022, which was paid on January 25, 2023, to preferred stockholders of record as of January 13, 2023.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share 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 LTIP. 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 included in the calculation of earnings (loss) per share. 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 Year Ended December 31, 2022 2021 2020 Net income attributable to common stockholders $ 3,234 $ 39,577 $ 11,099 Earnings for basic computations Net income (loss) attributable to redeemable noncontrolling interests 4,969 40,387 21,323 Net income for diluted computations $ 8,203 $ 79,964 $ 32,422 Weighted-average common shares outstanding Average number of common shares outstanding - basic 14,686 6,601 5,206 Average number of unvested restricted stock units 571 444 172 Average number of OP Units and SubOP Units 7,218 13,321 13,270 Average number of common shares outstanding - diluted 22,475 20,366 18,648 Earnings per weighted average common share: Basic $ 0.22 $ 6.00 $ 2.13 Diluted (1) $ 0.22 $ 3.93 $ 1.74

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2022
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Redeemable Noncontrolling Interests in the OP Interests in the OP held by limited partners are represented by OP Units. As of December 31, 2022, the Company holds the majority economic interests in the OP. Net income is allocated to holders of OP Units based upon net income attributable to common stockholders and the weighted-average number of OP Units outstanding to total common shares plus OP Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to OP Units in accordance with the terms of the partnership agreement of the OP. Each time the OP distributes cash to the Company, limited partners of the OP receive their pro-rata share of the distribution. 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. Pursuant to the second amended and restated partnership agreement of the OP (the “OP LPA”), limited partners holding OP Units have the right to cause the OP to redeem their units at a redemption price equal to and in the form of the Cash Amount (as defined in the OP LPA), provided that such OP Units have been outstanding for at least one year. The Company may, in its sole discretion, purchase the OP Units by paying to the limited partner either the Cash Amount or the REIT Shares Amount (generally one share of common stock of the Company for each OP Unit, subject to adjustment) as defined in the OP LPA. Notwithstanding the foregoing, a limited partner will not be entitled to exercise its redemption right to the extent the issuance of the Company’s common stock to the redeeming limited partner would (1) be prohibited, as determined in the Company’s sole discretion, under the Company’s charter or (2) cause the acquisition of common stock by such redeeming limited partner to be “integrated” with any other distribution of the Company’s common stock for purposes of complying with the Securities Act. Accordingly, the Company records the OP Units held by noncontrolling limited partners outside of permanent equity and reports the OP Units at the greater of their carrying value or their redemption value using the Company’s stock price at each balance sheet date. 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 consecutive trading days (the “Ten Day VWAP”) immediately preceding the date on which the general partner of the OP receives a notice of redemption from the limited partner, or the first business day thereafter (the “Valuation Date”). The Ten Day VWAP calculated based on a Valuation Date of December 31, 2022 was $16.85, and there were 5,038,382 OP Units outstanding other than those held by the Company. Assuming that (1) the Ten Day VWAP exceeded the NAV, (2) all OP unitholders exercised their right to cause the OP to redeem all of their OP Units with a Valuation Date of December 31, 2022, and (3) the Company then elected to purchase all of the OP Units by paying the Cash Amount, the Company would have paid $84.9 million in cash consideration to redeem the OP Units. On September 8, 2021, the general partner of the OP executed the OP LPA for the purposes of creating a board of directors of the OP (the “Partnership Board”) and subdividing and reclassifying the outstanding OP Units into Class A, Class B and Class C OP Units. The OP LPA generally provides that the newly created Class A OP Units and Class B OP Units each have 50.0% of the voting power of the OP Units, including with respect to the election of directors to and removal of directors from the Partnership Board, and that the Class C OP Units have no voting power. The reclassification of the OP Units did not have a material effect on the economic interests of the holders of OP Units. In connection with the adoption of the OP LPA, the OP Units held by the Company were reclassified into Class A OP Units, the OP Units held by a subsidiary of NexPoint Diversified Real Estate Trust were reclassified into Class B OP Units and the remaining OP Units were reclassified into Class C OP Units. The Partnership Board of the OP has exclusive authority to select, remove and replace the general partner of the OP and no other authority. The Partnership Board may replace the general partner of the OP at any time. Pursuant to the terms of the OP LPA, the Company appointed Brian Mitts as the sole initial director of the Partnership Board. The number of directors on the Partnership Board is initially one but may be increased by following the affirmative vote or consent of the majority of the voting power of the OP Units (the “Requisite Approval”). The election of directors to and removal of directors from the Partnership Board also requires the Requisite Approval. As of December 31, 2022, the Company owns 83.36% of the OP Units representing 100% of the Class A OP Units. See Note 13 for additional disclosures regarding redemption of OP Units. The following table sets forth the redeemable noncontrolling interests in the OP (reflecting the OP’s consolidation of the Subsidiary OPs) for the years ended December 31, 2022, 2021, and 2020 (in thousands): For the Year Ended December 31, 2022 2021 2020 Redeemable noncontrolling interests in the OP, December 31, $ 261,423 $ 275,670 $ — Contributions from redeemable noncontrolling interests in the OP — — 273,410 Net income attributable to redeemable noncontrolling interests in the OP 4,969 40,387 21,323 Redemption of redeemable noncontrolling interests in the OP (155,614) (32,393) — Distributions to redeemable noncontrolling interests in the OP (14,277) (22,241) (19,063) Redeemable noncontrolling interests in the OP, December 31, $ 96,501 $ 261,423 $ 275,670 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 OP Units Held by SubOP Units Held Combined December 31, 2022 17,079,943 5,038,382 — 22,118,325

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions 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 limited to: providing daily management for the Company, selecting and working with third-party service providers, formulating an investment strategy for the Company and selecting suitable investments, managing the Company’s outstanding debt and its interest rate exposure and determining when to sell assets. “Equity” means (a) the sum of (1) total stockholders’ equity immediately prior to the closing of the IPO, plus (2) the net proceeds received by the Company from all issuances of the Company’s equity securities in and after the IPO, plus (3) the Company’s cumulative Earnings Available for Distribution (“EAD”) (as defined below) from and after the IPO to the end of the most recently completed calendar quarter, (b) less (1) any distributions to the holders of the Company’s common stock from and after the IPO to the end of the most recently completed calendar quarter and (2) all amounts that the Company or any of its subsidiaries has paid to repurchase for cash the shares of the Company’s equity securities from and after the IPO to the end of the most recently completed calendar quarter. In the Company’s calculation of Equity, the Company will adjust its calculation of EAD to remove the compensation expense relating to awards granted under one or more of its long-term incentive plans that is added back in the calculation of EAD. Additionally, for the avoidance of doubt, Equity does not include the assets contributed to the Company in the Formation Transaction. “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 otherwise included in net income (loss), excluding any unrealized gains or losses or other similar non-cash items that are included in net income (loss) for the applicable reporting period, regardless of whether such items are included in other comprehensive income (loss), or in net income (loss) and adding back amortization of stock-based compensation. Net income (loss) attributable to common stockholders may also be adjusted for the effects of certain GAAP adjustments and transactions that may not be indicative of the Company’s current operations, in each case after discussions between the Manager and the independent directors of the Board and approved by a majority of the independent directors of the Board. EAD has replaced our prior presentation of Core Earnings. 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 LTIP. “Offering Expenses” include all expenses (other than underwriters’ discounts) in connection with an offering of securities, including, without limitation, legal, accounting, printing, mailing and filing fees and other documented offering expenses. For the year ended December 31, 2022, there were no Offering Expenses that were paid on the Company's behalf for which the Company reimbursed the Manager. Connections at Buffalo Pointe Contribution On May 29, 2020, the OP entered into a contribution agreement (the “Buffalo Pointe Contribution Agreement”) with entities affiliated with executive officers of the Company and the Manager (the “BP Contributors”) whereby the BP Contributors contributed their respective preferred membership interests in NexPoint Buffalo Pointe Holdings, LLC (“Buffalo Pointe”), to the OP for total consideration of $10.0 million paid in OP Units. A total of 564,334 OP Units were issued to the BP Contributors, which was calculated by dividing the total consideration of $10.0 million by the combined book value of the Company’s common stock and the SubOP Units, on a per share or unit basis, as of the end of the first quarter, or $17.72 per OP Unit. Buffalo Pointe owns a stabilized multifamily property located in Houston, Texas with 92.0% occupancy as of December 31, 2022. The preferred equity investment pays current interest at a rate of 6.5%, deferred interest at a rate of 4.5%, has a loan-to-value ratio of 82.9% and a maturity date of 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-for-one basis, subject to adjustment, as provided and subject to the limitations in our OP LPA, provided the OP Units have been outstanding for at least one year and our stockholders have approved the issuance of shares of common stock to the BP Contributors. On May 11, 2021, our stockholders approved the issuance of such shares upon the exercise of the BP Contributors' redemption rights. RSU Issuance On May 8, 2020, in accordance with the 2020 LTIP, the Company granted 14,739 restricted stock units to its directors, on June 24, 2020, the Company granted 274,274 restricted stock units to its officers and other employees of the Manager, on November 2, 2020, the Company granted 1,838 restricted stock units to the sole member of the general partner of one of the Company’s subsidiaries, on February 22, 2021, the Company granted 233,385 restricted stock units to its directors, officers employees and certain key employees of the Manager and its affiliates, the Company granted 1,201 restricted stock units to the sole member of the general partner of one of the Company's subsidiaries, and on February 21, 2022, the Company granted 264,476 restricted stock units to its officers and other employees of the Manager and 12,464 restricted stock units to its directors. See Note 11 for additional disclosures. OP Unit Redemptions At the 2021 annual meeting of the Company, the Company's stockholders approved the potential issuance of 13,758,905.9 shares of the Company's common stock to related parties in connection with the redemption of their OP Units or SubOP Units that may be redeemed for OP Units. On September 8, 2021, the Company redeemed approximately 1,479,132 OP Units and issued 1,479,132 shares of common stock to the redeeming unitholders. On January 7, 2022, the Company redeemed approximately 4,774,570 OP Units and issued 4,774,570 shares of common stock to the redeeming unitholders. On February 14, 2022, the Company redeemed approximately 395,033 OP Units and issued 395,033 shares of common stock to the redeeming unitholders. On December 23, 2022, the Company redeemed 2,100,000 OP Units and issued 2,100,000 shares of common stock to the redeeming unitholders. 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 LTIP, together with reimbursement of operating expenses to the Manager, plus the Annual Fee, may not exceed 2.5% of equity book value (the “Expense Cap”) for any calendar year or portion thereof, provided, however, that this limitation will not apply to Offering Expenses, legal, accounting, financial, due diligence and other service fees incurred in connection with extraordinary litigation and mergers and acquisitions and other events outside the ordinary course of business or any out-of-pocket acquisition or due diligence expenses incurred in connection with the acquisition or disposition of certain real estate-related investments. For the year ended December 31, 2022, operating expenses did not exceed the Expense Cap. For the years ended December 31, 2022 and 2021, the Company incurred management fees of $3.2 million and $2.3 million, respectively. Notes Offering On April 20, 2021, the Company issued $75.0 million aggregate amount of its 5.75% Notes at a price equal to 99.5% par value for proceeds of approximately $73.1 million after original issue discount and underwriting fees. An account advised by NexAnnuity Asset Management, L.P., an affiliate of the Manager, purchased $2.5 million par value of the 5.75% Notes. Jernigan Capital Acquisition On November 6, 2020, a subsidiary of the Company and affiliates of our Manager completed a merger with Jernigan Capital, Inc., taking that entity private, and converting the Company’s preferred stock investment into common shares of NSP, the surviving entity. See Note 5 for additional disclosure regarding this investment. Elysian at Hughes Center Real Estate Investment On February 1, 2022, the Company, through a subsidiary (the “Trust”), purchased the Elysian at Hughes Center, a 368-unit multifamily property in Las Vegas, Nevada, for a total of $184.1 million. The Trust is managed by an affiliate of the Manager. Because the Company’s subsidiary is considered to be the primary beneficiary of this investment, the investment is consolidated in our financial statements and shown as Real Estate Investment, net on the balance sheet. Pursuant to an expected restructuring of the transaction subsequent to December 31, 2022, this investment is expected to be deconsolidated in 2023 and presented solely as a preferred equity investment. Bridge Loan On March 31, 2022, the Company, through one of the Subsidiary OPs, originated a bridge loan for $13.5 million. The bridge loan was secured by a development property in Las Vegas, Nevada, and was used by the borrower to finance the acquisition of the property prior to obtaining construction financing. The loan bore interest at a rate of 1.50% plus the WSJ Prime Rate and was set to mature on October 1, 2022. On August 9, 2022, the bridge loan was paid off. The borrower under the bridge loan was a subsidiary of an entity advised by an affiliate of the Manager. NSP Guaranty On December 8, 2022 and in connection with a restructuring of NSP, the Company, through REIT Sub, together with the Co-Guarantors, as guarantors, entered into a Sponsor Guaranty Agreement in favor of Extra Space pursuant to which REIT Sub and the Co-Guarantors guaranteed obligations of NSP with respect to NSP’s newly created Series D Preferred Stock and two promissory notes in an aggregate principal amount of approximately $64.2 million issued to Extra Space. The guaranties by REIT Sub and the Co-Guarantors are capped at $97.6 million, which cap amount will be reduced as the guaranteed obligations of NSP are paid. Each of REIT Sub and the Co-Guarantors generally guaranteed the foregoing obligations of NSP up to the cap amount on a pro rata basis with respect to its percentage ownership of NSP’s common stock. The maximum liability of REIT Sub under the guaranties is approximately $83.8 million. As of December 31, 2022, the Company owns approximately 25.8% of the total outstanding shares of common stock of NSP. Convertible Promissory Note On October 18, 2022, the Company, through a subsidiary, borrowed $6.5 million from NFRO REIT Sub, LLC (the "Holder") and issued $6.5 million aggregate amount of a 7.50% note to the Holder maturing on October 18, 2027. Beginning on January 1, 2023 through June 30, 2027, the Holder may elect to convert all or any part of the outstanding principal and accrued but unpaid interest due, and all other amounts due and payable to the Holder thereunder or in connection therewith, into equity interests of an affiliate of the borrower.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Except as otherwise disclosed below, the Company is not aware of any contractual obligations, legal proceedings, or any other contingent obligations incurred in the normal course of business that would have a material adverse effect on our consolidated financial statements. On September 29, 2021, the Company, through one of the Subsidiary OPs, entered into an agreement to purchase up to $50.0 million in a new preferred equity investment (the “Preferred Units”) upon notice from the issuer. Subject to certain conditions, the Company may be required to purchase an additional $25.0 million of Preferred Units at the option of the issuer. The funds are expected to be used to capitalize special purpose limited liability companies (“PropCos”) to engage in sale-and-leaseback transactions and development transactions on life science real property. The Company funded $3.0 million on September 29, 2021, on November 8, 2021, the Company funded $30.0 million, on December 20, 2021 the Company funded $3.8 million, on January 14, 2022 the Company funded $0.9 million, on January 19, 2022, the Company funded $0.2 million, on January 27, 2022, the Company funded $18.5 million and on October 19, 2022, the Company funded $15.0 million . The Company may have the obligation to fund an additional $3.7 million by September 29, 2023 which the issuer may extend for up to two years at its option for an extension fee. The Preferred Units accrue distributions at a rate of 10.0% annually, compounded monthly. Distributions on the Preferred Units will be paid in cash with respect to stabilized PropCos and paid in kind with respect to unstabilized PropCos. The obligations of the issuer will be supported by a pledge of all equity units of the PropCos. All or a portion of the Preferred Units may be redeemed at any time for a redemption price equal to the purchase price of the Preferred Units to be redeemed plus any accrued and unpaid distributions thereon and a cash redemption fee. In addition, if the issuer experiences a change of control, the redemption price will also include a payment equal to the amount needed to achieve a multiple on invested capital equal to 1.25x for unstabilized PropCos and 1.10x for stabilized PropCos. As of December 31, 2022, the Company has not recorded any contingencies on its Consolidated Balance Sheets as the obligation to fund additional Preferred Units is considered remote for the period ended December 31, 2022. On December 8, 2022 and in connection with a restructuring of NSP, the Company, through REIT Sub, together with the Co-Guarantors, as guarantors, entered into a Sponsor Guaranty Agreement in favor of Extra Space pursuant to which REIT Sub and the Co-Guarantors guaranteed obligations of NSP with respect to NSP’s newly created Series D Preferred Stock and two promissory notes in an aggregate principal amount of approximately $64.2 million issued to Extra Space. The guaranties by REIT Sub and the Co-Guarantors are capped at $97.6 million, which cap amount will be reduced as the guaranteed obligations of NSP are paid. Each of REIT Sub and the Co-Guarantors generally guaranteed the foregoing obligations of NSP up to the cap amount on a pro rata basis with respect to its percentage ownership of NSP’s common stock. The maximum liability of REIT Sub under the guaranties is approximately $83.8 million. As of December 31, 2022, the Company owns approximately 25.8% of the total outstanding shares of common stock of NSP. As of December 31, 2022, the Company has not recorded any contingencies on its Consolidated Balance Sheets as the obligation under the guaranty is considered remote for the period ended December 31, 2022. The OP Notes previously described in Note 9 are fully guaranteed by the Company. As of December 31, 2022, there has been no indication that the OP will not be able to satisfy the terms of the OP Notes. The Company considers any action required under the guaranty to be remote.

Elysian at Hughes Center Immate

Elysian at Hughes Center Immaterial Error Correction (Unaudited)	12 Months Ended
	Dec. 31, 2022
Accounting Changes and Error Corrections [Abstract]
Elysian at Hughes Center Immaterial Error Correction (Unaudited)	Elysian at Hughes Center Immaterial Error Correction (Unaudited) We previously accounted for our investment in Elysian at Hughes Center as an unconsolidated preferred equity investment. However, subsequent to our last report, we determined that our accounting treatment was incorrect and that the investment should have been accounted for as a real estate investment owned by the Company beginning in the first quarter of 2022 and consolidated within the financial statements. Pursuant to the guidance of Staff Accounting Bulletin No. 99, Materiality, we concluded that the error was not material to any of our previously reported interim financial statements. However, we have revised our consolidated financial statements for the three months ended March 31, 2022, June 30, 2022 and September 30, 2022 to correct this error. The following tables set forth the as revised amounts for the key financial statement captions in the balance sheet and statement of operations as of and for the three months ended March 31, 2022, June 30, 2022 and September 30, 2022 (in thousands): Consolidated Balance Sheet ASSETS First Quarter Second Quarter Third Quarter Cash and cash equivalents $ 41,712 $ 59,449 $ 26,458 Restricted cash 499 1,602 4,723 Real estate investments, net 243,656 242,738 242,250 Loans, held-for-investment, net 264,783 211,730 237,038 Accrued interest and dividends 9,908 10,000 12,301 Accounts receivable and other assets 2,259 2,003 1,714 TOTAL ASSETS $ 8,163,933 $ 8,003,627 $ 8,414,853 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Bridge Loan 55,000 20,457 — Mortgages payable, net 121,080 121,092 121,104 Accounts payable and other accrued liabilities 6,945 8,800 6,899 Accrued interest payable — 4,756 9,336 Total Liabilities $ 7,657,150 $ 7,456,805 $ 7,871,597 Total Redeemable NCI 148,674 147,871 142,276 NCI in subsidiary 701 33,942 52,038 Total Stockholders' Equity less NCI in subsidiary 357,408 365,009 348,942 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 8,163,933 $ 8,003,627 $ 8,414,853 Consolidated Statement of Operations First Quarter Second Quarter Third Quarter Net interest income Interest income $ 31,133 $ 16,394 $ 14,893 Total net interest income $ 22,315 $ 7,287 $ 4,211 Other income (loss) Revenues from consolidated real estate owned 2,387 3,266 3,455 Total other income (loss) $ 1,814 $ 7,464 $ (7,521) Operating expenses Expenses from consolidated real estate owned 2,428 3,549 2,442 Total operating expenses $ 6,060 $ 7,277 $ 6,053 Net income (loss) 18,069 7,474 (9,363) Net (income) attributable to preferred shareholders (874) (882) (874) Net (income) loss attributable to redeemable noncontrolling interests (4,783) (2,186) 1,889 Net (income) loss attributable to noncontrolling interests in subsidiaries (6) (556) (941) Net income (loss) attributable to common stockholders $ 12,406 $ 3,850 $ (9,289)

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Preferred and Common Equity Investments On February 10, 2023, the Company, through one of the Subsidiary OPs, purchased $14.0 million of the preferred equity with respect to a multifamily property development located in Forney, Texas. The preferred equity investment provides a fixed 11% annual return, compounded monthly. Further, the Company purchased $0.5 million of common equity with respect to the same property. On February 24, 2023, the Company, through one of the Subsidiary OPs, purchased $11.2 million of preferred equity with respect to a multifamily property development located in Mechanicsville, Virginia. The preferred equity investment provides a fixed 11% annual return, compounded monthly. Further, the Company purchased $0.5 million of common equity with respect to the same property. On March 14, 2023, the Company, through one of the Subsidiary OPs, committed to fund $24.0 million of preferred equity with respect to a ground up construction horizontal multifamily property located in Surprise, Arizona. The preferred equity investment provides a floating annual return that is the greater of prime rate plus 5.0% or 11.25%, compounded monthly with a MOIC of 1.30x and 1.0% placement fee. Further, participation rights following the distribution of the Company's preferred return and return of capital, additional cash flow and net sale proceeds shall be distributed as follows: • 0% to the Company/100% to Issuer up to a 20.0% IRR • 10% to the Company/90% to Issuer thereafter Share Repurchase Program On February 22, 2023, the Board authorized a share repurchase program (the “2022 Share Repurchase Program”) through which the Company may repurchase an indeterminate number of shares of our common stock and Series A Preferred Stock at an aggregate market value of up to $20.0 million in shares of its common stock during a two-year period set to expire on February 22, 2025. The Company may utilize various methods to affect the repurchases, and the timing and extent of the repurchases will depend upon several factors, including market and business conditions, regulatory requirements and other corporate considerations, including whether the Company’s common stock is trading at a significant discount to NAV per share. Repurchases under this program may be discontinued at any time. The Company has not made any purchases under the 2022 Share Repurchase Program as of the date of this report. Dividends Declared The Board declared the first quarterly dividend of 2023 to common stockholders of $0.50 per share on February 22, 2023, which will be paid on March 31, 2023, to common stockholders of record on March 15, 2023. The Board also declared a special dividend to common stockholders of $0.185 per share on February 22, 2023, which will be paid on March 31, 2023, to common stockholders of record on March 15, 2023. The Board declared a dividend to preferred stockholders of $0.53125 per share on February 22, 2023, which will be paid on April 25, 2023, to preferred stockholders of record as of April 13, 2023. Mezzanine Loan On March 24, 2023, one of the Company's mezzanine loans was paid off for a total of $28.1 million, of which, $24.8 million was principal and $3.3 million was accrued interest. CMBS Acquisition

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. There have been no significant changes to the Company’s significant accounting policies during the year ended December 31, 2022. The accompanying consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission. 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 misleading.
Use of Estimates and Assumptions	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	Principles of ConsolidationThe 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. The Company first evaluates whether each entity is a variable interest entity (“VIE”). Under the VIE model, the Company consolidates an entity when it has power to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest. As of December 31, 2022, the Company has determined it must consolidate the OP and the Subsidiary OPs under the VIE model as it was determined the Company both controls the direct activities of the OP and Subsidiary OPs and possesses the right to receive benefits that could potentially be significant to the OP and Subsidiary OPs. The consolidated financial statements include the accounts of the Company and its subsidiaries, including the OP and its subsidiaries. The Company’s sole significant asset is its investment in the OP, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of the OP.
Variable Interest Entities	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 , defines the primary beneficiary as the party that has both (i) the power to direct the activities of the VIE that most significantly impact its economic performance, and (ii) the obligation to absorb losses and the right to receive benefits from the VIE which could be potentially significant. The Company considers its variable interests, as well as any variable interests of its related parties in making this determination. Where both of these factors are present, the Company is deemed to be the primary beneficiary, and it consolidates the VIE. Where either one of these factors is not present, the Company is not the primary beneficiary, and it does not consolidate the VIE.
CMBS Trusts	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.
Investment in subsidiaries	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 classes of OP Units: Class A, Class B and Class C. Class A OP Units and Class B OP Units each have 50.0% of the voting power of the OP Units and Class C OP Units have no voting power. Each Class A OP Unit, Class B OP Unit and Class C OP Unit otherwise represents substantially the same economic interest in the OP. The Company is the majority limited partner of the OP in terms of economic interests, holding approximately 83.36% of the OP Units in the OP as of December 31, 2022 which represent 100% of the Class A OP Units, and the OP GP must generally receive approval of the Board to take any actions. As such, the Company consolidates the OP. The Company consolidates the SPEs in which it has a controlling financial interest, as well as any VIEs where it is the primary beneficiary. All of the investments the SPEs own are consolidated in the consolidated financial statements. Generally, the assets of each entity can only be used to settle obligations of that particular entity, and the creditors of each entity have no recourse to the assets of other entities or the Company notwithstanding equity pledges various lenders may have in certain entities or guarantees provided by certain entities. As of December 31, 2022, there are no outstanding redeemable noncontrolling interests issued by the Subsidiary OPs.
Redeemable Noncontrolling Interests	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. This is presented as “Redeemable noncontrolling interests in the OP” on the Consolidated Balance Sheets and their share of “Net Income (Loss)” as “Net Income (Loss) attributable to redeemable noncontrolling interests” in the accompanying Consolidated Statements of Operations. The redeemable noncontrolling interests were initially measured at the fair value of the contributed assets in accordance with ASC 805-50. The redeemable noncontrolling interests will be adjusted to their redemption value if such value exceeds the carrying value of the redeemable noncontrolling interests. Capital contributions, distributions and profits and losses are allocated to the redeemable noncontrolling interests in accordance with the terms of the partnership agreements of the Subsidiary OPs and the OP.
Acquisition Accounting	Acquisition Accounting The Company accounts for the assets acquired in the Formation Transaction as asset acquisitions pursuant to ASC 805-50, rather than as business combinations. Substantially all of the fair value of the assets acquired are concentrated in a group of similar identifiable assets, i.e. the SFR Loans represent one acquisition of similar identifiable assets, and the acquisition of the CMBS B-Pieces represents an additional acquisition of similar identifiable assets. Additionally, there were no corresponding in-place workforce, servicing platforms or any other item that could be considered an input or process associated with these assets. As such, the SFR Loans and the CMBS B-Pieces do not constitute businesses as
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents are stated at cost, which approximates fair value. Substantially all amounts on deposit with major financial institutions exceed insured limits. From time to time, the Company may have to post cash collateral to satisfy margin calls due to changes in fair value of the underlying collateral subject to master repurchase agreements. This cash is listed as restricted cash on the Consolidated Balance Sheets. Restricted cash is also stated at cost, which approximates fair value.
Mortgage and Other Loans Held-For-Investment	Mortgage and Other Loans Held-For-Investment Loans that are held-for-investment are carried at their aggregate outstanding face amount, net of applicable (i) unamortized origination or acquisition premium and discounts, (ii) unamortized deferred fees and other direct loan origination costs, (iii) valuation allowance for loan losses and (iv) write-downs of impaired loans. The effective interest method is used to amortize origination or acquisition premiums and discounts and deferred fees or other direct loan origination costs. In general, an increase in prepayment rates accelerates the amortization of purchase premiums, thereby reducing the interest income earned on the assets. Conversely, discounts on such assets are accreted into interest income. In general, an increase in prepayment rates accelerates the accretion of purchase discounts, thereby increasing the interest income earned on the assets.
Purchase Price Allocation	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 . Acquisition costs are capitalized in accordance with FASB ASC 805. The allocation of total consideration, which is determined using inputs that are classified within Level 3 of the fair value hierarchy established by FASB ASC 820, Fair Value Measurement and Disclosures (“ASC 820”) (see Note 10), is based on management’s estimate of the property’s “as-if” vacant fair value and is calculated by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the total consideration to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, legal and other related costs, which the Company, as buyer of the property, did not have to incur to obtain the residents. If any debt is assumed in an acquisition, the difference between the fair value, which is estimated using inputs that are classified within Level 2 of the fair value hierarchy, and the face value of debt is recorded as a premium or discount and amortized as interest expense over the life of the debt assumed. 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 of the categories above depending on the type of renovation project and is depreciated over the estimated useful lives as described in the table above.
Secured Financing and Master Repurchase Agreements	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 and Revenue Recognition	Income Recognition Interest Income - Loans and mortgage loans held-for-investment, CMBS structured pass-through certificates, mortgage loans held in variable interest entities, bridge loans, MSCR Notes and mortgage backed securities where the Company expects to collect the contractual interest and principal payments are considered to be performing loans. The Company recognizes income on performing loans in accordance with the terms of the loan on an accrual basis. Interest income also includes amortization of loan premiums or discounts and loan origination costs and prepayment penalties. Realized Gain (Loss) on Investments - The Company recognizes the excess, or deficiency, of net proceeds received, less the carrying value of such investments, as realized gains or losses, respectively. The Company reverses cumulative, unrealized gains or losses previously reported in its Consolidated Statements of Operations with respect to the investment sold at the time of the sale. Revenue Recognition The Company owns two multifamily properties whereby its primary operations consist of rental income earned from its residents under lease agreements typically with terms of one year or less. See Note 8 for additional information regarding these multifamily properties. Rental income is recognized when earned. This policy effectively results in income recognition on the straight-line method over the related terms of the leases. The Company records an allowance to reflect revenue that may not be collectable. This is recorded through a provision for bad debts, which is included in rental income in the accompanying Consolidated Statements of Operations. Resident reimbursements and other income consist of charges billed to residents for utilities, carport and garage rental, pets and administrative, application and other fees and are recognized when earned. The Company implemented the provisions of Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”) as of December 31, 2021. The adoption of ASU 2014-09 did not have a material impact on the Company’s consolidated financial statements as a substantial portion of its revenue consists of rental income from leasing arrangements, which is specifically excluded from ASU 2014-09. In July 2018, the FASB issued ASU 2018-11, Leases – Targeted Improvements (“ASU 2018-11”), which provides entities with relief from the costs of implementing certain aspects of ASU 2016-02. ASU 2018-11 provides a practical expedient that allows lessors to not separate lease and non-lease components in a contract and allocate the consideration in the contract to the separate components if both (i) the timing and pattern of revenue recognition for the non-lease component and the related lease component are the same and (ii) the combined single lease component would be classified as an operating lease. The Company elected the practical expedient to account for lease and non-lease components as a single component in lease contracts where the Company is the lessor. The Company implemented the provisions of ASU 2018-11 and 2016-02, collectively Topic 842 Leases (“ASC 842”), effective January 1, 2022. The Company presents the disclosure of leases in the consolidated statements of operations and began presenting all rentals and reimbursements from tenants within revenues and expenses from consolidated real estate owned on the Consolidated Statements of Operations (Note 8).
Expense Recognition	Expense RecognitionInterest 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	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 (“ASC 310-10-35”). If the Company determines that it is probable that it will be unable to collect all amounts owed according to the contractual terms of a loan, impairment of that loan is indicated. If a loan is considered to be impaired, the Company will establish an allowance for loan losses, through a valuation provision in earnings that reduces carrying value of the loan to the present value of expected future cash flows discounted at the loan’s contractual effective rate or the fair value of the collateral, if repayment is expected solely from the collateral. For non-impaired loans with no specific allowance the Company determines an allowance for loan losses in accordance with ASC 450-20, Loss Contingencies (“ASC 450-20”), which represents management’s best estimate of incurred losses inherent in the portfolio at the balance sheet date, excluding impaired loans and loans carried at fair value. Management considers quantitative factors likely to cause estimated credit losses, including default rate and loss severity rates. The Company also evaluates qualitative factors such as macroeconomic conditions, evaluations of underlying collateral, trends in delinquencies and non-performing assets. Increases to (or reversals of) the allowance for loan loss are included in “Loan loss (provision)” on the accompanying Consolidated Statements of Operations. 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-point scale, our loans are rated “1” through “5,” from least risk to greatest risk, respectively, which ratings are defined as follows: 1 – Outperform – Materially exceeds performance metrics (for example, technical milestones, occupancy, rents, and net operating income) included in original or current credit underwriting and business plan; 2 – Exceeds Expectations – Collateral performance exceeds substantially all performance metrics included in original or current credit underwriting and business plan; 3 – Satisfactory – Collateral performance meets, or is on track to meet, underwriting; business plan is met or can reasonably be achieved; 4 – Underperformance – Collateral performance falls short of underwriting, material differences exist from business plan, or both; technical milestones have been missed; defaults may exist or may soon occur absent material improvement; and 5 – Risk of Impairment/Default – Collateral performance is significantly worse than underwriting; major variance from business plan; loan covenants or technical milestones have been breached; timely exit from loan via sale or refinancing is questionable. 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 days or more. Loans will be placed on nonaccrual status and considered non-performing when full payment of principal and interest is in doubt, which generally occurs when they become 120 days or more past-due unless the loan is both well secured and in the process of collection. Accrual of interest on individual loans is discontinued when management believes that, after considering economic and business conditions and collection efforts, the borrower’s financial condition is such that collection of interest is doubtful. Our policy is to cease accruing interest when a loan’s delinquency exceeds 120 days. All interest accrued but not collected for loans that are placed on nonaccrual status or subsequently charged-off are reversed against interest income. Income is subsequently recognized on the cash basis until, in management’s judgment, the borrower’s ability to make periodic principal and interest payments returns and future payments are reasonably assured, in which case the loan is returned to accrual status. 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 otherwise be considered is granted to the borrower. The concession may be granted in various forms, including providing a below-market interest rate, a reduction in the loan balance or accrued interest, an extension of the maturity date, or a combination of these. An individual loan that has had a troubled debt restructuring is considered to be impaired and is subject to the relevant accounting for impaired loans. As of and for the year ended December 31, 2022, the Company had no loans in forbearance agreements or loan modifications and thus no troubled debt restructurings. A loan is written off when it is no longer realizable and/or it is legally discharged. The Company will evaluate acquired loans and debt securities for which it is probable at acquisition that all contractually required payments will not be collected in accordance with ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality . During the year ended December 31, 2022, there were no loans acquired with deteriorated credit quality.
Fair Value, Valuation of Consolidated VIEs, and Valuation Methodologies	Fair Value GAAP requires the categorization of the fair value of financial instruments into three broad levels that form a hierarchy based on the transparency of inputs to the valuation. Level 1 – Inputs are adjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 – Inputs are other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar instruments in active markets, and inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 – Inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, related market activity for the asset or liability. 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 financial instruments as part of our quarterly process. 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, Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity (“ASU 2014-13”). Pursuant to ASU 2014-13, both the financial assets and financial liabilities of the consolidated CMBS trusts are measured using the fair value of the financial liabilities (which are considered more observable than the fair value of the financial assets) and the equity of the CMBS trusts beneficially owned by the Company. As a result, the CMBS issued by the consolidated trusts, but not beneficially owned by us, are presented as financial liabilities in our consolidated financial statements, measured at their estimated fair value; the Company measured the financial assets as the total estimated fair value of the CMBS issued by the consolidated trust, regardless of whether such CMBS represent interests beneficially owned by the Company. Under the measurement alternative prescribed by ASU 2014-13, “Net income (loss)” reflects the economic interests in the consolidated CMBS beneficially owned by the Company, presented as “Change in net assets related to consolidated CMBS variable interest entities” in the Consolidated Statements of Operations, which includes applicable (1) changes in the fair value of CMBS beneficially owned by the Company, (2) interest income, interest expense and servicing fees earned from the CMBS trusts and (3) other residual returns or losses of the CMBS trusts, if any. Valuation Methodologies CMBS Trusts - The financial liabilities and equity of the consolidated CMBS trusts were valued using broker quotes. Broker quotes represent the price that an investment could be sold for in a market transaction and represent fair market value. Loans and bonds with quotes that are based on actual trades with a sufficient level of activity on or near the valuation date are classified as Level 2 assets. Loans and bonds that are priced using quotes derived from implied values, bid/ask prices for trades that were never consummated, or a limited amount of actual trades are classified as Level 3 assets because the inputs used by the brokers and pricing services to derive the values are not readily observable. CMBS Structured Pass-Through Certificates, MSCR Notes and Mortgage Backed Securities - CMBS structured pass-through certificates (“CMBS I/O Strips”), MSCR Notes and mortgage backed securities are categorized as Level 2 assets in the fair value hierarchy. CMBS I/O Strips, MSCR notes and mortgage backed securities are valued using broker quotes. Broker quotes represent the price that an investment could be sold for in a market transaction and represent fair market value. Loans and bonds with quotes that are based on actual trades with a sufficient level of activity on or near the valuation date are classified as Level 2 assets. SFR Loans, Preferred Equity Investments, Mezzanine Loans and Convertible Notes - SFR Loans, preferred equity, mezzanine loans and convertible debt investments are categorized as Level 3 assets in the fair value hierarchy. SFR Loans, preferred equity, mezzanine loans, and convertible debt investments are valued using a discounted cash flow model using discount rates derived from observable market data applied to the internal rate of return implied by the expected contractual cash flows. The valuation is done for disclosure purposes only as these investments are not carried at fair value on the consolidated balance sheet. Common Stock Investments - The common stock investment in NexPoint Storage Partners, Inc. ("NSP") is categorized as a Level 3 asset in the fair value hierarchy. Despite our ability to exercise significant influence, the Company chose to value the NSP investment using the fair value option in accordance with ASC 825-10. The common stock investment in a private ground lease REIT (the "Private REIT") is presented at fair value using the fair value option in accordance with ASC 825-10. The investment is categorized as a Level 3 asset in the fair value hierarchy. See Note 5 for additional disclosures regarding the fair value of these investments. Repurchase Agreements - The repurchase agreements are categorized as Level 3 liabilities in the fair value hierarchy as such liabilities represent borrowings on collateral with terms specific to each borrower. Given the short to moderate term of the floating-rate facilities, the Company expects the fair value of repurchase agreements to approximate their outstanding principal balances. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis - Certain assets not measured at fair value on an ongoing basis but that are subject to fair-value adjustments only in certain circumstances, such as when there is evidence of impairment, will be measured at fair value on a nonrecurring basis. For first mortgage loans, mezzanine loans and preferred equity investments, the Company applies the amortized cost method of accounting. Overall, our determination of fair value is based upon the best information available for a given circumstance and may incorporate assumptions that are our best estimates after consideration of a variety of internal and external factors. When an independent valuation firm expresses an opinion on the fair value of a financial instrument in the form of a range, the Company selects a value within the range provided by the independent valuation firm, generally the midpoint, to assess the reasonableness of our estimated fair value for that financial instrument.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT. As a result of the Company’s REIT qualification, the Company does not expect to pay U.S. federal corporate level taxes. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute annually at least 90% of its “REIT taxable income,” as defined by the Code, to its stockholders. If the Company fails to meet these requirements, it could be subject to federal income tax on all of the Company’s taxable income at regular corporate rates for that year. The Company would not be able to deduct distributions paid to stockholders in any year in which it fails to qualify as a REIT. Additionally, the Company will also be disqualified from electing to be taxed as a REIT for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions. Taxable income from certain non-REIT activities is managed through a taxable REIT subsidiary (“TRS”), which is subject to U.S. federal and applicable state and local corporate income taxes. As of December 31, 2022, the Company believes it is in compliance with all applicable REIT requirements and had no significant taxes associated with its TRS. 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” (greater than 50 percent probability) of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Our management is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. There are no examinations in progress and none are expected at this time. The Company recognizes its tax positions and evaluates them using a two-step process. First, the Company determines whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate
Recent Accounting Pronouncements	Recent Accounting Pronouncements Section 107 of the Jumpstart Our Business Startups Act (“JOBS Act”) provides that an emerging growth company can take advantage of the extended transition period provided in Section 13(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for complying with new or revised accounting standards applicable to public companies. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company has elected to take advantage of this extended transition period. As a result of this election, our financial statements may not be comparable to companies that comply with public company effective dates for such new or revised standards. The Company may elect to comply with public company effective dates at any time, and such election would be irrevocable pursuant to Section 107(b) of the JOBS Act. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses on Financial Instruments (“ASU 2016-13”), which establishes credit losses on certain types of financial instruments. The new approach changes the impairment model for most financial assets and will require the use of an “expected credit loss” model for financial instruments measured at amortized cost and certain other instruments. This model applies to trade and other receivables, loans, debt securities, net investments in leases and off-balance sheet credit exposures (such as loan commitments, standby letters of credit and financial guarantees not accounted for as insurance) and requires entities to estimate the lifetime expected credit loss on such instruments and record an allowance that represents the portion of the amortized cost basis that the entity does not expect to collect. We adopted the guidance in the first quarter of 2023. The implementation process included the utilization of loan loss forecasting models, updates to our loan credit loss policy documentation, changes to internal reporting processes and related internal controls, and overall operational readiness for our adoption of the new standard. We have implemented loan loss forecasting models for estimating expected life-time credit losses, at the individual loan level, for our loan portfolio. The Current Expected Credit Loss (“CECL”) forecasting methods used by the Company include (i) a probability of default and loss given default method using underlying third-party CMBS/Commercial Real Estate loan database with historical loan losses from 1998 to 2022, and (ii) probability weighted expected cash flow method, depending on the type of loan and the availability of relevant historical market loan loss data. We might use other acceptable alternative approaches in the future depending on, among other factors, the type of loan, underlying collateral, and availability of relevant historical market loan loss data. Significant inputs to our forecasting methods include (i) key loan-specific inputs such as loan-to-value, vintage year, loan-term, underlying property type, occupancy, geographic location, performance against the underwritten business plan, and our internal loan risk rating, and (ii) a macro-economic environment forecast. Based on our loan portfolio at December 31, 2022, the current economic environment and the Company’s expectations for future economic conditions, upon the adoption of CECL forecasting methods we expect to record a cumulative-effect adjustment to our retained earnings as of January 1, 2023 within a range of approximately $2 million to $4 million, or $0.12 to $0.23 per common share, respectively. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, which updated the effective dates of implementation to align the implementation date for annual and interim financial statements as well as clarify the scope of the guidance in ASU 2016-13. This standard’s effective date is the same as ASU 2016-13. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326. Financial Instruments – Credit Losses, which is intended to clarify the guidance introduced by ASU 2016-13. This standard’s effective date is the same as ASU 2016-13. In May 2019, the FASB issued ASU 2019-05, Targeted Transition Relief for Topic 326. Financial Instruments – Credit Losses, which provides for an option to irrevocably elect the fair-value option for certain financial assets previously measured at amortized cost basis. Other than the Company’s investment in CMBS, the Company does not currently expect to elect the fair-value option for assets expected to be held at amortized cost. This standard’s effective date is the same as ASU 2016-13. In March 2020, the FASB issued AU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional expedients and exceptions to the US GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from the U.S. Dollar London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The guidance is effective upon issuance and generally may be elected over time through December 31, 2024. The Company has not adopted any of the optional expedients or exceptions through December 31, 2022 but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 ("ASU 2022-06") which was issued to defer the sunset date of Reference Rate Reform (Topic 848) : Facilitation of the Effects of Reference Rate Reform to December 31, 2024. ASU 2022-06 is effective immediately for all companies. ASU 2022-06 will have no impact on the Company’s consolidated financial statements for the year ended December 31, 2022.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Property, Plant, and Equipment, Estimated Useful Life	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

Loans Held for Investment, Net

Loans Held for Investment, Net (Tables)	12 Months Ended
	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	The following tables summarize our loans held-for-investment as of December 31, 2022 and December 31, 2021, respectively (dollars in thousands): Weighted Average Loan Type Outstanding Carrying Value (1) Loan Count Fixed Rate (2) Coupon (3) Life (years) (4) December 31, 2022 Mortgage loans, held-for-investment $ 688,046 $ 726,531 15 100.00 % 4.81 % 5.36 Mezzanine loans, held-for-investment 163,021 165,182 23 63.99 % 10.42 % 5.39 Preferred equity, held-for-investment 91,382 90,965 10 67.69 % 11.51 % 2.76 $ 942,449 $ 982,678 48 90.64 % 6.43 % 5.11 (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 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. Weighted Average Loan Type Outstanding 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 outstanding face amount. (4) 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.
Schedule of Loan and Preferred Equity Portfolio Activity	For the years ended December 31, 2022 and 2021, the loan and preferred equity portfolio activity was as follows (in thousands): For the Year Ended December 31, 2022 2021 Balance at December 31, $ 1,088,881 $ 1,045,891 Originations 110,502 117,727 Proceeds from principal repayments (178,990) (62,991) Conversion of convertible bonds to common stock (25,000) — PIK distribution reinvested in Preferred Units 715 91 Amortization of loan premium, net (1) (13,261) (10,907) Loan loss provision (169) (189) Realized losses — (741) Balance at December 31, $ 982,678 $ 1,088,881 (1) Includes net amortization of loan purchase premiums.
Financing Receivable Credit Quality Indicators	The following tables allocate the principal balance and net book value of the loan portfolio based on our internal risk ratings (dollars in thousands): December 31, 2022 Risk Rating Number of Loans Carrying Value % of Loan Portfolio 1 — $ — — 2 — — — 3 48 982,678 100.00 % 4 — — — 5 — — — 48 $ 982,678 100.00 % December 31, 2021 Risk Rating Number of Loans Carrying Value % of Loan 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	The following tables present the geographies and property types of collateral underlying the Company’s loans held-for-investment as a percentage of the loans’ face amounts. Geography December 31, 2022 December 31, 2021 Georgia 34.04 % 38.93 % Florida 19.34 % 16.90 % Texas 11.21 % 7.74 % Nevada 0.30 % * Maryland 5.59 % 5.66 % Minnesota 6.97 % 4.86 % California 4.66 % 2.53 % Alabama 3.81 % 3.35 % North Carolina 2.65 % 2.23 % Arkansas 1.42 % * Missouri 0.95 % 1.19 % New Jersey * 2.83 % Connecticut * 2.87 % Other (17 and 19 states each at <1%) 9.06 % 10.91 % 100.00 % 100.00 % * Included in "Other." Collateral Property Type December 31, 2022 December 31, 2021 Single Family Rental 72.26 % 76.15 % Multifamily 23.11 % 20.32 % Life Science 2.85 % 3.53 % Self-Storage 1.79 % — % 100.00 % 100.00 %

CMBS Trusts (Tables)

CMBS Trusts (Tables)	12 Months Ended
	Dec. 31, 2022
Mortgage Banking [Abstract]
Schedule of Recognized Trusts Assets and Liabilities	The following table presents the Company’s recognized Trust’s Assets and Liabilities (in thousands): Trust's Assets December 31, 2022 December 31, 2021 Mortgage loans held in variable interest entities, at fair value $ 6,720,246 $ 7,192,547 Accrued interest receivable 4,029 2,212 Trust's Liabilities Bonds payable held in variable interest entities, at fair value (6,249,804) (6,726,272) Accrued interest payable (3,207) (1,500)
Schedule of Change in Net Assets Related to Consolidated CMBS Variable Interest Entities	The following table presents “Change in net assets related to consolidated CMBS variable interest entities” (in thousands): For the Year Ended December 31, 2022 2021 Net interest earned $ 35,866 $ 27,780 Unrealized gain (loss) (25,627) 29,838 Change in net assets related to consolidated CMBS variable interest entities $ 10,239 $ 57,618
Summary Of Loan Collateral Unpaid Balance	The following tables present the geographies and property types of collateral underlying the CMBS trusts consolidated by the Company as a percentage of the collateral unpaid principal balance: Geography December 31, 2022 December 31, 2021 Texas 17.95 % 16.88 % Florida 13.82 % 14.77 % Arizona 6.98 % 10.37 % California 9.28 % 8.50 % Georgia 4.68 % 4.97 % Washington 6.88 % 6.19 % New Jersey 3.97 % 4.65 % Nevada 1.99 % 3.51 % Pennsylvania 1.01 % * Colorado 6.21 % 4.08 % Connecticut 3.64 % 3.02 % North Carolina 3.53 % 3.12 % New York 2.76 % 2.45 % Ohio 2.00 % 1.72 % Virginia 1.62 % 1.70 % Indiana 1.69 % 1.68 % Illinois 1.37 % * Michigan 1.11 % * South Carolina * 1.56 % Maryland * 1.55 % Missouri 1.25 % 1.26 % Other (22 and 22 states each at <1%) 8.26 % 8.02 % 100.00 % 100.00 % * Included in “Other.” Collateral Property Type December 31, 2022 December 31, 2021 Multifamily 98.45 % 98.42 % Manufactured Housing 1.55 % 1.58 % 100.00 % 100.00 %

Common Stock Investment (Tables

Common Stock Investment (Tables)	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Debt Securities, Trading, and Equity Securities, FV-NI	The following table presents the common stock investments as of December 31, 2022 and December 31, 2021, respectively (in thousands, except share amounts): Shares Fair Value Investment Investment Date Property Type December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Common Stock NexPoint Storage Partners 11/6/2020 Self-storage 41,963 41,963 $ 50,380 $ 58,460 Private REIT 4/14/2022 Ground lease 1,394,213 — 27,884 — The following tables present the CMBS I/O Strips, MSCR Notes and mortgage backed securities as of December 31, 2022 and December 31, 2021, respectively (in thousands): 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 $ 1,807 Multifamily 2.02 % 14.56 % 9/25/2046 CMBS I/O Strip 8/6/2020 18,364 Multifamily 2.98 % 15.98 % 6/25/2030 CMBS I/O Strip 4/28/2021 (2) 5,676 Multifamily 1.59 % 15.52 % 1/25/2030 CMBS I/O Strip 5/27/2021 3,693 Multifamily 3.39 % 15.73 % 5/25/2030 CMBS I/O Strip 6/7/2021 455 Multifamily 2.31 % 18.91 % 11/25/2028 CMBS I/O Strip 6/11/2021 (3) 4,188 Multifamily 1.19 % 13.34 % 5/25/2029 CMBS I/O Strip 6/21/2021 1,117 Multifamily 1.18 % 16.77 % 5/25/2030 CMBS I/O Strip 8/10/2021 2,445 Multifamily 1.89 % 15.87 % 4/25/2030 CMBS I/O Strip 8/11/2021 1,333 Multifamily 3.10 % 13.74 % 7/25/2031 CMBS I/O Strip 8/24/2021 250 Multifamily 2.61 % 14.44 % 1/25/2031 CMBS I/O Strip 9/1/2021 3,726 Multifamily 1.92 % 15.03 % 6/25/2030 CMBS I/O Strip 9/11/2021 3,822 Multifamily 2.95 % 13.70 % 9/25/2031 Total $ 46,876 2.46 % 15.32 % MSCR Notes MSCR Notes 5/25/2022 4,019 Multifamily 13.02 % 13.02 % 5/25/2052 MSCR Notes 5/25/2022 4,988 Multifamily 10.02 % 10.02 % 5/25/2052 MSCR Notes 9/23/2022 1,306 Multifamily 10.37 % 11.40 % 11/25/2051 Total $ 10,313 11.23 % 11.36 % Mortgage Backed Securities Mortgage Backed Securities 6/1/2022 9,638 Single-Family 7.08 % 7.39 % 4/17/2026 Mortgage Backed Securities 6/1/2022 8,966 Single-Family 4.87 % 5.08 % 11/19/2025 Mortgage Backed Securities 7/28/2022 526 Single-Family 6.23 % 6.33 % 10/17/2027 Mortgage Backed Securities 7/28/2022 819 Single-Family 3.60 % 4.23 % 6/20/2028 Mortgage Backed Securities 9/12/2022 4,473 Multifamily 9.29 % 9.27 % 1/25/2031 Mortgage Backed Securities 9/29/2022 7,906 Self Storage 9.57 % 9.59 % 9/15/2027 Total $ 32,328 7.28 % 7.45 % (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 $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. Investment Investment Date Carrying Value Property Type Interest Rate Current Yield (1) Maturity Date CMBS I/O Strips CMBS I/O Strip 5/18/2020 $ 2,356 Multifamily 2.02 % 14.47 % 9/25/2046 CMBS I/O Strip 8/6/2020 8,383 Multifamily 0.10 % 14.67 % 6/25/2030 CMBS I/O Strip 8/6/2020 23,188 Multifamily 2.98 % 14.48 % 6/25/2030 CMBS I/O Strip 4/28/2021 (2) 7,274 Multifamily 1.59 % 13.88 % 1/25/2030 CMBS I/O Strip 5/27/2021 4,781 Multifamily 3.38 % 14.16 % 5/25/2030 CMBS I/O Strip 6/7/2021 589 Multifamily 2.31 % 16.56 % 11/25/2028 CMBS I/O Strip 6/11/2021 (3) 6,424 Multifamily 1.26 % 13.57 % 5/25/2029 CMBS I/O Strip 6/21/2021 1,850 Multifamily 1.20 % 17.02 % 5/25/2030 CMBS I/O Strip 8/10/2021 3,246 Multifamily 1.89 % 14.30 % 4/25/2030 CMBS I/O Strip 8/11/2021 1,697 Multifamily 3.10 % 12.55 % 7/25/2031 CMBS I/O Strip 8/24/2021 317 Multifamily 2.61 % 13.14 % 1/25/2031 CMBS I/O Strip 9/1/2021 4,827 Multifamily 1.92 % 13.53 % 6/25/2030 CMBS I/O Strip 9/11/2021 4,884 Multifamily 2.95 % 12.55 % 9/25/2031 Total $ 69,816 (1) Current yield is the annualized income earned divided by the cost basis of the investment (2) The Company, through the Subsidiary OPs, purchased approximately $50.0 million and $15.0 million aggregate notional amount of the X1 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 $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 and September 29, 2021, respectively.

CMBS Structured Pass Through _2

CMBS Structured Pass Through Certificates, MSCR Notes and Mortgage Backed Securities (Tables)	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Debt Securities, Trading, and Equity Securities, FV-NI	The following table presents the common stock investments as of December 31, 2022 and December 31, 2021, respectively (in thousands, except share amounts): Shares Fair Value Investment Investment Date Property Type December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Common Stock NexPoint Storage Partners 11/6/2020 Self-storage 41,963 41,963 $ 50,380 $ 58,460 Private REIT 4/14/2022 Ground lease 1,394,213 — 27,884 — The following tables present the CMBS I/O Strips, MSCR Notes and mortgage backed securities as of December 31, 2022 and December 31, 2021, respectively (in thousands): 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 $ 1,807 Multifamily 2.02 % 14.56 % 9/25/2046 CMBS I/O Strip 8/6/2020 18,364 Multifamily 2.98 % 15.98 % 6/25/2030 CMBS I/O Strip 4/28/2021 (2) 5,676 Multifamily 1.59 % 15.52 % 1/25/2030 CMBS I/O Strip 5/27/2021 3,693 Multifamily 3.39 % 15.73 % 5/25/2030 CMBS I/O Strip 6/7/2021 455 Multifamily 2.31 % 18.91 % 11/25/2028 CMBS I/O Strip 6/11/2021 (3) 4,188 Multifamily 1.19 % 13.34 % 5/25/2029 CMBS I/O Strip 6/21/2021 1,117 Multifamily 1.18 % 16.77 % 5/25/2030 CMBS I/O Strip 8/10/2021 2,445 Multifamily 1.89 % 15.87 % 4/25/2030 CMBS I/O Strip 8/11/2021 1,333 Multifamily 3.10 % 13.74 % 7/25/2031 CMBS I/O Strip 8/24/2021 250 Multifamily 2.61 % 14.44 % 1/25/2031 CMBS I/O Strip 9/1/2021 3,726 Multifamily 1.92 % 15.03 % 6/25/2030 CMBS I/O Strip 9/11/2021 3,822 Multifamily 2.95 % 13.70 % 9/25/2031 Total $ 46,876 2.46 % 15.32 % MSCR Notes MSCR Notes 5/25/2022 4,019 Multifamily 13.02 % 13.02 % 5/25/2052 MSCR Notes 5/25/2022 4,988 Multifamily 10.02 % 10.02 % 5/25/2052 MSCR Notes 9/23/2022 1,306 Multifamily 10.37 % 11.40 % 11/25/2051 Total $ 10,313 11.23 % 11.36 % Mortgage Backed Securities Mortgage Backed Securities 6/1/2022 9,638 Single-Family 7.08 % 7.39 % 4/17/2026 Mortgage Backed Securities 6/1/2022 8,966 Single-Family 4.87 % 5.08 % 11/19/2025 Mortgage Backed Securities 7/28/2022 526 Single-Family 6.23 % 6.33 % 10/17/2027 Mortgage Backed Securities 7/28/2022 819 Single-Family 3.60 % 4.23 % 6/20/2028 Mortgage Backed Securities 9/12/2022 4,473 Multifamily 9.29 % 9.27 % 1/25/2031 Mortgage Backed Securities 9/29/2022 7,906 Self Storage 9.57 % 9.59 % 9/15/2027 Total $ 32,328 7.28 % 7.45 % (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 $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. Investment Investment Date Carrying Value Property Type Interest Rate Current Yield (1) Maturity Date CMBS I/O Strips CMBS I/O Strip 5/18/2020 $ 2,356 Multifamily 2.02 % 14.47 % 9/25/2046 CMBS I/O Strip 8/6/2020 8,383 Multifamily 0.10 % 14.67 % 6/25/2030 CMBS I/O Strip 8/6/2020 23,188 Multifamily 2.98 % 14.48 % 6/25/2030 CMBS I/O Strip 4/28/2021 (2) 7,274 Multifamily 1.59 % 13.88 % 1/25/2030 CMBS I/O Strip 5/27/2021 4,781 Multifamily 3.38 % 14.16 % 5/25/2030 CMBS I/O Strip 6/7/2021 589 Multifamily 2.31 % 16.56 % 11/25/2028 CMBS I/O Strip 6/11/2021 (3) 6,424 Multifamily 1.26 % 13.57 % 5/25/2029 CMBS I/O Strip 6/21/2021 1,850 Multifamily 1.20 % 17.02 % 5/25/2030 CMBS I/O Strip 8/10/2021 3,246 Multifamily 1.89 % 14.30 % 4/25/2030 CMBS I/O Strip 8/11/2021 1,697 Multifamily 3.10 % 12.55 % 7/25/2031 CMBS I/O Strip 8/24/2021 317 Multifamily 2.61 % 13.14 % 1/25/2031 CMBS I/O Strip 9/1/2021 4,827 Multifamily 1.92 % 13.53 % 6/25/2030 CMBS I/O Strip 9/11/2021 4,884 Multifamily 2.95 % 12.55 % 9/25/2031 Total $ 69,816 (1) Current yield is the annualized income earned divided by the cost basis of the investment (2) The Company, through the Subsidiary OPs, purchased approximately $50.0 million and $15.0 million aggregate notional amount of the X1 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 $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 and September 29, 2021, respectively.
Schedule of Activity Related to Commercial Mortgage Backed Securities	The following table presents activity related to the Company’s CMBS I/O Strips, MSCR notes and mortgage-backed securities (in thousands): For the Year Ended December 31, 2022 2021 Net interest earned $ 5,668 $ 3,052 Change in unrealized gain (loss) on CMBS structured pass-through certificates (12,664) (483) Realized gain on CMBS structured pass-through certificates — 484 Change in unrealized gain (loss) on MSCR notes (53) — Change in unrealized (loss) on mortgage backed securities (1,230) — Total $ (8,279) $ 3,053

Real Estate Investments, net (T

Real Estate Investments, net (Tables)	12 Months Ended
	Dec. 31, 2022
Real Estate Investments, Net [Abstract]
Schedule of Real Estate Properties	As of December 31, 2022, the major components of the Company's investments in multifamily properties were as follows (in thousands): Real Estate Investments, Net Land Buildings and Intangible Lease Construction in Progress Furniture, Totals Hudson Montford $ 10,996 $ 49,831 $ — $ 2 $ 602 $ 61,431 Elysian at Hughes (1) 25,590 160,141 — — — 185,731 Accumulated depreciation and amortization — (1,752) — — (188) (1,940) Total Real Estate Investments, Net $ 36,586 $ 208,220 $ — $ 2 $ 414 $ 245,222 (1) Elysian at Hughes is classified as held for sale and is not depreciated. The Company sold common interests in the entity that owns the property to third-party investors throughout 2022. Elysian at Hughes is subject to mortgage debt with an outstanding principal balance of approximately $89.6 million As of December 31, 2021, the major components of the Company's investments in multifamily properties were as follows (in thousands): Real Estate Investment, Net Land Buildings and Intangible Lease Construction in Progress Furniture, 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	The following table reflects the revenue and expenses for the years ended December 31, 2022 and December 31, 2021 for our multifamily properties (in thousands): For the Year Ended December 31, 2022 2021 Revenues Rental income $ 11,116 $ 10 Other income 1,286 — Total revenues 12,402 10 Expenses Interest expense 4,183 2 Real estate taxes and insurance 1,493 1 Property operating expenses 2,548 6 Property general and administrative expenses 366 12 Property management fees 301 — Depreciation and amortization 2,895 — Rate cap (income) expense (1,014) 29 Debt service bridge 626 — Total expenses 11,398 50 Net income (loss) from consolidated real estate owned $ 1,004 $ (40)

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table summarizes the Company’s financing arrangements in place as of December 31, 2022 (dollars in thousands): December 31, 2022 Facility Collateral Date issued Outstanding Carrying Final stated Weighted Weighted Outstanding Amortized cost basis Carrying Weighted Master Repurchase Agreements CMBS Mizuho(4) 4/15/2020 $ 331,020 $ 331,020 N/A (5) 5.83 % 0.2 $ 974,440 $ 543,919 $ 539,736 7.0 Asset Specific Financing Single Family Rental loans Freddie Mac 7/12/2019 628,633 628,633 7/12/2029 2.35 % 5.4 688,046 726,531 726,531 5.4 Mezzanine loans Freddie Mac 10/20/2020 59,252 59,252 8/1/2031 0.30 % 7.3 105,817 108,390 108,390 7.3 Multifamily property CBRE 12/31/2021 32,480 32,176 6/1/2028 (6) 5.80 % 5.4 N/A 59,491 59,491 5.4 CBRE 2/1/2022 89,634 89,060 2/1/2032 3.52 % 9.1 N/A 185,731 185,731 9.1 Unsecured Financing Various 10/15/2020 36,500 35,530 10/25/2025 7.50 % 2.8 N/A N/A N/A 2.8 Various 4/20/2021 165,000 162,930 4/15/2026 5.75 % 3.3 N/A N/A N/A N/A Various 10/18/2022 6,500 6,500 10/18/2027 7.50 % 4.8 N/A N/A N/A N/A Total/weighted average $ 1,349,019 $ 1,345,101 3.85 % 4.1 $ 1,768,303 $ 1,624,062 $ 1,619,879 6.4 (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, MSCR Notes and mortgage backed securities. (5) The master repurchase agreement with Mizuho does not have a stated maturity date. The transactions in place have a one-month to two-month tenor and are expected to roll accordingly. (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 months of the term. The following table summarizes the Company’s financing arrangements in place as of December 31, 2021 (dollars in thousands): December 31, 2021 Facility Collateral Date issued Outstanding Carrying Final stated Weighted Weighted Outstanding Amortized cost basis Carrying Weighted 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 % 4.8 $ 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 amortized cost. (4) On April 15, 2020, three of our subsidiaries entered into a master repurchase agreement with Mizuho Securities (“Mizuho”). Borrowings under these repurchase agreements are collateralized by portions of the CMBS B-Pieces and CMBS I/O Strips. (5) The master repurchase agreement with Mizuho does not have a stated maturity date. The transactions in place have a one-month to two-month tenor and are expected to roll accordingly. (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 months of the term.
Schedule of Debt	Investment Investment Date Outstanding Principal Balance (1) Location Property Type Interest Type Interest Rate Maturity Date SFR Loans Senior loan 2/11/2020 $ 465,690 Various Single-family Fixed 2.24 % 9/1/2028 Senior loan 2/11/2020 46,094 Various Single-family Fixed 2.14 % 10/1/2025 Senior loan 2/11/2020 34,528 Various Single-family Fixed 2.70 % 11/1/2028 Senior loan 2/11/2020 9,293 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 8,828 Various Single-family Fixed 3.51 % 2/1/2028 Senior loan 2/11/2020 8,805 Various Single-family Fixed 3.30 % 10/1/2028 Senior loan 2/11/2020 8,007 Various Single-family Fixed 3.14 % 1/1/2029 Senior loan 2/11/2020 6,778 Various Single-family Fixed 2.98 % 2/1/2029 Senior loan 2/11/2020 5,947 Various Single-family Fixed 2.99 % 3/1/2029 Senior loan 2/11/2020 5,513 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 5,015 Various Single-family Fixed 2.64 % 10/1/2028 Senior loan 2/11/2020 4,770 Various Single-family Fixed 2.48 % 8/1/2023 Senior loan 2/11/2020 4,735 Various Single-family Fixed 2.97 % 1/1/2029 Total $ 628,633 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 % (1) Outstanding principal balance represents the total repurchase agreement balance outstanding as of December 31, 2022.
Schedule of Line of Credit Facilities	For the years ended December 31, 2022 and 2021, the activity related to the carrying value of the master repurchase agreements, secured financing agreements and unsecured financing were as follows (in thousands): For the Year Ended December 31, 2022 2021 Balances as of December 31, $ 1,273,355 $ 1,036,878 Principal borrowings 260,937 339,137 Principal repayments (184,848) (103,212) Repurchase of unsecured notes (4,829) — Accretion of discounts 790 552 Amortization of deferred financing costs 48 — Balances as of December 31, $ 1,345,453 $ 1,273,355
Schedule of Maturities of Long-term Debt	The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to December 31, 2022 are as follows (in thousands): Year Recourse Non-recourse Total 2023(1) $ — $ (335,790) $ (335,790) 2024 — (5,513) (5,513) 2025 (36,500) (46,094) (82,594) 2026 (197,480) (9,284) (206,764) 2027 (6,500) — (6,500) Thereafter — (711,858) (711,858) $ (240,480) $ (1,108,539) $ (1,349,019) (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.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	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 carried at fair value as of December 31, 2021 (in thousands): Fair Value Carrying Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 26,459 $ 26,459 $ — $ — $ 26,459 Restricted cash 6,773 6,773 — — 6,773 Real estate investments, net 62,269 62,269 — — 62,269 Loans, held-for-investment, net 241,517 — — 242,396 242,396 Common stock investment, at fair value 58,460 — — 58,460 58,460 Mortgage loans, held-for-investment, net 847,364 — — 849,455 849,455 Accrued interest and dividends 8,319 8,319 — — 8,319 Mortgage loans held in variable interest entities, at fair value 7,192,547 — 7,192,547 — 7,192,547 CMBS structured pass through certificates, at fair value 69,816 — 69,816 — 69,816 Accounts receivable and other assets 393 393 — — 393 $ 8,513,917 $ 104,213 $ 7,262,363 $ 1,150,311 $ 8,516,887 Liabilities Secured financing agreements, net $ 786,226 $ — $ — $ 809,586 $ 809,586 Master repurchase agreements 286,324 — — 286,324 286,324 Unsecured notes, net 168,325 — — 168,325 168,325 Mortgages payable, net 32,176 — — 32,176 32,176 Accounts payable and other accrued liabilities 3,903 3,903 — — 3,903 Accrued interest payable 3,985 3,985 — — 3,985 Bonds payable held in variable interest entities, at fair value 6,726,272 — 6,726,272 — 6,726,272 $ 8,007,211 $ 7,888 $ 6,726,272 $ 1,296,411 $ 8,030,571 The 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 carried at fair value as of December 31, 2022 (in thousands): Fair Value Carrying Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 20,048 $ 20,048 $ — $ — $ 20,048 Restricted cash 299 299 — — 299 Real estate investments, net 245,222 — — 245,222 245,222 Loans, held-for-investment, net 256,147 — — 255,254 255,254 Common stock investments, at fair value 78,264 — — 78,264 78,264 Mortgage loans, held-for-investment, net 726,531 — — 727,533 727,533 Accrued interest 15,665 15,665 — — 15,665 Mortgage loans held in variable interest entities, at fair value 6,720,246 — 6,720,246 — 6,720,246 CMBS structured pass-through certificates, at fair value 46,876 — 46,876 — 46,876 MSCR notes, at fair value 10,313 — 10,313 — 10,313 Mortgage backed securities, at fair value 32,328 — 32,328 — 32,328 Accounts receivable and other assets 2,197 2,197 — — 2,197 $ 8,154,136 $ 38,209 $ 6,809,763 $ 1,306,273 $ 8,154,245 Liabilities Secured financing agreements, net $ 687,885 $ — $ — $ 713,253 $ 713,253 Master repurchase agreements 331,020 — — 331,020 331,020 Unsecured notes, net 204,960 — 175,560 — 175,560 Mortgages payable, net 121,236 — — 121,236 121,236 Accounts payable and other accrued liabilities 6,231 6,236 — — 6,236 Accrued interest payable 7,986 7,986 — — 7,986 Bonds payable held in variable interest entities, at fair value 6,249,804 — 6,249,804 — 6,249,804 $ 7,609,122 $ 14,222 $ 6,425,364 $ 1,165,509 $ 7,605,095
Fair Value Measurement Inputs and Valuation Techniques	The following is a summary of significant unobservable inputs used in the fair valuation of the Company's Level 3 assets carried at fair value on the Consolidated Balance Sheets (dollars in thousands): Carrying Valuation Technique Unobservable Inputs Range Weighted Average Common stock investment, at fair value $ 50 Discounted cash flow Terminal cap rate 5.13% - 5.63% 5.38 % Discount rate 7.75% - 9.75% 8.75 % Common stock investment, at fair value 28 Recent transaction Yield 3.35% - 5.00% 3.81 %
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The table below reflects a summary of changes for the Company's Level 3 common stock assets carried at fair value on the Consolidated Balance Sheets for the year ended December 31, 2022. Balance as of 12/31/21 Change in Unrealized Gains /(Losses) Balance as of 12/31/22 Common stock investment, at fair value $ 58,460 $ (8,080) $ 50,380 Common stock investment, at fair value — — 27,884

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Share-based Payment Arrangement, Restricted Stock Unit, Activity	The following table includes the number of restricted stock units granted, vested, forfeited and outstanding as of December 31, 2022: 2022 Number of Units Weighted Average Outstanding January 1, 2022 439,087 $ 15.97 Granted 276,940 19.85 Vested (135,778) (1) 19.39 Forfeited (2,889) 20.81 Outstanding December 31, 2022 577,360 $ 17.88 (1) Certain key employees of the Manager elected to net the taxes owed upon vesting against the shares issued resulting in 114,678 shares being issued as shown on the consolidated statements of stockholders' equity.
Share-based Compensation Arrangements by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest	The vesting schedule for the restricted stock units as of December 31, 2022 is as follows: Shares Vesting February May Total 2023 133,103 68,569 201,672 2024 120,638 68,564 189,202 2025 120,644 — 120,644 2026 65,842 — 65,842 Total 440,227 137,133 577,360
Schedule of Sale of Stock	The following table contains summary information of the 2021 ATM Program for sales from inception through the termination date: 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 The following table contains summary information of the 2022 ATM Program since its inception through December 31, 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 888,249 Net Proceeds 11,498,589 Average Price Per Share, net $ 21.62 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

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	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 Year Ended December 31, 2022 2021 2020 Net income attributable to common stockholders $ 3,234 $ 39,577 $ 11,099 Earnings for basic computations Net income (loss) attributable to redeemable noncontrolling interests 4,969 40,387 21,323 Net income for diluted computations $ 8,203 $ 79,964 $ 32,422 Weighted-average common shares outstanding Average number of common shares outstanding - basic 14,686 6,601 5,206 Average number of unvested restricted stock units 571 444 172 Average number of OP Units and SubOP Units 7,218 13,321 13,270 Average number of common shares outstanding - diluted 22,475 20,366 18,648 Earnings per weighted average common share: Basic $ 0.22 $ 6.00 $ 2.13 Diluted (1) $ 0.22 $ 3.93 $ 1.74

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 31, 2022
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	The following table sets forth the redeemable noncontrolling interests in the OP (reflecting the OP’s consolidation of the Subsidiary OPs) for the years ended December 31, 2022, 2021, and 2020 (in thousands): For the Year Ended December 31, 2022 2021 2020 Redeemable noncontrolling interests in the OP, December 31, $ 261,423 $ 275,670 $ — Contributions from redeemable noncontrolling interests in the OP — — 273,410 Net income attributable to redeemable noncontrolling interests in the OP 4,969 40,387 21,323 Redemption of redeemable noncontrolling interests in the OP (155,614) (32,393) — Distributions to redeemable noncontrolling interests in the OP (14,277) (22,241) (19,063) Redeemable noncontrolling interests in the OP, December 31, $ 96,501 $ 261,423 $ 275,670
Consolidated Common Shares of Noncontrolling Interest	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 OP Units Held by SubOP Units Held Combined December 31, 2022 17,079,943 5,038,382 — 22,118,325

Elysian at Hughes Center Imma_2

Elysian at Hughes Center Immaterial Error Correction (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Changes and Error Corrections [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	Consolidated Balance Sheet ASSETS First Quarter Second Quarter Third Quarter Cash and cash equivalents $ 41,712 $ 59,449 $ 26,458 Restricted cash 499 1,602 4,723 Real estate investments, net 243,656 242,738 242,250 Loans, held-for-investment, net 264,783 211,730 237,038 Accrued interest and dividends 9,908 10,000 12,301 Accounts receivable and other assets 2,259 2,003 1,714 TOTAL ASSETS $ 8,163,933 $ 8,003,627 $ 8,414,853 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Bridge Loan 55,000 20,457 — Mortgages payable, net 121,080 121,092 121,104 Accounts payable and other accrued liabilities 6,945 8,800 6,899 Accrued interest payable — 4,756 9,336 Total Liabilities $ 7,657,150 $ 7,456,805 $ 7,871,597 Total Redeemable NCI 148,674 147,871 142,276 NCI in subsidiary 701 33,942 52,038 Total Stockholders' Equity less NCI in subsidiary 357,408 365,009 348,942 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 8,163,933 $ 8,003,627 $ 8,414,853 Consolidated Statement of Operations First Quarter Second Quarter Third Quarter Net interest income Interest income $ 31,133 $ 16,394 $ 14,893 Total net interest income $ 22,315 $ 7,287 $ 4,211 Other income (loss) Revenues from consolidated real estate owned 2,387 3,266 3,455 Total other income (loss) $ 1,814 $ 7,464 $ (7,521) Operating expenses Expenses from consolidated real estate owned 2,428 3,549 2,442 Total operating expenses $ 6,060 $ 7,277 $ 6,053 Net income (loss) 18,069 7,474 (9,363) Net (income) attributable to preferred shareholders (874) (882) (874) Net (income) loss attributable to redeemable noncontrolling interests (4,783) (2,186) 1,889 Net (income) loss attributable to noncontrolling interests in subsidiaries (6) (556) (941) Net income (loss) attributable to common stockholders $ 12,406 $ 3,850 $ (9,289)

Organization and Description _2

Organization and Description of Business (Details)		12 Months Ended
	Nov. 03, 2021	Dec. 31, 2022
NexPoint Real Estate Advisors VII, L.P.
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Management agreement term	3 years
NexPoint Real Estate Finance Operating Partnership, L.P.
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Limited partnership, ownership interest		83.36%
NexPoint Real Estate Finance Operating Partnership, L.P. | Class A OP Units
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Limited partnership, ownership interest		100%
Three Subsidiary Partnerships | NexPoint Real Estate Finance Operating Partnership, L.P.
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Limited partnership, ownership interest		100%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) loan class	Jan. 01, 2023 USD ($) $ / shares	Dec. 31, 2021 USD ($)
Variable Interest Entity [Line Items]
Number of classes of OP units | class	3
Unrecognized tax benefits, income tax penalties and interest accrued, total	$ 0
Adjustment to accumulated deficit	$ (4,435,000)		$ (28,367,000)
Forecast | Minimum | Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13
Variable Interest Entity [Line Items]
Adjustment to accumulated deficit		$ 2,000,000
Adjustment to accumulated deficit, per share (in usd per share) | $ / shares		$ 0.12
Forecast | Maximum | Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13
Variable Interest Entity [Line Items]
Adjustment to accumulated deficit		$ 4,000,000
Adjustment to accumulated deficit, per share (in usd per share) | $ / shares		$ 0.23
Financial Asset Acquired with Credit Deterioration
Variable Interest Entity [Line Items]
Number of loans acquired | loan	0
Class B OP Units
Variable Interest Entity [Line Items]
Limited liability units, voting power, percent per share	0.500
Class A OP Units
Variable Interest Entity [Line Items]
Limited liability units, voting power, percent per share	0.500
NexPoint Real Estate Finance Operating Partnership, L.P.
Variable Interest Entity [Line Items]
Limited partnership, ownership interest	83.36%
NexPoint Real Estate Finance Operating Partnership, L.P. | Class A OP Units
Variable Interest Entity [Line Items]
Limited partnership, ownership interest	100%
Variable Interest Entity, Primary Beneficiary | One Security
Variable Interest Entity [Line Items]
Variable interest entity, qualitative or quantitative information, ownership percentage	100%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2022
Building
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	30 years
Building Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	15 years
Furniture, Fixtures and Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Intangible Lease Assets
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	6 months

Loans Held for Investment, Ne_2

Loans Held for Investment, Net - Additional Information (Details) $ in Millions	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan
Financing Receivable, Nonaccrual [Line Items]
Financing receivable, unamortized purchase premium (discount) | $	$ 40.9	$ 55
Loans and leases receivable, number of loans	48	51
Risk Rating 3
Financing Receivable, Nonaccrual [Line Items]
Loans and leases receivable, number of loans	48	51

Loans Held for Investment, Ne_3

Loans Held for Investment, Net - Summary of Loans Held for Investment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan
Financing Receivable, Troubled Debt Restructuring [Line Items]
Outstanding Face Amount	$ 942,449	$ 1,034,542
Carrying Value	$ 982,678	$ 1,088,881
Loan Count | loan	48	51
Weighted average, fixed rate	90.64%	95.48%
Weighted average, coupon	6.43%	5.77%
Weighted average, life (years)	5 years 1 month 9 days	6 years 2 months 12 days
Mortgage loans, held-for-investment
Financing Receivable, Troubled Debt Restructuring [Line Items]
Outstanding Face Amount	$ 688,046	$ 795,223
Carrying Value	$ 726,531	$ 847,364
Loan Count | loan	15	21
Weighted average, fixed rate	100%	100%
Weighted average, coupon	4.81%	4.85%
Weighted average, life (years)	5 years 4 months 9 days	6 years 5 months 12 days
Mezzanine
Financing Receivable, Troubled Debt Restructuring [Line Items]
Outstanding Face Amount	$ 163,021	$ 152,144
Carrying Value	$ 165,182	$ 154,516
Loan Count | loan	23	23
Weighted average, fixed rate	63.99%	69.28%
Weighted average, coupon	10.42%	8.03%
Weighted average, life (years)	5 years 4 months 20 days	6 years 6 months
Preferred equity, held-for-investment
Financing Receivable, Troubled Debt Restructuring [Line Items]
Outstanding Face Amount	$ 91,382	$ 66,697
Carrying Value	$ 90,965	$ 66,624
Loan Count | loan	10	6
Weighted average, fixed rate	67.69%	100%
Weighted average, coupon	11.51%	10.52%
Weighted average, life (years)	2 years 9 months 3 days	3 years 10 months 2 days
Convertible note, held-for-investment
Financing Receivable, Troubled Debt Restructuring [Line Items]
Outstanding Face Amount		$ 20,478
Carrying Value		$ 20,377
Loan Count | loan		1
Weighted average, fixed rate		100%
Weighted average, coupon		9%
Weighted average, life (years)		1 year 11 months 26 days

Loans Held for Investment, Ne_4

Loans Held for Investment, Net - Loan and Preferred Equity Portfolio Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Roll Forward]
Beginning balance	$ 1,088,881
Originations	110,502	$ 117,727	$ 108,610
Ending balance	982,678	1,088,881
Loans Receivable, Held for Investment
Accounts, Notes, Loans and Financing Receivable [Roll Forward]
Beginning balance	1,088,881	1,045,891
Originations	110,502	117,727
Proceeds from principal repayments	(178,990)	(62,991)
Conversion of convertible bonds to common stock	(25,000)	0
PIK distribution reinvested in Preferred Units	715	91
Amortization of loan premium, net	(13,261)	(10,907)
Loan loss provision	(169)	(189)
Realized losses	0	(741)
Ending balance	$ 982,678	$ 1,088,881	$ 1,045,891

Loans Held for Investment, Ne_5

Loans Held for Investment, Net - Principal Balance and Net Book Value of the Loan Portfolio Based on Internal Risk Ratings (Details) $ in Thousands	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan
Financing Receivable, Nonaccrual [Line Items]
Loan Count | loan	48	51
Carrying Value | $	$ 982,678	$ 1,088,881
% of Loan Portfolio	1	1
Risk Rating 1
Financing Receivable, Nonaccrual [Line Items]
Loan Count | loan	0	0
Carrying Value | $	$ 0	$ 0
% of Loan Portfolio	0	0
Risk Rating 2
Financing Receivable, Nonaccrual [Line Items]
Loan Count | loan	0	0
Carrying Value | $	$ 0	$ 0
% of Loan Portfolio	0	0
Risk Rating 3
Financing Receivable, Nonaccrual [Line Items]
Loan Count | loan	48	51
Carrying Value | $	$ 982,678	$ 1,088,881
% of Loan Portfolio	1	1
Risk Rating 4
Financing Receivable, Nonaccrual [Line Items]
Loan Count | loan	0	0
Carrying Value | $	$ 0	$ 0
% of Loan Portfolio	0	0
Risk Rating 5
Financing Receivable, Nonaccrual [Line Items]
Loan Count | loan	0	0
Carrying Value | $	$ 0	$ 0
% of Loan Portfolio	0	0

Loans Held for Investment, Ne_6

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)	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	1	1
Single Family Rental
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.7226	0.7615
Multifamily
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.2311	0.2032
Life Science
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0285	0.0353
Self-Storage
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0179	0
Georgia
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.3404	0.3893
Florida
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.1934	0.1690
Texas
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.1121	0.0774
Nevada
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0030
Maryland
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0559	0.0566
Minnesota
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0697	0.0486
California
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0466	0.0253
Alabama
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0381	0.0335
North Carolina
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0265	0.0223
Arkansas
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0142
Missouri
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0095	0.0119
New Jersey
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio		0.0283
Connecticut
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio		0.0287
Other
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0906	0.1091

CMBS Trusts - Schedule of Recog

CMBS Trusts - Schedule of Recognized Trusts Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Loans and Leases Receivable Disclosure [Line Items]
Bonds payable held in variable interest entities, at fair value	$ (1,349,019)
Variable Interest Entity, Primary Beneficiary
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans held in variable interest entities, at fair value	6,720,246	$ 7,192,547
Accrued interest receivable	4,029	2,212
Bonds payable held in variable interest entities, at fair value	(6,249,804)	(6,726,272)
Accrued interest payable	$ (3,207)	$ (1,500)

CMBS Trusts - Schedule of Chang

CMBS Trusts - Schedule of Change in Net Assets Related to Consolidated CMBS Variable Interest Entities (Details) - Variable Interest Entity, Primary Beneficiary - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Securitization or Asset-Backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Net interest earned	$ 35,866	$ 27,780
Debt securities, trading, unrealized gain (loss)	(25,627)	29,838
Change in net assets related to consolidated CMBS variable interest entities	$ 10,239	$ 57,618

CMBS Trusts - Schedule of Geogr

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	Dec. 31, 2022	Dec. 31, 2021
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	100%	100%
Multifamily
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	98.45%	98.42%
Manufactured Housing
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	1.55%	1.58%
Texas
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	17.95%	16.88%
Florida
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	13.82%	14.77%
Arizona
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	6.98%	10.37%
California
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	9.28%	8.50%
Georgia
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	4.68%	4.97%
Washington
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	6.88%	6.19%
New Jersey
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	3.97%	4.65%
Nevada
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	1.99%	3.51%
Pennsylvania
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	1.01%
Colorado
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	6.21%	4.08%
Connecticut
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	3.64%	3.02%
North Carolina
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	3.53%	3.12%
New York
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	2.76%	2.45%
Ohio
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	2%	1.72%
Virginia
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	1.62%	1.70%
Indiana
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	1.69%	1.68%
Illinois
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	1.37%
Michigan
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	1.11%
South Carolina
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance		1.56%
Maryland
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance		1.55%
Missouri
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	1.25%	1.26%
Other
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	8.26%	8.02%

Common Stock Investment - Addit

Common Stock Investment - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 14, 2022	Dec. 31, 2022	Dec. 31, 2021	Nov. 06, 2020	Jan. 31, 2020
Schedule of Equity Method Investments [Line Items]
Common stock, par value per share (in dollars per share)		$ 0.01	$ 0.01		$ 0.01
Private REIT
Schedule of Equity Method Investments [Line Items]
Ownership percentage by noncontrolling owners				6.36%
Convertible note, held-for-investment
Schedule of Equity Method Investments [Line Items]
Debt instrument, convertible, conversion price (in usd per share)		17.50
Stock issued during period, conversion of convertible securities (in shares)	1,394,213
Conversion of convertible bonds to common stock	$ 25
Private REIT
Schedule of Equity Method Investments [Line Items]
Private offering price per share (in usd per share)		$ 20
NexPoint Storage Partners
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage				25.80%

Common Stock Investment - Sched

Common Stock Investment - Schedule of Common Stock Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Common stock investments, at fair value	$ 78,264	$ 58,460
NexPoint Storage Partners
Schedule of Equity Method Investments [Line Items]
Investment owned, balance (in shares)	41,963	41,963
Common stock investments, at fair value	$ 50,380	$ 58,460
Private REIT
Schedule of Equity Method Investments [Line Items]
Investment owned, balance (in shares)	1,394,213	0
Common stock investments, at fair value	$ 27,884	$ 0

CMBS Structured Pass Through _3

CMBS Structured Pass Through Certificates, MSCR Notes and Mortgage Backed Securities - Summary of CMBS I/O Strips (Details) $ in Thousands							12 Months Ended
	Mar. 08, 2022 USD ($)	Feb. 03, 2022 USD ($)	Sep. 29, 2021 USD ($)	Jun. 11, 2021 USD ($)	May 04, 2021 USD ($)	Apr. 28, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
MSCR Notes
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 10,313	$ 0
Collateralized Mortgage Backed Securities
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 32,328	0
Interest Rate							0.0728
Current Yield							0.0745
Multifamily | CMBS I/O Strip, One
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 1,807	$ 2,356
Interest Rate							0.0202	0.0202
Current Yield							0.1456	0.1447
Multifamily | CMBS I/O Strip, Two
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 18,364	$ 8,383
Interest Rate							0.0298	0.0010
Current Yield							0.1598	0.1467
Multifamily | CMBS I/O Strip, Three
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 5,676	$ 23,188
Interest Rate							0.0159	0.0298
Current Yield							0.1552	0.1448
Payments for purchase of securities					$ 15,000	$ 50,000
Multifamily | CMBS I/O Strip, Four
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 3,693	$ 7,274
Interest Rate							0.0339	0.0159
Current Yield							0.1573	0.1388
Multifamily | CMBS I/O Strip, Five
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 455	$ 4,781
Interest Rate							0.0231	0.0338
Current Yield							0.1891	0.1416
Multifamily | CMBS I/O Strip, Six
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 4,188	$ 589
Interest Rate							0.0119	0.0231
Current Yield							0.1334	0.1656
Payments for purchase of securities	$ 50,000	$ 40,000	$ 35,000	$ 80,000
Multifamily | CMBS IO Strip Seven
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 1,117	$ 6,424
Interest Rate							0.0118	0.0126
Current Yield							0.1677	0.1357
Multifamily | CMBS IO Strip Eight
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 2,445	$ 1,850
Interest Rate							0.0189	0.0120
Current Yield							0.1587	0.1702
Multifamily | CMBS I/O Strip, Nine
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 1,333	$ 3,246
Interest Rate							0.0310	0.0189
Current Yield							0.1374	0.1430
Multifamily | CMBS I/O Strip, Ten
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 250	$ 1,697
Interest Rate							0.0261	0.0310
Current Yield							0.1444	0.1255
Multifamily | CMBS I/O Strip, Eleven
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 3,726	$ 317
Interest Rate							0.0192	0.0261
Current Yield							0.1503	0.1314
Multifamily | CMBS I/O Strip, Twelve
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 3,822	$ 4,827
Interest Rate							0.0295	0.0192
Current Yield							0.1370	0.1353
Multifamily | CMBS I/O Strip, Thirteen
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value								$ 4,884
Interest Rate								0.0295
Current Yield								0.1255
Multifamily | CMBS I/O Strips
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 46,876	$ 69,816
Interest Rate							0.0246
Current Yield							0.1532
Multifamily | MSCR Notes One
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 4,019
Interest Rate							0.1302
Current Yield							0.1302
Multifamily | MSCR Notes Two
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 4,988
Interest Rate							0.1002
Current Yield							0.1002
Multifamily | MSCR Notes Three
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 1,306
Interest Rate							0.1037
Current Yield							0.1140
Multifamily | MSCR Notes
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 10,313
Interest Rate							0.1123
Current Yield							0.1136
Multifamily | Mortgage Backed Securities 5
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 4,473
Interest Rate							0.0929
Current Yield							0.0927
Single Family | Mortgage Backed Securities 1
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 9,638
Interest Rate							0.0708
Current Yield							0.0739
Single Family | Mortgage Backed Securities 2
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 8,966
Interest Rate							0.0487
Current Yield							0.0508
Single Family | Mortgage Backed Securities 3
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 526
Interest Rate							0.0623
Current Yield							0.0633
Single Family | Mortgage Backed Securities 4
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 819
Interest Rate							0.0360
Current Yield							0.0423
Self-storage | Mortgage Backed Securities 6
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 7,906
Interest Rate							0.0957
Current Yield							0.0959

CMBS Structured Pass Through _4

CMBS Structured Pass Through Certificates, MSCR Notes and Mortgage Backed Securities - Schedule of Activity Related to CMBS I/O Strips (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt and Equity Securities, FV-NI [Line Items]
Total	$ (8,279)	$ 3,053
Commercial Mortgage-Backed Securities
Debt and Equity Securities, FV-NI [Line Items]
Net interest earned	5,668	3,052
Debt securities, trading, unrealized gain (loss)	(12,664)	(483)
Realized gain on CMBS structured pass-through certificates	0	484
MSCR Notes
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading, unrealized gain (loss)	(53)	0	$ 0
Collateralized Mortgage Backed Securities
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading, unrealized gain (loss)	$ (1,230)	$ 0	$ 0

Bridge Loan - Additional Inform

Bridge Loan - Additional Information (Details) - Bridge Loan $ in Millions	Mar. 31, 2022 USD ($)
Las Vegas, NV
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, after allowance for credit loss, current, total	$ 13.5
Prime Rate
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans receivable, basis spread on variable rate	1.50%

Real Estate Investments, net -

Real Estate Investments, net - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) unit	Feb. 01, 2022 unit	Jan. 27, 2022 unit
Real Estate Properties [Line Items]
Number of units in multifamily property			368
Charlotte, NC
Real Estate Properties [Line Items]
Number of units in multifamily property		204
Las Vegas, NV
Real Estate Properties [Line Items]
Number of units in multifamily property				368
Multifamily Property | Charlotte, NC
Real Estate Properties [Line Items]
Real estate property, percent occupied	96.10%	95.60%
Real estate, effective rent per unit | $	$ 1,663	$ 1,526
Multifamily Property | Las Vegas, NV
Real Estate Properties [Line Items]
Real estate property, percent occupied	94%
Real estate, effective rent per unit | $	$ 1,927

Real Estate Investments, net _2

Real Estate Investments, net - Investments in Properties (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	$ (1,940,000)	$ 0
Real estate investment property, net	245,222,000	62,269,000
Facility
Real Estate Properties [Line Items]
Outstanding face amount	1,349,019,000	1,276,530,000
Facility | Multifamily Property Debt Due 2032
Real Estate Properties [Line Items]
Outstanding face amount	89,634,000
Land
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	0	0
Real estate investment property, net	36,586,000	10,996,000
Buildings and Improvements
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	(1,752,000)	0
Real estate investment property, net	208,220,000	49,807,000
Intangible Lease Assets
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	0	0
Real estate investment property, net	0	954,000
Construction in Progress
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	0	0
Real estate investment property, net	2,000	0
Furniture, Fixtures and Equipment
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	(188,000)	0
Real estate investment property, net	414,000	512,000
Hudson Montford
Real Estate Properties [Line Items]
Real estate investment property, at cost	61,431,000	62,269,000
Hudson Montford | Land
Real Estate Properties [Line Items]
Real estate investment property, at cost	10,996,000	10,996,000
Hudson Montford | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment property, at cost	49,831,000	49,807,000
Hudson Montford | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment property, at cost	0	954,000
Hudson Montford | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment property, at cost	2,000	0
Hudson Montford | Furniture, Fixtures and Equipment
Real Estate Properties [Line Items]
Real estate investment property, at cost	602,000	$ 512,000
Elysian at Hughes Center
Real Estate Properties [Line Items]
Real estate investment property, at cost	185,731,000
Elysian at Hughes Center | Land
Real Estate Properties [Line Items]
Real estate investment property, at cost	25,590,000
Elysian at Hughes Center | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment property, at cost	160,141,000
Elysian at Hughes Center | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment property, at cost	0
Elysian at Hughes Center | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment property, at cost	0
Elysian at Hughes Center | Furniture, Fixtures and Equipment
Real Estate Properties [Line Items]
Real estate investment property, at cost	$ 0

Real Estate Investments, net _3

Real Estate Investments, net - Revenue and Expenses of Property (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate Properties [Line Items]
Interest expense	$ 40,255	$ 29,772	$ 21,312
General and administrative expenses	7,243	6,371	3,382
Depreciation and amortization of real estate investment	2,895	0	$ 0
Multifamily Property
Real Estate Properties [Line Items]
Other income	1,286	0
Total revenues	12,402	10
Interest expense	4,183	2
Real estate taxes and insurance	1,493	1
Property operating expenses	2,548	6
General and administrative expenses	366	12
Property management fees	301	0
Depreciation and amortization of real estate investment	2,895	0
Rate cap (income) expense	(1,014)	29
Debt service bridge	626	0
Total expenses	11,398	50
Net income (loss) from consolidated real estate owned	1,004	(40)
Multifamily Property | Rental income
Real Estate Properties [Line Items]
Rental income	$ 11,116	$ 10

Debt - Summary of Financing Arr

Debt - Summary of Financing Arrangements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Oct. 18, 2022	Apr. 20, 2021
Facility
Debt Instrument [Line Items]
Outstanding face amount	$ 1,349,019,000	$ 1,276,530,000
Carrying value	$ 1,345,101,000	$ 1,273,051,000
Weighted average interest rate	3.85%	2.72%
Weighted average life (years)	4 years 1 month 6 days	4 years 9 months 18 days
Facility | Unsecured Financing
Debt Instrument [Line Items]
Outstanding face amount		$ 36,500,000
Carrying value		$ 35,233,000
Weighted average interest rate		7.50%
Weighted average life (years)		3 years 9 months 18 days
Collateral
Debt Instrument [Line Items]
Collateral outstanding face amount	$ 1,768,303,000	$ 2,994,912,000
Collateral amortized cost basis	1,624,062,000	1,510,465,000
Collateral carrying value	$ 1,619,879,000	$ 1,541,857,000
Collateral weighted average life (years)	6 years 4 months 24 days	7 years 7 months 6 days
Master Repurchase Agreements | Mizuho
Debt Instrument [Line Items]
Outstanding face amount	$ 331,000,000	$ 286,324,000
Carrying value		$ 286,324,000
Weighted average interest rate		1.97%
Weighted average life (years)		10 days
Collateral outstanding face amount	974,400,000	$ 2,101,790,000
Collateral amortized cost basis		499,975,000
Collateral carrying value		$ 531,367,000
Collateral weighted average life (years)		8 years
Master Repurchase Agreements | Mizuho | Facility
Debt Instrument [Line Items]
Outstanding face amount	331,020,000
Carrying value	$ 331,020,000
Weighted average interest rate	5.83%
Weighted average life (years)	2 months 12 days
Master Repurchase Agreements | Mizuho | Collateral
Debt Instrument [Line Items]
Collateral outstanding face amount	$ 974,440,000
Collateral amortized cost basis	543,919,000
Collateral carrying value	$ 539,736,000
Collateral weighted average life (years)	7 years
Asset Specific Financing | Freddie Mac | Facility
Debt Instrument [Line Items]
Outstanding face amount	$ 628,633,000	$ 726,312,000
Carrying value	$ 628,633,000	$ 726,312,000
Weighted average interest rate	2.35%	2.41%
Weighted average life (years)	5 years 4 months 24 days	6 years 6 months
Asset Specific Financing | Freddie Mac | Collateral
Debt Instrument [Line Items]
Collateral outstanding face amount	$ 688,046,000	$ 795,223,000
Collateral amortized cost basis	726,531,000	847,364,000
Collateral carrying value	$ 726,531,000	$ 847,364,000
Collateral weighted average life (years)	5 years 4 months 24 days	6 years 6 months
Mezzanine | Freddie Mac | Facility
Debt Instrument [Line Items]
Outstanding face amount	$ 59,252,000	$ 59,914,000
Carrying value	$ 59,252,000	$ 59,914,000
Weighted average interest rate	0.30%	0.30%
Weighted average life (years)	7 years 3 months 18 days	8 years 3 months 18 days
Mezzanine | Freddie Mac | Collateral
Debt Instrument [Line Items]
Collateral outstanding face amount	$ 105,817,000	$ 97,899,000
Collateral amortized cost basis	108,390,000	100,857,000
Collateral carrying value	$ 108,390,000	$ 100,857,000
Collateral weighted average life (years)	7 years 3 months 18 days	8 years 3 months 18 days
Multifamily Property Debt Due 2028
Debt Instrument [Line Items]
Outstanding face amount		$ 32,480,000
Carrying value		$ 32,176,000
Weighted average interest rate		2.76%
Weighted average life (years)		6 years 4 months 24 days
Collateral amortized cost basis		$ 62,269,000
Collateral carrying value		$ 62,269,000
Collateral weighted average life (years)		6 years 4 months 24 days
Debt instrument, repayment premium, percent	1%
Multifamily Property Debt Due 2028 | Facility
Debt Instrument [Line Items]
Outstanding face amount	$ 32,480,000
Weighted average interest rate	5.80%
Weighted average life (years)	5 years 4 months 24 days
Multifamily Property Debt Due 2028 | Collateral
Debt Instrument [Line Items]
Collateral amortized cost basis	$ 59,491,000
Collateral carrying value	$ 59,491,000
Collateral weighted average life (years)	5 years 4 months 24 days
Multifamily Property Debt Due 2032 | Facility
Debt Instrument [Line Items]
Outstanding face amount	$ 89,634,000
Carrying value	$ 89,060,000
Weighted average interest rate	3.52%
Weighted average life (years)	9 years 1 month 6 days
Multifamily Property Debt Due 2032 | Collateral
Debt Instrument [Line Items]
Collateral amortized cost basis	$ 185,731,000
Collateral carrying value	$ 185,731,000
Collateral weighted average life (years)	9 years 1 month 6 days
The 7.50 Percent Senior Notes Due 2025 | Facility | Unsecured Financing
Debt Instrument [Line Items]
Outstanding face amount	$ 36,500,000
Carrying value	$ 35,530,000
Weighted average interest rate	7.50%
Weighted average life (years)	2 years 9 months 18 days
The 5.75 Percent Senior Notes Due 2026 | Unsecured Financing
Debt Instrument [Line Items]
Outstanding face amount				$ 75,000,000
Weighted average interest rate		5.75%
The 5.75 Percent Senior Notes Due 2026 | Facility | Unsecured Financing
Debt Instrument [Line Items]
Outstanding face amount	$ 165,000,000	$ 135,000,000
Carrying value	$ 162,930,000	$ 133,092,000
Weighted average interest rate	5.75%
Weighted average life (years)	3 years 3 months 18 days	4 years 3 months 18 days
The 7.50 Percent Senior Notes Due 2027 | Facility | Unsecured Financing
Debt Instrument [Line Items]
Outstanding face amount	$ 6,500,000		$ 6,500,000
Carrying value	$ 6,500,000
Weighted average interest rate	7.50%		7.50%
Weighted average life (years)	4 years 9 months 18 days

Debt - Additional Information (

Debt - Additional Information (Details)	Jun. 30, 2022 USD ($)	May 20, 2022 USD ($)	Jan. 25, 2022 USD ($)	Dec. 20, 2021 USD ($)	Apr. 20, 2021 USD ($)	Oct. 20, 2020 USD ($) loan	Oct. 15, 2020 USD ($)	Jul. 12, 2019 USD ($)	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan	Feb. 11, 2020 USD ($)
Debt Instrument [Line Items]
Secured financing agreements, net									$ 687,885,000	$ 786,226,000
Loans and leases receivable, number of loans | loan									48	51
Weighted average, fixed rate									90.64%	95.48%
Mezzanine Loans
Debt Instrument [Line Items]
Loans and leases receivable, number of loans | loan						18
Loans and leases receivable, gross						$ 97,900,000
Weighted average, fixed rate						7.54%
Percentage of acquired loans held for investment face amount						1.02
Accrued interest receivable						$ 300,000
Unsecured Financing | NexPoint Real Estate Finance Operating Partnership, L.P.
Debt Instrument [Line Items]
Interest rate, stated percentage							7.50%
Outstanding face amount							$ 36,500,000
Percentage of par value							0.99
Proceeds from issuance of unsecured debt							$ 36,100,000
Credit Facility | Freddie Mac
Debt Instrument [Line Items]
Principal repayments								$ 788,800,000
Credit facility, remaining borrowing capacity								$ 0
Secured financing agreements, net											$ 788,800,000
Proceeds from lines of credit						$ 59,900,000
Weighted average interest rate						0.30%
The 5.75 Percent Senior Notes Due 2026
Debt Instrument [Line Items]
Interest rate, stated percentage	5.75%	5.75%
Percentage of par value	0.965	0.963
Repayments of debt	$ 2,000,000	$ 2,900,000
Extinguishment of debt	$ 2,000,000	$ 3,000,000
The 5.75 Percent Senior Notes Due 2026 | Unsecured Financing
Debt Instrument [Line Items]
Interest rate, stated percentage					5.75%
Outstanding face amount					$ 75,000,000
Percentage of par value					0.995
Proceeds from issuance of unsecured debt					$ 73,100,000
Weighted average interest rate										5.75%
Proceeds from issuance of debt					$ 73,100,000
The Second 5.75 Percent Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage				5.75%
Outstanding face amount				$ 60,000,000
Percentage of par value				1.028
Proceeds from issuance of debt				$ 60,900,000
The Third 5.75 Percent Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage			5.75%
Outstanding face amount			$ 35,000,000
Percentage of par value			1.009
Proceeds from issuance of debt			$ 35,100,000

Debt - Schedule of Outstanding

Debt - Schedule of Outstanding Principal Balances Related to SFR Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 687,885	$ 786,226
Senior loan | Single Family Rental
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 628,633
Interest Rate	2.35%
Senior loan | Single Family Rental | Debt Instrument One
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 465,690
Interest Rate	2.24%
Senior loan | Single Family Rental | Debt Instrument Two
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 46,094
Interest Rate	2.14%
Senior loan | Single Family Rental | Debt Instrument Three
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 34,528
Interest Rate	2.70%
Senior loan | Single Family Rental | Debt Instrument Four
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 9,293
Interest Rate	2.79%
Senior loan | Single Family Rental | Debt Instrument Five
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 9,284
Interest Rate	2.45%
Senior loan | Single Family Rental | Debt Instrument Six
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 8,828
Interest Rate	3.51%
Senior loan | Single Family Rental | Debt Instrument Seven
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 8,805
Interest Rate	3.30%
Senior loan | Single Family Rental | Debt Instrument Eight
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 8,007
Interest Rate	3.14%
Senior loan | Single Family Rental | Debt Instrument Nine
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 6,778
Interest Rate	2.98%
Senior loan | Single Family Rental | Debt Instrument Ten
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 5,947
Interest Rate	2.99%
Senior loan | Single Family Rental | Debt Instrument Eleven
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 5,513
Interest Rate	2.40%
Senior loan | Single Family Rental | Debt Instrument Twelve
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 5,346
Interest Rate	3.14%
Senior loan | Single Family Rental | Debt Instrument Thirteen
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 5,015
Interest Rate	2.64%
Senior loan | Single Family Rental | Debt Instrument Fourteen
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 4,770
Interest Rate	2.48%
Senior loan | Single Family Rental | Debt Instrument Fifteen
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 4,735
Interest Rate	2.97%
Senior loan | Multifamily | Mezzanine Loans
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 59,252
Interest Rate	0.30%
Senior loan | Multifamily | Debt Instrument One | Mezzanine Loans | Wilmington, DE
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 8,723
Interest Rate	0.30%
Senior loan | Multifamily | Debt Instrument Two | Mezzanine Loans | White Marsh, MD
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 7,344
Interest Rate	0.30%
Senior loan | Multifamily | Debt Instrument Three | Mezzanine Loans | Philadelphia, PA
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 6,353
Interest Rate	0.30%
Senior loan | Multifamily | Debt Instrument Four | Mezzanine Loans | Daytona Beach, FL
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 5,881
Interest Rate	0.30%
Senior loan | Multifamily | Debt Instrument Five | Mezzanine Loans | Laurel, MD
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 4,523
Interest Rate	0.30%
Senior loan | Multifamily | Debt Instrument Six | Mezzanine Loans | Temple Hills, MD
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 4,179
Interest Rate	0.30%
Senior loan | Multifamily | Debt Instrument Seven | Mezzanine Loans | Temple Hills, MD
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 3,390
Interest Rate	0.30%
Senior loan | Multifamily | Debt Instrument Eight | Mezzanine Loans | Lakewood, NJ
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 3,348
Interest Rate	0.30%
Senior loan | Multifamily | Debt Instrument Nine | Mezzanine Loans | North Aurora, IL
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 2,454
Interest Rate	0.30%
Senior loan | Multifamily | Debt Instrument Ten | Mezzanine Loans | Rosedale, MD
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 2,264
Interest Rate	0.30%
Senior loan | Multifamily | Debt Instrument Eleven | Mezzanine Loans | Cockeysville, MD
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 2,215
Interest Rate	0.30%
Senior loan | Multifamily | Debt Instrument Twelve | Mezzanine Loans | Laurel, MD
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 2,026
Interest Rate	0.30%
Senior loan | Multifamily | Debt Instrument Thirteen | Mezzanine Loans | Vancouver, WA
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 1,836
Interest Rate	0.30%
Senior loan | Multifamily | Debt Instrument Fourteen | Mezzanine Loans | Tyler, TX
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 1,763
Interest Rate	0.30%
Senior loan | Multifamily | Debt Instrument Fifteen | Mezzanine Loans | Las Vegas, NV
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 1,307
Interest Rate	0.30%
Senior loan | Multifamily | Debt Instrument Sixteen | Mezzanine Loans | Atlanta, GA
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 918
Interest Rate	0.30%
Senior loan | Multifamily | Debt Instrument Seventeen | Mezzanine Loans | Des Moines, IA
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 728
Interest Rate	0.30%

Debt - Activity Related to Carr

Debt - Activity Related to Carrying Value of Secured Financing Agreements and Master Repurchase Agreements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Line Of Credit Facility [Roll Forward]
Repurchase of unsecured notes	$ (4,829)	$ 0	$ 0
Amortization of deferred financing costs	20,840	15,769	8,280
Ending balance	1,349,019
Secured Financing Agreements and Master Repurchase Agreements
Line Of Credit Facility [Roll Forward]
Beginning balance	1,273,355	1,036,878
Principal borrowings	260,937	339,137
Principal repayments	(184,848)	(103,212)
Repurchase of unsecured notes	(4,829)	0
Accretion of discounts	790	552
Amortization of deferred financing costs	48	0
Ending balance	$ 1,345,453	$ 1,273,355	$ 1,036,878

Debt - Summary of Aggregate Sch

Debt - Summary of Aggregate Scheduled Maturities of Total Debt (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
2022	$ (335,790)
2024	(5,513)
2025	(82,594)
2026	(206,764)
2027	(6,500)
Thereafter	(711,858)
Total long-term debt	(1,349,019)
Recourse
Debt Instrument [Line Items]
2022	0
2024	0
2025	(36,500)
2026	(197,480)
2027	(6,500)
Thereafter	0
Total long-term debt	(240,480)
Non-recourse
Debt Instrument [Line Items]
2022	(335,790)
2024	(5,513)
2025	(46,094)
2026	(9,284)
2027	0
Thereafter	(711,858)
Total long-term debt	$ (1,108,539)

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Additional Information (Details) - Interest Rate Cap - Designated as Hedging Instrument $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative, fair value, net	$ 1.1	$ 32.5
Derivative strike price		0.0229

Fair Value of Financial Instr_4

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	Dec. 31, 2022	Dec. 31, 2021
Assets
Common stock investments, at fair value	$ 78,264	$ 58,460
CMBS Structured Pass Through Certificates
Assets
Debt securities, trading	46,876	69,816
MSCR Notes
Assets
Debt securities, trading	10,313	0
Collateralized Mortgage Backed Securities
Assets
Debt securities, trading	32,328	0
Recurring
Assets
Cash and cash equivalents	20,048	26,459
Restricted cash	299	6,773
Real estate investments, net	245,222	62,269
Loans receivable, fair value disclosure		242,396
Common stock investments, at fair value	78,264	58,460
Accrued interest	15,665	8,319
Accounts receivable and other assets	2,197	393
Assets, fair value disclosure		8,516,887
Liabilities
Secured financing agreements, net	713,253	809,586
Master repurchase agreements	331,020	286,324
Unsecured notes, net	175,560	168,325
Mortgages payable, net	121,236	32,176
Accounts payable and other accrued liabilities	6,236	3,903
Accrued interest payable	7,986	3,985
Financial and nonfinancial liabilities, fair value disclosure	7,605,095	8,030,571
Recurring | Mortgages
Assets
Loans receivable, fair value disclosure	727,533	849,455
Recurring | CMBS Structured Pass Through Certificates
Assets
Debt securities, trading	46,876	69,816
Recurring | MSCR Notes
Assets
Debt securities, trading	10,313
Recurring | Collateralized Mortgage Backed Securities
Assets
Debt securities, trading	32,328
Recurring | Variable Interest Entity, Primary Beneficiary
Liabilities
Bonds payable held in variable interest entities, at fair value	6,249,804	6,726,272
Recurring | Variable Interest Entity, Primary Beneficiary | Mortgages
Assets
Loans receivable, fair value disclosure	6,720,246	7,192,547
Recurring | Level 1
Assets
Cash and cash equivalents	20,048	26,459
Restricted cash	299	6,773
Real estate investments, net	0	62,269
Loans receivable, fair value disclosure	0	0
Common stock investments, at fair value	0	0
Accrued interest	15,665	8,319
Accounts receivable and other assets	2,197	393
Assets, fair value disclosure	38,209	104,213
Liabilities
Secured financing agreements, net	0	0
Master repurchase agreements	0	0
Unsecured notes, net	0	0
Mortgages payable, net	0	0
Accounts payable and other accrued liabilities	6,236	3,903
Accrued interest payable	7,986	3,985
Financial and nonfinancial liabilities, fair value disclosure	14,222	7,888
Recurring | Level 1 | Mortgages
Assets
Loans receivable, fair value disclosure	0	0
Recurring | Level 1 | CMBS Structured Pass Through Certificates
Assets
Debt securities, trading	0	0
Recurring | Level 1 | MSCR Notes
Assets
Debt securities, trading	0
Recurring | Level 1 | Collateralized Mortgage Backed Securities
Assets
Debt securities, trading	0
Recurring | Level 1 | Variable Interest Entity, Primary Beneficiary
Liabilities
Bonds payable held in variable interest entities, at fair value	0	0
Recurring | Level 1 | Variable Interest Entity, Primary Beneficiary | Mortgages
Assets
Loans receivable, fair value disclosure	0	0
Recurring | Level 2
Assets
Cash and cash equivalents	0	0
Restricted cash	0	0
Real estate investments, net	0	0
Loans receivable, fair value disclosure	0	0
Common stock investments, at fair value	0	0
Accrued interest	0	0
Accounts receivable and other assets	0	0
Assets, fair value disclosure	6,809,763	7,262,363
Liabilities
Secured financing agreements, net	0	0
Master repurchase agreements	0	0
Unsecured notes, net	175,560	0
Mortgages payable, net	0	0
Accounts payable and other accrued liabilities	0	0
Accrued interest payable	0	0
Financial and nonfinancial liabilities, fair value disclosure	6,425,364	6,726,272
Recurring | Level 2 | Mortgages
Assets
Loans receivable, fair value disclosure	0	0
Recurring | Level 2 | CMBS Structured Pass Through Certificates
Assets
Debt securities, trading	46,876	69,816
Recurring | Level 2 | MSCR Notes
Assets
Debt securities, trading	10,313
Recurring | Level 2 | Collateralized Mortgage Backed Securities
Assets
Debt securities, trading	32,328
Recurring | Level 2 | Variable Interest Entity, Primary Beneficiary
Liabilities
Bonds payable held in variable interest entities, at fair value	6,249,804	6,726,272
Recurring | Level 2 | Variable Interest Entity, Primary Beneficiary | Mortgages
Assets
Loans receivable, fair value disclosure	6,720,246	7,192,547
Recurring | Level 3
Assets
Cash and cash equivalents	0	0
Restricted cash	0	0
Real estate investments, net	245,222	0
Loans receivable, fair value disclosure		242,396
Common stock investments, at fair value	78,264	58,460
Accrued interest	0	0
Accounts receivable and other assets	0	0
Assets, fair value disclosure		1,150,311
Liabilities
Secured financing agreements, net	713,253	809,586
Master repurchase agreements	331,020	286,324
Unsecured notes, net	0	168,325
Mortgages payable, net	121,236	32,176
Accounts payable and other accrued liabilities	0	0
Accrued interest payable	0	0
Financial and nonfinancial liabilities, fair value disclosure	1,165,509	1,296,411
Recurring | Level 3 | Mortgages
Assets
Loans receivable, fair value disclosure	727,533	849,455
Recurring | Level 3 | CMBS Structured Pass Through Certificates
Assets
Debt securities, trading	0	0
Recurring | Level 3 | MSCR Notes
Assets
Debt securities, trading	0
Recurring | Level 3 | Collateralized Mortgage Backed Securities
Assets
Debt securities, trading	0
Recurring | Level 3 | Variable Interest Entity, Primary Beneficiary
Liabilities
Bonds payable held in variable interest entities, at fair value	0	0
Recurring | Level 3 | Variable Interest Entity, Primary Beneficiary | Mortgages
Assets
Loans receivable, fair value disclosure	0	0
Carrying Value | Recurring
Assets
Cash and cash equivalents	20,048	26,459
Restricted cash	299	6,773
Real estate investments, net	245,222	62,269
Loans receivable, fair value disclosure	256,147	241,517
Common stock investments, at fair value	78,264	58,460
Accrued interest	15,665	8,319
Accounts receivable and other assets	2,197	393
Assets, fair value disclosure	8,154,136	8,513,917
Liabilities
Secured financing agreements, net	687,885	786,226
Master repurchase agreements	331,020	286,324
Unsecured notes, net	204,960	168,325
Mortgages payable, net	121,236	32,176
Accounts payable and other accrued liabilities	6,231	3,903
Accrued interest payable	7,986	3,985
Financial and nonfinancial liabilities, fair value disclosure	7,609,122	8,007,211
Carrying Value | Recurring | Mortgages
Assets
Loans receivable, fair value disclosure	726,531	847,364
Carrying Value | Recurring | CMBS Structured Pass Through Certificates
Assets
Debt securities, trading	46,876	69,816
Carrying Value | Recurring | MSCR Notes
Assets
Debt securities, trading	10,313
Carrying Value | Recurring | Collateralized Mortgage Backed Securities
Assets
Debt securities, trading	32,328
Carrying Value | Recurring | Variable Interest Entity, Primary Beneficiary
Liabilities
Bonds payable held in variable interest entities, at fair value	6,249,804	6,726,272
Carrying Value | Recurring | Variable Interest Entity, Primary Beneficiary | Mortgages
Assets
Loans receivable, fair value disclosure	$ 6,720,246	$ 7,192,547

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Significant Unobservable Inputs of Level 3 Assets (Details) $ in Thousands	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 78,264	$ 58,460
Discounted cash flow | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	50
Recent transaction | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 28
Terminal cap rate | Discounted cash flow | Level 3 | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	0.0513
Terminal cap rate | Discounted cash flow | Level 3 | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	0.0563
Terminal cap rate | Discounted cash flow | Level 3 | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	0.0538
Discount rate | Discounted cash flow | Level 3 | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	0.0775
Discount rate | Discounted cash flow | Level 3 | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	0.0975
Discount rate | Discounted cash flow | Level 3 | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	0.0875
Yield | Recent transaction | Level 3 | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	0.0335
Yield | Recent transaction | Level 3 | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	0.0500
Yield | Recent transaction | Level 3 | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	0.0381

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Changes in Level 3 Assets (Details) - Equity Securities $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Discounted cash flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 58,460
Change in Unrealized Gains /(Losses)	(8,080)
Ending balance	50,380
Recent transaction
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0
Change in Unrealized Gains /(Losses)	0
Ending balance	$ 27,884

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details)

10 Months Ended

12 Months Ended

24 Months Ended

Dec. 23, 2022 shares

Oct. 24, 2022 $ / shares

Feb. 21, 2022 shares

Feb. 14, 2022 shares

Jan. 07, 2022 shares

Nov. 08, 2021 shares

Sep. 10, 2021 shares

Sep. 08, 2021 shares

Aug. 20, 2021 $ / shares shares

Apr. 01, 2021 USD ($) $ / shares shares

Mar. 03, 2021 shares

Feb. 22, 2021 shares

Nov. 02, 2020 shares

Jul. 24, 2020 USD ($) $ / shares shares

Jun. 24, 2020 shares

May 08, 2020 shares

Mar. 09, 2020 USD ($)

Jan. 31, 2020 $ / shares shares

Dec. 31, 2022 USD ($) $ / shares shares

Dec. 31, 2022 USD ($) $ / shares shares

Dec. 31, 2021 $ / shares shares

Dec. 31, 2020 $ / shares shares

Mar. 09, 2022 USD ($) $ / shares shares

Dec. 15, 2022 $ / shares

Mar. 31, 2021 USD ($)

Dec. 31, 2019 shares

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Common stock, par value per share (in dollars per share) | $ / shares

$ 0.01

$ 0.01

$ 0.01

$ 0.01

Common stock, issued (in shares)

17,366,930

17,366,930

9,450,921

Common stock, outstanding (in shares)

17,079,943

17,079,943

9,163,934

Stock repurchase program, authorized amount | $

$ 10,000,000

Stock repurchase program, period in force

2 years

Treasury stock shares acquired (in shares)

327,422

Repurchase of common stock | $

$ 4,800,000

Treasury stock acquired, average cost per share (in dollars per share) | $ / shares

$ 14.61

Treasury stock, shares retired (in shares)

40,435

Treasury stock, ending balance (in shares)

286,987

Stock issuance agreement, number of shares (in shares)

13,758,905.9

Noncontrolling interest, shares redeemed (in shares)

2,100,000

395,033

4,774,570

1,479,132

Conversion of redeemable noncontrolling interests in the OP (in shares)

2,100,000

395,033

4,774,570

1,479,132

8,748,735

Common stock dividends declared (in usd per share) | $ / shares

$ 0.50

$ 2

$ 1.9000

$ 1.4198

Common Stock

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Vesting of stock-based compensation (in shares)

114,678

69,830

Common stock, outstanding (in shares)

17,079,943

17,079,943

9,163,934

5,022,578

0

Conversion of redeemable noncontrolling interests in the OP (in shares)

7,269,603

1,479,132

Dividends payable, amount per share (in dollars per share) | $ / shares

$ 0.53125

NREF OP IV REIT

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Sale of stock, number of shares issued (in shares)

125

Sale of stock, consideration received on transaction | $

$ 100,000

Sale of stock, price per share (in dollars per share) | $ / shares

$ 1,000

Preferred units, distribution per year rate

0.120

Preferred units, purchase price (in dollars per share) | $ / shares

$ 1,000

Preferred units, redemption value per share (in dollars per share) | $ / shares

$ 1,000

At-the-market Offering

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Issuance of common stock (in shares)

532,694

Payments of stock issuance costs | $

$ 793,779

Equity distribution agreements, maximum aggregate sales price | $

$ 100,000,000

Underwriting Agreement

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Issuance of common stock (in shares)

2,000,000

Shares issued, price per share (in dollars per share) | $ / shares

$ 21

Over-Allotment Option

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Issuance of common stock (in shares)

59,700

300,000

The 2022 At The Market Program (ATM)

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Issuance of common stock (in shares)

531,728

Payments of stock issuance costs | $

$ 888,249

Sale of stock, consideration received on transaction | $

$ 12,600,000

The 2022 At The Market Program (ATM) | Common Stock

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Sale of stock, number of shares issued (in shares)

531,728

The 2022 At The Market Program (ATM) | Series A Preferred Stock

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Sale of stock, number of shares issued (in shares)

0

Restricted Stock Units (RSUs)

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Granted (in shares)

276,940

2020 LTIP

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Vesting of stock-based compensation (in shares)

114,678

Share-based compensation arrangement by share-based payment award, shares issued in period (in shares)

1,319,734

2020 LTIP | Restricted Stock Units (RSUs)

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Share-based compensation arrangement by share-based payment award, award vesting period

4 years

2020 LTIP | Restricted Stock Units (RSUs) | Director

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Granted (in shares)

12,464

11,832

14,739

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

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Granted (in shares)

264,476

220,352

274,274

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

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Granted (in shares)

1,201

1,201

1,838

2020 LTIP | Minimum | Restricted Stock Units (RSUs)

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Share-based compensation arrangement by share-based payment award, award vesting period

3 years

2020 LTIP | Maximum | Restricted Stock Units (RSUs)

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Share-based compensation arrangement by share-based payment award, award vesting period

5 years

Series A Preferred Stock

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Issuance of common stock (in shares)

2,000,000

Underwriting discount and commission expenses | $

$ 1,200,000

Payments of stock issuance costs | $

$ 800,000

Preferred stock, dividend rate, percentage

8.50%

Preferred stock, redemption price per share (in dollars per share) | $ / shares

$ 24

Proceeds from issuance of preferred stock | $

$ 48,000,000

Preferred stock, liquidation preference per share (in dollars per share) | $ / shares

$ 25

Series A Preferred Stock | At-the-market Offering

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Issuance of common stock (in shares)

0

Stockholders' Equity - Number o

Stockholders' Equity - Number of Restricted Stock Units Granted, Vested, Forfeited and Outstanding (Details) - Restricted Stock Units (RSUs)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Number of Units
Outstanding, beginning balance (in shares) | shares	439,087
Granted (in shares) | shares	276,940
Vested (in shares) | shares	(135,778)
Forfeited (in shares) | shares	(2,889)
Outstanding, ending balance (in shares) | shares	577,360
Weighted Average Grant Date Fair Value
Outstanding, Weighted Average Grant Date Fair Value, beginning balance (in dollars per share) | $ / shares	$ 15.97
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	19.85
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	19.39
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	20.81
Outstanding, Weighted Average Grant Date Fair Value, ending balance (in dollars per share) | $ / shares	$ 17.88

Stockholders' Equity - Vesting

Stockholders' Equity - Vesting Schedule (Details) - Restricted Stock Units (RSUs) - shares	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
2023 (in shares)	201,672
2024 (in shares)	189,202
2025 (in shares)	120,644
2026 (in shares)	65,842
Nonvested restricted stock units (in shares)	577,360	439,087
February
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
2023 (in shares)	133,103
2024 (in shares)	120,638
2025 (in shares)	120,644
2026 (in shares)	65,842
Nonvested restricted stock units (in shares)	440,227
May
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
2023 (in shares)	68,569
2024 (in shares)	68,564
2025 (in shares)	0
2026 (in shares)	0
Nonvested restricted stock units (in shares)	137,133

Stockholders' Equity - Summary

Stockholders' Equity - Summary of ATM Program Sales (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Net Proceeds	$ 156,491,000	$ 32,393,000	$ 0
At-the-market Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Gross Proceeds	$ 11,264,237
Shares of common stock issued (in shares)	532,694
Gross Average Sale Price per Share of Common Stock (in usd per share)	$ 21.15
Sales Commissions	$ 168,963
Offering Costs	793,779
Net Proceeds	$ 10,301,495
Average Price Per Share, net (in usd per share)	$ 19.34
The 2022 At The Market Program (ATM)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Gross Proceeds	$ 12,575,493
Shares of common stock issued (in shares)	531,728
Gross Average Sale Price per Share of Common Stock (in usd per share)	$ 23.65
Sales Commissions	$ 188,655
Offering Costs	888,249
Net Proceeds	$ 11,498,589
Average Price Per Share, net (in usd per share)	$ 21.62
Underwriting Agreement, Including Option Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
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 usd per share)	$ 21
Underwriting Discounts	$ 1,946,417
Offering Costs	813,748
Net Proceeds	$ 40,493,535
Average Price Per Share, net (in usd per share)	$ 19.66

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net income attributable to common stockholders		$ 3,234	$ 39,577	$ 11,099
Earnings for basic computations
Net income (loss) attributable to redeemable noncontrolling interests		4,969	40,387	21,323
Net income for diluted computations		$ 8,203	$ 79,964	$ 32,422
Weighted-average common shares outstanding
Average number of common shares outstanding - basic (in shares)		14,686	6,601	5,206
Average number of unvested restricted stock units (in shares)		571	444	172
Average number of OP Units and SubOP Units (in shares)		7,218	13,321	13,270
Average number of common shares outstanding - diluted (in shares)		22,475	20,366	18,648
Earnings per weighted average common share:
Earnings per share - basic (in dollars per share)		$ 0.22	$ 6	$ 2.13
Earnings per share - diluted (in dollars per share)	[1]	$ 0.22	$ 3.93	$ 1.74
[1]Diluted earnings per share ("EPS") calculations were higher than basic EPS and thus anti-dilutive for the year ended December 31, 2022. As such, the Company is presenting diluted EPS as equal to basic EPS.

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Details) $ / shares in Units, $ in Millions		12 Months Ended
	Jul. 24, 2020 $ / shares	Dec. 31, 2022 USD ($) $ / shares shares
Class A OP Units
Noncontrolling Interest [Line Items]
Limited liability units, voting power, percent per share		0.500
Class B OP Units
Noncontrolling Interest [Line Items]
Limited liability units, voting power, percent per share		0.500
Series A Preferred Stock
Noncontrolling Interest [Line Items]
Preferred stock, dividend rate, percentage	8.50%
Preferred stock, liquidation preference per share (in dollars per share)	$ 25
NexPoint Real Estate Finance Operating Partnership, L.P.
Noncontrolling Interest [Line Items]
Limited partnership, ownership interest		83.36%
NexPoint Real Estate Finance Operating Partnership, L.P. | Class A OP Units
Noncontrolling Interest [Line Items]
Limited partnership, ownership interest		100%
Manager Affiliates | Subscription Agreements | NexPoint Real Estate Finance Operating Partnership, L.P.
Noncontrolling Interest [Line Items]
Partners' capital, distribution amount per share (in dollars per share)		$ 16.85
Weighted average limited partnership units outstanding, basic (in shares) | shares		5,038,382
Partners' capital account, redemptions | $		$ 84.9

Noncontrolling Interests - Rede

Noncontrolling Interests - Redeemable Noncontrolling Interests in the OP (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	$ 261,423	$ 275,670	$ 0
Contributions from redeemable noncontrolling interests in the OP	0	0	273,410
Net income attributable to redeemable noncontrolling interests in the OP	4,969	40,387	21,323
Redemption of redeemable noncontrolling interests in the OP	(155,614)	(32,393)	0
Distributions to redeemable noncontrolling interests in the OP	(14,277)	(22,241)	(19,063)
Ending balance	$ 96,501	$ 261,423	$ 275,670

Noncontrolling Interests - Cons

Noncontrolling Interests - Consolidated Common Shares (Details) - shares	Dec. 31, 2022	Dec. 31, 2021
Noncontrolling Interest [Line Items]
Common stock, outstanding (in shares)	17,079,943	9,163,934
Combined outstanding (in shares)	22,118,325
OP Units | Noncontrolling interest
Noncontrolling Interest [Line Items]
Partners' capital account units (in shares)	5,038,382
Sub OPs | Noncontrolling interest
Noncontrolling Interest [Line Items]
Partners' capital account units (in shares)	0

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)

12 Months Ended

Dec. 23, 2022 shares

Jun. 30, 2022

May 20, 2022

Feb. 21, 2022 shares

Feb. 14, 2022 shares

Feb. 01, 2022 USD ($) unit

Jan. 07, 2022 shares

Nov. 08, 2021 shares

Sep. 08, 2021 shares

Apr. 20, 2021 USD ($)

Feb. 22, 2021 shares

Nov. 02, 2020 shares

Oct. 15, 2020 USD ($)

Jul. 24, 2020 USD ($) $ / shares shares

Jun. 24, 2020 shares

May 29, 2020 USD ($) $ / shares shares

May 08, 2020 shares

Dec. 31, 2022 USD ($) shares

Dec. 31, 2021 USD ($)

Dec. 31, 2020 USD ($)

Dec. 08, 2022 USD ($)

Oct. 18, 2022 USD ($)

Mar. 31, 2022 USD ($)

Jan. 27, 2022 unit

Related Party Transaction [Line Items]

Payment for management fee

$ 0

Stock issuance agreement, number of shares (in shares) | shares

13,758,905.9

Noncontrolling interest, shares redeemed (in shares) | shares

2,100,000

395,033

4,774,570

1,479,132

Conversion of redeemable noncontrolling interests in the OP (in shares) | shares

2,100,000

395,033

4,774,570

1,479,132

8,748,735

Management fees

$ 3,151,000

$ 2,296,000

$ 1,552,000

Payments to acquire real estate

$ 184,552,000

29,789,000

$ 0

Number of units in multifamily property | unit

368

Las Vegas, NV

Related Party Transaction [Line Items]

Number of units in multifamily property | unit

368

Elysian at Hughes Center

Related Party Transaction [Line Items]

Payments to acquire real estate

$ 184,100,000

NexPoint Storage Partners, Inc. (“NSP”)

Related Party Transaction [Line Items]

Equity method investment, ownership percentage

25.80%

Facility

Related Party Transaction [Line Items]

Outstanding face amount

$ 1,349,019,000

$ 1,276,530,000

Weighted average interest rate

3.85%

2.72%

Bridge Loan | Las Vegas, NV

Related Party Transaction [Line Items]

Financing receivable, after allowance for credit loss, current, total

$ 13,500,000

Bridge Loan | Prime Rate

Related Party Transaction [Line Items]

Loans receivable, basis spread on variable rate

1.50%

Restricted Stock Units (RSUs)

Related Party Transaction [Line Items]

Granted (in shares) | shares

276,940

Director | Restricted Stock Units (RSUs) | 2020 LTIP

Related Party Transaction [Line Items]

Granted (in shares) | shares

12,464

11,832

14,739

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

Related Party Transaction [Line Items]

Granted (in shares) | shares

264,476

220,352

274,274

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

Related Party Transaction [Line Items]

Granted (in shares) | shares

1,201

1,201

1,838

Directors, Officers and Certain Key Employees | Restricted Stock Units (RSUs) | 2020 LTIP

Related Party Transaction [Line Items]

Granted (in shares) | shares

12,464

233,385

Unsecured Financing | Facility

Related Party Transaction [Line Items]

Outstanding face amount

$ 36,500,000

Weighted average interest rate

7.50%

The 5.75 Percent Senior Notes Due 2026

Related Party Transaction [Line Items]

Interest rate, stated percentage

5.75%

5.75%

Percentage of par value

0.965

0.963

The 5.75 Percent Senior Notes Due 2026 | Unsecured Financing

Related Party Transaction [Line Items]

Outstanding face amount

$ 75,000,000

Interest rate, stated percentage

5.75%

Percentage of par value

0.995

Proceeds from issuance of debt

$ 73,100,000

Weighted average interest rate

5.75%

The 5.75 Percent Senior Notes Due 2026 | Unsecured Financing | Facility

Related Party Transaction [Line Items]

Outstanding face amount

$ 165,000,000

$ 135,000,000

Weighted average interest rate

5.75%

The 7.50 Percent Senior Notes Due 2027 | Unsecured Financing | Facility

Related Party Transaction [Line Items]

Outstanding face amount

$ 6,500,000

$ 6,500,000

Weighted average interest rate

7.50%

7.50%

NexPoint Real Estate Finance Operating Partnership, L.P. | Unsecured Financing

Related Party Transaction [Line Items]

Outstanding face amount

$ 36,500,000

Interest rate, stated percentage

7.50%

Percentage of par value

0.99

REIT Sub and the Co-Guarantors

Related Party Transaction [Line Items]

Guarantor obligations, current carrying value

$ 64,200,000

Guarantor obligations, maximum exposure

$ 97,600,000

Series A Preferred Stock

Related Party Transaction [Line Items]

Issuance of common stock (in shares) | shares

2,000,000

Proceeds from issuance of preferred stock

$ 48,000,000

Preferred stock, liquidation preference per share (in dollars per share) | $ / shares

$ 25

NexPoint Real Estate Advisors VII, L.P.

Related Party Transaction [Line Items]

Percentage of annual advisory paid monthly

0.015

Management fees

$ 3,200,000

$ 2,300,000

NexPoint Real Estate Advisors VII, L.P. | Maximum

Related Party Transaction [Line Items]

Percentage of direct payment of operating expense

0.025

NexAnnuity Asset Management | The 5.75 Percent Senior Notes Due 2026 | Unsecured Financing

Related Party Transaction [Line Items]

Outstanding face amount

$ 2,500,000

Buffalo Pointe | Contribution Agreement

Related Party Transaction [Line Items]

Percentage of occupancy of multifamily property

0.920

Percentage of preferred equity investment current interest rate

0.065

Percentage of preferred equity investment deferred interest rate

0.045

Percentage of loan to value

0.829

Buffalo Pointe | NexPoint Real Estate Finance Operating Partnership, L.P. | Contribution Agreement

Related Party Transaction [Line Items]

Payments of distributions to affiliates

$ 10,000,000

Partners' capital account, total sale of units (in shares) | shares

564,334

Book value of common stock per share (in dollars per share) | $ / shares

$ 17.72

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)								12 Months Ended
	Oct. 19, 2022 USD ($)	Jan. 27, 2022 USD ($)	Jan. 19, 2022 USD ($)	Jan. 14, 2022 USD ($)	Dec. 20, 2021 USD ($)	Nov. 08, 2021 USD ($)	Sep. 29, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 08, 2022 USD ($)
Other Commitments [Line Items]
Purchase of preferred equity, purchase amount							$ 50,000,000
Purchase of preferred equity, purchase amount, option							25,000,000	$ 3,700,000
Purchase of preferred equity, amount funded	$ 15,000,000	$ 18,500,000	$ 200,000	$ 900,000	$ 3,800,000	$ 30,000,000	$ 3,000,000
Preferred units, extension term								2 years
Preferred units, distribution rate							0.100
REIT Sub and the Co-Guarantors
Other Commitments [Line Items]
Guarantor obligations, current carrying value									$ 64,200,000
Guarantor obligations, maximum exposure									97,600,000
REIT Sub
Other Commitments [Line Items]
Guarantor obligations, maximum exposure									$ 83,800,000
NexPoint Storage Partners, Inc. (“NSP”)
Other Commitments [Line Items]
Equity method investment, ownership percentage								25.80%
Unstabilized Special Purpose Limited Liability Company
Other Commitments [Line Items]
Preferred equity, invested capital ratio								1.25
Stabilized Special Purpose Limited Liability Company
Other Commitments [Line Items]
Preferred equity, invested capital ratio								1.10
Preferred Units
Other Commitments [Line Items]
Total other commitment								$ 0

Elysian at Hughes Center Imma_3

Elysian at Hughes Center Immaterial Error Correction (Unaudited) - Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 20,048				$ 26,459
Restricted cash	299				6,773
Real estate investments, net	245,222				62,269
Loans and leases receivable, net amount	256,147				241,517
Accrued interest and dividends	15,665				8,319
Accounts receivable and other assets	2,197				393
TOTAL ASSETS	8,154,136				8,513,917
Liabilities:
Mortgages payable, net	121,236				32,176
Accounts payable and other accrued liabilities	6,231				3,903
Accrued interest payable	7,986				3,985
Total Liabilities	7,609,122				8,007,211
Total Stockholders' Equity	448,513				245,283	$ 128,243	$ 0
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	8,154,136				8,513,917
Subsidiaries
Liabilities:
Stockholders' equity attributable to noncontrolling interest	$ 64,529				$ 95
Revision of Prior Period, Error Correction, Adjustment
ASSETS
Cash and cash equivalents		$ 26,458	$ 59,449	$ 41,712
Restricted cash		4,723	1,602	499
Real estate investments, net		242,250	242,738	243,656
Loans and leases receivable, net amount		237,038	211,730	264,783
Accrued interest and dividends		12,301	10,000	9,908
Accounts receivable and other assets		1,714	2,003	2,259
TOTAL ASSETS		8,414,853	8,003,627	8,163,933
Liabilities:
Bridge Loan		0	20,457	55,000
Mortgages payable, net		121,104	121,092	121,080
Accounts payable and other accrued liabilities		6,899	8,800	6,945
Accrued interest payable		9,336	4,756	0
Total Liabilities		7,871,597	7,456,805	7,657,150
Stockholders' equity attributable to noncontrolling interest		142,276	147,871	148,674
Total Stockholders' Equity		348,942	365,009	357,408
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		8,414,853	8,003,627	8,163,933
Revision of Prior Period, Error Correction, Adjustment | Subsidiaries
Liabilities:
Stockholders' equity attributable to noncontrolling interest		$ 52,038	$ 33,942	$ 701

Elysian at Hughes Center Imma_4

Elysian at Hughes Center Immaterial Error Correction (Unaudited) - Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2022	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net interest income
Interest income				$ 77,988	$ 55,827	$ 38,978
Total net interest income				37,733	26,055	17,666
Other income (loss)
Revenues from consolidated real estate owned (Note 8)				12,402	10	0
Total other income (loss)				2,661	71,313	25,752
Operating expenses
Expenses from consolidated real estate owned (Note 8)				11,398	50	0
Total operating expenses				26,180	13,896	9,248
Net income (loss)				14,214	83,472	34,170
Net (income) attributable to preferred shareholders				(3,512)	(3,508)	(1,748)
Net (income) loss attributable to noncontrolling interests				(4,969)	(40,387)	(21,323)
Net income (loss) attributable to common stockholders				3,234	39,577	11,099
Revision of Prior Period, Error Correction, Adjustment
Net interest income
Interest income	$ 31,133	$ 16,394	$ 14,893
Total net interest income	22,315	7,287	4,211
Other income (loss)
Revenues from consolidated real estate owned (Note 8)	2,387	3,266	3,455
Total other income (loss)	1,814	7,464	(7,521)
Operating expenses
Expenses from consolidated real estate owned (Note 8)	2,428	3,549	2,442
Total operating expenses	6,060	7,277	6,053
Net income (loss)	18,069	7,474	(9,363)
Net (income) attributable to preferred shareholders	(874)	(882)	(874)
Net (income) loss attributable to noncontrolling interests	(4,783)	(2,186)	1,889
Net income (loss) attributable to common stockholders	12,406	3,850	(9,289)
Subsidiaries
Operating expenses
Net (income) loss attributable to noncontrolling interests				$ (2,499)	$ 0	$ 0
Subsidiaries | Revision of Prior Period, Error Correction, Adjustment
Operating expenses
Net (income) loss attributable to noncontrolling interests	$ (6)	$ (556)	$ (941)

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ / shares in Units, $ in Millions							12 Months Ended
	Mar. 24, 2023 USD ($)	Mar. 14, 2023 USD ($)	Mar. 10, 2023 USD ($)	Feb. 22, 2023 USD ($) $ / shares	Oct. 24, 2022 $ / shares	Mar. 09, 2020 USD ($)	Dec. 31, 2022 $ / shares	Dec. 31, 2021 $ / shares	Dec. 31, 2020 $ / shares	Feb. 24, 2023 USD ($)	Feb. 10, 2023 USD ($)
Subsequent Event [Line Items]
Stock repurchase program, authorized amount						$ 10
Stock repurchase program, period in force						2 years
Common stock dividends declared (in usd per share) | $ / shares					$ 0.50		$ 2	$ 1.9000	$ 1.4198
Preferred stock dividends declared (in usd per share) | $ / shares								$ 2.1250	$ 0.5313
Subsequent Event
Subsequent Event [Line Items]
Preferred equity method investments		$ 24								$ 11.2	$ 14
Equity method investment										$ 0.5	$ 0.5
Preferred equity method investments, annual return rate										0.11	0.11
Stock repurchase program, authorized amount				$ 20
Stock repurchase program, period in force				2 years
Common stock dividends declared (in usd per share) | $ / shares				$ 0.50
Common stock special dividends declared (in usd per share) | $ / shares				0.185
Preferred stock dividends declared (in usd per share) | $ / shares				$ 0.53125
Multiple on invested capital		1.30
Preferred equity investment, placement fee		0.010
Subsequent Event | REMF 2018 - KF44 CMBS
Subsequent Event [Line Items]
Equity method investment			$ 40.4
Percentage of par value			0.995
Equity method investment, ownership percentage			41%
Subsequent Event | Mezzanine
Subsequent Event [Line Items]
Extinguishment of debt	$ 28.1
Repurchased face amount	24.8
Accrued interest extinguished	$ 3.3
Subsequent Event | Master Repurchase Agreements
Subsequent Event [Line Items]
Outstanding face amount			$ 5.7
Subsequent Event | Preferred Equity Investment, Return, Tranche One
Subsequent Event [Line Items]
Internal rate of return		20%
Subsequent Event | Preferred Equity Investment, Return, Tranche One | NexPoint Real Estate Finance, Inc.
Subsequent Event [Line Items]
Preferred equity investment, return		0
Subsequent Event | Preferred Equity Investment, Return, Tranche One | Preferred Equity Issuer
Subsequent Event [Line Items]
Preferred equity investment, return		1
Subsequent Event | Preferred Equity Investment, Return, Tranche Two | NexPoint Real Estate Finance, Inc.
Subsequent Event [Line Items]
Preferred equity investment, return		0.10
Subsequent Event | Preferred Equity Investment, Return, Tranche Two | Preferred Equity Issuer
Subsequent Event [Line Items]
Preferred equity investment, return		0.90
Subsequent Event | Secured Overnight Financing Rate (SOFR) | Master Repurchase Agreements
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate			1.60%
Subsequent Event | Minimum | Prime Rate
Subsequent Event [Line Items]
Preferred equity investment, basis spread on variable rate		0.050
Subsequent Event | Maximum | Prime Rate
Subsequent Event [Line Items]
Preferred equity investment, basis spread on variable rate		0.1125