NexPoint Real Estate Finance (NREF) 10-K 21 Mar 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Mar. 20, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
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
Entity Address, Address Line Two	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	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 269
Entity Common Stock, Shares Outstanding		17,593,244
Documents Incorporated by Reference	Portions of the proxy statement for the registrant’s 2024 Annual Meeting of stockholders are incorporated by reference in Part III of this Form 10-K.
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Entity Central Index Key	0001786248
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 Cumulative Redeemable Preferred Stock, 8.5%
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, 2023
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, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 13,824	$ 20,048
Restricted cash	2,825	299
Real estate investments, net	126,551	245,222
Common stock investments, at fair value	61,529	78,264
Mortgage loans, held-for-investment, net	676,420	726,531
Preferred stock investments, at fair value	14,776	0
Accrued interest and dividends	22,033	15,665
Accounts receivable and other assets	4,312	2,197
TOTAL ASSETS	7,018,353	8,154,136
Liabilities:
Secured financing agreements, net	649,558	687,885
Master repurchase agreements	303,514	331,020
Unsecured notes, net	219,483	204,960
Mortgages payable, net	95,657	121,236
Accounts payable and other accrued liabilities	6,428	6,231
Accrued interest payable	8,209	7,986
Bonds payable held in variable interest entities, at fair value	5,289,997	6,249,804
Total Liabilities	6,572,846	7,609,122
Redeemable Series B Preferred stock	8,599	0
Redeemable noncontrolling interests in the OP	89,471	96,501
Stockholders' Equity:
Preferred Stock, Value, Outstanding	16	16
Common Stock, Value, Outstanding	172	171
Additional paid-in capital	395,737	392,124
Retained earnings (accumulated deficit)	(35,821)	4,435
Treasury stock, preferred	(8,567)	(8,567)
Treasury stock, common	(4,195)	(4,195)
Total Stockholders' Equity	347,437	448,513
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	7,018,353	8,154,136
Related Party
ASSETS
Loans and leases receivable, net amount	22,989	46,022
Common stock investments, at fair value	33,129	50,380
Consolidated Entity, Excluding Consolidated VIE
ASSETS
Loans and leases receivable, net amount	328,460	256,147
Variable Interest Entity, Primary Beneficiary
ASSETS
Loans and leases receivable, net amount	5,677,763	6,720,246
Subsidiaries
Stockholders' Equity:
Noncontrolling interest in subsidiary	95	64,529
CMBS Structured Pass Through Certificates
ASSETS
Debt securities, trading	41,212	46,876
MSCR Notes
ASSETS
Debt securities, trading	10,378	10,313
Collateralized Mortgage-Backed Securities
ASSETS
Debt securities, trading	$ 38,270	$ 32,328

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Common stock investments, at fair value	$ 61,529	$ 78,264
Redeemable Series B Preferred stock, par value per share (in usd per share)	$ 0.01	$ 0.01
Redeemable Series B Preferred stock, shares authorized (in shares)	16,000,000	16,000,000
Redeemable Series B Preferred stock, shares issued (in shares)	427,218	0
Redeemable Series B Preferred stock, shares outstanding (in shares)	427,218	0
Series A Preferred stock, par value per share (in usd per share)	$ 0.01	$ 0.01
Series A Preferred stock, authorized (in shares)	100,000,000	100,000,000
Series A Preferred stock, issued (in shares)	2,000,000	2,000,000
Series A 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)	17,518,900	17,366,930
Common stock, outstanding (in shares)	17,231,913	17,079,943
Treasury stock, preferred (in shares)	355,000	355,000
Treasury stock, common (in shares)	286,987	286,987
Related Party
Loans and leases receivable, net amount	$ 22,989	$ 46,022
Common stock investments, at fair value	$ 33,129	$ 50,380

Consolidated Statement of Opera

Consolidated Statement of Operations - USD ($) shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net interest income
Interest income		$ 68,358	$ 77,988	$ 55,827
Interest expense		(51,560)	(40,255)	(29,772)
Total net interest income		16,798	37,733	26,055
Other income (loss)
Reversal of (provision for) credit losses		(4,299)	(169)	(189)
Dividend income, net		193	0	0
Realized Losses		0	(1,084)	(257)
Other income		1,520	399	780
Gain on deconsolidation of real estate owned		1,490	0	0
Gain on extinguishment of debt		0	17	0
Equity in income (losses) of equity method investments		(2,564)	0	0
Revenues from consolidated real estate owned		5,144	12,402	10
Total other income (loss)		25,292	2,661	71,313
Operating expenses
Property general and administrative expenses		9,204	7,243	6,371
Loan servicing fees		4,187	4,388	5,179
Management fees		3,281	3,151	2,296
Expenses from consolidated real estate owned		6,678	11,398	50
Total operating expenses		23,350	26,180	13,896
Net income (loss)		18,740	14,214	83,472
Net (income) loss attributable to redeemable noncontrolling interests		(4,765)	(4,969)	(40,387)
Net (income) loss attributable to redeemable noncontrolling interests in subsidiaries		$ 10,399	$ 3,234	$ 39,577
Weighted-average common shares outstanding - basic (in shares)		17,199	14,686	6,601
Weighted-average common shares outstanding - diluted (in shares)	[1]	17,199	14,686	20,366
Earnings per share outstanding - basic (in dollars per share)		$ 0.60	$ 0.22	$ 6
Earnings per share outstanding - diluted (in dollars per share)		0.60	0.22	3.93
Dividends declared per common share (in dollars per share)		$ 2.7400	$ 2	$ 1.9000
Series A Preferred Stock
Operating expenses
Net (income) loss attributable to series A preferred shareholders		$ (3,496)	$ (3,512)	$ (3,508)
Series B Preferred Stock
Operating expenses
Net (income) loss attributable to series A preferred shareholders		(80)	0	0
CMBS Structured Pass Through Certificates
Other income (loss)
Debt securities, trading, unrealized gain (loss)		1,533	(12,664)	(483)
Common Stock
Other income (loss)
Change in unrealized gain (loss) on common stock investments		(16,736)	(5,196)	13,834
Preferred stock investments, at fair value
Other income (loss)
Change in unrealized gain (loss) on common stock investments		266	0	0
MSCR Notes
Other income (loss)
Debt securities, trading, unrealized gain (loss)		65	(53)	0
Collateralized Mortgage-Backed Securities
Other income (loss)
Debt securities, trading, unrealized gain (loss)		467	(1,230)	0
Variable Interest Entity, Primary Beneficiary
Other income (loss)
Change in net assets related to consolidated CMBS variable interest entities		38,213	10,239	57,618
Debt securities, trading, unrealized gain (loss)		(2,414)	(25,627)	29,838
Redeemable Noncontrolling Interests
Operating expenses
Net (income) loss attributable to redeemable noncontrolling interests		(4,765)	(4,969)	(40,387)
Subsidiaries
Operating expenses
Net (income) loss attributable to redeemable noncontrolling interests		$ 0	$ (2,499)	$ 0
[1] Diluted EPS calculations were higher than basic EPS and thus anti-dilutive for the years ended December 31, 2023 and 2022, respectively. 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	Cumulative Effect, Period of Adoption, Adjustment	At-the-market Offering	Public Offering	Private Placement	Series B Preferred Stock	Preferred stock investments, at fair value Series A Preferred Stock	Common Stock	Common Stock At-the-market Offering	Common Stock Public Offering	Additional Paid-in Capital	Additional Paid-in Capital At-the-market Offering	Additional Paid-in Capital Public Offering	Retained Earnings Less Dividends	Retained Earnings Less Dividends Cumulative Effect, Period of Adoption, Adjustment	Common Stock Held in Treasury at Cost	Series A Preferred Stock Held in Treasury at Cost	Noncontrolling Interest Variable Interest Entity, Primary Beneficiary	Noncontrolling Interest Subsidiaries	Noncontrolling Interest Private Placement Subsidiaries
Preferred stock, beginning balance (in shares) at Dec. 31, 2020							1,645,000
Beginning balance at Dec. 31, 2020	$ 128,243						$ 16	$ 50			$ 138,043			$ 3,485		$ (4,784)	$ (8,567)	$ 0	$ 0
Common stock, beginning balance (in shares) at Dec. 31, 2020								5,022,578
Increase (Decrease) in Stockholders' Equity [Roll Forward]
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 common stock and preferred stock (in shares)									532,694	2,059,700
Issuance of common stock and preferred stock			$ 10,301	$ 40,494					$ 5	$ 21		$ 10,296	$ 40,473
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
Ending balance at Dec. 31, 2021	245,283						$ 16	$ 92			222,300			28,367		(4,195)	(8,567)	7,175	95
Common stock, ending balance (in shares) at Dec. 31, 2021								9,163,934
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of stock-based compensation (in shares)								114,678
Vesting of stock-based compensation	2,790							$ 1			2,789
Issuance of common stock and preferred stock (in shares)									531,728
Issuance of common stock and preferred stock			$ 11,499						$ 5			$ 11,494
Proceeds from DST syndication fundraising	64,434																		64,434
Conversion of redeemable noncontrolling interests in the OP (in shares)								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 noncontrolling interest in subsidiary on deconsolidation 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
Ending balance at Dec. 31, 2022	$ 448,513	$ (1,624)					$ 16	$ 171			392,124			4,435	$ (1,624)	(4,195)	(8,567)	0	64,529
Common stock, ending balance (in shares) at Dec. 31, 2022	17,079,943							17,079,943
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-13 [Member]
Vesting of stock-based compensation (in shares)								151,970
Vesting of stock-based compensation	$ 3,614							$ 1			3,613
Issuance of common stock and preferred stock (in shares)						427,218
Conversion of redeemable noncontrolling interests in the OP (in shares)	8,748,735
Adjustment to noncontrolling interest in subsidiary on deconsolidation of real estate	$ (64,434)																		(64,434)
Net income attributable to preferred stockholders	3,496													3,496
Net income attributable to common stockholders	10,399													10,399
Preferred stock dividends declared	(3,496)													(3,496)
Common stock dividends declared	$ (49,031)													(49,031)
Preferred stock, ending balance (in shares) at Dec. 31, 2023	1,645,000						1,645,000
Ending balance at Dec. 31, 2023	$ 347,437						$ 16	$ 172			$ 395,737			$ (35,821)		$ (4,195)	$ (8,567)	$ 0	$ 95
Common stock, ending balance (in shares) at Dec. 31, 2023	17,231,913							17,231,913

Consolidated Statement of Sto_2

Consolidated Statement of Stockholders' Equity (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Preferred stock dividends declared (in usd per share)	$ 2.1250	$ 2.1250	$ 2.1250
Common stock dividends declared (in usd per share)	$ 2.7400	$ 2	$ 1.9000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net income	$ 18,740	$ 14,214	$ 83,472
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of premiums	15,301	20,840	15,769
Accretion of discounts	(13,877)	(13,312)	(9,196)
Depreciation and amortization of real estate investment	2,465	2,895	0
Amortization of deferred financing costs	(45)	48	0
Change in Fair Value on Interest Rate Caps	(1,675)	0	0
Net Cash Received (Paid) On Interest Rate Caps	(440)	0	0
Provision for (reversal of) credit losses, net	4,299	169	189
Net change in unrealized (gain) loss on investments held at fair value	16,820	44,765	(43,503)
Realized Losses	0	1,084	257
Equity in (income) losses of unconsolidated equity method ventures	2,564	0	0
Gain on deconsolidation of variable interest entity	(1,490)	0	0
Stock-based compensation expense	4,411	3,286	2,023
Payment in kind income	(8,990)	(715)	(91)
Gain on extinguishment of debt	0	(17)	0
Changes in operating assets and liabilities:
Accrued interest and dividends receivable	(4,319)	(10,247)	(3,241)
Accounts receivable and other assets	(354)	(433)	352
Accrued interest payable	338	2,914	1,674
Accounts payable, accrued expenses and other liabilities	(2,192)	310	1,593
Net cash provided by operating activities	31,556	65,801	49,298
Cash flows from investing activities
Proceeds from payments received on bridge loan	0	13,500	32,759
Originations of bridge loan	0	(13,434)	(32,595)
Originations of loans, held-for-investment, net	(92,701)	(110,502)	(117,727)
Purchases of preferred stock	(14,510)	0	0
Purchases of equity method investments	(2,564)	0	0
Increase in Cash in connection with VIE consolidation	1,814	0	0
Decrease in Cash in connection with VIE deconsolidation	(4,992)	0	0
Acquisitions of real estate investments	0	(184,552)	(29,789)
Additions to real estate investments	(526)	(117)	0
Net cash provided by investing activities	741,342	950,578	517,878
Cash flows from financing activities
Principal repayments on borrowings under secured financing agreements	(38,327)	(98,341)	(54,227)
Borrowings under master repurchase agreements	55,239	130,629	153,844
Principal repayments on borrowings under master repurchase agreements	(82,745)	(85,933)	(28,985)
Proceeds received on borrowings under secured financing agreements	0	89,634	0
Proceeds received from unsecured notes offering	13,557	40,674	132,813
Repurchase of unsecured notes	0	(4,829)	(304)
Borrowings under bridge facility	0	55,000	20,000
Bridge facility payments	0	(55,000)	(20,000)
Proceeds from issuance of common stock	0	156,491	32,393
Increase in Mortages Payable In Connection With VIE Consolidation, Financing Activities	416
Principal repayments on mortgages payable	(22)	0	0
Payments for taxes related to net share settlement of stock-based compensation	(797)	(495)	(323)
Dividends paid to common stockholders	(47,950)	(29,652)	(14,164)
Distributions to redeemable noncontrolling interests in the OP	(12,092)	(14,277)	(22,241)
Contributions from noncontrolling interests	0	67,255	0
Net cash used in financing activities	(776,596)	(1,029,264)	(567,415)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(3,698)	(12,885)	(239)
Cash, cash equivalents and restricted cash, beginning of year	20,347	33,232	33,471
Cash, cash equivalents and restricted cash, end of year	16,649	20,347	33,232
Supplemental Disclosure of Cash Flow Information
Interest paid	51,337	35,416	27,546
Supplemental Disclosure of Noncash Investing and Financing Activities
Adjustment to loans, held for investment, net on deconsolidation of real estate	36,022	0	0
Adjustment to real estate investments, net on deconsolidation of real estate	(185,732)	0	0
Adjustment to accrued interest and dividends on deconsolidation of real estate	2,049	0	0
Adjustment to accounts receivable and other assets on deconsolidation of real estate	(799)	0	0
Adjustment to mortgages payable, net on deconsolidation of real estate	89,012	0	0
Adjustment to accounts payable and accrued liabilities on deconsolidation of real estate	705	0	0
Adjustment to accrued interest payable on deconsolidation of real estate	1,087	0	0
Adjustment to noncontrolling interest in subsidiary on deconsolidation of real estate	64,434	0	0
Adjustment to retained earnings on deconsolidation of real estate	1,490	0	0
Adjustment to redeemable noncontrolling interest in the OP on deconsolidation of real estate	(297)	0	0
Increase in dividends payable upon vesting of restricted stock units	1,081	1,187	0
Deconsolidation of mortgage loans and bonds payable held in variable interest entities	(448,396)	0	0
Consolidation of mortgage loans and bonds payable held in variable interest entities	0	1,244,826	2,946,224
Conversion of convertible notes to common stock	0	25,000	0
Adjustment to loans, held for investment, net on consolidation of real estate	(9,685)	0	0
Adjustment to real estate investments, net on consolidation of real estate	69,000	0	0
Adjustment to accounts receivable and other assets on consolidation of real estate	445	0	0
Adjustment to mortgages payable, net on consolidation of real estate	(63,084)	0	0
Adjustment to accrued interest payable on consolidation of real estate	(972)	0	0
Adjustment to accounts payable and accrued liabilities on consolidation of real estate	(2,436)	0	0
Consolidation of noncontrolling interest in CMBS variable interest entities	0	0	7,175
Increase in dividends payable upon vesting of restricted stock units	0	0	531
Other assets acquired from acquisitions	0	0	14
Liabilities assumed from acquisitions	0	0	47
Assumed debt on acquisitions	0	0	32,480
Series A Preferred Stock
Cash flows from financing activities
Dividends paid to preferred stockholders	(3,496)	(3,512)	(3,508)
Series B Preferred Stock
Cash flows from financing activities
Proceeds from issuance of preferred stock	10,500
Dividends paid to preferred stockholders	(80)	0	0
Public Offering
Cash flows from financing activities
Proceeds from issuance of common stock	0	11,499	50,795
Proceeds from issuance of preferred stock	8,599	0	0
At-the-market Offering
Cash flows from financing activities
Proceeds from issuance of common stock	0	(156,491)	(32,393)
Private Placement
Cash flows from financing activities
Proceeds from issuance of preferred stock	0	0	95
Variable Interest Entity, Primary Beneficiary
Cash flows from investing activities
Proceeds from sale of loans held-for-investment	717,966	1,223,322	841,953
Cash flows from financing activities
Distributions to bondholders of variable interest entities	(668,898)	(1,131,916)	(781,210)
Variable Interest Entity, Primary Beneficiary | CMBS Structured Pass Through Certificates
Cash flows from investing activities
Proceeds from sale of loans held-for-investment	44,783	0	0
Purchases of debt securities, at fair value	0	(115,276)	(204,574)
Consolidated Entity, Excluding Consolidated VIE
Cash flows from investing activities
Proceeds from sale of loans held-for-investment	97,259	178,990	62,991
Consolidated Entity, Excluding Consolidated VIE | Collateralized Mortgage-Backed Securities
Cash flows from investing activities
Proceeds from sale of loans held-for-investment	546	518	0
Purchases of debt securities, at fair value	(5,733)	(33,926)	0
Consolidated Entity, Excluding Consolidated VIE | CMBS Structured Pass Through Certificates
Cash flows from investing activities
Proceeds from sale of loans held-for-investment	0	6,962	3,921
Purchases of debt securities, at fair value	0	(4,542)	(39,061)
Consolidated Entity, Excluding Consolidated VIE | MSCR Notes
Cash flows from investing activities
Purchases of debt securities, at fair value	$ 0	$ (10,365)	$ 0

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 2023
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 and the Company believes the current organization and method of operation will enable it to maintain its status as a REIT. The Company is focused on originating, structuring and investing in first-lien mortgage loans, mezzanine loans, preferred equity, convertible notes, multifamily properties and common equity investments, as well as multifamily and single-family rental ("SFR") commercial mortgage backed securities securitizations (“CMBS securitizations”), multifamily structured credit risk notes (“MSCR Notes”) and mortgage backed securities, or our target assets. We primarily focus 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 metropolitan statistical areas ("MSAs"). 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, 2023, the Company holds approximately 83.82% of the common limited partnership units in the OP (“OP Units”) which represents 100.00% 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 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, that renewed on February 6, 2024 for a one-year term and is automatically renewed for 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, 2023
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 U.S. generally accepted accounting principles (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and 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. Other than described below pertaining to the adoption of the new accounting pronouncement, there have been no significant changes to the Company’s significant accounting policies during the year ended December 31, 2023. The accompanying consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not 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, 2023, 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 (see Note 6). 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, 2023 and December 31, 2022, 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 83.82% of the OP Units in the OP as of December 31, 2023 which represent 100.00% 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, 2023, 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, net Loans that are held-for-investment are carried at their aggregate outstanding face amount, net of applicable (i) unamortized origination or acquisition premium and discounts, (ii) unamortized deferred fees and other direct loan origination costs, (iii) valuation allowance for credit 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 Credit Losses In periods ending on or prior to December 31, 2022, the Company, with the assistance of an independent valuations firm, performed 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 determined that it was probable that it would be unable to collect all amounts owed according to the contractual terms of a loan, impairment of that loan was indicated. If a loan was considered to be impaired, the Company would establish an allowance for loan losses, through a valuation provision in earnings that reduced 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 was expected solely from the collateral. For non-impaired loans with no specific allowance the Company determined an allowance for loan losses in accordance with ASC 450-20, Loss Contingencies (“ASC 450-20”), which represented 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 considered quantitative factors likely to cause estimated credit losses, including default rate and loss severity rates. The Company also evaluated 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 for the fiscal year ended December 31, 2022 are included in “Reversal of (provision for) credit losses” on the accompanying Consolidated Statements of Operations. 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 requires the use of a current expected credit loss ("CECL") 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 ASU 2016-13 as of January 1, 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. These models are also utilized for estimating expected life-time credit losses for unfunded loan commitments for which the Company has a present contractual obligation to extend the credit and the obligation is not unconditionally cancellable. The 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. The reasonable and supportable forecast period is determined based on the Company’s assessment of the most likely scenario of assumptions and plausible outcomes for the U.S. economy, current portfolio composition, level of historical loss forecast estimates, material changes in growth and credit strategy and other factors that may affect its loss experience. The Company regularly evaluates the reasonable and supportable forecast period to determine if a change is needed. The Company has determined that economic forecasts used in our CECL model can be reasonable and supportable over four quarters as it provides enough time to account for the expected changes of the economic conditions and the performance of the underlying assets. Beyond the Company’s reasonable and supportable forecast period, the Company immediately reverts to historical loss information. The Company considers an immediate reversion period appropriate in the CECL model because it provides a suitable balance between the stability of historical data and the flexibility to account for changing market conditions. The allowance for loan and lease losses reserve as of December 31, 2022, was $0.7 million and the CECL reserve as of January 1, 2023, was $2.3 million. As such, the cumulative effect of adoption of ASU 2016-13 was a $1.6 million reduction in retained earnings. The provision for credit losses of $4.3 million for the year ended December 31, 2023 is included in reversal of (provision for) credit losses on the accompanying Consolidated Statements of Operations, resulting in an ending allowance for credit loss of $2.1 million as of December 31, 2023. 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. 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, 2023, there were no loans acquired with deteriorated credit quality. The Company also recognizes a liability for expected credit losses for off-balance sheet exposures if the Company has a present contractual obligation to extend the credit and the obligation is not unconditionally cancelable by the entity. 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 alternati

Loans Held for Investment, Net

Loans Held for Investment, Net	12 Months Ended
	Dec. 31, 2023
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, 2023 and December 31, 2022, respectively (dollars in thousands): Loan Type Outstanding Face Amount Carrying Value (1) Loan Count Weighted Average Fixed Rate (2) Coupon (3) Life (years) (4) December 31, 2023 Mortgage loans, held-for-investment $ 645,277 $ 676,420 11 100.00 % 4.79 % 4.49 Mezzanine loans, held-for-investment 133,207 135,069 22 78.31 % 9.61 % 5.36 Preferred equity, held-for-investment 195,392 193,391 15 39.12 % 12.20 % 2.22 $ 973,876 $ 1,004,880 48 84.82 % 6.94 % 4.15 Loan Type Outstanding Face Amount Carrying Value (1) Loan Count Weighted Average 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. For the years ended December 31, 2023 and 2022, the loan and preferred equity portfolio activity was as follows (in thousands): For the Year Ended December 31, 2023 2022 Balance at January 1, $ 982,678 $ 1,088,881 Recognition of retained preferred equity investment upon deconsolidation of real estate (Note 14) 36,022 — Cumulative effect of adoption of ASU 2016-13 (See Note 2) (1,624) — Conversion of convertible bonds to common stock — (25,000) Originations 92,701 110,502 Decrease in loans, held for investment, net on consolidation of real estate (9,685) — Proceeds from principal repayments (97,259) (178,990) PIK distribution reinvested in Preferred Units 8,990 715 Amortization of loan premium, net (1) (7,146) (13,261) (Provision for) reversal of credit losses (4,299) (169) Reversal of specific reserve of credit losses 4,502 — Balance at December 31, $ 1,004,880 $ 982,678 (1) Includes net amortization of loan purchase premiums. As of December 31, 2023, and December 31, 2022, there were $33.1 million and $40.9 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): Risk Rating December 31, 2023 Number of Carrying % of Loan 1 — $ — — 2 — — — 3 46 992,751 98.79 % 4 2 12,129 1.21 % 5 — — — % 48 $ 1,004,880 100.00 % Risk Rating December 31, 2022 Number of Carrying % of Loan 1 — $ — — 2 — — — 3 48 982,678 100.00 % 4 — — — 5 — — — 48 $ 982,678 100.00 % As of December 31, 2023, 46 loans held-for-investment in our portfolio were rated “3,” or “Satisfactory”, 2 loans held-for-investment in our portfolio were rated "4," or "Underperformance", and 0 loans held-for-investment in our portfolio were rated "5," or "Risk of Impairment/Default", based on the factors assessed by the Company and discussed in Note 2. Our loan portfolio had a weighted-average risk rating of 3.0 as of December 31, 2023, and 3.0 as of December 31, 2022. The following tables present the carrying value of the loan portfolio by the Company's internal risk rating and year of origination as of December 31, 2023 and December 31, 2022 (dollars in thousands): December 31, 2023 Carrying Value by Year of Origination (1) Risk Rating Number of Outstanding Face Amount 2023 2022 2021 2020 2019 Prior Total Carrying Value 1 — $ — $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — — — 3 46 961,756 82,879 69,958 40,981 19,158 759,828 19,947 992,751 4 2 12,120 — 12,129 — — — — 12,129 5 — — — — — — — — — 48 $ 973,876 $ 82,879 $ 82,087 $ 40,981 $ 19,158 $ 759,828 $ 19,947 $ 1,004,880 December 31, 2022 Carrying Value by Year of Origination (1) Risk Rating Number of Outstanding Face Amount 2022 2021 2020 2019 2018 Prior Total Carrying Value 1 — $ — $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — — — 3 48 999,080 72,606 98,129 17,500 774,381 20,062 — 982,678 4 — — — — — — — — — 5 — — — — — — — — — 48 $ 999,080 $ 72,606 $ 98,129 $ 17,500 $ 774,381 $ 20,062 $ — $ 982,678 (1) Represents the date a loan was originated or acquired. 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, 2023 December 31, 2022 Georgia 30.50 % 34.04 % Florida 18.40 % 19.34 % Texas 13.87 % 11.21 % Nevada 1.46 % * Maryland 5.47 % 5.59 % Minnesota 7.31 % 6.97 % California 4.92 % 4.66 % Alabama 3.51 % 3.81 % North Carolina 2.78 % 2.65 % Virginia 2.65 % * Arkansas 1.37 % 1.42 % Other (18 and 19 states each at <1%) 7.76 % 10.31 % 100.00 % 100.00 % *Included in “Other.” Collateral Property Type December 31, 2023 December 31, 2022 Single Family Rental 69.94 % 72.26 % Multifamily 21.99 % 23.11 % Life Science 6.33 % 2.85 % Self-Storage 1.75 % 1.79 % 100.00 % 100.00 %

CMBS Trusts

CMBS Trusts	12 Months Ended
	Dec. 31, 2023
Mortgage Banking [Abstract]
CMBS Trusts	CMBS Trusts As of December 31, 2023, 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 investing and financing cash flows, respectively. The following table presents the Company’s recognized Trust’s Assets and Liabilities (in thousands): Trust's Assets December 31, 2023 December 31, 2022 Mortgage loans held in variable interest entities, at fair value $ 5,677,763 $ 6,720,246 Accrued interest receivable 3,902 4,029 Trust's Liabilities Bonds payable held in variable interest entities, at fair value (5,289,997) (6,249,804) Accrued interest payable (3,220) (3,207) The following table presents “Change in net assets related to consolidated CMBS variable interest entities” (in thousands): For the Year Ended December 31, 2023 2022 2021 Net interest earned $ 40,627 $ 35,866 $ 27,780 Unrealized gain (loss) (2,414) (25,627) 29,838 Change in net assets related to consolidated CMBS variable interest entities $ 38,213 $ 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, 2023 December 31, 2022 Texas 15.85 % 17.95 % Florida 14.07 % 13.82 % Arizona 4.05 % 6.98 % California 8.69 % 9.28 % Georgia 4.00 % 4.68 % Washington 7.75 % 6.88 % New Jersey 4.02 % 3.97 % Nevada 2.49 % 1.99 % Pennsylvania 1.27 % 1.01 % Colorado 7.74 % 6.21 % Connecticut 2.04 % 3.64 % North Carolina 4.17 % 3.53 % New York 3.37 % 2.76 % Ohio 2.48 % 2.00 % Virginia 2.03 % 1.62 % Indiana 2.13 % 1.69 % Illinois 1.65 % 1.37 % Michigan 1.38 % 1.11 % Maryland 1.18 % * Missouri 1.56 % 1.25 % Other (21 and 22 states each at <1%) 8.08 % 8.26 % 100.00 % 100.00 % *Included in “Other.” Collateral Property Type December 31, 2023 December 31, 2022 Multifamily 97.45 % 98.45 % Manufactured Housing 2.55 % 1.55 % 100.00 % 100.00 %

Common and Preferred Stock Inve

Common and Preferred Stock Investments	12 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Common and Preferred Stock Investments	Common and Preferred Stock Investments Common Stock Investments The Company owns approximately 25.7% 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 owns approximately 6.4% of the total outstanding shares of common stock of the Private REIT as of December 31, 2023 and 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, 2023 and 2022, the Company valued this investment based on the Private REIT's market approach yield of $20.37 and $19.33 per share, respectively. As of December 31, 2023, the Company owns approximately 98.0% of the total outstanding common equity of Resmark Forney Gateway Holdings, LLC ("RFGH") and Resmark the Brook, LLC ("RTB"). The investments in RFGH and RTB are equity method investments. These investments are held in entities that are considered VIEs as the power to direct activities is not proportional to ownership interests. The Company is not the primary beneficiary, but is deemed to have significant influence, and as such accounts for them using the equity method. The following table presents the common stock investments as of December 31, 2023 and 2022, respectively (in thousands, except share amounts): Investment Investment Property Type Shares Fair Value December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Common Stock NexPoint Storage Partners 11/6/2020 Self-storage 41,963 41,963 $ 33,129 $ 50,380 Private REIT 4/14/2022 Ground lease 1,394,213 1,394,213 28,400 27,884 The following table presents “Change in unrealized gain (loss) on common stock investments” (in thousands): For the Year Ended December 31, 2023 2022 2021 Change in unrealized gain (loss) on NexPoint Storage Partners $ (17,251) $ (8,080) $ 13,834 Change in unrealized gain (loss) on Private REIT 515 2,884 — Change in unrealized gain (loss) on common stock investments $ (16,736) $ (5,196) $ 13,834 Preferred Stock Investments On November 9, 2023, the Company invested in the Series D-1 preferred stock (“Series D-1”) of IQHQ, Inc. (“IQHQ”), a privately held life sciences real estate investment trust. The preferred stock dividend accumulates quarterly at a 10.5% dividend rate per annum. The Series D-1 are not deemed to be in-substance common stock and are accounted for as investments in equity securities measured at fair value. The securities do not have a readily determinable fair value, and the Company does not elect the measurement alternative. The Company owns approximately 9.5% of the total outstanding shares of preferred stock of the Series D-1 as of December 31, 2023. The investment in the Series D-1 is a Level 3 asset in the fair value hierarchy and was initially measured using the entry price of the asset. As of December 31, 2023, the Company valued this investment using the discounted cash flow method based on the present value of the expected future cash flows of the underlying investment. The discount rate of 11.5% considered the implied yield of both the payment in kind and cash interest margins. As of December 31, 2023, the Company held twelve CMBS I/O Strips, three MSCR Notes and seven mortgage backed securities at fair value. The CMBS I/O Strips consist of interest only tranches of Freddie Mac structured pass-through certificates with underlying portfolios of fixed-rate mortgage loans secured primarily by stabilized multifamily properties. The MSCR Notes are unguaranteed securities designed to transfer to investors a portion of the credit risk associated with eligible multifamily mortgages linked to a reference pool. Mortgage backed securities receive principal and interest on floating-rate loans secured by SFR, multifamily and self-storage properties. The following table presents the CMBS I/O Strips, MSCR Notes and mortgage backed securities as of December 31, 2023 (dollars in thousands): Investment Investment Carrying Value Property Type Interest Rate Current Yield (1) Maturity Date CMBS I/O Strips CMBS I/O Strip 5/18/2020 $ 1,622 Multifamily 2.02 % 14.64 % 9/25/2046 CMBS I/O Strip 8/6/2020 16,601 Multifamily 2.98 % 17.98 % 6/25/2030 CMBS I/O Strip 4/28/2021 (2) 5,022 Multifamily 1.59 % 17.68 % 1/25/2030 CMBS I/O Strip 5/27/2021 3,436 Multifamily 3.39 % 17.79 % 5/25/2030 CMBS I/O Strip 6/7/2021 395 Multifamily 2.31 % 22.31 % 11/25/2028 CMBS I/O Strip 6/11/2021 (3) 2,643 Multifamily 1.18 % 14.57 % 5/25/2029 CMBS I/O Strip 6/21/2021 833 Multifamily 1.17 % 18.07 % 5/25/2030 CMBS I/O Strip 8/10/2021 2,255 Multifamily 1.89 % 17.98 % 4/25/2030 CMBS I/O Strip 8/11/2021 1,241 Multifamily 3.10 % 15.24 % 7/25/2031 CMBS I/O Strip 8/24/2021 229 Multifamily 2.61 % 16.15 % 1/25/2031 CMBS I/O Strip 9/1/2021 3,390 Multifamily 1.92 % 17.01 % 6/25/2030 CMBS I/O Strip 9/11/2021 3,545 Multifamily 2.95 % 15.14 % 9/25/2031 Total $ 41,212 2.50 % 17.21 % MSCR Notes MSCR Notes 5/25/2022 $ 4,020 Multifamily 14.83 % 14.83 % 5/25/2052 MSCR Notes 5/25/2022 5,000 Multifamily 11.83 % 11.83 % 5/25/2052 MSCR Notes 9/23/2022 1,358 Multifamily 12.18 % 13.38 % 11/25/2051 Total $ 10,378 13.04 % 13.20 % Mortgage Backed Securities Mortgage Backed Securities 6/1/2022 $ 9,924 Single-Family 8.64 % 8.91 % 4/17/2026 Mortgage Backed Securities 6/1/2022 9,369 Single-Family 4.87 % 5.01 % 11/19/2025 Mortgage Backed Securities 7/28/2022 538 Single-Family 6.23 % 6.31 % 10/17/2027 Mortgage Backed Securities 7/28/2022 856 Single-Family 3.60 % 4.12 % 6/20/2028 Mortgage Backed Securities 9/12/2022 3,881 Multifamily 11.57 % 11.55 % 1/25/2031 Mortgage Backed Securities 9/29/2022 7,960 Self Storage 11.10 % 11.12 % 9/15/2027 Mortgage Backed Securities 3/10/2023 5,742 Multifamily 13.93 % 13.95 % 2/25/2025 Total $ 38,270 9.17 % 9.30 % (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. The following table presents the CMBS I/O Strips, MSCR Notes and Mortgage Backed Securities as of December 31, 2022 (dollars in thousands): Investment Investment 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. 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, 2023 2022 2021 Net interest earned $ 2,905 $ 5,668 $ 3,052 Change in unrealized gain (loss) on CMBS structured pass-through certificates 1,533 (12,664) (483) Change in unrealized gain (loss) on MSCR notes 65 (53) — Change in unrealized gain (loss) on mortgage backed securities 467 (1,230) — Realized gain on CMBS structured pass-through certificates — — 484 Total $ 4,970 $ (8,279) $ 3,053

Unconsolidated Variable Interes

Unconsolidated Variable Interest Entities	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Unconsolidated Variable Interest Entities	Unconsolidated Variable Interest Entities Unconsolidated VIEs The Company continually reassesses whether it remains the primary beneficiary for VIEs consolidated under the VIE model. As of December 31, 2023, the Company has accounted for the following investments as unconsolidated VIEs: Entities Instrument Asset Type Accounting Treatment Percentage Ownership as of December 31, 2023 Relationship as of December 31, 2023 Unconsolidated Entities: NexPoint Storage Partners, Inc. Common Stock Self-storage Fair Value 25.7 % VIE Resmark Forney Gateway Holdings, LLC Common Equity Multifamily Equity Method 98.0 % VIE Resmark the Brook, LLC Common Equity Multifamily Equity Method 98.0 % VIE Private REIT Common Equity Ground lease Fair Value 6.4 % VIE The Company's maximum exposure to loss of value for the NSP investment is the fair value of the Company's $33.1 million NSP common stock investment. The Company's maximum exposure to loss of value for the RFGH and RTB common equity investments is the $1.0 million carrying value for each investment and may include an additional $2.8 million in unfunded commitments for each investment to the extent those commitments are funded.

CMBS Structured Pass Through Ce

CMBS Structured Pass Through Certificates, MSCR Notes and Mortgage Backed Securities	12 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
CMBS Structured Pass Through Certificates, MSCR Notes and Mortgage Backed Securities	Common and Preferred Stock Investments Common Stock Investments The Company owns approximately 25.7% 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 owns approximately 6.4% of the total outstanding shares of common stock of the Private REIT as of December 31, 2023 and 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, 2023 and 2022, the Company valued this investment based on the Private REIT's market approach yield of $20.37 and $19.33 per share, respectively. As of December 31, 2023, the Company owns approximately 98.0% of the total outstanding common equity of Resmark Forney Gateway Holdings, LLC ("RFGH") and Resmark the Brook, LLC ("RTB"). The investments in RFGH and RTB are equity method investments. These investments are held in entities that are considered VIEs as the power to direct activities is not proportional to ownership interests. The Company is not the primary beneficiary, but is deemed to have significant influence, and as such accounts for them using the equity method. The following table presents the common stock investments as of December 31, 2023 and 2022, respectively (in thousands, except share amounts): Investment Investment Property Type Shares Fair Value December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Common Stock NexPoint Storage Partners 11/6/2020 Self-storage 41,963 41,963 $ 33,129 $ 50,380 Private REIT 4/14/2022 Ground lease 1,394,213 1,394,213 28,400 27,884 The following table presents “Change in unrealized gain (loss) on common stock investments” (in thousands): For the Year Ended December 31, 2023 2022 2021 Change in unrealized gain (loss) on NexPoint Storage Partners $ (17,251) $ (8,080) $ 13,834 Change in unrealized gain (loss) on Private REIT 515 2,884 — Change in unrealized gain (loss) on common stock investments $ (16,736) $ (5,196) $ 13,834 Preferred Stock Investments On November 9, 2023, the Company invested in the Series D-1 preferred stock (“Series D-1”) of IQHQ, Inc. (“IQHQ”), a privately held life sciences real estate investment trust. The preferred stock dividend accumulates quarterly at a 10.5% dividend rate per annum. The Series D-1 are not deemed to be in-substance common stock and are accounted for as investments in equity securities measured at fair value. The securities do not have a readily determinable fair value, and the Company does not elect the measurement alternative. The Company owns approximately 9.5% of the total outstanding shares of preferred stock of the Series D-1 as of December 31, 2023. The investment in the Series D-1 is a Level 3 asset in the fair value hierarchy and was initially measured using the entry price of the asset. As of December 31, 2023, the Company valued this investment using the discounted cash flow method based on the present value of the expected future cash flows of the underlying investment. The discount rate of 11.5% considered the implied yield of both the payment in kind and cash interest margins. As of December 31, 2023, the Company held twelve CMBS I/O Strips, three MSCR Notes and seven mortgage backed securities at fair value. The CMBS I/O Strips consist of interest only tranches of Freddie Mac structured pass-through certificates with underlying portfolios of fixed-rate mortgage loans secured primarily by stabilized multifamily properties. The MSCR Notes are unguaranteed securities designed to transfer to investors a portion of the credit risk associated with eligible multifamily mortgages linked to a reference pool. Mortgage backed securities receive principal and interest on floating-rate loans secured by SFR, multifamily and self-storage properties. The following table presents the CMBS I/O Strips, MSCR Notes and mortgage backed securities as of December 31, 2023 (dollars in thousands): Investment Investment Carrying Value Property Type Interest Rate Current Yield (1) Maturity Date CMBS I/O Strips CMBS I/O Strip 5/18/2020 $ 1,622 Multifamily 2.02 % 14.64 % 9/25/2046 CMBS I/O Strip 8/6/2020 16,601 Multifamily 2.98 % 17.98 % 6/25/2030 CMBS I/O Strip 4/28/2021 (2) 5,022 Multifamily 1.59 % 17.68 % 1/25/2030 CMBS I/O Strip 5/27/2021 3,436 Multifamily 3.39 % 17.79 % 5/25/2030 CMBS I/O Strip 6/7/2021 395 Multifamily 2.31 % 22.31 % 11/25/2028 CMBS I/O Strip 6/11/2021 (3) 2,643 Multifamily 1.18 % 14.57 % 5/25/2029 CMBS I/O Strip 6/21/2021 833 Multifamily 1.17 % 18.07 % 5/25/2030 CMBS I/O Strip 8/10/2021 2,255 Multifamily 1.89 % 17.98 % 4/25/2030 CMBS I/O Strip 8/11/2021 1,241 Multifamily 3.10 % 15.24 % 7/25/2031 CMBS I/O Strip 8/24/2021 229 Multifamily 2.61 % 16.15 % 1/25/2031 CMBS I/O Strip 9/1/2021 3,390 Multifamily 1.92 % 17.01 % 6/25/2030 CMBS I/O Strip 9/11/2021 3,545 Multifamily 2.95 % 15.14 % 9/25/2031 Total $ 41,212 2.50 % 17.21 % MSCR Notes MSCR Notes 5/25/2022 $ 4,020 Multifamily 14.83 % 14.83 % 5/25/2052 MSCR Notes 5/25/2022 5,000 Multifamily 11.83 % 11.83 % 5/25/2052 MSCR Notes 9/23/2022 1,358 Multifamily 12.18 % 13.38 % 11/25/2051 Total $ 10,378 13.04 % 13.20 % Mortgage Backed Securities Mortgage Backed Securities 6/1/2022 $ 9,924 Single-Family 8.64 % 8.91 % 4/17/2026 Mortgage Backed Securities 6/1/2022 9,369 Single-Family 4.87 % 5.01 % 11/19/2025 Mortgage Backed Securities 7/28/2022 538 Single-Family 6.23 % 6.31 % 10/17/2027 Mortgage Backed Securities 7/28/2022 856 Single-Family 3.60 % 4.12 % 6/20/2028 Mortgage Backed Securities 9/12/2022 3,881 Multifamily 11.57 % 11.55 % 1/25/2031 Mortgage Backed Securities 9/29/2022 7,960 Self Storage 11.10 % 11.12 % 9/15/2027 Mortgage Backed Securities 3/10/2023 5,742 Multifamily 13.93 % 13.95 % 2/25/2025 Total $ 38,270 9.17 % 9.30 % (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. The following table presents the CMBS I/O Strips, MSCR Notes and Mortgage Backed Securities as of December 31, 2022 (dollars in thousands): Investment Investment 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. 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, 2023 2022 2021 Net interest earned $ 2,905 $ 5,668 $ 3,052 Change in unrealized gain (loss) on CMBS structured pass-through certificates 1,533 (12,664) (483) Change in unrealized gain (loss) on MSCR notes 65 (53) — Change in unrealized gain (loss) on mortgage backed securities 467 (1,230) — Realized gain on CMBS structured pass-through certificates — — 484 Total $ 4,970 $ (8,279) $ 3,053

Real Estate Investments, net

Real Estate Investments, net	12 Months Ended
	Dec. 31, 2023
Real Estate Investments, Net [Abstract]
Real Estate Investment, net	Real Estate Investments, net On December 31, 2021 , the Company acquired a 204-unit multifamily property in Charlotte, North Carolina (Hudson Montford). On February 1, 2022, the Company acquired a 368-unit multifamily property in Las Vegas, Nevada (Elysian at Hughes Center). The Company no longer maintains a common equity interest in this property and through a restructuring effective January 1, 2023, the investment was deconsolidated and presented solely as a preferred equity investment as of December 31, 2023. On October 10, 2023, the Company exercised its right to terminate and replace the existing manager of SPG Alexander JV LLC, which owns a 280-unit multifamily property in Atlanta, Georgia. The Company, through its subsidiaries, holds both preferred and common equity investment in SPG Alexander JV LLC and also solely owns the replacement manager. As such, the Company is the primary beneficiary of SPG Alexander JV LLC and consolidates the property within our consolidated financial statements. The investment was considered an asset acquisition, and the fair value of the components of the investment as of October 10, 2023 totaled $68.8 million. The total value consisted of $7.9 million of land, $59.0 million of buildings and improvements, $0.6 million of furniture, fixtures, and equipment, and $1.3 million of intangible assets. As of December 31, 2023, the components of the Company's investments in multifamily properties was as follows (in thousands): Real Estate Investments, Net Land Buildings and Intangible Lease Construction in Progress Furniture, Totals Hudson Montford $ 10,996 $ 49,912 $ — $ 401 $ 691 $ 62,000 Alexander at the District 7,806 59,162 1,271 — 716 68,955 Accumulated depreciation and amortization — (3,948) — — (456) (4,404) Total Real Estate Investments, Net $ 18,802 $ 105,126 $ 1,271 $ 401 $ 951 $ 126,551 As of December 31, 2022, the 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 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 The following table reflects the revenue and expenses for the years ended December 31, 2023 and 2022, for our multifamily properties (in thousands). For the Year Ended December 31, 2023 2022 Revenues Rental income $ 4,962 $ 11,116 Other income 182 1,286 Total revenues 5,144 12,402 Expenses Interest expense 3,984 4,183 Real estate taxes and insurance 862 1,493 Property operating expenses 1,145 2,548 Property general and administrative expenses 257 366 Property management fees 158 301 Depreciation and amortization 2,465 2,895 Rate cap (income) expense (2,045) (1,014) Debt service bridge — 626 Casualty (gain) loss (148) — Total expenses 6,678 11,398 Net income (loss) from consolidated real estate owned $ (1,534) $ 1,004

Debt

Debt	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt The following table summarizes the Company’s financing arrangements in place as of December 31, 2023 (dollars in thousands): December 31, 2023 Facility Collateral Date issued Outstanding Carrying value Final stated Weighted Weighted Outstanding Amortized cost Carrying value Weighted Master Repurchase Agreements CMBS Mizuho(4) 4/15/2020 $ 303,514 $ 303,514 N/A (5) 7.26 % 0.0 $ 931,296 $ 470,761 $ 464,888 6.4 Asset Specific Financing Single Family Rental loans Freddie Mac 7/12/2019 590,306 590,306 7/12/2029 2.34 % 4.5 645,277 676,420 676,420 4.5 Mezzanine loans Freddie Mac 10/20/2020 59,252 59,252 8/1/2031 0.30 % 6.3 96,817 98,839 98,839 6.3 Multifamily properties CBRE 12/31/2021 32,366 32,157 6/1/2028 (6) 8.05 % 4.4 N/A 64,697 64,697 4.4 Various 10/10/2023 63,500 63,500 11/6/2024 (7) 8.84 % 0.9 N/A 61,854 61,854 0.9 Unsecured Financing Various 10/15/2020 36,500 35,852 10/25/2025 7.50 % 1.8 N/A N/A N/A N/A Various 4/20/2021 180,000 177,131 5/1/2026 5.75 % 2.3 N/A N/A N/A N/A Various 10/18/2022 6,500 6,500 10/18/2027 7.50 % 3.8 N/A N/A N/A N/A Total/weighted average $ 1,271,938 $ 1,268,212 4.55 % 2.9 $ 676,420 $ 1,372,571 $ 1,366,698 5.6 (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, 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. (7) Debt was assumed upon consolidation of this property and recorded at the outstanding principal amount. 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 Maximum Final stated Weighted Weighted Outstanding 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 properties 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 N/A Various 4/20/2021 165,000 162,930 5/1/2026 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. 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. 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, 2023. 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, 2023 and 2022, the outstanding balance on the Credit Facility was $590.3 million and $628.6 million, respectively. We, through the Subsidiary OPs, have borrowed approximately $303.5 million under our repurchase agreements and posted $931.3 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, 2023. 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 November 15, 2023, the Company issued an additional $15.0 million aggregate principal amount of its 5.75% Notes at a price equal to 92.0% par value, including accrued interest, for proceeds of approximately $13.6 million after original issue discount and underwriting fees. As of December 31, 2023, 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 31,416 Various Single-family Fixed 2.14 % 10/1/2025 Senior loan 2/11/2020 33,967 Various Single-family Fixed 2.70 % 11/1/2028 Senior loan 2/11/2020 9,156 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 8,111 Various Single-family Fixed 3.51 % 2/1/2028 Senior loan 2/11/2020 8,787 Various Single-family Fixed 3.30 % 10/1/2028 Senior loan 2/11/2020 7,881 Various Single-family Fixed 3.14 % 1/1/2029 Senior loan 2/11/2020 5,848 Various Single-family Fixed 2.99 % 3/1/2029 Senior loan 2/11/2020 5,240 Various Single-family Fixed 3.14 % 12/1/2028 Senior loan 2/11/2020 4,926 Various Single-family Fixed 2.64 % 10/1/2028 Total $ 590,306 2.34 % 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 % Outstanding principal balance represents the total repurchase agreement balance outstanding as of December 31, 2023. 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, 2023 and 2022, 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, 2023 2022 Balances as of December 31, $ 1,345,101 $ 1,273,355 Decrease in Mortgages Payable in connection with VIE deconsolidation (89,012) — Increase in Mortgages Payable in connection with VIE consolidation 63,500 — Principal borrowings 55,239 260,937 Principal repayments (121,094) (185,200) Unsecured notes offering 13,557 — Repurchase of unsecured notes — (4,829) Accretion of discounts 966 790 Amortization of deferred financing costs (45) 48 Balances as of December 31, $ 1,268,212 $ 1,345,101 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, 2023 are as follows (in thousands): Year Recourse Non-recourse Total 2024(1) $ 63,500 $ 303,514 $ 367,014 2025 36,500 31,416 67,916 2026 180,000 9,284 189,284 2027 6,500 — 6,500 2028 32,366 543,665 576,031 Thereafter — 65,193 65,193 $ 318,866 $ 953,072 $ 1,271,938 (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, 2023
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 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, 2023 and 2022 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, 2023 and 2022, this interest rate cap had a fair value of approximately $1.0 million and $1.1 million, respectively. On October 10, 2023, the Company, through a subsidiary, entered into a $63.5 million interest rate cap agreement at a strike rate of 1.50% to hedge the variable cash flows associated with the Company's floating rate debt. The interest rate cap terminates on November 6, 2024. As of December 31, 2023, this interest rate cap had a fair value of approximately $1.8 million. The fair value of the interest rate caps are presented in "Accounts receivable and other assets" on the Consolidated Balance Sheets. Financial Instruments Carried at Fair Value See Notes 2, 4, 5, and 7 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 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, 2023 (in thousands): Fair Value Carrying Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 13,824 $ 13,824 $ — $ — $ 13,824 Restricted cash 2,825 2,825 — — 2,825 Loans, held-for-investment, net 328,460 — — 337,110 337,110 Preferred stock investments, at fair value 14,776 — — 14,776 14,776 Common stock investments, at fair value 61,529 — — 61,529 61,529 Mortgage loans, held-for-investment, net 676,420 — — 663,866 663,866 Accrued interest 22,033 22,033 — — 22,033 Mortgage loans held in variable interest entities, at fair value 5,677,763 — 5,677,763 — 5,677,763 CMBS structured pass-through certificates, at fair value 41,212 — 41,212 — 41,212 MSCR notes, at fair value 10,378 — 10,378 — 10,378 Mortgage backed securities, at fair value 38,270 — 38,270 — 38,270 Accounts receivable and other assets 4,312 1,560 2,752 — 4,312 $ 6,891,802 $ 40,242 $ 5,770,375 $ 1,077,281 $ 6,887,898 Liabilities Secured financing agreements, net $ 649,558 $ — $ — $ 666,423 $ 666,423 Master repurchase agreements 303,514 — — 303,514 303,514 Unsecured notes, net 219,483 — 199,859 — 199,859 Mortgages payable, net 95,657 — — 95,470 95,470 Accounts payable and other accrued liabilities 6,428 6,428 — — 6,428 Accrued interest payable 8,209 8,209 — — 8,209 Bonds payable held in variable interest entities, at fair value 5,289,997 — 5,289,997 — 5,289,997 $ 6,572,846 $ 14,637 $ 5,489,856 $ 1,065,407 $ 6,569,900 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 Loans, held-for-investment, net 256,147 — — 255,254 255,254 Common stock investment, 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 1,120 1,077 — 2,197 $ 7,908,914 $ 37,132 $ 6,810,840 $ 1,061,051 $ 7,909,023 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 as of December 31, 2023 (dollars in thousands): Carrying Valuation Technique Unobservable Inputs Range Weighted Average (1) NexPoint Storage Partners $ 33,129 Discounted cash flow Terminal cap rate 5.00% - 5.50% 5.25 % Discount rate 7.50% - 9.50% 8.50 % IQHQ Inc. $ 14,776 Discounted cash flow Discount rate 11.00% - 12.00% 11.50 % Private REIT $ 28,400 Market approach NAV per share multiple 1.00 - 1.20x 1.10x (1) Averages are weighted based on the fair value of the related instrument 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 as of December 31, 2022 (dollars in thousands): Carrying Valuation Technique Unobservable Inputs Range Weighted Average (1) NexPoint Storage Partners $ 50,380 Discounted cash flow Terminal cap rate 5.13% - 5.63% 5.38 % Discount rate 7.75% - 9.75% 8.75 % Private REIT $ 27,884 Recent transaction Yield 3.35% - 5.00% 3.81 % (1) Averages are weighted based on the fair value of the related instrument The table below reflects a summary of changes for the Company's Level 3 common and preferred stock assets carried at fair value on the Consolidated Balance Sheets for the year ended December 31, 2023: Balance as of 12/31/22 Additions Change in Unrealized Gains/(Losses) Balance as of 12/31/23 NexPoint Storage Partners $ 50,380 $ — $ (17,251) $ 33,129 Private REIT $ 27,884 $ — $ 516 $ 28,400 IQHQ Inc. $ — $ 14,510 $ 266 $ 14,776 The table below reflects a summary of changes for the Company's Level 3 common and preferred stock assets carried at fair value on the Consolidated Balance Sheets for the year ended December 31, 2022: Balance as of 12/31/21 Additions Change in Unrealized Gains /(Losses) Balance as of 12/31/22 NexPoint Storage Partners $ 58,460 $ — $ (8,080) $ 50,380 Private REIT $ — $ 27,884 $ — $ 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. As of December 31, 2023 and 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, 2023
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock During the year ended December 31, 2023, the Company issued 151,970 shares of common stock, par value of $0.1 per share (the "common stock") pursuant to the NexPoint Real Estate Finance 2020 Long Term Incentive Plan (as amended and restated, the "LTIP"). As of December 31, 2023, the Company had 17,518,900 shares of common stock issued and 17,231,913 shares of common stock 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. On November 2, 2023, the Company announced the launch of a continuous public offering (the “Series B Preferred Offering”) of up to 16,000,000 shares of its 9.00% Series B Cumulative Redeemable Preferred Stock (the “Series B Preferred Stock”) at a price to the public of $25.00 per share. As of December 31, 2023, the Company has issued 427,218 shares of Series B Preferred Stock for gross proceeds of $10.5 million before deducting selling commissions and dealer manager fees of approximately $0.9 million. The Series B Preferred Stock has a $25.00 per share liquidation preference. The Company expects that the Series B Preferred Offering will terminate on the earlier of the date the Company sells all 16,000,000 shares of the Series B Preferred Stock in the Series B Preferred Offering or March 14, 2025 (which is the third anniversary of the effective date of the Company’s registration statement), which may be extended by the Board in its sole discretion. The Board may elect to terminate the Series B Preferred Offering at any time. Share Repurchase Program On March 9, 2020, the Board authorized a share repurchase program (the “Prior 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 during a two-year period that expired on March 9, 2022. On September 28, 2020, the Board authorized the expansion of the Prior 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 net asset value ("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. On February 22, 2023, the Board authorized a share repurchase program (the “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 Share Repurchase Program as of December 31, 2023. Long Term Incentive Plan On January 31, 2020, the 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, which the Company may issue pursuant to the LTIP. The 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. On January 26, 2024, the Amended & Restated NexPoint Real Estate, Inc. 2020 Long Term Incentive Plan was approved and on January 30, 2024, the Company filed a registration statement on Form S-8 registering an additional 2,308,000 shares of common stock, which the Company may issue pursuant to the amended LTIP. The amended 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 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 The following table includes the number of restricted stock units granted, vested, forfeited and outstanding as of December 31, 2023: 2023 Number of Units Weighted Average Outstanding December 31, 2022 577,360 $ 17.88 Granted 440,055 15.14 Vested (201,678) (1) 17.27 Forfeited (44,066) 16.81 Outstanding December 31, 2023 771,671 $ 16.70 (1) Certain key employees of the Manager elected to net the taxes owed upon vesting against the shares issued resulting in 151,970 shares being issued as shown on the consolidated statements of stockholders' equity. The vesting schedule for restricted stock units as of December 31, 2023, is as follows: Shares Vesting February April May Total 2024 120,640 126,042 68,564 315,246 2025 116,998 102,201 — 219,199 2026 54,893 91,166 — 146,059 2027 — 91,167 — 91,167 Total 292,531 410,576 68,564 771,671 As of December 31, 2023, total unrecognized compensation expense on restricted stock unit awards was approximately $9.8 million, and the expense is expected to be recognized over a weighted average vesting period of 1.3 years. At-The-Market-Offering 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 (collectively, the “2022 Sales Agents”), 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. 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 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, 2023: 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. OP Unit Redemptions

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2023
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 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 second amended and restated limited partnership agreement of the OP (as amended, the "OP LPA"). The Company also includes the assumed conversion of the Series B Preferred Stock using the if-converted method. 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, 2023 2022 2021 Net income (loss) attributable to common stockholders $ 10,399 $ 3,234 $ 39,577 Earnings for basic computations Net income attributable to redeemable noncontrolling interests 4,765 4,969 40,387 Net income for diluted computations $ 15,164 $ 8,203 $ 79,964 Weighted-average common shares outstanding Average number of common shares outstanding - basic 17,199 14,686 6,601 Average number of common shares from assumed vesting of unvested restricted stock units 740 571 444 Average number of common shares from assumed conversion of OP Units 5,038 7,218 13,321 Average number of common shares from assumed conversion of Series B Preferred Stock 24 — — Average number of common shares outstanding - diluted 23,001 22,475 20,366 Earnings per weighted average common share: Basic $ 0.60 $ 0.22 $ 6.00 Diluted (1) $ 0.60 $ 0.22 $ 3.93 (1) Diluted EPS calculations were higher than basic EPS and thus anti-dilutive for the years ended December 31, 2023 and 2022, respectively. As such, the Company is presenting diluted EPS as equal to basic EPS.

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2023
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, 2023 and 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 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, 2023 was $15.75, 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, 2023, and (3) the Company then elected to purchase all of the OP Units by paying the Cash Amount, the Company would have paid $79.4 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. As of December 31, 2023, the Company owns 83.82% of the OP Units representing 100% of the Class A 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. 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, 2023, 2022, and 2021 (in thousands): For the Year Ended December 31, 2023 2022 2021 Redeemable noncontrolling interests in the OP, January 1, $ 96,501 $ 261,423 $ 275,670 Adjustment to redeemable noncontrolling interest in the OP on deconsolidation of real estate 297 — — Net income attributable to redeemable noncontrolling interests in the OP 4,765 4,969 40,387 Redemption of redeemable noncontrolling interests in the OP — (155,614) (32,393) Distributions to redeemable noncontrolling interests in the OP (12,092) (14,277) (22,241) Redeemable noncontrolling interests in the OP, December 31, $ 89,471 $ 96,501 $ 261,423 The tables below present the common shares and OP Units outstanding held by the noncontrolling interests (“NCI”), as the OP Units and SubOP Units held by the Company are eliminated in consolidation: Period End Common Shares Outstanding OP Units Held by NCI Combined Outstanding December 31, 2023 17,231,913 5,038,382 22,270,295 Period End Common Shares OP Units Held by Combined December 31, 2022 17,079,943 5,038,382 22,118,325

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2023
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. For the purpose of calculating EAD for the Annual Fee, 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 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, 2023, 2022, and 2021, 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 March 31, 2023, or $17.72 per OP Unit. The Company additionally contributed an aggregate of approximately $1.7 million on January 9, 2023, March 6, 2023, March 28, 2023, May 25, 2023, and August 16, 2023. Buffalo Pointe owns a stabilized multifamily property located in Houston, Texas with 93.8% occupancy as of December 31, 2023. 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 76.1% 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 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, 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, and on April 4, 2023, the Company granted 418,685 restricted stock units to its officers and other employees of the Manager and 21,370 restricted stock units to its directors. OP Unit Redemptions At the 2021 annual meeting of the Company, the Company's stockholders approved the potential issuance of 13,758,906 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. As of December 31, 2023, the Company had issued 8,748,735 shares of the Company's common stock to 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 LTIP, together with reimbursement of operating expenses of 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 years ended December 31, 2023, 2022 and 2021, operating expenses did not exceed the Expense Cap. For the years ended December 31, 2023, 2022, and 2021 and the Company incurred management fees of $3.3 million, $3.2 million, and $2.3 million, respectively. Bridge Loan On March 31, 2022, the Company, through one of the Subsidiary OPs, originated a bridge loan for $13.5 million to a subsidiary of an entity advised by an affiliate of the Manager. 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. NSP Guaranty On December 8, 2022 and in connection with a restructuring of NSP, the Company, through REIT Sub, together with NexPoint Diversified Real Estate Trust, Highland Income Fund and NexPoint Real Estate Strategies Fund (collectively, the "Co-Guarantors"), as guarantors, entered into a sponsor guaranty agreement in favor of Extra Space Storage, LP ("Extra Space") pursuant to which REIT Sub and the Co-Guarantors guaranteed obligations of NSP with respect to accrued dividends on 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, and 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. On February 15, 2023, NSP paid down approximately $15.0 million of these promissory notes, resulting in an aggregate principal amount of approximately $49.2 million. On December 8, 2023, NSP paid down the remaining principal balance of $49.2 million. The NSP Series D preferred stock remains outstanding as of December 31, 2023. 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. Elysian at Hughes Center 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 (the “Asset Manager”). Effective January 1, 2023, the Company restructured this investment such that it does not meet the requirements for consolidation under ASC 810 – Consolidation and has been deconsolidated herein as of January 1, 2023 and presented as a preferred equity investment. As of December 31, 2022, the Company owned a preferred equity investment and indirect common equity interests in Elysian at Hughes Center, which resulted in the consolidation at year end. However, the common equity interests have been transferred to the Asset Manager in exchange for $54,000 and a guarantee of payments due to the Company in respect of its preferred equity investment if the investment is not redeemed prior to the close of the ongoing private offering of Class I Beneficial Interests in the Trust, which will continue until the maximum offering amount of $115.3 million has been reached. The Company’s preferred investments were initially made from December 28, 2021 through July 26, 2022 and totaled $65.3 million. Following the transfer of the common equity interests, the Company no longer is the primary beneficiary of the Trust and as such does not consolidate it. The Company recognized a gain on deconsolidation of $1.5 million related to the residual effect of removing the consolidated assets and liabilities from the Consolidated Balance Sheets. The fair value of the preferred equity investment still approximates its par value so no portion of the gain on deconsolidation is related to a remeasurement of the fair value of the preferred equity investment. Management determined the fair value of the preferred equity investment using a market approach and performing a benchmarking analysis to comparable transactions. As of December 31, 2023, $54.0 million of the Company's preferred investment in Elysian at Hughes Center had been redeemed, resulting in a remaining principal balance of $11.4 million. Series B Preferred Stock Offering On November 2, 2023, the Company announced the launch of the Series B Preferred Offering. NexPoint Securities, Inc., an affiliate of the Manager, serves as the Company’s dealer manager (the "Dealer Manager") in connection with the Series B Preferred Offering. The Dealer Manager uses its reasonable best efforts to sell the shares of Series B Preferred Stock offered in the Series B Preferred Offering, and the Company pays the Dealer Manager, subject to the discounts and other special circumstances described or referenced therein, (i) selling commissions of 7.0% of the aggregate gross proceeds from sales of Series B Preferred Stock in the Series B Preferred Offering (“Selling Commissions”) and (ii) a dealer manager fee of 3.0% of the gross proceeds from sales of Series B Preferred Stock in the Series B Preferred Offering (the “Dealer Manager Fee”). The Dealer Manager, subject to federal and state securities laws, will reallow all or any portion of the Selling Commissions and may reallow a portion of the Dealer Manager Fee to other securities dealers that the Dealer Manager may retain who sold the shares of Series B Preferred Stock as is described more fully in the agreements between such dealers and the Dealer Manager. The Company expects that the offering will terminate on the earlier of the date the Company sells all 16,000,000 shares of the Series B Preferred Stock in the offering or March 14, 2025 (which is the third anniversary of the effective date of the Company’s registration statement), which may be extended by the Company’s Board in its sole discretion. The Board may elect to terminate this offering at any time. As of December 31, 2023, the Company has issued 427,218 shares of Series B Preferred Stock for gross proceeds of $10.5 million and paid the Dealer Manager $0.6 million Selling Commissions and $0.3 million Dealer Manager Fees.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
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. On September, 22, 2023, the issuer exercised its right to extend the final obligation date to purchase any additional Preferred Units to September 29, 2024. As of December 31, 2023, the Company may have the obligation to fund an additional $3.6 million by September 29, 2024, which the issuer may extend for up to one year 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. Upon the redemption of any Preferred Units and if the parties agree, the remaining amount to be funded by the Company may be increased by the aggregate purchase price of the redeemed Preferred Units. 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 ("MOIC") equal to 1.25x for unstabilized PropCos and 1.10x for stabilized PropCos. As of December 31, 2023, the Company has not recorded any contingencies on its Consolidated Balance Sheets as the obligation to fund additional Preferred Units other than under the existing commitment is considered remote. 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 single-family property located in Phoenix, Arizona, of which $16.9 million was unfunded as of December 31, 2023. 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. The Company was also issued a common interest at the time of its first funding of preferred equity on May 16, 2023. The common interest allows the Company to receive a 10% profit share once aggregate distributions exceed the 20% IRR hurdle as shown below. There was no value ascribed to the common interest as of December 31, 2023. Further, once the Company's preferred equity and accrued interest has been repaid, any additional cash flow and net sale proceeds shall be distributed as follows: • 0% to the Company and 100% to issuer up to a 20.0% internal rate of return ("IRR") • 10% to the Company and 90% to issuer thereafter On February 10, 2023, the Company, through one of the Subsidiary OPs, through a unit purchase agreement, committed to purchase $30.3 million of the preferred units with respect to a multifamily property development located in Forney, Texas, of which $3.4 million was unfunded as of December 31, 2023. Further, the Company committed to purchase $4.3 million of common equity with respect to the same property, of which $3.3 million was unfunded as of December 31, 2023. On February 10, 2023, the Company, through one of the Subsidiary OPs, through a unit purchase agreement, committed to purchase $30.3 million of the preferred units with respect to a multifamily property development located in Richmond, Virginia, of which $11.1 million was unfunded as of December 31, 2023. Further, the Company committed to purchase $4.3 million of common equity with respect to the same property, of which $3.3 million was unfunded as of December 31, 2023. The table below shows the Company's unfunded commitments by investment type as of December 31, 2023 and December 31, 2022 (in thousands): Investment Type December 31, 2023 December 31, 2022 Unfunded Commitments Unfunded Commitments Preferred Equity $ 34,966 $ 33,704 Common Equity 6,600 — $ 41,566 $ 33,704

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dividends Declared The Board declared a dividend to Series B Preferred stockholders of $0.1875 on January 2, 2024, paid on February 5, 2024, to Series B Preferred stockholders of record as of January 25, 2025. The Board declared a dividend to Series B Preferred stockholders of $0.1875 on January 18, 2024, paid on March 5, 2024, to Series B Preferred stockholders of record as of February 23, 2024. The Board declared a dividend to Series B Preferred stockholders of $0.1875 on February 21, to be paid on April 5, 2024, to Series B Preferred stockholders of record as of March 25, 2024. The Board declared the first regular quarterly dividend of 2024 to common stockholders of $0.50 per share on February 26, 2024, to be paid on March 28, 2024, to common stockholders of record on March 15, 2024. The Board declared a dividend to Series A Preferred stockholders of $0.53125 per share on February 26, 2024, to be paid on April 25, 2024, to Series A Preferred stockholders of record on April 15, 2024. Series B Preferred As of February 28, 2024, since December 31, 2023, the Company has issued an additional 771,477 shares of Series B Preferred Stock for gross proceeds of $18.1 million. Second Amendment and Restatement of Bylaws On January 3, 2024, the Board approved and adopted a second amendment and restatement of the Company’s Bylaws. SFR Loan On January 25, 2024, one of the Company’s SFR loans was prepaid in its entirety for a total principal of $508.7 million, of which $465.7 million of financing was repaid. As a result, the Company recognized prepayment income of $8.9 million and wrote off the premium on the loan of $25.4 million. The Company received net cash of $52.8 million on the paydown. Long Term Incentive Plan On January 26, 2024, the Amended & Restated NexPoint Real Estate Finance, Inc. 2020 Long Term Incentive Plan was approved by stockholders and on January 30, 2024, the Company filed a registration statement on Form S-8 registering an additional 2,308,000 shares of common stock, which the Company may issue pursuant to the amended LTIP. Loan Commitments On January 26, 2024, the Company, along with related party The Ohio State Life Insurance Company (“OSL”), entered into a Mezzanine Loan and Security Agreement whereby it made a loan in the maximum principal amount of up to $218.0 million to IQHQ-Alewife Holdings, LLC, which is solely owned by IQHQ, LP. The Company has an ownership interest in the Series D-1 preferred stock in IQHQ, Inc., who is the limited partner in IQHQ, LP; however, the Company has no controlling financial interest nor significant influence in IQHQ, LP. The loan is secured by a first mortgage with a first lien position and other security interests. The Company made the initial advances of $20.0 million, and subsequent advances of the mezzanine loan may be made by the Company or OSL. The Company’s portion of the total commitment is $208.0 million. On February 9, 2024, the Company additionally contributed approximately $8.1 million aggregate principal amount under the Mezzanine Loan and Security Agreement. On March 7, 2024, the Company additionally contributed approximately $15.2 million aggregate principal amount under the Mezzanine Loan and Security Agreement. Mortgage Backed Security Dispositions On February 1, 2024, the Company, through one of the Subsidiary OPs, sold approximately $10.1 million aggregate principal amount of the Class G2 tranche of the AMSR 2020-SFR4 G2 at a price equal to 96.4% of par value. CMBS Acquisitions On February 22, 2024, the Company, through one of the Subsidiary OPs, purchased approximately $30.9 million aggregate principal amount of the Class C tranche of the FREMF 2024-K515 CMBS at a price equal to 85.6% of par value, representing 100% of the Class C tranche. The investment pays a fixed coupon of 5.9% with an all-in unlevered yield of 9.75%. On February 23, 2024, the Company through one of the Subsidiary OPs, entered into a repurchase agreement and borrowed approximately $17.2 million. The loan bears interest at a rate of 2.0% over SOFR. On February 29, 2024, the Company, through one of the Subsidiary OPs, purchased approximately $49.2 million aggregate principal amount of the Class A, E1, and E2 tranches of the VINEB 2024 SFR1 CMBS at a blended price equal to 90.2% of par value. The investment has a blended unlevered yield of 6.9%. On March 1, 2024, the Company through one of the Subsidiary OPs, entered into a repurchase agreement and borrowed approximately $35.8 million. The loans bear interest at a rate of 1.0%, 1.6%, and 1.6% over SOFR, respectively. Connections at Buffalo Pointe Contribution On March 1, 2024, the Company additionally contributed approximately $0.7 million aggregate principal amount under the Buffalo Pointe Contribution Agreement.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
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 Consolidation
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
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 83.82% of the OP Units in the OP as of December 31, 2023 which represent 100.00% 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, 2023, 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 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	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, net	Mortgage and Other Loans Held-For-Investment, net Loans that are held-for-investment are carried at their aggregate outstanding face amount, net of applicable (i) unamortized origination or acquisition premium and discounts, (ii) unamortized deferred fees and other direct loan origination costs, (iii) valuation allowance for credit 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
Expense Recognition	Expense Recognition
Allowance for Credit Losses	Allowance for Credit Losses In periods ending on or prior to December 31, 2022, the Company, with the assistance of an independent valuations firm, performed 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 determined that it was probable that it would be unable to collect all amounts owed according to the contractual terms of a loan, impairment of that loan was indicated. If a loan was considered to be impaired, the Company would establish an allowance for loan losses, through a valuation provision in earnings that reduced 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 was expected solely from the collateral. For non-impaired loans with no specific allowance the Company determined an allowance for loan losses in accordance with ASC 450-20, Loss Contingencies (“ASC 450-20”), which represented 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 considered quantitative factors likely to cause estimated credit losses, including default rate and loss severity rates. The Company also evaluated 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 for the fiscal year ended December 31, 2022 are included in “Reversal of (provision for) credit losses” on the accompanying Consolidated Statements of Operations. 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 requires the use of a current expected credit loss ("CECL") 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 ASU 2016-13 as of January 1, 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. These models are also utilized for estimating expected life-time credit losses for unfunded loan commitments for which the Company has a present contractual obligation to extend the credit and the obligation is not unconditionally cancellable. The 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. The reasonable and supportable forecast period is determined based on the Company’s assessment of the most likely scenario of assumptions and plausible outcomes for the U.S. economy, current portfolio composition, level of historical loss forecast estimates, material changes in growth and credit strategy and other factors that may affect its loss experience. The Company regularly evaluates the reasonable and supportable forecast period to determine if a change is needed. The Company has determined that economic forecasts used in our CECL model can be reasonable and supportable over four quarters as it provides enough time to account for the expected changes of the economic conditions and the performance of the underlying assets. Beyond the Company’s reasonable and supportable forecast period, the Company immediately reverts to historical loss information. The Company considers an immediate reversion period appropriate in the CECL model because it provides a suitable balance between the stability of historical data and the flexibility to account for changing market conditions. The allowance for loan and lease losses reserve as of December 31, 2022, was $0.7 million and the CECL reserve as of January 1, 2023, was $2.3 million. As such, the cumulative effect of adoption of ASU 2016-13 was a $1.6 million reduction in retained earnings. The provision for credit losses of $4.3 million for the year ended December 31, 2023 is included in reversal of (provision for) credit losses on the accompanying Consolidated Statements of Operations, resulting in an ending allowance for credit loss of $2.1 million as of December 31, 2023. 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. 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, 2023, there were no loans acquired with deteriorated credit quality. The Company also recognizes a liability for expected credit losses for off-balance sheet exposures if the Company has a present contractual obligation to extend the credit and the obligation is not unconditionally cancelable by the entity.
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, 2023, 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 settlement. The Company had no material unrecognized tax benefit or expense, accrued interest or penalties as of December 31, 2023.
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 consolidated 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 November 2023, the FASB issued ASU 2023-07, Segment Reporting – Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires a public entity to disclose significant segment expenses and other segment items in interim and annual periods and expands the ASC 280 disclosure requirements for interim periods. The ASU also explicitly requires public entities with a single reportable segment to provide all segment disclosures under ASC 280, including the new disclosures under ASU 2023-07. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Management is currently evaluating this ASU to determine its impact on the Company's disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023
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, 2023 and December 31, 2022, respectively (dollars in thousands): Loan Type Outstanding Face Amount Carrying Value (1) Loan Count Weighted Average Fixed Rate (2) Coupon (3) Life (years) (4) December 31, 2023 Mortgage loans, held-for-investment $ 645,277 $ 676,420 11 100.00 % 4.79 % 4.49 Mezzanine loans, held-for-investment 133,207 135,069 22 78.31 % 9.61 % 5.36 Preferred equity, held-for-investment 195,392 193,391 15 39.12 % 12.20 % 2.22 $ 973,876 $ 1,004,880 48 84.82 % 6.94 % 4.15 Loan Type Outstanding Face Amount Carrying Value (1) Loan Count Weighted Average 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.
Schedule of Loan and Preferred Equity Portfolio Activity	For the years ended December 31, 2023 and 2022, the loan and preferred equity portfolio activity was as follows (in thousands): For the Year Ended December 31, 2023 2022 Balance at January 1, $ 982,678 $ 1,088,881 Recognition of retained preferred equity investment upon deconsolidation of real estate (Note 14) 36,022 — Cumulative effect of adoption of ASU 2016-13 (See Note 2) (1,624) — Conversion of convertible bonds to common stock — (25,000) Originations 92,701 110,502 Decrease in loans, held for investment, net on consolidation of real estate (9,685) — Proceeds from principal repayments (97,259) (178,990) PIK distribution reinvested in Preferred Units 8,990 715 Amortization of loan premium, net (1) (7,146) (13,261) (Provision for) reversal of credit losses (4,299) (169) Reversal of specific reserve of credit losses 4,502 — Balance at December 31, $ 1,004,880 $ 982,678 (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): Risk Rating December 31, 2023 Number of Carrying % of Loan 1 — $ — — 2 — — — 3 46 992,751 98.79 % 4 2 12,129 1.21 % 5 — — — % 48 $ 1,004,880 100.00 % Risk Rating December 31, 2022 Number of Carrying % of Loan 1 — $ — — 2 — — — 3 48 982,678 100.00 % 4 — — — 5 — — — 48 $ 982,678 100.00 % The following tables present the carrying value of the loan portfolio by the Company's internal risk rating and year of origination as of December 31, 2023 and December 31, 2022 (dollars in thousands): December 31, 2023 Carrying Value by Year of Origination (1) Risk Rating Number of Outstanding Face Amount 2023 2022 2021 2020 2019 Prior Total Carrying Value 1 — $ — $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — — — 3 46 961,756 82,879 69,958 40,981 19,158 759,828 19,947 992,751 4 2 12,120 — 12,129 — — — — 12,129 5 — — — — — — — — — 48 $ 973,876 $ 82,879 $ 82,087 $ 40,981 $ 19,158 $ 759,828 $ 19,947 $ 1,004,880 December 31, 2022 Carrying Value by Year of Origination (1) Risk Rating Number of Outstanding Face Amount 2022 2021 2020 2019 2018 Prior Total Carrying Value 1 — $ — $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — — — 3 48 999,080 72,606 98,129 17,500 774,381 20,062 — 982,678 4 — — — — — — — — — 5 — — — — — — — — — 48 $ 999,080 $ 72,606 $ 98,129 $ 17,500 $ 774,381 $ 20,062 $ — $ 982,678 (1)
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, 2023 December 31, 2022 Georgia 30.50 % 34.04 % Florida 18.40 % 19.34 % Texas 13.87 % 11.21 % Nevada 1.46 % * Maryland 5.47 % 5.59 % Minnesota 7.31 % 6.97 % California 4.92 % 4.66 % Alabama 3.51 % 3.81 % North Carolina 2.78 % 2.65 % Virginia 2.65 % * Arkansas 1.37 % 1.42 % Other (18 and 19 states each at <1%) 7.76 % 10.31 % 100.00 % 100.00 % *Included in “Other.” Collateral Property Type December 31, 2023 December 31, 2022 Single Family Rental 69.94 % 72.26 % Multifamily 21.99 % 23.11 % Life Science 6.33 % 2.85 % Self-Storage 1.75 % 1.79 % 100.00 % 100.00 %

CMBS Trusts (Tables)

CMBS Trusts (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 December 31, 2022 Mortgage loans held in variable interest entities, at fair value $ 5,677,763 $ 6,720,246 Accrued interest receivable 3,902 4,029 Trust's Liabilities Bonds payable held in variable interest entities, at fair value (5,289,997) (6,249,804) Accrued interest payable (3,220) (3,207)
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, 2023 2022 2021 Net interest earned $ 40,627 $ 35,866 $ 27,780 Unrealized gain (loss) (2,414) (25,627) 29,838 Change in net assets related to consolidated CMBS variable interest entities $ 38,213 $ 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, 2023 December 31, 2022 Texas 15.85 % 17.95 % Florida 14.07 % 13.82 % Arizona 4.05 % 6.98 % California 8.69 % 9.28 % Georgia 4.00 % 4.68 % Washington 7.75 % 6.88 % New Jersey 4.02 % 3.97 % Nevada 2.49 % 1.99 % Pennsylvania 1.27 % 1.01 % Colorado 7.74 % 6.21 % Connecticut 2.04 % 3.64 % North Carolina 4.17 % 3.53 % New York 3.37 % 2.76 % Ohio 2.48 % 2.00 % Virginia 2.03 % 1.62 % Indiana 2.13 % 1.69 % Illinois 1.65 % 1.37 % Michigan 1.38 % 1.11 % Maryland 1.18 % * Missouri 1.56 % 1.25 % Other (21 and 22 states each at <1%) 8.08 % 8.26 % 100.00 % 100.00 % *Included in “Other.” Collateral Property Type December 31, 2023 December 31, 2022 Multifamily 97.45 % 98.45 % Manufactured Housing 2.55 % 1.55 % 100.00 % 100.00 %

Common and Preferred Stock In_2

Common and Preferred Stock Investments (Tables)	12 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Debt Securities, Trading, and Equity Securities, FV-NI	The following table presents the common stock investments as of December 31, 2023 and 2022, respectively (in thousands, except share amounts): Investment Investment Property Type Shares Fair Value December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Common Stock NexPoint Storage Partners 11/6/2020 Self-storage 41,963 41,963 $ 33,129 $ 50,380 Private REIT 4/14/2022 Ground lease 1,394,213 1,394,213 28,400 27,884 The following table presents the CMBS I/O Strips, MSCR Notes and mortgage backed securities as of December 31, 2023 (dollars in thousands): Investment Investment Carrying Value Property Type Interest Rate Current Yield (1) Maturity Date CMBS I/O Strips CMBS I/O Strip 5/18/2020 $ 1,622 Multifamily 2.02 % 14.64 % 9/25/2046 CMBS I/O Strip 8/6/2020 16,601 Multifamily 2.98 % 17.98 % 6/25/2030 CMBS I/O Strip 4/28/2021 (2) 5,022 Multifamily 1.59 % 17.68 % 1/25/2030 CMBS I/O Strip 5/27/2021 3,436 Multifamily 3.39 % 17.79 % 5/25/2030 CMBS I/O Strip 6/7/2021 395 Multifamily 2.31 % 22.31 % 11/25/2028 CMBS I/O Strip 6/11/2021 (3) 2,643 Multifamily 1.18 % 14.57 % 5/25/2029 CMBS I/O Strip 6/21/2021 833 Multifamily 1.17 % 18.07 % 5/25/2030 CMBS I/O Strip 8/10/2021 2,255 Multifamily 1.89 % 17.98 % 4/25/2030 CMBS I/O Strip 8/11/2021 1,241 Multifamily 3.10 % 15.24 % 7/25/2031 CMBS I/O Strip 8/24/2021 229 Multifamily 2.61 % 16.15 % 1/25/2031 CMBS I/O Strip 9/1/2021 3,390 Multifamily 1.92 % 17.01 % 6/25/2030 CMBS I/O Strip 9/11/2021 3,545 Multifamily 2.95 % 15.14 % 9/25/2031 Total $ 41,212 2.50 % 17.21 % MSCR Notes MSCR Notes 5/25/2022 $ 4,020 Multifamily 14.83 % 14.83 % 5/25/2052 MSCR Notes 5/25/2022 5,000 Multifamily 11.83 % 11.83 % 5/25/2052 MSCR Notes 9/23/2022 1,358 Multifamily 12.18 % 13.38 % 11/25/2051 Total $ 10,378 13.04 % 13.20 % Mortgage Backed Securities Mortgage Backed Securities 6/1/2022 $ 9,924 Single-Family 8.64 % 8.91 % 4/17/2026 Mortgage Backed Securities 6/1/2022 9,369 Single-Family 4.87 % 5.01 % 11/19/2025 Mortgage Backed Securities 7/28/2022 538 Single-Family 6.23 % 6.31 % 10/17/2027 Mortgage Backed Securities 7/28/2022 856 Single-Family 3.60 % 4.12 % 6/20/2028 Mortgage Backed Securities 9/12/2022 3,881 Multifamily 11.57 % 11.55 % 1/25/2031 Mortgage Backed Securities 9/29/2022 7,960 Self Storage 11.10 % 11.12 % 9/15/2027 Mortgage Backed Securities 3/10/2023 5,742 Multifamily 13.93 % 13.95 % 2/25/2025 Total $ 38,270 9.17 % 9.30 % (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. The following table presents the CMBS I/O Strips, MSCR Notes and Mortgage Backed Securities as of December 31, 2022 (dollars in thousands): Investment Investment 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.
Schedule of Investment	The following table presents “Change in unrealized gain (loss) on common stock investments” (in thousands): For the Year Ended December 31, 2023 2022 2021 Change in unrealized gain (loss) on NexPoint Storage Partners $ (17,251) $ (8,080) $ 13,834 Change in unrealized gain (loss) on Private REIT 515 2,884 — Change in unrealized gain (loss) on common stock investments $ (16,736) $ (5,196) $ 13,834

Unconsolidated Variable Inter_2

Unconsolidated Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	As of December 31, 2023, the Company has accounted for the following investments as unconsolidated VIEs: Entities Instrument Asset Type Accounting Treatment Percentage Ownership as of December 31, 2023 Relationship as of December 31, 2023 Unconsolidated Entities: NexPoint Storage Partners, Inc. Common Stock Self-storage Fair Value 25.7 % VIE Resmark Forney Gateway Holdings, LLC Common Equity Multifamily Equity Method 98.0 % VIE Resmark the Brook, LLC Common Equity Multifamily Equity Method 98.0 % VIE Private REIT Common Equity Ground lease Fair Value 6.4 % VIE

CMBS Structured Pass Through _2

CMBS Structured Pass Through Certificates, MSCR Notes and Mortgage Backed Securities (Tables)	12 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Debt Securities, Trading, and Equity Securities, FV-NI	The following table presents the common stock investments as of December 31, 2023 and 2022, respectively (in thousands, except share amounts): Investment Investment Property Type Shares Fair Value December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Common Stock NexPoint Storage Partners 11/6/2020 Self-storage 41,963 41,963 $ 33,129 $ 50,380 Private REIT 4/14/2022 Ground lease 1,394,213 1,394,213 28,400 27,884 The following table presents the CMBS I/O Strips, MSCR Notes and mortgage backed securities as of December 31, 2023 (dollars in thousands): Investment Investment Carrying Value Property Type Interest Rate Current Yield (1) Maturity Date CMBS I/O Strips CMBS I/O Strip 5/18/2020 $ 1,622 Multifamily 2.02 % 14.64 % 9/25/2046 CMBS I/O Strip 8/6/2020 16,601 Multifamily 2.98 % 17.98 % 6/25/2030 CMBS I/O Strip 4/28/2021 (2) 5,022 Multifamily 1.59 % 17.68 % 1/25/2030 CMBS I/O Strip 5/27/2021 3,436 Multifamily 3.39 % 17.79 % 5/25/2030 CMBS I/O Strip 6/7/2021 395 Multifamily 2.31 % 22.31 % 11/25/2028 CMBS I/O Strip 6/11/2021 (3) 2,643 Multifamily 1.18 % 14.57 % 5/25/2029 CMBS I/O Strip 6/21/2021 833 Multifamily 1.17 % 18.07 % 5/25/2030 CMBS I/O Strip 8/10/2021 2,255 Multifamily 1.89 % 17.98 % 4/25/2030 CMBS I/O Strip 8/11/2021 1,241 Multifamily 3.10 % 15.24 % 7/25/2031 CMBS I/O Strip 8/24/2021 229 Multifamily 2.61 % 16.15 % 1/25/2031 CMBS I/O Strip 9/1/2021 3,390 Multifamily 1.92 % 17.01 % 6/25/2030 CMBS I/O Strip 9/11/2021 3,545 Multifamily 2.95 % 15.14 % 9/25/2031 Total $ 41,212 2.50 % 17.21 % MSCR Notes MSCR Notes 5/25/2022 $ 4,020 Multifamily 14.83 % 14.83 % 5/25/2052 MSCR Notes 5/25/2022 5,000 Multifamily 11.83 % 11.83 % 5/25/2052 MSCR Notes 9/23/2022 1,358 Multifamily 12.18 % 13.38 % 11/25/2051 Total $ 10,378 13.04 % 13.20 % Mortgage Backed Securities Mortgage Backed Securities 6/1/2022 $ 9,924 Single-Family 8.64 % 8.91 % 4/17/2026 Mortgage Backed Securities 6/1/2022 9,369 Single-Family 4.87 % 5.01 % 11/19/2025 Mortgage Backed Securities 7/28/2022 538 Single-Family 6.23 % 6.31 % 10/17/2027 Mortgage Backed Securities 7/28/2022 856 Single-Family 3.60 % 4.12 % 6/20/2028 Mortgage Backed Securities 9/12/2022 3,881 Multifamily 11.57 % 11.55 % 1/25/2031 Mortgage Backed Securities 9/29/2022 7,960 Self Storage 11.10 % 11.12 % 9/15/2027 Mortgage Backed Securities 3/10/2023 5,742 Multifamily 13.93 % 13.95 % 2/25/2025 Total $ 38,270 9.17 % 9.30 % (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. The following table presents the CMBS I/O Strips, MSCR Notes and Mortgage Backed Securities as of December 31, 2022 (dollars in thousands): Investment Investment 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.
Schedule of Activity Related to Commercial Mortgage Backed Securities [Table Text Block]	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, 2023 2022 2021 Net interest earned $ 2,905 $ 5,668 $ 3,052 Change in unrealized gain (loss) on CMBS structured pass-through certificates 1,533 (12,664) (483) Change in unrealized gain (loss) on MSCR notes 65 (53) — Change in unrealized gain (loss) on mortgage backed securities 467 (1,230) — Realized gain on CMBS structured pass-through certificates — — 484 Total $ 4,970 $ (8,279) $ 3,053

Real Estate Investments, net (T

Real Estate Investments, net (Tables)	12 Months Ended
	Dec. 31, 2023
Real Estate Investments, Net [Abstract]
Schedule of Real Estate Properties	As of December 31, 2023, the components of the Company's investments in multifamily properties was as follows (in thousands): Real Estate Investments, Net Land Buildings and Intangible Lease Construction in Progress Furniture, Totals Hudson Montford $ 10,996 $ 49,912 $ — $ 401 $ 691 $ 62,000 Alexander at the District 7,806 59,162 1,271 — 716 68,955 Accumulated depreciation and amortization — (3,948) — — (456) (4,404) Total Real Estate Investments, Net $ 18,802 $ 105,126 $ 1,271 $ 401 $ 951 $ 126,551 As of December 31, 2022, the 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 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
Schedule of Real Estate Investment Financial Statements, Disclosure	The following table reflects the revenue and expenses for the years ended December 31, 2023 and 2022, for our multifamily properties (in thousands). For the Year Ended December 31, 2023 2022 Revenues Rental income $ 4,962 $ 11,116 Other income 182 1,286 Total revenues 5,144 12,402 Expenses Interest expense 3,984 4,183 Real estate taxes and insurance 862 1,493 Property operating expenses 1,145 2,548 Property general and administrative expenses 257 366 Property management fees 158 301 Depreciation and amortization 2,465 2,895 Rate cap (income) expense (2,045) (1,014) Debt service bridge — 626 Casualty (gain) loss (148) — Total expenses 6,678 11,398 Net income (loss) from consolidated real estate owned $ (1,534) $ 1,004

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instruments	The following table summarizes the Company’s financing arrangements in place as of December 31, 2023 (dollars in thousands): December 31, 2023 Facility Collateral Date issued Outstanding Carrying value Final stated Weighted Weighted Outstanding Amortized cost Carrying value Weighted Master Repurchase Agreements CMBS Mizuho(4) 4/15/2020 $ 303,514 $ 303,514 N/A (5) 7.26 % 0.0 $ 931,296 $ 470,761 $ 464,888 6.4 Asset Specific Financing Single Family Rental loans Freddie Mac 7/12/2019 590,306 590,306 7/12/2029 2.34 % 4.5 645,277 676,420 676,420 4.5 Mezzanine loans Freddie Mac 10/20/2020 59,252 59,252 8/1/2031 0.30 % 6.3 96,817 98,839 98,839 6.3 Multifamily properties CBRE 12/31/2021 32,366 32,157 6/1/2028 (6) 8.05 % 4.4 N/A 64,697 64,697 4.4 Various 10/10/2023 63,500 63,500 11/6/2024 (7) 8.84 % 0.9 N/A 61,854 61,854 0.9 Unsecured Financing Various 10/15/2020 36,500 35,852 10/25/2025 7.50 % 1.8 N/A N/A N/A N/A Various 4/20/2021 180,000 177,131 5/1/2026 5.75 % 2.3 N/A N/A N/A N/A Various 10/18/2022 6,500 6,500 10/18/2027 7.50 % 3.8 N/A N/A N/A N/A Total/weighted average $ 1,271,938 $ 1,268,212 4.55 % 2.9 $ 676,420 $ 1,372,571 $ 1,366,698 5.6 (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, 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. (7) Debt was assumed upon consolidation of this property and recorded at the outstanding principal amount. 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 Maximum Final stated Weighted Weighted Outstanding 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 properties 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 N/A Various 4/20/2021 165,000 162,930 5/1/2026 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. 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.
Schedule of Debt	As of December 31, 2023, 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 31,416 Various Single-family Fixed 2.14 % 10/1/2025 Senior loan 2/11/2020 33,967 Various Single-family Fixed 2.70 % 11/1/2028 Senior loan 2/11/2020 9,156 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 8,111 Various Single-family Fixed 3.51 % 2/1/2028 Senior loan 2/11/2020 8,787 Various Single-family Fixed 3.30 % 10/1/2028 Senior loan 2/11/2020 7,881 Various Single-family Fixed 3.14 % 1/1/2029 Senior loan 2/11/2020 5,848 Various Single-family Fixed 2.99 % 3/1/2029 Senior loan 2/11/2020 5,240 Various Single-family Fixed 3.14 % 12/1/2028 Senior loan 2/11/2020 4,926 Various Single-family Fixed 2.64 % 10/1/2028 Total $ 590,306 2.34 % 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 % Outstanding principal balance represents the total repurchase agreement balance outstanding as of December 31, 2023. 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.
Schedule of Line of Credit Facilities	For the years ended December 31, 2023 and 2022, 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, 2023 2022 Balances as of December 31, $ 1,345,101 $ 1,273,355 Decrease in Mortgages Payable in connection with VIE deconsolidation (89,012) — Increase in Mortgages Payable in connection with VIE consolidation 63,500 — Principal borrowings 55,239 260,937 Principal repayments (121,094) (185,200) Unsecured notes offering 13,557 — Repurchase of unsecured notes — (4,829) Accretion of discounts 966 790 Amortization of deferred financing costs (45) 48 Balances as of December 31, $ 1,268,212 $ 1,345,101
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, 2023 are as follows (in thousands): Year Recourse Non-recourse Total 2024(1) $ 63,500 $ 303,514 $ 367,014 2025 36,500 31,416 67,916 2026 180,000 9,284 189,284 2027 6,500 — 6,500 2028 32,366 543,665 576,031 Thereafter — 65,193 65,193 $ 318,866 $ 953,072 $ 1,271,938 (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, 2023
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, 2023 (in thousands): Fair Value Carrying Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 13,824 $ 13,824 $ — $ — $ 13,824 Restricted cash 2,825 2,825 — — 2,825 Loans, held-for-investment, net 328,460 — — 337,110 337,110 Preferred stock investments, at fair value 14,776 — — 14,776 14,776 Common stock investments, at fair value 61,529 — — 61,529 61,529 Mortgage loans, held-for-investment, net 676,420 — — 663,866 663,866 Accrued interest 22,033 22,033 — — 22,033 Mortgage loans held in variable interest entities, at fair value 5,677,763 — 5,677,763 — 5,677,763 CMBS structured pass-through certificates, at fair value 41,212 — 41,212 — 41,212 MSCR notes, at fair value 10,378 — 10,378 — 10,378 Mortgage backed securities, at fair value 38,270 — 38,270 — 38,270 Accounts receivable and other assets 4,312 1,560 2,752 — 4,312 $ 6,891,802 $ 40,242 $ 5,770,375 $ 1,077,281 $ 6,887,898 Liabilities Secured financing agreements, net $ 649,558 $ — $ — $ 666,423 $ 666,423 Master repurchase agreements 303,514 — — 303,514 303,514 Unsecured notes, net 219,483 — 199,859 — 199,859 Mortgages payable, net 95,657 — — 95,470 95,470 Accounts payable and other accrued liabilities 6,428 6,428 — — 6,428 Accrued interest payable 8,209 8,209 — — 8,209 Bonds payable held in variable interest entities, at fair value 5,289,997 — 5,289,997 — 5,289,997 $ 6,572,846 $ 14,637 $ 5,489,856 $ 1,065,407 $ 6,569,900 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 Loans, held-for-investment, net 256,147 — — 255,254 255,254 Common stock investment, 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 1,120 1,077 — 2,197 $ 7,908,914 $ 37,132 $ 6,810,840 $ 1,061,051 $ 7,909,023 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
Schedule of 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 as of December 31, 2023 (dollars in thousands): Carrying Valuation Technique Unobservable Inputs Range Weighted Average (1) NexPoint Storage Partners $ 33,129 Discounted cash flow Terminal cap rate 5.00% - 5.50% 5.25 % Discount rate 7.50% - 9.50% 8.50 % IQHQ Inc. $ 14,776 Discounted cash flow Discount rate 11.00% - 12.00% 11.50 % Private REIT $ 28,400 Market approach NAV per share multiple 1.00 - 1.20x 1.10x (1) Averages are weighted based on the fair value of the related instrument 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 as of December 31, 2022 (dollars in thousands): Carrying Valuation Technique Unobservable Inputs Range Weighted Average (1) NexPoint Storage Partners $ 50,380 Discounted cash flow Terminal cap rate 5.13% - 5.63% 5.38 % Discount rate 7.75% - 9.75% 8.75 % Private REIT $ 27,884 Recent transaction Yield 3.35% - 5.00% 3.81 % (1) Averages are weighted based on the fair value of the related instrument
Schedule of 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 and preferred stock assets carried at fair value on the Consolidated Balance Sheets for the year ended December 31, 2023: Balance as of 12/31/22 Additions Change in Unrealized Gains/(Losses) Balance as of 12/31/23 NexPoint Storage Partners $ 50,380 $ — $ (17,251) $ 33,129 Private REIT $ 27,884 $ — $ 516 $ 28,400 IQHQ Inc. $ — $ 14,510 $ 266 $ 14,776 The table below reflects a summary of changes for the Company's Level 3 common and preferred stock assets carried at fair value on the Consolidated Balance Sheets for the year ended December 31, 2022: Balance as of 12/31/21 Additions Change in Unrealized Gains /(Losses) Balance as of 12/31/22 NexPoint Storage Partners $ 58,460 $ — $ (8,080) $ 50,380 Private REIT $ — $ 27,884 $ — $ 27,884

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Schedule of 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, 2023: 2023 Number of Units Weighted Average Outstanding December 31, 2022 577,360 $ 17.88 Granted 440,055 15.14 Vested (201,678) (1) 17.27 Forfeited (44,066) 16.81 Outstanding December 31, 2023 771,671 $ 16.70 (1) Certain key employees of the Manager elected to net the taxes owed upon vesting against the shares issued resulting in 151,970 shares being issued as shown on the consolidated statements of stockholders' equity. The vesting schedule for restricted stock units as of December 31, 2023, is as follows: Shares Vesting February April May Total 2024 120,640 126,042 68,564 315,246 2025 116,998 102,201 — 219,199 2026 54,893 91,166 — 146,059 2027 — 91,167 — 91,167 Total 292,531 410,576 68,564 771,671
Schedule of Sale of Stock	The following table contains summary information of the 2022 ATM Program since its inception through December 31, 2023: 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

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 2022 2021 Net income (loss) attributable to common stockholders $ 10,399 $ 3,234 $ 39,577 Earnings for basic computations Net income attributable to redeemable noncontrolling interests 4,765 4,969 40,387 Net income for diluted computations $ 15,164 $ 8,203 $ 79,964 Weighted-average common shares outstanding Average number of common shares outstanding - basic 17,199 14,686 6,601 Average number of common shares from assumed vesting of unvested restricted stock units 740 571 444 Average number of common shares from assumed conversion of OP Units 5,038 7,218 13,321 Average number of common shares from assumed conversion of Series B Preferred Stock 24 — — Average number of common shares outstanding - diluted 23,001 22,475 20,366 Earnings per weighted average common share: Basic $ 0.60 $ 0.22 $ 6.00 Diluted (1) $ 0.60 $ 0.22 $ 3.93 (1) Diluted EPS calculations were higher than basic EPS and thus anti-dilutive for the years ended December 31, 2023 and 2022, respectively. As such, the Company is presenting diluted EPS as equal to basic EPS.

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 31, 2023
Noncontrolling Interest [Abstract]
Schedule of 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, 2023, 2022, and 2021 (in thousands): For the Year Ended December 31, 2023 2022 2021 Redeemable noncontrolling interests in the OP, January 1, $ 96,501 $ 261,423 $ 275,670 Adjustment to redeemable noncontrolling interest in the OP on deconsolidation of real estate 297 — — Net income attributable to redeemable noncontrolling interests in the OP 4,765 4,969 40,387 Redemption of redeemable noncontrolling interests in the OP — (155,614) (32,393) Distributions to redeemable noncontrolling interests in the OP (12,092) (14,277) (22,241) Redeemable noncontrolling interests in the OP, December 31, $ 89,471 $ 96,501 $ 261,423
Schedule of Consolidated Common Shares of Noncontrolling Interest	The tables below present the common shares and OP Units outstanding held by the noncontrolling interests (“NCI”), as the OP Units and SubOP Units held by the Company are eliminated in consolidation: Period End Common Shares Outstanding OP Units Held by NCI Combined Outstanding December 31, 2023 17,231,913 5,038,382 22,270,295 Period End Common Shares OP Units Held by Combined December 31, 2022 17,079,943 5,038,382 22,118,325

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Purchase Commitment, Excluding Long-Term Commitment	The table below shows the Company's unfunded commitments by investment type as of December 31, 2023 and December 31, 2022 (in thousands): Investment Type December 31, 2023 December 31, 2022 Unfunded Commitments Unfunded Commitments Preferred Equity $ 34,966 $ 33,704 Common Equity 6,600 — $ 41,566 $ 33,704

Organization and Description _2

Organization and Description of Business (Details)	12 Months Ended
	Dec. 31, 2023
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Company management term	1 year
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 (as a percent)	83.82%
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 (as a percent)	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 (as a percent)	100%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) loan unit	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 01, 2023 USD ($)	Sep. 08, 2021	Dec. 31, 2020 USD ($)
Variable Interest Entity [Line Items]
Allowance for loan and lease losses reserve		$ 700
Current expected credit loss reserve	$ 2,100			$ 2,300
Cumulative effect of adoption of ASU 2016-13	(347,437)	(448,513)	$ (245,283)			$ (128,243)
Provision for credit losses	$ 4,299	169	189
Number of classes of OP units | unit	3
Class B OP Units
Variable Interest Entity [Line Items]
Limited liability units, voting power, percent per share	50%				50%
Class A OP Units
Variable Interest Entity [Line Items]
Limited liability units, voting power, percent per share					50%
Retained Earnings Less Dividends
Variable Interest Entity [Line Items]
Cumulative effect of adoption of ASU 2016-13	$ 35,821	(4,435)	$ (28,367)			$ (3,485)
Cumulative Effect, Period of Adoption, Adjustment
Variable Interest Entity [Line Items]
Cumulative effect of adoption of ASU 2016-13		1,624
Provision for credit losses	$ 4,300
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings Less Dividends
Variable Interest Entity [Line Items]
Cumulative effect of adoption of ASU 2016-13		$ 1,624
Financial Asset Acquired with Credit Deterioration
Variable Interest Entity [Line Items]
Number of loans acquired | loan	0
One Security | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Variable interest entity, qualitative or quantitative information, ownership percentage	100%
NexPoint Real Estate Finance Operating Partnership, L.P.
Variable Interest Entity [Line Items]
Limited partnership, ownership interest (as a percent)	83.82%
NexPoint Real Estate Finance Operating Partnership, L.P. | Class A OP Units
Variable Interest Entity [Line Items]
Limited partnership, ownership interest (as a percent)	100%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Estimated Useful Lives (Details)	Dec. 31, 2023
Buildings (in years)
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	30 years
Improvements (in years)
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	15 years
Furniture, fixtures, and equipment (in years)
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Intangible lease assets (in months)
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 - Summary of Loans Held for Investment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 loan	Dec. 31, 2023	Dec. 31, 2023 unit	Dec. 31, 2022 loan	Dec. 31, 2022	Dec. 31, 2022 unit
Financing Receivable, Troubled Debt Restructuring [Line Items]
Outstanding Face Amount	$ 973,876	$ 942,449
Carrying Value	$ 1,004,880	$ 982,678
Loan Count			48		48	48		48
Weighted average, fixed rate				84.82%			90.64%
Weighted average, coupon				6.94%			6.43%
Weighted average, life (years)	4 years 1 month 24 days	5 years 1 month 9 days
Mortgage loans, held-for-investment
Financing Receivable, Troubled Debt Restructuring [Line Items]
Outstanding Face Amount	$ 645,277	$ 688,046
Carrying Value	$ 676,420	$ 726,531
Loan Count | loan			11			15
Weighted average, fixed rate				100%			100%
Weighted average, coupon				4.79%			4.81%
Weighted average, life (years)	4 years 5 months 26 days	5 years 4 months 9 days
Mezzanine loans, held-for-investment
Financing Receivable, Troubled Debt Restructuring [Line Items]
Outstanding Face Amount	$ 133,207	$ 163,021
Carrying Value	$ 135,069	$ 165,182
Loan Count | loan			22			23
Weighted average, fixed rate				78.31%			63.99%
Weighted average, coupon				9.61%			10.42%
Weighted average, life (years)	5 years 4 months 9 days	5 years 4 months 20 days
Preferred equity, held-for-investment
Financing Receivable, Troubled Debt Restructuring [Line Items]
Outstanding Face Amount	$ 195,392	$ 91,382
Carrying Value	$ 193,391	$ 90,965
Loan Count | loan			15			10
Weighted average, fixed rate				39.12%			67.69%
Weighted average, coupon				12.20%			11.51%
Weighted average, life (years)	2 years 2 months 19 days	2 years 9 months 3 days

Loans Held for Investment, Ne_3

Loans Held for Investment, Net - Loan and Preferred Equity Portfolio Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Roll Forward]
Beginning balance	$ 982,678
Originations	92,701	$ 110,502	$ 117,727
Reversal of specific reserve of credit losses	4,502	0
Ending balance	1,004,880	982,678
Loans Receivable, Held for Investment
Accounts, Notes, Loans and Financing Receivable [Roll Forward]
Beginning balance	982,678	1,088,881
Recognition of retained preferred equity investment upon deconsolidation of real estate (Note 14)	36,022	0
Conversion of convertible bonds to common stock	0	(25,000)
Originations		110,502
Decrease in loans, held for investment, net on consolidation of real estate	(9,685)	0
Proceeds from principal repayments	(97,259)	(178,990)
PIK distribution reinvested in Preferred Units	8,990	715
Amortization of loan premium, net		(13,261)
(Provision for) reversal of credit losses	(4,299)	(169)
Ending balance	1,004,880	982,678	1,088,881
Loans Receivable, Held for Investment | Cumulative Effect, Period of Adoption, Adjustment
Accounts, Notes, Loans and Financing Receivable [Roll Forward]
Beginning balance	$ (1,624)	0
Ending balance		$ (1,624)	$ 0

Loans Held for Investment, Ne_4

Loans Held for Investment, Net - Additional Information (Details) $ in Millions	Dec. 31, 2023 loan	Dec. 31, 2023 USD ($)	Dec. 31, 2023	Dec. 31, 2023 unit	Dec. 31, 2022 loan	Dec. 31, 2022 USD ($)	Dec. 31, 2022	Dec. 31, 2022 unit
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Financing receivable, unamortized purchase premium (discount)		$ 33.1				$ 40.9
Loans and leases receivable, number of loans	48			48	48			48
Weighted average risk rating			3				3

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, 2023 loan	Dec. 31, 2023 USD ($)	Dec. 31, 2023	Dec. 31, 2023 unit	Dec. 31, 2022 loan	Dec. 31, 2022 USD ($)	Dec. 31, 2022	Dec. 31, 2022 unit
Financing Receivable, Nonaccrual [Line Items]
Loan Count	48			48	48			48
Carrying Value		$ 1,004,880				$ 982,678
% of Loan Portfolio			1				1
Risk Rating 1
Financing Receivable, Nonaccrual [Line Items]
Loan Count	0			0	0			0
Carrying Value		0				0
% of Loan Portfolio			0				0
Risk Rating 2
Financing Receivable, Nonaccrual [Line Items]
Loan Count	0			0	0			0
Carrying Value		0				0
% of Loan Portfolio			0				0
Risk Rating 3
Financing Receivable, Nonaccrual [Line Items]
Loan Count	46			46	48			48
Carrying Value		992,751				982,678
% of Loan Portfolio			0.9879				1
Risk Rating 4
Financing Receivable, Nonaccrual [Line Items]
Loan Count	2			2	0			0
Carrying Value		12,129				0
% of Loan Portfolio			0.0121				0
Risk Rating 5
Financing Receivable, Nonaccrual [Line Items]
Loan Count	0			0	0			0
Carrying Value		$ 0				$ 0
% of Loan Portfolio			0				0

Loans Held for Investment, Ne_6

Loans Held for Investment, Net - Summary of Loans by Origination (Details) $ in Thousands	Dec. 31, 2023 loan	Dec. 31, 2023 unit	Dec. 31, 2023 USD ($)	Dec. 31, 2022 loan	Dec. 31, 2022 unit	Dec. 31, 2022 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases receivable, number of loans	48	48		48	48
Outstanding Face Amount			$ 973,876			$ 999,080
2023			82,879			72,606
2022			82,087			98,129
2021			40,981			17,500
2020			19,158			774,381
2019			759,828			20,062
Prior			19,947			0
Loans and leases receivable, gross			1,004,880			982,678
Risk Rating 1
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases receivable, number of loans	0	0		0	0
Outstanding Face Amount			0			0
2023			0			0
2022			0			0
2021			0			0
2020			0			0
2019			0			0
Prior			0			0
Loans and leases receivable, gross			0			0
Risk Rating 2
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases receivable, number of loans	0	0		0	0
Outstanding Face Amount			0			0
2023			0			0
2022			0			0
2021			0			0
2020			0			0
2019			0			0
Prior			0			0
Loans and leases receivable, gross			0			0
Risk Rating 3
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases receivable, number of loans	46	46		48	48
Outstanding Face Amount			961,756			999,080
2023			82,879			72,606
2022			69,958			98,129
2021			40,981			17,500
2020			19,158			774,381
2019			759,828			20,062
Prior			19,947			0
Loans and leases receivable, gross			992,751			982,678
Risk Rating 4
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases receivable, number of loans	2	2		0	0
Outstanding Face Amount			12,120			0
2023			0			0
2022			12,129			0
2021			0			0
2020			0			0
2019			0			0
Prior			0			0
Loans and leases receivable, gross			12,129			0
Risk Rating 5
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and leases receivable, number of loans	0	0		0	0
Outstanding Face Amount			0			0
2023			0			0
2022			0			0
2021			0			0
2020			0			0
2019			0			0
Prior			0			0
Loans and leases receivable, gross			$ 0			$ 0

Loans Held for Investment, Ne_7

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, 2023	Dec. 31, 2022
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	1	1
Single Family Rental
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.6994	0.7226
Multifamily
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.2199	0.2311
Life Science
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0633	0.0285
Self-Storage
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0175	0.0179
Georgia
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.3050	0.3404
Florida
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.1840	0.1934
Texas
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.1387	0.1121
Nevada
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0146
Maryland
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0547	0.0559
Minnesota
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0731	0.0697
California
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0492	0.0466
Alabama
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0351	0.0381
North Carolina
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0278	0.0265
Virginia
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0265
Arkansas
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0137	0.0142
Other
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0776	0.1031

CMBS Trusts - Schedule of Recog

CMBS Trusts - Schedule of Recognized Trusts Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Loans and Leases Receivable Disclosure [Line Items]
Bonds payable held in variable interest entities, at fair value	$ (1,271,938)
Variable Interest Entity, Primary Beneficiary
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans held in variable interest entities, at fair value	5,677,763	$ 6,720,246
Accrued interest receivable	3,902	4,029
Bonds payable held in variable interest entities, at fair value	(5,289,997)	(6,249,804)
Accrued interest payable	$ (3,220)	$ (3,207)

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, 2023	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	$ 40,627	$ 35,866	$ 27,780
Debt securities, trading, unrealized gain (loss)	(2,414)	(25,627)	29,838
Change in net assets related to consolidated CMBS variable interest entities	$ 38,213	$ 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, 2023	Dec. 31, 2022
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	97.45%	98.45%
Manufactured Housing
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	2.55%	1.55%
Texas
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	15.85%	17.95%
Florida
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	14.07%	13.82%
Arizona
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	4.05%	6.98%
California
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	8.69%	9.28%
Georgia
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	4%	4.68%
Washington
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	7.75%	6.88%
New Jersey
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	4.02%	3.97%
Nevada
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	2.49%	1.99%
Pennsylvania
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	1.27%	1.01%
Colorado
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	7.74%	6.21%
Connecticut
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	2.04%	3.64%
North Carolina
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	4.17%	3.53%
New York
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	3.37%	2.76%
Ohio
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	2.48%	2%
Virginia
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	2.03%	1.62%
Indiana
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	2.13%	1.69%
Illinois
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	1.65%	1.37%
Michigan
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	1.38%	1.11%
Maryland
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	1.18%
Missouri
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	1.56%	1.25%
Other
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	8.08%	8.26%

Common and Preferred Stock In_3

Common and Preferred Stock Investments - Additional Information (Details) $ / shares in Units, $ in Millions	Apr. 14, 2022 USD ($) convertible_note shares	Dec. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares
Discount rate | Discounted cash flow
Schedule of Equity Method Investments [Line Items]
Measurement input		0.115
Private REIT | VIE
Schedule of Equity Method Investments [Line Items]
Effective ownership		6.40%
IQHQ Inc. | Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Effective ownership		9.50%
Private REIT
Schedule of Equity Method Investments [Line Items]
Private offering price per share (in usd per share)		$ 20.37	$ 19.33
Convertible Note
Schedule of Equity Method Investments [Line Items]
Debt instrument, convertible, conversion price (in usd per share)		$ 17.50
Number of convertible notes | convertible_note	2
Stock issued during period, conversion of convertible securities (in shares) | shares	1,394,213
Conversion of convertible bonds to common stock | $	$ 25
NexPoint Storage Partners, Inc. (“NSP”) | VIE
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		25.70%

Common and Preferred Stock In_4

Common and Preferred Stock Investments - Schedule of Common Stock Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Common stock investments, at fair value	$ 61,529	$ 78,264
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	$ 33,129	$ 50,380
Private REIT
Schedule of Equity Method Investments [Line Items]
Investment owned, balance (in shares)	1,394,213	1,394,213
Common stock investments, at fair value	$ 28,400	$ 27,884

Common and Preferred Stock In_5

Common and Preferred Stock Investments - Schedule of Change in Unrealized Gain on Common Stock Investment (Details) - Common Stock - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Change in unrealized gain (loss) on common stock investments	$ (16,736)	$ (5,196)	$ 13,834
NexPoint Storage Partners
Schedule of Equity Method Investments [Line Items]
Change in unrealized gain (loss) on common stock investments	(17,251)	(8,080)	13,834
Private REIT
Schedule of Equity Method Investments [Line Items]
Change in unrealized gain (loss) on common stock investments	$ 515	$ 2,884	$ 0

Unconsolidated Variable Inter_3

Unconsolidated Variable Interest Entities - Schedule of Variable Interest Entities (Details) - VIE	Dec. 31, 2023
NexPoint Storage Partners, Inc. (“NSP”)
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage	25.70%
Resmark Forney Gateway Holdings, LLC
Variable Interest Entity [Line Items]
Effective ownership	98%
Resmark the Brook, LLC
Variable Interest Entity [Line Items]
Effective ownership	98%
Private REIT
Variable Interest Entity [Line Items]
Effective ownership	6.40%

Unconsolidated Variable Inter_4

Unconsolidated Variable Interest Entities - Additional Information (Details) - USD ($) $ in Millions	2 Months Ended
	Mar. 31, 2023	Dec. 31, 2023
NexPoint Storage Partners, Inc.
Variable Interest Entity [Line Items]
Maximum loss exposure		$ 33.1
RFGH and RTB
Variable Interest Entity [Line Items]
Maximum loss exposure		$ 1
Purchase of common equity, amount unfunded	$ 2.8

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. 18, 2022 USD ($)	Feb. 03, 2022 USD ($)	Sep. 29, 2021 USD ($)	Jun. 11, 2021 USD ($)	May 04, 2021 USD ($)	Apr. 28, 2021 USD ($)	Dec. 31, 2023 USD ($) strip security note	Dec. 31, 2022 USD ($)
Debt and Equity Securities, FV-NI [Line Items]
Number of CMBS I/O Strips | strip							12
Number of MSCR Notes | note							3
Number of mortgage backed securities | security							7
MSCR Notes
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 10,378	$ 10,313
Collateralized Mortgage-Backed Securities
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 38,270	$ 32,328
Interest Rate							9.17%	7.28%
Current Yield							9.30%	7.45%
Multifamily | CMBS I/O Strip, One
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 1,622	$ 1,807
Interest Rate							2.02%	2.02%
Current Yield							14.64%	14.56%
Multifamily | CMBS I/O Strip, Two
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 16,601	$ 18,364
Interest Rate							2.98%	2.98%
Current Yield							17.98%	15.98%
Multifamily | CMBS I/O Strip, Three
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 5,022	$ 5,676
Interest Rate							1.59%	1.59%
Current Yield							17.68%	15.52%
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							$ 3,436	$ 3,693
Interest Rate							3.39%	3.39%
Current Yield							17.79%	15.73%
Multifamily | CMBS I/O Strip, Five
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 395	$ 455
Interest Rate							2.31%	2.31%
Current Yield							22.31%	18.91%
Multifamily | CMBS I/O Strip, Six
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 2,643	$ 4,188
Interest Rate							1.18%	1.19%
Current Yield							14.57%	13.34%
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							$ 833	$ 1,117
Interest Rate							1.17%	1.18%
Current Yield							18.07%	16.77%
Multifamily | CMBS IO Strip Eight
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 2,255	$ 2,445
Interest Rate							1.89%	1.89%
Current Yield							17.98%	15.87%
Multifamily | CMBS I/O Strip, Nine
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 1,241	$ 1,333
Interest Rate							3.10%	3.10%
Current Yield							15.24%	13.74%
Multifamily | CMBS I/O Strip, Ten
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 229	$ 250
Interest Rate							2.61%	2.61%
Current Yield							16.15%	14.44%
Multifamily | CMBS I/O Strip, Eleven
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 3,390	$ 3,726
Interest Rate							1.92%	1.92%
Current Yield							17.01%	15.03%
Multifamily | CMBS I/O Strip, Twelve
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 3,545	$ 3,822
Interest Rate							2.95%	2.95%
Current Yield							15.14%	13.70%
Multifamily | CMBS I/O Strips
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 41,212	$ 46,876
Interest Rate							2.50%	2.46%
Current Yield							17.21%	15.32%
Multifamily | MSCR Notes One
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 4,020	$ 4,019
Interest Rate							14.83%	13.02%
Current Yield							14.83%	13.02%
Multifamily | MSCR Notes Two
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 5,000	$ 4,988
Interest Rate							11.83%	10.02%
Current Yield							11.83%	10.02%
Multifamily | MSCR Notes Three
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 1,358	$ 1,306
Interest Rate							12.18%	10.37%
Current Yield							13.38%	11.40%
Multifamily | MSCR Notes
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 10,378	$ 10,313
Interest Rate							13.04%	11.23%
Current Yield							13.20%	11.36%
Multifamily | Mortgage Backed Securities 5
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 3,881	$ 4,473
Interest Rate							11.57%	9.29%
Current Yield							11.55%	9.27%
Multifamily | Mortgage Backed Securities 7
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 5,742
Interest Rate							13.93%
Current Yield							13.95%
Single-Family | Mortgage Backed Securities 1
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 9,924	$ 9,638
Interest Rate							8.64%	7.08%
Current Yield							8.91%	7.39%
Single-Family | Mortgage Backed Securities 2
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 9,369	$ 8,966
Interest Rate							4.87%	4.87%
Current Yield							5.01%	5.08%
Single-Family | Mortgage Backed Securities 3
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 538	$ 526
Interest Rate							6.23%	6.23%
Current Yield							6.31%	6.33%
Single-Family | Mortgage Backed Securities 4
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 856	$ 819
Interest Rate							3.60%	3.60%
Current Yield							4.12%	4.23%
Self Storage | Mortgage Backed Securities 6
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 7,960	$ 7,906
Interest Rate							11.10%	9.57%
Current Yield							11.12%	9.59%

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt and Equity Securities, FV-NI [Line Items]
Realized gain on CMBS structured pass-through certificates	$ 0	$ 0	$ 484
Total	4,970	(8,279)	3,053
Commercial Mortgage-Backed Securities
Debt and Equity Securities, FV-NI [Line Items]
Net interest earned	2,905	5,668	3,052
Debt securities, trading, unrealized gain (loss)	1,533	(12,664)	(483)
MSCR Notes
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading, unrealized gain (loss)	65	(53)	0
Collateralized Mortgage-Backed Securities
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading, unrealized gain (loss)	467	(1,230)	0
Change in unrealized gain (loss) on mortgage backed securities	$ 467	$ (1,230)	$ 0

Real Estate Investments, net -

Real Estate Investments, net - Additional Information (Details) - unit	Oct. 10, 2023	Feb. 01, 2022	Dec. 31, 2021
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
Atlanta, GA
Real Estate Properties [Line Items]
Number of units in multifamily property	280

Real Estate Investments, net _2

Real Estate Investments, net - Investments in Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	$ (4,404)	$ (1,940)
Real estate investment property, net	126,551	245,222
Land
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	0	0
Real estate investment property, net	18,802	36,586
Buildings and Improvements
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	(3,948)	(1,752)
Real estate investment property, net	105,126	208,220
Intangible Lease Assets
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	0	0
Real estate investment property, net	1,271	0
Construction in Progress
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	0	0
Real estate investment property, net	401	2
Furniture, Fixtures and Equipment
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	(456)	(188)
Real estate investment property, net	951	414
Hudson Montford
Real Estate Properties [Line Items]
Real estate investment property, at cost	62,000	61,431
Hudson Montford | Land
Real Estate Properties [Line Items]
Real estate investment property, at cost	10,996	10,996
Hudson Montford | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment property, at cost	49,912	49,831
Hudson Montford | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment property, at cost	0	0
Hudson Montford | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment property, at cost	401	2
Hudson Montford | Furniture, Fixtures and Equipment
Real Estate Properties [Line Items]
Real estate investment property, at cost	691	602
Elysian at Hughes
Real Estate Properties [Line Items]
Real estate investment property, at cost		185,731
Elysian at Hughes | Land
Real Estate Properties [Line Items]
Real estate investment property, at cost		25,590
Elysian at Hughes | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment property, at cost		160,141
Elysian at Hughes | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment property, at cost		0
Elysian at Hughes | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment property, at cost		0
Elysian at Hughes | Furniture, Fixtures and Equipment
Real Estate Properties [Line Items]
Real estate investment property, at cost		$ 0
Alexander at the District
Real Estate Properties [Line Items]
Real estate investment property, at cost	68,955
Alexander at the District | Land
Real Estate Properties [Line Items]
Real estate investment property, at cost	7,806
Alexander at the District | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment property, at cost	59,162
Alexander at the District | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment property, at cost	1,271
Alexander at the District | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment property, at cost	0
Alexander at the District | Furniture, Fixtures and Equipment
Real Estate Properties [Line Items]
Real estate investment property, at cost	$ 716

Real Estate Investments, net _3

Real Estate Investments, net - Revenue and Expenses of Property (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate Properties [Line Items]
Interest expense	$ 51,560	$ 40,255	$ 29,772
Property general and administrative expenses	9,204	7,243	6,371
Depreciation and amortization	2,465	2,895	$ 0
Total expenses	6,678	11,398
Multifamily Property
Real Estate Properties [Line Items]
Other Income	182	1,286
Total revenues	5,144	12,402
Interest expense	3,984	4,183
Real estate taxes and insurance	862	1,493
Property operating expenses	1,145	2,548
Property general and administrative expenses	257	366
Property management fees	158	301
Depreciation and amortization	2,465	2,895
Rate cap (income) expense	(2,045)	(1,014)
Debt service bridge	0	626
Casualty (gain) loss	(148)	0
Net income (loss) from consolidated real estate owned	(1,534)	1,004
Multifamily Property | Rental Income
Real Estate Properties [Line Items]
Rental income	$ 4,962	$ 11,116

Debt - Summary of Financing Arr

Debt - Summary of Financing Arrangements (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Oct. 18, 2022 USD ($)	Apr. 15, 2020 subsidiary	Jul. 11, 2019 subsidiary
Debt Instrument [Line Items]
Number of subsidiaries | subsidiary				3	2
Facility
Debt Instrument [Line Items]
Outstanding face amount	$ 1,271,938	$ 1,349,019
Carrying value	$ 1,268,212	$ 1,345,101
Weighted average interest rate	4.55%	3.85%
Weighted average life (years)	2 years 10 months 24 days	4 years 1 month 6 days
Collateral
Debt Instrument [Line Items]
Weighted average life (years)	5 years 7 months 6 days	6 years 4 months 24 days
Collateral outstanding face amount	$ 676,420	$ 1,768,303
Collateral amortized cost basis	1,372,571	1,624,062
Collateral carrying value	1,366,698	1,619,879
Master Repurchase Agreements | Mizuho | Facility
Debt Instrument [Line Items]
Outstanding face amount	303,514	331,020
Carrying value	$ 303,514	$ 331,020
Weighted average interest rate	7.26%	5.83%
Weighted average life (years)	0 years	2 months 12 days
Master Repurchase Agreements | Mizuho | Collateral
Debt Instrument [Line Items]
Weighted average life (years)	6 years 4 months 24 days	7 years
Collateral outstanding face amount	$ 931,296	$ 974,440
Collateral amortized cost basis	470,761	543,919
Collateral carrying value	464,888	539,736
Asset Specific Financing | Freddie Mac | Facility
Debt Instrument [Line Items]
Outstanding face amount	590,306	628,633
Carrying value	$ 590,306	$ 628,633
Weighted average interest rate	2.34%	2.35%
Weighted average life (years)	4 years 6 months	5 years 4 months 24 days
Asset Specific Financing | Freddie Mac | Collateral
Debt Instrument [Line Items]
Weighted average life (years)	4 years 6 months	5 years 4 months 24 days
Collateral outstanding face amount	$ 645,277	$ 688,046
Collateral amortized cost basis	676,420	726,531
Collateral carrying value	676,420	726,531
Mezzanine loans | Freddie Mac | Facility
Debt Instrument [Line Items]
Outstanding face amount	59,252	59,252
Carrying value	$ 59,252	$ 59,252
Weighted average interest rate	0.30%	0.30%
Weighted average life (years)	6 years 3 months 18 days	7 years 3 months 18 days
Mezzanine loans | Freddie Mac | Collateral
Debt Instrument [Line Items]
Weighted average life (years)	6 years 3 months 18 days	7 years 3 months 18 days
Collateral outstanding face amount	$ 96,817	$ 105,817
Collateral amortized cost basis	98,839	108,390
Collateral carrying value	$ 98,839	$ 108,390
Multifamily Property Debt Due 2028
Debt Instrument [Line Items]
Debt instrument, repayment premium, percent	1%	1%
Multifamily Property Debt Due 2028 | Facility
Debt Instrument [Line Items]
Outstanding face amount	$ 32,366	$ 32,480
Carrying value	$ 32,157	$ 32,176
Weighted average interest rate	8.05%	5.80%
Weighted average life (years)	4 years 4 months 24 days	5 years 4 months 24 days
Multifamily Property Debt Due 2028 | Collateral
Debt Instrument [Line Items]
Weighted average life (years)	4 years 4 months 24 days	5 years 4 months 24 days
Collateral amortized cost basis	$ 64,697	$ 59,491
Collateral carrying value	64,697	59,491
Multifamily Property Debt Due 2024 | Facility
Debt Instrument [Line Items]
Outstanding face amount	63,500
Carrying value	$ 63,500
Weighted average interest rate	8.84%
Multifamily Property Debt Due 2024 | Collateral
Debt Instrument [Line Items]
Weighted average life (years)	10 months 24 days
Collateral amortized cost basis	$ 61,854
Collateral carrying value	61,854
Multifamily Property Debt Due 2032 | Facility
Debt Instrument [Line Items]
Outstanding face amount		89,634
Carrying value		$ 89,060
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]
Weighted average life (years)		9 years 1 month 6 days
Collateral amortized cost basis		$ 185,731
Collateral carrying value		185,731
The 7.50 Percent Senior Notes Due 2025 | Unsecured Debt | Facility
Debt Instrument [Line Items]
Outstanding face amount	36,500	36,500
Carrying value	$ 35,852	$ 35,530
Weighted average interest rate	7.50%	7.50%
Weighted average life (years)	1 year 9 months 18 days	2 years 9 months 18 days
The 5.75 Percent Senior Notes Due 2026 | Unsecured Debt | Facility
Debt Instrument [Line Items]
Outstanding face amount	$ 180,000	$ 165,000
Carrying value	$ 177,131	$ 162,930
Weighted average interest rate	5.75%	5.75%
Weighted average life (years)	2 years 3 months 18 days	3 years 3 months 18 days
The 7.50 Percent Senior Notes Due 2027 | Unsecured Debt | Facility
Debt Instrument [Line Items]
Outstanding face amount	$ 6,500	$ 6,500	$ 6,500
Carrying value	$ 6,500	$ 6,500
Weighted average interest rate	7.50%	7.50%	7.50%
Weighted average life (years)	3 years 9 months 18 days	4 years 9 months 18 days

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	Nov. 15, 2023	Jul. 12, 2019	Dec. 31, 2023	Dec. 31, 2022	Feb. 11, 2020
Debt Instrument [Line Items]
Secured financing agreements, net			$ 649,558,000	$ 687,885,000
Facility
Debt Instrument [Line Items]
Carrying value			1,268,212,000	1,345,101,000
Outstanding face amount			1,271,938,000	1,349,019,000
Collateral
Debt Instrument [Line Items]
Collateral outstanding face amount			676,420,000	1,768,303,000
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
Master Repurchase Agreements | Mizuho | Facility
Debt Instrument [Line Items]
Carrying value			303,514,000	331,020,000
Outstanding face amount			303,514,000	331,020,000
Master Repurchase Agreements | Mizuho | Collateral
Debt Instrument [Line Items]
Collateral outstanding face amount			931,296,000	974,440,000
The Third 5.75 Percent Senior Notes
Debt Instrument [Line Items]
Outstanding face amount	$ 15,000,000
Interest rate, stated percentage	5.75%
Percentage of par value	92%
Proceeds from issuance of debt	$ 13,600,000
Asset Specific Financing | Freddie Mac | Facility
Debt Instrument [Line Items]
Carrying value			590,306,000	628,633,000
Outstanding face amount			590,306,000	628,633,000
Asset Specific Financing | Freddie Mac | Collateral
Debt Instrument [Line Items]
Collateral outstanding face amount			$ 645,277,000	$ 688,046,000

Debt - Schedule of Outstanding

Debt - Schedule of Outstanding Principal Balances Related to SFR Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Secured financing agreements, net	$ 649,558	$ 687,885
Senior Loan | Single Family Rental
Debt Instrument [Line Items]
Secured financing agreements, net	$ 590,306	$ 628,633
Interest Rate	2.34%	2.35%
Senior Loan | Single Family Rental | Debt Instrument One
Debt Instrument [Line Items]
Secured financing agreements, net	$ 465,690	$ 465,690
Interest Rate	2.24%	2.24%
Senior Loan | Single Family Rental | Debt Instrument Two
Debt Instrument [Line Items]
Secured financing agreements, net	$ 31,416	$ 46,094
Interest Rate	2.14%	2.14%
Senior Loan | Single Family Rental | Debt Instrument Three
Debt Instrument [Line Items]
Secured financing agreements, net	$ 33,967	$ 34,528
Interest Rate	2.70%	2.70%
Senior Loan | Single Family Rental | Debt Instrument Four
Debt Instrument [Line Items]
Secured financing agreements, net	$ 9,156	$ 9,293
Interest Rate	2.79%	2.79%
Senior Loan | Single Family Rental | Debt Instrument Five
Debt Instrument [Line Items]
Secured financing agreements, net	$ 9,284	$ 9,284
Interest Rate	2.45%	2.45%
Senior Loan | Single Family Rental | Debt Instrument Six
Debt Instrument [Line Items]
Secured financing agreements, net	$ 8,111	$ 8,828
Interest Rate	3.51%	3.51%
Senior Loan | Single Family Rental | Debt Instrument Seven
Debt Instrument [Line Items]
Secured financing agreements, net	$ 8,787	$ 8,805
Interest Rate	3.30%	3.30%
Senior Loan | Single Family Rental | Debt Instrument Eight
Debt Instrument [Line Items]
Secured financing agreements, net	$ 7,881	$ 8,007
Interest Rate	3.14%	3.14%
Senior Loan | Single Family Rental | Debt Instrument Nine
Debt Instrument [Line Items]
Secured financing agreements, net	$ 5,848	$ 6,778
Interest Rate	2.99%	2.98%
Senior Loan | Single Family Rental | Debt Instrument Ten
Debt Instrument [Line Items]
Secured financing agreements, net	$ 5,240	$ 5,947
Interest Rate	3.14%	2.99%
Senior Loan | Single Family Rental | Debt Instrument Eleven
Debt Instrument [Line Items]
Secured financing agreements, net	$ 4,926	$ 5,513
Interest Rate	2.64%	2.40%
Senior Loan | Single Family Rental | Debt Instrument Twelve
Debt Instrument [Line Items]
Secured financing agreements, net		$ 5,346
Interest Rate		3.14%
Senior Loan | Single Family Rental | Debt Instrument Thirteen
Debt Instrument [Line Items]
Secured financing agreements, net		$ 5,015
Interest Rate		2.64%
Senior Loan | Single Family Rental | Debt Instrument Fourteen
Debt Instrument [Line Items]
Secured financing agreements, net		$ 4,770
Interest Rate		2.48%
Senior Loan | Single Family Rental | Debt Instrument Fifteen
Debt Instrument [Line Items]
Secured financing agreements, net		$ 4,735
Interest Rate		2.97%
Senior Loan | Multifamily | Mezzanine Loans
Debt Instrument [Line Items]
Secured financing agreements, net	$ 59,252	$ 59,252
Interest Rate	0.30%	0.30%
Senior Loan | Multifamily | Debt Instrument One | Mezzanine Loans | Wilmington, DE
Debt Instrument [Line Items]
Secured financing agreements, net	$ 8,723	$ 8,723
Interest Rate	0.30%	0.30%
Senior Loan | Multifamily | Debt Instrument Two | Mezzanine Loans | White Marsh, MD
Debt Instrument [Line Items]
Secured financing agreements, net	$ 7,344	$ 7,344
Interest Rate	0.30%	0.30%
Senior Loan | Multifamily | Debt Instrument Three | Mezzanine Loans | Philadelphia, PA
Debt Instrument [Line Items]
Secured financing agreements, net	$ 6,353	$ 6,353
Interest Rate	0.30%	0.30%
Senior Loan | Multifamily | Debt Instrument Four | Mezzanine Loans | Daytona Beach, FL
Debt Instrument [Line Items]
Secured financing agreements, net	$ 5,881	$ 5,881
Interest Rate	0.30%	0.30%
Senior Loan | Multifamily | Debt Instrument Five | Mezzanine Loans | Laurel, MD
Debt Instrument [Line Items]
Secured financing agreements, net	$ 4,523	$ 4,523
Interest Rate	0.30%	0.30%
Senior Loan | Multifamily | Debt Instrument Six | Mezzanine Loans | Temple Hills, MD
Debt Instrument [Line Items]
Secured financing agreements, net	$ 4,179	$ 4,179
Interest Rate	0.30%	0.30%
Senior Loan | Multifamily | Debt Instrument Seven | Mezzanine Loans | Temple Hills, MD
Debt Instrument [Line Items]
Secured financing agreements, net	$ 3,390	$ 3,390
Interest Rate	0.30%	0.30%
Senior Loan | Multifamily | Debt Instrument Eight | Mezzanine Loans | Lakewood, NJ
Debt Instrument [Line Items]
Secured financing agreements, net	$ 3,348	$ 3,348
Interest Rate	0.30%	0.30%
Senior Loan | Multifamily | Debt Instrument Nine | Mezzanine Loans | North Aurora, IL
Debt Instrument [Line Items]
Secured financing agreements, net	$ 2,454	$ 2,454
Interest Rate	0.30%	0.30%
Senior Loan | Multifamily | Debt Instrument Ten | Mezzanine Loans | Rosedale, MD
Debt Instrument [Line Items]
Secured financing agreements, net	$ 2,264	$ 2,264
Interest Rate	0.30%	0.30%
Senior Loan | Multifamily | Debt Instrument Eleven | Mezzanine Loans | Cockeysville, MD
Debt Instrument [Line Items]
Secured financing agreements, net	$ 2,215	$ 2,215
Interest Rate	0.30%	0.30%
Senior Loan | Multifamily | Debt Instrument Twelve | Mezzanine Loans | Laurel, MD
Debt Instrument [Line Items]
Secured financing agreements, net	$ 2,026	$ 2,026
Interest Rate	0.30%	0.30%
Senior Loan | Multifamily | Debt Instrument Thirteen | Mezzanine Loans | Vancouver, WA
Debt Instrument [Line Items]
Secured financing agreements, net	$ 1,836	$ 1,836
Interest Rate	0.30%	0.30%
Senior Loan | Multifamily | Debt Instrument Fourteen | Mezzanine Loans | Tyler, TX
Debt Instrument [Line Items]
Secured financing agreements, net	$ 1,763	$ 1,763
Interest Rate	0.30%	0.30%
Senior Loan | Multifamily | Debt Instrument Fifteen | Mezzanine Loans | Las Vegas, NV
Debt Instrument [Line Items]
Secured financing agreements, net	$ 1,307	$ 1,307
Interest Rate	0.30%	0.30%
Senior Loan | Multifamily | Debt Instrument Sixteen | Mezzanine Loans | Atlanta, GA
Debt Instrument [Line Items]
Secured financing agreements, net	$ 918	$ 918
Interest Rate	0.30%	0.30%
Senior Loan | Multifamily | Debt Instrument Seventeen | Mezzanine Loans | Des Moines, IA
Debt Instrument [Line Items]
Secured financing agreements, net	$ 728	$ 728
Interest Rate	0.30%	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, 2023	Dec. 31, 2022	Dec. 31, 2021
Line Of Credit Facility [Roll Forward]
Repurchase of unsecured notes	$ 0	$ (4,829)	$ (304)
Amortization of deferred financing costs	(45)	48	0
Secured Financing Agreements and Master Repurchase Agreements
Line Of Credit Facility [Roll Forward]
Balances as of December 31,	1,345,101	1,273,355
Decrease in Mortgages Payable in connection with VIE deconsolidation	(89,012)	0
Increase in Mortgages Payable in connection with VIE consolidation	63,500	0
Principal borrowings	55,239	260,937
Principal repayments	(121,094)	(185,200)
Unsecured notes offering	13,557	0
Repurchase of unsecured notes	0	(4,829)
Accretion of discounts	966	790
Amortization of deferred financing costs	(45)	48
Balances as of December 31,	$ 1,268,212	$ 1,345,101	$ 1,273,355

Debt - Summary of Aggregate Sch

Debt - Summary of Aggregate Scheduled Maturities of Total Debt (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
2024	$ 367,014
2025	67,916
2026	189,284
2027	6,500
2028	576,031
Thereafter	65,193
Total long-term debt	1,271,938
Recourse
Debt Instrument [Line Items]
2024	63,500
2025	36,500
2026	180,000
2027	6,500
2028	32,366
Thereafter	0
Total long-term debt	318,866
Non-recourse
Debt Instrument [Line Items]
2024	303,514
2025	31,416
2026	9,284
2027	0
2028	543,665
Thereafter	65,193
Total long-term debt	$ 953,072

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, 2023 USD ($)	Oct. 10, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 30, 2021 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative, fair value, net	$ 1	$ 63.5	$ 1.1	$ 32.5
Derivative strike price				0.0229
Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative strike price		0.0150
Accounts Receivable and Other Assets
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative, fair value, net	$ 1.8

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, 2023	Dec. 31, 2022
Assets
Common stock investments, at fair value	$ 61,529	$ 78,264
CMBS Structured Pass Through Certificates
Assets
Debt securities, trading	41,212	46,876
MSCR Notes
Assets
Debt securities, trading	10,378	10,313
Collateralized Mortgage-Backed Securities
Assets
Debt securities, trading	38,270	32,328
Fair Value, Recurring
Assets
Cash and cash equivalents	13,824	20,048
Restricted cash	2,825	299
Loans receivable, fair value disclosure	337,110	255,254
Common stock investments, at fair value		78,264
Accrued interest	22,033	15,665
Accounts receivable and other assets	4,312	2,197
Assets, fair value disclosure	6,887,898	7,909,023
Liabilities
Secured financing agreements, net	666,423	713,253
Master repurchase agreements	303,514	331,020
Unsecured notes, net	199,859	175,560
Mortgages payable, net	95,470	121,236
Accounts Payable And Other Accrued Liabilities Fair Value Disclosure	6,428	6,236
Accrued interest payable	8,209	7,986
Financial and nonfinancial liabilities, fair value disclosure	6,569,900	7,605,095
Fair Value, Recurring | Preferred stock investments, at fair value
Assets
Common stock investments, at fair value	14,776
Fair Value, Recurring | Common Stock
Assets
Common stock investments, at fair value	61,529
Fair Value, Recurring | Mortgages
Assets
Loans receivable, fair value disclosure	663,866	727,533
Fair Value, Recurring | CMBS Structured Pass Through Certificates
Assets
Debt securities, trading	41,212	46,876
Fair Value, Recurring | MSCR Notes
Assets
Debt securities, trading	10,378	10,313
Fair Value, Recurring | Collateralized Mortgage-Backed Securities
Assets
Debt securities, trading	38,270	32,328
Fair Value, Recurring | Variable Interest Entity, Primary Beneficiary
Liabilities
Bonds payable held in variable interest entities, at fair value	5,289,997	6,249,804
Fair Value, Recurring | Variable Interest Entity, Primary Beneficiary | Mortgages
Assets
Loans receivable, fair value disclosure	5,677,763	6,720,246
Fair Value, Recurring | Level 1
Assets
Cash and cash equivalents	13,824	20,048
Restricted cash	2,825	299
Loans receivable, fair value disclosure	0	0
Common stock investments, at fair value		0
Accrued interest	22,033	15,665
Accounts receivable and other assets	1,560	1,120
Assets, fair value disclosure	40,242	37,132
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 Fair Value Disclosure	6,428	6,236
Accrued interest payable	8,209	7,986
Financial and nonfinancial liabilities, fair value disclosure	14,637	14,222
Fair Value, Recurring | Level 1 | Preferred stock investments, at fair value
Assets
Common stock investments, at fair value	0
Fair Value, Recurring | Level 1 | Common Stock
Assets
Common stock investments, at fair value	0
Fair Value, Recurring | Level 1 | Mortgages
Assets
Loans receivable, fair value disclosure	0	0
Fair Value, Recurring | Level 1 | CMBS Structured Pass Through Certificates
Assets
Debt securities, trading	0	0
Fair Value, Recurring | Level 1 | MSCR Notes
Assets
Debt securities, trading	0	0
Fair Value, Recurring | Level 1 | Collateralized Mortgage-Backed Securities
Assets
Debt securities, trading	0	0
Fair Value, Recurring | Level 1 | Variable Interest Entity, Primary Beneficiary
Liabilities
Bonds payable held in variable interest entities, at fair value	0	0
Fair Value, Recurring | Level 1 | Variable Interest Entity, Primary Beneficiary | Mortgages
Assets
Loans receivable, fair value disclosure	0	0
Fair Value, Recurring | Level 2
Assets
Cash and cash equivalents	0	0
Restricted cash	0	0
Loans receivable, fair value disclosure	0	0
Common stock investments, at fair value		0
Accrued interest	0	0
Accounts receivable and other assets	2,752	1,077
Assets, fair value disclosure	5,770,375	6,810,840
Liabilities
Secured financing agreements, net	0	0
Master repurchase agreements	0	0
Unsecured notes, net	199,859	175,560
Mortgages payable, net	0	0
Accounts Payable And Other Accrued Liabilities Fair Value Disclosure	0	0
Accrued interest payable	0	0
Financial and nonfinancial liabilities, fair value disclosure	5,489,856	6,425,364
Fair Value, Recurring | Level 2 | Preferred stock investments, at fair value
Assets
Common stock investments, at fair value	0
Fair Value, Recurring | Level 2 | Common Stock
Assets
Common stock investments, at fair value	0
Fair Value, Recurring | Level 2 | Mortgages
Assets
Loans receivable, fair value disclosure	0	0
Fair Value, Recurring | Level 2 | CMBS Structured Pass Through Certificates
Assets
Debt securities, trading	41,212	46,876
Fair Value, Recurring | Level 2 | MSCR Notes
Assets
Debt securities, trading	10,378	10,313
Fair Value, Recurring | Level 2 | Collateralized Mortgage-Backed Securities
Assets
Debt securities, trading	38,270	32,328
Fair Value, Recurring | Level 2 | Variable Interest Entity, Primary Beneficiary
Liabilities
Bonds payable held in variable interest entities, at fair value	5,289,997	6,249,804
Fair Value, Recurring | Level 2 | Variable Interest Entity, Primary Beneficiary | Mortgages
Assets
Loans receivable, fair value disclosure	5,677,763	6,720,246
Fair Value, Recurring | Level 3
Assets
Cash and cash equivalents	0	0
Restricted cash	0	0
Loans receivable, fair value disclosure	337,110	255,254
Common stock investments, at fair value		78,264
Accrued interest	0	0
Accounts receivable and other assets	0	0
Assets, fair value disclosure	1,077,281	1,061,051
Liabilities
Secured financing agreements, net	666,423	713,253
Master repurchase agreements	303,514	331,020
Unsecured notes, net	0	0
Mortgages payable, net	95,470	121,236
Accounts Payable And Other Accrued Liabilities Fair Value Disclosure	0	0
Accrued interest payable	0	0
Financial and nonfinancial liabilities, fair value disclosure	1,065,407	1,165,509
Fair Value, Recurring | Level 3 | Preferred stock investments, at fair value
Assets
Common stock investments, at fair value	14,776
Fair Value, Recurring | Level 3 | Common Stock
Assets
Common stock investments, at fair value	61,529
Fair Value, Recurring | Level 3 | Mortgages
Assets
Loans receivable, fair value disclosure	663,866	727,533
Fair Value, Recurring | Level 3 | CMBS Structured Pass Through Certificates
Assets
Debt securities, trading	0	0
Fair Value, Recurring | Level 3 | MSCR Notes
Assets
Debt securities, trading	0	0
Fair Value, Recurring | Level 3 | Collateralized Mortgage-Backed Securities
Assets
Debt securities, trading	0	0
Fair Value, Recurring | Level 3 | Variable Interest Entity, Primary Beneficiary
Liabilities
Bonds payable held in variable interest entities, at fair value	0	0
Fair Value, Recurring | Level 3 | Variable Interest Entity, Primary Beneficiary | Mortgages
Assets
Loans receivable, fair value disclosure	0	0
Carrying Value | Fair Value, Recurring
Assets
Cash and cash equivalents	13,824	20,048
Restricted cash	2,825	299
Loans receivable, fair value disclosure	328,460	256,147
Common stock investments, at fair value		78,264
Accrued interest	22,033	15,665
Accounts receivable and other assets	4,312	2,197
Assets, fair value disclosure	6,891,802	7,908,914
Liabilities
Secured financing agreements, net	649,558	687,885
Master repurchase agreements	303,514	331,020
Unsecured notes, net	219,483	204,960
Mortgages payable, net	95,657	121,236
Accounts Payable And Other Accrued Liabilities Fair Value Disclosure	6,428	6,231
Accrued interest payable	8,209	7,986
Financial and nonfinancial liabilities, fair value disclosure	6,572,846	7,609,122
Carrying Value | Fair Value, Recurring | Preferred stock investments, at fair value
Assets
Common stock investments, at fair value	14,776
Carrying Value | Fair Value, Recurring | Common Stock
Assets
Common stock investments, at fair value	61,529
Carrying Value | Fair Value, Recurring | Mortgages
Assets
Loans receivable, fair value disclosure	676,420	726,531
Carrying Value | Fair Value, Recurring | CMBS Structured Pass Through Certificates
Assets
Debt securities, trading	41,212	46,876
Carrying Value | Fair Value, Recurring | MSCR Notes
Assets
Debt securities, trading	10,378	10,313
Carrying Value | Fair Value, Recurring | Collateralized Mortgage-Backed Securities
Assets
Debt securities, trading	38,270	32,328
Carrying Value | Fair Value, Recurring | Variable Interest Entity, Primary Beneficiary
Liabilities
Bonds payable held in variable interest entities, at fair value	5,289,997	6,249,804
Carrying Value | Fair Value, Recurring | Variable Interest Entity, Primary Beneficiary | Mortgages
Assets
Loans receivable, fair value disclosure	$ 5,677,763	$ 6,720,246

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Significant Unobservable Inputs of Level 3 Assets (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 61,529	$ 78,264
Discounted cash flow | Level 3 | NexPoint Storage Partners
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	33,129	50,380
Discounted cash flow | Level 3 | IQHQ Inc.
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	14,776
Market approach | Level 3 | Private REIT
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 28,400	$ 27,884
Terminal cap rate | Discounted cash flow | Level 3 | Minimum | NexPoint Storage Partners
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	0.0500	0.0513
Terminal cap rate | Discounted cash flow | Level 3 | Maximum | NexPoint Storage Partners
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	0.0550	0.0563
Terminal cap rate | Discounted cash flow | Level 3 | Weighted Average | NexPoint Storage Partners
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	0.0525	0.0538
Discount rate | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	0.115
Discount rate | Discounted cash flow | Level 3 | Minimum | NexPoint Storage Partners
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	0.0750	0.0775
Discount rate | Discounted cash flow | Level 3 | Minimum | IQHQ Inc.
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	0.1100
Discount rate | Discounted cash flow | Level 3 | Maximum | NexPoint Storage Partners
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	0.0950	0.0975
Discount rate | Discounted cash flow | Level 3 | Maximum | IQHQ Inc.
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	0.1200
Discount rate | Discounted cash flow | Level 3 | Weighted Average | NexPoint Storage Partners
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	0.0850	0.0875
Discount rate | Discounted cash flow | Level 3 | Weighted Average | IQHQ Inc.
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	0.1150
NAV per share multiple | Market approach | Level 3 | Minimum | Private REIT
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	1	0.0335
NAV per share multiple | Market approach | Level 3 | Maximum | Private REIT
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	1.2	0.0500
NAV per share multiple | Market approach | Level 3 | Weighted Average | Private REIT
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	0.011	0.0381

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Changes in Level 3 Assets (Details) - Equity Securities - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
NexPoint Storage Partners
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 50,380	$ 58,460
Additions	0	0
Change in Unrealized Gains/(Losses)	(17,251)	(8,080)
Ending balance	33,129	50,380
Private REIT
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	27,884	0
Additions	0	27,884
Change in Unrealized Gains/(Losses)	516	0
Ending balance	28,400	27,884
IQHQ Inc.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0
Additions	14,510
Change in Unrealized Gains/(Losses)	266
Ending balance	$ 14,776	$ 0

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions

12 Months Ended

24 Months Ended

Feb. 28, 2024

Jan. 26, 2024

Dec. 31, 2023

Nov. 09, 2023

Nov. 02, 2023

Apr. 04, 2023

Feb. 22, 2023

Feb. 21, 2022

Nov. 08, 2021

Apr. 01, 2021

Mar. 03, 2021

Feb. 22, 2021

Nov. 02, 2020

Jul. 24, 2020

Jun. 24, 2020

May 08, 2020

Mar. 09, 2020

Jan. 31, 2020

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Mar. 09, 2022

Mar. 15, 2022

Sep. 08, 2021

Dec. 31, 2020

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

Common stock, par value per share (in dollars per share)

$ 0.01

$ 0.01

$ 0.01

$ 0.01

Common stock, issued (in shares)

17,518,900

17,518,900

17,366,930

Common stock, outstanding (in shares)

17,231,913

17,231,913

17,079,943

Preferred stock, dividend rate, percentage

10.50%

Stock repurchase program, authorized amount

$ 20

$ 10

Stock repurchase program, period in force

2 years

2 years

Treasury stock shares acquired (in shares)

327,422

Repurchase of common stock

$ 4.8

Treasury stock acquired, average cost per share (in dollars per share)

$ 14.61

Treasury stock, shares retired (in shares)

40,435

Treasury stock, common (in shares)

286,987

286,987

286,987

286,987

Stock issuance agreement, number of shares (in shares)

13,758,906

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

8,748,735

8,748,735

2020 LTIP

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

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

1,319,734

2020 LTIP | Subsequent Event

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

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

2,308,000

At-the-market Offering

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

Equity distribution agreements, maximum aggregate sales price

$ 100

Series A Preferred Stock

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

Issuance of common stock and preferred stock (in shares)

2,000,000

Preferred stock, dividend rate, percentage

8.50%

Preferred stock, redemption price per share (in dollars per share)

$ 24

Proceeds from issuance of preferred stock

$ 48

Underwriting discount and commission expenses

1.2

Payments of stock issuance costs

$ 0.8

Preferred stock, liquidation preference per share (in dollars per share)

$ 25

Series A Preferred Stock | Subsequent Event

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

Proceeds from issuance of preferred stock

$ 18.1

Series B Preferred Stock

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

Issuance of common stock and preferred stock (in shares)

16,000,000

427,218

Preferred stock, dividend rate, percentage

9%

Preferred stock, redemption price per share (in dollars per share)

$ 25

Proceeds from issuance of preferred stock

$ 10.5

Preferred stock, liquidation preference per share (in dollars per share)

$ 25

$ 25

Paymentof commissions and dealer manager fees

$ 0.9

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

16,000,000

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, price per share (in dollars per share)

$ 1,000

Sale of stock, consideration received on transaction

$ 0.1

Preferred units, distribution per year rate

12%

Preferred units, purchase price (in dollars per share)

$ 1,000

Preferred units, redemption value per share (in dollars per share)

$ 1,000

Common Stock

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

Vesting of stock-based compensation (in shares)

151,970

114,678

69,830

Common stock, par value per share (in dollars per share)

$ 0.1

$ 0.1

Common stock, outstanding (in shares)

17,231,913

17,231,913

17,079,943

9,163,934

5,022,578

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

7,269,603

1,479,132

Restricted Stock Units (RSUs)

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

Granted (in shares)

440,055

Restricted Stock Units (RSUs) | 2020 LTIP

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

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

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

Granted (in shares)

418,685

264,476

220,352

274,274

Restricted Stock Units (RSUs) | Director | 2020 LTIP

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

Granted (in shares)

21,370

12,464

11,832

14,739

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

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

Granted (in shares)

1,201

1,201

1,838

Restricted Stock Units (RSUs) | Minimum | 2020 LTIP

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

Restricted Stock Units (RSUs) | Maximum | 2020 LTIP

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

Stockholders' Equity - Number o

Stockholders' Equity - Number of Restricted Stock Units Granted, Vested, Forfeited and Outstanding (Details) - USD ($) $ / shares in Units, $ in Millions								12 Months Ended
	Apr. 04, 2023	Feb. 21, 2022	Nov. 08, 2021	Feb. 22, 2021	Nov. 02, 2020	Jun. 24, 2020	May 08, 2020	Dec. 31, 2023
Weighted Average Grant Date Fair Value
Weighted average vesting period								$ 9.8
Restricted Stock Units (RSUs)
Number of Units
Outstanding, beginning balance (in shares)								577,360
Granted (in shares)								440,055
Vested (in shares)								(201,678)
Forfeited (in shares)								(44,066)
Outstanding, ending balance (in shares)								771,671
Weighted Average Grant Date Fair Value
Outstanding, Weighted Average Grant Date Fair Value, beginning balance (in dollars per share)								$ 17.88
Granted, Weighted Average Grant Date Fair Value (in dollars per share)								15.14
Vested, Weighted Average Grant Date Fair Value (in dollars per share)								17.27
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share)								16.81
Outstanding, Weighted Average Grant Date Fair Value, ending balance (in dollars per share)								$ 16.70
Restricted stock unit awards								1 year 3 months 18 days
Restricted Stock Units (RSUs) | Director | 2020 LTIP
Number of Units
Granted (in shares)	21,370	12,464		11,832			14,739
Restricted Stock Units (RSUs) | Officers and Other Employees | 2020 LTIP
Number of Units
Granted (in shares)	418,685	264,476		220,352		274,274
Restricted Stock Units (RSUs) | General Partner of Subsidiary | 2020 LTIP
Number of Units
Granted (in shares)			1,201	1,201	1,838

Stockholders' Equity - Vesting

Stockholders' Equity - Vesting Schedule (Details) - Restricted Stock Units (RSUs) - shares	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
2024 (in shares)	315,246
2025 (in shares)	219,199
2026 (in shares)	146,059
2027 (in shares)	91,167
Nonvested restricted stock units (in shares)	771,671	577,360
February
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
2024 (in shares)	120,640
2025 (in shares)	116,998
2026 (in shares)	54,893
2027 (in shares)	0
Nonvested restricted stock units (in shares)	292,531
April
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
2024 (in shares)	126,042
2025 (in shares)	102,201
2026 (in shares)	91,166
2027 (in shares)	91,167
Nonvested restricted stock units (in shares)	410,576
May
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
2024 (in shares)	68,564
2025 (in shares)	0
2026 (in shares)	0
2027 (in shares)	0
Nonvested restricted stock units (in shares)	68,564

Stockholders' Equity - Summary

Stockholders' Equity - Summary of ATM Program Sales (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Proceeds from issuance of common stock	$ 0	$ 156,491,000	$ 32,393,000
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
Proceeds from issuance of common stock	$ 11,498,589
Average Price Per Share, net (in usd per share)	$ 21.62

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net income attributable to common stockholders	$ 10,399	$ 3,234	$ 39,577
Earnings for basic computations
Net income attributable to redeemable noncontrolling interests	4,765	4,969	40,387
Net income for diluted computations	$ 15,164	$ 8,203	$ 79,964
Weighted-average common shares outstanding
Average number of common shares outstanding - basic (in shares)	17,199	14,686	6,601
Average number of common shares from assumed vesting of unvested restricted stock units (in shares)	740	571	444
Average number of common shares from assumed conversion of OP Units (in shares)	5,038	7,218	13,321
Average number of common shares from assumed conversion of Series B Preferred Stock Stock (in shares)	24	0	0
Average number of common shares outstanding - diluted (in shares)	23,001	22,475	20,366
Earnings per weighted average common share:
Earnings per share outstanding - basic (in dollars per share)	$ 0.60	$ 0.22	$ 6
Earnings per share outstanding - diluted (in dollars per share)	$ 0.60	$ 0.22	$ 3.93

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Sep. 08, 2021
Class A OP Units
Noncontrolling Interest [Line Items]
Limited liability units, voting power, percent per share		50%
Class B OP Units
Noncontrolling Interest [Line Items]
Limited liability units, voting power, percent per share	50%	50%
NexPoint Real Estate Finance Operating Partnership, L.P.
Noncontrolling Interest [Line Items]
Limited partnership, ownership interest (as a percent)	83.82%
NexPoint Real Estate Finance Operating Partnership, L.P. | Class A OP Units
Noncontrolling Interest [Line Items]
Limited partnership, ownership interest (as a percent)	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)	$ 15.75
Weighted average limited partnership units outstanding, basic (in shares)	5,038,382
Cash payment for redemption of OP units	$ 79.4

Noncontrolling Interests - Rede

Noncontrolling Interests - Redeemable Noncontrolling Interests in the OP (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Redeemable noncontrolling interests in the OP, beginning balance	$ 96,501	$ 261,423	$ 275,670
Adjustment to real estate investments, net on deconsolidation of real estate	297	0	0
Net income attributable to redeemable noncontrolling interests in the OP	4,765	4,969	40,387
Redemption of redeemable noncontrolling interests in the OP	0	(155,614)	(32,393)
Distributions to redeemable noncontrolling interests in the OP	(12,092)	(14,277)	(22,241)
Redeemable noncontrolling interests in the OP, ending balance	$ 89,471	$ 96,501	$ 261,423

Noncontrolling Interests - Cons

Noncontrolling Interests - Consolidated Common Shares (Details) - shares	Dec. 31, 2023	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Common stock, issued (in shares)	17,518,900	17,366,930
Common stock, outstanding (in shares)	17,231,913	17,079,943
Combined outstanding (in shares)	22,270,295	22,118,325
OP Units | Noncontrolling Interest
Noncontrolling Interest [Line Items]
Partners' capital account units (in shares)	5,038,382	5,038,382

Related Party Transactions - Eq

Related Party Transactions - Equity Narrative (Details) - USD ($)

12 Months Ended

Dec. 31, 2023

Aug. 16, 2023

May 25, 2023

Apr. 04, 2023

Mar. 28, 2023

Mar. 06, 2023

Jan. 09, 2023

Feb. 21, 2022

Nov. 08, 2021

Feb. 22, 2021

Nov. 02, 2020

Jun. 24, 2020

May 29, 2020

May 08, 2020

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Sep. 08, 2021

Related Party Transaction [Line Items]

Payment for management fee

$ 0

$ 0

$ 0

Stock issuance agreement, number of shares (in shares)

13,758,906

Noncontrolling interest, shares redeemed (in shares)

8,748,735

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

8,748,735

8,748,735

Management fees

$ 3,281,000

$ 3,151,000

$ 2,296,000

Restricted Stock Units (RSUs)

Related Party Transaction [Line Items]

Granted (in shares)

440,055

Director | Restricted Stock Units (RSUs) | 2020 LTIP

Related Party Transaction [Line Items]

Granted (in shares)

21,370

12,464

11,832

14,739

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

Related Party Transaction [Line Items]

Granted (in shares)

418,685

264,476

220,352

274,274

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

Related Party Transaction [Line Items]

Granted (in 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)

233,385

NexPoint Real Estate Advisors VII, L.P.

Related Party Transaction [Line Items]

Percentage of annual advisory paid monthly

1.50%

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

Related Party Transaction [Line Items]

Percentage of direct payment of operating expense

2.50%

Buffalo Pointe | Contribution Agreement

Related Party Transaction [Line Items]

Percentage of occupancy of multifamily property

93.80%

93.80%

Percentage of preferred equity investment current interest rate

6.50%

Percentage of preferred equity investment deferred interest rate

4.50%

Percentage of loan to value

76.10%

Common stock conversion basis

1

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

Related Party Transaction [Line Items]

Payments of distributions to affiliates

$ 1,700,000

$ 1,700,000

$ 1,700,000

$ 1,700,000

$ 1,700,000

$ 10,000,000

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

564,334

Book value of common stock per share (in dollars per share)

$ 17.72

Related Party Transactions - De

Related Party Transactions - Debt Narrative (Details) $ in Thousands

12 Months Ended

Nov. 02, 2023 shares

Jan. 01, 2023 USD ($)

Feb. 01, 2022 USD ($) unit

Dec. 31, 2023 USD ($) shares

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Dec. 08, 2023 USD ($)

Feb. 15, 2023 USD ($)

Dec. 08, 2022 USD ($)

Oct. 18, 2022 USD ($)

Jul. 26, 2022 USD ($)

Mar. 31, 2022 USD ($)

Related Party Transaction [Line Items]

Number of units in multifamily property | unit

368

Payments to Acquire Real Estate

$ 0

$ 184,552

$ 29,789

Common equity interests transferred

$ 54

Preferred equity method investment, guaranteed payment

$ 115,300

Preferred equity method investments

11,400

$ 65,300

Gain on deconsolidation of real estate owned

1,490

0

$ 0

Redeemable Preferred Stock

Related Party Transaction [Line Items]

Stock redeemed during the period

$ 54,000

Series B Preferred Stock

Related Party Transaction [Line Items]

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

16,000,000

Issuance of common stock and preferred stock (in shares) | shares

16,000,000

427,218

Proceeds from issuance of preferred stock

$ 10,500

Elysian at Hughes

Related Party Transaction [Line Items]

Payments to Acquire Real Estate

$ 184,100

Facility

Related Party Transaction [Line Items]

Outstanding face amount

$ 1,271,938

$ 1,349,019

Weighted average interest rate

4.55%

3.85%

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

Related Party Transaction [Line Items]

Outstanding face amount

$ 6,500

$ 6,500

$ 6,500

Weighted average interest rate

7.50%

7.50%

7.50%

REIT Sub and the Co-Guarantors

Related Party Transaction [Line Items]

Guarantor obligations, current carrying value

$ 49,200

$ 64,200

Guarantor obligations, maximum exposure

$ 97,600

Guarantor obligations, paid down value

$ 49,200

$ 15,000

NexPoint Securities

Related Party Transaction [Line Items]

Payment to Dealer Manager

$ 600

Payment of selling commission

$ 300

NexPoint Securities | Series B Preferred Stock

Related Party Transaction [Line Items]

Selling commissions (as a percent)

7%

Dealer manager fee (as a percent)

3%

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

16,000,000

Proceeds from issuance of preferred stock

$ 10,500

Bridge Loan | Prime Rate

Related Party Transaction [Line Items]

Loans receivable, basis spread on variable rate

1.50%

Las Vegas, NV

Related Party Transaction [Line Items]

Number of units in multifamily property | unit

368

Las Vegas, NV | Bridge Loan

Related Party Transaction [Line Items]

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

$ 13,500

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)			11 Months Ended	12 Months Ended
	Mar. 14, 2023 USD ($)	Sep. 29, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Feb. 10, 2023 USD ($)	Jul. 26, 2022 USD ($)
Other Commitments [Line Items]
Purchase of preferred equity, purchase amount		$ 50,000,000
Purchase of preferred equity, purchase amount, option		$ 25,000,000	$ 3,600,000	$ 3,600,000
Preferred units, extension term				1 year
Preferred units, distribution rate		10%
Preferred equity method investments			11,400,000	$ 11,400,000		$ 65,300,000
Multiple on invested capital	1.30
Preferred equity investment, placement fee	0.010
Preferred Units
Other Commitments [Line Items]
Total other commitment			0	0
Phoenix, AZ
Other Commitments [Line Items]
Preferred equity method investments	$ 24,000,000
Preferred equity method investments, unfunded			16,900,000	$ 16,900,000
Multifamily Property | Forney, Texas
Other Commitments [Line Items]
Purchase of preferred equity, purchase amount					$ 30,300,000
Purchase of preferred equity, amount unfunded			3,400,000
Purchase of common equity, purchase amount					4,300,000
Purchase of common equity, amount unfunded			3,300,000
Multifamily Property | Richmond, Virginia
Other Commitments [Line Items]
Purchase of preferred equity, purchase amount					30,300,000
Purchase of preferred equity, amount unfunded			11,100,000
Purchase of common equity, purchase amount					$ 4,300,000
Purchase of common equity, amount unfunded			$ 3,300,000
Preferred Equity Investment, Return, Tranche One
Other Commitments [Line Items]
Internal rate of return	20%
Minimum | Prime Rate
Other Commitments [Line Items]
Preferred equity investment, basis spread on variable rate	0.050
Maximum | Prime Rate
Other Commitments [Line Items]
Preferred equity investment, basis spread on variable rate	0.1125
NexPoint Real Estate Finance, Inc. | Preferred Equity Investment, Return, Tranche One
Other Commitments [Line Items]
Preferred equity investment, return	0
NexPoint Real Estate Finance, Inc. | Preferred Equity Investment, Return, Tranche Two
Other Commitments [Line Items]
Preferred equity investment, return	0.10
Preferred Equity Issuer | Preferred Equity Investment, Return, Tranche One
Other Commitments [Line Items]
Preferred equity investment, return	1
Preferred Equity Issuer | Preferred Equity Investment, Return, Tranche Two
Other Commitments [Line Items]
Preferred equity investment, return	0.90
Unstabilized Special Purpose Limited Liability Company
Other Commitments [Line Items]
Preferred equity, invested capital ratio			1.25	1.25
Stabilized Special Purpose Limited Liability Company
Other Commitments [Line Items]
Preferred equity, invested capital ratio			1.10	1.10

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Purchase Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Commitments [Line Items]
Purchase commitment, unfunded amount	$ 41,566	$ 33,704
Preferred Equity
Other Commitments [Line Items]
Purchase commitment, unfunded amount	34,966	33,704
Common Equity
Other Commitments [Line Items]
Purchase commitment, unfunded amount	$ 6,600	$ 0

Subsequent Events (Details)

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

1 Months Ended

12 Months Ended

Mar. 07, 2024

Mar. 01, 2024

Feb. 29, 2024

Feb. 28, 2024

Feb. 26, 2024

Feb. 23, 2024

Feb. 22, 2024

Feb. 09, 2024

Feb. 01, 2024

Jan. 26, 2024

Jan. 25, 2024

Jan. 18, 2024

Jan. 02, 2024

Jul. 24, 2020

Jan. 31, 2020

Feb. 29, 2024

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Subsequent Event [Line Items]

Preferred stock dividends declared (in usd per share)

$ 2.1250

$ 2.1250

$ 2.1250

Common stock dividends declared (in usd per share)

$ 2.7400

$ 2

$ 1.9000

Series A preferred stock, issued (in shares)

2,000,000

2,000,000

Amortization of deferred financing costs

$ (45)

$ 48

$ 0

2020 LTIP

Subsequent Event [Line Items]

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

1,319,734

Series B Preferred Stock

Subsequent Event [Line Items]

Proceeds from issuance of preferred stock

$ 10,500

Series A Preferred Stock

Subsequent Event [Line Items]

Proceeds from issuance of preferred stock

$ 48,000

Subsequent Event

Subsequent Event [Line Items]

Common stock dividends declared (in usd per share)

$ 0.50

Outstanding face amount

$ 17,200

$ 10,100

Percentage of par value

90.20%

85.60%

96.40%

Debt instrument (percentage)

1

Purchase of principal amount of tranche

$ 49,200

$ 30,900

Investment pays a fixed coupon

6.90%

5.90%

Investment, unlevered yield percentage

9.75%

Secured debt, repurchase agreements

$ 35,800

Contributions

$ 700

Subsequent Event | Mezzanine Loan and Security Agreement

Subsequent Event [Line Items]

Repayments of debt

$ 15,200

$ 8,100

Subsequent Event | Class A CMBS

Subsequent Event [Line Items]

Securities sold under agreements to repurchase, average rate paid

1%

Subsequent Event | Class E1 CMBS

Subsequent Event [Line Items]

Securities sold under agreements to repurchase, average rate paid

1.60%

Subsequent Event | Class E2 CMBS

Subsequent Event [Line Items]

Securities sold under agreements to repurchase, average rate paid

1.60%

Subsequent Event | 2020 LTIP

Subsequent Event [Line Items]

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

2,308,000

Subsequent Event | SOFR

Subsequent Event [Line Items]

Debt instrument, interest rate

2%

Subsequent Event | Series B Preferred Stock

Subsequent Event [Line Items]

Preferred stock dividends declared (in usd per share)

$ 0.1875

$ 0.1875

$ 0.1875

Subsequent Event | Series A Preferred Stock

Subsequent Event [Line Items]

Preferred stock dividends declared (in usd per share)

$ 0.53125

Series A preferred stock, issued (in shares)

771,477

Proceeds from issuance of preferred stock

$ 18,100

Subsequent Event | IQHQ-Alewife Holdings, LLC

Subsequent Event [Line Items]

Guarantor obligations, maximum exposure

$ 218,000

Initial advance made

20,000

Guarantor obligations, current carrying value

$ 208,000

Subsequent Event | Senior Loan | Single Family Rental

Subsequent Event [Line Items]

Repaid principal amount

$ 508,700

Repaid financing

465,700

Prepayment Income

8,900

Amortization of deferred financing costs

25,400

Cash received

$ 52,800