NexPoint Real Estate Finance (NREF) 10-Q13 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	May 10, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-39210
Entity Registrant Name	NexPoint Real Estate Finance, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	84-2178264
Entity Address, Address Line One	300 Crescent Court, Suite 700
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	214
Local Phone Number	276-6300
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		17,718,817
Entity Central Index Key	0001786248
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	NREF
Security Exchange Name	NYSE
Series A Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	8.50% Series A Cumulative Redeemable Preferred Stock, par value 0.01 per share
Trading Symbol	NREF-PRA
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 13,483	$ 13,824
Restricted cash	5,804	2,825
Real estate investments, net	124,486	126,551
Common stock investments	60,658	61,529
Mortgage loans, held-for-investment, net	140,565	676,420
Preferred stock investments, at fair value	18,346	14,776
Accrued interest and dividends	25,271	22,033
Accounts receivable and other assets	4,097	4,312
Due from brokers for securities sold, not yet settled	908	0
TOTAL ASSETS	7,085,007	7,018,353
Liabilities:
Secured financing agreements, net	182,598	649,558
Master repurchase agreements	341,740	303,514
Unsecured notes, net	219,849	219,483
Mortgages payable, net	95,608	95,657
Accounts payable and other accrued liabilities	10,270	6,428
Accrued interest payable	12,695	8,209
Bonds payable held in variable interest entities, at fair value	5,774,017	5,289,997
Total Liabilities	6,636,777	6,572,846
Redeemable Series B Preferred stock	36,090	8,599
Redeemable noncontrolling interests in the OP	85,058	89,471
Stockholders' Equity:
Preferred Stock, Value, Outstanding	16	16
Common Stock, Value, Outstanding	173	172
Additional paid-in capital	397,165	395,737
Retained earnings (accumulated deficit)	(59,318)	(35,821)
Treasury Stock, Preferred, Value	(8,567)	(8,567)
Treasury Stock, Common, Value	(4,195)	(4,195)
Total Stockholders' Equity	327,082	347,437
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	7,085,007	7,018,353
CMBS Structured Pass Through Certificates
ASSETS
Debt securities, trading	39,334	41,212
MSCR Notes
ASSETS
Debt securities, trading	10,363	10,378
Collateralized Mortgage Backed Securities
ASSETS
Debt securities, trading	68,026	38,270
Consolidated Entity, Excluding Consolidated VIE
ASSETS
Loans and leases receivable, net amount	391,591	328,460
Variable Interest Entity, Primary Beneficiary
ASSETS
Loans and leases receivable, net amount	6,182,075	5,677,763
Stockholders' Equity:
Stockholders' equity attributable to noncontrolling interest	1,713	0
Subsidiaries
Stockholders' Equity:
Stockholders' equity attributable to noncontrolling interest	$ 95	$ 95

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Common stock investments	$ 60,658	$ 61,529
Redeemable Series B Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Redeemable Series B Preferred Stock, authorized (in shares)	16,000,000	16,000,000
Redeemable Series B Preferred Stock, outstanding (in shares)	1,657,700	427,218
Redeemable Series B Preferred Stock, issued (in shares)	1,657,700	427,218
Preferred stock, par value per share (in usd per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	100,000,000	100,000,000
Preferred stock, issued (in shares)	2,000,000	2,000,000
Preferred stock, outstanding (in shares)	1,645,000	1,645,000
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	17,593,244	17,518,900
Common stock, outstanding (in shares)	17,306,257	17,231,913
Treasury stock, preferred (in shares)	355,000	355,000
Treasury stock, common (in shares)	286,987	286,987
Collateralized Mortgage Backed Securities
Debt securities, trading	$ 68,026	$ 38,270
Related Party
Loans and leases receivable, net amount	22,558	22,989
Common stock investments	33,764	33,129
Related Party \| Collateralized Mortgage Backed Securities
Debt securities, trading	$ 44,396	$ 0

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Net interest income (expense)
Interest income (expense)	[1]	$ (1,574)	$ 16,161
Interest expense		(11,240)	(12,212)
Total net interest income (expense)		(12,814)	3,949
Other income (loss)
Reversal of (provision for) credit losses		420	34
Dividend income		500	0
Other income		74	317
Gain on deconsolidation of variable interest entity		0	1,490
Equity in income (losses) of equity method investments		(2,000)	0
Revenues from consolidated real estate owned		2,211	1,028
Total other income		9,199	10,949
Operating expenses
General and administrative expenses		4,187	2,152
Loan servicing fees		567	1,043
Management fees		835	828
Expenses from consolidated real estate owned		5,437	1,497
Total operating expenses		11,026	5,520
Net income (loss)		(14,641)	9,378
Net (income) loss attributable to redeemable noncontrolling interests		1,894	(1,937)
Net income (loss) attributable to common stockholders		$ (14,286)	$ 6,567
Weighted-average common shares outstanding - basic (in shares)		17,264	17,118
Weighted-average common shares outstanding - diluted (in shares)		24,862	22,678
Earnings (loss) per share outstanding - basic (in dollars per share)		$ (0.83)	$ 0.38
Earnings (loss) per share outstanding - diluted (in dollars per share)	[2]	(0.83)	0.37
Dividends declared per common share (in dollars per share)		$ 0.5000	$ 0.6850
Series A Preferred Stock
Operating expenses
Net (income) loss attributable to Series A preferred stockholders		$ (874)	$ (874)
Series B Preferred Stock
Operating expenses
Net (income) loss attributable to Series A preferred stockholders		(665)	0
CMBS Structured Pass Through Certificates
Other income (loss)
Unrealized gain (loss)		(40)	(752)
Common Stock
Other income (loss)
Change in unrealized gain (loss) on investments		(871)	(1,267)
Preferred Stock
Other income (loss)
Change in unrealized gain (loss) on investments		64	0
MSCR Notes
Other income (loss)
Unrealized gain (loss)		(15)	(298)
Collateralized Mortgage Backed Securities
Other income (loss)
Unrealized gain (loss)		440	(606)
Variable Interest Entity, Primary Beneficiary
Other income (loss)
Change in net assets related to consolidated CMBS variable interest entities		8,416	11,003
Unrealized gain (loss)		(820)	360
Redeemable Noncontrolling Interests
Operating expenses
Net (income) loss attributable to redeemable noncontrolling interests		$ 1,894	$ (1,937)

[1] Includes $25.0 million related to accelerated amortization of the premium associated with the prepayment on a senior loan in the first quarter of 2024. Diluted earnings per share ("EPS") calculations were higher than basic EPS and thus anti-dilutive for the quarter ended March 31, 2024. As such, the Company is presenting diluted EPS as equal to basic EPS.

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Income Statement [Abstract]
Accelerated amortization of premium	$ 25

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings Less Dividends	Retained Earnings Less Dividends Cumulative Effect, Period of Adoption, Adjustment	Common Stock Held in Treasury at Cost	Preferred Stock Held in Treasury at Cost	Noncontrolling interest Variable Interest Entity, Primary Beneficiary	Noncontrolling interest Subsidiaries
Preferred stock, beginning balance (in shares) at Dec. 31, 2022			1,645,000
Common stock, beginning balance (in shares) at Dec. 31, 2022				17,079,943
Beginning balance at Dec. 31, 2022	$ 448,513	$ (1,624)	$ 16	$ 171	$ 392,124	$ 4,435	$ (1,624)	$ (4,195)	$ (8,567)		$ 64,529
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of stock-based compensation (in shares)				104,288
Vesting of stock-based compensation	317			$ 1	316
Net income attributable to Series A preferred stockholders	874					874
Net loss attributable to common stockholders	6,567					6,567
Adjustment to noncontrolling interest in subsidiary on deconsolidation of real estate	(64,434)										(64,434)
Preferred stock dividends declared	(874)					(874)
Common stock dividends declared	(12,075)					(12,075)
Preferred stock, ending balance (in shares) at Mar. 31, 2023			1,645,000
Common stock, ending balance (in shares) at Mar. 31, 2023				17,184,231
Ending balance at Mar. 31, 2023	$ 377,264		$ 16	$ 172	392,440	(2,697)		(4,195)	(8,567)		95
Preferred stock, beginning balance (in shares) at Dec. 31, 2023	1,645,000		1,645,000
Common stock, beginning balance (in shares) at Dec. 31, 2023	17,231,913			17,231,913
Beginning balance at Dec. 31, 2023	$ 347,437		$ 16	$ 172	395,737	(35,821)		(4,195)	(8,567)	$ 0	95
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of stock-based compensation (in shares)				74,344
Vesting of stock-based compensation	1,429			$ 1	1,428
Noncontrolling interest in CMBS variable interest entities					1,713					1,713
Net income attributable to Series A preferred stockholders	874					874
Net loss attributable to common stockholders	(14,286)					(14,286)
Preferred stock dividends declared	(874)					(874)
Common stock dividends declared	$ (9,211)					(9,211)
Preferred stock, ending balance (in shares) at Mar. 31, 2024	1,645,000		1,645,000
Common stock, ending balance (in shares) at Mar. 31, 2024	17,306,257			17,306,257
Ending balance at Mar. 31, 2024	$ 327,082		$ 16	$ 173	$ 397,165	$ (59,318)		$ (4,195)	$ (8,567)	$ 1,713	$ 95

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Preferred stock dividends declared (in usd per share)	$ 0.5313	$ 0.5313
Common stock dividends declared (in usd per share)	$ 0.5000	$ 0.6850

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net income	$ (14,641)	$ 9,378
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization of premiums	27,874	3,531
Accretion of discounts	(3,880)	(3,500)
Depreciation and amortization of real estate investment	2,318	476
Amortization of deferred financing costs	12	11
Provision for (reversal of) credit losses	(420)	(34)
Net change in unrealized (gain) loss on investments held at fair value	1,351	2,564
Equity in (income) losses of unconsolidated equity method ventures	2,000	0
Gain on deconsolidation of variable interest entity	0	(1,490)
Stock-based compensation expense	1,798	847
Payment in kind income	(3,448)	(209)
Changes in operating assets and liabilities:
Accrued interest and dividends receivable	(3,238)	247
Accounts receivable and other assets	215	292
Accrued interest payable	4,486	3,290
Accounts payable, accrued expenses and other liabilities	3,284	(453)
Net cash provided by operating activities	17,711	14,950
Cash flows from investing activities
Originations of loans, held-for-investment, net	(60,247)	(28,816)
Purchases of preferred stock	(3,507)	0
Purchases of equity method investments	(2,000)	(1,000)
Sale of mortgage backed securities, at fair value	14,069	0
Decrease in cash in connection with VIE deconsolidation	0	(4,992)
Additions to real estate investments	(253)	(58)
Net cash provided by investing activities	545,411	66,732
Cash flows from financing activities
Principal repayments on borrowings under secured financing agreements	(466,960)	(405)
Borrowings under master repurchase agreements	57,425	26,801
Principal repayments on borrowings under master repurchase agreements	(19,199)	(7,422)
Proceeds from the issuance of Series B preferred stock through public offering, net of offering costs	27,491	0
Principal repayments on mortgages payable	(61)	0
Payments for taxes related to net share settlement of stock-based compensation	(369)	(530)
Dividends paid to common stockholders	(8,653)	(11,771)
Distributions to redeemable noncontrolling interests in the OP	(2,519)	(3,023)
Net cash used in financing activities	(560,484)	(61,704)
Net increase (decrease) in cash, cash equivalents, and restricted cash	2,638	19,978
Cash, cash equivalents and restricted cash, beginning of period	16,649	20,347
Cash, cash equivalents and restricted cash, end of period	19,287	40,325
Supplemental Disclosure of Cash Flow Information
Interest paid	6,755	9,793
Supplemental Disclosure of Noncash Investing and Financing Activities
Adjustment to loans, held for investment, net on deconsolidation of real estate	0	36,022
Adjustment to real estate investments, net on deconsolidation of real estate	0	(185,732)
Adjustment to accrued interest and dividends on deconsolidation of real estate	0	2,049
Adjustment to accounts receivable and other assets on deconsolidation of real estate	0	(799)
Adjustment to mortgages payable, net on deconsolidation of real estate	0	89,012
Adjustment to accounts payable and accrued liabilities on deconsolidation of real estate	0	705
Adjustment to accrued interest payable on deconsolidation of real estate	0	1,087
Adjustment to noncontrolling interest in subsidiary on deconsolidation of real estate	0	64,434
Adjustment to retained earnings on deconsolidation of real estate	0	1,490
Adjustment to redeemable noncontrolling interest in the OP on deconsolidation of real estate	0	(297)
Increase in dividends payable upon vesting of restricted stock units	558	304
Consolidation of mortgage loans and bonds payable held in variable interest entities	638,451	0
Consolidation of noncontrolling interest in CMBS variable interest entities	1,713	0
Due from brokers for securities sold, not yet settled	908	0
Series A Preferred Stock
Cash flows from financing activities
Dividends paid to preferred stockholders	(874)	(874)
Series B Preferred Stock
Cash flows from financing activities
Dividends paid to preferred stockholders	(665)	0
Variable Interest Entity, Primary Beneficiary
Cash flows from investing activities
Proceeds from sale of loans held-for-investment	157,014	70,071
Cash flows from financing activities
Distributions to bondholders of variable interest entities	(146,100)	(64,480)
Variable Interest Entity, Primary Beneficiary \| Collateralized Mortgage Backed Securities
Cash flows from investing activities
Purchases of debt securities, at fair value	(44,396)	(5,733)
Consolidated Entity, Excluding Consolidated VIE
Cash flows from investing activities
Proceeds from sale of loans held-for-investment	511,169	36,743
Consolidated Entity, Excluding Consolidated VIE \| CMBS Structured Pass Through Certificates
Cash flows from investing activities
Purchases of debt securities, at fair value	(26,438)	0
Consolidated Entity, Excluding Consolidated VIE \| Collateralized Mortgage Backed Securities
Cash flows from investing activities
Proceeds from sale of loans held-for-investment	$ 0	$ 517

Organization and Description of

Organization and Description of Business	3 Months Ended
Organization and Description of Business	Mar. 31, 2024
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 and hospitality 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 March 31, 2024, the Company holds approximately 83.82% of the common limited partnership units in the OP (“OP Units”) which represents 100% of the Class A OP Units, and the OP owned all of the common limited partnership units (“SubOP Units”) of its subsidiary partnerships (collectively, the “Subsidiary OPs”) (see Note 13). The OP also directly owns all of the membership interests of a limited liability company (the “Mezz LLC”) through which it owns a portfolio of mezzanine loans, as further discussed below. NexPoint Real Estate Finance OP GP, LLC (the “OP GP”) is the sole general partner of the OP. The Company commenced operations on February 11, 2020 upon the closing of its initial public offering of shares of its common stock (the “IPO”). Prior to the closing of the IPO, the Company engaged in a series of transactions through which it acquired an initial portfolio consisting of senior pooled mortgage loans backed by 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 and hospitality 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	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Readers of this Quarterly Report on Form 10-Q (the "Quarterly Report") should refer to the audited financial statements and notes to consolidated financial statements of the Company for the year ended December 31, 2023, which are included in our Annual Report on Form 10-K ("Annual Report"), filed with the United States Securities and Exchange Commission (the "SEC") and also available on our website (nref.nexpoint.com), since we have omitted from this Quarterly Report certain footnote disclosures which would substantially duplicate those contained in such audited financial statements. You should also refer to Note 2, Summary of Significant Accounting Policies, in the notes to consolidated financial statements in our Annual Report for further discussion of our significant accounting policies and estimates. Information contained on, or accessible through, our website is not incorporated by reference into and does not constitute a part of this Quarterly Report or any other report or documents we file or furnish with the SEC. General In accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as issued by the SEC, these Condensed Consolidated Financial Statements do not include all of the information and disclosures required by U.S. generally accepted accounting principles ("GAAP") for complete financial statements. Readers of this Quarterly Report should refer to the Company's audited Consolidated Financial Statements, which are included in the Company’s Annual Report. In the opinion of management, all normal recurring adjustments necessary for a fair presentation of the financial position, results of operations, comprehensive income, cash flows, and equity for the interim periods have been included. The results for the three months ended March 31, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, and future fiscal years. Basis of Accounting The accompanying unaudited consolidated financial statements are presented in accordance with 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 unaudited consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. There have been no significant changes to the Company’s significant accounting policies during the three months ended March 31, 2024. The accompanying unaudited consolidated financial statements have been prepared according to the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not 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 March 31, 2024, 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 ten CMBS that the Company consolidates, the Company owns 100% of the most subordinate tranche of nine of the securities and 94% of the most subordinate tranche of one of the securities issued by the trusts. The subordinate tranche includes the controlling class, and has the ability to remove and replace the special servicer. The portion of the controlling class not owned by the Company is classified as noncontrolling interest in CMBS variable interest entities. On the Consolidated Balance Sheets as of March 31, 2024, 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. Mortgage and Other Loans Held-For-Investment Loans that are held-for-investment are carried at their aggregate outstanding face amount, net of applicable (i) unamortized origination or acquisition premium and discounts, (ii) unamortized deferred fees and other direct loan origination costs, (iii) valuation allowance for 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. Allowance for Credit Losses 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 cumulative effect of adoption of ASU 2016-13 was a $1.6 million reduction in retained earnings. The beginning allowance for credit loss as of January 1, 2024 was $2.1 million. The reversal of credit losses of $0.4 million for the three months ended March 31, 2024 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 $1.7 million as of March 31, 2024. 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 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. 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 August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ("ASU 2020-06"), which simplifies an issuer’s accounting for convertible instruments and its application of the derivatives scope exception for contracts in its own equity. The amendment also requires entities to use the if-converted method for all convertible instruments in the diluted EPS calculation and include the effect of potential share settlement (if the effect is more dilutive) for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards. In addition, the amendment requires enhanced disclosures about the terms of convertible instruments and contracts in an entity’s own equity. We adopted ASU 2020-06 as of January 1, 2024 using a modified retrospective method. ASU 2020-06 had no material impact upon adoption. 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.

Loans Held for Investment, Net

Loans Held for Investment, Net	3 Months Ended
Loans Held for Investment, Net	Mar. 31, 2024
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 promissory 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 promissory 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 March 31, 2024 and December 31, 2023, respectively (dollars in thousands): Weighted Average Loan Type Outstanding Carrying Value (1) Loan Count Fixed Rate (2) Coupon (3) Life (years) (4) March 31, 2024 Mortgage loans, held-for-investment $ 135,232 $ 140,565 10 100.00 % 5.31 % 3.55 Mezzanine loans, held-for-investment 177,781 177,838 23 58.68 % 10.79 % 4.54 Preferred equity, held-for-investment 214,307 213,253 15 38.67 % 12.11 % 1.84 Promissory note, held-for-investment 500 500 1 12.50 % 12.50 % 0.99 $ 527,820 $ 532,156 49 61.10 % 9.92 % 3.19 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 (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 three months ended March 31, 2024 and 2023, the loan and preferred equity portfolio activity was as follows (in thousands): For the Three Months Ended March 31, 2024 2023 Balance at December 31, $ 1,004,880 $ 982,678 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) Originations 60,247 28,816 Proceeds from principal repayments (511,169) (36,743) PIK distribution reinvested in Preferred Units 3,448 209 Amortization of loan premium, net (1) (25,670) (1,501) (Provision for) reversal of credit losses 420 34 Balance at March 31, $ 532,156 $ 1,007,891 (1) Includes net amortization of loan purchase premiums. As of March 31, 2024 and December 31, 2023, there were $7.3 million and $33.1 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): March 31, 2024 Risk Rating Number of Loans Carrying Value % of Loan Portfolio 1 — $ — — 2 — — — 3 48 519,680 97.66 % 4 1 12,476 2.34 % 5 — — — 49 $ 532,156 100.00 % 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 % Our loan portfolio had a weighted-average risk rating of 3.0 as of March 31, 2024, and 3.0 as of December 31, 2023. The following tables present the carrying value of the loan portfolio by the Company's internal risk rating and year of origination as of March 31, 2024 and December 31, 2023 (dollars in thousands): March 31, 2024 Carrying Value by Year of Origination (1) Risk Rating Number of Outstanding Face Amount 2024 2023 2022 2021 2020 Prior Total Carrying Value 1 — $ — $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — — — 3 48 515,700 43,303 96,388 84,354 44,387 19,846 231,402 519,680 4 1 12,120 — — 12,476 — — — 12,476 5 — — — — — — — — — 49 $ 527,820 $ 43,303 $ 96,388 $ 96,830 $ 44,387 $ 19,846 $ 231,402 $ 532,156 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 (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 March 31, 2024 December 31, 2023 Texas 22.64 % 13.87 % Georgia 10.30 % 30.50 % Maryland 10.10 % 5.47 % California 9.71 % 4.92 % Massachusetts 8.45 % * Florida 6.21 % 18.40 % Virginia 5.96 % 2.65 % Minnesota 3.78 % 7.31 % North Carolina 2.68 % 2.78 % Arkansas 2.52 % 1.37 % Nevada 2.49 % 1.46 % Oklahoma 1.76 % * Arizona 1.65 % * Michigan 1.63 % * Washington 1.52 % * Pennsylvania 1.15 % * Tennessee 1.13 % * Iowa 1.09 % * Nebraska 1.07 % * Delaware 1.05 % * Alabama * 3.51 % Other (8 and 18 states each at <1%) 3.11 % 7.76 % 100.00 % 100.00 % * Included in "Other." Collateral Property Type March 31, 2024 December 31, 2023 Single Family Rental 33.54 % 69.94 % Multifamily 41.60 % 21.99 % Life Science 21.64 % 6.33 % Self-Storage 3.22 % 1.75 % 100.00 % 100.00 %

CMBS Trusts

CMBS Trusts	3 Months Ended
CMBS Trusts	Mar. 31, 2024
Mortgage Banking [Abstract]
CMBS Trusts	CMBS Trusts As of March 31, 2024, 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 March 31, 2024 December 31, 2023 Mortgage loans held in variable interest entities, at fair value $ 6,182,075 $ 5,677,763 Accrued interest receivable 4,344 3,902 Trust's Liabilities Bonds payable held in variable interest entities, at fair value (5,774,017) (5,289,997) Accrued interest payable (3,655) (3,220) The following table presents “Change in net assets related to consolidated CMBS variable interest entities” (in thousands): For the Three Months Ended March 31, 2024 2023 Net interest earned $ 9,236 $ 10,643 Unrealized gain (loss) (820) 360 Change in net assets related to consolidated CMBS variable interest entities $ 8,416 $ 11,003 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 March 31, 2024 December 31, 2023 Texas 15.92 % 15.85 % Florida 14.16 % 14.07 % Arizona 4.07 % 4.05 % California 8.59 % 8.69 % Georgia 3.87 % 4.00 % Washington 7.78 % 7.75 % New Jersey 4.04 % 4.02 % Nevada 2.50 % 2.49 % Pennsylvania 1.28 % 1.27 % Colorado 7.77 % 7.74 % Connecticut 1.97 % 2.04 % North Carolina 4.19 % 4.17 % New York 3.39 % 3.37 % Ohio 2.46 % 2.48 % Virginia 2.05 % 2.03 % Indiana 2.14 % 2.13 % Illinois 1.65 % 1.65 % Michigan 1.39 % 1.38 % Maryland 1.19 % 1.18 % Missouri 1.57 % 1.56 % Other (21 states each at <1%) 8.02 % 8.08 % 100.00 % 100.00 % * Included in “Other.” Collateral Property Type March 31, 2024 December 31, 2023 Multifamily 97.44 % 97.45 % Manufactured Housing 2.56 % 2.55 % 100.00 % 100.00 %

Common and Preferred Stock Inve

Common and Preferred Stock Investments	3 Months Ended
Common and Preferred Stock Investments	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Common and Preferred Stock Investments	Common and Preferred Stock Investments Common Stock Investments The Company owns approximately 25.8% of the total outstanding shares of common stock of NexPoint Storage Partners, Inc. ("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 6.36% of the total outstanding shares of common stock of a private ground lease REIT (the "Private REIT") as of March 31, 2024. 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 March 31, 2024, the Company valued this investment based on the Private REIT's market approach price of $20.00 per share. The Company owns approximately 98.0% of the total outstanding common equity of each of Resmark Forney Gateway Holdings, LLC ("RFGH") and Resmark The Brook Holdings, 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. As such, the Company accounts for them using the equity method. The following table presents the common stock investments as of March 31, 2024 and December 31, 2023, respectively (in thousands, except share amounts): Shares Fair Value Investment Investment Date Property Type March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Common Stock NexPoint Storage Partners 11/6/2020 Self-storage 41,963 41,963 $ 33,764 $ 33,129 Private REIT 4/14/2022 Ground lease 1,394,213 1,394,213 26,894 28,400 The following table presents “Change in unrealized (loss) on common stock investments” (in thousands): For the Three Months Ended March 31, 2024 2023 Change in unrealized gain on NexPoint Storage Partners $ 635 $ (235) Change in unrealized gain (loss) on Private REIT (1,506) (1,032) Change in unrealized gain on common stock investments $ (871) $ (1,267) 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 March 31, 2024. 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 March 31, 2024, 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 weighted average discount rate of 11.5% considered the implied yield of both the payment in kind and cash interest margins. As of March 31, 2024, the Company held twelve CMBS interest only strips ("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 March 31, 2024 (in thousands): Investment Investment Date Carrying Value Property Type Interest Rate Current Yield (1) Maturity Date CMBS I/O Strips CMBS I/O Strip 5/18/2020 $ 1,601 Multifamily 2.02 % 14.67 % 9/25/2046 CMBS I/O Strip 8/6/2020 15,623 Multifamily 2.98 % 18.60 % 6/25/2030 CMBS I/O Strip 4/28/2021 (2) 4,777 Multifamily 1.59 % 18.20 % 1/25/2030 CMBS I/O Strip 5/27/2021 3,338 Multifamily 3.39 % 18.42 % 5/25/2030 CMBS I/O Strip 6/7/2021 378 Multifamily 2.31 % 23.40 % 11/25/2028 CMBS I/O Strip 6/11/2021 (3) 2,427 Multifamily 1.48 % 18.03 % 5/25/2029 CMBS I/O Strip 6/21/2021 809 Multifamily 1.17 % 18.61 % 5/25/2030 CMBS I/O Strip 8/10/2021 2,183 Multifamily 1.89 % 18.63 % 4/25/2030 CMBS I/O Strip 8/11/2021 1,213 Multifamily 3.10 % 15.69 % 7/25/2031 CMBS I/O Strip 8/24/2021 220 Multifamily 2.61 % 16.66 % 1/25/2031 CMBS I/O Strip 9/1/2021 3,293 Multifamily 1.92 % 17.63 % 6/25/2030 CMBS I/O Strip 9/11/2021 3,472 Multifamily 2.95 % 15.57 % 9/25/2031 Total $ 39,334 2.52 % 17.94 % MSCR Notes MSCR Notes 5/25/2022 $ 4,020 Multifamily 14.82 % 14.82 % 5/25/2052 MSCR Notes 5/25/2022 5,000 Multifamily 11.82 % 11.82 % 5/25/2052 MSCR Notes 9/23/2022 1,343 Multifamily 12.17 % 13.37 % 11/25/2051 Total $ 10,363 13.03 % 13.19 % Mortgage Backed Securities Mortgage Backed Securities 6/1/2022 $ 9,898 Single-Family 8.63 % 8.87 % 4/17/2026 Mortgage Backed Securities 9/29/2022 7,964 Self Storage 11.10 % 11.12 % 9/15/2027 Mortgage Backed Securities 3/10/2023 5,768 Multifamily 13.95 % 13.97 % 2/25/2025 Mortgage Backed Securities 2/29/2024 28,421 Single-Family 4.50 % 4.75 % 3/19/2029 Mortgage Backed Securities 2/29/2024 9,429 Single-Family 4.50 % 5.24 % 3/19/2029 Mortgage Backed Securities 2/29/2024 6,546 Single-Family 4.50 % 5.63 % 3/19/2029 Total $ 68,026 6.67 % 7.03 % (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, 2023 (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 activity related to the Company’s CMBS I/O Strips, MSCR Notes and mortgage backed securities (in thousands): For the Three Months Ended March 31, 2024 2023 Net interest earned $ 664 $ 717 Change in unrealized gain (loss) on CMBS structured pass-through certificates (40) (752) Change in unrealized gain (loss) on MSCR Notes (15) (298) Change in unrealized (loss) on mortgage backed securities 440 (606) Total $ 1,049 $ (939)

Unconsolidated Variable Interes

Unconsolidated Variable Interest Entities	3 Months Ended
Unconsolidated Variable Interest Entities	Mar. 31, 2024
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 March 31, 2024, the Company has accounted for the following investments as unconsolidated VIEs: Entities Instrument Asset Type Accounting Treatment Percentage Ownership as of March 31, 2024 Relationship as of March 31, 2024 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 Holdings, 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 $33.8 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. The Company's maximum exposure to loss of value for the Private REIT investment is the fair value of the Company's $26.9 million Private REIT common equity investment.

CMBS Structured Pass-Through Ce

CMBS Structured Pass-Through Certificates, MSCR Notes and Mortgage Backed Securities	3 Months Ended
	Mar. 31, 2024
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 25.8% of the total outstanding shares of common stock of NexPoint Storage Partners, Inc. ("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 6.36% of the total outstanding shares of common stock of a private ground lease REIT (the "Private REIT") as of March 31, 2024. 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 March 31, 2024, the Company valued this investment based on the Private REIT's market approach price of $20.00 per share. The Company owns approximately 98.0% of the total outstanding common equity of each of Resmark Forney Gateway Holdings, LLC ("RFGH") and Resmark The Brook Holdings, 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. As such, the Company accounts for them using the equity method. The following table presents the common stock investments as of March 31, 2024 and December 31, 2023, respectively (in thousands, except share amounts): Shares Fair Value Investment Investment Date Property Type March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Common Stock NexPoint Storage Partners 11/6/2020 Self-storage 41,963 41,963 $ 33,764 $ 33,129 Private REIT 4/14/2022 Ground lease 1,394,213 1,394,213 26,894 28,400 The following table presents “Change in unrealized (loss) on common stock investments” (in thousands): For the Three Months Ended March 31, 2024 2023 Change in unrealized gain on NexPoint Storage Partners $ 635 $ (235) Change in unrealized gain (loss) on Private REIT (1,506) (1,032) Change in unrealized gain on common stock investments $ (871) $ (1,267) 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 March 31, 2024. 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 March 31, 2024, 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 weighted average discount rate of 11.5% considered the implied yield of both the payment in kind and cash interest margins. As of March 31, 2024, the Company held twelve CMBS interest only strips ("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 March 31, 2024 (in thousands): Investment Investment Date Carrying Value Property Type Interest Rate Current Yield (1) Maturity Date CMBS I/O Strips CMBS I/O Strip 5/18/2020 $ 1,601 Multifamily 2.02 % 14.67 % 9/25/2046 CMBS I/O Strip 8/6/2020 15,623 Multifamily 2.98 % 18.60 % 6/25/2030 CMBS I/O Strip 4/28/2021 (2) 4,777 Multifamily 1.59 % 18.20 % 1/25/2030 CMBS I/O Strip 5/27/2021 3,338 Multifamily 3.39 % 18.42 % 5/25/2030 CMBS I/O Strip 6/7/2021 378 Multifamily 2.31 % 23.40 % 11/25/2028 CMBS I/O Strip 6/11/2021 (3) 2,427 Multifamily 1.48 % 18.03 % 5/25/2029 CMBS I/O Strip 6/21/2021 809 Multifamily 1.17 % 18.61 % 5/25/2030 CMBS I/O Strip 8/10/2021 2,183 Multifamily 1.89 % 18.63 % 4/25/2030 CMBS I/O Strip 8/11/2021 1,213 Multifamily 3.10 % 15.69 % 7/25/2031 CMBS I/O Strip 8/24/2021 220 Multifamily 2.61 % 16.66 % 1/25/2031 CMBS I/O Strip 9/1/2021 3,293 Multifamily 1.92 % 17.63 % 6/25/2030 CMBS I/O Strip 9/11/2021 3,472 Multifamily 2.95 % 15.57 % 9/25/2031 Total $ 39,334 2.52 % 17.94 % MSCR Notes MSCR Notes 5/25/2022 $ 4,020 Multifamily 14.82 % 14.82 % 5/25/2052 MSCR Notes 5/25/2022 5,000 Multifamily 11.82 % 11.82 % 5/25/2052 MSCR Notes 9/23/2022 1,343 Multifamily 12.17 % 13.37 % 11/25/2051 Total $ 10,363 13.03 % 13.19 % Mortgage Backed Securities Mortgage Backed Securities 6/1/2022 $ 9,898 Single-Family 8.63 % 8.87 % 4/17/2026 Mortgage Backed Securities 9/29/2022 7,964 Self Storage 11.10 % 11.12 % 9/15/2027 Mortgage Backed Securities 3/10/2023 5,768 Multifamily 13.95 % 13.97 % 2/25/2025 Mortgage Backed Securities 2/29/2024 28,421 Single-Family 4.50 % 4.75 % 3/19/2029 Mortgage Backed Securities 2/29/2024 9,429 Single-Family 4.50 % 5.24 % 3/19/2029 Mortgage Backed Securities 2/29/2024 6,546 Single-Family 4.50 % 5.63 % 3/19/2029 Total $ 68,026 6.67 % 7.03 % (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, 2023 (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 activity related to the Company’s CMBS I/O Strips, MSCR Notes and mortgage backed securities (in thousands): For the Three Months Ended March 31, 2024 2023 Net interest earned $ 664 $ 717 Change in unrealized gain (loss) on CMBS structured pass-through certificates (40) (752) Change in unrealized gain (loss) on MSCR Notes (15) (298) Change in unrealized (loss) on mortgage backed securities 440 (606) Total $ 1,049 $ (939)

Real Estate Investments, net

Real Estate Investments, net	3 Months Ended
Real Estate Investments, net	Mar. 31, 2024
Real Estate Investments, Net [Abstract]
Real Estate Investments, 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 in 2024 and 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 March 31, 2024, 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 $ 49,934 $ — $ 197 $ 923 $ 62,050 Alexander at the District 7,806 59,170 — 4 909 67,889 Accumulated depreciation and amortization — (4,875) — — (578) (5,453) Total Real Estate Investments, Net $ 18,802 $ 104,229 $ — $ 201 $ 1,254 $ 124,486 As of December 31, 2023, 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 $ 49,912 $ — $ 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 The following table reflects the revenue and expenses for the three months ended March 31, 2024 and 2023 for our multifamily properties (in thousands): For the Three Months Ended March 31, 2024 2023 Revenues Rental income $ 2,087 $ 1,018 Other income 124 10 Total revenues 2,211 1,028 Expenses Interest expense 2,088 581 Real estate taxes and insurance 452 172 Property operating expenses 176 185 Property general and administrative expenses 173 35 Property management fees 62 29 Depreciation and amortization 2,318 476 Rate cap (income) expense 169 194 Casualty (gain) loss (1) (175) Total expenses 5,437 1,497 Net income (loss) from consolidated real estate owned $ (3,226) $ (469)

Debt

Debt	3 Months Ended
Debt	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt The following table summarizes the Company’s financing arrangements in place as of March 31, 2024 (dollars in thousands): March 31, 2024 Facility Collateral Date issued Outstanding Carrying Final stated Weighted Weighted Outstanding Amortized cost basis Carrying Weighted Master Repurchase Agreements CMBS Mizuho(4) 4/15/2020 $ 341,740 $ 341,740 N/A (5) 7.15 % 0.0 $ 984,591 $ 519,743 $ 513,307 6.1 Asset Specific Financing Single Family Rental loans Freddie Mac 7/12/2019 123,346 123,346 7/12/2029 2.69 % 3.6 135,232 140,565 140,565 3.6 Mezzanine loans Freddie Mac 10/20/2020 59,252 59,252 8/1/2031 0.30 % 6.0 96,817 98,248 98,248 6.0 Multifamily properties CBRE 12/31/2021 32,480 32,108 6/1/2028 (6) 8.03 % 4.2 N/A 65,166 65,166 4.2 Various 10/10/2023 63,500 63,500 11/6/2024 (7) 8.84 % 0.6 N/A 59,320 59,320 0.6 Unsecured Financing Various 10/15/2020 36,500 35,936 10/25/2025 7.50 % 1.6 N/A N/A N/A N/A Various 4/20/2021 180,000 177,413 5/1/2026 5.75 % 2.1 N/A N/A N/A N/A Various 10/18/2022 6,500 6,500 10/18/2027 7.50 % 3.6 N/A N/A N/A N/A Total/weighted average $ 843,318 $ 839,795 5.90 % 1.7 $ 1,216,640 $ 883,042 $ 876,606 5.8 (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, 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. 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. 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 March 31, 2024. 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 March 31, 2024, the outstanding balance on the Credit Facility was $123.3 million. We, through the Subsidiary OPs, have borrowed approximately $341.7 million under our repurchase agreements and posted $984.6 million par value of our CMBS B-Piece, CMBS I/O Strip, MSCR Notes and mortgage backed security investments as collateral as of March 31, 2024. 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% Senior Unsecured Notes ("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 March 31, 2024, the outstanding principal balances related to the levered SFR Loans and 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 $ 31,416 Various Single-family Fixed 2.14 % 10/1/2025 Senior loan 2/11/2020 33,565 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 7,408 Various Single-family Fixed 3.51 % 2/1/2028 Senior loan 2/11/2020 8,720 Various Single-family Fixed 3.30 % 10/1/2028 Senior loan 2/11/2020 7,848 Various Single-family Fixed 3.14 % 1/1/2029 Senior loan 2/11/2020 5,823 Various Single-family Fixed 2.99 % 3/1/2029 Senior loan 2/11/2020 5,223 Various Single-family Fixed 3.14 % 12/1/2028 Senior loan 2/11/2020 4,903 Various Single-family Fixed 2.64 % 10/1/2028 Total $ 123,346 2.69 % 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 March 31, 2024. For the three months ended March 31, 2024 and 2023, 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 Three Months Ended March 31, 2024 2023 Balances as of December 31, $ 1,268,212 $ 1,345,101 Adjustment to mortgages payable, net on deconsolidation of real estate — (89,012) Principal borrowings 57,425 26,801 Principal repayments (486,159) (7,827) Principal repayments on mortgages payable (61) — Accretion of discounts 366 216 Amortization of deferred financing costs 12 11 Balances as of March 31, $ 839,795 $ 1,275,290 Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to March 31, 2024 are as follows (in thousands): Year Recourse Non-recourse Total 2024(1) $ 63,500 $ 341,740 $ 405,240 2025 36,500 31,416 67,916 2026 180,000 9,284 189,284 2027 6,500 — 6,500 2028 32,480 76,763 109,243 Thereafter — 65,135 65,135 $ 318,980 $ 524,338 $ 843,318 (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	3 Months Ended
Fair Value of Financial Instruments	Mar. 31, 2024
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 In the normal course of business, our operations are exposed to market risks, including the effect of changes in interest rates. We may enter into derivative financial instruments to offset this underlying market risk. There have been no significant changes in our policy and strategy from what was disclosed in the financial statements included in our Annual Report. Financial Instruments Carried at Fair Value See Note 2 and Notes 4 through 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 March 31, 2024 (in thousands): Fair Value Carrying Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 13,483 $ 13,483 $ — $ — $ 13,483 Restricted cash 5,804 5,804 — — 5,804 Loans, held-for-investment, net 391,591 — — 402,806 402,806 Preferred stock investments, at fair value 18,346 — — 18,346 18,346 Common stock investments, at fair value 60,658 — — 60,658 60,658 Mortgage loans, held-for-investment, net 140,565 — — 135,628 135,628 Accrued interest 25,271 25,271 — — 25,271 Mortgage loans held in variable interest entities, at fair value 6,182,075 — 6,182,075 — 6,182,075 CMBS structured pass-through certificates, at fair value 39,334 — 39,334 — 39,334 MSCR Notes, at fair value 10,363 — 10,363 — 10,363 Mortgage backed securities, at fair value 68,026 — 68,026 — 68,026 Accounts receivable and other assets 4,097 1,742 2,355 — 4,097 Due from brokers for securities sold, not yet settled 908 — 908 — 908 Total Assets $ 6,960,521 0 $ 46,300 0 $ 6,303,061 0 $ 617,438 0 $ 6,966,799 Liabilities Secured financing agreements, net $ 182,598 $ — $ — $ 188,107 $ 188,107 Master repurchase agreements 341,740 — — 341,740 341,740 Unsecured notes, net 219,849 — 200,654 — 200,654 Mortgages payable, net 95,608 — — 91,071 91,071 Accounts payable and other accrued liabilities 10,270 10,270 — — 10,270 Accrued interest payable 12,695 12,695 — — 12,695 Bonds payable held in variable interest entities, at fair value 5,774,017 — 5,774,017 — 5,774,017 Total Liabilities $ 6,636,777 $ 22,965 $ 5,974,671 $ 620,918 $ 6,618,554 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 Total Assets $ 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 Total Liabilities $ 6,572,846 $ 14,637 $ 5,489,856 $ 1,065,407 $ 6,569,900 The significant unobservable inputs used in the fair value measurement of the Company’s investment in NSP are the discount rate and terminal capitalization rate. Significant increases (decreases) in any of those inputs in isolation could result in a significantly lower (higher) fair value measurement. The following is a summary of significant unobservable inputs used in the fair valuation of the Company's Level 3 assets carried at fair value on the Consolidated Balance Sheets as of March 31, 2024 (dollars in thousands): Carrying Valuation Technique Unobservable Inputs Range Weighted Average (1) NexPoint Storage Partners $ 33,764 Discounted cash flow Terminal cap rate 5.00% - 5.50% 5.25 % Discount rate 7.75% - 9.75% 8.75 % IQHQ, Inc. $ 18,346 Discounted cash flow Discount rate 11.00% - 12.00% 11.50 % Private REIT $ 26,894 Market approach NAV per share multiple 1.00 - 1.10x 1.050x (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 three months ended March 31, 2024: Balance as of 12/31/23 Additions Change in Unrealized Gains/(Losses) Balance as of 3/31/24 NexPoint Storage Partners $ 33,129 $ — $ 635 $ 33,764 Private REIT $ 28,400 $ — $ (1,506) $ 26,894 IQHQ, Inc. $ 14,776 $ 3,506 $ 64 $ 18,346 Other Financial Instruments Carried at Fair Value Redeemable noncontrolling interests in the OP have a redemption feature and are marked to their redemption value if such value exceeds the carrying value of the redeemable noncontrolling interests in the OP (see Note 13). The redemption value is based on the fair value of the Company’s common stock at the redemption date, and therefore, is calculated based on the fair value of the Company’s common stock at the balance sheet date. Since the valuation is based on observable inputs such as quoted prices for similar instruments in active markets, redeemable noncontrolling interests in the OP are classified as Level 2 if they are adjusted to their redemption value. At March 31, 2024, 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	3 Months Ended
Stockholders' Equity	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders ’ Equity Common Stock During the three months March 31, 2024, the Company issued 74,344 shares of common stock, par value of $0.01 per share (the "common stock") pursuant to the Amended and Restated NexPoint Real Estate Finance, Inc. 2020 Long Term Incentive Plan (the "Amended and Restated LTIP"). As of March 31, 2024, the Company had 17,593,244 shares of common stock issued and 17,306,257 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 March 31, 2024, the Company has issued 1,657,700 shares of Series B Preferred Stock for gross proceeds of $40.9 million before deducting selling commissions and dealer manager fees of approximately $3.6 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 March 31, 2024. Long Term Incentive Plan On January 31, 2020, the NexPoint Real Estate Finance, Inc. 2020 Long Term Incentive Plan (the “Original LTIP” as amended and restated by the Amended and Restated LTIP, 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 Original LTIP. On January 26, 2024, the Amended and Restated LTIP 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 and Restated 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. 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 264,476 restricted stock units to its officers and other employees of the Manager and 12,464 restricted stock units to its directors, 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, and on March 13, 2024 the Company granted 442,666 restricted stock units to its officers and other employees of the Manager and 22,650 restricted stock units to its directors. Compensation expense is recognized on a straight-line basis over the total requisite service period for the entire award. Forfeitures are recognized as they occur. The following table includes the number of restricted stock units granted, vested, forfeited and outstanding as of March 31, 2024: 2024 Number of Units Weighted Average Outstanding December 31, 2023 771,671 $ 16.70 Granted 465,316 14.66 Vested (120,640) (1) 19.89 Forfeited — — Outstanding March 31, 2024 1,116,347 $ 15.51 (1) Certain key employees of the Manager elected to net the taxes owed upon vesting against the shares issued resulting in 74,344 shares being issued as shown on the consolidated statements of stockholders' equity. The vesting schedule for the restricted stock units as of March 31, 2024 is as follows: Shares Vesting February March April May Total 2024 — — 126,042 68,564 194,606 2025 116,998 133,321 102,201 — 352,520 2026 54,893 110,667 91,166 — 256,726 2027 — 110,665 91,167 — 201,832 2028 — 110,663 — — 110,663 Total 171,891 465,316 410,576 68,564 1,116,347 As of March 31, 2024, 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 of 1933 (the "Securities Act") including, without limitation, sales made by means of ordinary brokers' transactions on the New York Stock Exchange ("NYSE"), to or through a market maker at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices based on prevailing market prices. The following table contains summary information of the 2022 ATM Program for sales from inception through March 31, 2024: 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 Redemption

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2024
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 Three Months Ended March 31, 2024 2023 Net income (loss) attributable to common stockholders $ (14,286) $ 6,567 Earnings for basic computations Net income (loss) attributable to redeemable noncontrolling interests (1,894) 1,937 Net income for diluted computations $ (16,180) $ 8,504 Weighted-average common shares outstanding Average number of common shares outstanding - basic 17,264 17,118 Average number of common shares from assumed vesting of unvested restricted stock units 740 522 Average number of common shares from assumed conversion of OP Units 5,038 5,038 Average number of common shares from assumed conversion of Series B Preferred Stock 1,820 — Average number of common shares outstanding - diluted 24,862 22,678 Earnings per weighted average common share: Basic $ (0.83) $ 0.38 Diluted (1) $ (0.83) $ 0.37 Diluted EPS calculations were higher than basic EPS and thus anti-dilutive for the three months ended March 31, 2024. As such, the Company is presenting diluted EPS as equal to basic EPS.

Noncontrolling Interests

Noncontrolling Interests	3 Months Ended
Noncontrolling Interests	Mar. 31, 2024
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Redeemable Noncontrolling Interests in the OP The following table sets forth the redeemable noncontrolling interests in the OP (reflecting the OP’s consolidation of the Subsidiary OPs) for the three months ended March 31, 2024 and March 31, 2023 (in thousands): For the Three Months Ended March 31, 2024 2023 Redeemable noncontrolling interests in the OP, January 1, $ 89,471 $ 96,501 Adjustment to redeemable noncontrolling interest in the OP on deconsolidation of real estate — 297 Net loss attributable to redeemable noncontrolling interests in the OP (1,894) 1,937 Redemption of redeemable noncontrolling interests in the OP — — Distributions to redeemable noncontrolling interests in the OP (2,519) (3,023) Redeemable noncontrolling interests in the OP, March 31, $ 85,058 $ 95,712 The table below presents the common shares and OP Units outstanding held by the noncontrolling interests (“NCI”), as the OP Units and SubOP Units held by the Company are eliminated in consolidation: Period End Common Shares OP Units Held by Combined March 31, 2024 17,306,257 5,038,382 22,344,639

Related Party Transactions

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2024
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. 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 three months ended March 31, 2024, 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 $2.4 million on January 9, 2023, March 6, 2023, March 28, 2023, May 25, 2023, August 16, 2023, and March 1, 2024. Buffalo Pointe owns a stabilized multifamily property located in Houston, Texas with 92.0% occupancy as of March 31, 2024. The preferred equity investment pays current interest at a rate of 6.5%, deferred interest at a rate of 4.5%, has a loan-to-value ratio of 82.9% and a maturity date of May 1, 2030. Pursuant to the OP LPA and the Buffalo Pointe Contribution Agreement, the BP Contributors have the right to cause our OP to redeem their OP Units for cash or, at our election, shares of our common stock on a one-for-one basis, subject to adjustment, as provided and subject to the limitations in our OP LPA, provided the OP Units have been outstanding for at least one year and our stockholders have approved the issuance of shares of common stock to the BP Contributors. On May 11, 2021, our stockholders approved the issuance of such shares upon the exercise of the BP Contributors' redemption rights. RSU Issuance On May 8, 2020, in accordance with the 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, 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, and on March 13, 2024, the Company granted 442,666 restricted stock units to its officers and other employees of the Manager and 22,650 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 March 31, 2024, 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 to the Manager, plus the Annual Fee, may not exceed 2.5% of equity book value (the “Expense Cap”) for any calendar year or portion thereof, provided, however, that this limitation will not apply to Offering Expenses, legal, accounting, financial, due diligence and other service fees incurred in connection with extraordinary litigation and mergers and acquisitions and other events outside the ordinary course of business or any out-of-pocket acquisition or due diligence expenses incurred in connection with the acquisition or disposition of certain real estate-related investments. For the three months ended March 31, 2024 and March 31, 2023, operating expenses did not exceed the Expense Cap. For the three months ended March 31, 2024 and March 31, 2023, the Company incurred management fees of $0.8 million and $0.8 million, respectively. 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 March 31, 2024. As of March 31, 2024, the outstanding NSP Series D Preferred Stock accrued dividends was $7.3 million, and the Company and NexPoint Diversified Real Estate Trust are jointly and severally liable for 85.90% of the guaranteed amount. 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 March 31, 2024, $54.0 million of the Company's preferred investment in Elysian at Hughes Center had been redeemed, resulting in a remaining principal balance of $10.3 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 March 31, 2024, the Company has issued 1,657,700 shares of Series B Preferred Stock for gross proceeds of $40.9 million and paid the Dealer Manager $2.6 million Selling Commissions and $1.0 million Dealer Manager Fees. Promissory Note On March 28, 2024, the Company loaned $500,000 to NexPoint SFR Operating Partnership, L.P. (the “SFR OP”), the operating partnership of NexPoint Homes Trust, Inc., an entity that is advised by an affiliate of the Manager. In connection with the loan, SFR OP issued a $500,000 12.50% note (the “SFR OP Note”) to the Company on March 31, 2024. The SFR OP Note bears interest at 12.50%, which is payable in kind, is interest only during the term of the SFR OP Note and matures on March 31, 2025. VineBrook Homes Mortgage Backed Securities 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, borrowed approximately $35.8 million through the existing repurchase agreement. The loans bear interest at a rate of 1.0%, 1.6%, and 1.6% over SOFR, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
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 March 31, 2024, 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 March 31, 2024, 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 March 31, 2024. 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 March 31, 2024. 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, which was fully funded as of March 31, 2024. Further, the Company committed to purchase $4.3 million of common equity with respect to the same property, of which $1.3 million was unfunded as of March 31, 2024. 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 $6.1 million was unfunded as of March 31, 2024. 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 March 31, 2024. On January 26, 2024, the Company, through one of its subsidiaries, along with related party The Ohio State Life Insurance Company (“OSL”) entered into a Mezzanine Loan and Security Agreement (the "Alewife Loan") whereby it made a loan in the maximum principal amount of up to $218 million to IQHQ-Alewife Holdings, LLC ("Alewife Holdings"), which is solely owned by IQHQ, LP. The Company has an ownership interest in the Series D-1 preferred stock in IQHQ, 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’s portion of the total commitment is $208 million, of which $164.7 million was unfunded as of March 31, 2024. See Note 16. The table below shows the Company's unfunded commitments by investment type as of March 31, 2024 and December 31, 2023 (in thousands): Investment Type March 31, 2024 December 31, 2023 Unfunded Commitments Unfunded Commitments Mezzanine Loan $ 164,717 $ — Preferred Equity 21,519 34,966 Common Equity 4,600 6,600 $ 190,836 $ 41,566

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Promissory Note On April 19, 2024, NREF OP IV, L.P. (“OP IV”), a subsidiary of the Company, borrowed $6.5 million from NexPoint Diversified Real Estate Trust Operating Partnership, L.P. (“NXDT OP”), the operating partnership of NexPoint Diversified Real Estate Trust ("NXDT"), an entity that is advised by an affiliate of the Manager. In connection with the loan, OP IV issued a $6.5 million note (the “NREF Note”) to NXDT OP on April 19, 2024. The NREF Note bears interest at 7.535%, which is payable in kind, is interest only during the term of the NREF Note and matures on April 19, 2029. Loan Commitments On May 10, 2024, the Company, through OP IV; NXDT OP, the operating partnership of NXDT; and OSL, an entity that may be deemed an affiliate of the Adviser through common beneficial ownership, entered into an Assignment and Assumption and Co-Lender Agreement (the "Alewife Agreement"), pursuant to which OP IV assigned the right to fund up to 9% of the Alewife Loan to be made to Alewife Holdings to NXDT OP and allocated the right to fund up to 9% of the Alewife Loan to OSL. Upon receipt of a draw request, NXDT OP and OSL would have the right to elect to fund an amount equal or greater than zero and up to (i) 9% of the total amount of all advances previously made under the loan plus the amount of the then current borrowing, (ii) less the total amount of advances previously made by NXDT OP and OSL, respectively. OP IV would be required to fund any amounts not funded by OSL and NXDT OP. At any time that NXDT OP and OSL have funded less than their respective 9% of all advances made under the Alewife Loan, NXDT OP and OSL shall have the option upon notice to OP IV to pay to OP IV any amount of such unfunded amount. Upon such payment, NXDT OP or OSL would become entitled to all interest and fees accrued on the amount paid to OP IV on and after the date of such payment. The Company's expected maximum commitment under the Alewife Loan is $179 million as of the date hereof. CMBS Acquisition On April 30, 2024, the Company, through three Subsidiary OPs, purchased approximately $31.9 million aggregate principal amount of the Class C tranche of the FREMF 2024-K520 CMBS at a price equal to 85.3% of par value, representing 95% of the Class C tranche. The investment pays a fixed coupon of 5.59% with an all-in unlevered yield of 9.50%. On May 1, 2024, the Company through one of the Subsidiary OPs, entered into a repurchase agreement and borrowed approximately $17.7 million. The loan bears interest at a rate of 2.00% over SOFR. CMBS Disposition On May 8, 2024, the Company, through one of the Subsidiary OPs, sold its $30.0 million aggregate principal amount of the Class A tranche of the VINEB 2024 SFR1 CMBS at a price equal to 93.16% of par value. Mortgage Backed Security Dispositions On April 19, 2024, the Company, through one of the Subsidiary OPs, sold approximately $10.4 million aggregate principal amount of the Class G tranche of the STAR 2021-SFR1 G at a price equal to 97% of par value. Alewife Holdings On April 12, 2024, April 24, 2024, May 9, 2024, May 10, 2024, and May 13, 2024, the Company funded an additional $9.0 million, $10.3 million, $6.0 million, $3.0 million, and $1.5 million respectively, to Alewife Holdings. Raymond James Term Loan On April 30, 2024, the Company, through the OP, borrowed $20.0 million from Raymond James Bank which was used to effectuate the acquisition FREMF 2024-K520 CMBS. The term loan was fully repaid on May 1, 2024. NexBank Loan On April 29, 2024, the Company, through the OP, entered into a loan agreement with NexBank, as lender, providing for a loan in the aggregate principal amount of $10.0 million (the “NexBank Loan”). The NexBank Loan bears interest at the rate which is the higher of (i) One Month Term Secured Overnight Financing Rate plus 4.2% per annum or (ii) 8.25% per annum, which is interest only during the term of the NexBank Loan and matures on April 28, 2025, with the OP having two 364-day extension options, which may be exercised at the OP’s sole discretion. The NexBank Loan is secured by certain equity interests held by the OP and is guaranteed by the Company. The loan agreement contains customary events of default, including defaults in the payment of principal or interest, defaults in compliance with the covenants contained therein, defaults in payments under any other security instrument, and bankruptcy or other insolvency events. Dividends On April 18, 2024, our Board declared a Series B Preferred Stock dividend to Series B Preferred stockholders of $0.1875, which will be paid on June 5, 2024, to Series B Preferred stockholders of record as of May 24, 2024. On April 29, 2024, our Board declared the second regular quarterly dividend of 2024 to common stockholders of $0.50, to be paid on June 28, 2024, to common stockholders of record as of June 14, 2024.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying unaudited consolidated financial statements are presented in accordance with 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 unaudited consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. There have been no significant changes to the Company’s significant accounting policies during the three months ended March 31, 2024. The accompanying unaudited consolidated financial statements have been prepared according to the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading.
Use of Estimates and Assumptions	Use of Estimates and Assumptions The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. It is at least reasonably possible that these estimates could change in the near term. Estimates are inherently subjective in nature and actual results could differ from our estimates and the differences could be material.
Principles of Consolidation	Principles of 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
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 ten CMBS that the Company consolidates, the Company owns 100% of the most subordinate tranche of nine of the securities and 94% of the most subordinate tranche of one of the securities issued by the trusts. The subordinate tranche includes the controlling class, and has the ability to remove and replace the special servicer. The portion of the controlling class not owned by the Company is classified as noncontrolling interest in CMBS variable interest entities.
Mortgage and Other Loans Held-For-Investment	Mortgage and Other Loans Held-For-Investment Loans that are held-for-investment are carried at their aggregate outstanding face amount, net of applicable (i) unamortized origination or acquisition premium and discounts, (ii) unamortized deferred fees and other direct loan origination costs, (iii) valuation allowance for 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.
Allowance for Credit Losses	Allowance for Credit Losses 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 cumulative effect of adoption of ASU 2016-13 was a $1.6 million reduction in retained earnings. The beginning allowance for credit loss as of January 1, 2024 was $2.1 million. The reversal of credit losses of $0.4 million for the three months ended March 31, 2024 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 $1.7 million as of March 31, 2024. 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 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.
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 August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ("ASU 2020-06"), which simplifies an issuer’s accounting for convertible instruments and its application of the derivatives scope exception for contracts in its own equity. The amendment also requires entities to use the if-converted method for all convertible instruments in the diluted EPS calculation and include the effect of potential share settlement (if the effect is more dilutive) for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards. In addition, the amendment requires enhanced disclosures about the terms of convertible instruments and contracts in an entity’s own equity. We adopted ASU 2020-06 as of January 1, 2024 using a modified retrospective method. ASU 2020-06 had no material impact upon adoption. 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.

Loans Held for Investment, Net

Loans Held for Investment, Net (Tables)	3 Months Ended
Loans Held for Investment, Net (Tables)	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023, respectively (dollars in thousands): Weighted Average Loan Type Outstanding Carrying Value (1) Loan Count Fixed Rate (2) Coupon (3) Life (years) (4) March 31, 2024 Mortgage loans, held-for-investment $ 135,232 $ 140,565 10 100.00 % 5.31 % 3.55 Mezzanine loans, held-for-investment 177,781 177,838 23 58.68 % 10.79 % 4.54 Preferred equity, held-for-investment 214,307 213,253 15 38.67 % 12.11 % 1.84 Promissory note, held-for-investment 500 500 1 12.50 % 12.50 % 0.99 $ 527,820 $ 532,156 49 61.10 % 9.92 % 3.19 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 (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 three months ended March 31, 2024 and 2023, the loan and preferred equity portfolio activity was as follows (in thousands): For the Three Months Ended March 31, 2024 2023 Balance at December 31, $ 1,004,880 $ 982,678 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) Originations 60,247 28,816 Proceeds from principal repayments (511,169) (36,743) PIK distribution reinvested in Preferred Units 3,448 209 Amortization of loan premium, net (1) (25,670) (1,501) (Provision for) reversal of credit losses 420 34 Balance at March 31, $ 532,156 $ 1,007,891 (1) Includes net amortization of loan purchase premiums.
Schedule of 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): March 31, 2024 Risk Rating Number of Loans Carrying Value % of Loan Portfolio 1 — $ — — 2 — — — 3 48 519,680 97.66 % 4 1 12,476 2.34 % 5 — — — 49 $ 532,156 100.00 % 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 % The following tables present the carrying value of the loan portfolio by the Company's internal risk rating and year of origination as of March 31, 2024 and December 31, 2023 (dollars in thousands): March 31, 2024 Carrying Value by Year of Origination (1) Risk Rating Number of Outstanding Face Amount 2024 2023 2022 2021 2020 Prior Total Carrying Value 1 — $ — $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — — — 3 48 515,700 43,303 96,388 84,354 44,387 19,846 231,402 519,680 4 1 12,120 — — 12,476 — — — 12,476 5 — — — — — — — — — 49 $ 527,820 $ 43,303 $ 96,388 $ 96,830 $ 44,387 $ 19,846 $ 231,402 $ 532,156 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 (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 March 31, 2024 December 31, 2023 Texas 22.64 % 13.87 % Georgia 10.30 % 30.50 % Maryland 10.10 % 5.47 % California 9.71 % 4.92 % Massachusetts 8.45 % * Florida 6.21 % 18.40 % Virginia 5.96 % 2.65 % Minnesota 3.78 % 7.31 % North Carolina 2.68 % 2.78 % Arkansas 2.52 % 1.37 % Nevada 2.49 % 1.46 % Oklahoma 1.76 % * Arizona 1.65 % * Michigan 1.63 % * Washington 1.52 % * Pennsylvania 1.15 % * Tennessee 1.13 % * Iowa 1.09 % * Nebraska 1.07 % * Delaware 1.05 % * Alabama * 3.51 % Other (8 and 18 states each at <1%) 3.11 % 7.76 % 100.00 % 100.00 % * Included in "Other." Collateral Property Type March 31, 2024 December 31, 2023 Single Family Rental 33.54 % 69.94 % Multifamily 41.60 % 21.99 % Life Science 21.64 % 6.33 % Self-Storage 3.22 % 1.75 % 100.00 % 100.00 %

CMBS Trusts (Tables)

CMBS Trusts (Tables)	3 Months Ended
CMBS Trusts (Tables)	Mar. 31, 2024
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 March 31, 2024 December 31, 2023 Mortgage loans held in variable interest entities, at fair value $ 6,182,075 $ 5,677,763 Accrued interest receivable 4,344 3,902 Trust's Liabilities Bonds payable held in variable interest entities, at fair value (5,774,017) (5,289,997) Accrued interest payable (3,655) (3,220)
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 Three Months Ended March 31, 2024 2023 Net interest earned $ 9,236 $ 10,643 Unrealized gain (loss) (820) 360 Change in net assets related to consolidated CMBS variable interest entities $ 8,416 $ 11,003
Schedule 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 March 31, 2024 December 31, 2023 Texas 15.92 % 15.85 % Florida 14.16 % 14.07 % Arizona 4.07 % 4.05 % California 8.59 % 8.69 % Georgia 3.87 % 4.00 % Washington 7.78 % 7.75 % New Jersey 4.04 % 4.02 % Nevada 2.50 % 2.49 % Pennsylvania 1.28 % 1.27 % Colorado 7.77 % 7.74 % Connecticut 1.97 % 2.04 % North Carolina 4.19 % 4.17 % New York 3.39 % 3.37 % Ohio 2.46 % 2.48 % Virginia 2.05 % 2.03 % Indiana 2.14 % 2.13 % Illinois 1.65 % 1.65 % Michigan 1.39 % 1.38 % Maryland 1.19 % 1.18 % Missouri 1.57 % 1.56 % Other (21 states each at <1%) 8.02 % 8.08 % 100.00 % 100.00 % * Included in “Other.” Collateral Property Type March 31, 2024 December 31, 2023 Multifamily 97.44 % 97.45 % Manufactured Housing 2.56 % 2.55 % 100.00 % 100.00 %

Common and Preferred Stock In_2

Common and Preferred Stock Investments (Tables)	3 Months Ended
Common and Preferred Stock Investments (Tables)	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023, respectively (in thousands, except share amounts): Shares Fair Value Investment Investment Date Property Type March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Common Stock NexPoint Storage Partners 11/6/2020 Self-storage 41,963 41,963 $ 33,764 $ 33,129 Private REIT 4/14/2022 Ground lease 1,394,213 1,394,213 26,894 28,400 The following table presents the CMBS I/O Strips, MSCR Notes and mortgage backed securities as of March 31, 2024 (in thousands): Investment Investment Date Carrying Value Property Type Interest Rate Current Yield (1) Maturity Date CMBS I/O Strips CMBS I/O Strip 5/18/2020 $ 1,601 Multifamily 2.02 % 14.67 % 9/25/2046 CMBS I/O Strip 8/6/2020 15,623 Multifamily 2.98 % 18.60 % 6/25/2030 CMBS I/O Strip 4/28/2021 (2) 4,777 Multifamily 1.59 % 18.20 % 1/25/2030 CMBS I/O Strip 5/27/2021 3,338 Multifamily 3.39 % 18.42 % 5/25/2030 CMBS I/O Strip 6/7/2021 378 Multifamily 2.31 % 23.40 % 11/25/2028 CMBS I/O Strip 6/11/2021 (3) 2,427 Multifamily 1.48 % 18.03 % 5/25/2029 CMBS I/O Strip 6/21/2021 809 Multifamily 1.17 % 18.61 % 5/25/2030 CMBS I/O Strip 8/10/2021 2,183 Multifamily 1.89 % 18.63 % 4/25/2030 CMBS I/O Strip 8/11/2021 1,213 Multifamily 3.10 % 15.69 % 7/25/2031 CMBS I/O Strip 8/24/2021 220 Multifamily 2.61 % 16.66 % 1/25/2031 CMBS I/O Strip 9/1/2021 3,293 Multifamily 1.92 % 17.63 % 6/25/2030 CMBS I/O Strip 9/11/2021 3,472 Multifamily 2.95 % 15.57 % 9/25/2031 Total $ 39,334 2.52 % 17.94 % MSCR Notes MSCR Notes 5/25/2022 $ 4,020 Multifamily 14.82 % 14.82 % 5/25/2052 MSCR Notes 5/25/2022 5,000 Multifamily 11.82 % 11.82 % 5/25/2052 MSCR Notes 9/23/2022 1,343 Multifamily 12.17 % 13.37 % 11/25/2051 Total $ 10,363 13.03 % 13.19 % Mortgage Backed Securities Mortgage Backed Securities 6/1/2022 $ 9,898 Single-Family 8.63 % 8.87 % 4/17/2026 Mortgage Backed Securities 9/29/2022 7,964 Self Storage 11.10 % 11.12 % 9/15/2027 Mortgage Backed Securities 3/10/2023 5,768 Multifamily 13.95 % 13.97 % 2/25/2025 Mortgage Backed Securities 2/29/2024 28,421 Single-Family 4.50 % 4.75 % 3/19/2029 Mortgage Backed Securities 2/29/2024 9,429 Single-Family 4.50 % 5.24 % 3/19/2029 Mortgage Backed Securities 2/29/2024 6,546 Single-Family 4.50 % 5.63 % 3/19/2029 Total $ 68,026 6.67 % 7.03 % (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, 2023 (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.
Schedule of Investment	The following table presents “Change in unrealized (loss) on common stock investments” (in thousands): For the Three Months Ended March 31, 2024 2023 Change in unrealized gain on NexPoint Storage Partners $ 635 $ (235) Change in unrealized gain (loss) on Private REIT (1,506) (1,032) Change in unrealized gain on common stock investments $ (871) $ (1,267)

Unconsolidated Variable Inter_2

Unconsolidated Variable Interest Entities (Tables)	3 Months Ended
Unconsolidated Variable Interest Entities (Tables)	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	As of March 31, 2024, the Company has accounted for the following investments as unconsolidated VIEs: Entities Instrument Asset Type Accounting Treatment Percentage Ownership as of March 31, 2024 Relationship as of March 31, 2024 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 Holdings, 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)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023, respectively (in thousands, except share amounts): Shares Fair Value Investment Investment Date Property Type March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Common Stock NexPoint Storage Partners 11/6/2020 Self-storage 41,963 41,963 $ 33,764 $ 33,129 Private REIT 4/14/2022 Ground lease 1,394,213 1,394,213 26,894 28,400 The following table presents the CMBS I/O Strips, MSCR Notes and mortgage backed securities as of March 31, 2024 (in thousands): Investment Investment Date Carrying Value Property Type Interest Rate Current Yield (1) Maturity Date CMBS I/O Strips CMBS I/O Strip 5/18/2020 $ 1,601 Multifamily 2.02 % 14.67 % 9/25/2046 CMBS I/O Strip 8/6/2020 15,623 Multifamily 2.98 % 18.60 % 6/25/2030 CMBS I/O Strip 4/28/2021 (2) 4,777 Multifamily 1.59 % 18.20 % 1/25/2030 CMBS I/O Strip 5/27/2021 3,338 Multifamily 3.39 % 18.42 % 5/25/2030 CMBS I/O Strip 6/7/2021 378 Multifamily 2.31 % 23.40 % 11/25/2028 CMBS I/O Strip 6/11/2021 (3) 2,427 Multifamily 1.48 % 18.03 % 5/25/2029 CMBS I/O Strip 6/21/2021 809 Multifamily 1.17 % 18.61 % 5/25/2030 CMBS I/O Strip 8/10/2021 2,183 Multifamily 1.89 % 18.63 % 4/25/2030 CMBS I/O Strip 8/11/2021 1,213 Multifamily 3.10 % 15.69 % 7/25/2031 CMBS I/O Strip 8/24/2021 220 Multifamily 2.61 % 16.66 % 1/25/2031 CMBS I/O Strip 9/1/2021 3,293 Multifamily 1.92 % 17.63 % 6/25/2030 CMBS I/O Strip 9/11/2021 3,472 Multifamily 2.95 % 15.57 % 9/25/2031 Total $ 39,334 2.52 % 17.94 % MSCR Notes MSCR Notes 5/25/2022 $ 4,020 Multifamily 14.82 % 14.82 % 5/25/2052 MSCR Notes 5/25/2022 5,000 Multifamily 11.82 % 11.82 % 5/25/2052 MSCR Notes 9/23/2022 1,343 Multifamily 12.17 % 13.37 % 11/25/2051 Total $ 10,363 13.03 % 13.19 % Mortgage Backed Securities Mortgage Backed Securities 6/1/2022 $ 9,898 Single-Family 8.63 % 8.87 % 4/17/2026 Mortgage Backed Securities 9/29/2022 7,964 Self Storage 11.10 % 11.12 % 9/15/2027 Mortgage Backed Securities 3/10/2023 5,768 Multifamily 13.95 % 13.97 % 2/25/2025 Mortgage Backed Securities 2/29/2024 28,421 Single-Family 4.50 % 4.75 % 3/19/2029 Mortgage Backed Securities 2/29/2024 9,429 Single-Family 4.50 % 5.24 % 3/19/2029 Mortgage Backed Securities 2/29/2024 6,546 Single-Family 4.50 % 5.63 % 3/19/2029 Total $ 68,026 6.67 % 7.03 % (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, 2023 (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.
Schedule of Activity Related to Commercial Mortgage Backed Securities	The following table presents activity related to the Company’s CMBS I/O Strips, MSCR Notes and mortgage backed securities (in thousands): For the Three Months Ended March 31, 2024 2023 Net interest earned $ 664 $ 717 Change in unrealized gain (loss) on CMBS structured pass-through certificates (40) (752) Change in unrealized gain (loss) on MSCR Notes (15) (298) Change in unrealized (loss) on mortgage backed securities 440 (606) Total $ 1,049 $ (939)

Real Estate Investments, net (T

Real Estate Investments, net (Tables)	3 Months Ended
Real Estate Investments, net (Tables)	Mar. 31, 2024
Real Estate Investments, Net [Abstract]
Schedule of Real Estate Properties	As of March 31, 2024, 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 $ 49,934 $ — $ 197 $ 923 $ 62,050 Alexander at the District 7,806 59,170 — 4 909 67,889 Accumulated depreciation and amortization — (4,875) — — (578) (5,453) Total Real Estate Investments, Net $ 18,802 $ 104,229 $ — $ 201 $ 1,254 $ 124,486 As of December 31, 2023, 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 $ 49,912 $ — $ 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
Real Estate Investment Financial Statements, Disclosure	The following table reflects the revenue and expenses for the three months ended March 31, 2024 and 2023 for our multifamily properties (in thousands): For the Three Months Ended March 31, 2024 2023 Revenues Rental income $ 2,087 $ 1,018 Other income 124 10 Total revenues 2,211 1,028 Expenses Interest expense 2,088 581 Real estate taxes and insurance 452 172 Property operating expenses 176 185 Property general and administrative expenses 173 35 Property management fees 62 29 Depreciation and amortization 2,318 476 Rate cap (income) expense 169 194 Casualty (gain) loss (1) (175) Total expenses 5,437 1,497 Net income (loss) from consolidated real estate owned $ (3,226) $ (469)

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table summarizes the Company’s financing arrangements in place as of March 31, 2024 (dollars in thousands): March 31, 2024 Facility Collateral Date issued Outstanding Carrying Final stated Weighted Weighted Outstanding Amortized cost basis Carrying Weighted Master Repurchase Agreements CMBS Mizuho(4) 4/15/2020 $ 341,740 $ 341,740 N/A (5) 7.15 % 0.0 $ 984,591 $ 519,743 $ 513,307 6.1 Asset Specific Financing Single Family Rental loans Freddie Mac 7/12/2019 123,346 123,346 7/12/2029 2.69 % 3.6 135,232 140,565 140,565 3.6 Mezzanine loans Freddie Mac 10/20/2020 59,252 59,252 8/1/2031 0.30 % 6.0 96,817 98,248 98,248 6.0 Multifamily properties CBRE 12/31/2021 32,480 32,108 6/1/2028 (6) 8.03 % 4.2 N/A 65,166 65,166 4.2 Various 10/10/2023 63,500 63,500 11/6/2024 (7) 8.84 % 0.6 N/A 59,320 59,320 0.6 Unsecured Financing Various 10/15/2020 36,500 35,936 10/25/2025 7.50 % 1.6 N/A N/A N/A N/A Various 4/20/2021 180,000 177,413 5/1/2026 5.75 % 2.1 N/A N/A N/A N/A Various 10/18/2022 6,500 6,500 10/18/2027 7.50 % 3.6 N/A N/A N/A N/A Total/weighted average $ 843,318 $ 839,795 5.90 % 1.7 $ 1,216,640 $ 883,042 $ 876,606 5.8 (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, 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. 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.
Schedule of Debt	As of March 31, 2024, the outstanding principal balances related to the levered SFR Loans and 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 $ 31,416 Various Single-family Fixed 2.14 % 10/1/2025 Senior loan 2/11/2020 33,565 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 7,408 Various Single-family Fixed 3.51 % 2/1/2028 Senior loan 2/11/2020 8,720 Various Single-family Fixed 3.30 % 10/1/2028 Senior loan 2/11/2020 7,848 Various Single-family Fixed 3.14 % 1/1/2029 Senior loan 2/11/2020 5,823 Various Single-family Fixed 2.99 % 3/1/2029 Senior loan 2/11/2020 5,223 Various Single-family Fixed 3.14 % 12/1/2028 Senior loan 2/11/2020 4,903 Various Single-family Fixed 2.64 % 10/1/2028 Total $ 123,346 2.69 % 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 March 31, 2024.
Schedule of Line of Credit Facilities	For the three months ended March 31, 2024 and 2023, 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 Three Months Ended March 31, 2024 2023 Balances as of December 31, $ 1,268,212 $ 1,345,101 Adjustment to mortgages payable, net on deconsolidation of real estate — (89,012) Principal borrowings 57,425 26,801 Principal repayments (486,159) (7,827) Principal repayments on mortgages payable (61) — Accretion of discounts 366 216 Amortization of deferred financing costs 12 11 Balances as of March 31, $ 839,795 $ 1,275,290
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 March 31, 2024 are as follows (in thousands): Year Recourse Non-recourse Total 2024(1) $ 63,500 $ 341,740 $ 405,240 2025 36,500 31,416 67,916 2026 180,000 9,284 189,284 2027 6,500 — 6,500 2028 32,480 76,763 109,243 Thereafter — 65,135 65,135 $ 318,980 $ 524,338 $ 843,318 (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)	3 Months Ended
Fair Value of Financial Instruments (Tables)	Mar. 31, 2024
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 March 31, 2024 (in thousands): Fair Value Carrying Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 13,483 $ 13,483 $ — $ — $ 13,483 Restricted cash 5,804 5,804 — — 5,804 Loans, held-for-investment, net 391,591 — — 402,806 402,806 Preferred stock investments, at fair value 18,346 — — 18,346 18,346 Common stock investments, at fair value 60,658 — — 60,658 60,658 Mortgage loans, held-for-investment, net 140,565 — — 135,628 135,628 Accrued interest 25,271 25,271 — — 25,271 Mortgage loans held in variable interest entities, at fair value 6,182,075 — 6,182,075 — 6,182,075 CMBS structured pass-through certificates, at fair value 39,334 — 39,334 — 39,334 MSCR Notes, at fair value 10,363 — 10,363 — 10,363 Mortgage backed securities, at fair value 68,026 — 68,026 — 68,026 Accounts receivable and other assets 4,097 1,742 2,355 — 4,097 Due from brokers for securities sold, not yet settled 908 — 908 — 908 Total Assets $ 6,960,521 0 $ 46,300 0 $ 6,303,061 0 $ 617,438 0 $ 6,966,799 Liabilities Secured financing agreements, net $ 182,598 $ — $ — $ 188,107 $ 188,107 Master repurchase agreements 341,740 — — 341,740 341,740 Unsecured notes, net 219,849 — 200,654 — 200,654 Mortgages payable, net 95,608 — — 91,071 91,071 Accounts payable and other accrued liabilities 10,270 10,270 — — 10,270 Accrued interest payable 12,695 12,695 — — 12,695 Bonds payable held in variable interest entities, at fair value 5,774,017 — 5,774,017 — 5,774,017 Total Liabilities $ 6,636,777 $ 22,965 $ 5,974,671 $ 620,918 $ 6,618,554 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 Total Assets $ 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 Total Liabilities $ 6,572,846 $ 14,637 $ 5,489,856 $ 1,065,407 $ 6,569,900
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 March 31, 2024 (dollars in thousands): Carrying Valuation Technique Unobservable Inputs Range Weighted Average (1) NexPoint Storage Partners $ 33,764 Discounted cash flow Terminal cap rate 5.00% - 5.50% 5.25 % Discount rate 7.75% - 9.75% 8.75 % IQHQ, Inc. $ 18,346 Discounted cash flow Discount rate 11.00% - 12.00% 11.50 % Private REIT $ 26,894 Market approach NAV per share multiple 1.00 - 1.10x 1.050x (1) Averages are weighted based on the fair value of the related instrument
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 three months ended March 31, 2024: Balance as of 12/31/23 Additions Change in Unrealized Gains/(Losses) Balance as of 3/31/24 NexPoint Storage Partners $ 33,129 $ — $ 635 $ 33,764 Private REIT $ 28,400 $ — $ (1,506) $ 26,894 IQHQ, Inc. $ 14,776 $ 3,506 $ 64 $ 18,346

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
Stockholders' Equity (Tables)	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Share-based Payment Arrangement, Restricted Stock Unit, Activity	The following table includes the number of restricted stock units granted, vested, forfeited and outstanding as of March 31, 2024: 2024 Number of Units Weighted Average Outstanding December 31, 2023 771,671 $ 16.70 Granted 465,316 14.66 Vested (120,640) (1) 19.89 Forfeited — — Outstanding March 31, 2024 1,116,347 $ 15.51 (1) Certain key employees of the Manager elected to net the taxes owed upon vesting against the shares issued resulting in 74,344 shares being issued as shown on the consolidated statements of stockholders' equity.
Share-based Compensation Arrangements by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest	The vesting schedule for the restricted stock units as of March 31, 2024 is as follows: Shares Vesting February March April May Total 2024 — — 126,042 68,564 194,606 2025 116,998 133,321 102,201 — 352,520 2026 54,893 110,667 91,166 — 256,726 2027 — 110,665 91,167 — 201,832 2028 — 110,663 — — 110,663 Total 171,891 465,316 410,576 68,564 1,116,347
Schedule of Sale of Stock	The following table contains summary information of the 2022 ATM Program for sales from inception through March 31, 2024: 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)	3 Months Ended
Earnings Per Share (Tables)	Mar. 31, 2024
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 Three Months Ended March 31, 2024 2023 Net income (loss) attributable to common stockholders $ (14,286) $ 6,567 Earnings for basic computations Net income (loss) attributable to redeemable noncontrolling interests (1,894) 1,937 Net income for diluted computations $ (16,180) $ 8,504 Weighted-average common shares outstanding Average number of common shares outstanding - basic 17,264 17,118 Average number of common shares from assumed vesting of unvested restricted stock units 740 522 Average number of common shares from assumed conversion of OP Units 5,038 5,038 Average number of common shares from assumed conversion of Series B Preferred Stock 1,820 — Average number of common shares outstanding - diluted 24,862 22,678 Earnings per weighted average common share: Basic $ (0.83) $ 0.38 Diluted (1) $ (0.83) $ 0.37 Diluted EPS calculations were higher than basic EPS and thus anti-dilutive for the three months ended March 31, 2024. As such, the Company is presenting diluted EPS as equal to basic EPS.

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	3 Months Ended
Noncontrolling Interests (Tables)	Mar. 31, 2024
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	The following table sets forth the redeemable noncontrolling interests in the OP (reflecting the OP’s consolidation of the Subsidiary OPs) for the three months ended March 31, 2024 and March 31, 2023 (in thousands): For the Three Months Ended March 31, 2024 2023 Redeemable noncontrolling interests in the OP, January 1, $ 89,471 $ 96,501 Adjustment to redeemable noncontrolling interest in the OP on deconsolidation of real estate — 297 Net loss attributable to redeemable noncontrolling interests in the OP (1,894) 1,937 Redemption of redeemable noncontrolling interests in the OP — — Distributions to redeemable noncontrolling interests in the OP (2,519) (3,023) Redeemable noncontrolling interests in the OP, March 31, $ 85,058 $ 95,712
Consolidated Common Shares of Noncontrolling Interest	The table below presents the common shares and OP Units outstanding held by the noncontrolling interests (“NCI”), as the OP Units and SubOP Units held by the Company are eliminated in consolidation: Period End Common Shares OP Units Held by Combined March 31, 2024 17,306,257 5,038,382 22,344,639

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
Commitment and Contingencies (Tables)	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023 (in thousands): Investment Type March 31, 2024 December 31, 2023 Unfunded Commitments Unfunded Commitments Mezzanine Loan $ 164,717 $ — Preferred Equity 21,519 34,966 Common Equity 4,600 6,600 $ 190,836 $ 41,566

Organization and Description _2

Organization and Description of Business (Details)	3 Months Ended
Organization and Description of Business (Details)	Mar. 31, 2024
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Management agreement 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	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	100%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Jan. 01, 2024	Dec. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Cumulative effect of adoption of ASU 2016-13	$ (327,082)	$ (377,264)		$ (347,437)	$ (448,513)
Change in unrealized gain (loss) on mortgage backed securities	420	34
Current expected credit loss reserve	1,700		$ 2,100
Retained Earnings Less Dividends
Variable Interest Entity [Line Items]
Cumulative effect of adoption of ASU 2016-13	$ 59,318	$ 2,697		$ 35,821	(4,435)
Cumulative Effect, Period of Adoption, Adjustment
Variable Interest Entity [Line Items]
Cumulative effect of adoption of ASU 2016-13					1,624
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
Variable Interest Entity, Primary Beneficiary \| Eight Security
Variable Interest Entity [Line Items]
Variable interest entity, qualitative or quantitative information, ownership percentage	100%
Variable Interest Entity, Primary Beneficiary \| Subordinate Tranche One Securities
Variable Interest Entity [Line Items]
Variable interest entity, qualitative or quantitative information, ownership percentage	94%

Loans Held for Investment, Ne_2

Loans Held for Investment, Net -Schedule of Loans Held for Investment (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
Financing Receivable, Troubled Debt Restructuring [Line Items]
Outstanding Face Amount	$ 527,820	$ 973,876
Carrying Value	$ 532,156	$ 1,004,880
Loan Count \| loan	49	48
Fixed Rate	61.10%	84.82%
Coupon	9.92%	6.94%
Life (years)	3 years 2 months 8 days	4 years 1 month 24 days
Mortgage loans, held-for-investment
Financing Receivable, Troubled Debt Restructuring [Line Items]
Outstanding Face Amount	$ 135,232	$ 645,277
Carrying Value	$ 140,565	$ 676,420
Loan Count \| loan	10	11
Fixed Rate	100%	100%
Coupon	5.31%	4.79%
Life (years)	3 years 6 months 18 days	4 years 5 months 26 days
Mezzanine loans, held-for-investment
Financing Receivable, Troubled Debt Restructuring [Line Items]
Outstanding Face Amount	$ 177,781	$ 133,207
Carrying Value	$ 177,838	$ 135,069
Loan Count \| loan	23	22
Fixed Rate	58.68%	78.31%
Coupon	10.79%	9.61%
Life (years)	4 years 6 months 14 days	5 years 4 months 9 days
Preferred equity, held-for-investment
Financing Receivable, Troubled Debt Restructuring [Line Items]
Outstanding Face Amount	$ 214,307	$ 195,392
Carrying Value	$ 213,253	$ 193,391
Loan Count \| loan	15	15
Fixed Rate	38.67%	39.12%
Coupon	12.11%	12.20%
Life (years)	1 year 10 months 2 days	2 years 2 months 19 days
Promissory note, held-for-investment
Financing Receivable, Troubled Debt Restructuring [Line Items]
Outstanding Face Amount	$ 500
Carrying Value	$ 500
Loan Count \| loan	1
Fixed Rate	12.50%
Coupon	12.50%
Life (years)	11 months 26 days

Loans Held for Investment, Ne_3

Loans Held for Investment, Net -Schedule of Loan and Preferred Equity Portfolio Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Roll Forward]
Beginning balance	$ 1,004,880
Recognition of retained preferred equity investment upon deconsolidation of real estate (Note 14)	60,247	$ 28,816
Ending balance	532,156
Loans Receivable, Held for Investment
Accounts, Notes, Loans and Financing Receivable [Roll Forward]
Beginning balance	1,004,880	982,678
Recognition of retained preferred equity investment upon deconsolidation of real estate (Note 14)	0	36,022
Cumulative effect of adoption of ASU 2016-13 (See Note 2)	0	(1,624)
Originations	60,247	28,816
Proceeds from principal repayments	(511,169)	(36,743)
PIK distribution reinvested in Preferred Units	3,448	209
Amortization of loan premium, net	(25,670)	(1,501)
(Provision for) reversal of credit losses	420	34
Ending balance	$ 532,156	$ 1,007,891

Loans Held for Investment, Ne_4

Loans Held for Investment, Net - Additional Information (Details) $ in Millions	Mar. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
Financing Receivable, Nonaccrual [Line Items]
Financing receivable, unamortized purchase premium (discount) \| $	$ 7.3	$ 33.1
Number of Loans	49	48
Weighted-average risk rating	3	3
Risk Rating 4
Financing Receivable, Nonaccrual [Line Items]
Number of Loans	1	2
Risk Rating 5
Financing Receivable, Nonaccrual [Line Items]
Number of Loans	0	0

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	Mar. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
Financing Receivable, Nonaccrual [Line Items]
Loan Count \| loan	49	48
Carrying Value \| $	$ 532,156	$ 1,004,880
% of Loan Portfolio	1	1
Risk Rating 1
Financing Receivable, Nonaccrual [Line Items]
Loan Count \| loan	0	0
Carrying Value \| $	$ 0	$ 0
% of Loan Portfolio	0	0
Risk Rating 2
Financing Receivable, Nonaccrual [Line Items]
Loan Count \| loan	0	0
Carrying Value \| $	$ 0	$ 0
% of Loan Portfolio	0	0
Risk Rating 3
Financing Receivable, Nonaccrual [Line Items]
Loan Count \| loan	48	46
Carrying Value \| $	$ 519,680	$ 992,751
% of Loan Portfolio	0.9766	0.9879
Risk Rating 4
Financing Receivable, Nonaccrual [Line Items]
Loan Count \| loan	1	2
Carrying Value \| $	$ 12,476	$ 12,129
% of Loan Portfolio	0.0234	0.0121
Risk Rating 5
Financing Receivable, Nonaccrual [Line Items]
Loan Count \| loan	0	0
Carrying Value \| $	$ 0	$ 0
% of Loan Portfolio	0	0

Loans Held for Investment, Ne_6

Loans Held for Investment, Net - Schedule of Loans by Origination (Details) $ in Thousands	Mar. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans \| loan	49	48
Outstanding Face Amount	$ 527,820	$ 973,876
2024	43,303	82,879
2023	96,388	82,087
2022	96,830	40,981
2021	44,387	19,158
2020	19,846	759,828
Prior	231,402	19,947
Loans and leases receivable, gross	$ 532,156	$ 1,004,880
Risk Rating 1
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans \| loan	0	0
Outstanding Face Amount	$ 0	$ 0
2024	0	0
2023	0	0
2022	0	0
2021	0	0
2020	0	0
Prior	0	0
Loans and leases receivable, gross	$ 0	$ 0
Risk Rating 2
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans \| loan	0	0
Outstanding Face Amount	$ 0	$ 0
2024	0	0
2023	0	0
2022	0	0
2021	0	0
2020	0	0
Prior	0	0
Loans and leases receivable, gross	$ 0	$ 0
Risk Rating 3
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans \| loan	48	46
Outstanding Face Amount	$ 515,700	$ 961,756
2024	43,303	82,879
2023	96,388	69,958
2022	84,354	40,981
2021	44,387	19,158
2020	19,846	759,828
Prior	231,402	19,947
Loans and leases receivable, gross	$ 519,680	$ 992,751
Risk Rating 4
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans \| loan	1	2
Outstanding Face Amount	$ 12,120	$ 12,120
2024	0	0
2023	0	12,129
2022	12,476	0
2021	0	0
2020	0	0
Prior	0	0
Loans and leases receivable, gross	$ 12,476	$ 12,129
Risk Rating 5
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans \| loan	0	0
Outstanding Face Amount	$ 0	$ 0
2024	0	0
2023	0	0
2022	0	0
2021	0	0
2020	0	0
Prior	0	0
Loans and leases receivable, gross	$ 0	$ 0

Loans Held for Investment, Ne_7

Loans Held for Investment, Net - Schedule of Loans Held for Investment as a Percentage of Face Amount by Geographic Areas Face Amounts (Details)	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	1	1
Single Family Rental
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.3354	0.6994
Multifamily
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.4160	0.2199
Life Science
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.2164	0.0633
Self-Storage
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0322	0.0175
Texas
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.2264	0.1387
Georgia
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.1030	0.3050
Maryland
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.1010	0.0547
California
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0971	0.0492
Massachusetts
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0845
Florida
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0621	0.1840
Virginia
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0596	0.0265
Minnesota
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0378	0.0731
North Carolina
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0268	0.0278
Arkansas
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0252	0.0137
Nevada
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0249	0.0146
Oklahoma
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0176
Arizona
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0165
Michigan
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0163
Washington
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0152
Pennsylvania
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0115
Tennessee
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0113
Iowa
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0109
Nebraska
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0107
Delaware
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0105
Alabama
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio		0.0351
Other
Financing Receivable, Nonaccrual [Line Items]
% of loan portfolio	0.0311	0.0776

CMBS Trusts - Schedule of Recog

CMBS Trusts - Schedule of Recognized Trusts Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Loans and Leases Receivable Disclosure [Line Items]
Bonds payable held in variable interest entities, at fair value	$ (843,318)
Variable Interest Entity, Primary Beneficiary
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans held in variable interest entities, at fair value	6,182,075	$ 5,677,763
Accrued interest receivable	4,344	3,902
Bonds payable held in variable interest entities, at fair value	(5,774,017)	(5,289,997)
Accrued interest payable	$ (3,655)	$ (3,220)

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	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Securitization or Asset-Backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Net interest earned	$ 9,236	$ 10,643
Unrealized gain (loss)	(820)	360
Change in net assets related to consolidated CMBS variable interest entities	$ 8,416	$ 11,003

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	Mar. 31, 2024	Dec. 31, 2023
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	97.44%	97.45%
Manufactured Housing
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	2.56%	2.55%
Texas
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	15.92%	15.85%
Florida
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	14.16%	14.07%
Arizona
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	4.07%	4.05%
California
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	8.59%	8.69%
Georgia
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	3.87%	4%
Washington
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	7.78%	7.75%
New Jersey
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	4.04%	4.02%
Nevada
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	2.50%	2.49%
Pennsylvania
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	1.28%	1.27%
Colorado
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	7.77%	7.74%
Connecticut
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	1.97%	2.04%
North Carolina
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	4.19%	4.17%
New York
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	3.39%	3.37%
Ohio
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	2.46%	2.48%
Virginia
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	2.05%	2.03%
Indiana
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	2.14%	2.13%
Illinois
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	1.65%	1.65%
Michigan
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	1.39%	1.38%
Maryland
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	1.19%	1.18%
Missouri
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	1.57%	1.56%
Other
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of collateral unpaid principal balance	8.02%	8.08%

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	Mar. 31, 2024 $ / shares
Private REIT
Schedule of Equity Method Investments [Line Items]
Ownership percentage by noncontrolling owners		6.36%
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%
Resmark Forney Gateway Holdings, LLC \| VIE
Schedule of Equity Method Investments [Line Items]
Effective ownership		98%
Private REIT
Schedule of Equity Method Investments [Line Items]
Private offering price per share (in usd per share)		$ 20
Convertible Note
Schedule of Equity Method Investments [Line Items]
Debt instrument, convertible, conversion price (in usd per share)		$ 17.50
Stock issued during period, conversion of convertible securities (in shares) \| shares	1,394,213
Number of convertible notes \| convertible_note	2
Originations \| $	$ 25
NexPoint Storage Partners
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		25.80%

Common and Preferred Stock In_4

Common and Preferred Stock Investments - Schedule of Common Stock Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Common stock investments	$ 60,658	$ 61,529
NexPoint Storage Partners
Schedule of Equity Method Investments [Line Items]
Investment owned, balance (in shares)	41,963	41,963
Common stock investments	$ 33,764	$ 33,129
Private REIT
Schedule of Equity Method Investments [Line Items]
Investment owned, balance (in shares)	1,394,213	1,394,213
Common stock investments	$ 26,894	$ 28,400

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	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Equity Method Investments [Line Items]
Change in unrealized gain (loss) on investments	$ (871)	$ (1,267)
NexPoint Storage Partners
Schedule of Equity Method Investments [Line Items]
Change in unrealized gain (loss) on investments	635	(235)
Private REIT
Schedule of Equity Method Investments [Line Items]
Change in unrealized gain (loss) on investments	$ (1,506)	$ (1,032)

Unconsolidated Variable Inter_3

Unconsolidated Variable Interest Entities - Schedule of Variable Interest Entities (Details) - VIE	Mar. 31, 2024
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 Holdings, 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 Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Common stock investments	$ 60,658	$ 61,529
NexPoint Storage Partners
Variable Interest Entity [Line Items]
Common stock investments	33,764	33,129
RFGH and RTB
Variable Interest Entity [Line Items]
Maximum loss exposure	1,000
Purchase of common equity, amount unfunded	2,800
Private REIT
Variable Interest Entity [Line Items]
Common stock investments	$ 26,894	$ 28,400

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							3 Months Ended	12 Months Ended
	Mar. 08, 2022 USD ($)	Feb. 03, 2022 USD ($)	Sep. 29, 2021 USD ($)	Jun. 11, 2021 USD ($)	May 04, 2021 USD ($)	Apr. 28, 2021 USD ($)	Mar. 31, 2024 USD ($) security note strip	Dec. 31, 2023 USD ($)
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							$ 10,363	$ 10,378
Collateralized Mortgage Backed Securities
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 68,026	$ 38,270
Interest Rate							0.0667	0.0917
Current Yield							0.0703	0.0930
Multifamily \| CMBS I/O Strip, One
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 1,601	$ 1,622
Interest Rate							0.0202	0.0202
Current Yield							0.1467	0.1464
Multifamily \| CMBS I/O Strip, Two
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 15,623	$ 16,601
Interest Rate							0.0298	0.0298
Current Yield							0.1860	0.1798
Multifamily \| CMBS I/O Strip, Three
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 4,777	$ 5,022
Interest Rate							0.0159	0.0159
Current Yield							0.1820	0.1768
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							$ 3,338	$ 3,436
Interest Rate							0.0339	0.0339
Current Yield							0.1842	0.1779
Multifamily \| CMBS I/O Strip, Five
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 378	$ 395
Interest Rate							0.0231	0.0231
Current Yield							0.2340	0.2231
Multifamily \| CMBS I/O Strip, Six
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 2,427	$ 2,643
Interest Rate							0.0148	0.0118
Current Yield							0.1803	0.1457
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							$ 809	$ 833
Interest Rate							0.0117	0.0117
Current Yield							0.1861	0.1807
Multifamily \| CMBS IO Strip Eight
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 2,183	$ 2,255
Interest Rate							0.0189	0.0189
Current Yield							0.1863	0.1798
Multifamily \| CMBS I/O Strip, Nine
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 1,213	$ 1,241
Interest Rate							0.0310	0.0310
Current Yield							0.1569	0.1524
Multifamily \| CMBS I/O Strip, Ten
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 220	$ 229
Interest Rate							0.0261	0.0261
Current Yield							0.1666	0.1615
Multifamily \| CMBS I/O Strip, Eleven
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 3,293	$ 3,390
Interest Rate							0.0192	0.0192
Current Yield							0.1763	0.1701
Multifamily \| CMBS I/O Strip, Twelve
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 3,472	$ 3,545
Interest Rate							0.0295	0.0295
Current Yield							0.1557	0.1514
Multifamily \| CMBS I/O Strips
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 39,334	$ 41,212
Interest Rate							0.0252	0.0250
Current Yield							0.1794	0.1721
Multifamily \| MSCR Notes One
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 4,020	$ 4,020
Interest Rate							0.1482	0.1483
Current Yield							0.1482	0.1483
Multifamily \| MSCR Notes Two
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 5,000	$ 5,000
Interest Rate							0.1182	0.1183
Current Yield							0.1182	0.1183
Multifamily \| MSCR Notes Three
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 1,343	$ 1,358
Interest Rate							0.1217	0.1218
Current Yield							0.1337	0.1338
Multifamily \| MSCR Notes
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 10,363	$ 10,378
Interest Rate							0.1303	0.1304
Current Yield							0.1319	0.1320
Multifamily \| Mortgage Backed Securities 3
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 5,768
Interest Rate							0.1395
Current Yield							0.1397
Multifamily \| Mortgage Backed Securities 5
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value								$ 3,881
Interest Rate								0.1157
Current Yield								0.1155
Multifamily \| Mortgage Backed Securities 7
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value								$ 5,742
Interest Rate								0.1393
Current Yield								0.1395
Single-Family \| Mortgage Backed Securities 1
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 9,898	$ 9,924
Interest Rate							0.0863	0.0864
Current Yield							0.0887	0.0891
Single-Family \| Mortgage Backed Securities 2
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value								$ 9,369
Interest Rate								0.0487
Current Yield								0.0501
Single-Family \| Mortgage Backed Securities 3
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value								$ 538
Interest Rate								0.0623
Current Yield								0.0631
Single-Family \| Mortgage Backed Securities 4
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 28,421	$ 856
Interest Rate							0.0450	0.0360
Current Yield							0.0475	0.0412
Single-Family \| Mortgage Backed Securities 5
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 9,429
Interest Rate							0.0450
Current Yield							0.0524
Single-Family \| Mortgage Backed Securities 6
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 6,546
Interest Rate							0.0450
Current Yield							0.0563
Self Storage \| Mortgage Backed Securities 2
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value							$ 7,964
Interest Rate							0.1110
Current Yield							0.1112
Self Storage \| Mortgage Backed Securities 6
Debt and Equity Securities, FV-NI [Line Items]
Carrying Value								$ 7,960
Interest Rate								0.1110
Current Yield								0.1112

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	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Total	$ 1,049	$ (939)
Commercial Mortgage-Backed Securities
Debt and Equity Securities, FV-NI [Line Items]
Net interest earned	664	717
Unrealized gain (loss)	(40)	(752)
MSCR Notes
Debt and Equity Securities, FV-NI [Line Items]
Unrealized gain (loss)	(15)	(298)
Collateralized Mortgage Backed Securities
Debt and Equity Securities, FV-NI [Line Items]
Unrealized gain (loss)	$ 440	$ (606)

Real Estate Investments, net -

Real Estate Investments, net - Additional Information (Details) $ in Millions	Oct. 10, 2023 USD ($) unit	Feb. 01, 2022 unit	Dec. 31, 2021 unit
Real Estate Properties [Line Items]
Number of units in multifamily property \| unit		368
SPG Alexander JV LLC
Real Estate Properties [Line Items]
Assets acquired	$ 68.8
Land	7.9
Building and improvements	59
Furniture, fixtures and equipment	0.6
Intangible assets	$ 1.3
Charlotte, NC
Real Estate Properties [Line Items]
Number of units in multifamily property \| unit			204
Las Vegas, NV
Real Estate Properties [Line Items]
Number of units in multifamily property \| unit		368
Atlanta, GA
Real Estate Properties [Line Items]
Number of units in multifamily property \| unit	280

Real Estate Investments, net _2

Real Estate Investments, net - Investments in Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	$ (5,453)	$ (4,404)
Real estate investment property, net	124,486	126,551
Land
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	0	0
Real estate investment property, net	18,802	18,802
Buildings and Improvements
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	(4,875)	(3,948)
Real estate investment property, net	104,229	105,126
Intangible Lease Assets
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	0	0
Real estate investment property, net	0	1,271
Construction in Progress
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	0	0
Real estate investment property, net	201	401
Furniture, Fixtures and Equipment
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	(578)	(456)
Real estate investment property, net	1,254	951
Hudson Montford
Real Estate Properties [Line Items]
Real estate investment property, at cost	62,050	62,000
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	49,934	49,912
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	197	401
Hudson Montford \| Furniture, Fixtures and Equipment
Real Estate Properties [Line Items]
Real estate investment property, at cost	923	691
Alexander at the District
Real Estate Properties [Line Items]
Real estate investment property, at cost	67,889	68,955
Alexander at the District \| Land
Real Estate Properties [Line Items]
Real estate investment property, at cost	7,806	7,806
Alexander at the District \| Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment property, at cost	59,170	59,162
Alexander at the District \| Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment property, at cost	0	1,271
Alexander at the District \| Construction in Progress
Real Estate Properties [Line Items]
Real estate investment property, at cost	4	0
Alexander at the District \| Furniture, Fixtures and Equipment
Real Estate Properties [Line Items]
Real estate investment property, at cost	$ 909	$ 716

Real Estate Investments, net _3

Real Estate Investments, net - Revenue and Expenses of Property (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Real Estate Properties [Line Items]
Interest expense	$ 11,240	$ 12,212
Property general and administrative expenses	4,187	2,152
Depreciation and amortization	2,318	476
Multifamily Property
Real Estate Properties [Line Items]
Other income	124	10
Total revenues	2,211	1,028
Interest expense	2,088	581
Real estate taxes and insurance	452	172
Property operating expenses	176	185
Property general and administrative expenses	173	35
Property management fees	62	29
Depreciation and amortization	2,318	476
Rate cap (income) expense	169	194
Casualty (gain) loss	(1)	(175)
Total expenses	5,437	1,497
Net income (loss) from consolidated real estate owned	(3,226)	(469)
Multifamily Property \| Rental income
Real Estate Properties [Line Items]
Rental income	$ 2,087	$ 1,018

Debt - Summary of Financing Arr

Debt - Summary of Financing Arrangements (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Oct. 18, 2022 USD ($)	Apr. 15, 2020 subsidiary
Debt Instrument [Line Items]
Number Of Subsidiaries \| subsidiary				3
Facility
Debt Instrument [Line Items]
Outstanding face amount	$ 843,318	$ 1,271,938
Carrying value	$ 839,795	$ 1,268,212
Weighted average interest rate	5.90%	4.55%
Weighted average life (years)	1 year 8 months 12 days	2 years 10 months 24 days
Collateral
Debt Instrument [Line Items]
Collateral outstanding face amount	$ 1,216,640	$ 676,420
Collateral amortized cost basis	883,042	1,372,571
Collateral carrying value	$ 876,606	$ 1,366,698
Collateral weighted average life (years)	5 years 9 months 18 days	5 years 7 months 6 days
Master Repurchase Agreements \| Mizuho
Debt Instrument [Line Items]
Outstanding face amount	$ 341,700
Collateral outstanding face amount	984,600
Master Repurchase Agreements \| Mizuho \| Facility
Debt Instrument [Line Items]
Outstanding face amount	341,740	$ 303,514
Carrying value	$ 341,740	$ 303,514
Weighted average interest rate	7.15%	7.26%
Weighted average life (years)	0 years	0 years
Master Repurchase Agreements \| Mizuho \| Collateral
Debt Instrument [Line Items]
Collateral outstanding face amount	$ 984,591	$ 931,296
Collateral amortized cost basis	519,743	470,761
Collateral carrying value	$ 513,307	$ 464,888
Collateral weighted average life (years)	6 years 1 month 6 days	6 years 4 months 24 days
Asset Specific Financing \| Freddie Mac \| Facility
Debt Instrument [Line Items]
Outstanding face amount	$ 123,346	$ 590,306
Carrying value	$ 123,346	$ 590,306
Weighted average interest rate	2.69%	2.34%
Weighted average life (years)	3 years 7 months 6 days	4 years 6 months
Asset Specific Financing \| Freddie Mac \| Collateral
Debt Instrument [Line Items]
Collateral outstanding face amount	$ 135,232	$ 645,277
Collateral amortized cost basis	140,565	676,420
Collateral carrying value	$ 140,565	$ 676,420
Collateral weighted average life (years)	3 years 7 months 6 days	4 years 6 months
Mezzanine loans, held-for-investment \| 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	6 years 3 months 18 days
Mezzanine loans, held-for-investment \| Freddie Mac \| Collateral
Debt Instrument [Line Items]
Collateral outstanding face amount	$ 96,817	$ 96,817
Collateral amortized cost basis	98,248	98,839
Collateral carrying value	$ 98,248	$ 98,839
Collateral weighted average life (years)	6 years	6 years 3 months 18 days
Multifamily Property Debt Due 2028
Debt Instrument [Line Items]
Debt instrument, repayment premium, percent		1%
Multifamily Property Debt Due 2028 \| Facility
Debt Instrument [Line Items]
Outstanding face amount	$ 32,480	$ 32,366
Carrying value	$ 32,108	$ 32,157
Weighted average interest rate	8.03%	8.05%
Weighted average life (years)	4 years 2 months 12 days	4 years 4 months 24 days
Multifamily Property Debt Due 2028 \| Collateral
Debt Instrument [Line Items]
Collateral amortized cost basis	$ 65,166	$ 64,697
Collateral carrying value	$ 65,166	$ 64,697
Collateral weighted average life (years)	4 years 2 months 12 days	4 years 4 months 24 days
Multifamily Property Debt Due 2032 \| Facility
Debt Instrument [Line Items]
Outstanding face amount	$ 63,500	$ 63,500
Carrying value	$ 63,500	$ 63,500
Weighted average interest rate	8.84%	8.84%
Weighted average life (years)	7 months 6 days	10 months 24 days
Multifamily Property Debt Due 2032 \| Collateral
Debt Instrument [Line Items]
Collateral amortized cost basis	$ 59,320	$ 61,854
Collateral carrying value	$ 59,320	$ 61,854
Collateral weighted average life (years)	7 months 6 days	10 months 24 days
The 7.50 Percent Senior Notes Due 2025 \| Facility \| Unsecured Financing
Debt Instrument [Line Items]
Outstanding face amount	$ 36,500	$ 36,500
Carrying value	$ 35,936	$ 35,852
Weighted average interest rate	7.50%	7.50%
Weighted average life (years)	1 year 7 months 6 days	1 year 9 months 18 days
The 5.75 Percent Senior Notes Due 2026 \| Facility \| Unsecured Financing
Debt Instrument [Line Items]
Outstanding face amount	$ 180,000	$ 180,000
Carrying value	$ 177,413	$ 177,131
Weighted average interest rate	5.75%	5.75%
Weighted average life (years)	2 years 1 month 6 days	2 years 3 months 18 days
The 7.50 Percent Senior Notes Due 2027 \| Facility \| Unsecured Financing
Debt Instrument [Line Items]
Outstanding face amount	$ 6,500	$ 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 7 months 6 days	3 years 9 months 18 days

Debt - Additional Information (

Debt - Additional Information (Details)	Feb. 29, 2024	Nov. 15, 2023 USD ($)	Jul. 12, 2019 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Feb. 11, 2020 USD ($)
Debt Instrument [Line Items]
Secured financing agreements, net				$ 182,598,000	$ 649,558,000
Percentage of par value	0.902
Credit Facility \| Freddie Mac
Debt Instrument [Line Items]
Proceeds from Long-Term Lines of Credit			$ 788,800,000
Credit facility, remaining borrowing capacity			$ 0
Secured financing agreements, net						$ 788,800,000
The Third 5.75 Percent Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage		5.75%
Outstanding face amount		$ 15,000,000
Percentage of par value		0.920
Principal borrowings		$ 13,600,000

Debt - Schedule of Outstanding

Debt - Schedule of Outstanding Principal Balances Related to SFR Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 182,598	$ 649,558
Senior loan \| Single Family Rental
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 123,346
Interest Rate	2.69%
Senior loan \| Single Family Rental \| Debt Instrument One
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 31,416
Interest Rate	2.14%
Senior loan \| Single Family Rental \| Debt Instrument Two
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 33,565
Interest Rate	2.70%
Senior loan \| Single Family Rental \| Debt Instrument Three
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 9,156
Interest Rate	2.79%
Senior loan \| Single Family Rental \| Debt Instrument Four
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 9,284
Interest Rate	2.45%
Senior loan \| Single Family Rental \| Debt Instrument Five
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 7,408
Interest Rate	3.51%
Senior loan \| Single Family Rental \| Debt Instrument Six
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 8,720
Interest Rate	3.30%
Senior loan \| Single Family Rental \| Debt Instrument Seven
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 7,848
Interest Rate	3.14%
Senior loan \| Single Family Rental \| Debt Instrument Eight
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 5,823
Interest Rate	2.99%
Senior loan \| Single Family Rental \| Debt Instrument Nine
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 5,223
Interest Rate	3.14%
Senior loan \| Single Family Rental \| Debt Instrument Ten
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 4,903
Interest Rate	2.64%
Senior loan \| Multifamily \| Mezzanine Loans
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 59,252
Interest Rate	0.30%
Senior loan \| Multifamily \| Debt Instrument One \| Mezzanine Loans \| Wilmington, DE
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 8,723
Interest Rate	0.30%
Senior loan \| Multifamily \| Debt Instrument Two \| Mezzanine Loans \| White Marsh, MD
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 7,344
Interest Rate	0.30%
Senior loan \| Multifamily \| Debt Instrument Three \| Mezzanine Loans \| Philadelphia, PA
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 6,353
Interest Rate	0.30%
Senior loan \| Multifamily \| Debt Instrument Four \| Mezzanine Loans \| Daytona Beach, FL
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 5,881
Interest Rate	0.30%
Senior loan \| Multifamily \| Debt Instrument Five \| Mezzanine Loans \| Laurel, MD
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 4,523
Interest Rate	0.30%
Senior loan \| Multifamily \| Debt Instrument Six \| Mezzanine Loans \| Temple Hills, MD
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 4,179
Interest Rate	0.30%
Senior loan \| Multifamily \| Debt Instrument Seven \| Mezzanine Loans \| Temple Hills, MD
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 3,390
Interest Rate	0.30%
Senior loan \| Multifamily \| Debt Instrument Eight \| Mezzanine Loans \| Lakewood, NJ
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 3,348
Interest Rate	0.30%
Senior loan \| Multifamily \| Debt Instrument Nine \| Mezzanine Loans \| North Aurora, IL
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 2,454
Interest Rate	0.30%
Senior loan \| Multifamily \| Debt Instrument Ten \| Mezzanine Loans \| Rosedale, MD
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 2,264
Interest Rate	0.30%
Senior loan \| Multifamily \| Debt Instrument Eleven \| Mezzanine Loans \| Cockeysville, MD
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 2,215
Interest Rate	0.30%
Senior loan \| Multifamily \| Debt Instrument Twelve \| Mezzanine Loans \| Laurel, MD
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 2,026
Interest Rate	0.30%
Senior loan \| Multifamily \| Debt Instrument Thirteen \| Mezzanine Loans \| Vancouver, WA
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 1,836
Interest Rate	0.30%
Senior loan \| Multifamily \| Debt Instrument Fourteen \| Mezzanine Loans \| Tyler, TX
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 1,763
Interest Rate	0.30%
Senior loan \| Multifamily \| Debt Instrument Fifteen \| Mezzanine Loans \| Las Vegas, NV
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 1,307
Interest Rate	0.30%
Senior loan \| Multifamily \| Debt Instrument Sixteen \| Mezzanine Loans \| Atlanta, GA
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 918
Interest Rate	0.30%
Senior loan \| Multifamily \| Debt Instrument Seventeen \| Mezzanine Loans \| Des Moines, IA
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 728
Interest Rate	0.30%

Debt - Activity Related to Carr

Debt - Activity Related to Carrying Value of Secured Financing Agreements and Master Repurchase Agreements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Line Of Credit Facility [Roll Forward]
Amortization of deferred financing costs	$ 12	$ 11
Ending balance	843,318
Secured Financing Agreements and Master Repurchase Agreements
Line Of Credit Facility [Roll Forward]
Beginning balance	1,268,212	1,345,101
Principal borrowings	57,425	26,801
Principal repayments	(486,159)	(7,827)
Principal repayments on mortgages payable	(61)	0
Accretion of discounts	(366)	(216)
Amortization of deferred financing costs	12	11
Ending balance	839,795	1,275,290
Assumption of Debt	$ 0	$ (89,012)

Debt - Summary of Aggregate Sch

Debt - Summary of Aggregate Scheduled Maturities of Total Debt (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Debt Instrument [Line Items]
2024	$ 405,240
2025	67,916
2026	189,284
2027	6,500
2028	109,243
Thereafter	65,135
Long-Term Debt, Total	843,318
Recourse
Debt Instrument [Line Items]
2024	63,500
2025	36,500
2026	180,000
2027	6,500
2028	32,480
Thereafter	0
Long-Term Debt, Total	318,980
Non-recourse
Debt Instrument [Line Items]
2024	341,740
2025	31,416
2026	9,284
2027	0
2028	76,763
Thereafter	65,135
Long-Term Debt, Total	$ 524,338

Fair Value of Financial Instr_3

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	Mar. 31, 2024	Dec. 31, 2023
Assets
Common stock investments	$ 60,658	$ 61,529
CMBS Structured Pass Through Certificates
Assets
Debt securities, trading	39,334	41,212
MSCR Notes
Assets
Debt securities, trading	10,363	10,378
Collateralized Mortgage Backed Securities
Assets
Debt securities, trading	68,026	38,270
Recurring
Assets
Cash and cash equivalents	13,483	13,824
Restricted cash	5,804	2,825
Loans receivable, fair value disclosure	402,806	337,110
Accrued interest	25,271	22,033
Accounts receivable and other assets	4,097	4,312
Due from brokers for securities sold, not yet settled	908
Assets, fair value disclosure	6,966,799	6,887,898
Liabilities
Secured financing agreements, net	188,107	666,423
Master repurchase agreements	341,740	303,514
Unsecured notes, net	200,654	199,859
Mortgages payable, net	91,071	95,470
Accounts payable and other accrued liabilities	10,270	6,428
Accrued interest payable	12,695	8,209
Financial and nonfinancial liabilities, fair value disclosure	6,618,554	6,569,900
Recurring \| Preferred Stock
Assets
Common stock investments	18,346	14,776
Recurring \| Common Stock
Assets
Common stock investments	60,658	61,529
Recurring \| Mortgages
Assets
Loans receivable, fair value disclosure	135,628	663,866
Recurring \| CMBS Structured Pass Through Certificates
Assets
Debt securities, trading	39,334	41,212
Recurring \| MSCR Notes
Assets
Debt securities, trading	10,363	10,378
Recurring \| Collateralized Mortgage Backed Securities
Assets
Debt securities, trading	68,026	38,270
Recurring \| Variable Interest Entity, Primary Beneficiary
Liabilities
Bonds payable held in variable interest entities, at fair value	5,774,017	5,289,997
Recurring \| Variable Interest Entity, Primary Beneficiary \| Mortgages
Assets
Loans receivable, fair value disclosure	6,182,075	5,677,763
Recurring \| Level 1
Assets
Cash and cash equivalents	13,483	13,824
Restricted cash	5,804	2,825
Loans receivable, fair value disclosure	0	0
Accrued interest	25,271	22,033
Accounts receivable and other assets	1,742	1,560
Due from brokers for securities sold, not yet settled	0
Assets, fair value disclosure	46,300	40,242
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	10,270	6,428
Accrued interest payable	12,695	8,209
Financial and nonfinancial liabilities, fair value disclosure	22,965	14,637
Recurring \| Level 1 \| Preferred Stock
Assets
Common stock investments	0	0
Recurring \| Level 1 \| Common Stock
Assets
Common stock investments	0	0
Recurring \| Level 1 \| Mortgages
Assets
Loans receivable, fair value disclosure	0	0
Recurring \| Level 1 \| CMBS Structured Pass Through Certificates
Assets
Debt securities, trading	0	0
Recurring \| Level 1 \| MSCR Notes
Assets
Debt securities, trading	0	0
Recurring \| Level 1 \| Collateralized Mortgage Backed Securities
Assets
Debt securities, trading	0	0
Recurring \| Level 1 \| Variable Interest Entity, Primary Beneficiary
Liabilities
Bonds payable held in variable interest entities, at fair value	0	0
Recurring \| Level 1 \| Variable Interest Entity, Primary Beneficiary \| Mortgages
Assets
Loans receivable, fair value disclosure	0	0
Recurring \| Level 2
Assets
Cash and cash equivalents	0	0
Restricted cash	0	0
Loans receivable, fair value disclosure	0	0
Accrued interest	0	0
Accounts receivable and other assets	2,355	2,752
Due from brokers for securities sold, not yet settled	908
Assets, fair value disclosure	6,303,061	5,770,375
Liabilities
Secured financing agreements, net	0	0
Master repurchase agreements	0	0
Unsecured notes, net	200,654	199,859
Mortgages payable, net	0	0
Accounts payable and other accrued liabilities	0	0
Accrued interest payable	0	0
Financial and nonfinancial liabilities, fair value disclosure	5,974,671	5,489,856
Recurring \| Level 2 \| Preferred Stock
Assets
Common stock investments	0	0
Recurring \| Level 2 \| Common Stock
Assets
Common stock investments	0	0
Recurring \| Level 2 \| Mortgages
Assets
Loans receivable, fair value disclosure	0	0
Recurring \| Level 2 \| CMBS Structured Pass Through Certificates
Assets
Debt securities, trading	39,334	41,212
Recurring \| Level 2 \| MSCR Notes
Assets
Debt securities, trading	10,363	10,378
Recurring \| Level 2 \| Collateralized Mortgage Backed Securities
Assets
Debt securities, trading	68,026	38,270
Recurring \| Level 2 \| Variable Interest Entity, Primary Beneficiary
Liabilities
Bonds payable held in variable interest entities, at fair value	5,774,017	5,289,997
Recurring \| Level 2 \| Variable Interest Entity, Primary Beneficiary \| Mortgages
Assets
Loans receivable, fair value disclosure	6,182,075	5,677,763
Recurring \| Level 3
Assets
Cash and cash equivalents	0	0
Restricted cash	0	0
Loans receivable, fair value disclosure	402,806	337,110
Accrued interest	0	0
Accounts receivable and other assets	0	0
Due from brokers for securities sold, not yet settled	0
Assets, fair value disclosure	617,438	1,077,281
Liabilities
Secured financing agreements, net	188,107	666,423
Master repurchase agreements	341,740	303,514
Unsecured notes, net	0	0
Mortgages payable, net	91,071	95,470
Accounts payable and other accrued liabilities	0	0
Accrued interest payable	0	0
Financial and nonfinancial liabilities, fair value disclosure	620,918	1,065,407
Recurring \| Level 3 \| Preferred Stock
Assets
Common stock investments	18,346	14,776
Recurring \| Level 3 \| Common Stock
Assets
Common stock investments	60,658	61,529
Recurring \| Level 3 \| Mortgages
Assets
Loans receivable, fair value disclosure	135,628	663,866
Recurring \| Level 3 \| CMBS Structured Pass Through Certificates
Assets
Debt securities, trading	0	0
Recurring \| Level 3 \| MSCR Notes
Assets
Debt securities, trading	0	0
Recurring \| Level 3 \| Collateralized Mortgage Backed Securities
Assets
Debt securities, trading	0	0
Recurring \| Level 3 \| Variable Interest Entity, Primary Beneficiary
Liabilities
Bonds payable held in variable interest entities, at fair value	0	0
Recurring \| Level 3 \| Variable Interest Entity, Primary Beneficiary \| Mortgages
Assets
Loans receivable, fair value disclosure	0	0
Carrying Value \| Recurring
Assets
Cash and cash equivalents	13,483	13,824
Restricted cash	5,804	2,825
Loans receivable, fair value disclosure	391,591	328,460
Accrued interest	25,271	22,033
Accounts receivable and other assets	4,097	4,312
Due from brokers for securities sold, not yet settled	908
Assets, fair value disclosure	6,960,521	6,891,802
Liabilities
Secured financing agreements, net	182,598	649,558
Master repurchase agreements	341,740	303,514
Unsecured notes, net	219,849	219,483
Mortgages payable, net	95,608	95,657
Accounts payable and other accrued liabilities	10,270	6,428
Accrued interest payable	12,695	8,209
Financial and nonfinancial liabilities, fair value disclosure	6,636,777	6,572,846
Carrying Value \| Recurring \| Preferred Stock
Assets
Common stock investments	18,346	14,776
Carrying Value \| Recurring \| Common Stock
Assets
Common stock investments	60,658	61,529
Carrying Value \| Recurring \| Mortgages
Assets
Loans receivable, fair value disclosure	140,565	676,420
Carrying Value \| Recurring \| CMBS Structured Pass Through Certificates
Assets
Debt securities, trading	39,334	41,212
Carrying Value \| Recurring \| MSCR Notes
Assets
Debt securities, trading	10,363	10,378
Carrying Value \| Recurring \| Collateralized Mortgage Backed Securities
Assets
Debt securities, trading	68,026	38,270
Carrying Value \| Recurring \| Variable Interest Entity, Primary Beneficiary
Liabilities
Bonds payable held in variable interest entities, at fair value	5,774,017	5,289,997
Carrying Value \| Recurring \| Variable Interest Entity, Primary Beneficiary \| Mortgages
Assets
Loans receivable, fair value disclosure	$ 6,182,075	$ 5,677,763

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Significant Unobservable Inputs of Level 3 Assets (Details) $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 60,658	$ 61,529
Discounted cash flow \| Level 3 \| NexPoint Storage Partners
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	33,764
Discounted cash flow \| Level 3 \| IQHQ Inc.
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	18,346
Market approach \| Level 3 \| Private REIT
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 26,894
Terminal cap rate \| Discounted cash flow \| Level 3 \| Minimum \| NexPoint Storage Partners
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0500
Terminal cap rate \| Discounted cash flow \| Level 3 \| Maximum \| NexPoint Storage Partners
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0550
Terminal cap rate \| Discounted cash flow \| Level 3 \| Weighted Average \| NexPoint Storage Partners
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0525
Discount rate \| Discounted cash flow \| Level 3 \| Minimum \| NexPoint Storage Partners
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0775
Discount rate \| Discounted cash flow \| Level 3 \| Minimum \| IQHQ Inc.
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.1100
Discount rate \| Discounted cash flow \| Level 3 \| Maximum \| NexPoint Storage Partners
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0975
Discount rate \| Discounted cash flow \| Level 3 \| Maximum \| IQHQ Inc.
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.1200
Discount rate \| Discounted cash flow \| Level 3 \| Weighted Average \| NexPoint Storage Partners
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0875
Discount rate \| Discounted cash flow \| Level 3 \| Weighted Average \| IQHQ Inc.
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.1150
NAV per share multiple \| Market approach \| Level 3 \| Minimum \| Private REIT
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1
NAV per share multiple \| Market approach \| Level 3 \| Maximum \| Private REIT
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1.1
NAV per share multiple \| Market approach \| Level 3 \| Weighted Average \| Private REIT
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0105

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Changes in Level 3 Assets (Details) - Equity Securities $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
NexPoint Storage Partners
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 33,129
Additions	0
Change in Unrealized Gains/(Losses)	635
Ending balance	33,764
Private REIT
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	28,400
Additions	0
Change in Unrealized Gains/(Losses)	(1,506)
Ending balance	26,894
IQHQ Inc.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	14,776
Additions	3,506
Change in Unrealized Gains/(Losses)	64
Ending balance	$ 18,346

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details)																			3 Months Ended		12 Months Ended	24 Months Ended	25 Months Ended
Stockholders' Equity - Additional Information (Details)	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 13, 2024 shares	Jan. 26, 2024 shares	Dec. 31, 2023 $ / shares shares	Nov. 09, 2023	Nov. 02, 2023 $ / shares shares	Apr. 04, 2023 shares	Feb. 21, 2022 shares	Nov. 08, 2021 shares	Apr. 01, 2021 USD ($) $ / shares shares	Mar. 03, 2021 shares	Feb. 22, 2021 shares	Nov. 02, 2020 shares	Jul. 24, 2020 USD ($) $ / shares shares	Jun. 24, 2020 shares	May 08, 2020 shares	Mar. 09, 2020 USD ($)	Jan. 31, 2020 shares	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) shares	Dec. 31, 2023 $ / shares shares	Mar. 09, 2022 USD ($) $ / shares shares	Mar. 31, 2024 USD ($) $ / shares shares	Feb. 22, 2023 USD ($)	Dec. 31, 2022 shares	Mar. 15, 2022 USD ($)	Sep. 08, 2021 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, par value per share (in dollars per share) \| $ / shares	$ 0.01			$ 0.01															$ 0.01		$ 0.01		$ 0.01
Common stock, issued (in shares)	17,593,244			17,518,900															17,593,244		17,518,900		17,593,244
Common stock, outstanding (in shares)	17,306,257			17,231,913															17,306,257		17,231,913		17,306,257
Preferred stock, dividend rate, percentage					10.50%
Proceeds from the issuance of Series B preferred stock through public offering, net of offering costs \| $																			$ 27,491,000	$ 0
Stock repurchase program, authorized amount \| $																	$ 10,000,000							$ 20,000,000
Stock repurchase program, period in force																	2 years
Treasury stock shares acquired (in shares)																						327,422
Repurchase of common stock \| $																						$ 4,800,000
Treasury stock acquired, average cost per share (in dollars per share) \| $ / shares																						$ 14.61
Treasury stock, shares retired (in shares)											40,435
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															8,748,735
Treasury stock, common (in shares)	286,987			286,987							286,987								286,987		286,987		286,987
Dealer Manager \| NexPoint Securities
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Proceeds from the issuance of Series B preferred stock through public offering, net of offering costs \| $																			$ 40,900,000
Payment of Commissions and Dealer Manager Fees \| $																			$ 3,600,000
Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting of stock-based compensation (in shares)																			74,344	104,288
Common stock, outstanding (in shares)	17,306,257			17,231,913															17,306,257	17,184,231	17,231,913		17,306,257		17,079,943
NREF OP IV REIT
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Sale of stock, number of shares issued (in shares)										125
Sale of stock, consideration received on transaction \| $										$ 100,000
Sale of stock, price per share (in dollars per share) \| $ / shares										$ 1,000
Preferred units, distribution per year rate										0.120
Preferred units, purchase price (in dollars per share) \| $ / shares										$ 1,000
Preferred units, redemption value per share (in dollars per share) \| $ / shares										$ 1,000
At-the-market Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Equity distribution agreements, maximum aggregate sales price \| $																										$ 100,000,000
The 2022 At The Market Program (ATM)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock (in shares)																							531,728
Payments of stock issuance costs \| $																							$ 888,249
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)																			465,316
Restricted stock unit awards \| $	$ 9,800,000																		$ 9,800,000				$ 9,800,000
Weighted average vesting period																			1 year 3 months 18 days
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)			2,308,000															1,319,734
2020 LTIP \| Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period																			4 years
2020 LTIP \| Restricted Stock Units (RSUs) \| Director
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)		22,650					21,370	12,464				11,832				14,739
2020 LTIP \| Restricted Stock Units (RSUs) \| Officers and Other Employees
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)		442,666					418,685	264,476				220,352			274,274
2020 LTIP \| Restricted Stock Units (RSUs) \| General Partner of Subsidiary
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)									1,201			1,201	1,838
2020 LTIP \| Minimum \| Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period																			3 years
2020 LTIP \| Maximum \| Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period																			5 years
Series A Preferred Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock (in shares)														2,000,000
Underwriting discount and commission expenses \| $														$ 1,200,000
Payments of stock issuance costs \| $														$ 800,000
Preferred stock, dividend rate, percentage														8.50%
Preferred stock, redemption price per share (in dollars per share) \| $ / shares														$ 24
Proceeds from the issuance of Series B preferred stock through public offering, net of offering costs \| $														$ 48,000,000
Preferred stock, liquidation preference per share (in dollars per share) \| $ / shares														$ 25
Series B Preferred Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock (in shares)						16,000,000
Preferred stock, dividend rate, percentage						9%
Preferred stock, redemption price per share (in dollars per share) \| $ / shares						$ 25
Preferred stock, liquidation preference per share (in dollars per share) \| $ / shares						$ 25
Sale of stock, number of shares issued (in shares)																					16,000,000
Series B Preferred Stock \| Dealer Manager
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock (in shares)																			1,657,700
Series B Preferred Stock \| Dealer Manager \| NexPoint Securities
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Sale of stock, number of shares issued (in shares)																					16,000,000

Stockholders' Equity - Number o

Stockholders' Equity - Number of Restricted Stock Units Granted, Vested, Forfeited and Outstanding (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of Units
Outstanding, beginning balance (in shares) \| shares	771,671
Granted (in shares) \| shares	465,316
Vested (in shares) \| shares	(120,640)
Forfeited (in shares) \| shares	0
Outstanding, ending balance (in shares) \| shares	1,116,347
Weighted Average Grant Date Fair Value
Outstanding, Weighted Average Grant Date Fair Value, beginning balance (in dollars per share) \| $ / shares	$ 16.70
Granted, Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares	14.66
Vested, Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares	19.89
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares	0
Outstanding, Weighted Average Grant Date Fair Value, ending balance (in dollars per share) \| $ / shares	$ 15.51

Stockholders' Equity - Vesting

Stockholders' Equity - Vesting Schedule (Details) - Restricted Stock Units (RSUs) - shares	Mar. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Nonvested restricted stock units (in shares)	1,116,347	771,671
Share-Based Payment Arrangement, Vesting in February
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
2024 (in shares)	0
2025 (in shares)	116,998
2026 (in shares)	54,893
2027 (in shares)	0
2028 (in shares)	0
Nonvested restricted stock units (in shares)	171,891
Share-Based Payment Arrangement, Vesting in March
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
2024 (in shares)	0
2025 (in shares)	133,321
2026 (in shares)	110,667
2027 (in shares)	110,665
2028 (in shares)	110,663
Nonvested restricted stock units (in shares)	465,316
Share-Based Payment Arrangement, Vesting In 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
2028 (in shares)	0
Nonvested restricted stock units (in shares)	410,576
Share-Based Payment Arrangement, Vesting in 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
2028 (in shares)	0
Nonvested restricted stock units (in shares)	68,564
Share-Based Payment Arrangement, Vesting in February Through May
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
2024 (in shares)	194,606
2025 (in shares)	352,520
2026 (in shares)	256,726
2027 (in shares)	201,832
2028 (in shares)	110,663
Nonvested restricted stock units (in shares)	1,116,347

Stockholders' Equity - Summary

Stockholders' Equity - Summary of ATM Program Sales (Details) - The 2022 At The Market Program (ATM)	25 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Gross Proceeds	$ 12,575,493
Shares of common stock issued (in shares) \| shares	531,728
Gross Average Sale Price per Share of Common Stock (in usd per share) \| $ / shares	$ 23.65
Sales Commissions	$ 188,655
Offering Costs	888,249
Net Proceeds	$ 11,498,589
Average Price Per Share, net (in usd per share) \| $ / shares	$ 21.62

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net loss attributable to common stockholders		$ (14,286)	$ 6,567
Earnings for basic computations
Net income (loss) attributable to redeemable noncontrolling interests		(1,894)	1,937
Net income for diluted computations		$ (16,180)	$ 8,504
Weighted-average common shares outstanding
Average number of common shares outstanding - basic (in shares)		17,264	17,118
Average number of unvested restricted stock units (in shares)		740	522
Average number of OP Units and SubOP Units (in shares)		5,038	5,038
Average number of common shares from assumed conversion of Series B Preferred Stock (in shares)		1,820	0
Average number of common shares outstanding - diluted (in shares)		24,862	22,678
Earnings per weighted average common share:
Earnings (loss) per share outstanding - basic (in dollars per share)		$ (0.83)	$ 0.38
Earnings (loss) per share outstanding - diluted (in dollars per share)	[1]	$ (0.83)	$ 0.37

[1] Diluted earnings per share ("EPS") calculations were higher than basic EPS and thus anti-dilutive for the quarter ended March 31, 2024. As such, the Company is presenting diluted EPS as equal to basic EPS.

Noncontrolling Interests - Rede

Noncontrolling Interests - Redeemable Noncontrolling Interests in the OP (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	$ 89,471	$ 96,501
Adjustment to redeemable noncontrolling interest in the OP on deconsolidation of real estate	0	297
Net loss attributable to redeemable noncontrolling interests in the OP	(1,894)	1,937
Redemption of redeemable noncontrolling interests in the OP	0	0
Distributions to redeemable noncontrolling interests in the OP	(2,519)	(3,023)
Ending balance	$ 85,058	$ 95,712

Noncontrolling Interests - Cons

Noncontrolling Interests - Consolidated Common Shares (Details) - shares	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Common stock, outstanding (in shares)	17,306,257	17,231,913
Combined outstanding (in shares)	22,344,639
Common Stock
Noncontrolling Interest [Line Items]
Common stock, outstanding (in shares)	17,306,257	17,231,913	17,184,231	17,079,943
OP Units \| Noncontrolling interest
Noncontrolling Interest [Line Items]
Partners' capital account units (in shares)	5,038,382

Related Party Transactions (Det

Related Party Transactions (Details)																		3 Months Ended		12 Months Ended	14 Months Ended
Related Party Transactions (Details)	Mar. 31, 2024 USD ($) shares	Mar. 13, 2024 shares	Mar. 01, 2024 USD ($)	Feb. 29, 2024 USD ($)	Dec. 31, 2023 USD ($) shares	Nov. 02, 2023 $ / shares shares	Apr. 04, 2023 shares	Jan. 01, 2023 USD ($)	Feb. 21, 2022 shares	Feb. 01, 2022 USD ($) unit	Nov. 08, 2021 shares	Feb. 22, 2021 shares	Nov. 02, 2020 shares	Jul. 24, 2020 USD ($) $ / shares shares	Jun. 24, 2020 shares	May 29, 2020 USD ($) $ / shares shares	May 08, 2020 shares	Mar. 31, 2024 USD ($) shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) shares	Mar. 01, 2024 USD ($)	Mar. 28, 2024 USD ($)	Dec. 08, 2023 USD ($)	Feb. 15, 2023 USD ($)	Dec. 08, 2022 USD ($)	Oct. 18, 2022 USD ($)	Jul. 26, 2022 USD ($)	Sep. 08, 2021 shares
Related Party Transaction [Line Items]
Payment for management fee																		$ 0
Proceeds from the issuance of Series B preferred stock through public offering, net of offering costs																		$ 27,491,000	$ 0
Percentage of par value				0.902
Stock issuance agreement, number of shares (in shares) \| shares																												13,758,906
Conversion of redeemable noncontrolling interests in the OP (in shares) \| shares	8,748,735				8,748,735													8,748,735
Management fees																		$ 835,000	828,000
Preferred equity method investments	$ 10,300,000																	10,300,000									$ 65,300,000
Payments to acquire real estate																		253,000	58,000
Number of units in multifamily property \| unit										368
Common equity interests transferred								$ 54,000
Preferred equity method investment, guaranteed payment								$ 115,300,000
Gain on deconsolidation of variable interest entity																		0	$ 1,490,000	$ 1,500,000
Purchase of principal amount of tranche				$ 49,200,000
Investment pays a fixed coupon				6.90%
Secured debt, repurchase agreements			$ 35,800,000																		$ 35,800,000
Las Vegas, NV
Related Party Transaction [Line Items]
Number of units in multifamily property \| unit										368
Elysian at Hughes Center
Related Party Transaction [Line Items]
Payments to acquire real estate										$ 184,100,000
Facility
Related Party Transaction [Line Items]
Outstanding face amount	$ 843,318,000				$ 1,271,938,000													$ 843,318,000		$ 1,271,938,000
Weighted average interest rate	5.90%				4.55%													5.90%		4.55%
Restricted Stock Units (RSUs)
Related Party Transaction [Line Items]
Granted (in shares) \| shares																		465,316
Director \| Restricted Stock Units (RSUs) \| 2020 LTIP
Related Party Transaction [Line Items]
Granted (in shares) \| shares		22,650					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) \| shares		442,666					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) \| shares											1,201	1,201	1,838
Directors, Officers and Certain Key Employees \| Restricted Stock Units (RSUs) \| 2020 LTIP
Related Party Transaction [Line Items]
Granted (in shares) \| shares									12,464			233,385
The 5.75 Percent Senior Notes Due 2026 \| Unsecured Financing \| Facility
Related Party Transaction [Line Items]
Outstanding face amount	$ 180,000,000				$ 180,000,000													$ 180,000,000		$ 180,000,000
Weighted average interest rate	5.75%				5.75%													5.75%		5.75%
The 7.50 Percent Senior Notes Due 2027 \| Unsecured Financing \| Facility
Related Party Transaction [Line Items]
Outstanding face amount	$ 6,500,000				$ 6,500,000													$ 6,500,000		$ 6,500,000						$ 6,500,000
Weighted average interest rate	7.50%				7.50%													7.50%		7.50%						7.50%
Class A CMBS
Related Party Transaction [Line Items]
Average rate paid			1%
Class E1 CMBS
Related Party Transaction [Line Items]
Average rate paid			1.60%
Class E2 CMBS
Related Party Transaction [Line Items]
Average rate paid			1.60%
SFR OP Note
Related Party Transaction [Line Items]
Outstanding face amount																						$ 500,000
Interest rate, stated percentage																						12.50%
REIT Sub and the Co-Guarantors
Related Party Transaction [Line Items]
Guarantor obligations, current carrying value																								$ 49,200,000	$ 64,200,000
Guarantor obligations, maximum exposure																									$ 97,600,000
Paid down value																							$ 49,200,000	$ 15,000,000
Accrued dividends	$ 7,300,000																	$ 7,300,000
Severable liability percentage	85.90%																	85.90%
Series A Preferred Stock
Related Party Transaction [Line Items]
Issuance of common stock (in shares) \| shares														2,000,000
Proceeds from the issuance of Series B preferred stock through public offering, net of offering costs														$ 48,000,000
Preferred stock, liquidation preference per share (in dollars per share) \| $ / shares														$ 25
Redeemable Preferred Stock
Related Party Transaction [Line Items]
Stock redeemed during the period																		$ 54,000,000
Series B Preferred Stock
Related Party Transaction [Line Items]
Issuance of common stock (in shares) \| shares						16,000,000
Preferred stock, liquidation preference per share (in dollars per share) \| $ / shares						$ 25
Sale of stock, number of shares issued (in shares) \| shares																				16,000,000
Series B Preferred Stock \| NexPoint Securities
Related Party Transaction [Line Items]
Selling commissions (as a percent)						7%
Dealer manager fee (as a percent)						3%
NexPoint Real Estate Advisors VII, L.P.
Related Party Transaction [Line Items]
Percentage of annual advisory paid monthly																		0.015
NexPoint Real Estate Advisors VII, L.P. \| Maximum
Related Party Transaction [Line Items]
Percentage of direct payment of operating expense																		0.025
Buffalo Pointe \| Contribution Agreement
Related Party Transaction [Line Items]
Percentage of occupancy of multifamily property	0.920																	0.920
Percentage of preferred equity investment current interest rate																		0.065
Percentage of preferred equity investment deferred interest rate																		0.045
Percentage of loan to value																		0.829
Buffalo Pointe \| NexPoint Real Estate Finance Operating Partnership, L.P. \| Contribution Agreement
Related Party Transaction [Line Items]
Payments of distributions to affiliates																$ 10,000,000					$ 2,400,000
Partners' capital account, total sale of units (in shares) \| shares																564,334
Book value of common stock per share (in dollars per share) \| $ / shares																$ 17.72
Conversion ratio																1
Dealer Manager \| NexPoint Securities
Related Party Transaction [Line Items]
Proceeds from the issuance of Series B preferred stock through public offering, net of offering costs																		$ 40,900,000
Payment to dealer manager																		2,600,000
Payment of selling commission																		$ 1,000,000
Dealer Manager \| Series B Preferred Stock
Related Party Transaction [Line Items]
Issuance of common stock (in shares) \| shares																		1,657,700
Dealer Manager \| Series B Preferred Stock \| NexPoint Securities
Related Party Transaction [Line Items]
Sale of stock, number of shares issued (in shares) \| shares																				16,000,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)			3 Months Ended	11 Months Ended
	Mar. 14, 2023 USD ($)	Sep. 29, 2021 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jan. 26, 2024 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
Preferred units, extension term			1 year
Preferred units, distribution rate		0.100
Preferred equity method investments			$ 10,300,000				$ 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
Phoenix, AZ
Other Commitments [Line Items]
Preferred equity method investments	$ 24,000,000
Preferred equity method investments, unfunded	$ 16,900,000
Multifamily Property \| Forney, Texas
Other Commitments [Line Items]
Purchase of common equity, purchase amount						$ 4,300,000
Purchase of common equity, amount unfunded				$ 1,300,000
Multifamily Property \| Richmond, Virginia
Other Commitments [Line Items]
Purchase of preferred equity, purchase amount						30,300,000
Purchase of preferred equity, amount unfunded				6,100,000
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
IQHQ-Alewife Holdings, LLC
Other Commitments [Line Items]
Guarantor obligations, maximum exposure					$ 218,000,000
Guarantor obligations, current carrying value			$ 164,700,000		$ 208,000,000
Unstabilized Special Purpose Limited Liability Company
Other Commitments [Line Items]
Preferred equity, invested capital ratio			1.25
Stabilized Special Purpose Limited Liability Company
Other Commitments [Line Items]
Preferred equity, invested capital ratio			1.10

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Purchase Commitments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Commitments [Line Items]
Purchase commitment, unfunded amount	$ 190,836	$ 41,566
Mezzanine Loan
Other Commitments [Line Items]
Purchase commitment, unfunded amount	164,717	0
Preferred Equity
Other Commitments [Line Items]
Purchase commitment, unfunded amount	21,519	34,966
Common Equity
Other Commitments [Line Items]
Purchase commitment, unfunded amount	$ 4,600	$ 6,600

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Millions

3 Months Ended

May 01, 2024 USD ($)

Apr. 30, 2024 USD ($)

Apr. 29, 2024 USD ($) extension $ / shares

Apr. 26, 2024 USD ($)

Apr. 19, 2024 USD ($)

Apr. 18, 2024 $ / shares

Feb. 29, 2024

Mar. 31, 2024 $ / shares

Mar. 31, 2023 $ / shares

May 13, 2024 USD ($)

May 10, 2024 USD ($)

May 09, 2024 USD ($)

Apr. 24, 2024 USD ($)

Apr. 12, 2024 USD ($)

Sep. 29, 2021 USD ($)

Subsequent Event [Line Items]

Purchase of preferred equity, purchase amount

$ 50

Percentage of par value

0.902

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

$ 0.5313

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

$ 0.5000

$ 0.6850

Subsequent Event

Subsequent Event [Line Items]

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

$ 0.1875

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

$ 0.50

Subsequent Event | FREMF 2024-K520 CMBS

Subsequent Event [Line Items]

Payments to acquire investments

$ 31.9

Investment, percentage of par

85.30%

Investment, percentage of total tranche

95%

Investment, fixed coupon rate (as a percent)

5.59%

Investment, all-In unlevered yield (as a percent)

9.50%

Subsequent Event | Promissory note, held-for-investment

Subsequent Event [Line Items]

Principal borrowings

$ 6.5

Outstanding face amount

$ 6.5

Interest rate, stated percentage

7.535%

Subsequent Event | Repurchase Agreement

Subsequent Event [Line Items]

Principal borrowings

$ 17.7

Subsequent Event | Repurchase Agreement | Secured Overnight Financing Rate (SOFR)

Subsequent Event [Line Items]

Debt instrument, basis spread on variable rate

Subsequent Event | Class A tranche VINEB 2024 SFR1 CMBS

Subsequent Event [Line Items]

Principal borrowings

$ 30

Percentage of par value

0.9316

Subsequent Event | Class G tranche STAR 2021-SFR1 G

Subsequent Event [Line Items]

Principal borrowings

$ 10.4

Percentage of par value

0.97

Subsequent Event | Alewife Holdings Funding

Subsequent Event [Line Items]

Outstanding face amount

$ 1.5

$ 3

$ 6

$ 10.3

$ 9

Subsequent Event | Raymond James Term Loan

Subsequent Event [Line Items]

Proceeds from debt

$ 20

Subsequent Event | The NexBank Loan

Subsequent Event [Line Items]

Debt instrument, basis spread on variable rate

8.25%

Proceeds from debt

$ 10

Number of extension options | extension

Extension period

364 days

Subsequent Event | The NexBank Loan | Secured Overnight Financing Rate (SOFR)

Subsequent Event [Line Items]

Debt instrument, basis spread on variable rate

4.20%

Subsequent Event | Alewife Loan

Subsequent Event [Line Items]

Loan funding percentage

Guarantor obligations, maximum exposure

$ 179

Uncategorized Items - nref-2024

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]