Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 14, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001356115 | |
Entity Registrant Name | NEXPOINT DIVERSIFIED REAL ESTATE TRUST | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-32921 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 80-0139099 | |
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 | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 37,171,807 | |
Series A Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 5.50% Series A Cumulative Preferred Shares, par value $0.001 per share ($25.00 liquidation preference per share) | |
Trading Symbol | NXDT-PA | |
Security Exchange Name | NYSE | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Shares, par value $0.001 per share | |
Trading Symbol | NXDT | |
Security Exchange Name | NYSE |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) | Sep. 30, 2022 USD ($) |
Assets: | |
Land | $ 47,708,000 |
Buildings and improvements | 161,695,000 |
Intangible lease assets | 10,979,000 |
Construction in progress | 43,973,000 |
Furniture, fixtures, and equipment | 354,000 |
Total Gross Operating Real Estate Investments | 264,709,000 |
Accumulated depreciation and amortization | (3,630,000) |
Total Net Operating Real Estate Investments | 261,079,000 |
Investments, at fair value | 704,475,000 |
Equity method investments | 141,373,000 |
Life insurance policies, at fair value | 66,150,000 |
Cash and cash equivalents | 29,211,000 |
Restricted cash | 34,487,000 |
Accounts receivable, net | 8,278,000 |
Prepaid and other assets | 6,172,000 |
Accrued interest and dividends | 3,653,000 |
TOTAL ASSETS | 1,254,878,000 |
Liabilities: | |
Mortgages payable, net | 144,913,000 |
Notes payable | 27,250,000 |
Prime brokerage borrowing | 10,059,000 |
Accounts payable and other accrued liabilities | 11,521,000 |
Accrued real estate taxes payable | 3,432,000 |
Accrued interest payable | 820,000 |
Security deposit liability | 449,000 |
Prepaid rents | 2,077,000 |
Intangible lease liabilities, net | 6,399,000 |
Due to affiliates | 901,000 |
Total Liabilities | 207,821,000 |
Net assets consist of: | |
Preferred shares, $0.001 par value: 4,800,000 shares authorized; 3,359,593 shares issued and outstanding | 3,000 |
Common shares, $0.001 par value: unlimited shares authorized; 37,171,807 shares issued and outstanding | 37,000 |
Additional paid-in capital | 998,465,000 |
Accumulated earnings less dividends | 48,552,000 |
Total Shareholders' Equity | 1,047,057,000 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,254,878,000 |
Consolidated Balance Sheet (U_2
Consolidated Balance Sheet (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized (in shares) | 4,800,000 | 4,800,000 | 4,800,000 | |
Preferred stock, shares issued (in shares) | 3,359,593 | 3,359,593 | 3,359,593 | |
Preferred stock, shares outstanding (in shares) | 3,359,593 | 3,359,593 | 3,359,593 | |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | |
Common stock, shares authorized | Unlimited | Unlimited | Unlimited | |
Common stock, shares issued (in shares) | 37,171,807 | 37,171,807 | 37,171,807 | |
Common stock, shares outstanding (in shares) | 37,171,807 | 37,171,807 | 37,171,807 | 37,080 |
Consolidated Statement of Asset
Consolidated Statement of Assets and Liabilities (Predecessor Basis) | 12 Months Ended | |
Dec. 31, 2021 USD ($) $ / shares shares | ||
Assets: | ||
Investments, at fair value | $ 1,041,985,000 | |
Cash and cash equivalents | 2,238,000 | |
Restricted cash - securities sold short | 440,000 | |
Foreign tax reclaim receivable | 1,250,000 | |
Receivable for: | ||
Due from custodian | 192,000 | |
Other assets | 277,000 | |
Company shares sold | 209,000 | |
Dividends and interest | 913,000 | |
Prepaid expenses and other assets | 510,000 | |
TOTAL ASSETS | 1,048,014,000 | |
Liabilities: | ||
Notes payable | 42,500,000 | |
Due to custodian | 110,000 | |
Securities sold short, at value | 430,000 | |
Due to broker | 9,188,000 | |
Payable for: | ||
Investment advisory fees | 1,005,000 | |
Interest expense and commitment fee | 63,000 | |
Accounting services fees | 72,000 | |
Accrued expenses and other liabilities | 186,000 | |
Total Liabilities | 53,554,000 | |
Mezzanine equity | ||
Series A cumulative preferred shares, net of deferred financing costs | (83,252,000) | |
Net assets applicable to common shares | 911,208,000 | |
Net assets consist of: | ||
Paid-in capital in excess of par | 913,920,000 | |
Total accumulated loss | (2,712,000) | |
Total Shareholders' Equity | 911,208,000 | |
Cash equivalents, at cost | 2,157,000 | |
Proceeds from securities sold short | 765,000 | |
Common Shares | ||
Net assets | $ 911,208,000 | |
Common stock, shares outstanding (in shares) | shares | 37,080 | |
Net asset value per share (net assets/shares outstanding) (in dollars per share) | $ / shares | $ 24.57 | |
Non-affiliated Entity [Member] | ||
Assets: | ||
Investments, at fair value | $ 169,884,000 | [1] |
Net assets consist of: | ||
Investments, at cost | 279,216,000 | |
Affiliated Entity [Member] | ||
Assets: | ||
Investments, at fair value | 872,101,000 | |
Net assets consist of: | ||
Investments, at cost | $ 828,659,000 | |
[1]includes fair value of securities on loan of $1,248 |
Consolidated Statement of Ass_2
Consolidated Statement of Assets and Liabilities (Predecessor Basis) (Parentheticals) | 3 Months Ended | 6 Months Ended | |
Jul. 01, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | |
Common stock, shares authorized | Unlimited | Unlimited | Unlimited |
Consolidated Statement of Opera
Consolidated Statement of Operations and Comprehensive Income (Loss) (Unaudited) shares in Thousands, $ in Thousands | 3 Months Ended |
Sep. 30, 2022 USD ($) $ / shares shares | |
Revenues | |
Rental income | $ 4,603 |
Interest and dividends | 36,142 |
Other income | 18 |
Total revenues | 40,763 |
Expenses | |
Property operating expenses | 1,756 |
Property management fees | 166 |
Real estate taxes and insurance | 1,502 |
Advisory and administrative fees | 2,939 |
Depreciation and amortization | 3,561 |
Total expenses | 12,720 |
Operating income | 28,043 |
Interest expense | (2,541) |
Equity in losses of unconsolidated ventures | (1,581) |
Tax expense | (7,516) |
Investments, unrealized gain (loss) | (78,238) |
Investments, realized gain (loss) | 2,846 |
Net loss | (58,987) |
Net income attributable to preferred shareholders | (1,155) |
Net loss attributable to common shareholders | $ (60,142) |
Weighted average common shares outstanding - basic (in shares) | shares | 37,172 |
Weighted average common shares outstanding - diluted (in shares) | shares | 37,172 |
Loss per share - basic (in dollars per share) | $ / shares | $ (1.62) |
Loss per share - diluted (in dollars per share) | $ / shares | $ (1.62) |
Operating Segments [Member] | |
Expenses | |
General and administrative expenses | $ 858 |
Corporate, Non-Segment [Member] | |
Expenses | |
General and administrative expenses | $ 1,938 |
Consolidated Statement of Ope_2
Consolidated Statement of Operations (Predecessor Basis) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Jun. 30, 2022 | Sep. 30, 2021 | |
Income: | |||
Total income | $ 5,272 | $ 79,196 | $ 13,137 |
Securities lending income | 1 | 1 | |
ROC Reclass | 0 | (11,850) | |
Expenses | |||
Investment advisory | 3,046 | 6,279 | 8,122 |
Real estate taxes and insurance | 2,000 | ||
Legal fees | 382 | 987 | 1,041 |
Interest expense and commitment fees | 582 | 696 | 2,199 |
Conversion expense | 260 | 471 | 971 |
Accounting services fees | 147 | 334 | 404 |
Insurance | 35 | 185 | 110 |
Reports to shareholders | 108 | 136 | 289 |
Trustees fees | 55 | 109 | 157 |
Audit and tax preparation fees | 101 | 77 | 273 |
Transfer agent fees | 27 | 72 | 109 |
Pricing fees | 48 | 68 | 84 |
Registration fees | 12 | 56 | 45 |
Other | 185 | 322 | 381 |
Total expenses | 4,988 | 11,792 | 14,185 |
Net investment income | 284 | 67,404 | (1,048) |
Preferred dividend expenses | (1,153) | (2,310) | (3,392) |
Net realized and unrealized gain (loss) on investments | |||
Investments, realized gain (loss) | (18,684) | 30,434 | (16,385) |
Investments, unrealized gain (loss) | 68,176 | 32,593 | 185,235 |
Net realized and unrealized gain on investments | 49,492 | 63,027 | 168,850 |
Net loss attributable to common shareholders | 48,623 | 128,121 | 164,410 |
Securities Sold, Not yet Purchased [Member] | |||
Net realized and unrealized gain (loss) on investments | |||
Investments, realized gain (loss) | 253 | ||
Investments, unrealized gain (loss) | 234 | 651 | |
Non-affiliated Entity [Member] | |||
Income: | |||
Dividends | 323 | 60,178 | 8,837 |
Interest | 64 | 991 | 1,803 |
Net realized and unrealized gain (loss) on investments | |||
Investments, realized gain (loss) | (18,684) | 28,893 | (16,385) |
Investments, unrealized gain (loss) | (38,237) | 80,948 | |
Net change in unrealized appreciation (depreciation) on investment | 34,196 | 103,636 | |
Affiliated Entity [Member] | |||
Income: | |||
Dividends | 4,299 | 15,025 | 12,287 |
Interest | 585 | 3,002 | 2,059 |
Net realized and unrealized gain (loss) on investments | |||
Investments, realized gain (loss) | 1,288 | ||
Investments, unrealized gain (loss) | $ 70,830 | 104,287 | |
Net change in unrealized appreciation (depreciation) on investment | $ 33,746 | $ 80,948 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Preferred Stock [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balances at Dec. 31, 2020 | $ 790,825 | |||||||||
Net loss attributable to common shareholders | 164,410 | |||||||||
Net income attributable to preferred shareholders | 3,392 | |||||||||
Common stock dividends declared ($0.15 per share) | (16,642) | |||||||||
Balances at Sep. 30, 2021 | 835,096 | |||||||||
Balances at Jun. 30, 2021 | 791,423 | |||||||||
Net loss attributable to common shareholders | 48,623 | |||||||||
Net income attributable to preferred shareholders | 1,153 | |||||||||
Common stock dividends declared ($0.15 per share) | (5,552) | |||||||||
Balances at Sep. 30, 2021 | 835,096 | |||||||||
Balances at Dec. 31, 2021 | 911,208 | |||||||||
Net loss attributable to common shareholders | 128,121 | |||||||||
Net income attributable to preferred shareholders | 2,310 | |||||||||
Common stock dividends declared ($0.15 per share) | (11,138) | |||||||||
Balances (in shares) at Jun. 30, 2022 | 3,359,593 | 37,171,807 | ||||||||
Balances at Jun. 30, 2022 | $ 3 | $ 37 | $ 998,557 | $ 114,271 | $ 1,112,868 | 1,029,616 | ||||
Costs associated with Business Change | $ 0 | $ 0 | $ (92) | $ 0 | (92) | |||||
Net loss attributable to common shareholders | 0 | 0 | 0 | (60,142) | (60,142) | |||||
Net income attributable to preferred shareholders | 0 | 0 | 0 | 1,155 | 1,155 | |||||
Common stock dividends declared ($0.15 per share) | 0 | 0 | 0 | (5,577) | (5,577) | |||||
Preferred stock dividends declared ($0.34375 per share) | $ 0 | $ 0 | 0 | (1,155) | (1,155) | |||||
Balances (in shares) at Sep. 30, 2022 | 3,359,593 | 37,171,807 | ||||||||
Balances at Sep. 30, 2022 | $ 3 | $ 37 | $ 998,465 | $ 48,552 | $ 1,047,057 |
Consolidated Statement of Sha_2
Consolidated Statement of Shareholders' Equity (Unaudited) (Parentheticals) | 3 Months Ended |
Sep. 30, 2022 $ / shares | |
Common stock dividends declared, per share (in dollars per share) | $ 0.15 |
Preferred stock dividends declared, per share (in dollars per share) | $ 0.34375 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets (Predecessor Basis) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Jun. 30, 2022 | Sep. 30, 2021 | |
Interest and dividends | $ 284 | $ 67,404 | $ (1,048) |
Net income attributable to preferred shareholders | (1,153) | (2,310) | (3,392) |
Investments, realized gain (loss) | (18,684) | 30,434 | (16,385) |
Net change in unrealized appreciation on investments, securities sold short, written options contracts and translation of assets and liabilities denominated in foreign currency | 68,176 | 32,593 | 185,235 |
Net increase from operations | 48,623 | 128,121 | 164,410 |
Distribution | (5,552) | (11,138) | (16,642) |
Common stock dividends declared ($0.15 per share) | (5,552) | (11,138) | (16,642) |
Increase in net assets from operations and distributions | 43,071 | 116,983 | 147,768 |
Net increase from shares transactions | 602 | 1,425 | (103,497) |
Total increase in net assets | 43,673 | 118,408 | 44,271 |
Balances | 791,423 | 911,208 | 790,825 |
Balances | 835,096 | $ 1,029,616 | 835,096 |
Net increase in common shares (in shares) | 92,000 | ||
Capital gains from the retirement of tendered shares | 0 | 47,319 | |
Common Stock [Member] | |||
Value of distributions reinvested | $ 602 | $ 1,425 | $ 1,504 |
Issued for distribution reinvested (in shares) | 39 | 92,000 | 117 |
Net increase in common shares (in shares) | 39 | (8,633) | |
Cost of shares redeemed | $ 0 | $ (152,320) | |
Shares redeemed (in shares) | 0 | (8,750) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Sep. 30, 2022 | Jun. 30, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (58,987) | $ 128,121 |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 3,643 | |
Amortization of intangible lease liabilities | (371) | |
Amortization of deferred financing costs | (25) | |
Paid in kind interest | (1,016) | |
Realized (gain)/loss | (2,846) | (30,434) |
Net change in unrealized (gain) loss on investments held at fair value | 78,238 | (32,593) |
Equity in losses of unconsolidated ventures | 1,581 | |
Distributions of earnings from unconsolidated ventures | 1,692 | |
Changes in operating assets and liabilities, net of effects of acquisitions: | ||
Operating assets | (3,795) | |
Operating liabilities | 9,459 | |
Net cash provided by operating activities | 27,573 | 37,623 |
Cash flows from investing activities | ||
Proceeds from asset redemptions | 10,872 | |
Distributions from CLO investments | 18,100 | |
Purchases of investments | (9,925) | |
Contributions to equity method investments | (1,382) | |
Additions to real estate investments | (1,317) | |
Acquisitions of real estate investments | (26,500) | |
Cash paid for life settlement premiums | (3,022) | |
Net cash used in investing activities | (13,174) | |
Cash flows from financing activities | ||
Proceeds received from notes payable | 13,250 | |
Mortgage payments | (591) | |
Prime brokerage borrowing | 2,567 | |
Credit facilities payments | (9,500) | |
Payment of costs associated with the Business Change | (92) | |
Deferred financing costs paid | (379) | |
Dividends paid to preferred shareholders | (1,155) | |
Dividends paid to common shareholders | (5,577) | |
Net cash used in financing activities | (1,477) | (36,258) |
Net increase in cash, cash equivalents and restricted cash | 12,922 | 1,365 |
Cash, cash equivalents and restricted cash, beginning of period (Note 3) | 4,044 | 2,679 |
Cash, cash equivalents and restricted cash, end of period | 63,698 | 4,044 |
Supplemental Disclosure of Cash Flow Information | ||
Interest paid | (2,722) | (614) |
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||
Cash flows from financing activities | ||
Cash, cash equivalents and restricted cash, beginning of period (Note 3) | $ 50,776 | |
Cash, cash equivalents and restricted cash, end of period | $ 50,776 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Predecessor Basis ) (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | 9 Months Ended |
Jun. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities | ||
Net increase in net assets resulting from operations | $ 128,121 | $ 164,410 |
Purchases of securities sold short | (177) | |
Amortization/(accretion) of premiums | (171) | (224) |
Net change in unrealized depreciation on investments | (32,593) | (185,235) |
Changes in operating assets and liabilities, net of effects of acquisitions: | ||
Dividends and interest receivable | 742 | 514 |
Due from custodian | 193 | (57) |
Prepaid expenses and other assets | (1,584) | (827) |
Reclaim receivable | 1,250 | 59 |
Foreign tax reclaim receivable | (1,274) | |
Due to broker | (1,696) | (1,958) |
Payable for administrative fees | (11) | (25) |
Payable for investment advisory fees | 49 | 16 |
Due to custodian | (110) | |
Payable for interest expense and commitment fees | 82 | 67 |
Accrued expenses and other liabilities | (151) | 36 |
Net cash provided by operating activities | 37,623 | 23,860 |
Due from broker | (166) | |
Cash flows from financing activities | ||
Payments on notes payable | (26,500) | 7,500 |
Distributions paid in cash | (9,714) | (15,140) |
Proceeds from shares sold | (44) | |
Net cash used in financing activities | (36,258) | (28,651) |
Net increase in cash, cash equivalents and restricted cash | 1,365 | (4,791) |
Proceeds from issuance of cumulative preferred shares | 83,990 | |
Payments on shares redeemed | (105,001) | |
Cash, cash equivalents, foreign currency and restricted cash: | ||
Cash, cash equivalents and restricted cash, beginning of period (Note 3) | 2,679 | 9,004 |
Cash, cash equivalents and restricted cash, end of period | 4,044 | 4,213 |
Supplemental Disclosure of Cash Flow Information | ||
Reinvestment of distributions | 1,425 | 1,504 |
Cash paid during the period for interest expense and commitment fees | 614 | 2,129 |
Securities Sold, Not yet Purchased [Member] | ||
Cash flows from operating activities | ||
Net realized (gain)/loss on investments | (253) | |
Net change in unrealized depreciation on investments | (651) | |
Non-affiliated Entity [Member] | ||
Cash flows from operating activities | ||
Purchases of investment securities | (215,064) | (972,965) |
Proceeds from the disposition of investment securities | 355,103 | 748,298 |
Net realized (gain)/loss on investments | (28,893) | 16,385 |
Net change in unrealized depreciation on investments | 38,237 | (80,948) |
Affiliated Entity [Member] | ||
Cash flows from operating activities | ||
Purchases of investment securities | (173,562) | (51,722) |
Proceeds from the disposition of investment securities | 8,910 | 307,254 |
Net realized (gain)/loss on investments | (1,288) | |
Net change in unrealized depreciation on investments | $ (70,830) | $ (104,287) |
Note 1 - Organization and Descr
Note 1 - Organization and Description of Business | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. NexPoint Diversified Real Estate Trust (the “Company”, “we”, “us” or “our”) was formed in Delaware and has elected to be taxed as a real estate investment trust (“REIT”). Substantially all of the Company’s business is conducted through NexPoint Diversified Real Estate Trust Operating Partnership, L.P. (the “OP”), the Company’s operating partnership. The Company conducts its business (the “Portfolio”) through the OP and its wholly owned taxable REIT subsidiary (“TRS”). The Company’s wholly owned subsidiary, NexPoint Diversified Real Estate Trust OP GP, LLC (the “OP GP”), is the sole general partner of the OP. As of September 30, 2022, On July 1, 2022 ( 8 1940 “1940 1940 not The Company is externally managed by NexPoint Real Estate Advisors X, July 1, 2022, October 25, 2022, three As a diversified REIT, the Company’s primary investment objective is to provide both current income and capital appreciation. The Company seeks to achieve this objective through the Business Change. Target underlying property types primarily include, but are not may, |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Basis of Accounting Prior to the Deregistration Date, the Company was accounted for as an investment company in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services Investment Companies 946 not three September 30, 2022, 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 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. The accompanying unaudited consolidated financial statements have been prepared according to the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company’s financial position as of September 30, 2022, December 31, 2021 ( three September 30, 2022, six June 30, 2022 ( three nine September 30, 2021 ( 10 December 31, 2021, March 11, 2022, April 4, 2022 ( Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with FASB ASC 810, Consolidation first Purchase Price Allocation Upon acquisition of a property considered to be an asset acquisition, the purchase price and related acquisition costs (“total consideration”) are allocated to land, buildings, improvements, furniture, fixtures, and equipment, and intangible lease assets and liabilities in accordance with FASB ASC 805, Business Combinations. 805. 946. The allocation of total consideration, which is determined using inputs that are classified within Level 3 820, Fair Value Measurement and Disclosures 820” 9 may not 2 Real estate assets, including land, buildings, improvements, furniture, fixtures and equipment, and intangible lease assets are stated at historical cost less accumulated depreciation and amortization. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Expenditures for improvements, renovations, and replacements are capitalized at cost. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Years Land Not depreciated Buildings 30 - 40 Improvements 5 - 40 Furniture, fixtures, and equipment 5 - 10 Intangible lease assets and liabilities Over lease term Construction in progress includes the cost of renovation projects being performed at the various properties. Once a project is complete, the historical cost of the renovation is placed into service in one Impairment Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not may not September 30, 2022, not Held for Sale The Company periodically classifies real estate assets as held for sale when certain criteria are met in accordance with GAAP. At that time, the Company presents the net real estate assets and the net debt associated with the real estate held for sale separately in its consolidated balance sheet, and the Company ceases recording depreciation and amortization expense related to that property. Real estate held for sale is reported at the lower of its carrying amount or its estimated fair value less estimated costs to sell. As of September 30, 2022, Income Taxes The Company elected to be taxed as a REIT under Sections 856 860 1986, December 31, 2021, 90% 4% 1 85% 2 95% 3 100% no three September 30, 2022, If the Company fails to meet these requirements, it could be subject to federal income tax on all of the Company’s taxable income at regular corporate rates for that year. The Company would not four September 30, 2022, The Company evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than- not” 50% not not September 30, 2022 no none The Company recognizes its tax positions and evaluates them using a two not not The Company had no material unrecognized tax benefit or expense, accrued interest or penalties as of September 30, 2022. 2021, 2020 2019 Deferred Tax Assets As of September 30, 2022, Deferred Tax Asset Capital loss carryover from December 31, 2021 $ 2,050 Capital loss carryover utilized in 2022 (2,050 ) Unrealized tax loss on investments 18,534 Total deferred tax assets 18,534 Valuation allowance (15,246 ) Net deferred tax asset $ 3,288 The TRS is estimated to generate a net taxable capital gain of $15.7 million for the nine September 30, 2022. not fourth 2022, three Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of three Income Recognition Rental Income may not Interest Income Dividend Income Realized Gain (Loss) on Investments Unrealized Gain (Loss) on Investments Expense Recognition Interest expense, in accordance with the Company’s financing agreements, is recorded on the accrual basis. General and administrative expenses are expensed as incurred. Recent Accounting Pronouncements In March 2020, 2020 04, 848 2020 04” 2020 04 2020 04 may may Investments The Company holds investments in publicly traded companies and privately held entities primarily involved in the life science, multifamily, self-storage, single-family rental, mortgage lending, and hospitality industries. As a REIT, the Company generally limits its ownership of each individual entity’s voting stock to less than 10%. not 20%, 50%, 3% 5%. not Investments accounted for under the equity method 8 8 Investments that do not not not Investments in publicly traded companies Investments in privately held companies not Investments in privately held entities that report NAV per share not Investments in privately held entities that do not not 9 Impairment evaluation of equity method investments not (i) a significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee (ii) a significant adverse change in the regulatory, economic, or technological environment of the investee; (iii) a significant adverse change in the general market condition, including rising interest rates (iv) significant concerns about the investee’s ability to continue as a going concern; and/or (v) a decision by investors to cease providing support or reduce their financial commitment to the investee. If such indicators are present, we are required to estimate the investment’s fair value and immediately recognize an impairment charge in an amount equal to the investment’s carrying value in excess of its estimated fair value. Distributions from equity method investments We use the “nature of the distribution” approach to determine the classification within our consolidated statements of cash flows of cash distributions received from equity method investments, including our unconsolidated real estate joint ventures and equity method non-real estate investments. Under this approach, distributions are classified based on the nature of the underlying activity that generated the cash distributions. If we lack the information necessary to apply this approach in the future, we will be required to apply the “cumulative earnings” approach as an accounting change on a retrospective basis. Under the cumulative earnings approach, distributions up to the amount of cumulative equity in earnings recognized are classified as cash inflows from operating activities, and those in excess of that amount are classified as cash inflows from investing activities. |
Note 3 - Business Change
Note 3 - Business Change | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 3. As discussed in Note 1 2, 8 1940 1940 946. July 1, 2022 not 946. June 30, 2022 July 1, 2022 June 30, 2022 Difference July 1, 2022 (Predecessor Basis) (Successor Basis) ASSETS Operating Real Estate Investments Land $ — $ 21,208 (1) $ 21,208 Buildings and improvements - 158,304 (1) 158,304 Intangible lease assets - 10,979 (1) 10,979 Construction in progress - 46,052 (1) 46,052 Furniture, fixtures, and equipment - 349 (1) 349 Total Operating Real Estate Investments - 236,892 236,892 Investments, at fair value 1,129,544 (324,927 ) (2) 804,617 Equity method investments — 143,264 (3) 143,264 Life insurance policies, at fair value — 56,440 (2) 56,440 Cash and cash equivalents 4,044 12,092 (1) 16,136 Restricted cash — 34,640 (1) 34,640 Accounts receivable, net — 4,849 (1) 4,849 Accrued interest and dividends 172 3,873 (1) 4,045 Prepaid and other assets 3,896 1,518 (1) 5,414 TOTAL ASSETS $ 1,137,656 $ 168,641 $ 1,306,297 Liabilities: Mortgages payable, net $ — $ 145,908 (1) $ 145,908 Notes payable, net 16,000 7,500 (1) 23,500 Prime brokerage borrowing 7,492 - 7,492 Accounts payable and other accrued liabilities 1,296 2,294 (1) 3,590 Accrued real estate taxes payable - 2,323 (1) 2,323 Accrued interest payable - 639 (1) 639 Security deposit liability - 434 (1) 434 Prepaid rents - 1,845 (1) 1,845 Intangible lease liabilities - 6,770 (1) 6,770 Due to affiliates - 928 (1) 928 Total Liabilities 24,788 168,641 193,429 Series A cumulative preferred shares, net of deferred financing costs 83,252 (83,252 ) (4) — Stockholders' Equity: Preferred stock, $ 0.001 4,800,000 3,359,593 3 - 3 Common stock, $ 0.001 unlimited 37,171,807 37 - 37 Additional paid-in capital 915,305 83,252 (4) 998,557 Accumulated earnings less dividends 114,271 - 114,271 Total Stockholders' Equity 1,029,616 83,252 1,112,868 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,137,656 $ 168,641 $ 1,306,297 ( 1 Change due to consolidation of subsidiaries that were previously accounted for at fair value. ( 2 Change due to investments that were previously accounted for at fair value being consolidated or accounted for using the equity method. ( 3 Change due to applying the equity method to investments that were previously carried at fair value. See Note 8 ( 4 The mandatory redemption feature of the Series A Preferred Shares (defined below) expired on the Deregistration Date. As such, the Series A Preferred Shares are now accounted for as a component permanent equity. |
Note 4 - Investments in Real Es
Note 4 - Investments in Real Estate Subsidiaries | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Investments in and Advances to Affiliates, Schedule of Investments [Text Block] | 4. The Company conducts its operations through the OP, which owns several direct real estate properties through single asset limited liability companies that are special purpose entities (“SPEs”). The Company consolidates the SPEs that it controls as well as any VIEs where it is the primary beneficiary. The Company controls and consolidates the OP as a VIE. In connection with its indirect equity investments in the properties acquired, the Company, through the OP and the TRS, directly or indirectly holds 100% of the membership interests in SPEs that directly own the properties. All of the properties the SPEs own are consolidated in the Company’s consolidated financial statements. The assets of each entity can only be used to settle obligations of that particular entity, and the creditors of each entity have no As of September 30, 2022, 4 September 30, 2022 December 31, 2021: Effective Ownership Percentage at Property Name Location Year Acquired September 30, 2022 December 31, 2021 White Rock Center Dallas, Texas 2013 100 % 100 % 5916 W Loop 289 Lubbock, Texas 2013 100 % 100 % Cityplace Tower Dallas, Texas 2018 100 % 100 % NexPoint Dominion Land, LLC (1) Plano, Texas 2022 100 % 0 % (2) ( 1 NexPoint Dominion Land, LLC owns 100% of 21.5 acres of undeveloped land in Plano, Texas. ( 2 Property was acquired in 2022; no December 31, 2021. |
Note 5 - Real Estate Investment
Note 5 - Real Estate Investments Statistics | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Real Estate Owned [Text Block] | 5. As of September 30, 2022, Average Effective Monthly Occupied Rent Per Square Foot (1) as of % Occupied (2) as of Property Name Rentable Square Footage (in thousands) Property Type Date Acquired September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 White Rock Center 82,793 Retail 6/13/2013 $ 1.46 $ 1.46 72.9 % 78.4 % 5916 W Loop 289 30,140 Retail 7/23/2013 0.40 0.40 100.0 % 100.0 % Cityplace Tower 1,353,087 Office 8/15/2018 2.10 2.18 32.9 % 41.8 % 1,466,020 ( 1 Average effective monthly occupied rent per square foot is equal to the average of the contractual rent for commenced leases as of September 30, 2022 December 31, 2021, September 30, 2022 December 31, 2021, ( 2 Percent occupied is calculated as the rentable square footage occupied as of September 30, 2022 December 31, 2021, |
Note 6 - Real Estate Investment
Note 6 - Real Estate Investments | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | 6. As of September 30, 2022, Operating Properties Land Buildings and Improvements Intangible Lease Assets Intangible Lease Liabilities Construction in Progress Furniture, Fixtures, and Equipment Totals White Rock Center $ 1,315 $ 10,314 $ 1,921 $ (101 ) $ — $ 5 $ 13,454 5916 W Loop 289 1,081 2,938 — — — — 4,019 Cityplace Tower 18,812 148,443 9,058 (6,669 ) 43,973 349 213,966 NexPoint Dominion Land, LLC 26,500 - — — — — 26,500 47,708 161,695 10,979 (6,770 ) 43,973 354 257,939 Accumulated depreciation and amortization — (2,016 ) (1,445 ) 371 - (168 ) (3,259 ) Total Operating Properties $ 47,708 $ 159,679 $ 9,534 $ (6,399 ) $ 43,973 $ 186 $ 254,680 Depreciation expense was $2.2 million for the three September 30, 2022. three September 30, 2022. Acquisitions On August 9, 2022, three September 30, 2022 Investment Vehicle Location Property Type Date of Acquisition Purchase Price Debt Effective Ownership (1) NexPoint Dominion Land, LLC Plano, Texas Land August 9, 2022 $ 26,500 $ 13,250 100 % $ 26,500 $ 13,250 ( 1 Represents ownership of underlying property. The Company, through the OP, owns 100% of NexPoint Dominion Land, LLC as of September 30, 2022. Dispositions On August 5, 2022, |
Note 7 - Debt
Note 7 - Debt | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. Cityplace Debt The Company has debt on its office real estate property. The debt is non-recourse to the Company and encumbers the property. The debt had an original maturity of September 7, 2022. February 7, 2023. 20 Outstanding principal as of September 30, 2022 Interest Rate Maturity Date (1) Note A-1 $ 103,216 4.94 % 2/7/2023 Note A-2 22,578 8.94 % 2/7/2023 Note B-1 12,993 4.94 % 2/7/2023 Note B-2 3,225 8.94 % 2/7/2023 Mezzanine Note 1 2,842 8.94 % 2/7/2023 Mezzanine Note 2 406 8.94 % 2/7/2023 Mortgages payable $ 145,260 Deferred financing costs, net (347 ) Mortgages payable, net $ 144,913 ( 1 Reflective of the lender consent dated November 8, 2022 February 7, 2023. The weighted average interest rate of the Company’s debt related to its Cityplace investment was 5.7% as of September 30, 2022. The loan agreements contain customary events of default, including defaults in the payment of principal or interest, defaults in compliance with the covenants contained in the documents evidencing the loan, defaults in payments under any other security instrument covering any part of the property, whether junior or senior to the loan, and bankruptcy or other insolvency events. As of September 30, 2022, Notes Payable On August 9, 2022, August 8, 2025. Credit Facility On January 8, 2021, one March 6, 2023. December 31, 2021. nine September 30, 2022, September 30, 2022, Deferred Financing Costs The Company defers costs incurred in obtaining financing and amortizes the costs over the terms of the related loans using the straight-line method, which approximates the effective interest method. Deferred financing costs, net of amortization, are recorded as a reduction from the related debt on the Company’s consolidated balance sheet. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to loss on extinguishment of debt and modification costs. Prime Brokerage Borrowing As of September 30, 2022, September 30, 2022, no Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next four September 30, 2022 Real Estate Debt Notes Payable Total 2022 $ 591 $ 3,000 $ 3,591 2023 144,669 11,000 155,669 2024 - — - 2025 - 13,250 13,250 2026 - — — Thereafter - — — Total $ 145,260 $ 27,250 $ 172,510 |
Note 8 - Equity Method Investme
Note 8 - Equity Method Investments | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 8. As discussed in Note 2, 20%, 50%, not 3% 5%. not not Below is a summary of the Company’s equity method investments as of September 30, 2022 ( Investee Name Instrument Asset Type NXDT Percentage Ownership Investment Basis Share of Investee's Net Assets (7) Basis Difference Sandstone Pasadena Apartments, LLC LLC interest Multifamily 50.0 % $ 13,229 $ — $ 13,229 SAFStor NREA JV-I, LLC LLC interest Self-storage 81.3 % (3) 57,152 16,747 40,405 SAFStor NREA JV-III, LLC LLC interest Self-storage 73.6 % (3) 13,127 3,023 10,104 AM Uptown Hotel, LLC LLC interest Hospitality 60.0 % (3) 28,015 21,334 6,681 SFR WLIF III, LLC LLC interest Single-family rental 20.0 % 7,254 7,466 (212 ) Las Vegas Land Owner, LLC LLC interest Land 77.0 % (4) 12,312 12,312 — Perilune Aero Equity Holdings One, LLC LLC interest Aircraft 16.4 % 10,284 8,751 1,533 Claymore Holdings, LLC LLC interest N/A 50.0 % (6) — (1) — — Allenby, LLC LLC interest N/A 50.0 % (6) — (1) — — NexPoint Real Estate Finance Operating Partnership, L.P. LP interest Mortgage (5) 23.0 % 104,397 (1) 104,397 — VineBrook Homes Operating Partnership, L.P. LP interest Single-family rental 10.6 % (2) 169,473 (1) 169,473 — NexPoint Storage Partners, Inc. Common stock Self-storage 53.0 % (3) 114,714 (1) 114,714 — NexPoint SFR Operating Partnership, L.P. LP interest Single-family rental 28.4 % 52,461 (1) 52,461 — NexPoint Hospitality Trust Common stock Hospitality 46.2 % 27,074 (1) 27,074 — LLV Holdco, LLC LLC interest Land 26.8 % 4,333 (1) 4,333 — $ 613,825 $ 542,085 $ 71,740 ( 1 September 30, 2022 ( 2 20% ( 3 50% not ( 4 ( 5 first ( 6 not not ( 7 Sandstone On May 29, 2015, 2015, not not 2018 September 30, 2022, SAFStor Ventures The Company has invested in joint ventures (collectively, the “SAFStor Ventures”) with SAFStor NREA GP – I, LLC and SAFStor NREA GP – II, LLC (collectively, the “SAFStor GPs”). The SAFStor Ventures invest, through subsidiaries, in various self-storage real estate development projects primarily located on the east coast of the United States. The SAFStor GPs are the controlling and managing members of the SAFStor Ventures as they have exclusive management and oversight authority of the SAFStor Ventures, subject to certain exceptions. Since the Company is not not September 30, 2022 ( Joint venture Date entered Properties beneficially owned Storage units beneficially owned Basis NXDT Ownership SAFStor NREA JV I, LLC 10/3/2017 7 5,417 $ 57,152 81 % SAFStor NREA JV III, LLC 12/21/2018 1 851 13,127 74 % Total 8 6,268 $ 70,279 Marriott Uptown The Company, through a subsidiary, initially owned an 85% interest in AM Uptown Hotel, LLC, (“AM Uptown”) which beneficially owns a 255 not not not September 30, 2022, Tivoli On March 30, 2022, 300 August 8, 2022 not SFR WLIF III The Company owns approximately a 20.0% interest in SFR WLIF III, LLC, an SPE designed to hold an investment in debt issued to VineBrook Homes Operating Partnership, L.P. (“VB OP”), an entity that manages single family rental properties, whose parent is advised by an affiliate of the Adviser. The loan to VB OP bears interest at 1 November 1, 2025, Claymore and Allenby The Company owns minority interests in two September 30, 2022. Perilune The Company is a 16.4% member of Perilune Aero Equity Holdings One, LLC (“Perilune”). Perilune is a pooled investment vehicle created to finance, acquire, lease and/or sell two no 3 5% NexPoint Real Estate Finance Operating Partnership, L.P. In February 2020, VineBrook Homes Operating Partnership, L.P. On November 1, 2018, September 30, 2022. NexPoint Storage Partners, Inc. In November 2020, September 30, 2022, not NexPoint SFR Operating Partnership, L.P. On June 8, 2022, one June 8, 2022, one June 30, 2027. June 8, 2022 September 30, 2022, one June 8, 2022 September 30, 2022, one September 30, 2022, NexPoint Hospitality Trust As of September 30, 2022, 11 LLV Holdco, LLC As of September 30, 2022, 300 115 Significant Equity Method Investments The table below presents the unaudited summary balance sheets for the Company’s significant equity method investments as of September 30, 2022 ( not NREF VineBrook NSP ASSETS Investments $ 8,170,243 $ 2,500 $ — Real estate assets 59,940 3,463,082 763,318 Cash and cash equivalents 22,100 92,566 72,167 Other assets 23,661 193,309 150,746 TOTAL ASSETS $ 8,275,944 $ 3,751,457 $ 986,231 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Debt $ 7,758,491 $ 2,451,375 $ 907,278 Other liabilities 22,361 155,141 26,696 Total Liabilities 7,780,852 2,606,516 933,974 Redeemable noncontrolling interests in the OP 143,165 348,040 — Total Shareholders' Equity 351,927 796,901 52,257 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 8,275,944 $ 3,751,457 $ 986,231 The table below presents the unaudited summary statement of operations for the three September 30, 2022 NREF VineBrook NSP Revenues Rental income $ — $ 71,594 $ 52,697 Net interest income 5,779 — 4,169 Other income — 2,044 2,904 Total revenues $ 5,779 $ 73,638 $ 59,770 Expenses Total expenses $ 3,611 $ 88,119 $ 52,242 Gain/(loss) on sales of real estate — (224 ) 27,220 Other income/(expense) (10,841 ) 84 (52,594 ) Unrealized gain/(loss) on derivatives — 29,356 — Total comprehensive gain/(loss) $ (8,673 ) $ 14,735 $ (17,846 ) |
Note 9 - Fair Value of Derivati
Note 9 - Fair Value of Derivatives and Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Derivatives and Fair Value [Text Block] | 9. Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC 820 1 2 3 ● Level 1 ● Level 2 1 2 may ● Level 3 The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company utilizes independent third As of September 30, 2022, 2 3 not The fair value of the Company’s common stocks, rights, and warrants that are not 3 not 2 3 not third 1 2 not may may may may may The fair value of the Company’s common stocks, exchange-traded funds, other registered investment companies and warrants that are not 3 not not not 3 not The fair value of the Company’s convertible notes are categorized as Level 3 Upon initial acquisition, the Company’s life settlement contracts are recognized at the transaction price. For each subsequent reporting period, the investments are measured at fair value by a third 3 not third The assumptions used to value life policies are by nature, inherently uncertain and the effect of changes in estimates may not Due to the inherent uncertainty of determining the fair value of investments that do not may may may may may The inputs or methodology used for valuing securities are not September 30, 2022. Fair Value Cost Basis Level 1 Level 2 Level 3 Total Assets Bond $ 17 $ — $ 15 $ — $ 15 CLO 34,962 — 563 5,092 5,655 Common stock 284,454 23,231 — 254,735 277,966 Convertible notes 53,958 — — 53,958 53,958 Life settlement 64,267 — — 66,150 66,150 LLC interest 3,982 — — 4,333 4,333 LP interest 362,605 104,397 — 221,934 326,331 Rights and warrants 3,947 — 2,037 1,784 3,821 Senior loan 42,073 — 66 32,330 32,396 $ 850,265 $ 127,628 $ 2,681 $ 640,316 $ 770,625 The table below sets forth a summary of changes in the Company’s Level 3 three September 30, 2022 ( July 1, 2022 Contributions/ Purchases Paid in- kind dividends Redemptions/ Conversions Realized gain/(loss) Unrealized gain/(loss) September 30, 2022 Common stock $ 257,346 $ 3,000 $ - $ - $ - $ (5,611 ) $ 254,735 Convertible notes 51,858 2,100 - - - - 53,958 Life settlement 56,440 3,022 - - 3,435 3,253 66,150 LP interest 216,550 4,792 - - - 592 221,934 CLO 52,500 - - (18,100 ) - (29,308 ) 5,092 LLC interest 3,982 - - - - 351 4,333 Rights and warrants 1,784 - - - - - 1,784 Senior loan 40,997 - 1,016 - (5 ) (9,678 ) 32,330 Total $ 681,457 $ 12,914 $ 1,016 $ (18,100 ) $ 3,430 $ (40,401 ) $ 640,316 The following is a summary of the significant unobservable inputs used in the fair valuation of assets categorized within Level 3 September 30, 2022. Category Valuation Technique Unobservable Inputs Input/Range Values Market Value Common stock Multiples Analysis Unadjusted Price/MHz-PoP $0.09 - $0.95 ($0.515) $ 254,735 Multiple of EBITDA 2.75x - 4.00x (3.37x) Discounted Cash Flow Discount Rate 8.63% - 15.5% (10.34%) Transaction Indication of Value Enterprise Value ($mm) $905 Offer Price per Share 110.0% Direct Capitalization Method Capitalization Rates 7.625% - 9.25% (8.61%) Net Asset Value N/A $28 NAV Approach Discount Rate 10.0% Black–Scholes Model Volatility 87.9% Convertible notes Transaction Indication of Value Cost Price N/A 53,958 Life settlement Discounted Cash Flow Discount Rate 14.0% 66,150 LP interest Net Asset Value N/A N/A 221,934 Transaction Indication of Value Cost Price ($mm) $52 LLC interest Discounted Cash Flow Discount Rate 4.73% - 29.50% (13.17%) 4,333 CLO NAV Approach Discount Rate 70.0% 5,092 Rights and warrants Liquidation Analysis N/A 500.0% 1,784 Senior loan Discounted Cash Flow Discount Rate 11.50% - 17.50% (14.50%) 32,330 Transaction Indication of Value Net purchase price ($mm) 636.0% Total $ 640,316 |
Note 10 - Life Settlement Portf
Note 10 - Life Settlement Portfolio | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Life Settlement Contracts, Disclosure [Text Block] | 10. The Company owns 100% of the outstanding equity and debt of an Ireland domiciled private company with limited liability named Specialty Financial Products, Ltd.(“SFP”), a Designated Activity Company. SFP was formed for the purpose of, from time to time, and at the proposal of NexAnnuity Asset Management, L.P. (“NexAnnuity,” an affiliate of the Adviser), entering into approved transactions relating to the acquisition of U.S. life settlement policies funded by the issuance of debt securities (the “Structured Note”) purchased by the Company. SFP utilizes proceeds from maturing life settlement contracts to repay the Structured Note and to further invest in life settlement contracts. As the Company owns the outstanding equity of and Structured Note issued by SFP, the Company consolidates SFP in its entirety. SFP’s equity and the Structured Notes are eliminated during consolidation. As of September 30, 2022, Number of Policies Face Value (Death Benefit) Acquisition Cost Premium Cost Estimated Fair Value Total Range Total Range Total Range Total Range Total 28 $1,500 - $15,000 $ 142,907 $350 - $3,895 $ 48,132 $0 - $580 $ 4,589 $114 - $6,020 $ 66,150 Remaining Life Expectancy (in years) Number Face Value Fair Value 0 - 1 2 $ 7,000 $ 5,950 1 - 2 1 2,350 1,537 2 - 3 5 22,540 13,601 3 - 4 7 34,851 18,795 4 - 5 5 35,100 16,529 Thereafter 8 41,066 9,738 Total 28 $ 142,907 $ 66,150 The premiums to be paid for each of the five September 30, 2022, no Year Premiums 2022 $ 724 2023 5,279 2024 5,769 2025 6,295 2026 7,011 2027 7,675 During the three September 30, 2022, |
Note 11 - Shareholders' Equity
Note 11 - Shareholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 11. Equity Common Shares During the six June 30, 2022, July 1, 2022. three September 30, 2022. As of September 30, 2022, During the three September 30, 2022, August 1, 2022, August 31, 2022 September 30, 2022, Preferred Shares On January 8, 2021, December 15, 2023 During the three September 30, 2022, September 30, 2022 Egan-Jones Ratings Company assigned an investment grade corporate rating of BBB- to the Series A Preferred Shares and a rating of BBB to the Company. Dividends on the Series A Preferred Shares are cumulative from their original issue date at the annual rate of 5.50% of the $25 per share liquidation preference and are payable quarterly on March 31, September 30, October 31, December 31 |
Note 12 - Earnings (Loss) Per S
Note 12 - Earnings (Loss) Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 12. Basic earnings (loss) per share is computed by dividing net income (loss) attributable to common shareholders by the weighted average number of the Company’s common shares outstanding. The Company currently does not The following table sets forth the computation of basic and diluted loss per share (in thousands, except per share amounts): For the Three Months Ended September 30, 2022 Numerator for loss per share: Net loss attributable to common shareholders $ (60,142 ) Denominator for loss per share: Weighted average common shares outstanding 37,172 Denominator for basic and diluted loss per share 37,172 Loss per weighted average common share: Basic $ (1.62 ) Diluted $ (1.62 ) |
Note 13 - Related Party Transac
Note 13 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 13. Advisory and Administrative Fee In connection with the Business Change and effective on the Deregistration Date, the Company terminated its investment advisory agreement and its administrative services agreement with NexPoint and entered into the Advisory Agreement with the Adviser, a subsidiary of NexPoint. The Company also terminated the investment advisory agreements between NexPoint and its wholly owned subsidiaries, NREO and NexPoint Real Estate Capital, LLC, effective on the Deregistration Date. Pursuant to the Advisory Agreement, subject to the overall supervision of our Board, the Adviser manages the day-to-day operations of the Company, and provides investment management services. As of September 30, 2022, 15 Under the Advisory Agreement, “Managed Assets” means an amount equal to the total assets of the Company, including any form of leverage, minus all accrued expenses incurred in the normal course of operations, but not not Reimbursement of Expenses; Expense Cap The Company is required to pay directly or reimburse the Adviser for all of the documented “operating expenses” (all out-of-pocket expenses of the Adviser in performing services for us, including but not may not twelve not ; not may, The Advisory Agreement has an initial term of three one 30 180 may 30 30 202 1 1940 three twelve one For the three September 30, 2022, twelve Guaranties of NexPoint Storage Partners, Inc. Debt On September 14, 2022, September 14, 2022, may not September 9, 2023 may, two one one one Separately, on September 14, 2022, September 14, 2022 ( September 14, 2022 ( may not September 9, 2024 may, three one one one second third Subsidiary Investment Management Agreement SFP is a party to an agreement (the “SFP IMA”) with NexAnnuity pursuant to which NexAnnuity provides investment management services to SFP. Mr. Dondero serves as President of NexAnnuity, which is indirectly owned by a trust of which Mr. Dondero is the primary beneficiary. In exchange for its services, the SFP IMA provides that NexAnnuity will receive a management fee (the “SFP Management Fee”) paid monthly in an amount equal to 1.00% of the average weekly value of an amount equal to the total assets of SFP, including any form of leverage, minus all accrued expenses incurred in the normal course of operations, but not may Other Related Party Transactions The Company has in the past, and may three nine September 30, 2022, January 1, 2014 August 15, 2018 June 1, 2013 The Company is the guarantor on two September 30, 2022. On March 31, 2022, October 1, 2022. August 8, 2022. August 7, 2023, August 9, 2022. 8, not Related Party Investments The Company, from time to time, may three September 30, 2022, Related Party Investment Fair Value/Carrying Value Change in Unrealized Gain/(Loss) Realized Gain/(Loss) Interest and Dividends Total Income SFR WLIF III, LLC LLC Units $ 7,254 $ 131 $ - $ - $ 131 NexPoint Residential Trust, Inc. Common Stock 4,061 (1,421 ) - 33 (1,388 ) NexPoint Hospitality Trust Common Stock 27,074 475 - - 475 NexPoint Hospitality Trust Convertible Notes 23,958 - - 66 66 NexPoint Storage Partners, Inc. Common Stock 114,714 (6,565 ) - - (6,565 ) NexPoint SFR Operating Partnership, L.P. Partnership Units 52,461 - - - - NexPoint SFR Operating Partnership, L.P. Convertible Notes 30,000 - - 575 575 Claymore Holdings, LLC LLC Units - - - - - Allenby, LLC LLC Units - - - - - NexPoint Real Estate Finance Operating Partnership, L.P. Partnership Units 104,397 (36,866 ) - 3,485 (33,381 ) VineBrook Homes Operating Partnership, L.P. Partnership Units 169,473 592 - 1,427 2,019 Total $ 533,392 $ (43,654 ) $ - $ 5,586 $ (38,068 ) |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14. Commitments The Company is the guarantor on three September 30, 2022. 13 The Company is the guarantor on two September 30, 2022. Contingencies In the normal course of business, the Company is subject to claims, lawsuits, and legal proceedings. While it is not not not Environmental liabilities could have a material adverse effect on the Company’s business, assets, cash flows or results of operations. As of September 30, 2022, not no not Claymore is engaged in ongoing litigation that could result in a possible gain contingency to the Company. The probability, timing, and potential amount of recovery, if any, are unknown. |
Note 15 - Subsequent Event s
Note 15 - Subsequent Event s | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 15. Dividends Declared On October 24, 2022, December 30, 2022 December 15, 2022. Amendment to Advisory Agreement On October 25, 2022, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Accounting Prior to the Deregistration Date, the Company was accounted for as an investment company in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services Investment Companies 946 not three September 30, 2022, 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 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. The accompanying unaudited consolidated financial statements have been prepared according to the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company’s financial position as of September 30, 2022, December 31, 2021 ( three September 30, 2022, six June 30, 2022 ( three nine September 30, 2021 ( 10 December 31, 2021, March 11, 2022, April 4, 2022 ( |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with FASB ASC 810, Consolidation first |
Business Combinations Policy [Policy Text Block] | Purchase Price Allocation Upon acquisition of a property considered to be an asset acquisition, the purchase price and related acquisition costs (“total consideration”) are allocated to land, buildings, improvements, furniture, fixtures, and equipment, and intangible lease assets and liabilities in accordance with FASB ASC 805, Business Combinations. 805. 946. The allocation of total consideration, which is determined using inputs that are classified within Level 3 820, Fair Value Measurement and Disclosures 820” 9 may not 2 Real estate assets, including land, buildings, improvements, furniture, fixtures and equipment, and intangible lease assets are stated at historical cost less accumulated depreciation and amortization. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Expenditures for improvements, renovations, and replacements are capitalized at cost. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Years Land Not depreciated Buildings 30 - 40 Improvements 5 - 40 Furniture, fixtures, and equipment 5 - 10 Intangible lease assets and liabilities Over lease term Construction in progress includes the cost of renovation projects being performed at the various properties. Once a project is complete, the historical cost of the renovation is placed into service in one |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not may not September 30, 2022, not |
Real Estate Held for Development and Sale, Policy [Policy Text Block] | Held for Sale The Company periodically classifies real estate assets as held for sale when certain criteria are met in accordance with GAAP. At that time, the Company presents the net real estate assets and the net debt associated with the real estate held for sale separately in its consolidated balance sheet, and the Company ceases recording depreciation and amortization expense related to that property. Real estate held for sale is reported at the lower of its carrying amount or its estimated fair value less estimated costs to sell. As of September 30, 2022, |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company elected to be taxed as a REIT under Sections 856 860 1986, December 31, 2021, 90% 4% 1 85% 2 95% 3 100% no three September 30, 2022, If the Company fails to meet these requirements, it could be subject to federal income tax on all of the Company’s taxable income at regular corporate rates for that year. The Company would not four September 30, 2022, The Company evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than- not” 50% not not September 30, 2022 no none The Company recognizes its tax positions and evaluates them using a two not not The Company had no material unrecognized tax benefit or expense, accrued interest or penalties as of September 30, 2022. 2021, 2020 2019 Deferred Tax Assets As of September 30, 2022, Deferred Tax Asset Capital loss carryover from December 31, 2021 $ 2,050 Capital loss carryover utilized in 2022 (2,050 ) Unrealized tax loss on investments 18,534 Total deferred tax assets 18,534 Valuation allowance (15,246 ) Net deferred tax asset $ 3,288 The TRS is estimated to generate a net taxable capital gain of $15.7 million for the nine September 30, 2022. not fourth 2022, three |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of three |
Revenue [Policy Text Block] | Income Recognition Rental Income may not Interest Income Dividend Income Realized Gain (Loss) on Investments Unrealized Gain (Loss) on Investments |
Interest Expense, Policy [Policy Text Block] | Expense Recognition Interest expense, in accordance with the Company’s financing agreements, is recorded on the accrual basis. General and administrative expenses are expensed as incurred. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In March 2020, 2020 04, 848 2020 04” 2020 04 2020 04 may may |
Investment, Policy [Policy Text Block] | Investments The Company holds investments in publicly traded companies and privately held entities primarily involved in the life science, multifamily, self-storage, single-family rental, mortgage lending, and hospitality industries. As a REIT, the Company generally limits its ownership of each individual entity’s voting stock to less than 10%. not 20%, 50%, 3% 5%. not Investments accounted for under the equity method 8 8 Investments that do not not not Investments in publicly traded companies Investments in privately held companies not Investments in privately held entities that report NAV per share not Investments in privately held entities that do not not 9 Impairment evaluation of equity method investments not (i) a significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee (ii) a significant adverse change in the regulatory, economic, or technological environment of the investee; (iii) a significant adverse change in the general market condition, including rising interest rates (iv) significant concerns about the investee’s ability to continue as a going concern; and/or (v) a decision by investors to cease providing support or reduce their financial commitment to the investee. If such indicators are present, we are required to estimate the investment’s fair value and immediately recognize an impairment charge in an amount equal to the investment’s carrying value in excess of its estimated fair value. |
Equity Method Investments [Policy Text Block] | Distributions from equity method investments We use the “nature of the distribution” approach to determine the classification within our consolidated statements of cash flows of cash distributions received from equity method investments, including our unconsolidated real estate joint ventures and equity method non-real estate investments. Under this approach, distributions are classified based on the nature of the underlying activity that generated the cash distributions. If we lack the information necessary to apply this approach in the future, we will be required to apply the “cumulative earnings” approach as an accounting change on a retrospective basis. Under the cumulative earnings approach, distributions up to the amount of cumulative equity in earnings recognized are classified as cash inflows from operating activities, and those in excess of that amount are classified as cash inflows from investing activities. |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Years Land Not depreciated Buildings 30 - 40 Improvements 5 - 40 Furniture, fixtures, and equipment 5 - 10 Intangible lease assets and liabilities Over lease term |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred Tax Asset Capital loss carryover from December 31, 2021 $ 2,050 Capital loss carryover utilized in 2022 (2,050 ) Unrealized tax loss on investments 18,534 Total deferred tax assets 18,534 Valuation allowance (15,246 ) Net deferred tax asset $ 3,288 |
Note 3 - Business Change (Table
Note 3 - Business Change (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Accounting Standards Update and Change in Accounting Principle [Table Text Block] | June 30, 2022 Difference July 1, 2022 (Predecessor Basis) (Successor Basis) ASSETS Operating Real Estate Investments Land $ — $ 21,208 (1) $ 21,208 Buildings and improvements - 158,304 (1) 158,304 Intangible lease assets - 10,979 (1) 10,979 Construction in progress - 46,052 (1) 46,052 Furniture, fixtures, and equipment - 349 (1) 349 Total Operating Real Estate Investments - 236,892 236,892 Investments, at fair value 1,129,544 (324,927 ) (2) 804,617 Equity method investments — 143,264 (3) 143,264 Life insurance policies, at fair value — 56,440 (2) 56,440 Cash and cash equivalents 4,044 12,092 (1) 16,136 Restricted cash — 34,640 (1) 34,640 Accounts receivable, net — 4,849 (1) 4,849 Accrued interest and dividends 172 3,873 (1) 4,045 Prepaid and other assets 3,896 1,518 (1) 5,414 TOTAL ASSETS $ 1,137,656 $ 168,641 $ 1,306,297 Liabilities: Mortgages payable, net $ — $ 145,908 (1) $ 145,908 Notes payable, net 16,000 7,500 (1) 23,500 Prime brokerage borrowing 7,492 - 7,492 Accounts payable and other accrued liabilities 1,296 2,294 (1) 3,590 Accrued real estate taxes payable - 2,323 (1) 2,323 Accrued interest payable - 639 (1) 639 Security deposit liability - 434 (1) 434 Prepaid rents - 1,845 (1) 1,845 Intangible lease liabilities - 6,770 (1) 6,770 Due to affiliates - 928 (1) 928 Total Liabilities 24,788 168,641 193,429 Series A cumulative preferred shares, net of deferred financing costs 83,252 (83,252 ) (4) — Stockholders' Equity: Preferred stock, $ 0.001 4,800,000 3,359,593 3 - 3 Common stock, $ 0.001 unlimited 37,171,807 37 - 37 Additional paid-in capital 915,305 83,252 (4) 998,557 Accumulated earnings less dividends 114,271 - 114,271 Total Stockholders' Equity 1,029,616 83,252 1,112,868 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,137,656 $ 168,641 $ 1,306,297 |
Note 4 - Investments in Real _2
Note 4 - Investments in Real Estate Subsidiaries (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Investments in and Advances to Affiliates, Schedule of Investments [Table Text Block] | Effective Ownership Percentage at Property Name Location Year Acquired September 30, 2022 December 31, 2021 White Rock Center Dallas, Texas 2013 100 % 100 % 5916 W Loop 289 Lubbock, Texas 2013 100 % 100 % Cityplace Tower Dallas, Texas 2018 100 % 100 % NexPoint Dominion Land, LLC (1) Plano, Texas 2022 100 % 0 % (2) |
Note 5 - Real Estate Investme_2
Note 5 - Real Estate Investments Statistics (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Rentable Real Estate Properties [Table Text Block] | Average Effective Monthly Occupied Rent Per Square Foot (1) as of % Occupied (2) as of Property Name Rentable Square Footage (in thousands) Property Type Date Acquired September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 White Rock Center 82,793 Retail 6/13/2013 $ 1.46 $ 1.46 72.9 % 78.4 % 5916 W Loop 289 30,140 Retail 7/23/2013 0.40 0.40 100.0 % 100.0 % Cityplace Tower 1,353,087 Office 8/15/2018 2.10 2.18 32.9 % 41.8 % 1,466,020 |
Note 6 - Real Estate Investme_2
Note 6 - Real Estate Investments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Real Estate Properties [Table Text Block] | Operating Properties Land Buildings and Improvements Intangible Lease Assets Intangible Lease Liabilities Construction in Progress Furniture, Fixtures, and Equipment Totals White Rock Center $ 1,315 $ 10,314 $ 1,921 $ (101 ) $ — $ 5 $ 13,454 5916 W Loop 289 1,081 2,938 — — — — 4,019 Cityplace Tower 18,812 148,443 9,058 (6,669 ) 43,973 349 213,966 NexPoint Dominion Land, LLC 26,500 - — — — — 26,500 47,708 161,695 10,979 (6,770 ) 43,973 354 257,939 Accumulated depreciation and amortization — (2,016 ) (1,445 ) 371 - (168 ) (3,259 ) Total Operating Properties $ 47,708 $ 159,679 $ 9,534 $ (6,399 ) $ 43,973 $ 186 $ 254,680 |
Schedule of Ongoing Development of Real Estate [Table Text Block] | Investment Vehicle Location Property Type Date of Acquisition Purchase Price Debt Effective Ownership (1) NexPoint Dominion Land, LLC Plano, Texas Land August 9, 2022 $ 26,500 $ 13,250 100 % $ 26,500 $ 13,250 |
Note 7 - Debt (Tables)
Note 7 - Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | Outstanding principal as of September 30, 2022 Interest Rate Maturity Date (1) Note A-1 $ 103,216 4.94 % 2/7/2023 Note A-2 22,578 8.94 % 2/7/2023 Note B-1 12,993 4.94 % 2/7/2023 Note B-2 3,225 8.94 % 2/7/2023 Mezzanine Note 1 2,842 8.94 % 2/7/2023 Mezzanine Note 2 406 8.94 % 2/7/2023 Mortgages payable $ 145,260 Deferred financing costs, net (347 ) Mortgages payable, net $ 144,913 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Real Estate Debt Notes Payable Total 2022 $ 591 $ 3,000 $ 3,591 2023 144,669 11,000 155,669 2024 - — - 2025 - 13,250 13,250 2026 - — — Thereafter - — — Total $ 145,260 $ 27,250 $ 172,510 |
Note 8 - Equity Method Invest_2
Note 8 - Equity Method Investments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Investee Name Instrument Asset Type NXDT Percentage Ownership Investment Basis Share of Investee's Net Assets (7) Basis Difference Sandstone Pasadena Apartments, LLC LLC interest Multifamily 50.0 % $ 13,229 $ — $ 13,229 SAFStor NREA JV-I, LLC LLC interest Self-storage 81.3 % (3) 57,152 16,747 40,405 SAFStor NREA JV-III, LLC LLC interest Self-storage 73.6 % (3) 13,127 3,023 10,104 AM Uptown Hotel, LLC LLC interest Hospitality 60.0 % (3) 28,015 21,334 6,681 SFR WLIF III, LLC LLC interest Single-family rental 20.0 % 7,254 7,466 (212 ) Las Vegas Land Owner, LLC LLC interest Land 77.0 % (4) 12,312 12,312 — Perilune Aero Equity Holdings One, LLC LLC interest Aircraft 16.4 % 10,284 8,751 1,533 Claymore Holdings, LLC LLC interest N/A 50.0 % (6) — (1) — — Allenby, LLC LLC interest N/A 50.0 % (6) — (1) — — NexPoint Real Estate Finance Operating Partnership, L.P. LP interest Mortgage (5) 23.0 % 104,397 (1) 104,397 — VineBrook Homes Operating Partnership, L.P. LP interest Single-family rental 10.6 % (2) 169,473 (1) 169,473 — NexPoint Storage Partners, Inc. Common stock Self-storage 53.0 % (3) 114,714 (1) 114,714 — NexPoint SFR Operating Partnership, L.P. LP interest Single-family rental 28.4 % 52,461 (1) 52,461 — NexPoint Hospitality Trust Common stock Hospitality 46.2 % 27,074 (1) 27,074 — LLV Holdco, LLC LLC interest Land 26.8 % 4,333 (1) 4,333 — $ 613,825 $ 542,085 $ 71,740 Joint venture Date entered Properties beneficially owned Storage units beneficially owned Basis NXDT Ownership SAFStor NREA JV I, LLC 10/3/2017 7 5,417 $ 57,152 81 % SAFStor NREA JV III, LLC 12/21/2018 1 851 13,127 74 % Total 8 6,268 $ 70,279 NREF VineBrook NSP ASSETS Investments $ 8,170,243 $ 2,500 $ — Real estate assets 59,940 3,463,082 763,318 Cash and cash equivalents 22,100 92,566 72,167 Other assets 23,661 193,309 150,746 TOTAL ASSETS $ 8,275,944 $ 3,751,457 $ 986,231 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Debt $ 7,758,491 $ 2,451,375 $ 907,278 Other liabilities 22,361 155,141 26,696 Total Liabilities 7,780,852 2,606,516 933,974 Redeemable noncontrolling interests in the OP 143,165 348,040 — Total Shareholders' Equity 351,927 796,901 52,257 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 8,275,944 $ 3,751,457 $ 986,231 NREF VineBrook NSP Revenues Rental income $ — $ 71,594 $ 52,697 Net interest income 5,779 — 4,169 Other income — 2,044 2,904 Total revenues $ 5,779 $ 73,638 $ 59,770 Expenses Total expenses $ 3,611 $ 88,119 $ 52,242 Gain/(loss) on sales of real estate — (224 ) 27,220 Other income/(expense) (10,841 ) 84 (52,594 ) Unrealized gain/(loss) on derivatives — 29,356 — Total comprehensive gain/(loss) $ (8,673 ) $ 14,735 $ (17,846 ) |
Note 9 - Fair Value of Deriva_2
Note 9 - Fair Value of Derivatives and Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Cost Basis Level 1 Level 2 Level 3 Total Assets Bond $ 17 $ — $ 15 $ — $ 15 CLO 34,962 — 563 5,092 5,655 Common stock 284,454 23,231 — 254,735 277,966 Convertible notes 53,958 — — 53,958 53,958 Life settlement 64,267 — — 66,150 66,150 LLC interest 3,982 — — 4,333 4,333 LP interest 362,605 104,397 — 221,934 326,331 Rights and warrants 3,947 — 2,037 1,784 3,821 Senior loan 42,073 — 66 32,330 32,396 $ 850,265 $ 127,628 $ 2,681 $ 640,316 $ 770,625 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | July 1, 2022 Contributions/ Purchases Paid in- kind dividends Redemptions/ Conversions Realized gain/(loss) Unrealized gain/(loss) September 30, 2022 Common stock $ 257,346 $ 3,000 $ - $ - $ - $ (5,611 ) $ 254,735 Convertible notes 51,858 2,100 - - - - 53,958 Life settlement 56,440 3,022 - - 3,435 3,253 66,150 LP interest 216,550 4,792 - - - 592 221,934 CLO 52,500 - - (18,100 ) - (29,308 ) 5,092 LLC interest 3,982 - - - - 351 4,333 Rights and warrants 1,784 - - - - - 1,784 Senior loan 40,997 - 1,016 - (5 ) (9,678 ) 32,330 Total $ 681,457 $ 12,914 $ 1,016 $ (18,100 ) $ 3,430 $ (40,401 ) $ 640,316 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Category Valuation Technique Unobservable Inputs Input/Range Values Market Value Common stock Multiples Analysis Unadjusted Price/MHz-PoP $0.09 - $0.95 ($0.515) $ 254,735 Multiple of EBITDA 2.75x - 4.00x (3.37x) Discounted Cash Flow Discount Rate 8.63% - 15.5% (10.34%) Transaction Indication of Value Enterprise Value ($mm) $905 Offer Price per Share 110.0% Direct Capitalization Method Capitalization Rates 7.625% - 9.25% (8.61%) Net Asset Value N/A $28 NAV Approach Discount Rate 10.0% Black–Scholes Model Volatility 87.9% Convertible notes Transaction Indication of Value Cost Price N/A 53,958 Life settlement Discounted Cash Flow Discount Rate 14.0% 66,150 LP interest Net Asset Value N/A N/A 221,934 Transaction Indication of Value Cost Price ($mm) $52 LLC interest Discounted Cash Flow Discount Rate 4.73% - 29.50% (13.17%) 4,333 CLO NAV Approach Discount Rate 70.0% 5,092 Rights and warrants Liquidation Analysis N/A 500.0% 1,784 Senior loan Discounted Cash Flow Discount Rate 11.50% - 17.50% (14.50%) 32,330 Transaction Indication of Value Net purchase price ($mm) 636.0% Total $ 640,316 |
Note 10 - Life Settlement Por_2
Note 10 - Life Settlement Portfolio (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Life Settlement Contracts, Fair Value Method [Table Text Block] | Number of Policies Face Value (Death Benefit) Acquisition Cost Premium Cost Estimated Fair Value Total Range Total Range Total Range Total Range Total 28 $1,500 - $15,000 $ 142,907 $350 - $3,895 $ 48,132 $0 - $580 $ 4,589 $114 - $6,020 $ 66,150 Remaining Life Expectancy (in years) Number Face Value Fair Value 0 - 1 2 $ 7,000 $ 5,950 1 - 2 1 2,350 1,537 2 - 3 5 22,540 13,601 3 - 4 7 34,851 18,795 4 - 5 5 35,100 16,529 Thereafter 8 41,066 9,738 Total 28 $ 142,907 $ 66,150 |
Life Settlement Contracts, Future Premiums Payable [Table Text Block] | Year Premiums 2022 $ 724 2023 5,279 2024 5,769 2025 6,295 2026 7,011 2027 7,675 |
Note 12 - Earnings (Loss) Per_2
Note 12 - Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended September 30, 2022 Numerator for loss per share: Net loss attributable to common shareholders $ (60,142 ) Denominator for loss per share: Weighted average common shares outstanding 37,172 Denominator for basic and diluted loss per share 37,172 Loss per weighted average common share: Basic $ (1.62 ) Diluted $ (1.62 ) |
Note 13 - Related Party Trans_2
Note 13 - Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Related Party Investment Fair Value/Carrying Value Change in Unrealized Gain/(Loss) Realized Gain/(Loss) Interest and Dividends Total Income SFR WLIF III, LLC LLC Units $ 7,254 $ 131 $ - $ - $ 131 NexPoint Residential Trust, Inc. Common Stock 4,061 (1,421 ) - 33 (1,388 ) NexPoint Hospitality Trust Common Stock 27,074 475 - - 475 NexPoint Hospitality Trust Convertible Notes 23,958 - - 66 66 NexPoint Storage Partners, Inc. Common Stock 114,714 (6,565 ) - - (6,565 ) NexPoint SFR Operating Partnership, L.P. Partnership Units 52,461 - - - - NexPoint SFR Operating Partnership, L.P. Convertible Notes 30,000 - - 575 575 Claymore Holdings, LLC LLC Units - - - - - Allenby, LLC LLC Units - - - - - NexPoint Real Estate Finance Operating Partnership, L.P. Partnership Units 104,397 (36,866 ) - 3,485 (33,381 ) VineBrook Homes Operating Partnership, L.P. Partnership Units 169,473 592 - 1,427 2,019 Total $ 533,392 $ (43,654 ) $ - $ 5,586 $ (38,068 ) |
Note 1 - Organization and Des_2
Note 1 - Organization and Description of Business (Details Textual) - NexPoint Diversified Real Estate Trust OP GP, LLC [Member] | 3 Months Ended |
Sep. 30, 2022 shares | |
General Partners' Capital Account, Units Outstanding (in shares) | 2,000 |
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 100% |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | |
Impairment of Real Estate | $ 0 | |
Real Estate, Held-for-Sale | 0 | $ 0 |
Current Income Tax Expense (Benefit), Total | 10,800 | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | (3,300) | |
Income Tax Expense (Benefit), Total | 7,516 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 | 0 |
Open Tax Year | 2019 2020 2021 | |
Estimated Net Taxable Capital Gain | 15,700 | |
Deferred Tax Assets, Valuation Allowance | $ 15,246 | 15,246 |
Deferred Tax Assets, Net of Valuation Allowance, Total | $ 3,288 | $ 3,288 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Real Estate Related Depreciation and Amortization (Details) | 3 Months Ended |
Sep. 30, 2022 | |
Building [Member] | Minimum [Member] | |
Useful life (Year) | 30 years |
Building [Member] | Maximum [Member] | |
Useful life (Year) | 40 years |
Improvements [Member] | Minimum [Member] | |
Useful life (Year) | 5 years |
Improvements [Member] | Maximum [Member] | |
Useful life (Year) | 40 years |
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | |
Useful life (Year) | 5 years |
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | |
Useful life (Year) | 10 years |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Net Deferred Tax Assets (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Capital loss carryover from December 31, 2021 | $ 2,050 |
Capital loss carryover utilized in 2022 | (2,050) |
Unrealized tax loss on investments | 18,534 |
Total deferred tax assets | 18,534 |
Valuation allowance | (15,246) |
Net deferred tax asset | $ 3,288 |
Note 3 - Business Change - Chan
Note 3 - Business Change - Changes on Balance Sheet (Details) - USD ($) | Sep. 30, 2022 | Jul. 01, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |||
Land | $ 47,708,000 | $ 21,208,000 | $ 0 | |||||||
Buildings and improvements | 161,695,000 | 158,304,000 | 0 | |||||||
Intangible lease assets | 10,979,000 | 10,979,000 | 0 | |||||||
Construction in progress | 43,973,000 | 46,052,000 | 0 | |||||||
Furniture, fixtures, and equipment | 354,000 | 349,000 | 0 | |||||||
Total Operating Real Estate Investments | 264,709,000 | 236,892,000 | 0 | |||||||
Investments, at fair value | 704,475,000 | 804,617,000 | 1,129,544,000 | |||||||
Equity method investments | 141,373,000 | 143,264,000 | 0 | |||||||
Life insurance policies, at fair value | 66,150,000 | 56,440,000 | 0 | |||||||
Cash and cash equivalents | 29,211,000 | 16,136,000 | 4,044,000 | $ 2,238,000 | ||||||
Restricted cash | 34,487,000 | 34,640,000 | 0 | 440,000 | ||||||
Accounts receivable, net | 4,849,000 | 0 | ||||||||
Accrued interest and dividends | 3,653,000 | 4,045,000 | 172,000 | 913,000 | ||||||
Prepaid and other assets | 6,172,000 | 5,414 | [1] | 3,896 | [1] | 510,000 | ||||
TOTAL ASSETS | 1,254,878,000 | 1,306,297,000 | 1,137,656,000 | 1,048,014,000 | ||||||
Mortgages payable, net | 144,913,000 | 145,908,000 | 0 | |||||||
Notes payable, net | 27,250,000 | 23,500,000 | 16,000,000 | 42,500,000 | ||||||
Prime brokerage borrowing | 10,059,000 | 7,492,000 | 7,492,000 | 9,188,000 | ||||||
Accounts payable and other accrued liabilities | 11,521,000 | 3,590,000 | 1,296,000 | |||||||
Accrued real estate taxes payable | 3,432,000 | 2,323,000 | 0 | |||||||
Accrued interest payable | 820,000 | 639,000 | 0 | 63,000 | ||||||
Security deposit liability | 449,000 | 434,000 | 0 | |||||||
Prepaid rents | 2,077,000 | 1,845,000 | 0 | |||||||
Intangible lease liabilities | 6,399,000 | 6,770 | [1] | 0 | [1] | |||||
Due to affiliates | 928,000 | 0 | ||||||||
Total Liabilities | 207,821,000 | 193,429,000 | 24,788,000 | 53,554,000 | ||||||
Series A cumulative preferred shares, net of deferred financing costs | 0 | [2] | 83,252 | [2] | 83,252,000 | |||||
Preferred stock, $0.001 par value: 4,800,000 shares authorized; 3,359,593 shares issued and outstanding | 3,000 | 3,000 | 3,000 | |||||||
Common stock, $0.001 par value: unlimited shares authorized; 37,171,807 shares issued and outstanding | 37,000 | 37,000 | 37,000 | |||||||
Additional paid-in capital | 998,465,000 | 998,557,000 | 915,305,000 | 913,920,000 | ||||||
Accumulated earnings less dividends | 48,552,000 | 114,271,000 | 114,271,000 | (2,712,000) | ||||||
Total Stockholders' Equity | 1,047,057,000 | 1,112,868,000 | 1,029,616,000 | $ 911,208,000 | $ 835,096,000 | $ 791,423,000 | $ 790,825,000 | |||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,254,878,000 | 1,306,297,000 | $ 1,137,656,000 | |||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||||||
Land | [1] | 21,208,000 | ||||||||
Buildings and improvements | [1] | 158,304,000 | ||||||||
Intangible lease assets | [1] | 10,979,000 | ||||||||
Construction in progress | [1] | 46,052,000 | ||||||||
Furniture, fixtures, and equipment | [1] | 349,000 | ||||||||
Total Operating Real Estate Investments | 236,892,000 | |||||||||
Investments, at fair value | [3] | (324,927,000) | ||||||||
Equity method investments | [4] | 143,264,000 | ||||||||
Life insurance policies, at fair value | [3] | 56,440,000 | ||||||||
Cash and cash equivalents | [1] | 12,092,000 | ||||||||
Restricted cash | [1] | 34,640,000 | ||||||||
Accounts receivable, net | [1] | 4,849,000 | ||||||||
Accrued interest and dividends | [1] | 3,873,000 | ||||||||
Prepaid and other assets | [1] | 1,518 | ||||||||
TOTAL ASSETS | 168,641,000 | |||||||||
Mortgages payable, net | [1] | 145,908,000 | ||||||||
Notes payable, net | [1] | 7,500,000 | ||||||||
Prime brokerage borrowing | 0 | |||||||||
Accounts payable and other accrued liabilities | [1] | 2,294,000 | ||||||||
Accrued real estate taxes payable | [1] | 2,323,000 | ||||||||
Accrued interest payable | [1] | 639,000 | ||||||||
Security deposit liability | [1] | 434,000 | ||||||||
Prepaid rents | [1] | 1,845,000 | ||||||||
Intangible lease liabilities | [1] | 6,770 | ||||||||
Due to affiliates | [1] | 928,000 | ||||||||
Total Liabilities | 168,641,000 | |||||||||
Series A cumulative preferred shares, net of deferred financing costs | [2] | (83,252) | ||||||||
Preferred stock, $0.001 par value: 4,800,000 shares authorized; 3,359,593 shares issued and outstanding | 0 | |||||||||
Common stock, $0.001 par value: unlimited shares authorized; 37,171,807 shares issued and outstanding | 0 | |||||||||
Additional paid-in capital | [2] | 83,252,000 | ||||||||
Accumulated earnings less dividends | 0 | |||||||||
Total Stockholders' Equity | 83,252,000 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 168,641,000 | |||||||||
[1]Change due to consolidation of subsidiaries that were previously accounted for at fair value.[2]The mandatory redemption feature of the Series A Preferred Shares (defined below) expired on the Deregistration Date. As such, the Series A Preferred Shares are now accounted for as a component permanent equity.[3]Change due to investments that were previously accounted for at fair value being consolidated or accounted for using the equity method.[4]Change due to applying the equity method to investments that were previously carried at fair value. See Note 8 for more information on the Company's equity method investments. |
Note 3 - Business Change - Ch_2
Note 3 - Business Change - Changes on Balance Sheet (Details) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized (in shares) | 4,800,000 | 4,800,000 | 4,800,000 | |
Preferred Stock, Shares Issued (in shares) | 3,359,593 | 3,359,593 | 3,359,593 | |
Preferred stock, shares outstanding (in shares) | 3,359,593 | 3,359,593 | 3,359,593 | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | |
Common stock, shares authorized | Unlimited | Unlimited | Unlimited | |
Common Stock, Shares, Issued (in shares) | 37,171,807 | 37,171,807 | 37,171,807 | |
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 37,171,807 | 37,171,807 | 37,171,807 | 37,080 |
Note 4 - Investments in Real _3
Note 4 - Investments in Real Estate Subsidiaries (Details Textual) | Sep. 30, 2022 a |
NexPoint Dominion Land, LLC [Member] | Undeveloped Land in Plano, Texas [Member] | |
Percentage of Ownership in Real Estate Property | 100% |
Area of Land (Acre) | 21.5 |
Special Purpose Entities Directly Owned Companies[Member] | |
Noncontrolling Interest, Ownership Percentage by Parent | 100% |
Note 4 - Investments in Real _4
Note 4 - Investments in Real Estate Subsidiaries - Properties Owned Through Real Estate Subsidiaries (Details) | Sep. 30, 2022 | Dec. 31, 2021 | ||
Special Purpose Entities Directly Owned Companies[Member] | ||||
Effective Ownership | 100% | |||
Special Purpose Entities Directly Owned Companies[Member] | Cityplace Tower [Member] | ||||
Effective Ownership | 100% | 100% | ||
Special Purpose Entities Directly Owned Companies[Member] | NexPoint Dominion Land, LLC [Member] | ||||
Effective Ownership | [1] | 100% | 0% | [2] |
Special Purpose Entities Directly Owned Companies[Member] | White Rock Center [Member] | ||||
Effective Ownership | 100% | 100% | ||
Special Purpose Entities Directly Owned Companies[Member] | The 5916 W Loop 289 [Member] | ||||
Effective Ownership | 100% | 100% | ||
[1]NexPoint Dominion Land, LLC owns 100% of 21.5 acres of undeveloped land in Plano, Texas.[2]Property was acquired in 2022; therefore, no ownership as of December 31, 2021. |
Note 5 - Real Estate Investme_3
Note 5 - Real Estate Investments Statistics (Details Textual) | Sep. 30, 2022 |
Retail [Member] | |
Number of Real Estate Properties | 2 |
Office Building [Member] | |
Number of Real Estate Properties | 1 |
Note 5 - Real Estate Investme_4
Note 5 - Real Estate Investments Statistics - Investments in Properties (Details) - Rentable Properties [Member] | Sep. 30, 2022 USD ($) a ft² | Dec. 31, 2021 USD ($) | |
Rentable Square Footage (Square Foot) | a | 1,466,020 | ||
White Rock Center [Member] | Retail [Member] | |||
Rentable Square Footage (Square Foot) | ft² | 82,793 | ||
Average Effective Monthly Rent Per Unit | $ | [1] | $ 1.46 | $ 1.46 |
Percent occupied | [2] | 72.90% | 78.40% |
The 5916 W Loop 289 [Member] | Retail [Member] | |||
Rentable Square Footage (Square Foot) | ft² | 30,140 | ||
Average Effective Monthly Rent Per Unit | $ | [1] | $ 0.40 | $ 0.40 |
Percent occupied | [2] | 100% | 100% |
Cityplace Tower [Member] | Office Building [Member] | |||
Rentable Square Footage (Square Foot) | ft² | 1,353,087 | ||
Average Effective Monthly Rent Per Unit | $ | [1] | $ 2.10 | $ 2.18 |
Percent occupied | [2] | 32.90% | 41.80% |
[1]Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of September 30, 2022 and December 31, 2021, respectively, minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of September 30, 2022 and December 31, 2021, respectively.[2]Percent occupied is calculated as the number of units occupied as of September 30, 2022 and December 31, 2021, divided by the total number of units, expressed as a percentage. |
Note 6 - Real Estate Investme_3
Note 6 - Real Estate Investments (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Aug. 05, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Depreciation, Total | $ 2.2 | ||
Caddo Sustainable Timberlands [Member] | |||
Proceeds from Sale of Real Estate | $ 10.9 | ||
NexPoint Dominion Land, LLC [Member] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 100% | ||
Leases, Acquired-in-Place [Member] | |||
Amortization of Intangible Assets | $ 1.5 | $ 0.4 |
Note 6 - Real Estate Investme_4
Note 6 - Real Estate Investments - Components of Investments in Real Estate Properties (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Operating Properties | $ 257,939 |
Accumulated depreciation and amortization | (3,259) |
Accumulated depreciation and amortization | 3,259 |
Total Operating Properties | 254,680 |
Total Operating Properties | (254,680) |
White Rock Center [Member] | |
Operating Properties | 13,454 |
The 5916 W Loop 289 [Member] | |
Operating Properties | 4,019 |
Cityplace Tower [Member] | |
Operating Properties | 213,966 |
NexPoint Dominion Land, LLC [Member] | |
Operating Properties | 26,500 |
Land [Member] | |
Operating Properties | 47,708 |
Accumulated depreciation and amortization | 0 |
Accumulated depreciation and amortization | 0 |
Total Operating Properties | 47,708 |
Total Operating Properties | (47,708) |
Land [Member] | White Rock Center [Member] | |
Operating Properties | 1,315 |
Land [Member] | The 5916 W Loop 289 [Member] | |
Operating Properties | 1,081 |
Land [Member] | Cityplace Tower [Member] | |
Operating Properties | 18,812 |
Land [Member] | NexPoint Dominion Land, LLC [Member] | |
Operating Properties | 26,500 |
Building and Building Improvements [Member] | |
Operating Properties | 161,695 |
Accumulated depreciation and amortization | (2,016) |
Accumulated depreciation and amortization | 2,016 |
Total Operating Properties | 159,679 |
Total Operating Properties | (159,679) |
Building and Building Improvements [Member] | White Rock Center [Member] | |
Operating Properties | 10,314 |
Building and Building Improvements [Member] | The 5916 W Loop 289 [Member] | |
Operating Properties | 2,938 |
Building and Building Improvements [Member] | Cityplace Tower [Member] | |
Operating Properties | 148,443 |
Building and Building Improvements [Member] | NexPoint Dominion Land, LLC [Member] | |
Operating Properties | 0 |
Intangible Lease Assets [Member] | |
Operating Properties | 10,979 |
Accumulated depreciation and amortization | (1,445) |
Accumulated depreciation and amortization | 1,445 |
Total Operating Properties | 9,534 |
Total Operating Properties | (9,534) |
Intangible Lease Assets [Member] | White Rock Center [Member] | |
Operating Properties | 1,921 |
Intangible Lease Assets [Member] | The 5916 W Loop 289 [Member] | |
Operating Properties | 0 |
Intangible Lease Assets [Member] | Cityplace Tower [Member] | |
Operating Properties | 9,058 |
Intangible Lease Assets [Member] | NexPoint Dominion Land, LLC [Member] | |
Operating Properties | 0 |
Intangible Lease Liabilities [Member] | |
Operating Properties | 6,770 |
Accumulated depreciation and amortization | (371) |
Accumulated depreciation and amortization | 371 |
Total Operating Properties | 6,399 |
Total Operating Properties | (6,399) |
Intangible Lease Liabilities [Member] | White Rock Center [Member] | |
Operating Properties | 101 |
Intangible Lease Liabilities [Member] | The 5916 W Loop 289 [Member] | |
Operating Properties | 0 |
Intangible Lease Liabilities [Member] | Cityplace Tower [Member] | |
Operating Properties | 6,669 |
Intangible Lease Liabilities [Member] | NexPoint Dominion Land, LLC [Member] | |
Operating Properties | 0 |
Construction in Progress [Member] | |
Operating Properties | 43,973 |
Accumulated depreciation and amortization | 0 |
Accumulated depreciation and amortization | 0 |
Total Operating Properties | 43,973 |
Total Operating Properties | (43,973) |
Construction in Progress [Member] | White Rock Center [Member] | |
Operating Properties | 0 |
Construction in Progress [Member] | The 5916 W Loop 289 [Member] | |
Operating Properties | 0 |
Construction in Progress [Member] | Cityplace Tower [Member] | |
Operating Properties | 43,973 |
Construction in Progress [Member] | NexPoint Dominion Land, LLC [Member] | |
Operating Properties | 0 |
Furniture, Fixtures and Equipment [Member] | |
Operating Properties | 354 |
Accumulated depreciation and amortization | (168) |
Accumulated depreciation and amortization | 168 |
Total Operating Properties | 186 |
Total Operating Properties | (186) |
Furniture, Fixtures and Equipment [Member] | White Rock Center [Member] | |
Operating Properties | 5 |
Furniture, Fixtures and Equipment [Member] | The 5916 W Loop 289 [Member] | |
Operating Properties | 0 |
Furniture, Fixtures and Equipment [Member] | Cityplace Tower [Member] | |
Operating Properties | 349 |
Furniture, Fixtures and Equipment [Member] | NexPoint Dominion Land, LLC [Member] | |
Operating Properties | $ 0 |
Note 6 - Real Estate Investme_5
Note 6 - Real Estate Investments - Ongoing Development (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Aug. 09, 2022 | Sep. 30, 2022 | ||
Purchase Price | $ 26,500 | ||
Debt | $ 13,250 | ||
NexPoint Dominion Land, LLC [Member] | |||
Effective Ownership | 100% | ||
NexPoint Dominion Land, LLC [Member] | Land [Member] | |||
Purchase Price | $ 26,500 | ||
Debt | $ 13,250 | ||
Effective Ownership | [1] | 100% | |
[1]Represents ownership of underlying property. The Company, through the OP, owns 100% of NexPoint Dominion Land, LLC as of September 30, 2022. |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Jan. 08, 2021 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Aug. 09, 2022 USD ($) a | |
Long-Term Debt, Gross | $ 172,510 | |||
The Credit Facility [Member] | ||||
Long-Term Debt, Gross | 27,250 | |||
Raymond James [Member] | The Credit Facility [Member] | ||||
Debt Instrument, Face Amount | $ 30,000 | |||
Repayments of Long-Term Debt, Total | 6,000 | $ 10,000 | ||
Long-Term Debt, Total | 14,000 | |||
Raymond James [Member] | The Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||
Undeveloped Land in Plano, Texas [Member] | ||||
Area of Land (Acre) | a | 21.5 | |||
Mortgages [Member] | ||||
Long-Term Debt, Gross | $ 145,260 | |||
Debt Instrument, Prepayment Percentage | 0.25% | |||
Long-Term Debt, Total | $ 144,913 | |||
Mortgages [Member] | Cityplace Tower [Member] | ||||
Debt, Weighted Average Interest Rate | 5.70% | |||
Notes Payable, Other Payables [Member] | Gabriel Legacy, LLC [Member] | ||||
Debt Instrument, Face Amount | $ 13,300 | |||
Prime Brokerage Borrowing [Member] | Merrill Lynch Professional Clearing Corp (BAML) [Member] | ||||
Long-Term Debt, Total | $ 10,100 | |||
Debt Instrument, Collateral Amount | $ 20,800 | |||
Prime Brokerage Borrowing [Member] | Merrill Lynch Professional Clearing Corp (BAML) [Member] | Overnight Bank Funding Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.60% |
Note 7 - Debt - Summary of Real
Note 7 - Debt - Summary of Real Estate Notes Payable (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 USD ($) | ||
Outstanding principal | $ 172,510 | |
Mortgages [Member] | ||
Outstanding principal | 145,260 | |
Deferred financing costs, net | (347) | |
Mortgages payable, net | 144,913 | |
Note A-1 [Member] | ||
Outstanding principal | $ 103,216 | |
Interest Rate | 4.94% | |
Maturity Date | Feb. 07, 2023 | [1] |
Note A-2 [Member] | ||
Outstanding principal | $ 22,578 | |
Interest Rate | 8.94% | |
Maturity Date | Feb. 07, 2023 | [1] |
Note B-1 [Member] | ||
Outstanding principal | $ 12,993 | |
Interest Rate | 4.94% | |
Maturity Date | Feb. 07, 2023 | [1] |
Note B-2 [Member] | ||
Outstanding principal | $ 3,225 | |
Interest Rate | 8.94% | |
Maturity Date | Feb. 07, 2023 | [1] |
Mezzanine Note 1 [Member] | ||
Outstanding principal | $ 2,842 | |
Interest Rate | 8.94% | |
Maturity Date | Feb. 07, 2023 | [1] |
Mezzanine Note 2 [Member] | ||
Outstanding principal | $ 406 | |
Interest Rate | 8.94% | |
Maturity Date | Feb. 07, 2023 | [1] |
[1]Reflective of the lender consent dated August 8, 2022 that defers the maturity date to November 7, 2022. |
Note 7 - Debt - Aggregate Sched
Note 7 - Debt - Aggregate Scheduled Maturities (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
2022 | $ 3,591 |
2023 | 155,669 |
2024 | 0 |
2025 | 13,250 |
2026 | 0 |
Thereafter | 0 |
Total | 172,510 |
The Credit Facility [Member] | |
2022 | 3,000 |
2023 | 11,000 |
2024 | 0 |
2025 | 13,250 |
2026 | 0 |
Thereafter | 0 |
Total | 27,250 |
Mortgages [Member] | |
2022 | 591 |
2023 | 144,669 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
Thereafter | 0 |
Total | $ 145,260 |
Note 8 - Equity Method Invest_3
Note 8 - Equity Method Investments (Details Textual) $ in Thousands | 3 Months Ended | 4 Months Ended | 9 Months Ended | |||||||||||
Jun. 08, 2022 USD ($) | Nov. 01, 2018 USD ($) | May 29, 2015 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Aug. 08, 2022 | Mar. 31, 2022 | Mar. 30, 2022 a | Dec. 31, 2021 | |||||
Payments to Acquire Equity Method Investments | $ 1,382 | |||||||||||||
Tivoli North Property [Member] | ||||||||||||||
Percentage of Ownership in Real Estate Property | 77% | |||||||||||||
Las Vegas Land Owner, LLC [Member] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 77% | [1] | 77% | [1] | 77% | [1] | 77% | |||||||
Las Vegas Land Owner, LLC [Member] | Tivoli North Property [Member] | ||||||||||||||
Percentage of Ownership in Real Estate Property | 100% | 100% | 100% | 100% | ||||||||||
Area of Land (Acre) | a | 8.5 | |||||||||||||
Claymore Holdings, LLC [Member] | ||||||||||||||
Equity Method Investment, Ownership Percentage | [2] | 50% | 50% | 50% | ||||||||||
Sandstone Pasadena Apartments, LLC [MEmber] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 83.30% | 50% | [3] | 50% | [3] | 50% | [3] | |||||||
Payments to Acquire Equity Method Investments | $ 12,000 | |||||||||||||
Number of Units in Real Estate Property | 696 | |||||||||||||
Equity Method Investment, Percentage of Return on Unreturned Equity | 10% | |||||||||||||
Equity Method Investment, Distribution-sharing Percentage | 50% | 50% | 50% | |||||||||||
SAFStor Ventures [Member] | ||||||||||||||
Equity Method Investment, Percentage of Return on Unreturned Equity | 10% | 10% | 10% | |||||||||||
AM Uptown Hotel, LLC [Member] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 60% | 60% | 60% | 85% | ||||||||||
SFR WLIF III, LLC [Member] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 20% | 20% | 20% | |||||||||||
SFR WLIF III, LLC [Member] | Debt Issued to VineBrook OP [Member] | ||||||||||||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 241,200 | $ 241,200 | $ 241,200 | |||||||||||
SFR WLIF III, LLC [Member] | Debt Issued to VineBrook OP [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||
Notes Receivable, Interest Rate, Basis Spread on Variable Rate | 1.55% | |||||||||||||
Perilune Aero Equity Holdings One, LLC [Member] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 16.40% | 16.40% | 16.40% | |||||||||||
NexPoint Real Estate Finance Operating Partnership, LP (NREF OP) [Member] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 23% | 23% | 23% | |||||||||||
VineBrook Homes Trust Operating Partnership, OP (VB OP) [Member] | ||||||||||||||
Payments to Acquire Equity Method Investments | $ 70,700 | |||||||||||||
VineBrooke Homes Trust Operating Partnership, LP [Member] | ||||||||||||||
Equity Method Investment, Ownership Percentage | [4] | 10.60% | 10.60% | 10.60% | ||||||||||
NexPoint Storage Partners, Inc [Member] | ||||||||||||||
Equity Method Investment, Ownership Percentage | [3] | 53% | 53% | 53% | ||||||||||
NexPoint SFR Operating Partnership, LP [Member] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 28.40% | 28.40% | 28.40% | |||||||||||
Payments to Acquire Equity Method Investments | $ 25,000 | $ 27,500 | ||||||||||||
NexPoint SFR Operating Partnership, LP [Member] | SFR OP Convertible Notes [Member] | ||||||||||||||
Financing Receivable, before Allowance for Credit Loss, Total | 25,000 | $ 5,000 | 5,000 | $ 5,000 | ||||||||||
Payments to Acquire Notes Receivable | $ 25,000 | $ 5,000 | ||||||||||||
Notes Receivable, Interest Rate | 7.50% | |||||||||||||
NexPoint Hospitality Trust, Inc [Member] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 46.20% | 46.20% | 46.20% | |||||||||||
LLV Holdco, LLC [Member] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 26.80% | 26.80% | 26.80% | |||||||||||
[1]The Company owns 100% of Las Vegas Land Owner, LLC which owns 77% of the Tivoli North Property as described below. Through the TIC, the Company shares control and as such accounts for this investment using the equity method.[2]The Company has a 50% non-controlling interest in Claymore Holdings, LLC (“Claymore”) and Allenby, LLC, (“Allenby”). As such, the Company has determined it is not the primary beneficiary and does not consolidate these entities.[3]The Company owns greater than 50% of the outstanding common equity but is not deemed by the Company to be the primary beneficiary of the investee and as such, accounts for the investee using the equity method.[4]The Company owns less than 20% of the investee but has significant influence due to members of the management team serving on the board of the investee and as such, accounts for the investee using the equity method. |
Note 8 - Equity Method Invest_4
Note 8 - Equity Method Investments - Summary of Equity Method Investments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||||||||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Sep. 30, 2021 | Aug. 08, 2022 | Jul. 01, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | May 29, 2015 | |||||
Investment Basis | $ 141,373,000 | $ 0 | $ 143,264,000 | |||||||||||
Real estate assets | 261,079,000 | |||||||||||||
Cash and cash equivalents | 29,211,000 | 4,044,000 | 16,136,000 | $ 2,238,000 | ||||||||||
Other assets | 277,000 | |||||||||||||
TOTAL ASSETS | 1,254,878,000 | 1,137,656,000 | 1,306,297,000 | 1,048,014,000 | ||||||||||
Total Liabilities | 207,821,000 | 24,788,000 | 193,429,000 | 53,554,000 | ||||||||||
Redeemable noncontrolling interests in the OP | 83,252 | [1] | 0 | [1] | 83,252,000 | |||||||||
Net assets | 1,047,057,000 | $ 835,096,000 | 1,029,616,000 | $ 835,096,000 | 1,112,868,000 | $ 911,208,000 | $ 791,423,000 | $ 790,825,000 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,254,878,000 | 1,137,656,000 | $ 1,306,297,000 | |||||||||||
Rental income | 4,603,000 | |||||||||||||
Net interest income | 36,142,000 | 284,000 | 67,404,000 | (1,048,000) | ||||||||||
Other income | 18,000 | |||||||||||||
Total revenues | 40,763,000 | |||||||||||||
Total expenses | 12,720,000 | $ 4,988,000 | $ 11,792,000 | $ 14,185,000 | ||||||||||
NexPoint Real Estate Finance Operating Partnership, LP (NREF OP) [Member] | ||||||||||||||
Investments | 8,170,243,000 | |||||||||||||
Real estate assets | 59,940,000 | |||||||||||||
Cash and cash equivalents | 22,100,000 | |||||||||||||
Other assets | 23,661,000 | |||||||||||||
TOTAL ASSETS | 8,275,944,000 | |||||||||||||
Debt | 7,758,491,000 | |||||||||||||
Other liabilities | 22,361,000 | |||||||||||||
Total Liabilities | 7,780,852,000 | |||||||||||||
Redeemable noncontrolling interests in the OP | 143,165,000 | |||||||||||||
Net assets | 351,927,000 | |||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 8,275,944,000 | |||||||||||||
Rental income | 0 | |||||||||||||
Net interest income | 5,779,000 | |||||||||||||
Other income | 0 | |||||||||||||
Total revenues | 5,779,000 | |||||||||||||
Total expenses | 3,611,000 | |||||||||||||
Gain/(loss) on sales of real estate | 0 | |||||||||||||
Other income/(expense) | (10,841,000) | |||||||||||||
Unrealized gain/(loss) on derivatives | 0 | |||||||||||||
Total comprehensive gain/(loss) | (8,673,000) | |||||||||||||
VineBrook Homes Trust Operating Partnership, OP (VB OP) [Member] | ||||||||||||||
Investments | 2,500,000 | |||||||||||||
Real estate assets | 3,463,082,000 | |||||||||||||
Cash and cash equivalents | 92,566,000 | |||||||||||||
Other assets | 193,309,000 | |||||||||||||
TOTAL ASSETS | 3,751,457,000 | |||||||||||||
Debt | 2,451,375,000 | |||||||||||||
Other liabilities | 155,141,000 | |||||||||||||
Total Liabilities | 2,606,516,000 | |||||||||||||
Redeemable noncontrolling interests in the OP | 348,040,000 | |||||||||||||
Net assets | 796,901,000 | |||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 3,751,457,000 | |||||||||||||
Rental income | 71,594,000 | |||||||||||||
Net interest income | 0 | |||||||||||||
Other income | 2,044,000 | |||||||||||||
Total revenues | 73,638,000 | |||||||||||||
Total expenses | 88,119,000 | |||||||||||||
Gain/(loss) on sales of real estate | (224,000) | |||||||||||||
Other income/(expense) | 84,000 | |||||||||||||
Unrealized gain/(loss) on derivatives | 29,356,000 | |||||||||||||
Total comprehensive gain/(loss) | 14,735,000 | |||||||||||||
NexPoint Storage Partners, Inc [Member] | ||||||||||||||
Investments | 0 | |||||||||||||
Real estate assets | 763,318,000 | |||||||||||||
Cash and cash equivalents | 72,167,000 | |||||||||||||
Other assets | 150,746,000 | |||||||||||||
TOTAL ASSETS | 986,231,000 | |||||||||||||
Debt | 907,278,000 | |||||||||||||
Other liabilities | 26,696,000 | |||||||||||||
Total Liabilities | 933,974,000 | |||||||||||||
Redeemable noncontrolling interests in the OP | 0 | |||||||||||||
Net assets | 52,257,000 | |||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 986,231,000 | |||||||||||||
Rental income | 52,697,000 | |||||||||||||
Net interest income | 4,169,000 | |||||||||||||
Other income | 2,904,000 | |||||||||||||
Total revenues | 59,770,000 | |||||||||||||
Total expenses | 52,242,000 | |||||||||||||
Gain/(loss) on sales of real estate | 27,220,000 | |||||||||||||
Other income/(expense) | (52,594,000) | |||||||||||||
Unrealized gain/(loss) on derivatives | 0 | |||||||||||||
Total comprehensive gain/(loss) | $ (17,846,000) | |||||||||||||
Sandstone Pasadena Apartments, LLC [MEmber] | ||||||||||||||
Percentage Ownership | 50% | [2] | 83.30% | |||||||||||
Investment Basis | $ 13,229,000 | |||||||||||||
Percentage share of investee's net assets | [3] | 0 | ||||||||||||
Basis Difference | $ 13,229,000 | |||||||||||||
Percentage Ownership | 50% | [2] | 83.30% | |||||||||||
SAFStor NREA JV-I, LLC [Member] | ||||||||||||||
Percentage Ownership | [2] | 81.30% | ||||||||||||
Investment Basis | $ 57,152,000 | |||||||||||||
Percentage share of investee's net assets | [3] | 16,747,000 | ||||||||||||
Basis Difference | $ 40,405,000 | |||||||||||||
Properties beneficially owned | 7 | |||||||||||||
Storage units beneficially owned | 5,417 | |||||||||||||
Percentage Ownership | [2] | 81.30% | ||||||||||||
SAFStor NREA JV-III, LLC [Member] | ||||||||||||||
Percentage Ownership | [2] | 73.60% | ||||||||||||
Investment Basis | $ 13,127,000 | |||||||||||||
Percentage share of investee's net assets | [3] | 3,023,000 | ||||||||||||
Basis Difference | $ 10,104,000 | |||||||||||||
Properties beneficially owned | 1 | |||||||||||||
Storage units beneficially owned | 851 | |||||||||||||
Percentage Ownership | [2] | 73.60% | ||||||||||||
SAFStor Ventures [Member] | ||||||||||||||
Investment Basis | $ 70,279,000 | |||||||||||||
Properties beneficially owned | 8 | |||||||||||||
Storage units beneficially owned | 6,268 | |||||||||||||
AM Uptown Hotel, LLC [Member] | ||||||||||||||
Percentage Ownership | 60% | 85% | ||||||||||||
Investment Basis | $ 28,015,000 | |||||||||||||
Percentage share of investee's net assets | [3] | 21,334,000 | ||||||||||||
Basis Difference | $ 6,681,000 | |||||||||||||
Percentage Ownership | 60% | 85% | ||||||||||||
SFR WLIF III, LLC [Member] | ||||||||||||||
Percentage Ownership | 20% | |||||||||||||
Investment Basis | $ 7,254,000 | |||||||||||||
Percentage share of investee's net assets | [3] | 7,466,000 | ||||||||||||
Basis Difference | $ (212,000) | |||||||||||||
Percentage Ownership | 20% | |||||||||||||
Las Vegas Land Owner, LLC [Member] | ||||||||||||||
Percentage Ownership | 77% | [4] | 77% | |||||||||||
Investment Basis | $ 12,312,000 | |||||||||||||
Percentage share of investee's net assets | [3] | 12,312,000 | ||||||||||||
Basis Difference | $ 0 | |||||||||||||
Percentage Ownership | 77% | [4] | 77% | |||||||||||
Perilune Aero Equity Holdings One, LLC [Member] | ||||||||||||||
Percentage Ownership | 16.40% | |||||||||||||
Investment Basis | $ 10,284,000 | |||||||||||||
Percentage share of investee's net assets | [3] | 8,751,000 | ||||||||||||
Basis Difference | $ 1,533,000 | |||||||||||||
Percentage Ownership | 16.40% | |||||||||||||
Claymore Holdings, LLC [Member] | ||||||||||||||
Percentage Ownership | [5] | 50% | ||||||||||||
Investment Basis | [6] | $ 0 | ||||||||||||
Percentage share of investee's net assets | [3] | 0 | ||||||||||||
Basis Difference | $ 0 | |||||||||||||
Percentage Ownership | [5] | 50% | ||||||||||||
Allenby, LLC [Member] | ||||||||||||||
Percentage Ownership | [5] | 50% | ||||||||||||
Investment Basis | [6] | $ 0 | ||||||||||||
Percentage share of investee's net assets | [3] | 0 | ||||||||||||
Basis Difference | $ 0 | |||||||||||||
Percentage Ownership | [5] | 50% | ||||||||||||
NexPoint Real Estate Finance Operating Partnership, LP (NREF OP) [Member] | ||||||||||||||
Percentage Ownership | 23% | |||||||||||||
Investment Basis | [6] | $ 104,397,000 | ||||||||||||
Percentage share of investee's net assets | [3] | 104,397,000 | ||||||||||||
Basis Difference | $ 0 | |||||||||||||
Percentage Ownership | 23% | |||||||||||||
VineBrooke Homes Trust Operating Partnership, LP [Member] | ||||||||||||||
Percentage Ownership | [7] | 10.60% | ||||||||||||
Investment Basis | [6] | $ 169,473,000 | ||||||||||||
Percentage share of investee's net assets | [3] | 169,473,000 | ||||||||||||
Basis Difference | $ 0 | |||||||||||||
Percentage Ownership | [7] | 10.60% | ||||||||||||
NexPoint Storage Partners, Inc [Member] | ||||||||||||||
Percentage Ownership | [2] | 53% | ||||||||||||
Investment Basis | [6] | $ 114,714,000 | ||||||||||||
Percentage share of investee's net assets | [3] | 114,714,000 | ||||||||||||
Basis Difference | $ 0 | |||||||||||||
Percentage Ownership | [2] | 53% | ||||||||||||
NexPoint SFR Operating Partnership, LP [Member] | ||||||||||||||
Percentage Ownership | 28.40% | |||||||||||||
Investment Basis | [6] | $ 52,461,000 | ||||||||||||
Percentage share of investee's net assets | [3] | 52,461,000 | ||||||||||||
Basis Difference | $ 0 | |||||||||||||
Percentage Ownership | 28.40% | |||||||||||||
NexPoint Hospitality Trust, Inc [Member] | ||||||||||||||
Percentage Ownership | 46.20% | |||||||||||||
Investment Basis | [6] | $ 27,074,000 | ||||||||||||
Percentage share of investee's net assets | [3] | 27,074,000 | ||||||||||||
Basis Difference | $ 0 | |||||||||||||
Percentage Ownership | 46.20% | |||||||||||||
LLV Holdco, LLC [Member] | ||||||||||||||
Percentage Ownership | 26.80% | |||||||||||||
Investment Basis | [6] | $ 4,333,000 | ||||||||||||
Percentage share of investee's net assets | [3] | 4,333,000 | ||||||||||||
Basis Difference | $ 0 | |||||||||||||
Percentage Ownership | 26.80% | |||||||||||||
Equity Method Investees [Member] | ||||||||||||||
Investment Basis | $ 613,825,000 | |||||||||||||
Percentage share of investee's net assets | [3] | 542,085,000 | ||||||||||||
Basis Difference | $ 71,740,000 | |||||||||||||
[1]The mandatory redemption feature of the Series A Preferred Shares (defined below) expired on the Deregistration Date. As such, the Series A Preferred Shares are now accounted for as a component permanent equity.[2]The Company owns greater than 50% of the outstanding common equity but is not deemed by the Company to be the primary beneficiary of the investee and as such, accounts for the investee using the equity method.[3]Represents the Company’s percentage share of net assets of the investee per the investee’s books and records.[4]The Company owns 100% of Las Vegas Land Owner, LLC which owns 77% of the Tivoli North Property as described below. Through the TIC, the Company shares control and as such accounts for this investment using the equity method.[5]The Company has a 50% non-controlling interest in Claymore Holdings, LLC (“Claymore”) and Allenby, LLC, (“Allenby”). As such, the Company has determined it is not the primary beneficiary and does not consolidate these entities.[6]The Company has elected the fair value option with respect to these investments. The basis in these investments is their September 30, 2022 fair market value.[7]The Company owns less than 20% of the investee but has significant influence due to members of the management team serving on the board of the investee and as such, accounts for the investee using the equity method. |
Note 9 - Fair Value of Deriva_3
Note 9 - Fair Value of Derivatives and Financial Instruments - Assets at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring [Member] $ in Thousands | Sep. 30, 2022 USD ($) |
Investments, fair value | $ 770,625 |
Fair Value, Inputs, Level 1 [Member] | |
Investments, fair value | 127,628 |
Fair Value, Inputs, Level 2 [Member] | |
Investments, fair value | 2,681 |
Fair Value, Inputs, Level 3 [Member] | |
Investments, fair value | 640,316 |
Reported Value Measurement [Member] | |
Investments, fair value | 850,265 |
Bond [Member] | |
Investments, fair value | 15 |
Bond [Member] | Fair Value, Inputs, Level 1 [Member] | |
Investments, fair value | 0 |
Bond [Member] | Fair Value, Inputs, Level 2 [Member] | |
Investments, fair value | 15 |
Bond [Member] | Fair Value, Inputs, Level 3 [Member] | |
Investments, fair value | 0 |
Bond [Member] | Reported Value Measurement [Member] | |
Investments, fair value | 17 |
CLO [Member] | |
Investments, fair value | 5,655 |
CLO [Member] | Fair Value, Inputs, Level 1 [Member] | |
Investments, fair value | 0 |
CLO [Member] | Fair Value, Inputs, Level 2 [Member] | |
Investments, fair value | 563 |
CLO [Member] | Fair Value, Inputs, Level 3 [Member] | |
Investments, fair value | 5,092 |
CLO [Member] | Reported Value Measurement [Member] | |
Investments, fair value | 34,962 |
Common Stock [Member] | |
Investments, fair value | 277,966 |
Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] | |
Investments, fair value | 23,231 |
Common Stock [Member] | Fair Value, Inputs, Level 2 [Member] | |
Investments, fair value | 0 |
Common Stock [Member] | Fair Value, Inputs, Level 3 [Member] | |
Investments, fair value | 254,735 |
Common Stock [Member] | Reported Value Measurement [Member] | |
Investments, fair value | 284,454 |
Convertible Notes [Member] | |
Investments, fair value | 53,958 |
Convertible Notes [Member] | Fair Value, Inputs, Level 1 [Member] | |
Investments, fair value | 0 |
Convertible Notes [Member] | Fair Value, Inputs, Level 2 [Member] | |
Investments, fair value | 0 |
Convertible Notes [Member] | Fair Value, Inputs, Level 3 [Member] | |
Investments, fair value | 53,958 |
Convertible Notes [Member] | Reported Value Measurement [Member] | |
Investments, fair value | 53,958 |
Life Settlement [Member] | |
Investments, fair value | 66,150 |
Life Settlement [Member] | Fair Value, Inputs, Level 1 [Member] | |
Investments, fair value | 0 |
Life Settlement [Member] | Fair Value, Inputs, Level 2 [Member] | |
Investments, fair value | 0 |
Life Settlement [Member] | Fair Value, Inputs, Level 3 [Member] | |
Investments, fair value | 66,150 |
Life Settlement [Member] | Reported Value Measurement [Member] | |
Investments, fair value | 64,267 |
LLC Interest [Member] | |
Investments, fair value | 4,333 |
LLC Interest [Member] | Fair Value, Inputs, Level 1 [Member] | |
Investments, fair value | 0 |
LLC Interest [Member] | Fair Value, Inputs, Level 2 [Member] | |
Investments, fair value | 0 |
LLC Interest [Member] | Fair Value, Inputs, Level 3 [Member] | |
Investments, fair value | 4,333 |
LLC Interest [Member] | Reported Value Measurement [Member] | |
Investments, fair value | 3,982 |
LP Interest [Member] | |
Investments, fair value | 326,331 |
LP Interest [Member] | Fair Value, Inputs, Level 1 [Member] | |
Investments, fair value | 104,397 |
LP Interest [Member] | Fair Value, Inputs, Level 2 [Member] | |
Investments, fair value | 0 |
LP Interest [Member] | Fair Value, Inputs, Level 3 [Member] | |
Investments, fair value | 221,934 |
LP Interest [Member] | Reported Value Measurement [Member] | |
Investments, fair value | 362,605 |
Rights and Warrants [Member] | |
Investments, fair value | 3,821 |
Rights and Warrants [Member] | Fair Value, Inputs, Level 1 [Member] | |
Investments, fair value | 0 |
Rights and Warrants [Member] | Fair Value, Inputs, Level 2 [Member] | |
Investments, fair value | 2,037 |
Rights and Warrants [Member] | Fair Value, Inputs, Level 3 [Member] | |
Investments, fair value | 1,784 |
Rights and Warrants [Member] | Reported Value Measurement [Member] | |
Investments, fair value | 3,947 |
Senior Loan [Member] | |
Investments, fair value | 32,396 |
Senior Loan [Member] | Fair Value, Inputs, Level 1 [Member] | |
Investments, fair value | 0 |
Senior Loan [Member] | Fair Value, Inputs, Level 2 [Member] | |
Investments, fair value | 66 |
Senior Loan [Member] | Fair Value, Inputs, Level 3 [Member] | |
Investments, fair value | 32,330 |
Senior Loan [Member] | Reported Value Measurement [Member] | |
Investments, fair value | $ 42,073 |
Note 9 - Fair Value of Deriva_4
Note 9 - Fair Value of Derivatives and Financial Instruments - Changes in Level 3 Assets (Details) - Fair Value, Inputs, Level 3 [Member] $ in Thousands | 3 Months Ended |
Sep. 30, 2022 USD ($) | |
Fair Value, Balance | $ 681,457 |
Contributions/ Purchases | 12,914 |
Paid in- kind dividends | 1,016 |
Redemptions/conversions | (18,100) |
Realized gain (loss) | 3,430 |
Unrealized gain (loss) | (40,401) |
Fair Value, Balance | 640,316 |
Common Stock [Member] | |
Fair Value, Balance | 257,346 |
Contributions/ Purchases | 3,000 |
Paid in- kind dividends | 0 |
Redemptions/conversions | 0 |
Realized gain (loss) | 0 |
Unrealized gain (loss) | (5,611) |
Fair Value, Balance | 254,735 |
Convertible Notes [Member] | |
Fair Value, Balance | 51,858 |
Contributions/ Purchases | 2,100 |
Paid in- kind dividends | 0 |
Redemptions/conversions | 0 |
Realized gain (loss) | 0 |
Unrealized gain (loss) | 0 |
Fair Value, Balance | 53,958 |
Life Settlement [Member] | |
Fair Value, Balance | 56,440 |
Contributions/ Purchases | 3,022 |
Paid in- kind dividends | 0 |
Redemptions/conversions | 0 |
Realized gain (loss) | 3,435 |
Unrealized gain (loss) | 3,253 |
Fair Value, Balance | 66,150 |
LP Interest [Member] | |
Fair Value, Balance | 216,550 |
Contributions/ Purchases | 4,792 |
Paid in- kind dividends | 0 |
Redemptions/conversions | 0 |
Realized gain (loss) | 0 |
Unrealized gain (loss) | 592 |
Fair Value, Balance | 221,934 |
CLO [Member] | |
Fair Value, Balance | 52,500 |
Contributions/ Purchases | 0 |
Paid in- kind dividends | 0 |
Redemptions/conversions | (18,100) |
Realized gain (loss) | 0 |
Unrealized gain (loss) | (29,308) |
Fair Value, Balance | 5,092 |
LLC Interest [Member] | |
Fair Value, Balance | 3,982 |
Contributions/ Purchases | 0 |
Paid in- kind dividends | 0 |
Redemptions/conversions | 0 |
Realized gain (loss) | 0 |
Unrealized gain (loss) | 351 |
Fair Value, Balance | 4,333 |
Rights and Warrants [Member] | |
Fair Value, Balance | 1,784 |
Contributions/ Purchases | 0 |
Paid in- kind dividends | 0 |
Redemptions/conversions | 0 |
Realized gain (loss) | 0 |
Unrealized gain (loss) | 0 |
Fair Value, Balance | 1,784 |
Senior Loan [Member] | |
Fair Value, Balance | 40,997 |
Contributions/ Purchases | 0 |
Paid in- kind dividends | 1,016 |
Redemptions/conversions | 0 |
Realized gain (loss) | (5) |
Unrealized gain (loss) | (9,678) |
Fair Value, Balance | $ 32,330 |
Note 9 - Fair Value of Deriva_5
Note 9 - Fair Value of Derivatives and Financial Instruments - Significant Unobservable Inputs of Level 3 Assets (Details) - Fair Value, Inputs, Level 3 [Member] $ in Thousands | Sep. 30, 2022 USD ($) |
Investments, value | $ 640,316 |
Common Stock [Member] | |
Investments, value | $ 254,735 |
Common Stock [Member] | Transaction Indication of Value [Member] | Enterprise Value [Member] | |
Investments, measurement input | 905 |
Common Stock [Member] | Transaction Indication of Value [Member] | Measurement Input, Offered Price [Member] | |
Investments, measurement input | 1.100 |
Common Stock [Member] | Net Asset Value [Member] | |
Investments, measurement input | 28 |
Common Stock [Member] | Net Asset Value [Member] | Measurement Input, Discount Rate [Member] | |
Investments, measurement input | 0.100 |
Common Stock [Member] | Valuation Technique, Consensus Pricing Model [Member] | Measurement Input, Price Volatility [Member] | |
Investments, measurement input | 0.879 |
Common Stock [Member] | Minimum [Member] | Multiples Analysis [Member] | Unadjusted Price [Member] | |
Investments, measurement input | 0.09 |
Common Stock [Member] | Minimum [Member] | Multiples Analysis [Member] | Measurement Input, EBITDA Multiple [Member] | |
Investments, measurement input | 2.75 |
Common Stock [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | |
Investments, measurement input | 0.0863 |
Common Stock [Member] | Minimum [Member] | Direct Capitalization Method [Member] | Capitalization Rates [Member] | |
Investments, measurement input | 0.07625 |
Common Stock [Member] | Maximum [Member] | Multiples Analysis [Member] | Unadjusted Price [Member] | |
Investments, measurement input | 0.95 |
Common Stock [Member] | Maximum [Member] | Multiples Analysis [Member] | Measurement Input, EBITDA Multiple [Member] | |
Investments, measurement input | 4 |
Common Stock [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | |
Investments, measurement input | 0.155 |
Common Stock [Member] | Maximum [Member] | Direct Capitalization Method [Member] | Capitalization Rates [Member] | |
Investments, measurement input | 0.0925 |
Common Stock [Member] | Weighted Average [Member] | Multiples Analysis [Member] | Unadjusted Price [Member] | |
Investments, measurement input | (0.515) |
Common Stock [Member] | Weighted Average [Member] | Multiples Analysis [Member] | Measurement Input, EBITDA Multiple [Member] | |
Investments, measurement input | (3.37) |
Common Stock [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | |
Investments, measurement input | (0.1034) |
Common Stock [Member] | Weighted Average [Member] | Direct Capitalization Method [Member] | Capitalization Rates [Member] | |
Investments, measurement input | (0.0861) |
Convertible Notes [Member] | Valuation Technique, Discounted Cash Flow [Member] | |
Investments, value | $ 53,958 |
Life Settlement [Member] | Valuation Technique, Discounted Cash Flow [Member] | |
Investments, value | $ 66,150 |
Life Settlement [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | |
Investments, measurement input | 0.140 |
LP Interest [Member] | Transaction Indication of Value [Member] | Measurement Input, Cost to Sell [Member] | |
Investments, measurement input | 52 |
LP Interest [Member] | Net Asset Value [Member] | |
Investments, value | $ 221,934 |
LLC Interest [Member] | Valuation Technique, Discounted Cash Flow [Member] | |
Investments, value | $ 4,333 |
LLC Interest [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | |
Investments, measurement input | 0.0473 |
LLC Interest [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | |
Investments, measurement input | 0.2950 |
LLC Interest [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | |
Investments, measurement input | (0.1317) |
CLO [Member] | Net Asset Value [Member] | Measurement Input, Discount Rate [Member] | |
Investments, measurement input | 0.700 |
Investments, value | $ 5,092 |
Rights and Warrants [Member] | Valuation, Cost Approach [Member] | |
Investments, measurement input | 5 |
Investments, value | $ 1,784 |
Senior Loan [Member] | Valuation Technique, Discounted Cash Flow [Member] | |
Investments, value | $ 32,330 |
Senior Loan [Member] | Transaction Indication of Value [Member] | Net Purchase Price [Member] | |
Investments, measurement input | 6.360 |
Senior Loan [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | |
Investments, measurement input | 0.1150 |
Senior Loan [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | |
Investments, measurement input | 0.1750 |
Senior Loan [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | |
Investments, measurement input | (0.1450) |
Note 10 - Life Settlement Por_3
Note 10 - Life Settlement Portfolio (Details Textual) $ in Millions | 3 Months Ended |
Sep. 30, 2022 USD ($) | |
Life Insurance Policies Purchased, Number | 3 |
Life Insurance Policies Purchased, Face Value | $ 28 |
Life Insurance Policies Purchased, Payment | $ 8.7 |
Life Insurance Policies Matured, Number | 3 |
Life Insurance Policies Matured, Net Death Benefit | $ 11 |
Life Insurance Policies Matured, Premiums | $ 3 |
Specialty Financial Products DAC [Member] | |
Ownership, Percent | 100% |
Note 10 - Life Settlement Por_4
Note 10 - Life Settlement Portfolio - Life Settlement Portfolio (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Total, face value | $ 142,907 |
Total, acquisition cost | 48,132 |
Total, premium cost | 4,589 |
Total, fair value | $ 66,150 |
0 - 1, number | 2 |
0 - 1, face value | $ 7,000 |
0 - 1, fair value | $ 5,950 |
1 - 2, number | 1 |
1 - 2, face value | $ 2,350 |
1 - 2, fair value | $ 1,537 |
2 - 3, number | 5 |
2 - 3, face value | $ 22,540 |
2 - 3, fair value | $ 13,601 |
3 - 4, number | 7 |
3 - 4, face value | $ 34,851 |
3 - 4, fair value | $ 18,795 |
4 -5, number | 5 |
4 -5, face value | $ 35,100 |
4 -5, fair value | $ 16,529 |
Thereafter, number | 8 |
Thereafter, face value | $ 41,066 |
Thereafter, fair value | $ 9,738 |
Total, number | 28 |
Total, face value | $ 142,907 |
Total, fair value | 66,150 |
Minimum [Member] | |
Total, face value | 1,500 |
Total, acquisition cost | 350 |
Total, premium cost | 0 |
Total, fair value | 114 |
Total, face value | 1,500 |
Total, fair value | 114 |
Maximum [Member] | |
Total, face value | 15,000 |
Total, acquisition cost | 3,895 |
Total, premium cost | 580 |
Total, fair value | 6,020 |
Total, face value | 15,000 |
Total, fair value | $ 6,020 |
Note 10 - Life Settlement Por_5
Note 10 - Life Settlement Portfolio - Future Premiums to Be Paid (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
2022 | $ 724 |
2023 | 5,279 |
2024 | 5,769 |
2025 | 6,295 |
2026 | 7,011 |
2027 | $ 7,675 |
Note 11 - Shareholders' Equity
Note 11 - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Jan. 08, 2021 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2022 | Jul. 01, 2022 | Dec. 31, 2021 | |
Stock Issued During Period, Shares, Pursuant to Dividend Reimbursement Plan That Was Terminated (in shares) | 0 | 107,453 | ||||
Common Stock, Shares, Issued (in shares) | 37,171,807 | 37,171,807 | 37,171,807 | 37,171,807 | ||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.05 | |||||
Preferred Stock, Shares Issued (in shares) | 3,359,593 | 3,359,593 | 3,359,593 | 3,359,593 | ||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 37,171,807 | 37,171,807 | 37,171,807 | 37,171,807 | 37,080 | |
Series A Preferred Stock [Member] | ||||||
Preferred Stock, Shares Issued (in shares) | 3,359,593 | |||||
Preferred Stock, Dividend Rate, Percentage | 5.50% | |||||
Preferred Stock, Redemption Price Per Share (in dollars per share) | $ 25 | |||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 84 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.34375 |
Note 12 - Earnings (Loss) Per_3
Note 12 - Earnings (Loss) Per Share - Computation of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Sep. 30, 2021 | |
Net loss attributable to common shareholders | $ (60,142) | $ 48,623 | $ 128,121 | $ 164,410 |
Weighted average common shares outstanding - basic (in shares) | 37,172 | |||
Weighted average common shares outstanding - diluted (in shares) | 37,172 | |||
Loss per share - basic (in dollars per share) | $ (1.62) | |||
Loss per share - diluted (in dollars per share) | $ (1.62) |
Note 13 - Related Party Trans_3
Note 13 - Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 14, 2022 | Aug. 08, 2022 | Mar. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2022 | |
Annual Advisory Fee, Percent | 1% | ||||
Administrative Fee, Percent | 0.20% | ||||
Maximum Fee, Percentage of Managed Assets | 1.50% | 1.50% | |||
Administrative and Advisory Fees Expense | $ 2,900,000 | ||||
Deferred Expense to Comply with Cap | 900,000 | ||||
Tivoli North Property [Member] | |||||
Percentage of Ownership in Real Estate Property | 77% | ||||
NexAnnuity Asset Management, L.P. [Member] | SFR IMA [Member] | |||||
Management Fee, Percent | 1% | ||||
Bridge Note [Member] | NexPoint Real Estate Finance, Inc [Member] | |||||
Debt Instrument, Face Amount | $ 13,500,000 | ||||
Bridge Note [Member] | PNC Bank, N.A. [Member] | |||||
Debt Instrument, Face Amount | $ 13,500,000 | ||||
Bridge Note [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | PNC Bank, N.A. [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||||
Bridge Note [Member] | Prime Rate [Member] | NexPoint Real Estate Finance, Inc [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||
BS Borrower [Member] | BS Loan Agreement [Member] | |||||
Long-Term Debt, Total | $ 221,800,000 | ||||
BS Borrower [Member] | BS Loan Agreement [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Minimum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||
BS Borrower [Member] | BS Loan Agreement, First Initial Principal [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||
Long-Term Debt, Total | $ 184,900,000 | ||||
Debt Instrument, Basis Spread on Variable Rate | 4.0017% | ||||
BS Borrower [Member] | BS Loan Agreement, Second Initial Principal [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||
Long-Term Debt, Total | $ 36,900,000 | ||||
Debt Instrument, Basis Spread on Variable Rate | 5.375% | ||||
CMBS Borrower [Member] | CMBS Loan Agreement [Member] | |||||
Debt Instrument, Face Amount | $ 356,500,000 | ||||
CMBS Borrower [Member] | CMBS Loan Agreement [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.55% | ||||
CMBS Borrower [Member] | CMBS Loan Agreement, Second Extension [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate, Increase | 0.10% | ||||
CMBS Borrower [Member] | CMBS Loan Agreement, Third Extension [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate, Increase | 0.15% | ||||
NexVest Realty Advisors [Member] | Property Management Fees [Member] | |||||
Related Party Transaction, Expenses from Transactions with Related Party | 200,000 | $ 600,000 | |||
NexVest Realty Advisors [Member] | Property Management Fees [Member] | Property in Lubbock, Texas [Member] | |||||
Related Party Transaction, Fixed Monthly Fee | 750 | $ 750 | |||
NexVest Realty Advisors [Member] | Property Management Fees [Member] | Cityplace Tower [Member] | |||||
Management Fee, Percent | 3% | ||||
Minimum Management Fee | 20,000 | $ 20,000 | |||
NexVest Realty Advisors [Member] | Property Management Fees [Member] | White Rock Center [Member] | |||||
Management Fee, Percent | 4% | ||||
NexPoint Hospitality Trust, Inc [Member] | Guarantor on Loans [Member] | |||||
Long-Term Debt, Total | $ 77,400,000 | $ 77,400,000 |
Note 13 - Related Party Trans_4
Note 13 - Related Party Transactions - Related Party Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Sep. 30, 2021 | |
Investments, unrealized gain (loss) | $ (78,238) | $ 68,176 | $ 32,593 | $ 185,235 |
Investments, realized gain (loss) | 2,846 | $ (18,684) | $ 30,434 | $ (16,385) |
SFR WLIF III, LLC [Member] | ||||
Investments, value | 7,254 | |||
Investments, unrealized gain (loss) | 131 | |||
Investments, realized gain (loss) | 0 | |||
Investments, interest and dividends | 0 | |||
Investments, total income | 131 | |||
NexPoint Residential Trust, Inc. [Member] | ||||
Investments, value | 4,061 | |||
Investments, unrealized gain (loss) | (1,421) | |||
Investments, realized gain (loss) | 0 | |||
Investments, interest and dividends | 33 | |||
Investments, total income | (1,388) | |||
NexPoint Hospitality Trust, Investment One [member] | ||||
Investments, value | 27,074 | |||
Investments, unrealized gain (loss) | 475 | |||
Investments, realized gain (loss) | 0 | |||
Investments, interest and dividends | 0 | |||
Investments, total income | 475 | |||
NexPoint Hospitality Trust, Investment Two [Member] | ||||
Investments, value | 23,958 | |||
Investments, unrealized gain (loss) | 0 | |||
Investments, realized gain (loss) | 0 | |||
Investments, interest and dividends | 66 | |||
Investments, total income | 66 | |||
NexPoint Storage Partners, Inc [Member] | ||||
Investments, value | 114,714 | |||
Investments, unrealized gain (loss) | (6,565) | |||
Investments, realized gain (loss) | 0 | |||
Investments, interest and dividends | 0 | |||
Investments, total income | (6,565) | |||
NexPoint SFR Operating Partnership, LP, Investment One [Member] | ||||
Investments, value | 52,461 | |||
Investments, unrealized gain (loss) | 0 | |||
Investments, realized gain (loss) | 0 | |||
Investments, interest and dividends | 0 | |||
Investments, total income | 0 | |||
NexPoint SFR Operating Partnership, LP, Investment Two [Member] | ||||
Investments, value | 30,000 | |||
Investments, unrealized gain (loss) | 0 | |||
Investments, realized gain (loss) | 0 | |||
Investments, interest and dividends | 575 | |||
Investments, total income | 575 | |||
Claymore Holdings, LLC [Member] | ||||
Investments, value | 0 | |||
Investments, unrealized gain (loss) | 0 | |||
Investments, realized gain (loss) | 0 | |||
Investments, interest and dividends | 0 | |||
Investments, total income | 0 | |||
Allenby, LLC [Member] | ||||
Investments, value | 0 | |||
Investments, unrealized gain (loss) | 0 | |||
Investments, realized gain (loss) | 0 | |||
Investments, interest and dividends | 0 | |||
Investments, total income | 0 | |||
NexPoint Real Estate Finance Operating Partnership, LP (NREF OP) [Member] | ||||
Investments, value | 104,397 | |||
Investments, unrealized gain (loss) | (36,866) | |||
Investments, realized gain (loss) | 0 | |||
Investments, interest and dividends | 3,485 | |||
Investments, total income | (33,381) | |||
VineBrooke Homes Trust Operating Partnership, LP [Member] | ||||
Investments, value | 169,473 | |||
Investments, unrealized gain (loss) | 592 | |||
Investments, realized gain (loss) | 0 | |||
Investments, interest and dividends | 1,427 | |||
Investments, total income | 2,019 | |||
Affiliates of the Advisor [Member] | ||||
Investments, value | 533,392 | |||
Investments, unrealized gain (loss) | (43,654) | |||
Investments, realized gain (loss) | 0 | |||
Investments, interest and dividends | 5,586 | |||
Investments, total income | $ (38,068) |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Details Textual) - Guarantor on Loans [Member] $ in Millions | Sep. 30, 2022 USD ($) |
NexPoint Storage Partners, Inc [Member] | |
Other Commitment, Total | $ 578.3 |
NexPoint Hospitality Trust, Inc [Member] | |
Other Commitment, Total | $ 77.4 |
Note 15 - Subsequent Event s (D
Note 15 - Subsequent Event s (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Oct. 24, 2022 | Sep. 30, 2022 | Oct. 25, 2022 | |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.15 | ||
Subsequent Event [Member] | |||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.15 | ||
Advisory Agreement, Maximum Monthly Fee | $ 1 |