Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Document Information [Line Items] | ||
Entity Registrant Name | NexPoint Real Estate Finance, Inc. | |
Entity Central Index Key | 0001786248 | |
Trading Symbol | nref | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 5,282,263 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, par value $0.01 per share; 8.50% Series A Cumulative Redeemable Preferred Stock, par value 0.01 per share |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 14,917 | $ 30,241 |
Restricted cash | 570 | 3,230 |
Loans, held-for-investment, net | 153,637 | 127,777 |
Common stock, at fair value | 45,460 | 44,626 |
Mortgage loans, held-for-investment, net | 915,348 | 918,114 |
Accrued interest and dividends | 5,646 | 5,078 |
CMBS structured pass through certificates, at fair value (Note 6) | 38,923 | 38,984 |
Accounts receivable and other assets | 3,384 | 745 |
TOTAL ASSETS | 5,960,203 | 6,176,310 |
Liabilities: | ||
Master repurchase agreements | 162,168 | 161,465 |
Unsecured notes, net | 35,025 | 34,960 |
Accounts payable and other accrued liabilities | 3,807 | 1,779 |
Accrued interest payable | 2,791 | 2,311 |
Total Liabilities | 5,540,249 | 5,772,397 |
Redeemable noncontrolling interests in the OP | 285,587 | 275,670 |
Stockholders' Equity: | ||
Preferred stock, $0.01 par value: 100,000,000 shares authorized; 2,000,000 and 2,000,000 shares issued and 1,645,000 and 1,645,000 shares outstanding, respectively | 16 | 16 |
Common stock, $0.01 par value: 500,000,000 shares authorized; 5,309,565 and 5,350,000 shares issued and 5,022,578 and 5,022,578 shares outstanding, respectively | 50 | 50 |
Additional paid-in capital | 137,845 | 138,043 |
Retained earnings | 9,218 | 3,485 |
Preferred stock held in treasury at cost; 355,000 shares and 355,000, respectively | (8,567) | (8,567) |
Common stock held in treasury at cost; 286,987 shares and 327,422 shares, respectively | (4,195) | (4,784) |
Total Stockholders' Equity | 134,367 | 128,243 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 5,960,203 | 6,176,310 |
Facility [Member] | ||
Liabilities: | ||
Secured financing agreements, net | 839,687 | 840,453 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
ASSETS | ||
Loans, held-for-investment, net | 4,782,318 | 5,007,515 |
Liabilities: | ||
Bonds payable held in variable interest entities, at fair value | $ 4,496,771 | $ 4,731,429 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares outstanding (in shares) | 1,645,000 | 1,645,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 5,309,565 | 5,350,000 |
Common stock, shares outstanding (in shares) | 5,022,578 | 5,022,578 |
Preferred stock held in treasury, shares (in shares) | 355,000 | 355,000 |
Common stock held in treasury, shares (in shares) | 286,987 | 327,422 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net interest income | ||
Interest income | $ 12,649 | $ 6,586 |
Interest expense | (6,497) | (3,331) |
Total net interest income | 6,152 | 3,255 |
Other income (loss) | ||
Change in unrealized gain on CMBS structured pass through certificates | 631 | |
Change in unrealized gain on common stock | 834 | |
Loan loss provision | (124) | (212) |
Dividend income, net | 447 | |
Realized losses | (65) | |
Other income | 303 | |
Total other income (loss) | 22,290 | (24,924) |
Operating expenses | ||
General and administrative expenses | 1,518 | 348 |
Loan servicing fees | 1,336 | 655 |
Management fees | 518 | 196 |
Total operating expenses | 3,372 | 1,199 |
Net income | 25,070 | (22,868) |
Preferred stock dividends | (874) | |
Net (income) loss attributable to redeemable noncontrolling interests | (15,829) | 16,515 |
Net income (loss) attributable to common stockholders | $ 8,367 | $ (6,353) |
Weighted-average common shares outstanding - basic (in shares) | 5,023 | 5,223 |
Weighted-average common shares outstanding - diluted (in shares) | 19,199 | 5,223 |
Earnings (loss) per share - basic (in dollars per share) | $ 1.67 | $ (1.22) |
Earnings (loss) per share - diluted (in dollars per share) | 1.26 | (1.22) |
Dividends declared per common share (in dollars per share) | $ 0.475 | $ 0.2198 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Other income (loss) | ||
Change in net assets related to consolidated CMBS variable interest entities | $ 20,711 | $ (25,159) |
Change in unrealized gain on CMBS structured pass through certificates | $ 15,011 | $ (26,901) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock 1 [Member]Preferred Stock Outstanding [Member] | Common Stock 1 [Member]Common Stock Outstanding [Member] | Common Stock 1 [Member]Additional Paid-in Capital [Member] | Common Stock 1 [Member]Retained Earnings [Member] | Common Stock 1 [Member]Treasury Stock, Common [Member] | Common Stock 1 [Member]Treasury Stock, Preferred [Member] | Common Stock 1 [Member] | Preferred Stock Outstanding [Member] | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock, Common [Member] | Treasury Stock, Preferred [Member] | Total |
Balances (in shares) at Dec. 31, 2019 | ||||||||||||||
Balances at Dec. 31, 2019 | ||||||||||||||
Cancellation of common stock held in treasury (in shares) | (87,466) | |||||||||||||
Net income (loss) attributable to common stockholders | (6,353) | (6,353) | ||||||||||||
Common stock dividends declared | (1,157) | (1,157) | ||||||||||||
Issuance of stock through public offering, net | $ 54 | $ 91,894 | $ 91,948 | |||||||||||
Repurchase of common stock | $ (1) | (1,338) | (1,339) | |||||||||||
Balances (in shares) at Mar. 31, 2020 | 5,262,534 | |||||||||||||
Balances at Mar. 31, 2020 | $ 53 | 91,894 | (7,510) | (1,338) | 83,099 | |||||||||
Balances (in shares) at Dec. 31, 2020 | 1,645,000 | 5,022,578 | ||||||||||||
Balances at Dec. 31, 2020 | $ 16 | $ 50 | 138,043 | 3,485 | (4,784) | $ (8,567) | 128,243 | |||||||
Vesting of stock-based compensation | 391 | $ 391 | ||||||||||||
Cancellation of common stock held in treasury (in shares) | 327,422 | |||||||||||||
Cancellation of common stock held in treasury | $ (589) | $ 589 | ||||||||||||
Net income attributable to preferred stockholders | 874 | $ 874 | ||||||||||||
Net income (loss) attributable to common stockholders | 8,367 | 8,367 | ||||||||||||
Preferred stock dividends declared | (874) | (874) | ||||||||||||
Common stock dividends declared | (2,634) | (2,634) | ||||||||||||
Repurchase of common stock | (4,800) | |||||||||||||
Balances (in shares) at Mar. 31, 2021 | 1,645,000 | 5,022,578 | ||||||||||||
Balances at Mar. 31, 2021 | $ 16 | $ 50 | $ 137,845 | $ 9,218 | $ (4,195) | $ (8,567) | $ 134,367 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) | 3 Months Ended |
Mar. 31, 2021$ / shares | |
Preferred stock dividends declared, per share (in dollars per share) | $ 0.5313 |
Common stock dividends declared, per share (in dollars per share) | $ 0.475 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities | ||
Net income (loss) | $ 25,070 | $ (22,868) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Accretion of loan discounts | 2,516 | 1,060 |
Accretion of discounts | (1,668) | |
Loan loss provision, net | 124 | 212 |
Net change in unrealized (gain) loss on investments held at fair value | (16,476) | 26,901 |
Net realized losses | 65 | |
Vesting of stock-based compensation | 391 | |
Changes in operating assets and liabilities: | ||
Accrued interest and dividends receivable | (568) | (1,632) |
Accounts receivable and other assets | (2,639) | (1,096) |
Accrued interest payable | 480 | 932 |
Accounts payable, accrued expenses and other liabilities | 1,781 | 1,636 |
Net cash provided by operating activities | 9,076 | 5,145 |
Cash flows from investing activities | ||
Proceeds from payments received on mortgage loans | 834 | 455 |
Originations of loans, held-for-investment, net | (25,876) | |
Net cash provided by investing activities | 71,409 | 30,936 |
Cash flows from financing activities | ||
Principal repayments on borrowings under secured financing agreements | (766) | (419) |
Borrowings under master repurchase agreements | 5,737 | |
Principal repayments on borrowings under master repurchase agreements | (5,034) | |
Bridge Facility payments | (95,000) | |
Proceeds from the issuance of common stock through public offering, net of offering costs | 91,948 | |
Repurchase of common stock | (1,339) | |
Dividends paid to common stockholders | (2,386) | (1,157) |
Dividends paid to preferred stockholders | (874) | |
Distributions to redeemable noncontrolling interests in the OP | (5,912) | (2,019) |
Contributions from noncontrolling interests | 302 | |
Net cash used in financing activities | (98,469) | (35,884) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (17,984) | 197 |
Cash, cash equivalents and restricted cash, beginning of period | 33,471 | |
Cash, cash equivalents and restricted cash, end of period | 15,487 | 197 |
Supplemental Disclosure of Cash Flow Information | ||
Interest paid | 7,289 | 3,054 |
Supplemental Disclosure of Noncash Activities (Note 2) | ||
Contributions from noncontrolling interests, including consolidation of the associated mortgage loans held in variable interest entities | 2,787,735 | |
Other assets acquired from contributions from noncontrolling interests | 3,616 | |
Assumed debt on contributions from noncontrolling interests, including consolidation of the associated bonds payable held in variable interest entities | (2,539,724) | |
Increase in dividends payable upon vesting of restricted stock units | 248 | |
Increase in dividends payable to preferred stockholders | 874 | |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Cash flows from investing activities | ||
Proceeds from payments received on mortgage loans | 96,451 | 30,481 |
Cash flows from financing activities | ||
Distributions to bondholders of variable interest entities | $ (89,234) | $ (28,200) |
Note 1 - Organization and Descr
Note 1 - Organization and Description of Business | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. NexPoint Real Estate Finance, Inc. (the “Company”, “we”, “our”) is a commercial mortgage REIT incorporated in Maryland on June 7, 2019. 1986, December 31, 2020. first March 31, 2021 50.28% 27.78% two 100% one 11 The Company commenced operations on February 11, 2020 The Company is externally managed by the Manager through a management agreement dated February 6, 2020 July 17, 2020, three February 6, 2023 ( The Company's primary investment objective is to generate attractive, risk-adjusted returns for stockholders over the long term. The Company intends to achieve this objective primarily by originating, structuring and investing in first 50 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Basis of Accounting The accompanying unaudited consolidated financial statements are presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the unaudited consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. There have been no three March 31, 2021 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 March 31, 2021 December 31, 2020 three March 31, 2021 2020 10 December 31, 2020 10 February 25, 2021. Use of Estimates and Assumptions The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. It is at least reasonably possible that these estimates could change in the near term. Estimates are inherently subjective in nature and actual results could differ from our estimates and the differences could be material. As a result of the COVID- 19 may may may 19 March 31, 2021 two 0.9% nine March 31, 2021 no three three twelve 19 1A. 10 February 25, 2021. Principles of Consolidation The Company accounts for subsidiary partnerships in which it holds an ownership interest in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation first Variable Interest Entities The Company evaluates all of its interests in VIEs for consolidation. When the Company's interests are determined to be variable interests, the Company assesses whether it is deemed to be the primary beneficiary of the VIE. The primary beneficiary of a VIE is required to consolidate the VIE. FASB ASC Topic 810, Consolidation one not not not CMBS Trusts The Company consolidates the trusts that issue beneficial ownership interests in mortgage loans secured by commercial real estate (commonly known as CMBS) when the Company holds a variable interest in, and management considers the Company to be the primary beneficiary of those trusts. Management believes the performance of the assets that underlie CMBS issuances most significantly impact the economic performance of the trust, and the primary beneficiary is generally the entity that conducts activities that most significantly impact the performance of the underlying assets. In particular, the most subordinate tranches of CMBS expose the holder to greater variability of economic performance when compared to more senior tranches since the subordinate tranches absorb a disproportionately higher amount of the credit risk related to the underlying assets. Generally, a trust designates the most junior subordinate tranche outstanding as the controlling class, which entitles the holder of the controlling class to unilaterally appoint, remove and replace the special servicer for the trust. For the CMBS that the Company consolidates, the Company owns 100% On the Consolidated Balance Sheets as of March 31, 2021 five not not 810 Investment in subsidiaries The Company conducts its operations through the OP, which acts as the general partner of the Subsidiary OPs which own investments through limited liability companies that are SPEs and as the sole member of the Mezz LLC, which owns investments directly. The Company is the majority limited partner of the OP, holds approximately 50.28% no may Redeemable Noncontrolling Interests Noncontrolling interests represent the ownership interests in consolidated subsidiaries held by entities other than the Company. Those noncontrolling interests that the holder is allowed to redeem before liquidation or termination of the entity that issued those interests are considered redeemable noncontrolling interests. The Subsidiary OPs have redeemable noncontrolling interests classified on the Consolidated Balance Sheets as temporary equity in accordance with ASC 480. The redeemable noncontrolling interests were initially measured at the fair value of the contributed assets in accordance with ASC 805 50. Acquisition Accounting The Company accounts for the assets acquired in the Formation Transaction as asset acquisitions pursuant to ASC 805 50 one no not 805 10 55. Formation Transaction The Company commenced operations on February 11, 2020 January 31, 2020. third 820. The following table shows the par values, fair values and purchase premiums (discounts) of the Initial Portfolio as of February 11, 2020, Par value Fair Value Premium (Discount) Assets Cash $ 302 $ 302 $ — Loans, held-for-investment, net 22,127 22,282 155 Preferred stock 40,000 40,400 400 Mortgage loans, held-for-investment, net 863,564 934,918 71,354 Accrued interest and dividends 3,616 3,616 — Mortgage loans held in variable interest entities, at fair value 1,790,228 1,790,135 (93 ) $ 2,719,837 $ 2,791,653 $ 71,816 Liabilities Credit Facility $ 788,764 $ 788,764 $ — Bridge Facility 95,000 95,000 — Bonds payable held in variable interest entities, at fair value 1,655,960 1,655,960 — $ 2,539,724 $ 2,539,724 $ — Total contributions $ 180,113 $ 251,929 $ 71,816 Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of three From time to time, the Company may Mortgage and Other Loans Held-For-Investment Loans that are held-for-investment are carried at their aggregate outstanding face amount, net of applicable (i) unamortized origination or acquisition premium and discounts, (ii) unamortized deferred fees and other direct loan origination costs, (iii) valuation allowance for loan losses and (iv) write-downs of impaired loans. The effective interest method is used to amortize origination or acquisition premiums and discounts and deferred fees or other direct loan origination costs. In general, an increase in prepayment rates accelerates the amortization of purchase premiums, thereby reducing the interest income earned on the assets. Conversely, discounts on such assets are accreted into interest income. In general, an increase in prepayment rates accelerates the accretion of purchase discounts, thereby increasing the interest income earned on the assets. Secured Financing and Master Repurchase Agreements The Company's borrowings under secured financing agreements and master repurchase agreements are treated as collateralized financing arrangements carried at their contractual amounts, net of unamortized debt issuance costs, if any. Income Recognition Interest Income Dividend Income - Realized Gain (Loss) on Sale of 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. Allowance for Loan Losses The Company, with the assistance of an independent valuations firm, performs a quarterly evaluation of loans classified as held for investment for impairment on a loan by loan basis in accordance with ASC 310 10 35, Receivables, Subsequent Measurement 310 10 35” no 450 20, Loss Contingencies 450 20” Significant judgment is required in determining impairment and in estimating the resulting loss allowance, and actual losses, if any, could materially differ from those estimates. The Company performs a quarterly review of the portfolio. In conjunction with this review, the Company assesses the risk factors of each loan, including, without limitation, loan-to-value ratio, debt yield, property type, geographic and local market dynamics, physical condition, collateral, cash-flow volatility, leasing and tenant profile, loan structure, exit plan and project sponsorship. Based on a 5 “1” “5,” 1 2 3 4 may may 5 The Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral, as well as the financial and operating capability of the borrower. Specifically, the collateral's operating results and any cash reserves are analyzed and used to assess (i) whether cash from operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan and/or (iii) the collateral's liquidation value. The Company also evaluates the financial condition of any loan guarantors, as well as any changes in the borrower's competency in managing and operating the collateral. In addition, the Company considers the overall economic environment, real estate or industry sector and geographic sub-market in which the borrower operates. Such impairment analyses are completed and reviewed by asset management and finance personnel who utilize various data sources, including (i) periodic financial data such as property operating statements, occupancy, tenant profile, rental rates, operating expenses, the borrower's exit plan, and capitalization and discount rates, (ii) site inspections and (iii) current credit spreads and discussions with market participants. The Company considers loans to be past-due when a monthly payment is due and unpaid for 60 120 120 not For individual loans, a troubled debt restructuring is a formal restructuring of a loan where, for economic or legal reasons related to the borrower's financial difficulties, a concession that would not may three March 31, 2021 no no A loan is written off when it is no The Company will evaluate acquired loans and debt securities for which it is probable at acquisition that all contractually required payments will not 310 30, Loans and Debt Securities Acquired with Deteriorated Credit Quality. three March 31, 2021 no Fair Value GAAP requires the categorization of the fair value of financial instruments into three Level 1 Level 2 2 Level 3 The Company follows this hierarchy for our financial instruments. Classifications will be based on the lowest level of input that is significant to the fair value measurement. The Company reviews the valuation of Level 3 Valuation of Consolidated VIEs The Company reports the financial assets and liabilities of each consolidated CMBS trust at fair value using the measurement alternative included in Accounting Standards Update (“ASU”) No. 2014 13, 2014 13” 2014 13, not 2014 13, 1 2 3 Valuation Methodologies CMBS Trusts 2 3 not CMBS Structured Pass Through Certificates 2 2 SFR Loans, Preferred Equity Investments and Mezzanine Loans 3 not Common Stock Investment - 3 825 10. 5 Repurchase Agreements 3 Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis not first Overall, our determination of fair value is based upon the best information available for a given circumstance and may Income Taxes The Company believes that it will operate in a manner that will allow it to qualify for taxation as a REIT under the Code, commencing with its taxable year ended December 31, 2020. not 90% not four March 31, 2021 no The Company evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more-likely-than- not” 50 not not no none The Company recognizes its tax positions and evaluates them using a two not not no March 31, 2021 Recent Accounting Pronouncements Section 107 13 1934, may not may 107 In June 2016, 2016 13, Financial Instruments Credit Losses on Financial Instruments 2016 13” not not This allowance is deducted from the financial asset's amortized cost basis to present the net amount expected to be collected. The new expected credit loss model will also apply to purchased financial assets with credit deterioration, superseding current accounting guidance for such assets. The amended guidance also amends the impairment model for available-for-sale debt securities, requiring entities to determine whether all or a portion of the unrealized loss on such securities is a credit loss, and also eliminating the option for management to consider the length of time a security has been in an unrealized loss position as a factor in concluding whether or not December 15, 2022. 2016 13 In November 2018, 2018 19, Codification Improvements to Topic 326, Credit Losses 2016 13. 2016 13. In April 2019, 2019 04, Codification Improvements to Topic 326. Credit Losses 2016 13. 2016 13. In May 2019, 2019 05, Targeted Transition Relief for Topic 326. Credit Losses not 2016 13. In March 2020, 2020 04, Reference Rate Reform (Topic 848 may December 31, 2022. not March 31, 2021 Other Matters During the first 2021, 250, Q1 2020 $28.2 three March 31, 2020. three March 31, 2020, $48.0 no |
Note 3 - Loans Held for Investm
Note 3 - Loans Held for Investment | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 3. The Company's investments in SFR Loans, mezzanine loans, and preferred equity are accounted for as loans held for investment. The SFR Loans are presented as Mortgage loans, held-for-investment, net and the mezzanine loans and preferred equity is presented as Loans, held-for-investment, net on the Consolidated Balance Sheets. The following table summarizes our loans held for investment as of March 31, 2021 Weighted Average Loan Type Outstanding Face Amount Carrying Value (1) Loan Count Fixed Rate (2) Coupon (3) Life (years) (4) March 31, 2021 SFR Loans, held-for-investment $ 853,531 $ 915,348 26 100.00 % 4.90 % 7.14 Mezzanine loan, held-for-investment 131,784 134,439 21 79.98 % 8.62 % 7.42 Preferred equity, held-for-investment 18,877 19,198 3 100.00 % 7.79 % 6.87 $ 1,004,192 $ 1,068,985 50 97.37 % 5.45 % 7.17 ( 1 Carrying value includes the outstanding face amount plus unamortized purchase premiums/discounts and any allowance for loan losses. ( 2 The weighted-average fixed rate is weighted on current principal balance. ( 3 The weighted-average coupon is weighted on current principal balance. ( 4 The weighted-average life is weighted on current principal balance and assumes no For the three March 31, 2021 Held-for-Investment Balance at December 31, 2020 $ 1,045,891 Originations 25,876 Proceeds from principal repayments (1) (834 ) Amortization of loan premium, net (2) (1,759 ) Loan loss provision, net (3) (124 ) Realized losses (65 ) Balance at March 31, 2021 $ 1,068,985 ( 1 Includes principal repayments on SFR Loans. ( 2 Includes net amortization of loan purchase premiums. ( 3 Based on management's judgment and estimate of credit losses. See Note 2 As of March 31, 2021 $65.2 As discussed in Note 2, “1” “5,” 2 March 31, 2021 Number of Carrying % of Loan Risk Rating Loans Value Portfolio 1 — $ — — 2 — — — 3 50 1,068,985 100.00 % 4 — — — 5 — — — 50 $ 1,068,985 100.00 % As of March 31, 2021 50 “3,” 2. The following tables present the geographies and property types of collateral underlying the Company's loans held-for-investment as a percentage of the loans' face amounts. Geography March 31, 2021 Georgia 38.61 % Florida 20.32 % Texas 7.18 % Maryland 6.94 % Minnesota 5.05 % Alabama 3.48 % California 2.63 % New Jersey 1.92 % North Carolina 1.63 % Mississippi 1.01 % Missouri 1.25 % Other (19 states each at <1%) 9.98 % 100.00 % Collateral Property Type March 31, 2021 Single Family Rental 85.00 % Multifamily 15.00 % 100.00 % |
Note 4 - CMBS Trusts
Note 4 - CMBS Trusts | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Commercial Mortgage Backed Securities Trusts [Text Block] | 4. As of March 31, 2021 2014 13 not The following table presents the Company's recognized Trust's Assets and Liabilities (in thousands): Trust's Assets March 31, 2021 Mortgage loans held in variable interest entities, at fair value $ 4,782,318 Accrued interest receivable 1,030 Trust's Liabilities Bonds payable held in variable interest entities, at fair value (4,496,771 ) Accrued interest payable (771 ) The following table presents “Change in net assets related to consolidated CMBS variable interest entities” (in thousands): For the Three Months Ended March 31, 2021 2020 Net interest earned $ 5,700 $ 1,742 Unrealized gain (loss) 15,011 (26,901 ) Change in net assets related to consolidated CMBS variable interest entities $ 20,711 $ (25,159 ) The following tables present the geographies and property types of collateral underlying the CMBS trusts consolidated by the Company as a percentage of the collateral unpaid principal balance: Geography March 31, 2021 Florida 16.18 % Texas 15.21 % Arizona 11.88 % California 8.40 % Georgia 7.19 % Washington 5.88 % Nevada 4.20 % New Jersey 4.22 % New York 3.05 % Pennsylvania 3.36 % Indiana 2.47 % Colorado 2.31 % Virginia 2.12 % Ohio 2.04 % North Carolina 2.02 % Tennessee 1.46 % Maryland 1.34 % Missouri 1.22 % South Carolina 1.10 % Other (16 states each at <1%) 4.37 % 100.00 % Collateral Property Type March 31, 2021 Multifamily 98.09 % Manufactured Housing 1.91 % 100.00 % |
Note 5 - Common Stock
Note 5 - Common Stock | 3 Months Ended |
Mar. 31, 2021 | |
Common Stock [Member] | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 5. On November 6, 2020, one $0.01 25.8% 825 10 10 The investment in NSP is a Level 3 one one 5% November 6, 2020 $17.30 $1,063.47 no December 31, 2020 March 31, 2021, The following table presents the NSP common stock investment as of March 31, 2021 Investment Investment Date Shares Fair Value Property Type Common Stock NexPoint Storage Partners 11/6/2020 41,963 $ 45,460 Self-storage |
Note 6 - CMBS Structured Pass T
Note 6 - CMBS Structured Pass Through Certificates | 3 Months Ended |
Mar. 31, 2021 | |
CMBS Structured Pass Through Certificates [Member] | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 6. As of March 31, 2021 six 2 8 The following table presents the CMBS I/O Strips as of March 31, 2021 Investment Investment Date Carrying Value Property Type Interest Rate Current Yield Maturity Date CMBS I/O Strips CMBS I/O Strip 4/15/2020 $ 1,010 Multifamily 3.40 % 12.40 % 1/25/2037 CMBS I/O Strip 4/15/2020 945 Multifamily 2.94 % 12.99 % 12/25/2037 CMBS I/O Strip 5/18/2020 2,532 Multifamily 2.02 % 14.43 % 9/25/2046 CMBS I/O Strip 8/6/2020 8,147 Multifamily 0.10 % 13.73 % 6/25/2030 CMBS I/O Strip 8/6/2020 1,769 Multifamily 0.10 % 14.73 % 6/25/2030 CMBS I/O Strip 8/6/2020 24,520 Multifamily 2.98 % 13.57 % 6/25/2030 Total $ 38,923 The following table presents activity related to the Company's CMBS I/O Strips (in thousands): For the Three Months Ended March 31, 2021 2020 Interest income $ 611 $ — Change in unrealized gain on CMBS structured pass through certificates 631 — $ 1,242 $ — |
Note 7 - Debt
Note 7 - Debt | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. The following table summarizes the Company's financing arrangements in place as of March 31, 2021 March 31, 2021 Facility Collateral Date issued Outstanding face amount Carrying value Final stated maturity Weighted average interest rate (1) Weighted average life (years) (2) Outstanding face amount Amortized cost basis Carrying value (3) Weighted average life (years) (2) Master Repurchase Agreements CMBS Mizuho (4) Apr 2020 162,168 162,168 N/A (5) 2.41 % 0.01 1,944,055 302,736 321,326 10.3 Asset Specific Financing Single Family Rental Freddie Mac 7/12/2019 779,773 779,773 7/12/2029 2.44 % 7.1 853,531 915,348 915,348 7.1 Mezzanine Freddie Mac 10/20/2020 59,914 59,914 8/1/2031 0.30 % 9.1 97,899 101,023 101,023 9.1 Unsecured Note Various 10/15/2020 36,500 35,025 10/25/2025 7.50 % 4.6 N/A N/A N/A N/A Total/weighted average $ 1,038,355 $ 1,036,880 2.49 % 5.98 $ 2,895,485 $ 1,319,107 $ 1,337,697 9.32 ( 1 Weighted-average interest rate using unpaid principal balances. ( 2 Weighted-average life is determined using the maximum maturity date of the corresponding loans, assuming all extension options are exercised by the borrower. ( 3 CMBS are shown at fair value. SFR Loans and mezzanine loans are shown at their carrying values. ( 4 In April 2020, three ( 5 The master repurchase agreement with Mizuho does not one two Prior to the Formation Transaction, two July 12, 2019, $788.8 No March 31, 2021 $788.8 February 11, 2020. July 12, 2029. July 12, 2029, March 31, 2021 $779.8 In connection with our recent CMBS acquisitions and new mezzanine debt investment, we, through the Subsidiary OPs, have borrowed approximately $162.2 $1.9 March 31, 2021 On October 15, 2020, $36.5 7.50%. October 15, 2025 99% $36.1 March 31, 2021 On October 20, 2020, 18 $97.9 7.54% 102% $0.3 $59.9 0.30%. As of March 31, 2021 Outstanding Investment Principal Investment Date Balance Location Property Type Interest Type Interest Rate Maturity Date SFR Loans Senior loan 2/11/2020 $ 465,689 Various Single-family Fixed 2.24 % 9/1/2028 Senior loan 2/11/2020 9,163 Various Single-family Fixed 3.51 % 2/1/2028 Senior loan 2/11/2020 4,907 Various Single-family Fixed 2.48 % 8/1/2023 Senior loan 2/11/2020 9,559 Various Single-family Fixed 2.79 % 9/1/2028 Senior loan 2/11/2020 6,848 Various Single-family Fixed 2.69 % 7/1/2028 Senior loan 2/11/2020 5,159 Various Single-family Fixed 2.64 % 10/1/2028 Senior loan 2/11/2020 11,169 Various Single-family Fixed 3.02 % 10/1/2028 Senior loan 2/11/2020 7,611 Various Single-family Fixed 3.02 % 11/1/2028 Senior loan 2/11/2020 46,094 Various Single-family Fixed 2.14 % 10/1/2025 Senior loan 2/11/2020 8,922 Various Single-family Fixed 3.30 % 10/1/2028 Senior loan 2/11/2020 35,711 Various Single-family Fixed 2.70 % 11/1/2028 Senior loan 2/11/2020 5,820 Various Single-family Fixed 2.68 % 11/1/2028 Senior loan 2/11/2020 13,603 Various Single-family Fixed 2.61 % 11/1/2023 Senior loan 2/11/2020 5,346 Various Single-family Fixed 3.14 % 12/1/2028 Senior loan 2/11/2020 9,436 Various Single-family Fixed 3.02 % 12/1/2028 Senior loan 2/11/2020 9,900 Various Single-family Fixed 2.77 % 12/1/2028 Senior loan 2/11/2020 4,863 Various Single-family Fixed 2.97 % 1/1/2029 Senior loan 2/11/2020 8,360 Various Single-family Fixed 3.14 % 1/1/2029 Senior loan 2/11/2020 5,786 Various Single-family Fixed 2.40 % 2/1/2024 Senior loan 2/11/2020 4,273 Various Single-family Fixed 3.06 % 2/1/2029 Senior loan 2/11/2020 15,962 Various Single-family Fixed 2.91 % 2/1/2029 Senior loan 2/11/2020 6,965 Various Single-family Fixed 2.98 % 2/1/2029 Senior loan 2/11/2020 7,245 Various Single-family Fixed 2.80 % 2/1/2029 Senior loan 2/11/2020 6,106 Various Single-family Fixed 2.99 % 3/1/2029 Senior loan 2/11/2020 9,284 Various Single-family Fixed 2.45 % 3/1/2026 Senior loan 2/11/2020 55,988 Various Single-family Fixed 2.70 % 3/1/2029 Total $ 779,773 2.44 % Mezzanine Loans Senior loan 10/20/2020 $ 3,348 Wilmington, DE Multifamily Fixed 0.30 % 5/1/2029 Senior loan 10/20/2020 6,353 White Marsh, MD Multifamily Fixed 0.30 % 7/1/2031 Senior loan 10/20/2020 8,723 Philadelphia, PA Multifamily Fixed 0.30 % 6/1/2029 Senior loan 10/20/2020 2,264 Daytona Beach, FL Multifamily Fixed 0.30 % 10/1/2028 Senior loan 10/20/2020 7,344 Laurel, MD Multifamily Fixed 0.30 % 4/1/2031 Senior loan 10/20/2020 1,836 Temple Hills, MD Multifamily Fixed 0.30 % 8/1/2031 Senior loan 10/20/2020 918 Temple Hills, MD Multifamily Fixed 0.30 % 8/1/2031 Senior loan 10/20/2020 3,390 Lakewood, NJ Multifamily Fixed 0.30 % 5/1/2029 Senior loan 10/20/2020 2,215 Rosedale, MD Multifamily Fixed 0.30 % 7/1/2031 Senior loan 10/20/2020 4,179 North Aurora, IL Multifamily Fixed 0.30 % 1/1/2029 Senior loan 10/20/2020 5,881 Cockeysville, MD Multifamily Fixed 0.30 % 7/1/2031 Senior loan 10/20/2020 4,523 Laurel, MD Multifamily Fixed 0.30 % 7/1/2031 Senior loan 10/20/2020 662 Vancouver, WA Multifamily Fixed 0.30 % 11/1/2030 Senior loan 10/20/2020 1,307 Tyler, TX Multifamily Fixed 0.30 % 10/1/2028 Senior loan 10/20/2020 728 Las Vegas, NV Multifamily Fixed 0.30 % 3/1/2029 Senior loan 10/20/2020 2,026 Atlanta, GA Multifamily Fixed 0.30 % 7/1/2029 Senior loan 10/20/2020 1,763 Des Moines, IA Multifamily Fixed 0.30 % 11/1/2028 Senior loan 10/20/2020 2,454 Urbandale, IA Multifamily Fixed 0.30 % 11/1/2028 Total $ 59,914 0.30 % For the three March 31, 2021 Balances as of December 31, 2020 $ 1,036,878 Principal borrowings 5,737 Principal repayments (5,800 ) Accretion of loan discounts 65 Balances as of March 31, 2021 $ 1,036,880 Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five March 31, 2021 Year Recourse Non-recourse Total 2021¹ — $ (162,168 ) $ (162,168 ) 2022 — — — 2023 — (18,510 ) (18,510 ) 2024 — (5,786 ) (5,786 ) 2025 — (46,094 ) (46,094 ) Thereafter (36,500 ) (769,297 ) (805,797 ) $ (36,500 ) $ (1,001,855 ) $ (1,038,355 ) ( 1 The transactions in place in the master repurchase agreement with Mizuho have a one two |
Note 8 - Fair Value of Financia
Note 8 - Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | 8. Fair-value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. As a basis for considering market-participant assumptions in fair-value measurements, ASC 820 1 2 3 ● Level 1 ● Level 2 2 may ● Level 3 The Company's assessment of the significance of a particular input to the fair-value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Financial Instruments Carried at Fair Value See Note 2 4 6 Financial Instruments Not The fair values of cash and cash equivalents, accrued interest and dividends, accounts payable and other accrued liabilities and accrued interest payable approximated their carrying values because of the short-term nature of these instruments. The estimated fair values of other financial instruments were determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, the estimates presented herein are not may Long-term indebtedness is carried at amounts that reasonably approximate their fair value. In calculating the fair value of its long-term indebtedness, the Company used interest rate and spread assumptions that reflect current credit worthiness and market conditions available for the issuance of long-term debt with similar terms and remaining maturities. These financial instruments utilize Level 2 Amounts borrowed under master repurchase agreements are based on their contractual amounts which reasonably approximate their fair value given the short to moderate term and floating rate nature. The carrying values and fair values of the Company's financial assets and liabilities recorded at fair value on a recurring basis, as well as other financial instruments not March 31, 2021 Fair Value Carrying Value Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 14,917 $ 14,917 $ — $ — $ 14,917 Restricted Cash 570 570 — — 570 Loans, held-for-investment, net 153,637 — — 153,382 153,382 Common stock 45,460 — — 45,460 45,460 Mortgage loans, held-for-investment, net 915,348 — — 904,317 904,317 Accrued interest and dividends 5,646 5,646 — — 5,646 Mortgage loans held in variable interest entities, at fair value 4,782,318 — 4,782,318 — 4,782,318 CMBS structured pass through certificates, at fair value 38,923 — 38,923 — 38,923 Other assets 3,384 3,384 — — 3,384 $ 5,960,203 $ 24,517 $ 4,821,241 $ 1,103,159 $ 5,948,917 Liabilities Secured financing agreements, net $ 839,687 $ — $ — $ 869,421 $ 869,421 Master repurchase agreements 162,168 — — 162,168 162,168 Unsecured Notes 35,025 — — 35,025 35,025 Accounts payable and other accrued liabilities 3,807 3,807 — — 3,807 Accrued interest payable 2,791 2,791 — — 2,791 Bonds payable held in variable interest entities, at fair value 4,496,771 — 4,496,771 — 4,496,771 $ 5,540,249 $ 6,598 $ 4,496,771 $ 1,066,614 $ 5,569,983 Other Financial Instruments Carried at Fair Value Redeemable noncontrolling interests in the OP have a redemption feature and are marked to their redemption value if such value exceeds the carrying value of the redeemable noncontrolling interests in the OP (see Note 11 2 March 31, 2021 |
Note 9 - Stockholders' Equity
Note 9 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 9. Equity Common Stock On February 11, 2020, 5,000,000 $0.01 $19.00 350,000 $0.01 $19.00 $101.7 $6.9 $3.3 As of March 31, 2021 5,309,565 $0.01 5,022,578 $0.01 Preferred Stock On July 24, 2020, 2,000,000 8.50% $24.00 $48.0 $1.2 $0.8 $25.00 Share Repurchase Program On March 9, 2020, may $10.0 $0.01 two March 9, 2022 ( September 28, 2020, may may March 31, 2021 327,422 $0.01 $4.8 $14.61 March 3, 2021, 40,435 286,987 The audit committee has approved and ratified, subject to the prior authorization of our Board, repurchases from related party affiliates of the Company through the Share Repurchase Program, including accounts advised by affiliates of our Sponsor. As of March 31, 2021 not Long Term Incentive Plan On January 31, 2020, 2020 “2020 8 1,319,734 $0.01 may 2020 2020 may Restricted Stock Units 2020 may three five four May 8, 2020, 2020 14,739 June 24, 2020, 274,274 November 2, 2020, 1,838 one February 22, 2021 220,352 11,832 March 31, 2021 2021 Number of Units Weighted Average Grant Date Fair Value Outstanding January 1, 2021 290,851 $ 12.12 Granted 232,184 19.39 Vested — — Forfeited — — Outstanding March 31, 2021 523,035 $ 15.35 At-The-Market-Offering On March 31, 2021, may $100.0 Sales of shares of common stock or Series A Preferred Stock under the ATM Program, if any, may 415 Dividends The Board declared the first 2021 $0.475 February 15, 2021 March 31, 2021 March 15, 2021 The Board declared a dividend to preferred stockholders of $0.53125 March 15, 2021 April 25, 2021 March 25, 2021 |
Note 10 - Earnings (Loss) Per S
Note 10 - Earnings (Loss) Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10. Basic earnings (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of the Company's common stock outstanding and excludes any unvested restricted stock units issued pursuant to the 2020 Diluted earnings (loss) per share is computed by adjusting basic earnings (loss) per share for the dilutive effect of the assumed vesting of restricted stock units. Additionally, the Company includes the dilutive effect of the potential redemption of OP Units for common shares in accordance with the amended partnership agreement of the OP. During periods of net loss, the assumed vesting of restricted stock units is anti-dilutive and is not The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods presented (in thousands, except per share amounts): For the Three Months Ended March 31, 2021 2020 Net income attributable to common stockholders $ 8,367 $ (6,353 ) Earnings for basic computations Net income attributable to redeemable noncontrolling interests 15,829 (16,515 ) Net income for diluted computations $ 24,196 $ (22,868 ) Weighted-average common shares outstanding Average number of common shares outstanding - basic 5,023 5,223 Average number of unvested restricted stock units 389 — Average number of OP Units 13,787 12,596 Average number of common shares outstanding - diluted 19,199 17,819 Earnings (loss) per weighted average common share: Basic $ 1.67 $ (1.22 ) Diluted $ 1.26 $ (1.22 ) |
Note 11 - Noncontrolling Intere
Note 11 - Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Noncontrolling Interest Disclosure [Text Block] | 11. Redeemable Noncontrolling Interests in the Subsidiary OPs In connection with the Formation Transaction, the Contribution Group contributed assets to SPEs owned by Subsidiary OPs of the Company in exchange for SubOP Units. Net income (loss) is allocated to holders of SubOP Units based upon net income (loss) attributable to common stockholders and the weighted-average number of SubOP Units outstanding to total common shares plus SubOP Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to SubOP Units in accordance with the terms of the partnership agreement of the Subsidiary OPs. Each time the Subsidiary OPs distribute cash, limited partners of the Subsidiary OPs receive their pro-rata share of the distribution. Redeemable noncontrolling interests in the Subsidiary OPs have a redemption feature and are marked to their redemption value if such value exceeds the carrying value of the redeemable noncontrolling interests in the Subsidiary OPs. In connection with the issuance of SubOP Units to the Contribution Group on February 11, 2020, one The OP is the general partner of the Subsidiary OPs and may, one not 1 2 1933, The OP, as the general partner and primary beneficiary of the Subsidiary OPs, consolidates the Subsidiary OPs. Redeemable Noncontrolling Interests in the OP Interests in the OP held by limited partners are represented by OP Units. As of March 31, 2021 In connection with the IPO on February 11, 2020, one may, one not 1 2 The Cash Amount is defined in the partnership agreement of the OP as the greater of the most recent NAV of the Company as determined by our Board and the volume-weighted average price of the Company's common stock, which because the Company's common stock is listed on the New York Stock Exchange (the "NYSE") will be calculated for the ten first March 31, 2021 $18.40 13,787,123 1 2 March 31, 2021 3 $253.7 On July 30, 2020, one 359,000 $6.6 August 4, 2020, 267,320 $4.9 June 30, 2020, $18.33 On September 30, 2020, 100% 50.28% The following table sets forth the redeemable noncontrolling interests in the OP (reflecting the OP's consolidation of the Subsidiary OPs) for the three March 31, 2021 Redeemable noncontrolling interests in the OP, December 31, 2020 $ 275,670 Contributions from redeemable noncontrolling interests in the OP — Net income attributable to redeemable noncontrolling interests in the OP 15,829 Distributions to redeemable noncontrolling interests in the OP (5,912 ) Redeemable noncontrolling interests in the OP, March 31, 2021 $ 285,587 On July 20, 2020, 8.50% $25.00 March 31, 2021, |
Note 12 - Related Party Transac
Note 12 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 12. Formation Transaction The Company commenced operations on February 11, 2020 1 11 The Formation Transaction was a related party transaction between the Contribution Group and the Company as the entities in the Contribution Group are affiliates of our Sponsor. See Note 1 Management Fee In accordance with the Management Agreement, the Company pays the Manager an annual management fee equal to 1.5% not third “Equity” means (a) the sum of ( 1 2 3 1 2 one not “Core Earnings” means the net income (loss) attributable to the common stockholders of the Company, computed in accordance with GAAP, including realized gains and losses not may one Pursuant to the terms of the Management Agreement, the Company is required to pay directly or reimburse the Manager for all documented Operating Expenses and Offering Expenses it incurs on behalf of the Company. “Operating Expenses” include legal, accounting, financial and due diligence services performed by the Manager that outside professionals or outside consultants would otherwise perform, the Company's pro rata share of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of the Manager required for the Company's operations, and compensation expenses under the 2020 three March 31, 2021 no Connections at Buffalo Pointe Contribution On May 29, 2020, $10.0 564,334.09 $10.0 first $17.72 95.2% March 31, 2021 6.5%, 4.5%, 82.9% May 1, 2030. Pursuant to the OP's limited partnership agreement and the Buffalo Pointe Contribution Agreement, the BP Contributors have the right to cause our OP to redeem their OP Units for cash or, at our election, shares of our common stock on a one one one Jernigan Capital Acquisition On November 6, 2020, 5 RSU Issuance On May 8, 2020, 2020 14,739 June 24, 2020, 274,274 November 2, 2020, 1,838 one February 22, 2021 232,184 9 Expense Cap Pursuant to the terms of the Management Agreement, direct payment of operating expenses by the Company, which includes compensation expense relating to equity awards granted under the 2020 may not 2.5% not three March 31, 2021 not For the three March 31, 2021 2020 $0.5 $0.2 |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 13. The Company is not The Notes previously mentioned in Note 7 March 31, 2021 no not |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 14. At-The-Market-Offering No March 31, 2021. April 30, 2021, 259,685 $20.27 $5.3 $0.1 Unsecured Notes Offering On April 20, 2021, $75 5.75% 2026 99.5% $73.1 $2.5 5.75% CMBS Acquisitions On April 28, 2021, $50.0 X1 107 12.06% $6.1 $4.6 0.5% one 1.71%, 14.04% January 25, 2030. On April 29, 2021, $76.0 108 100% 100% 37 Dividends Declared On April 26, 2021 $0.4750 June 30, 2021 June 15, 2021 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Accounting The accompanying unaudited consolidated financial statements are presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the unaudited consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. There have been no three March 31, 2021 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 March 31, 2021 December 31, 2020 three March 31, 2021 2020 10 December 31, 2020 10 February 25, 2021. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates and Assumptions The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. It is at least reasonably possible that these estimates could change in the near term. Estimates are inherently subjective in nature and actual results could differ from our estimates and the differences could be material. As a result of the COVID- 19 may may may 19 March 31, 2021 two 0.9% nine March 31, 2021 no three three twelve 19 1A. 10 February 25, 2021. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The Company accounts for subsidiary partnerships in which it holds an ownership interest in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation first |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Variable Interest Entities The Company evaluates all of its interests in VIEs for consolidation. When the Company's interests are determined to be variable interests, the Company assesses whether it is deemed to be the primary beneficiary of the VIE. The primary beneficiary of a VIE is required to consolidate the VIE. FASB ASC Topic 810, Consolidation one not not not |
Mortgage Banking Activity [Policy Text Block] | CMBS Trusts The Company consolidates the trusts that issue beneficial ownership interests in mortgage loans secured by commercial real estate (commonly known as CMBS) when the Company holds a variable interest in, and management considers the Company to be the primary beneficiary of those trusts. Management believes the performance of the assets that underlie CMBS issuances most significantly impact the economic performance of the trust, and the primary beneficiary is generally the entity that conducts activities that most significantly impact the performance of the underlying assets. In particular, the most subordinate tranches of CMBS expose the holder to greater variability of economic performance when compared to more senior tranches since the subordinate tranches absorb a disproportionately higher amount of the credit risk related to the underlying assets. Generally, a trust designates the most junior subordinate tranche outstanding as the controlling class, which entitles the holder of the controlling class to unilaterally appoint, remove and replace the special servicer for the trust. For the CMBS that the Company consolidates, the Company owns 100% On the Consolidated Balance Sheets as of March 31, 2021 five not not 810 |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Investment in subsidiaries The Company conducts its operations through the OP, which acts as the general partner of the Subsidiary OPs which own investments through limited liability companies that are SPEs and as the sole member of the Mezz LLC, which owns investments directly. The Company is the majority limited partner of the OP, holds approximately 50.28% no may |
Redeemable Noncontrolling Interests [Policy Text Block] | Redeemable Noncontrolling Interests Noncontrolling interests represent the ownership interests in consolidated subsidiaries held by entities other than the Company. Those noncontrolling interests that the holder is allowed to redeem before liquidation or termination of the entity that issued those interests are considered redeemable noncontrolling interests. The Subsidiary OPs have redeemable noncontrolling interests classified on the Consolidated Balance Sheets as temporary equity in accordance with ASC 480. The redeemable noncontrolling interests were initially measured at the fair value of the contributed assets in accordance with ASC 805 50. |
Business Combinations Policy [Policy Text Block] | Acquisition Accounting The Company accounts for the assets acquired in the Formation Transaction as asset acquisitions pursuant to ASC 805 50 one no not 805 10 55. |
Formation Transaction [Policy Text Block] | Formation Transaction The Company commenced operations on February 11, 2020 January 31, 2020. third 820. The following table shows the par values, fair values and purchase premiums (discounts) of the Initial Portfolio as of February 11, 2020, Par value Fair Value Premium (Discount) Assets Cash $ 302 $ 302 $ — Loans, held-for-investment, net 22,127 22,282 155 Preferred stock 40,000 40,400 400 Mortgage loans, held-for-investment, net 863,564 934,918 71,354 Accrued interest and dividends 3,616 3,616 — Mortgage loans held in variable interest entities, at fair value 1,790,228 1,790,135 (93 ) $ 2,719,837 $ 2,791,653 $ 71,816 Liabilities Credit Facility $ 788,764 $ 788,764 $ — Bridge Facility 95,000 95,000 — Bonds payable held in variable interest entities, at fair value 1,655,960 1,655,960 — $ 2,539,724 $ 2,539,724 $ — Total contributions $ 180,113 $ 251,929 $ 71,816 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of three From time to time, the Company may |
Financing Receivable, Held-for-investment [Policy Text Block] | Mortgage and Other Loans Held-For-Investment Loans that are held-for-investment are carried at their aggregate outstanding face amount, net of applicable (i) unamortized origination or acquisition premium and discounts, (ii) unamortized deferred fees and other direct loan origination costs, (iii) valuation allowance for loan losses and (iv) write-downs of impaired loans. The effective interest method is used to amortize origination or acquisition premiums and discounts and deferred fees or other direct loan origination costs. In general, an increase in prepayment rates accelerates the amortization of purchase premiums, thereby reducing the interest income earned on the assets. Conversely, discounts on such assets are accreted into interest income. In general, an increase in prepayment rates accelerates the accretion of purchase discounts, thereby increasing the interest income earned on the assets. |
Repurchase and Resale Agreements Policy [Policy Text Block] | Secured Financing and Master Repurchase Agreements The Company's borrowings under secured financing agreements and master repurchase agreements are treated as collateralized financing arrangements carried at their contractual amounts, net of unamortized debt issuance costs, if any. |
Revenue [Policy Text Block] | Income Recognition Interest Income Dividend Income - Realized Gain (Loss) on Sale of 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. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses The Company, with the assistance of an independent valuations firm, performs a quarterly evaluation of loans classified as held for investment for impairment on a loan by loan basis in accordance with ASC 310 10 35, Receivables, Subsequent Measurement 310 10 35” no 450 20, Loss Contingencies 450 20” Significant judgment is required in determining impairment and in estimating the resulting loss allowance, and actual losses, if any, could materially differ from those estimates. The Company performs a quarterly review of the portfolio. In conjunction with this review, the Company assesses the risk factors of each loan, including, without limitation, loan-to-value ratio, debt yield, property type, geographic and local market dynamics, physical condition, collateral, cash-flow volatility, leasing and tenant profile, loan structure, exit plan and project sponsorship. Based on a 5 “1” “5,” 1 2 3 4 may may 5 The Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral, as well as the financial and operating capability of the borrower. Specifically, the collateral's operating results and any cash reserves are analyzed and used to assess (i) whether cash from operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan and/or (iii) the collateral's liquidation value. The Company also evaluates the financial condition of any loan guarantors, as well as any changes in the borrower's competency in managing and operating the collateral. In addition, the Company considers the overall economic environment, real estate or industry sector and geographic sub-market in which the borrower operates. Such impairment analyses are completed and reviewed by asset management and finance personnel who utilize various data sources, including (i) periodic financial data such as property operating statements, occupancy, tenant profile, rental rates, operating expenses, the borrower's exit plan, and capitalization and discount rates, (ii) site inspections and (iii) current credit spreads and discussions with market participants. The Company considers loans to be past-due when a monthly payment is due and unpaid for 60 120 120 not For individual loans, a troubled debt restructuring is a formal restructuring of a loan where, for economic or legal reasons related to the borrower's financial difficulties, a concession that would not may three March 31, 2021 no no A loan is written off when it is no The Company will evaluate acquired loans and debt securities for which it is probable at acquisition that all contractually required payments will not 310 30, Loans and Debt Securities Acquired with Deteriorated Credit Quality. three March 31, 2021 no |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value GAAP requires the categorization of the fair value of financial instruments into three Level 1 Level 2 2 Level 3 The Company follows this hierarchy for our financial instruments. Classifications will be based on the lowest level of input that is significant to the fair value measurement. The Company reviews the valuation of Level 3 Valuation of Consolidated VIEs The Company reports the financial assets and liabilities of each consolidated CMBS trust at fair value using the measurement alternative included in Accounting Standards Update (“ASU”) No. 2014 13, 2014 13” 2014 13, not 2014 13, 1 2 3 Valuation Methodologies CMBS Trusts 2 3 not CMBS Structured Pass Through Certificates 2 2 SFR Loans, Preferred Equity Investments and Mezzanine Loans 3 not Common Stock Investment - 3 825 10. 5 Repurchase Agreements 3 Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis not first Overall, our determination of fair value is based upon the best information available for a given circumstance and may |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company believes that it will operate in a manner that will allow it to qualify for taxation as a REIT under the Code, commencing with its taxable year ended December 31, 2020. not 90% not four March 31, 2021 no The Company evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more-likely-than- not” 50 not not no none The Company recognizes its tax positions and evaluates them using a two not not no March 31, 2021 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Section 107 13 1934, may not may 107 In June 2016, 2016 13, Financial Instruments Credit Losses on Financial Instruments 2016 13” not not This allowance is deducted from the financial asset's amortized cost basis to present the net amount expected to be collected. The new expected credit loss model will also apply to purchased financial assets with credit deterioration, superseding current accounting guidance for such assets. The amended guidance also amends the impairment model for available-for-sale debt securities, requiring entities to determine whether all or a portion of the unrealized loss on such securities is a credit loss, and also eliminating the option for management to consider the length of time a security has been in an unrealized loss position as a factor in concluding whether or not December 15, 2022. 2016 13 In November 2018, 2018 19, Codification Improvements to Topic 326, Credit Losses 2016 13. 2016 13. In April 2019, 2019 04, Codification Improvements to Topic 326. Credit Losses 2016 13. 2016 13. In May 2019, 2019 05, Targeted Transition Relief for Topic 326. Credit Losses not 2016 13. In March 2020, 2020 04, Reference Rate Reform (Topic 848 may December 31, 2022. not March 31, 2021 |
Reclassification, Comparability Adjustment [Policy Text Block] | Other Matters During the first 2021, 250, Q1 2020 $28.2 three March 31, 2020. three March 31, 2020, $48.0 no |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Par value Fair Value Premium (Discount) Assets Cash $ 302 $ 302 $ — Loans, held-for-investment, net 22,127 22,282 155 Preferred stock 40,000 40,400 400 Mortgage loans, held-for-investment, net 863,564 934,918 71,354 Accrued interest and dividends 3,616 3,616 — Mortgage loans held in variable interest entities, at fair value 1,790,228 1,790,135 (93 ) $ 2,719,837 $ 2,791,653 $ 71,816 Liabilities Credit Facility $ 788,764 $ 788,764 $ — Bridge Facility 95,000 95,000 — Bonds payable held in variable interest entities, at fair value 1,655,960 1,655,960 — $ 2,539,724 $ 2,539,724 $ — Total contributions $ 180,113 $ 251,929 $ 71,816 |
Note 3 - Loans Held for Inves_2
Note 3 - Loans Held for Investment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Weighted Average Loan Type Outstanding Face Amount Carrying Value (1) Loan Count Fixed Rate (2) Coupon (3) Life (years) (4) March 31, 2021 SFR Loans, held-for-investment $ 853,531 $ 915,348 26 100.00 % 4.90 % 7.14 Mezzanine loan, held-for-investment 131,784 134,439 21 79.98 % 8.62 % 7.42 Preferred equity, held-for-investment 18,877 19,198 3 100.00 % 7.79 % 6.87 $ 1,004,192 $ 1,068,985 50 97.37 % 5.45 % 7.17 |
Schedule of Loan and Preferred Equity Portfolio Activity [Table Text Block] | Held-for-Investment Balance at December 31, 2020 $ 1,045,891 Originations 25,876 Proceeds from principal repayments (1) (834 ) Amortization of loan premium, net (2) (1,759 ) Loan loss provision, net (3) (124 ) Realized losses (65 ) Balance at March 31, 2021 $ 1,068,985 |
Financing Receivable Credit Quality Indicators [Table Text Block] | March 31, 2021 Number of Carrying % of Loan Risk Rating Loans Value Portfolio 1 — $ — — 2 — — — 3 50 1,068,985 100.00 % 4 — — — 5 — — — 50 $ 1,068,985 100.00 % |
Schedule of Loans Held for Investment as a Percentage of Face Amount by Geographic Areas [Table Text Block] | Geography March 31, 2021 Georgia 38.61 % Florida 20.32 % Texas 7.18 % Maryland 6.94 % Minnesota 5.05 % Alabama 3.48 % California 2.63 % New Jersey 1.92 % North Carolina 1.63 % Mississippi 1.01 % Missouri 1.25 % Other (19 states each at <1%) 9.98 % 100.00 % Collateral Property Type March 31, 2021 Single Family Rental 85.00 % Multifamily 15.00 % 100.00 % |
Note 4 - CMBS Trusts (Tables)
Note 4 - CMBS Trusts (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Recognized Trusts Assets and Liabilities [Table Text Block] | Trust's Assets March 31, 2021 Mortgage loans held in variable interest entities, at fair value $ 4,782,318 Accrued interest receivable 1,030 Trust's Liabilities Bonds payable held in variable interest entities, at fair value (4,496,771 ) Accrued interest payable (771 ) |
Schedule of Change in Net Assets Related to Consolidated CMBS Variable Interest Entities [Table Text Block] | For the Three Months Ended March 31, 2021 2020 Net interest earned $ 5,700 $ 1,742 Unrealized gain (loss) 15,011 (26,901 ) Change in net assets related to consolidated CMBS variable interest entities $ 20,711 $ (25,159 ) |
Impaired Financing Receivables [Table Text Block] | Geography March 31, 2021 Florida 16.18 % Texas 15.21 % Arizona 11.88 % California 8.40 % Georgia 7.19 % Washington 5.88 % Nevada 4.20 % New Jersey 4.22 % New York 3.05 % Pennsylvania 3.36 % Indiana 2.47 % Colorado 2.31 % Virginia 2.12 % Ohio 2.04 % North Carolina 2.02 % Tennessee 1.46 % Maryland 1.34 % Missouri 1.22 % South Carolina 1.10 % Other (16 states each at <1%) 4.37 % 100.00 % Collateral Property Type March 31, 2021 Multifamily 98.09 % Manufactured Housing 1.91 % 100.00 % |
Note 5 - Common Stock (Tables)
Note 5 - Common Stock (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Common Stock [Member] | |
Notes Tables | |
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | Investment Investment Date Shares Fair Value Property Type Common Stock NexPoint Storage Partners 11/6/2020 41,963 $ 45,460 Self-storage |
Note 6 - CMBS Structured Pass_2
Note 6 - CMBS Structured Pass Through Certificates (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Activity Related to Commercial Mortgage Backed Securities [Table Text Block] | For the Three Months Ended March 31, 2021 2020 Interest income $ 611 $ — Change in unrealized gain on CMBS structured pass through certificates 631 — $ 1,242 $ — |
CMBS I/O Strips [Member] | |
Notes Tables | |
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | Investment Investment Date Carrying Value Property Type Interest Rate Current Yield Maturity Date CMBS I/O Strips CMBS I/O Strip 4/15/2020 $ 1,010 Multifamily 3.40 % 12.40 % 1/25/2037 CMBS I/O Strip 4/15/2020 945 Multifamily 2.94 % 12.99 % 12/25/2037 CMBS I/O Strip 5/18/2020 2,532 Multifamily 2.02 % 14.43 % 9/25/2046 CMBS I/O Strip 8/6/2020 8,147 Multifamily 0.10 % 13.73 % 6/25/2030 CMBS I/O Strip 8/6/2020 1,769 Multifamily 0.10 % 14.73 % 6/25/2030 CMBS I/O Strip 8/6/2020 24,520 Multifamily 2.98 % 13.57 % 6/25/2030 Total $ 38,923 |
Note 7 - Debt (Tables)
Note 7 - Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | March 31, 2021 Facility Collateral Date issued Outstanding face amount Carrying value Final stated maturity Weighted average interest rate (1) Weighted average life (years) (2) Outstanding face amount Amortized cost basis Carrying value (3) Weighted average life (years) (2) Master Repurchase Agreements CMBS Mizuho (4) Apr 2020 162,168 162,168 N/A (5) 2.41 % 0.01 1,944,055 302,736 321,326 10.3 Asset Specific Financing Single Family Rental Freddie Mac 7/12/2019 779,773 779,773 7/12/2029 2.44 % 7.1 853,531 915,348 915,348 7.1 Mezzanine Freddie Mac 10/20/2020 59,914 59,914 8/1/2031 0.30 % 9.1 97,899 101,023 101,023 9.1 Unsecured Note Various 10/15/2020 36,500 35,025 10/25/2025 7.50 % 4.6 N/A N/A N/A N/A Total/weighted average $ 1,038,355 $ 1,036,880 2.49 % 5.98 $ 2,895,485 $ 1,319,107 $ 1,337,697 9.32 |
Schedule of Debt [Table Text Block] | Outstanding Investment Principal Investment Date Balance Location Property Type Interest Type Interest Rate Maturity Date SFR Loans Senior loan 2/11/2020 $ 465,689 Various Single-family Fixed 2.24 % 9/1/2028 Senior loan 2/11/2020 9,163 Various Single-family Fixed 3.51 % 2/1/2028 Senior loan 2/11/2020 4,907 Various Single-family Fixed 2.48 % 8/1/2023 Senior loan 2/11/2020 9,559 Various Single-family Fixed 2.79 % 9/1/2028 Senior loan 2/11/2020 6,848 Various Single-family Fixed 2.69 % 7/1/2028 Senior loan 2/11/2020 5,159 Various Single-family Fixed 2.64 % 10/1/2028 Senior loan 2/11/2020 11,169 Various Single-family Fixed 3.02 % 10/1/2028 Senior loan 2/11/2020 7,611 Various Single-family Fixed 3.02 % 11/1/2028 Senior loan 2/11/2020 46,094 Various Single-family Fixed 2.14 % 10/1/2025 Senior loan 2/11/2020 8,922 Various Single-family Fixed 3.30 % 10/1/2028 Senior loan 2/11/2020 35,711 Various Single-family Fixed 2.70 % 11/1/2028 Senior loan 2/11/2020 5,820 Various Single-family Fixed 2.68 % 11/1/2028 Senior loan 2/11/2020 13,603 Various Single-family Fixed 2.61 % 11/1/2023 Senior loan 2/11/2020 5,346 Various Single-family Fixed 3.14 % 12/1/2028 Senior loan 2/11/2020 9,436 Various Single-family Fixed 3.02 % 12/1/2028 Senior loan 2/11/2020 9,900 Various Single-family Fixed 2.77 % 12/1/2028 Senior loan 2/11/2020 4,863 Various Single-family Fixed 2.97 % 1/1/2029 Senior loan 2/11/2020 8,360 Various Single-family Fixed 3.14 % 1/1/2029 Senior loan 2/11/2020 5,786 Various Single-family Fixed 2.40 % 2/1/2024 Senior loan 2/11/2020 4,273 Various Single-family Fixed 3.06 % 2/1/2029 Senior loan 2/11/2020 15,962 Various Single-family Fixed 2.91 % 2/1/2029 Senior loan 2/11/2020 6,965 Various Single-family Fixed 2.98 % 2/1/2029 Senior loan 2/11/2020 7,245 Various Single-family Fixed 2.80 % 2/1/2029 Senior loan 2/11/2020 6,106 Various Single-family Fixed 2.99 % 3/1/2029 Senior loan 2/11/2020 9,284 Various Single-family Fixed 2.45 % 3/1/2026 Senior loan 2/11/2020 55,988 Various Single-family Fixed 2.70 % 3/1/2029 Total $ 779,773 2.44 % Mezzanine Loans Senior loan 10/20/2020 $ 3,348 Wilmington, DE Multifamily Fixed 0.30 % 5/1/2029 Senior loan 10/20/2020 6,353 White Marsh, MD Multifamily Fixed 0.30 % 7/1/2031 Senior loan 10/20/2020 8,723 Philadelphia, PA Multifamily Fixed 0.30 % 6/1/2029 Senior loan 10/20/2020 2,264 Daytona Beach, FL Multifamily Fixed 0.30 % 10/1/2028 Senior loan 10/20/2020 7,344 Laurel, MD Multifamily Fixed 0.30 % 4/1/2031 Senior loan 10/20/2020 1,836 Temple Hills, MD Multifamily Fixed 0.30 % 8/1/2031 Senior loan 10/20/2020 918 Temple Hills, MD Multifamily Fixed 0.30 % 8/1/2031 Senior loan 10/20/2020 3,390 Lakewood, NJ Multifamily Fixed 0.30 % 5/1/2029 Senior loan 10/20/2020 2,215 Rosedale, MD Multifamily Fixed 0.30 % 7/1/2031 Senior loan 10/20/2020 4,179 North Aurora, IL Multifamily Fixed 0.30 % 1/1/2029 Senior loan 10/20/2020 5,881 Cockeysville, MD Multifamily Fixed 0.30 % 7/1/2031 Senior loan 10/20/2020 4,523 Laurel, MD Multifamily Fixed 0.30 % 7/1/2031 Senior loan 10/20/2020 662 Vancouver, WA Multifamily Fixed 0.30 % 11/1/2030 Senior loan 10/20/2020 1,307 Tyler, TX Multifamily Fixed 0.30 % 10/1/2028 Senior loan 10/20/2020 728 Las Vegas, NV Multifamily Fixed 0.30 % 3/1/2029 Senior loan 10/20/2020 2,026 Atlanta, GA Multifamily Fixed 0.30 % 7/1/2029 Senior loan 10/20/2020 1,763 Des Moines, IA Multifamily Fixed 0.30 % 11/1/2028 Senior loan 10/20/2020 2,454 Urbandale, IA Multifamily Fixed 0.30 % 11/1/2028 Total $ 59,914 0.30 % |
Schedule of Line of Credit Facilities [Table Text Block] | Balances as of December 31, 2020 $ 1,036,878 Principal borrowings 5,737 Principal repayments (5,800 ) Accretion of loan discounts 65 Balances as of March 31, 2021 $ 1,036,880 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year Recourse Non-recourse Total 2021¹ — $ (162,168 ) $ (162,168 ) 2022 — — — 2023 — (18,510 ) (18,510 ) 2024 — (5,786 ) (5,786 ) 2025 — (46,094 ) (46,094 ) Thereafter (36,500 ) (769,297 ) (805,797 ) $ (36,500 ) $ (1,001,855 ) $ (1,038,355 ) |
Note 8 - Fair Value of Financ_2
Note 8 - Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Carrying Value Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 14,917 $ 14,917 $ — $ — $ 14,917 Restricted Cash 570 570 — — 570 Loans, held-for-investment, net 153,637 — — 153,382 153,382 Common stock 45,460 — — 45,460 45,460 Mortgage loans, held-for-investment, net 915,348 — — 904,317 904,317 Accrued interest and dividends 5,646 5,646 — — 5,646 Mortgage loans held in variable interest entities, at fair value 4,782,318 — 4,782,318 — 4,782,318 CMBS structured pass through certificates, at fair value 38,923 — 38,923 — 38,923 Other assets 3,384 3,384 — — 3,384 $ 5,960,203 $ 24,517 $ 4,821,241 $ 1,103,159 $ 5,948,917 Liabilities Secured financing agreements, net $ 839,687 $ — $ — $ 869,421 $ 869,421 Master repurchase agreements 162,168 — — 162,168 162,168 Unsecured Notes 35,025 — — 35,025 35,025 Accounts payable and other accrued liabilities 3,807 3,807 — — 3,807 Accrued interest payable 2,791 2,791 — — 2,791 Bonds payable held in variable interest entities, at fair value 4,496,771 — 4,496,771 — 4,496,771 $ 5,540,249 $ 6,598 $ 4,496,771 $ 1,066,614 $ 5,569,983 |
Note 9 - Stockholders' Equity (
Note 9 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | 2021 Number of Units Weighted Average Grant Date Fair Value Outstanding January 1, 2021 290,851 $ 12.12 Granted 232,184 19.39 Vested — — Forfeited — — Outstanding March 31, 2021 523,035 $ 15.35 |
Note 10 - Earnings (Loss) Per_2
Note 10 - Earnings (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended March 31, 2021 2020 Net income attributable to common stockholders $ 8,367 $ (6,353 ) Earnings for basic computations Net income attributable to redeemable noncontrolling interests 15,829 (16,515 ) Net income for diluted computations $ 24,196 $ (22,868 ) Weighted-average common shares outstanding Average number of common shares outstanding - basic 5,023 5,223 Average number of unvested restricted stock units 389 — Average number of OP Units 13,787 12,596 Average number of common shares outstanding - diluted 19,199 17,819 Earnings (loss) per weighted average common share: Basic $ 1.67 $ (1.22 ) Diluted $ 1.26 $ (1.22 ) |
Note 11 - Noncontrolling Inte_2
Note 11 - Noncontrolling Interests (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | Redeemable noncontrolling interests in the OP, December 31, 2020 $ 275,670 Contributions from redeemable noncontrolling interests in the OP — Net income attributable to redeemable noncontrolling interests in the OP 15,829 Distributions to redeemable noncontrolling interests in the OP (5,912 ) Redeemable noncontrolling interests in the OP, March 31, 2021 $ 285,587 |
Note 1 - Organization and Des_2
Note 1 - Organization and Description of Business (Details Textual) | Jul. 17, 2020 | Mar. 31, 2021 |
The Manager [Member] | ||
Management Agreement, Term (Year) | 3 years | |
OP [Member] | ||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 50.28% | |
Two Subsidiary Partnerships [Member] | OP [Member] | ||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 27.78% | |
One Subsidiary Partnership [Member] | OP [Member] | ||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 100.00% |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 | |
Net Cash Provided by (Used in) Investing Activities, Total | 71,409 | $ 30,936 |
Net Cash Provided by (Used in) Financing Activities, Total | $ (98,469) | (35,884) |
Financial Asset Acquired with Credit Deterioration [Member] | ||
Number of Loan Acquired | 0 | |
OP [Member] | ||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 50.28% | |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 100.00% | |
Variable Interest Entity, Primary Beneficiary [Member] | Revision of Prior Period, Error Correction, Adjustment [Member] | ||
Net Cash Provided by (Used in) Investing Activities, Total | 28,200 | |
Net Cash Provided by (Used in) Financing Activities, Total | 28,200 | |
Consolidation of Mortgage Loans and Bonds Payable Held in Variable Interest Entities | $ 48,000 | |
CMBS B-Pieces [Member] | ||
Financing Receivable, Deferred Payments, Percentage of Consolidated Unpaid Principal Balance Outstanding | 0.90% | |
SFR Loans [Member] | ||
Financing Receivable, Number of Payment Deferrals | 9 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Schedule of Par Values, Fair Values and Purchase Premiums (Discounts) of the Initial Portfolio (Details) | Feb. 11, 2020USD ($) |
Reported Value Measurement [Member] | |
Cash | $ 302 |
Loans, held-for-investment, net | 22,127 |
Preferred stock | 40,000 |
Accrued interest and dividends | 3,616 |
Assets, Fair Value Disclosure | 2,719,837 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 2,539,724 |
Total contributions | 180,113 |
Reported Value Measurement [Member] | Credit Facility [Member] | |
Facility | 788,764 |
Reported Value Measurement [Member] | Bridge Facility [Member] | |
Facility | 95,000 |
Reported Value Measurement [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |
Bonds payable held in variable interest entities, at fair value | 1,655,960 |
Reported Value Measurement [Member] | Mortgages [Member] | |
Loans, held-for-investment, net | 863,564 |
Reported Value Measurement [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |
Loans, held-for-investment, net | 1,790,228 |
Estimate of Fair Value Measurement [Member] | |
Cash | 302 |
Loans, held-for-investment, net | 22,282 |
Preferred stock | 40,400 |
Accrued interest and dividends | 3,616 |
Assets, Fair Value Disclosure | 2,791,653 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 2,539,724 |
Total contributions | 251,929 |
Estimate of Fair Value Measurement [Member] | Credit Facility [Member] | |
Facility | 788,764 |
Estimate of Fair Value Measurement [Member] | Bridge Facility [Member] | |
Facility | 95,000 |
Estimate of Fair Value Measurement [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |
Bonds payable held in variable interest entities, at fair value | 1,655,960 |
Estimate of Fair Value Measurement [Member] | Mortgages [Member] | |
Loans, held-for-investment, net | 934,918 |
Estimate of Fair Value Measurement [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |
Loans, held-for-investment, net | 1,790,135 |
Changes Measurement [Member] | |
Cash | |
Loans, held-for-investment, net | 155 |
Preferred stock | 400 |
Accrued interest and dividends | |
Assets, Fair Value Disclosure | 71,816 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | |
Total contributions | 71,816 |
Changes Measurement [Member] | Credit Facility [Member] | |
Facility | |
Changes Measurement [Member] | Bridge Facility [Member] | |
Facility | |
Changes Measurement [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |
Bonds payable held in variable interest entities, at fair value | |
Changes Measurement [Member] | Mortgages [Member] | |
Loans, held-for-investment, net | 71,354 |
Changes Measurement [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |
Loans, held-for-investment, net | $ (93) |
Note 3 - Loans Held for Inves_3
Note 3 - Loans Held for Investment (Details Textual) $ in Millions | Mar. 31, 2021USD ($) |
Financing Receivable, Unamortized Purchase Premium (Discount) | $ (65.2) |
Loans and Leases Receivable, Number of Loans | 50 |
Risk Rating 3 [Member] | |
Loans and Leases Receivable, Number of Loans | 50 |
Note 3 - Loans Held for Inves_4
Note 3 - Loans Held for Investment - Summary of Loans Held for Investment (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($) | ||
Outstanding Face Amount | $ 1,004,192 | |
Carrying Value | $ 1,068,985 | [1] |
Loan count | 50 | |
Weighted average, fixed rate | 97.37% | [2] |
Weighted average, coupon | 5.45% | [3] |
Weighted average, life (Year) | 7 years 62 days | [4] |
SFR Loans [Member] | ||
Outstanding Face Amount | $ 853,531 | |
Carrying Value | $ 915,348 | [1] |
Loan count | 26 | |
Weighted average, fixed rate | 100.00% | [2] |
Weighted average, coupon | 4.90% | [3] |
Weighted average, life (Year) | 7 years 51 days | [4] |
Mezzanine Loan [Member] | ||
Outstanding Face Amount | $ 131,784 | |
Carrying Value | $ 134,439 | [1] |
Loan count | 21 | |
Weighted average, fixed rate | 79.98% | [2] |
Weighted average, coupon | 8.62% | [3] |
Weighted average, life (Year) | 7 years 153 days | [4] |
Preferred Equity [Member] | ||
Outstanding Face Amount | $ 18,877 | |
Carrying Value | $ 19,198 | [1] |
Loan count | 3 | |
Weighted average, fixed rate | 100.00% | [2] |
Weighted average, coupon | 7.79% | [3] |
Weighted average, life (Year) | 6 years 317 days | [4] |
[1] | Carrying value includes the outstanding face amount plus unamortized purchase premiums/discounts and any allowance for loan losses. | |
[2] | The weighted-average fixed rate is weighted on current principal balance. | |
[3] | The weighted-average coupon is weighted on current principal balance. | |
[4] | The weighted-average life is weighted on current principal balance and assumes no prepayments. The maturity date for preferred equity investments represents the maturity date of the senior mortgage, as the preferred equity investments require repayment upon the sale or refinancing of the asset. |
Note 3 - Loans Held for Inves_5
Note 3 - Loans Held for Investment - Loan and Preferred Equity Portfolio Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Originations | $ 25,876 | ||
Loan loss provision, net (3) | (124) | $ (212) | |
Balance at March 31, 2021 | [1] | 1,068,985 | |
Loans Receivable, Held for Investment [Member] | |||
Balance at December 31, 2020 | 1,045,891 | ||
Originations | 25,876 | ||
Proceeds from principal repayments (1) | [2] | (834) | |
Amortization of loan premium, net (2) | [3] | (1,759) | |
Loan loss provision, net (3) | [4] | (124) | |
Realized losses | (65) | ||
Balance at March 31, 2021 | $ 1,068,985 | ||
[1] | Carrying value includes the outstanding face amount plus unamortized purchase premiums/discounts and any allowance for loan losses. | ||
[2] | Includes principal repayments on SFR Loans. | ||
[3] | Includes net amortization of loan purchase premiums. | ||
[4] | Based on management's judgment and estimate of credit losses. See Note 2 for additional information. |
Note 3 - Loans Held for Inves_6
Note 3 - Loans Held for Investment - Principal Balance and Net Book Value of the Loan Portfolio Based on Internal Risk Ratings (Details) $ in Thousands | Mar. 31, 2021USD ($) | |
Loan count | 50 | |
Carrying Value | $ 1,068,985 | [1] |
% of loan portfolio | 100.00% | |
Risk Rating 1 [Member] | ||
Loan count | ||
Carrying Value | ||
% of loan portfolio | ||
Risk Rating 2 [Member] | ||
Loan count | ||
Carrying Value | ||
% of loan portfolio | ||
Risk Rating 3 [Member] | ||
Loan count | 50 | |
Carrying Value | $ 1,068,985 | |
% of loan portfolio | 100.00% | |
Risk Rating 4 [Member] | ||
Loan count | ||
Carrying Value | ||
% of loan portfolio | ||
Risk Rating 5 [Member] | ||
Loan count | ||
Carrying Value | ||
% of loan portfolio | ||
[1] | Carrying value includes the outstanding face amount plus unamortized purchase premiums/discounts and any allowance for loan losses. |
Note 3 - Loans Held for Inves_7
Note 3 - Loans Held for Investment - Geographies and Property Types of Collateral Underlying the Loans Held-for-investment as a Percentage of the Loans' Face Amounts (Details) | Mar. 31, 2021 |
% of loan portfolio | 100.00% |
Single Family Rental [Member] | |
% of loan portfolio | 85.00% |
Multifamily [Member] | |
% of loan portfolio | 15.00% |
GEORGIA | |
% of loan portfolio | 38.61% |
FLORIDA | |
% of loan portfolio | 20.32% |
TEXAS | |
% of loan portfolio | 7.18% |
MARYLAND | |
% of loan portfolio | 6.94% |
MINNESOTA | |
% of loan portfolio | 5.05% |
ALABAMA | |
% of loan portfolio | 3.48% |
CALIFORNIA | |
% of loan portfolio | 2.63% |
NEW JERSEY | |
% of loan portfolio | 1.92% |
NORTH CAROLINA | |
% of loan portfolio | 1.63% |
MISSISSIPPI | |
% of loan portfolio | 1.01% |
MISSOURI | |
% of loan portfolio | 1.25% |
Other [Member] | |
% of loan portfolio | 9.98% |
Note 4 - CMBS Trusts - Schedule
Note 4 - CMBS Trusts - Schedule of Recognized Trusts Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Mortgage loans held in variable interest entities, at fair value | $ 153,637 | $ 127,777 |
Bonds payable held in variable interest entities, at fair value | 1,038,355 | |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Mortgage loans held in variable interest entities, at fair value | 4,782,318 | $ 5,007,515 |
Accrued interest receivable | 1,030 | |
Bonds payable held in variable interest entities, at fair value | 4,496,771 | |
Accrued interest payable | $ (771) |
Note 4 - CMBS Trusts - Schedu_2
Note 4 - CMBS Trusts - Schedule of Change in Net Assets Related to Consolidated CMBS Variable Interest Entities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Unrealized gain (loss) | $ 631 | |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Net interest earned | 5,700 | 1,742 |
Unrealized gain (loss) | 15,011 | (26,901) |
Change in net assets related to consolidated CMBS variable interest entities | $ 20,711 | $ (25,159) |
Note 4 - CMBS Trusts - Schedu_3
Note 4 - CMBS Trusts - Schedule of Geographies and Property Types of Collateral Underlying the CMBS Trusts as Percentage of Collateral Unpaid Principal Balance (Details) - Variable Interest Entity, Primary Beneficiary [Member] | Mar. 31, 2021 |
Percentage of Collateral Unpaid Principal Balance | 100.00% |
Multifamily [Member] | |
Percentage of Collateral Unpaid Principal Balance | 98.09% |
Manufactured Housing [Member] | |
Percentage of Collateral Unpaid Principal Balance | 1.91% |
FLORIDA | |
Percentage of Collateral Unpaid Principal Balance | 16.18% |
TEXAS | |
Percentage of Collateral Unpaid Principal Balance | 15.21% |
ARIZONA | |
Percentage of Collateral Unpaid Principal Balance | 11.88% |
CALIFORNIA | |
Percentage of Collateral Unpaid Principal Balance | 8.40% |
GEORGIA | |
Percentage of Collateral Unpaid Principal Balance | 7.19% |
WASHINGTON | |
Percentage of Collateral Unpaid Principal Balance | 5.88% |
NEVADA | |
Percentage of Collateral Unpaid Principal Balance | 4.20% |
NEW JERSEY | |
Percentage of Collateral Unpaid Principal Balance | 4.22% |
NEW YORK | |
Percentage of Collateral Unpaid Principal Balance | 3.05% |
PENNSYLVANIA | |
Percentage of Collateral Unpaid Principal Balance | 3.36% |
INDIANA | |
Percentage of Collateral Unpaid Principal Balance | 2.47% |
COLORADO | |
Percentage of Collateral Unpaid Principal Balance | 2.31% |
VIRGINIA | |
Percentage of Collateral Unpaid Principal Balance | 2.12% |
OHIO | |
Percentage of Collateral Unpaid Principal Balance | 2.04% |
NORTH CAROLINA | |
Percentage of Collateral Unpaid Principal Balance | 2.02% |
TENNESSEE | |
Percentage of Collateral Unpaid Principal Balance | 1.46% |
MARYLAND | |
Percentage of Collateral Unpaid Principal Balance | 1.34% |
MISSOURI | |
Percentage of Collateral Unpaid Principal Balance | 1.22% |
SOUTH CAROLINA | |
Percentage of Collateral Unpaid Principal Balance | 1.10% |
Other [Member] | |
Percentage of Collateral Unpaid Principal Balance | 4.37% |
Note 5 - Common Stock (Details
Note 5 - Common Stock (Details Textual) - $ / shares | Nov. 06, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 09, 2020 | Jan. 31, 2020 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |
Conversion of JCAP Preferred Stock into NSP Common Stock [Member] | |||||
Conversion of Stock, Shares Issued Per Each Share Converted (in shares) | 1 | ||||
Conversion of Stock, Price Per Share Converted (in dollars per share) | $ 1,063.47 | ||||
NexPoint Storage Partners [Member] | |||||
Equity Method Investment, Ownership Percentage | 25.80% | ||||
NexPoint Storage Partners [Member] | |||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | ||||
Common Stock, Accrued Interest and Dividend Rate, Percentage | 5.00% | ||||
Jernigan Capital [Member] | |||||
Share Price (in dollars per share) | $ 17.30 |
Note 5 - Common Stock - Schedul
Note 5 - Common Stock - Schedule of Common Stock Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Investment, fair value | $ 45,460 | $ 44,626 |
NexPoint Storage Partners [Member] | ||
Investment date | Nov. 6, 2020 | |
Investment, shares (in shares) | 41,963 | |
Investment, fair value | $ 45,460 |
Note 6 - CMBS Structured Pass_3
Note 6 - CMBS Structured Pass Through Certificates (Details Textual) | Mar. 31, 2021 |
Debt Securities, Trading, Number of Positions | 6 |
Note 6 - CMBS Structured Pass_4
Note 6 - CMBS Structured Pass Through Certificates - Summary of CMBS I/O Strips (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Carrying value | $ 38,923 | $ 38,984 |
Multifamily [Member] | CMBS I/O Strip, One [Member] | ||
Investment date | Apr. 15, 2020 | |
Carrying value | $ 1,010 | |
Interest rate | 3.40% | |
Current yield | 12.40% | |
Maturity date | Jan. 25, 2037 | |
Multifamily [Member] | CMBS I/O Strip, Two [Member] | ||
Investment date | Apr. 15, 2020 | |
Carrying value | $ 945 | |
Interest rate | 2.94% | |
Current yield | 12.99% | |
Maturity date | Dec. 25, 2037 | |
Multifamily [Member] | CMBS I/O Strip, Three [Member] | ||
Investment date | May 18, 2020 | |
Carrying value | $ 2,532 | |
Interest rate | 2.02% | |
Current yield | 14.43% | |
Maturity date | Sep. 25, 2046 | |
Multifamily [Member] | CMBS I/O Strip, Four [Member] | ||
Investment date | Aug. 6, 2020 | |
Carrying value | $ 8,147 | |
Interest rate | 0.10% | |
Current yield | 13.73% | |
Maturity date | Jun. 25, 2030 | |
Multifamily [Member] | CMBS I/O Strip, Five [Member] | ||
Investment date | Aug. 6, 2020 | |
Carrying value | $ 1,769 | |
Interest rate | 0.10% | |
Current yield | 14.73% | |
Maturity date | Jun. 25, 2030 | |
Multifamily [Member] | CMBS I/O Strip, Six [Member] | ||
Investment date | Aug. 6, 2020 | |
Carrying value | $ 24,520 | |
Interest rate | 2.98% | |
Current yield | 13.57% | |
Maturity date | Jun. 25, 2030 | |
Multifamily [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Carrying value | $ 38,923 |
Note 6 - CMBS Structured Pass_5
Note 6 - CMBS Structured Pass Through Certificates - Schedule of Activity Related to CMBS I/O Strips (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Unrealized gain (loss) | $ 631 | |
Collateralized Mortgage Backed Securities [Member] | ||
Interest income | 611 | |
Unrealized gain (loss) | 631 | |
Interest Income and Unrealized Gains (Losses) in Debt Securities, Trading | $ 1,242 |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) $ in Thousands | Oct. 20, 2020USD ($) | Oct. 15, 2020USD ($) | Jul. 12, 2019USD ($) | Mar. 31, 2021USD ($) | Feb. 11, 2020USD ($) | |
Loans and Leases Receivable, Number of Loans | 50 | |||||
Loans and Leases Receivable, Weighted Average Fixed Rate | [1] | 97.37% | ||||
Mezzanine Loan Portfolio [Member] | ||||||
Loans and Leases Receivable, Number of Loans | 18 | |||||
Loans and Leases Receivable, Gross, Total | $ 97,900 | |||||
Loans and Leases Receivable, Weighted Average Fixed Rate | 7.54% | |||||
Percentage of Acquired Loans Held for Investment Face Amount | 102.00% | |||||
Interest Receivable | $ 300 | |||||
Unsecured Debt [Member] | ||||||
Debt, Weighted Average Interest Rate | [2] | 7.50% | ||||
Unsecured Debt [Member] | OP [Member] | ||||||
Debt Instrument, Face Amount | $ 36,500 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | |||||
Debt Instrument, Percentage of Par Value | 99.00% | |||||
Proceeds from Issuance of Unsecured Debt | $ 36,100 | |||||
Credit Facility [Member] | Freddie Mac [Member] | ||||||
Proceeds from Long-term Lines of Credit | $ 788,800 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 0 | |||||
Long-term Line of Credit, Total | $ 779,800 | $ 788,800 | ||||
Proceeds from Lines of Credit, Total | $ 59,900 | |||||
Debt, Weighted Average Interest Rate | 0.30% | |||||
Credit Facility [Member] | Mizuho [Member] | ||||||
Proceeds from Long-term Lines of Credit | 162,200 | |||||
Credit Facility [Member] | Mizuho [Member] | Collateralized Mortgage Backed Securities [Member] | ||||||
Debt Instrument, Collateral Amount | $ 1,900,000 | |||||
[1] | The weighted-average fixed rate is weighted on current principal balance. | |||||
[2] | Weighted-average interest rate using unpaid principal balances. |
Note 7 - Debt - Summary of Fina
Note 7 - Debt - Summary of Financing Arrangements (Details) | 3 Months Ended | |
Mar. 31, 2021USD ($) | ||
Unsecured Debt [Member] | ||
Date issued | Oct. 15, 2020 | |
Weighted average interest rate | 7.50% | [1] |
Maturity Date | Oct. 25, 2025 | |
Facility [Member] | ||
Outstanding face amount | $ 1,038,355 | |
Carrying value | $ 1,036,880 | |
Weighted average interest rate | 2.49% | [1] |
Weighted average life (Year) | 5 years 357 days | [2] |
Facility [Member] | Unsecured Debt [Member] | ||
Outstanding face amount | $ 36,500 | |
Carrying value | $ 35,025 | |
Weighted average life (Year) | 4 years 219 days | [2] |
Collateral [Member] | ||
Outstanding face amount | $ 2,895,485 | |
Carrying value | $ 1,337,697 | [3] |
Weighted average life (Year) | 9 years 116 days | [2] |
Amortized cost basis | $ 1,319,107 | |
Master Repurchase Agreements [Member] | Mizuho [Member] | Commercial Mortgage Backed Securities [Member] | Facility [Member] | ||
Date issued | Apr. 30, 2020 | [4] |
Outstanding face amount | $ 162,168 | [4] |
Carrying value | $ 162,168 | [4] |
Weighted average interest rate | 2.41% | [1],[4] |
Weighted average life (Year) | 3 days | [2],[4] |
Master Repurchase Agreements [Member] | Mizuho [Member] | Commercial Mortgage Backed Securities [Member] | Collateral [Member] | ||
Outstanding face amount | $ 1,944,055 | [4] |
Carrying value | $ 321,326 | [3],[4] |
Weighted average life (Year) | 10 years 109 days | [2],[4] |
Amortized cost basis | $ 302,736 | [4] |
Asset Specific Financing [Member] | Freddie Mac [Member] | Facility [Member] | ||
Date issued | Jul. 12, 2019 | |
Outstanding face amount | $ 779,773 | |
Carrying value | $ 779,773 | |
Weighted average interest rate | 2.44% | [1] |
Weighted average life (Year) | 7 years 36 days | [2] |
Maturity Date | Jul. 12, 2029 | |
Asset Specific Financing [Member] | Freddie Mac [Member] | Collateral [Member] | ||
Outstanding face amount | $ 853,531 | |
Carrying value | $ 915,348 | [3] |
Weighted average life (Year) | 7 years 36 days | [2] |
Amortized cost basis | $ 915,348 | |
Mezzanine Loan [Member] | Freddie Mac [Member] | Facility [Member] | ||
Date issued | Oct. 20, 2020 | |
Outstanding face amount | $ 59,914 | |
Carrying value | $ 59,914 | |
Weighted average interest rate | 0.30% | [1] |
Weighted average life (Year) | 9 years 36 days | [2] |
Maturity Date | Aug. 1, 2031 | |
Mezzanine Loan [Member] | Freddie Mac [Member] | Collateral [Member] | ||
Outstanding face amount | $ 97,899 | |
Carrying value | $ 101,023 | [3] |
Weighted average life (Year) | 9 years 36 days | [2] |
Amortized cost basis | $ 101,023 | |
[1] | Weighted-average interest rate using unpaid principal balances. | |
[2] | Weighted-average life is determined using the maximum maturity date of the corresponding loans, assuming all extension options are exercised by the borrower. | |
[3] | CMBS are shown at fair value. SFR Loans and mezzanine loans are shown at their carrying values. | |
[4] | In April 2020, three of our subsidiaries entered into a master repurchase agreement with Mizuho Securities ("Mizuho"). Borrowings under these repurchase agreements are collateralized by portions of the CMBS B-Pieces and CMBS I/O Strips. |
Note 7 - Debt - Schedule of Out
Note 7 - Debt - Schedule of Outstanding Principal Balances Related to SFR Loans (Details) - Senior Loan [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Single Family Rental [Member] | |
Investment Date | Feb. 11, 2020 |
Secured financing agreements, net | $ 779,773 |
Interest Type | |
Interest Rate | 2.44% |
Single Family Rental [Member] | Debt Instrument One [Member] | |
Investment Date | Feb. 11, 2020 |
Secured financing agreements, net | $ 465,689 |
Interest Type | Fixed |
Interest Rate | 2.24% |
Maturity Date | Sep. 1, 2028 |
Single Family Rental [Member] | Debt Instrument Two [Member] | |
Investment Date | Feb. 11, 2020 |
Secured financing agreements, net | $ 9,163 |
Interest Type | Fixed |
Interest Rate | 3.51% |
Maturity Date | Feb. 1, 2028 |
Single Family Rental [Member] | Debt Instrument Three [Member] | |
Investment Date | Feb. 11, 2020 |
Secured financing agreements, net | $ 4,907 |
Interest Type | Fixed |
Interest Rate | 2.48% |
Maturity Date | Aug. 1, 2023 |
Single Family Rental [Member] | Debt Instrument Four [Member] | |
Investment Date | Feb. 11, 2020 |
Secured financing agreements, net | $ 9,559 |
Interest Type | Fixed |
Interest Rate | 2.79% |
Maturity Date | Sep. 1, 2028 |
Single Family Rental [Member] | Debt Instrument Five [Member] | |
Investment Date | Feb. 11, 2020 |
Secured financing agreements, net | $ 6,848 |
Interest Type | Fixed |
Interest Rate | 2.69% |
Maturity Date | Jul. 1, 2028 |
Single Family Rental [Member] | Debt Instrument Six [Member] | |
Investment Date | Feb. 11, 2020 |
Secured financing agreements, net | $ 5,159 |
Interest Type | Fixed |
Interest Rate | 2.64% |
Maturity Date | Oct. 1, 2028 |
Single Family Rental [Member] | Debt Instrument Seven [Member] | |
Investment Date | Feb. 11, 2020 |
Secured financing agreements, net | $ 11,169 |
Interest Type | Fixed |
Interest Rate | 3.02% |
Maturity Date | Oct. 1, 2028 |
Single Family Rental [Member] | Debt Instrument Eight [Member] | |
Investment Date | Feb. 11, 2020 |
Secured financing agreements, net | $ 7,611 |
Interest Type | Fixed |
Interest Rate | 3.02% |
Maturity Date | Nov. 1, 2028 |
Single Family Rental [Member] | Debt Instrument Nine [Member] | |
Investment Date | Feb. 11, 2020 |
Secured financing agreements, net | $ 46,094 |
Interest Type | Fixed |
Interest Rate | 2.14% |
Maturity Date | Oct. 1, 2025 |
Single Family Rental [Member] | Debt Instrument Ten [Member] | |
Investment Date | Feb. 11, 2020 |
Secured financing agreements, net | $ 8,922 |
Interest Type | Fixed |
Interest Rate | 3.30% |
Maturity Date | Oct. 1, 2028 |
Single Family Rental [Member] | Debt Instrument Eleven [Member] | |
Investment Date | Feb. 11, 2020 |
Secured financing agreements, net | $ 35,711 |
Interest Type | Fixed |
Interest Rate | 2.70% |
Maturity Date | Nov. 1, 2028 |
Single Family Rental [Member] | Debt Instrument Twelve [Member] | |
Investment Date | Feb. 11, 2020 |
Secured financing agreements, net | $ 5,820 |
Interest Type | Fixed |
Interest Rate | 2.68% |
Maturity Date | Nov. 1, 2028 |
Single Family Rental [Member] | Debt Instrument Thirteen [Member] | |
Investment Date | Feb. 11, 2020 |
Secured financing agreements, net | $ 13,603 |
Interest Type | Fixed |
Interest Rate | 2.61% |
Maturity Date | Nov. 1, 2023 |
Single Family Rental [Member] | Debt Instrument Fourteen [Member] | |
Investment Date | Feb. 11, 2020 |
Secured financing agreements, net | $ 5,346 |
Interest Type | Fixed |
Interest Rate | 3.14% |
Maturity Date | Dec. 1, 2028 |
Single Family Rental [Member] | Debt Instrument Fifteen [Member] | |
Investment Date | Feb. 11, 2020 |
Secured financing agreements, net | $ 9,436 |
Interest Type | Fixed |
Interest Rate | 3.02% |
Maturity Date | Dec. 1, 2028 |
Single Family Rental [Member] | Debt Instrument Sixteen [Member] | |
Investment Date | Feb. 11, 2020 |
Secured financing agreements, net | $ 9,900 |
Interest Type | Fixed |
Interest Rate | 2.77% |
Maturity Date | Dec. 1, 2028 |
Single Family Rental [Member] | Debt Instrument Seventeen [Member] | |
Investment Date | Feb. 11, 2020 |
Secured financing agreements, net | $ 4,863 |
Interest Type | Fixed |
Interest Rate | 2.97% |
Maturity Date | Jan. 1, 2029 |
Single Family Rental [Member] | Debt Instrument Eighteen [Member] | |
Investment Date | Feb. 11, 2020 |
Secured financing agreements, net | $ 8,360 |
Interest Type | Fixed |
Interest Rate | 3.14% |
Maturity Date | Jan. 1, 2029 |
Single Family Rental [Member] | Debt Instrument Nineteen [Member] | |
Investment Date | Feb. 11, 2020 |
Secured financing agreements, net | $ 5,786 |
Interest Type | Fixed |
Interest Rate | 2.40% |
Maturity Date | Feb. 1, 2024 |
Single Family Rental [Member] | Debt Instrument Twenty [Member] | |
Investment Date | Feb. 11, 2020 |
Secured financing agreements, net | $ 4,273 |
Interest Type | Fixed |
Interest Rate | 3.06% |
Maturity Date | Feb. 1, 2029 |
Single Family Rental [Member] | Debt Instrument Twenty One [Member] | |
Investment Date | Feb. 11, 2020 |
Secured financing agreements, net | $ 15,962 |
Interest Type | Fixed |
Interest Rate | 2.91% |
Maturity Date | Feb. 1, 2029 |
Single Family Rental [Member] | Debt Instrument Twenty Two [Member] | |
Investment Date | Feb. 11, 2020 |
Secured financing agreements, net | $ 6,965 |
Interest Type | Fixed |
Interest Rate | 2.98% |
Maturity Date | Feb. 1, 2029 |
Single Family Rental [Member] | Debt Instrument Twenty Three [Member] | |
Investment Date | Feb. 11, 2020 |
Secured financing agreements, net | $ 7,245 |
Interest Type | Fixed |
Interest Rate | 2.80% |
Maturity Date | Feb. 1, 2029 |
Single Family Rental [Member] | Debt Instrument Twenty Four [Member] | |
Investment Date | Feb. 11, 2020 |
Secured financing agreements, net | $ 6,106 |
Interest Type | Fixed |
Interest Rate | 2.99% |
Maturity Date | Mar. 1, 2029 |
Single Family Rental [Member] | Debt Instrument Twenty Five [Member] | |
Investment Date | Feb. 11, 2020 |
Secured financing agreements, net | $ 9,284 |
Interest Type | Fixed |
Interest Rate | 2.45% |
Maturity Date | Mar. 1, 2026 |
Single Family Rental [Member] | Debt Instrument Twenty Six [Member] | |
Secured financing agreements, net | $ 55,988 |
Interest Type | Fixed |
Interest Rate | 2.70% |
Maturity Date | Mar. 1, 2029 |
Multifamily [Member] | Mezzanine Loan Portfolio [Member] | |
Secured financing agreements, net | $ 59,914 |
Interest Rate | 0.30% |
Multifamily [Member] | Debt Instrument One [Member] | Mezzanine Loan Portfolio [Member] | Wilmington, DE [Member] | |
Investment Date | Oct. 20, 2020 |
Secured financing agreements, net | $ 3,348 |
Interest Type | Fixed |
Interest Rate | 0.30% |
Maturity Date | May 1, 2029 |
Multifamily [Member] | Debt Instrument Two [Member] | Mezzanine Loan Portfolio [Member] | White Marsh, MD [Member] | |
Investment Date | Oct. 20, 2020 |
Secured financing agreements, net | $ 6,353 |
Interest Type | Fixed |
Interest Rate | 0.30% |
Maturity Date | Jul. 1, 2031 |
Multifamily [Member] | Debt Instrument Three [Member] | Mezzanine Loan Portfolio [Member] | Philadelphia, PA [Member] | |
Investment Date | Oct. 20, 2020 |
Secured financing agreements, net | $ 8,723 |
Interest Type | Fixed |
Interest Rate | 0.30% |
Maturity Date | Jun. 1, 2029 |
Multifamily [Member] | Debt Instrument Four [Member] | Mezzanine Loan Portfolio [Member] | Daytona Beach, FL [Member] | |
Investment Date | Oct. 20, 2020 |
Secured financing agreements, net | $ 2,264 |
Interest Type | Fixed |
Interest Rate | 0.30% |
Maturity Date | Oct. 1, 2028 |
Multifamily [Member] | Debt Instrument Five [Member] | Mezzanine Loan Portfolio [Member] | Laurel, MD [Member] | |
Investment Date | Oct. 20, 2020 |
Secured financing agreements, net | $ 7,344 |
Interest Type | Fixed |
Interest Rate | 0.30% |
Maturity Date | Apr. 1, 2031 |
Multifamily [Member] | Debt Instrument Six [Member] | Mezzanine Loan Portfolio [Member] | Temple Hills, MD [Member] | |
Investment Date | Oct. 20, 2020 |
Secured financing agreements, net | $ 1,836 |
Interest Type | Fixed |
Interest Rate | 0.30% |
Maturity Date | Aug. 1, 2031 |
Multifamily [Member] | Debt Instrument Seven [Member] | Mezzanine Loan Portfolio [Member] | Temple Hills, MD [Member] | |
Investment Date | Oct. 20, 2020 |
Secured financing agreements, net | $ 918 |
Interest Type | Fixed |
Interest Rate | 0.30% |
Maturity Date | Aug. 1, 2031 |
Multifamily [Member] | Debt Instrument Eight [Member] | Mezzanine Loan Portfolio [Member] | Lakewood, NJ [Member] | |
Investment Date | Oct. 20, 2020 |
Secured financing agreements, net | $ 3,390 |
Interest Type | Fixed |
Interest Rate | 0.30% |
Maturity Date | May 1, 2029 |
Multifamily [Member] | Debt Instrument Nine [Member] | Mezzanine Loan Portfolio [Member] | Rosedale, MD [Member] | |
Investment Date | Oct. 20, 2020 |
Secured financing agreements, net | $ 2,215 |
Interest Type | Fixed |
Interest Rate | 0.30% |
Maturity Date | Jul. 1, 2031 |
Multifamily [Member] | Debt Instrument Ten [Member] | Mezzanine Loan Portfolio [Member] | North Aurora, IL [Member] | |
Investment Date | Oct. 20, 2020 |
Secured financing agreements, net | $ 4,179 |
Interest Type | Fixed |
Interest Rate | 0.30% |
Maturity Date | Jan. 1, 2029 |
Multifamily [Member] | Debt Instrument Eleven [Member] | Mezzanine Loan Portfolio [Member] | Cockeysville, MD [Member] | |
Investment Date | Oct. 20, 2020 |
Secured financing agreements, net | $ 5,881 |
Interest Type | Fixed |
Interest Rate | 0.30% |
Maturity Date | Jul. 1, 2031 |
Multifamily [Member] | Debt Instrument Twelve [Member] | Mezzanine Loan Portfolio [Member] | Laurel, MD [Member] | |
Investment Date | Oct. 20, 2020 |
Secured financing agreements, net | $ 4,523 |
Interest Type | Fixed |
Interest Rate | 0.30% |
Maturity Date | Jul. 1, 2031 |
Multifamily [Member] | Debt Instrument Thirteen [Member] | Mezzanine Loan Portfolio [Member] | Vancouver, WA [Member] | |
Investment Date | Oct. 20, 2020 |
Secured financing agreements, net | $ 662 |
Interest Type | Fixed |
Interest Rate | 0.30% |
Maturity Date | Nov. 1, 2030 |
Multifamily [Member] | Debt Instrument Fourteen [Member] | Mezzanine Loan Portfolio [Member] | Tyler, TX [Member] | |
Investment Date | Oct. 20, 2020 |
Secured financing agreements, net | $ 1,307 |
Interest Type | Fixed |
Interest Rate | 0.30% |
Maturity Date | Oct. 1, 2028 |
Multifamily [Member] | Debt Instrument Fifteen [Member] | Mezzanine Loan Portfolio [Member] | Las Vegas, NV [Member] | |
Investment Date | Oct. 20, 2020 |
Secured financing agreements, net | $ 728 |
Interest Type | Fixed |
Interest Rate | 0.30% |
Maturity Date | Mar. 1, 2029 |
Multifamily [Member] | Debt Instrument Sixteen [Member] | Mezzanine Loan Portfolio [Member] | Atlanta, GA [Member] | |
Investment Date | Oct. 20, 2020 |
Secured financing agreements, net | $ 2,026 |
Interest Type | Fixed |
Interest Rate | 0.30% |
Maturity Date | Jul. 1, 2029 |
Multifamily [Member] | Debt Instrument Seventeen [Member] | Mezzanine Loan Portfolio [Member] | Des Moines, IA [Member] | |
Investment Date | Oct. 20, 2020 |
Secured financing agreements, net | $ 1,763 |
Interest Type | Fixed |
Interest Rate | 0.30% |
Maturity Date | Nov. 1, 2028 |
Multifamily [Member] | Debt Instrument Eighteen [Member] | Mezzanine Loan Portfolio [Member] | Urbandale, IA [Member] | |
Investment Date | Oct. 20, 2020 |
Secured financing agreements, net | $ 2,454 |
Interest Type | Fixed |
Interest Rate | 0.30% |
Maturity Date | Nov. 1, 2028 |
Note 7 - Debt - Activity Relate
Note 7 - Debt - Activity Related to Carrying Value of Secured Financing Agreements and Master Repurchase Agreements (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accretion of loan discounts | $ 2,516 | $ 1,060 |
Secured Financing Agreements and Master Repurchase Agreements [Member] | ||
Balances as of December 31, 2020 | 1,036,878 | |
Principal borrowings | 5,737 | |
Principal repayments | (5,800) | |
Accretion of loan discounts | 65 | |
Balances as of March 31, 2021 | $ 1,036,880 |
Note 7 - Debt - Summary of Aggr
Note 7 - Debt - Summary of Aggregate Scheduled Maturities of Total Debt (Details) $ in Thousands | Mar. 31, 2021USD ($) | |
2021¹ | $ (162,168) | [1] |
2022 | ||
2023 | (18,510) | |
2024 | (5,786) | |
2025 | (46,094) | |
Thereafter | (805,797) | |
Long-term Debt, Total | (1,038,355) | |
Recourse [Member] | ||
2021¹ | [1] | |
2022 | ||
2023 | ||
2024 | ||
2025 | ||
Thereafter | (36,500) | |
Long-term Debt, Total | (36,500) | |
Nonrecourse [Member] | ||
2021¹ | (162,168) | [1] |
2022 | ||
2023 | (18,510) | |
2024 | (5,786) | |
2025 | (46,094) | |
Thereafter | (769,297) | |
Long-term Debt, Total | $ (1,001,855) | |
[1] | The transactions in place in the master repurchase agreement with Mizuho have a one-month to two-month tenor and are expected to roll accordingly. |
Note 8 - Fair Value of Financ_3
Note 8 - Fair Value of Financial Instruments - Schedule of Carrying Values and Fair Values of Financial Assets and Liabilities Recorded at Fair Value on a Recurring Basis (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Feb. 11, 2020 |
Common stock, at fair value | $ 45,460,000 | $ 44,626,000 | |
Carrying value | 38,923,000 | $ 38,984,000 | |
Reported Value Measurement [Member] | |||
Cash and cash equivalents | $ 302 | ||
Loans, held-for-investment, net | 22,127 | ||
Accrued interest and dividends | 3,616 | ||
Assets, Fair Value Disclosure | 2,719,837 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 2,539,724 | ||
Reported Value Measurement [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Bonds payable held in variable interest entities, at fair value | 1,655,960 | ||
Reported Value Measurement [Member] | Mortgages [Member] | |||
Loans, held-for-investment, net | 863,564 | ||
Reported Value Measurement [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Loans, held-for-investment, net | $ 1,790,228 | ||
Fair Value, Recurring [Member] | |||
Cash and cash equivalents | 14,917,000 | ||
Restricted Cash | 570,000 | ||
Loans, held-for-investment, net | 153,382,000 | ||
Common stock, at fair value | 45,460,000 | ||
Accrued interest and dividends | 5,646,000 | ||
Carrying value | 38,923,000 | ||
Other assets | 3,384,000 | ||
Assets, Fair Value Disclosure | 5,948,917,000 | ||
Secured financing agreements, net | 869,421,000 | ||
Master repurchase agreements | 162,168,000 | ||
Unsecured Notes | 35,025,000 | ||
Accounts payable and other accrued liabilities | 3,807,000 | ||
Accrued interest payable | 2,791,000 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 5,569,983,000 | ||
Fair Value, Recurring [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Bonds payable held in variable interest entities, at fair value | 4,496,771,000 | ||
Fair Value, Recurring [Member] | Mortgages [Member] | |||
Loans, held-for-investment, net | 904,317,000 | ||
Fair Value, Recurring [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Loans, held-for-investment, net | 4,782,318,000 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash and cash equivalents | 14,917,000 | ||
Restricted Cash | 570,000 | ||
Loans, held-for-investment, net | |||
Common stock, at fair value | |||
Accrued interest and dividends | 5,646,000 | ||
Carrying value | |||
Other assets | 3,384,000 | ||
Assets, Fair Value Disclosure | 24,517,000 | ||
Secured financing agreements, net | |||
Master repurchase agreements | |||
Unsecured Notes | |||
Accounts payable and other accrued liabilities | 3,807,000 | ||
Accrued interest payable | 2,791,000 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 6,598,000 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Bonds payable held in variable interest entities, at fair value | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgages [Member] | |||
Loans, held-for-investment, net | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Loans, held-for-investment, net | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Cash and cash equivalents | |||
Restricted Cash | |||
Loans, held-for-investment, net | |||
Common stock, at fair value | |||
Accrued interest and dividends | |||
Carrying value | 38,923,000 | ||
Other assets | |||
Assets, Fair Value Disclosure | 4,821,241,000 | ||
Secured financing agreements, net | |||
Master repurchase agreements | |||
Unsecured Notes | |||
Accounts payable and other accrued liabilities | |||
Accrued interest payable | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 4,496,771,000 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Bonds payable held in variable interest entities, at fair value | 4,496,771,000 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgages [Member] | |||
Loans, held-for-investment, net | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Loans, held-for-investment, net | 4,782,318,000 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Cash and cash equivalents | |||
Restricted Cash | |||
Loans, held-for-investment, net | 153,382,000 | ||
Common stock, at fair value | 45,460,000 | ||
Accrued interest and dividends | |||
Carrying value | |||
Other assets | |||
Assets, Fair Value Disclosure | 1,103,159,000 | ||
Secured financing agreements, net | 869,421,000 | ||
Master repurchase agreements | 162,168,000 | ||
Unsecured Notes | 35,025,000 | ||
Accounts payable and other accrued liabilities | |||
Accrued interest payable | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,066,614,000 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Bonds payable held in variable interest entities, at fair value | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgages [Member] | |||
Loans, held-for-investment, net | 904,317,000 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Loans, held-for-investment, net | |||
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | |||
Cash and cash equivalents | 14,917,000 | ||
Restricted Cash | 570,000 | ||
Loans, held-for-investment, net | 153,637,000 | ||
Common stock, at fair value | 45,460,000 | ||
Accrued interest and dividends | 5,646,000 | ||
Carrying value | 38,923,000 | ||
Other assets | 3,384,000 | ||
Assets, Fair Value Disclosure | 5,960,203,000 | ||
Secured financing agreements, net | 839,687,000 | ||
Master repurchase agreements | 162,168,000 | ||
Unsecured Notes | 35,025,000 | ||
Accounts payable and other accrued liabilities | 3,807,000 | ||
Accrued interest payable | 2,791,000 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 5,540,249,000 | ||
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Bonds payable held in variable interest entities, at fair value | 4,496,771,000 | ||
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | Mortgages [Member] | |||
Loans, held-for-investment, net | 915,348,000 | ||
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Loans, held-for-investment, net | $ 4,782,318,000 |
Note 9 - Stockholders' Equity_2
Note 9 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Mar. 15, 2021 | Feb. 22, 2021 | Feb. 15, 2021 | Nov. 02, 2020 | Jul. 24, 2020 | Jul. 20, 2020 | Jun. 24, 2020 | May 08, 2020 | Mar. 09, 2020 | Feb. 11, 2020 | Jan. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 03, 2021 | Dec. 31, 2020 | Aug. 04, 2020 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||
Common Stock, Shares, Issued, Total (in shares) | 5,309,565 | 5,350,000 | ||||||||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 5,022,578 | 5,022,578 | ||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 10 | |||||||||||||||
Stock Repurchase Program, Period in Force (Year) | 2 years | |||||||||||||||
Treasury Stock, Shares, Acquired (in shares) | 327,422 | |||||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 4.8 | |||||||||||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 14.61 | |||||||||||||||
Treasury Stock, Shares, Ending Balance (in shares) | 286,987 | |||||||||||||||
Common Stock [Member] | ||||||||||||||||
Dividends Payable, Amount Per Share (in dollars per share) | $ 0.475 | |||||||||||||||
Dividends Payable, Date Declared | Feb. 15, 2021 | |||||||||||||||
Dividends Payable, Date to be Paid | Mar. 31, 2021 | |||||||||||||||
Dividends Payable, Date of Record | Mar. 15, 2021 | |||||||||||||||
Preferred Stock [Member] | ||||||||||||||||
Dividends Payable, Amount Per Share (in dollars per share) | $ 0.53125 | |||||||||||||||
Dividends Payable, Date Declared | Mar. 15, 2021 | |||||||||||||||
Dividends Payable, Date to be Paid | Apr. 25, 2021 | |||||||||||||||
Dividends Payable, Date of Record | Mar. 25, 2021 | |||||||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 232,184 | |||||||||||||||
2020 LTIP [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | 1,319,734 | |||||||||||||||
2020 LTIP [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||||||||||||
2020 LTIP [Member] | Restricted Stock Units (RSUs) [Member] | Director [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 11,832 | 14,739 | ||||||||||||||
2020 LTIP [Member] | Restricted Stock Units (RSUs) [Member] | Officers and Other Employees [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 220,352 | 274,274 | ||||||||||||||
2020 LTIP [Member] | Restricted Stock Units (RSUs) [Member] | General Partner of Subsidiary [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 1,838 | |||||||||||||||
2020 LTIP [Member] | Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||||||||||||
2020 LTIP [Member] | Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |||||||||||||||
Series A Preferred Stock [Member] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 2,000,000 | |||||||||||||||
Underwriting Discount and Commission Expenses | $ 1.2 | |||||||||||||||
Payments of Stock Issuance Costs | $ 0.8 | |||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 8.50% | 8.50% | ||||||||||||||
Preferred Stock, Redemption Price Per Share (in dollars per share) | $ 24 | |||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 48 | |||||||||||||||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ 25 | $ 25 | ||||||||||||||
Treasury Stock, Shares, Acquired (in shares) | 0 | |||||||||||||||
Third-party Investor [Member] | Series A Preferred Stock [Member] | ||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 40,435 | |||||||||||||||
IPO [Mmember] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 5,000,000 | |||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | |||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 19 | |||||||||||||||
Proceeds from Issuance Initial Public Offering | $ 101.7 | |||||||||||||||
Underwriting Discount and Commission Expenses | 6.9 | |||||||||||||||
Payments of Stock Issuance Costs | $ 3.3 | |||||||||||||||
IPO [Mmember] | Underwriters [Member] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 350,000 | |||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | |||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 19 | |||||||||||||||
At-the-market Offering [Member] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 0 | |||||||||||||||
Equity Distribution Agreements, Maximum Aggregate Sales Price | $ 100 |
Note 9 - Stockholders' Equity -
Note 9 - Stockholders' Equity - Number of Restricted Stock Units Granted, Vested, Forfeited and Outstanding (Details) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Outstanding January 1, 2021 (in shares) | shares | 290,851 |
Outstanding January 1, 2020, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 12.12 |
Granted (in shares) | shares | 232,184 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 19.39 |
Vested (in shares) | shares | |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | |
Forfeited (in shares) | shares | |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | |
Outstanding March 31, 2021 (in shares) | shares | 523,035 |
Outstanding September 30, 2020, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 15.35 |
Note 10 - Earnings (Loss) Per_3
Note 10 - 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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income attributable to common stockholders | $ 8,367 | $ (6,353) |
Net income attributable to redeemable noncontrolling interests | 15,829 | (16,515) |
Net income for diluted computations | $ 24,196 | $ (22,868) |
Weighted-average common shares outstanding (in shares) | 5,023 | 5,223 |
Average number of unvested restricted stock units (in shares) | 389 | |
Average number of OP Units (in shares) | 13,787 | 12,596 |
Average number of common shares outstanding - diluted (in shares) | 19,199 | 5,223 |
Basic (in dollars per share) | $ 1.67 | $ (1.22) |
Diluted (in dollars per share) | $ 1.26 | $ (1.22) |
Note 11 - Noncontrolling Inte_3
Note 11 - Noncontrolling Interests (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Aug. 04, 2020 | Jul. 30, 2020 | Jul. 24, 2020 | Jul. 20, 2020 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 |
Series A Preferred Stock [Member] | |||||||
Preferred Stock, Dividend Rate, Percentage | 8.50% | 8.50% | |||||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ 25 | $ 25 | |||||
Subscription Agreements [Member] | OP IV [Member] | |||||||
Percentage of Redemption Right Exercised | 100.00% | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.28% | ||||||
OP [Member] | Manager Affiliates [Member] | Subscription Agreements [Member] | |||||||
Partners' Capital, Distribution Amount Per Share (in dollars per share) | $ 18.40 | ||||||
Weighted Average Limited Partnership Units Outstanding, Basic (in shares) | 13,787,123 | ||||||
Partners' Capital Account, Redemptions | $ 253.7 | ||||||
OP IV [Member] | Subscription Agreements [Member] | |||||||
Book Value Of Common Stock Per Share (in dollars per share) | $ 18.33 | ||||||
OP IV [Member] | Manager Affiliates [Member] | Subscription Agreements [Member] | |||||||
Partners' Capital Account, Units, Sale of Units, Total (in shares) | 267,320 | 359,000 | |||||
Partners' Capital Account, Sale of Units, Total | $ 4.9 | $ 6.6 |
Note 11 - Noncontrolling Inte_4
Note 11 - Noncontrolling Interests - Redeemable Noncontrolling Interests in the OP (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Redeemable noncontrolling interests in the OP, December 31, 2020 | $ 275,670 |
Contributions from redeemable noncontrolling interests in the OP | |
Net income attributable to redeemable noncontrolling interests in the OP | 15,829 |
Distributions to redeemable noncontrolling interests in the OP | (5,912) |
Redeemable noncontrolling interests in the OP, March 31, 2021 | $ 285,587 |
Note 12 - Related Party Trans_2
Note 12 - Related Party Transactions (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Feb. 22, 2021 | Nov. 02, 2020 | Jun. 24, 2020 | May 29, 2020 | May 08, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2020 |
Payment for Management Fee | $ 0 | ||||||||
Management Fee Expense | $ 518 | $ 196 | |||||||
Restricted Stock Units (RSUs) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 232,184 | ||||||||
2020 LTIP [Member] | Restricted Stock Units (RSUs) [Member] | Director [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 11,832 | 14,739 | |||||||
2020 LTIP [Member] | Restricted Stock Units (RSUs) [Member] | Officers and Other Employees [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 220,352 | 274,274 | |||||||
2020 LTIP [Member] | Restricted Stock Units (RSUs) [Member] | General Partner of Subsidiary [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 1,838 | ||||||||
2020 LTIP [Member] | Restricted Stock Units (RSUs) [Member] | Directors, Officers and Certain Key Employees [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 232,184 | ||||||||
NexPoint Real Estate Advisors VII, L.P. [Member] | |||||||||
Percentage of Annual Advisory Paid Monthly | 1.50% | ||||||||
Management Fee Expense | $ 500 | $ 200 | |||||||
NexPoint Real Estate Advisors VII, L.P. [Member] | Maximum [Member] | |||||||||
Percentage of Direct Payment of Operating Expense | 2.50% | ||||||||
Buffalo Pointe [Member] | Contribution Agreement [Member] | |||||||||
Percentage of Occupancy of Multifamily Property | 95.20% | ||||||||
Percentage of Preferred Equity Investment Current Interest Rate | 6.50% | ||||||||
Percentage of Preferred Equity Investment Deferred Interest Rate | 4.50% | ||||||||
Percentage of Loan to Value | 82.90% | ||||||||
Preferred Equity Investment Maturity Date | May 1, 2030 | ||||||||
Buffalo Pointe [Member] | OP [Member] | Contribution Agreement [Member] | |||||||||
Payments of Distributions to Affiliates | $ 10,000 | ||||||||
Partners' Capital Account, Units, Sale of Units, Total (in shares) | 564,334.09 | ||||||||
Book Value Of Common Stock Per Share (in dollars per share) | $ 17.72 |
Note 14 - Subsequent Events (De
Note 14 - Subsequent Events (Details Textual) $ / shares in Units, $ in Thousands | Apr. 29, 2021USD ($) | Apr. 28, 2021USD ($) | Apr. 20, 2021USD ($) | Feb. 15, 2021$ / shares | Oct. 15, 2020USD ($) | Apr. 30, 2021USD ($)$ / sharesshares | Apr. 26, 2021$ / shares | Mar. 31, 2020shares | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Debt Securities, Trading | $ 38,923 | $ 38,984 | ||||||||
Common Stock [Member] | ||||||||||
Dividends Payable, Amount Per Share (in dollars per share) | $ / shares | $ 0.475 | |||||||||
Dividends Payable, Date Declared | Feb. 15, 2021 | |||||||||
Dividends Payable, Date to be Paid | Mar. 31, 2021 | |||||||||
Dividends Payable, Date of Record | Mar. 15, 2021 | |||||||||
OP [Member] | Unsecured Debt [Member] | ||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 20,270,000 | |||||||||
Debt Instrument, Face Amount | $ 36,500 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | |||||||||
Debt Instrument, Percentage of Par Value | 99.00% | |||||||||
Proceeds from Issuance of Unsecured Debt | $ 36,100 | |||||||||
At-the-market Offering [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 0 | |||||||||
Subsequent Event [Member] | Common Stock [Member] | ||||||||||
Dividends Payable, Amount Per Share (in dollars per share) | $ / shares | $ 0.475 | |||||||||
Dividends Payable, Date Declared | Apr. 26, 2021 | |||||||||
Dividends Payable, Date to be Paid | Jun. 30, 2021 | |||||||||
Dividends Payable, Date of Record | Jun. 15, 2021 | |||||||||
Subsequent Event [Member] | CMBS X1 Interest Only Tranche [Member] | ||||||||||
Payments to Acquire Trading Securities Held-for-investment | $ 50,000 | |||||||||
Debt Securities, Trading, Percentage of Par Value | 12.06% | |||||||||
Debt Securities, Trading | $ 6,100 | |||||||||
Assets Sold under Agreements to Repurchase, Repurchase Liability | $ 4,600 | |||||||||
Assets Sold under Agreements to Repurchase, Interest Rate | 0.50% | |||||||||
Debt Securities, Trading, Interest Rate | 1.71% | |||||||||
Debt Securities, Trading, Current Yield | 14.04% | |||||||||
Subsequent Event [Member] | CMBS Class CS Tranche [Member] | Multifamily [Member] | ||||||||||
Payments to Acquire Trading Securities Held-for-investment | $ 76,000 | |||||||||
Debt Securities, Trading, Percentage of Par Value | 100.00% | |||||||||
Percentage of Investment Portfolio | 100.00% | |||||||||
Number of Floating-rate Mortgage Loans | 37 | |||||||||
Subsequent Event [Member] | The 5.75 Percent Senior Notes Due 2026 [Member] | ||||||||||
Debt Instrument, Face Amount | $ 75,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |||||||||
Debt Instrument, Percentage of Par Value | 99.50% | |||||||||
Proceeds from Issuance of Unsecured Debt | $ 73,100 | |||||||||
Subsequent Event [Member] | The 5.75 Percent Senior Notes Due 2026 [Member] | Accounts Advised by NexAnnuity Asset Management, L.P. [Member] | ||||||||||
Debt Instrument, Face Amount | $ 2,500 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |||||||||
Subsequent Event [Member] | At-the-market Offering [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 259,685 | |||||||||
Stock Issued During Period, Value, New Issues | $ 5,300 | |||||||||
Subsequent Event [Member] | At-the-market Offering [Member] | Sales Agents [Member] | ||||||||||
Payments of Stock Issuance Costs | $ 100 |