Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 02, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001786248 | |
Entity Registrant Name | NexPoint Real Estate Finance, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-39210 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 84-2178264 | |
Entity Address, Address Line One | 300 Crescent Court, Suite 700 | |
Entity Address, City or Town | Dallas | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75201 | |
City Area Code | 214 | |
Local Phone Number | 276-6300 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 14,979,759 | |
Series A Cumulative Redeemable Preferred Stock, 8.5% [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 8.50% Series A Cumulative Redeemable Preferred Stock, par value 0.01 per share | |
Trading Symbol | NREF-PRA | |
Security Exchange Name | NYSE | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | NREF | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 22,100 | $ 26,459 |
Restricted cash | 4,382 | 6,773 |
Real estate investment, net (Note 8) | 59,940 | 62,269 |
Loans, held-for-investment, net | 283,866 | 241,517 |
Common stock investments, at fair value | 83,619 | 58,460 |
Mortgage loans, held-for-investment, net | 729,004 | 847,364 |
Accrued interest | 13,691 | 8,319 |
Accounts receivable and other assets | 1,575 | 393 |
Proceeds held in escrow for unsettled purchase | 3,990 | 0 |
TOTAL ASSETS | 8,275,922 | 8,513,917 |
Liabilities: | ||
Master repurchase agreements | 351,037 | 286,324 |
Unsecured notes, net | 198,242 | 168,325 |
Mortgages payable, net | 32,212 | 32,176 |
Accounts payable and other accrued liabilities | 6,131 | 3,903 |
Accrued interest payable | 8,249 | 3,985 |
Due to brokers for securities purchased, not yet settled | 7,980 | 0 |
Total Liabilities | 7,780,851 | 8,007,211 |
Redeemable noncontrolling interests in the OP | 143,162 | 261,423 |
Stockholders' Equity: | ||
Preferred stock, $0.01 par value: 100,000,000 shares authorized; 2,000,000 and 2,000,000 shares issued and 1,645,000 and 1,645,000 shares outstanding, respectively | 16 | 16 |
Common stock, $0.01 par value: 500,000,000 shares authorized; 15,266,746 and 9,450,921 shares issued and 14,979,759 and 9,163,934 shares outstanding, respectively | 150 | 92 |
Additional paid-in capital | 349,219 | 222,300 |
Retained earnings | 15,191 | 28,367 |
Preferred stock held in treasury at cost; 355,000 shares and 355,000, respectively | (8,567) | (8,567) |
Common stock held in treasury at cost; 286,987 shares and 286,987 shares, respectively | (4,195) | (4,195) |
Total Stockholders' Equity | 351,909 | 245,283 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 8,275,922 | 8,513,917 |
Facility [Member] | ||
Liabilities: | ||
Secured financing agreements, net | 688,502 | 786,226 |
CMBS Structured Pass Through Certificates [Member] | ||
ASSETS | ||
Debt security, investment, at fair value | 49,758 | 69,816 |
MSCR Notes [Member] | ||
ASSETS | ||
Debt security, investment, at fair value | 10,218 | 0 |
Collateralized Mortgage-Backed Securities [Member] | ||
ASSETS | ||
Debt security, investment, at fair value | 33,650 | 0 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
ASSETS | ||
Loans, held-for-investment, net | 6,980,129 | 7,192,547 |
Liabilities: | ||
Bonds payable held in variable interest entities, at fair value | 6,488,498 | 6,726,272 |
Stockholders' Equity: | ||
Noncontrolling interest | 0 | 7,175 |
Subsidiaries [Member] | ||
Stockholders' Equity: | ||
Noncontrolling interest | $ 95 | $ 95 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
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) | 15,266,746 | 9,450,921 |
Common stock, shares outstanding (in shares) | 14,979,759 | 9,163,934 |
Preferred stock held in treasury, shares (in shares) | 355,000 | 355,000 |
Common stock held in treasury, shares (in shares) | 286,987 | 286,987 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net interest income | ||||
Interest income | $ 16,427 | $ 14,372 | $ 66,021 | $ 39,900 |
Interest expense | (10,682) | (7,790) | (28,607) | (21,876) |
Total net interest income | 5,745 | 6,582 | 37,414 | 18,024 |
Other income (loss) | ||||
Change in unrealized gain (loss) on common stock investments | (3,189) | 1,362 | 159 | 4,695 |
Loan loss benefit (provision) | 7 | 6 | (57) | (101) |
Realized losses | (1,084) | 0 | (1,084) | (257) |
Other income | 115 | 0 | 353 | 774 |
Gain on extinguishment of debt | 0 | 0 | 17 | 0 |
Net income (loss) from consolidated real estate owned (Note 8) | 148 | 0 | (596) | 0 |
Total other income (loss) | (10,828) | 21,963 | (7,947) | 54,830 |
Operating expenses | ||||
General and administrative expenses | 1,677 | 1,476 | 5,308 | 4,810 |
Loan servicing fees | 1,112 | 1,327 | 3,333 | 3,942 |
Management fees | 822 | 551 | 2,330 | 1,587 |
Total operating expenses | 3,611 | 3,354 | 10,971 | 10,339 |
Net income (loss) | (8,694) | 25,191 | 18,496 | 62,515 |
Net (income) attributable to preferred shareholders | (874) | (874) | (2,630) | (2,626) |
Net (income) loss attributable to redeemable noncontrolling interests | 1,509 | (11,084) | (5,982) | (32,747) |
Net income (loss) attributable to common stockholders | $ (8,059) | $ 13,233 | $ 9,884 | $ 27,142 |
Weighted-average common shares outstanding - basic (in shares) | 14,962 | 6,863 | 14,526 | 5,738 |
Weighted-average common shares outstanding - diluted (in shares) | 22,678 | 20,721 | 22,402 | 19,846 |
Earnings (loss) per share - basic (in dollars per share) | $ (0.54) | $ 1.93 | $ 0.68 | $ 4.73 |
Earnings (loss) per share - diluted (in dollars per share) | (0.54) | 1.17 | 0.71 | 3.02 |
Dividends declared per common share (in dollars per share) | $ 0.5000 | $ 0.4750 | $ 1.5000 | $ 1.4250 |
CMBS Structured Pass Through Certificates [Member] | ||||
Other income (loss) | ||||
Change in unrealized gain (loss) on debt security investment | $ (3,904) | $ 355 | $ (11,555) | $ 794 |
MSCR Notes [Member] | ||||
Other income (loss) | ||||
Change in unrealized gain (loss) on debt security investment | 44 | 0 | (147) | 0 |
Collateralized Mortgage-Backed Securities [Member] | ||||
Other income (loss) | ||||
Change in unrealized gain (loss) on debt security investment | (317) | 0 | (356) | 0 |
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Other income (loss) | ||||
Change in net assets related to consolidated CMBS variable interest entities | (2,648) | 20,240 | 5,319 | 48,925 |
Change in unrealized gain (loss) on debt security investment | $ (12,103) | $ 12,421 | $ (20,304) | $ 28,982 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | At-the-market Offering [Member] Common Stock Outstanding [Member] | At-the-market Offering [Member] Additional Paid-in Capital [Member] | At-the-market Offering [Member] Series A Preferred Stock [Member] | At-the-market Offering [Member] | Public Offering [Member] Common Stock Outstanding [Member] | Public Offering [Member] Additional Paid-in Capital [Member] | Public Offering [Member] | Private Placement [Member] Noncontrolling Interest [Member] Subsidiaries [Member] | Private Placement [Member] | Preferred Stock [Member] Series A Preferred Stock [Member] | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock, Common [Member] | Treasury Stock, Preferred [Member] | Noncontrolling Interest [Member] Variable Interest Entity, Primary Beneficiary [Member] | Noncontrolling Interest [Member] Subsidiaries [Member] | Total |
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 | $ 1 | 1,166 | 1,167 | |||||||||||||||
Issuance of common stock through at-the-market offering, net (in shares) | 532,694 | 2,059,700 | ||||||||||||||||
Issuance of common stock through at-the-market offering, net | $ 5 | $ 10,397 | $ 10,402 | $ 21 | $ 40,962 | $ 40,983 | ||||||||||||
Net income attributable to preferred stockholders | 2,626 | 2,626 | ||||||||||||||||
Net loss attributable to common stockholders | 27,142 | 27,142 | ||||||||||||||||
Preferred stock dividends declared | (2,626) | (2,626) | ||||||||||||||||
Common stock dividends declared | (9,991) | (9,991) | ||||||||||||||||
Vesting of stock-based compensation (in shares) | 67,992 | |||||||||||||||||
Conversion of redeemable noncontrolling interests in the OP (in shares) | 1,479,132 | |||||||||||||||||
Conversion of redeemable noncontrolling interests in the OP | $ 15 | 32,378 | 32,393 | |||||||||||||||
Conversion of redeemable noncontrolling interests in the OP (in shares) | 1,479,132 | |||||||||||||||||
Conversion of redeemable noncontrolling interests in the OP | $ 15 | 32,378 | 32,393 | |||||||||||||||
Noncontrolling interest in CMBS VIEs | $ 7,069 | 7,069 | ||||||||||||||||
Cancellation of common stock held in treasury | (589) | 589 | ||||||||||||||||
Issuance of subsidiary preferred membership units through private offering, net | $ 95 | $ 95 | ||||||||||||||||
Balances (in shares) at Sep. 30, 2021 | 1,645,000 | 9,162,096 | ||||||||||||||||
Balances at Sep. 30, 2021 | $ 16 | $ 92 | 222,357 | 20,636 | (4,195) | (8,567) | 7,069 | $ 95 | 237,503 | |||||||||
Balances (in shares) at Jun. 30, 2021 | 1,645,000 | 5,498,980 | ||||||||||||||||
Balances at Jun. 30, 2021 | $ 16 | $ 55 | 145,786 | 11,964 | (4,195) | (8,567) | 6,869 | 98 | 152,026 | |||||||||
Vesting of stock-based compensation | 538 | 538 | ||||||||||||||||
Issuance of common stock through at-the-market offering, net (in shares) | 124,284 | 2,059,700 | ||||||||||||||||
Issuance of common stock through at-the-market offering, net | $ 1 | 2,693 | 2,694 | $ 21 | $ 40,962 | $ 40,983 | ||||||||||||
Net income attributable to preferred stockholders | 874 | 874 | ||||||||||||||||
Net loss attributable to common stockholders | 13,233 | 13,233 | ||||||||||||||||
Preferred stock dividends declared | (874) | (874) | ||||||||||||||||
Common stock dividends declared | (4,561) | (4,561) | ||||||||||||||||
Conversion of redeemable noncontrolling interests in the OP (in shares) | 1,479,132 | |||||||||||||||||
Conversion of redeemable noncontrolling interests in the OP | $ 15 | 32,378 | 32,393 | |||||||||||||||
Issuance of subsidiary preferred membership units through private offering, net | $ (3) | $ (3) | ||||||||||||||||
Conversion of redeemable noncontrolling interests in the OP (in shares) | 1,479,132 | |||||||||||||||||
Conversion of redeemable noncontrolling interests in the OP | $ 15 | 32,378 | 32,393 | |||||||||||||||
Noncontrolling interest in CMBS VIEs | 200 | 200 | ||||||||||||||||
Balances (in shares) at Sep. 30, 2021 | 1,645,000 | 9,162,096 | ||||||||||||||||
Balances at Sep. 30, 2021 | $ 16 | $ 92 | 222,357 | 20,636 | (4,195) | (8,567) | 7,069 | 95 | 237,503 | |||||||||
Balances (in shares) at Dec. 31, 2021 | 1,645,000 | 9,163,934 | ||||||||||||||||
Balances at Dec. 31, 2021 | $ 16 | $ 92 | 222,300 | 28,367 | (4,195) | (8,567) | 7,175 | 95 | 245,283 | |||||||||
Vesting of stock-based compensation | $ 1 | 1,923 | 1,924 | |||||||||||||||
Issuance of common stock through at-the-market offering, net (in shares) | 531,728 | 0 | ||||||||||||||||
Issuance of common stock through at-the-market offering, net | $ 5 | 11,513 | 11,518 | |||||||||||||||
Net income attributable to preferred stockholders | 2,630 | 2,630 | ||||||||||||||||
Net loss attributable to common stockholders | 9,884 | 9,884 | ||||||||||||||||
Preferred stock dividends declared | (2,630) | (2,630) | ||||||||||||||||
Common stock dividends declared | (23,060) | (23,060) | ||||||||||||||||
Vesting of stock-based compensation (in shares) | 114,494 | |||||||||||||||||
Conversion of redeemable noncontrolling interests in the OP (in shares) | 5,169,603 | |||||||||||||||||
Conversion of redeemable noncontrolling interests in the OP | $ 52 | 113,483 | 113,535 | |||||||||||||||
Noncontrolling interest in CMBS VIEs | $ (7,175) | (7,175) | ||||||||||||||||
Conversion of redeemable noncontrolling interests in the OP (in shares) | 5,169,603 | |||||||||||||||||
Conversion of redeemable noncontrolling interests in the OP | $ 52 | 113,483 | 113,535 | |||||||||||||||
Balances (in shares) at Sep. 30, 2022 | 1,645,000 | 14,979,759 | ||||||||||||||||
Balances at Sep. 30, 2022 | $ 16 | $ 150 | 349,219 | 15,191 | (4,195) | (8,567) | 95 | 351,909 | ||||||||||
Balances (in shares) at Jun. 30, 2022 | 1,645,000 | 14,949,631 | ||||||||||||||||
Balances at Jun. 30, 2022 | $ 16 | $ 150 | 347,776 | 31,026 | (4,195) | (8,567) | 95 | 366,301 | ||||||||||
Vesting of stock-based compensation | 870 | 870 | ||||||||||||||||
Issuance of common stock through at-the-market offering, net (in shares) | 30,128 | |||||||||||||||||
Issuance of common stock through at-the-market offering, net | $ 573 | $ 573 | ||||||||||||||||
Net income attributable to preferred stockholders | 874 | 874 | ||||||||||||||||
Net loss attributable to common stockholders | (8,059) | (8,059) | ||||||||||||||||
Preferred stock dividends declared | (874) | (874) | ||||||||||||||||
Common stock dividends declared | (7,776) | (7,776) | ||||||||||||||||
Balances (in shares) at Sep. 30, 2022 | 1,645,000 | 14,979,759 | ||||||||||||||||
Balances at Sep. 30, 2022 | $ 16 | $ 150 | $ 349,219 | $ 15,191 | $ (4,195) | $ (8,567) | $ 95 | $ 351,909 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Preferred stock dividends declared, per share (in dollars per share) | $ 0.5313 | $ 0.5313 | $ 1.5938 | $ 1.5938 |
Common stock dividends declared, per share (in dollars per share) | $ 0.5000 | $ 0.4750 | $ 1.5000 | $ 1.4250 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities | ||
Net income | $ 18,496,000 | $ 62,515,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of premiums | 17,179,000 | 10,484,000 |
Accretion of discounts | (9,791,000) | (6,118,000) |
Depreciation and amortization of real estate investment | 2,435,000 | 0 |
Amortization of deferred financing costs | 36,000 | 0 |
Loan loss provision | 57,000 | 101,000 |
Net change in unrealized (gain) loss on investments held at fair value | 32,202,000 | (34,671,000) |
Net realized losses | 1,084,000 | 395,000 |
Vesting of stock-based compensation | 2,414,000 | 1,485,000 |
Payment in kind income | (528,000) | 0 |
Gain on extinguishment of debt | (17,000) | 0 |
Changes in operating assets and liabilities: | ||
Accrued interest | (5,372,000) | (1,362,000) |
Accounts receivable and other assets | (1,182,000) | (363,000) |
Accrued interest payable | 4,264,000 | 2,735,000 |
Accounts payable, accrued expenses and other liabilities | 1,329,000 | 2,025,000 |
Net cash provided by operating activities | 62,606,000 | 37,226,000 |
Cash flows from investing activities | ||
Proceeds from payments received on mortgage loans | 196,825,000 | 42,130,000 |
Proceeds from payments received on bridge loan | 13,500,000 | 0 |
Originations of bridge loan | (13,434,000) | (32,595,000) |
Originations of loans, held-for-investment, net | (156,934,000) | (28,911,000) |
Sales of CMBS structured pass-through certificates, at fair value | 6,962,000 | 3,921,000 |
Proceeds held in escrow for unsettled purchase | (3,990,000) | 0 |
Additions to real estate investments | (106,000) | 0 |
Net cash provided by investing activities | 850,919,000 | 196,542,000 |
Cash flows from financing activities | ||
Principal repayments on borrowings under secured financing agreements | (97,724,000) | (35,026,000) |
Borrowings under master repurchase agreements | 128,988,000 | 75,911,000 |
Principal repayments on borrowings under master repurchase agreements | (64,275,000) | (14,843,000) |
Proceeds received from unsecured notes offering, net | 34,174,000 | 72,684,000 |
Repurchase of unsecured notes | (4,829,000) | 0 |
Proceeds from the issuance of common stock | 113,535,000 | 32,393,000 |
Redemption of redeemable noncontrolling interests in the OP | (113,535,000) | (32,393,000) |
Proceeds from the issuance of subsidiary preferred membership units through private offering, net of offering costs | 0 | 95,000 |
Payments for taxes related to net share settlement of stock-based compensation | (490,000) | (318,000) |
Dividends paid to common stockholders | (22,161,000) | (9,811,000) |
Dividends paid to preferred stockholders | (2,630,000) | (2,626,000) |
Distributions to redeemable noncontrolling interests in the OP | (10,708,000) | (17,032,000) |
Net cash used in financing activities | (920,275,000) | (242,660,000) |
Net decrease in cash, cash equivalents and restricted cash | (6,750,000) | (8,892,000) |
Cash, cash equivalents and restricted cash, beginning of period | 33,232,000 | 33,471,000 |
Cash, cash equivalents and restricted cash, end of period | 26,482,000 | 24,579,000 |
Supplemental Disclosure of Cash Flow Information | ||
Interest paid | 23,723,000 | 18,755,000 |
Supplemental Disclosure of Noncash Investing and Financing Activities | ||
Consolidation of mortgage loans and bonds payable held in variable interest entities | 1,244,826,000 | 239,473,000 |
Due to brokers for securities purchased, not yet settled | 7,980,000 | 2,188,000 |
Consolidation of noncontrolling interest in CMBS variable interest entities | 0 | 7,069,000 |
Conversion of convertible notes to common stock | 25,000,000 | 0 |
Increase in dividends payable upon vesting of restricted stock units | 899,000 | 180,000 |
Increase in dividends payable to preferred stockholders | 0 | 874,000 |
Public Offering [Member] | ||
Cash flows from financing activities | ||
Proceeds from the issuance of common stock | 0 | 51,385,000 |
At-the-market Offering [Member] | ||
Cash flows from financing activities | ||
Proceeds from the issuance of common stock | 11,518,000 | 0 |
CMBS Structured Pass Through Certificates [Member] | ||
Cash flows from investing activities | ||
Purchases of debt securities, at fair value | (4,542,000) | (36,874,000) |
MSCR Notes [Member] | ||
Cash flows from investing activities | ||
Purchases of debt securities, at fair value | (10,365,000) | 0 |
Collateralized Mortgage-Backed Securities [Member] | ||
Cash flows from investing activities | ||
Purchases of debt securities, at fair value | (25,946,000) | 0 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Cash flows from investing activities | ||
Proceeds from payments received on mortgage loans | 964,225,000 | 392,257,000 |
Purchases of debt securities, at fair value | (115,276,000) | (143,386,000) |
Cash flows from financing activities | ||
Distributions to bondholders of variable interest entities | $ (892,138,000) | $ (363,079,000) |
Note 1 - Organization and Descr
Note 1 - Organization and Description of Business | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. NexPoint 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 September 30, 2022 three 13 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 November 3, 2021, 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 | 9 Months Ended |
Sep. 30, 2022 | |
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 United States (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the 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 nine September 30, 2022 The accompanying unaudited consolidated financial statements have been prepared according to the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company’s financial position as of September 30, 2022 December 31, 2021 three nine September 30, 2022 2021 10 December 31, 2021 10 February 28, 2022. Use of Estimates and Assumptions The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. It is at least reasonably possible that these estimates could change in the near term. Estimates are inherently subjective in nature and actual results could differ from our estimates and the differences could be material. Principles of Consolidation The Company accounts for subsidiary partnerships in which it holds an ownership interest in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation first September 30, 2022 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% of the most subordinate tranche of the securities. The subordinate tranche includes the controlling class and has the ability to remove and replace the special servicer. On the Consolidated Balance Sheets as of September 30, 2022 not not 810 Investment in subsidiaries The Company conducts its operations through the OP, which directly or through a subsidiary, acts as the general partner of the Subsidiary OPs. The Subsidiary OPs own investments through limited liability companies that are SPEs which own investments directly. The OP is the sole member of the Mezz LLC, which owns investments directly. The OP has three no September 30, 2022 no may September 30, 2022 Redeemable Noncontrolling Interests Noncontrolling interests represent the ownership interests in consolidated subsidiaries held by entities other than the Company. Those noncontrolling interests that the holder is allowed to redeem before liquidation or termination of the entity that issued those interests are considered redeemable noncontrolling interests. The OP and the Subsidiary OPs have issued redeemable noncontrolling interests classified on the Consolidated Balance Sheets as temporary equity in accordance with ASC 480. 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. 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, net Loans that are held-for-investment are carried at their aggregate outstanding face amount, net of applicable (i) unamortized origination or acquisition premium and discounts, (ii) unamortized deferred fees and other direct loan origination costs, (iii) valuation allowance for loan losses and (iv) write-downs of impaired loans. The effective interest method is used to amortize origination or acquisition premiums and discounts and deferred fees or other direct loan origination costs. In general, an increase in prepayment rates accelerates the amortization of purchase premiums, thereby reducing the interest income earned on the assets. Conversely, discounts on such assets are accreted into interest income. In general, an increase in prepayment rates accelerates the accretion of purchase discounts, thereby increasing the interest income earned on the assets. Purchase Price Allocation The Company considers the acquisition of real estate investments as asset acquisitions. Upon acquisition of a property, the purchase price and related acquisition costs (“total consideration”) are allocated to land, buildings, improvements, furniture, fixtures, and equipment and intangible lease assets, in accordance with FASB ASC 805, Business Combinations. 805. The allocation of total consideration, which is determined using inputs that are classified within Level 3 820, Fair Value Measurement and Disclosures 820” 10 may not 2 Real estate assets, including land, buildings, improvements, furniture, fixtures and equipment, and intangible lease assets are stated at historical cost less accumulated depreciation and amortization. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Expenditures for improvements, renovations and replacements are capitalized at cost. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings (in years) 30 Improvements (in years) 15 Furniture, fixtures and equipment (in years) 3 Intangible lease assets (in months) 6 Post-acquisition, construction in progress includes the cost of renovation projects being performed at the various properties. Once a project is complete, the historical cost of the renovation is placed into service in one 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 Realized Gain (Loss) on Investments Revenue Recognition The Company owns a multifamily property whereby its primary operations consist of rental income earned from its residents under lease agreements typically with terms of one 8 may not 2014 09, Revenue from Contracts with Customers 2014 09” December 31, 2021. 2014 09 not 2014 09. In July 2018, 2018 11 , Leases Targeted Improvements 2018 11” 2016 02. 2018 11 not 2018 11 2016 02, 842 842” December 31, 2021. 8 Expense Recognition Interest expense, in accordance with the Company’s financing agreements, is recorded on the accrual basis. General and administrative expenses are expensed as incurred. Allowance for Loan Losses The Company, with the assistance of an independent valuations firm, performs a quarterly evaluation of loans classified as held for investment for impairment on a loan-by-loan basis in accordance with ASC 310 10 35, Receivables, Subsequent Measurement 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 nine September 30, 2022 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. nine September 30, 2022 Fair Value GAAP requires the categorization of the fair value of financial instruments into three Level 1 Level 2 2 may 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 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, MSCR Notes and Mortgage Backed Securities 2 2 SFR Loans, Preferred Equity Investments and Mezzanine Loans 3 not Common Stock Investments - 3 825 10. 2 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 has elected to be taxed as a REIT and expects to continue to qualify as a REIT. As a result of the Company’s REIT qualification, the Company does not 90% not four September 30, 2022 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 September 30, 2022 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 September 30, 2022 |
Note 3 - Loans Held for Investm
Note 3 - Loans Held for Investment, Net | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 3. The Company’s investments in mortgage loans, mezzanine loans, preferred equity and convertible notes are accounted for as loans held for investment. The mortgage loans are presented as “Mortgage loans, held-for-investment, net” and the mezzanine loans, preferred equity and convertible notes are presented as “Loans, held-for-investment, net” on the Consolidated Balance Sheets. The following tables summarize our loans held-for-investment as of September 30, 2022 December 31, 2021 Weighted Average Loan Type Outstanding Face Amount Carrying Value (1) Loan Count Fixed Rate (2) Coupon (3) Life (years) (4) September 30, 2022 Mortgage loans, held-for-investment $ 688,728 $ 729,004 15 100.00 % 4.81 % 5.61 Mezzanine loans, held-for-investment 163,021 165,197 23 63.99 % 9.96 % 5.64 Preferred equity, held-for-investment 118,993 118,669 9 78.57 % 10.87 % 5.72 $ 970,742 $ 1,012,870 47 91.33 % 6.41 % 5.63 ( 1 Carrying value includes the outstanding face amount plus unamortized purchase premiums/discounts and any allowance for loan losses. ( 2 The weighted-average of loans paying a fixed rate is weighted on current principal balance. ( 3 The weighted-average coupon is weighted on outstanding face amount. ( 4 The weighted-average life is weighted on outstanding face amount and assumes no Weighted Average Loan Type Outstanding Face Amount Carrying Value (1) Loan Count Fixed Rate (2) Coupon (3) Life (years) (4) December 31, 2021 Mortgage loans, held-for-investment $ 795,223 $ 847,364 21 100.00 % 4.85 % 6.45 Mezzanine loans, held-for-investment 152,144 154,516 23 69.28 % 8.03 % 6.50 Preferred equity, held-for-investment 66,697 66,624 6 100.00 % 10.52 % 3.84 Convertible note, held-for-investment 20,478 20,377 1 100.00 % 9.00 % 1.99 $ 1,034,542 $ 1,088,881 51 95.48 % 5.77 % 6.20 ( 1 Carrying value includes the outstanding face amount plus unamortized purchase premiums/discounts and any allowance for loan losses. ( 2 The weighted-average of loans paying a fixed rate is weighted on current principal balance. ( 3 The weighted-average coupon is weighted on current principal balance. ( 4 The weighted-average life is weighted on current principal balance and assumes no For the nine September 30, 2022 2021 For the Nine Months Ended September 30, 2022 2021 Balance at January 1, $ 1,088,881 $ 1,045,891 Originations 156,934 28,911 Proceeds from principal repayments (196,825 ) (42,130 ) Conversion of convertible bonds to common stock (25,000 ) — PIK distribution reinvested in Preferred Units 528 — Amortization of loan premium, net (1) (11,591 ) (7,340 ) Loan loss provision (57 ) (101 ) Realized losses — (886 ) Balance at September 30, $ 1,012,870 $ 1,024,345 ( 1 Includes net amortization of loan purchase premiums. As of September 30, 2022 December 31, 2021 As discussed in Note 2, “1” “5,” 2 September 30, 2022 Number of Carrying % of Loan Risk Rating Loans Value Portfolio 1 — $ — — 2 — — — 3 47 1,012,870 100.00 % 4 — — — 5 — — — 47 $ 1,012,870 100.00 % December 31, 2021 Number of Carrying % of Loan Risk Rating Loans Value Portfolio 1 — $ — — 2 — — — 3 51 1,088,881 100.00 % 4 — — — 5 — — — 51 $ 1,088,881 100.00 % As of September 30, 2022 47 “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 September 30, 2022 December 31, 2021 Georgia 32.14 % 38.93 % Florida 18.54 % 16.90 % Texas 10.83 % 7.74 % Nevada 5.07 % * Maryland 5.92 % 5.66 % Minnesota 5.17 % 4.86 % California 4.52 % 2.53 % Alabama 3.57 % 3.35 % North Carolina 2.43 % 2.23 % Arkansas 1.38 % * Missouri 1.26 % 1.19 % New Jersey * 2.83 % Connecticut 0.00 % 2.87 % Other (17 and 19 states each at <1%) 9.17 % 10.91 % 100.00 % 100.00 % *Included in “Other.” Collateral Property Type September 30, 2022 December 31, 2021 Single Family Rental 70.24 % 76.15 % Multifamily 25.28 % 20.32 % Life Science 2.75 % 3.53 % Self-Storage 1.73 % 0.00 % 100.00 % 100.00 % |
Note 4 - CMBS Trusts
Note 4 - CMBS Trusts | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Commercial Mortgage Backed Securities Trusts [Text Block] | 4. As of September 30, 2022 2014 13 not The following table presents the Company’s recognized Trust’s Assets and Liabilities (in thousands): Trust's Assets September 30, 2022 December 31, 2021 Mortgage loans held in variable interest entities, at fair value $ 6,980,129 $ 7,192,547 Accrued interest receivable 2,898 2,212 Trust's Liabilities Bonds payable held in variable interest entities, at fair value (6,488,498 ) (6,726,272 ) Accrued interest payable (2,168 ) (1,500 ) The following table presents “Change in net assets related to consolidated CMBS variable interest entities” (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Net interest earned $ 9,455 $ 7,819 $ 25,623 $ 19,943 Unrealized gain (loss) (12,103 ) 12,421 (20,304 ) 28,982 Change in net assets related to consolidated CMBS variable interest entities $ (2,648 ) $ 20,240 $ 5,319 $ 48,925 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 September 30, 2022 December 31, 2021 Texas 17.45 % 16.88 % Florida 13.62 % 14.77 % California 8.98 % 8.50 % Arizona 7.38 % 10.37 % Washington 6.83 % 6.19 % New Jersey 4.53 % 4.65 % Georgia 4.53 % 4.97 % Colorado 6.01 % 4.08 % Nevada 3.23 % 3.51 % Connecticut 3.52 % 3.02 % North Carolina 3.41 % 3.12 % New York 2.77 % 2.45 % Ohio 1.94 % 1.72 % Indiana 1.64 % 1.68 % Virginia 1.56 % 1.70 % Illinois 1.32 % * Missouri 1.24 % 1.26 % Michigan 1.07 % 1.56 % Other (24 and 20 states each at <1%) 8.97 % 8.02 % 100.00 % 100.00 % *Included in “Other.” Collateral Property Type September 30, 2022 December 31, 2021 Multifamily 98.50 % 98.42 % Manufactured Housing 1.50 % 1.58 % 100.00 % 100.00 % |
Note 5 - Common Stock Investmen
Note 5 - Common Stock Investments | 9 Months Ended |
Sep. 30, 2022 | |
Common Stock [Member] | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 5. The Company owns approximately 25.8% of the total outstanding shares of common stock of NSP and thus can exercise significant influence over NSP. The Company elected the fair-value option in accordance with ASC 825 10 10 The investment in NSP is a Level 3 March 31, 2021, The investment in Private REIT is a Level 2 April 14, 2022, two The following table presents the common stock investments as of September 30, 2022 December 31, 2021 Investment Shares Fair Value Investment Date Property Type September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Common Stock NexPoint Storage Partners 11/6/2020 Self-storage 41,963 41,963 $ 55,734 $ 58,460 Private REIT 4/14/2022 Ground lease 1,394,213 — 27,885 — The following table presents “Change in unrealized gain on common stock investment” (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Change in unrealized gain on NexPoint Storage Partners $ (3,189 ) $ 1,362 $ (2,726 ) $ 4,695 Change in unrealized gain on Private REIT — — 2,885 — Change in unrealized gain on common stock investments $ (3,189 ) $ 1,362 $ 159 $ 4,695 |
Note 6 - CMBS Structured Pass-t
Note 6 - CMBS Structured Pass-through Certificates, MSCR Notes and Mortgage Backed Securities | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022 twelve three six 2 10 The following table presents the CMBS I/O Strips, MSCR Notes and mortgage backed securities as of September 30, 2022 Investment Investment Date Carrying Value Property Type Interest Rate Current Yield (1) Maturity Date CMBS I/O Strips CMBS I/O Strip 5/18/2020 $ 1,888 Multifamily 2.09 % 15.05 % 9/25/2046 CMBS I/O Strip 8/6/2020 19,395 Multifamily 3.09 % 16.13 % 6/25/2030 CMBS I/O Strip 4/28/2021 (2) 5,842 Multifamily 1.71 % 16.15 % 1/25/2030 CMBS I/O Strip 5/27/2021 3,855 Multifamily 3.50 % 15.79 % 5/25/2030 CMBS I/O Strip 6/7/2021 470 Multifamily 2.39 % 18.85 % 11/25/2028 CMBS I/O Strip 6/11/2021 (3) 4,952 Multifamily 1.34 % 14.96 % 5/25/2029 CMBS I/O Strip 6/21/2021 1,249 Multifamily 1.30 % 18.20 % 5/25/2030 CMBS I/O Strip 8/10/2021 2,592 Multifamily 1.96 % 16.00 % 4/25/2030 CMBS I/O Strip 8/11/2021 1,384 Multifamily 3.20 % 13.84 % 7/25/2031 CMBS I/O Strip 8/24/2021 260 Multifamily 2.70 % 14.56 % 1/25/2031 CMBS I/O Strip 9/1/2021 3,887 Multifamily 2.04 % 15.51 % 6/25/2030 CMBS I/O Strip 9/11/2021 3,984 Multifamily 3.05 % 13.84 % 9/25/2031 Total $ 49,758 2.55 % 15.72 % MSCR Notes MSCR Notes 5/25/2022 3,946 Multifamily 11.68 % 11.68 % 5/25/2052 MSCR Notes 5/25/2022 4,906 Multifamily 8.68 % 8.68 % 5/25/2052 MSCR Notes 9/23/2022 1,366 Multifamily 9.03 % 9.92 % 11/25/2051 Total $ 10,218 9.89 % 10.00 % Mortgage Backed Securities Mortgage Backed Securities 6/1/2022 9,975 Single-Family 5.59 % 5.85 % 4/17/2026 Mortgage Backed Securities 6/1/2022 9,293 Single-Family 4.87 % 5.10 % 11/19/2025 Mortgage Backed Securities 7/28/2022 546 Single-Family 6.23 % 6.34 % 10/17/2027 Mortgage Backed Securities 7/28/2022 856 Single-Family 3.60 % 4.26 % 6/20/2028 Mortgage Backed Securities 9/12/2022 5,000 Multifamily 7.80 % 7.78 % 1/25/2031 Mortgage Backed Securities 9/29/2022 7,980 Self Storage 8.73 % 8.75 % 9/15/2027 Total $ 33,650 6.42 % 6.59 % ( 1 Current yield is the annualized income earned divided by the cost basis of the investment. ( 2 The Company, through the Subsidiary OPs, purchased approximately $50.0 million and $15.0 million aggregate notional amount of the X1 107 April 28, 2021 May 4, 2021, ( 3 The Company, through the Subsidiary OPs, purchased approximately $80.0 million, $35.0 million, $40.0 million and $50.0 million aggregate notional amount of the X1 2019 SB64 June 11, 2021, September 29, 2021, February 3, 2022 March 18, 2022, The following table presents the CMBS I/O Strips as of December 31, 2021 Investment Investment Date Carrying Value Property Type Interest Rate Current Yield (1) Maturity Date CMBS I/O Strips CMBS I/O Strip 5/18/2020 $ 2,356 Multifamily 2.02 % 14.47 % 9/25/2046 CMBS I/O Strip 8/6/2020 8,383 Multifamily 0.10 % 14.67 % 6/25/2030 CMBS I/O Strip 8/6/2020 23,188 Multifamily 2.98 % 14.48 % 6/25/2030 CMBS I/O Strip 4/28/2021 (2) 7,274 Multifamily 1.59 % 13.88 % 1/25/2030 CMBS I/O Strip 5/27/2021 4,781 Multifamily 3.38 % 14.16 % 5/25/2030 CMBS I/O Strip 6/7/2021 589 Multifamily 2.31 % 16.56 % 11/25/2028 CMBS I/O Strip 6/11/2021 (3) 6,424 Multifamily 1.26 % 13.57 % 5/25/2029 CMBS I/O Strip 6/21/2021 1,850 Multifamily 1.20 % 17.02 % 5/25/2030 CMBS I/O Strip 8/10/2021 3,246 Multifamily 1.89 % 14.30 % 4/25/2030 CMBS I/O Strip 8/11/2021 1,697 Multifamily 3.10 % 12.55 % 7/25/2031 CMBS I/O Strip 8/24/2021 317 Multifamily 2.61 % 13.14 % 1/25/2031 CMBS I/O Strip 9/1/2021 4,827 Multifamily 1.92 % 13.53 % 6/25/2030 CMBS I/O Strip 9/11/2021 4,884 Multifamily 2.95 % 12.55 % 9/25/2031 Total $ 69,816 2.15 % 14.16 % ( 1 Current yield is the annualized income earned divided by the cost basis of the investment. ( 2 The Company, through the Subsidiary OPs, purchased approximately $50.0 million and $15.0 million aggregate notional amount of the X1 107 April 28, 2021, May 4, 2021, ( 3 The Company, through the Subsidiary OPs, purchased approximately $80.0 million and $35.0 million aggregate notional amount of the X1 2019 SB64 June 11, 2021, September 29, 2021, The following table presents activity related to the Company’s CMBS I/O Strips, MSCR Notes and mortgage backed securities (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Net interest earned $ 2,237 $ 1,263 $ 4,811 $ 2,466 Change in unrealized gain (loss) on CMBS structured pass-through certificates (3,904 ) 355 (11,555 ) 794 Change in unrealized gain (loss) on MSCR notes 44 — (147 ) — Change in unrealized (loss) on mortgage backed securities (317 ) — (356 ) — Total $ (1,940 ) $ 1,618 $ (7,247 ) $ 3,260 |
Note 7 - Bridge Loan
Note 7 - Bridge Loan | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 3. The Company’s investments in mortgage loans, mezzanine loans, preferred equity and convertible notes are accounted for as loans held for investment. The mortgage loans are presented as “Mortgage loans, held-for-investment, net” and the mezzanine loans, preferred equity and convertible notes are presented as “Loans, held-for-investment, net” on the Consolidated Balance Sheets. The following tables summarize our loans held-for-investment as of September 30, 2022 December 31, 2021 Weighted Average Loan Type Outstanding Face Amount Carrying Value (1) Loan Count Fixed Rate (2) Coupon (3) Life (years) (4) September 30, 2022 Mortgage loans, held-for-investment $ 688,728 $ 729,004 15 100.00 % 4.81 % 5.61 Mezzanine loans, held-for-investment 163,021 165,197 23 63.99 % 9.96 % 5.64 Preferred equity, held-for-investment 118,993 118,669 9 78.57 % 10.87 % 5.72 $ 970,742 $ 1,012,870 47 91.33 % 6.41 % 5.63 ( 1 Carrying value includes the outstanding face amount plus unamortized purchase premiums/discounts and any allowance for loan losses. ( 2 The weighted-average of loans paying a fixed rate is weighted on current principal balance. ( 3 The weighted-average coupon is weighted on outstanding face amount. ( 4 The weighted-average life is weighted on outstanding face amount and assumes no Weighted Average Loan Type Outstanding Face Amount Carrying Value (1) Loan Count Fixed Rate (2) Coupon (3) Life (years) (4) December 31, 2021 Mortgage loans, held-for-investment $ 795,223 $ 847,364 21 100.00 % 4.85 % 6.45 Mezzanine loans, held-for-investment 152,144 154,516 23 69.28 % 8.03 % 6.50 Preferred equity, held-for-investment 66,697 66,624 6 100.00 % 10.52 % 3.84 Convertible note, held-for-investment 20,478 20,377 1 100.00 % 9.00 % 1.99 $ 1,034,542 $ 1,088,881 51 95.48 % 5.77 % 6.20 ( 1 Carrying value includes the outstanding face amount plus unamortized purchase premiums/discounts and any allowance for loan losses. ( 2 The weighted-average of loans paying a fixed rate is weighted on current principal balance. ( 3 The weighted-average coupon is weighted on current principal balance. ( 4 The weighted-average life is weighted on current principal balance and assumes no For the nine September 30, 2022 2021 For the Nine Months Ended September 30, 2022 2021 Balance at January 1, $ 1,088,881 $ 1,045,891 Originations 156,934 28,911 Proceeds from principal repayments (196,825 ) (42,130 ) Conversion of convertible bonds to common stock (25,000 ) — PIK distribution reinvested in Preferred Units 528 — Amortization of loan premium, net (1) (11,591 ) (7,340 ) Loan loss provision (57 ) (101 ) Realized losses — (886 ) Balance at September 30, $ 1,012,870 $ 1,024,345 ( 1 Includes net amortization of loan purchase premiums. As of September 30, 2022 December 31, 2021 As discussed in Note 2, “1” “5,” 2 September 30, 2022 Number of Carrying % of Loan Risk Rating Loans Value Portfolio 1 — $ — — 2 — — — 3 47 1,012,870 100.00 % 4 — — — 5 — — — 47 $ 1,012,870 100.00 % December 31, 2021 Number of Carrying % of Loan Risk Rating Loans Value Portfolio 1 — $ — — 2 — — — 3 51 1,088,881 100.00 % 4 — — — 5 — — — 51 $ 1,088,881 100.00 % As of September 30, 2022 47 “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 September 30, 2022 December 31, 2021 Georgia 32.14 % 38.93 % Florida 18.54 % 16.90 % Texas 10.83 % 7.74 % Nevada 5.07 % * Maryland 5.92 % 5.66 % Minnesota 5.17 % 4.86 % California 4.52 % 2.53 % Alabama 3.57 % 3.35 % North Carolina 2.43 % 2.23 % Arkansas 1.38 % * Missouri 1.26 % 1.19 % New Jersey * 2.83 % Connecticut 0.00 % 2.87 % Other (17 and 19 states each at <1%) 9.17 % 10.91 % 100.00 % 100.00 % *Included in “Other.” Collateral Property Type September 30, 2022 December 31, 2021 Single Family Rental 70.24 % 76.15 % Multifamily 25.28 % 20.32 % Life Science 2.75 % 3.53 % Self-Storage 1.73 % 0.00 % 100.00 % 100.00 % |
Bridge Loan [Member] | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 7. Bridge Loan On March 31, 2022, one October 1, 2022. August 9, 2022, |
Note 8 - Real Estate Investment
Note 8 - Real Estate Investment, Net | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Real Estate Owned [Text Block] | 8. On December 31, 2021, 204 September 30, 2022 December 31, 2021, As of September 30, 2022 Real Estate Investment, Net Land Buildings and Improvements Intangible Lease Assets Furniture, Fixtures and Equipment Totals Hudson Montford $ 10,996 $ 49,817 $ — $ 607 $ 61,420 Accumulated depreciation and amortization — (1,328 ) — (152 ) (1,480 ) Total Real Estate Investment, Net $ 10,996 $ 48,489 $ — $ 455 $ 59,940 As of December 31, 2021 Real Estate Investment, Net Land Buildings and Improvements Intangible Lease Assets Furniture, Fixtures and Equipment Totals Hudson Montford $ 10,996 $ 49,807 $ 954 $ 512 $ 62,269 Accumulated depreciation and amortization — — — — — Total Real Estate Investment, Net $ 10,996 $ 49,807 $ 954 $ 512 $ 62,269 The following table reflects the revenue and expenses for the three nine September 30, 2022 2021 For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Revenues Rental income $ 988 $ — $ 2,809 $ — Other income 8 — 29 — Total revenues $ 996 $ — $ 2,838 $ — Expenses Interest expense 373 — 875 — Real estate taxes and insurance 119 — 373 — Property operating expenses 174 — 495 — Property general and administrative expenses 29 — 98 — Property management fees 28 — 81 — Depreciation and amortization 545 — 2,435 — Rate cap (income) expense (420 ) — (923 ) — Total expenses 848 — 3,434 — Net income (loss) from consolidated real estate owned $ 148 $ — $ (596 ) $ — |
Note 9 - Debt
Note 9 - Debt | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. The following table summarizes the Company’s financing arrangements in place as of September 30, 2022 September 30, 2022 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) 4/15/2020 351,037 351,037 N/A (5) 4.64 % 0.22 1,001,008 564,848 567,690 7.3 Asset Specific Financing Single Family Rental loans Freddie Mac 7/12/2019 629,250 629,250 7/12/2029 2.35 % 5.6 688,728 729,004 729,004 5.6 Mezzanine loans Freddie Mac 10/20/2020 59,252 59,252 8/1/2031 0.30 % 7.5 105,817 108,455 108,455 7.5 Multifamily property CBRE 12/31/2021 32,480 32,212 6/1/2028 (6) 5.80 % 5.7 N/A 59,940 59,940 5.7 Unsecured Financing Various 10/15/2020 36,500 35,452 10/25/2025 7.50 % 3.1 N/A N/A N/A N/A Various 4/20/2021 165,000 162,790 4/15/2026 5.75 % 3.5 N/A N/A N/A N/A Total/weighted average $ 1,273,519 $ 1,269,993 3.56 % 3.9 $ 1,795,553 $ 1,462,247 $ 1,465,089 6.7 ( 1 Weighted-average interest rate using unpaid principal balances. ( 2 Weighted-average life is determined using the maximum maturity date of the corresponding loans, assuming all extension options are exercised by the borrower. ( 3 CMBS are shown at fair value on an unconsolidated basis. SFR Loans and mezzanine loans are shown at their amortized cost. ( 4 On April 15, 2020, three ( 5 The master repurchase agreement with Mizuho does not one two ( 6 Debt was assumed upon acquisition of this property and recorded at the outstanding principal amount, net of debt issuance costs. The loan can be prepaid at a 1.0% prepayment premium on any unpaid principal. The loan is open to pre-payment in the last three The following table summarizes the Company’s financing arrangements in place as of December 31, 2021 December 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) 4/15/2020 286,324 286,324 N/A (5) 1.97 % 0.03 2,101,790 499,975 531,367 8.0 Asset Specific Financing Single Family Rental Freddie Mac 7/12/2019 726,312 726,312 7/12/2029 2.41 % 6.5 795,223 847,364 847,364 6.5 Mezzanine Freddie Mac 10/20/2020 59,914 59,914 8/1/2031 0.30 % 8.3 97,899 100,857 100,857 8.3 Multifamily CBRE 12/31/2021 32,480 32,176 6/1/2028 (6) 2.76 % 6.4 N/A 62,269 62,269 6.4 Unsecured Financing Various 10/15/2020 36,500 35,233 10/25/2025 7.50 % 3.8 N/A N/A N/A N/A Various 4/20/2021 135,000 133,092 4/15/2026 5.75 % 4.3 N/A N/A N/A N/A Total/weighted average $ 1,276,530 $ 1,273,051 2.72 % 4.80 $ 2,994,912 $ 1,510,465 $ 1,541,857 7.6 ( 1 Weighted-average interest rate using unpaid principal balances. ( 2 Weighted-average life is determined using the maximum maturity date of the corresponding loans, assuming all extension options are exercised by the borrower. ( 3 CMBS are shown at fair value on an unconsolidated basis. SFR Loans and mezzanine loans are shown at their amortized cost. ( 4 On April 15, 2020, three ( 5 The master repurchase agreement with Mizuho does not one two ( 6 Debt was assumed upon acquisition of this property and recorded at the outstanding principal amount, net of debt issuance costs. The loan can be prepaid at a 1.0% prepayment premium on any unpaid principal. The loan is open to pre-payment in the last three Prior to the Formation Transaction, two July 12, 2019, No September 30, 2022 $788.8 February 11, 2020. July 12, 2029; July 12, 2029, September 30, 2022 We, through the Subsidiary OPs, have borrowed approximately $351.0 million under our repurchase agreements and posted $1.0 billion par value of our CMBS B-Piece, CMBS I/O Strip, MSCR Notes and mortgage backed security investments as collateral as of September 30, 2022 On October 15, 2020, October 15, 2025 September 30, 2022 On October 20, 2020, On April 20, 2021, 2026 “5.75% On December 20, 2021, On January 25, 2022, On May 20, 2022, On June 30, 2022, As of September 30, 2022 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 46,093 Various Single-family Fixed 2.14 % 10/1/2025 Senior loan 2/11/2020 34,665 Various Single-family Fixed 2.70 % 11/1/2028 Senior loan 2/11/2020 9,333 Various Single-family Fixed 2.79 % 9/1/2028 Senior loan 2/11/2020 9,284 Various Single-family Fixed 2.45 % 3/1/2026 Senior loan 2/11/2020 8,913 Various Single-family Fixed 3.51 % 2/1/2028 Senior loan 2/11/2020 8,887 Various Single-family Fixed 3.30 % 10/1/2028 Senior loan 2/11/2020 8,038 Various Single-family Fixed 3.14 % 1/1/2029 Senior loan 2/11/2020 6,806 Various Single-family Fixed 2.98 % 2/1/2029 Senior loan 2/11/2020 5,971 Various Single-family Fixed 2.99 % 3/1/2029 Senior loan 2/11/2020 5,642 Various Single-family Fixed 2.40 % 2/1/2024 Senior loan 2/11/2020 5,346 Various Single-family Fixed 3.14 % 12/1/2028 Senior loan 2/11/2020 5,037 Various Single-family Fixed 2.64 % 10/1/2028 Senior loan 2/11/2020 4,791 Various Single-family Fixed 2.48 % 8/1/2023 Senior loan 2/11/2020 4,755 Various Single-family Fixed 2.97 % 1/1/2029 Total $ 629,250 2.35 % Mezzanine Loans Senior loan 10/20/2020 $ 8,723 Wilmington, DE Multifamily Fixed 0.30 % 6/1/2029 Senior loan 10/20/2020 7,344 White Marsh, MD Multifamily Fixed 0.30 % 4/1/2031 Senior loan 10/20/2020 6,353 Philadelphia, PA Multifamily Fixed 0.30 % 7/1/2031 Senior loan 10/20/2020 5,881 Daytona Beach, FL Multifamily Fixed 0.30 % 7/1/2031 Senior loan 10/20/2020 4,523 Laurel, MD Multifamily Fixed 0.30 % 7/1/2031 Senior loan 10/20/2020 4,179 Temple Hills, MD Multifamily Fixed 0.30 % 1/1/2029 Senior loan 10/20/2020 3,390 Temple Hills, MD Multifamily Fixed 0.30 % 5/1/2029 Senior loan 10/20/2020 3,348 Lakewood, NJ Multifamily Fixed 0.30 % 5/1/2029 Senior loan 10/20/2020 2,454 North Aurora, IL Multifamily Fixed 0.30 % 11/1/2028 Senior loan 10/20/2020 2,264 Rosedale, MD Multifamily Fixed 0.30 % 10/1/2028 Senior loan 10/20/2020 2,215 Cockeysville, MD Multifamily Fixed 0.30 % 7/1/2031 Senior loan 10/20/2020 2,026 Laurel, MD Multifamily Fixed 0.30 % 7/1/2029 Senior loan 10/20/2020 1,836 Vancouver, WA Multifamily Fixed 0.30 % 8/1/2031 Senior loan 10/20/2020 1,763 Tyler, TX Multifamily Fixed 0.30 % 11/1/2028 Senior loan 10/20/2020 1,307 Las Vegas, NV Multifamily Fixed 0.30 % 10/1/2028 Senior loan 10/20/2020 918 Atlanta, GA Multifamily Fixed 0.30 % 8/1/2031 Senior loan 10/20/2020 728 Des Moines, IA Multifamily Fixed 0.30 % 3/1/2029 Total $ 59,252 0.30 % For the nine September 30, 2022 2021 For the Nine Months Ended September 30, 2022 2021 Balances as of January 1, $ 1,273,051 $ 1,036,878 Principal borrowings 163,162 148,595 Principal repayments (161,999 ) (49,869 ) Repurchase of unsecured notes (4,829 ) — Accretion of discounts 572 386 Amortization of deferred financing costs 36 — Balances as of September 30, $ 1,269,993 $ 1,135,990 Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five September 30, 2022 Year Recourse Non-recourse Total 2022 (1) $ — $ (351,037 ) $ (351,037 ) 2023 — (4,791 ) (4,791 ) 2024 — (5,642 ) (5,642 ) 2025 (36,500 ) (46,094 ) (82,594 ) 2026 (197,480 ) (9,284 ) (206,764 ) Thereafter — (622,691 ) (622,691 ) $ (233,980 ) $ (1,039,539 ) $ (1,273,519 ) ( 1 The transactions in place in the master repurchase agreement with Mizuho have a one two |
Note 10 - Fair Value of Financi
Note 10 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | 10. 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. Derivative Financial Instruments and Hedging Activities The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company may The Company’s main objective in using interest rate derivatives is to add stability to interest expense related to floating rate debt. To accomplish this objective, the Company primarily uses interest rate caps as part of its interest rate risk management strategy. Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. On December 30, 2021, June 1, 2024. 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 creditworthiness 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 that reasonably approximate their fair value given the short to moderate term and floating rate nature. The carrying values and fair values of the Company’s financial assets and liabilities recorded at fair value on a recurring basis, as well as other financial instruments not September 30, 2022 Fair Value Carrying Value Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 22,100 $ 22,100 $ — $ — $ 22,100 Restricted cash 4,382 4,382 — — 4,382 Real estate investment, net 59,940 — — 59,940 59,940 Loans, held-for-investment, net 283,866 — — 288,954 288,954 Common stock investments, at fair value 83,619 — 27,885 55,734 83,619 Mortgage loans, held-for-investment, net 729,004 — — 730,152 730,152 Accrued interest 13,691 13,691 — — 13,691 Mortgage loans held in variable interest entities, at fair value 6,980,129 — 6,980,129 — 6,980,129 CMBS structured pass-through certificates, at fair value 49,758 — 49,758 — 49,758 MSCR notes, at fair value 10,218 — 10,218 — 10,218 Mortgage backed securities, at fair value 33,650 — 33,650 — 33,650 Accounts receivable and other assets 1,575 1,575 — — 1,575 Proceeds held in escrow for unsettled purchase 3,990 — 3,990 — 3,990 $ 8,275,922 $ 41,748 $ 7,105,630 $ 1,134,780 $ 8,282,158 Liabilities Secured financing agreements, net $ 688,502 $ — $ — $ 700,877 $ 700,877 Master repurchase agreements 351,037 — — 351,037 351,037 Unsecured notes, net 198,242 — 182,779 — 182,779 Mortgages payable, net 32,212 — — 27,213 27,213 Accounts payable and other accrued liabilities 6,131 6,131 — — 6,131 Accrued interest payable 8,249 8,249 — — 8,249 Due to brokers for unsecured notes purchased, not yet settled 7,980 7,980 7,980 Bonds payable held in variable interest entities, at fair value 6,488,498 — 6,488,498 — 6,488,498 $ 7,780,851 $ 22,360 $ 6,671,277 $ 1,079,127 $ 7,772,763 The significant unobservable inputs used in the fair value measurement of the Company’s investment in NSP are the discount rate and terminal capitalization rate. Significant increases (decreases) in any of those inputs in isolation could result in a significantly lower (higher) fair value measurement. The following is a summary of significant unobservable inputs used in the fair valuation of the Company's Level 3 Carrying Value Valuation Technique Unobservable Inputs Input Values Common stock investment, at fair value $ 55,734 Discounted cash flow Terminal cap rate 5.38 % Discount rate 8.50 % The table below reflects a summary of changes for the Company's Level 3 nine September 30, 2022 Balance as of 12/31/21 Change in Unrealized Gains/(Losses) Balance as of 9/30/22 Common stock investment, at fair value $ 58,460 $ (2,726 ) $ 55,734 Other Financial Instruments Carried at Fair Value Redeemable noncontrolling interests in the OP have a redemption feature and are marked to their redemption value if such value exceeds the carrying value of the redeemable noncontrolling interests in the OP (see Note 13 2 September 30, 2022 13 |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 11. Equity Common Stock During the nine September 30, 2022 As of September 30, 2022 Preferred Stock On July 24, 2020, Share Repurchase Program On March 9, 2020, may two March 9, 2022. September 28, 2020, may may March 3, 2021, Long Term Incentive Plan On January 31, 2020, 2020 “2020 May 7, 2020, 8 may 2020 2020 may Restricted Stock Units 2020 may three five four May 8, 2020, 2020 June 24, 2020, November 2, 2020, one February 22, 2021, February 21, 2022, September 30, 2022 2022 Number of Units Weighted Average Grant Date Fair Value Outstanding January 1, 2022 439,087 $ 15.97 Granted 276,940 19.85 Vested (135,488 ) (1) 19.39 Forfeited (2,889 ) 20.81 Outstanding September 30, 2022 577,650 $ 17.89 ( 1 Certain key employees of the Manager elected to net the taxes owed upon vesting against the shares issued resulting in 114,494 shares being issued as shown on the consolidated statements of stockholders' equity. The following table contains information regarding the vesting of restricted stock units under the 2020 five September 30, 2022 Shares Vesting February May Total 2022 — (1) — (1) — 2023 133,393 68,569 201,962 2024 120,638 68,564 189,202 2025 120,644 — 120,644 2026 65,842 — 65,842 Total 440,517 137,133 577,650 ( 1 Shares vested prior to September 30, 2022 At-The-Market-Offering On March 31, 2021, “2021 “2021 “2021 2021 December 16, 2021, 2021 Sales of shares of common stock or Series A Preferred Stock under the 2021 may 415 not 2021 2021 2021 Gross Proceeds $ 11,264,237 Shares of Common Stock Issued 532,694 Gross Average Sale Price per Share of Common Stock $ 21.15 Sales Commissions $ 168,963 Offering Costs 793,779 Net Proceeds 10,301,495 Average Price Per Share, net $ 19.34 On March 15, 2022, “2022 “2022 “2022 2022 Sales of shares of common stock or Series A Preferred Stock under the 2022 may 415 The following table contains summary information of the 2022 Gross Proceeds $ 12,575,493 Shares of Common Stock Issued 531,728 Gross Average Sale Price per Share of Common Stock $ 23.65 Sales Commissions $ 188,655 Offering Costs 869,035 Net Proceeds 11,517,803 Average Price Per Share, net $ 21.66 Noncontrolling Interest in Subsidiary On April 1, 2021, one December 31, 2023. 125 Secondary Public Offering On August 18, 2021, 30 August 20, 2021. September 8, 2021, 59,700 September 10, 2021. The following table contains summary information of the secondary public offering: Gross Proceeds $ 43,253,700 Shares of Common Stock Issued 2,059,700 Gross Average Sale Price per Share of Common Stock $ 21.00 Underwriting Discounts $ 1,946,417 Offering Costs 813,748 Net Proceeds 40,493,535 Average Price Per Share, net $ 19.66 OP Unit Redemption At the 2021 may September 8, 2021, January 7, 2022, February 14, 2022, Dividends The Board declared the third 2022 July 27, 2022 September 30, 2022 September 15, 2022 The Board declared a dividend to preferred stockholders of $0.53125 per share on September 21, 2022 October 25, 2022 October 14, 2022 |
Note 12 - Earnings Per Share
Note 12 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 12. Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of the Company’s common stock outstanding and excludes any unvested restricted stock units issued pursuant to the 2020 Diluted earnings per share is computed by adjusting basic earnings per share for the dilutive effect of the assumed vesting of restricted stock units. Additionally, the Company includes the dilutive effect of the potential redemption of OP Units for common shares in accordance with the amended partnership agreement of the OP. During periods of net loss, the assumed vesting of restricted stock units is anti-dilutive and is not The following table sets forth the computation of basic and diluted earnings per share for the periods presented (in thousands, except per share amounts): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Net income (loss) attributable to common stockholders $ (8,059 ) $ 13,233 $ 9,884 $ 27,142 Earnings for basic computations Net income (loss) attributable to redeemable noncontrolling interests (1,509 ) 11,084 5,982 32,747 Net income for diluted computations $ (9,568 ) $ 24,317 $ 15,866 $ 59,889 Weighted-average common shares outstanding Average number of common shares outstanding - basic 14,962 6,863 14,526 5,738 Average number of unvested restricted stock units 578 440 569 446 Average number of OP Units and SubOP Units 7,138 13,417 7,307 13,663 Average number of common shares outstanding - diluted 22,678 20,720 22,402 19,847 Earnings per weighted average common share: Basic $ (0.54 ) $ 1.93 $ 0.68 $ 4.73 Diluted $ (0.54 ) $ 1.17 $ 0.71 $ 3.02 |
Note 13 - Noncontrolling Intere
Note 13 - Noncontrolling Interests | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Noncontrolling Interest Disclosure [Text Block] | 13. Redeemable Noncontrolling Interests in the OP Interests in the OP held by limited partners are represented by OP Units. As of September 30, 2022 Pursuant to the second one may, one not 1 2 The Cash Amount is defined in the OP LPA as the greater of the most recent NAV of the Company as determined by our Board and the volume-weighted average price of the Company’s common stock, which because the Company’s common stock is listed on the NYSE will be calculated for the ten first September 30, 2022 1 2 September 30, 2022 3 On September 8, 2021, no not The Partnership Board of the OP has exclusive authority to select, remove and replace the general partner of the OP and no may one may As of September 30, 2022 11 The following table sets forth the redeemable noncontrolling interests in the OP (reflecting the OP’s consolidation of the Subsidiary OPs) for the nine September 30, 2022 For the Nine Months Ended September 30, 2022 2021 Redeemable noncontrolling interests in the OP, December 31, $ 261,423 $ 275,670 Net income attributable to redeemable noncontrolling interests in the OP 5,982 32,747 Redemption of redeemable noncontrolling interests in the OP (113,535 ) (32,393 ) Distributions to redeemable noncontrolling interests in the OP (10,708 ) (17,032 ) Redeemable noncontrolling interests in the OP, September 30, $ 143,162 $ 258,992 The table below presents the common shares and OP Units outstanding held by the noncontrolling interests (“NCI”), as the OP Units and SubOP Units held by the Company are eliminated in consolidation: Period End Common Shares Outstanding OP Units Held by NCI Combined Outstanding September 30, 2022 14,979,759 7,138,382 22,118,141 |
Note 14 - Related Party Transac
Note 14 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 14. Management Fee In accordance with the Management Agreement, the Company pays the Manager an annual management fee equal to 1.5% of Equity (as defined below), paid monthly, in cash or shares of Company common stock at the election of our Manager (the “Annual Fee”). The duties performed by the Company’s Manager under the terms of the Management Agreement include, but are not third “Equity” means (a) the sum of ( 1 2 3 1 2 one not “EAD” means the net income (loss) attributable to the common stockholders of the Company, computed in accordance with GAAP, including realized gains and losses not may may not 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 nine September 30, 2022 Connections at Buffalo Pointe Contribution On May 29, 2020, first September 30, 2022 May 1, 2030 Pursuant to the OP LPA and the Buffalo Pointe Contribution Agreement, the BP Contributors have the right to cause our OP to redeem their OP Units for cash or, at our election, shares of our common stock on a one one one May 11, 2021, RSU Issuance On May 8, 2020, 2020 June 24, 2020, November 2, 2020, one February 22, 2021, February 21, 2022, 11 OP Unit Redemptions At the 2021 may September 8, 2021, January 7, 2022, February 14, 2022, 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 not nine September 30, 2022 not For the nine September 30, 2022 2021 Notes Offering On April 20, 2021, Jernigan Capital Acquisition On November 6, 2020, 5 Bridge Loan On March 31, 2022, one October 1, 2022. August 9, 2022, |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 15. Except as otherwise disclosed below, the Company is not On September 29, 2021, one may September 29, 2021, November 8, 2021, December 20, 2021, January 14, 2022, January 19, 2022, January 27, 2022, September 30, 2022, may September 29, 2023, may two may 1.25x 1.10x September 30, 2022 not September 30, 2022 The OP Notes previously described in Note 9 September 30, 2022 no not |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 16. Preferred Equity Investments On October 5, 2022, one one On October 19, 2022, one Dividends Declared On October 24, 2022 December 30, 2022 December 15, 2022 . |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Accounting The accompanying unaudited consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the 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 nine September 30, 2022 The accompanying unaudited consolidated financial statements have been prepared according to the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company’s financial position as of September 30, 2022 December 31, 2021 three nine September 30, 2022 2021 10 December 31, 2021 10 February 28, 2022. |
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. |
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 September 30, 2022 |
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% of the most subordinate tranche of the securities. The subordinate tranche includes the controlling class and has the ability to remove and replace the special servicer. On the Consolidated Balance Sheets as of September 30, 2022 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 directly or through a subsidiary, acts as the general partner of the Subsidiary OPs. The Subsidiary OPs own investments through limited liability companies that are SPEs which own investments directly. The OP is the sole member of the Mezz LLC, which owns investments directly. The OP has three no September 30, 2022 no may September 30, 2022 |
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 OP and the Subsidiary OPs have issued 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. |
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, net Loans that are held-for-investment are carried at their aggregate outstanding face amount, net of applicable (i) unamortized origination or acquisition premium and discounts, (ii) unamortized deferred fees and other direct loan origination costs, (iii) valuation allowance for loan losses and (iv) write-downs of impaired loans. The effective interest method is used to amortize origination or acquisition premiums and discounts and deferred fees or other direct loan origination costs. In general, an increase in prepayment rates accelerates the amortization of purchase premiums, thereby reducing the interest income earned on the assets. Conversely, discounts on such assets are accreted into interest income. In general, an increase in prepayment rates accelerates the accretion of purchase discounts, thereby increasing the interest income earned on the assets. |
Purchase Price Allocation [Policy Text Block] | Purchase Price Allocation The Company considers the acquisition of real estate investments as asset acquisitions. Upon acquisition of a property, the purchase price and related acquisition costs (“total consideration”) are allocated to land, buildings, improvements, furniture, fixtures, and equipment and intangible lease assets, in accordance with FASB ASC 805, Business Combinations. 805. The allocation of total consideration, which is determined using inputs that are classified within Level 3 820, Fair Value Measurement and Disclosures 820” 10 may not 2 Real estate assets, including land, buildings, improvements, furniture, fixtures and equipment, and intangible lease assets are stated at historical cost less accumulated depreciation and amortization. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Expenditures for improvements, renovations and replacements are capitalized at cost. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings (in years) 30 Improvements (in years) 15 Furniture, fixtures and equipment (in years) 3 Intangible lease assets (in months) 6 Post-acquisition, construction in progress includes the cost of renovation projects being performed at the various properties. Once a project is complete, the historical cost of the renovation is placed into service in one |
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 Realized Gain (Loss) on Investments Revenue Recognition The Company owns a multifamily property whereby its primary operations consist of rental income earned from its residents under lease agreements typically with terms of one 8 may not 2014 09, Revenue from Contracts with Customers 2014 09” December 31, 2021. 2014 09 not 2014 09. In July 2018, 2018 11 , Leases Targeted Improvements 2018 11” 2016 02. 2018 11 not 2018 11 2016 02, 842 842” December 31, 2021. 8 |
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 nine September 30, 2022 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. nine September 30, 2022 |
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 may 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 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, MSCR Notes and Mortgage Backed Securities 2 2 SFR Loans, Preferred Equity Investments and Mezzanine Loans 3 not Common Stock Investments - 3 825 10. 2 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 has elected to be taxed as a REIT and expects to continue to qualify as a REIT. As a result of the Company’s REIT qualification, the Company does not 90% not four September 30, 2022 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 September 30, 2022 |
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 September 30, 2022 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Property, Plant, and Equipment, Estimated Useful Life [Table Text Block] | Land Not depreciated Buildings (in years) 30 Improvements (in years) 15 Furniture, fixtures and equipment (in years) 3 Intangible lease assets (in months) 6 |
Note 3 - Loans Held for Inves_2
Note 3 - Loans Held for Investment, Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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) September 30, 2022 Mortgage loans, held-for-investment $ 688,728 $ 729,004 15 100.00 % 4.81 % 5.61 Mezzanine loans, held-for-investment 163,021 165,197 23 63.99 % 9.96 % 5.64 Preferred equity, held-for-investment 118,993 118,669 9 78.57 % 10.87 % 5.72 $ 970,742 $ 1,012,870 47 91.33 % 6.41 % 5.63 Weighted Average Loan Type Outstanding Face Amount Carrying Value (1) Loan Count Fixed Rate (2) Coupon (3) Life (years) (4) December 31, 2021 Mortgage loans, held-for-investment $ 795,223 $ 847,364 21 100.00 % 4.85 % 6.45 Mezzanine loans, held-for-investment 152,144 154,516 23 69.28 % 8.03 % 6.50 Preferred equity, held-for-investment 66,697 66,624 6 100.00 % 10.52 % 3.84 Convertible note, held-for-investment 20,478 20,377 1 100.00 % 9.00 % 1.99 $ 1,034,542 $ 1,088,881 51 95.48 % 5.77 % 6.20 |
Schedule of Loan and Preferred Equity Portfolio Activity [Table Text Block] | For the Nine Months Ended September 30, 2022 2021 Balance at January 1, $ 1,088,881 $ 1,045,891 Originations 156,934 28,911 Proceeds from principal repayments (196,825 ) (42,130 ) Conversion of convertible bonds to common stock (25,000 ) — PIK distribution reinvested in Preferred Units 528 — Amortization of loan premium, net (1) (11,591 ) (7,340 ) Loan loss provision (57 ) (101 ) Realized losses — (886 ) Balance at September 30, $ 1,012,870 $ 1,024,345 |
Financing Receivable Credit Quality Indicators [Table Text Block] | September 30, 2022 Number of Carrying % of Loan Risk Rating Loans Value Portfolio 1 — $ — — 2 — — — 3 47 1,012,870 100.00 % 4 — — — 5 — — — 47 $ 1,012,870 100.00 % December 31, 2021 Number of Carrying % of Loan Risk Rating Loans Value Portfolio 1 — $ — — 2 — — — 3 51 1,088,881 100.00 % 4 — — — 5 — — — 51 $ 1,088,881 100.00 % |
Schedule of Loans Held for Investment as a Percentage of Face Amount by Geographic Areas [Table Text Block] | Geography September 30, 2022 December 31, 2021 Georgia 32.14 % 38.93 % Florida 18.54 % 16.90 % Texas 10.83 % 7.74 % Nevada 5.07 % * Maryland 5.92 % 5.66 % Minnesota 5.17 % 4.86 % California 4.52 % 2.53 % Alabama 3.57 % 3.35 % North Carolina 2.43 % 2.23 % Arkansas 1.38 % * Missouri 1.26 % 1.19 % New Jersey * 2.83 % Connecticut 0.00 % 2.87 % Other (17 and 19 states each at <1%) 9.17 % 10.91 % 100.00 % 100.00 % Collateral Property Type September 30, 2022 December 31, 2021 Single Family Rental 70.24 % 76.15 % Multifamily 25.28 % 20.32 % Life Science 2.75 % 3.53 % Self-Storage 1.73 % 0.00 % 100.00 % 100.00 % |
Note 4 - CMBS Trusts (Tables)
Note 4 - CMBS Trusts (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Recognized Trusts Assets and Liabilities [Table Text Block] | Trust's Assets September 30, 2022 December 31, 2021 Mortgage loans held in variable interest entities, at fair value $ 6,980,129 $ 7,192,547 Accrued interest receivable 2,898 2,212 Trust's Liabilities Bonds payable held in variable interest entities, at fair value (6,488,498 ) (6,726,272 ) Accrued interest payable (2,168 ) (1,500 ) |
Schedule of Change in Net Assets Related to Consolidated CMBS Variable Interest Entities [Table Text Block] | For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Net interest earned $ 9,455 $ 7,819 $ 25,623 $ 19,943 Unrealized gain (loss) (12,103 ) 12,421 (20,304 ) 28,982 Change in net assets related to consolidated CMBS variable interest entities $ (2,648 ) $ 20,240 $ 5,319 $ 48,925 |
Impaired Financing Receivables [Table Text Block] | Geography September 30, 2022 December 31, 2021 Texas 17.45 % 16.88 % Florida 13.62 % 14.77 % California 8.98 % 8.50 % Arizona 7.38 % 10.37 % Washington 6.83 % 6.19 % New Jersey 4.53 % 4.65 % Georgia 4.53 % 4.97 % Colorado 6.01 % 4.08 % Nevada 3.23 % 3.51 % Connecticut 3.52 % 3.02 % North Carolina 3.41 % 3.12 % New York 2.77 % 2.45 % Ohio 1.94 % 1.72 % Indiana 1.64 % 1.68 % Virginia 1.56 % 1.70 % Illinois 1.32 % * Missouri 1.24 % 1.26 % Michigan 1.07 % 1.56 % Other (24 and 20 states each at <1%) 8.97 % 8.02 % 100.00 % 100.00 % Collateral Property Type September 30, 2022 December 31, 2021 Multifamily 98.50 % 98.42 % Manufactured Housing 1.50 % 1.58 % 100.00 % 100.00 % |
Note 5 - Common Stock Investm_2
Note 5 - Common Stock Investments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Investment [Table Text Block] | For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Change in unrealized gain on NexPoint Storage Partners $ (3,189 ) $ 1,362 $ (2,726 ) $ 4,695 Change in unrealized gain on Private REIT — — 2,885 — Change in unrealized gain on common stock investments $ (3,189 ) $ 1,362 $ 159 $ 4,695 |
Common Stock [Member] | |
Notes Tables | |
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | Investment Shares Fair Value Investment Date Property Type September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Common Stock NexPoint Storage Partners 11/6/2020 Self-storage 41,963 41,963 $ 55,734 $ 58,460 Private REIT 4/14/2022 Ground lease 1,394,213 — 27,885 — |
Note 6 - CMBS Structured Pass_2
Note 6 - CMBS Structured Pass-through Certificates, MSCR Notes and Mortgage Backed Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Activity Related to Commercial Mortgage Backed Securities [Table Text Block] | For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Net interest earned $ 2,237 $ 1,263 $ 4,811 $ 2,466 Change in unrealized gain (loss) on CMBS structured pass-through certificates (3,904 ) 355 (11,555 ) 794 Change in unrealized gain (loss) on MSCR notes 44 — (147 ) — Change in unrealized (loss) on mortgage backed securities (317 ) — (356 ) — Total $ (1,940 ) $ 1,618 $ (7,247 ) $ 3,260 |
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 (1) Maturity Date CMBS I/O Strips CMBS I/O Strip 5/18/2020 $ 1,888 Multifamily 2.09 % 15.05 % 9/25/2046 CMBS I/O Strip 8/6/2020 19,395 Multifamily 3.09 % 16.13 % 6/25/2030 CMBS I/O Strip 4/28/2021 (2) 5,842 Multifamily 1.71 % 16.15 % 1/25/2030 CMBS I/O Strip 5/27/2021 3,855 Multifamily 3.50 % 15.79 % 5/25/2030 CMBS I/O Strip 6/7/2021 470 Multifamily 2.39 % 18.85 % 11/25/2028 CMBS I/O Strip 6/11/2021 (3) 4,952 Multifamily 1.34 % 14.96 % 5/25/2029 CMBS I/O Strip 6/21/2021 1,249 Multifamily 1.30 % 18.20 % 5/25/2030 CMBS I/O Strip 8/10/2021 2,592 Multifamily 1.96 % 16.00 % 4/25/2030 CMBS I/O Strip 8/11/2021 1,384 Multifamily 3.20 % 13.84 % 7/25/2031 CMBS I/O Strip 8/24/2021 260 Multifamily 2.70 % 14.56 % 1/25/2031 CMBS I/O Strip 9/1/2021 3,887 Multifamily 2.04 % 15.51 % 6/25/2030 CMBS I/O Strip 9/11/2021 3,984 Multifamily 3.05 % 13.84 % 9/25/2031 Total $ 49,758 2.55 % 15.72 % MSCR Notes MSCR Notes 5/25/2022 3,946 Multifamily 11.68 % 11.68 % 5/25/2052 MSCR Notes 5/25/2022 4,906 Multifamily 8.68 % 8.68 % 5/25/2052 MSCR Notes 9/23/2022 1,366 Multifamily 9.03 % 9.92 % 11/25/2051 Total $ 10,218 9.89 % 10.00 % Mortgage Backed Securities Mortgage Backed Securities 6/1/2022 9,975 Single-Family 5.59 % 5.85 % 4/17/2026 Mortgage Backed Securities 6/1/2022 9,293 Single-Family 4.87 % 5.10 % 11/19/2025 Mortgage Backed Securities 7/28/2022 546 Single-Family 6.23 % 6.34 % 10/17/2027 Mortgage Backed Securities 7/28/2022 856 Single-Family 3.60 % 4.26 % 6/20/2028 Mortgage Backed Securities 9/12/2022 5,000 Multifamily 7.80 % 7.78 % 1/25/2031 Mortgage Backed Securities 9/29/2022 7,980 Self Storage 8.73 % 8.75 % 9/15/2027 Total $ 33,650 6.42 % 6.59 % Investment Investment Date Carrying Value Property Type Interest Rate Current Yield (1) Maturity Date CMBS I/O Strips CMBS I/O Strip 5/18/2020 $ 2,356 Multifamily 2.02 % 14.47 % 9/25/2046 CMBS I/O Strip 8/6/2020 8,383 Multifamily 0.10 % 14.67 % 6/25/2030 CMBS I/O Strip 8/6/2020 23,188 Multifamily 2.98 % 14.48 % 6/25/2030 CMBS I/O Strip 4/28/2021 (2) 7,274 Multifamily 1.59 % 13.88 % 1/25/2030 CMBS I/O Strip 5/27/2021 4,781 Multifamily 3.38 % 14.16 % 5/25/2030 CMBS I/O Strip 6/7/2021 589 Multifamily 2.31 % 16.56 % 11/25/2028 CMBS I/O Strip 6/11/2021 (3) 6,424 Multifamily 1.26 % 13.57 % 5/25/2029 CMBS I/O Strip 6/21/2021 1,850 Multifamily 1.20 % 17.02 % 5/25/2030 CMBS I/O Strip 8/10/2021 3,246 Multifamily 1.89 % 14.30 % 4/25/2030 CMBS I/O Strip 8/11/2021 1,697 Multifamily 3.10 % 12.55 % 7/25/2031 CMBS I/O Strip 8/24/2021 317 Multifamily 2.61 % 13.14 % 1/25/2031 CMBS I/O Strip 9/1/2021 4,827 Multifamily 1.92 % 13.53 % 6/25/2030 CMBS I/O Strip 9/11/2021 4,884 Multifamily 2.95 % 12.55 % 9/25/2031 Total $ 69,816 2.15 % 14.16 % |
Note 8 - Real Estate Investme_2
Note 8 - Real Estate Investment, Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Real Estate Properties [Table Text Block] | Real Estate Investment, Net Land Buildings and Improvements Intangible Lease Assets Furniture, Fixtures and Equipment Totals Hudson Montford $ 10,996 $ 49,817 $ — $ 607 $ 61,420 Accumulated depreciation and amortization — (1,328 ) — (152 ) (1,480 ) Total Real Estate Investment, Net $ 10,996 $ 48,489 $ — $ 455 $ 59,940 Real Estate Investment, Net Land Buildings and Improvements Intangible Lease Assets Furniture, Fixtures and Equipment Totals Hudson Montford $ 10,996 $ 49,807 $ 954 $ 512 $ 62,269 Accumulated depreciation and amortization — — — — — Total Real Estate Investment, Net $ 10,996 $ 49,807 $ 954 $ 512 $ 62,269 |
Real Estate Investment Financial Statements, Disclosure [Table Text Block] | For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Revenues Rental income $ 988 $ — $ 2,809 $ — Other income 8 — 29 — Total revenues $ 996 $ — $ 2,838 $ — Expenses Interest expense 373 — 875 — Real estate taxes and insurance 119 — 373 — Property operating expenses 174 — 495 — Property general and administrative expenses 29 — 98 — Property management fees 28 — 81 — Depreciation and amortization 545 — 2,435 — Rate cap (income) expense (420 ) — (923 ) — Total expenses 848 — 3,434 — Net income (loss) from consolidated real estate owned $ 148 $ — $ (596 ) $ — |
Note 9 - Debt (Tables)
Note 9 - Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | September 30, 2022 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) 4/15/2020 351,037 351,037 N/A (5) 4.64 % 0.22 1,001,008 564,848 567,690 7.3 Asset Specific Financing Single Family Rental loans Freddie Mac 7/12/2019 629,250 629,250 7/12/2029 2.35 % 5.6 688,728 729,004 729,004 5.6 Mezzanine loans Freddie Mac 10/20/2020 59,252 59,252 8/1/2031 0.30 % 7.5 105,817 108,455 108,455 7.5 Multifamily property CBRE 12/31/2021 32,480 32,212 6/1/2028 (6) 5.80 % 5.7 N/A 59,940 59,940 5.7 Unsecured Financing Various 10/15/2020 36,500 35,452 10/25/2025 7.50 % 3.1 N/A N/A N/A N/A Various 4/20/2021 165,000 162,790 4/15/2026 5.75 % 3.5 N/A N/A N/A N/A Total/weighted average $ 1,273,519 $ 1,269,993 3.56 % 3.9 $ 1,795,553 $ 1,462,247 $ 1,465,089 6.7 December 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) 4/15/2020 286,324 286,324 N/A (5) 1.97 % 0.03 2,101,790 499,975 531,367 8.0 Asset Specific Financing Single Family Rental Freddie Mac 7/12/2019 726,312 726,312 7/12/2029 2.41 % 6.5 795,223 847,364 847,364 6.5 Mezzanine Freddie Mac 10/20/2020 59,914 59,914 8/1/2031 0.30 % 8.3 97,899 100,857 100,857 8.3 Multifamily CBRE 12/31/2021 32,480 32,176 6/1/2028 (6) 2.76 % 6.4 N/A 62,269 62,269 6.4 Unsecured Financing Various 10/15/2020 36,500 35,233 10/25/2025 7.50 % 3.8 N/A N/A N/A N/A Various 4/20/2021 135,000 133,092 4/15/2026 5.75 % 4.3 N/A N/A N/A N/A Total/weighted average $ 1,276,530 $ 1,273,051 2.72 % 4.80 $ 2,994,912 $ 1,510,465 $ 1,541,857 7.6 |
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 46,093 Various Single-family Fixed 2.14 % 10/1/2025 Senior loan 2/11/2020 34,665 Various Single-family Fixed 2.70 % 11/1/2028 Senior loan 2/11/2020 9,333 Various Single-family Fixed 2.79 % 9/1/2028 Senior loan 2/11/2020 9,284 Various Single-family Fixed 2.45 % 3/1/2026 Senior loan 2/11/2020 8,913 Various Single-family Fixed 3.51 % 2/1/2028 Senior loan 2/11/2020 8,887 Various Single-family Fixed 3.30 % 10/1/2028 Senior loan 2/11/2020 8,038 Various Single-family Fixed 3.14 % 1/1/2029 Senior loan 2/11/2020 6,806 Various Single-family Fixed 2.98 % 2/1/2029 Senior loan 2/11/2020 5,971 Various Single-family Fixed 2.99 % 3/1/2029 Senior loan 2/11/2020 5,642 Various Single-family Fixed 2.40 % 2/1/2024 Senior loan 2/11/2020 5,346 Various Single-family Fixed 3.14 % 12/1/2028 Senior loan 2/11/2020 5,037 Various Single-family Fixed 2.64 % 10/1/2028 Senior loan 2/11/2020 4,791 Various Single-family Fixed 2.48 % 8/1/2023 Senior loan 2/11/2020 4,755 Various Single-family Fixed 2.97 % 1/1/2029 Total $ 629,250 2.35 % Mezzanine Loans Senior loan 10/20/2020 $ 8,723 Wilmington, DE Multifamily Fixed 0.30 % 6/1/2029 Senior loan 10/20/2020 7,344 White Marsh, MD Multifamily Fixed 0.30 % 4/1/2031 Senior loan 10/20/2020 6,353 Philadelphia, PA Multifamily Fixed 0.30 % 7/1/2031 Senior loan 10/20/2020 5,881 Daytona Beach, FL Multifamily Fixed 0.30 % 7/1/2031 Senior loan 10/20/2020 4,523 Laurel, MD Multifamily Fixed 0.30 % 7/1/2031 Senior loan 10/20/2020 4,179 Temple Hills, MD Multifamily Fixed 0.30 % 1/1/2029 Senior loan 10/20/2020 3,390 Temple Hills, MD Multifamily Fixed 0.30 % 5/1/2029 Senior loan 10/20/2020 3,348 Lakewood, NJ Multifamily Fixed 0.30 % 5/1/2029 Senior loan 10/20/2020 2,454 North Aurora, IL Multifamily Fixed 0.30 % 11/1/2028 Senior loan 10/20/2020 2,264 Rosedale, MD Multifamily Fixed 0.30 % 10/1/2028 Senior loan 10/20/2020 2,215 Cockeysville, MD Multifamily Fixed 0.30 % 7/1/2031 Senior loan 10/20/2020 2,026 Laurel, MD Multifamily Fixed 0.30 % 7/1/2029 Senior loan 10/20/2020 1,836 Vancouver, WA Multifamily Fixed 0.30 % 8/1/2031 Senior loan 10/20/2020 1,763 Tyler, TX Multifamily Fixed 0.30 % 11/1/2028 Senior loan 10/20/2020 1,307 Las Vegas, NV Multifamily Fixed 0.30 % 10/1/2028 Senior loan 10/20/2020 918 Atlanta, GA Multifamily Fixed 0.30 % 8/1/2031 Senior loan 10/20/2020 728 Des Moines, IA Multifamily Fixed 0.30 % 3/1/2029 Total $ 59,252 0.30 % |
Schedule of Line of Credit Facilities [Table Text Block] | For the Nine Months Ended September 30, 2022 2021 Balances as of January 1, $ 1,273,051 $ 1,036,878 Principal borrowings 163,162 148,595 Principal repayments (161,999 ) (49,869 ) Repurchase of unsecured notes (4,829 ) — Accretion of discounts 572 386 Amortization of deferred financing costs 36 — Balances as of September 30, $ 1,269,993 $ 1,135,990 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Year Recourse Non-recourse Total 2022 (1) $ — $ (351,037 ) $ (351,037 ) 2023 — (4,791 ) (4,791 ) 2024 — (5,642 ) (5,642 ) 2025 (36,500 ) (46,094 ) (82,594 ) 2026 (197,480 ) (9,284 ) (206,764 ) Thereafter — (622,691 ) (622,691 ) $ (233,980 ) $ (1,039,539 ) $ (1,273,519 ) |
Note 10 - Fair Value of Finan_2
Note 10 - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 $ 22,100 $ 22,100 $ — $ — $ 22,100 Restricted cash 4,382 4,382 — — 4,382 Real estate investment, net 59,940 — — 59,940 59,940 Loans, held-for-investment, net 283,866 — — 288,954 288,954 Common stock investments, at fair value 83,619 — 27,885 55,734 83,619 Mortgage loans, held-for-investment, net 729,004 — — 730,152 730,152 Accrued interest 13,691 13,691 — — 13,691 Mortgage loans held in variable interest entities, at fair value 6,980,129 — 6,980,129 — 6,980,129 CMBS structured pass-through certificates, at fair value 49,758 — 49,758 — 49,758 MSCR notes, at fair value 10,218 — 10,218 — 10,218 Mortgage backed securities, at fair value 33,650 — 33,650 — 33,650 Accounts receivable and other assets 1,575 1,575 — — 1,575 Proceeds held in escrow for unsettled purchase 3,990 — 3,990 — 3,990 $ 8,275,922 $ 41,748 $ 7,105,630 $ 1,134,780 $ 8,282,158 Liabilities Secured financing agreements, net $ 688,502 $ — $ — $ 700,877 $ 700,877 Master repurchase agreements 351,037 — — 351,037 351,037 Unsecured notes, net 198,242 — 182,779 — 182,779 Mortgages payable, net 32,212 — — 27,213 27,213 Accounts payable and other accrued liabilities 6,131 6,131 — — 6,131 Accrued interest payable 8,249 8,249 — — 8,249 Due to brokers for unsecured notes purchased, not yet settled 7,980 7,980 7,980 Bonds payable held in variable interest entities, at fair value 6,488,498 — 6,488,498 — 6,488,498 $ 7,780,851 $ 22,360 $ 6,671,277 $ 1,079,127 $ 7,772,763 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Carrying Value Valuation Technique Unobservable Inputs Input Values Common stock investment, at fair value $ 55,734 Discounted cash flow Terminal cap rate 5.38 % Discount rate 8.50 % |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Balance as of 12/31/21 Change in Unrealized Gains/(Losses) Balance as of 9/30/22 Common stock investment, at fair value $ 58,460 $ (2,726 ) $ 55,734 |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | 2022 Number of Units Weighted Average Grant Date Fair Value Outstanding January 1, 2022 439,087 $ 15.97 Granted 276,940 19.85 Vested (135,488 ) (1) 19.39 Forfeited (2,889 ) 20.81 Outstanding September 30, 2022 577,650 $ 17.89 |
Share-Based Compensation Arrangements by Share-Based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block] | Shares Vesting February May Total 2022 — (1) — (1) — 2023 133,393 68,569 201,962 2024 120,638 68,564 189,202 2025 120,644 — 120,644 2026 65,842 — 65,842 Total 440,517 137,133 577,650 |
Schedule of Sale of Stock [Table Text Block] | Gross Proceeds $ 11,264,237 Shares of Common Stock Issued 532,694 Gross Average Sale Price per Share of Common Stock $ 21.15 Sales Commissions $ 168,963 Offering Costs 793,779 Net Proceeds 10,301,495 Average Price Per Share, net $ 19.34 Gross Proceeds $ 12,575,493 Shares of Common Stock Issued 531,728 Gross Average Sale Price per Share of Common Stock $ 23.65 Sales Commissions $ 188,655 Offering Costs 869,035 Net Proceeds 11,517,803 Average Price Per Share, net $ 21.66 Gross Proceeds $ 43,253,700 Shares of Common Stock Issued 2,059,700 Gross Average Sale Price per Share of Common Stock $ 21.00 Underwriting Discounts $ 1,946,417 Offering Costs 813,748 Net Proceeds 40,493,535 Average Price Per Share, net $ 19.66 |
Note 12 - Earnings Per Share (T
Note 12 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Net income (loss) attributable to common stockholders $ (8,059 ) $ 13,233 $ 9,884 $ 27,142 Earnings for basic computations Net income (loss) attributable to redeemable noncontrolling interests (1,509 ) 11,084 5,982 32,747 Net income for diluted computations $ (9,568 ) $ 24,317 $ 15,866 $ 59,889 Weighted-average common shares outstanding Average number of common shares outstanding - basic 14,962 6,863 14,526 5,738 Average number of unvested restricted stock units 578 440 569 446 Average number of OP Units and SubOP Units 7,138 13,417 7,307 13,663 Average number of common shares outstanding - diluted 22,678 20,720 22,402 19,847 Earnings per weighted average common share: Basic $ (0.54 ) $ 1.93 $ 0.68 $ 4.73 Diluted $ (0.54 ) $ 1.17 $ 0.71 $ 3.02 |
Note 13 - Noncontrolling Inte_2
Note 13 - Noncontrolling Interests (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | For the Nine Months Ended September 30, 2022 2021 Redeemable noncontrolling interests in the OP, December 31, $ 261,423 $ 275,670 Net income attributable to redeemable noncontrolling interests in the OP 5,982 32,747 Redemption of redeemable noncontrolling interests in the OP (113,535 ) (32,393 ) Distributions to redeemable noncontrolling interests in the OP (10,708 ) (17,032 ) Redeemable noncontrolling interests in the OP, September 30, $ 143,162 $ 258,992 |
Consolidated Common Shares of Noncontrolling Interest [Table Text Block] | Period End Common Shares Outstanding OP Units Held by NCI Combined Outstanding September 30, 2022 14,979,759 7,138,382 22,118,141 |
Note 1 - Organization and Des_2
Note 1 - Organization and Description of Business (Details Textual) | 9 Months Ended | |
Feb. 06, 2020 | Sep. 30, 2022 | |
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 | 76.42% | |
OP [Member] | Class A OP Units [Member] | ||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 100% |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | ||||
Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Sep. 08, 2021 | Dec. 31, 2020 | |
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Total | $ 143,162 | $ 261,423 | $ 258,992 | $ 275,670 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 | ||||
Financial Asset Acquired with Credit Deterioration [Member] | |||||
Number of Loan Acquired | 0 | ||||
OP [Member] | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Total | $ 0 | ||||
Class B OP Units [Member] | |||||
Limited Liability Units, Voting Power, Percent Per Share | 50% | 50% | |||
Class A OP Units [Member] | |||||
Limited Liability Units, Voting Power, Percent Per Share | 50% | 50% | |||
OP [Member] | |||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 76.42% | ||||
OP [Member] | Class A OP Units [Member] | |||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 100% | ||||
Variable Interest Entity, Primary Beneficiary [Member] | Six Securities [Member] | |||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 100% |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Estimated Useful Lives (Details) | 9 Months Ended |
Sep. 30, 2022 | |
Building [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 30 years |
Building Improvements [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 15 years |
Furniture, Fixtures, and Equipment [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 3 years |
Intangible Lease Assets [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 6 months |
Note 3 - Loans Held for Inves_3
Note 3 - Loans Held for Investment, Net (Details Textual) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Unamortized Purchase Premium (Discount) | $ 42.7 | $ 55 |
Note 3 - Loans Held for Inves_4
Note 3 - Loans Held for Investment, Net - Summary of Loans Held for Investment (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | ||||
Outstanding Face Amount | $ 970,742 | $ 1,034,542 | |||
Carrying Value | [1] | $ 1,012,870 | $ 1,088,881 | ||
Loan count | 47 | 51 | |||
Weighted average, fixed rate | [2] | 91.33% | 95.48% | ||
Weighted average, coupon | 6.41% | [3] | 5.77% | [4] | |
Weighted average, life (Year) | 5 years 7 months 17 days | [5] | 6 years 2 months 12 days | [6] | |
Mortgage Loans [Member] | |||||
Outstanding Face Amount | $ 688,728 | $ 795,223 | |||
Carrying Value | [1] | $ 729,004 | $ 847,364 | ||
Loan count | 15 | 21 | |||
Weighted average, fixed rate | [2] | 100% | 100% | ||
Weighted average, coupon | 4.81% | [3] | 4.85% | [4] | |
Weighted average, life (Year) | 5 years 7 months 9 days | [5] | 6 years 5 months 12 days | [6] | |
Mezzanine Loan [Member] | |||||
Outstanding Face Amount | $ 163,021 | $ 152,144 | |||
Carrying Value | [1] | $ 165,197 | $ 154,516 | ||
Loan count | 23 | 23 | |||
Weighted average, fixed rate | [2] | 63.99% | 69.28% | ||
Weighted average, coupon | 9.96% | [3] | 8.03% | [4] | |
Weighted average, life (Year) | 5 years 7 months 20 days | [5] | 6 years 6 months | [6] | |
Preferred Equity [Member] | |||||
Outstanding Face Amount | $ 118,993 | $ 66,697 | |||
Carrying Value | [1] | $ 118,669 | $ 66,624 | ||
Loan count | 9 | 6 | |||
Weighted average, fixed rate | [2] | 78.57% | 100% | ||
Weighted average, coupon | 10.87% | [3] | 10.52% | [4] | |
Weighted average, life (Year) | 5 years 8 months 19 days | [5] | 3 years 10 months 2 days | [6] | |
Convertible Note [Member] | |||||
Outstanding Face Amount | $ 20,478 | ||||
Carrying Value | [1] | $ 20,377 | |||
Loan count | 1 | ||||
Weighted average, fixed rate | [2] | 100% | |||
Weighted average, coupon | [4] | 9% | |||
Weighted average, life (Year) | [6] | 1 year 11 months 26 days | |||
[1]Carrying value includes the outstanding face amount plus unamortized purchase premiums/discounts and any allowance for loan losses.[2]The weighted-average of loans paying a fixed rate is weighted on current principal balance.[3]The weighted-average coupon is weighted on outstanding face amount.[4]The weighted-average coupon is weighted on current principal balance.[5]The weighted-average life is weighted on outstanding face amount and assumes no prepayments. The maturity date for preferred equity investments represents the maturity date of the senior mortgage, as the preferred equity investments require repayment upon the sale or refinancing of the asset.[6]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, Net - Loan and Preferred Equity Portfolio Activity (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | ||
Balance | [1] | $ 1,088,881 | |
Originations | 156,934 | $ 28,911 | |
Conversion of convertible bonds to common stock | (25,000) | 0 | |
PIK distribution reinvested in Preferred Units | 528 | 0 | |
Loan loss provision | (57) | (101) | |
Balance | [1] | 1,012,870 | |
Loans Receivable, Held for Investment [Member] | |||
Balance | 1,088,881 | 1,045,891 | |
Originations | 156,934 | 28,911 | |
Proceeds from principal repayments | (196,825) | (42,130) | |
Conversion of convertible bonds to common stock | (25,000) | 0 | |
Amortization of loan premium, net (1) | [2] | (11,591) | (7,340) |
Realized losses | 0 | (886) | |
Balance | $ 1,012,870 | $ 1,024,345 | |
[1]Carrying value includes the outstanding face amount plus unamortized purchase premiums/discounts and any allowance for loan losses.[2]Includes net amortization of loan purchase premiums. |
Note 3 - Loans Held for Inves_6
Note 3 - Loans Held for Investment, Net - Principal Balance and Net Book Value of the Loan Portfolio Based on Internal Risk Ratings (Details) $ in Thousands | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Loan count | 47 | 51 | |
Carrying Value | [1] | $ 1,012,870 | $ 1,088,881 |
% of loan portfolio | 100% | 100% | |
Risk Rating 1 [Member] | |||
Loan count | 0 | 0 | |
Carrying Value | $ 0 | $ 0 | |
% of loan portfolio | 0% | 0% | |
Risk Rating 2 [Member] | |||
Loan count | 0 | 0 | |
Carrying Value | $ 0 | $ 0 | |
% of loan portfolio | 0% | 0% | |
Risk Rating 3 [Member] | |||
Loan count | 47 | 51 | |
Carrying Value | $ 1,012,870 | $ 1,088,881 | |
% of loan portfolio | 100% | 100% | |
Risk Rating 4 [Member] | |||
Loan count | 0 | 0 | |
Carrying Value | $ 0 | $ 0 | |
% of loan portfolio | 0% | 0% | |
Risk Rating 5 [Member] | |||
Loan count | 0 | 0 | |
Carrying Value | $ 0 | $ 0 | |
% of loan portfolio | 0% | 0% | |
[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, Net - Geographies and Property Types of Collateral Underlying the Loans Held-for-investment as a Percentage of the Loans' Face Amounts (Details) | Sep. 30, 2022 | Dec. 31, 2021 |
% of loan portfolio | 100% | 100% |
Single Family Rental [Member] | ||
% of loan portfolio | 70.24% | 76.15% |
Multifamily [Member] | ||
% of loan portfolio | 25.28% | 20.32% |
Life Science [Member] | ||
% of loan portfolio | 2.75% | 3.53% |
Self-storage [Member] | ||
% of loan portfolio | 1.73% | 0% |
GEORGIA | ||
% of loan portfolio | 32.14% | 38.93% |
FLORIDA | ||
% of loan portfolio | 18.54% | 16.90% |
TEXAS | ||
% of loan portfolio | 10.83% | 7.74% |
NEVADA | ||
% of loan portfolio | 5.07% | |
MARYLAND | ||
% of loan portfolio | 5.92% | 5.66% |
MINNESOTA | ||
% of loan portfolio | 5.17% | 4.86% |
CALIFORNIA | ||
% of loan portfolio | 4.52% | 2.53% |
ALABAMA | ||
% of loan portfolio | 3.57% | 3.35% |
NORTH CAROLINA | ||
% of loan portfolio | 2.43% | 2.23% |
ARKANSAS | ||
% of loan portfolio | 1.38% | |
MISSOURI | ||
% of loan portfolio | 1.26% | 1.19% |
NEW JERSEY | ||
% of loan portfolio | 2.83% | |
CONNECTICUT | ||
% of loan portfolio | 0% | 2.87% |
Other [Member] | ||
% of loan portfolio | 9.17% | 10.91% |
Note 4 - CMBS Trusts - Schedule
Note 4 - CMBS Trusts - Schedule of Recognized Trusts Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Mortgage loans held in variable interest entities, at fair value | $ 283,866 | $ 241,517 |
Bonds payable held in variable interest entities, at fair value | 1,273,519 | |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Mortgage loans held in variable interest entities, at fair value | 6,980,129 | 7,192,547 |
Accrued interest receivable | 2,898 | 2,212 |
Bonds payable held in variable interest entities, at fair value | 6,488,498 | 6,726,272 |
Accrued interest payable | $ (2,168) | $ (1,500) |
Note 4 - CMBS Trusts - Schedu_2
Note 4 - CMBS Trusts - Schedule of Change in Net Assets Related to Consolidated CMBS Variable Interest Entities (Details) - Variable Interest Entity, Primary Beneficiary [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net interest earned | $ 9,455 | $ 7,819 | $ 25,623 | $ 19,943 |
Unrealized gain (loss) | (12,103) | 12,421 | (20,304) | 28,982 |
Change in net assets related to consolidated CMBS variable interest entities | $ (2,648) | $ 20,240 | $ 5,319 | $ 48,925 |
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] | Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Percentage of Collateral Unpaid Principal Balance | 100% | 100% | 100% |
Multifamily [Member] | |||
Percentage of Collateral Unpaid Principal Balance | 98.50% | 98.42% | |
Manufactured Housing [Member] | |||
Percentage of Collateral Unpaid Principal Balance | 1.50% | 1.58% | |
TEXAS | |||
Percentage of Collateral Unpaid Principal Balance | 17.45% | 16.88% | |
FLORIDA | |||
Percentage of Collateral Unpaid Principal Balance | 13.62% | 14.77% | |
CALIFORNIA | |||
Percentage of Collateral Unpaid Principal Balance | 8.98% | 8.50% | |
ARIZONA | |||
Percentage of Collateral Unpaid Principal Balance | 7.38% | 10.37% | |
WASHINGTON | |||
Percentage of Collateral Unpaid Principal Balance | 6.83% | 6.19% | |
NEW JERSEY | |||
Percentage of Collateral Unpaid Principal Balance | 4.53% | 4.65% | |
GEORGIA | |||
Percentage of Collateral Unpaid Principal Balance | 4.53% | 4.97% | |
COLORADO | |||
Percentage of Collateral Unpaid Principal Balance | 6.01% | 4.08% | |
NEVADA | |||
Percentage of Collateral Unpaid Principal Balance | 3.23% | 3.51% | |
CONNECTICUT | |||
Percentage of Collateral Unpaid Principal Balance | 3.52% | 3.02% | |
NORTH CAROLINA | |||
Percentage of Collateral Unpaid Principal Balance | 3.41% | 3.12% | |
NEW YORK | |||
Percentage of Collateral Unpaid Principal Balance | 2.77% | 2.45% | |
OHIO | |||
Percentage of Collateral Unpaid Principal Balance | 1.94% | 1.72% | |
INDIANA | |||
Percentage of Collateral Unpaid Principal Balance | 1.64% | 1.68% | |
VIRGINIA | |||
Percentage of Collateral Unpaid Principal Balance | 1.56% | 1.70% | |
ILLINOIS | |||
Percentage of Collateral Unpaid Principal Balance | 1.32% | ||
MISSOURI | |||
Percentage of Collateral Unpaid Principal Balance | 1.24% | 1.26% | |
MICHIGAN | |||
Percentage of Collateral Unpaid Principal Balance | 1.07% | 1.56% | |
Other [Member] | |||
Percentage of Collateral Unpaid Principal Balance | 8.97% | 8.02% |
Note 5 - Common Stock Investm_3
Note 5 - Common Stock Investments (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | ||
Apr. 14, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Debt Conversion, Converted Instrument, Amount | $ 25,000 | $ 0 | |
Convertible Note [Member] | |||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 17.50 | ||
Stock Issued During Period, Shares, Conversion of Convertible Securities (in shares) | 1,394,213 | ||
Debt Conversion, Converted Instrument, Amount | $ 25,000 | ||
Private REIT [Member] | |||
Private Offering, Price Per Share (in dollars per share) | $ 20 | ||
NexPoint Storage Partners [Member] | |||
Equity Method Investment, Ownership Percentage | 25.80% |
Note 5 - Common Stock Investm_4
Note 5 - Common Stock Investments - Schedule of Common Stock Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Common stock investments, at fair value | $ 83,619 | $ 58,460 |
NexPoint Storage Partners [Member] | ||
Investment, shares (in shares) | 41,963 | 41,963 |
Common stock investments, at fair value | $ 55,734 | $ 58,460 |
Private REIT [Member] | ||
Investment, shares (in shares) | 1,394,213 | 0 |
Common stock investments, at fair value | $ 27,885 | $ 0 |
Note 5 - Common Stock Investm_5
Note 5 - Common Stock Investments - Change in Unrealized Gain on Common Stock Investment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Change in unrealized gain (loss) on common stock investments | $ (3,189) | $ 1,362 | $ 159 | $ 4,695 |
NexPoint Storage Partners [Member] | ||||
Change in unrealized gain (loss) on common stock investments | (3,189) | 1,362 | (2,726) | 4,695 |
Private REIT [Member] | ||||
Change in unrealized gain (loss) on common stock investments | $ 0 | $ 0 | $ 2,885 | $ 0 |
Note 6 - CMBS Structured Pass_3
Note 6 - CMBS Structured Pass-through Certificates, MSCR Notes and Mortgage Backed Securities (Details Textual) - Multifamily [Member] - USD ($) $ in Millions | Mar. 18, 2022 | Feb. 03, 2022 | Sep. 29, 2021 | Jun. 11, 2021 | May 04, 2021 | Apr. 28, 2021 |
CMBS I/O Strip, Four [Member] | ||||||
Payments for Purchase of Securities, Operating Activities | $ 15 | $ 50 | ||||
CMBS IO Strip Seven [Member] | ||||||
Payments for Purchase of Securities, Operating Activities | $ 50 | $ 40 | $ 35 | $ 80 |
Note 6 - CMBS Structured Pass_4
Note 6 - CMBS Structured Pass-through Certificates, MSCR Notes and Mortgage Backed Securities - Summary of CMBS I/O Strips (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Dec. 31, 2021 | ||||
MSCR Notes [Member] | |||||
Debt security, investment, at fair value | $ 10,218 | $ 0 | |||
Collateralized Mortgage-Backed Securities [Member] | |||||
Debt security, investment, at fair value | $ 33,650 | 0 | |||
Interest rate | 6.42% | ||||
Current yield | [1] | 6.59% | |||
Multifamily [Member] | CMBS I/O Strip, One [Member] | |||||
Debt security, investment, at fair value | $ 1,888 | $ 2,356 | |||
Interest rate | 2.09% | 2.02% | |||
Current yield | [1] | 15.05% | 14.47% | ||
Multifamily [Member] | CMBS I/O Strip, Two [Member] | |||||
Debt security, investment, at fair value | $ 19,395 | $ 8,383 | |||
Interest rate | 3.09% | 0.10% | |||
Current yield | [1] | 16.13% | 14.67% | ||
Multifamily [Member] | CMBS I/O Strip, Three [Member] | |||||
Debt security, investment, at fair value | $ 5,842 | [2] | $ 23,188 | ||
Interest rate | 1.71% | 2.98% | |||
Current yield | [1] | 16.15% | 14.48% | ||
Multifamily [Member] | CMBS I/O Strip, Four [Member] | |||||
Debt security, investment, at fair value | $ 3,855 | $ 7,274 | [3] | ||
Interest rate | 3.50% | 1.59% | |||
Current yield | [1] | 15.79% | 13.88% | ||
Multifamily [Member] | CMBS I/O Strip, Five [Member] | |||||
Debt security, investment, at fair value | $ 470 | $ 4,781 | |||
Interest rate | 2.39% | 3.38% | |||
Current yield | [1] | 18.85% | 14.16% | ||
Multifamily [Member] | CMBS I/O Strip, Six [Member] | |||||
Debt security, investment, at fair value | $ 4,952 | [4] | $ 589 | ||
Interest rate | 1.34% | 2.31% | |||
Current yield | [1] | 14.96% | 16.56% | ||
Multifamily [Member] | CMBS IO Strip Seven [Member] | |||||
Debt security, investment, at fair value | $ 1,249 | $ 6,424 | [5] | ||
Interest rate | 1.30% | 1.26% | |||
Current yield | [1] | 18.20% | 13.57% | ||
Multifamily [Member] | CMBS IO Strip Eight [Member] | |||||
Debt security, investment, at fair value | $ 2,592 | $ 1,850 | |||
Interest rate | 1.96% | 1.20% | |||
Current yield | [1] | 16% | 17.02% | ||
Multifamily [Member] | CMBS I/O Strip, Nine [Member] | |||||
Debt security, investment, at fair value | $ 1,384 | $ 3,246 | |||
Interest rate | 3.20% | 1.89% | |||
Current yield | [1] | 13.84% | 14.30% | ||
Multifamily [Member] | CMBS I/O Strip, Ten [Member] | |||||
Debt security, investment, at fair value | $ 260 | $ 1,697 | |||
Interest rate | 2.70% | 3.10% | |||
Current yield | [1] | 14.56% | 12.55% | ||
Multifamily [Member] | CMBS I/O Strip, Eleven [Member] | |||||
Debt security, investment, at fair value | $ 3,887 | $ 317 | |||
Interest rate | 2.04% | 2.61% | |||
Current yield | [1] | 15.51% | 13.14% | ||
Multifamily [Member] | CMBS I/O Strip, Twelve [Member] | |||||
Debt security, investment, at fair value | $ 3,984 | $ 4,827 | |||
Interest rate | 3.05% | 1.92% | |||
Current yield | [1] | 13.84% | 13.53% | ||
Multifamily [Member] | CMBS I/O Strip, Thirteen [Member] | |||||
Debt security, investment, at fair value | $ 4,884 | ||||
Interest rate | 2.95% | ||||
Current yield | [1] | 12.55% | |||
Multifamily [Member] | CMBS I/O Strips [Member] | |||||
Debt security, investment, at fair value | $ 49,758 | $ 69,816 | |||
Interest rate | 2.55% | 2.15% | |||
Current yield | [1] | 15.72% | 14.16% | ||
Multifamily [Member] | MSCR Notes One [Member] | |||||
Debt security, investment, at fair value | $ 3,946 | ||||
Interest rate | 11.68% | ||||
Current yield | [1] | 11.68% | |||
Multifamily [Member] | MSCR Notes Two [Member] | |||||
Debt security, investment, at fair value | $ 4,906 | ||||
Interest rate | 8.68% | ||||
Current yield | [1] | 8.68% | |||
Multifamily [Member] | MSCR Notes 3 [Member] | |||||
Debt security, investment, at fair value | $ 1,366 | ||||
Interest rate | 9.03% | ||||
Current yield | [1] | 9.92% | |||
Multifamily [Member] | MSCR Notes [Member] | |||||
Debt security, investment, at fair value | $ 10,218 | ||||
Interest rate | 9.89% | ||||
Current yield | [1] | 10% | |||
Multifamily [Member] | Mortgage Backed Securities 5 [Member] | |||||
Debt security, investment, at fair value | $ 5,000 | ||||
Interest rate | 7.80% | ||||
Current yield | [1] | 7.78% | |||
Single Family [Member] | Mortgage Backed Securities 1 [Member] | |||||
Debt security, investment, at fair value | $ 9,975 | ||||
Interest rate | 5.59% | ||||
Current yield | [1] | 5.85% | |||
Single Family [Member] | Mortgage Backed Securities 2 [Member] | |||||
Debt security, investment, at fair value | $ 9,293 | ||||
Interest rate | 4.87% | ||||
Current yield | [1] | 5.10% | |||
Single Family [Member] | Mortgage Backed Securities 3 [Member] | |||||
Debt security, investment, at fair value | $ 546 | ||||
Interest rate | 6.23% | ||||
Current yield | [1] | 6.34% | |||
Single Family [Member] | Mortgage Backed Securities 4 [Member] | |||||
Debt security, investment, at fair value | $ 856 | ||||
Interest rate | 3.60% | ||||
Current yield | [1] | 4.26% | |||
Self-storage [Member] | Mortgage Backed Securities 6 [Member] | |||||
Debt security, investment, at fair value | $ 7,980 | ||||
Interest rate | 8.73% | ||||
Current yield | [1] | 8.75% | |||
[1]Current yield is the annualized income earned divided by the cost basis of the investment.[2]The Company, through the Subsidiary OPs, purchased approximately $50.0 million and $15.0 million aggregate notional amount of the X1 interest-only tranche of the FHMS K-107 CMBS I/O Strip on April 28, 2021 and May 4, 2021, respectively.[3]The Company, through the Subsidiary OPs, purchased approximately $50.0 million and $15.0 million aggregate notional amount of the X1 interest-only tranche of the FHMS K-107 CMBS I/O Strip on April 28, 2021 and May 4, 2021, respectively.[4]The Company, through the Subsidiary OPs, purchased approximately $80.0 million, $35.0 million, $40.0 million and $50.0 million aggregate notional amount of the X1 interest-only tranche of the FRESB 2019-SB64 CMBS I/O Strip on June 11, 2021, September 29, 2021, February 3, 2022 and March 18, 2022, respectively.[5]The Company, through the Subsidiary OPs, purchased approximately $80.0 million and $35.0 million aggregate notional amount of the X1 interest-only tranche of the FRESB 2019-SB64 CMBS I/O Strip on June 11, 2021 and September 29, 2021, respectively. |
Note 6 - CMBS Structured Pass_5
Note 6 - CMBS Structured Pass-through Certificates, MSCR Notes and Mortgage Backed Securities - Schedule of Activity Related to CMBS I/O Strips (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Total | $ (1,940) | $ 1,618 | $ (7,247) | $ 3,260 |
Commercial Mortgage-Backed Securities [Member] | ||||
Net interest earned | 2,237 | 1,263 | 4,811 | 2,466 |
Unrealized gain (loss) | (3,904) | 355 | (11,555) | 794 |
MSCR Notes [Member] | ||||
Unrealized gain (loss) | 44 | 0 | (147) | 0 |
Collateralized Mortgage-Backed Securities [Member] | ||||
Unrealized gain (loss) | $ (317) | $ 0 | $ (356) | $ 0 |
Note 7 - Bridge Loan (Details T
Note 7 - Bridge Loan (Details Textual) - Bridge Loan [Member] $ in Millions | Mar. 31, 2022 USD ($) |
Financing Receivable, after Allowance for Credit Loss, Current, Total | $ 13.5 |
Prime Rate [Member] | |
Loans Receivable, Basis Spread on Variable Rate | 1.50% |
Note 8 - Real Estate Investme_3
Note 8 - Real Estate Investment, Net (Details Textual) - Multifamily Property [Member] - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Real Estate Property, Percent Occupied | 96.10% | 95.60% |
Real Estate, Effective Rent Per Unit | $ 1,649 | $ 1,526 |
Note 8 - Real Estate Investme_4
Note 8 - Real Estate Investment, Net - Investments in Properties (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Total Real Estate Investment, Net | $ 59,940 | $ 62,269 |
Hudson Montford [Member] | ||
Hudson Montford | 61,420 | 62,269 |
Accumulated depreciation and amortization | (1,480) | 0 |
Total Real Estate Investment, Net | 59,940 | 62,269 |
Hudson Montford [Member] | Land [Member] | ||
Hudson Montford | 10,996 | 10,996 |
Accumulated depreciation and amortization | 0 | 0 |
Total Real Estate Investment, Net | 10,996 | 10,996 |
Hudson Montford [Member] | Building and Building Improvements [Member] | ||
Hudson Montford | 49,817 | 49,807 |
Accumulated depreciation and amortization | (1,328) | 0 |
Total Real Estate Investment, Net | 48,489 | 49,807 |
Hudson Montford [Member] | Intangible Lease Assets [Member] | ||
Hudson Montford | 0 | 954 |
Accumulated depreciation and amortization | 0 | 0 |
Total Real Estate Investment, Net | 0 | 954 |
Hudson Montford [Member] | Furniture, Fixtures, and Equipment [Member] | ||
Hudson Montford | 607 | 512 |
Accumulated depreciation and amortization | (152) | 0 |
Total Real Estate Investment, Net | $ 455 | $ 512 |
Note 8 - Real Estate Investme_5
Note 8 - Real Estate Investment, Net - Revenue and Expenses of Property (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest expense | $ 10,682 | $ 7,790 | $ 28,607 | $ 21,876 |
General and administrative expenses | 1,677 | 1,476 | 5,308 | 4,810 |
Depreciation and amortization of real estate investment | 2,435 | 0 | ||
Net income (loss) from consolidated real estate owned | 148 | 0 | (596) | 0 |
Multifamily Property [Member] | ||||
Other income | 8 | 0 | 29 | 0 |
Total revenues | 996 | 0 | 2,838 | 0 |
Interest expense | 373 | 0 | 875 | 0 |
Real estate taxes and insurance | 119 | 0 | 373 | 0 |
Property operating expenses | 174 | 0 | 495 | 0 |
General and administrative expenses | 29 | 0 | 98 | 0 |
Property management fees | 28 | 0 | 81 | 0 |
Depreciation and amortization of real estate investment | 545 | 0 | 2,435 | 0 |
Rate cap (income) expense | (420) | 0 | (923) | 0 |
Total expenses | 848 | 0 | 3,434 | 0 |
Net income (loss) from consolidated real estate owned | 148 | 0 | (596) | 0 |
Multifamily Property [Member] | Rental Income [Member] | ||||
Rental income | $ 988 | $ 0 | $ 2,809 | $ 0 |
Note 9 - Debt (Details Textual)
Note 9 - Debt (Details Textual) $ in Thousands | 9 Months Ended | |||||||||||
Jun. 30, 2022 USD ($) | May 20, 2022 USD ($) | Jan. 25, 2022 USD ($) | Dec. 20, 2021 USD ($) | Apr. 20, 2021 USD ($) | Oct. 20, 2020 USD ($) | Oct. 15, 2020 USD ($) | Jul. 12, 2019 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |||
Loans and Leases Receivable, Number of Loans | 47 | 51 | ||||||||||
Loans and Leases Receivable, Weighted Average Fixed Rate | [1] | 91.33% | 95.48% | |||||||||
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% | |||||||||||
Interest Receivable | $ 300 | |||||||||||
Unsecured Debt [Member] | ||||||||||||
Debt, Weighted Average Interest Rate | [2] | 7.50% | 7.50% | |||||||||
Unsecured Debt [Member] | OP [Member] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | |||||||||||
Debt Instrument, Face Amount | $ 36,500 | |||||||||||
Debt Instrument, Percentage of Par Value | 99% | |||||||||||
Proceeds from Issuance of Unsecured Debt | $ 36,100 | |||||||||||
Multifamily Property Debt [Member] | ||||||||||||
Debt Instrument, Repayment Premium, Percent | 1% | |||||||||||
Debt Instrument, Face Amount | $ 32,480 | $ 32,480 | ||||||||||
Debt, Weighted Average Interest Rate | 5.80% | [2] | 2.76% | |||||||||
Credit Facility [Member] | Freddie Mac [Member] | ||||||||||||
Proceeds from Long-Term Lines of Credit | $ 788,800 | |||||||||||
Long-Term Line of Credit, Total | $ 629,300 | |||||||||||
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 | 351,000 | |||||||||||
Debt Instrument, Collateral Amount | $ 1,000,000 | |||||||||||
Credit Facility [Member] | The 5.75 Percent Senior Notes Due 2026 [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 75,000 | |||||||||||
The 5.75 Percent Senior Notes Due 2026 [Member] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | 5.75% | ||||||||||
Debt Instrument, Percentage of Par Value | 96.50% | 96.30% | ||||||||||
Extinguishment of Debt, Amount | $ 2,000 | $ 3,000 | ||||||||||
Repayments of Debt | $ 2,000 | $ 2,900 | ||||||||||
The 5.75 Percent Senior Notes Due 2026 [Member] | Unsecured Debt [Member] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |||||||||||
Debt Instrument, Face Amount | $ 75,000 | |||||||||||
Debt Instrument, Percentage of Par Value | 99.50% | |||||||||||
Proceeds from Issuance of Unsecured Debt | $ 73,100 | |||||||||||
Debt, Weighted Average Interest Rate | [2] | 5.75% | 5.75% | |||||||||
Proceeds from Issuance of Debt | $ 73,100 | |||||||||||
The Second 5.75 Percent Senior Notes [Member] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |||||||||||
Debt Instrument, Face Amount | $ 60,000 | |||||||||||
Debt Instrument, Percentage of Par Value | 102.80% | |||||||||||
Proceeds from Issuance of Debt | $ 60,900 | |||||||||||
The Third 5.75 Percent Senior Notes [Member] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |||||||||||
Debt Instrument, Face Amount | $ 35,000 | |||||||||||
Debt Instrument, Percentage of Par Value | 100.90% | |||||||||||
Proceeds from Issuance of Debt | $ 35,100 | |||||||||||
[1]The weighted-average of loans paying a fixed rate is weighted on current principal balance.[2]Weighted-average interest rate using unpaid principal balances. |
Note 9 - Debt - Summary of Fina
Note 9 - Debt - Summary of Financing Arrangements (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 | Dec. 31, 2021 | Apr. 20, 2021 | ||||
Unsecured Debt [Member] | ||||||
Weighted average interest rate | [1] | 7.50% | 7.50% | |||
Facility [Member] | ||||||
Outstanding face amount | $ 1,273,519 | $ 1,276,530 | ||||
Carrying value | $ 1,269,993 | $ 1,273,051 | ||||
Weighted average interest rate | [1] | 3.56% | 2.72% | |||
Weighted average life (Year) | [2] | 3 years 10 months 24 days | 4 years 9 months 18 days | |||
Facility [Member] | Unsecured Debt [Member] | ||||||
Outstanding face amount | $ 36,500 | $ 36,500 | ||||
Carrying value | $ 35,452 | $ 35,233 | ||||
Weighted average life (Year) | [2] | 3 years 1 month 6 days | 3 years 9 months 18 days | |||
Collateral [Member] | ||||||
Collateral outstanding amount | $ 1,795,553 | $ 2,994,912 | ||||
Amortized cost basis | 1,462,247 | 1,510,465 | ||||
Collateral carrying value | [3] | $ 1,465,089 | $ 1,541,857 | |||
Collateral weighted average life (Year) | [2] | 6 years 8 months 12 days | 7 years 7 months 6 days | |||
Master Repurchase Agreements Collateralized By CMBS[Member] | Mizuho [Member] | ||||||
Outstanding face amount | $ 351,037 | [4] | $ 286,324 | [5] | ||
Carrying value | $ 351,037 | [4] | $ 286,324 | [5] | ||
Weighted average interest rate | [1] | 4.64% | [4] | 1.97% | [5] | |
Weighted average life (Year) | [2] | 2 months 19 days | [4] | 10 days | [5] | |
Collateral outstanding amount | $ 1,001,008 | [4] | $ 2,101,790 | [5] | ||
Amortized cost basis | 564,848 | [4] | 499,975 | [5] | ||
Collateral carrying value | [3] | $ 567,690 | [4] | $ 531,367 | [5] | |
Collateral weighted average life (Year) | [2] | 7 years 3 months 18 days | [4] | 8 years | [5] | |
Asset Specific Financing [Member] | Freddie Mac [Member] | Facility [Member] | ||||||
Outstanding face amount | $ 629,250 | $ 726,312 | ||||
Carrying value | $ 629,250 | $ 726,312 | ||||
Weighted average interest rate | [1] | 2.35% | 2.41% | |||
Weighted average life (Year) | [2] | 5 years 7 months 6 days | 6 years 6 months | |||
Asset Specific Financing [Member] | Freddie Mac [Member] | Collateral [Member] | ||||||
Collateral outstanding amount | $ 688,728 | $ 795,223 | ||||
Amortized cost basis | 729,004 | 847,364 | ||||
Collateral carrying value | [3] | $ 729,004 | $ 847,364 | |||
Collateral weighted average life (Year) | [2] | 5 years 7 months 6 days | 6 years 6 months | |||
Mezzanine Loan [Member] | Freddie Mac [Member] | Facility [Member] | ||||||
Outstanding face amount | $ 59,252 | $ 59,914 | ||||
Carrying value | $ 59,252 | $ 59,914 | ||||
Weighted average interest rate | [1] | 0.30% | 0.30% | |||
Weighted average life (Year) | [2] | 7 years 6 months | 8 years 3 months 18 days | |||
Mezzanine Loan [Member] | Freddie Mac [Member] | Collateral [Member] | ||||||
Collateral outstanding amount | $ 105,817 | $ 97,899 | ||||
Amortized cost basis | 108,455 | 100,857 | ||||
Collateral carrying value | [3] | $ 108,455 | $ 100,857 | |||
Collateral weighted average life (Year) | [2] | 7 years 6 months | 8 years 3 months 18 days | |||
Multifamily Property Debt [Member] | ||||||
Outstanding face amount | $ 32,480 | $ 32,480 | ||||
Carrying value | $ 32,212 | $ 32,176 | ||||
Weighted average interest rate | 5.80% | [1] | 2.76% | |||
Weighted average life (Year) | 5 years 8 months 12 days | [2] | 6 years 4 months 24 days | |||
Amortized cost basis | $ 59,940 | $ 62,269 | ||||
Collateral carrying value | $ 59,940 | [3] | $ 62,269 | |||
Collateral weighted average life (Year) | 5 years 8 months 12 days | [2] | 6 years 4 months 24 days | |||
The 5.75 Percent Senior Notes Due 2026 [Member] | Unsecured Debt [Member] | ||||||
Outstanding face amount | $ 75,000 | |||||
Weighted average interest rate | [1] | 5.75% | 5.75% | |||
The 5.75 Percent Senior Notes Due 2026 [Member] | Facility [Member] | Unsecured Debt [Member] | ||||||
Outstanding face amount | $ 165,000 | $ 135,000 | ||||
Carrying value | $ 162,790 | $ 133,092 | ||||
Weighted average life (Year) | [2] | 3 years 6 months | 4 years 3 months 18 days | |||
[1]Weighted-average interest rate using unpaid principal balances.[2]Weighted-average life is determined using the maximum maturity date of the corresponding loans, assuming all extension options are exercised by the borrower.[3]CMBS are shown at fair value on an unconsolidated basis. SFR Loans and mezzanine loans are shown at amortized cost.[4]On April 15, 2020, three of our subsidiaries entered into a master repurchase agreement with Mizuho Securities (“Mizuho”). Borrowings under these repurchase agreements are collateralized by portions of the CMBS B-Pieces, CMBS I/O Strips and SFR pass-through certificates.[5]On April 15, 2020, three of our subsidiaries entered into a master repurchase agreement with Mizuho Securities (“Mizuho”). Borrowings under these repurchase agreements are collateralized by portions of the CMBS B-Pieces and CMBS I/O Strips. |
Note 9 - Debt - Schedule of Out
Note 9 - Debt - Schedule of Outstanding Principal Balances Related to SFR Loans (Details) - Senior Loan [Member] $ in Thousands | Sep. 30, 2022 USD ($) |
Single Family Rental [Member] | |
Secured financing agreements, net | $ 629,250 |
Interest Rate | 2.35% |
Single Family Rental [Member] | Debt Instrument One [Member] | |
Secured financing agreements, net | $ 465,689 |
Interest Rate | 2.24% |
Single Family Rental [Member] | Debt Instrument Two [Member] | |
Secured financing agreements, net | $ 46,093 |
Interest Rate | 2.14% |
Single Family Rental [Member] | Debt Instrument Three [Member] | |
Secured financing agreements, net | $ 34,665 |
Interest Rate | 2.70% |
Single Family Rental [Member] | Debt Instrument Four [Member] | |
Secured financing agreements, net | $ 9,333 |
Interest Rate | 2.79% |
Single Family Rental [Member] | Debt Instrument Five [Member] | |
Secured financing agreements, net | $ 9,284 |
Interest Rate | 2.45% |
Single Family Rental [Member] | Debt Instrument Six [Member] | |
Secured financing agreements, net | $ 8,913 |
Interest Rate | 3.51% |
Single Family Rental [Member] | Debt Instrument Seven [Member] | |
Secured financing agreements, net | $ 8,887 |
Interest Rate | 3.30% |
Single Family Rental [Member] | Debt Instrument Eight [Member] | |
Secured financing agreements, net | $ 8,038 |
Interest Rate | 3.14% |
Single Family Rental [Member] | Debt Instrument Nine [Member] | |
Secured financing agreements, net | $ 6,806 |
Interest Rate | 2.98% |
Single Family Rental [Member] | Debt Instrument Ten [Member] | |
Secured financing agreements, net | $ 5,971 |
Interest Rate | 2.99% |
Single Family Rental [Member] | Debt Instrument Eleven [Member] | |
Secured financing agreements, net | $ 5,642 |
Interest Rate | 2.40% |
Single Family Rental [Member] | Debt Instrument Twelve [Member] | |
Secured financing agreements, net | $ 5,346 |
Interest Rate | 3.14% |
Single Family Rental [Member] | Debt Instrument Thirteen [Member] | |
Secured financing agreements, net | $ 5,037 |
Interest Rate | 2.64% |
Single Family Rental [Member] | Debt Instrument Fourteen [Member] | |
Secured financing agreements, net | $ 4,791 |
Interest Rate | 2.48% |
Single Family Rental [Member] | Debt Instrument Fifteen [Member] | |
Secured financing agreements, net | $ 4,755 |
Interest Rate | 2.97% |
Single Family Rental [Member] | Debt Instrument Sixteen [Member] | |
Secured financing agreements, net | $ 8,723 |
Interest Rate | 0.30% |
Single Family Rental [Member] | Debt Instrument Seventeen [Member] | |
Secured financing agreements, net | $ 7,344 |
Interest Rate | 0.30% |
Single Family Rental [Member] | Debt Instrument Eighteen [Member] | |
Secured financing agreements, net | $ 6,353 |
Interest Rate | 0.30% |
Single Family Rental [Member] | Debt Instrument Nineteen [Member] | |
Secured financing agreements, net | $ 5,881 |
Interest Rate | 0.30% |
Single Family Rental [Member] | Debt Instrument Twenty [Member] | |
Secured financing agreements, net | $ 4,523 |
Interest Rate | 0.30% |
Single Family Rental [Member] | Debt Instrument Twenty One [Member] | |
Secured financing agreements, net | $ 4,179 |
Interest Rate | 0.30% |
Single Family Rental [Member] | Debt Instrument Twenty Two [Member] | |
Secured financing agreements, net | $ 3,390 |
Interest Rate | 0.30% |
Single Family Rental [Member] | Debt Instrument Twenty Three [Member] | |
Secured financing agreements, net | $ 3,348 |
Interest Rate | 0.30% |
Single Family Rental [Member] | Debt Instrument Twenty Four [Member] | |
Secured financing agreements, net | $ 2,454 |
Interest Rate | 0.30% |
Single Family Rental [Member] | Debt Instrument Twenty Five [Member] | |
Secured financing agreements, net | $ 2,264 |
Interest Rate | 0.30% |
Multifamily [Member] | Mezzanine Loan Portfolio [Member] | |
Secured financing agreements, net | $ 59,252 |
Interest Rate | 0.30% |
Multifamily [Member] | Debt Instrument One [Member] | Mezzanine Loan Portfolio [Member] | Wilmington, DE [Member] | |
Secured financing agreements, net | $ 2,215 |
Interest Rate | 0.30% |
Multifamily [Member] | Debt Instrument Two [Member] | Mezzanine Loan Portfolio [Member] | White Marsh, MD [Member] | |
Secured financing agreements, net | $ 2,026 |
Interest Rate | 0.30% |
Multifamily [Member] | Debt Instrument Three [Member] | Mezzanine Loan Portfolio [Member] | Philadelphia, PA [Member] | |
Secured financing agreements, net | $ 1,836 |
Interest Rate | 0.30% |
Multifamily [Member] | Debt Instrument Four [Member] | Mezzanine Loan Portfolio [Member] | Daytona Beach, FL [Member] | |
Secured financing agreements, net | $ 1,763 |
Interest Rate | 0.30% |
Multifamily [Member] | Debt Instrument Five [Member] | Mezzanine Loan Portfolio [Member] | Laurel, MD [Member] | |
Secured financing agreements, net | $ 1,307 |
Interest Rate | 0.30% |
Multifamily [Member] | Debt Instrument Six [Member] | Mezzanine Loan Portfolio [Member] | Temple Hills, MD [Member] | |
Secured financing agreements, net | $ 918 |
Interest Rate | 0.30% |
Multifamily [Member] | Debt Instrument Seven [Member] | Mezzanine Loan Portfolio [Member] | Temple Hills, MD [Member] | |
Secured financing agreements, net | $ 728 |
Interest Rate | 0.30% |
Note 9 - Debt - Activity Relate
Note 9 - Debt - Activity Related to Carrying Value of Secured Financing Agreements and Master Repurchase Agreements (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Repurchase of unsecured notes | $ (4,829) | $ 0 |
Amortization of premiums | 17,179 | 10,484 |
Amortization of deferred financing costs | 36 | 0 |
Secured Financing Agreements and Master Repurchase Agreements [Member] | ||
Balances | 1,273,051 | 1,036,878 |
Principal borrowings | 163,162 | 148,595 |
Principal repayments | (161,999) | (49,869) |
Amortization of premiums | 572 | 386 |
Amortization of deferred financing costs | 36 | 0 |
Balances | $ 1,269,993 | $ 1,135,990 |
Note 9 - Debt - Summary of Aggr
Note 9 - Debt - Summary of Aggregate Scheduled Maturities of Total Debt (Details) $ in Thousands | Sep. 30, 2022 USD ($) | |
2022(1) | $ (351,037) | [1] |
2023 | (4,791) | |
2024 | (5,642) | |
2025 | (82,594) | |
2026 | (206,764) | |
Thereafter | (622,691) | |
Long-Term Debt, Total | (1,273,519) | |
Recourse [Member] | ||
2022(1) | 0 | [1] |
2023 | 0 | |
2024 | 0 | |
2025 | (36,500) | |
2026 | (197,480) | |
Thereafter | 0 | |
Long-Term Debt, Total | (233,980) | |
Nonrecourse [Member] | ||
2022(1) | (351,037) | [1] |
2023 | (4,791) | |
2024 | (5,642) | |
2025 | (46,094) | |
2026 | (9,284) | |
Thereafter | (622,691) | |
Long-Term Debt, Total | $ (1,039,539) | |
[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 10 - Fair Value of Finan_3
Note 10 - Fair Value of Financial Instruments (Details Textual) - Interest Rate Cap [Member] - Designated as Hedging Instrument [Member] $ in Millions | Dec. 30, 2021 USD ($) |
Derivative, Fair Value, Net, Total | $ 32.5 |
Derivative, Strike Price | 2.29 |
Note 10 - Fair Value of Finan_4
Note 10 - Fair Value of Financial Instruments - Schedule of Carrying Values and Fair Values of Financial Assets and Liabilities Recorded at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Common stock investment, at fair value | $ 83,619 | $ 58,460 |
CMBS Structured Pass Through Certificates [Member] | ||
Debt security, investment, at fair value | 49,758 | 69,816 |
MSCR Notes [Member] | ||
Debt security, investment, at fair value | 10,218 | 0 |
Collateralized Mortgage-Backed Securities [Member] | ||
Debt security, investment, at fair value | 33,650 | $ 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Common stock investment, at fair value | 55,734 | |
Fair Value, Recurring [Member] | ||
Cash and cash equivalents | 22,100 | |
Restricted cash | 4,382 | |
Real estate investment, net | 59,940 | |
Loan | 288,954 | |
Common stock investment, at fair value | 83,619 | |
Accrued interest | 13,691 | |
Accounts receivable and other assets | 1,575 | |
Proceeds held in escrow for unsettled purchase | 3,990 | |
Assets, Fair Value Disclosure, Total | 8,282,158 | |
Secured financing agreements, net | 700,877 | |
Master repurchase agreements | 351,037 | |
Unsecured notes, net | 182,779 | |
Mortgages payable, net | 27,213 | |
Accounts payable and other accrued liabilities | 6,131 | |
Accrued interest payable | 8,249 | |
Due to brokers for unsecured notes purchased, not yet settled | 7,980 | |
Liabilities, Fair Value Disclosure, Total | 7,772,763 | |
Fair Value, Recurring [Member] | CMBS Structured Pass Through Certificates [Member] | ||
Debt security, investment, at fair value | 49,758 | |
Fair Value, Recurring [Member] | MSCR Notes [Member] | ||
Debt security, investment, at fair value | 10,218 | |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Debt security, investment, at fair value | 33,650 | |
Fair Value, Recurring [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Bonds payable held in variable interest entities, at fair value | 6,488,498 | |
Fair Value, Recurring [Member] | Mortgages [Member] | ||
Loan | 730,152 | |
Fair Value, Recurring [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Loan | 6,980,129 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 22,100 | |
Restricted cash | 4,382 | |
Real estate investment, net | 0 | |
Loan | 0 | |
Common stock investment, at fair value | 0 | |
Accrued interest | 13,691 | |
Accounts receivable and other assets | 1,575 | |
Proceeds held in escrow for unsettled purchase | 0 | |
Assets, Fair Value Disclosure, Total | 41,748 | |
Secured financing agreements, net | 0 | |
Master repurchase agreements | 0 | |
Unsecured notes, net | 0 | |
Mortgages payable, net | 0 | |
Accounts payable and other accrued liabilities | 6,131 | |
Accrued interest payable | 8,249 | |
Due to brokers for unsecured notes purchased, not yet settled | 7,980 | |
Liabilities, Fair Value Disclosure, Total | 22,360 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | CMBS Structured Pass Through Certificates [Member] | ||
Debt security, investment, at fair value | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | MSCR Notes [Member] | ||
Debt security, investment, at fair value | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Debt security, investment, at fair value | 0 | |
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 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgages [Member] | ||
Loan | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Loan | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | |
Restricted cash | 0 | |
Real estate investment, net | 0 | |
Loan | 0 | |
Common stock investment, at fair value | 27,885 | |
Accrued interest | 0 | |
Accounts receivable and other assets | 0 | |
Proceeds held in escrow for unsettled purchase | 3,990 | |
Assets, Fair Value Disclosure, Total | 7,105,630 | |
Secured financing agreements, net | 0 | |
Master repurchase agreements | 0 | |
Unsecured notes, net | 182,779 | |
Mortgages payable, net | 0 | |
Accounts payable and other accrued liabilities | 0 | |
Accrued interest payable | 0 | |
Due to brokers for unsecured notes purchased, not yet settled | ||
Liabilities, Fair Value Disclosure, Total | 6,671,277 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | CMBS Structured Pass Through Certificates [Member] | ||
Debt security, investment, at fair value | 49,758 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | MSCR Notes [Member] | ||
Debt security, investment, at fair value | 10,218 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Debt security, investment, at fair value | 33,650 | |
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 | 6,488,498 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgages [Member] | ||
Loan | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Loan | 6,980,129 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | |
Restricted cash | 0 | |
Real estate investment, net | 59,940 | |
Loan | 288,954 | |
Common stock investment, at fair value | 55,734 | |
Accrued interest | 0 | |
Accounts receivable and other assets | 0 | |
Proceeds held in escrow for unsettled purchase | 0 | |
Assets, Fair Value Disclosure, Total | 1,134,780 | |
Secured financing agreements, net | 700,877 | |
Master repurchase agreements | 351,037 | |
Unsecured notes, net | 0 | |
Mortgages payable, net | 27,213 | |
Accounts payable and other accrued liabilities | 0 | |
Accrued interest payable | 0 | |
Due to brokers for unsecured notes purchased, not yet settled | ||
Liabilities, Fair Value Disclosure, Total | 1,079,127 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | CMBS Structured Pass Through Certificates [Member] | ||
Debt security, investment, at fair value | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | MSCR Notes [Member] | ||
Debt security, investment, at fair value | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Debt security, investment, at fair value | 0 | |
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 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgages [Member] | ||
Loan | 730,152 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Loan | 0 | |
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | ||
Cash and cash equivalents | 22,100 | |
Restricted cash | 4,382 | |
Real estate investment, net | 59,940 | |
Loan | 283,866 | |
Common stock investment, at fair value | 83,619 | |
Accrued interest | 13,691 | |
Accounts receivable and other assets | 1,575 | |
Proceeds held in escrow for unsettled purchase | 3,990 | |
Assets, Fair Value Disclosure, Total | 8,275,922 | |
Secured financing agreements, net | 688,502 | |
Master repurchase agreements | 351,037 | |
Unsecured notes, net | 198,242 | |
Mortgages payable, net | 32,212 | |
Accounts payable and other accrued liabilities | 6,131 | |
Accrued interest payable | 8,249 | |
Due to brokers for unsecured notes purchased, not yet settled | 7,980 | |
Liabilities, Fair Value Disclosure, Total | 7,780,851 | |
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | CMBS Structured Pass Through Certificates [Member] | ||
Debt security, investment, at fair value | 49,758 | |
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | MSCR Notes [Member] | ||
Debt security, investment, at fair value | 10,218 | |
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Debt security, investment, at fair value | 33,650 | |
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Bonds payable held in variable interest entities, at fair value | 6,488,498 | |
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | Mortgages [Member] | ||
Loan | 729,004 | |
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Loan | $ 6,980,129 |
Note 10 - Fair Value of Finan_5
Note 10 - Fair Value of Financial Instruments - Significant Unobservable Inputs of Level 3 Assets (Details) $ in Thousands | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Common stock investment, at fair value | $ 83,619 | $ 58,460 |
Fair Value, Inputs, Level 3 [Member] | ||
Common stock investment, at fair value | $ 55,734 | |
Fair Value, Inputs, Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Cap Rate [Member] | ||
Common stock investment, measurement input | 0.0538 | |
Fair Value, Inputs, Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | ||
Common stock investment, measurement input | 0.0850 |
Note 10 - Fair Value of Finan_6
Note 10 - Fair Value of Financial Instruments - Changes in Level 3 Assets (Details) - Equity Securities [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Balance | $ 58,460 |
Change in Unrealized Gains (Losses) | (2,726) |
Balance | $ 55,734 |
Note 11 - Stockholders' Equit_2
Note 11 - Stockholders' Equity (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 22 Months Ended | ||||||||||||||||||||
Feb. 21, 2022 | Feb. 14, 2022 | Jan. 07, 2022 | Sep. 10, 2021 | Sep. 08, 2021 | Aug. 20, 2021 | Apr. 01, 2021 | Mar. 03, 2021 | Feb. 22, 2021 | Nov. 02, 2020 | Jul. 24, 2020 | Jun. 24, 2020 | May 08, 2020 | Mar. 09, 2020 | Jan. 31, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Dec. 16, 2021 | Sep. 30, 2021 | Dec. 31, 2021 | Mar. 15, 2022 | Mar. 31, 2021 | |
Common Stock, Shares, Issued (in shares) | 15,266,746 | 15,266,746 | 9,450,921 | ||||||||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 14,979,759 | 14,979,759 | 9,163,934 | ||||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 0 | $ 95,000 | |||||||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 10,000,000 | ||||||||||||||||||||||
Stock Repurchase Program, Period in Force (Year) | 2 years | ||||||||||||||||||||||
Treasury Stock, Shares, Acquired (in shares) | 327,422 | ||||||||||||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 4,800,000 | ||||||||||||||||||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 14.61 | ||||||||||||||||||||||
Stock Repurchased and Retired During Period, Shares (in shares) | 40,435 | ||||||||||||||||||||||
Treasury Stock, Shares, Ending Balance (in shares) | 286,987 | ||||||||||||||||||||||
Stock issuance Agreement, Number of Shares (in shares) | 13,578,905.9 | 13,758,905.9 | |||||||||||||||||||||
Noncontrolling Interest, Shares Redeemed (in shares) | 395,033 | 4,774,572 | 1,479,132 | ||||||||||||||||||||
Stock Issued During Period, Shares, Conversion of Redeemable Noncontrolling Interests (in shares) | 395,033 | 4,774,570 | 1,479,132 | ||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.5000 | $ 0.4750 | $ 1.5000 | $ 1.4250 | |||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||
Dividends Payable, Amount Per Share (in dollars per share) | $ 0.53125 | $ 0.53125 | |||||||||||||||||||||
Dividends Payable, Date Declared | Jul. 27, 2022 | ||||||||||||||||||||||
Dividends Payable, Date to be Paid | Sep. 30, 2022 | ||||||||||||||||||||||
Dividends Payable, Date of Record | Sep. 15, 2022 | ||||||||||||||||||||||
Preferred Stock [Member] | |||||||||||||||||||||||
Dividends Payable, Date Declared | Sep. 21, 2022 | ||||||||||||||||||||||
Dividends Payable, Date to be Paid | Oct. 25, 2022 | ||||||||||||||||||||||
Dividends Payable, Date of Record | Oct. 14, 2022 | ||||||||||||||||||||||
NREF OP IV REIT [Member] | |||||||||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction (in shares) | 125 | ||||||||||||||||||||||
Sale of Stock, Price Per Share (in dollars per share) | $ 1,000 | ||||||||||||||||||||||
Sale of Stock, Consideration Received on Transaction | $ 100,000 | ||||||||||||||||||||||
Preferred Units, Distribution Per Year Rate | 12% | ||||||||||||||||||||||
Preferred Units, Purchase Price (in dollars per share) | $ 1,000 | ||||||||||||||||||||||
Preferred Units, Redemption Value Per Share (in dollars per share) | $ 1,000 | ||||||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||||||||||||||
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture, Total (in shares) | 114,494 | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 276,940 | ||||||||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 2,000,000 | ||||||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 8.50% | ||||||||||||||||||||||
Preferred Stock, Redemption Price Per Share (in dollars per share) | $ 24 | ||||||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 48,000,000 | ||||||||||||||||||||||
Underwriting Discount and Commission Expenses | 1,200,000 | ||||||||||||||||||||||
Payments of Stock Issuance Costs | $ 800,000 | ||||||||||||||||||||||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ 25 | ||||||||||||||||||||||
The 2022 At The Market Program (ATM) [Member] | |||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 531,728 | ||||||||||||||||||||||
Payments of Stock Issuance Costs | $ 869,035 | ||||||||||||||||||||||
Equity Distribution Agreements, Maximum Aggregate Sales Price | $ 100,000,000 | ||||||||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 23.65 | $ 23.65 | |||||||||||||||||||||
At-the-market Offering [Member] | |||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 532,694 | ||||||||||||||||||||||
Payments of Stock Issuance Costs | $ 793,779 | ||||||||||||||||||||||
Equity Distribution Agreements, Maximum Aggregate Sales Price | $ 100,000,000 | ||||||||||||||||||||||
At-the-market Offering [Member] | Series A Preferred Stock [Member] | |||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 0 | ||||||||||||||||||||||
Underwriting Agreement [Member] | |||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 2,000,000 | ||||||||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 21 | ||||||||||||||||||||||
Over-Allotment Option [Member] | |||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 59,700 | 300,000 | |||||||||||||||||||||
2020 LTIP [Member] | |||||||||||||||||||||||
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture, Total (in shares) | 114,494 | ||||||||||||||||||||||
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) | 12,464 | 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) | 264,476 | 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 |
Note 11 - Stockholders' Equit_3
Note 11 - Stockholders' Equity - Number of Restricted Stock Units Granted, Vested, Forfeited and Outstanding (Details) - Restricted Stock Units (RSUs) [Member] | 9 Months Ended | |
Sep. 30, 2022 $ / shares shares | ||
Outstanding (in shares) | shares | 439,087 | |
Outstanding, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 15.97 | |
Granted (in shares) | shares | 276,940 | |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 19.85 | |
Vested (in shares) | shares | (135,488) | [1] |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 19.39 | |
Forfeited (in shares) | shares | (2,889) | |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 20.81 | |
Outstanding (in shares) | shares | 577,650 | |
Outstanding, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 17.89 | |
[1]Certain key employees of the Manager elected to net the taxes owed upon vesting against the shares issued resulting in 114,494 shares being issued as shown on the consolidated statements of stockholders' equity. |
Note 11 - Stockholders' Equit_4
Note 11 - Stockholders' Equity - Vesting Schedule (Details) - Restricted Stock Units (RSUs) [Member] - shares | 9 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2021 | ||
2022 (in shares) | 0 | ||
2023 (in shares) | 201,962 | ||
2024 (in shares) | 189,202 | ||
2025 (in shares) | 120,644 | ||
2026 (in shares) | 65,842 | ||
Total (in shares) | 577,650 | 439,087 | |
Share-Based Payment Arrangement, Vesting in February [Member] | |||
2022 (in shares) | [1] | 0 | |
2023 (in shares) | 133,393 | ||
2024 (in shares) | 120,638 | ||
2025 (in shares) | 120,644 | ||
2026 (in shares) | 65,842 | ||
Total (in shares) | 440,517 | ||
Share-Based Payment Arrangement, Vesting in May [Member] | |||
2022 (in shares) | [1] | 0 | |
2023 (in shares) | 68,569 | ||
2024 (in shares) | 68,564 | ||
2025 (in shares) | 0 | ||
2026 (in shares) | 0 | ||
Total (in shares) | 137,133 | ||
[1]Shares vested prior to June 30, 2022 |
Note 11 - Stockholders' Equit_5
Note 11 - Stockholders' Equity - Summary of ATM Program Sales (Details) - USD ($) | 9 Months Ended | |||
Aug. 20, 2021 | Sep. 30, 2022 | Dec. 16, 2021 | Sep. 30, 2021 | |
Net Proceeds | $ 113,535,000 | $ 32,393,000 | ||
At-the-market Offering [Member] | ||||
Gross Proceeds | $ 11,264,237 | |||
Shares of Common Stock Issued (in shares) | 532,694 | |||
Gross Average Sale Price per Share of Common Stock (in dollars per share) | $ 21.15 | |||
Sales Commissions | $ 168,963 | |||
Offering Costs | 793,779 | |||
Net Proceeds | $ 11,518,000 | $ 10,301,495 | $ 0 | |
Average Price Per Share, net (in dollars per share) | $ 19.34 | |||
The 2022 At The Market Program (ATM) [Member] | ||||
Shares of Common Stock Issued (in shares) | 531,728 | |||
Gross Average Sale Price per Share of Common Stock (in dollars per share) | $ 531,728 | |||
Sales Commissions | $ 188,655 | |||
Offering Costs | 869,035 | |||
Net Proceeds | $ 11,517,803 | |||
Average Price Per Share, net (in dollars per share) | $ 21.66 | |||
Gross Proceeds | $ 12,575,493 | |||
Gross Average Sale Price per Share of Common Stock (in dollars per share) | $ 23.65 | |||
Underwriting Agreement, Including Option Shares [Member] | ||||
Gross Proceeds | $ 43,253,700 | |||
Shares of Common Stock Issued (in shares) | 2,059,700 | |||
Gross Average Sale Price per Share of Common Stock (in dollars per share) | $ 21 | |||
Offering Costs | $ 813,748 | |||
Net Proceeds | $ 40,493,535 | |||
Average Price Per Share, net (in dollars per share) | $ 19.66 | |||
Underwriting Discounts | $ 1,946,417 |
Note 12 - Earnings Per Share -
Note 12 - Earnings Per Share - Computation of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net income (loss) attributable to common stockholders | $ (8,059) | $ 13,233 | $ 9,884 | $ 27,142 |
Net income (loss) attributable to redeemable noncontrolling interests | (1,509) | 11,084 | 5,982 | 32,747 |
Net income for diluted computations | $ (9,568) | $ 24,317 | $ 15,866 | $ 59,889 |
Weighted-average common shares outstanding (in shares) | 14,962 | 6,863 | 14,526 | 5,738 |
Average number of unvested restricted stock units (in shares) | 578 | 440 | 569 | 446 |
Average number of OP Units and SubOP Units (in shares) | 7,138 | 13,417 | 7,307 | 13,663 |
Average number of common shares outstanding - diluted (in shares) | 22,678 | 20,720 | 22,402 | 19,847 |
Basic (in dollars per share) | $ (0.54) | $ 1.93 | $ 0.68 | $ 4.73 |
Diluted (in dollars per share) | $ (0.54) | $ 1.17 | $ 0.71 | $ 3.02 |
Note 13 - Noncontrolling Inte_3
Note 13 - Noncontrolling Interests (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 08, 2021 | |
OP [Member] | ||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 76.42% | |
Class B OP Units [Member] | ||
Limited Liability Units, Voting Power, Percent Per Share | 50% | 50% |
Class A OP Units [Member] | ||
Limited Liability Units, Voting Power, Percent Per Share | 50% | 50% |
Class A OP Units [Member] | OP [Member] | ||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 100% | |
OP [Member] | Manager Affiliates [Member] | Subscription Agreements [Member] | ||
Partners' Capital, Distribution Amount Per Share (in dollars per share) | $ 17.19 | |
Weighted Average Limited Partnership Units Outstanding, Basic (in shares) | 7,138,382 | |
Partners' Capital Account, Redemptions | $ 122.7 |
Note 13 - Noncontrolling Inte_4
Note 13 - Noncontrolling Interests - Redeemable Noncontrolling Interests in the OP (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Redeemable noncontrolling interests in the OP, Balance | $ 261,423 | $ 275,670 |
Net income attributable to redeemable noncontrolling interests in the OP | 5,982 | 32,747 |
Redemption of redeemable noncontrolling interests in the OP | (113,535) | (32,393) |
Distributions to redeemable noncontrolling interests in the OP | (10,708) | (17,032) |
Redeemable noncontrolling interests in the OP, Balance | $ 143,162 | $ 258,992 |
Note 13 - Noncontrolling Inte_5
Note 13 - Noncontrolling Interests - Consolidated Common Shares (Details) - shares | Sep. 30, 2022 | Dec. 31, 2021 |
Common Shares Outstanding (in shares) | 14,979,759 | 9,163,934 |
Noncontrolling Interest [Member] | OP Units [Member] | ||
Partners capital units (in shares) | 7,138,382 | |
Noncontrolling Interest [Member] | Sub OPs [Member] | ||
Partners capital units (in shares) | 22,118,141 |
Note 14 - Related Party Trans_2
Note 14 - Related Party Transactions (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Jun. 30, 2022 | May 20, 2022 | Feb. 21, 2022 | Feb. 14, 2022 | Jan. 07, 2022 | Sep. 08, 2021 | Apr. 20, 2021 | Feb. 22, 2021 | Nov. 02, 2020 | Oct. 15, 2020 | Jun. 24, 2020 | May 29, 2020 | May 08, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Mar. 31, 2022 | |
Payment for Management Fee | $ 0 | |||||||||||||||||||
Stock issuance Agreement, Number of Shares (in shares) | 13,578,905.9 | 13,758,905.9 | ||||||||||||||||||
Noncontrolling Interest, Shares Redeemed (in shares) | 395,033 | 4,774,572 | 1,479,132 | |||||||||||||||||
Stock Issued During Period, Shares, Conversion of Redeemable Noncontrolling Interests (in shares) | 395,033 | 4,774,570 | 1,479,132 | |||||||||||||||||
Management Fee Expense | $ 822 | $ 551 | $ 2,330 | $ 1,587 | ||||||||||||||||
Bridge Loan [Member] | ||||||||||||||||||||
Financing Receivable, after Allowance for Credit Loss, Current, Total | $ 13,500 | |||||||||||||||||||
Bridge Loan [Member] | Prime Rate [Member] | ||||||||||||||||||||
Loans Receivable, Basis Spread on Variable Rate | 1.50% | |||||||||||||||||||
The 5.75 Percent Senior Notes Due 2026 [Member] | ||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | 5.75% | 5.75% | |||||||||||||||||
Debt Instrument, Percentage of Par Value | 96.50% | 96.30% | ||||||||||||||||||
The 5.75 Percent Senior Notes Due 2026 [Member] | Unsecured Debt [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 Debt | $ 73,100 | |||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 276,940 | |||||||||||||||||||
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) | 12,464 | 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) | 264,476 | 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) | 233,385 | |||||||||||||||||||
OP [Member] | Unsecured Debt [Member] | ||||||||||||||||||||
Debt Instrument, Face Amount | $ 36,500 | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | |||||||||||||||||||
Debt Instrument, Percentage of Par Value | 99% | |||||||||||||||||||
NexPoint Real Estate Advisors VII, L.P. [Member] | ||||||||||||||||||||
Percentage of Annual Advisory Paid Monthly | 1.50% | |||||||||||||||||||
Management Fee Expense | $ 2,300 | $ 1,600 | ||||||||||||||||||
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 | 93.50% | 93.50% | ||||||||||||||||||
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 | 73.40% | |||||||||||||||||||
Preferred Equity Investment Maturity Date | May 01, 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 | |||||||||||||||||||
Book Value Of Common Stock Per Share (in dollars per share) | $ 17.72 | |||||||||||||||||||
NexAnnuity Asset Management [Member] | The 5.75 Percent Senior Notes Due 2026 [Member] | Unsecured Debt [Member] | ||||||||||||||||||||
Debt Instrument, Face Amount | $ 2,500 | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Jan. 27, 2022 | Jan. 19, 2022 | Jan. 14, 2022 | Dec. 20, 2021 | Nov. 08, 2021 | Sep. 29, 2021 | Sep. 30, 2022 |
Purchase of Preferred Equity, Purchase Amount | $ 50,000 | ||||||
Purchase of Preferred Equity, Purchase Amount, Option | 25,000 | $ 18,600 | |||||
Purchase of Preferred Equity, Amount Funded | $ 18,500 | $ 200 | $ 900 | $ 3,800 | $ 30,000 | $ 3,000 | |
Preferred Units, Distribution Rate | 10% | ||||||
Preferred Units [Member] | |||||||
Other Commitment, Total | $ 0 |
Note 16 - Subsequent Events (De
Note 16 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Oct. 24, 2022 | Oct. 19, 2022 | Oct. 05, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.5000 | $ 0.4750 | $ 1.5000 | $ 1.4250 | |||
Common Stock [Member] | |||||||
Dividends Payable, Date Declared | Jul. 27, 2022 | ||||||
Dividends Payable, Date to be Paid | Sep. 30, 2022 | ||||||
Dividends Payable, Date of Record | Sep. 15, 2022 | ||||||
Subsequent Event [Member] | |||||||
Payments for Repurchase of Redeemable Preferred Stock | $ 15 | ||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.50 | ||||||
Subsequent Event [Member] | Common Stock [Member] | |||||||
Dividends Payable, Date Declared | Oct. 24, 2022 | ||||||
Dividends Payable, Date to be Paid | Dec. 30, 2022 | ||||||
Dividends Payable, Date of Record | Dec. 15, 2022 | ||||||
Subsequent Event [Member] | Multifamily Property in Kirkland, WA [Member] | Preferred Equity Investment [Member] | |||||||
Payments to Acquire Real Estate Held-for-investment | $ 4 | ||||||
Investment Interest Rate | 10.70% | ||||||
Investment Interest Rate, Cash Paid | 7% |