CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities
Net loss	$ (79,194)	$ (32,070)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Depreciation and amortization	7,937	6,898
Amortization of intangible lease assets and liabilities	(497)	(525)
Amortization of deferred financing costs	339	447
Amortization of fair value adjustment of assumed debt	820	286
Paid-in-kind interest ($(2,824) and $(2,613) with related parties, respectively)	(5,363)	(4,748)
Net cash (paid) received on derivative settlements	(308)	330
Proceeds from paid-in-kind interest	528	2,272
Realized (gain) loss	(4,981)	21,875
Net change in unrealized (gain) loss on investments held at fair value ($56,711 and $12,381 with related parties, respectively)	74,959	(3,136)
(Gain) on sales of real estate	(37)	0
Unrealized (gain) loss on interest rate derivatives	(12)	(81)
Impairment loss	1,752	0
Equity in (income) losses of unconsolidated ventures ($(206) and $(370) with related parties, respectively)	167	958
Distributions of earnings from unconsolidated ventures ($0 and $502 with related parties, respectively)	5,343	1,787
Stock-based compensation expense	2,467	1,779
Equity security dividends reinvested ($(1,310) and $(4,185) with related parties, respectively)	(1,310)	(4,258)
Deferred tax (benefit) expense	(228)	(190)
Changes in operating assets and liabilities, net of effects of acquisitions:
Income tax payable	(255)	(356)
Real estate taxes payable	2,404	571
Operating assets	1,681	(567)
Operating liabilities	939	681
Net cash provided by (used in) operating activities	7,151	(8,047)
Cash flows from investing activities
Proceeds from asset redemptions ($18,282 and $1,700 with related parties, respectively)	18,312	10,114
Distributions from CLO investments	0	1,266
Sale of consolidated real estate investment	28,306	0
Proceeds from return of investment	15,054	0
Net cash acquired in acquisition of NexPoint Hospitality Trust	0	42,749
Purchases of investments ($(11,558) and $(6,632) with related parties, respectively)	(25,518)	(6,862)
Additions to consolidated real estate investments	(1,294)	(5,045)
Net cash provided by investing activities	34,860	42,222
Cash flows from financing activities
Mortgage proceeds received	411	0
Mortgage payments	(33,952)	(4,121)
Prime brokerage borrowing	3,497	155
Credit facilities payments	(8,665)	(3,000)
Prime brokerage payments	(309)	(588)
Deferred financing costs paid	(522)	(385)
Payments for taxes related to net share settlement of stock-based compensation	(314)	(332)
Distributions paid to common shareholders	(3,015)	(2,456)
Distributions to redeemable noncontrolling interests in the OP	(3)	0
Net cash used in financing activities	(42,041)	(13,037)
Net increase (decrease) in cash, cash equivalents and restricted cash	(30)	21,138
Cash, cash equivalents and restricted cash, beginning of period	48,871	74,307
Cash, cash equivalents and restricted cash, end of period	48,901	53,169
Supplemental Disclosure of Cash Flow Information
Interest paid	12,101	5,903
Income tax paid	1,300	0
Supplemental Disclosure of Noncash Activities
Non-cash distribution payment	10,638	9,384
Non-cash advisory fee payment	2,894	2,705
Increase (decrease) in dividends payable upon vesting of restricted stock units	128	197
Real estate investments assumed in acquisition of NexPoint Hospitality Trust	0	(167,624)
DST investments assumed in acquisition of NexPoint Hospitality Trust	0	(5,000)
Interest rate caps assumed in acquisition of NexPoint Hospitality Trust	0	(1,064)
Notes payable assumed in acquisition of NexPoint Hospitality Trust	0	50,694
Notes payable assumed in merger of NexPoint Hospitality Trust	784	0
Mortgages payable assumed in acquisition of NexPoint Hospitality Trust	0	114,640
APIC assumed in merger of NexPoint Hospitality Trust	(6,059)	0
Right of use assets assumed in acquisition of NexPoint Hospitality Trust	0	(1,465)
Accrued interest payable assumed in acquisition of NexPoint Hospitality Trust	0	6,353
Noncontrolling interests extinguished in merger of NexPoint Hospitality Trust	4,915	0
Noncontrolling interests assumed in acquisition of NexPoint Hospitality Trust	0	6,873
Redeemable noncontrolling interest in the OP from the acquisition of NexPoint Hospitality Trust	359	0
Deconsolidated investments at fair value from the acquisition of NexPoint Hospitality Trust	0	24,981
Accounts receivable and other assets assumed in acquisition of NexPoint Hospitality Trust	0	(1,305)
Prepaid assets and other assets assumed in acquisition of NexPoint Hospitality Trust	0	(1,492)
Accounts payable and other liabilities assumed in acquisition of NexPoint Hospitality Trust	0	14,276
Real estate taxes payable assumed in acquisition of NexPoint Hospitality Trust	0	1,233
Change in capitalized construction costs included in accounts payable and other accrued liabilities	25	(410)
Series A Preferred Shares
Cash flows from financing activities
Distributions paid to preferred shareholders	(2,310)	(2,310)
Series B Preferred Shares
Cash flows from financing activities
Proceeds from issuance of Series B preferred shares through public offering, net of offering costs	3,171	0
Distributions paid to preferred shareholders	$ (30)	$ 0