Note 15 - Subsequent Events	9 Months Ended
Sep. 30, 2021
Notes to Financial Statements
Subsequent Events [Text Block]	15. Subsequent Events Financing On October 4, 2021, the Company, through the Subsidiary OPs, entered into a repurchase agreement and borrowed approximately $1.4 million. Approximately $35.0 million notional value of the Company's CMBS I/O Strip investments were posted as collateral. The loan bears interest at a rate of 1.00% over one-month LIBOR. On October 19, 2021, the Company, through the Subsidiary OPs, entered into a repurchase agreement and borrowed approximately $36.3 million. Approximately $93.4 million par value of the Company's B-Piece investments were posted as collateral. The loan bears interest at a rate of 2.00% over one-month LIBOR. SFR Loan On October 25, 2021, one SFR Loan with a principal balance of $12.1 million was paid off. One of the Subsidiary OPs received $3.4 million in prepayment penalties related to the paydown. Preferred Equity Investment On October 26, 2021, the Company, through one of the Subsidiary OPs, purchased a preferred equity interest of approximately $9.8 million in a 280-unit multifamily property in Atlanta, Georgia. The investment bears interest at a fixed rate of 11.0%. Of this amount, 6.0% is paid in cash on a monthly basis, while the remaining 5.0% is accrued, compounded on a monthly basis, and will be paid upon redemption or upon a sale, or refinancing of the property. On November 8, 2021, the Company, through one of the Subsidiary OPs, purchased $30.0 million of the Preferred Units in accordance with the terms of the Company's existing purchase agreement. Bridge Loan On November 1, 2021, the Bridge Loan of $32.8 million was paid off by the borrower. Dividends Declared On November 3, 2021, the Board approved a quarterly dividend of $0.4750 per share, payable on December 15, 2021 to common stockholders of record on December 30, 2021. Also on November 3, 2021, the Board approved a dividend to preferred stockholders of $0.53125 per share, payable on January 25, 2022 to preferred stockholders of record on January 14, 2022.

Note 15 - Subsequent Events

9 Months Ended

Sep. 30, 2021

15. Subsequent Events

Financing

On October 4, 2021, the Company, through the Subsidiary OPs, entered into a repurchase agreement and borrowed approximately $1.4 million. Approximately $35.0 million notional value of the Company's CMBS I/O Strip investments were posted as collateral. The loan bears interest at a rate of 1.00% over one-month LIBOR.

On October 19, 2021, the Company, through the Subsidiary OPs, entered into a repurchase agreement and borrowed approximately $36.3 million. Approximately $93.4 million par value of the Company's B-Piece investments were posted as collateral. The loan bears interest at a rate of 2.00% over one-month LIBOR.

SFR Loan

On October 25, 2021, one SFR Loan with a principal balance of $12.1 million was paid off. One of the Subsidiary OPs received $3.4 million in prepayment penalties related to the paydown.

Preferred Equity Investment

On October 26, 2021, the Company, through one of the Subsidiary OPs, purchased a preferred equity interest of approximately $9.8 million in a 280-unit multifamily property in Atlanta, Georgia. The investment bears interest at a fixed rate of 11.0%. Of this amount, 6.0% is paid in cash on a monthly basis, while the remaining 5.0% is accrued, compounded on a monthly basis, and will be paid upon redemption or upon a sale, or refinancing of the property.

On November 8, 2021, the Company, through one of the Subsidiary OPs, purchased $30.0 million of the Preferred Units in accordance with the terms of the Company's existing purchase agreement.

Bridge Loan

On November 1, 2021, the Bridge Loan of $32.8 million was paid off by the borrower.

Dividends Declared

On November 3, 2021, the Board approved a quarterly dividend of $0.4750 per share, payable on December 15, 2021 to common stockholders of record on December 30, 2021.

Also on November 3, 2021, the Board approved a dividend to preferred stockholders of $0.53125 per share, payable on January 25, 2022 to preferred stockholders of record on January 14, 2022.