Note 3 - Loans Held for Investment (Tables)

9 Months Ended

Sep. 30, 2021

Notes Tables

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

							Weighted Average
Loan Type	Outstanding Face Amount		Carrying Value (1)		Loan Count		Fixed Rate (2)			Coupon (3)			Life (years) (4)
September 30, 2021
SFR Loans, held-for-investment	$	816,083	$	871,711		23		100.00	%		4.87	%		6.71
Mezzanine loans, held-for-investment		131,784		134,388		21		79.98	%		7.57	%		6.92
Preferred equity, held-for-investment		18,056		18,246		3		100.00	%		11.25	%		6.82
	$	965,923	$	1,024,345		47		97.27	%		5.36	%		6.74

							Weighted Average
Loan Type	Outstanding Face Amount		Carrying Value (1)		Loan Count		Fixed Rate (2)			Coupon (3)			Life (years) (4)
December 31, 2020
SFR Loans, held-for-investment	$	854,365	$	918,114		26		100.00	%		4.90	%		7.39
Mezzanine loans, held-for-investment		105,399		108,557		19		100.00	%		7.46	%		8.82
Preferred equity, held-for-investment		18,877		19,220		3		100.00	%		7.79	%		7.12
	$	978,641	$	1,045,891		48		100.00	%		5.24	%		7.54

Schedule of Loan and Preferred Equity Portfolio Activity [Table Text Block]

	For the Nine Months Ended September 30,
	2021			2020
Balance at December 31,	$	1,045,891		$	—
Contributions from noncontrolling interests in the OP		—			967,202
Originations		28,911			7,500
Proceeds from principal repayments (1)		(42,130	)		(1,987	)
Proceeds from redemption of mezzanine loan, net		—			(3,221	)
Amortization of loan premium, net (2)		(7,340	)		(5,056	)
Loan loss benefit (provision)		(101	)		(279	)
Realized losses		(886	)		—
Balance at September 30,	$	1,024,345		$	964,159

Financing Receivable Credit Quality Indicators [Table Text Block]

	September 30, 2021
	Number of		Carrying		% of Loan
Risk Rating	Loans		Value		Portfolio
1		—	$	—		—
2		—		—		—
3		47		1,024,345		100.00	%
4		—		—		—
5		—		—		—
		47	$	1,024,345		100.00	%

	December 31, 2020
	Number of		Carrying		% of Loan
Risk Rating	Loans		Value		Portfolio
1		—	$	—		—
2		—		—		—
3		48		1,045,891		100.00	%
4		—		—		—
5		—		—		—
		48	$	1,045,891		100.00	%

Schedule of Loans Held for Investment as a Percentage of Face Amount by Geographic Areas [Table Text Block]

Geography	September 30, 2021			December 31, 2020
Georgia		38.78	%		39.81	%
Florida		22.17	%		20.88	%
Texas		6.83	%		7.26	%
Maryland		5.92	%		7.66	%
Minnesota		5.08	%		4.82	%
Alabama		3.50	%		3.59	%
California		2.64	%		0.00	%
New Jersey		*			1.98	%
North Carolina		1.94	%		1.67	%
Missouri		1.25	%		1.01	%
Mississippi		1.01	%		1.03	%
Other (20 and 19 states each at <1%)		10.87	%		10.29	%
		100.00	%		100.00	%

Collateral Property Type	September 30, 2021			December 31, 2020
Single Family Rental		81.72	%		87.30	%
Multifamily		17.98	%		12.70	%
Life Science		0.30	%		0.00	%
		100.00	%		100.00	%