Note 8 - Debt (Tables)

9 Months Ended

Sep. 30, 2021

Notes Tables

Schedule of Long-term Debt Instruments [Table Text Block]

	September 30, 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		222,533		222,533		N/A	(5)		1.91	%		0.05		1,947,301		392,031		422,900		8.5
Asset Specific Financing
Single Family Rental
Freddie Mac	7/12/2019		745,513		745,513		7/12/2029			2.42	%		6.7		816,083		871,711		871,711		6.7
Mezzanine
Freddie Mac	10/20/2020		59,914		59,914		8/1/2031			0.30	%		8.6		97,899		100,923		100,923		8.6
Unsecured Financing
Various	10/15/2020		36,500		35,160		10/25/2025			7.50	%		4.1		N/A		N/A		N/A		N/A
Various	4/20/2021		75,000		72,870		4/15/2026			5.75	%		4.5		N/A		N/A		N/A		N/A
Total/weighted average		$	1,139,460	$	1,135,990					2.59	%		5.29	$	2,861,283	$	1,364,665	$	1,395,534		8.01

	December 31, 2020
	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		161,465		161,465		N/A	(5)		2.46	%		0.02		1,955,879		313,632		316,827		10.6
Asset Specific Financing
Single Family Rental
Freddie Mac	7/12/2019		780,539		780,539		3/1/2029			2.44	%		7.4		854,365		918,114		918,114		7.4
Mezzanine
Freddie Mac	10/20/2020		59,914		59,914		8/1/2031			0.30	%		9.3		97,899		101,057		101,057		7.1
Unsecured Financing
Various	10/15/2020		36,500		34,960		10/25/2025			7.50	%		4.8		N/A		N/A		N/A		N/A
Total/weighted average		$	1,038,418	$	1,036,878					2.50	%		6.27	$	2,908,143	$	1,332,803	$	1,335,998		9.52

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	$	465,691	Various	Single-family	Fixed		2.24	%	9/1/2028
Senior loan	2/11/2020		55,988	Various	Single-family	Fixed		2.70	%	3/1/2029
Senior loan	2/11/2020		46,094	Various	Single-family	Fixed		2.14	%	10/1/2025
Senior loan	2/11/2020		35,477	Various	Single-family	Fixed		2.70	%	11/1/2028
Senior loan	2/11/2020		15,853	Various	Single-family	Fixed		2.91	%	2/1/2029
Senior loan	2/11/2020		11,090	Various	Single-family	Fixed		3.02	%	10/1/2028
Senior loan	2/11/2020		9,487	Various	Single-family	Fixed		2.79	%	9/1/2028
Senior loan	2/11/2020		9,285	Various	Single-family	Fixed		2.45	%	3/1/2026
Senior loan	2/11/2020		9,091	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		8,152	Various	Single-family	Fixed		3.14	%	1/1/2029
Senior loan	2/11/2020		7,561	Various	Single-family	Fixed		3.02	%	11/1/2028
Senior loan	2/11/2020		7,194	Various	Single-family	Fixed		2.80	%	2/1/2029
Senior loan	2/11/2020		6,914	Various	Single-family	Fixed		2.98	%	2/1/2029
Senior loan	2/11/2020		6,794	Various	Single-family	Fixed		2.69	%	7/1/2028
Senior loan	2/11/2020		6,063	Various	Single-family	Fixed		2.99	%	3/1/2029
Senior loan	2/11/2020		5,741	Various	Single-family	Fixed		2.68	%	11/1/2028
Senior loan	2/11/2020		5,740	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		5,120	Various	Single-family	Fixed		2.64	%	10/1/2028
Senior loan	2/11/2020		4,870	Various	Single-family	Fixed		2.48	%	8/1/2023
Senior loan	2/11/2020		4,829	Various	Single-family	Fixed		2.97	%	1/1/2029
Senior loan	2/11/2020		4,246	Various	Single-family	Fixed		3.06	%	2/1/2029
Total		$	745,513					2.42	%
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
Senior loan	10/20/2020		662	Urbandale, IA	Multifamily	Fixed		0.30	%	11/1/2030
Total		$	59,914					0.30	%

Schedule of Line of Credit Facilities [Table Text Block]

	For the Nine Months Ended September 30,
	2021			2020
Balances as of December 31,	$	1,036,878		$	—
Assumption of debt		—			788,764
Principal borrowings		148,595			160,379
Principal repayments		(49,869	)		(1,992	)
Accretion of loan discounts		386			—
Balances as of September 30,	$	1,135,990		$	947,151

Schedule of Maturities of Long-term Debt [Table Text Block]

Year	Recourse			Non-recourse			Total
2021¹		—		$	(222,533	)	$	(222,533	)
2022		—			—			—
2023		—			(4,870	)		(4,870	)
2024		—			(5,740	)		(5,740	)
2025		(36,500	)		(46,094	)		(82,594	)
Thereafter		(75,000	)		(748,723	)		(823,723	)
	$	(111,500	)	$	(1,027,960	)	$	(1,139,460	)