Note 16 - Subsequent Events	3 Months Ended
Mar. 31, 2022
Notes to Financial Statements
Subsequent Events [Text Block]	16. Subsequent Events Preferred Equity Investment On April 7, 2022, the Company, through one of the Subsidiary OPs purchased a preferred equity interest of approximately $2.7 million in a self-storage property in Beaumont, Texas. The investment bears interest at an annual rate of 9.95% plus SOFR. Of this amount, 5.0% is paid in cash on a monthly basis, while the remaining is accrued, compounded on a monthly basis and will be upon redemption, sale of the property, or refinancing of the property. Convertible Note Investment On April 14, 2022, the two convertible notes converted into 1,394,213 shares or $25.0 million of common stock in a ground lease REIT, the parent company of the borrower. The remaining principal and accrued interest was paid off on the date of conversion. SFR Loan On April 25, 2022, one SFR Loan with a principal balance of $6.1 million was paid off. One of the Subsidiary OPs received $1.3 million in prepayment penalties related to the paydown. CMBS Acquisition On April 28, 2022, the Company, through a Subsidiary OP, purchased approximately $42.2 million aggregate principal amount of the Class B tranche of the Freddie Mac SB-58 CMBS at a price equal to 92.6% of par value, or approximately $39.1 million. The investment has a coupon rate of 4.4% and a maturity date of November 25, 2038. Approximately $25.4 million of the purchase price was financed through a repurchase agreement bearing an interest rate of 1.65% over one-month LIBOR. Dividends Declared On April 25, 2022, the Board approved a quarterly dividend of $0.50 per share, payable on June 30, 2022, to common stockholders of record on June 15, 2022.

Note 16 - Subsequent Events

3 Months Ended

Mar. 31, 2022

16. Subsequent Events

Preferred Equity Investment

On April 7, 2022, the Company, through one of the Subsidiary OPs purchased a preferred equity interest of approximately $2.7 million in a self-storage property in Beaumont, Texas. The investment bears interest at an annual rate of 9.95% plus SOFR. Of this amount, 5.0% is paid in cash on a monthly basis, while the remaining is accrued, compounded on a monthly basis and will be upon redemption, sale of the property, or refinancing of the property.

Convertible Note Investment

On April 14, 2022, the two convertible notes converted into 1,394,213 shares or $25.0 million of common stock in a ground lease REIT, the parent company of the borrower. The remaining principal and accrued interest was paid off on the date of conversion.

SFR Loan

On April 25, 2022, one SFR Loan with a principal balance of $6.1 million was paid off. One of the Subsidiary OPs received $1.3 million in prepayment penalties related to the paydown.

CMBS Acquisition

On April 28, 2022, the Company, through a Subsidiary OP, purchased approximately $42.2 million aggregate principal amount of the Class B tranche of the Freddie Mac SB-58 CMBS at a price equal to 92.6% of par value, or approximately $39.1 million. The investment has a coupon rate of 4.4% and a maturity date of November 25, 2038. Approximately $25.4 million of the purchase price was financed through a repurchase agreement bearing an interest rate of 1.65% over one-month LIBOR.

Dividends Declared

On April 25, 2022, the Board approved a quarterly dividend of $0.50 per share, payable on June 30, 2022, to common stockholders of record on June 15, 2022.