Note 9 - Debt (Tables)

3 Months Ended

Mar. 31, 2022

Notes Tables

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

	March 31, 2022
	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		296,991		296,991		N/A	(5)		2.22	%		0.03		2,072,842		479,087		503,642		7.8
Asset Specific Financing
Single Family Rental loans
Freddie Mac	7/12/2019		639,902		639,902		7/12/2029			2.36	%		6.1		700,309		744,525		744,525		6.1
Mezzanine loans
Freddie Mac	10/20/2020		59,914		59,914		8/1/2031			0.30	%		8.1		97,899		100,791		100,791		8.1
Multifamily property
CBRE	12/31/2021		32,480		32,188		6/1/2028	(6)		3.00	%		6.2		N/A		61,346		61,346		6.2
Unsecured Financing
Various	10/15/2020		36,500		35,303		10/25/2025			7.50	%		3.6		N/A		N/A		N/A		N/A
Various	4/20/2021		170,000		167,392		4/15/2026			5.75	%		4.0		N/A		N/A		N/A		N/A
Total/weighted average		$	1,235,787	$	1,231,690					2.86	%		4.4	$	2,871,050	$	1,385,749	$	1,410,304		7.4

	December 31, 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		286,324		286,324		N/A	(5)		1.97	%		0.03		2,101,790		499,975		531,367		8.0
Asset Specific Financing
Single Family Rental
Freddie Mac	7/12/2019		726,312		726,312	7/12/2029				2.41	%		6.5		795,223		847,364		847,364		6.5
Mezzanine
Freddie Mac	10/20/2020		59,914		59,914	8/1/2031				0.30	%		8.3		97,899		100,857		100,857		8.3
Multifamily
CBRE	12/31/2021		32,480		32,176	6/1/2028		(6)		2.76	%		6.4		N/A		62,269		62,269		6.4
Unsecured Financing
Various	10/15/2020		36,500		35,233	10/25/2025				7.50	%		3.8		N/A		N/A		N/A		N/A
Various	4/20/2021		135,000		133,092	4/15/2026				5.75	%		4.3		N/A		N/A		N/A		N/A
Total/weighted average		$	1,276,530	$	1,273,051					2.72	%		4.80	$	2,994,912	$	1,510,465	$	1,541,857		7.6

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	$	465,690	Various	Single-family	Fixed		2.24	%	9/1/2028
Senior loan	2/11/2020		46,094	Various	Single-family	Fixed		2.14	%	10/1/2025
Senior loan	2/11/2020		34,983	Various	Single-family	Fixed		2.70	%	11/1/2028
Senior loan	2/11/2020		9,409	Various	Single-family	Fixed		2.79	%	9/1/2028
Senior loan	2/11/2020		9,284	Various	Single-family	Fixed		2.45	%	3/1/2026
Senior loan	2/11/2020		9,013	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		8,095	Various	Single-family	Fixed		3.14	%	1/1/2029
Senior loan	2/11/2020		6,860	Various	Single-family	Fixed		2.98	%	2/1/2029
Senior loan	2/11/2020		6,016	Various	Single-family	Fixed		2.99	%	3/1/2029
Senior loan	2/11/2020		5,656	Various	Single-family	Fixed		2.68	%	11/1/2028
Senior loan	2/11/2020		5,690	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		5,078	Various	Single-family	Fixed		2.64	%	10/1/2028
Senior loan	2/11/2020		4,830	Various	Single-family	Fixed		2.48	%	8/1/2023
Senior loan	2/11/2020		4,791	Various	Single-family	Fixed		2.97	%	1/1/2029
Senior loan	2/11/2020		4,180	Various	Single-family	Fixed		3.06	%	2/1/2029
Total		$	639,902					2.36	%
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 Three Months Ended March 31,
	2022			2021
Balances as of December 31,	$	1,273,051		$	1,036,878
Principal borrowings		59,314			5,737
Principal repayments		(100,884	)		(5,800	)
Accretion of discounts		197			65
Amortization of deferred financing costs		12			—
Balances as of March 31,	$	1,231,690		$	1,036,880

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

Year	Recourse			Non-recourse			Total
2022(1)	$	—		$	(296,991	)	$	(296,991	)
2023		—			(4,830	)		(4,830	)
2024		—			(5,690	)		(5,690	)
2025		(36,500	)		(46,094	)		(82,594	)
2026		(202,480	)		(9,284	)		(211,764	)
Thereafter		—			(633,918	)		(633,918	)
	$	(238,980	)	$	(996,807	)	$	(1,235,787	)