Note 10 - Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Notes Tables

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

			Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents	$	35,243	$	35,243	$	—	$	—	$	35,243
Restricted cash		180		180		—		—		180
Bridge loan, net		13,433		—		—		13,433		13,433
Real estate investment, net		61,346		—		—		61,346		61,346
Loans, held-for-investment, net		311,630		—		—		328,150		328,150
Common stock investment, at fair value		58,789		—		—		58,789		58,789
Mortgage loans, held-for-investment, net		744,525		—		—		746,286		746,286
Accrued interest and dividends		10,231		10,231		—		—		10,231
Mortgage loans held in variable interest entities, at fair value		6,716,235		—		6,716,235		—		6,716,235
CMBS structured pass-through certificates, at fair value		68,133		—		68,133		—		68,133
Accounts receivable and other assets		1,710		1,710		—		—		1,710
	$	8,021,455	$	47,364	$	6,784,368	$	1,208,004	$	8,039,736
Liabilities
Secured financing agreements, net	$	699,816	$	—	$	—	$	720,367	$	720,367
Master repurchase agreements		296,991		—		—		296,991		296,991
Unsecured notes, net		202,695		—		—		202,695		202,695
Mortgages payable, net		32,188		—		—		32,188		32,188
Accounts payable and other accrued liabilities		6,492		6,492		—		—		6,492
Accrued interest payable		7,696		7,696		—		—		7,696
Bonds payable held in variable interest entities, at fair value		6,266,928		—		6,266,928		—		6,266,928
	$	7,512,806	$	14,188	$	6,266,928	$	1,252,241	$	7,533,357

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

	Carrying Value		Valuation Technique	Unobservable Inputs	Input Values
Common stock investment, at fair value	$	58,789	Discounted cash flow	Terminal cap rate		4.88	%
				Discount rate		9.25	%

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

	Balance as of 12/31/21		Change in Unrealized Gains/(Losses)		Balance as of 3/31/22
Common stock investment, at fair value	$	58,460	$	329	$	58,789