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CMBS Structured Pass Through Certificates, MSCR Notes and Mortgage Backed Securities (Tables)
 3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Debt Securities, Trading, and Equity Securities, FV-NI
The following table presents the common stock investments as of March 31, 2023 and December 31, 2022, respectively (in thousands, except share amounts):
InvestmentInvestment
Date		Property TypeSharesFair Value
March 31, 2023December 31, 2022March 31, 2023December 31, 2022
Common Stock
NexPoint Storage Partners11/6/2020Self-storage41,96341,963$50,145 $50,380 
Private REIT4/14/2022Ground lease1,394,2131,394,21326,853 27,884 
The following table presents the equity method investments as of March 31, 2023 and December 31, 2022, respectively (in thousands, except share amounts):
InvestmentInvestment
Date		Property TypeSharesCarrying Value
March 31, 2023December 31, 2022March 31, 2023December 31, 2022
Common Equity
RFGH2/10/2023Multifamily50,000—500 — 
RTB2/24/2023Multifamily50,000—500 — 
The following table presents the CMBS I/O Strips, MSCR Notes and mortgage backed securities as of March 31, 2023 (in thousands):
InvestmentInvestment
Date		Carrying ValueProperty TypeInterest RateCurrent Yield (1) Maturity Date
CMBS I/O Strips
CMBS I/O Strip5/18/2020$1,781 Multifamily2.02 %14.58 %9/25/2046
CMBS I/O Strip8/6/202016,976 Multifamily2.98 %16.44 %6/25/2030
CMBS I/O Strip4/28/2021(2)5,582 Multifamily1.59 %16.02 %1/25/2030
CMBS I/O Strip5/27/20213,636 Multifamily3.39 %16.20 %5/25/2030
CMBS I/O Strip6/7/2021442 Multifamily2.31 %19.65 %11/25/2028
CMBS I/O Strip6/11/2021(3)3,409 Multifamily1.19 %13.75 %5/25/2029
CMBS I/O Strip6/21/20211,043 Multifamily1.18 %17.17 %5/25/2030
CMBS I/O Strip8/10/20212,405 Multifamily1.89 %16.35 %4/25/2030
CMBS I/O Strip8/11/20211,322 Multifamily3.10 %14.08 %7/25/2031
CMBS I/O Strip8/24/2021247 Multifamily2.61 %14.83 %1/25/2031
CMBS I/O Strip9/1/20213,673 Multifamily1.92 %15.48 %6/25/2030
CMBS I/O Strip9/11/20213,792 Multifamily2.95 %14.04 %9/25/2031
Total$44,308 2.47 %15.77 %
MSCR Notes
MSCR Notes5/25/2022$3,899 Multifamily13.98 %13.98 %5/25/2052
MSCR Notes5/25/20224,825 Multifamily10.98 %10.98 %5/25/2052
MSCR Notes9/23/20221,291 Multifamily11.33 %12.45 %11/25/2051
Total$10,015 12.19 %12.34 %
Mortgage Backed Securities
Mortgage Backed Securities6/1/2022$9,793 Single-Family7.79 %8.11 %4/17/2026
Mortgage Backed Securities6/1/20228,286 Single-Family4.87 %5.07 %11/19/2025
Mortgage Backed Securities7/28/2022535 Single-Family6.23 %6.33 %10/17/2027
Mortgage Backed Securities7/28/2022869 Single-Family3.60 %4.20 %6/20/2028
Mortgage Backed Securities9/12/20223,965 Multifamily10.56 %10.54 %1/25/2031
Mortgage Backed Securities9/29/20227,826 Self Storage10.34 %10.36 %9/15/2027
Mortgage Backed Securities3/10/20235,733 Multifamily13.07 %13.10 %2/25/2025
Total$37,007 8.67 %8.82 %
(1)Current yield is the annualized income earned divided by the cost basis of the investment.
(2)The Company, through the Subsidiary OPs, purchased approximately $50.0 million and $15.0 million aggregate notional amount of the X1 interest-only tranche of the FHMS K-107 CMBS I/O Strip on April 28, 2021 and May 4, 2021, respectively.
(3)The Company, through the Subsidiary OPs, purchased approximately $80.0 million, $35.0 million, $40.0 million and $50.0 million aggregate notional amount of the X1 interest-only tranche of the FRESB 2019-SB64 CMBS I/O Strip on June 11, 2021, September 29, 2021, February 3, 2022 and March 18, 2022, respectively.
The following table presents the CMBS I/O Strips as of December 31, 2022 (in thousands):
InvestmentInvestment
Date		Carrying ValueProperty TypeInterest RateCurrent Yield (1)Maturity Date
CMBS I/O Strips
CMBS I/O Strip5/18/2020$1,807 Multifamily2.02 %14.56 %9/25/2046
CMBS I/O Strip8/6/202018,364 Multifamily2.98 %15.98 %6/25/2030
CMBS I/O Strip4/28/2021(2)5,676 Multifamily1.59 %15.52 %1/25/2030
CMBS I/O Strip5/27/20213,693 Multifamily3.39 %15.73 %5/25/2030
CMBS I/O Strip6/7/2021455 Multifamily2.31 %18.91 %11/25/2028
CMBS I/O Strip6/11/2021(3)4,188 Multifamily1.19 %13.34 %5/25/2029
CMBS I/O Strip6/21/20211,117 Multifamily1.18 %16.77 %5/25/2030
CMBS I/O Strip8/10/20212,445 Multifamily1.89 %15.87 %4/25/2030
CMBS I/O Strip8/11/20211,333 Multifamily3.10 %13.74 %7/25/2031
CMBS I/O Strip8/24/2021250 Multifamily2.61 %14.44 %1/25/2031
CMBS I/O Strip9/1/20213,726 Multifamily1.92 %15.03 %6/25/2030
CMBS I/O Strip9/11/20213,822 Multifamily2.95 %13.70 %9/25/2031
Total$46,876 2.46 %15.32 %
MSCR Notes
MSCR Notes5/25/2022$4,019 Multifamily13.02 %13.02 %5/25/2052
MSCR Notes5/25/20224,988 Multifamily10.02 %10.02 %5/25/2052
MSCR Notes9/23/20221,306 Multifamily10.37 %11.40 %11/25/2051
Total$10,313 11.23 %11.36 %
Mortgage Backed Securities
Mortgage Backed Securities6/1/2022$9,638 Single-Family7.08 %7.39 %4/17/2026
Mortgage Backed Securities6/1/20228,966 Single-Family4.87 %5.08 %11/19/2025
Mortgage Backed Securities7/28/2022526 Single-Family6.23 %6.33 %10/17/2027
Mortgage Backed Securities7/28/2022819 Single-Family3.60 %4.23 %6/20/2028
Mortgage Backed Securities9/12/20224,473 Multifamily9.29 %9.27 %1/25/2031
Mortgage Backed Securities9/29/20227,906 Self Storage9.57 %9.59 %9/15/2027
Total$32,328 7.28 %7.45 %
(1)Current yield is the annualized income earned divided by the cost basis of the investment.
(2)The Company, through the Subsidiary OPs, purchased approximately $50.0 million and $15.0 million aggregate notional amount of the X1 interest-only tranche of the FHMS K-107 CMBS I/O Strip on April 28, 2021 and May 4, 2021, respectively.
(3)The Company, through the Subsidiary OPs, purchased approximately $80.0 million, $35.0 million, $40.0 million and $50.0 million aggregate notional amount of the X1 interest-only tranche of the FRESB 2019-SB64 CMBS I/O Strip on June 11, 2021, September 29, 2021, February 3, 2022 and March 18, 2022, respectively.
Schedule of Activity Related to Commercial Mortgage Backed Securities [Table Text Block]
The following table presents activity related to the Company’s CMBS I/O Strips, MSCR Notes and mortgage backed securities (in thousands):
For the Three Months Ended March 31,
20232022
Net interest earned$717 $1,165 
Change in unrealized gain (loss) on CMBS structured pass-through certificates(752)(4,340)
Change in unrealized gain (loss) on MSCR notes(298)— 
Change in unrealized (loss) on mortgage backed securities(606)— 
Total$(939)$(3,175)