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Mixed-criticality systems, in which multiple tasks of varying criticality execute on a single hardware platform, are an emerging research area in real-time embedded systems. High-criticality tasks require spatial and temporal isolation guarantees for independent verification, and the task set should efficiently utilize hardware resources. Hardware-based isolation is desirable but often underutilizes hardware resources, which can consist of multiple single-core, multicore, or multithreaded processors. We present FlexPRET, a processor designed specifically for mixed-criticality systems by allowing each task to make a trade-off between hardware-based isolation and efficient processor utilization. FlexPRET uses fine-grained multithreading with flexible scheduling and timing instructions to provide this functionality.