CIM Real Estate Finance Trust (CMRF) 10-K 30 Mar 22 2021 FY Annual report Financial data

Cover

Cover - USD ($) shares in Millions, $ in Billions	12 Months Ended
	Dec. 31, 2021	Mar. 21, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-54939
Entity Registrant Name	CIM REAL ESTATE FINANCE TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-3148022
Entity Address, Address Line One	2398 East Camelback Road, 4th Floor
Entity Address, City or Town	Phoenix,
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85016
City Area Code	(602)
Local Phone Number	778-8700
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 2.6
Entity common stock, shares outstanding (shares)		437.4
Documents Incorporated by Reference	The Registrant incorporates by reference portions of the CIM Real Estate Finance Trust, Inc. Definitive Proxy Statement for the 2022 Annual Meeting of Stockholders (into Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K).
Entity Central Index Key	0001498547
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Phoenix, Arizona

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real estate assets:
Land	$ 655,273	$ 881,896
Buildings, fixtures and improvements	1,706,902	2,490,030
Intangible lease assets	314,832	389,564
Condominium developments	171,080	0
Total real estate assets, at cost	2,848,087	3,761,490
Less: accumulated depreciation and amortization	(235,481)	(453,385)
Total real estate assets, net	2,612,606	3,308,105
Investments in unconsolidated entities	109,547	0
Real estate-related securities ($41,981 and $38,194 held at fair value as of December 31, 2021 and December 31, 2020, respectively)	105,471	38,194
Loans held-for-investment and related receivables, net	2,624,101	962,624
Less: Current expected credit losses	(15,201)	(70,358)
Total loans held-for-investment and related receivables, net	2,608,900	892,266
Cash and cash equivalents	107,381	121,385
Restricted cash	36,792	7,023
Rents and tenant receivables, net	61,468	74,419
Prepaid expenses and other assets	13,759	10,406
Deferred costs, net	7,214	4,293
Assets held for sale	1,299,638	3,518
Total assets	6,962,776	4,459,609
LIABILITIES AND STOCKHOLDERS’ EQUITY
Notes payable, repurchase facilities and credit facilities, net	4,143,205	2,144,993
Accrued expenses and accounts payable	45,872	30,419
Due to affiliates	14,594	14,723
Intangible lease liabilities, net	24,896	32,718
Distributions payable	13,252	10,969
Deferred rental income, derivative liabilities and other liabilities	21,282	27,361
Total liabilities	4,263,101	2,261,183
Commitments and contingencies
Redeemable common stock	170,714	0
STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 par value per share; 10,000,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.01 par value per share; 490,000,000 shares authorized, 437,373,981 and 362,001,968 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively	4,374	3,620
Capital in excess of par value	3,529,126	3,157,859
Accumulated distributions in excess of earnings	(1,008,561)	(961,006)
Accumulated other comprehensive income (loss)	2,949	(2,047)
Total stockholders’ equity	2,527,888	2,198,426
Non-controlling interests	1,073	0
Total equity	2,528,961	2,198,426
Total liabilities, redeemable common stock, non-controlling interests and stockholders’ equity	$ 6,962,776	$ 4,459,609

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Fair value of CMBS	$ 41,981	$ 38,194
Preferred stock, par value (USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (shares)	10,000,000	10,000,000
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0
Common stock, par value (USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	490,000,000	490,000,000
Common stock, shares issued (shares)	437,373,981	362,001,968
Common stock, shares outstanding (shares)	437,373,981	362,001,968

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Rental and other property income	$ 295,164	$ 261,530	$ 393,224
Interest income	70,561	29,393	20,132
Total revenues	365,725	290,923	413,356
Operating expenses:
General and administrative	15,078	12,042	10,167
Property operating	47,559	23,399	33,462
Real estate tax	34,943	27,691	32,196
Expense reimbursements to related parties	11,624	8,920	9,436
Management fees	47,020	40,025	37,245
Transaction-related	315	355	1,530
Depreciation and amortization	95,190	80,973	107,867
Real estate impairment	18,078	16,737	72,939
Increase in provision for credit losses	2,881	68,356	0
Total operating expenses	272,688	278,498	304,842
Gain on disposition of real estate and condominium developments, net	83,045	27,518	180,666
Merger-related expenses, net	(1,404)	(1,884)	0
Merger termination fee income	0	7,380	0
Operating income	174,678	45,439	289,180
Other expense:
Gain on investment in unconsolidated entities	606	0	0
Interest expense and other, net	(83,899)	(64,116)	(98,933)
Loss on extinguishment of debt	(4,895)	(4,841)	(7,227)
Total other expense	(88,188)	(68,957)	(106,160)
Net income (loss)	86,490	(23,518)	183,020
Net income allocated to noncontrolling interest	0	0	121
Net income (loss) attributable to the Company	$ 86,490	$ (23,518)	$ 182,899
Weighted average number of common shares outstanding:
Basic (shares)	365,726,453	311,808,605	311,302,909
Diluted (shares)	365,726,453	311,808,605	311,302,909
Net income (loss) per common share:
Basic (USD per share)	$ 0.24	$ (0.08)	$ 0.59
Diluted (USD per share)	$ 0.24	$ (0.08)	$ 0.59

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 86,490	$ (23,518)	$ 183,020
Other comprehensive income (loss)
Unrealized gain on real estate-related securities	231	1,657	0
Reclassification adjustment for realized gain (loss) included in income as other income	1,419	(510)	0
Unrealized gain (loss) on interest rate swaps	32	(11,607)	(11,456)
Amount of loss (gain) reclassified from other comprehensive income (loss) into income as interest expense and other, net	3,314	12,321	(3,475)
Total other comprehensive income (loss)	4,996	1,861	(14,931)
Comprehensive income (loss)	91,486	(21,657)	168,089
Comprehensive income allocated to noncontrolling interest	0	0	121
Comprehensive income (loss) attributable to the Company	$ 91,486	$ (21,657)	$ 167,968

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period Of Adoption, Adjustment	Total Stockholders’ Equity	Total Stockholders’ EquityCumulative Effect, Period Of Adoption, Adjustment	Common Stock	Capital in  Excess of Par Value	Accumulated Distributions in Excess of Earnings	Accumulated Distributions in Excess of EarningsCumulative Effect, Period Of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Non-Controlling Interests
Beginning balance (shares) at Dec. 31, 2018					311,381,396
Beginning balance at Dec. 31, 2018	$ 1,816,850		$ 1,816,850		$ 3,114	$ 2,607,330	$ (804,617)		$ 11,023	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (shares)					9,335,895
Issuance of common stock	82,388		82,388		$ 93	82,295
Equity-based compensation (shares)					18,499
Equity-based compensation	138		138			138
Distributions declared on common stock	(194,463)		(194,463)				(194,463)
Redemptions of common stock (shares)					(9,528,065)
Redemptions of common stock	(84,088)		(84,088)		$ (95)	(83,993)
Changes in redeemable common stock	1,155		1,155			1,155
Comprehensive income (loss)	167,968		167,968				182,899		(14,931)
Ending balance (shares) at Dec. 31, 2019					311,207,725
Ending balance at Dec. 31, 2019	1,789,948	$ (2,002)	1,789,948	$ (2,002)	$ 3,112	2,606,925	(816,181)	$ (2,002)	(3,908)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (shares)					4,211,747
Issuance of common stock	34,191		34,191		$ 42	34,149
Issuance of common stock in connection with the Mergers (shares)					52,574,431
Issuance of common stock in connection with the Mergers	384,319		384,319		$ 526	383,793
Equity-based compensation (shares)					22,059
Equity-based compensation	160		160			160
Distributions declared on common stock	(119,305)		(119,305)				(119,305)
Redemptions of common stock (shares)					(6,013,994)
Redemptions of common stock	(48,066)		(48,066)		$ (60)	(48,006)
Changes in redeemable common stock	180,838		180,838			180,838
Comprehensive income (loss)	$ (21,657)		(21,657)				(23,518)		1,861
Ending balance (shares) at Dec. 31, 2020	362,001,968				362,001,968
Ending balance at Dec. 31, 2020	$ 2,198,426		2,198,426		$ 3,620	3,157,859	(961,006)		(2,047)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (shares)					3,574,120
Issuance of common stock	25,784		25,784		$ 36	25,748
Issuance of common stock in connection with the Mergers (shares)					74,819,899
Issuance of common stock in connection with the Mergers	538,703		538,703		$ 748	537,955
Equity-based compensation (shares)					39,000
Equity-based compensation	289		289			289
Distributions declared on common stock	(134,045)		(134,045)				(134,045)
Redemptions of common stock (shares)					(3,061,006)
Redemptions of common stock	(22,041)		(22,041)		$ (30)	(22,011)
Changes in redeemable common stock	(170,714)		(170,714)			(170,714)
Non-controlling interests assumed in connection with the CIM Income NAV Merger	1,073									1,073
Comprehensive income (loss)	$ 91,486		91,486				86,490		4,996
Ending balance (shares) at Dec. 31, 2021	437,373,981				437,373,981
Ending balance at Dec. 31, 2021	$ 2,528,961		$ 2,527,888		$ 4,374	$ 3,529,126	$ (1,008,561)		$ 2,949	$ 1,073

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Distributions declared per common share (USD per share)	$ 0.364	$ 0.38	$ 0.625

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ 86,490	$ (23,518)	$ 183,020
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, net	92,988	79,546	106,262
Amortization of deferred financing costs	10,073	4,245	5,167
Amortization of fair value adjustments of mortgage notes payable assumed	(149)	(92)	(90)
Amortization and accretion on deferred loan fees	(2,998)	(1,909)	(2,441)
Amortization of premiums and discounts on credit investments	(8,144)	(668)	0
Capitalized interest income on real estate-related securities	(974)	(539)	(8,546)
Equity-based compensation	289	160	138
Straight-line rental income	(5,723)	(6,738)	(6,564)
Write-offs for uncollectible lease-related receivables	(694)	5,664	952
Gain on disposition of real estate assets and condominium developments, net	(83,045)	(27,518)	(180,666)
Loss on sale of credit investments, net	1,378	227	0
Gain on investment in unconsolidated entities	(606)	0	0
Amortization of fair value adjustment and gain on interest rate swaps	(2,814)	(13)	(18)
Impairment of real estate assets	18,078	16,737	72,939
Increase in provision for credit losses	2,881	68,356	0
Loss on interest rate caps	42	0	0
Return on investment in unconsolidated entities	497	0	0
Write-off of deferred financing costs	3,815	633	2,271
Changes in assets and liabilities:
Rents and tenant receivables, net	28,230	(12,536)	16,034
Prepaid expenses and other assets	(2,538)	1,276	(6,456)
Accrued expenses and accounts payable	8,388	8,420	3,214
Deferred rental income and other liabilities	3,541	(508)	(987)
Due to affiliates	(831)	(656)	9,302
Net cash provided by operating activities	148,174	110,569	193,531
Cash flows from investing activities:
Cash acquired in connection with mergers	10,244	13,810	0
Investment in unconsolidated entities	(53,525)	0	0
Investment in real estate-related securities	(321,169)	(76,644)	0
Investment in liquid senior loans	(406,694)	(582,654)	(2,750)
Investment in real estate assets and capital expenditures	(76,283)	(48,995)	(23,887)
Origination and acquisition of loans held-for-investment, net	(1,805,324)	(238,563)	(217,014)
Origination and exit fees received on loans held-for-investment	17,030	3,200	1,697
Principal payments received on loans held-for-investment	326,062	119,443	17,186
Principal payments received on real estate-related securities	38	2,571	0
Net proceeds from sale of real estate-related securities	256,841	37,593	0
Net proceeds from disposition of real estate assets and condominium developments	513,528	263,797	1,399,953
Net proceeds from sale of liquid senior loans	69,959	39,902	0
Payment of property escrow deposits	0	(875)	(350)
Refund of property escrow deposits	0	875	350
Proceeds from the settlement of insurance claims	63	400	110
Net cash (used in) provided by investing activities	(1,469,230)	(466,140)	1,175,295
Cash flows from financing activities:
Redemptions of common stock	(22,041)	(48,066)	(84,088)
Distributions to stockholders	(105,978)	(90,655)	(112,083)
Proceeds from notes payable, repurchase facilities and credit facilities	3,159,650	576,880	424,500
Repayments of notes payable, repurchase facilities and credit facilities	(1,648,775)	(422,110)	(1,141,978)
Termination of interest rate swaps	(6,401)	0	0
Payment of loan deposits	(800)	(65)	0
Refund of loan deposits	865	0	0
Deferred financing costs paid	(39,699)	(5,360)	(1,211)
Distributions to noncontrolling interest	0	0	(285)
Net cash provided by (used in) financing activities	1,336,821	10,624	(915,145)
Net increase (decrease) in cash and cash equivalents and restricted cash	15,765	(344,947)	453,681
Cash and cash equivalents and restricted cash, beginning of period	128,408	473,355	19,674
Cash and cash equivalents and restricted cash, end of period	144,173	128,408	473,355
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	107,381	121,385	466,024
Restricted cash	36,792	7,023	7,331
Total cash and cash equivalents and restricted cash	$ 144,173	$ 128,408	$ 473,355

Organization and Business

Organization and Business	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	NOTE 1 — ORGANIZATION AND BUSINESS CIM Real Estate Finance Trust, Inc. (the “Company”) is a non-exchange traded real estate investment trust (“REIT”) formed as a Maryland corporation on July 27, 2010, that elected to be taxed, and operates its business to qualify, as a REIT for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2012. The Company operates a diversified portfolio of core commercial real estate primarily consisting of net leased properties located throughout the United States and short duration senior secured loans and other credit investments. As of December 31, 2021, the Company owned 514 properties, comprising 22.7 million rentable square feet of commercial space located in 45 states. As of December 31, 2021, the rentable square feet at these properties was 94.2% leased, including month-to-month agreements, if any. As of December 31, 2021, the Company’s loan portfolio consisted of 317 loans with a net book value of $2.6 billion, and investments in real estate-related securities of $105.5 million. On January 7, 2021, the Company completed foreclosure proceedings to take control of the assets which previously secured its eight mezzanine loans, including 75 condominium units and 21 rental units across four buildings. As of December 31, 2021, the Company owned condominium developments with a net book value of $171.1 million. A majority of the Company’s business is conducted through CIM Real Estate Finance Operating Partnership, LP, a Delaware limited partnership, of which the Company is the sole general partner and owns, directly or indirectly, 100% of the partnership interests. The Company is externally managed by CIM Real Estate Finance Management, LLC, a Delaware limited liability company (“CMFT Management”), which is an affiliate of CIM Group, LLC (“CIM”). CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. CIM is headquartered in Los Angeles, CA, with offices in Atlanta, GA, Bethesda, MD, Chicago, IL, Dallas, TX, New York, NY, Orlando, FL, Phoenix, AZ, and Tokyo, Japan. CIM also maintains additional offices across the Unites States, as well as in Korea, Hong Kong, and the United Kingdom to support its platform. CCO Group, LLC is a subsidiary of CIM and owns and controls CMFT Management, the Company’s manager, and is the indirect owner of CCO Capital, LLC (“CCO Capital”), the Company’s dealer manager, and CREI Advisors, LLC (“CREI Advisors”), the Company’s property manager. CCO Group, LLC and its subsidiaries (collectively, “CCO Group”) serve as the Company’s sponsor. The Company relies upon CIM Capital IC Management, LLC, the Company’s investment advisor (the “Investment Advisor”), to provide substantially all of the Company’s day-to-day management with respect to investments in securities and certain other investments. On January 26, 2012, the Company commenced its initial public offering on a “best efforts” basis of up to a maximum of $2.975 billion in shares of common stock (the “Offering”). The Company ceased issuing shares in the Offering on April 4, 2014. At the completion of the Offering, a total of approximately 297.4 million shares of common stock had been issued, including approximately 292.3 million shares of common stock sold to the public pursuant to the primary portion of the Offering and approximately 5.1 million shares of common stock issued pursuant to the distribution reinvestment plan (“DRIP”) portion of the Offering. The remaining approximately 404,000 unsold shares from the Offering were deregistered. The Company registered $247.0 million of shares of common stock under the DRIP (the “Initial DRIP Offering”) pursuant to a Registration Statement on Form S-3 (Registration No. 333-192958), which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on December 19, 2013 and automatically became effective with the SEC upon filing. The Company ceased issuing shares under the Initial DRIP Offering effective as of June 30, 2016. At the completion of the Initial DRIP Offering, a total of approximately $241.7 million of shares of common stock had been issued. The remaining $5.3 million of unsold shares from the Initial DRIP Offering were deregistered. The Company registered an additional $600.0 million of shares of common stock under the DRIP (the “Secondary DRIP Offering,” and together with the Initial DRIP Offering, the “DRIP Offerings,” and the DRIP Offerings collectively with the Offering, the “Offerings”) pursuant to a Registration Statement on Form S-3 (Registration No. 333-212832), which was filed with the SEC on August 2, 2016 and automatically became effective with the SEC upon filing. The Company began to issue shares under the Secondary DRIP Offering on August 2, 2016 and continued to issue shares under the Secondary DRIP Offering until, on August 30, 2020, the Company’s board of directors (the “Board”) suspended the Secondary DRIP Offering in connection with the entry of the Company into the merger agreements with Cole Office & Industrial REIT (CCIT III), Inc. (“CCIT III”) and Cole Credit Property Trust V, Inc. (“CCPT V”) (the “CCIT III and CCPT V Mergers”). On March 25, 2021, the Board reinstated the Secondary DRIP Offering, effective April 1, 2021. The Board establishes an updated estimated per share net asset value (“NAV”) of the Company’s common stock on at least an annual basis for purposes of assisting broker-dealers that participated in the Offering in meeting their customer account reporting obligations under Financial Industry Regulatory Authority Rule 2231. Distributions are reinvested in shares of the Company’s common stock under the DRIP at the estimated per share NAV as determined by the Board. Additionally, the estimated per share NAV as determined by the Board serves as the per share NAV for purposes of the share redemption program. As of December 31, 2021, the estimated per share NAV of the Company’s common stock was $7.20, which was established by the Board on May 25, 2021 using a valuation date of March 31, 2021. Commencing on May 26, 2021, $7.20 served as the per share NAV under the DRIP. The Board previously established a per share NAV as of August 31, 2015, September 30, 2016, December 31, 2016, December 31, 2017, December 31, 2018, December 31, 2019, March 31, 2020 and June 30, 2020. The Company’s estimated per share NAVs are not audited or reviewed by its independent registered public accounting firm. Completed Merger On December 16, 2021, the Company completed the merger previously disclosed in the Current Report on Form 8-K filed with the SEC on September 22, 2021, with CIM Income NAV, Inc. (“CIM Income NAV”), pursuant to the Agreement and Plan of Merger, dated September 21, 2021 (the “CIM Income NAV Merger Agreement”), by and among the Company, Cypress Merger Sub, LLC, a wholly owned subsidiary of the Company (“Cypress Merger Sub”), and CIM Income NAV, with Cypress Merger Sub surviving as a wholly owned subsidiary of the Company (the “CIM Income NAV Merger”). In accordance with the applicable provisions of the Maryland General Corporation Law (the “MGCL”), the separate existence of CIM Income NAV ceased. Through the CIM Income NAV Merger, the Company acquired 115 properties, including two properties owned through a consolidated joint venture arrangement (the “Consolidated Joint Venture”), with a total of 5.1 million square feet, all of which had an aggregate gross real estate value of approximately $911.3 million. The combined company after the CIM Income NAV Merger retained the name “CIM Real Estate Finance Trust, Inc.” The CIM Income NAV Merger qualified as a “reorganization” under, and within the meaning of, Section 368(a) of the Internal Revenue Code of 1986, as amended (the “Code”). The Company considered ASC 805, Business Combinations (“ASC 805”) and determined it was appropriate to account for this transaction as an asset acquisition. For more information on the CIM Income NAV Merger, see Note 4 — Real Estate Assets. At the effective time of the CIM Income NAV Merger and subject to the terms and conditions of the CIM Income NAV Merger Agreement, each issued and outstanding share of CIM Income NAV’s Class D common stock, $0.01 par value per share (the “Class D Common Stock”), was converted into the right to receive 2.574 shares of the Company’s common stock, each issued and outstanding share of CIM Income NAV’s Class T common stock, $0.01 par value per share (the “Class T Common Stock”), was converted into the right to receive 2.510 shares of the Company’s common stock, each issued and outstanding share of CIM Income NAV’s Class S common stock, $0.01 par value per share (the “Class S Common Stock”), was converted into the right to receive 2.508 shares of the Company’s common stock, and each issued and outstanding share of CIM Income NAV’s Class I common stock, $0.01 par value per share (the “Class I Common Stock” and, together with the Class D Common Stock, Class T Common Stock and Class S Common Stock, the “CIM Income NAV Common Stock”), was converted into the right to receive 2.622 shares of the Company’s common stock, in each case, subject to the treatment of fractional shares in accordance with the CIM Income NAV Merger Agreement (the “CIM Income NAV Merger Consideration”). At the effective time of the CIM Income NAV Merger and subject to the terms and conditions of the CIM Income NAV Merger Agreement, each issued and outstanding share of CIM Income NAV common stock granted under CIM Income NAV’s 2018 Equity Incentive Plan, whether vested or unvested, was cancelled in exchange for an amount equal to the CIM Income NAV Merger Consideration for the applicable share class. Concurrently with the entry into the CIM Income NAV Merger Agreement, CIM Income NAV and its advisor entered into a Termination Agreement (the “Termination Agreement”), pursuant to which the Advisory Agreement, dated November 27, 2018 (the “CIM Income NAV Advisory Agreement”), by and between CIM Income NAV and its advisor was terminated at the effective time of the CIM Income NAV Merger. Pursuant to the Termination Agreement, CIM Income NAV’s advisor agreed to waive any subordinated performance fee or disposition fee it otherwise would have been entitled to pursuant to the CIM Income NAV Advisory Agreement related to the CIM Income NAV Merger. Purchase and Sale Agreement On December 20, 2021, certain subsidiaries of the Company entered into an Agreement of Purchase and Sale, as amended (the “Purchase and Sale Agreement”), with American Finance Trust, Inc. (now known as The Necessity Retail REIT, Inc.) (NASDAQ: AFIN) (“AFIN”), American Finance Operating Partnership, L.P. (now known as The Necessity Retail REIT Operating Partnership, L.P.) (“AFIN OP”), and certain of their subsidiaries (collectively, the “Purchaser”) to sell to the Purchaser 79 shopping centers and two single-tenant properties encompassing approximately 9.5 million gross rentable square feet of commercial space across 27 states for total consideration of $1.32 billion (the “Purchase Price”). The Purchase Price includes the Purchaser’s option to seek the assumption of certain existing debt, and Purchaser’s issuance of up to $53.4 million in value of AFIN’s Class A common stock, par value $0.01 per share (“AFIN Common Stock”), or Class A units in AFIN OP (“AFIN OP Units”), subject to certain limits described more fully in the Purchase and Sale Agreement. Subsequent to December 31, 2021, the sale of 56 of the properties under contract for sale pursuant to the Purchase and Sale Agreement closed for total consideration of $811.8 million, which consists of $758.4 million in cash proceeds and $53.4 million of AFIN Common Stock, which shares are restricted and subject to certain registration rights as described in the Purchase and Sale Agreement. The remaining 25 properties are expected to close in the second quarter of 2022.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The summary of significant accounting policies presented below is designed to assist in understanding the Company’s consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying consolidated financial statements. Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and the Consolidated Joint Venture in which the Company has a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. The Company evaluates its relationships and investments to determine if it has variable interests. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. If the Company determines that it has a variable interest in an entity, it evaluates whether such interest is in a variable interest entity (“VIE”). VIEs are entities where investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or where equity investors, as a group, lack one of the following characteristics: (a) the power to direct the activities that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of the entity, or (c) the right to receive the expected returns of the entity. The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE’s operations. For legal entities being evaluated for consolidation, the Company must first determine whether the interests that it holds and fees it receives qualify as variable interests in the entity. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. The Company’s evaluation includes consideration of fees paid to the Company where the Company acts as a decision maker or service provider to the entity being evaluated. If the Company determines that it holds a variable interest in an entity, it evaluates whether that entity is a VIE. A VIE must be consolidated by its primary beneficiary, which is generally defined as the party who has a controlling financial interest in the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but are not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance and its obligation to absorb losses from or right to receive benefits of the VIE that could potentially be significant to the VIE. The Company consolidates any VIEs when the Company is determined to be the primary beneficiary of the VIE and the difference between consolidating the VIE and accounting for it using the equity method could be material to the Company’s consolidated financial statements. The Company continually evaluates the need to consolidate any VIEs based on standards set forth in GAAP as described above. As of December 31, 2021, the Company determined that it had a controlling interest in the Consolidated Joint Venture and therefore met the requirements for consolidation. Adjustments Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. In addition, the classification of debt prepayment costs has been corrected in the consolidated statements of cash flows from operating activities, as previously reported, to financing activities. This adjustment is not considered material to the prior period financial statements. Other than as shown below, these adjustments had no effect on previously reported totals or subtotals. The adjustments have been made to the consolidated financial statements of operations and the consolidated statements of cash flows for the years ended December 31, 2020 and 2019 as follows (in thousands): Year Ended December 31, 2020 Year Ended December 31, 2019 As previously reported Adjustments As Revised As previously reported Adjustments As Revised Consolidated Statements of Operations General and administrative $ 15,385 $ (3,343) $ 12,042 $ 13,729 $ (3,562) $ 10,167 Management fees $ 44,743 $ (4,718) $ 40,025 $ 42,339 $ (5,094) $ 37,245 Transaction-related $ 905 $ (550) $ 355 $ 2,278 $ (748) $ 1,530 Interest expense and other, net $ (64,116) $ — $ (64,116) $ (98,965) $ 32 $ (98,933) Merger-related expenses, net $ (2,193) $ 309 $ (1,884) $ — $ — $ — Expense reimbursements to related parties $ — $ 8,920 $ 8,920 $ — $ 9,436 $ 9,436 Consolidated Statements of Cash Flows Accrued expenses and accounts payable $ 4,212 $ 4,208 $ 8,420 $ (1,742) $ 4,956 $ 3,214 Net cash provided by operating activities $ 106,361 $ 4,208 $ 110,569 $ 188,575 $ 4,956 $ 193,531 Repayments of notes payable, repurchase facilities and credit facilities $ (417,902) $ (4,208) $ (422,110) $ (1,137,022) $ (4,956) $ (1,141,978) Net cash provided by financing activities $ 14,832 $ (4,208) $ 10,624 $ (910,189) $ (4,956) $ (915,145) Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Real Estate Assets Real estate assets are stated at cost, less accumulated depreciation and amortization. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life. The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Site improvements 15 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term Recoverability of Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to: bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, lease concessions and other factors; a significant decrease in a property’s revenues due to lease terminations; vacancies; co-tenancy clauses; reduced lease rates; and changes in anticipated holding periods. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value is determined using a discounted cash flow analysis and recent comparable sales transactions. During the year ended December 31, 2021, as part of the Company’s quarterly impairment review procedures, the Company recorded impairment charges of $6.0 million related to 12 properties, of which impairment at eight properties was due to sales prices that were less than their respective carrying values and impairment at four properties was due to vacancy. Additionally, the Company recorded impairment charges of $12.1 million related to condominium units due to an increase in budgeted costs for certain units under development. The Company’s impairment assessment as of December 31, 2021 was based on the most current information available to the Company, including expected holding periods. If the Company’s expected holding periods for assets change, subsequent tests for impairment could result in additional impairment charges in the future. The Company cannot provide any assurance that additional material impairment charges with respect to the Company’s real estate assets will not occur during 2022 or in future periods. During the year ended December 31, 2020, the Company recorded impairment charges of $16.7 million related to 11 properties due to revised cash flow estimates as a result of market conditions and one property due to a tenant bankruptcy. The assumptions and uncertainties utilized in the evaluation of the impairment of real estate assets are discussed in detail in Note 3 — Fair Value Measurements. See also Note 4 — Real Estate Assets for further discussion regarding real estate investment activity. Assets Held for Sale When a real estate asset is identified by the Company as held for sale, the Company will cease recording depreciation and amortization of the assets related to the property and estimate its fair value, net of selling costs. If, in management’s opinion, the fair value, net of selling costs, of the asset is less than the carrying amount of the asset, an adjustment to the carrying amount is then recorded to reflect the estimated fair value of the property, net of selling costs. As of December 31, 2021, in connection with the Purchase and Sale Agreement, the Company identified 81 properties with a fair v alue of $1.3 billion as held for sale, which the Company intends to sell in phases during the first and second quarters of 2022. No impairment losses were recorded as a part of this transaction for the year ended December 31, 2021. As of December 31, 2020, the Company identified one property with a fair value of $3.5 million as held for sale, which was sold during the year ended December 31, 2021. No gain or loss was recognized on this disposition. Disposition of Real Estate Assets Gains and losses from dispositions are recognized once the various criteria relating to the terms of sale and any subsequent involvement by the Company with the asset sold are met. A discontinued operation includes only the disposal of a component of an entity and represents a strategic shift that has (or will have) a major effect on an entity’s financial results. The Company’s dispositions during the years ended December 31, 2021 and 2020 did not qualify for discontinued operations presentation and thus, the results of the properties and condominiums that were sold will remain in operating income, and any associated gains or losses from the disposition are included in gain on disposition of real estate and condominium developments, net. See Note 4 — Real Estate Assets for a discussion of the disposition of individual properties and condominiums during the year ended December 31, 2021. Allocation of Purchase Price of Real Estate Assets Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and to identified intangible assets and liabilities, consisting of the value of above- and below-market leases and the value of in-place leases and other intangibles, based in each case on their relative fair values. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information. The fair values of above- and below-market lease intangibles are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) an estimate of fair market lease rates for the corresponding in-place leases, which is generally obtained from independent appraisals, measured over a period equal to the remaining non-cancelable term of the lease including, for below-market leases, any bargain renewal periods. The above- and below-market lease intangibles are capitalized as intangible lease assets or liabilities, respectively. Above-market leases are amortized as a reduction to rental income over the remaining terms of the respective leases. Below-market leases are amortized as an increase to rental income over the remaining terms of the respective leases, including any bargain renewal periods. In considering whether or not the Company expects a tenant to execute a bargain renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition, such as the financial strength of the tenant, the remaining lease term, the tenant mix of the leased property, the Company’s relationship with the tenant and the availability of competing tenant space. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above- or below-market lease intangibles relating to that lease would be recorded as an adjustment to rental income. The fair values of in-place leases include estimates of direct costs associated with obtaining a new tenant and opportunity costs associated with lost rental and other property income, which are avoided by acquiring a property with an in-place lease. Direct costs associated with obtaining a new tenant include leasing commissions, legal and other related expenses and are estimated in part by utilizing information obtained from independent appraisals and management’s consideration of current market costs to execute a similar lease. The intangible values of opportunity costs, which are calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease, are capitalized as intangible lease assets and are amortized to expense over the remaining term of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed. The Company has acquired, and may continue to acquire, certain properties subject to contingent consideration arrangements that may obligate the Company to pay additional consideration to the seller based on the outcome of future events. Additionally, the Company may acquire certain properties for which it funds certain contingent consideration amounts into an escrow account pending the outcome of certain future events. The outcome may result in the release of all or a portion of the escrowed funds to the Company or the seller or a combination thereof. The Company estimates the fair value of assumed mortgage notes payable based upon indications of current market pricing for similar types of debt financing with similar maturities. Assumed mortgage notes payable are initially recorded at their estimated fair value as of the assumption date, and any difference between such estimated fair value and the mortgage note’s outstanding principal balance is amortized or accreted to interest expense over the term of the respective mortgage note payable. The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations. Certain acquisition-related expenses related to asset acquisitions are capitalized and allocated to tangible and intangible assets and liabilities, as described above. Acquisition-related manager expense reimbursements are expensed as incurred and are included in expense reimbursements to related parties in the accompanying consolidated statements of operations. Other acquisition-related expenses continue to be expensed as incurred and are included in transaction-related expenses in the accompanying consolidated statements of operations. Investments in Unconsolidated Entities As a result of the CIM Income NAV Merger, the Company has an investment in CIM UII Onshore, L.P. (“CIM UII Onshore”) with a carrying value of $56.0 million as of December 31, 2021, which represents less than 5% ownership of CIM UII Onshore. The Company accounts for its investment under the equity method. The equity method of accounting requires the investment to be initially recorded at cost, including transaction costs incurred to finalize the investment, and subsequently adjusted for the Company’s share of equity in CIM UII Onshore’s earnings and distributions. The Company records its share of CIM UII Onshore’s profits or losses on a quarterly basis as an adjustment to the carrying value of the investment on the Company’s consolidated balance sheet and is recognized as a profit or loss on the consolidated statements of operations. The Company recorded its share of CIM UII Onshore’s gain totaling $606,000 during the year ended December 31, 2021 in the consolidated statements of operations. During the year ended December 31, 2021, the Company received distributions of $497,000 related to its investment in CIM UII Onshore, all of which was recognized as a return on investment. During the year ended December 31, 2021, CMFT MT JV Holdings, LLC, an indirect wholly-owned subsidiary of the Company, entered into an unconsolidated joint venture arrangement (the “Unconsolidated Joint Venture”). Through the Unconsolidated Joint Venture, the Company, through its investment in CIM NP JV Holdings, LLC (“NP JV Holdings”), in which the Company has 50% ownership, has a 45% membership interest in NewPoint JV, LLC (the “NewPoint JV”) pursuant to the terms of the Operating Agreement entered into between NP JV Holdings and NewPoint Bridge Lending, LLC, a Delaware limited liability company (“NewPoint Bridge Lending”). The Company accounts for its investment under the equity method. The equity method of accounting requires the investment to be initially recorded at cost, including transaction costs incurred to finalize the investment, and is subsequently adjusted for the Company’s share of equity in NewPoint JV’s earnings and distributions. The Company records its share of NewPoint JV’s profits or losses on a quarterly basis as an adjustment to the carrying value of the investment on the Company’s consolidated balance sheet and is recognized as a profit or loss on the consolidated statements of operations. As of December 31, 2021, the Company’s aggregate investment in NewPoint JV of $53.5 million is included in investment in unconsolidated entities on the consolidated balance sheets. The Company did not receive any distributions related to its investment in the NewPoint JV during the year ended December 31, 2021. Noncontrolling Interest in Consolidated Joint Venture As a result of the CIM Income NAV Merger, the Company has a controlling interest in the Consolidated Joint Venture and, therefore, meets the requirements for consolidation. The Company recorded the noncontrolling interest of $1.1 million as of December 31, 2021 on the consolidated balance sheets. Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents include cash in bank accounts, as well as investments in highly-liquid money market funds. The Company deposits cash with several high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company (“FDIC”) up to an insurance limit of $250,000. At times, the Company’s cash and cash equivalents may exceed federally insured levels. Although the Company bears risk on amounts in excess of those insured by the FDIC, it has not experienced and does not anticipate any losses due to the high quality of the institutions where the deposits are held. Included in cash and cash equivalents was $36.5 million and $41.0 million of unsettled liquid senior loan purchases as of December 31, 2021 and 2020, respectively. The Company had $36.8 million and $7.0 million in restricted cash as of December 31, 2021 and December 31, 2020, respectively. Included in restricted cash was $7.8 million and $3.6 million held by lenders in lockbox accounts, as of December 31, 2021 and 2020, respectively. As part of certain debt agreements, rents from certain encumbered properties are deposited directly into a lockbox account, from which the monthly debt service payment is disbursed to the lender and the excess is disbursed to the Company. Also included in restricted cash was $29.0 million and $3.4 million of construction reserves, amounts held by lenders in escrow accounts for real estate taxes and other lender reserves for certain properties, in accordance with the associated lender’s loan agreement as of December 31, 2021 and 2020, respectively. Real Estate-Related Securities Real estate-related securities consists primarily of the Company’s investment in commercial mortgage-backed securities (“CMBS”), preferred units, and marketable securities. The Company determines the appropriate classification for real estate-related securities at the time of purchase and reevaluates such designation as of each balance sheet date. As of December 31, 2021, the Company classified its investments in CMBS and marketable securities as available-for-sale as the Company is not actively trading the securities; however, the Company may sell them prior to their maturity. These investments are carried at their estimated fair value with unrealized gains and losses reported in other comprehensive income (loss). During the year ended December 31, 2021, the Company invested $257.7 million in CMBS. During the same period, the Company sold CMBS with a carrying value of $257.8 million resulting in net proceeds of $256.4 million and a loss of $1.4 million. As of December 31, 2021, the Company had investments in two CMBS with an estimated aggregate fair value of $41.9 million. In addition, as a result of the CIM Income NAV Merger, the Company had investments in a marketable security with an estimated aggregate fair value of $110,000 as of December 31, 2021. The Company monitors its available-for-sale securities for changes in fair value. Current expected credit losses are recorded when the Company acquires CMBS, and any subsequent impairment is recognized when the Company determines that a decline in the estimated fair value of a security below its amortized cost has resulted from a credit loss or other factors. The Company records impairments related to credit losses through current expected credit losses. However, the allowance is limited by the amount that the fair value is less than the amortized cost basis. The Company considers many factors in determining whether a credit loss exists, including, but not limited to, the extent to which the fair value is less than the amortized cost basis, recent events specific to the security, industry or geographic area, the payment structure of the security, the failure of the issuer of the security to make scheduled interest or principal payments, and external credit ratings and recent changes in such ratings. The analysis of determining whether a credit loss exists requires significant judgments and assumptions. The use of alternative judgments and assumptions could result in a different conclusion. During the year ended December 31, 2021 and 2020, the Company did not record current expected credit losses related to CMBS. During the year ended December 31, 2021, the Company invested $63.5 million in preferred units related to a multi-family, office and retail building in Fort Lauderdale, Florida with a preferred dividend rate of 8.9% and a maturity date of June 1, 2022. Upon maturity, the preferred units will be redeemed in exchange for debt. As of December 31, 2021, the Company classified the investment as held-to-maturity as the Company has the intent and ability to hold the preferred units to maturity and included the investment in real estate-related securities on the consolidated balance sheets. Investments classified as held-to-maturity are initially recognized at cost and are subsequently measured using amortized cost. The Company evaluates their held-to-maturity investments for any other-than-temporary impairment each reporting period. The amortized cost of real estate-related securities is adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method and is recorded in the accompanying consolidated statements of operations in interest income. Upon the sale of a security, the realized net gain or loss is computed on the specific identification method. Interest earned is either received in cash or capitalized to real estate-related securities in the Company’s consolidated balance sheets. Interest is capitalized when certain conditions are met as specified in each security agreement. During the year ended December 31, 2021, the Company capitalized $974,000 of interest income to real estate-related securities. No such amounts were capitalized during the year ended December 31, 2020. Loans Held-for-Investment The Company has acquired, and may continue to acquire, loans related to real estate assets. Additionally, the Company may acquire and originate credit investments, including commercial mortgage loans, mezzanine loans, preferred equity, and other loans and securities related to commercial real estate assets, as well as corporate loan opportunities that are consistent with the Company’s investment strategy and objectives. The Company intends to hold the loans held-for-investment for the foreseeable future or until maturity. Loans held-for-investment are carried on the Company’s consolidated balance sheets at amortized cost, net of any current expected credit losses. Discounts or premiums, origination fees and exit fees are amortized as a component of interest income using the effective interest method over the life of the respective loans, or on a straight-line basis when it approximates the effective interest method. Upon the sale of a loan, the realized net gain or loss is computed on the specific identification method. Interest earned is either received in cash or capitalized to loans held-for-investment and related receivables, net in the Company’s consolidated balance sheets. Interest is capitalized when certain conditions are met as specified in each loan agreement. During the year ended December 31, 2020, the Company recorded $29.4 million in interest income, of which $539,000 was capitalized to loans held-for-investment and related receivables, net. No such amounts were capitalized during the year ended December 31, 2021. Accrual of interest income is suspended on nonaccrual loans. Loans that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual status. Interest collected is recognized on a cash basis by crediting income when received. Loans may be restored to accrual status when all principal and interest are current and full repayment of the remaining contractual principal and interest are reasonably assured. As of December 31, 2021, the Company did not have nonaccrual loans. Current Expected Credit Losses The Company adopted Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326) (“ASU 2016-13”), on January 1, 2020. Current expected credit losses required under ASU 2016-13 reflects the Company’s current estimate of potential credit losses related to the Company’s loans held-for-investment included in the consolidated balance sheets. Initial current expected credit losses recorded on January 1, 2020 are reflected as a direct charge to retained earnings on the Company’s consolidated statements of stockholders’ equity; however, subsequent changes to current expected credit losses are recognized through net income on the Company’s consolidated statements of operations. While ASU 2016-13 does not require any particular method for determining current expected credit losses, it does specify it should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions, and reasonable and supportable forecasts for the duration of each respective loan. In addition, other than a few narrow exceptions, ASU 2016-13 requires that all financial instruments subject to the credit loss model have some amount of loss reserve to reflect the GAAP principal underlying the credit loss model that all loans, debt securities, and similar assets have some inherent risk of loss, regardless of credit quality, subordinate capital, or other mitigating factors. The Company estimates the current expected credit loss for its senior loans and mezzanine loans primarily using the Weighted Average Remaining Maturity method, which has been identified as an acceptable method for estimating CECL reserves in the Financial Ac counting Standards Board Staff Q&A Topic 326, No. 1. This method requires the Company to reference historic loan loss data across a comparable data set and apply such loss rate to each loan investment over their expected remaining term, taking into consideration expected economic conditions over the relevant timeframe. The Company considers loan investments that are both (i) expected to be substantially repaid through the operation or sale of the underlying collateral, and (ii) for which the borrower is experiencing financial difficulty, to be “collateral-dependent” loans. For such loans that the Company determines that foreclosure of the collateral is probable, the Company measures the expected losses based on the difference between the fair value of the collateral less costs to sell and the amortized cost basis of the loan as of the measurement date. For collateral-dependent loans that the Company determines foreclosure is not probable, the Company applies a practical expedient to estimate expected losses using the difference between the collateral’s fair value (less costs to sell the asset if repayment is expected through the sale of the collateral) and the amortized cost basis of the loan. For the Company’s liquid senior loans, the Company uses a probability of default and loss given default method using a comparable data set. The Company may use other acceptable alternative approaches in the future depending on, among other factors, the type of loan, underlying collateral, and availability of relevant historical market loan loss data. The Company adopted ASU 2016-13 using the modified retrospective method for all financial assets measured at amortized cost. Prior to adoption, the Company had no current expected credit losses on its consolidated balance sheets. The Company recorded a cumulative-effective adjustment to the opening retained earnings in its consolidated statement of stockholders’ equity as of January 1, 2020 of $2.0 million. Quarterly, the Company evaluates the risk of all loans and assigns a risk rating based on a variety of factors, grouped as follows: (i) loan and credit structure, including the as-is loan-to-value (“LTV”) ratio and structural features; (ii) quality and stability of real estate value and operating cash flow, including debt yield, dynamics of the geography, property type and local market, physical condition, stability of cash flow, leasing velocity and quality and diversity of tenancy; (iii) performance against underwritten business plan; and (iv) quality, experience and financial condition of sponsor, borrower and guarantor(s). Based on a 5-point scale, the Company’s loans are rated “1” through “5,” from least risk to greatest risk, respectively, which ratings are defined as follows: 1- Outperform — Most satisfactory asset quality and liquidity, good leverage capacity. A “1” rating maintains predictable and strong cash flows from

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 3 — FAIR VALUE MEASUREMENTS GAAP defines fair value, establishes a framework for measuring fair value, and requires disclosures about fair value measurements. GAAP emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows: Level 1 — Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 — Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs). Level 3 — Unobservable inputs, which are only used to the extent that observable inputs are not available, reflect the Company’s assumptions about the pricing of an asset or liability. The following describes the methods the Company uses to estimate the fair value of the Company’s financial assets and liabilities: Real estate-related securities — The Company generally determines the fair value of its real estate-related securities by utilizing broker-dealer quotations, reported trades or valuation estimates from pricing models to determine the reported price. Pricing models for real estate-related securities are generally discounted cash flow models that usually consider the attributes applicable to a particular class of security (e.g., credit rating, seniority), current market data, and estimated cash flows for each class and incorporate deal collateral performance such as prepayment speeds and default rates, as available. Depending upon the significance of the fair value inputs used in determining these fair values, these securities are valued using Level 1, Level 2 or Level 3 inputs. As of December 31, 2021, the Company concluded that its CMBS and Preferred Units fell under Level 3. The Company’s marketable security is carried at fair value and valued using Level 1 inputs. The estimated fair value of the Company’s marketable security is based on quoted market prices that are readily and regularly available in an active market. Credit facilities and notes payable — The fair value is estimated by discounting the expected cash flows based on estimated borrowing rates available to the Company as of the measurement date. Current and prior period liabilities’ carrying and fair values exclude net deferred financing costs. These financial instruments are valued using Level 2 inputs. As of December 31, 2021, the estimated fair value of the Company’s debt was $4.11 billion, compared to a carrying value of $4.17 billion. The estimated fair value of the Company’s debt as of December 31, 2020 was $2.14 billion, compared to a carrying value of $2.15 billion. Derivative instruments — The Company’s derivative instruments are comprised of interest rate swaps and interest rate caps. All derivative instruments are carried at fair value and are valued using Level 2 inputs. The fair value of these instruments is determined using interest rate market pricing models. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the respective counterparties. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. However, as of December 31, 2021 and 2020, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. Loans held-for-investment — The Company’s loans held-for-investment are recorded at cost upon origination and adjusted by net loan origination fees and discounts. The Company estimates the fair value of its loans held-for-investment by performing a present value analysis for the anticipated future cash flows using an appropriate market discount rate taking into consideration the credit risk. The Company has determined that its CRE loans held-for-investment are classified in Level 3 of the fair value hierarchy. The Company’s liquid senior loans are classified as Level 2 or Level 3 depending on the number of market quotations or indicative prices from pricing services that are available, and whether the depth of the market is sufficient to transact at those prices in amounts approximating the Company’s investment position at the measurement date. As of December 31, 2021, $560.4 million and $94.1 million of the Company’s liquid senior loans were classified in Level 2 and Level 3 of the fair value hierarchy, respectively. As of December 31, 2020, $359.6 million and $114.1 million of the Company’s liquid senior loans were classified in Level 2 and Level 3 of the fair value hierarchy, respectively. As of December 31, 2021, the estimated fair value of the Company’s loans held-for-investment and related receivables, net was $2.63 billion, compared to its carrying value of $2.61 billion. As of December 31, 2020, the estimated fair value of the Company’s loans held-for-investment was $907.8 million, compared to its carrying value of $892.3 million. Other financial instruments — The Company considers the carrying values of its cash and cash equivalents, restricted cash, tenant receivables, accounts payable and accrued expenses, other liabilities, due to affiliates and distributions payable to approximate their fair values because of the short period of time between their origination and their expected realization as well as their highly-liquid nature. Due to the short-term maturities of these instruments, Level 1 inputs are utilized to estimate the fair value of these financial instruments. Considerable judgment is necessary to develop estimated fair values of financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize, or be liable for, upon disposition of the financial assets and liabilities. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. The Company does not expect that changes in classifications between levels will be frequent. Items Measured at Fair Value on a Recurring Basis In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of December 31, 2021 and 2020 (in thousands): Balance as of Quoted Prices in Significant Other Significant Financial assets: CMBS $ 41,871 $ — $ — $ 41,871 Preferred Units 63,490 — — 63,490 Marketable security 110 110 — — Interest rate caps 179 — 179 — Total financial assets $ 105,650 $ 110 $ 179 $ 105,361 Financial liabilities: Interest rate swaps $ (2,466) $ — $ (2,466) $ — Total financial liabilities $ (2,466) $ — $ (2,466) $ — Balance as of Quoted Prices in Significant Other Significant Financial assets: CMBS $ 38,194 $ — $ 27,461 $ 10,733 Total financial assets $ 38,194 $ — $ 27,461 $ 10,733 Financial liabilities: Interest rate swaps $ (12,308) $ — $ (12,308) $ — Total financial liabilities $ (12,308) $ — $ (12,308) $ — The following are reconciliations of the changes in financial assets with Level 3 inputs in the fair value hierarchy for the years ended December 31, 2021 and 2020 (in thousands): Level 3 Beginning Balance, January 1, 2020 $ — Total gains and losses: Unrealized gain included in other comprehensive income, net 747 Purchases and payments received: Purchases 26,883 Premiums (discounts), net (16,875) Principal payments received (22) Balance, December 31, 2020 $ 10,733 Total gains and losses: Unrealized gain included in other comprehensive income (loss), net 2,197 Purchases and payments received: Purchases 97,981 Discounts, net (4,701) Capitalized interest income 974 Principal payments received (42) Sales (1,781) Ending Balance, December 31, 2021 $ 105,361 Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges) Certain financial and nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. The Company’s process for identifying and recording impairment related to real estate assets and intangible assets is discussed in Note 2 — Summary of Significant Accounting Policies. As discussed in Note 4 — Real Estate Assets, during the year ended December 31, 2021, real estate assets related to 12 properties were deemed to be impaired and their carrying values were reduced to an estimated fair value of $48.9 million resulting in impairment charges of $6.0 million. Additionally, during the year ended December 31, 2021, certain condominium units were deemed to be impaired and their carrying values were reduced to their estimated fair value, resulting in impairment charges of $12.1 million. During the year ended December 31, 2020, real estate assets related to 12 properties were deemed to be impaired and their carrying values were reduced to an estimated fair value of $86.4 million, resulting in impairment charges of $16.7 million. During the year ended December 31, 2019, real estate assets related to 34 properties were deemed to be impaired and their carrying values were reduced to an estimated fair value of $384.4 million, resulting in impairment charges of $72.9 million. The Company estimates fair values using Level 3 inputs and a combined income and market approach, specifically using discounted cash flow analysis and recent comparable sales transactions. The evaluation of real estate assets for potential impairment requires the Company’s management to exercise significant judgment and to make certain key assumptions, including, but not limited to, the following: (1) terminal capitalization rates; (2) discount rates; (3) the number of years the property will be held; (4) property operating expenses; and (5) re-leasing assumptions, including the number of months to re-lease, market rental income and required tenant improvements. There are inherent uncertainties in making these estimates such as market conditions and the future performance and sustainability of the Company’s tenants. The Company determined that the selling prices used to determine the fair values were Level 2 inputs. The following summarizes the ranges of discount rates and terminal capitalization rates used for the Company’s impairment test for the real estate assets during the years ended December 31, 2021 and 2020 : Year Ended December 31, 2021 Year Ended December 31, 2020 Discount Rate Terminal Capitalization Rate Discount Rate Terminal Capitalization Rate 8.0% - 10.5% 7.5% - 9.2% 7.9% - 9.7% 7.4% - 9.2% The following table presents the impairment charges by asset class recorded during the years ended December 31, 2021, 2020 and 2019 (in thousands): Year Ended December 31, 2021 2020 2019 Asset class impaired: Land $ 1,089 $ 3,738 $ 12,648 Buildings, fixtures and improvements 4,755 12,310 56,572 Intangible lease assets 311 737 4,056 Intangible lease liabilities (162) (48) (337) Condominium developments 12,085 — — Total impairment loss $ 18,078 $ 16,737 $ 72,939

Real Estate Assets

Real Estate Assets	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Real Estate Assets	NOTE 4 — REAL ESTATE ASSETS 2021 Property Acquisitions During the year ended December 31, 2021, the Company acquired 115 commercial properties in connection with the CIM Income NAV Merger for an aggregate purchase price of $911.3 million (the “2021 Property Acquisitions”), which includes $5.0 million of external acquisition-related expenses that were capitalized. The Company funded the 2021 Property Acquisitions acquired in connection with the CIM Income NAV Merger with the CIM Income NAV Merger Consideration. Five of the 2021 Property Acquisitions with a fair value of $66.5 million were classified as held for sale in connection with the Purchase and Sale Agreement as of December 31, 2021. The following table summarizes the purchase price allocation for the 2021 Property Acquisitions (in thousands): 2021 Property Acquisitions Land $ 160,364 Buildings, fixtures and improvements 591,908 Acquired in-place leases and other intangibles (1) 94,118 Acquired above-market leases (2) 6,831 Intangible lease liabilities (3) (8,425) Assets held for sale 66,466 Total purchase price $ 911,262 ______________________ (1) The amortization period for acquired in-place leases and other intangibles is 10.2 years. (2) The amortization period for acquired above-market leases is 13.5 years. (3) The amortization period for acquired intangible lease liabilities is 14.8 years. Assets Acquired Via Foreclosure During the year ended December 31, 2021, the Company completed foreclosure proceedings to take control of the assets which previously secured its eight mezzanine loans, including 75 condominium units and 21 rental units across four buildings, including certain units that are under development. No land was acquired in connection with the foreclosure. The following table summarizes the purchase price allocation for the real estate acquired via foreclosure (in thousands): As of December 31, 2021 Buildings, fixtures and improvements $ 192,182 Acquired in-place leases and other intangibles 134 Intangible lease liabilities (326) Total purchase price $ 191,990 In connection with the foreclosure, the Company assumed $102.6 million of mortgage notes payable related to the assets, as further discussed in Note 10 — Credit Facilities, Notes Payable and Repurchase Facilities. 2021 Condominium Development Project During the year ended December 31, 2021, the Company capitalized $9.8 million of expenses as construction in progress associated with the development of condominiums acquired via foreclosure, which is included in condominium developments in the accompanying consolidated balance sheets. 2021 Condominium Dispositions During the year ended December 31, 2021, the Company disposed of condominium units for an aggregate sales price of $42.3 million, resulting in proceeds of $37.8 million after closing costs and a gain of $5.9 million. The Company has no continuing involvement with these condominium units. The gain on sale of condominium units is included in gain on disposition of real estate and condominium developments, net in the consolidated statements of operations. 2021 Property Dispositions and Real Estate Assets Held for Sale During the year ended December 31, 2021, the Company disposed of 117 properties, consisting of 113 retail properties, three anchored shopping centers and one industrial property, and an outparcel of land for an aggregate gross sales price of $490.3 million, resulting in net proceeds of $475.8 million after closing costs and a gain of $77.2 million. The Company has no continuing involvement with these properties. The gain on sale of real estate is included in gain on disposition of real estate and condominium developments, net in the consolidated statements of operations. On December 20, 2021, certain subsidiaries of the Company entered into the Purchase and Sale Agreement to sell 79 shopping centers and two single-tenant properties. As of December 31, 2021, these 81 properties were classified as held for sale with a carrying value of $1.3 billion included in assets held for sale in the accompanying consolidated balance sheets. The Company disposed of certain of these properties in phases subsequent to December 31, 2021, as further discussed in Note 19 — Subsequent Events. 2021 Impairment The Company performs quarterly impairment review procedures, primarily through continuous monitoring of events and changes in circumstances that could indicate that the carrying value of certain of its real estate assets may not be recoverable. See Note 2 — Summary of Significant Accounting Policies for a discussion of the Company’s accounting policies regarding impairment of real estate assets. During the year ended December 31, 2021, 12 properties totaling approximately 275,000 square feet with a carrying value of $54.9 million were deemed to be impaired and their carrying values were reduced to an estimated fair value of $48.9 million, resulting in impairment charges of $6.0 million, which were recorded in the consolidated statements of operations. Additionally, during the year ended December 31, 2021, certain condominium units were deemed to be impaired and their carrying values were reduced to their estimated fair value, resulting in impairment charges of $12.1 million, which were recorded in the consolidated statements of operations. See Note 3 — Fair Value Measurements for a further discussion regarding these impairment charges. 2020 Property Acquisitions During the year ended December 31, 2020, the Company acquired 150 commercial properties, including 146 properties acquired in connection with the CCIT III and CCPT V Mergers, for an aggregate purchase price of $798.5 million (the “2020 Property Acquisitions”), which includes $7.9 million of external acquisition-related expenses that were capitalized. The Company funded the 2020 Property Acquisitions acquired in connection with the CCIT III and CCPT V Mergers with the consideration paid in the CCIT III and CCPT V Mergers, which consisted of the right to receive 1.098 and 2.892 shares of the Company’s common stock, respectively, for each issued and outstanding share of common stock of CCIT III and CCPT V, and funded the remaining acquisitions with proceeds from real estate dispositions and available borrowings. The following table summarizes the purchase price allocation for the 2020 Property Acquisitions (in thousands): 2020 Property Acquisitions Land $ 166,395 Buildings, fixtures and improvements 571,777 Acquired in-place leases and other intangibles (1) 74,888 Acquired above-market leases (2) 2,367 Intangible lease liabilities (3) (16,927) Total purchase price $ 798,500 ______________________ (1) The amortization period for acquired in-place leases and other intangibles is 8.9 years. (2) The amortization period for acquired above-market leases is 6.5 years. (3) The amortization period for acquired intangible lease liabilities is 9.7 years. 2020 Property Dispositions and Real Estate Asset Held for Sale During the year ended December 31, 2020, the Company disposed of 30 properties, consisting of 20 retail properties and 10 anchored shopping centers for an aggregate gross sales price of $270.4 million, resulting in net proceeds of $263.8 million after closing costs and disposition fees due to CMFT Management or its affiliates, and a recorded gain of $27.5 million. The Company has no continuing involvement with these properties. The gain on sale of real estate is included in gain on disposition of real estate and condominium developments, net in the consolidated statements of operations. As of December 31, 2020, there was one property classified as held for sale with a carrying value of $3.5 million included in assets held for sale in the accompanying consolidated balance sheets. Subsequent to December 31, 2020, the Company disposed of the property. 2020 Impairment During the year ended December 31, 2020, 12 properties totaling approximately 824,000 square feet with a carrying value of $103.1 million were deemed to be impaired and their carrying values were reduced to an estimated fair value of $86.4 million, resulting in impairment charges of $16.7 million, which were recorded in the consolidated statements of operations. See Note 3 — Fair Value Measurements for a further discussion regarding these impairment charges. 2019 Property Acquisition During the year ended December 31, 2019, the Company acquired a 100% interest in one commercial property for an aggregate purchase price of $6.2 million (the “2019 Property Acquisition”), which includes $165,000 of external acquisition-related expenses that were capitalized. The Company funded the 2019 Property Acquisition with proceeds from real estate dispositions and available borrowings. The following table summarizes the purchase price allocation for the 2019 Property Acquisition (in thousands): 2019 Property Acquisition Land $ 1,501 Buildings, fixtures and improvements 3,804 Acquired in-place leases and other intangibles (1) 860 Total purchase price $ 6,165 ______________________ (1) The amortization period for acquired in-place leases and other intangibles is 20.1 years. 2019 Property Dispositions During the year ended December 31, 2019, the Company disposed of a total of 497 properties, consisting of 482 retail properties, one industrial property and 14 anchored shopping centers, excluding a related outparcel of land, for an aggregate gross sales price of $1.65 billion, resulting in net proceeds of $1.40 billion after closing costs and disposition fees due to CMFT Management or its affiliates, and a recorded gain of $180.7 million. The Company has no continuing involvement with these properties. The gain on sale of real estate is included in gain on disposition of real estate and condominium developments, net in the consolidated statements of operations. 2019 Impairment During the year ended December 31, 2019, 34 properties totaling approximately 3.4 million square feet with a carrying value of $457.3 million were deemed to be impaired and their carrying values were reduced to an estimated fair value of $384.4 million, resulting in impairment charges of $72.9 million, which were recorded in the consolidated statements of operations. See Note 3 — Fair Value Measurements for a further discussion regarding these impairment charges. Consolidated Joint Venture As of December 31, 2021, the Company has an interest in a Consolidated Joint Venture that owns and manages two properties, with total assets of $6.8 million, which included $7.2 million of land, building and improvements and $641,000 of intangible assets, net of accumulated depreciation and amortization of $1.2 million, and total liabilities of $47,000. The Consolidated Joint Venture did not have any debt outstanding as of December 31, 2021. The Company has the ability to control operating and financial policies of the Consolidated Joint Venture. There are restrictions on the use of these assets as the Company would generally be required to obtain the approval of the partner (the “Consolidated Joint Venture Partner”) in accordance with the joint venture agreement for any major transactions. The Company and the Consolidated Joint Venture Partner are subject to the provisions of the joint venture agreement, which includes provisions for when additional contributions may be required to fund certain cash shortfalls.

Intangible Lease Assets and Lia

Intangible Lease Assets and Liabilities	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Lease Assets and Liabilities	NOTE 5 — INTANGIBLE LEASE ASSETS AND LIABILITIES Intangible lease assets and liabilities consisted of the following as of December 31, 2021 and 2020 (in thousands, except weighted average life remaining): As of December 31, 2021 2020 Intangible lease assets: In-place leases and other intangibles, net of accumulated amortization of $73,923 and $132,967, respectively (with a weighted average life remaining of 11.4 years and 9.7 years, respectively) $ 224,931 $ 217,431 Acquired above-market leases, net of accumulated amortization of $3,204 and $22,054, respectively (with a weighted average life remaining of 13.3 years and 7.6 years, respectively) 12,774 17,112 Total intangible lease assets, net $ 237,705 $ 234,543 Intangible lease liabilities: Acquired below-market leases, net of accumulated amortization of $9,043 and $31,933, respectively (with a weighted average life remaining of 11.5 years and 7.5 years, respectively) $ 24,896 $ 32,718 Amortization of the above-market leases is recorded as a reduction to rental and other property income, and amortization expense for the in-place leases and other intangibles is included in depreciation and amortization in the accompanying consolidated statements of operations. Amortization of below-market leases is recorded as an increase to rental and other property income in the accompanying consolidated statements of operations. The following table summarizes the amortization related to the intangible lease assets and liabilities for the years ended December 31, 2021, 2020, and 2019 (in thousands): Year Ended December 31, 2021 2020 2019 In-place lease and other intangible amortization $ 28,994 $ 23,262 $ 32,058 Above-market lease amortization $ 2,379 $ 3,095 $ 4,315 Below-market lease amortization $ 5,393 $ 5,309 $ 6,253 As of December 31, 2021, the estimated amortization relating to the intangible lease assets and liabilities is as follows (in thousands): Amortization Year Ending December 31, In-Place Leases and Other Intangibles Above-Market Leases Below-Market Leases 2022 $ 27,097 $ 1,262 $ 2,818 2023 25,862 1,256 2,758 2024 24,382 1,113 2,632 2025 21,383 1,008 2,560 2026 20,711 1,336 2,662 Thereafter 105,496 6,799 11,466 Total $ 224,931 $ 12,774 $ 24,896

Investments In Unconsolidated E

Investments In Unconsolidated Entities	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investments In Unconsolidated Entities	NOTE 6 — INVESTMENTS IN UNCONSOLIDATED ENTITIES As a result of the CIM Income NAV Merger, the Company acquired a limited partnership interest in CIM UII Onshore. CIM UII Onshore’s sole purpose is to invest all of its assets in CIM Urban Income Investments, L.P. (“CIM Urban Income”), which is a private institutional fund that acquires, owns and operates substantially stabilized, diversified real estate and real estate-related assets in urban markets primarily located throughout North America. This investment was made to gain exposure to the urban real assets invested in by CIM Urban Income. The Company accounts for its investment using the equity method. During the year ended December 31, 2021, the Company recognized an equity method net gain of $606,000 related to its investment in CIM UII Onshore. The Company recognized distributions of $497,000 related to its investment in CIM UII Onshore during the year ended December 31, 2021, all of which was recognized as a return on investment. As of December 31, 2021, the carrying value of the Company’s investment was $56.0 million, which represents less than 5% ownership of CIM UII Onshore, and approximates fair value and is included in investments in unconsolidated entities on the consolidated balance sheets. Additionally, during the year ended December 31, 2021, the Company entered into the Unconsolidated Joint Venture. The primary purpose of the Unconsolidated Joint Venture is to source, underwrite, close and service on an ongoing basis multifamily bridge loans, participation interests, and other debt instruments such as loans. Through the Unconsolidated Joint Venture, the Company has a 45% interest in the NewPoint JV and accounts for its investment under the equity method. As of December 31, 2021, the carrying value of the Company’s investment in the NewPoint JV was $53.5 million, which approximates fair value and is included in investment in unconsolidated entities on the consolidated balance sheets. The Company did not receive any distributions related to its investment in the NewPoint JV during the year ended December 31, 2021.

Real Estate-Related Securities

Real Estate-Related Securities	12 Months Ended
	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Real Estate-Related Securities	NOTE 7 — REAL ESTATE-RELATED SECURITIES As of December 31, 2021, the Company had real estate-related securities with an aggregate estimated fair value of $105.5 million, which included two CMBS, a marketable security and an investment in preferred units. The two CMBS mature on November 2033 and June 2058 and have interest rates earning a zero coupon rate and 6.9%, respectively. The preferred units mature on June 1, 2022 and have an interest rate of 8.9%. The following is a summary of the Company’s real estate-related securities as of December 31, 2021 and 2020 (in thousands): Real Estate-Related Securities Amortized Cost Basis Unrealized Gain Fair Value CMBS and marketable security $ 39,184 $ 2,797 $ 41,981 Preferred units 63,490 — 63,490 Total real estate-related securities $ 102,674 $ 2,797 $ 105,471 The following table provides the activity for the real estate-related securities during the year ended December 31, 2021 and 2020 (in thousands): Amortized Cost Basis Unrealized Gain Fair Value Real estate-related securities as of January 1, 2020 $ — $ — $ — Face value of real estate-related securities acquired 91,440 — 91,440 Premiums and discounts on purchase of real estate-related securities, net of acquisition costs (14,796) — (14,796) Amortization of discount on real estate-related securities 57 — 57 Sale of real estate-related securities (37,083) (510) (37,593) Principal payments received on real estate-related securities (2,571) — (2,571) Unrealized gain on real estate-related securities — 1,657 1,657 Real estate-related securities as of January 1, 2021 $ 37,047 $ 1,147 $ 38,194 Face value of real estate-related securities acquired 264,246 — 264,246 Investment in preferred units 63,490 63,490 Premiums and discounts on purchase of real estate-related securities, net of acquisition costs (5,982) — (5,982) Amortization of discount on real estate-related securities 1,197 — 1,197 Capitalized interest income on real estate-related securities 974 — 974 Principal payments received on real estate-related securities (38) — (38) Sale of real estate-related securities (258,260) 1,419 (256,841) Unrealized gain on real estate-related securities — 231 231 Real estate-related securities as of December 31, 2021 $ 102,674 $ 2,797 $ 105,471 During the year ended December 31, 2021, the Company invested $321.8 million in CMBS, marketable securities, and preferred units. During the same period, the Company sold CMBS and marketable securities with an aggregate carrying value of $258.3 million resulting in net proceeds of $256.8 million and a loss of $1.4 million. Unrealized gains and losses on CMBS and marketable securities are recorded in other comprehensive income (loss), with a portion of the amount subsequently reclassified into interest expense and other, net in the accompanying consolidated statements of operations as securities are sold and gains and losses are recognized. During the years ended December 31, 2021 and 2020, the Company recorded $231,000 and $1.7 million, respectively, of unrealized gains on its real estate-related securities included in other comprehensive income (loss) in the accompanying consolidated statements of comprehensive income (loss). The scheduled maturities of the Company’s real estate-related securities as of December 31, 2021 are as follows (in thousands): Real estate-related securities Amortized Cost Estimated Fair Value Due within one year $ 63,600 $ 63,600 Due after one year through five years — — Due after five years through ten years — — Due after ten years 39,074 41,871 Total $ 102,674 $ 105,471 Actual maturities of real estate-related securities can differ from contractual maturities because borrowers on certain corporate credit securities may have the right to prepay their respective debt obligations at any time. In addition, factors such as prepayments and interest rates may affect the yields on such securities. In estimating credit losses related to real estate-related securities, management considers a variety of factors, including (1) whether the Company has the intent to sell the impaired security before the recovery of its amortized cost basis, (2) whether the Company expects to hold the investment for a period of time sufficient to allow for anticipated recovery in fair value, and (3) whether the Company expects to recover the entire amortized cost basis of the security. As of December 31, 2021, the Company had no credit losses related to real estate-related securities.

Loans Held-For-Investment

Loans Held-For-Investment	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
Loans Held-For-Investment	NOTE 8 — LOANS HELD-FOR-INVESTMENT The Company’s loans held-for-investment consisted of the following as of December 31, 2021 and 2020 (dollar amounts in thousands): As of December 31, 2021 2020 Mezzanine loans $ — $ 147,475 First mortgage loans (1) 1,968,585 341,546 Total CRE loans held-for-investment and related receivables, net 1,968,585 489,021 Liquid senior loans 655,516 473,603 Loans held-for-investment and related receivables, net $ 2,624,101 $ 962,624 Less: Current expected credit losses $ (15,201) $ (70,358) Total loans held-for-investment and related receivable, net $ 2,608,900 $ 892,266 ____________________________________ (1) As of December 31, 2021, first mortgage loans included $20.1 million of contiguous mezzanine loan components that, as a whole, have expected credit quality similar to that of a first mortgage loan. During the year ended December 31, 2021, the Company invested $406.7 million in liquid senior loans. During the same period, the Company received $157.0 million of principal payments on liquid senior loans and sold $70.6 million of liquid senior loans, resulting in proceeds of $70.0 million after closing costs and a gain of $41,000. The gain was recorded as a decrease to interest expense and other, net in the consolidated statements of operations. As of December 31, 2021, the Company had $36.5 million of unsettled liquid senior loan purchases included in cash and cash equivalents in the accompanying consolidated balance sheets. As of December 31, 2021, the Company had $209.4 million of unfunded commitments related to CRE loans held-for-investment, the funding of which is subject to the satisfaction of borrower milestones. These commitments are not reflected in the accompanying consolidated balance sheets. The following table details overall statistics for the Company’s loans held-for-investment as of December 31, 2021 and 2020 (dollar amounts in thousands): CRE Loans (1) (2) Liquid Senior Loans As of December 31, As of December 31, 2021 2020 2021 2020 Number of loans 22 12 295 194 Principal balance $ 1,985,722 $ 481,438 $ 659,007 $ 477,777 Net book value $ 1,958,655 $ 428,393 $ 650,245 $ 463,873 Weighted-average interest rate 3.3 % 7.5 % 3.7 % 3.8 % Weighted-average maximum years to maturity 4.3 2.2 5.1 4.9 ____________________________________ (1) As of December 31, 2021, 100% of the Company’s CRE loans by principal balance earned a floating rate of interest, primarily indexed to U.S. dollar LIBOR and SOFR. (2) Maximum maturity date assumes all extension options are exercised by the borrowers; however, the Company’s CRE loans may be repaid prior to such date. Activity relating to the Company’s loans held-for-investment portfolio was as follows for the years ended December 31, 2021 and 2020 (dollar amounts in thousands): Principal Balance Deferred Fees / Other Items (1) Loan Fees Receivable Net Book Value Balance, January 1, 2020 $ 300,135 $ (6,047) $ 7,542 $ 301,630 Loan originations and acquisitions 820,015 (5) 5 820,015 Cure payments receivable — 7,351 — 7,351 Sale of loans (42,031) 1,392 — (40,639) Principal repayments received (119,443) — — (119,443) Capitalized interest 539 — — 539 Deferred fees and other items — (8,969) (380) (9,349) Accretion and amortization of fees and other items — 2,520 — 2,520 Current expected credit losses — (70,358) — (70,358) Balance, January 1, 2021 $ 959,215 $ (74,116) $ 7,167 $ 892,266 Loan originations and acquisitions 2,219,064 — — 2,219,064 Cure payments receivable (2) — (7,351) — (7,351) Sale of loans (70,567) 649 — (69,918) Principal repayments received (3) (326,195) 133 — (326,062) Capitalized interest (2) (9,469) — — (9,469) Deferred fees and other items — (19,235) — (19,235) Accretion and amortization of fees and other items — 5,103 — 5,103 Foreclosure of assets (2) (127,320) 3,832 (7,167) (130,655) Current expected credit losses (4) — 55,157 — 55,157 Balance, December 31, 2021 $ 2,644,728 $ (35,828) $ — $ 2,608,900 ____________________________________ (1) Other items primarily consist of current expected credit losses (as discussed below), purchase discounts or premiums, accretion of exit fees and deferred origination expenses. (2) During the year ended December 31, 2021, the Company completed foreclosure of the assets which previously secured its eight mezzanine loans. (3) Includes the repayment of a $69.2 million first mortgage loan prior to the maturity date. (4) Includes the reversal of current expected credit losses related to the mezzanine loans upon foreclosure of the assets which previously secured the loans, as further discussed below in “Current Expected Credit Losses,” partially offset by the increase in current expected credit losses related to the Company’s loans held-for-investment during the year ended December 31, 2021. Current Expected Credit Losses Current expected credit losses reflect the Company’s current estimate of potential credit losses related to the loans held-for-investment included in the Company’s consolidated balance sheets. Refer to Note 2 — Summary of Significant Accounting Policies for further discussion of the Company’s current expected credit losses. The following table presents the activity in the Company’s current expected credit losses by loan type for the year ended December 31, 2021 (dollar amounts in thousands): Mezzanine Loans First Mortgage Loans Liquid Senior Loans Total Current expected credit losses as of January 1, 2021 $ 58,038 $ 2,590 $ 9,730 $ 70,358 Foreclosure of assets (1) (58,038) — — (58,038) Provision for (reversal of) credit losses — 1,295 (727) 568 Current expected credit losses as of March 31, 2021 — 3,885 9,003 12,888 Provision for (reversal of) credit losses — 2,581 (2,458) 123 Current expected credit losses as of June 30, 2021 — 6,466 6,545 13,011 Reversal of provision for credit losses — (1,179) (613) (1,792) Current expected credit losses as of September 30, 2021 — 5,287 5,932 11,219 Provision for (reversal of) credit losses — 4,643 (661) 3,982 Current expected credit losses as of December 31, 2021 $ — $ 9,930 $ 5,271 $ 15,201 ____________________________________ (1) During the year ended December 31, 2021, the Company completed foreclosure of the assets which previously secured its eight mezzanine loans. Changes to current expected credit losses are recognized through net income (loss) on the Company’s consolidated statements of operations. Troubled Debt Restructuring An individual financial instrument is classified as a troubled debt restructuring when there is a reasonable expectation that the financial instrument’s contractual terms will be modified in a manner that grants concessions to the borrower who is experiencing financial difficulties. Concessions could include term extensions, payment deferrals, interest rate reductions, principal forgiveness, forbearance, or other actions designed to maximize the Company’s collection on the financial instrument. Current expected credit losses for financial instruments that are troubled debt restructurings are determined individually. The Company also classifies a financial instrument as a troubled debt restructuring when receivables from third parties, real estate, or other assets are transferred from the debtor to the creditor in order to fully or partially satisfy a debt, such as in the event of a foreclosure or repossession. During the year ended December 31, 2019, the borrower on the Company’s eight mezzanine loans became delinquent on certain required reserve payments. Throughout 2020, the borrower remained delinquent on the required reserve payments and became delinquent on principal and interest. As a result, the Company classified the loans as a troubled debt restructuring and commenced foreclosure proceedings during the year ended December 31, 2020. Upon completing foreclosure in January 2021, the Company took control of the assets which previously secured the loans, including 75 condominium units and 21 rental units across four buildings. As a result of the foreclosure, the Company recorded a $58.0 million decrease to its provision for credit losses related to its mezzanine loans during the three months ended March 31, 2021. During the year ended December 31, 2021, the Company recorded a $2.9 million net increase to the provision for credit losses related to its first mortgage loans and liquid senior loans to reflect the estimated fair value of such loans, bringing the total current expected credit losses to $15.2 million as of December 31, 2021. Risk Ratings As further described in Note 2 — Summary of Significant Accounting Policies, the Company evaluates its loans-held-for-investment portfolio on a quarterly basis. Each quarter, the Company assesses the risk factors of each loan, and assigns a risk rating based on several factors. Factors considered in the assessment include, but are not limited to, loan and credit structure, current LTV, debt yield, collateral performance, and the quality and condition of the sponsor, borrower, and guarantor(s). Loans are rated “1” (less risk) through “5” (greater risk), which ratings are defined in Note 2 — Summary of Significant Accounting Policies. The Company’s primary credit quality indicator is its risk ratings, which are further discussed above. The following table presents the net book value of the Company’s loans-held-for-investment portfolio as of December 31, 2021 by year of origination, loan type, and risk rating (dollar amounts in thousands): Amortized Cost of Loans Held-For-Investment by Year of Origination (1) As of December 31, 2021 Number of Loans 2021 2020 2019 Total First mortgage loans by internal risk rating: 1 — $ — $ — $ — $ — 2 — — — — — 3 22 1,777,068 143,932 47,585 1,968,585 4 — — — — — 5 — — — — — Total first mortgage loans 22 1,777,068 143,932 47,585 1,968,585 Liquid senior loans by internal risk rating: 1 — — — — — 2 3 — 8,279 — 8,279 3 288 342,982 289,535 3,038 635,555 4 4 — 11,682 — 11,682 5 — — — — — Total liquid senior loans 295 342,982 309,496 3,038 655,516 Less: Current expected credit losses (15,201) Total loans-held-for-investment and related receivables, net 317 $ 2,608,900 Weighted Average Risk Rating (2) 3.0 ____________________________________ (1) Date loan was originated or acquired by the Company. Origination dates are subsequently updated to reflect material loan modifications. (2) Weighted average risk rating calculated based on carrying value at period end.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	NOTE 9 — DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES In the normal course of business, the Company uses certain types of derivative instruments for the purpose of managing or hedging its interest rate risk. During the year ended December 31, 2021, three of the Company’s interest rate swap agreements matured, and in connection with the origination of the Mortgage Loan (as defined below in Note 10 — Credit Facilities, Notes Payable and Repurchase Facilities), the Company terminated two interest rate swap agreements. The Company also entered into five interest rate cap agreements, and in connection with the CIM Income NAV Merger, the Company assumed five interest rate swap agreements during the year ended December 31, 2021. As of December 31, 2021, the Company had five non-designated interest rate cap agreements and five interest rate swap agreements designated as hedging instruments. The following table summarizes the terms of the Company’s interest rate cap agreements and interest rate swap agreements designated as hedging instruments as of December 31, 2021 and 2020 (dollar amounts in thousands): Outstanding Notional Fair Value of Liabilities as of Balance Sheet Amount as of Interest Effective Maturity December 31, December 31, Location December 31, 2021 Rates (1) Dates Dates 2021 2020 Interest Rate Caps Prepaid expenses and other assets $ 752,553 2.86% to 5.45% 5/7/2021 to 7/15/2021 5/9/2022 to 7/15/2023 $ 179 $ — Interest Rate Swaps Deferred rental income, derivative liabilities and other liabilities $ 185,565 3.31% to 4.84% 12/16/2016 to 9/30/2019 1/1/2022 to 9/6/2022 $ (2,466) $ (12,308) ____________________________________ (1) The interest rate consists of the underlying index swapped or capped to a fixed rate as of December 31, 2021. Additional disclosures related to the fair value of the Company’s derivative instruments are included in Note 3 — Fair Value Measurements. The notional amount under the derivative instruments is an indication of the extent of the Company’s involvement in each instrument, but does not represent exposure to credit, interest rate or market risks. Accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. The Company has interest rate caps that are used to manage exposure to interest rate movements, but do not meet the requirements to be designated as hedging instruments. The change in fair value of the derivative instruments that are not designated as hedges is recorded directly to earnings in interest expense and other, net on the accompanying consolidated statements of operations. During the year ended December 31, 2021, the Company had interest rate swaps designated as cash flow hedges in order to hedge the variability of the anticipated cash flows on its variable rate debt. The change in fair value of the derivative instruments designated as hedges is recorded in other comprehensive income (loss), with a portion of the amount subsequently reclassified to interest expense as interest payments are made on the Company’s variable rate debt. For the years ended December 31, 2021 and 2020, the amount of losses reclassified from other comprehensive income (loss) as an increase to interest expense was $3.3 million and $12.3 million, respectively. For the year ended December 31, 2019, the amount of gain reclassified from other comprehensive income (loss) as a decrease to interest expense was $3.5 million. The total unrealized gain on interest rate swaps of $152,000 as of December 31, 2021 is included in accumulated other comprehensive income (loss) in the accompanying consolidated statement of stockholders’ equity. The total unrealized loss on interest rate swaps of $3.2 million and $3.9 million as of December 31, 2020 and 2019, respectively, is included in accumulated other comprehensive income (loss) in the accompanying consolidated statement of stockholders’ equity. During the next 12 months, the Company estimates that $2.6 million will be reclassified from other comprehensive income (loss) as an increase to interest expense. The Company includes cash flows from interest rate swap agreements in net cash flows provided by operating activities on its consolidated statements of cash flows, as the Company’s accounting policy is to present cash flows from hedging instruments in the same category in its consolidated statements of cash flows as the category for cash flows from the hedged items.

Credit Facilities, Notes Payabl

Credit Facilities, Notes Payable and Repurchase Facilities	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Credit Facilities, Notes Payable and Repurchase Facilities	NOTE 10 — CREDIT FACILITIES, NOTES PAYABLE AND REPURCHASE FACILITIES As of December 31, 2021, the Company had $4.1 billion of debt outstanding, including net deferred financing costs, with a weighted average years to maturity of 3.1 years and a weighted average interest rate of 2.6%. The weighted average years to maturity is computed using the scheduled repayment date as specified in each loan agreement where applicable. The weighted average interest rate is computed using the interest rate in effect until the scheduled repayment date. The following table summarizes the debt balances as of December 31, 2021 and 2020, and the debt activity for the year ended December 31, 2021 (in thousands): During the Year Ended December 31, 2021 Balance as of December 31, 2020 Debt Issuances & Assumptions (1) Repayments & Modifications (2) Accretion & (Amortization) Balance as of December 31, 2021 Notes payable – fixed rate debt $ 578,096 $ 85,377 $ (191,506) $ — $ 471,967 Notes payable – variable rate debt — 102,553 (32,285) — 70,268 First lien mortgage loan — 650,000 — — 650,000 ABS mortgage notes — 774,000 (3,225) — 770,775 Credit facilities 1,336,500 913,500 (5) (1,340,000) — 910,000 Repurchase facilities 235,380 1,174,650 (111,616) — 1,298,414 Total debt 2,149,976 3,700,080 (1,678,632) — 4,171,424 Net premiums (3) 149 — — (149) — Deferred costs – credit facility (4) (3,543) (153) 1,955 1,598 (143) Deferred costs – fixed rate debt and first lien mortgage loan (1,589) (14,055) 133 3,833 (11,678) Deferred costs – variable rate debt — (1,346) — 1,075 (271) Deferred costs – ABS mortgage notes — (17,050) — 923 (16,127) Total debt, net $ 2,144,993 $ 3,667,476 $ (1,676,544) $ 7,280 $ 4,143,205 ____________________________________ (1) Includes deferred financing costs incurred during the period. (2) In connection with the repayment of certain mortgage notes, the Company recognized a loss on extinguishment of debt of $4.9 million during the year ended December 31, 2021. (3) Net premiums on mortgage notes payable were recorded upon the assumption of the respective debt instruments. Amortization of these net premiums is recorded as a reduction to interest expense over the remaining term of the respective debt instruments using the effective-interest method. (4) Deferred costs related to the term portion of the CMFT Credit Facility (as defined below). (5) Includes credit facility borrowings of $352.5 million assumed upon completion of the CIM Income NAV Merger during the year ended December 31, 2021. Notes Payable As of December 31, 2021, the fixed rate debt outstanding of $472.0 million included $45.6 million of variable rate debt that is fixed through interest rate swap agreements, which has the effect of fixing the variable interest rates per annum through the maturity date of the variable rate debt. The fixed rate debt has interest rates ranging from 3.6% to 4.6% per annum. The fixed rate debt outstanding matures on various dates from January 2022 through February 2025. Should a loan not be repaid by its scheduled repayment date, the applicable interest rate may increase as specified in the respective loan agreement. The aggregate balance of gross real estate assets, net of gross intangible lease liabilities, securing the fixed rate debt outstanding was $822.1 million as of December 31, 2021. Each of the mortgage notes payable comprising the fixed rate debt is secured by the respective properties on which the debt was placed. Upon completing foreclosure proceedings to take control of the assets which previously secured the Company’s mezzanine loans in January 2021, the Company assumed $102.6 million in variable rate debt related to the underlying properties. As of December 31, 2021, the variable rate debt outstanding of $70.3 million had a weighted average interest rate of 5.5%. The variable rate debt outstanding matures on May 9, 2022. First Lien Mortgage Loan On July 15, 2021, JPMorgan Chase Bank, N.A., as administrative agent (“JPMorgan Chase”), and DBR Investments Co. Limited originated a $650.0 million first lien mortgage loan (the “Mortgage Loan”) to 114 single purpose entities (the “Borrowers”), each of which is an affiliate of the Company and is managed on a day-to-day basis by affiliates of CIM. As of December 31, 2021, the Mortgage Loan is secured by, among other things, cross-collateralized and cross-defaulted first priority mortgages, deeds of trust, security agreements or other similar security instruments on the Borrowers’ fee simple interests in 113 properties, comprised of 50 anchored shopping centers, 61 single-tenant retail properties, one office property and one industrial property. As of December 31, 2021, the aggregate balance of gross real estate assets, net of gross intangible lease liabilities, securing the notes was $1.3 billion. Amounts outstanding on the Mortgage Loan totaled $650.0 million with a weighted average interest rate of 2.9% as of December 31, 2021. The Mortgage Loan is a floating-rate, interest-only, non-recourse loan with a two-year initial term ending on August 9, 2023, with three one-year extension options, subject to certain conditions. ABS Mortgage Notes On July 28, 2021, the Company issued $774.0 million aggregate principal amount of ABS Mortgage Notes, Series 2021-1 (the “Class A Notes”) in six classes, as shown below: Class of Notes Initial Principal Balance Note Rate Anticipated Repayment Date Rated Final Payment Date Credit Rating (1) A-1 (AAA) $ 146,400,000 2.09% July 2028 July 2051 AAA (sf) A-2 (AAA) $ 219,600,000 2.57% July 2031 July 2051 AAA (sf) A-3 (AA) $ 39,200,000 2.51% July 2028 July 2051 AA (sf) A-4 (AA) $ 58,800,000 3.04% July 2031 July 2051 AA (sf) A-5 (A) $ 124,000,000 2.91% July 2028 July 2051 A (sf) A-6 (A) $ 186,000,000 3.44% July 2031 July 2051 A (sf) ____________________________________ (1) Reflects credit rating from Standard & Poor’s Financial Services LLC (“Standard & Poor’s”). The collateral pool for the Class A Notes is comprised of 170 of the Company’s double- and triple-net leased single tenant properties, together with the related leases and certain other rights and interests. The aggregate balance of gross real estate assets, net of gross intangible lease liabilities, securing the Class A Notes was $1.0 billion. As of December 31, 2021, amounts outstanding on the Class A Notes totaled $770.8 million with a weighted average interest rate of 2.8%. The Company may prepay the Class A Notes in full on or after the payment date beginning in July 2026 for the Class A-1 (AAA) Notes, the Class A-3 (AA) Notes and the Class A-5 (A) Notes, and on or after the payment date in July 2028 for the Class A-2 (AAA) Notes, the Class A-4 (AA) Notes and the Class A-6 (A) Notes. Credit Facilities The Company had a second amended and restated unsecured credit agreement (the “CMFT Second Amended and Restated Credit Agreement”) with JPMorgan Chase, and the other lenders party thereto that provided for borrowings of up to $1.24 billion (the “CMFT Credit Facility”). On December 21, 2020, as a result of CCPT V’s merger with the Company, a subsidiary of the Company assumed CCPT V’s obligations pursuant to the credit agreement by and among Cole Operating Partnership V, LP, the operating partnership of CCPT V (“CCPT V OP”), JPMorgan Chase, as administrative agent, and the lender parties thereto (the “CCPT V Credit Agreement”). The CCPT V Credit Agreement allowed for borrowings of up to $350.0 million (the “CCPT V Credit Facility”). The CMFT Credit Facility and the CCPT V Credit Facility (collectively, the “CMFT and CCPT V Credit Facilities”) were set to mature on March 15, 2022 . During the year ended December 31, 2021, and with the proceeds from the Mortgage Loan and the sale of the Class A Notes, the Company paid down the $1.11 billion outstanding balance under the CMFT and CCPT V Credit Facilities and terminated the CMFT and CCPT V Credit Facilities. On December 16, 2021, as a result of the CIM Income NAV Merger, a subsidiary of the Company assumed CIM Income NAV’s obligations pursuant to the credit agreement by and among CIM Income NAV Operating Partnership, LP, the operating partnership of CIM Income NAV (“CIM Income NAV OP”), JPMorgan Chase, as administrative agent, and the lender parties thereto (the “CIM Income NAV Credit Agreement”), including as guarantor under a guaranty provided by CIM Income NAV, and as modified by a modification agreement dated as of September 6, 2017 and subsequently modified following the consummation of the CIM Income NAV Merger by a second modification agreement on December 16, 2021. The CIM Income NAV Credit Agreement allows for borrowings of up to $425.0 million (the “CIM Income NAV Credit Facility”). The CIM Income NAV Credit Facility includes $212.5 million in term loans (the “CIM Income NAV Term Loans”) and up to $212.5 million in revolving loans (the “CIM Income NAV Revolving Loans”). The CIM Income NAV Term Loans mature on September 6, 2022. The CIM Income NAV Revolving Loans were initially set to mature on March 6, 2022, however, the Company extended the maturity date of the CIM Income NAV Revolving Loans to September 6, 2022. Depending upon the type of loan specified and overall leverage ratio, the CIM Income NAV Credit Facility bears interest at (i) the one-month, three-month or six-month LIBOR multiplied by the statutory reserve rate plus an interest rate spread ranging from 1.60% to 2.10% for term loans and 1.70% to 2.20% for revolving loans; or (ii) a base rate ranging from 0.60% to 1.10% for term loans and 0.70% to 1.20% for revolving loans, plus the greater of: (a) JPMorgan Chase’s Prime Rate (as defined in the CIM Income NAV Credit Agreement); (b) the greater of (1) the Federal Funds Effective Rate (as defined in the CIM Income NAV Credit Agreement) and (2) the Overnight Bank Funding Rate (as defined in the CIM Income NAV Credit Agreement) plus 0.50%; or (c) the one-month LIBOR multiplied by the statutory reserve rate plus 1.0%. As of December 31, 2021, $201.0 million was outstanding under the CIM Income NAV Revolving Loans. As of December 31, 2021, the CIM Income NAV Term Loans outstanding totaled $212.5 million, $140.0 million of which is subject to interest rate swap agreements (the “Swapped Term Loans”).` The interest rate swap agreements had the effect of fixing the Eurodollar Rate per annum of the Swapped Term Loans at an all-in rate of 4.4%. As of December 31, 2021, the Company had $413.5 million outstanding under the CIM Income NAV Credit Facility at a weighted average interest rate of 2.8% and $11.5 million in unused capacity, subject to borrowing availability. The Company had available borrowings of $11.5 million as of December 31, 2021. The CIM Income NAV Credit Agreement contains provisions with respect to covenants, events of default and remedies customary for facilities of this nature. In particular, the CIM Income NAV Credit Agreement requires the Company to maintain a minimum consolidated net worth greater than or equal to the total of (i) $367.1 million, plus (ii) 75% of the aggregate increases in stockholders’ equity of the Company, minus (iii) the aggregate amount of any redemptions or similar transactions (but not to exceed the amount in clause (ii) above) and a leverage ratio less than or equal to 60%. The CIM Income NAV Credit Agreement requires the Company to maintain a fixed charge coverage ratio greater than 1.50 to 1.00, an unsecured debt to unencumbered asset value ratio equal to or less than 60%, an unsecured debt service coverage ratio greater than 1.75 to 1.00, a secured debt ratio equal to or less than 40% and the amount of secured debt that is real estate recourse debt at no greater than 15% of total asset value. The Company believes it was in compliance with the financial covenants under the CIM Income NAV Credit Agreement, as well as the financial covenants under the Company’s various fixed and variable rate debt agreements, as of December 31, 2021. On December 31, 2019 (the “Closing Date”), CMFT Corporate Credit Securities, LLC, an indirect wholly-owned, bankruptcy-remote subsidiary of the Company, entered into a revolving credit and security agreement (the “Credit and Security Agreement”) with the lenders from time to time parties thereto, Citibank, N.A. (“Citibank”), as administrative agent, CMFT Securities Investments, LLC, a wholly-owned subsidiary of the Company (“CMFT Securities”), as equityholder and as collateral manager, Citibank (acting through its Agency & Trust division), as both a collateral agent and as a collateral custodian, and Virtus Group, LP, as collateral administrator. During the year ended December 31, 2021, the Company amended the Credit and Security Agreement (the “Second Amended Credit and Security Agreement”) by increasing available borrowings under the Credit Securities Revolver to an aggregate principal amount up to $550.0 million (the “Credit Securities Revolver”). The Credit Securities Revolver may be increased from time to time pursuant to the Second Amended Credit and Security Agreement. As of December 31, 2021, the amounts borrowed and outstanding under the Credit Securities Revolver totaled $496.5 million at a weighted average interest rate of 1.9%. Borrowings under the Second Amended Credit and Security Agreement will bear interest equal to the three-month LIBOR for the relevant interest period, plus an applicable rate. The applicable rate is 1.70% per annum during the reinvestment period and 2.00% per annum during the amortization period (and, in each case, an additional 2.00% per annum following an event of default under the Second Amended Credit and Security Agreement). The reinvestment period begins on the Closing Date and concludes on the earlier of (i) the date that is three years after the Closing Date, (ii) the final maturity date and (iii) the date on which the total assets under management of the Company and its wholly-owned subsidiaries is less than $1.25 billion (the “Reinvestment Period”). The final maturity date is the earliest to occur of: (i) the date that the Credit Securities Revolver is paid down and (ii) the second anniversary after the Reinvestment Period concludes. Borrowings under the Second Amended Credit and Security Agreement are secured by substantially all of the assets held by CMFT Corporate Credit Securities, LLC, which shall primarily consist of liquid senior secured loans subject to certain eligibility criteria under the Second Amended Credit and Security Agreement. The Company believes it was in compliance with the financial covenants under the Company’s various fixed and variable rate debt agreements, as of December 31, 2021. Repurchase Facilities As of December 31, 2021, indirect wholly-owned subsidiaries of the Company (collectively, the “CMFT Lending Subs”), had Master Repurchase Agreements with Citibank, Barclays Bank PLC (“Barclays”), Wells Fargo Bank, N.A. (“Wells Fargo”), and Deutsche Bank AG (“Deutsche Bank”) (collectively, the “Repurchase Agreements”) to provide financing primarily through each bank’s purchase of the Company’s CRE mortgage loans and future funding advances (the “Repurchase Facilities”). The following table is a summary of the Repurchase Facilities as of December 31, 2021 (dollar amounts in thousands): Repurchase Facility Date of Agreement Maturity Date (1) Maximum Facility Size (2) Weighted Average Interest Rate Carrying Value of Loans Financed under Repurchase Facility Amount Financed Citibank 6/4/2020 8/17/2024 $ 400,000 1.8% (3) $ 447,752 $ 322,416 Barclays 9/21/2020 9/21/2024 500,000 2.1% (3) 439,982 349,800 Wells Fargo 5/20/2021 5/19/2024 580,000 1.5% (3) 649,935 532,825 Deutsche Bank 10/8/2021 10/8/2022 300,000 2.0% (4) 118,829 93,373 Total $ 1,780,000 $ 1,656,498 $ 1,298,414 __________________________________ (1) The repurchase facilities with Citibank, Barclays and Wells Fargo were set to mature on various dates between June 2023 and May 2024, with up to two one-year extension options, while the repurchase facility with Deutsche Bank (“Deutsche Bank Repurchase Facility”) is set to mature on October 8, 2022, with four one-year extension options, all of which are subject to certain conditions set forth in the Repurchase Agreements. During the year ended December 31, 2021, the Company extended the maturity dates of the repurchase facility with Citibank (the “Citibank Repurchase Facility”) and the repurchase facility with Barclays (the “Barclays Repurchase Facility”). (2) During the year ended December 31, 2021, the Company increased the Citibank Repurchase Facility to provide up to $400.0 million in financing and increased the repurchase facility with Wells Fargo (the “Wells Fargo Repurchase Facility”) to provide up to $580.0 million in financing. Subsequent to December 31, 2021, the Company increased the repurchase facility with Barclays to provide up to $1.25 billion of financing and further increased the Wells Fargo Repurchase Facility to provide up to $750.0 million in financing. (3) Advances under the repurchase agreement accrue interest at per annum rates based on the one-month LIBOR, plus a spread ranging from 1.25% to 2.15% to be determined on a case-by-case basis between Citibank, Barclays or Wells Fargo and the CMFT Lending Subs. (4) During the year ended December 31, 2021, the Company entered into an Amended and Restated Master Repurchase Agreement with Deutsche Bank, which modified the interest rate provisions of the existing repurchase agreement to provide that advances may be made based on one-month Term SOFR (as such term is defined in the repurchase agreement) plus a spread designated by Deutsche Bank and to provide for the conversion of the interest rate used for certain existing advances under the existing Deutsche Bank Repurchase Facility from the one-month LIBOR to one-month SOFR plus a spread ranging from 1.90% to 2.00%. The Repurchase Agreements provide for simultaneous agreements by Citibank, Barclays, Wells Fargo and Deutsche Bank to re-sell such purchased CRE mortgage loans back to CMFT Lending Subs at a certain future date or upon demand. In connection with the Repurchase Agreements, the Company (as the guarantor) entered into guaranties with Citibank, Barclays, Wells Fargo, and Deutsche Bank (the “Guaranties”), under which the Company agreed to guarantee up to 25% of the CMFT Lending Subs’ obligations under the Repurchase Agreements. The Repurchase Agreements and the Guaranties contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of these types. In addition, the Guaranties contain financial covenants that require the Company to maintain: (i) minimum liquidity of not less than the lower of (a) $50.0 million and (b) the greater of (A) $10.0 million and (B) 5% of the Company’s recourse indebtedness, as defined in the Guaranties; (ii) minimum consolidated net worth greater than or equal to $1.0 billion plus (a) 75% of the equity issued by the Company following the respective closing dates of the Repurchase Agreements (the “Repurchase Closing Dates”) minus (b) the aggregate amount of any redemptions or similar transaction by the Company from the Repurchase Closing Dates; (iii) maximum leverage ratio of total indebtedness to total equity less than or equal to 80%; and (iv) minimum interest coverage ratio of EBITDA (as defined in the Guaranties) to interest expense equal to or greater than 1.40. The Company believes it was in compliance with the financial covenants under the Repurchase Agreements as of December 31, 2021. Maturities Liquidity and Financial Condition — The Company had $650.7 million of debt maturing within the next 12 months following the date these financial statements are issued. The Company plans to enter into new financing arrangements or refinance existing arrangements to meet its obligations as they become due, which management believes is probable based on the current loan-to-value ratios, the occupancy of the Company’s properties and assessment of the current lending environment. The Company plans to use cash on hand, proceeds from real estate asset dispositions, net cash provided by operations, borrowings available under the credit facilities and the entry into new financing arrangements, which management believes will be sufficient to meet its obligations as they become due in the ordinary course of business for at least 12 months following the date these financial statements are issued. The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt subsequent to December 31, 2021 (in thousands): Year Ending December 31, Principal Repayments 2022 $ 681,054 2023 942,117 2024 1,772,783 2025 16,950 2026 — Thereafter 758,520 Total $ 4,171,424

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	12 Months Ended
	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Disclosures	NOTE 11 — SUPPLEMENTAL CASH FLOW DISCLOSURES Supplemental cash flow disclosures for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands): Year Ended December 31, 2021 2020 2019 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Distributions declared and unpaid $ 13,252 $ 10,969 $ 16,510 Accrued capital expenditures $ 5,902 $ 160 $ 1,165 Real estate acquired via foreclosure $ 191,990 $ — $ — Foreclosure of assets securing the mezzanine loans $ (79,968) $ — $ — Mortgage notes payable assumed in connection with foreclosure of assets securing the mezzanine loans $ 102,553 $ — $ — Mortgage note payable assumed by buyer in connection with disposition of real estate assets $ (31,801) $ — $ (205,765) Change in interest income capitalized to loans held-for-investment $ (9,469) $ 539 $ 8,546 Accrued deferred financing costs $ 12 $ — $ — Common stock issued through distribution reinvestment plan $ 25,784 $ 34,191 $ 82,388 Common stock issued in connection with mergers $ 538,703 $ 384,319 $ — Change in fair value of derivative instruments $ 5,907 $ 727 $ (14,913) Change in fair value of real estate-related securities $ 1,650 $ 1,147 $ — Interest rate swaps assumed in mergers $ (2,719) $ (9,115) $ — Debt assumed in mergers $ 437,877 $ 379,737 $ — Real estate assets acquired in mergers $ 906,254 $ 761,326 $ — Assets assumed in mergers $ 69,058 $ 4,424 $ — Liabilities assumed in mergers $ 5,184 $ 6,389 $ — Non-controlling interest assumed in mergers $ 1,073 $ — $ — Supplemental Cash Flow Disclosures: Interest paid $ 72,533 $ 60,990 $ 97,418 Cash paid for taxes $ 1,093 $ 1,243 $ 1,218

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 12 — COMMITMENTS AND CONTINGENCIES Litigation In the ordinary course of business, the Company may become subject to litigation and claims. The Company is not aware of any material pending legal proceedings, other than ordinary routine litigation incidental to the Company’s business, to which the Company is a party or of which the Company’s properties are the subject. Unfunded Commitments As of December 31, 2021, the Company had $209.4 million of unfunded commitments related to its existing CRE loans held-for-investment and $41.0 million of unfunded commitments related to NewPoint JV. These commitments are not reflected in the accompanying consolidated balance sheet. Unsettled Liquid Senior Loans As of December 31, 2021, the Company had $36.5 million of unsettled liquid senior loan acquisitions, $22.0 million of which settled subsequent to December 31, 2021. Additionally, the Company had $1.0 million of unsettled liquid senior loan sales, $1.0 million of which settled subsequent to December 31, 2021. Unsettled acquisitions are included in cash and cash equivalents in the accompanying consolidated balance sheet. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. In addition, the Company may own or acquire certain properties that are subject to environmental remediation. Generally, the seller of the property, the tenant of the property and/or another third party is responsible for environmental remediation costs related to a property. Additionally, in connection with the purchase of certain properties, the respective sellers and/or tenants may agree to indemnify the Company against future remediation costs. The Company also carries environmental liability insurance on its properties that provides limited coverage for any remediation liability and/or pollution liability for third-party bodily injury and/or property damage claims for which the Company may be liable. The Company is not aware of any environmental matters which it believes are reasonably likely to have a material effect on its results of operations, financial condition or liquidity.

Related Party Transactions and

Related Party Transactions and Arrangements	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	NOTE 13 — RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS The Company has incurred fees and expenses payable to CMFT Management and certain of its affiliates in connection with the acquisition, management and disposition of its assets. On August 20, 2019, the Company and CMFT Management entered into an Amended and Restated Management Agreement (the “Management Agreement”), which amended and restated that certain Advisory Agreement between the parties dated January 24, 2012, as amended (the “Prior Advisory Agreement”). Following the effective date of the Management Agreement, CMFT Management is no longer entitled to receive the advisory fee, acquisition fees, subordinated performance fee, or disposition fees pursuant to the Prior Advisory Agreement, as described below; provided, however, that for the Company’s properties under contract to be sold or specifically identified in a broker agreement as being marketed for sale as of the effective date of the Management Agreement, CMFT Management was entitled to receive a disposition fee in accordance with the terms of the Prior Advisory Agreement. In addition, CMFT Management generally was entitled to reimbursement for costs and expenses to the extent incurred on behalf of the Company in accordance with the Management Agreement; provided, however, that the limits on reimbursement for organization and offering expenses, acquisition expenses and operating expenses as defined and provided in the Prior Advisory Agreement were no longer applicable. Management and investment advisory fees The Company pays CMFT Management a management fee, payable quarterly in arrears, equal to the greater of (a) $250,000 per annum ($62,500 per quarter) and (b) 1.50% per annum (0.375% per quarter) of the Company’s Equity (as defined in the Management Agreement). CMFT Securities has an investment advisory and management agreement dated December 6, 2019 (the “Investment Advisory and Management Agreement”) with the Investment Advisor. CMFT Securities was formed for the purpose of holding any securities investments and certain other investments made by the Company. The Investment Advisor, a wholly-owned subsidiary of CIM, is registered as an investment advisor under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Pursuant to the Investment Advisory and Management Agreement, the Investment Advisor manages the day-to-day business affairs of CMFT Securities and its investments in corporate credit and real estate-related securities (collectively, the “Managed Assets”), subject to the supervision of the Board. In connection with the services provided by the Investment Advisor, CMFT Securities pays the Investment Advisor an investment advisory fee (the “Investment Advisory Fee”), payable quarterly in arrears, equal to 1.50% per annum (0.375% per quarter) of CMFT Securities’ Equity (as defined in the Investment Advisory and Management Agreement). Because the Managed Assets are excluded from the calculation of management fees payable by the Company to CMFT Management pursuant to the Management Agreement, the total management and advisory fees payable by the Company to its external advisors are not increased as a result of the Investment Advisory and Management Agreement. In addition, the Investment Advisor has a sub-advisory agreement dated December 6, 2019 (the “Sub-Advisory Agreement”) with OFS Capital Management, LLC (the “Sub-Advisor”) to act as an investment sub-advisor to CMFT Securities. The Sub-Advisor is registered as an investment adviser under the Advisers Act and is an affiliate of the Investment Advisor. The Sub-Advisor principally provides investment management services with respect to the corporate credit-related securities held by CMFT Securities and its subsidiaries. The Sub-Advisor may allocate a portion of these corporate credit-related securities to its other clients, including affiliates of CIM. On a quarterly basis, the Investment Advisor designates 50% of the sum of the Investment Advisory Fee and incentive compensation attributable to the assets for which Sub-Advisor has provided investment management services payable to the Investment Advisor as sub-advisory fees. Incentive compensation CMFT Management is entitled to receive incentive compensation, payable with respect to each quarter, which is generally equal to the excess of (a) the product of (i) 20% and (ii) the excess of (A) Core Earnings (as defined in the Management Agreement) of the Company for the previous 12-month period, over (B) the product of (1) the Company’s Consolidated Equity (as defined in the Management Agreement) in the previous 12-month period, and (2) 7% per annum, over (b) the sum of any incentive compensation paid to CMFT Management with respect to the first three calendar quarters of such previous 12-month period (or such lesser number of completed calendar quarters preceding the applicable period, if applicable). During the year ended December 31, 2021 and 2020, no incentive compensation fees were incurred. In addition, the Investment Advisor is eligible to receive a portion of the incentive compensation payable to CMFT Management pursuant to the Management Agreement. In the event that the incentive compensation is earned and payable with respect to any quarter, CMFT Management calculates the portion of the incentive compensation that was attributable to the Managed Assets and payable to the Investment Advisor. Expense reimbursements to related parties The Company reimburses CMFT Management, the Investment Advisor or their affiliates for certain expenses paid or incurred in connection with the services provided to the Company. The Company will reimburse CMFT Management, the Investment Advisor, or their affiliates for salaries and benefits paid to personnel who provide services to the Company, excluding the Company’s executive officers and any portfolio management, acquisitions or investment professionals. Acquisition fees and expenses Pursuant to the Prior Advisory Agreement, through August 20, 2019, the Company paid CMFT Management or its affiliates acquisition fees of up to 2.0% of: (1) the contract purchase price of each property or asset the Company acquired; (2) the amount paid in respect of the development, construction or improvement of each asset the Company acquired; (3) the purchase price of any loan the Company acquired; and (4) the principal amount of any loan the Company originated. In addition, the Company reimbursed CMFT Management or its affiliates for acquisition-related expenses incurred in the process of acquiring properties, so long as the total acquisition fees and expenses relating to the transaction do not exceed 6.0% of the contract purchase price, unless otherwise approved by a majority of the Board, including a majority of the Company’s independent directors, as commercially competitive, fair and reasonable to the Company. Other transaction-related expenses, such as advisor reimbursements for disposition activities, are expensed as incurred and are included in transaction-related expenses on the consolidated statements of operations. Advisory fees and expenses Pursuant to the Prior Advisory Agreement, through August 20, 2019, the Company paid CMFT Management a monthly advisory fee based upon the Company’s monthly average invested assets, which, effective January 1, 2019, was based on the estimated market value of such assets used to determine the Company’s estimated per share NAV as of December 31, 2018, and for those assets acquired subsequent to December 31, 2018, was based on the purchase price. The monthly advisory fee was equal to the following amounts: (1) an annualized rate of 0.75% paid on the Company’s average invested assets that are between $0 and $2.0 billion; (2) an annualized rate of 0.70% paid on the Company’s average invested assets that are between $2.0 billion and $4.0 billion; and (3) an annualized rate of 0.65% paid on the Company’s average invested assets that are over $4.0 billion. Disposition fees Pursuant to the Prior Advisory Agreement, through August 20, 2019, if CMFT Management or its affiliates provided a substantial amount of services (as determined by a majority of the Company’s independent directors) in connection with the sale of one or more properties (or the Company’s entire portfolio), the Company paid CMFT Management or its affiliates a disposition fee in an amount equal to up to one-half of the real estate or brokerage commission paid by the Company to third parties on the sale of such property, not to exceed 1.0% of the contract price of the property sold; provided, however, in no event would the total disposition fees paid to CMFT Management, its affiliates and unaffiliated third parties exceed the lesser of the customary competitive real estate commission or an amount equal to 6.0% of the contract sales price. For the Company’s properties under contract to be sold or specifically identified in a broker agreement as being marketed for sale as of August 20, 2019, CMFT Management was entitled to receive a disposition fee in accordance with the terms of the Prior Advisory Agreement. Subordinated performance fees Pursuant to the Prior Advisory Agreement, through August 20, 2019, if the Company was sold or its assets were liquidated, CMFT Management was entitled to receive a subordinated performance fee equal to 15.0% of the net sale proceeds remaining after stockholders received, from regular distributions plus special distributions paid from proceeds of such sale, a return of their net capital invested and an 8.0% annual cumulative, non-compounded return. Alternatively through August 20, 2019, if the Company’s shares were listed on a national securities exchange, CMFT Management was entitled to a subordinated performance fee equal to 15.0% of the amount by which the market value of the Company’s outstanding stock plus all distributions paid by the Company prior to listing, exceeded the sum of the total amount of capital raised from stockholders and the amount of distributions necessary to generate an 8.0% annual cumulative, non-compounded return to stockholders. As an additional alternative, upon termination of the Prior Advisory Agreement, CMFT Management was entitled to a subordinated performance fee similar to the fee to which CMFT Management would have been entitled had the portfolio been liquidated (based on an independent appraised value of the portfolio) on the date of termination. During each of the years ended December 31, 2021, 2020 and 2019, no subordinated performance fees were incurred related to any such events. The Company recorded fees and expense reimbursements as shown in the table below for services provided by CMFT Management or its affiliates related to the services described above during the periods indicated (in thousands): Year Ended December 31, 2021 2020 2019 Management fees $ 47,020 $ 40,025 $ 14,622 Acquisition fees $ — $ — $ 1,362 Disposition fees $ — $ 434 $ 3,967 Advisory fees $ — $ — $ 22,623 Expense reimbursements to related parties $ 11,624 $ 8,920 $ 9,436 Due to Affiliates Of the amounts shown above, $14.6 million and $14.7 million had been incurred, but not yet paid, for services provided by CMFT Management or its affiliates in connection with the management and operating activities during the years ended December 31, 2021 and 2020, respectively, and such amounts were recorded as liabilities of the Company as of such dates. Development Management Agreements On January 7, 2021, the Company completed foreclosure proceedings to take control of the assets which previously secured its mezzanine loans, including 75 condominium units and 21 rental units across four buildings in New York. Upon foreclosure, and with the approval of the valuation, compensation and affiliate transactions committee of the Board, CIM NY Management, LLC, an affiliate of the Company’s manager, CMFT Management, entered into a Development Management Agreement with the indirect wholly owned subsidiaries of the Company that own each of the four buildings (the “Building Owners”), wherein CIM NY Management, LLC will act as project manager in overseeing the development and construction of property improvements in accordance with each respective Development Management Agreement (the “Development Services”). In consideration for the Development Services, CIM NY Management, LLC will receive a development management fee from the Building Owners equal to 4% of the aggregate gross project costs expended during the term of the Development Management Agreement, subject to the conditions in each respective Development Management Agreement. Additionally, CIM NY Management, LLC is reimbursed by the Building Owners for expenses incurred in connection with the Development Services, including services provided that are incidental to but not part thereof the Development Services. The Development Management Agreement shall remain in effect until the project completion date, and is terminable by either party with fifteen days prior notice to the other party, with or without cause. Affiliated Investments In September 2021, the Company co-invested in $68.4 million in preferred units and $138.8 million in a mortgage loan to a third-party for the purchase of a multi-family, office and retail building in Fort Lauderdale, Florida with CIM Real Assets & Credit Fund, a f und that is advised by affiliates of CMFT Management (“CIM RACR”). The Company invested $63.5 million in the preferred units and originated $129.0 million of the mortgage loan, both of which were still outstanding as of December 31, 2021. CIM RACR invested $4.9 million in the preferred units and originated $9.8 million of the mortgage loan. Subsequent to December 31, 2021, the Company and CIM RACR upsized their investment in the mortgage loan with an additional $6.4 million and $490,000 invested, respectively. In November 2021 the Company entered into the Unconsolidated Joint Venture (the “MT-FT JV”) with CMMT Holdings, LLC, a fund th at is advised by an affiliate of CMFT Management, for the purposes of investing in the Newpoint JV. The Company owns 50% of the equity interests of the MT-FT JV and has committed to fund capital to the MT-FT JV up to $112.5 million, of which $53.5 million has been funded. For more information on the NewPointJV, see Note 2 — Summary of Significant Accounting Policies. As a result of the CIM Income NAV Merger, the Company has an investment in CIM UII Onshore, a fund that is advised by an affiliate of CMFT Management, with a carrying value of $56.0 million as of December 31, 2021. See Note 2 — Summary of Significant Accounting Policies for more information on the CIM UII Onshore investment. In October 2021, the Company invested in a $130.0 million senior loan, with an initial advance of $119.0 million, to a third-party, the proceeds of which were used to finance the acquisition of a property from a fund t hat is advised by an affiliate of CMFT Management. As of December 31, 2021, $119.0 million of the senior loan was outstanding. An affiliate of CMFT Management serves as the property manager for this property and has entered into a subordination agreement with the Company in connection with the loan. In December 2021, the Company invested in a $155.0 million senior loan, with an initial advance of $154.0 million, to a third-party, the proceeds of which were used to finance the acquisition of a property from a fund that is advised by an affiliate of CMFT Management. As of December 31, 2021, $154.0 million of the senior loan was outstanding.

Economic Dependency

Economic Dependency	12 Months Ended
	Dec. 31, 2021
Economic Dependency [Abstract]
Economic Dependency	NOTE 14 — ECONOMIC DEPENDENCY Under various agreements, the Company has engaged and may in the future engage CMFT Management or its affiliates to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, as well as other administrative responsibilities for the Company including accounting services and stockholder relations. As a result of these relationships, the Company is dependent upon CMFT Management or its affiliates. In the event that these companies are unable to provide the Company with these services, the Company would be required to find alternative providers of these services.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Stockholders' Equity	NOTE 15 — STOCKHOLDERS’ EQUITY As of December 31, 2021, 2020 and 2019, the Company was authorized to issue $600.0 million of shares of common stock under the Secondary DRIP Offering. All shares of such stock have a par value of $0.01 per share. The par value of stockholder proceeds raised from the DRIP Offerings is classified as common stock, with the remainder allocated to capital in excess of par value. On August 11, 2010, the Company sold 20,000 shares of common stock, at $10.00 per share, to Cole Holdings Corporation (“CHC”). On April 5, 2013, the ownership of such shares was transferred to CREInvestments, LLC, an affiliate of CMFT Management. On February 7, 2014, the ownership of such shares was transferred to VEREIT Operating Partnership, L.P. (“VEREIT OP”), a former affiliated entity of the Company’s sponsor. On February 1, 2018, the ownership of such shares was transferred by VEREIT OP to CMFT Management. On December 21, 2020, in connection with the consummation of the CCIT III and CCPT V Mergers, the Company issued 52.6 million shares of common stock for consideration of $7.31 per share. In addition, on December 16, 2021, in connection with the consummation of the CIM Income NAV Merger, the Company issued 74.8 million shares of common stock for consideration of $7.20 per share. Distribution Reinvestment Plan Pursuant to the DRIP, the Company allows stockholders to elect to have their distributions reinvested in additional shares of the Company’s common stock at the most recent estimated per share NAV as determined by the Board. The Board may terminate or amend the Secondary DRIP Offering at the Company’s discretion at any time upon ten days’ prior written notice to the stockholders. In connection with the CCIT III and CCPT V Mergers, on August 30, 2020, the Board approved the suspension of the DRIP, and, therefore, distributions paid after that date were paid in cash to all stockholders until the DRIP was reinstated, effective April 1, 2021, by the Board on March 25, 2021. During the years ended December 31, 2021, 2020 and 2019, approximately 3.6 million, 4.2 million and 9.3 million shares were purchased under the DRIP Offerings for approximately $25.8 million, $34.2 million and $82.4 million, respectively, which were recorded as redeemable common stock on the consolidated balance sheets. Share Redemption Program The Company’s share redemption program permits its stockholders to sell their shares back to the Company after they have held them for at least one year, subject to the significant conditions and limitations described below. The share redemption program provides that the Company will redeem shares of its common stock from requesting stockholders, subject to the terms and conditions of the share redemption program. The Company will limit the number of shares redeemed pursuant to the share redemption program as follows: (1) the Company will not redeem in excess of 5% of the weighted average number of shares outstanding during the trailing 12 months prior to the end of the fiscal quarter for which the redemptions are being paid; and (2) funding for the redemption of shares will be limited, among other things, to the net proceeds the Company receives from the sale of shares under the DRIP Offerings, net of shares redeemed to date. In an effort to accommodate redemption requests throughout the calendar year, the Company intends to limit quarterly redemptions to approximately 1.25% of the weighted average number of shares outstanding during the trailing 12-month period ending on the last day of the fiscal quarter, and funding for redemptions for each quarter generally will be limited to the net proceeds the Company receives from the sale of shares in the respective quarter under the DRIP Offerings. Except for redemptions due to a stockholder’s death, bankruptcy or other exigent circumstances, the redemption price per share will equal the per share value shown on the stockholder’s most recent customer account statement. The redemption price will be adjusted for any stock dividends, combinations, splits, recapitalizations and the like with respect to the Company’s common stock if any such event is not already reflected in the per share value shown on the stockholder’s most recent customer account statement. Upon receipt of a request for redemption, the Company may conduct a Uniform Commercial Code search to ensure that no liens are held against the shares. If the Company cannot purchase all shares presented for redemption in any fiscal quarter, based upon insufficient cash available and/or the limit on the number of shares the Company may redeem during any quarter or year, the Company will give priority to the redemption of deceased stockholders’ shares. The Company next will give priority to requests for full redemption of accounts with a balance of 250 shares or less at the time the Company receives the request, in order to reduce the expense of maintaining small accounts. Thereafter, the Company will honor the remaining quarterly redemption requests on a pro rata basis. Following such quarterly redemption period, the unsatisfied portion of the prior redemption request must be resubmitted, prior to the last day of the new quarter. Unfulfilled requests for redemption will not be carried over automatically to subsequent redemption periods. The Company redeems shares no later than the end of the month following the end of each fiscal quarter. Requests for redemption must be received on or prior to the end of the fiscal quarter in order for the Company to repurchase the shares in the month following the end of that fiscal quarter. The Board may amend, suspend or terminate the share redemption program at any time. In connection with the CCIT III and CCPT V Mergers, the Board approved the suspension of the Company’s share redemption program on August 30, 2020, and, therefore, no shares were redeemed from the Company’s stockholders after that date until the share redemption program was reinstated, effective April 1, 2021, by the Board on March 25, 2021. During the years ended December 31, 2021, 2020 and 2019, the Company redeemed approximately 3.1 million, 6.0 million and 9.5 million shares, respectively, under the share redemption program for $22.0 million, $48.1 million and $84.1 million, respectively. During the year ended December 31, 2021, redemption requests relating to approximately 81.9 million shares went unfulfilled. Distributions Payable and Distribution Policy Prior to April 1, 2020, on a quarterly basis, the Board authorized a daily distribution for the succeeding quarter. The Board authorized the following daily distribution amounts per share for the periods indicated below: Period Commencing Period Ending Daily Distribution Amount April 14, 2012 December 31, 2012 $0.001707848 January 1, 2013 December 31, 2015 $0.001712523 January 1, 2016 December 31, 2016 $0.001706776 January 1, 2017 December 31, 2019 $0.001711452 January 1, 2020 March 31, 2020 $0.001706776 On April 20, 2020, the Board decided to make a determination as to the amount and timing of distributions on a monthly, instead of a quarterly, basis until such time that the Company has greater visibility into the impact that the COVID-19 pandemic would have on tenants’ ability to continue to pay rent on their leases on a timely basis or at all, the degree to which federal, state or local governmental authorities grant rent relief or other relief or amnesty programs applicable to the Company’s tenants, the Company’s ability to access the capital markets, and on the United States and worldwide financial markets and economy. On March 25, 2021, the Board resumed declaring distributions on a quarterly basis, which are paid out on a monthly basis. Since April 2020, the Board authorized the following monthly distribution amounts per share, payable to shareholders as of the record date for the applicable month, for the periods indicated below: Period Commencing Period Ending Monthly Distribution Amount April 2020 May 2020 $0.0130 June 2020 June 2020 $0.0161 July 2020 July 2020 $0.0304 August 2020 December 2021 $0.0303 January 2022 June 2022 $0.0305 As of December 31, 2021, the Company had distributions payable of $13.3 million. Equity-Based Compensation On August 10, 2018, the Board approved the adoption of the Company’s 2018 Equity Incentive Plan (the “Plan”), under which 400,000 of the Company’s shares of common stock were reserved for issuance and awards of approximately 306,000 shares of common stock are available for future grant at December 31, 2021. Under the Plan, the Board or a committee designated by the Board has the authority to grant restricted stock awards or deferred stock awards to non-employee directors of the Company, which will further align such directors’ interests with the interests of the Company’s stockholders. The Board or committee also has the authority to determine the terms of any award granted pursuant to the Plan, including vesting schedules, restrictions and acceleration of any restrictions. The Plan may be amended or terminated by the Board at any time. The Plan expires on August 9, 2028.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 16 — INCOME TAXES For federal income tax purposes, distributions to stockholders are characterized as ordinary dividends, capital gain distributions, or nondividend distributions. Nondividend distributions will reduce U.S stockholders’ basis (but not below zero) in their shares. The following table shows the character of the distributions the Company paid on a percentage basis for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, Character of Distributions: 2021 2020 2019 Ordinary dividends 22 % — % 39 % Nondividend distributions 36 % 100 % 7 % Capital gain distributions 42 % — % 54 % Total 100 % 100 % 100 % During the years ended December 31, 2021, 2020 and 2019, the Company incurred state and local income and franchise taxes of $1.1 million, $568,000, and $1.5 million, respectively, which were recorded in general and administrative expenses in the consolidated statements of operations. The Company had no unrecognized tax benefits as of or during the years ended December 31, 2021 and 2020. Any interest and penalties related to unrecognized tax benefits would be recognized within the provision for income taxes in the accompanying consolidated statements of operations. The Company files income tax returns in the U.S. federal jurisdiction, as well as various state jurisdictions, and is subject to routine examinations by the respective tax authorities.

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Leases	NOTE 17 — LEASES The Company’s real estate assets are leased to tenants under operating leases for which the terms, expirations and extension options vary. The Company’s operating leases do not convey to the lessee the right to purchase the underlying asset upon expiration of the lease period. To determine whether a contract contains a lease, the Company reviews contracts to determine if the agreement conveys the right to control the use of an asset. The Company accounts for lease and non-lease components as a single, combined operating lease component. Non-lease components primarily consist of maintenance services, including CAM, real estate taxes, insurance and utilities paid for by the lessor but consumed by the lessee. Non-lease components are considered to be variable rental and other property income and are recognized in the period incurred. As of December 31, 2021, the Company’s leases had a weighted-average remaining term of 8.6 years. Certain leases include provisions to extend the lease agreements, options for early termination after paying a specified penalty, rights of first refusal to purchase the property at competitive market rates, and other negotiated terms and conditions. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. As of December 31, 2021, the future minimum rental income from the Company’s real estate assets under non-cancelable operating leases, assuming no exercise of renewal options for the succeeding five fiscal years and thereafter, was as follows (in thousands): Year Ending December 31, Future Minimum Rental Income 2022 $ 240,497 2023 226,953 2024 218,500 2025 209,384 2026 196,607 Thereafter 1,266,227 Total $ 2,358,168 A certain amount of the Company’s rental and other property income is from tenants with leases which are subject to contingent rent provisions. These contingent rents are subject to the tenant achieving periodic revenues in excess of specified levels. For the years ended December 31, 2021, 2020 and 2019, the amount of the contingent rent earned by the Company was not significant. Rental and other property income during the years ended December 31, 2021, 2020 and 2019 consisted of the following (in thousands): Year Ended December 31, 2021 2020 2019 Fixed rental and other property income (1) $ 252,422 $ 221,445 $ 342,453 Variable rental and other property income (2) 42,742 40,085 50,771 Total rental and other property income $ 295,164 $ 261,530 $ 393,224 __________________________________ (1) Consists primarily of fixed contractual payments from operating leases with tenants recognized on a straight-line basis over the lease term, including amortization of acquired above- and below-market leases, and is net of uncollectible lease-related receivables. (2) Consists primarily of tenant reimbursements for recoverable real estate taxes and property operating expenses, and percentage rent. The Company has one property subject to a non-cancelable operating ground lease with a remaining term of 11.7 years, with a lease liability (in deferred rental income, derivative liabilities and other liabilities prepaid expenses and other assets The Company recognized $250,000 of ground lease expense during the year ended December 31, 2021, of which $242,000 was paid in cash during the period it was recognized. As of December 31, 2021, the Company’s scheduled future minimum rental payments related to its operating ground lease is approximately $250,000 annually for 2022 through 2026, and $1.7 million thereafter through the maturity date of the lease in August 2033.
Leases	NOTE 17 — LEASES The Company’s real estate assets are leased to tenants under operating leases for which the terms, expirations and extension options vary. The Company’s operating leases do not convey to the lessee the right to purchase the underlying asset upon expiration of the lease period. To determine whether a contract contains a lease, the Company reviews contracts to determine if the agreement conveys the right to control the use of an asset. The Company accounts for lease and non-lease components as a single, combined operating lease component. Non-lease components primarily consist of maintenance services, including CAM, real estate taxes, insurance and utilities paid for by the lessor but consumed by the lessee. Non-lease components are considered to be variable rental and other property income and are recognized in the period incurred. As of December 31, 2021, the Company’s leases had a weighted-average remaining term of 8.6 years. Certain leases include provisions to extend the lease agreements, options for early termination after paying a specified penalty, rights of first refusal to purchase the property at competitive market rates, and other negotiated terms and conditions. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. As of December 31, 2021, the future minimum rental income from the Company’s real estate assets under non-cancelable operating leases, assuming no exercise of renewal options for the succeeding five fiscal years and thereafter, was as follows (in thousands): Year Ending December 31, Future Minimum Rental Income 2022 $ 240,497 2023 226,953 2024 218,500 2025 209,384 2026 196,607 Thereafter 1,266,227 Total $ 2,358,168 A certain amount of the Company’s rental and other property income is from tenants with leases which are subject to contingent rent provisions. These contingent rents are subject to the tenant achieving periodic revenues in excess of specified levels. For the years ended December 31, 2021, 2020 and 2019, the amount of the contingent rent earned by the Company was not significant. Rental and other property income during the years ended December 31, 2021, 2020 and 2019 consisted of the following (in thousands): Year Ended December 31, 2021 2020 2019 Fixed rental and other property income (1) $ 252,422 $ 221,445 $ 342,453 Variable rental and other property income (2) 42,742 40,085 50,771 Total rental and other property income $ 295,164 $ 261,530 $ 393,224 __________________________________ (1) Consists primarily of fixed contractual payments from operating leases with tenants recognized on a straight-line basis over the lease term, including amortization of acquired above- and below-market leases, and is net of uncollectible lease-related receivables. (2) Consists primarily of tenant reimbursements for recoverable real estate taxes and property operating expenses, and percentage rent. The Company has one property subject to a non-cancelable operating ground lease with a remaining term of 11.7 years, with a lease liability (in deferred rental income, derivative liabilities and other liabilities prepaid expenses and other assets The Company recognized $250,000 of ground lease expense during the year ended December 31, 2021, of which $242,000 was paid in cash during the period it was recognized. As of December 31, 2021, the Company’s scheduled future minimum rental payments related to its operating ground lease is approximately $250,000 annually for 2022 through 2026, and $1.7 million thereafter through the maturity date of the lease in August 2033.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Segment Reporting	NOTE 18 — SEGMENT REPORTING As of December 31, 2021, the Company determined that it has two reportable segments: real estate and credit. Corporate/other represents all corporate level and unallocated items and includes the Company’s other asset management activities and operating expenses. There were no changes in the structure of the Company’s internal organization that prompted the change in reportable segments. Prior period amounts have been revised to conform to the current year presentation shown below. The following tables present segment reporting for the years ended December 31, 2021, 2020 and 2019 (in thousands): Year Ended December 31, 2021 Real Estate Credit Corporate/Other (1) (2) Company Total Rental and other property income $ 294,729 $ — $ 435 $ 295,164 Interest income — 70,561 — 70,561 Total revenues 294,729 70,561 435 365,725 General and administrative 317 1,268 13,493 15,078 Property operating 32,033 — 15,526 47,559 Real estate tax 29,109 — 5,834 34,943 Expense reimbursements to related parties — — 11,624 11,624 Management fees 33,248 13,772 — 47,020 Transaction-related 126 — 189 315 Depreciation and amortization 95,190 — — 95,190 Real estate impairment 5,993 — 12,085 18,078 Increase in provision for credit losses — 2,881 — 2,881 Total operating expenses 196,016 17,921 58,751 272,688 Gain on disposition of real estate and condominium developments, net 77,178 — 5,867 83,045 Merger-related expenses, net — — (1,404) (1,404) Operating income (loss) 175,891 52,640 (53,853) 174,678 Other expense: Gain on investment in unconsolidated entities — — 606 606 Interest expense and other, net (37,022) (21,278) (25,599) (83,899) Loss on extinguishment of debt (1,628) — (3,267) (4,895) Segment net income (loss) $ 137,241 $ 31,362 $ (82,113) $ 86,490 Segment net income (loss) attributable to non-controlling interest — — — — Segment net income (loss) attributable to the Company 137,241 31,362 (82,113) 86,490 Total assets as of December 31, 2021 $ 3,821,085 $ 2,859,017 $ 282,674 $ 6,962,776 __________________________________ (1) Includes condominium and rental units acquired via foreclosure during the year ended December 31, 2021. (2) Includes the Company’s investment in CIM UII Onshore acquired as a part of the CIM Income NAV Merger. Year Ended December 31, 2020 Real Estate Credit Corporate/Other Company Total Rental and other property income $ 261,530 $ — $ — $ 261,530 Interest income — 29,393 — 29,393 Total revenues 261,530 29,393 — 290,923 General and administrative 291 2,080 9,671 12,042 Property operating 23,399 — — 23,399 Real estate tax 27,691 — — 27,691 Expense reimbursements to related parties — — 8,920 8,920 Management fees 32,164 7,861 — 40,025 Transaction-related 346 9 — 355 Depreciation and amortization 80,973 — — 80,973 Real estate impairment 16,737 — — 16,737 Increase in provision for credit losses — 68,356 — 68,356 Total operating expenses 181,601 78,306 18,591 278,498 Gain on disposition of real estate and condominium developments, net 27,518 — — 27,518 Merger-related expenses, net — — (1,884) (1,884) Merger termination fee — — 7,380 7,380 Operating income (loss) 107,447 (48,913) (13,095) 45,439 Other expense: Interest expense and other, net (21,380) (5,101) (37,635) (64,116) Loss on extinguishment of debt (4,394) — (447) (4,841) Segment net income (loss) 81,673 (54,014) (51,177) (23,518) Segment net income (loss) attributable to the Company $ 81,673 $ (54,014) $ (51,177) $ (23,518) Total assets as of December 31, 2020 $ 3,405,590 $ 949,764 $ 104,255 $ 4,459,609 Year Ended December 31, 2019 Real Estate Credit Corporate/Other Company Total Rental and other property income $ 393,224 $ — $ — $ 393,224 Interest income — 20,132 — 20,132 Total revenues 393,224 20,132 — 413,356 General and administrative 428 10 9,729 10,167 Property operating 33,462 — — 33,462 Real estate tax 32,196 — — 32,196 Expense reimbursements to related parties — — 9,436 9,436 Merger-related 35,557 1,688 — 37,245 Management fees 35,557 1,688 — 37,245 Transaction-related 288 1,242 — 1,530 Depreciation and amortization 107,867 — — 107,867 Real estate impairment 72,939 — — 72,939 Total operating expenses 282,737 2,940 19,165 304,842 Gain on disposition of real estate and condominium developments, net 180,666 — — 180,666 Operating income (loss) 291,153 17,192 (19,165) 289,180 Other expense: Interest expense and other, net (45,606) (19) (53,308) (98,933) Loss on extinguishment of debt (6,482) — (745) (7,227) Segment net income (loss) 239,065 17,173 (73,218) 183,020 Segment net income (loss) attributable to non-controlling interest 121 — — 121 Segment net income (loss) attributable to the Company $ 238,944 $ 17,173 $ (73,218) $ 182,899 Total assets as of December 31, 2019 $ 2,895,609 $ 551,805 $ 221,209 $ 3,668,623

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	NOTE 19 — SUBSEQUENT EVENTS Redemptions of Shares of Common Stock Subsequent to December 31, 2021, the Company redeemed approximately 1.3 million shares for $9.4 million (at an average redemption price of $7.20 per share). The remaining redemption requests received during the three months ended December 31, 2021 totaling approximately 23.1 million shares went unfulfilled. Property Dispositions Subsequent to December 31, 2021, the sale of 56 of the properties under contract for sale pursuant to the Purchase and Sale Agreement closed for total consideration of $811.8 million, which consists of $758.4 million in cash proceeds and $53.4 million of AFIN Common Stock, which shares are restricted and subject to certain registration rights as described in the Purchase and Sale Agreement. The remaining 25 properties are expected to close in the second quarter of 2022. In addition to the properties disposed of pursuant to the Purchase and Sale Agreement, the Company disposed of six properties subsequent to December 31, 2021 for an aggregate gross sales price of $48.9 million, resulting in net proceeds of $25.4 million after closing costs and mortgage note payoffs and a net gain of approximately $13.9 million. The Company has no continuing involvement with these properties. Additionally, the Company disposed of condominium units for an aggregate gross sales price of $17.6 million and a net gain of $2.6 million. CRE Loans Subsequent to December 31, 2021, the Company originated three first mortgage loans and upsized an existing first mortgage loan for an aggregate principal balance of $877.8 million and unfunded commitments of $165.8 million, the funding of which is subject to the satisfaction of borrower milestones. Corporate Senior Loans Subsequent to December 31, 2021, the Company invested $10.0 million in a corporate senior loan to a third-party. Liquid Senior Loans Subsequent to December 31, 2021, the Company settled $38.0 million of net liquid senior loan transactions, $21.0 million of which were traded as of December 31, 2021. Repurchase Facilities Subsequent to December 31, 2021, the Company amended the master repurchase agreement with Barclays to increase the maximum financing amount of the Barclays Repurchase Facility from $500.0 million to up to $1.25 billion. Additionally, subsequent to December 31, 2021, the Company amended the master repurchase agreement with Wells Fargo to increase the maximum financing amount of the Wells Fargo Repurchase Facility from $580.0 million to up to $750.0 million. CMBS Purchases Subsequent to December 31, 2021, the Company purchased $40.3 million in CMBS. Preferred Units Subsequent to December 31, 2021, the Company upsized its investment in preferred units with an additional $4.8 million invested. Unconsolidated Entities Subsequent to December 31, 2021, the Company contributed an additional $24.8 million in capital to the NewPoint JV.

Schedule III - Real Estate Asse

Schedule III - Real Estate Assets and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate Assets and Accumulated Depreciation	Initial Costs to Company Gross Amount at Buildings, Total Which Carried Accumulated Fixtures and Adjustment At December 31, 2021 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Real Estate Held for Investment the Company has Invested in Under Operating Leases: 24 Hour Fitness Orlando,FL (h) $ 2,825 $ 6,157 $ — $ 8,982 $ 8 12/16/2021 2018 AAA Office Park Hamilton, NJ (h) 5,427 22,970 — 28,397 33 12/16/2021 2016 Aaron’s Rents: Arkadelphia, AR $ — 183 491 — 674 28 12/21/2020 2014 Academy Sports: Cartersville, GA 7,092 4,517 4,574 — 9,091 175 12/21/2020 2014 Valdosta, GA 5,838 2,482 5,922 (8,404) (i) — — 5/10/2013 2012 Actuant Campus: Columbus, WI 13,279 2,090 14,633 — 16,723 467 12/21/2020 2014 Advance Auto Parts: Fairmont, NC 720 253 868 — 1,121 32 12/21/2020 2004 Hampton,VA 720 645 655 — 1,300 27 12/21/2020 2015 Ravenswood,WV (h) 271 657 — 928 1 12/16/2021 1996 Sedalia,MO (h) 396 700 — 1,096 1 12/16/2021 2013 AK Steel West Chester, OH (h) 1,421 21,044 — 22,465 27 12/16/2021 2007 Albany Square: Albany, GA 4,579 1,606 7,113 (8,719) (i) — — 2/26/2014 2013 Almeda Crossing: Houston, TX 16,880 4,738 26,245 (30,983) (i) — — 8/7/2014 2006 Amcor Rigid Plastics Ames,IA 8,250 1,287 16,701 — 17,988 19 12/16/2021 1996 Apex Technologies Mason,OH (h) 1,288 11,127 — 12,415 14 12/16/2021 2013 Aspen Dental: Rogers,AR 1,220 289 1,611 — 1,900 54 12/21/2020 2015 At Home: Pearland, TX 11,465 3,663 10,305 — 13,968 344 12/21/2020 1994 AutoZone: Vandalia,OH 532 797 73 — 870 — 12/16/2021 2014 Bank of America Fairview Park,OH (h) 714 1,220 — 1,934 2 12/16/2021 2014 Bass Pro Shop: Portage, IN (h) 1,428 8,414 — 9,842 358 12/21/2020 1983 Tallahassee, FL (h) 945 5,713 — 6,658 1,351 8/20/2013 2013 Beavercreek Shopping Center: Beavercreek, OH 16,270 5,504 25,178 (30,682) (i) — — 10/31/2013 2013 Becton, Dickinson and Company: Broken Bow, NE 1,180 244 1,733 100 2,077 393 6/19/2014 2007 Bed Bath & Beyond/Golf Smith: Schaumburg, IL 7,213 4,786 6,149 (10,935) (i) — — 3/8/2013 1997 Biolife Plasma Services Fort Wayne,IN — 963 3,848 — 4,811 5 12/16/2021 2007 Moorehead,MN — 955 4,109 — 5,064 5 12/16/2021 2008 BJ's Wholesale Club: Fort Myers, FL 20,260 5,331 21,692 — 27,023 613 12/21/2020 2018 Roanoke, VA 15,860 4,509 14,545 — 19,054 439 11/25/2020 2018 Blankenbaker Plaza: Louisville, KY 4,950 4,861 10,497 (15,358) (i) — — 12/21/2020 2007 Initial Costs to Company Gross Amount at Buildings, Total Which Carried Accumulated Fixtures and Adjustment At December 31, 2021 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Bob Evans: Akron, OH $ — $ 447 $ 1,537 $ — $ 1,984 $ 224 4/28/2017 2007 Anderson, IN — 912 1,455 — 2,367 216 4/28/2017 1984 Austintown, OH — 305 1,426 — 1,731 223 4/28/2017 1995 Birch Run, MI — 733 1,192 — 1,925 182 4/28/2017 2008 Blue Ash, OH — 628 1,429 — 2,057 242 4/28/2017 1994 Chardon, OH — 333 682 — 1,015 113 4/28/2017 2003 Chillicothe, OH — 557 1,524 — 2,081 231 4/28/2017 1998 Columbus, OH — 523 1,376 — 1,899 216 4/28/2017 2003 Dayton, OH — 325 1,438 — 1,763 231 4/28/2017 1998 Defiance,OH (h) 501 2,781 — 3,282 3 12/16/2021 2011 Dover,OH (h) 552 1,930 — 2,482 2 12/16/2021 2013 Dundee,MI (h) 526 1,298 — 1,824 2 12/16/2021 2011 Florence, KY — 496 1,876 — 2,372 295 4/28/2017 1991 Gallipolis, OH 2,768 529 2,963 — 3,492 82 12/21/2020 2003 Hagerstown, MD 2,596 490 2,789 — 3,279 81 12/21/2020 1989 Hamilton,OH (h) 446 2,359 — 2,805 3 12/16/2021 2014 Holland, MI — 314 1,367 — 1,681 213 4/28/2017 2004 Hummelstown,PA (h) 1,029 2,283 — 3,312 3 12/16/2021 2013 Huntersville, NC — 751 657 — 1,408 99 4/28/2017 2008 Hurricane, WV — 297 1,654 — 1,951 234 4/28/2017 1993 Mansfield, OH 2,312 495 2,423 — 2,918 72 12/21/2020 2004 Mayfield Heights,OH (h) 847 1,278 — 2,125 2 12/16/2021 2003 Milford, OH — 271 1,498 — 1,769 236 4/28/2017 1987 Monroe, MI 2,244 623 2,177 — 2,800 66 12/21/2020 1998 Monroeville, PA — 1,340 848 — 2,188 122 4/28/2017 1995 Nicholasville, KY — 731 693 — 1,424 102 4/28/2017 1989 North Canton, OH — 859 1,393 — 2,252 219 4/28/2017 2006 Northwood, OH 2,589 514 2,760 — 3,274 79 12/21/2020 1998 Peoria, IL 913 620 524 — 1,144 22 12/21/2020 1995 Piqua, OH 2,065 413 2,187 — 2,600 64 12/21/2020 1989 Ripley, WV — 269 1,304 — 1,573 198 4/28/2017 1988 Tipp City, OH — 554 1,120 — 1,674 181 4/28/2017 1989 Warsaw, IN — 684 1,222 — 1,906 184 4/28/2017 1993 Boston Commons: Springfield, MA 5,360 3,101 7,042 (10,143) (i) — — 8/19/2014 2004 Bottom Dollar Grocery: Ambridge, PA — 519 2,985 — 3,504 625 11/5/2013 2012 BrightView Health Danville, VA — 274 1,514 (1,062) 726 54 4/29/2014 2014 Brynwood Square: Rockford, IL 3,860 1,747 11,393 (13,140) (i) — — 12/21/2020 1999 Burger King: Midwest City,OK 765 736 810 — 1,546 1 12/16/2021 2014 Yukon, OK 1,234 500 1,141 — 1,641 36 12/21/2020 1989 Burlington Coat Factory: Bangor, ME — 1,820 2,549 — 4,369 121 12/21/2020 2014 Cabela's: Acworth, GA 22,152 4,979 18,775 — 23,754 2,208 9/25/2017 2014 Avon, OH 12,636 2,755 10,751 — 13,506 1,285 9/25/2017 2016 La Vista, NE 21,479 3,260 16,923 — 20,183 1,915 9/25/2017 2006 Sun Prairie, WI 16,257 3,373 14,058 — 17,431 1,744 9/25/2017 2015 Initial Costs to Company Gross Amount at Buildings, Total Which Carried Accumulated Fixtures and Adjustment At December 31, 2021 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Caliber Collision Center: Fredericksburg, VA $ 3,703 $ 1,807 $ 2,292 $ — $ 4,099 $ 102 7/22/2020 2019 Houston,TX (h) 581 6,284 — 6,865 7 12/16/2021 2016 Lake Jackson,TX 2,955 800 2,974 — 3,774 102 12/21/2020 2006 Richmond, VA 4,324 1,453 3,323 — 4,776 153 7/30/2020 2020 San Antonio,TX (h) 371 5,284 — 5,655 6 12/16/2021 2015 San Antonio,TX 4,021 691 4,458 — 5,149 140 12/21/2020 2019 San Antonio, TX 1,317 622 832 — 1,454 161 6/4/2014 2014 Venice,FL (h) 878 4,181 — 5,059 5 12/16/2021 2015 Williamsburg, VA 3,786 1,418 2,800 — 4,218 129 6/12/2020 2020 Wylie, TX 3,217 816 2,690 — 3,506 531 2/10/2015 2014 Camping World: Fort Myers, FL 11,424 3,226 11,832 — 15,058 405 12/21/2020 1987 Pensacola, FL — 2,152 3,831 (1,307) 4,676 200 4/29/2014 2014 Carlisle Crossing: Carlisle, PA 11,580 4,491 15,817 (20,308) (i) — — 9/18/2014 2006 CarMax Tinley Park,IL 15,800 7,296 22,949 — 30,245 28 12/16/2021 1998 Carrier Rental Systems Houston,TX 2,783 935 3,199 — 4,134 4 12/16/2021 2006 Cash & Carry: Salt Lake City, UT 3,988 863 4,149 — 5,012 124 12/21/2020 2006 Chase: Hanover Township, NJ 1,470 2,192 — — 2,192 — 12/18/2013 2012 Chick-Fil-A Dickson City, PA 1,998 1,113 7,946 (7,817) 1,242 248 6/30/2014 2013 Consumer Cellular Tempe, AZ (h) 4,460 8,642 — 13,102 12 12/16/2021 1998 Tempe, AZ (h) 4,577 10,423 — 15,000 13 12/16/2021 1998 Costco: Tallahassee, FL 5,146 9,497 — — 9,497 — 12/11/2012 2006 Cottonwood Commons: Albuquerque, NM 19,250 4,986 28,881 (33,867) (i) — — 7/19/2013 2013 Coventry Crossing: Coventry , RI 6,000 3,462 5,899 (9,361) (i) — — 9/12/2013 2008 Crosspoint: Hagerstown, MD 16,240 12,285 14,359 (26,644) (i) — — 9/30/2014 2000 Crossroads Annex: Lafayette, LA 5,300 1,659 7,091 (8,750) (i) — — 12/4/2013 2013 Crossroads Commons: Plover, WI 3,230 1,000 4,515 (5,515) (i) — — 12/10/2013 2012 CVS: Arnold, MO 4,055 2,043 2,367 — 4,410 490 12/13/2013 2013 Asheville, NC (h) 1,108 1,084 — 2,192 277 4/26/2012 1998 Austin, TX 1,819 1,433 2,251 — 3,684 3 12/16/2021 1997 Austin, TX 4,421 1,076 3,475 — 4,551 714 12/13/2013 2013 Bloomington, IN 4,511 1,620 2,957 — 4,577 612 12/13/2013 2012 Blue Springs, MO 2,993 395 2,722 — 3,117 563 12/13/2013 2013 Bridgeton, MO 4,055 2,056 2,362 — 4,418 489 12/13/2013 2013 Charleston, SC (h) 869 1,009 — 1,878 258 4/26/2012 1998 Initial Costs to Company Gross Amount at Buildings, Total Which Carried Accumulated Fixtures and Adjustment At December 31, 2021 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed CVS (continued): Chesapeake, VA $ 3,307 $ 1,044 $ 3,053 $ — $ 4,097 $ 644 12/13/2013 2013 Chicago, IL (h) 1,832 4,255 — 6,087 935 3/20/2013 2008 Cicero, IN 3,516 487 3,099 — 3,586 640 12/13/2013 2013 Corpus Christi, TX (h) 648 2,557 — 3,205 631 4/19/2012 1998 Danville, IN — 424 2,105 76 2,605 429 7/16/2014 1998 Eminence, KY 3,546 872 2,511 — 3,383 513 12/13/2013 2013 Erie,PA (h) 944 1,954 — 2,898 2 12/16/2021 1999 Goose Creek, SC 2,888 1,022 1,980 — 3,002 406 12/13/2013 2013 Greenwood, IN 4,302 912 3,549 61 4,522 762 7/11/2013 1999 Hanover Township, NJ — 4,746 — — 4,746 — 12/18/2013 2012 Hazlet, NJ 6,067 3,047 3,610 — 6,657 743 12/13/2013 2013 Honesdale, PA 4,190 1,206 3,342 — 4,548 708 12/13/2013 2013 Independence, MO 2,476 359 2,242 — 2,601 465 12/13/2013 2013 Indianapolis, IN 3,434 1,110 2,484 — 3,594 514 12/13/2013 2013 Irving, TX 2,125 745 3,034 — 3,779 718 10/5/2012 2000 Janesville, WI 3,112 736 2,545 — 3,281 526 12/13/2013 2013 Katy, TX 3,195 1,149 2,462 — 3,611 498 12/13/2013 2013 Lincoln, NE — 2,534 3,014 — 5,548 621 12/13/2013 2013 London, KY 4,227 1,445 2,661 — 4,106 568 9/10/2013 2013 Mansfield,OH (h) 371 2,169 — 2,540 2 12/16/2021 1998 Middletown, NY — 665 5,483 — 6,148 1,118 12/13/2013 2013 North Wilkesboro, NC 2,349 332 2,369 73 2,774 496 10/25/2013 1999 Poplar Bluff, MO 3,778 1,861 2,211 — 4,072 460 12/13/2013 2013 Riverton, NJ (h) 1,217 5,553 — 6,770 159 12/21/2020 2007 Salem, NH 5,327 3,456 2,351 — 5,807 480 11/18/2013 2013 San Antonio, TX 3,367 1,893 1,848 — 3,741 387 12/13/2013 2013 Sand Springs, OK 3,636 1,765 2,283 — 4,048 476 12/13/2013 2013 Santa Fe, NM 6,352 2,243 4,619 — 6,862 940 12/13/2013 2013 Sedalia, MO 2,641 466 2,318 — 2,784 481 12/13/2013 2013 St. John, MO 3,823 1,546 2,601 — 4,147 538 12/13/2013 2013 Temple Hills, MD 3,920 1,817 2,989 71 4,877 629 9/30/2013 2001 Vineland, NJ 3,613 813 2,926 — 3,739 624 12/13/2013 2010 Waynesboro, VA 3,329 986 2,708 — 3,694 560 12/13/2013 2013 West Monroe, LA 3,479 1,738 2,136 — 3,874 445 12/13/2013 2013 Wisconsin Rapids,WI (h) 707 3,262 — 3,969 4 12/16/2021 2013 Darien Towne Center: Darien, IL 12,560 6,718 11,951 (18,669) (i) — — 12/17/2013 1994 Davita Austell,GA (h) 777 913 — 1,690 1 12/16/2021 2009 Decatur Commons: Decatur, AL 7,000 2,478 9,333 (11,811) (i) — — 7/10/2013 2004 Derby Marketplace: Derby, KS 6,620 3,169 6,494 (9,663) (i) — — 12/21/2020 2015 Dick’s Petsmart Center: Oshkosh, WI 4,550 1,445 6,599 (8,044) (i) — — 9/23/2016 2015 Dick’s Sporting Goods: Oklahoma City, OK 4,490 685 10,587 — 11,272 2,666 12/31/2012 2012 Initial Costs to Company Gross Amount at Buildings, Total Which Carried Accumulated Fixtures and Adjustment At December 31, 2021 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Dollar General: Erie,IL (h) $ 549 $ 531 $ — $ 1,080 $ 1 12/16/2021 2016 Glasford,IL (h) 204 929 — 1,133 1 12/16/2021 2016 Glouster, OH $ — 220 1,276 — 1,496 43 12/21/2020 2015 New Richland,MN (h) 327 685 — 1,012 1 12/16/2021 2016 Parchment, MI — 168 1,162 — 1,330 223 6/25/2014 2014 Pine River,MN (h) 215 963 — 1,178 2 12/16/2021 2016 Russell, KS — 54 899 — 953 181 8/5/2014 2014 St. Louis, MO — 229 1,102 — 1,331 236 12/31/2013 2013 Stacy,MN 658 149 899 — 1,048 1 12/16/2021 2014 Starbuck,MN (h) 345 733 — 1,078 1 12/16/2021 2016 Topeka,KS 794 314 964 — 1,278 1 12/16/2021 2014 Trimble,MO (h) 311 830 — 1,141 1 12/16/2021 2016 Wheaton,MN (h) 205 854 — 1,059 1 12/16/2021 2016 Winthrop,MN (h) 216 767 — 983 1 12/16/2021 2016 Duluth Trading: Arlington, TX (h) 1,574 3,918 — 5,492 5 12/16/2021 2018 Denton, TX 3,759 1,662 2,918 — 4,580 94 12/21/2020 2017 Madison, AL 3,845 1,174 3,603 — 4,777 114 12/21/2020 2019 Noblesville, IN 3,756 1,212 3,436 — 4,648 119 12/21/2020 2003 Wichita,KS (h) 1,433 2,757 — 4,190 4 12/16/2021 2019 East West Commons: Austell, GA 12,940 10,094 16,034 (26,095) (i) 33 — 9/30/2014 2002 Enid Crossing Enid,OK (h) — — — (i) — — 12/16/2021 2013 Evergreen Marketplace: Evergreen Park, IL 5,010 2,823 6,239 (9,062) (i) — — 9/6/2013 2013 Fairlane Green II: Allen Park, MI — 1,409 14,634 (16,043) (i) — — 12/21/2020 2015 Family Dollar: Bearden, AR 52 760 — 812 31 12/21/2020 2014 Centreville,AL (h) 110 669 — 779 1 12/16/2021 2013 Danville,VA (h) 468 422 — 890 1 12/16/2021 2013 Darby,MT 881 356 865 — 1,221 1 12/16/2021 2014 Denton,NC (h) 433 434 — 867 1 12/16/2021 2012 DeRidder,LA (h) 290 790 — 1,080 1 12/16/2021 2014 Hampton,AR 651 112 689 — 801 1 12/16/2021 2014 Londonderry,OH (h) 154 1,166 — 1,320 2 12/16/2021 2014 Hobbs, NM 840 243 1,084 — 1,327 45 12/21/2020 2006 Morgan, UT 690 235 1,068 — 1,303 42 12/21/2020 2013 New Roads, LA 600 190 674 — 864 33 12/21/2020 2015 Roswell, NM 760 199 921 — 1,120 42 12/21/2020 2014 Salina, UT 750 211 1,262 — 1,473 47 12/21/2020 2014 Tatum,NM 700 220 675 — 895 1 12/16/2021 2014 West Portsmouth,OH (h) 290 664 — 954 1 12/16/2021 2004 FedEx Elko,NV (h) 290 2,000 — 2,290 3 12/16/2021 2012 Spirit Lake,IA (h) 117 1,509 — 1,626 2 12/16/2021 2013 Initial Costs to Company Gross Amount at Buildings, Total Which Carried Accumulated Fixtures and Adjustment At December 31, 2021 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Flower Foods: Orlando, FL $ 580 $ 418 $ 387 $ — $ 805 $ 75 9/11/2014 2013 Waldorf, MD — 398 1,045 — 1,443 225 9/11/2014 2013 Food 4 Less: Atwater, CA 4,430 1,383 5,271 345 6,999 1,222 11/27/2013 2002 Fountain Square: Brookfield, WI 12,150 6,508 28,634 (35,142) (i) — — 1/17/2017 2006 Fourth Creek Landing: Statesville, NC 5,470 1,375 7,795 (9,170) (i) — — 3/26/2013 2012 Fresh Market Center: Glen Ellyn, IL 4,693 2,767 6,403 (9,170) (i) — — 9/30/2014 2014 Fresh Thyme: Indianapolis,IN 4,443 954 8,280 — 9,234 10 12/16/2021 2016 Indianapolis, IN (h) 1,087 6,019 — 7,106 1,265 10/31/2014 2014 Lafayette, IN (h) 1,173 6,316 — 7,489 184 12/21/2020 2006 Northville, MI (h) 1,598 7,796 — 9,394 1,311 12/21/2015 2015 Worthington,OH (h) 2,899 6,989 — 9,888 8 12/16/2021 2016 Ypsilanti, MI (h) 3,168 5,719 — 8,887 186 12/21/2020 2017 Fresh Thyme & DSW: Fort Wayne, IN 3,110 1,740 4,153 (5,893) (i) — — 9/30/2014 1985 Giant Eagle: Seven Fields, PA 9,230 1,574 13,659 355 15,588 2,699 5/7/2014 2005 Harbor Town Center: Manitowoc, WI 9,633 3,568 13,209 (16,777) (i) — — 4/24/2015 2005 Haverty Furniture: Midland, TX 1,380 709 1,294 — 2,003 436 8/7/2013 2012 HEB Center: Waxahachie, TX 7,000 3,465 7,952 (11,417) (i) — — 6/27/2012 1997 H&E Equipment Services Albuquerque,NM (h) 1,355 4,622 — 5,977 6 12/16/2021 2016 Fort Myers, FL (h) 1,245 4,841 — 6,086 7 12/16/2021 2017 Suwanee,GA (h) 1,818 2,813 — 4,631 5 12/16/2021 2016 Hobby Lobby: Cadillac, MI (h) 628 4,597 — 5,225 6 12/16/2021 2016 Lewisville, TX 6,220 2,184 8,977 — 11,161 2,005 11/26/2013 2013 Sedalia, MO (h) 781 3,645 — 4,426 6 12/16/2021 2007 Watertown, SD (h) 1,055 4,226 — 5,281 6 12/16/2021 2017 Wilmar, MN (h) 1,079 4,615 — 5,694 7 12/16/2021 2017 Home Depot: Lincoln, NE 10,347 6,339 5,937 — 12,276 992 10/22/2015 1993 North Canton, OH 8,750 2,203 12,012 360 14,575 2,954 12/20/2012 1998 Houma Crossing: Houma, LA 9,270 1,076 20,028 (21,104) (i) — — 12/21/2020 2008 Initial Costs to Company Gross Amount at Buildings, Total Which Carried Accumulated Fixtures and Adjustment At December 31, 2021 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Jewel-Osco: Plainfield, IL $ 8,925 $ — $ — $ 11,151 $ 11,151 $ 850 11/14/2018 2001 Spring Grove,IL (h) 991 11,361 — 12,352 13 12/16/2021 2007 Wood Dale,IL (h) 4,069 7,800 — 11,869 10 12/16/2021 2005 Jo-Ann Roseville,MI (h) 984 2,705 — 3,689 4 12/16/2021 2013 Kloeckner University Park,IL (h) 862 13,540 — 14,402 16 12/16/2021 2016 Kohl's: Chartlottesville, VA 11,020 3,929 12,280 — 16,209 2,376 7/28/2014 2011 Eagan, MN 4,690 3,581 3,751 — 7,332 151 12/21/2020 1996 Easton, MD 3,808 2,962 2,661 — 5,623 402 12/2/2015 1992 Kroger: Bay City, MI 3,170 718 5,057 — 5,775 188 12/21/2020 1994 Shelton, WA 9,097 1,180 11,040 — 12,220 2,471 4/30/2014 1994 Kum & Go: Cedar Rapids,IA (h) 771 2,493 — 3,264 3 12/16/2021 2011 Conway, AR 3,254 510 2,577 — 3,087 493 6/13/2014 2014 LA Fitness: Bloomfield Township, MI 5,150 2,287 10,075 — 12,362 2,425 6/21/2013 2008 Columbus, OH 6,620 1,013 6,734 — 7,747 1,244 4/29/2015 2014 Garland, TX 5,010 2,005 6,861 41 8,907 1,448 12/20/2013 2013 Houston, TX 7,200 5,764 5,994 — 11,758 1,320 9/30/2013 2013 New Lenox, IL 4,610 1,965 6,257 — 8,222 987 12/21/2015 2015 Pawtucket,RI (h) 5,945 8,012 — 13,957 9 12/16/2021 2015 Riverside, CA 8,380 2,557 9,951 — 12,508 2,244 8/2/2013 2010 Rock Hill,SC (h) 780 7,590 — 8,370 9 12/16/2021 2015 Lafayette Pavilions: Lafayette, IN 19,710 7,632 42,497 (50,129) (i) — — 2/6/2015 2006 Levin Furniture Monroeville,PA (h) 1,385 9,017 — 10,402 11 12/16/2021 2004 Lawton Marketplace: Lawton, OK 11,980 3,598 25,228 (28,826) (i) — — 12/21/2020 2001 Lord Salisbury Center: Salisbury, MD 10,510 6,949 12,179 (19,128) (i) — — 3/11/2016 2005 Lowe's: Adrian, MI 5,180 2,604 5,036 30 7,670 1,450 9/27/2013 1996 Alpharetta, GA 11,730 7,979 9,630 403 18,012 1,872 5/29/2015 1998 Asheboro, NC 7,107 1,098 6,722 — 7,820 1,368 6/23/2014 1994 Cincinnati, OH 11,910 14,092 — — 14,092 — 2/10/2014 2001 Columbia, SC 9,988 3,943 6,353 750 11,046 1,671 9/12/2013 1994 Covington, LA 7,310 10,233 — — 10,233 — 8/20/2014 2002 Fremont,OH (h) 3,244 6,071 — 9,315 10 12/16/2021 1996 Hermitage, PA 8,290 2,279 12,579 — 14,858 400 12/21/2020 2016 Initial Costs to Company Gross Amount at Buildings, Total Which Carried Accumulated Fixtures and Adjustment At December 31, 2021 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Lowe’s (continued): Lilburn, GA $ 11,520 $ 8,817 $ 9,380 $ 385 $ 18,582 $ 1,813 5/29/2015 1999 Mansfield, OH 7,975 873 8,256 26 9,155 1,721 6/12/2014 1992 Marietta, GA 14,634 7,471 8,404 392 16,267 1,649 5/29/2015 1997 North Dartmouth,MA (h) 6,774 17,384 — 24,158 29 12/16/2021 2004 Oxford, AL 10,908 1,668 7,622 369 9,659 2,044 6/28/2013 1999 Tuscaloosa, AL 7,960 4,908 4,786 9 9,703 1,123 10/29/2013 1993 Woodstock, GA 15,075 7,316 8,879 392 16,587 1,739 5/29/2015 1997 Zanesville, OH 9,292 2,161 8,375 297 10,833 1,859 12/11/2013 1995 Marshalls Wilkesboro,NC (h) 1,321 1,384 — 2,705 3 12/16/2021 2016 Mattress Firm: Ashtabula, OH 1,150 301 1,965 (2,266) (i) — — 3/23/2016 2015 Draper, UT 1,300 860 1,419 — 2,279 48 12/21/2020 2014 Gadsden,AL (h) 572 765 — 1,337 1 12/16/2021 2012 Lake City, FL 1,150 517 1,241 — 1,758 38 12/21/2020 2004 Mattress Firm & Aspen Dental: Vienna, WV 1,310 774 2,466 (3,240) (i) — — 9/15/2014 2014 Mattress Firm & Five Guys: Muskegon, MI 1,700 813 1,766 (2,579) (i) — — 8/29/2014 2014 Mattress Firm & Panera Elyria,OH (h) — — — (i) — — 12/16/2021 2015 McAlister's Deli: Lawton, OK 2,151 805 1,057 — 1,862 224 5/1/2014 2013 McGowin Park: Mobile, AL 42,765 2,243 69,357 (71,600) (i) — — 4/26/2017 2016 Melody Mountain: Ashland, KY 6,020 1,286 9,879 (11,165) (i) — — 9/1/2015 2013 Merchants Tire & Auto: Wake Forest, NC 2,850 782 1,730 — 2,512 286 9/1/2015 2005 Mind’s Eye: Macomb Township,MI (h) 738 110 — 848 — 12/16/2021 2009 Mister Car Wash: Athens, AL 2,566 383 1,150 — 1,533 143 9/12/2017 2008 Decatur, AL 1,257 257 559 — 816 75 9/12/2017 2005 Decatur, AL 2,858 486 1,253 — 1,739 178 9/12/2017 2014 Decatur, AL 1,466 359 1,152 — 1,511 161 9/12/2017 2007 Hartselle, AL 1,055 360 569 — 929 78 9/12/2017 2007 Hudson,FL (h) 1,229 1,562 — 2,791 2 12/16/2021 2007 Madison, AL 3,913 562 1,139 — 1,701 164 9/12/2017 2012 Spring Hill,FL (h) 1,123 2,770 — 3,893 3 12/16/2021 2008 Morganton Heights: Morganton, NC 22,695 7,032 29,763 (36,795) (i) — — 4/29/2015 2013 Initial Costs to Company Gross Amount at Buildings, Total Which Carried Accumulated Fixtures and Adjustment At December 31, 2021 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed National Tire & Battery: Cedar Hill, TX $ 469 $ 1,951 $ — $ 2,420 $ 452 12/18/2012 2006 Conyers,GA $ 1,657 743 1,846 — 2,589 2 12/16/2021 1995 Cypress, TX 2,858 910 2,224 — 3,134 395 9/1/2015 2005 Flower Mound, TX 3,045 779 2,449 — 3,228 417 9/1/2015 2005 Fort Worth, TX — 730 2,309 — 3,039 394 9/1/2015 2005 Montgomery, IL 3,082 516 2,494 — 3,010 582 1/15/2013 2007 North Richland Hills, TX 2,731 513 2,579 — 3,092 452 9/1/2015 2005 Pasadena, TX 2,918 908 2,307 — 3,215 409 9/1/2015 2005 Pearland, TX 3,037 1,016 2,040 — 3,056 354 9/1/2015 2005 Plano, TX 3,210 1,292 2,197 — 3,489 381 9/1/2015 2005 Tomball, TX 3,008 838 2,229 — 3,067 385 9/1/2015 2005 Natural Grocers: Idaho Falls, ID 3,628 833 2,316 — 3,149 484 2/14/2014 2013 Prescott,AZ (h) 1,087 3,580 — 4,667 4 12/16/2021 2012 Waupaca, WI 4,623 1,286 3,727 — 5,013 115 12/21/2020 2017 Nordstrom Rack: Tampa, FL 8,060 3,371 6,402 (9,773) (i) — — 4/16/2012 2010 North Lake Square Gainesville,GA 13,365 — — — (i) — — 12/16/2021 2016 Northern Tool Hoover,AL (h) 1,037 2,474 — 3,511 3 12/16/2021 2014 O'Reilly Automotive: Bennettsville, SC 1,205 361 1,207 — 1,568 42 12/21/2020 2015 Clayton, GA 1,324 501 945 — 1,446 146 1/29/2016 2015 Decatur,GA (h) 578 1,043 — 1,621 1 12/16/2021 2007 Fayetteville,NC (h) 331 1,620 — 1,951 2 12/16/2021 2012 Flowood, MS 1,369 506 1,288 — 1,794 42 12/21/2020 2014 Iron Mountain, MI 1,234 249 1,400 — 1,649 48 12/21/2020 2014 Owenboro Towne Center: Owensboro, KY 11,760 3,807 16,259 (20,066) (i) — — 1/12/2016 1996 Parkway Centre South: Grove City, OH 14,073 7,027 18,223 (25,250) (i) — — 7/15/2016 2005 Patriot Urgent Care: Eldersburg, MD — 557 876 — 1,433 130 4/28/2017 2000 Pecanland Plaza: Monroe, LA 9,270 2,206 18,957 (21,163) (i) — — 10/13/2015 2008 PetSmart: Lexington,NC (h) 620 3,692 — 4,312 5 12/16/2021 2016 McAllen,TX 2,924 2,352 1,309 — 3,661 2 12/16/2021 1995 Wilkesboro, NC 1,470 447 1,710 — 2,157 448 4/13/2012 2011 PetSmart/Old Navy: Reynoldsburg, OH 3,370 1,295 4,077 (5,372) (i) — — 12/14/2012 2012 Initial Costs to Company Gross Amount at Buildings, Total Which Carried Accumulated Fixtures and Adjustment At December 31, 2021 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Pick 'N Save: Heber City, UT $ 6,570 $ 1,160 $ 9,111 $ 81 $ 10,352 $ 295 12/21/2020 2016 Pewaukee, WI 5,990 1,323 6,761 257 8,341 1,522 8/13/2014 1999 Sheboygan, WI — 2,003 10,695 — 12,698 2,624 9/6/2012 2012 South Milwaukee, WI 4,840 1,126 5,706 — 6,832 1,205 11/6/2013 2005 Pier 7 Juicy Seafood & Bar: Lancaster, TX — 1,203 1,620 — 2,823 405 10/23/2012 2011 Plainfield Marketplace: Plainfield, IL 11,120 3,167 14,788 (17,955) (i) — — 12/3/2015 2002 Plaza San Mateo: Albuquerque, NM 5,270 2,867 11,582 (14,449) (i) — — 5/2/2014 2014 Popeyes: Independence, MO 1,182 333 680 — 1,013 133 6/27/2014 2005 Poplar Springs Plaza: Duncan, SC 4,977 1,862 5,277 (7,139) (i) — — 5/24/2013 1995 Proctor & Gamble Fayetteville, AR (h) 1,904 9,974 — 11,878 16 12/16/2021 2006 Raising Cane's: Avondale,AZ (h) 1,774 2,381 — 4,155 3 12/16/2021 2013 Murphy, TX 1,970 495 2,853 — 3,348 88 12/21/2020 1994 Reno, NV 3,352 1,841 2,259 — 4,100 72 12/21/2020 2014 Republic Services: Scottsdale,AZ (h) 11,460 36,231 — 47,691 48 12/16/2021 2016 Rolling Acres Plaza: Lady Lake, FL 15,950 7,540 26,839 (34,379) (i) — — 9/1/2016 2005 Safeway: Juneau, AK 10,960 6,174 8,791 — 14,965 285 12/21/2020 2017 Sam's Club Timonium,MD (h) 6,325 10,574 — 16,899 13 12/16/2021 2000 Schumacher Homes: Troy, OH — 992 1,577 (1,383) 1,186 109 10/23/2012 2011 Sherwin Williams Pigeon Forge,TN (h) 489 658 — 1,147 1 12/16/2021 2019 Shippensburg Market Place: Shippensburg, PA 4,420 1,917 9,263 (11,180) (i) — — 9/18/2014 2002 Shoe Carnival & Buffalo Wild Wings: Salina, KS 1,640 991 1,909 (2,900) (i) — — 12/21/2020 2014 Shoppes at Stroud: Stroud Township, PA 13,300 3,754 22,614 (26,368) (i) — — 10/29/2014 2007 Shoppes of Gary Farms: Bowling Green, KY 8,680 3,529 14,197 (17,726) (i) — — 12/21/2020 2005 Shops at Abilene: Abilene, TX 14,050 5,142 19,684 (24,826) (i) — — 12/21/2020 2014 Siemens: Milford, OH 14,410 4,137 23,153 — 27,290 1,041 12/21/2020 1991 Initial Costs to Company Gross Amount at Buildings, Total Which Carried Accumulated Fixtures and Adjustment At December 31, 2021 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Sleepy's Roanoke Rapids,NC (h) $ 339 $ 1,240 $ — $ 1,579 $ 2 12/16/2021 2015 Snider Fleet Solutions: Decatur,AL $ 1,311 365 1,461 — 1,826 2 12/16/2021 1998 Southwest Plaza: Springfield, IL 15,160 2,992 48,935 (51,927) (i) — — 9/18/2014 2003 Spinx: Simpsonville, SC 1,825 591 969 — 1,560 219 1/24/2013 2012 Springfield Commons: Springfield, OH 11,111 3,745 15,049 (18,794) (i) — — 5/5/2015 1995 Sprouts: Bixby, OK 6,280 1,320 7,117 — 8,437 1,550 7/26/2013 2013 Lawrence, KS 6,920 762 8,111 — 8,873 242 12/21/2020 2001 Steinhafels: Greenfield, WI 7,481 1,783 7,643 — 9,426 224 12/21/2020 1991 Madison,WI (h) 3,227 8,531 — 11,758 10 12/16/2021 2017 Stoneridge Village: Jefferson City, MO 6,419 1,830 9,351 (11,181) (i) — — 6/30/2014 2012 Stop & Shop: North Kingstown, RI — 639 2,057 — 2,696 62 12/21/2020 1979 Summerfield Crossing: Riverview, FL 9,040 6,130 6,753 (12,883) (i) — — 7/12/2013 2013 Sunbelt Rentals: Canton, OH 1,120 147 1,679 138 1,964 476 10/24/2013 2013 Sunoco: Palm Beach Gardens, FL — 1,050 2,667 — 3,717 582 4/12/2013 2009 Palm City, FL 3,539 667 1,698 — 2,365 372 4/12/2013 2011 Palm Springs, FL 3,576 580 1,907 — 2,487 417 4/12/2013 2011 Sebastian, FL — 490 2,128 — 2,618 465 4/12/2013 2009 Titusville, FL — 626 2,534 — 3,160 554 4/12/2013 2009 SuperValu Oglesby, IL (h) 2,505 11,777 — 14,282 17 12/16/2021 1996 Sutters Creek: Rocky Mount, NC 2,330 1,458 2,616 (4,074) (i) — — 1/31/2014 2012 Tailwinds Denton,TX (h) 1,064 15,231 — 16,295 17 12/16/2021 2017 Take 5: Andrews, TX 898 230 862 — 1,092 25 12/21/2020 1994 Bedford, TX 916 283 837 — 1,120 30 12/21/2020 2009 Burleson, TX 1,141 471 936 — 1,407 31 12/21/2020 1994 Burleson, TX 842 201 837 — 1,038 26 12/21/2020 2010 Burleson, TX 655 394 407 — 801 25 12/21/2020 2003 Cedar Hill, TX 804 250 705 — 955 22 12/21/2020 1985 Hereford, TX 842 50 995 — 1,045 28 12/21/2020 1993 Irving, TX 468 120 445 — 565 14 12/21/2020 1989 Initial Costs to Company Gross Amount at Buildings, Total Which Carried Accumulated Fixtures and Adjustment At December 31, 2021 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Take 5 (continued): Irving, TX $ 842 $ 210 $ 818 $ — $ 1,028 $ 25 12/21/2020 1987 Lubbock, TX 1,291 151 1,428 — 1,579 40 12/21/2020 2002 Midland, TX 1,702 192 1,861 — 2,053 52 12/21/2020 1995 Mineral Wells, TX 1,141 131 1,263 — 1,394 36 12/21/2020 2019 Target Center: Columbia, SC 6,390 3,234 7,297 (10,531) (i) — — 3/31/2014 2012 Tellico Greens Loudon,TN 2,982 — — — (i) — — 12/16/2021 2008 Teradata Miami Township,OH (h) 1,615 5,250 — 6,865 8 12/16/2021 2010 Terrell Mill Village: Marietta, GA 8,730 3,079 11,185 (14,264) (i) — — 1/31/2014 2012 TGI Friday's: Chesapeake, VA 2,731 1,217 1,388 — 2,605 279 6/27/2014 2003 Wilmington, DE 2,798 1,685 969 — 2,654 198 6/27/2014 1991 The Center at Hobbs Brook: Sturbridge, MA 20,310 11,241 29,152 (40,393) (i) — — 6/29/2016 1999 The Market at Clifty Crossing: Columbus, IN 7,080 2,669 16,308 (18,977) (i) — — 10/31/2014 1989 The Market at Polaris: Columbus, OH 6,280 11,828 41,702 (53,530) (i) — — 12/6/2013 2005 The Marquis: Williamsburg, VA 8,556 2,615 11,406 (14,021) (i) — — 9/21/2012 2007 The Plant: San Jose, CA 123,000 67,596 108,203 (175,799) (i) — — 4/15/2013 2008 The Ridge at Turtle Creek: Hattiesburg, MS 9,854 2,749 12,434 (15,183) (i) — — 2/27/2015 2011 The Toro Company Windom,MN (h) 292 10,651 — 10,943 15 12/16/2021 2016 Time Warner Streetsboro,OH 3,543 1,009 5,602 — 6,611 7 12/16/2021 2003 Tire Kingdom: Bluffton, SC 2,409 645 1,688 — 2,333 280 9/1/2015 2005 Summerville, SC 2,207 1,208 1,233 — 2,441 212 9/1/2015 2005 Tire Kingdom & Starbucks: Mount Pleasant, SC 2,389 1,291 3,149 (4,440) (i) — — 9/1/2015 2005 Title Resource Group Mount Laurel,NJ (h) 3,129 8,491 — 11,620 15 12/16/2021 2004 TJ Maxx Danville,IL (h) 463 2,048 — 2,511 4 12/16/2021 2013 Tractor Supply: Ashland, VA 2,480 500 2,696 175 3,371 587 11/22/2013 2013 Augusta, KS 1,960 407 2,315 175 2,897 497 1/10/2014 2013 Blytheville, AR 2,618 780 2,660 175 3,615 101 12/21/2020 2002 Initial Costs to Company Gross Amount at Buildings, Total Which Carried Accumulated Fixtures and Adjustment At December 31, 2021 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Tractor Supply (continued): Cambridge, MN $ 1,610 $ 807 $ 1,272 $ 203 $ 2,282 $ 386 5/14/2012 2012 Canon City, CO 2,480 597 2,527 175 3,299 582 11/30/2012 2012 Carlyle, IL 2,394 707 2,386 175 3,268 99 12/21/2020 2015 Fortuna, CA 3,630 568 3,819 175 4,562 783 6/27/2014 2014 Logan, WV 3,049 597 3,232 175 4,004 107 12/21/2020 2006 Lumberton, NC 1,930 611 2,007 175 2,793 500 5/24/2013 2013 Marion, IN 1,840 1,536 1,099 175 2,810 248 2/19/2014 2004 Midland, NC 1,930 865 2,182 175 3,222 86 12/21/2020 2013 Monticello, FL 2,160 448 1,916 175 2,539 475 6/20/2013 2013 Shelbyville, IL 2,379 586 2,576 175 3,337 96 12/21/2020 2017 South Hill, VA 2,020 630 2,179 175 2,984 509 6/24/2013 2011 Weaverville, NC 3,340 867 3,138 277 4,282 716 9/13/2013 2006 Woodward, OK 1,960 446 1,973 175 2,594 464 11/19/2013 2013 Trader Joe's: Asheville, NC 4,460 2,770 3,766 — 6,536 848 10/22/2013 2013 Columbia, SC 4,180 2,308 2,597 — 4,905 670 3/28/2013 2012 Wilmington, NC 3,710 2,016 2,519 — 4,535 713 6/27/2013 2012 Triangle Town Place Raleigh,NC 16,400 — — — (i) — — 12/16/2021 2004 Turfway Crossing: Florence, KY 8,350 2,261 10,323 (12,584) (i) — — 5/27/2014 2002 Ulta Salon: Albany, GA 1,530 441 1,757 — 2,198 360 5/8/2014 2013 Greeley, CO 1,930 596 2,035 — 2,631 369 3/31/2015 2014 United Oil: Bellflower, CA 1,960 1,246 788 — 2,034 145 9/30/2014 2001 Brea, CA 2,940 2,393 658 — 3,051 120 9/30/2014 1984 Carson, CA 5,469 2,354 4,821 — 7,175 148 12/21/2020 1958 El Cajon, CA 1,893 1,533 568 — 2,101 104 9/30/2014 2008 El Cajon, CA 1,683 1,225 368 — 1,593 67 9/30/2014 2000 El Monte, CA — 766 510 — 1,276 93 9/30/2014 1994 Escondido, CA — 3,514 1,062 — 4,576 195 9/30/2014 2002 Fallbrook, CA 3,613 1,266 3,458 — 4,724 96 12/21/2020 1958 Glendale, CA — 4,871 795 — 5,666 146 9/30/2014 1999 Harbor City, CA 3,367 1,359 3,047 — 4,406 87 12/21/2020 2014 Hawthorne, CA 2,035 896 1,764 — 2,660 51 12/21/2020 2001 Inglewood, CA — 1,809 878 — 2,687 161 9/30/2014 1997 La Habra, CA 2,454 1,971 571 — 2,542 104 9/30/2014 2000 Lakewood, CA 3,741 2,499 2,400 — 4,899 75 12/21/2020 1973 Lawndale, CA 2,244 1,462 862 — 2,324 158 9/30/2014 2001 Long Beach, CA 2,806 1,088 2,582 — 3,670 75 12/21/2020 1990 Long Beach, CA — 2,778 883 — 3,661 162 9/30/2014 1972 Los Angeles, CA — 2,334 717 — 3,051 131 9/30/2014 2002 Los Angeles, CA — 3,552 1,242 — 4,794 227 9/30/2014 2002 Initial Costs to Company Gross Amount at Buildings, Total Which Carried Accumulated Fixtures and Adjustment At December 31, 2021 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed United Oil (continued): Los Angeles, CA $ — $ 2,745 $ 669 $ — $ 3,414 $ 122 9/30/2014 1998 Los Angeles, CA — 3,930 428 — 4,358 79 9/30/2014 2005 Los Angeles, CA 3,292 1,927 1,484 — 3,411 272 9/30/2014 2007 Los Angeles, CA 2,806 2,182 701 — 2,883 128 9/30/2014 1964 Los Angeles, CA 3,853 2,435 2,614 — 5,049 76 12/21/2020 1982 Los Angeles, CA 4,205 2,016 3,486 — 5,502 97 12/21/2020 1965 Madera, CA — 1,500 3,804 — 5,304 447 9/27/2019 2018 Norco, CA 3,224 1,852 1,489 — 3,341 273 9/30/2014 1995 Poway, CA — 3,072 705 — 3,777 129 9/30/2014 1960 San Clemente, CA 4,272 2,036 3,561 — 5,597 101 12/21/2020 1973 San Diego, CA 2,312 1,362 1,662 — 3,024 50 12/21/2020 1959 San Diego, CA 3,643 1,547 3,218 — 4,765 91 12/21/2020 2011 San Diego, CA 4,975 2,409 4,105 — 6,514 122 12/21/2020 1976 San Diego, CA — 2,977 1,448 — 4,425 265 9/30/2014 1984 San Diego, CA 2,663 1,877 883 — 2,760 161 9/30/2014 2006 San Diego, CA — 1,824 382 — 2,206 71 9/30/2014 2006 Santa Ana, CA 2,596 1,629 1,766 — 3,395 53 12/21/2020 2000 Santa Clarita, CA — 4,787 733 — 5,520 134 9/30/2014 2001 Sun City, CA — 1,136 1,421 — 2,557 260 9/30/2014 1984 Vista, CA 2,312 2,063 334 — 2,397 61 9/30/2014 1986 Vista (Vista), CA 2,244 2,028 418 — 2,446 77 9/30/2014 2010 Whittier, CA 2,521 1,629 985 — 2,614 181 9/30/2014 1997 University Marketplace: Marion, IN 3,400 850 6,722 (7,572) (i) — — 3/22/2013 2012 Urban Air Adventure Park

Schedule IV - Mortgage Loans On

Schedule IV - Mortgage Loans On Real Estate	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	Principal Amount of Loans Subject Final Periodic Face Carrying to Delinquent Interest Maturity Payment Prior Amount of Amount of Principal or Loan Type Description / Location Rate (a) (b) Date (c) Terms (d) Liens Mortgages Mortgages "Interest" First mortgage loan Office / Duluth, Georgia L + 3.15% 2/1/2025 P/I N/A $ 47,878 $ 47,585 — First mortgage loan Office / Dallas, Texas L + 3.75% 9/8/2025 P/I N/A 72,170 71,427 — First mortgage loan Office / Orlando, Florida L + 4.00% 10/9/2025 P/I N/A 72,930 72,505 — First mortgage loan Multifamily / Indianapolis, Indiana L + 4.35% 2/9/2026 P/I N/A 80,911 80,332 — First mortgage loan Office / San Diego, California L + 4.55% 2/7/2027 P/I N/A 99,525 98,536 — First mortgage loan Office / Houston, Texas L + 2.00% 11/7/2024 P/I N/A 86,739 86,739 — First mortgage loan Office / Houston, Texas L + 2.55% 11/7/2024 P/I N/A 11,493 11,493 — First mortgage loan Office / San Diego, California L + 3.80% 6/5/2026 P/I N/A 105,000 104,304 — First mortgage loan Office / Irvine, California L + 3.45% 7/7/2026 P/I N/A 154,182 152,573 — First mortgage loan Office / Bethesda, Maryland L + 3.75% 9/16/2026 P/I N/A 52,500 51,868 — First mortgage loan Mixed use / Fort Lauderdale, Florida L + 1.47% 10/7/2025 P/I N/A 128,955 127,253 — First mortgage loan Multifamily / Los Angeles, California L + 2.50% 10/7/2025 P/I N/A 119,401 118,510 — First mortgage loan Retail / Queens, New York L + 4.15% 11/7/2026 P/I N/A 65,000 64,389 — First mortgage loan Multifamily / San Jose, California L + 2.90% 11/7/2024 P/I N/A 149,100 148,131 — First mortgage loan Multifamily / Arlington, Virginia S + 2.75% 12/15/2026 P/I N/A 82,190 81,522 — First mortgage loan (e) Multifamily / Brooklyn, New York L + 3.50% 12/17/2026 P/I N/A 81,000 80,200 — First mortgage loan Office / McLean, Virginia L + 3.30% 2/5/2027 P/I N/A 121,000 119,530 — First mortgage loan Multifamily / Gainesville, Florida S + 3.20% 1/7/2027 P/I N/A 67,498 66,962 — First mortgage loan Office / Medford, Massachusetts S + 2.90% 1/7/2026 P/I N/A 115,500 114,027 — First mortgage loan Multifamily / Miami, Florida S + 2.60% 1/7/2027 P/I N/A 154,000 152,839 — First mortgage loan Multifamily / Nashville, Tennessee S + 3.00% 1/7/2027 P/I N/A 118,750 117,860 — Total loans $ 1,985,722 $ 1,968,585 $ — Current expected credit losses (f) — (9,930) — Total loans, net $ 1,985,722 $ 1,958,655 $ — ____________________________________ (a) L = one month LIBOR rate. (b) S = one month Term SOFR rate. (c) Final maturity date assumes all extension options are exercised. (d) P/I = principal and interest. (e) As of December 31, 2021, the first mortgage loan included $20.1 million of contiguous mezzanine loan components that, as a whole, have expected credit quality similar to that of a first mortgage loan. (f) As of December 31, 2021, the Company’s current expected credit losses related to its loans held-for-investment totaled $15.2 million, $9.9 million of which was related to the CRE loans. The following table reconciles mortgage loans on real estate for the years ended December 31 (in thousands): Year Ended December 31, 2021 2020 2019 Balance, beginning of period $ 428,393 $ 298,880 $ 89,762 Additions during period: New loans 1,810,166 231,212 217,014 Capitalized interest — 539 8,546 Accretion of fees and other items 2,998 1,909 2,441 Total additions $ 1,813,164 $ 233,660 $ 228,001 Less: Deductions during period: Collections of principal (169,094) (47,670) (17,186) Capitalized interest (9,469) — — Foreclosures (138,006) — — Deferred fees and other items (17,031) (3,200) (1,697) Total deductions $ (333,600) $ (50,870) $ (18,883) Cure payments receivable $ — $ 7,351 $ — Provision for (reversal of) credit losses 50,698 (60,628) — Net balance, end of period $ 1,958,655 $ 428,393 $ 298,880

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Accounting	The summary of significant accounting policies presented below is designed to assist in understanding the Company’s consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying consolidated financial statements.
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and the Consolidated Joint Venture in which the Company has a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. The Company evaluates its relationships and investments to determine if it has variable interests. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. If the Company determines that it has a variable interest in an entity, it evaluates whether such interest is in a variable interest entity (“VIE”). VIEs are entities where investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or where equity investors, as a group, lack one of the following characteristics: (a) the power to direct the activities that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of the entity, or (c) the right to receive the expected returns of the entity. The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE’s operations. For legal entities being evaluated for consolidation, the Company must first determine whether the interests that it holds and fees it receives qualify as variable interests in the entity. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. The Company’s evaluation includes consideration of fees paid to the Company where the Company acts as a decision maker or service provider to the entity being evaluated. If the Company determines that it holds a variable interest in an entity, it evaluates whether that entity is a VIE. A VIE must be consolidated by its primary beneficiary, which is generally defined as the party who has a controlling financial interest in the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but are not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance and its obligation to absorb losses from or right to receive benefits of the VIE that could potentially be significant to the VIE. The Company consolidates any VIEs when the Company is determined to be the primary beneficiary of the VIE and the difference between consolidating the VIE and accounting for it using the equity method could be material to the Company’s consolidated financial statements. The Company continually evaluates the need to consolidate any VIEs based on standards set forth in GAAP as described above. As of December 31, 2021, the Company determined that it had a controlling interest in the Consolidated Joint Venture and therefore met the requirements for consolidation.
Reclassifications	AdjustmentsCertain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. In addition, the classification of debt prepayment costs has been corrected in the consolidated statements of cash flows from operating activities, as previously reported, to financing activities. This adjustment is not considered material to the prior period financial statements. Other than as shown below, these adjustments had no effect on previously reported totals or subtotals.
Use of Estimates	Use of EstimatesThe preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Real Estate Assets, Recoverability of Real Estate Assets, Assets Held for Sale, and Dispositions of Real Estate Assets	Real Estate Assets Real estate assets are stated at cost, less accumulated depreciation and amortization. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life. The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Site improvements 15 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term Recoverability of Real Estate Assets When a real estate asset is identified by the Company as held for sale, the Company will cease recording depreciation and amortization of the assets related to the property and estimate its fair value, net of selling costs. If, in management’s opinion, the fair value, net of selling costs, of the asset is less than the carrying amount of the asset, an adjustment to the carrying amount is then recorded to reflect the estimated fair value of the property, net of selling costs. As of December 31, 2021, in connection with the Purchase and Sale Agreement, the Company identified 81 properties with a fair v alue of $1.3 billion as held for sale, which the Company intends to sell in phases during the first and second quarters of 2022.
Allocation of Purchase Price of Real Estate Assets	Allocation of Purchase Price of Real Estate Assets Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and to identified intangible assets and liabilities, consisting of the value of above- and below-market leases and the value of in-place leases and other intangibles, based in each case on their relative fair values. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information. The fair values of above- and below-market lease intangibles are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) an estimate of fair market lease rates for the corresponding in-place leases, which is generally obtained from independent appraisals, measured over a period equal to the remaining non-cancelable term of the lease including, for below-market leases, any bargain renewal periods. The above- and below-market lease intangibles are capitalized as intangible lease assets or liabilities, respectively. Above-market leases are amortized as a reduction to rental income over the remaining terms of the respective leases. Below-market leases are amortized as an increase to rental income over the remaining terms of the respective leases, including any bargain renewal periods. In considering whether or not the Company expects a tenant to execute a bargain renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition, such as the financial strength of the tenant, the remaining lease term, the tenant mix of the leased property, the Company’s relationship with the tenant and the availability of competing tenant space. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above- or below-market lease intangibles relating to that lease would be recorded as an adjustment to rental income. The fair values of in-place leases include estimates of direct costs associated with obtaining a new tenant and opportunity costs associated with lost rental and other property income, which are avoided by acquiring a property with an in-place lease. Direct costs associated with obtaining a new tenant include leasing commissions, legal and other related expenses and are estimated in part by utilizing information obtained from independent appraisals and management’s consideration of current market costs to execute a similar lease. The intangible values of opportunity costs, which are calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease, are capitalized as intangible lease assets and are amortized to expense over the remaining term of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed. The Company has acquired, and may continue to acquire, certain properties subject to contingent consideration arrangements that may obligate the Company to pay additional consideration to the seller based on the outcome of future events. Additionally, the Company may acquire certain properties for which it funds certain contingent consideration amounts into an escrow account pending the outcome of certain future events. The outcome may result in the release of all or a portion of the escrowed funds to the Company or the seller or a combination thereof. The Company estimates the fair value of assumed mortgage notes payable based upon indications of current market pricing for similar types of debt financing with similar maturities. Assumed mortgage notes payable are initially recorded at their estimated fair value as of the assumption date, and any difference between such estimated fair value and the mortgage note’s outstanding principal balance is amortized or accreted to interest expense over the term of the respective mortgage note payable. The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations. Certain acquisition-related expenses related to asset acquisitions are capitalized and allocated to tangible and intangible assets and liabilities, as described above. Acquisition-related manager expense reimbursements are expensed as incurred and are included in expense reimbursements to related parties in the accompanying consolidated statements of operations. Other acquisition-related expenses continue to be expensed as incurred and are included in transaction-related expenses in the accompanying consolidated statements of operations.
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities As a result of the CIM Income NAV Merger, the Company has an investment in CIM UII Onshore, L.P. (“CIM UII Onshore”) with a carrying value of $56.0 million as of December 31, 2021, which represents less than 5% ownership of CIM UII Onshore. The Company accounts for its investment under the equity method. The equity method of accounting requires the investment to be initially recorded at cost, including transaction costs incurred to finalize the investment, and subsequently adjusted for the Company’s share of equity in CIM UII Onshore’s earnings and distributions. The Company records its share of CIM UII Onshore’s profits or losses on a quarterly basis as an adjustment to the carrying value of the investment on the Company’s consolidated balance sheet and is recognized as a profit or loss on the consolidated statements of operations. The Company recorded its share of CIM UII Onshore’s gain totaling $606,000 during the year ended December 31, 2021 in the consolidated statements of operations. During the year ended December 31, 2021, the Company received distributions of $497,000 related to its investment in CIM UII Onshore, all of which was recognized as a return on investment. During the year ended December 31, 2021, CMFT MT JV Holdings, LLC, an indirect wholly-owned subsidiary of the Company, entered into an unconsolidated joint venture arrangement (the “Unconsolidated Joint Venture”). Through the Unconsolidated Joint Venture, the Company, through its investment in CIM NP JV Holdings, LLC (“NP JV Holdings”), in which the Company has 50% ownership, has a 45% membership interest in NewPoint JV, LLC (the “NewPoint JV”) pursuant to the terms of the Operating Agreement entered into between NP JV Holdings and NewPoint Bridge Lending, LLC, a Delaware limited liability company (“NewPoint Bridge Lending”). The Company accounts for its investment under the equity method. The equity method of accounting requires the investment to be initially recorded at cost, including transaction costs incurred to finalize the investment, and is subsequently adjusted for the Company’s share of equity in NewPoint JV’s earnings and distributions. The Company records its share of NewPoint JV’s profits or losses on a quarterly basis as an adjustment to the carrying value of the investment on the Company’s consolidated balance sheet and is recognized as a profit or loss on the consolidated statements of operations. As of December 31, 2021, the Company’s aggregate investment in NewPoint JV of
Noncontrolling Interest in Consolidated Joint Venture	Noncontrolling Interest in Consolidated Joint Venture As a result of the CIM Income NAV Merger, the Company has a controlling interest in the Consolidated Joint Venture and, therefore, meets the requirements for consolidation. The Company recorded the noncontrolling interest of $1.1 million as of December 31, 2021 on the consolidated balance sheets.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents include cash in bank accounts, as well as investments in highly-liquid money market funds. The Company deposits cash with several high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company (“FDIC”) up to an insurance limit of $250,000. At times, the Company’s cash and cash equivalents may exceed federally insured levels. Although the Company bears risk on amounts in excess of those insured by the FDIC, it has not experienced and does not anticipate any losses due to the high quality of the institutions where the deposits are held. Included in cash and cash equivalents was $36.5 million and $41.0 million of unsettled liquid senior loan purchases as of December 31, 2021 and 2020, respectively.
Real Estate-Related Securities	Real Estate-Related Securities Real estate-related securities consists primarily of the Company’s investment in commercial mortgage-backed securities (“CMBS”), preferred units, and marketable securities. The Company determines the appropriate classification for real estate-related securities at the time of purchase and reevaluates such designation as of each balance sheet date. The Company monitors its available-for-sale securities for changes in fair value. Current expected credit losses are recorded when the Company acquires CMBS, and any subsequent impairment is recognized when the Company determines that a decline in the estimated fair value of a security below its amortized cost has resulted from a credit loss or other factors. The Company records impairments related to credit losses through current expected credit losses. However, the allowance is limited by the amount that the fair value is less than the amortized cost basis. The Company considers many factors in determining whether a credit loss exists, including, but not limited to, the extent to which the fair value is less than the amortized cost basis, recent events specific to the security, industry or geographic area, the payment structure of the security, the failure of the issuer of the security to make scheduled interest or principal payments, and external credit ratings and recent changes in such ratings. The analysis of determining whether a credit loss exists requires significant judgments and assumptions. The use of alternative judgments and assumptions could result in a different conclusion. During the year ended December 31, 2021 and 2020, the Company did not record current expected credit losses related to CMBS. During the year ended December 31, 2021, the Company invested $63.5 million in preferred units related to a multi-family, office and retail building in Fort Lauderdale, Florida with a preferred dividend rate of 8.9% and a maturity date of June 1, 2022. Upon maturity, the preferred units will be redeemed in exchange for debt. As of December 31, 2021, the Company classified the investment as held-to-maturity as the Company has the intent and ability to hold the preferred units to maturity and included the investment in real estate-related securities on the consolidated balance sheets. Investments classified as held-to-maturity are initially recognized at cost and are subsequently measured using amortized cost. The Company evaluates their held-to-maturity investments for any other-than-temporary impairment each reporting period. The amortized cost of real estate-related securities is adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method and is recorded in the accompanying consolidated statements of operations in interest income. Upon the sale of a security, the realized net gain or loss is computed on the specific identification method. Interest earned is either received in cash or capitalized to real estate-related securities in the Company’s consolidated balance sheets. Interest is capitalized when certain conditions are met as specified in each security agreement. During the year ended December 31, 2021, the Company capitalized $974,000 of interest income to real estate-related securities. No such amounts were capitalized during the year ended December 31, 2020.
Loans Held-for-Investment	Loans Held-for-Investment The Company has acquired, and may continue to acquire, loans related to real estate assets. Additionally, the Company may acquire and originate credit investments, including commercial mortgage loans, mezzanine loans, preferred equity, and other loans and securities related to commercial real estate assets, as well as corporate loan opportunities that are consistent with the Company’s investment strategy and objectives. The Company intends to hold the loans held-for-investment for the foreseeable future or until maturity. Loans held-for-investment are carried on the Company’s consolidated balance sheets at amortized cost, net of any current expected credit losses. Discounts or premiums, origination fees and exit fees are amortized as a component of interest income using the effective interest method over the life of the respective loans, or on a straight-line basis when it approximates the effective interest method. Upon the sale of a loan, the realized net gain or loss is computed on the specific identification method.
Current Expected Credit Losses	Current Expected Credit Losses The Company adopted Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326) (“ASU 2016-13”), on January 1, 2020. Current expected credit losses required under ASU 2016-13 reflects the Company’s current estimate of potential credit losses related to the Company’s loans held-for-investment included in the consolidated balance sheets. Initial current expected credit losses recorded on January 1, 2020 are reflected as a direct charge to retained earnings on the Company’s consolidated statements of stockholders’ equity; however, subsequent changes to current expected credit losses are recognized through net income on the Company’s consolidated statements of operations. While ASU 2016-13 does not require any particular method for determining current expected credit losses, it does specify it should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions, and reasonable and supportable forecasts for the duration of each respective loan. In addition, other than a few narrow exceptions, ASU 2016-13 requires that all financial instruments subject to the credit loss model have some amount of loss reserve to reflect the GAAP principal underlying the credit loss model that all loans, debt securities, and similar assets have some inherent risk of loss, regardless of credit quality, subordinate capital, or other mitigating factors. The Company estimates the current expected credit loss for its senior loans and mezzanine loans primarily using the Weighted Average Remaining Maturity method, which has been identified as an acceptable method for estimating CECL reserves in the Financial Ac counting Standards Board Staff Q&A Topic 326, No. 1. This method requires the Company to reference historic loan loss data across a comparable data set and apply such loss rate to each loan investment over their expected remaining term, taking into consideration expected economic conditions over the relevant timeframe. The Company considers loan investments that are both (i) expected to be substantially repaid through the operation or sale of the underlying collateral, and (ii) for which the borrower is experiencing financial difficulty, to be “collateral-dependent” loans. For such loans that the Company determines that foreclosure of the collateral is probable, the Company measures the expected losses based on the difference between the fair value of the collateral less costs to sell and the amortized cost basis of the loan as of the measurement date. For collateral-dependent loans that the Company determines foreclosure is not probable, the Company applies a practical expedient to estimate expected losses using the difference between the collateral’s fair value (less costs to sell the asset if repayment is expected through the sale of the collateral) and the amortized cost basis of the loan. For the Company’s liquid senior loans, the Company uses a probability of default and loss given default method using a comparable data set. The Company may use other acceptable alternative approaches in the future depending on, among other factors, the type of loan, underlying collateral, and availability of relevant historical market loan loss data. The Company adopted ASU 2016-13 using the modified retrospective method for all financial assets measured at amortized cost. Prior to adoption, the Company had no current expected credit losses on its consolidated balance sheets. The Company recorded a cumulative-effective adjustment to the opening retained earnings in its consolidated statement of stockholders’ equity as of January 1, 2020 of $2.0 million. Quarterly, the Company evaluates the risk of all loans and assigns a risk rating based on a variety of factors, grouped as follows: (i) loan and credit structure, including the as-is loan-to-value (“LTV”) ratio and structural features; (ii) quality and stability of real estate value and operating cash flow, including debt yield, dynamics of the geography, property type and local market, physical condition, stability of cash flow, leasing velocity and quality and diversity of tenancy; (iii) performance against underwritten business plan; and (iv) quality, experience and financial condition of sponsor, borrower and guarantor(s). Based on a 5-point scale, the Company’s loans are rated “1” through “5,” from least risk to greatest risk, respectively, which ratings are defined as follows: 1- Outperform — Most satisfactory asset quality and liquidity, good leverage capacity. A “1” rating maintains predictable and strong cash flows from operations. The trends and outlook for the credit's operations, balance sheet, and industry are neutral to favorable. Collateral, if appropriate, exceeds performance metrics; 2- Meets or Exceeds Expectations — Acceptable asset quality, moderate excess liquidity, modest leverage capacity. A “2” rating could have some financial/non-financial weaknesses which are offset by strengths; however, the credit demonstrates an ample current cash flow from operations. The trends and outlook for the credit's operations, balance sheet, and industry are generally positive or neutral. Collateral performance, if appropriate, meets or exceeds substantially all performance metrics included in original or current underwriting / business plan; 3- Satisfactory — Acceptable asset quality, somewhat strained liquidity, minimal leverage capacity. A “3” rating is at times characterized by acceptable cash flows from operations. The trends and conditions of the credit's operations and balance sheet are neutral. Collateral performance, if appropriate, meets or is on track to meet underwriting; business plan can reasonably be achieved; 4- Underperformance — The debt investment possesses credit deficiencies or potential weaknesses which deserve management’s close and continued attention. The portfolio company’s operations and/or balance sheet have demonstrated an adverse trend or deterioration which, while serious, has not reached the point where the liquidation of debt is jeopardized. These weaknesses are generally considered correctable by the borrower in the normal course of business but may weaken the asset or inadequately protect the Company’s credit position if not checked or corrected. Collateral performance, if appropriate, falls short of original underwriting, material differences exist from business plan, or both; technical milestones have been missed; defaults may exist, or may soon occur absent material improvement; and 5- Default/Possibility of Loss — The debt investment is protected inadequately by the current enterprise value or paying capacity of the obligor or of the collateral, if any. The underlying company’s operations have well-defined weaknesses based upon objective evidence, such as recurring or significant decreases in revenues and cash flows. Major variance from business plan; loan covenants or technical milestones have been breached; timely exit from loan via sale or refinancing is questionable; risk of principal loss. Collateral performance, if appropriate, is significantly worse than underwriting. The Company generally assigns a risk rating of “3” to all newly originated or acquired loans-held-for-investment during a most recent quarter, except in the case of specific circumstances warranting an exception.
Deferred Financing Costs	Deferred Financing CostsDeferred financing costs represent commitment fees, legal fees and other costs associated with obtaining commitments for financing. These costs are amortized to interest expense over the terms of the respective financing agreements using the straight-line method, which approximates the effective interest method. Unamortized deferred financing costs are written off when the associated debt is extinguished or repaid before maturity. The presentation of all deferred financing costs, other than those associated with the revolving loan portion of the credit facilities, are classified such that the debt issuance costs related to a recognized debt liability are presented on the consolidated balance sheets as a direct deduction from the carrying amount of the related debt liability rather than as an asset. Debt issuance costs related to securing a revolving line of credit are presented as an asset and amortized ratably over the term of the line of credit arrangement. As such, the Company’s current and corresponding prior period total deferred costs, net in the accompanying consolidated balance sheets relate only to the revolving loan portion of the credit facilities and the historical presentation, amortization and treatment of unamortized costs are still applicable. As of December 31, 2021 and 2020, the Company had $7.2 million and $4.3 million, respectively, of deferred financing costs, net of accumulated amortization, related to the revolving loan portion of the credit facilities. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined the financing will not close.
Due to Affiliates	Due to AffiliatesCMFT Management, and certain of its affiliates, received and will continue to receive, fees, reimbursements and compensation in connection with services provided relating to the Offerings and the acquisition, management, financing and leasing of the properties of the Company.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company accounts for its derivative instruments at fair value. Accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative instrument and the designation of the derivative instrument. The change in fair value of the derivative instrument that is designated as a cash flow hedge is recorded as other comprehensive income. The changes in fair value for derivative instruments that are not designated as hedges or that do not meet the hedge accounting criteria are recorded as a gain or loss to operations.
Redeemable Common Stock	Redeemable Common StockUnder the Company’s share redemption program, the Company’s obligation to redeem shares of its outstanding common stock is limited, among other things, to the net proceeds received by the Company from the sale of shares under the DRIP, net of shares redeemed to date. The Company records the maximum amount that is redeemable under the share redemption program as redeemable common stock outside of permanent equity in its consolidated balance sheets. Changes in the amount of redeemable common stock from period to period are recorded as an adjustment to capital in excess of par value.
Leases	Leases The Company has lease agreements with lease and non-lease components. The Company has elected to not separate non-lease components from lease components for all classes of underlying assets (primarily real estate assets) and will account for the combined components as rental and other property income. Non-lease components included in rental and other property income include certain tenant reimbursements for maintenance services (including common-area maintenance services or “CAM”), real estate taxes, insurance and utilities paid for by the lessor but consumed by the lessee. As a lessor, the Company has further determined that this policy will be effective only on a lease that has been classified as an operating lease and the revenue recognition pattern and timing is the same for both types of components. The Company is not a party to any material leases where it is the lessee. Significant judgments and assumptions are inherent in not only determining if a contract contains a lease, but also the lease classification, terms, payments, and, if needed, discount rates. Judgments include the nature of any options, including if they will be exercised, evaluation of implicit discount rates and the assessment and consideration of “fixed” payments for straight-line rent revenue calculations.
Development Activities	Development Activities Project costs and expenses, including interest incurred, associated with the development, construction and lease-up of a real estate project are capitalized as construction in progress. During the year ended December 31, 2021, the Company capitalized $1.8 million of interest expense associated with the development of condominiums acquired via foreclosure, which is included in condominium developments in the accompanying consolidated balance sheets. There were no development projects during the year ended December 31, 2020.
Revenue Recognition	Revenue Recognition Revenue from leasing activities Rental and other property income is primarily derived from fixed contractual payments from operating leases and, therefore, is generally recognized on a straight-line basis over the term of the lease, which typically begins the date the tenant takes control of the space. When the Company acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of this calculation. Variable rental and other property income consists primarily of tenant reimbursements for recoverable real estate taxes and operating expenses which are included in rental and other property income in the period when such costs are incurred, with offsetting expenses in real estate taxes and property operating expenses, respectively, within the consolidated statements of operations. The Company defers the recognition of variable rental and other property income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. Revenue from lending activities Interest income from the Company’s loans held-for-investment and real estate-related securities is comprised of interest earned on loans and the accretion and amortization of net loan origination fees and discounts. Interest income on loans is accrued as earned, with the accrual of interest suspended when the related loan becomes a nonaccrual loan. Interest income on the Company’s liquid senior loans is accrued as earned beginning on the settlement date.
Income Taxes	Income TaxesThe Company elected to be taxed, and currently qualifies, as a REIT for federal income tax purposes under Sections 856 through 860 of the Code, commencing with the taxable year ended December 31, 2012. The Company will generally not be subject to federal corporate income tax to the extent it distributes its taxable income to its stockholders, and so long as it, among other things, distributes at least 90% of its annual taxable income (computed without regard to the dividends paid deduction and excluding net capital gains). REITs are subject to a number of other organizational and operational requirements. Even if the Company maintains its qualification for taxation as a REIT, it or its subsidiaries may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income.
Earnings (Loss) and Distributions Per Share	Earnings (Loss) and Distributions Per Share Earnings (loss) per share are calculated based on the weighted average number of common shares outstanding during each period presented. Diluted income (loss) per share considers the effect of any potentially dilutive share equivalents, of which the
Distributions Per Share	Distributions per share are calculated based on the authorized monthly distribution rate.
Reportable Segment	Reportable Segments The Company’s segment information reflects how the chief operating decision makers review information for operational decision-making purposes. The Company has two reportable segments: Credit — engages primarily in acquiring and originating loans, either directly or through co-investments in joint ventures, related to real estate assets. The Company may acquire first and second lien mortgage loans, mezzanine loans, bridge loans, wraparound mortgage loans, construction mortgage loans on real property and loans on leasehold interest mortgages. This segment also includes investments in real estate-related securities and liquid senior loans. Real estate — engages primarily in acquiring and managing income-producing retail properties that are primarily single-tenant properties or anchored shopping centers, which are leased to creditworthy tenants under long-term net leases. The commercial properties are geographically diversified throughout the United States and have similar economic characteristics.
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by various standard setting bodies that may have an impact on the Company’s accounting and reporting. Except as otherwise stated below, the Company is currently evaluating the effect that certain new accounting requirements may have on the Company’s accounting and related reporting and disclosures in the Company’s consolidated financial statements. In April 2020, the Financial Accounting Standards Board (the “FASB”) issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Due to the business disruptions and challenges severely affecting the global economy caused by the COVID-19 pandemic, many lessors may be required to provide rent deferrals and other lease concessions to lessees. While the lease modification guidance in ASU No. 2016-02, Leases (Topic 842) (“ASC 842”) addresses routine changes to lease terms resulting from negotiations between the lessee and the lessor, this guidance did not contemplate concessions being so rapidly executed to address the sudden liquidity constraints of some lessees arising from COVID-19 related impacts. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows the Company, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company has elected to apply this guidance to avoid performing a lease by lease analysis for the lease concessions that (1) were granted as relief due to COVID-19 related impacts and (2) result in the cash flows remaining substantially the same or less than the original contract and will account for these lease concessions as if no changes were made to the leases. During the In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848) (“ASU 2021-01”). The amendments in ASU 2021-01 clarify that certain optional expedients and exceptions for contract modifications and hedge accounting apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of the discontinuation of the use of the London Interbank Offered Rate (“LIBOR”) as a benchmark interest rate due to reference rate reform. ASU 2021-01 is effective immediately for all entities with the option to apply retrospectively as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, and can be applied prospectively to any new contract modifications made on or after January 7, 2021. The Company currently uses LIBOR as its benchmark interest rate for its derivative instruments, and has not entered into any new contracts on or after the
Fair Value Measurements	The following describes the methods the Company uses to estimate the fair value of the Company’s financial assets and liabilities: Real estate-related securities — The Company generally determines the fair value of its real estate-related securities by utilizing broker-dealer quotations, reported trades or valuation estimates from pricing models to determine the reported price. Pricing models for real estate-related securities are generally discounted cash flow models that usually consider the attributes applicable to a particular class of security (e.g., credit rating, seniority), current market data, and estimated cash flows for each class and incorporate deal collateral performance such as prepayment speeds and default rates, as available. Depending upon the significance of the fair value inputs used in determining these fair values, these securities are valued using Level 1, Level 2 or Level 3 inputs. As of December 31, 2021, the Company concluded that its CMBS and Preferred Units fell under Level 3. The Company’s marketable security is carried at fair value and valued using Level 1 inputs. The estimated fair value of the Company’s marketable security is based on quoted market prices that are readily and regularly available in an active market. Credit facilities and notes payable — The fair value is estimated by discounting the expected cash flows based on estimated borrowing rates available to the Company as of the measurement date. Current and prior period liabilities’ carrying and fair values exclude net deferred financing costs. These financial instruments are valued using Level 2 inputs. As of December 31, 2021, the estimated fair value of the Company’s debt was $4.11 billion, compared to a carrying value of $4.17 billion. The estimated fair value of the Company’s debt as of December 31, 2020 was $2.14 billion, compared to a carrying value of $2.15 billion. Derivative instruments — The Company’s derivative instruments are comprised of interest rate swaps and interest rate caps. All derivative instruments are carried at fair value and are valued using Level 2 inputs. The fair value of these instruments is determined using interest rate market pricing models. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the respective counterparties. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. However, as of December 31, 2021 and 2020, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. Loans held-for-investment — The Company’s loans held-for-investment are recorded at cost upon origination and adjusted by net loan origination fees and discounts. The Company estimates the fair value of its loans held-for-investment by performing a present value analysis for the anticipated future cash flows using an appropriate market discount rate taking into consideration the credit risk. The Company has determined that its CRE loans held-for-investment are classified in Level 3 of the fair value hierarchy. The Company’s liquid senior loans are classified as Level 2 or Level 3 depending on the number of market quotations or indicative prices from pricing services that are available, and whether the depth of the market is sufficient to transact at those prices in amounts approximating the Company’s investment position at the measurement date. As of December 31, 2021, $560.4 million and $94.1 million of the Company’s liquid senior loans were classified in Level 2 and Level 3 of the fair value hierarchy, respectively. As of December 31, 2020, $359.6 million and $114.1 million of the Company’s liquid senior loans were classified in Level 2 and Level 3 of the fair value hierarchy, respectively. As of December 31, 2021, the estimated fair value of the Company’s loans held-for-investment and related receivables, net was $2.63 billion, compared to its carrying value of $2.61 billion. As of December 31, 2020, the estimated fair value of the Company’s loans held-for-investment was $907.8 million, compared to its carrying value of $892.3 million. Other financial instruments — The Company considers the carrying values of its cash and cash equivalents, restricted cash, tenant receivables, accounts payable and accrued expenses, other liabilities, due to affiliates and distributions payable to approximate their fair values because of the short period of time between their origination and their expected realization as well as their highly-liquid nature. Due to the short-term maturities of these instruments, Level 1 inputs are utilized to estimate the fair value of these financial instruments. Considerable judgment is necessary to develop estimated fair values of financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize, or be liable for, upon disposition of the financial assets and liabilities. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. The Company does not expect that changes in classifications between levels will be frequent.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	The adjustments have been made to the consolidated financial statements of operations and the consolidated statements of cash flows for the years ended December 31, 2020 and 2019 as follows (in thousands): Year Ended December 31, 2020 Year Ended December 31, 2019 As previously reported Adjustments As Revised As previously reported Adjustments As Revised Consolidated Statements of Operations General and administrative $ 15,385 $ (3,343) $ 12,042 $ 13,729 $ (3,562) $ 10,167 Management fees $ 44,743 $ (4,718) $ 40,025 $ 42,339 $ (5,094) $ 37,245 Transaction-related $ 905 $ (550) $ 355 $ 2,278 $ (748) $ 1,530 Interest expense and other, net $ (64,116) $ — $ (64,116) $ (98,965) $ 32 $ (98,933) Merger-related expenses, net $ (2,193) $ 309 $ (1,884) $ — $ — $ — Expense reimbursements to related parties $ — $ 8,920 $ 8,920 $ — $ 9,436 $ 9,436 Consolidated Statements of Cash Flows Accrued expenses and accounts payable $ 4,212 $ 4,208 $ 8,420 $ (1,742) $ 4,956 $ 3,214 Net cash provided by operating activities $ 106,361 $ 4,208 $ 110,569 $ 188,575 $ 4,956 $ 193,531 Repayments of notes payable, repurchase facilities and credit facilities $ (417,902) $ (4,208) $ (422,110) $ (1,137,022) $ (4,956) $ (1,141,978) Net cash provided by financing activities $ 14,832 $ (4,208) $ 10,624 $ (910,189) $ (4,956) $ (915,145)
Summary of Estimated Useful Lives of Real Estate Assets By Class	The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Site improvements 15 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on a Recurring Basis	In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of December 31, 2021 and 2020 (in thousands): Balance as of Quoted Prices in Significant Other Significant Financial assets: CMBS $ 41,871 $ — $ — $ 41,871 Preferred Units 63,490 — — 63,490 Marketable security 110 110 — — Interest rate caps 179 — 179 — Total financial assets $ 105,650 $ 110 $ 179 $ 105,361 Financial liabilities: Interest rate swaps $ (2,466) $ — $ (2,466) $ — Total financial liabilities $ (2,466) $ — $ (2,466) $ — Balance as of Quoted Prices in Significant Other Significant Financial assets: CMBS $ 38,194 $ — $ 27,461 $ 10,733 Total financial assets $ 38,194 $ — $ 27,461 $ 10,733 Financial liabilities: Interest rate swaps $ (12,308) $ — $ (12,308) $ — Total financial liabilities $ (12,308) $ — $ (12,308) $ —
Reconciliation of the Changes in Liabilities With Level 3 Inputs	The following are reconciliations of the changes in financial assets with Level 3 inputs in the fair value hierarchy for the years ended December 31, 2021 and 2020 (in thousands): Level 3 Beginning Balance, January 1, 2020 $ — Total gains and losses: Unrealized gain included in other comprehensive income, net 747 Purchases and payments received: Purchases 26,883 Premiums (discounts), net (16,875) Principal payments received (22) Balance, December 31, 2020 $ 10,733 Total gains and losses: Unrealized gain included in other comprehensive income (loss), net 2,197 Purchases and payments received: Purchases 97,981 Discounts, net (4,701) Capitalized interest income 974 Principal payments received (42) Sales (1,781) Ending Balance, December 31, 2021 $ 105,361
Summary of Discount Rates and Terminal Capitalization rates of the Company’s Impairment Test	The following summarizes the ranges of discount rates and terminal capitalization rates used for the Company’s impairment test for the real estate assets during the years ended December 31, 2021 and 2020 : Year Ended December 31, 2021 Year Ended December 31, 2020 Discount Rate Terminal Capitalization Rate Discount Rate Terminal Capitalization Rate 8.0% - 10.5% 7.5% - 9.2% 7.9% - 9.7% 7.4% - 9.2%
Summary of Impairment Charges by Asset Class	The following table presents the impairment charges by asset class recorded during the years ended December 31, 2021, 2020 and 2019 (in thousands): Year Ended December 31, 2021 2020 2019 Asset class impaired: Land $ 1,089 $ 3,738 $ 12,648 Buildings, fixtures and improvements 4,755 12,310 56,572 Intangible lease assets 311 737 4,056 Intangible lease liabilities (162) (48) (337) Condominium developments 12,085 — — Total impairment loss $ 18,078 $ 16,737 $ 72,939

Real Estate Assets (Tables)

Real Estate Assets (Tables)	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Schedule of Purchase Price Allocation for Asset Acquisition	The following table summarizes the purchase price allocation for the 2021 Property Acquisitions (in thousands): 2021 Property Acquisitions Land $ 160,364 Buildings, fixtures and improvements 591,908 Acquired in-place leases and other intangibles (1) 94,118 Acquired above-market leases (2) 6,831 Intangible lease liabilities (3) (8,425) Assets held for sale 66,466 Total purchase price $ 911,262 ______________________ (1) The amortization period for acquired in-place leases and other intangibles is 10.2 years. (2) The amortization period for acquired above-market leases is 13.5 years. (3) The amortization period for acquired intangible lease liabilities is 14.8 years. The following table summarizes the purchase price allocation for the real estate acquired via foreclosure (in thousands): As of December 31, 2021 Buildings, fixtures and improvements $ 192,182 Acquired in-place leases and other intangibles 134 Intangible lease liabilities (326) Total purchase price $ 191,990 The following table summarizes the purchase price allocation for the 2020 Property Acquisitions (in thousands): 2020 Property Acquisitions Land $ 166,395 Buildings, fixtures and improvements 571,777 Acquired in-place leases and other intangibles (1) 74,888 Acquired above-market leases (2) 2,367 Intangible lease liabilities (3) (16,927) Total purchase price $ 798,500 ______________________ (1) The amortization period for acquired in-place leases and other intangibles is 8.9 years. (2) The amortization period for acquired above-market leases is 6.5 years. (3) The amortization period for acquired intangible lease liabilities is 9.7 years. The following table summarizes the purchase price allocation for the 2019 Property Acquisition (in thousands): 2019 Property Acquisition Land $ 1,501 Buildings, fixtures and improvements 3,804 Acquired in-place leases and other intangibles (1) 860 Total purchase price $ 6,165 ______________________

Intangible Lease Assets and L_2

Intangible Lease Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-lived Intangible Assets and Liabilities	Intangible lease assets and liabilities consisted of the following as of December 31, 2021 and 2020 (in thousands, except weighted average life remaining): As of December 31, 2021 2020 Intangible lease assets: In-place leases and other intangibles, net of accumulated amortization of $73,923 and $132,967, respectively (with a weighted average life remaining of 11.4 years and 9.7 years, respectively) $ 224,931 $ 217,431 Acquired above-market leases, net of accumulated amortization of $3,204 and $22,054, respectively (with a weighted average life remaining of 13.3 years and 7.6 years, respectively) 12,774 17,112 Total intangible lease assets, net $ 237,705 $ 234,543 Intangible lease liabilities: Acquired below-market leases, net of accumulated amortization of $9,043 and $31,933, respectively (with a weighted average life remaining of 11.5 years and 7.5 years, respectively) $ 24,896 $ 32,718
Schedule of Amortization Expense Related to the Intangible Lease Assets	The following table summarizes the amortization related to the intangible lease assets and liabilities for the years ended December 31, 2021, 2020, and 2019 (in thousands): Year Ended December 31, 2021 2020 2019 In-place lease and other intangible amortization $ 28,994 $ 23,262 $ 32,058 Above-market lease amortization $ 2,379 $ 3,095 $ 4,315 Below-market lease amortization $ 5,393 $ 5,309 $ 6,253
Schedule of Finite-lived Intangible Assets, Future Amortization Expense	As of December 31, 2021, the estimated amortization relating to the intangible lease assets and liabilities is as follows (in thousands): Amortization Year Ending December 31, In-Place Leases and Other Intangibles Above-Market Leases Below-Market Leases 2022 $ 27,097 $ 1,262 $ 2,818 2023 25,862 1,256 2,758 2024 24,382 1,113 2,632 2025 21,383 1,008 2,560 2026 20,711 1,336 2,662 Thereafter 105,496 6,799 11,466 Total $ 224,931 $ 12,774 $ 24,896

Real Estate-Related Securities

Real Estate-Related Securities (Tables)	12 Months Ended
	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Schedule of Securities Available for Sale	The following is a summary of the Company’s real estate-related securities as of December 31, 2021 and 2020 (in thousands): Real Estate-Related Securities Amortized Cost Basis Unrealized Gain Fair Value CMBS and marketable security $ 39,184 $ 2,797 $ 41,981 Preferred units 63,490 — 63,490 Total real estate-related securities $ 102,674 $ 2,797 $ 105,471 The following table provides the activity for the real estate-related securities during the year ended December 31, 2021 and 2020 (in thousands): Amortized Cost Basis Unrealized Gain Fair Value Real estate-related securities as of January 1, 2020 $ — $ — $ — Face value of real estate-related securities acquired 91,440 — 91,440 Premiums and discounts on purchase of real estate-related securities, net of acquisition costs (14,796) — (14,796) Amortization of discount on real estate-related securities 57 — 57 Sale of real estate-related securities (37,083) (510) (37,593) Principal payments received on real estate-related securities (2,571) — (2,571) Unrealized gain on real estate-related securities — 1,657 1,657 Real estate-related securities as of January 1, 2021 $ 37,047 $ 1,147 $ 38,194 Face value of real estate-related securities acquired 264,246 — 264,246 Investment in preferred units 63,490 63,490 Premiums and discounts on purchase of real estate-related securities, net of acquisition costs (5,982) — (5,982) Amortization of discount on real estate-related securities 1,197 — 1,197 Capitalized interest income on real estate-related securities 974 — 974 Principal payments received on real estate-related securities (38) — (38) Sale of real estate-related securities (258,260) 1,419 (256,841) Unrealized gain on real estate-related securities — 231 231 Real estate-related securities as of December 31, 2021 $ 102,674 $ 2,797 $ 105,471 The scheduled maturities of the Company’s real estate-related securities as of December 31, 2021 are as follows (in thousands): Real estate-related securities Amortized Cost Estimated Fair Value Due within one year $ 63,600 $ 63,600 Due after one year through five years — — Due after five years through ten years — — Due after ten years 39,074 41,871 Total $ 102,674 $ 105,471

Loans Held-For-Investment (Tabl

Loans Held-For-Investment (Tables)	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
Schedule of Allowance for Financing Receivable	The Company’s loans held-for-investment consisted of the following as of December 31, 2021 and 2020 (dollar amounts in thousands): As of December 31, 2021 2020 Mezzanine loans $ — $ 147,475 First mortgage loans (1) 1,968,585 341,546 Total CRE loans held-for-investment and related receivables, net 1,968,585 489,021 Liquid senior loans 655,516 473,603 Loans held-for-investment and related receivables, net $ 2,624,101 $ 962,624 Less: Current expected credit losses $ (15,201) $ (70,358) Total loans held-for-investment and related receivable, net $ 2,608,900 $ 892,266 ____________________________________ (1) As of December 31, 2021, first mortgage loans included $20.1 million of contiguous mezzanine loan components that, as a whole, have expected credit quality similar to that of a first mortgage loan. The following table details overall statistics for the Company’s loans held-for-investment as of December 31, 2021 and 2020 (dollar amounts in thousands): CRE Loans (1) (2) Liquid Senior Loans As of December 31, As of December 31, 2021 2020 2021 2020 Number of loans 22 12 295 194 Principal balance $ 1,985,722 $ 481,438 $ 659,007 $ 477,777 Net book value $ 1,958,655 $ 428,393 $ 650,245 $ 463,873 Weighted-average interest rate 3.3 % 7.5 % 3.7 % 3.8 % Weighted-average maximum years to maturity 4.3 2.2 5.1 4.9 ____________________________________ (1) As of December 31, 2021, 100% of the Company’s CRE loans by principal balance earned a floating rate of interest, primarily indexed to U.S. dollar LIBOR and SOFR. (2) Maximum maturity date assumes all extension options are exercised by the borrowers; however, the Company’s CRE loans may be repaid prior to such date. Activity relating to the Company’s loans held-for-investment portfolio was as follows for the years ended December 31, 2021 and 2020 (dollar amounts in thousands): Principal Balance Deferred Fees / Other Items (1) Loan Fees Receivable Net Book Value Balance, January 1, 2020 $ 300,135 $ (6,047) $ 7,542 $ 301,630 Loan originations and acquisitions 820,015 (5) 5 820,015 Cure payments receivable — 7,351 — 7,351 Sale of loans (42,031) 1,392 — (40,639) Principal repayments received (119,443) — — (119,443) Capitalized interest 539 — — 539 Deferred fees and other items — (8,969) (380) (9,349) Accretion and amortization of fees and other items — 2,520 — 2,520 Current expected credit losses — (70,358) — (70,358) Balance, January 1, 2021 $ 959,215 $ (74,116) $ 7,167 $ 892,266 Loan originations and acquisitions 2,219,064 — — 2,219,064 Cure payments receivable (2) — (7,351) — (7,351) Sale of loans (70,567) 649 — (69,918) Principal repayments received (3) (326,195) 133 — (326,062) Capitalized interest (2) (9,469) — — (9,469) Deferred fees and other items — (19,235) — (19,235) Accretion and amortization of fees and other items — 5,103 — 5,103 Foreclosure of assets (2) (127,320) 3,832 (7,167) (130,655) Current expected credit losses (4) — 55,157 — 55,157 Balance, December 31, 2021 $ 2,644,728 $ (35,828) $ — $ 2,608,900 ____________________________________ (1) Other items primarily consist of current expected credit losses (as discussed below), purchase discounts or premiums, accretion of exit fees and deferred origination expenses. (2) During the year ended December 31, 2021, the Company completed foreclosure of the assets which previously secured its eight mezzanine loans. (3) Includes the repayment of a $69.2 million first mortgage loan prior to the maturity date. (4) Includes the reversal of current expected credit losses related to the mezzanine loans upon foreclosure of the assets which previously secured the loans, as further discussed below in “Current Expected Credit Losses,” partially offset by the increase in current expected credit losses related to the Company’s loans held-for-investment during the year ended December 31, 2021. The following table presents the activity in the Company’s current expected credit losses by loan type for the year ended December 31, 2021 (dollar amounts in thousands): Mezzanine Loans First Mortgage Loans Liquid Senior Loans Total Current expected credit losses as of January 1, 2021 $ 58,038 $ 2,590 $ 9,730 $ 70,358 Foreclosure of assets (1) (58,038) — — (58,038) Provision for (reversal of) credit losses — 1,295 (727) 568 Current expected credit losses as of March 31, 2021 — 3,885 9,003 12,888 Provision for (reversal of) credit losses — 2,581 (2,458) 123 Current expected credit losses as of June 30, 2021 — 6,466 6,545 13,011 Reversal of provision for credit losses — (1,179) (613) (1,792) Current expected credit losses as of September 30, 2021 — 5,287 5,932 11,219 Provision for (reversal of) credit losses — 4,643 (661) 3,982 Current expected credit losses as of December 31, 2021 $ — $ 9,930 $ 5,271 $ 15,201 ____________________________________ (1) During the year ended December 31, 2021, the Company completed foreclosure of the assets which previously secured its eight mezzanine loans.
Schedule of Financing Receivable Credit Quality Indicators	The following table presents the net book value of the Company’s loans-held-for-investment portfolio as of December 31, 2021 by year of origination, loan type, and risk rating (dollar amounts in thousands): Amortized Cost of Loans Held-For-Investment by Year of Origination (1) As of December 31, 2021 Number of Loans 2021 2020 2019 Total First mortgage loans by internal risk rating: 1 — $ — $ — $ — $ — 2 — — — — — 3 22 1,777,068 143,932 47,585 1,968,585 4 — — — — — 5 — — — — — Total first mortgage loans 22 1,777,068 143,932 47,585 1,968,585 Liquid senior loans by internal risk rating: 1 — — — — — 2 3 — 8,279 — 8,279 3 288 342,982 289,535 3,038 635,555 4 4 — 11,682 — 11,682 5 — — — — — Total liquid senior loans 295 342,982 309,496 3,038 655,516 Less: Current expected credit losses (15,201) Total loans-held-for-investment and related receivables, net 317 $ 2,608,900 Weighted Average Risk Rating (2) 3.0 ____________________________________ (1) Date loan was originated or acquired by the Company. Origination dates are subsequently updated to reflect material loan modifications. (2) Weighted average risk rating calculated based on carrying value at period end.

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table summarizes the terms of the Company’s interest rate cap agreements and interest rate swap agreements designated as hedging instruments as of December 31, 2021 and 2020 (dollar amounts in thousands): Outstanding Notional Fair Value of Liabilities as of Balance Sheet Amount as of Interest Effective Maturity December 31, December 31, Location December 31, 2021 Rates (1) Dates Dates 2021 2020 Interest Rate Caps Prepaid expenses and other assets $ 752,553 2.86% to 5.45% 5/7/2021 to 7/15/2021 5/9/2022 to 7/15/2023 $ 179 $ — Interest Rate Swaps Deferred rental income, derivative liabilities and other liabilities $ 185,565 3.31% to 4.84% 12/16/2016 to 9/30/2019 1/1/2022 to 9/6/2022 $ (2,466) $ (12,308) ____________________________________ (1) The interest rate consists of the underlying index swapped or capped to a fixed rate as of December 31, 2021.

Credit Facilities, Notes Paya_2

Credit Facilities, Notes Payable and Repurchase Facilities (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes the debt balances as of December 31, 2021 and 2020, and the debt activity for the year ended December 31, 2021 (in thousands): During the Year Ended December 31, 2021 Balance as of December 31, 2020 Debt Issuances & Assumptions (1) Repayments & Modifications (2) Accretion & (Amortization) Balance as of December 31, 2021 Notes payable – fixed rate debt $ 578,096 $ 85,377 $ (191,506) $ — $ 471,967 Notes payable – variable rate debt — 102,553 (32,285) — 70,268 First lien mortgage loan — 650,000 — — 650,000 ABS mortgage notes — 774,000 (3,225) — 770,775 Credit facilities 1,336,500 913,500 (5) (1,340,000) — 910,000 Repurchase facilities 235,380 1,174,650 (111,616) — 1,298,414 Total debt 2,149,976 3,700,080 (1,678,632) — 4,171,424 Net premiums (3) 149 — — (149) — Deferred costs – credit facility (4) (3,543) (153) 1,955 1,598 (143) Deferred costs – fixed rate debt and first lien mortgage loan (1,589) (14,055) 133 3,833 (11,678) Deferred costs – variable rate debt — (1,346) — 1,075 (271) Deferred costs – ABS mortgage notes — (17,050) — 923 (16,127) Total debt, net $ 2,144,993 $ 3,667,476 $ (1,676,544) $ 7,280 $ 4,143,205 ____________________________________ (1) Includes deferred financing costs incurred during the period. (2) In connection with the repayment of certain mortgage notes, the Company recognized a loss on extinguishment of debt of $4.9 million during the year ended December 31, 2021. (3) Net premiums on mortgage notes payable were recorded upon the assumption of the respective debt instruments. Amortization of these net premiums is recorded as a reduction to interest expense over the remaining term of the respective debt instruments using the effective-interest method. (4) Deferred costs related to the term portion of the CMFT Credit Facility (as defined below). (5) Includes credit facility borrowings of $352.5 million assumed upon completion of the CIM Income NAV Merger during the year ended December 31, 2021. On July 28, 2021, the Company issued $774.0 million aggregate principal amount of ABS Mortgage Notes, Series 2021-1 (the “Class A Notes”) in six classes, as shown below: Class of Notes Initial Principal Balance Note Rate Anticipated Repayment Date Rated Final Payment Date Credit Rating (1) A-1 (AAA) $ 146,400,000 2.09% July 2028 July 2051 AAA (sf) A-2 (AAA) $ 219,600,000 2.57% July 2031 July 2051 AAA (sf) A-3 (AA) $ 39,200,000 2.51% July 2028 July 2051 AA (sf) A-4 (AA) $ 58,800,000 3.04% July 2031 July 2051 AA (sf) A-5 (A) $ 124,000,000 2.91% July 2028 July 2051 A (sf) A-6 (A) $ 186,000,000 3.44% July 2031 July 2051 A (sf) ____________________________________ (1) Reflects credit rating from Standard & Poor’s Financial Services LLC (“Standard & Poor’s”).
Schedule of Repurchase Agreements	The following table is a summary of the Repurchase Facilities as of December 31, 2021 (dollar amounts in thousands): Repurchase Facility Date of Agreement Maturity Date (1) Maximum Facility Size (2) Weighted Average Interest Rate Carrying Value of Loans Financed under Repurchase Facility Amount Financed Citibank 6/4/2020 8/17/2024 $ 400,000 1.8% (3) $ 447,752 $ 322,416 Barclays 9/21/2020 9/21/2024 500,000 2.1% (3) 439,982 349,800 Wells Fargo 5/20/2021 5/19/2024 580,000 1.5% (3) 649,935 532,825 Deutsche Bank 10/8/2021 10/8/2022 300,000 2.0% (4) 118,829 93,373 Total $ 1,780,000 $ 1,656,498 $ 1,298,414 __________________________________ (1) The repurchase facilities with Citibank, Barclays and Wells Fargo were set to mature on various dates between June 2023 and May 2024, with up to two one-year extension options, while the repurchase facility with Deutsche Bank (“Deutsche Bank Repurchase Facility”) is set to mature on October 8, 2022, with four one-year extension options, all of which are subject to certain conditions set forth in the Repurchase Agreements. During the year ended December 31, 2021, the Company extended the maturity dates of the repurchase facility with Citibank (the “Citibank Repurchase Facility”) and the repurchase facility with Barclays (the “Barclays Repurchase Facility”). (2) During the year ended December 31, 2021, the Company increased the Citibank Repurchase Facility to provide up to $400.0 million in financing and increased the repurchase facility with Wells Fargo (the “Wells Fargo Repurchase Facility”) to provide up to $580.0 million in financing. Subsequent to December 31, 2021, the Company increased the repurchase facility with Barclays to provide up to $1.25 billion of financing and further increased the Wells Fargo Repurchase Facility to provide up to $750.0 million in financing. (3) Advances under the repurchase agreement accrue interest at per annum rates based on the one-month LIBOR, plus a spread ranging from 1.25% to 2.15% to be determined on a case-by-case basis between Citibank, Barclays or Wells Fargo and the CMFT Lending Subs. (4) During the year ended December 31, 2021, the Company entered into an Amended and Restated Master Repurchase Agreement with Deutsche Bank, which modified the interest rate provisions of the existing repurchase agreement to provide that advances may be made based on one-month Term SOFR (as such term is defined in the repurchase agreement) plus a spread designated by Deutsche Bank and to provide for the conversion of the interest rate used for certain existing advances under the existing Deutsche Bank Repurchase Facility from the one-month LIBOR to one-month SOFR plus a spread ranging from 1.90% to 2.00%.
Schedule of Maturities of Long-term Debt	The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt subsequent to December 31, 2021 (in thousands): Year Ending December 31, Principal Repayments 2022 $ 681,054 2023 942,117 2024 1,772,783 2025 16,950 2026 — Thereafter 758,520 Total $ 4,171,424

Supplemental Cash Flow Disclo_2

Supplemental Cash Flow Disclosures (Tables)	12 Months Ended
	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Supplemental cash flow disclosures for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands): Year Ended December 31, 2021 2020 2019 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Distributions declared and unpaid $ 13,252 $ 10,969 $ 16,510 Accrued capital expenditures $ 5,902 $ 160 $ 1,165 Real estate acquired via foreclosure $ 191,990 $ — $ — Foreclosure of assets securing the mezzanine loans $ (79,968) $ — $ — Mortgage notes payable assumed in connection with foreclosure of assets securing the mezzanine loans $ 102,553 $ — $ — Mortgage note payable assumed by buyer in connection with disposition of real estate assets $ (31,801) $ — $ (205,765) Change in interest income capitalized to loans held-for-investment $ (9,469) $ 539 $ 8,546 Accrued deferred financing costs $ 12 $ — $ — Common stock issued through distribution reinvestment plan $ 25,784 $ 34,191 $ 82,388 Common stock issued in connection with mergers $ 538,703 $ 384,319 $ — Change in fair value of derivative instruments $ 5,907 $ 727 $ (14,913) Change in fair value of real estate-related securities $ 1,650 $ 1,147 $ — Interest rate swaps assumed in mergers $ (2,719) $ (9,115) $ — Debt assumed in mergers $ 437,877 $ 379,737 $ — Real estate assets acquired in mergers $ 906,254 $ 761,326 $ — Assets assumed in mergers $ 69,058 $ 4,424 $ — Liabilities assumed in mergers $ 5,184 $ 6,389 $ — Non-controlling interest assumed in mergers $ 1,073 $ — $ — Supplemental Cash Flow Disclosures: Interest paid $ 72,533 $ 60,990 $ 97,418 Cash paid for taxes $ 1,093 $ 1,243 $ 1,218

Related-Party Transactions and

Related-Party Transactions and Arrangements (Tables)	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The Company recorded fees and expense reimbursements as shown in the table below for services provided by CMFT Management or its affiliates related to the services described above during the periods indicated (in thousands): Year Ended December 31, 2021 2020 2019 Management fees $ 47,020 $ 40,025 $ 14,622 Acquisition fees $ — $ — $ 1,362 Disposition fees $ — $ 434 $ 3,967 Advisory fees $ — $ — $ 22,623 Expense reimbursements to related parties $ 11,624 $ 8,920 $ 9,436

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Schedule of Distribution Amount Per Share	Prior to April 1, 2020, on a quarterly basis, the Board authorized a daily distribution for the succeeding quarter. The Board authorized the following daily distribution amounts per share for the periods indicated below: Period Commencing Period Ending Daily Distribution Amount April 14, 2012 December 31, 2012 $0.001707848 January 1, 2013 December 31, 2015 $0.001712523 January 1, 2016 December 31, 2016 $0.001706776 January 1, 2017 December 31, 2019 $0.001711452 January 1, 2020 March 31, 2020 $0.001706776 Since April 2020, the Board authorized the following monthly distribution amounts per share, payable to shareholders as of the record date for the applicable month, for the periods indicated below: Period Commencing Period Ending Monthly Distribution Amount April 2020 May 2020 $0.0130 June 2020 June 2020 $0.0161 July 2020 July 2020 $0.0304 August 2020 December 2021 $0.0303 January 2022 June 2022 $0.0305

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Dividends and Distributions	The following table shows the character of the distributions the Company paid on a percentage basis for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, Character of Distributions: 2021 2020 2019 Ordinary dividends 22 % — % 39 % Nondividend distributions 36 % 100 % 7 % Capital gain distributions 42 % — % 54 % Total 100 % 100 % 100 %

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Schedule of Future Minimum Rental Income for Operating Leases - ASC 842	As of December 31, 2021, the future minimum rental income from the Company’s real estate assets under non-cancelable operating leases, assuming no exercise of renewal options for the succeeding five fiscal years and thereafter, was as follows (in thousands): Year Ending December 31, Future Minimum Rental Income 2022 $ 240,497 2023 226,953 2024 218,500 2025 209,384 2026 196,607 Thereafter 1,266,227 Total $ 2,358,168
Schedule of Components of Lease Income	Rental and other property income during the years ended December 31, 2021, 2020 and 2019 consisted of the following (in thousands): Year Ended December 31, 2021 2020 2019 Fixed rental and other property income (1) $ 252,422 $ 221,445 $ 342,453 Variable rental and other property income (2) 42,742 40,085 50,771 Total rental and other property income $ 295,164 $ 261,530 $ 393,224 __________________________________ (1) Consists primarily of fixed contractual payments from operating leases with tenants recognized on a straight-line basis over the lease term, including amortization of acquired above- and below-market leases, and is net of uncollectible lease-related receivables. (2) Consists primarily of tenant reimbursements for recoverable real estate taxes and property operating expenses, and percentage rent.

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Schedule of Segment Information	The following tables present segment reporting for the years ended December 31, 2021, 2020 and 2019 (in thousands): Year Ended December 31, 2021 Real Estate Credit Corporate/Other (1) (2) Company Total Rental and other property income $ 294,729 $ — $ 435 $ 295,164 Interest income — 70,561 — 70,561 Total revenues 294,729 70,561 435 365,725 General and administrative 317 1,268 13,493 15,078 Property operating 32,033 — 15,526 47,559 Real estate tax 29,109 — 5,834 34,943 Expense reimbursements to related parties — — 11,624 11,624 Management fees 33,248 13,772 — 47,020 Transaction-related 126 — 189 315 Depreciation and amortization 95,190 — — 95,190 Real estate impairment 5,993 — 12,085 18,078 Increase in provision for credit losses — 2,881 — 2,881 Total operating expenses 196,016 17,921 58,751 272,688 Gain on disposition of real estate and condominium developments, net 77,178 — 5,867 83,045 Merger-related expenses, net — — (1,404) (1,404) Operating income (loss) 175,891 52,640 (53,853) 174,678 Other expense: Gain on investment in unconsolidated entities — — 606 606 Interest expense and other, net (37,022) (21,278) (25,599) (83,899) Loss on extinguishment of debt (1,628) — (3,267) (4,895) Segment net income (loss) $ 137,241 $ 31,362 $ (82,113) $ 86,490 Segment net income (loss) attributable to non-controlling interest — — — — Segment net income (loss) attributable to the Company 137,241 31,362 (82,113) 86,490 Total assets as of December 31, 2021 $ 3,821,085 $ 2,859,017 $ 282,674 $ 6,962,776 __________________________________ (1) Includes condominium and rental units acquired via foreclosure during the year ended December 31, 2021. (2) Includes the Company’s investment in CIM UII Onshore acquired as a part of the CIM Income NAV Merger. Year Ended December 31, 2020 Real Estate Credit Corporate/Other Company Total Rental and other property income $ 261,530 $ — $ — $ 261,530 Interest income — 29,393 — 29,393 Total revenues 261,530 29,393 — 290,923 General and administrative 291 2,080 9,671 12,042 Property operating 23,399 — — 23,399 Real estate tax 27,691 — — 27,691 Expense reimbursements to related parties — — 8,920 8,920 Management fees 32,164 7,861 — 40,025 Transaction-related 346 9 — 355 Depreciation and amortization 80,973 — — 80,973 Real estate impairment 16,737 — — 16,737 Increase in provision for credit losses — 68,356 — 68,356 Total operating expenses 181,601 78,306 18,591 278,498 Gain on disposition of real estate and condominium developments, net 27,518 — — 27,518 Merger-related expenses, net — — (1,884) (1,884) Merger termination fee — — 7,380 7,380 Operating income (loss) 107,447 (48,913) (13,095) 45,439 Other expense: Interest expense and other, net (21,380) (5,101) (37,635) (64,116) Loss on extinguishment of debt (4,394) — (447) (4,841) Segment net income (loss) 81,673 (54,014) (51,177) (23,518) Segment net income (loss) attributable to the Company $ 81,673 $ (54,014) $ (51,177) $ (23,518) Total assets as of December 31, 2020 $ 3,405,590 $ 949,764 $ 104,255 $ 4,459,609 Year Ended December 31, 2019 Real Estate Credit Corporate/Other Company Total Rental and other property income $ 393,224 $ — $ — $ 393,224 Interest income — 20,132 — 20,132 Total revenues 393,224 20,132 — 413,356 General and administrative 428 10 9,729 10,167 Property operating 33,462 — — 33,462 Real estate tax 32,196 — — 32,196 Expense reimbursements to related parties — — 9,436 9,436 Merger-related 35,557 1,688 — 37,245 Management fees 35,557 1,688 — 37,245 Transaction-related 288 1,242 — 1,530 Depreciation and amortization 107,867 — — 107,867 Real estate impairment 72,939 — — 72,939 Total operating expenses 282,737 2,940 19,165 304,842 Gain on disposition of real estate and condominium developments, net 180,666 — — 180,666 Operating income (loss) 291,153 17,192 (19,165) 289,180 Other expense: Interest expense and other, net (45,606) (19) (53,308) (98,933) Loss on extinguishment of debt (6,482) — (745) (7,227) Segment net income (loss) 239,065 17,173 (73,218) 183,020 Segment net income (loss) attributable to non-controlling interest 121 — — 121 Segment net income (loss) attributable to the Company $ 238,944 $ 17,173 $ (73,218) $ 182,899 Total assets as of December 31, 2019 $ 2,895,609 $ 551,805 $ 221,209 $ 3,668,623

Organization and Business (Deta

Organization and Business (Details) $ / shares in Units, ft² in Millions	Jan. 07, 2021buildingunit	Dec. 31, 2021USD ($)ft²unitloanpropertystatebuilding$ / sharesshares	Apr. 04, 2014shares	Dec. 20, 2021state	May 26, 2021$ / shares	Dec. 31, 2020USD ($)shares	Dec. 21, 2020$ / shares	Dec. 31, 2019USD ($)	Aug. 02, 2016USD ($)	Jun. 30, 2016USD ($)shares	Dec. 19, 2013USD ($)	Jan. 26, 2012USD ($)
Organization And Business
Number of real estate properties | property		514
Rentable commercial space (sqft) | ft²		22.7
Number of states in which entity owns properties | state		45		27
Percentage of rentable space leased		94.20%
Number of loans | loan		317
Net book value		$ 2,608,900,000				$ 892,266,000		$ 301,630,000
Real estate-related securities ($41,981 and $38,194 held at fair value as of December 31, 2021 and December 31, 2020, respectively)		$ 105,471,000				38,194,000		0
Number of mezzanine loans | loan		8
Real estate investment property, at cost		$ 2,848,087,000				$ 3,761,490,000
Common stock, shares issued (shares) | shares		437,373,981	297,400,000			362,001,968
Common stock, shares deregistered (shares) | shares			404,000
NAV per share (USD per share) | $ / shares		$ 7.20					$ 7.31
Foreclosure of Mezzanine Loans
Organization And Business
Real estate investment property, at cost		$ 191,990,000
Condominium Units | Foreclosure of Mezzanine Loans | Consolidated properties
Organization And Business
Number of real estate properties secured through foreclosure | unit	75	75
Rental Unit | Foreclosure of Mezzanine Loans | Consolidated properties
Organization And Business
Number of real estate properties secured through foreclosure | unit	21	21
Buildings | Foreclosure of Mezzanine Loans | Consolidated properties
Organization And Business
Number of real estate properties secured through foreclosure | building	4	4
Condominium Developments
Organization And Business
Real estate investment property, at cost		$ 171,100,000
IPO
Organization And Business
Common stock, shares authorized (shares)												$ 2,975,000,000
Common stock, shares issued (shares) | shares			292,300,000
Distribution reinvestment plan
Organization And Business
Common stock, shares authorized (shares)		$ 600,000,000				$ 600,000,000		$ 600,000,000
Common stock, shares issued (shares) | shares			5,100,000							241,700,000
Common stock shares registered dividend reinvestment plan, value									$ 600,000,000		$ 247,000,000
Common Stock, Shares Deregistered, Value										$ 5,300,000
Share price (USD per share) | $ / shares					$ 7.20
CCPT IV OP
Organization And Business
General partner partnership interest percentage		100.00%

Organization and Business - Mer

Organization and Business - Mergers (Details) $ / shares in Units, $ in Thousands, ft² in Millions	Dec. 16, 2021ft²property$ / sharesshares	Dec. 31, 2021USD ($)property$ / shares	Dec. 31, 2020USD ($)$ / shares
Class of Stock [Line Items]
Number of properties acquired through mergers | property	115
Number of real estate properties | property		514
Area of property acquired (sq ft) | ft²	5.1
Real estate investment property, at cost | $		$ 2,848,087	$ 3,761,490
Common stock, par value (USD per share)		$ 0.01	$ 0.01
Variable Interest Entity, Primary Beneficiary | Consolidated properties
Class of Stock [Line Items]
Number of real estate properties | property	2	2
CIM Income NAV’s
Class of Stock [Line Items]
Conversion ratio (shares) | shares	2.574
CIM Income NAV’s | Common Class D
Class of Stock [Line Items]
Common stock, par value (USD per share)	$ 0.01
CIM Income NAV’s | Common Class T
Class of Stock [Line Items]
Common stock, par value (USD per share)	$ 0.01
Conversion ratio (shares) | shares	2.510
CIM Income NAV’s | Common Class S
Class of Stock [Line Items]
Common stock, par value (USD per share)	$ 0.01
Conversion ratio (shares) | shares	2.508
CIM Income NAV’s | Common Class I
Class of Stock [Line Items]
Common stock, par value (USD per share)	$ 0.01
Conversion ratio (shares) | shares	2.622

Organization and Business - Pur

Organization and Business - Purchase and Sale Agreement (Details) $ / shares in Units, $ in Thousands, ft² in Millions	Dec. 20, 2021USD ($)ft²centerstateproperty$ / shares	Dec. 31, 2020USD ($)property$ / shares	Dec. 31, 2021USD ($)propertystate$ / shares
Real Estate Properties [Line Items]
Number of properties disposed		30
Number of real estate properties held for sale		1	81
Number of states in which entity owns properties | state	27		45
Common stock, value, issued | $		$ 3,620	$ 4,374
Common stock, par value (USD per share) | $ / shares		$ 0.01	$ 0.01
Shopping Center
Real Estate Properties [Line Items]
Number of real estate properties held for sale | center	79
Single-Tenant Properties
Real Estate Properties [Line Items]
Number of real estate properties held for sale	2
Property Disposition 2021
Real Estate Properties [Line Items]
Number of real estate properties held for sale			81
Area of real estate property | ft²	9.5
Aggregate gross sales price | $	$ 1,320,000
Property Disposition 2021 | AFIN
Real Estate Properties [Line Items]
Common stock, value, issued | $	$ 53,400
Common stock, par value (USD per share) | $ / shares	$ 0.01
Property Disposition 2021 | Shopping Center
Real Estate Properties [Line Items]
Number of properties disposed | center	79
Property Disposition 2021 | Single-Tenant Properties
Real Estate Properties [Line Items]
Number of real estate properties held for sale	2

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Reclassifications (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reclassification [Line Items]
General and administrative	$ 15,078	$ 12,042	$ 10,167
Management fees	47,020	40,025	37,245
Transaction-related	315	355	1,530
Interest expense and other, net		(64,116)	(98,933)
Merger-related expenses, net	(1,404)	(1,884)	0
Expense reimbursements to related parties	11,624	8,920	9,436
Accrued expenses and accounts payable	8,388	8,420	3,214
Net cash provided by operating activities	148,174	110,569	193,531
Repayments of notes payable, repurchase facilities and credit facilities	(1,648,775)	(422,110)	(1,141,978)
Net cash provided by financing activities	$ 1,336,821	10,624	(915,145)
As previously reported
Reclassification [Line Items]
General and administrative		15,385	13,729
Management fees		44,743	42,339
Transaction-related		905	2,278
Interest expense and other, net		(64,116)	(98,965)
Merger-related expenses, net		(2,193)	0
Expense reimbursements to related parties		0	0
Accrued expenses and accounts payable		4,212	(1,742)
Net cash provided by operating activities		106,361	188,575
Repayments of notes payable, repurchase facilities and credit facilities		(417,902)	(1,137,022)
Net cash provided by financing activities		14,832	(910,189)
Reclassification
Reclassification [Line Items]
General and administrative		(3,343)	(3,562)
Management fees		(4,718)	(5,094)
Transaction-related		(550)	(748)
Interest expense and other, net		0	32
Merger-related expenses, net		309	0
Expense reimbursements to related parties		8,920	9,436
Accrued expenses and accounts payable		4,208	4,956
Net cash provided by operating activities		4,208	4,956
Repayments of notes payable, repurchase facilities and credit facilities		(4,208)	(4,956)
Net cash provided by financing activities		$ (4,208)	$ (4,956)

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Real Estate Assets (Details)	12 Months Ended
	Dec. 31, 2021
Buildings
Real Estate Properties [Line Items]
Property, plant and equipment, useful life	40 years
Site improvements
Real Estate Properties [Line Items]
Property, plant and equipment, useful life	15 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Recoverability of Real Estate Assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)
Real Estate [Line Items]
Impairment of real estate assets | $	$ 18,078	$ 16,737	$ 72,939
Impairment of real estate, number of properties	12
12 Properties
Real Estate [Line Items]
Impairment of real estate assets | $	$ 6,000
Sale Price Less Than Carrying Values
Real Estate [Line Items]
Impairment of real estate, number of properties	8
Vacant:
Real Estate [Line Items]
Impairment of real estate, number of properties	4
Revised Expected Holding Properties
Real Estate [Line Items]
Impairment of real estate, number of properties		11
Tenant Bankruptcy
Real Estate [Line Items]
Impairment of real estate, number of properties		1
Condominium Units
Real Estate [Line Items]
Impairment of real estate assets | $	$ 12,100

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Assets Held for Sale (Details)	12 Months Ended
	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)
Real Estate [Line Items]
Number of real estate properties held for sale | property	81	1
Impairment losses	$ 0
Real estate held-for-sale	1,300,000,000	$ 3,500,000
Gain on disposition of real estate and condominium developments, net	83,045,000	$ 27,518,000	$ 180,666,000
One Property
Real Estate [Line Items]
Gain on disposition of real estate and condominium developments, net	$ 0

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Investments in Unconsolidated Entities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Gain on investment in unconsolidated entities	$ 606,000	$ 0	$ 0
Return on investment in unconsolidated entities	$ 497,000	$ 0	$ 0
NP JV Holdings
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%
New Point JV, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investments carrying value	$ 53,500,000
Equity method investment, ownership percentage	45.00%
Return on investment in unconsolidated entities	$ 0
C I M U I I Onshore
Schedule of Equity Method Investments [Line Items]
Equity method investments carrying value	$ 56,000,000
Equity method investment, ownership percentage	5.00%
Gain on investment in unconsolidated entities	$ 606,000
Return on investment in unconsolidated entities	$ 497,000

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Noncontrolling Interest In Consolidated Joint Venture (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Non-controlling interests	$ 1,073	$ 0

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 144,173	$ 128,408	$ 473,355	$ 19,674
Restricted cash	36,792	7,023	$ 7,331
Reserves for Settlement of Loan Acquisitions
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	36,500	41,000
Restricted Lockbox Accounts
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	7,800	3,600
Escrow Deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 29,000	$ 3,400

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Real Estate-Related Securities (Details)	12 Months Ended
	Dec. 31, 2021USD ($)investment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Debt Securities, Available-for-sale [Line Items]
Sale price	$ 258,260,000	$ 37,083,000
Proceeds from sale of CMBS	256,841,000	37,593,000
Gain on sale of CMBS	(1,419,000)	510,000
Real estate-related securities ($41,981 and $38,194 held at fair value as of December 31, 2021 and December 31, 2020, respectively)	105,471,000	38,194,000	$ 0
Investments in marketable securities	110,000
Allowance for credit losses			$ 0
Capitalized interest income on real estate-related securities	974,000	0
Level 3
Debt Securities, Available-for-sale [Line Items]
Net investments in debt securities	257,700,000
Sale price	257,800,000
Proceeds from sale of CMBS	256,400,000
Gain on sale of CMBS	$ (1,400,000)
Number of investments | investment	2
Real estate-related securities ($41,981 and $38,194 held at fair value as of December 31, 2021 and December 31, 2020, respectively)	$ 41,900,000
Allowance for credit losses	0	$ 0
Preferred units
Debt Securities, Available-for-sale [Line Items]
Net investments in debt securities	63,500,000
Real estate-related securities ($41,981 and $38,194 held at fair value as of December 31, 2021 and December 31, 2020, respectively)	$ 63,490,000
Preferred stock, dividend rate	8.90%

Summary of Significant Accou_12

Summary of Significant Accounting Policies - Loan Held-for-Investments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Loans and Leases Receivable Disclosure [Line Items]
Interest income	$ 70,561,000	$ 29,393,000	$ 20,132,000
Capitalized to held for investment	0	$ 539,000
Mezzanine loans
Loans and Leases Receivable Disclosure [Line Items]
Non accrual loans	$ 0

Summary of Significant Accou_13

Summary of Significant Accounting Policies - Current Expected Credit Losses (Details) - USD ($)	Jan. 01, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses		$ 0
Cumulative Effect, Period Of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	$ 2,000,000

Summary of Significant Accou_14

Summary of Significant Accounting Policies - Deferred Financing Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Deferred costs, net	$ 7,214	$ 4,293

Summary of Significant Accou_15

Summary of Significant Accounting Policies - Leases (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Lease liability	$ 2.3	$ 2.4
Right-of-use asset	$ 2.3	$ 2.4

Summary of Significant Accou_16

Summary of Significant Accounting Policies - Development Activities (Details) $ in Millions	Dec. 31, 2021USD ($)
Accounting Policies [Abstract]
Capitalized interest costs	$ 1.8

Summary of Significant Accou_17

Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Outstanding receivables decreased	$ 4.6	$ 6.7

Summary of Significant Accou_18

Summary of Significant Accounting Policies - Earnings (Loss) and Distributions Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Weighted average number diluted shares outstanding adjustment (shares)	0	0	0

Summary of Significant Accou_19

Summary of Significant Accounting Policies - Reportable Segment (Details)	12 Months Ended
	Dec. 31, 2021segment
Accounting Policies [Abstract]
Number of reportable segments	2

Summary of Significant Accou_20

Summary of Significant Accounting Policies - Other (Details) - Subsequent Event $ in Millions	Mar. 21, 2022USD ($)
Unusual or Infrequent Item, or Both [Line Items]
Percent of rental payments collected	99.60%
Rent deferral request granted	$ 7
Deferral rental payments collected percent	100.00%

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)state	Dec. 31, 2019USD ($)property
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of properties impaired	12	12	34
Impairment of real estate assets	$ 18,078	$ 16,737	$ 72,939
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, fair value disclosure	2,630,000	907,800
Carrying value of impaired property	48,900	86,400	384,400
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, fair value disclosure	2,610,000	892,300
Carrying value of impaired property	54,900	103,100	$ 457,300
Fair Value, Inputs, Level 2 | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Company's debt	4,110,000	2,140,000
Fair Value, Inputs, Level 2 | Fair Value | Syndicated Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, fair value disclosure	560,400	359,600
Fair Value, Inputs, Level 2 | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Company's debt	4,170,000	2,150,000
Level 3 | Fair Value | Syndicated Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, fair value disclosure	$ 94,100	$ 114,100

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financial assets:
CMBS	$ 41,981	$ 38,194
Debt Securities, Available-for-sale	105,471	38,194	$ 0
Preferred units
Financial assets:
Debt Securities, Available-for-sale	63,490
Fair value, measurements, recurring
Financial assets:
CMBS	41,871	38,194
Total financial assets	105,650	38,194
Financial liabilities:
Total financial liabilities	(2,466)	(12,308)
Fair value, measurements, recurring | Preferred units
Financial assets:
Debt Securities, Available-for-sale	63,490
Fair value, measurements, recurring | Marketable security
Financial assets:
Debt Securities, Available-for-sale	110
Fair value, measurements, recurring | Interest rate caps
Financial assets:
Interest rate caps	179
Fair value, measurements, recurring | Interest rate swaps
Financial liabilities:
Interest rate swaps	(2,466)	(12,308)
Fair value, measurements, recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial assets:
CMBS	0	0
Total financial assets	110	0
Financial liabilities:
Total financial liabilities	0	0
Fair value, measurements, recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Preferred units
Financial assets:
Debt Securities, Available-for-sale	0
Fair value, measurements, recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Marketable security
Financial assets:
Debt Securities, Available-for-sale	110
Fair value, measurements, recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate caps
Financial assets:
Interest rate caps	0
Fair value, measurements, recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate swaps
Financial liabilities:
Interest rate swaps	0	0
Fair value, measurements, recurring | Significant Other Observable Inputs (Level 2)
Financial assets:
CMBS	0	27,461
Total financial assets	179	27,461
Financial liabilities:
Total financial liabilities	(2,466)	(12,308)
Fair value, measurements, recurring | Significant Other Observable Inputs (Level 2) | Preferred units
Financial assets:
Debt Securities, Available-for-sale	0
Fair value, measurements, recurring | Significant Other Observable Inputs (Level 2) | Marketable security
Financial assets:
Debt Securities, Available-for-sale	0
Fair value, measurements, recurring | Significant Other Observable Inputs (Level 2) | Interest rate caps
Financial assets:
Interest rate caps	179
Fair value, measurements, recurring | Significant Other Observable Inputs (Level 2) | Interest rate swaps
Financial liabilities:
Interest rate swaps	(2,466)	(12,308)
Fair value, measurements, recurring | Significant Unobservable Inputs (Level 3)
Financial assets:
CMBS	41,871	10,733
Total financial assets	105,361	10,733
Financial liabilities:
Total financial liabilities	0	0
Fair value, measurements, recurring | Significant Unobservable Inputs (Level 3) | Preferred units
Financial assets:
Debt Securities, Available-for-sale	63,490
Fair value, measurements, recurring | Significant Unobservable Inputs (Level 3) | Marketable security
Financial assets:
Debt Securities, Available-for-sale	0
Fair value, measurements, recurring | Significant Unobservable Inputs (Level 3) | Interest rate caps
Financial assets:
Interest rate caps	0
Fair value, measurements, recurring | Significant Unobservable Inputs (Level 3) | Interest rate swaps
Financial liabilities:
Interest rate swaps	$ 0	$ 0

Fair Value Measurements - Level

Fair Value Measurements - Level 3 Reconciliation (Details) - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 10,733	$ 0
Total gains and losses:
Unrealized gain included in other comprehensive income (loss), net	2,197	747
Purchases and payments received:
Purchases	97,981	26,883
Discounts, net	(4,701)	(16,875)
Capitalized interest income	974
Principal payments received	(42)	(22)
Sales	(1,781)
Ending balance	$ 105,361	$ 10,733

Fair Value Measurements - Disco

Fair Value Measurements - Discount Rates and Terminal Capitalization Rates (Details)	Dec. 31, 2021	Dec. 31, 2020
Maximum | Discount rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	10.50%	9.70%
Maximum | Measurement Input, Cap Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	9.20%	9.20%
Minimum | Discount rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	8.00%	7.90%
Minimum | Measurement Input, Cap Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	7.50%	7.40%

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Impairment Charges by Asset Class (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate assets	$ 18,078	$ 16,737	$ 72,939
Impairment of intangible lease liability	(162)	(48)	(337)
Land
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate assets	1,089	3,738	12,648
Buildings, fixtures and improvements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate assets	4,755	12,310	56,572
Intangible lease assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate assets	311	737	4,056
Condominium Developments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate assets	$ 12,085	$ 0	$ 0

Real Estate Assets - Property A

Real Estate Assets - Property Acquisition (Narrative) (Details) $ in Thousands	Dec. 16, 2021property	Dec. 31, 2021USD ($)propertystate	Dec. 31, 2020USD ($)propertyshares	Dec. 31, 2019USD ($)property
Real Estate [Line Items]
Real estate investment property, at cost		$ 2,848,087	$ 3,761,490
Number of real estate properties held for sale | property		81	1
Real estate held-for-sale		$ 1,300,000	$ 3,500
Number of properties acquired through mergers | property	115
Fair Value
Real Estate [Line Items]
Real estate asset deemed to be impaired		48,900	$ 86,400	$ 384,400
2021 Asset Acquisitions
Real Estate [Line Items]
Real estate investment property, at cost		911,300
Acquisition related costs		$ 5,000
Number of real estate properties held for sale | state		5
2021 Asset Acquisitions | Fair Value
Real Estate [Line Items]
Real estate held-for-sale		$ 66,500
2020 Property Acquisition
Real Estate [Line Items]
Number of properties acquired | property			146
Real estate investment property, at cost			$ 798,500
Acquisition related costs			$ 7,900
2020 Property Acquisition | CCIT III
Real Estate [Line Items]
Conversion ratio (shares) | shares			1.098
2020 Property Acquisition | CCPT V
Real Estate [Line Items]
Conversion ratio (shares) | shares			2.892
2019 Asset Acquisitions
Real Estate [Line Items]
Real estate investment property, at cost				6,165
Acquisition related costs				$ 165
Real investment property, percent acquired				100.00%
Commercial Real Estate
Real Estate [Line Items]
Number of properties acquired | property		115		1
Commercial Real Estate | 2020 Property Acquisition
Real Estate [Line Items]
Number of properties acquired | property			150

Real Estate Assets - Purchase P

Real Estate Assets - Purchase Price Allocation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate [Line Items]
Land	$ 655,273	$ 881,896
Buildings, fixtures and improvements	1,706,902	2,490,030
Intangible lease assets	314,832	389,564
Real estate held-for-sale	1,300,000	3,500
Total real estate assets, at cost	$ 2,848,087	$ 3,761,490
Below market lease, weighted average useful life	11 years 6 months	7 years 6 months
Foreclosure of Mezzanine Loans
Real Estate [Line Items]
Buildings, fixtures and improvements	$ 192,182
Total real estate assets, at cost	191,990
2021 Property Acquisitions
Real Estate [Line Items]
Land	160,364
Buildings, fixtures and improvements	591,908
Real estate held-for-sale	66,466
Total real estate assets, at cost	911,262
2020 Property Acquisition
Real Estate [Line Items]
Land		$ 166,395
Buildings, fixtures and improvements		571,777
Total real estate assets, at cost		$ 798,500
Below market lease, weighted average useful life		9 years 8 months 12 days
2019 Asset Acquisitions
Real Estate [Line Items]
Land			$ 1,501
Buildings, fixtures and improvements			3,804
Total real estate assets, at cost			6,165
Acquired in-place leases and other intangibles | Foreclosure of Mezzanine Loans
Real Estate [Line Items]
Intangible lease assets	134
Acquired in-place leases and other intangibles | 2021 Property Acquisitions
Real Estate [Line Items]
Intangible lease assets	$ 94,118
Acquired finite-lived intangible assets, weighted average useful life	10 years 2 months 12 days
Acquired in-place leases and other intangibles | 2020 Property Acquisition
Real Estate [Line Items]
Intangible lease assets		$ 74,888
Acquired finite-lived intangible assets, weighted average useful life		8 years 10 months 24 days
Acquired in-place leases and other intangibles | 2019 Asset Acquisitions
Real Estate [Line Items]
Intangible lease assets			$ 860
Acquired finite-lived intangible assets, weighted average useful life			20 years 1 month 6 days
Above-market lease amortization | 2021 Property Acquisitions
Real Estate [Line Items]
Intangible lease assets	$ 6,831
Acquired finite-lived intangible assets, weighted average useful life	13 years 6 months
Above-market lease amortization | 2020 Property Acquisition
Real Estate [Line Items]
Intangible lease assets		$ 2,367
Acquired finite-lived intangible assets, weighted average useful life		6 years 6 months
Intangible lease liabilities | Foreclosure of Mezzanine Loans
Real Estate [Line Items]
Intangible lease liabilities	$ (326)
Intangible lease liabilities | 2021 Property Acquisitions
Real Estate [Line Items]
Intangible lease liabilities	$ (8,425)
Acquired finite-lived intangible assets, weighted average useful life	14 years 9 months 18 days
Intangible lease liabilities | 2020 Property Acquisition | Wholly Owned Properties
Real Estate [Line Items]
Intangible lease liabilities		$ (16,927)

Real Estate Assets - Assets Acq

Real Estate Assets - Assets Acquired Via Foreclosure (Details) $ in Thousands	Jan. 07, 2021buildingunit	Dec. 31, 2021USD ($)unitloanbuilding	Dec. 31, 2019loan	Jan. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Real Estate [Line Items]
Long-term debt | $		$ 4,171,424			$ 2,149,976
Variable rate debt
Real Estate [Line Items]
Long-term debt | $		$ 70,268		$ 102,600	$ 0
Mezzanine loans
Real Estate [Line Items]
Number of loans | loan		8	8
Foreclosure of Mezzanine Loans | Condominium Units | Consolidated properties
Real Estate [Line Items]
Number of real estate properties secured through foreclosure | unit	75	75
Foreclosure of Mezzanine Loans | Rental Unit | Consolidated properties
Real Estate [Line Items]
Number of real estate properties secured through foreclosure | unit	21	21
Foreclosure of Mezzanine Loans | Buildings | Consolidated properties
Real Estate [Line Items]
Number of real estate properties secured through foreclosure | building	4	4

Real Estate Assets - Condominiu

Real Estate Assets - Condominium Development Project and Dispositions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate [Line Items]
Condominium developments	$ 171,080	$ 0
Net proceeds from disposition of real estate assets and condominium developments	513,528	263,797	$ 1,399,953
Gain on disposition of real estate, net	83,045	$ 27,518	$ 180,666
Condominium Units
Real Estate [Line Items]
Condominium developments	9,800
Condominium Dispositions
Real Estate [Line Items]
Aggregate gross sales price	42,300
Net proceeds from disposition of real estate assets and condominium developments	37,800
Gain on disposition of real estate, net	$ 5,900

Real Estate Assets - Property D

Real Estate Assets - Property Dispositions and Real Estate Asset Held for Sale (Details) $ in Thousands	Dec. 20, 2021USD ($)centerproperty	Mar. 28, 2022USD ($)	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property
Real Estate [Line Items]
Number of properties disposed | property				30
Proceeds from disposition of properties			$ 513,528	$ 263,797	$ 1,399,953
Gain on disposition of real estate, net			$ 83,045	$ 27,518	$ 180,666
Number of real estate properties held for sale | property			81	1
Real estate held-for-sale			$ 1,300,000	$ 3,500
Subsequent Event
Real Estate [Line Items]
Proceeds from disposition of properties		$ 25,400
Gain on disposition of real estate, net		$ 13,900
Property Disposition 2021
Real Estate [Line Items]
Aggregate gross sales price	$ 1,320,000
Number of real estate properties held for sale | property			81
Real estate held-for-sale			$ 1,300,000
Property Disposition 2021 | Properties sold
Real Estate [Line Items]
Number of properties disposed | property			117
Aggregate gross sales price			$ 490,300
Proceeds from disposition of properties			475,800
Gain on disposition of real estate, net			$ 77,200
Property Disposition 2020
Real Estate [Line Items]
Aggregate gross sales price				270,400
Proceeds from disposition of properties				263,800
Gain on disposition of real estate, net				$ 27,500
Property Disposition 2019
Real Estate [Line Items]
Number of properties disposed | property					497
Aggregate gross sales price					$ 1,650,000
Proceeds from disposition of properties					1,400,000
Gain on disposition of real estate, net					$ 180,700
Retail Property | Property Disposition 2021 | Properties sold
Real Estate [Line Items]
Number of properties disposed | property			113
Retail Property | Property Disposition 2020
Real Estate [Line Items]
Number of properties disposed | property				20
Retail Property | Property Disposition 2019
Real Estate [Line Items]
Number of properties disposed | property					482
Anchored Shopping Center | Property Disposition 2021 | Properties sold
Real Estate [Line Items]
Number of properties disposed | property			3
Anchored Shopping Center | Property Disposition 2020
Real Estate [Line Items]
Number of properties disposed | property				10
Anchored Shopping Center | Property Disposition 2019
Real Estate [Line Items]
Number of properties disposed | property					14
Industrial Property | Property Disposition 2021 | Properties sold
Real Estate [Line Items]
Number of properties disposed | property			1
Industrial Property | Property Disposition 2019
Real Estate [Line Items]
Number of properties disposed | property					1
Single-Tenant Properties
Real Estate [Line Items]
Number of real estate properties held for sale | property	2
Single-Tenant Properties | Property Disposition 2021
Real Estate [Line Items]
Number of real estate properties held for sale | property	2
Shopping Center
Real Estate [Line Items]
Number of real estate properties held for sale | center	79
Shopping Center | Property Disposition 2021
Real Estate [Line Items]
Number of properties disposed | center	79

Real Estate Assets - Impairment

Real Estate Assets - Impairment (Details) ft² in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)ft²property	Dec. 31, 2020USD ($)ft²state	Dec. 31, 2019USD ($)ft²property
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of properties impaired	12	12	34
Area of real estate property impaired | ft²	275	824	3,400
Impairment of real estate assets	$ 18,078	$ 16,737	$ 72,939
Condominium Units
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate assets	12,100
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate asset deemed to be impaired	54,900	103,100	457,300
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate asset deemed to be impaired	$ 48,900	$ 86,400	$ 384,400

Real Estate Assets - Consolidat

Real Estate Assets - Consolidated Joint Venture (Details)	Dec. 31, 2021USD ($)property	Dec. 16, 2021property	Dec. 31, 2020USD ($)
Business Acquisition [Line Items]
Number of real estate properties | property	514
Assets	$ 6,962,776,000		$ 4,459,609,000
Total real estate investments, net	2,612,606,000		3,308,105,000
Intangible lease assets	237,705,000		234,543,000
Liabilities	4,263,101,000		2,261,183,000
Notes payable, repurchase facilities and credit facilities, net	4,143,205,000		$ 2,144,993,000
Variable Interest Entity, Primary Beneficiary
Business Acquisition [Line Items]
Assets	6,800,000
Total real estate investments, net	7,200,000
Intangible lease assets	641,000
Accumulated depreciation, depletion and amortization, property, plant, and equipment	1,200,000
Liabilities	47,000
Notes payable, repurchase facilities and credit facilities, net	$ 0
Consolidated properties | Variable Interest Entity, Primary Beneficiary
Business Acquisition [Line Items]
Number of real estate properties | property	2	2

Intangible Lease Assets and L_3

Intangible Lease Assets and Liabilities - Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Intangible lease assets:
Intangible lease assets	$ 237,705	$ 234,543
Intangible lease liabilities:
Acquired below market liabilities, net	24,896	32,718
Below market lease accumulated amortization	$ 9,043	$ 31,933
Below market lease, weighted average useful life	11 years 6 months	7 years 6 months
In-place leases and other intangibles
Intangible lease assets:
Intangible lease assets	$ 224,931	$ 217,431
Accumulated amortization of intangible lease assets	$ 73,923	$ 132,967
Useful life	11 years 4 months 24 days	9 years 8 months 12 days
Above-market lease amortization
Intangible lease assets:
Intangible lease assets	$ 12,774	$ 17,112
Accumulated amortization of intangible lease assets	$ 3,204	$ 22,054
Useful life	13 years 3 months 18 days	7 years 7 months 6 days

Intangible Lease Assets and L_4

Intangible Lease Assets and Liabilities - Schedule of Finite-lived Intangible Assets Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Below-market lease amortization	$ 5,393	$ 5,309	$ 6,253
In-place lease and other intangible amortization
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	28,994	23,262	32,058
Above-market lease amortization
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 2,379	$ 3,095	$ 4,315

Intangible Lease Assets and L_5

Intangible Lease Assets and Liabilities - Schedule of Finite-lived Intangible Assets and Liabilities, Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Amortization, In-Place Leases and Other Intangibles, Above-Market Leases
Total	$ 237,705	$ 234,543
Amortization, Below-Market Leases
2022	2,818
2023	2,758
2024	2,632
2025	2,560
2026	2,662
Thereafter	11,466
Total	24,896	32,718
In-place lease and other intangible amortization
Amortization, In-Place Leases and Other Intangibles, Above-Market Leases
2022	27,097
2023	25,862
2024	24,382
2025	21,383
2026	20,711
Thereafter	105,496
Total	224,931	217,431
Above-market lease amortization
Amortization, In-Place Leases and Other Intangibles, Above-Market Leases
2022	1,262
2023	1,256
2024	1,113
2025	1,008
2026	1,336
Thereafter	6,799
Total	$ 12,774	$ 17,112

Investments In Unconsolidated_2

Investments In Unconsolidated Entities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Gain on investment in unconsolidated entities	$ 606,000	$ 0	$ 0
Return on investment in unconsolidated entities	497,000	$ 0	$ 0
New Point JV, LLC
Schedule of Equity Method Investments [Line Items]
Return on investment in unconsolidated entities	0
Equity method investments carrying value	$ 53,500,000
Equity method investment, ownership percentage	45.00%
C I M U I I Onshore
Schedule of Equity Method Investments [Line Items]
Gain on investment in unconsolidated entities	$ 606,000
Return on investment in unconsolidated entities	497,000
Equity method investments carrying value	$ 56,000,000
Equity method investment, ownership percentage	5.00%

Real Estate-Related Securitie_2

Real Estate-Related Securities - Narrative (Details)	12 Months Ended
	Dec. 31, 2021USD ($)investment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Debt Securities, Available-for-sale	$ 105,471,000	$ 38,194,000	$ 0
Sale price	258,260,000	37,083,000
Proceeds from sale of CMBS	256,841,000	37,593,000
Gain on sale of CMBS	(1,419,000)	510,000
Unrealized gain on real estate-related securities	231,000	$ 1,657,000
Credit losses	0
Level 3
Debt Instrument [Line Items]
Debt Securities, Available-for-sale	$ 41,900,000
Number of investments | investment	2
Net investments in debt securities	$ 257,700,000
Sale price	257,800,000
Proceeds from sale of CMBS	256,400,000
Gain on sale of CMBS	(1,400,000)
Unrealized gain on real estate-related securities	$ 231,000
CMBS One
Debt Instrument [Line Items]
Stated interest rate	0.00%
CMBS Two
Debt Instrument [Line Items]
Stated interest rate	6.90%
Preferred units
Debt Instrument [Line Items]
Debt Securities, Available-for-sale	$ 63,490,000
Stated interest rate	8.90%
Net investments in debt securities	$ 63,500,000
CMBS, Marketable Securities And Preferred Units
Debt Instrument [Line Items]
Net investments in debt securities	321,800,000
CMBS and marketable security
Debt Instrument [Line Items]
Debt Securities, Available-for-sale	41,981,000
Gain on sale of CMBS	$ (1,400,000)

Real Estate-Related Securitie_3

Real Estate-Related Securities - Summary of Real Estate Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 102,674	$ 37,047	$ 0
Unrealized Gain	2,797	1,147	0
Fair Value	105,471	$ 38,194	$ 0
CMBS and marketable security
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	39,184
Unrealized Gain	2,797
Fair Value	41,981
Preferred units
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	63,490
Unrealized Gain	0
Fair Value	$ 63,490

Real Estate-Related Securitie_4

Real Estate-Related Securities - Activity for the Real Estate-Related Securities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Amortized Cost Basis
Beginning balance	$ 37,047,000	$ 0
Face value of real estate-related securities acquired	264,246,000	91,440,000
Investment in preferred units	63,490,000
Premiums and discounts on purchase of real estate-related securities, net of acquisition costs	(5,982,000)	(14,796,000)
Amortization of discount on real estate-related securities	1,197,000	57,000
Capitalized interest income on real estate-related securities	974,000	0
Sale of real estate-related securities	(258,260,000)	(37,083,000)
Principal payments received on real estate-related securities	(38,000)	(2,571,000)
Ending balance	102,674,000	37,047,000
Unrealized Gain
Beginning balance	1,147,000	0
Sale of real estate-related securities	1,419,000	(510,000)
Unrealized gain on real estate-related securities	231,000	1,657,000
Ending balance	2,797,000	1,147,000
Fair Value
Beginning balance	38,194,000	0
Face value of real estate-related securities acquired	264,246,000	91,440,000
Investment in preferred units	63,490,000
Premiums and discounts on purchase of real estate-related securities, net of acquisition costs	(5,982,000)	(14,796,000)
Amortization of discount on real estate-related securities	1,197,000	57,000
Capitalized interest income on real estate-related securities	974,000	0
Principal payments received on real estate-related securities	(38,000)	(2,571,000)
Sale of real estate-related securities	(256,841,000)	(37,593,000)
Unrealized gain on real estate-related securities	231,000	1,657,000
Ending balance	$ 105,471,000	$ 38,194,000

Real Estate-Related Securitie_5

Real Estate-Related Securities - The Scheduled Maturities of Real Estate-Related Securities (Details) - Level 3 $ in Thousands	Dec. 31, 2021USD ($)
Available-for-sale securities, Amortized Cost
Due within one year	$ 63,600
Due after one year through five years	0
Due after five years through ten years	0
Due after ten years	39,074
Total	102,674
Available-for-sale securities, Estimated Fair Value
Due within one year	63,600
Due after one year through five years	0
Due after five years through ten years	0
Due after ten years	41,871
Total	$ 105,471

Loans Held-For-Investment - Sch

Loans Held-For-Investment - Schedule of Loans Held for Investment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment and related receivables, net	$ 2,624,101				$ 962,624
Less: Current expected credit losses	(15,201)	$ (11,219)	$ (13,011)	$ (12,888)	(70,358)
Total loans held-for-investment and related receivables, net	2,608,900				892,266	$ 301,630
Contiguous mezzanine loan components	20,100
Mezzanine loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment and related receivables, net	0				147,475
Less: Current expected credit losses	0	0	0	0	(58,038)
First Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment and related receivables, net	1,968,585				341,546
Less: Current expected credit losses	(9,930)	(5,287)	(6,466)	(3,885)	(2,590)
Total CRE loans held-for-investment and related receivables, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment and related receivables, net	1,968,585				489,021
Total loans held-for-investment and related receivables, net	1,958,655				428,393
Liquid senior loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment and related receivables, net	655,516				473,603
Less: Current expected credit losses	(5,271)	$ (5,932)	$ (6,545)	$ (9,003)	(9,730)
Total loans held-for-investment and related receivables, net	$ 650,245				$ 463,873

Loans Held-For-Investment - Nar

Loans Held-For-Investment - Narrative (Details) $ in Thousands	Jan. 07, 2021buildingunit	Dec. 31, 2021USD ($)	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)unitloanbuilding	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross sale price						$ 70,567	$ 42,031
Proceeds from sale of broadly syndicated loans						69,959	39,902	$ 0
Gain on sale of CMBS						41
Cash and cash equivalents		$ 144,173				144,173	128,408	473,355	$ 19,674
Increase in provision for credit losses		3,982	$ (1,792)	$ 123	$ 568	2,881	68,356	0
Additional provision for credit losses						2,881	68,356	$ 0
Unfunded Loan Commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other commitment		209,400				209,400
Reserves for Settlement of Loan Acquisitions
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash and cash equivalents		36,500				36,500	$ 41,000
Liquid senior loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net book value						406,700
Principal payments received						$ 157,000
Increase in provision for credit losses		(661)	(613)	(2,458)	(727)
Mezzanine loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan						8		8
Financing Receivable, Allowance for Credit Loss, Writeoff, after Recovery					58,000
Increase in provision for credit losses		$ 0	$ 0	$ 0	$ 0
Additional provision for credit losses						$ 15,200
Foreclosure of Mezzanine Loans | Consolidated properties | Condominium Units
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of real estate properties secured through foreclosure | unit	75					75
Foreclosure of Mezzanine Loans | Consolidated properties | Rental Unit
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of real estate properties secured through foreclosure | unit	21					21
Foreclosure of Mezzanine Loans | Consolidated properties | Buildings
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of real estate properties secured through foreclosure | building	4					4

Loans Held-For-Investment - Sta

Loans Held-For-Investment - Statistics (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	317
Net book value	$ 2,608,900	$ 892,266	$ 301,630
Loans receivable with variable rate of interest	100.00%
CRE Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	22	12
Principal balance	$ 1,985,722	$ 481,438
Net book value	$ 1,958,655	$ 428,393
Weighted-average interest rate	3.30%	7.50%
Weighted-average maximum years to maturity	4 years 3 months 18 days	2 years 2 months 12 days
Liquid senior loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	295	194
Principal balance	$ 659,007	$ 477,777
Net book value	$ 650,245	$ 463,873
Weighted-average interest rate	3.70%	3.80%
Weighted-average maximum years to maturity	5 years 1 month 6 days	4 years 10 months 24 days

Loans Held-For-Investment - Act

Loans Held-For-Investment - Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)loan
Loans Held-for-Investment [Roll Forward]
Beginning Balance, Principal Balance	$ 959,215	$ 300,135
Beginning Balance, Deferred Fees/Other Items	(74,116)	(6,047)
Beginning Balance, Loan Fees Receivable	7,167	7,542
Beginning Balance, Net Book Value	892,266	301,630
Loan originations and acquisitions, Principal Balance	2,219,064	820,015
Loan originations and acquisitions, Deferred Fees/Other items	0	(5)
Loan originations and acquisitions, Loan Fees Receivable	0	5
Loan originations and acquisitions, Net Book Value	2,219,064	820,015
Cure payments receivable	(7,351)	7,351
Sale of loans, Principal Balance	(70,567)	(42,031)
Sale of loans, Deferred Fees/Other Items	649	1,392
Sale of loans, Net Book Value	(69,918)	(40,639)
Principal repayments received, Principal Balance	(326,195)	(119,443)
Principal repayments received, Deferred Fees / Other Items	133
Principal repayments received, Net Book Value	(326,062)	(119,443)
Capitalized interest	(9,469)	539
Deferred fees and other items, Deferred Fees/Other Items	(19,235)	(8,969)
Deferred fees and other items, Loan Fees Receivable	0	(380)
Deferred fees and other items, Net Book Value	(19,235)	(9,349)
Accretion and amortization of fees and other items	5,103	2,520
Foreclosure of assets, Principal Balance	(127,320)
Foreclosure of assets, Deferred Fees / Other Items	3,832
Foreclosure of assets, Loan Fees Receivable	(7,167)
Foreclosure of assets, Net Book Value	(130,655)
Current expected credit losses	55,157	(70,358)
Ending Balance, Principal Balance	2,644,728	959,215	$ 300,135
Ending Balance, Deferred Fees/Other Items	(35,828)	(74,116)	(6,047)
Ending Balance, Loan Fees Receivable	0	7,167	7,542
Ending Balance, Net Book Value	$ 2,608,900	$ 892,266	$ 301,630
Mezzanine loans
Loans Held-for-Investment [Roll Forward]
Number of loans | loan	8		8
First Mortgage Loans
Loans Held-for-Investment [Roll Forward]
Repayments of long-term debt	$ 69,200

Loans Held-For-Investment - All

Loans Held-For-Investment - Allowance for Financing Receivable (Details) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2021USD ($)	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)loan
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Current expected credit losses as of beginning of the period	$ 11,219	$ 13,011	$ 12,888	$ 70,358	$ 70,358
Provision for (reversal of) credit losses	3,982	(1,792)	123	568	2,881	$ 68,356	$ 0
Current expected credit losses end of period	15,201	11,219	13,011	12,888	15,201	70,358
Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Current expected credit losses as of beginning of the period			(58,038)
Current expected credit losses end of period				(58,038)
Mezzanine loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Current expected credit losses as of beginning of the period	0	0	0	58,038	58,038
Provision for (reversal of) credit losses	0	0	0	0
Current expected credit losses end of period	0	0	0	0	$ 0	58,038
Number of loans | loan					8		8
Mezzanine loans | Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Current expected credit losses as of beginning of the period			(58,038)
Current expected credit losses end of period				(58,038)
First Mortgage Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Current expected credit losses as of beginning of the period	5,287	6,466	3,885	2,590	$ 2,590
Provision for (reversal of) credit losses	4,643	(1,179)	2,581	1,295
Current expected credit losses end of period	9,930	5,287	6,466	3,885	9,930	2,590
First Mortgage Loans | Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Current expected credit losses as of beginning of the period			0
Current expected credit losses end of period				0
Liquid senior loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Current expected credit losses as of beginning of the period	5,932	6,545	9,003	9,730	9,730
Provision for (reversal of) credit losses	(661)	(613)	(2,458)	(727)
Current expected credit losses end of period	$ 5,271	$ 5,932	6,545	9,003	$ 5,271	$ 9,730
Liquid senior loans | Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Current expected credit losses as of beginning of the period			$ 0
Current expected credit losses end of period				$ 0

Loans Held-For-Investment - S_2

Loans Held-For-Investment - Schedule of Primary Credit Quality Indicator (Details) $ in Thousands	Dec. 31, 2021USD ($)loan	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	317
Loans held-for-investment and related receivables, net	$ 2,624,101				$ 962,624
Less: Current expected credit losses	(15,201)	$ (11,219)	$ (13,011)	$ (12,888)	(70,358)
Total loans held-for-investment and related receivables, net	$ 2,608,900				892,266	$ 301,630
Weighted Average Risk Rating	3
First Mortgage Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	22
2021	$ 1,777,068
2020	143,932
2019	47,585
Loans held-for-investment and related receivables, net	1,968,585				341,546
Less: Current expected credit losses	$ (9,930)	(5,287)	(6,466)	(3,885)	(2,590)
First Mortgage Loans | Internal Credit Rating One
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	0
2021	$ 0
2020	0
2019	0
Loans held-for-investment and related receivables, net	$ 0
First Mortgage Loans | Internal Credit Rating Two
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	0
2021	$ 0
2020	0
2019	0
Loans held-for-investment and related receivables, net	$ 0
First Mortgage Loans | Internal Credit Rating Three
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	22
2021	$ 1,777,068
2020	143,932
2019	47,585
Loans held-for-investment and related receivables, net	$ 1,968,585
First Mortgage Loans | Internal Credit Rating Four
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	0
2021	$ 0
2020	0
2019	0
Loans held-for-investment and related receivables, net	$ 0
First Mortgage Loans | Internal Credit Rating Five
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	0
2021	$ 0
2020	0
2019	0
Loans held-for-investment and related receivables, net	$ 0
Liquid senior loans
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	295
2021	$ 342,982
2020	309,496
2019	3,038
Loans held-for-investment and related receivables, net	655,516				473,603
Less: Current expected credit losses	(5,271)	$ (5,932)	$ (6,545)	$ (9,003)	(9,730)
Total loans held-for-investment and related receivables, net	$ 650,245				$ 463,873
Liquid senior loans | Internal Credit Rating One
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	0
2021	$ 0
2020	0
2019	0
Loans held-for-investment and related receivables, net	$ 0
Liquid senior loans | Internal Credit Rating Two
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	3
2021	$ 0
2020	8,279
2019	0
Loans held-for-investment and related receivables, net	$ 8,279
Liquid senior loans | Internal Credit Rating Three
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	288
2021	$ 342,982
2020	289,535
2019	3,038
Loans held-for-investment and related receivables, net	$ 635,555
Liquid senior loans | Internal Credit Rating Four
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	4
2021	$ 0
2020	11,682
2019	0
Loans held-for-investment and related receivables, net	$ 11,682
Liquid senior loans | Internal Credit Rating Five
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	0
2021	$ 0
2020	0
2019	0
Loans held-for-investment and related receivables, net	$ 0

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)agreement	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Derivatives, Fair Value [Line Items]
Amount of loss (gain) reclassified from other comprehensive income (loss) into income as interest expense and other, net | $	$ 3,314	$ 12,321	$ (3,475)
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months | $	$ 2,600
Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative, number of instruments terminated | agreement	3
Terminated remaining | agreement	2
Derivative, number of instruments held (derivative) | agreement	5
Total unrealized gain (loss) on interest rate swap | $	$ 152	$ (3,200)	$ (3,900)
Interest rate swaps | Cash flow hedging
Derivatives, Fair Value [Line Items]
Derivative liability, event of default, termination amount | $	$ 2,600
Interest rate caps
Derivatives, Fair Value [Line Items]
Derivative, number of instruments held (derivative) | agreement	5

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Schedule of Derivative Instruments (Details) $ in Thousands	Dec. 31, 2021USD ($)agreement	Dec. 31, 2020USD ($)
Interest rate caps
Derivatives, Fair Value [Line Items]
Derivative, number of instruments held (derivative) | agreement	5
Interest rate caps | Minimum
Derivatives, Fair Value [Line Items]
Interest rates	286.00%
Interest rate caps | Maximum
Derivatives, Fair Value [Line Items]
Interest rates	5.45%
Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative, number of instruments held (derivative) | agreement	5
Interest rate swaps | Minimum
Derivatives, Fair Value [Line Items]
Interest rates	3.31%
Interest rate swaps | Maximum
Derivatives, Fair Value [Line Items]
Interest rates	4.84%
Prepaid expenses and other assets | Cash flow hedging | Interest rate caps
Derivatives, Fair Value [Line Items]
Outstanding notional amount	$ 752,553
Fair value of assets	179	$ 0
Deferred rental income, derivative liabilities and other liabilities | Cash flow hedging | Interest rate swaps
Derivatives, Fair Value [Line Items]
Outstanding notional amount	185,565
Fair value of liabilities	$ (2,466)	$ (12,308)

Credit Facilities, Notes Paya_3

Credit Facilities, Notes Payable and Repurchase Facilities - Narrative (Details)	Dec. 16, 2021USD ($)	Jul. 15, 2021USD ($)entityoption	Jun. 04, 2020USD ($)	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jan. 31, 2021USD ($)	Dec. 21, 2020USD ($)
Debt Instrument [Line Items]
Notes payable, repurchase facilities and credit facilities, net				$ 4,143,205,000	$ 2,144,993,000
Weighted average years to maturity				3 years 1 month 6 days
Debt, weighted average interest rate				2.60%
Long-term debt				$ 4,171,424,000	2,149,976,000
Debt issuances & assumptions				$ 3,700,080,000
Number of properties used as collateral | property				170
Repayments of first mortgage bond				$ 1,648,775,000	422,110,000	$ 1,141,978,000
Senior Loan | Affiliated entity
Debt Instrument [Line Items]
Percent of lending guaranteed (up to)			25.00%
Credit facilities | Affiliated entity
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity				1,780,000,000
Long-term line of credit				$ 1,298,414,000
Consolidated net worth, minimum			$ 1,000,000,000
Equity issued by the company, minimum			75.00%
Maximum leverage ratio to total indebtedness to total equity (less than or equal)				80.00%
Minimum interest coverage ratio of EBITDA to interest expense (greater than or equal)				1.40
Credit facilities | Affiliated entity | Term a
Debt Instrument [Line Items]
Minimum liquidity			$ 50,000,000
Credit facilities | Affiliated entity | Term b
Debt Instrument [Line Items]
Minimum liquidity			$ 10,000,000
Recourse indebtedness			5.00%
JPMorgan Chase Bank, N.A.
Debt Instrument [Line Items]
Reinvestment period				3 years
Citibank
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity				$ 400,000,000
Citibank | Revolving Credit Facility
Debt Instrument [Line Items]
Debt, weighted average interest rate				1.90%
Line of credit, maximum borrowing capacity				$ 550,000,000
Long-term line of credit				$ 496,500,000
Citibank | Credit facilities | Affiliated entity
Debt Instrument [Line Items]
Debt, weighted average interest rate				1.80%
Line of credit, maximum borrowing capacity				$ 400,000,000
Long-term line of credit				322,416,000
Minimum | One-Month LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.25%
Minimum | One-Month Term SOFR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.90%
Maximum | One-Month LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			2.15%
Maximum | One-Month Term SOFR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			2.00%
Fixed rate debt
Debt Instrument [Line Items]
Long-term debt				471,967,000	578,096,000
Debt security, amount, aggregate gross real estate assets net of gross intangible lease liabilities				822,100,000
Debt issuances & assumptions				$ 85,377,000
Fixed rate debt | Minimum
Debt Instrument [Line Items]
Stated interest rate				3.60%
Fixed rate debt | Maximum
Debt Instrument [Line Items]
Stated interest rate				4.60%
Variable rate debt
Debt Instrument [Line Items]
Debt, weighted average interest rate				5.50%
Long-term debt				$ 70,268,000	0		$ 102,600,000
Debt issuances & assumptions				102,553,000
Long term debt maturing in the next year				650,700,000
Variable rate debt | Interest rate swaps
Debt Instrument [Line Items]
Long-term debt				$ 45,600,000
First lien mortgage loan
Debt Instrument [Line Items]
Debt, weighted average interest rate				2.90%
Long-term debt				$ 650,000,000	0
Debt security, amount, aggregate gross real estate assets net of gross intangible lease liabilities				1,300,000,000
Debt issuances & assumptions				$ 650,000,000
Outstanding mortgage loan		$ 650,000,000
Number of single purpose entities | entity		114
Number of properties for security on borrowers fee simple interest | property				113
Initial term		2 years
Number of extension options | option		3
Extension period		1 year
First lien mortgage loan | Anchored Shopping Center
Debt Instrument [Line Items]
Number of properties for security on borrowers fee simple interest | property				50
First lien mortgage loan | Retail Property
Debt Instrument [Line Items]
Number of properties for security on borrowers fee simple interest | property				61
First lien mortgage loan | Office Property
Debt Instrument [Line Items]
Number of properties for security on borrowers fee simple interest | property				1
First lien mortgage loan | Industrial Property
Debt Instrument [Line Items]
Number of properties for security on borrowers fee simple interest | property				1
Net lease mortgage notes
Debt Instrument [Line Items]
Debt, weighted average interest rate				2.80%
Long-term debt				$ 770,800,000
Debt security, amount, aggregate gross real estate assets net of gross intangible lease liabilities				1,000,000,000
Credit facilities
Debt Instrument [Line Items]
Long-term debt				910,000,000	$ 1,336,500,000
Debt issuances & assumptions				913,500,000
Repayments of first mortgage bond				$ 1,110,000,000
Credit facilities | Reinvestment period
Debt Instrument [Line Items]
Stated interest rate				1.70%
Credit facilities | Amortization period
Debt Instrument [Line Items]
Stated interest rate				2.00%
Credit facilities | JPMorgan Chase Bank, N.A.
Debt Instrument [Line Items]
Debt, weighted average interest rate				2.80%
Stated interest rate				2.00%
Line of credit, maximum borrowing capacity				$ 1,240,000,000
Unused borrowing capacity				11,500,000
Line of credit, current borrowing capacity				11,500,000
Line of credit facility, covenant, minimum consolidated net worth				$ 367,100,000
Line of credit facility, covenant, minimum consolidated net worth, percentage of equity issuance				75.00%
Debt instrument, covenant, fixed charge coverage ratio				1.50
Minimum required assets under management				$ 1,250,000,000
Credit facilities | JPMorgan Chase Bank, N.A. | Federal Funds Effective Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Credit facilities | JPMorgan Chase Bank, N.A. | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.00%
Credit facilities | JPMorgan Chase Bank, N.A. | CCPT V
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	$ 425,000,000							$ 350,000,000
Credit facilities | JPMorgan Chase Bank, N.A. | Term loan
Debt Instrument [Line Items]
Long-term line of credit				212,500,000
Credit facilities | JPMorgan Chase Bank, N.A. | Term loan | CCPT V
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	212,500,000
Credit facilities | JPMorgan Chase Bank, N.A. | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term line of credit				$ 201,000,000
Credit facilities | JPMorgan Chase Bank, N.A. | Revolving Credit Facility | CCPT V
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	$ 212,500,000
Credit facilities | Minimum | JPMorgan Chase Bank, N.A.
Debt Instrument [Line Items]
Line of credit facility, covenant, unsecured debt service coverage ratio (greater than)				175.00%
Credit facilities | Minimum | JPMorgan Chase Bank, N.A. | CCPT V
Debt Instrument [Line Items]
Stated interest rate	0.60%
Credit facilities | Minimum | JPMorgan Chase Bank, N.A. | CCPT V | Statutory Reserve Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.60%
Credit facilities | Minimum | JPMorgan Chase Bank, N.A. | Revolving Credit Facility
Debt Instrument [Line Items]
Stated interest rate	0.70%
Credit facilities | Minimum | JPMorgan Chase Bank, N.A. | Revolving Credit Facility | Statutory Reserve Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.70%
Credit facilities | Maximum | JPMorgan Chase Bank, N.A.
Debt Instrument [Line Items]
Line of credit facility, covenant, leverage ratio				60.00%
Debt instrument, covenant, unsecured debt to unencumbered asset value ratio				60.00%
Line of credit facility, covenant, secured debt ratio				40.00%
Line of credit facility, covenant, ratio of secured debt to total asset value				15.00%
Credit facilities | Maximum | JPMorgan Chase Bank, N.A. | CCPT V
Debt Instrument [Line Items]
Stated interest rate	1.10%
Credit facilities | Maximum | JPMorgan Chase Bank, N.A. | CCPT V | Statutory Reserve Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.10%
Credit facilities | Maximum | JPMorgan Chase Bank, N.A. | Revolving Credit Facility
Debt Instrument [Line Items]
Stated interest rate	1.20%
Credit facilities | Maximum | JPMorgan Chase Bank, N.A. | Revolving Credit Facility | Statutory Reserve Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.20%
Credit facilities | Interest rate swaps | JPMorgan Chase Bank, N.A. | Term loan
Debt Instrument [Line Items]
Debt, weighted average interest rate				4.40%
Long-term line of credit				$ 140,000,000

Credit Facilities, Notes Paya_4

Credit Facilities, Notes Payable and Repurchase Facilities - Schedule of Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Short-Term and Long-Term Debt [Roll Forward]
Total debt, Beginning Balance	$ 2,149,976
Net premiums, Beginning Balance	149
Total debt, net, Beginning Balance	2,144,993
Debt issuances & assumptions	3,700,080
Total debt, net, Debt Issuances & Assumptions	3,667,476
Total debt, Repayments & Modifications	(1,678,632)
Total debt, net, Repayments & Modifications	(1,676,544)
Net premiums, Accretion and (Amortization)	(149)	$ (92)	$ (90)
Accretion & (Amortization)	7,280
Total debt, Ending Balance	4,171,424	2,149,976
Net premiums, Ending Balance	0	149
Total debt, net, Ending Balance	4,143,205	2,144,993
Loss on extinguishment of debt	4,895	4,841	$ 7,227
Fixed rate debt
Short-Term and Long-Term Debt [Roll Forward]
Total debt, Beginning Balance	578,096
Debt issuances & assumptions	85,377
Total debt, Repayments & Modifications	(191,506)
Total debt, Ending Balance	471,967	578,096
Fixed rate debt and first lien mortgage loan
Short-Term and Long-Term Debt [Roll Forward]
Deferred costs, Beginning Balance	(1,589)
Deferred costs, Debt Issuances & Assumptions	(14,055)
Deferred costs, Repayments & Modifications	133
Deferred costs, Accretion and (Amortization)	3,833
Deferred costs, Ending Balance	(11,678)	(1,589)
Variable rate debt
Short-Term and Long-Term Debt [Roll Forward]
Total debt, Beginning Balance	0
Deferred costs, Beginning Balance	0
Debt issuances & assumptions	102,553
Deferred costs, Debt Issuances & Assumptions	(1,346)
Total debt, Repayments & Modifications	(32,285)
Deferred costs, Repayments & Modifications	0
Deferred costs, Accretion and (Amortization)	1,075
Total debt, Ending Balance	70,268	0
Deferred costs, Ending Balance	(271)	0
First lien mortgage loan
Short-Term and Long-Term Debt [Roll Forward]
Total debt, Beginning Balance	0
Debt issuances & assumptions	650,000
Total debt, Repayments & Modifications	0
Total debt, Ending Balance	650,000	0
ABS mortgage notes
Short-Term and Long-Term Debt [Roll Forward]
Total debt, Beginning Balance	0
Deferred costs, Beginning Balance	0
Debt issuances & assumptions	774,000
Deferred costs, Debt Issuances & Assumptions	(17,050)
Total debt, Repayments & Modifications	(3,225)
Deferred costs, Repayments & Modifications	0
Deferred costs, Accretion and (Amortization)	923
Total debt, Ending Balance	770,775	0
Deferred costs, Ending Balance	(16,127)	0
Credit facilities
Short-Term and Long-Term Debt [Roll Forward]
Total debt, Beginning Balance	1,336,500
Deferred costs, Beginning Balance	(3,543)
Debt issuances & assumptions	913,500
Deferred costs, Debt Issuances & Assumptions	(153)
Total debt, Repayments & Modifications	(1,340,000)
Deferred costs, Repayments & Modifications	1,955
Deferred costs, Accretion and (Amortization)	1,598
Total debt, Ending Balance	910,000	1,336,500
Deferred costs, Ending Balance	(143)	(3,543)
Credit facility borrowings assumed upon completion of mergers	352,500
Repurchase facilities
Short-Term and Long-Term Debt [Roll Forward]
Total debt, Beginning Balance	235,380
Debt issuances & assumptions	1,174,650
Total debt, Repayments & Modifications	(111,616)
Total debt, Ending Balance	$ 1,298,414	$ 235,380

Credit Facilities, Notes Paya_5

Credit Facilities, Notes Payable and Repurchase Facilities - Schedule of ABS Mortgage Notes (Details) - ABS mortgage notes	Jul. 28, 2021USD ($)
Line of Credit Facility [Line Items]
Initial Principal Balance	$ 774,000,000
A-1 (AAA)
Line of Credit Facility [Line Items]
Initial Principal Balance	$ 146,400,000
Stated interest rate	2.09%
A-2 (AAA)
Line of Credit Facility [Line Items]
Initial Principal Balance	$ 219,600,000
Stated interest rate	2.57%
A-3 (AA)
Line of Credit Facility [Line Items]
Initial Principal Balance	$ 39,200,000
Stated interest rate	2.51%
A-4 (AA)
Line of Credit Facility [Line Items]
Initial Principal Balance	$ 58,800,000
Stated interest rate	3.04%
A-5 (A)
Line of Credit Facility [Line Items]
Initial Principal Balance	$ 124,000,000
Stated interest rate	2.91%
A-6 (A)
Line of Credit Facility [Line Items]
Initial Principal Balance	$ 186,000,000
Stated interest rate	3.44%

Credit Facilities, Notes Paya_6

Credit Facilities, Notes Payable and Repurchase Facilities - Schedule of Repurchase Facilities (Details)	Jun. 04, 2020	Dec. 31, 2021USD ($)option	Mar. 28, 2022USD ($)
Line of Credit Facility [Line Items]
Weighted Average Interest Rate		2.60%
Minimum | One-Month LIBOR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.25%
Minimum | One-Month Term SOFR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.90%
Maximum | One-Month LIBOR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2.15%
Maximum | One-Month Term SOFR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2.00%
Citibank
Line of Credit Facility [Line Items]
Maximum Facility Size		$ 400,000,000
Barclays | Subsequent Event
Line of Credit Facility [Line Items]
Maximum Facility Size			$ 1,250,000,000
Wells Fargo
Line of Credit Facility [Line Items]
Maximum Facility Size		$ 580,000,000
Wells Fargo | Subsequent Event
Line of Credit Facility [Line Items]
Maximum Facility Size			$ 750,000,000
Deutsche Bank
Line of Credit Facility [Line Items]
Number of extension options | option		4
Extension period		1 year
Citibank, Barclays And Wells Fargo
Line of Credit Facility [Line Items]
Number of extension options | option		2
Extension period		1 year
Credit facilities | Affiliated entity
Line of Credit Facility [Line Items]
Maximum Facility Size		$ 1,780,000,000
Amount Financed		1,298,414,000
Credit facilities | Affiliated entity | Senior Loan
Line of Credit Facility [Line Items]
Carrying Value of Loans Financed under Repurchase Facility		1,656,498,000
Credit facilities | Citibank | Affiliated entity
Line of Credit Facility [Line Items]
Maximum Facility Size		$ 400,000,000
Weighted Average Interest Rate		1.80%
Amount Financed		$ 322,416,000
Credit facilities | Citibank | Affiliated entity | Senior Loan
Line of Credit Facility [Line Items]
Carrying Value of Loans Financed under Repurchase Facility		447,752,000
Credit facilities | Barclays | Affiliated entity
Line of Credit Facility [Line Items]
Maximum Facility Size		$ 500,000,000
Weighted Average Interest Rate		2.10%
Amount Financed		$ 349,800,000
Credit facilities | Barclays | Affiliated entity | Senior Loan
Line of Credit Facility [Line Items]
Carrying Value of Loans Financed under Repurchase Facility		439,982,000
Credit facilities | Wells Fargo | Affiliated entity
Line of Credit Facility [Line Items]
Maximum Facility Size		$ 580,000,000
Weighted Average Interest Rate		1.50%
Amount Financed		$ 532,825,000
Credit facilities | Wells Fargo | Affiliated entity | Senior Loan
Line of Credit Facility [Line Items]
Carrying Value of Loans Financed under Repurchase Facility		649,935,000
Credit facilities | Deutsche Bank | Affiliated entity
Line of Credit Facility [Line Items]
Maximum Facility Size		$ 300,000,000
Weighted Average Interest Rate		2.00%
Amount Financed		$ 93,373,000
Credit facilities | Deutsche Bank | Affiliated entity | Senior Loan
Line of Credit Facility [Line Items]
Carrying Value of Loans Financed under Repurchase Facility		$ 118,829,000

Credit Facilities, Notes Paya_7

Credit Facilities, Notes Payable and Repurchase Facilities - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
2022	$ 681,054
2023	942,117
2024	1,772,783
2025	16,950
2026	0
Thereafter	758,520
Total	$ 4,171,424	$ 2,149,976

Supplemental Cash Flow Disclo_3

Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Distributions declared and unpaid	$ 13,252	$ 10,969	$ 16,510
Accrued capital expenditures	5,902	160	1,165
Real estate acquired via foreclosure	191,990	0	0
Foreclosure of assets securing the mezzanine loans	(79,968)	0	0
Mortgage notes payable assumed in connection with foreclosure of assets securing the mezzanine loans	102,553	0	0
Mortgage note payable assumed by buyer in connection with disposition of real estate assets	(31,801)	0	(205,765)
Change in interest income capitalized to loans held-for-investment	(9,469)	539	8,546
Accrued deferred financing costs	12	0	0
Common stock issued through distribution reinvestment plan	25,784	34,191	82,388
Common stock issued in connection with mergers	538,703	384,319	0
Change in fair value of derivative instruments	5,907	727	(14,913)
Change in fair value of real estate-related securities	1,650	1,147	0
Interest rate swaps assumed in mergers	(2,719)	(9,115)	0
Debt assumed in mergers	437,877	379,737	0
Real estate assets acquired in mergers	906,254	761,326	0
Assets assumed in mergers	69,058	4,424	0
Liabilities assumed in mergers	5,184	6,389	0
Non-controlling interest assumed in mergers	1,073	0	0
Supplemental Cash Flow Disclosures:
Interest paid	72,533	60,990	97,418
Cash paid for taxes	$ 1,093	$ 1,243	$ 1,218

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable, Impaired [Line Items]
Cash and cash equivalents		$ 144,173	$ 128,408	$ 473,355	$ 19,674
New Point JV, LLC
Financing Receivable, Impaired [Line Items]
Other commitment		41,000
Subsequent Event | Unsettled Liquid Senior Loan
Financing Receivable, Impaired [Line Items]
Loans settled	$ 1,000
Reserves for Settlement of Loan Acquisitions
Financing Receivable, Impaired [Line Items]
Cash and cash equivalents		36,500	$ 41,000
Reserves for Settlement of Loan Acquisitions | Subsequent Event
Financing Receivable, Impaired [Line Items]
Loans settled	$ 22,000
Reserves For Settlement Of Loan Sales
Financing Receivable, Impaired [Line Items]
Cash and cash equivalents		$ 1,000

Related Party Transactions an_2

Related Party Transactions and Arrangements - Management Fees (Details) - USD ($)	Dec. 06, 2019	Aug. 20, 2019
Related Party Transaction [Line Items]
Investment advisory fee, percent per quarter	0.375%
Advisors
Related Party Transaction [Line Items]
Management fee per annum		$ 250,000
Management fee per quarter		$ 62,500
Management fee percent per annum		1.50%
Management fee percent per quarter		0.375%
Investment advisory fee, percent per annum	1.50%
Investment sub-advisory fees, percent per quarter	50.00%

Related Party Transactions an_3

Related Party Transactions and Arrangements - Incentive Compensation (Details) - Advisors - USD ($)	Aug. 20, 2019	Dec. 31, 2021
Related Party Transaction [Line Items]
Incentive compensation in excess of product, quarterly percentage	20.00%
Incentive compensation in excess of product, annualized percentage	7.00%
Incentive compensation fees		$ 0

Related Party Transactions an_4

Related Party Transactions and Arrangements - Acquisition Fees and Expenses (Details) - Maximum - Advisors - Acquisition fees	Aug. 20, 2019
Related Party Transaction [Line Items]
Acquisition and advisory fee (up to)	2.00%
Acquisition fees and expenses, reimbursement (up to)	6.00%

Related Party Transactions an_5

Related Party Transactions and Arrangements - Advisory Fees and Expenses (Details) - Advisors	Aug. 20, 2019USD ($)
Average invested assets between $0 to $2 billion | Minimum
Related Party Transaction [Line Items]
Average invested assets	$ 0
Average invested assets between $0 to $2 billion | Maximum
Related Party Transaction [Line Items]
Average invested assets	$ 2,000,000,000
Average invested assets between $0 to $2 billion | Advisory fees
Related Party Transaction [Line Items]
Asset management or advisory fees (rate of)	0.75%
Average invested assets between $2 billion to $4 billion | Minimum
Related Party Transaction [Line Items]
Average invested assets	$ 2,000,000,000
Average invested assets between $2 billion to $4 billion | Maximum
Related Party Transaction [Line Items]
Average invested assets	$ 4,000,000,000
Average invested assets between $2 billion to $4 billion | Advisory fees
Related Party Transaction [Line Items]
Asset management or advisory fees (rate of)	0.70%
Average invested assets over $4 billion | Minimum
Related Party Transaction [Line Items]
Average invested assets	$ 4,000,000,000
Average invested assets over $4 billion | Advisory fees
Related Party Transaction [Line Items]
Asset management or advisory fees (rate of)	0.65%

Related Party Transactions an_6

Related Party Transactions and Arrangements - Disposition Fees (Details) - Advisors - Maximum	Aug. 20, 2019
Brokerage Commission Fee
Related Party Transaction [Line Items]
Commissions performance and other fees	50.00%
Disposition Fee for Sale of Real Estate
Related Party Transaction [Line Items]
Commissions performance and other fees	1.00%
Brokerage Commissions And Disposition Fees
Related Party Transaction [Line Items]
Commissions performance and other fees	6.00%

Related Party Transactions an_7

Related Party Transactions and Arrangements - Subordinated Performance Fees (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Aug. 20, 2019
Related Party Transaction [Line Items]
Due to affiliates	$ 14,594,000	$ 14,723,000
Advisors
Related Party Transaction [Line Items]
Cumulative noncompounded annual return				8.00%
Advisors | Subordinate Performance Fees on Event of Sale of Company
Related Party Transaction [Line Items]
Commissions performance and other fees				15.00%
Advisors | Subordinate Performance Fees for Listing
Related Party Transaction [Line Items]
Commissions performance and other fees				15.00%
Advisors | Subordinated Performance Fees
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	0	$ 0
Advisors | Acquisition, Disposition and Operating Activities Fees and Expenses
Related Party Transaction [Line Items]
Due to affiliates	$ 14,600,000	$ 14,700,000

Related Party Transactions an_8

Related Party Transactions and Arrangements - Schedule of Related Party Transaction (Details) - Advisors - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Management fees
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 47,020	$ 40,025	$ 14,622
Acquisition fees
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	0	1,362
Disposition fees
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	434	3,967
Advisory fees
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	0	22,623
Expense reimbursements to related parties
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 11,624	$ 8,920	$ 9,436

Related Party Transactions an_9

Related Party Transactions and Arrangements - Due to Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Due to affiliates	$ 14,594	$ 14,723
Advisors | Acquisition, Disposition and Operating Activities Fees and Expenses
Related Party Transaction [Line Items]
Due to affiliates	$ 14,600	$ 14,700

Related Party Transactions a_10

Related Party Transactions and Arrangements - Development Management Agreements and Affiliated Investments (Details) $ in Thousands	Jan. 07, 2021buildingunit	Dec. 31, 2021USD ($)unitbuilding	Mar. 28, 2022USD ($)	Nov. 30, 2021USD ($)	Oct. 31, 2021USD ($)	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Related Party Transaction [Line Items]
Long-term debt		$ 4,143,205					$ 2,144,993
Advances to affiliate		154,000			$ 119,000
Preferred units
Related Party Transaction [Line Items]
Related party investments		63,500				$ 68,400
Mortgage Loan
Related Party Transaction [Line Items]
Related party investments		129,000				$ 138,800
C I M U I I Onshore
Related Party Transaction [Line Items]
Equity method investments carrying value		$ 56,000
Equity method investment, ownership percentage		5.00%
Subsequent Event
Related Party Transaction [Line Items]
Related party investments			$ 6,400
New Point JV, LLC
Related Party Transaction [Line Items]
Equity method investments carrying value		$ 53,500
Equity method investment, ownership percentage		45.00%
MT-FT JV
Related Party Transaction [Line Items]
Equity method investments carrying value				$ 112,500
Equity method investment, ownership percentage				50.00%
Development Management Agreements
Related Party Transaction [Line Items]
Termination period		15 days
Development Management Agreements | CIM NY Management, LLC
Related Party Transaction [Line Items]
Management fee, percentage	4.00%
CIM RACR | Preferred units
Related Party Transaction [Line Items]
Related party investments		$ 4,900
CIM RACR | Mortgage Loan
Related Party Transaction [Line Items]
Related party investments		9,800
CIM RACR | Subsequent Event
Related Party Transaction [Line Items]
Related party investments			490
First mortgage loan
Related Party Transaction [Line Items]
Long-term debt		$ 155,000			$ 130,000
Corporate Senior Loan | Subsequent Event
Related Party Transaction [Line Items]
Long-term debt			10,000
Corporate Senior Loan | CIM RACR | Subsequent Event
Related Party Transaction [Line Items]
Long-term debt			$ 1,900
Condominium Units | Foreclosure of Mezzanine Loans | Consolidated properties
Related Party Transaction [Line Items]
Number of real estate properties secured through foreclosure | unit	75	75
Rental Unit | Foreclosure of Mezzanine Loans | Consolidated properties
Related Party Transaction [Line Items]
Number of real estate properties secured through foreclosure | unit	21	21
Buildings | Foreclosure of Mezzanine Loans | Consolidated properties
Related Party Transaction [Line Items]
Number of real estate properties secured through foreclosure | building	4	4

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($)	Dec. 16, 2021	Dec. 21, 2020	Aug. 11, 2010	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	May 26, 2021
Class of Stock [Line Items]
Common stock, par value (USD per share)				$ 0.01	$ 0.01
NAV per share (USD per share)		$ 7.31		$ 7.20
Common Stock
Class of Stock [Line Items]
Issuance of common stock (shares)			20,000	3,574,120	4,211,747	9,335,895
Share price (USD per share)			$ 10
Issuance of common stock in connection with the Mergers (shares)	74,800,000	52,600,000		74,819,899	52,574,431
Distribution reinvestment plan
Class of Stock [Line Items]
Common stock, shares authorized (shares)				$ 600,000,000	$ 600,000,000	$ 600,000,000
Common stock, par value (USD per share)				$ 0.01
Share price (USD per share)							$ 7.20

Stockholders' Equity - Distribu

Stockholders' Equity - Distribution Reinvestment Plan (Details) - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Common stock issued through distribution reinvestment plan	$ 25,784	$ 34,191	$ 82,388
Distribution reinvestment plan
Class of Stock [Line Items]
Dividend reinvestment plan, termination notice period	10 days
Shares issued pursuant to a distribution reinvestment plan (shares)	3.6	4.2	9.3
Common stock issued through distribution reinvestment plan	$ 25,800	$ 34,200	$ 82,400

Stockholders' Equity - Share Re

Stockholders' Equity - Share Redemption Program (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity, Class of Treasury Stock [Line Items]
Redemptions of common stock	$ 22,041	$ 48,066	$ 84,088
The Share Redemption Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, required holding period	1 year
Stock repurchased and retired during period (shares)	3,100,000	6,000,000	9,500,000
Redemptions of common stock	$ 22,000	$ 48,100	$ 84,100
Unfulfilled redemption requests (shares)	81,900,000
The Share Redemption Program | Maximum
Equity, Class of Treasury Stock [Line Items]
Stock redemption program, number of shares authorized to be repurchased, percentage of weighted average number of shares outstanding	5.00%
Stock repurchase program, number of shares authorized to be repurchased per quarter, prior year percentage of weighted average number of shares outstanding	1.25%
Stock redemption program, redemption priority (shares)	250

Stockholders' Equity - Distri_2

Stockholders' Equity - Distributions Payable and Distribution Policy (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		2 Months Ended	3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended	17 Months Ended	36 Months Ended
	Jul. 30, 2020	Jun. 30, 2020	May 31, 2020	Mar. 31, 2020	Jun. 30, 2022	Dec. 31, 2012	Dec. 31, 2016	Dec. 31, 2021	Dec. 31, 2019	Dec. 31, 2015	Dec. 31, 2020
Class of Stock [Line Items]
Common stock, dividends, daily amount per share authorized (USD per share)				$ 0.001706776		$ 0.001707848	$ 0.001706776		$ 0.001711452	$ 0.001712523
Common stock, dividends, monthly amount per share authorized (USD per share)	$ 0.0304	$ 0.0161	$ 0.0130					$ 0.0303
Distributions payable								$ 13,252	$ 16,510		$ 10,969
Forecast
Class of Stock [Line Items]
Common stock, dividends, monthly amount per share authorized (USD per share)					$ 0.0305

Stockholders' Equity - Equity-B

Stockholders' Equity - Equity-Based Compensation (Details) - CCPT IV 2018 Equity Incentive Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Aug. 10, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (shares)	73,000
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance (shares)			400,000
Shares available for future grant (shares)	306,000
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted to each of the independent members of the Board (shares)	94,000
Award requisite service period	1 year
Forfeited in period (shares)	21,000
Unrecognized compensation expense	$ 113
Restricted shares | General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 289	$ 160

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Ordinary dividends	22.00%	0.00%	39.00%
Nondividend distributions	36.00%	100.00%	7.00%
Capital gain distributions	42.00%	0.00%	54.00%
Total	100.00%	100.00%	100.00%
State and local income tax and franchise tax expense (benefit), continuing operations	$ 1,100,000	$ 568,000	$ 1,500,000
Unrecognized tax benefits	$ 0	$ 0

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)lease	Dec. 31, 2020USD ($)
Leases [Abstract]
Lessor, weighted average remaining lease term	8 years 7 months 6 days
Number of operating leases | lease	1
Operating lease, remaining lease term	11 years 8 months 12 days
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other assets	Prepaid expenses and other assets
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Deferred rental income, derivative liabilities and other liabilities	Deferred rental income, derivative liabilities and other liabilities
Lease liability	$ 2,300	$ 2,400
Operating lease, discount rate	4.30%
Ground lease, expense	$ 250
Ground lease, payments	242
Future minimum rental payments, 2022	250
Future minimum rental payments, 2023	250
Future minimum rental payments, 2024	250
Future minimum rental payments, 2025	250
Future minimum rental payments, 2026	250
Future minimum rental payments, Thereafter	$ 1,700

Leases - Future Minimum Rental

Leases - Future Minimum Rental Income (Details) $ in Thousands	Dec. 31, 2021USD ($)
Future Minimum Rental Income
2022	$ 240,497
2023	226,953
2024	218,500
2025	209,384
2026	196,607
Thereafter	1,266,227
Total	$ 2,358,168

Leases - Schedule of Components

Leases - Schedule of Components of Lease Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Fixed rental and other property income	$ 252,422	$ 221,445	$ 342,453
Variable rental and other property income	42,742	40,085	50,771
Total rental and other property income	$ 295,164	$ 261,530	$ 393,224

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	2
Revenues:
Rental and other property income	$ 295,164	$ 261,530	$ 393,224
Interest income	70,561	29,393	20,132
Total revenues	365,725	290,923	413,356
Operating expenses:
General and administrative	15,078	12,042	10,167
Property operating	47,559	23,399	33,462
Real estate tax	34,943	27,691	32,196
Expense reimbursements to related parties	11,624	8,920	9,436
Management fees	47,020	40,025	37,245
Transaction-related	315	355	1,530
Depreciation and amortization	95,190	80,973	107,867
Real estate impairment	18,078	16,737	72,939
Increase in provision for credit losses	2,881	68,356	0
Total operating expenses	272,688	278,498	304,842
Gain on disposition of real estate and condominium developments, net	83,045	27,518	180,666
Merger-related expenses, net	(1,404)	(1,884)	0
Merger termination fee income	0	7,380	0
Operating income	174,678	45,439	289,180
Other expense:
Gain on investment in unconsolidated entities	606	0	0
Interest expense and other, net	(83,899)	(64,116)	(98,933)
Loss on extinguishment of debt	(4,895)	(4,841)	(7,227)
Net income (loss)	86,490	(23,518)	183,020
Segment net income (loss) attributable to non-controlling interest	0	0	121
Net Income (Loss) Attributable to Parent	86,490	(23,518)	182,899
Assets	6,962,776	4,459,609
Operating Segments
Revenues:
Rental and other property income			393,224
Interest income			20,132
Total revenues			413,356
Operating expenses:
General and administrative			10,167
Property operating			33,462
Real estate tax			32,196
Expense reimbursements to related parties			9,436
Management fees			37,245
Transaction-related			1,530
Depreciation and amortization			107,867
Real estate impairment			72,939
Total operating expenses			304,842
Gain on disposition of real estate and condominium developments, net			180,666
Operating income			289,180
Other expense:
Interest expense and other, net			(98,933)
Loss on extinguishment of debt			(7,227)
Net income (loss)			183,020
Segment net income (loss) attributable to non-controlling interest			121
Net Income (Loss) Attributable to Parent			182,899
Assets			3,668,623
Operating Segments | Real Estate
Revenues:
Rental and other property income	294,729	261,530	393,224
Interest income	0	0	0
Total revenues	294,729	261,530	393,224
Operating expenses:
General and administrative	317	291	428
Property operating	32,033	23,399	33,462
Real estate tax	29,109	27,691	32,196
Expense reimbursements to related parties	0	0	0
Management fees	33,248	32,164	35,557
Transaction-related	126	346	288
Depreciation and amortization	95,190	80,973	107,867
Real estate impairment	5,993	16,737	72,939
Increase in provision for credit losses	0	0
Total operating expenses	196,016	181,601	282,737
Gain on disposition of real estate and condominium developments, net	77,178	27,518	180,666
Merger-related expenses, net	0	0
Merger termination fee income		0
Operating income	175,891	107,447	291,153
Other expense:
Gain on investment in unconsolidated entities	0
Interest expense and other, net	(37,022)	(21,380)	(45,606)
Loss on extinguishment of debt	(1,628)	(4,394)	(6,482)
Net income (loss)	137,241	81,673	239,065
Segment net income (loss) attributable to non-controlling interest	0		121
Net Income (Loss) Attributable to Parent	137,241	81,673	238,944
Assets	3,821,085	3,405,590	2,895,609
Operating Segments | Credit
Revenues:
Rental and other property income	0	0	0
Interest income	70,561	29,393	20,132
Total revenues	70,561	29,393	20,132
Operating expenses:
General and administrative	1,268	2,080	10
Property operating	0	0	0
Real estate tax	0	0	0
Expense reimbursements to related parties	0	0	0
Management fees	13,772	7,861	1,688
Transaction-related	0	9	1,242
Depreciation and amortization	0	0	0
Real estate impairment	0	0	0
Increase in provision for credit losses	2,881	68,356
Total operating expenses	17,921	78,306	2,940
Gain on disposition of real estate and condominium developments, net	0	0	0
Merger-related expenses, net	0	0
Merger termination fee income		0
Operating income	52,640	(48,913)	17,192
Other expense:
Gain on investment in unconsolidated entities	0
Interest expense and other, net	(21,278)	(5,101)	(19)
Loss on extinguishment of debt	0	0	0
Net income (loss)	31,362	(54,014)	17,173
Segment net income (loss) attributable to non-controlling interest	0		0
Net Income (Loss) Attributable to Parent	31,362	(54,014)	17,173
Assets	2,859,017	949,764	551,805
Corporate And Reconciling Items | Corporate/Other
Revenues:
Rental and other property income	435	0	0
Interest income	0	0	0
Total revenues	435	0	0
Operating expenses:
General and administrative	13,493	9,671	9,729
Property operating	15,526	0	0
Real estate tax	5,834	0	0
Expense reimbursements to related parties	11,624	8,920	9,436
Management fees	0	0	0
Transaction-related	189	0	0
Depreciation and amortization	0	0	0
Real estate impairment	12,085	0	0
Increase in provision for credit losses	0	0
Total operating expenses	58,751	18,591	19,165
Gain on disposition of real estate and condominium developments, net	5,867	0	0
Merger-related expenses, net	(1,404)	(1,884)
Merger termination fee income		7,380
Operating income	(53,853)	(13,095)	(19,165)
Other expense:
Gain on investment in unconsolidated entities	606
Interest expense and other, net	(25,599)	(37,635)	(53,308)
Loss on extinguishment of debt	(3,267)	(447)	(745)
Net income (loss)	(82,113)	(51,177)	(73,218)
Segment net income (loss) attributable to non-controlling interest	0		0
Net Income (Loss) Attributable to Parent	(82,113)	(51,177)	(73,218)
Assets	$ 282,674	$ 104,255	$ 221,209

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, shares in Millions	3 Months Ended	12 Months Ended
	Mar. 28, 2022USD ($)propertyloan$ / sharesshares	Dec. 31, 2021USD ($)loanpropertyshares	Dec. 31, 2020USD ($)loanproperty	Dec. 31, 2019USD ($)
Subsequent Event [Line Items]
Redemptions of common stock		$ 22,041,000	$ 48,066,000	$ 84,088,000
Stock redeemed or called during period, remaining redemption share (shares) | shares		23.1
Number of properties disposed | property			30
Common stock, value, issued		$ 4,374,000	$ 3,620,000
Number of properties disposed | property		514
Proceeds from disposition of properties		$ 513,528,000	263,797,000	1,399,953,000
Gain on disposition of real estate, net		$ 83,045,000	27,518,000	$ 180,666,000
Number of loans | loan		317
Notes payable, repurchase facilities and credit facilities, net		$ 4,143,205,000	$ 2,144,993,000
Liquid senior loans
Subsequent Event [Line Items]
Number of loans | loan		295	194
Principal balance		$ 659,007,000	$ 477,777,000
Debt instrument, traded		$ 21,000,000
CRE Loans
Subsequent Event [Line Items]
Number of loans | loan		22	12
Principal balance		$ 1,985,722,000	$ 481,438,000
Barclays | Credit facilities
Subsequent Event [Line Items]
Line of credit, maximum borrowing capacity		500,000,000
Wells Fargo | Credit facilities
Subsequent Event [Line Items]
Line of credit, maximum borrowing capacity		$ 580,000,000
Subsequent Event
Subsequent Event [Line Items]
Redemptions of common stock (shares) | shares	1.3
Redemptions of common stock	$ 9,400,000
Common stock, redemption price per share (USD per share) | $ / shares	$ 7.20
Proceeds from disposition of properties	$ 25,400,000
Gain on disposition of real estate, net	13,900,000
Joint venture contributions	$ 24,800,000
Subsequent Event | Property Disposition 2022
Subsequent Event [Line Items]
Number of properties disposed | property	56
Real estate property purchase consideration	$ 811,800,000
Proceeds from sale of productive assets in cash	$ 758,400,000
Number of remaining properties to be dispose | property	25
Subsequent Event | Property Disposition 2022 | AFIN
Subsequent Event [Line Items]
Common stock, value, issued	$ 53,400,000
Subsequent Event | Level 3
Subsequent Event [Line Items]
Dispositions of CMBS	40,300,000
Subsequent Event | Preferred units
Subsequent Event [Line Items]
Additional investment	4,800,000
Subsequent Event | Liquid senior loans
Subsequent Event [Line Items]
Debt settled	$ 38,000,000
Subsequent Event | CRE Loans
Subsequent Event [Line Items]
Number of loans | loan	3
Principal balance	$ 877,800,000
Other commitment	165,800,000
Subsequent Event | Barclays | Credit facilities
Subsequent Event [Line Items]
Line of credit, maximum borrowing capacity	1,250,000,000
Subsequent Event | Wells Fargo | Credit facilities
Subsequent Event [Line Items]
Line of credit, maximum borrowing capacity	750,000,000
Subsequent Event | Corporate Senior Loan
Subsequent Event [Line Items]
Notes payable, repurchase facilities and credit facilities, net	10,000,000
Subsequent Event | Commercial Real Estate
Subsequent Event [Line Items]
Real estate property purchase consideration	$ 48,900,000
Number of properties disposed | property	6
Subsequent Event | Condominium Units
Subsequent Event [Line Items]
Real estate property purchase consideration	$ 17,600,000
Gain on disposition of real estate, net	$ 2,600,000

Schedule III - Real Estate As_2

Schedule III - Real Estate Assets and Accumulated Depreciation - 1 (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,892,744
Land	994,149
Buildings Improvements	2,825,703
Total Adjustment to Basis	(1,457,677)
Gross Amount at Which Carried	2,362,175	$ 3,371,926	$ 2,530,311	$ 4,444,041
Accumulated Depreciation	158,354	$ 298,364	$ 243,122	$ 385,245
24 Hour Fitness | Orlando, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	2,825
Buildings Improvements	6,157
Total Adjustment to Basis	0
Gross Amount at Which Carried	8,982
Accumulated Depreciation	8
AAA Office Park | Hamilton, NJ
Real Estate and Accumulated Depreciation [Line Items]
Land	5,427
Buildings Improvements	22,970
Total Adjustment to Basis	0
Gross Amount at Which Carried	28,397
Accumulated Depreciation	33
Aaron’s Rents: | Arkadelphia, AR
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	183
Buildings Improvements	491
Total Adjustment to Basis	0
Gross Amount at Which Carried	674
Accumulated Depreciation	28
Academy Sports: | Cartersville, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,092
Land	4,517
Buildings Improvements	4,574
Total Adjustment to Basis	0
Gross Amount at Which Carried	9,091
Accumulated Depreciation	175
Academy Sports: | Valdosta, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,838
Land	2,482
Buildings Improvements	5,922
Total Adjustment to Basis	(8,404)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Actuant Campus: | Columbus, WI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,279
Land	2,090
Buildings Improvements	14,633
Total Adjustment to Basis	0
Gross Amount at Which Carried	16,723
Accumulated Depreciation	467
Advance Auto Parts: | Fairmont, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	720
Land	253
Buildings Improvements	868
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,121
Accumulated Depreciation	32
Advance Auto Parts: | Hampton,VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	720
Land	645
Buildings Improvements	655
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,300
Accumulated Depreciation	27
Advance Auto Parts: | Ravenswood,WV
Real Estate and Accumulated Depreciation [Line Items]
Land	271
Buildings Improvements	657
Total Adjustment to Basis	0
Gross Amount at Which Carried	928
Accumulated Depreciation	1
Advance Auto Parts: | Sedalia, MO
Real Estate and Accumulated Depreciation [Line Items]
Land	396
Buildings Improvements	700
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,096
Accumulated Depreciation	1
AK Steel | West Chester, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	1,421
Buildings Improvements	21,044
Total Adjustment to Basis	0
Gross Amount at Which Carried	22,465
Accumulated Depreciation	27
Albany Square: | Albany, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,579
Land	1,606
Buildings Improvements	7,113
Total Adjustment to Basis	(8,719)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Almeda Crossing: | Houston, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,880
Land	4,738
Buildings Improvements	26,245
Total Adjustment to Basis	(30,983)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Amcor Rigid Plastics | Ames,IA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,250
Land	1,287
Buildings Improvements	16,701
Total Adjustment to Basis	0
Gross Amount at Which Carried	17,988
Accumulated Depreciation	19
Apex Technologies | Mason,OH
Real Estate and Accumulated Depreciation [Line Items]
Land	1,288
Buildings Improvements	11,127
Total Adjustment to Basis	0
Gross Amount at Which Carried	12,415
Accumulated Depreciation	14
Aspen Dental: | Rogers,AR
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,220
Land	289
Buildings Improvements	1,611
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,900
Accumulated Depreciation	54
At Home: | Pearland, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,465
Land	3,663
Buildings Improvements	10,305
Total Adjustment to Basis	0
Gross Amount at Which Carried	13,968
Accumulated Depreciation	344
AutoZone: | Vandalia,OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	532
Land	797
Buildings Improvements	73
Total Adjustment to Basis	0
Gross Amount at Which Carried	870
Accumulated Depreciation	0
Bank of America | Fairview Park,OH
Real Estate and Accumulated Depreciation [Line Items]
Land	714
Buildings Improvements	1,220
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,934
Accumulated Depreciation	2
Bass Pro Shop: | Portage, IN
Real Estate and Accumulated Depreciation [Line Items]
Land	1,428
Buildings Improvements	8,414
Total Adjustment to Basis	0
Gross Amount at Which Carried	9,842
Accumulated Depreciation	358
Bass Pro Shop: | Tallahassee, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	945
Buildings Improvements	5,713
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,658
Accumulated Depreciation	1,351
Beavercreek Shopping Center: | Beavercreek, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,270
Land	5,504
Buildings Improvements	25,178
Total Adjustment to Basis	(30,682)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Becton, Dickinson and Company: | Broken Bow, NE
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,180
Land	244
Buildings Improvements	1,733
Total Adjustment to Basis	100
Gross Amount at Which Carried	2,077
Accumulated Depreciation	393
Bed Bath & Beyond/Golf Smith: | Schaumburg, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,213
Land	4,786
Buildings Improvements	6,149
Total Adjustment to Basis	(10,935)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Biolife Plasma Services | Fort Wayne, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	963
Buildings Improvements	3,848
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,811
Accumulated Depreciation	5
Biolife Plasma Services | Moorehead,MN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	955
Buildings Improvements	4,109
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,064
Accumulated Depreciation	5
BJ's Wholesale Club: | Fort Myers, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,260
Land	5,331
Buildings Improvements	21,692
Total Adjustment to Basis	0
Gross Amount at Which Carried	27,023
Accumulated Depreciation	613
BJ's Wholesale Club: | Roanoke, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,860
Land	4,509
Buildings Improvements	14,545
Total Adjustment to Basis	0
Gross Amount at Which Carried	19,054
Accumulated Depreciation	439
Blankenbaker Plaza: | Louisville, KY
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,950
Land	4,861
Buildings Improvements	10,497
Total Adjustment to Basis	(15,358)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Bob Evans: | Akron, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	447
Buildings Improvements	1,537
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,984
Accumulated Depreciation	224
Bob Evans: | Anderson, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	912
Buildings Improvements	1,455
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,367
Accumulated Depreciation	216
Bob Evans: | Austintown, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	305
Buildings Improvements	1,426
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,731
Accumulated Depreciation	223
Bob Evans: | Birch Run, MI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	733
Buildings Improvements	1,192
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,925
Accumulated Depreciation	182
Bob Evans: | Blue Ash, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	628
Buildings Improvements	1,429
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,057
Accumulated Depreciation	242
Bob Evans: | Chardon, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	333
Buildings Improvements	682
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,015
Accumulated Depreciation	113
Bob Evans: | Chillicothe, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	557
Buildings Improvements	1,524
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,081
Accumulated Depreciation	231
Bob Evans: | Columbus, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	523
Buildings Improvements	1,376
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,899
Accumulated Depreciation	216
Bob Evans: | Dayton, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	325
Buildings Improvements	1,438
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,763
Accumulated Depreciation	231
Bob Evans: | Defiance,OH
Real Estate and Accumulated Depreciation [Line Items]
Land	501
Buildings Improvements	2,781
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,282
Accumulated Depreciation	3
Bob Evans: | Dover,OH
Real Estate and Accumulated Depreciation [Line Items]
Land	552
Buildings Improvements	1,930
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,482
Accumulated Depreciation	2
Bob Evans: | Dundee,MI
Real Estate and Accumulated Depreciation [Line Items]
Land	526
Buildings Improvements	1,298
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,824
Accumulated Depreciation	2
Bob Evans: | Florence, KY
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	496
Buildings Improvements	1,876
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,372
Accumulated Depreciation	295
Bob Evans: | Gallipolis, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,768
Land	529
Buildings Improvements	2,963
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,492
Accumulated Depreciation	82
Bob Evans: | Hagerstown, MD
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,596
Land	490
Buildings Improvements	2,789
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,279
Accumulated Depreciation	81
Bob Evans: | Hamilton,OH
Real Estate and Accumulated Depreciation [Line Items]
Land	446
Buildings Improvements	2,359
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,805
Accumulated Depreciation	3
Bob Evans: | Holland, MI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	314
Buildings Improvements	1,367
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,681
Accumulated Depreciation	213
Bob Evans: | Hummelstown,PA
Real Estate and Accumulated Depreciation [Line Items]
Land	1,029
Buildings Improvements	2,283
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,312
Accumulated Depreciation	3
Bob Evans: | Huntersville, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	751
Buildings Improvements	657
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,408
Accumulated Depreciation	99
Bob Evans: | Hurricane, WV
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	297
Buildings Improvements	1,654
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,951
Accumulated Depreciation	234
Bob Evans: | Mayfield Heights,OH
Real Estate and Accumulated Depreciation [Line Items]
Land	847
Buildings Improvements	1,278
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,125
Accumulated Depreciation	2
Bob Evans: | Milford, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	271
Buildings Improvements	1,498
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,769
Accumulated Depreciation	236
Bob Evans: | Monroe, MI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,244
Land	623
Buildings Improvements	2,177
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,800
Accumulated Depreciation	66
Bob Evans: | Monroeville, PA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,340
Buildings Improvements	848
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,188
Accumulated Depreciation	122
Bob Evans: | Nicholasville, KY
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	731
Buildings Improvements	693
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,424
Accumulated Depreciation	102
Bob Evans: | North Canton, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	859
Buildings Improvements	1,393
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,252
Accumulated Depreciation	219
Bob Evans: | Northwood, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,589
Land	514
Buildings Improvements	2,760
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,274
Accumulated Depreciation	79
Bob Evans: | Peoria, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	913
Land	620
Buildings Improvements	524
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,144
Accumulated Depreciation	22
Bob Evans: | Piqua, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,065
Land	413
Buildings Improvements	2,187
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,600
Accumulated Depreciation	64
Bob Evans: | Ripley, WV
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	269
Buildings Improvements	1,304
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,573
Accumulated Depreciation	198
Bob Evans: | Tipp City, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	554
Buildings Improvements	1,120
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,674
Accumulated Depreciation	181
Bob Evans: | Warsaw, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	684
Buildings Improvements	1,222
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,906
Accumulated Depreciation	184
Bob Evans: | Mansfield, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,312
Land	495
Buildings Improvements	2,423
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,918
Accumulated Depreciation	72
Boston Commons: | Springfield, MA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,360
Land	3,101
Buildings Improvements	7,042
Total Adjustment to Basis	(10,143)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Bottom Dollar Grocery: | Ambridge, PA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	519
Buildings Improvements	2,985
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,504
Accumulated Depreciation	625
BrightView Health | Danville, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	274
Buildings Improvements	1,514
Total Adjustment to Basis	(1,062)
Gross Amount at Which Carried	726
Accumulated Depreciation	54
Brynwood Square: | Rockford, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,860
Land	1,747
Buildings Improvements	11,393
Total Adjustment to Basis	(13,140)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Burger King: | Midwest City,OK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	765
Land	736
Buildings Improvements	810
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,546
Accumulated Depreciation	1
Burger King: | Yukon, OK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,234
Land	500
Buildings Improvements	1,141
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,641
Accumulated Depreciation	36
Burlington Coat Factory: | Bangor, ME
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,820
Buildings Improvements	2,549
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,369
Accumulated Depreciation	121
Cabela's: | Acworth, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	22,152
Land	4,979
Buildings Improvements	18,775
Total Adjustment to Basis	0
Gross Amount at Which Carried	23,754
Accumulated Depreciation	2,208
Cabela's: | Avon, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,636
Land	2,755
Buildings Improvements	10,751
Total Adjustment to Basis	0
Gross Amount at Which Carried	13,506
Accumulated Depreciation	1,285
Cabela's: | La Vista, NE
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,479
Land	3,260
Buildings Improvements	16,923
Total Adjustment to Basis	0
Gross Amount at Which Carried	20,183
Accumulated Depreciation	1,915
Cabela's: | Sun Prairie, WI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,257
Land	3,373
Buildings Improvements	14,058
Total Adjustment to Basis	0
Gross Amount at Which Carried	17,431
Accumulated Depreciation	1,744
Caliber Collision Center: | Fredericksburg, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,703
Land	1,807
Buildings Improvements	2,292
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,099
Accumulated Depreciation	102
Caliber Collision Center: | Houston, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	581
Buildings Improvements	6,284
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,865
Accumulated Depreciation	7
Caliber Collision Center: | Lake Jackson,TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,955
Land	800
Buildings Improvements	2,974
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,774
Accumulated Depreciation	102
Caliber Collision Center: | Richmond, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,324
Land	1,453
Buildings Improvements	3,323
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,776
Accumulated Depreciation	153
Caliber Collision Center: | San Antonio, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	371
Buildings Improvements	5,284
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,655
Accumulated Depreciation	6
Caliber Collision Center: | San Antonio, TX 2
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,021
Land	691
Buildings Improvements	4,458
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,149
Accumulated Depreciation	140
Caliber Collision Center: | San Antonio, TX 3
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,317
Land	622
Buildings Improvements	832
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,454
Accumulated Depreciation	161
Caliber Collision Center: | Venice,FL
Real Estate and Accumulated Depreciation [Line Items]
Land	878
Buildings Improvements	4,181
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,059
Accumulated Depreciation	5
Caliber Collision Center: | Williamsburg, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,786
Land	1,418
Buildings Improvements	2,800
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,218
Accumulated Depreciation	129
Caliber Collision Center: | Wylie, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,217
Land	816
Buildings Improvements	2,690
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,506
Accumulated Depreciation	531
Camping World: | Fort Myers, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,424
Land	3,226
Buildings Improvements	11,832
Total Adjustment to Basis	0
Gross Amount at Which Carried	15,058
Accumulated Depreciation	405
Camping World: | Pensacola, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	2,152
Buildings Improvements	3,831
Total Adjustment to Basis	(1,307)
Gross Amount at Which Carried	4,676
Accumulated Depreciation	200
Carlisle Crossing: | Carlisle, PA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,580
Land	4,491
Buildings Improvements	15,817
Total Adjustment to Basis	(20,308)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
CarMax | Tinley Park,IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,800
Land	7,296
Buildings Improvements	22,949
Total Adjustment to Basis	0
Gross Amount at Which Carried	30,245
Accumulated Depreciation	28
Carrier Rental Systems | Houston, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,783
Land	935
Buildings Improvements	3,199
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,134
Accumulated Depreciation	4
Cash & Carry: | Houston, TX
Real Estate and Accumulated Depreciation [Line Items]
Land
Cash & Carry: | Salt Lake City, UT
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,988
Land	863
Buildings Improvements	4,149
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,012
Accumulated Depreciation	124
Chase: | Hanover Township, NJ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,470
Land	2,192
Buildings Improvements	0
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,192
Accumulated Depreciation	0
Chick-Fil-A | Dickson City, PA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,998
Land	1,113
Buildings Improvements	7,946
Total Adjustment to Basis	(7,817)
Gross Amount at Which Carried	1,242
Accumulated Depreciation	248
Consumer Cellular | Tempe, AZ
Real Estate and Accumulated Depreciation [Line Items]
Land	4,460
Buildings Improvements	8,642
Total Adjustment to Basis	0
Gross Amount at Which Carried	13,102
Accumulated Depreciation	12
Consumer Cellular | Tempe, AZ
Real Estate and Accumulated Depreciation [Line Items]
Land	4,577
Buildings Improvements	10,423
Total Adjustment to Basis	0
Gross Amount at Which Carried	15,000
Accumulated Depreciation	13
Costco: | Tallahassee, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,146
Land	9,497
Buildings Improvements	0
Total Adjustment to Basis	0
Gross Amount at Which Carried	9,497
Accumulated Depreciation	0
Cottonwood Commons: | Albuquerque, NM
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,250
Land	4,986
Buildings Improvements	28,881
Total Adjustment to Basis	(33,867)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Coventry Crossing: | Coventry , RI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,000
Land	3,462
Buildings Improvements	5,899
Total Adjustment to Basis	(9,361)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Crosspoint: | Hagerstown, MD
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,240
Land	12,285
Buildings Improvements	14,359
Total Adjustment to Basis	(26,644)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Crossroads Annex: | Lafayette, LA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,300
Land	1,659
Buildings Improvements	7,091
Total Adjustment to Basis	(8,750)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Crossroads Commons: | Plover, WI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,230
Land	1,000
Buildings Improvements	4,515
Total Adjustment to Basis	(5,515)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
CVS: | San Antonio, TX 3
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,367
Land	1,893
Buildings Improvements	1,848
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,741
Accumulated Depreciation	387
CVS: | Arnold, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,055
Land	2,043
Buildings Improvements	2,367
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,410
Accumulated Depreciation	490
CVS: | Asheville, NC
Real Estate and Accumulated Depreciation [Line Items]
Land	1,108
Buildings Improvements	1,084
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,192
Accumulated Depreciation	277
CVS: | Austin, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,819
Land	1,433
Buildings Improvements	2,251
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,684
Accumulated Depreciation	3
CVS: | Austin, TX 2
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,421
Land	1,076
Buildings Improvements	3,475
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,551
Accumulated Depreciation	714
CVS: | Bloomington, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,511
Land	1,620
Buildings Improvements	2,957
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,577
Accumulated Depreciation	612
CVS: | Blue Springs, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,993
Land	395
Buildings Improvements	2,722
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,117
Accumulated Depreciation	563
CVS: | Bridgeton, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,055
Land	2,056
Buildings Improvements	2,362
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,418
Accumulated Depreciation	489
CVS: | Charleston, SC
Real Estate and Accumulated Depreciation [Line Items]
Land	869
Buildings Improvements	1,009
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,878
Accumulated Depreciation	258
CVS: | Chesapeake, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,307
Land	1,044
Buildings Improvements	3,053
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,097
Accumulated Depreciation	644
CVS: | Chicago, IL
Real Estate and Accumulated Depreciation [Line Items]
Land	1,832
Buildings Improvements	4,255
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,087
Accumulated Depreciation	935
CVS: | Cicero, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,516
Land	487
Buildings Improvements	3,099
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,586
Accumulated Depreciation	640
CVS: | Corpus Christi, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	648
Buildings Improvements	2,557
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,205
Accumulated Depreciation	631
CVS: | Danville, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	424
Buildings Improvements	2,105
Total Adjustment to Basis	76
Gross Amount at Which Carried	2,605
Accumulated Depreciation	429
CVS: | Eminence, KY
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,546
Land	872
Buildings Improvements	2,511
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,383
Accumulated Depreciation	513
CVS: | Erie,PA
Real Estate and Accumulated Depreciation [Line Items]
Land	944
Buildings Improvements	1,954
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,898
Accumulated Depreciation	2
CVS: | Goose Creek, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,888
Land	1,022
Buildings Improvements	1,980
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,002
Accumulated Depreciation	406
CVS: | Greenwood, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,302
Land	912
Buildings Improvements	3,549
Total Adjustment to Basis	61
Gross Amount at Which Carried	4,522
Accumulated Depreciation	762
CVS: | Hanover Township, NJ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	4,746
Buildings Improvements	0
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,746
Accumulated Depreciation	0
CVS: | Hazlet, NJ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,067
Land	3,047
Buildings Improvements	3,610
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,657
Accumulated Depreciation	743
CVS: | Honesdale, PA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,190
Land	1,206
Buildings Improvements	3,342
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,548
Accumulated Depreciation	708
CVS: | Independence, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,476
Land	359
Buildings Improvements	2,242
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,601
Accumulated Depreciation	465
CVS: | Indianapolis, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,434
Land	1,110
Buildings Improvements	2,484
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,594
Accumulated Depreciation	514
CVS: | Irving, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,125
Land	745
Buildings Improvements	3,034
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,779
Accumulated Depreciation	718
CVS: | Janesville, WI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,112
Land	736
Buildings Improvements	2,545
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,281
Accumulated Depreciation	526
CVS: | Katy, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,195
Land	1,149
Buildings Improvements	2,462
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,611
Accumulated Depreciation	498
CVS: | Lincoln, NE
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	2,534
Buildings Improvements	3,014
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,548
Accumulated Depreciation	621
CVS: | London, KY
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,227
Land	1,445
Buildings Improvements	2,661
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,106
Accumulated Depreciation	568
CVS: | Mansfield, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	371
Buildings Improvements	2,169
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,540
Accumulated Depreciation	2
CVS: | Middletown, NY
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	665
Buildings Improvements	5,483
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,148
Accumulated Depreciation	1,118
CVS: | North Wilkesboro, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,349
Land	332
Buildings Improvements	2,369
Total Adjustment to Basis	73
Gross Amount at Which Carried	2,774
Accumulated Depreciation	496
CVS: | Poplar Bluff, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,778
Land	1,861
Buildings Improvements	2,211
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,072
Accumulated Depreciation	460
CVS: | Riverton, NJ
Real Estate and Accumulated Depreciation [Line Items]
Land	1,217
Buildings Improvements	5,553
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,770
Accumulated Depreciation	159
CVS: | Salem, NH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,327
Land	3,456
Buildings Improvements	2,351
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,807
Accumulated Depreciation	480
CVS: | Sand Springs, OK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,636
Land	1,765
Buildings Improvements	2,283
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,048
Accumulated Depreciation	476
CVS: | Santa Fe, NM
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,352
Land	2,243
Buildings Improvements	4,619
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,862
Accumulated Depreciation	940
CVS: | Sedalia, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,641
Land	466
Buildings Improvements	2,318
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,784
Accumulated Depreciation	481
CVS: | St. John, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,823
Land	1,546
Buildings Improvements	2,601
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,147
Accumulated Depreciation	538
CVS: | Temple Hills, MD
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,920
Land	1,817
Buildings Improvements	2,989
Total Adjustment to Basis	71
Gross Amount at Which Carried	4,877
Accumulated Depreciation	629
CVS: | Vineland, NJ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,613
Land	813
Buildings Improvements	2,926
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,739
Accumulated Depreciation	624
CVS: | Waynesboro, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,329
Land	986
Buildings Improvements	2,708
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,694
Accumulated Depreciation	560
CVS: | West Monroe, LA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,479
Land	1,738
Buildings Improvements	2,136
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,874
Accumulated Depreciation	445
CVS: | Wisconsin Rapids,WI
Real Estate and Accumulated Depreciation [Line Items]
Land	707
Buildings Improvements	3,262
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,969
Accumulated Depreciation	4
Darien Towne Center: | Darien, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,560
Land	6,718
Buildings Improvements	11,951
Total Adjustment to Basis	(18,669)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Davita | Austell, GA
Real Estate and Accumulated Depreciation [Line Items]
Land	777
Buildings Improvements	913
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,690
Accumulated Depreciation	1
Decatur Commons: | Decatur, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,000
Land	2,478
Buildings Improvements	9,333
Total Adjustment to Basis	(11,811)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Derby Marketplace: | Derby, KS
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,620
Land	3,169
Buildings Improvements	6,494
Total Adjustment to Basis	(9,663)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Dick’s Petsmart Center: | Oshkosh, WI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,550
Land	1,445
Buildings Improvements	6,599
Total Adjustment to Basis	(8,044)
Gross Amount at Which Carried	0
Accumulated Depreciation	$ 0

Schedule III - Real Estate As_3

Schedule III - Real Estate Assets and Accumulated Depreciation - 2 (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,892,744
Land	994,149
Buildings Improvements	2,825,703
Total Adjustment to Basis	(1,457,677)
Gross Amount at Which Carried	2,362,175	$ 3,371,926	$ 2,530,311	$ 4,444,041
Accumulated Depreciation	158,354	$ 298,364	$ 243,122	$ 385,245
Dick’s Sporting Goods: | Oklahoma City, OK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,490
Land	685
Buildings Improvements	10,587
Total Adjustment to Basis	0
Gross Amount at Which Carried	11,272
Accumulated Depreciation	2,666
Dollar General: | Erie,IL
Real Estate and Accumulated Depreciation [Line Items]
Land	549
Buildings Improvements	531
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,080
Accumulated Depreciation	1
Dollar General: | Glasford,IL
Real Estate and Accumulated Depreciation [Line Items]
Land	204
Buildings Improvements	929
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,133
Accumulated Depreciation	1
Dollar General: | Glouster, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	220
Buildings Improvements	1,276
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,496
Accumulated Depreciation	43
Dollar General: | New Richland,MN
Real Estate and Accumulated Depreciation [Line Items]
Land	327
Buildings Improvements	685
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,012
Accumulated Depreciation	1
Dollar General: | Parchment, MI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	168
Buildings Improvements	1,162
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,330
Accumulated Depreciation	223
Dollar General: | Pine River,MN
Real Estate and Accumulated Depreciation [Line Items]
Land	215
Buildings Improvements	963
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,178
Accumulated Depreciation	2
Dollar General: | Russell, KS
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	54
Buildings Improvements	899
Total Adjustment to Basis	0
Gross Amount at Which Carried	953
Accumulated Depreciation	181
Dollar General: | St. Louis, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	229
Buildings Improvements	1,102
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,331
Accumulated Depreciation	236
Dollar General: | Stacy,MN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	658
Land	149
Buildings Improvements	899
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,048
Accumulated Depreciation	1
Dollar General: | Starbuck,MN
Real Estate and Accumulated Depreciation [Line Items]
Land	345
Buildings Improvements	733
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,078
Accumulated Depreciation	1
Dollar General: | Topeka,KS
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	794
Land	314
Buildings Improvements	964
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,278
Accumulated Depreciation	1
Dollar General: | Trimble,MO
Real Estate and Accumulated Depreciation [Line Items]
Land	311
Buildings Improvements	830
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,141
Accumulated Depreciation	1
Dollar General: | Wheaton,MN
Real Estate and Accumulated Depreciation [Line Items]
Land	205
Buildings Improvements	854
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,059
Accumulated Depreciation	1
Dollar General: | Winthrop,MN
Real Estate and Accumulated Depreciation [Line Items]
Land	216
Buildings Improvements	767
Total Adjustment to Basis	0
Gross Amount at Which Carried	983
Accumulated Depreciation	1
Duluth Trading: | Arlington, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	1,574
Buildings Improvements	3,918
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,492
Accumulated Depreciation	5
Duluth Trading: | Denton, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,759
Land	1,662
Buildings Improvements	2,918
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,580
Accumulated Depreciation	94
Duluth Trading: | Madison, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,845
Land	1,174
Buildings Improvements	3,603
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,777
Accumulated Depreciation	114
Duluth Trading: | Noblesville, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,756
Land	1,212
Buildings Improvements	3,436
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,648
Accumulated Depreciation	119
Duluth Trading: | Wichita,KS
Real Estate and Accumulated Depreciation [Line Items]
Land	1,433
Buildings Improvements	2,757
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,190
Accumulated Depreciation	4
East West Commons: | Austell, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,940
Land	10,094
Buildings Improvements	16,034
Total Adjustment to Basis	(26,095)
Gross Amount at Which Carried	33
Accumulated Depreciation	0
Enid Crossing | Enid,OK
Real Estate and Accumulated Depreciation [Line Items]
Land	0
Buildings Improvements	0
Total Adjustment to Basis	0
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Evergreen Marketplace: | Evergreen Park, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,010
Land	2,823
Buildings Improvements	6,239
Total Adjustment to Basis	(9,062)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Fairlane Green II: | Allen Park, MI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,409
Buildings Improvements	14,634
Total Adjustment to Basis	(16,043)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Family Dollar: | Bearden, AR
Real Estate and Accumulated Depreciation [Line Items]
Land	52
Buildings Improvements	760
Total Adjustment to Basis	0
Gross Amount at Which Carried	812
Accumulated Depreciation	31
Family Dollar: | Centreville,AL
Real Estate and Accumulated Depreciation [Line Items]
Land	110
Buildings Improvements	669
Total Adjustment to Basis	0
Gross Amount at Which Carried	779
Accumulated Depreciation	1
Family Dollar: | Danville, VA
Real Estate and Accumulated Depreciation [Line Items]
Land	468
Buildings Improvements	422
Total Adjustment to Basis	0
Gross Amount at Which Carried	890
Accumulated Depreciation	1
Family Dollar: | Darby,MT
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	881
Land	356
Buildings Improvements	865
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,221
Accumulated Depreciation	1
Family Dollar: | Denton,NC
Real Estate and Accumulated Depreciation [Line Items]
Land	433
Buildings Improvements	434
Total Adjustment to Basis	0
Gross Amount at Which Carried	867
Accumulated Depreciation	1
Family Dollar: | DeRidder,LA
Real Estate and Accumulated Depreciation [Line Items]
Land	290
Buildings Improvements	790
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,080
Accumulated Depreciation	1
Family Dollar: | Hampton,AR
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	651
Land	112
Buildings Improvements	689
Total Adjustment to Basis	0
Gross Amount at Which Carried	801
Accumulated Depreciation	1
Family Dollar: | Londonderry,OH
Real Estate and Accumulated Depreciation [Line Items]
Land	154
Buildings Improvements	1,166
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,320
Accumulated Depreciation	2
Family Dollar: | Hobbs, NM
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	840
Land	243
Buildings Improvements	1,084
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,327
Accumulated Depreciation	45
Family Dollar: | Morgan, UT
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	690
Land	235
Buildings Improvements	1,068
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,303
Accumulated Depreciation	42
Family Dollar: | New Roads, LA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	600
Land	190
Buildings Improvements	674
Total Adjustment to Basis	0
Gross Amount at Which Carried	864
Accumulated Depreciation	33
Family Dollar: | Roswell, NM
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	760
Land	199
Buildings Improvements	921
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,120
Accumulated Depreciation	42
Family Dollar: | Salina, UT
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	750
Land	211
Buildings Improvements	1,262
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,473
Accumulated Depreciation	47
Family Dollar: | Tatum,NM
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	700
Land	220
Buildings Improvements	675
Total Adjustment to Basis	0
Gross Amount at Which Carried	895
Accumulated Depreciation	1
Family Dollar: | West Portsmouth,OH
Real Estate and Accumulated Depreciation [Line Items]
Land	290
Buildings Improvements	664
Total Adjustment to Basis	0
Gross Amount at Which Carried	954
Accumulated Depreciation	1
FedEx | Elko,NV
Real Estate and Accumulated Depreciation [Line Items]
Land	290
Buildings Improvements	2,000
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,290
Accumulated Depreciation	3
FedEx | Spirit Lake,IA
Real Estate and Accumulated Depreciation [Line Items]
Land	117
Buildings Improvements	1,509
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,626
Accumulated Depreciation	2
Flower Foods: | Orlando, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	580
Land	418
Buildings Improvements	387
Total Adjustment to Basis	0
Gross Amount at Which Carried	805
Accumulated Depreciation	75
Flower Foods: | Waldorf, MD
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	398
Buildings Improvements	1,045
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,443
Accumulated Depreciation	225
Food 4 Less: | Atwater, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,430
Land	1,383
Buildings Improvements	5,271
Total Adjustment to Basis	345
Gross Amount at Which Carried	6,999
Accumulated Depreciation	1,222
Fountain Square: | Brookfield, WI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,150
Land	6,508
Buildings Improvements	28,634
Total Adjustment to Basis	(35,142)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Fourth Creek Landing: | Statesville, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,470
Land	1,375
Buildings Improvements	7,795
Total Adjustment to Basis	(9,170)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Fresh Market Center: | Glen Ellyn, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,693
Land	2,767
Buildings Improvements	6,403
Total Adjustment to Basis	(9,170)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Fresh Thyme: | Indianapolis, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,443
Land	954
Buildings Improvements	8,280
Total Adjustment to Basis	0
Gross Amount at Which Carried	9,234
Accumulated Depreciation	10
Fresh Thyme: | Indianapolis,IN 2
Real Estate and Accumulated Depreciation [Line Items]
Land	1,087
Buildings Improvements	6,019
Total Adjustment to Basis	0
Gross Amount at Which Carried	7,106
Accumulated Depreciation	1,265
Fresh Thyme: | Lafayette, IN
Real Estate and Accumulated Depreciation [Line Items]
Land	1,173
Buildings Improvements	6,316
Total Adjustment to Basis	0
Gross Amount at Which Carried	7,489
Accumulated Depreciation	184
Fresh Thyme: | Northville, MI
Real Estate and Accumulated Depreciation [Line Items]
Land	1,598
Buildings Improvements	7,796
Total Adjustment to Basis	0
Gross Amount at Which Carried	9,394
Accumulated Depreciation	1,311
Fresh Thyme: | Worthington,OH
Real Estate and Accumulated Depreciation [Line Items]
Land	2,899
Buildings Improvements	6,989
Total Adjustment to Basis	0
Gross Amount at Which Carried	9,888
Accumulated Depreciation	8
Fresh Thyme: | Ypsilanti, MI
Real Estate and Accumulated Depreciation [Line Items]
Land	3,168
Buildings Improvements	5,719
Total Adjustment to Basis	0
Gross Amount at Which Carried	8,887
Accumulated Depreciation	186
Fresh Thyme & DSW: | Fort Wayne, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,110
Land	1,740
Buildings Improvements	4,153
Total Adjustment to Basis	(5,893)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Giant Eagle: | Seven Fields, PA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,230
Land	1,574
Buildings Improvements	13,659
Total Adjustment to Basis	355
Gross Amount at Which Carried	15,588
Accumulated Depreciation	2,699
Harbor Town Center: | Manitowoc, WI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,633
Land	3,568
Buildings Improvements	13,209
Total Adjustment to Basis	(16,777)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Haverty Furniture: | Midland, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,380
Land	709
Buildings Improvements	1,294
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,003
Accumulated Depreciation	436
HEB Center: | Waxahachie, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,000
Land	3,465
Buildings Improvements	7,952
Total Adjustment to Basis	(11,417)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
H&E Equipment Services | Albuquerque, NM
Real Estate and Accumulated Depreciation [Line Items]
Land	1,355
Buildings Improvements	4,622
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,977
Accumulated Depreciation	6
H&E Equipment Services | Fort Myers, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	1,245
Buildings Improvements	4,841
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,086
Accumulated Depreciation	7
H&E Equipment Services | Suwanee,GA
Real Estate and Accumulated Depreciation [Line Items]
Land	1,818
Buildings Improvements	2,813
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,631
Accumulated Depreciation	5
Hobby Lobby: | Cadillac, MI
Real Estate and Accumulated Depreciation [Line Items]
Land	628
Buildings Improvements	4,597
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,225
Accumulated Depreciation	6
Hobby Lobby: | Lewisville, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,220
Land	2,184
Buildings Improvements	8,977
Total Adjustment to Basis	0
Gross Amount at Which Carried	11,161
Accumulated Depreciation	2,005
Hobby Lobby: | Sedalia, MO
Real Estate and Accumulated Depreciation [Line Items]
Land	781
Buildings Improvements	3,645
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,426
Accumulated Depreciation	6
Hobby Lobby: | Watertown, SD
Real Estate and Accumulated Depreciation [Line Items]
Land	1,055
Buildings Improvements	4,226
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,281
Accumulated Depreciation	6
Hobby Lobby: | Wilmar, MN
Real Estate and Accumulated Depreciation [Line Items]
Land	1,079
Buildings Improvements	4,615
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,694
Accumulated Depreciation	7
Home Depot: | Lincoln, NE
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,347
Land	6,339
Buildings Improvements	5,937
Total Adjustment to Basis	0
Gross Amount at Which Carried	12,276
Accumulated Depreciation	992
Home Depot: | North Canton, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,750
Land	2,203
Buildings Improvements	12,012
Total Adjustment to Basis	360
Gross Amount at Which Carried	14,575
Accumulated Depreciation	2,954
Houma Crossing: | Houma, LA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,270
Land	1,076
Buildings Improvements	20,028
Total Adjustment to Basis	(21,104)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
24 Hour Fitness | Orlando, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	2,825
Buildings Improvements	6,157
Total Adjustment to Basis	0
Gross Amount at Which Carried	8,982
Accumulated Depreciation	8
Aaron’s Rents: | Arkadelphia, AR
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	183
Buildings Improvements	491
Total Adjustment to Basis	0
Gross Amount at Which Carried	674
Accumulated Depreciation	$ 28

Schedule III - Real Estate As_4

Schedule III - Real Estate Assets and Accumulated Depreciation - 3 (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,892,744
Land	994,149
Buildings Improvements	2,825,703
Total Adjustment to Basis	(1,457,677)
Gross Amount at Which Carried	2,362,175	$ 3,371,926	$ 2,530,311	$ 4,444,041
Accumulated Depreciation	158,354	$ 298,364	$ 243,122	$ 385,245
Jewel-Osco: | Plainfield, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,925
Land	0
Buildings Improvements	0
Total Adjustment to Basis	11,151
Gross Amount at Which Carried	11,151
Accumulated Depreciation	850
Jewel-Osco: | Spring Grove,IL
Real Estate and Accumulated Depreciation [Line Items]
Land	991
Buildings Improvements	11,361
Total Adjustment to Basis	0
Gross Amount at Which Carried	12,352
Accumulated Depreciation	13
Jewel-Osco: | Wood Dale,IL
Real Estate and Accumulated Depreciation [Line Items]
Land	4,069
Buildings Improvements	7,800
Total Adjustment to Basis	0
Gross Amount at Which Carried	11,869
Accumulated Depreciation	10
Jo-Ann | Roseville,MI
Real Estate and Accumulated Depreciation [Line Items]
Land	984
Buildings Improvements	2,705
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,689
Accumulated Depreciation	4
Kloeckner | University Park,IL
Real Estate and Accumulated Depreciation [Line Items]
Land	862
Buildings Improvements	13,540
Total Adjustment to Basis	0
Gross Amount at Which Carried	14,402
Accumulated Depreciation	16
Kohl's: | Chartlottesville, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,020
Land	3,929
Buildings Improvements	12,280
Total Adjustment to Basis	0
Gross Amount at Which Carried	16,209
Accumulated Depreciation	2,376
Kohl's: | Eagan, MN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,690
Land	3,581
Buildings Improvements	3,751
Total Adjustment to Basis	0
Gross Amount at Which Carried	7,332
Accumulated Depreciation	151
Kohl's: | Easton, MD
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,808
Land	2,962
Buildings Improvements	2,661
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,623
Accumulated Depreciation	402
Kroger: | Bay City, MI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,170
Land	718
Buildings Improvements	5,057
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,775
Accumulated Depreciation	188
Kroger: | Shelton, WA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,097
Land	1,180
Buildings Improvements	11,040
Total Adjustment to Basis	0
Gross Amount at Which Carried	12,220
Accumulated Depreciation	2,471
Kum & Go: | Cedar Rapids,IA
Real Estate and Accumulated Depreciation [Line Items]
Land	771
Buildings Improvements	2,493
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,264
Accumulated Depreciation	3
Kum & Go: | Conway, AR
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,254
Land	510
Buildings Improvements	2,577
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,087
Accumulated Depreciation	493
LA Fitness: | Bloomfield Township, MI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,150
Land	2,287
Buildings Improvements	10,075
Total Adjustment to Basis	0
Gross Amount at Which Carried	12,362
Accumulated Depreciation	2,425
LA Fitness: | Columbus, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,620
Land	1,013
Buildings Improvements	6,734
Total Adjustment to Basis	0
Gross Amount at Which Carried	7,747
Accumulated Depreciation	1,244
LA Fitness: | Garland, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,010
Land	2,005
Buildings Improvements	6,861
Total Adjustment to Basis	41
Gross Amount at Which Carried	8,907
Accumulated Depreciation	1,448
LA Fitness: | Houston, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,200
Land	5,764
Buildings Improvements	5,994
Total Adjustment to Basis	0
Gross Amount at Which Carried	11,758
Accumulated Depreciation	1,320
LA Fitness: | New Lenox, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,610
Land	1,965
Buildings Improvements	6,257
Total Adjustment to Basis	0
Gross Amount at Which Carried	8,222
Accumulated Depreciation	987
LA Fitness: | Pawtucket,RI
Real Estate and Accumulated Depreciation [Line Items]
Land	5,945
Buildings Improvements	8,012
Total Adjustment to Basis	0
Gross Amount at Which Carried	13,957
Accumulated Depreciation	9
LA Fitness: | Riverside, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,380
Land	2,557
Buildings Improvements	9,951
Total Adjustment to Basis	0
Gross Amount at Which Carried	12,508
Accumulated Depreciation	2,244
LA Fitness: | Rock Hill,SC
Real Estate and Accumulated Depreciation [Line Items]
Land	780
Buildings Improvements	7,590
Total Adjustment to Basis	0
Gross Amount at Which Carried	8,370
Accumulated Depreciation	9
Lafayette Pavilions: | Lafayette, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,710
Land	7,632
Buildings Improvements	42,497
Total Adjustment to Basis	(50,129)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Levin Furniture | Monroeville, PA
Real Estate and Accumulated Depreciation [Line Items]
Land	1,385
Buildings Improvements	9,017
Total Adjustment to Basis	0
Gross Amount at Which Carried	10,402
Accumulated Depreciation	11
Lawton Marketplace: | Lawton, OK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,980
Land	3,598
Buildings Improvements	25,228
Total Adjustment to Basis	(28,826)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Lord Salisbury Center: | Salisbury, MD
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,510
Land	6,949
Buildings Improvements	12,179
Total Adjustment to Basis	(19,128)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Lowe's: | Adrian, MI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,180
Land	2,604
Buildings Improvements	5,036
Total Adjustment to Basis	30
Gross Amount at Which Carried	7,670
Accumulated Depreciation	1,450
Lowe's: | Alpharetta, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,730
Land	7,979
Buildings Improvements	9,630
Total Adjustment to Basis	403
Gross Amount at Which Carried	18,012
Accumulated Depreciation	1,872
Lowe's: | Asheboro, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,107
Land	1,098
Buildings Improvements	6,722
Total Adjustment to Basis	0
Gross Amount at Which Carried	7,820
Accumulated Depreciation	1,368
Lowe's: | Cincinnati, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,910
Land	14,092
Buildings Improvements	0
Total Adjustment to Basis	0
Gross Amount at Which Carried	14,092
Accumulated Depreciation	0
Lowe's: | Columbia, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,988
Land	3,943
Buildings Improvements	6,353
Total Adjustment to Basis	750
Gross Amount at Which Carried	11,046
Accumulated Depreciation	1,671
Lowe's: | Covington, LA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,310
Land	10,233
Buildings Improvements	0
Total Adjustment to Basis	0
Gross Amount at Which Carried	10,233
Accumulated Depreciation	0
Lowe's: | Fremont,OH
Real Estate and Accumulated Depreciation [Line Items]
Land	3,244
Buildings Improvements	6,071
Total Adjustment to Basis	0
Gross Amount at Which Carried	9,315
Accumulated Depreciation	10
Lowe's: | Hermitage, PA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,290
Land	2,279
Buildings Improvements	12,579
Total Adjustment to Basis	0
Gross Amount at Which Carried	14,858
Accumulated Depreciation	400
Lowe's: | Lilburn, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,520
Land	8,817
Buildings Improvements	9,380
Total Adjustment to Basis	385
Gross Amount at Which Carried	18,582
Accumulated Depreciation	1,813
Lowe's: | Mansfield, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,975
Land	873
Buildings Improvements	8,256
Total Adjustment to Basis	26
Gross Amount at Which Carried	9,155
Accumulated Depreciation	1,721
Lowe's: | Marietta, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,634
Land	7,471
Buildings Improvements	8,404
Total Adjustment to Basis	392
Gross Amount at Which Carried	16,267
Accumulated Depreciation	1,649
Lowe's: | North Dartmouth,MA
Real Estate and Accumulated Depreciation [Line Items]
Land	6,774
Buildings Improvements	17,384
Total Adjustment to Basis	0
Gross Amount at Which Carried	24,158
Accumulated Depreciation	29
Lowe's: | Oxford, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,908
Land	1,668
Buildings Improvements	7,622
Total Adjustment to Basis	369
Gross Amount at Which Carried	9,659
Accumulated Depreciation	2,044
Lowe's: | Tuscaloosa, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,960
Land	4,908
Buildings Improvements	4,786
Total Adjustment to Basis	9
Gross Amount at Which Carried	9,703
Accumulated Depreciation	1,123
Lowe's: | Woodstock, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,075
Land	7,316
Buildings Improvements	8,879
Total Adjustment to Basis	392
Gross Amount at Which Carried	16,587
Accumulated Depreciation	1,739
Lowe's: | Zanesville, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,292
Land	2,161
Buildings Improvements	8,375
Total Adjustment to Basis	297
Gross Amount at Which Carried	10,833
Accumulated Depreciation	1,859
Marshalls | Wilkesboro, NC
Real Estate and Accumulated Depreciation [Line Items]
Land	1,321
Buildings Improvements	1,384
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,705
Accumulated Depreciation	3
Mattress Firm: | Ashtabula, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,150
Land	301
Buildings Improvements	1,965
Total Adjustment to Basis	(2,266)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Mattress Firm: | Draper, UT
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,300
Land	860
Buildings Improvements	1,419
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,279
Accumulated Depreciation	48
Mattress Firm: | Gadsden,AL
Real Estate and Accumulated Depreciation [Line Items]
Land	572
Buildings Improvements	765
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,337
Accumulated Depreciation	1
Mattress Firm: | Lake City, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,150
Land	517
Buildings Improvements	1,241
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,758
Accumulated Depreciation	38
Mattress Firm & Aspen Dental: | Vienna, WV
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,310
Land	774
Buildings Improvements	2,466
Total Adjustment to Basis	(3,240)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Mattress Firm & Five Guys: | Muskegon, MI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,700
Land	813
Buildings Improvements	1,766
Total Adjustment to Basis	(2,579)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Mattress Firm & Panera | Elyria,OH
Real Estate and Accumulated Depreciation [Line Items]
Land	0
Buildings Improvements	0
Total Adjustment to Basis	0
Gross Amount at Which Carried	0
Accumulated Depreciation	0
McAlister's Deli: | Lawton, OK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,151
Land	805
Buildings Improvements	1,057
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,862
Accumulated Depreciation	224
McGowin Park: | Mobile, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	42,765
Land	2,243
Buildings Improvements	69,357
Total Adjustment to Basis	(71,600)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Melody Mountain: | Ashland, KY
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,020
Land	1,286
Buildings Improvements	9,879
Total Adjustment to Basis	(11,165)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Merchants Tire & Auto: | Wake Forest, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,850
Land	782
Buildings Improvements	1,730
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,512
Accumulated Depreciation	286
Mind’s Eye: | Macomb Township,MI
Real Estate and Accumulated Depreciation [Line Items]
Land	738
Buildings Improvements	110
Total Adjustment to Basis	0
Gross Amount at Which Carried	848
Accumulated Depreciation	0
Mister Car Wash: | Athens, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,566
Land	383
Buildings Improvements	1,150
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,533
Accumulated Depreciation	143
Mister Car Wash: | Decatur, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,257
Land	257
Buildings Improvements	559
Total Adjustment to Basis	0
Gross Amount at Which Carried	816
Accumulated Depreciation	75
Mister Car Wash: | Decatur, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,858
Land	486
Buildings Improvements	1,253
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,739
Accumulated Depreciation	178
Mister Car Wash: | Decatur, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,466
Land	359
Buildings Improvements	1,152
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,511
Accumulated Depreciation	161
Mister Car Wash: | Hartselle, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,055
Land	360
Buildings Improvements	569
Total Adjustment to Basis	0
Gross Amount at Which Carried	929
Accumulated Depreciation	78
Mister Car Wash: | Hudson,FL
Real Estate and Accumulated Depreciation [Line Items]
Land	1,229
Buildings Improvements	1,562
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,791
Accumulated Depreciation	2
Mister Car Wash: | Madison, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,913
Land	562
Buildings Improvements	1,139
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,701
Accumulated Depreciation	164
Mister Car Wash: | Spring Hill,FL
Real Estate and Accumulated Depreciation [Line Items]
Land	1,123
Buildings Improvements	2,770
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,893
Accumulated Depreciation	3
Morganton Heights: | Morganton, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	22,695
Land	7,032
Buildings Improvements	29,763
Total Adjustment to Basis	(36,795)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
National Tire & Battery: | Cedar Hill, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	469
Buildings Improvements	1,951
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,420
Accumulated Depreciation	452
National Tire & Battery: | Conyers,GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,657
Land	743
Buildings Improvements	1,846
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,589
Accumulated Depreciation	2
National Tire & Battery: | Cypress, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,858
Land	910
Buildings Improvements	2,224
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,134
Accumulated Depreciation	395
National Tire & Battery: | Flower Mound, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,045
Land	779
Buildings Improvements	2,449
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,228
Accumulated Depreciation	417
National Tire & Battery: | Fort Worth, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	730
Buildings Improvements	2,309
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,039
Accumulated Depreciation	394
National Tire & Battery: | Montgomery, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,082
Land	516
Buildings Improvements	2,494
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,010
Accumulated Depreciation	582
National Tire & Battery: | North Richland Hills, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,731
Land	513
Buildings Improvements	2,579
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,092
Accumulated Depreciation	452
National Tire & Battery: | Pasadena, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,918
Land	908
Buildings Improvements	2,307
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,215
Accumulated Depreciation	409
National Tire & Battery: | Pearland, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,037
Land	1,016
Buildings Improvements	2,040
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,056
Accumulated Depreciation	354
National Tire & Battery: | Plano, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,210
Land	1,292
Buildings Improvements	2,197
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,489
Accumulated Depreciation	381
National Tire & Battery: | Tomball, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,008
Land	838
Buildings Improvements	2,229
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,067
Accumulated Depreciation	$ 385

Schedule III - Real Estate As_5

Schedule III - Real Estate Assets and Accumulated Depreciation - 4 (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,892,744
Land	994,149
Buildings Improvements	2,825,703
Total Adjustment to Basis	(1,457,677)
Gross Amount at Which Carried	2,362,175	$ 3,371,926	$ 2,530,311	$ 4,444,041
Accumulated Depreciation	158,354	$ 298,364	$ 243,122	$ 385,245
Natural Grocers: | Idaho Falls, ID
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,628
Land	833
Buildings Improvements	2,316
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,149
Accumulated Depreciation	484
Natural Grocers: | Prescott,AZ
Real Estate and Accumulated Depreciation [Line Items]
Land	1,087
Buildings Improvements	3,580
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,667
Accumulated Depreciation	4
Natural Grocers: | Waupaca, WI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,623
Land	1,286
Buildings Improvements	3,727
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,013
Accumulated Depreciation	115
Nordstrom Rack: | Tampa, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,060
Land	3,371
Buildings Improvements	6,402
Total Adjustment to Basis	(9,773)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
North Lake Square | Gainesville,GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,365
Land	0
Buildings Improvements	0
Total Adjustment to Basis	0
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Northern Tool | Hoover,AL
Real Estate and Accumulated Depreciation [Line Items]
Land	1,037
Buildings Improvements	2,474
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,511
Accumulated Depreciation	3
O'Reilly Automotive: | Bennettsville, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,205
Land	361
Buildings Improvements	1,207
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,568
Accumulated Depreciation	42
O'Reilly Automotive: | Clayton, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,324
Land	501
Buildings Improvements	945
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,446
Accumulated Depreciation	146
O'Reilly Automotive: | Decatur,GA
Real Estate and Accumulated Depreciation [Line Items]
Land	578
Buildings Improvements	1,043
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,621
Accumulated Depreciation	1
O'Reilly Automotive: | Fayetteville,NC
Real Estate and Accumulated Depreciation [Line Items]
Land	331
Buildings Improvements	1,620
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,951
Accumulated Depreciation	2
O'Reilly Automotive: | Flowood, MS
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,369
Land	506
Buildings Improvements	1,288
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,794
Accumulated Depreciation	42
O'Reilly Automotive: | Iron Mountain, MI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,234
Land	249
Buildings Improvements	1,400
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,649
Accumulated Depreciation	48
Owenboro Towne Center: | Owensboro, KY
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,760
Land	3,807
Buildings Improvements	16,259
Total Adjustment to Basis	(20,066)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Parkway Centre South: | Grove City, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,073
Land	7,027
Buildings Improvements	18,223
Total Adjustment to Basis	(25,250)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Patriot Urgent Care: | Eldersburg, MD
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	557
Buildings Improvements	876
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,433
Accumulated Depreciation	130
Pecanland Plaza: | Monroe, LA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,270
Land	2,206
Buildings Improvements	18,957
Total Adjustment to Basis	(21,163)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
PetSmart: | Lexington,NC
Real Estate and Accumulated Depreciation [Line Items]
Land	620
Buildings Improvements	3,692
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,312
Accumulated Depreciation	5
PetSmart: | McAllen,TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,924
Land	2,352
Buildings Improvements	1,309
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,661
Accumulated Depreciation	2
PetSmart: | Wilkesboro, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,470
Land	447
Buildings Improvements	1,710
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,157
Accumulated Depreciation	448
PetSmart/Old Navy: | Reynoldsburg, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,370
Land	1,295
Buildings Improvements	4,077
Total Adjustment to Basis	(5,372)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Pick 'N Save: | Heber City, UT
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,570
Land	1,160
Buildings Improvements	9,111
Total Adjustment to Basis	81
Gross Amount at Which Carried	10,352
Accumulated Depreciation	295
Pick 'N Save: | Pewaukee, WI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,990
Land	1,323
Buildings Improvements	6,761
Total Adjustment to Basis	257
Gross Amount at Which Carried	8,341
Accumulated Depreciation	1,522
Pick 'N Save: | Sheboygan, WI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	2,003
Buildings Improvements	10,695
Total Adjustment to Basis	0
Gross Amount at Which Carried	12,698
Accumulated Depreciation	2,624
Pick 'N Save: | South Milwaukee, WI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,840
Land	1,126
Buildings Improvements	5,706
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,832
Accumulated Depreciation	1,205
Pier 7 Juicy Seafood & Bar: | Lancaster, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,203
Buildings Improvements	1,620
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,823
Accumulated Depreciation	405
Plainfield Marketplace: | Plainfield, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,120
Land	3,167
Buildings Improvements	14,788
Total Adjustment to Basis	(17,955)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Plaza San Mateo: | Albuquerque, NM
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,270
Land	2,867
Buildings Improvements	11,582
Total Adjustment to Basis	(14,449)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Popeyes: | Independence, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,182
Land	333
Buildings Improvements	680
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,013
Accumulated Depreciation	133
Poplar Springs Plaza: | Duncan, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,977
Land	1,862
Buildings Improvements	5,277
Total Adjustment to Basis	(7,139)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Proctor & Gamble | Fayetteville, AR
Real Estate and Accumulated Depreciation [Line Items]
Land	1,904
Buildings Improvements	9,974
Total Adjustment to Basis	0
Gross Amount at Which Carried	11,878
Accumulated Depreciation	16
Raising Cane's: | Avondale,AZ
Real Estate and Accumulated Depreciation [Line Items]
Land	1,774
Buildings Improvements	2,381
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,155
Accumulated Depreciation	3
Raising Cane's: | Murphy, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,970
Land	495
Buildings Improvements	2,853
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,348
Accumulated Depreciation	88
Raising Cane's: | Reno, NV
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,352
Land	1,841
Buildings Improvements	2,259
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,100
Accumulated Depreciation	72
Republic Services | Scottsdale,AZ
Real Estate and Accumulated Depreciation [Line Items]
Land	11,460
Buildings Improvements	36,231
Total Adjustment to Basis	0
Gross Amount at Which Carried	47,691
Accumulated Depreciation	48
Rolling Acres Plaza: | Lady Lake, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,950
Land	7,540
Buildings Improvements	26,839
Total Adjustment to Basis	(34,379)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Safeway: | Juneau, AK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,960
Land	6,174
Buildings Improvements	8,791
Total Adjustment to Basis	0
Gross Amount at Which Carried	14,965
Accumulated Depreciation	285
Sam's Club | Timonium,MD
Real Estate and Accumulated Depreciation [Line Items]
Land	6,325
Buildings Improvements	10,574
Total Adjustment to Basis	0
Gross Amount at Which Carried	16,899
Accumulated Depreciation	13
Schumacher Homes: | Troy, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	992
Buildings Improvements	1,577
Total Adjustment to Basis	(1,383)
Gross Amount at Which Carried	1,186
Accumulated Depreciation	109
Sherwin Williams | Pigeon Forge,TN
Real Estate and Accumulated Depreciation [Line Items]
Land	489
Buildings Improvements	658
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,147
Accumulated Depreciation	1
Shippensburg Market Place: | Shippensburg, PA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,420
Land	1,917
Buildings Improvements	9,263
Total Adjustment to Basis	(11,180)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Shoe Carnival & Buffalo Wild Wings: | Salina, KS
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,640
Land	991
Buildings Improvements	1,909
Total Adjustment to Basis	(2,900)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Shoppes at Stroud: | Stroud Township, PA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,300
Land	3,754
Buildings Improvements	22,614
Total Adjustment to Basis	(26,368)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Shoppes of Gary Farms: | Bowling Green, KY
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,680
Land	3,529
Buildings Improvements	14,197
Total Adjustment to Basis	(17,726)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Shops at Abilene: | Abilene, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,050
Land	5,142
Buildings Improvements	19,684
Total Adjustment to Basis	(24,826)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Siemens: | Milford, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,410
Land	4,137
Buildings Improvements	23,153
Total Adjustment to Basis	0
Gross Amount at Which Carried	27,290
Accumulated Depreciation	1,041
Sleepy's | Roanoke Rapids,NC
Real Estate and Accumulated Depreciation [Line Items]
Land	339
Buildings Improvements	1,240
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,579
Accumulated Depreciation	2
Snider Fleet Solutions: | Decatur, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,311
Land	365
Buildings Improvements	1,461
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,826
Accumulated Depreciation	2
Southwest Plaza: | Springfield, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,160
Land	2,992
Buildings Improvements	48,935
Total Adjustment to Basis	(51,927)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Spinx: | Simpsonville, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,825
Land	591
Buildings Improvements	969
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,560
Accumulated Depreciation	219
Springfield Commons: | Springfield, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,111
Land	3,745
Buildings Improvements	15,049
Total Adjustment to Basis	(18,794)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Sprouts: | Bixby, OK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,280
Land	1,320
Buildings Improvements	7,117
Total Adjustment to Basis	0
Gross Amount at Which Carried	8,437
Accumulated Depreciation	1,550
Sprouts: | Lawrence, KS
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,920
Land	762
Buildings Improvements	8,111
Total Adjustment to Basis	0
Gross Amount at Which Carried	8,873
Accumulated Depreciation	242
Steinhafels: | Greenfield, WI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,481
Land	1,783
Buildings Improvements	7,643
Total Adjustment to Basis	0
Gross Amount at Which Carried	9,426
Accumulated Depreciation	224
Steinhafels: | Madison,WI
Real Estate and Accumulated Depreciation [Line Items]
Land	3,227
Buildings Improvements	8,531
Total Adjustment to Basis	0
Gross Amount at Which Carried	11,758
Accumulated Depreciation	10
Stoneridge Village: | Jefferson City, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,419
Land	1,830
Buildings Improvements	9,351
Total Adjustment to Basis	(11,181)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Stop & Shop: | North Kingstown, RI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	639
Buildings Improvements	2,057
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,696
Accumulated Depreciation	62
Summerfield Crossing: | Riverview, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,040
Land	6,130
Buildings Improvements	6,753
Total Adjustment to Basis	(12,883)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Sunbelt Rentals: | Canton, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,120
Land	147
Buildings Improvements	1,679
Total Adjustment to Basis	138
Gross Amount at Which Carried	1,964
Accumulated Depreciation	476
Sunoco: | Palm Beach Gardens, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,050
Buildings Improvements	2,667
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,717
Accumulated Depreciation	582
Sunoco: | Palm City, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,539
Land	667
Buildings Improvements	1,698
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,365
Accumulated Depreciation	372
Sunoco: | Palm Springs, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,576
Land	580
Buildings Improvements	1,907
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,487
Accumulated Depreciation	417
Sunoco: | Sebastian, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	490
Buildings Improvements	2,128
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,618
Accumulated Depreciation	465
Sunoco: | Titusville, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	626
Buildings Improvements	2,534
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,160
Accumulated Depreciation	554
SuperValu | Oglesby, IL
Real Estate and Accumulated Depreciation [Line Items]
Land	2,505
Buildings Improvements	11,777
Total Adjustment to Basis	0
Gross Amount at Which Carried	14,282
Accumulated Depreciation	17
Sutters Creek: | Rocky Mount, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,330
Land	1,458
Buildings Improvements	2,616
Total Adjustment to Basis	(4,074)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Tailwinds | Denton, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	1,064
Buildings Improvements	15,231
Total Adjustment to Basis	0
Gross Amount at Which Carried	16,295
Accumulated Depreciation	17
Take 5: | Andrews, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	898
Land	230
Buildings Improvements	862
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,092
Accumulated Depreciation	25
Take 5: | Bedford, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	916
Land	283
Buildings Improvements	837
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,120
Accumulated Depreciation	30
Take 5: | Burleson, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,141
Land	471
Buildings Improvements	936
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,407
Accumulated Depreciation	31
Take 5: | Burleson, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	842
Land	201
Buildings Improvements	837
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,038
Accumulated Depreciation	26
Take 5: | Burleson, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	655
Land	394
Buildings Improvements	407
Total Adjustment to Basis	0
Gross Amount at Which Carried	801
Accumulated Depreciation	25
Take 5: | Cedar Hill, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	804
Land	250
Buildings Improvements	705
Total Adjustment to Basis	0
Gross Amount at Which Carried	955
Accumulated Depreciation	22
Take 5: | Hereford, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	842
Land	50
Buildings Improvements	995
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,045
Accumulated Depreciation	28
Take 5: | Irving, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	468
Land	120
Buildings Improvements	445
Total Adjustment to Basis	0
Gross Amount at Which Carried	565
Accumulated Depreciation	14
Take 5: | Irving, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	842
Land	210
Buildings Improvements	818
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,028
Accumulated Depreciation	25
Take 5: | Lubbock, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,291
Land	151
Buildings Improvements	1,428
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,579
Accumulated Depreciation	40
Take 5: | Midland, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,702
Land	192
Buildings Improvements	1,861
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,053
Accumulated Depreciation	52
Take 5: | Mineral Wells, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,141
Land	131
Buildings Improvements	1,263
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,394
Accumulated Depreciation	36
Target Center: | Columbia, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,390
Land	3,234
Buildings Improvements	7,297
Total Adjustment to Basis	(10,531)
Gross Amount at Which Carried	0
Accumulated Depreciation	$ 0

Schedule III - Real Estate As_6

Schedule III - Real Estate Assets and Accumulated Depreciation - 5 (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,892,744
Land	994,149
Buildings Improvements	2,825,703
Total Adjustment to Basis	(1,457,677)
Gross Amount at Which Carried	2,362,175	$ 3,371,926	$ 2,530,311	$ 4,444,041
Accumulated Depreciation	158,354	$ 298,364	$ 243,122	$ 385,245
Tellico Greens | Loudon,TN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,982
Land	0
Buildings Improvements	0
Total Adjustment to Basis	0
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Teradata | Miami Township,OH
Real Estate and Accumulated Depreciation [Line Items]
Land	1,615
Buildings Improvements	5,250
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,865
Accumulated Depreciation	8
Terrell Mill Village: | Marietta, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,730
Land	3,079
Buildings Improvements	11,185
Total Adjustment to Basis	(14,264)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
TGI Friday's: | Chesapeake, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,731
Land	1,217
Buildings Improvements	1,388
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,605
Accumulated Depreciation	279
TGI Friday's: | Wilmington, DE
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,798
Land	1,685
Buildings Improvements	969
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,654
Accumulated Depreciation	198
The Center at Hobbs Brook: | Sturbridge, MA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,310
Land	11,241
Buildings Improvements	29,152
Total Adjustment to Basis	(40,393)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
The Market at Clifty Crossing: | Columbus, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,080
Land	2,669
Buildings Improvements	16,308
Total Adjustment to Basis	(18,977)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
The Market at Polaris: | Columbus, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,280
Land	11,828
Buildings Improvements	41,702
Total Adjustment to Basis	(53,530)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
The Marquis: | Williamsburg, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,556
Land	2,615
Buildings Improvements	11,406
Total Adjustment to Basis	(14,021)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
The Plant: | San Jose, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	123,000
Land	67,596
Buildings Improvements	108,203
Total Adjustment to Basis	(175,799)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
The Ridge at Turtle Creek: | Hattiesburg, MS
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,854
Land	2,749
Buildings Improvements	12,434
Total Adjustment to Basis	(15,183)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
The Toro Company | Windom,MN
Real Estate and Accumulated Depreciation [Line Items]
Land	292
Buildings Improvements	10,651
Total Adjustment to Basis	0
Gross Amount at Which Carried	10,943
Accumulated Depreciation	15
Time Warner | Streetsboro,OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,543
Land	1,009
Buildings Improvements	5,602
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,611
Accumulated Depreciation	7
Tire Kingdom: | Bluffton, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,409
Land	645
Buildings Improvements	1,688
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,333
Accumulated Depreciation	280
Tire Kingdom: | Summerville, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,207
Land	1,208
Buildings Improvements	1,233
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,441
Accumulated Depreciation	212
Tire Kingdom & Starbucks: | Mount Pleasant, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,389
Land	1,291
Buildings Improvements	3,149
Total Adjustment to Basis	(4,440)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Title Resource Group | Mount Laurel,NJ
Real Estate and Accumulated Depreciation [Line Items]
Land	3,129
Buildings Improvements	8,491
Total Adjustment to Basis	0
Gross Amount at Which Carried	11,620
Accumulated Depreciation	15
TJ Maxx | Danville,IL
Real Estate and Accumulated Depreciation [Line Items]
Land	463
Buildings Improvements	2,048
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,511
Accumulated Depreciation	4
Tractor Supply: | Ashland, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,480
Land	500
Buildings Improvements	2,696
Total Adjustment to Basis	175
Gross Amount at Which Carried	3,371
Accumulated Depreciation	587
Tractor Supply: | Augusta, KS
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,960
Land	407
Buildings Improvements	2,315
Total Adjustment to Basis	175
Gross Amount at Which Carried	2,897
Accumulated Depreciation	497
Tractor Supply: | Blytheville, AR
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,618
Land	780
Buildings Improvements	2,660
Total Adjustment to Basis	175
Gross Amount at Which Carried	3,615
Accumulated Depreciation	101
Tractor Supply: | Cambridge, MN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,610
Land	807
Buildings Improvements	1,272
Total Adjustment to Basis	203
Gross Amount at Which Carried	2,282
Accumulated Depreciation	386
Tractor Supply: | Canon City, CO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,480
Land	597
Buildings Improvements	2,527
Total Adjustment to Basis	175
Gross Amount at Which Carried	3,299
Accumulated Depreciation	582
Tractor Supply: | Carlyle, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,394
Land	707
Buildings Improvements	2,386
Total Adjustment to Basis	175
Gross Amount at Which Carried	3,268
Accumulated Depreciation	99
Tractor Supply: | Fortuna, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,630
Land	568
Buildings Improvements	3,819
Total Adjustment to Basis	175
Gross Amount at Which Carried	4,562
Accumulated Depreciation	783
Tractor Supply: | Logan, WV
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,049
Land	597
Buildings Improvements	3,232
Total Adjustment to Basis	175
Gross Amount at Which Carried	4,004
Accumulated Depreciation	107
Tractor Supply: | Lumberton, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,930
Land	611
Buildings Improvements	2,007
Total Adjustment to Basis	175
Gross Amount at Which Carried	2,793
Accumulated Depreciation	500
Tractor Supply: | Marion, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,840
Land	1,536
Buildings Improvements	1,099
Total Adjustment to Basis	175
Gross Amount at Which Carried	2,810
Accumulated Depreciation	248
Tractor Supply: | Midland, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,930
Land	865
Buildings Improvements	2,182
Total Adjustment to Basis	175
Gross Amount at Which Carried	3,222
Accumulated Depreciation	86
Tractor Supply: | Monticello, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,160
Land	448
Buildings Improvements	1,916
Total Adjustment to Basis	175
Gross Amount at Which Carried	2,539
Accumulated Depreciation	475
Tractor Supply: | Shelbyville, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,379
Land	586
Buildings Improvements	2,576
Total Adjustment to Basis	175
Gross Amount at Which Carried	3,337
Accumulated Depreciation	96
Tractor Supply: | South Hill, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,020
Land	630
Buildings Improvements	2,179
Total Adjustment to Basis	175
Gross Amount at Which Carried	2,984
Accumulated Depreciation	509
Tractor Supply: | Weaverville, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,340
Land	867
Buildings Improvements	3,138
Total Adjustment to Basis	277
Gross Amount at Which Carried	4,282
Accumulated Depreciation	716
Tractor Supply: | Woodward, OK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,960
Land	446
Buildings Improvements	1,973
Total Adjustment to Basis	175
Gross Amount at Which Carried	2,594
Accumulated Depreciation	464
Trader Joe's: | Asheville, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,460
Land	2,770
Buildings Improvements	3,766
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,536
Accumulated Depreciation	848
Trader Joe's: | Wilmington, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,710
Land	2,016
Buildings Improvements	2,519
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,535
Accumulated Depreciation	713
Trader Joe's: | Columbia, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,180
Land	2,308
Buildings Improvements	2,597
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,905
Accumulated Depreciation	670
Triangle Town Place | Raleigh, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,400
Land	0
Buildings Improvements	0
Total Adjustment to Basis	0
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Turfway Crossing: | Florence, KY
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,350
Land	2,261
Buildings Improvements	10,323
Total Adjustment to Basis	(12,584)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Ulta Salon: | Albany, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,530
Land	441
Buildings Improvements	1,757
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,198
Accumulated Depreciation	360
Ulta Salon: | Greeley, CO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,930
Land	596
Buildings Improvements	2,035
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,631
Accumulated Depreciation	369
United Oil: | Bellflower, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,960
Land	1,246
Buildings Improvements	788
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,034
Accumulated Depreciation	145
United Oil: | Brea, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,940
Land	2,393
Buildings Improvements	658
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,051
Accumulated Depreciation	120
United Oil: | Carson, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,469
Land	2,354
Buildings Improvements	4,821
Total Adjustment to Basis	0
Gross Amount at Which Carried	7,175
Accumulated Depreciation	148
United Oil: | El Cajon, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,893
Land	1,533
Buildings Improvements	568
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,101
Accumulated Depreciation	104
United Oil: | El Cajon, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,683
Land	1,225
Buildings Improvements	368
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,593
Accumulated Depreciation	67
United Oil: | El Monte, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	766
Buildings Improvements	510
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,276
Accumulated Depreciation	93
United Oil: | Escondido, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	3,514
Buildings Improvements	1,062
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,576
Accumulated Depreciation	195
United Oil: | Fallbrook, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,613
Land	1,266
Buildings Improvements	3,458
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,724
Accumulated Depreciation	96
United Oil: | Glendale, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	4,871
Buildings Improvements	795
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,666
Accumulated Depreciation	146
United Oil: | Harbor City, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,367
Land	1,359
Buildings Improvements	3,047
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,406
Accumulated Depreciation	87
United Oil: | Hawthorne, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,035
Land	896
Buildings Improvements	1,764
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,660
Accumulated Depreciation	51
United Oil: | Inglewood, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,809
Buildings Improvements	878
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,687
Accumulated Depreciation	161
United Oil: | La Habra, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,454
Land	1,971
Buildings Improvements	571
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,542
Accumulated Depreciation	104
United Oil: | Lakewood, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,741
Land	2,499
Buildings Improvements	2,400
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,899
Accumulated Depreciation	75
United Oil: | Lawndale, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,244
Land	1,462
Buildings Improvements	862
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,324
Accumulated Depreciation	158
United Oil: | Long Beach, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,806
Land	1,088
Buildings Improvements	2,582
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,670
Accumulated Depreciation	75
United Oil: | Long Beach, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	2,778
Buildings Improvements	883
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,661
Accumulated Depreciation	162
United Oil: | Los Angeles, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	2,334
Buildings Improvements	717
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,051
Accumulated Depreciation	131
United Oil: | Los Angeles, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	3,552
Buildings Improvements	1,242
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,794
Accumulated Depreciation	227
United Oil: | Los Angeles, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	2,745
Buildings Improvements	669
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,414
Accumulated Depreciation	122
United Oil: | Los Angeles, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	3,930
Buildings Improvements	428
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,358
Accumulated Depreciation	79
United Oil: | Los Angeles, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,292
Land	1,927
Buildings Improvements	1,484
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,411
Accumulated Depreciation	272
United Oil: | Los Angeles, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,806
Land	2,182
Buildings Improvements	701
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,883
Accumulated Depreciation	128
United Oil: | Los Angeles, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,853
Land	2,435
Buildings Improvements	2,614
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,049
Accumulated Depreciation	$ 76

Schedule III - Real Estate As_7

Schedule III - Real Estate Assets and Accumulated Depreciation - 6 (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,892,744
Land	994,149
Buildings Improvements	2,825,703
Total Adjustment to Basis	(1,457,677)
Gross Amount at Which Carried	2,362,175	$ 3,371,926	$ 2,530,311	$ 4,444,041
Accumulated Depreciation	158,354	$ 298,364	$ 243,122	$ 385,245
United Oil: | Los Angeles, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,205
Land	2,016
Buildings Improvements	3,486
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,502
Accumulated Depreciation	97
United Oil: | Madera, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,500
Buildings Improvements	3,804
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,304
Accumulated Depreciation	447
United Oil: | Norco, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,224
Land	1,852
Buildings Improvements	1,489
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,341
Accumulated Depreciation	273
United Oil: | Poway, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	3,072
Buildings Improvements	705
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,777
Accumulated Depreciation	129
United Oil: | San Clemente, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,272
Land	2,036
Buildings Improvements	3,561
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,597
Accumulated Depreciation	101
United Oil: | San Diego, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,312
Land	1,362
Buildings Improvements	1,662
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,024
Accumulated Depreciation	50
United Oil: | San Diego, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,643
Land	1,547
Buildings Improvements	3,218
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,765
Accumulated Depreciation	91
United Oil: | San Diego, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,975
Land	2,409
Buildings Improvements	4,105
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,514
Accumulated Depreciation	122
United Oil: | San Diego, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	2,977
Buildings Improvements	1,448
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,425
Accumulated Depreciation	265
United Oil: | San Diego, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,663
Land	1,877
Buildings Improvements	883
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,760
Accumulated Depreciation	161
United Oil: | San Diego, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,824
Buildings Improvements	382
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,206
Accumulated Depreciation	71
United Oil: | Santa Ana, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,596
Land	1,629
Buildings Improvements	1,766
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,395
Accumulated Depreciation	53
United Oil: | Santa Clarita, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	4,787
Buildings Improvements	733
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,520
Accumulated Depreciation	134
United Oil: | Sun City, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,136
Buildings Improvements	1,421
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,557
Accumulated Depreciation	260
United Oil: | Vista, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,312
Land	2,063
Buildings Improvements	334
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,397
Accumulated Depreciation	61
United Oil: | Vista (Vista), CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,244
Land	2,028
Buildings Improvements	418
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,446
Accumulated Depreciation	77
United Oil: | Whittier, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,521
Land	1,629
Buildings Improvements	985
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,614
Accumulated Depreciation	181
University Marketplace: | Marion, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,400
Land	850
Buildings Improvements	6,722
Total Adjustment to Basis	(7,572)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Urban Air Adventure Park: | Waukesha, WI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,115
Land	3,408
Buildings Improvements	12,918
Total Adjustment to Basis	666
Gross Amount at Which Carried	16,992
Accumulated Depreciation	2,428
Vacant: | Appleton, WI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	895
Buildings Improvements	1,026
Total Adjustment to Basis	(1,194)
Gross Amount at Which Carried	727
Accumulated Depreciation	22
Vacant: | Cherokee, IA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	217
Buildings Improvements	3,326
Total Adjustment to Basis	(2,867)
Gross Amount at Which Carried	676
Accumulated Depreciation	4
Vacant: | Richmond, VA
Real Estate and Accumulated Depreciation [Line Items]
Land	925
Buildings Improvements	10
Total Adjustment to Basis	0
Gross Amount at Which Carried	935
Accumulated Depreciation	0
Vacant: | Sanford, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,031
Buildings Improvements	1,807
Total Adjustment to Basis	(1,858)
Gross Amount at Which Carried	980
Accumulated Depreciation	33
Vacant: | Valentine, NE
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	395
Buildings Improvements	3,549
Total Adjustment to Basis	(2,765)
Gross Amount at Which Carried	1,179
Accumulated Depreciation	8
Vacant: | Walker, LA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	899
Buildings Improvements	3,910
Total Adjustment to Basis	(85)
Gross Amount at Which Carried	4,724
Accumulated Depreciation	758
Vacant: | Willmar, MN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	200
Buildings Improvements	1,279
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,479
Accumulated Depreciation	220
Vacant: | York,PA
Real Estate and Accumulated Depreciation [Line Items]
Land	0
Buildings Improvements	5,145
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,145
Accumulated Depreciation	0
Valeo North American HQ: | Troy, MI
Real Estate and Accumulated Depreciation [Line Items]
Land	1,880
Buildings Improvements	9,813
Total Adjustment to Basis	0
Gross Amount at Which Carried	11,693
Accumulated Depreciation	19
Valeo Production Facility: | East Liberty,OH
Real Estate and Accumulated Depreciation [Line Items]
Land	357
Buildings Improvements	4,989
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,346
Accumulated Depreciation	7
Valvoline HQ: | Lexington, KY
Real Estate and Accumulated Depreciation [Line Items]
Land	5,558
Buildings Improvements	41,234
Total Adjustment to Basis	0
Gross Amount at Which Carried	46,792
Accumulated Depreciation	51
Ventura Place: | Albuquerque, NM
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,760
Land	5,203
Buildings Improvements	7,998
Total Adjustment to Basis	(13,201)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
WakeMed MyCare 365: | Raleigh, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	329
Buildings Improvements	556
Total Adjustment to Basis	0
Gross Amount at Which Carried	885
Accumulated Depreciation	20
Walmart: | Anderson, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,741
Land	2,424
Buildings Improvements	9,719
Total Adjustment to Basis	0
Gross Amount at Which Carried	12,143
Accumulated Depreciation	1,495
Walmart: | Florence, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,023
Land	2,013
Buildings Improvements	9,225
Total Adjustment to Basis	0
Gross Amount at Which Carried	11,238
Accumulated Depreciation	1,413
Walmart: | Perry, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,440
Land	2,270
Buildings Improvements	11,053
Total Adjustment to Basis	0
Gross Amount at Which Carried	13,323
Accumulated Depreciation	2,678
Walmart: | Randallstown,MD
Real Estate and Accumulated Depreciation [Line Items]
Land	8,382
Buildings Improvements	23,365
Total Adjustment to Basis	0
Gross Amount at Which Carried	31,747
Accumulated Depreciation	29
Walmart: | Summerville, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,280
Land	2,410
Buildings Improvements	2,098
Total Adjustment to Basis	(4,508)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Walmart: | Tallahassee, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,331
Land	14,823
Buildings Improvements	0
Total Adjustment to Basis	0
Gross Amount at Which Carried	14,823
Accumulated Depreciation	0
Walmart: | York, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,865
Land	1,913
Buildings Improvements	11,410
Total Adjustment to Basis	0
Gross Amount at Which Carried	13,323
Accumulated Depreciation	2,746
Walgreens: | Austintown, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,643
Land	637
Buildings Improvements	4,173
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,810
Accumulated Depreciation	884
Walgreens: | Clinton, MI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,139
Land	1,977
Buildings Improvements	4,232
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,209
Accumulated Depreciation	130
Walgreens: | Connelly Springs, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,349
Buildings Improvements	3,628
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,977
Accumulated Depreciation	788
Walgreens: | Coweta,OK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,584
Land	897
Buildings Improvements	3,303
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,200
Accumulated Depreciation	4
Walgreens: | Danville, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,908
Land	989
Buildings Improvements	4,547
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,536
Accumulated Depreciation	1,100
Walgreens: | Dearborn Heights, MI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,187
Land	2,236
Buildings Improvements	3,411
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,647
Accumulated Depreciation	745
Walgreens: | East Chicago, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	331
Buildings Improvements	5,242
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,573
Accumulated Depreciation	970
Walgreens: | Fort Madison, IA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,554
Land	514
Buildings Improvements	3,723
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,237
Accumulated Depreciation	796
Walgreens: | Harrison, AR
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,671
Land	1,237
Buildings Improvements	5,424
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,661
Accumulated Depreciation	158
Walgreens: | Huntsville, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,273
Land	1,931
Buildings Improvements	2,457
Total Adjustment to Basis	(4,388)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Walgreens: | Indianapolis, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,526
Land	1,212
Buildings Improvements	5,484
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,696
Accumulated Depreciation	159
Walgreens: | Kannapolis, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,480
Buildings Improvements	5,031
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,511
Accumulated Depreciation	1,106
Walgreens: | Las Vegas, NV
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,943
Land	2,325
Buildings Improvements	3,262
Total Adjustment to Basis	70
Gross Amount at Which Carried	5,657
Accumulated Depreciation	704
Walgreens: | Lawton, OK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,824
Land	860
Buildings Improvements	2,539
Total Adjustment to Basis	106
Gross Amount at Which Carried	3,505
Accumulated Depreciation	563
Walgreens: | Lees Summit, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,114
Land	1,205
Buildings Improvements	4,884
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,089
Accumulated Depreciation	147
Walgreens: | Little Rock, AR
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,489
Land	548
Buildings Improvements	4,676
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,224
Accumulated Depreciation	885
Walgreens: | Lubbock, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,610
Land	565
Buildings Improvements	3,257
Total Adjustment to Basis	103
Gross Amount at Which Carried	3,925
Accumulated Depreciation	774
Walgreens: | Lubbock, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,180
Land	531
Buildings Improvements	2,951
Total Adjustment to Basis	102
Gross Amount at Which Carried	3,584
Accumulated Depreciation	697
Walgreens: | Metropolis, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,182
Land	284
Buildings Improvements	4,991
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,275
Accumulated Depreciation	924
Walgreens: | Reidsville,NC
Real Estate and Accumulated Depreciation [Line Items]
Land	722
Buildings Improvements	5,117
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,839
Accumulated Depreciation	6
Walgreens: | Sacramento, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,299
Land	324
Buildings Improvements	2,669
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,993
Accumulated Depreciation	528
Walgreens: | San Antonio, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,051
Land	1,417
Buildings Improvements	7,932
Total Adjustment to Basis	0
Gross Amount at Which Carried	9,349
Accumulated Depreciation	218
Walgreens: | Siloam Springs, AR
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,776
Land	936
Buildings Improvements	4,367
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,303
Accumulated Depreciation	131
Walgreens: | Slidell, LA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,977
Land	757
Buildings Improvements	3,557
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,314
Accumulated Depreciation	111
Walgreens: | Springfield, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	830
Buildings Improvements	3,619
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,449
Accumulated Depreciation	896
Walgreens: | St. Louis, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,534
Land	355
Buildings Improvements	3,149
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,504
Accumulated Depreciation	4
Walgreens: | Suffolk, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,115
Land	1,261
Buildings Improvements	3,461
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,722
Accumulated Depreciation	901
Walgreens: | Whiteville, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	829
Buildings Improvements	4,090
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,919
Accumulated Depreciation	120
Walgreens/KeyBank: | Newburgh, NY
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,000
Land	3,280
Buildings Improvements	5,441
Total Adjustment to Basis	(8,721)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Wallace Commons: | Salisbury, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,590
Land	3,265
Buildings Improvements	8,058
Total Adjustment to Basis	(11,323)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Wallace Commons II: | Salisbury, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,990
Land	2,231
Buildings Improvements	8,479
Total Adjustment to Basis	(10,710)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Waterford South Park: | Clarksville, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,114
Land	2,946
Buildings Improvements	8,564
Total Adjustment to Basis	(11,510)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Weasler Engineering | West Bend, WI
Real Estate and Accumulated Depreciation [Line Items]
Land	1,019
Buildings Improvements	13,390
Total Adjustment to Basis	0
Gross Amount at Which Carried	14,409
Accumulated Depreciation	19
Wendy's: | Grafton, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,616
Land	539
Buildings Improvements	894
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,433
Accumulated Depreciation	176
Wendy's: | Westminster, CO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,010
Land	596
Buildings Improvements	1,108
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,704
Accumulated Depreciation	217
Western Crossing: | Jacksonville, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,190
Land	3,382
Buildings Improvements	7,775
Total Adjustment to Basis	(11,157)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
West Marine: | Chicago, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,370
Land	4,442
Buildings Improvements	8,698
Total Adjustment to Basis	0
Gross Amount at Which Carried	13,140
Accumulated Depreciation	248
West Marine: | Mystic,CT
Real Estate and Accumulated Depreciation [Line Items]
Land	1,966
Buildings Improvements	1,968
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,934
Accumulated Depreciation	4
West Marine: | Panama City, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,930
Land	676
Buildings Improvements	2,220
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,896
Accumulated Depreciation	469
West Marine: | Pensacola, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,960
Land	1,107
Buildings Improvements	3,397
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,504
Accumulated Depreciation	696
Westover Market: | San Antonio, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,790
Land	2,705
Buildings Improvements	7,959
Total Adjustment to Basis	(10,664)
Gross Amount at Which Carried	0
Accumulated Depreciation	0
Winn-Dixie: | Amite, LA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,670
Land	1,479
Buildings Improvements	1,691
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,170
Accumulated Depreciation	98
H&E Equipment Services | Albuquerque, NM
Real Estate and Accumulated Depreciation [Line Items]
Land	1,355
Buildings Improvements	4,622
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,977
Accumulated Depreciation	$ 6

Schedule III - Real Estate As_8

Schedule III - Real Estate Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate and Accumulated Depreciation [Line Items]
Property, plant and equipment, land and real estate assets, net tax basis	$ 3,900,000
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance, beginning of period	3,371,926	$ 2,530,311	$ 4,444,041
Additions
Acquisitions	752,272	738,172	5,305
Improvements	3,785	192,591	13,832
Assets placed back into service	0	200,758	0
Total additions	756,057	1,131,521	19,137
Less: Deductions
Cost of real estate sold	426,436	83,144	1,448,915
Other (including provisions for impairment of real estate assets)	1,339,372	206,762	483,952
Total deductions	1,765,808	289,906	1,932,867
Balance, end of period	2,362,175	3,371,926	2,530,311
Gross intangible lease assets	314,832	389,564
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance, beginning of period	298,364	243,122	385,245
Additions
Acquisitions - Depreciation expense for building, acquisitions costs and tenant improvements acquired	61,868	56,218	73,790
Improvements - Depreciation expense for tenant improvements and building equipment	5,140	2,280	2,352
Total additions	67,008	58,498	76,142
Deductions
Cost of real estate sold	43,600	10,108	144,820
Other (including provisions for impairment of real estate assets)	163,418	(6,852)	73,445
Total deductions	207,018	3,256	218,265
Balance, end of period	158,354	298,364	$ 243,122
Notes payable, repurchase facilities and credit facilities, net	4,143,205	$ 2,144,993
CIM Income NAV Credit Facility
Deductions
Notes payable, repurchase facilities and credit facilities, net	$ 413,500
Buildings
Deductions
Acquired real estate asset, useful life	40 years
Tenant Improvements
Deductions
Acquired real estate asset, useful life	15 years
Intangible lease assets
Less: Deductions
Gross intangible lease assets	$ 314,800
Accumulated amortization of intangible lease assets	$ 77,100

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans On Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face amount of Mortgages	$ 1,985,722
Carrying amount of mortgages	1,968,585
Provision for (reversal of) credit losses	(9,930)
Net balance, end of period	1,958,655	$ 428,393	$ 298,880	$ 89,762
Principal amount of loans subject to delinquent principal or interest	0
Contiguous mezzanine loan components	20,100
Increase in provision for credit losses	2,881	$ 68,356	$ 0
Mezzanine loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Increase in provision for credit losses	$ 15,200
Office / Duluth, Georgia | First mortgage loan | One-Month LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	315.00%
Face amount of Mortgages	$ 47,878
Carrying amount of mortgages	47,585
Principal amount of loans subject to delinquent principal or interest	$ 0
Office / Dallas, Texas | First mortgage loan | One-Month LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	375.00%
Face amount of Mortgages	$ 72,170
Carrying amount of mortgages	71,427
Principal amount of loans subject to delinquent principal or interest	$ 0
Office / Orlando, Florida | First mortgage loan | One-Month LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	400.00%
Face amount of Mortgages	$ 72,930
Carrying amount of mortgages	72,505
Principal amount of loans subject to delinquent principal or interest	$ 0
Multifamily / Indianapolis, Indiana | First mortgage loan | One-Month LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	435.00%
Face amount of Mortgages	$ 80,911
Carrying amount of mortgages	80,332
Principal amount of loans subject to delinquent principal or interest	$ 0
Office / San Diego, California | First mortgage loan | One-Month LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	455.00%
Face amount of Mortgages	$ 99,525
Carrying amount of mortgages	98,536
Principal amount of loans subject to delinquent principal or interest	$ 0
Office / Houston, Texas | First mortgage loan | One-Month LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	200.00%
Face amount of Mortgages	$ 86,739
Carrying amount of mortgages	86,739
Principal amount of loans subject to delinquent principal or interest	$ 0
Office Houston, Texas 2 | First mortgage loan | One-Month LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	255.00%
Face amount of Mortgages	$ 11,493
Carrying amount of mortgages	11,493
Principal amount of loans subject to delinquent principal or interest	$ 0
Office San Diego, California 2 | First mortgage loan | One-Month LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	380.00%
Face amount of Mortgages	$ 105,000
Carrying amount of mortgages	104,304
Principal amount of loans subject to delinquent principal or interest	$ 0
Office / Irvine, California | First mortgage loan | One-Month LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	345.00%
Face amount of Mortgages	$ 154,182
Carrying amount of mortgages	152,573
Principal amount of loans subject to delinquent principal or interest	$ 0
Office / Bethesda, Maryland | First mortgage loan | One-Month LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	375.00%
Face amount of Mortgages	$ 52,500
Carrying amount of mortgages	51,868
Principal amount of loans subject to delinquent principal or interest	$ 0
Mixed use / Fort Lauderdale, Florida | First mortgage loan | One-Month LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	147.00%
Face amount of Mortgages	$ 128,955
Carrying amount of mortgages	127,253
Principal amount of loans subject to delinquent principal or interest	$ 0
Multifamily / Los Angeles, California | First mortgage loan | One-Month LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	250.00%
Face amount of Mortgages	$ 119,401
Carrying amount of mortgages	118,510
Principal amount of loans subject to delinquent principal or interest	$ 0
Retail / Queens, New York | First mortgage loan | One-Month LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	415.00%
Face amount of Mortgages	$ 65,000
Carrying amount of mortgages	64,389
Principal amount of loans subject to delinquent principal or interest	$ 0
Multifamily / San Jose, California | First mortgage loan | One-Month LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	290.00%
Face amount of Mortgages	$ 149,100
Carrying amount of mortgages	148,131
Principal amount of loans subject to delinquent principal or interest	$ 0
Multifamily / Arlington, Virginia | First mortgage loan | One-Month Term SOFR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	275.00%
Face amount of Mortgages	$ 82,190
Carrying amount of mortgages	81,522
Principal amount of loans subject to delinquent principal or interest	$ 0
Multifamily / Brooklyn, New York | First mortgage loan | One-Month LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	350.00%
Face amount of Mortgages	$ 81,000
Carrying amount of mortgages	80,200
Principal amount of loans subject to delinquent principal or interest	$ 0
Office / McLean, Virginia | First mortgage loan | One-Month LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	330.00%
Face amount of Mortgages	$ 121,000
Carrying amount of mortgages	119,530
Principal amount of loans subject to delinquent principal or interest	$ 0
Multifamily / Gainesville, Florida | First mortgage loan | One-Month Term SOFR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	320.00%
Face amount of Mortgages	$ 67,498
Carrying amount of mortgages	66,962
Principal amount of loans subject to delinquent principal or interest	$ 0
Office / Medford, Massachusetts | First mortgage loan | One-Month Term SOFR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	290.00%
Face amount of Mortgages	$ 115,500
Carrying amount of mortgages	114,027
Principal amount of loans subject to delinquent principal or interest	$ 0
Multifamily / Miami, Florida | First mortgage loan | One-Month Term SOFR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	260.00%
Face amount of Mortgages	$ 154,000
Carrying amount of mortgages	152,839
Principal amount of loans subject to delinquent principal or interest	$ 0
Multifamily / Nashville, Tennessee | First mortgage loan | One-Month Term SOFR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	300.00%
Face amount of Mortgages	$ 118,750
Carrying amount of mortgages	117,860
Principal amount of loans subject to delinquent principal or interest	$ 0

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans On Real Estate - Movement in Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance, beginning of period	$ 428,393	$ 298,880	$ 89,762
Additions during period:
New loans	1,810,166	231,212	217,014
Capitalized interest	0	539	8,546
Accretion of fees and other items	2,998	1,909	2,441
Total additions	1,813,164	233,660	228,001
Less: Deductions during period:
Collections of principal	(169,094)	(47,670)	(17,186)
Capitalized interest	(9,469)	0	0
Foreclosures	(138,006)	0	0
Deferred fees and other items	(17,031)	(3,200)	(1,697)
Total deductions	(333,600)	(50,870)	(18,883)
Cure payments receivable	0	7,351	0
Provision for (reversal of) credit losses	50,698	(60,628)	0
Net balance, end of period	$ 1,958,655	$ 428,393	$ 298,880