CIM Real Estate Finance Trust (CMRF) 10-K 28 Mar 23 2022 FY Annual report Financial data

Cover

Cover - USD ($) shares in Millions, $ in Billions	12 Months Ended
	Dec. 31, 2022	Mar. 21, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
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			$ 3.1
Entity Common Stock, Shares Outstanding		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 2023 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	2022
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Tempe, Arizona

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Real estate assets:
Land	$ 578,970	$ 655,273
Buildings, fixtures and improvements	1,462,726	1,706,902
Intangible lease assets	276,684	314,832
Condominium developments	130,494	171,080
Total real estate assets, at cost	2,448,874	2,848,087
Less: accumulated depreciation and amortization	(270,946)	(235,481)
Total real estate assets, net	2,177,928	2,612,606
Investment in unconsolidated entities	100,604	109,547
Real estate-related securities ($576,391 and $41,981 held at fair value as of December 31, 2022 and December 31, 2021, respectively)	576,391	105,471
Loans held-for-investment and related receivables, net	4,043,898	2,624,101
Less: Current expected credit losses	(42,344)	(15,201)
Total loans held-for-investment and related receivables, net	4,001,554	2,608,900
Cash and cash equivalents	118,978	107,381
Restricted cash	57,616	36,792
Rents and tenant receivables, net	33,968	58,948
Prepaid expenses, derivative assets and other assets	26,243	11,829
Deferred costs, net	16,429	7,214
Accrued interest receivable	22,343	4,450
Assets held for sale	0	1,299,638
Total assets	7,132,054	6,962,776
LIABILITIES AND STOCKHOLDERS’ EQUITY
Repurchase facilities, notes payable and credit facilities, net	4,422,833	4,143,205
Accrued expenses and accounts payable	25,666	45,872
Due to affiliates	16,086	14,594
Intangible lease liabilities, net	19,054	24,896
Distributions payable	14,828	13,252
Deferred rental income, derivative liabilities and other liabilities	7,274	21,282
Total liabilities	4,505,741	4,263,101
Commitments and contingencies (Note 12)
Redeemable common stock	170,238	170,714
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, 437,397,414 and 437,373,981 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively	4,373	4,374
Capital in excess of par value	3,529,523	3,529,126
Accumulated distributions in excess of earnings	(1,029,287)	(1,008,561)
Accumulated other comprehensive (loss) income	(48,526)	2,949
Total stockholders’ equity	2,456,083	2,527,888
Non-controlling interests	(8)	1,073
Total equity	2,456,075	2,528,961
Total liabilities, redeemable common stock, non-controlling interests and stockholders’ equity	$ 7,132,054	$ 6,962,776

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Fair value of CMBS	$ 576,391	$ 41,981
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	490,000,000	490,000,000
Common stock, shares issued (in shares)	437,397,414	437,373,981
Common stock, shares outstanding (in shares)	437,397,414	437,373,981

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Rental and other property income	$ 213,389	$ 295,164	$ 261,530
Interest income	238,757	70,561	29,393
Total revenues	452,146	365,725	290,923
Operating expenses:
General and administrative	15,364	15,078	12,042
Property operating	20,790	47,559	23,399
Real estate tax	12,612	34,943	27,691
Expense reimbursements to related parties	16,567	11,624	8,920
Management fees	52,564	47,020	40,025
Transaction-related	534	315	355
Depreciation and amortization	70,606	95,190	80,973
Real estate impairment	32,321	18,078	16,737
Increase in provision for credit losses	29,476	2,881	68,356
Total operating expenses	250,834	272,688	278,498
Gain on disposition of real estate and condominium developments, net	121,902	83,045	27,518
Merger-related expenses, net	0	(1,404)	(1,884)
Merger termination fee income	0	0	7,380
Operating income (loss)	323,214	174,678	45,439
Other income (expense)
Gain on investment in unconsolidated entities	11,952	606	0
Unrealized (loss) gain on equity security	(15,117)	0	0
Interest expense and other, net	(156,539)	(83,899)	(64,116)
Loss on extinguishment of debt	(19,644)	(4,895)	(4,841)
Total other expense	(179,348)	(88,188)	(68,957)
Net income (loss)	143,866	86,490	(23,518)
Net income allocated to non-controlling interest	66	0	0
Net income (loss) attributable to the Company	$ 143,800	$ 86,490	$ (23,518)
Weighted average number of common shares outstanding:
Basic (in shares)	437,343,624	365,726,453	311,808,605
Diluted (in shares)	437,343,624	365,726,453	311,808,605
Net income (loss) per common share:
Basic (in usd per share)	$ 0.33	$ 0.24	$ (0.08)
Diluted (in usd per share)	$ 0.33	$ 0.24	$ (0.08)

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 143,866	$ 86,490	$ (23,518)
Other comprehensive (loss) income
Unrealized (loss) gain on real estate-related securities	(51,304)	231	1,657
Reclassification adjustment for realized gain (loss) included in income as other income	0	1,419	(510)
Unrealized gain (loss) on interest rate swaps	2,361	32	(11,607)
Amount of (gain) loss reclassified from other comprehensive (loss) income into income as interest expense and other, net	(2,532)	3,314	12,321
Total other comprehensive (loss) income	(51,475)	4,996	1,861
Comprehensive income (loss)	92,391	91,486	(21,657)
Comprehensive income allocated to non-controlling interest	66	0	0
Comprehensive income (loss) attributable to the Company	$ 92,325	$ 91,486	$ (21,657)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period Of Adoption, Adjustment	Total Stockholders’ Equity	Total Stockholders’ Equity Cumulative Effect, Period Of Adoption, Adjustment	Common Stock	Capital in  Excess of Par Value	Accumulated Distributions in Excess of Earnings	Accumulated Distributions in Excess of Earnings Cumulative Effect, Period Of Adoption, Adjustment	Accumulated Other Comprehensive (Loss) Income	Non-Controlling Interests
Beginning balance (shares) at Dec. 31, 2019					311,207,725
Beginning 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 (in shares)					4,211,747
Issuance of common stock	34,191		34,191		$ 42	34,149
Issuance of common stock in connection with the CIM Income NAV Merger (in shares)					52,574,431
Issuance of common stock in connection with the CIM Income NAV Merger	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
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 (in shares)					3,574,120
Issuance of common stock	25,784		25,784		$ 36	25,748
Issuance of common stock in connection with the CIM Income NAV Merger (in shares)					74,819,899
Issuance of common stock in connection with the CIM Income NAV Merger	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)
Distributions to non-controlling interests	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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)					5,404,510
Issuance of common stock	38,912		38,912		$ 54	38,858
Equity-based compensation (shares)					89,559
Equity-based compensation	397		397			397
Distributions declared on common stock	(164,526)		(164,526)				(164,526)
Redemptions of common stock (shares)					(5,470,636)
Redemptions of common stock	(39,389)		(39,389)		$ (55)	(39,334)
Changes in redeemable common stock	476		476			476
Distributions to non-controlling interests	(1,147)									(1,147)
Comprehensive income (loss)	$ 92,391		92,325				143,800		(51,475)	66
Ending balance (shares) at Dec. 31, 2022	437,397,414				437,397,414
Ending balance at Dec. 31, 2022	$ 2,456,075		$ 2,456,083		$ 4,373	$ 3,529,523	$ (1,029,287)		$ (48,526)	$ (8)

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Distributions declared per common share (USD per share)	$ 0.376	$ 0.364	$ 0.38

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ 143,866	$ 86,490	$ (23,518)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, net	70,688	92,988	79,546
Amortization of deferred financing costs	12,143	10,073	4,245
Amortization of fair value adjustments of mortgage notes payable assumed	0	(149)	(92)
Amortization and accretion on deferred loan fees	(9,896)	(2,998)	(1,909)
Amortization of premiums and discounts on credit investments	(11,609)	(8,144)	(668)
Capitalized interest income on real estate-related securities and loans held-for-investment	(1,172)	(974)	(539)
Equity-based compensation	397	289	160
Straight-line rental income	(6,149)	(5,723)	(6,738)
Write-offs for uncollectible lease-related receivables	(894)	(694)	5,664
Gain on disposition of real estate assets and condominium developments, net	(121,902)	(83,045)	(27,518)
Loss on sale of credit investments, net	1,057	1,378	227
Gain on investment in unconsolidated entities	(11,952)	(606)	0
Gain on sale of marketable security	(22)	0	0
Unrealized loss on equity security	15,139	0	0
Amortization of fair value adjustment and gain on interest rate swaps	(2,398)	(2,814)	(13)
Impairment of real estate assets	32,321	18,078	16,737
Increase in provision for credit losses	29,476	2,881	68,356
(Gain) loss on interest rate caps	(4,586)	42	0
Return on investment in unconsolidated entities	7,312	497	0
Write-off of deferred financing costs	8,100	3,815	633
Changes in assets and liabilities:
Rents and tenant receivables, net	68,172	28,109	(10,435)
Prepaid expenses and other assets	(10,172)	67	(692)
Accrued interest receivable	(17,893)	(2,484)	(133)
Accrued expenses and accounts payable	(1,277)	8,388	8,420
Deferred rental income and other liabilities	(11,542)	3,541	(508)
Due to affiliates	1,492	(831)	(656)
Net cash provided by operating activities	178,699	148,174	110,569
Cash flows from investing activities:
Cash acquired in connection with mergers	0	10,244	13,810
Investment in unconsolidated entities	(86,300)	(53,525)	0
Return of investment in unconsolidated entities	39,221	0	0
Investment in real estate-related securities	(558,218)	(321,169)	(76,644)
Investment in liquid corporate senior loans	(179,714)	(406,694)	(582,654)
Investment in corporate senior loans	(74,801)	0	0
Investment in real estate assets and capital expenditures	(23,776)	(76,283)	(48,995)
Origination and acquisition of loans held-for-investment	(1,333,298)	(1,805,324)	(238,563)
Origination and exit fees received on loans held-for-investment	13,978	17,030	3,200
Principal payments received on loans held-for-investment	172,602	326,062	119,443
Principal payments received on real estate-related securities	17,161	38	2,571
Net proceeds from sale of real estate-related securities	132	256,841	37,593
Net proceeds from disposition of real estate assets and condominium developments	1,315,176	513,528	263,797
Net proceeds from sale of liquid corporate senior loans	60,027	69,959	39,902
Redemption of investment in unconsolidated entities	60,663	0	0
Payment of property escrow deposits	0	0	(875)
Refund of property escrow deposits	0	0	875
Proceeds from the settlement of insurance claims	619	63	400
Net cash used in investing activities	(576,528)	(1,469,230)	(466,140)
Cash flows from financing activities:
Redemptions of common stock	(39,389)	(22,041)	(48,066)
Distributions to stockholders	(124,038)	(105,978)	(90,655)
Proceeds from borrowings	2,492,110	3,159,650	576,880
Repayments of borrowings, and prepayment penalties	(1,874,690)	(1,648,775)	(422,110)
Termination of interest rate swaps	(239)	(6,401)	0
Payment of loan deposits	0	(800)	(65)
Refund of loan deposits	0	865	0
Deferred financing costs paid	(22,357)	(39,699)	(5,360)
Distributions to non-controlling interests	(1,147)	0	0
Net cash provided by financing activities	430,250	1,336,821	10,624
Net increase (decrease) in cash and cash equivalents and restricted cash	32,421	15,765	(344,947)
Cash and cash equivalents and restricted cash, beginning of period	144,173	128,408	473,355
Cash and cash equivalents and restricted cash, end of period	176,594	144,173	128,408
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	118,978	107,381	121,385
Restricted cash	57,616	36,792	7,023
Total cash and cash equivalents and restricted cash	$ 176,594	$ 144,173	$ 128,408

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	12 Months Ended
	Dec. 31, 2022
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 seeks to attain attractive risk-adjusted returns and create long term value for its investors by investing in a diversified portfolio of senior secured mortgage loans, credit worthy long-term net-leased property investments and other senior loan and liquid credit investments. As of December 31, 2022, the Company owned 380 properties, comprising 10.9 million rentable square feet of commercial space located in 43 states. As of December 31, 2022, the rentable square feet at these properties was 99.2% leased, including month-to-month agreements, if any. As of December 31, 2022, the Company’s loan portfolio consisted of 350 loans with a net book value of $4.0 billion, and investments in real estate-related securities of $576.4 million. As of December 31, 2022, the Company owned condominium developments with a net book value of $130.5 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 Group”). CIM Group 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 Group also maintains additional offices across the Unites States, as well as in Korea, Hong Kong and the United Kingdom to support its platform. 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. Collectively, CMFT Management, the Company’s manager, and the Investment Advisor, together with certain other affiliates of CIM Group, serve as the Company’s sponsor, which is referred to as the Company’s “sponsor” or “CIM”. 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 “Initial Offering”). The Company ceased issuing shares in the Initial Offering on April 4, 2014. At the completion of the Initial 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 Initial Offering and approximately 5.1 million shares of common stock issued pursuant to the distribution reinvestment plan (“DRIP”) portion of the Initial Offering. The remaining approximately 404,000 unsold shares from the Initial 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 Initial 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 continues to issue shares under the Secondary DRIP Offering. The Company’s board of directors (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 Initial 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 for participants in 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, 2022, the estimated per share NAV of the Company’s common stock was $6.57, which was established by the Board on December 19, 2022 using a valuation date of September 30, 2022. Commencing on December 21, 2022, $6.57 served as the per share NAV, including for shares issued pursuant to 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, June 30, 2020 and March 31, 2021. The Company’s estimated per share NAVs are not audited or reviewed by its independent registered public accounting firm. Purchase and Sale Agreement On December 29, 2022, certain subsidiaries of the Company entered into an Agreement of Purchase and Sale (the “Realty Income Purchase and Sale Agreement”) with certain subsidiaries of Realty Income Corporation (NYSE: O) (“Realty Income”), to sell to Realty Income 185 single-tenant net lease properties encompassing approximately 4.6 million gross rentable square feet of commercial space across 34 states for total consideration of $894.0 million. The consideration is to be paid in cash. During December 2022, a cash deposit of $20.0 million was placed in escrow by Realty Income in connection with the Realty Income Purchase and Sale Agreement, which became non-refundable to Realty Income upon the expiration of the due diligence period on March 7, 2023. Subsequent to December 31, 2022, the sale of 151 of the properties under contract for sale pursuant to the Realty Income Purchase and Sale Agreement closed for total consideration of $779.0 million and a gain of approximately $19.6 million. The remaining properties are expected to close in the second quarter of 2023, although no assurances can be made that the Company will complete the sale of the remaining properties within that timeframe, or at all.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
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 and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. In determining whether the Company has controlling interests in an entity and is required to consolidate the accounts in that entity, the Company analyzes its credit and real estate investments in accordance with standards set forth in GAAP to determine whether the entities are variable interest entities (“VIEs”), and if so, whether the Company is the primary beneficiary. The Company’s judgment with respect to its level of influence or control over an entity and whether the Company is the primary beneficiary of a VIE involves consideration of various factors, including the form of the Company’s ownership interest, the Company’s voting interest, the size of the Company’s investment (including loans), and the Company’s ability to participate in major policy-making decisions. The Company’s ability to correctly assess its influence or control over an entity affects the presentation of these credit and real estate investments on the Company’s consolidated financial statements. During the year ended December 31, 2022, the Company disposed of two properties previously owned through a consolidated joint venture arrangement (the “Consolidated Joint Venture”) and therefore determined it no longer had a controlling financial interest in the Consolidated Joint Venture as of December 31, 2022. See Note 4 — Real Estate Assets for additional information. Reclassifications Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. The Company has chosen to break out the details of $4.5 million of accrued interest receivable from prepaid expenses, derivative assets and other assets previously reported totals or subtotals. The resulting impacts from the consolidated balance sheet reclassifications to the consolidated statements of cash flows for the years ended December 31, 2021 and 2020 are as follows (in thousands): Year Ended December 31, 2021 Year Ended December 31, 2020 As previously reported Reclassifications As Revised As previously reported Reclassifications As Revised Consolidated Statements of Cash Flows Rents and tenant receivables, net $ 28,230 $ (121) $ 28,109 $ (12,536) $ 2,101 $ (10,435) Prepaid expenses and other assets $ (2,538) $ 2,605 $ 67 $ 1,276 $ (1,968) $ (692) Accrued interest receivable $ — $ (2,484) $ (2,484) $ — $ (133) $ (133) 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; changes in anticipated holding periods; significant increases to budgeted costs for units under development; and a reduction in prevailing market values for assets being considered for disposition. 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, 2022, as part of the Company’s quarterly impairment review procedures, the Company recorded impairment charges of $16.2 million related to 23 properties, all of which were due to sales prices that were less than their respective carrying values. Additionally, during the year ended December 31, 2022, certain condominium units were deemed to be impaired and their carrying values were reduced to their estimated fair value, resulting in impairment charges of $16.1 million primarily due to a decrease in list prices and an increase in budgeted costs for certain units under development. The Company’s impairment assessment as of December 31, 2022 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 2023 or in future periods. During the year ended December 31, 2021, 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 during the year ended December 31, 2021, related to condominium units due to an increase in budgeted costs for certain units under development. 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, 2022, there were no assets identified as held for sale. As of December 31, 2021, in connection with the RTL Purchase and Sale Agreement (as defined in Note 4 — Real Estate Assets), the Company identified 81 properties with a carrying v alue of $1.3 billion as held for sale, which were disposed of during the year ended December 31, 2022 . Dispositions 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, 2022 and 2021 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 dispositions 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, 2022. 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. Investment in Unconsolidated Entities CMFT MT JV Holdings, LLC, an indirect wholly-owned subsidiary of the Company, is engaged in an unconsolidated joint venture arrangement through CIM NP JV Holdings, LLC (“NP JV Holdings”) (the “Unconsolidated Joint Venture”), of which it owns 50% of the outstanding equity. Through the Unconsolidated Joint Venture, which holds approximately 90% of the membership interest in NewPoint JV, LLC (the “NewPoint JV”) pursuant to the terms of the Operating Agreement entered into between the Unconsolidated Joint Venture and NewPoint Bridge Lending, LLC, the Company indirectly owns approximately 45% of the outstanding equity of the NewPoint JV on a fully diluted basis. 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 NP JV Holdings’ earnings and distributions, including unrealized gains and losses as a result of changes in fair value of the NewPoint JV. The Company records its share of NP JV Holdings’ 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 such share is recognized as a profit or loss on the consolidated statements of operations. The Company recorded a gain totaling $6.8 million, which represented its share of NP JV Holdings’ gain, during the year ended December 31, 2022 in the consolidated statements of operations. During the year ended December 31, 2022, the Company contributed an additional $86.3 million in NP JV Holdings, $39.9 million of which was returned as a return of capital and can be called back by NewPoint JV through NP JV Holdings as a capital call on a future date. As of December 31, 2022, the Company’s aggregate investment in NP JV Holdings of $100.6 million is included in investment in unconsolidated entities on the consolidated balance sheets. For more information, refer to Note 6 — Investment in Unconsolidated Entities. On March 31, 2022, the Company fully redeemed its $60.7 million investment in CIM UII Onshore, L.P. (“CIM UII Onshore”). Prior to redemption, the Company had less than 5% ownership of CIM UII Onshore and accounted 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. Prior to redemption, the Company recorded 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 such share 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 $5.2 million during the year ended December 31, 2022 in the consolidated statements of operations. During the year ended December 31, 2022, the Company received distributions of $531,000 related to its investment in CIM UII Onshore, all of which was recognized as a return on investment. As of December 31, 2021, the Company’s investment in CIM UII Onshore had a carrying value of $56.0 million. Non-controlling Interest in Consolidated Joint Venture From December 2021 to July 2022, the Company determined it had a controlling interest in the Consolidated Joint Venture and, therefore, met the requirements for consolidation. During the year ended December 31, 2022, the Company recorded net income of $66,000 and paid distributions of $1.1 million to the non-controlling interest. During the year ended December 31, 2022, the Company disposed of the underlying properties previously owned through the Consolidated Joint Venture, as further discussed in Note 4 — Real Estate Assets. 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 $19.8 million and $36.5 million of unsettled liquid corporate senior loan purchases as of December 31, 2022 and 2021, respectively. The Company had $57.6 million and $36.8 million in restricted cash as of December 31, 2022 and December 31, 2021, respectively. Included in restricted cash was $15.4 million and $7.8 million held by lenders in lockbox accounts, as of December 31, 2022 and 2021, 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 $22.6 million and $29.0 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, 2022 and 2021, respectively. In addition, the Company had a $19.6 million deposit held as cash collateral included in restricted cash as of December 31, 2022 to be applied by Barclays Bank PLC (“Barclays”) as repayment of certain eligible assets transferred under the Master Repurchase Agreement (as defined below in Note 10 — Repurchase Facilities, Notes Payable and Credit Facilities) with Barclays. Real Estate-Related Securities Real estate-related securities consists primarily of the Company’s investments in commercial mortgage-backed securities (“CMBS”) and equity 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, 2022, the Company classified its investments in CMBS 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 (loss) income. During the year ended December 31, 2022, the Company invested $558.2 million in CMBS. As of December 31, 2022, the Company had investments in 20 CMBS with an estimated aggregate fair value of $538.1 million. In addition, the Company had an investment in an equity security with an estimated aggregate fair value of $38.2 million as of December 31, 2022, which is comprised of RTL Common Stock (as defined in Note 4 — Real Estate Assets) received as consideration in connection with the RTL Purchase and Sale Agreement. This investment is carried at its estimated fair value with unrealized gains and losses reported on the consolidated statements of operations. During the year ended December 31, 2022, the Company recorded $4.1 million of dividend income on RTL Common Stock, which is included in interest expense and other, net on the consolidated statements of operations. The Company also recorded $15.1 million of unrealized loss on RTL Common Stock during the year ended December 31, 2022, which is included in unrealized loss on equity security on the consolidated statements of operations. The Company monitors its available-for-sale securities for changes in fair value. A loss 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. For additional information regarding the Company’s process for estimating current expected credit losses for its real estate-related securities, see the Current Expected Credit Losses section below. 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 years ended December 31, 2022 and 2021, the Company capitalized $1.1 million and $974,000, respectively, of interest income to real estate-related securities. Loans Held-for-Investment The Company’s loans held-for-investment include loans related to real estate assets, as well as credit investments, including commercial mortgage loans 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, 2022, the Company capitalized $62,000 of interest income to loans held-for-investment. 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, 2022, one of the Company’s liquid corporate senior loan investments was on nonaccrual status with a carrying value of $2.9 million, which represented less than 1% of the carrying value of the Company’s liquid corporate senior loans portfolio. 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 (“CECL”) 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. 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 current expected credit losses 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 first mortgage loans primarily using the Weighted Average Remaining Maturity method, which has been identified as an acceptable method for estimating CECL reserves in the Financial Accounting Standards Board (“FASB”) 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 its 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 corporate senior loans and corporate 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 inad

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2022
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, 2022, the Company concluded that $348.2 million of its CMBS fell under Level 2 and $189.9 million of its CMBS fell under Level 3. The Company’s equity security investment is valued using Level 1 inputs. The estimated fair value of the Company’s equity 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, 2022, the estimated fair value of the Company’s debt was $4.32 billion, compared to a carrying value of $4.44 billion. The estimated fair value of the Company’s debt as of December 31, 2021 was $4.11 billion, compared to a carrying value of $4.17 billion. Derivative instruments — The Company’s derivative instruments are comprised of 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, 2022 and 2021, 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 commercial real estate (“CRE”) loans held-for-investment and corporate senior loans are classified in Level 3 of the fair value hierarchy. The Company’s liquid corporate 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, 2022, $494.4 million and $168.0 million of the Company’s liquid corporate senior loans were classified in Level 2 and Level 3 of the fair value hierarchy, respectively. As of December 31, 2021, $560.4 million and $94.1 million of the Company’s liquid corporate senior loans were classified in Level 2 and Level 3 of the fair value hierarchy, respectively. As of December 31, 2022, the estimated fair value of the Company’s loans held-for-investment and related receivables, net was $3.98 billion, compared to its carrying value of $4.00 billion. 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. 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, 2022 and 2021 (in thousands): Balance as of Quoted Prices in Significant Other Significant Financial assets: CMBS $ 538,142 $ — $ 348,241 $ 189,901 Equity security 38,249 38,249 — — Interest rate caps 5,040 — 5,040 — Total financial assets $ 581,431 $ 38,249 $ 353,281 $ 189,901 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) $ — 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, 2022 and 2021 (in thousands): Level 3 Beginning Balance, January 1, 2021 $ 10,733 Total gains and losses: Unrealized gain included in other comprehensive (loss) income, 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) Balance, December 31, 2021 $ 105,361 Total gains and losses: Unrealized loss included in other comprehensive (loss) income, net (13,426) Purchases and payments received: Conversion of preferred units (1) (68,243) Purchases 4,752 Discounts, net 1,254 Capitalized interest income 1,110 Net transfers (2) 159,093 Ending Balance, December 31, 2022 $ 189,901 ____________________________________ (1) Reflects the Company’s investment in preferred units which matured during the year ended December 31, 2022 and was redeemed in exchange for an investment in a first mortgage loan. Refer to Note 8 — Loans Held-For-Investment for further discussion. (2) One of the Company’s CMBS instruments in two different tranches was transferred into Level 3 during the year ended December 31, 2022 due to a decrease in transparency of inputs and observable prices in the market. 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, 2022, real estate assets related to 23 properties were deemed to be impaired and their carrying values were reduced to an estimated fair value of $123.9 million, resulting in impairment charges of $16.2 million. Additionally, during the year ended December 31, 2022, certain condominium units were deemed to be impaired and their carrying values were reduced to their estimated fair value, resulting in impairment charges of $16.1 million. 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. 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, 2022 and 2021 : Year Ended December 31, 2022 Year Ended December 31, 2021 Discount Rate Terminal Capitalization Rate Discount Rate Terminal Capitalization Rate 8.0% - 9.7% 7.5% - 9.2% 8.0% - 10.5% 7.5% - 9.2% The following table presents the impairment charges by asset class recorded during the years ended December 31, 2022, 2021 and 2020 (in thousands): Year Ended December 31, 2022 2021 2020 Asset class impaired: Land $ 3,553 $ 1,089 $ 3,738 Buildings, fixtures and improvements 11,081 4,755 12,310 Intangible lease assets 1,550 311 737 Intangible lease liabilities — (162) (48) Condominium developments 16,137 12,085 — Total impairment loss $ 32,321 $ 18,078 $ 16,737

REAL ESTATE ASSETS

REAL ESTATE ASSETS	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
REAL ESTATE ASSETS	NOTE 4 — REAL ESTATE ASSETS 2022 Property Acquisitions During the year ended December 31, 2022, the Company did not acquire any properties. 2022 Condominium Development Project During the year ended December 31, 2022, the Company capitalized $14.0 million of expenses associated with the development of condominiums acquired via foreclosure, which is included in condominium developments in the accompanying consolidated balance sheets. 2022 Condominium Dispositions During the year ended December 31, 2022, the Company disposed of condominium units for an aggregate sales price of $40.7 million, resulting in proceeds of $33.0 million after closing costs and a gain of $4.1 million. The Company has no continuing involvement that would preclude sale treatment 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. 2022 Property Dispositions On December 20, 2021, certain subsidiaries of the Company entered into an Agreement of Purchase and Sale, as amended (the “RTL Purchase and Sale Agreement”), with American Finance Trust, Inc. (now known as The Necessity Retail REIT, Inc.) (NASDAQ: RTL) (“RTL”), American Finance Operating Partnership, L.P. (now known as The Necessity Retail REIT Operating Partnership, L.P.) (“RTL 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 included the Purchaser’s option to seek the assumption of certain existing debt, and the Purchaser’s issuance of up to $53.4 million in value of RTL’s Class A common stock, par value $0.01 per share (“RTL Common Stock”), or Class A units in RTL OP (“RTL OP Units”), subject to certain limits described more fully in the RTL Purchase and Sale Agreement. During the year ended December 31, 2022, the Company disposed of 134 properties, including 69 retail properties, 56 anchored shopping centers, six industrial properties and three office buildings, and an outparcel of land for an aggregate gross sales price of $1.69 billion, resulting in net proceeds of $1.69 billion after closing costs and a gain of $117.8 million. Included in this amount of properties disposed were the two properties previously owned through the Consolidated Joint Venture. The sale of 81 of these properties closed pursuant to the RTL Purchase and Sale Agreement for total consideration of $1.33 billion, which consisted of $1.28 billion in cash proceeds and $53.4 million of RTL Common Stock, which shares are subject to certain registration rights as described in the RTL Purchase and Sale Agreement. Such shares are included in real estate-related securities in the consolidated balance sheets. During the year ended December 31, 2022, the Company recognized earnout income of $70.0 million related to the disposition of properties pursuant to the RTL Purchase and Sale Agreement, and recorded a related receivable of $12.2 million, which is included in prepaid expenses and other assets in the consolidated balance sheets as of December 31, 2022. Subsequent to December 31, 2022, the Company collected the $12.2 million earnout income related receivable in full. The Company has no continuing involvement that would preclude sale treatment with these properties. The gain on sale of real estate, including the earnout income, is included in gain on disposition of real estate and condominium developments, net in the consolidated statements of operations. 2022 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, 2022, 23 properties totaling approximately 962,000 square feet with a carrying value of $140.1 million were deemed to be impaired and their carrying values were reduced to an estimated fair value of $123.9 million, resulting in impairment charges of $16.2 million, which were recorded in the consolidated statements of operations. Additionally, during the year ended December 31, 2022, certain condominium units were deemed to be impaired and their carrying values were reduced to their estimated fair value, resulting in impairment charges of $16.1 million, which were recorded in the consolidated statements of operations. See Note 3 — Fair Value Measurements for a further discussion regarding these impairment charges. 2021 Property Acquisitions During the year ended December 31, 2021, the Company acquired 115 commercial properties in connection with the merger with CIM Income NAV, Inc. (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 consideration received in connection with the CIM Income NAV Merger. Five of the 2021 Property Acquisitions with a fair value of $66.5 million were classified as held for sale in connection with the RTL 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. 2021 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. 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 that would preclude sale treatment 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 that would preclude sale treatment. 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 RTL 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. Subsequent to December 31, 2021, the Company disposed of these properties in phases. 2021 Impairment 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 mergers 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”), 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 Assets 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.

INTANGIBLE LEASE ASSETS AND LIA

INTANGIBLE LEASE ASSETS AND LIABILITIES	12 Months Ended
	Dec. 31, 2022
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, 2022 and 2021 (in thousands, except weighted average life remaining): As of December 31, 2022 2021 Intangible lease assets: In-place leases and other intangibles, net of accumulated amortization of $86,881 and $73,923, respectively (with a weighted average life remaining of 11.1 years and 11.4 years, respectively) $ 174,954 $ 224,931 Acquired above-market leases, net of accumulated amortization of $4,210 and $3,204, respectively (with a weighted average life remaining of 12.9 years and 13.3 years, respectively) 10,639 12,774 Total intangible lease assets, net $ 185,593 $ 237,705 Intangible lease liabilities: Acquired below-market leases, net of accumulated amortization of $5,575 and $9,043, respectively (with a weighted average life remaining of 12.4 years and 11.5 years, respectively) $ 19,054 $ 24,896 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, 2022, 2021, and 2020 (in thousands): Year Ended December 31, 2022 2021 2020 In-place lease and other intangible amortization $ 24,629 $ 28,994 $ 23,262 Above-market lease amortization $ 1,152 $ 2,379 $ 3,095 Below-market lease amortization $ 1,990 $ 5,393 $ 5,309 As of December 31, 2022, 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 2023 $ 21,684 $ 1,022 $ 1,802 2024 20,338 929 1,675 2025 17,508 916 1,603 2026 15,884 871 1,595 2027 14,894 846 1,526 Thereafter 84,646 6,055 10,853 Total $ 174,954 $ 10,639 $ 19,054

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	12 Months Ended
	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS IN UNCONSOLIDATED ENTITIES	NOTE 6 — INVESTMENT IN UNCONSOLIDATED ENTITIES During the year ended December 31, 2021, the Company entered into the Unconsolidated Joint Venture, of which the Company owns 50% of the outstanding equity. The Unconsolidated Joint Venture holds approximately 90% of the membership interest in the NewPoint JV. Through the Unconsolidated Joint Venture, the Company has a 45% interest in the NewPoint JV and accounts for its investment under the equity method. The primary purpose of the NewPoint JV is to source, underwrite, close and service on an ongoing basis multifamily bridge loans, participation interests, and other debt instruments such as loans. As of December 31, 2022, the carrying value of the Company’s investment in NP JV Holdings was $100.6 million, which approximates fair value and is included in investment in unconsolidated entities on the consolidated balance sheets. The Company received $46.0 million in distributions related to its investment in NP JV Holdings during the year ended December 31, 2022, $6.8 million of which was recognized as a return on investment and $39.2 million of which was recognized as a return of investment and reduced the invested capital and the carrying amount. As of December 31, 2022, the Company had $112.6 million of unfunded commitments related to NewPoint JV. These commitments are not reflected in the accompanying consolidated balance sheets. The Company entered into a guaranty with NewPoint JV, under which the Company agreed to guarantee the Unconsolidated Joint Venture’s cross indemnity and its share of capital contribution obligations under the agreement with NewPoint JV. On December 16, 2021, 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. During the year ended December 31, 2022 and 2021, the Company recognized an equity method net gain of $5.2 million and $606,000, respectively, related to its investment in CIM UII Onshore. The Company recognized distributions of $531,000 related to its investment in CIM UII Onshore during the year ended December 31, 2022, all of which was recognized as a return on investment. On March 31, 2022, the Company fully redeemed its $60.7 million investment in CIM UII Onshore, which represented less than 5% ownership of CIM UII Onshore and approximated fair value.

REAL ESTATE-RELATED SECURITIES

REAL ESTATE-RELATED SECURITIES	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
REAL ESTATE-RELATED SECURITIES	NOTE 7 — REAL ESTATE-RELATED SECURITIES As of December 31, 2022, the Company had real estate-related securities with an aggregate estimated fair value of $576.4 million, which included 20 CMBS investments and an investment in a publicly-traded equity security. The CMBS mature on various dates from January 2023 through June 2058 and have interest rates ranging from 5.8% and 11.7% as of December 31, 2022, with one CMBS earning a zero coupon rate. The following is a summary of the Company’s real estate-related securities as of December 31, 2022 (in thousands): Real Estate-Related Securities Amortized Cost Basis Unrealized Loss Fair Value CMBS $ 586,649 $ (48,507) $ 538,142 Equity Security 53,388 (15,139) 38,249 Total real estate-related securities $ 640,037 $ (63,646) $ 576,391 The following table provides the activity for the real estate-related securities during the year ended December 31, 2022 and 2021 (in thousands): Amortized Cost Basis Unrealized Gain (Loss) Fair Value 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 Sale of real estate-related securities (258,260) 1,419 (256,841) Capitalized interest income on real estate-related securities 974 — 974 Principal payments received on real estate-related securities (38) — (38) Unrealized gain on real estate-related securities — 231 231 Real estate-related securities as of January 1, 2022 102,674 2,797 105,471 Face value of real estate-related securities acquired 640,793 — 640,793 Investment in preferred units, net (1) (63,490) (63,490) Premiums and discounts on purchase of real estate-related securities, net of acquisition costs (33,939) — (33,939) Amortization of discount on real estate-related securities 10,160 — 10,160 Realized gain on sale of real estate-related securities (110) (22) (132) Capitalized interest income on real estate-related securities 1,110 — 1,110 Principal payments received on real estate-related securities (17,161) — (17,161) Unrealized loss on real estate-related securities — (66,421) (66,421) Real estate-related securities as of December 31, 2022 $ 640,037 $ (63,646) $ 576,391 ____________________________________ (1) Included in this balance is $68.2 million of the Company’s investment in preferred units which were redeemed during the year ended December 31, 2022 in exchange for an investment in a first mortgage loan, as further discussed in Note 8 — Loans Held-For-Investment. During the year ended December 31, 2022, the Company invested $558.2 million in CMBS. During the same period, the Company sold one marketable security with an aggregate carrying value of $110,000 resulting in net proceeds of $132,000 and a gain of $22,000. The Company also received $53.4 million in an equity security during the year ended December 31, 2022 as consideration in connection with the RTL Purchase and Sale Agreement. Unrealized gains and losses on CMBS are recorded in other comprehensive (loss) income, 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. Unrealized gains and losses on the equity security are reported on the consolidated statement of operations. During the year ended December 31, 2022, the Company recorded $66.4 million of unrealized loss on its real estate-related securities, $51.3 million of which is included in other comprehensive (loss) income in the accompanying consolidated statements of comprehensive income (loss). The remaining $15.1 million of unrealized loss on the Company’s equity security is included in unrealized loss on equity security in the accompanying consolidated statement of operations. During the year ended December 31, 2021, the Company recorded $231,000 of unrealized gain on its real estate-related securities included in other comprehensive (loss) income in the accompanying consolidated statements of comprehensive income (loss). The scheduled maturities of the Company’s CMBS as of December 31, 2022 are as follows (in thousands): CMBS Amortized Cost Estimated Fair Value Due within one year $ 316,771 $ 292,382 Due after one year through five years 228,442 214,952 Due after five years through ten years — — Due after ten years 41,436 30,808 Total $ 586,649 $ 538,142 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, 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. As of December 31, 2022, 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, 2022
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, 2022 and 2021 (dollar amounts in thousands): As of December 31, 2022 2021 First mortgage loans (1) $ 3,285,193 $ 1,968,585 Total CRE loans held-for-investment and related receivables, net 3,285,193 1,968,585 Liquid corporate senior loans 701,540 655,516 Corporate senior loans 57,165 — Loans held-for-investment and related receivables, net $ 4,043,898 $ 2,624,101 Less: Current expected credit losses (42,344) (15,201) Total loans held-for-investment and related receivable, net $ 4,001,554 $ 2,608,900 ____________________________________ (1) As of December 31, 2022, 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, 2022 and 2021 (dollar amounts in thousands): CRE Loans (1) (2) Liquid Corporate Senior Loans Corporate Senior Loans As of December 31, As of December 31, As of December 31, 2022 2021 2022 2021 2022 2021 Number of loans 29 22 317 295 4 — Principal balance $ 3,306,411 $ 1,985,722 $ 708,254 $ 659,007 $ 57,918 $ — Net book value $ 3,264,841 $ 1,958,655 $ 680,345 $ 650,245 $ 56,368 $ — Weighted-average interest rate 7.6 % 3.3 % 8.0 % 3.7 % 10.5 % — % Weighted-average maximum years to maturity 3.6 4.3 4.7 5.1 4.6 0.0 Unfunded loan commitments (3) $ 304,649 $ 209,368 $ 1,425 $ 1,562 $ 4,324 $ — ____________________________________ (1) As of December 31, 2022, 100% of the Company’s CRE loans by principal balance earned a floating rate of interest, primarily indexed to SOFR and U.S. dollar LIBOR. (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. (3) Unfunded loan commitments are subject to the satisfaction of borrower milestones and are not reflected in the accompanying consolidated balance sheets. This balance does not include unsettled liquid corporate senior loan purchases of $19.8 million that are included in cash and cash equivalents in the accompanying consolidated balance sheets. Activity relating to the Company’s loans held-for-investment portfolio was as follows for the years ended December 31, 2022 and 2021 (dollar amounts in thousands): Mezzanine Loans CRE Loans Liquid Corporate Senior Loans Corporate Senior Loans Total Loan Portfolio Balance, January 1, 2021 $ (58,038) $ 486,431 $ 463,873 $ — $ 892,266 Loan originations and acquisitions — 1,810,166 408,898 — 2,219,064 Cure payments receivable (1) — (7,351) — — (7,351) Sale of loans — — (69,918) — (69,918) Principal repayments received — (169,094) (156,968) — (326,062) Capitalized interest (1) — (9,469) — — (9,469) Deferred fees and other items — (17,031) (2,204) — (19,235) Accretion and amortization of fees and other items — 2,998 2,105 — 5,103 Foreclosure of assets (1) — (130,655) — — (130,655) Current expected credit losses 58,038 (2) (7,340) 4,459 — 55,157 Balance, January 1, 2022 — 1,958,655 650,245 — 2,608,900 Loan originations and acquisitions (3) — 1,401,539 184,513 75,851 1,661,903 Sale of loans — — (60,027) — (60,027) Principal repayments received — (80,911) (73,758) (17,933) (172,602) Capitalized interest — 62 — — 62 Deferred fees and other items (4) — (13,978) (5,856) (1,050) (20,884) Accretion and amortization of fees and other items — 9,896 1,152 297 11,345 Current expected credit losses (5) — (10,422) (15,924) (797) (27,143) Balance, December 31, 2022 $ — $ 3,264,841 $ 680,345 $ 56,368 $ 4,001,554 ____________________________________ (1) During the year ended December 31, 2021, the Company completed foreclosure of the assets which previously secured its eight mezzanine loans. (2) Includes the reversal of current expected credit losses related to the mezzanine loans upon foreclosure of the assets which previously secured the eight mezzanine loans during the year ended December 31, 2021. (3) The Company’s investment in preferred units, which was previously recorded in real estate-related securities on the accompanying consolidated balance sheets, was redeemed during the year ended December 31, 2022 in exchange for an investment in a first mortgage loan. The converted investment in preferred units of $68.2 million is included in the CRE loans balance with an all-in-rate of 11.0% and an initial maturity date of October 9, 2023. (4) Other items primarily consist of purchase discounts or premiums and deferred origination expenses. (5) Does not include current expected losses for unfunded or unsettled loan commitments. Such amounts are included in accrued expenses and accounts payable on the accompanying consolidated balance sheets. Current Expected Credit Losses Current expected credit losses reflect the Company’s current estimate of potential credit losses related to 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 related to loans held-for-investment by loan type for the year ended December 31, 2022 (dollar amounts in thousands): First Mortgage Loans Unfunded First Mortgage Loans (1) Liquid Corporate Senior Loans Unfunded or Unsettled Liquid Corporate Senior Loans (1) Corporate Senior Loans Unfunded Corporate Senior Loans (1) Total Current expected credit losses as of January 1, 2022 $ 9,930 $ — $ 5,271 $ — $ — $ — $ 15,201 Provision for credit losses 1,312 360 2,581 400 56 — 4,709 Current expected credit losses as of March 31, 2022 11,242 360 7,852 400 56 — 19,910 Provision for (reversal of) credit losses 1,832 170 2,338 (96) 615 83 4,942 Current expected credit losses as of June 30, 2022 13,074 530 10,190 304 671 83 24,852 Provision for (reversal of) credit losses 1,933 121 3,579 (85) 137 (21) 5,664 Current expected credit losses as of September 30, 2022 15,007 651 13,769 219 808 62 30,516 Provision for (reversal of) credit losses 5,345 1,239 7,426 158 (11) 4 14,161 Current expected credit losses as of December 31, 2022 $ 20,352 $ 1,890 $ 21,195 $ 377 $ 797 $ 66 $ 44,677 ____________________________________ (1) Current expected losses for unfunded or unsettled loan commitments are included in accrued expenses and accounts payable on the accompanying consolidated balance sheets. 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. 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 ratio, 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, 2022 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, 2022 Number of Loans 2022 2021 2020 2019 Total First mortgage loans by internal risk rating: 1 — $ — $ — $ — $ — $ — 2 1 — — 83,787 — 83,787 3 25 1,163,918 1,604,647 72,745 50,618 2,891,928 4 3 80,369 229,109 — — 309,478 5 — — — — — — Total first mortgage loans 29 1,244,287 1,833,756 156,532 50,618 3,285,193 Liquid corporate senior loans by internal risk rating: 1 — — — — — — 2 2 — — 5,298 — 5,298 3 304 146,331 324,010 202,092 2,322 674,755 4 10 3,268 6,255 9,045 — 18,568 5 1 (2) 2,919 — — — 2,919 Total liquid corporate senior loans 317 152,518 330,265 216,435 2,322 701,540 Corporate senior loans by internal risk rating: 1 — — — — — — 2 — — — — — — 3 4 57,165 — — — 57,165 4 — — — — — — 5 — — — — — — Total corporate senior loans 4 57,165 — — — 57,165 Less: Current expected credit losses (42,344) Total loans-held-for-investment and related receivables, net 350 $ 4,001,554 Weighted Average Risk Rating (3) 3.1 ____________________________________ (1) Date loan was originated or acquired by the Company. Origination dates are subsequently updated to reflect material loan modifications. (2) As of December 31, 2022, one of the Company’s liquid corporate senior loan investments was on nonaccrual status with a carrying value of $2.9 million, which represented less than 1% of the carrying value of the Company’s liquid corporate senior loans portfolio. (3) 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, 2022
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, 2022, two of the Company’s interest rate swap agreements matured, four of the Company’s interest rate cap agreements matured, the Company terminated three interest rate swap agreements prior to the maturity dates, and the Company entered into one interest rate cap agreement. As of December 31, 2022, the Company had two non-designated interest rate cap agreements. The following table summarizes the terms of the Company’s interest rate cap agreements and interest rate swap agreements as of December 31, 2022 and 2021 (dollar amounts in thousands): Outstanding Notional Fair Value of Assets (Liabilities) as of Balance Sheet Amount as of Interest Effective Maturity December 31, December 31, Location December 31, 2022 Rates (1) Dates Dates 2022 2021 Interest Rate Caps Prepaid expenses, derivative assets and other assets $ 712,000 8.38% to 9.00% 7/15/2021 to 9/13/2022 7/15/2023 to 10/9/2023 $ 5,040 $ 179 Interest Rate Swaps Deferred rental income, derivative liabilities and other liabilities $ — —% — — $ — $ (2,466) ____________________________________ (1) The interest rate consists of the underlying index capped to a fixed rate as of December 31, 2022. 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, 2022, 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 (loss) income, 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 year ended December 31, 2022, the amount of gain reclassified from other comprehensive (loss) income as a decrease to interest expense was $2.5 million. For the years ended December 31, 2021 and 2020, the amount of losses reclassified from other comprehensive (loss) income as an increase to interest expense was $3.3 million and $12.3 million, respectively. The total unrealized gain on interest rate swaps of $152,000 and the total unrealized loss on interest rate swaps of $3.2 million as of December 31, 2021 and 2020, respectively, is included in accumulated other comprehensive (loss) income in the accompanying consolidated statement of stockholders’ equity. No such unrealized amounts on interest rate swaps were remaining in other comprehensive (loss) income as of December 31, 2022. 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.

REPURCHASE FACILITIES, NOTES PA

REPURCHASE FACILITIES, NOTES PAYABLE AND CREDIT FACILITIES	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
REPURCHASE FACILITIES, NOTES PAYABLE AND CREDIT FACILITIES	NOTE 10 — REPURCHASE FACILITIES, NOTES PAYABLE AND CREDIT FACILITIES As of December 31, 2022, the Company had $4.4 billion of debt outstanding, including net deferred financing costs, with a weighted average years to maturity of 3.5 years and a weighted average interest rate of 5.6%. 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, 2022 and 2021, and the debt activity for the year ended December 31, 2022 (in thousands): During the Year Ended December 31, 2022 Balance as of December 31, 2021 Debt Issuances & Assumptions (1) Repayments & Modifications (2) Amortization Balance as of December 31, 2022 Notes payable – fixed rate debt $ 471,967 $ — $ (435,429) (4) $ — $ 36,538 Notes payable – variable rate debt 70,268 474,461 (79,212) — 465,517 First lien mortgage loan 650,000 — (528,060) — 121,940 ABS mortgage notes 770,775 — (7,740) — 763,035 Credit facilities 910,000 872,000 (1,043,500) — 738,500 Repurchase facilities 1,298,414 1,145,649 (125,682) — 2,318,381 Total debt 4,171,424 2,492,110 (2,219,623) — 4,443,911 Deferred costs – credit facility (3) (143) (1,085) 89 399 (740) Deferred costs – fixed rate debt and first lien mortgage loan (11,678) — 7,655 (5) 2,914 (1,109) Deferred costs – variable rate debt (271) (6,126) — 1,136 (5,261) Deferred costs – ABS mortgage notes (16,127) (179) 353 1,985 (13,968) Total debt, net $ 4,143,205 $ 2,484,720 $ (2,211,526) $ 6,434 $ 4,422,833 ____________________________________ (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 $19.6 million during the year ended December 31, 2022. (3) Deferred costs related to the term portion of the CIM Income NAV Credit Facility and the CMFT Credit Facility (both defined below). (4) Includes mortgage notes of $356.5 million that were assumed by the buyer in connection with disposition of real estate assets. (5) In connection with the repayment of certain mortgage notes, the Company wrote off $7.7 million of unamortized deferred loan costs. Notes Payable As of December 31, 2022, the Company had fixed rate debt outstanding of $36.5 million. The fixed rate debt has interest rates ranging from 4.1% to 4.5% per annum. The fixed rate debt outstanding matures on various dates from December 2024 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 $57.2 million as of December 31, 2022. Each of the mortgage notes payable comprising the fixed rate debt is secured by the respective properties on which the debt was placed. As of December 31, 2022, the Company had $465.5 million of variable rate debt outstanding, which included $423.5 million of borrowings financed through a note on note financing arrangement with Massachusetts Mutual Life Insurance Company (the “Mass Mutual Financing”). In addition, 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 (the “Assumed Variable Rate Debt”). During the year ended December 31, 2022, the Company refinanced the Assumed Variable Rate Debt and paid down the outstanding balance. The amended borrowing agreement related to the refinanced Assumed Variable Rate Debt provides for borrowings up to $62.0 million. As of December 31, 2022, the amount outstanding on the refinanced Assumed Variable Rate Debt totaled $42.0 million. The Company’s outstanding variable rate debt had a weighted average interest rate of 6.7% as of December 31, 2022, and matures on various dates from October 2024 to January 2028. 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, 2022, 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 48 properties, comprised of 47 single-tenant retail properties and one office property. As of December 31, 2022, the aggregate balance of gross real estate assets, net of gross intangible lease liabilities, securing the notes was $314.2 million. Amounts outstanding on the Mortgage Loan totaled $121.9 million with a weighted average interest rate of 8.4% as of December 31, 2022. 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. Subsequent to December 31, 2022, the Company paid down the $121.9 million outstanding balance on the Mortgage Loan, as further discussed in Note 19 — Subsequent Events. ABS Mortgage Notes On July 28, 2021, the Company issued $774.0 million aggregate principal amount of asset backed securities (“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 171 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 $985.2 million. As of December 31, 2022, amounts outstanding on the Class A Notes totaled $763.0 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 CMFT SCF Borrower, LLC, an indirect wholly owned subsidiary of the Company (the “CMFT Borrowing Sub”), has a credit agreement (the “Credit Agreement”) with the lenders from time to time parties thereto, JPMorgan Chase, as administrative agent, letter of credit issuer and syndication agent, and PNC Bank, N.A., as syndication agent, which provides for borrowings in the initial amount of $300.0 million (the “CMFT Credit Facility”), which includes a $100.0 million term loan facility (the “CMFT Term Loan”) and the ability to borrow up to $200.0 million in revolving loans (the “CMFT Revolving Loans”) under a revolving credit facility (the “CMFT Revolving Facility”) with a $30.0 million letter of credit subfacility. The CMFT Term Loan and the CMFT Revolving Facility both mature on July 15, 2025. Borrowings under the Credit Agreement bear interest at rates depending upon the type of loan specified by the CMFT Borrowing Sub, the interest period, and the Company’s adjusted leverage ratio. For alternate base rate (“ABR”) loans, the interest rate will be equal to the greater of: (a) JPMorgan Chase’s prime rate (as defined in the Credit Agreement), (b) the NYFRB Rate (as defined in the Credit Agreement) plus 0.50%, and (c) the Adjusted Term SOFR Rate (as defined in the Credit Agreement) plus 1.0% for the interest period plus the applicable rate. For term benchmark (“Term Benchmark”) loans and risk-free rate (“RFR”) loans, the interest rate is based on the Adjusted Term SOFR Rate or Adjusted Daily Simple SOFR (as defined in the Credit Agreement), respectively, for the applicable interest period plus the applicable rate. The applicable rate is based upon the adjusted leverage ratio, and for ABR Loans, ranges from 0.50% at an adjusted leverage ratio below 2.50:1.00 to 1.375% at an adjusted leverage ratio greater than 3.50:1.00. For Term Benchmark loans and RFR loans, the applicable rate is 1.00% higher than for ABR loans at each adjusted leverage ratio range. In connection with the CMFT Credit Facility, certain subsidiaries of the Company, including the CMFT Borrowing Sub, entered into a collateral assignment of equity interest and security agreement, by which certain subsidiaries of the Company, including the CMFT Borrowing Sub, pledged equity interests in certain property-owning subsidiaries as collateral to secure on a first priority basis the obligations under the CMFT Credit Facility. The Company and certain subsidiaries of the Company also entered into a guaranty with the lenders, under which the Company and certain subsidiaries agreed to guarantee the CMFT Borrowing Sub’s obligations under the Credit Agreement. As of December 31, 2022, the CMFT Term Loan and CMFT Revolving Loans outstanding totaled $100.0 million and $105.0 million, respectively. As of December 31, 2022, the Company had $205.0 million outstanding under the CMFT Credit Facility at a weighted average interest rate of 5.9% and $95.0 million in unused capacity, subject to borrowing availability. Subsequent to December 31, 2022, the Company paid down the $240.0 million outstanding balance under the CMFT Credit Facility and terminated the CMFT Credit Facility, as further discussed in Note 19 — Subsequent Events. The Company had a credit agreement (the “CIM Income NAV Credit Agreement”) with JPMorgan Chase, as administrative agent, and the lender parties thereto, that provided for borrowings of up to $425.0 million (the “CIM Income NAV Credit Facility”). The CIM Income NAV Credit Facility was set to mature on September 6, 2022. During the year ended December 31, 2022, the Company paid down the $212.5 million outstanding balance under the CIM Income NAV Credit Facility with proceeds from the closing of the CMFT Credit Facility and terminated the CIM Income NAV Credit Facility. CMFT Corporate Credit Securities, LLC, an indirect wholly-owned, bankruptcy-remote subsidiary of the Company, has a revolving credit and security agreement (the “Third Amended 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. The Third Amended Credit and Security Agreement provides for available borrowings under the revolving credit facility 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 Third Amended Credit and Security Agreement. As of December 31, 2022, the amounts borrowed and outstanding under the Credit Securities Revolver totaled $533.5 million at a weighted average interest rate of 6.5%. Borrowings under the Third Amended Credit and Security Agreement will bear interest equal to the one-month Term SOFR (as defined in the Third Amended Credit and Security Agreement) for the relevant interest period, plus an applicable rate. The applicable rate is dependent on the type of loan being financed, which includes broadly syndicated, private and middle market loans meeting certain criteria as set forth in the Third Amended Credit and Security Agreement and ranges from 1.90% to 2.75% per annum during the first two years of the reinvestment period and 2.00% to 2.85% during the last year of the reinvestment period and 2.10% to 2.95% per annum during the amortization period (and, in each case, an additional 2.00% per annum following an event of default under the Third Amended Credit and Security Agreement). The reinvestment period began on December 31, 2019 (the “Closing Date”) and concludes on the earlier of (i) the date that is three years after June 23, 2022, the date the third amendment became effective, (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 Third 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 corporate senior secured loans subject to certain eligibility criteria under the Third 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, 2022. Repurchase Facilities As of December 31, 2022, indirect wholly-owned subsidiaries of the Company (collectively, the “CMFT Lending Subs”), had Master Repurchase Agreements with Citibank, Barclays, Wells Fargo Bank, N.A. (“Wells Fargo”), Deutsche Bank AG (“Deutsche Bank”), and J.P. Morgan Securities LLC (“J.P. Morgan”) (collectively, the “Repurchase Agreements”) to provide financing primarily through each bank’s purchase of the Company’s CRE mortgage loans and CMBS and future funding advances (the “Repurchase Facilities”). The following table is a summary of the Repurchase Facilities as of December 31, 2022 (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 6.1% (3) $ 465,690 $ 335,458 Barclays 9/21/2020 9/22/2025 1,250,000 6.1% (3) 1,183,270 885,067 Wells Fargo 5/20/2021 8/30/2025 750,000 5.9% (3) 891,234 693,616 Deutsche Bank 10/8/2021 10/8/2023 300,000 6.5% (4) 192,376 146,211 J.P. Morgan 6/1/2022 1/5/2023 (5) — (5) 5.5% (6) 469,103 258,029 Total $ 2,700,000 $ 3,201,673 $ 2,318,381 __________________________________ (1) The repurchase facility with Citibank is set to mature in August 2024, with up to two one-year extension options. The repurchase facility with Barclays was set to mature in September 2024, with up to two one-year extension options. During the year ended December 31, 2022, the Company extended the current facility termination date to September 22, 2025 under the Third Amendment to the Master Repurchase Agreement with Barclays. The repurchase facility with Wells Fargo was set to mature on May 19, 2024, with up to two one-year extension options. During the year ended December 31, 2022, the Company extended the initial facility termination date to August 30, 2025 under the Third Amendment to the Master Repurchase Agreement with Wells Fargo. The repurchase facility with Deutsche Bank (“Deutsche Bank Repurchase Facility”) was 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 Agreement with Deutsche Bank. During the year ended December 31, 2022, the Company exercised the Deutsche Bank Repurchase Facility’s first extension option, extending the date of maturity to October 8, 2023, and added an additional extension option, providing for a total of four one-year extension options remaining as of December 31, 2022. (2) During the year ended December 31, 2022, the Company increased the Barclays Repurchase Facility and the repurchase facility with Wells Fargo (the “Wells Fargo Repurchase Facility”) to provide up to $1.25 billion and $750.0 million, respectively, in financing. (3) Advances under the Repurchase Agreements accrue interest at per annum rates based on the one-month LIBOR, Term SOFR (as such term is defined in the applicable Repurchase Agreement), 30-day SOFR average, or the daily compounded SOFR plus a spread ranging from 1.30% to 2.85% to be determined on a case-by-case basis between Citibank, Barclays or Wells Fargo and the CMFT Lending Subs. (4) Under the Amended and Restated Master Repurchase Agreement with Deutsche Bank, advances under the repurchase agreement may be made based on one-month Term SOFR plus a spread designated by Deutsche Bank, and the interest rate used for certain existing advances under the existing Deutsche Bank Repurchase Facility may be converted from the one-month LIBOR to one-month SOFR plus a spread ranging from 1.90% to 2.75%. (5) Facilities under the repurchase facility with J.P. Morgan (“J.P. Morgan Repurchase Facility”) carry a rolling term which is reset monthly. Such facilities carry no maximum facility size. (6) Under the Master Repurchase Agreement with J.P. Morgan, advances under the repurchase agreement may be made based on one-month Term SOFR plus a spread designated by J.P. Morgan, which as of December 31, 2022, ranges from 0.95% to 1.40%. The Repurchase Agreements provide for simultaneous agreements by Citibank, Barclays, Wells Fargo, Deutsche Bank and J.P. Morgan to re-sell such purchased CRE mortgage loans and CMBS back to CMFT Lending Subs at a certain future date or upon demand. In connection with certain of 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 certain 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, 2022. Maturities The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt subsequent to December 31, 2022 (in thousands): Year Ending December 31, Principal Repayments 2023 $ 531,143 2024 400,783 2025 1,796,445 2026 — 2027 911,180 Thereafter 804,360 Total $ 4,443,911

SUPPLEMENTAL CASH FLOW DISCLOSU

SUPPLEMENTAL CASH FLOW DISCLOSURES	12 Months Ended
	Dec. 31, 2022
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, 2022, 2021 and 2020 are as follows (in thousands): Year Ended December 31, 2022 2021 2020 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Distributions declared and unpaid $ 14,828 $ 13,252 $ 10,969 Accrued capital expenditures $ 249 $ 5,902 $ 160 Construction reserve allocation $ (4,299) $ — $ — 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 $ (356,477) $ (31,801) $ — Equity security received in connection with disposition of real estate assets $ (53,388) $ — $ — Change in interest income capitalized to loans held-for-investment $ — $ (9,469) $ 539 Accrued deferred financing costs $ 247 $ 12 $ — Common stock issued through distribution reinvestment plan $ 38,912 $ 25,784 $ 34,191 Common stock issued in connection with mergers $ — $ 538,703 $ 384,319 Change in fair value of derivative instruments $ 2,252 $ 5,907 $ 727 Change in fair value of real estate-related securities $ (51,304) $ 1,650 $ 1,147 Conversion of preferred units to loans held-for-investment $ 68,242 $ — $ — 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 $ 146,947 $ 72,533 $ 60,990 Cash paid for taxes $ 1,301 $ 1,093 $ 1,243

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2022
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, 2022, the Company had $310.4 million of unfunded loan commitments related to its existing CRE loans held-for-investment, corporate senior loans, and liquid corporate senior loans, and $112.6 million of unfunded commitments related to NewPoint JV. These commitments are not reflected in the accompanying consolidated balance sheet. As of December 31, 2022, the Company had $19.8 million of unsettled liquid corporate senior loan acquisitions, $19.2 million of which settled subsequent to December 31, 2022. 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, 2022
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 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. 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 Group, 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 years ended December 31, 2022, 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. 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, which was paid in 2020 (as shown in the table below), in accordance with the terms of the Prior Advisory Agreement. 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, 2022 2021 2020 Management fees $ 52,564 $ 47,020 $ 40,025 Disposition fees $ — $ — $ 434 Expense reimbursements to related parties (1) $ 16,567 $ 11,624 $ 8,920 ____________________________________ (1) Excludes $1.1 million of expense reimbursements recorded during the year ended December 31, 2022 attributable to earnout leasing costs under the RTL Purchase and Sale Agreement, which are included in gain on disposition of real estate and condominium developments, net in the condensed consolidated statements of operations. Due to Affiliates Of the amounts shown above, $16.1 million and $14.6 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, 2022 and 2021, 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 Board’s former valuation, compensation and affiliate transactions committee, 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. During the years ended December 31, 2022 and 2021, the Company recorded $486,000 and $162,000, respectively, in development management fees. 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 of 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 $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”). During the year ended December 31, 2022, the Company and CIM RACR upsized their investment in the preferred units with an additional $4.8 million and $364,000, respectively, and upsized their investment in the mortgage loan with an additional $6.4 million and $490,000, respectively. The Company subsequently redeemed its investment in the preferred units during the year ended December 31, 2022 in exchange for an investment in a first mortgage loan. As a result of the upsize and the conversion of preferred units, as of December 31, 2022, the Company had $203.6 million invested in the mortgage loan. In October 2021, the Company invested in a $130.0 million first mortgage 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 that is advised by an affiliate of CMFT Management. As of December 31, 2022, $122.9 million of the first mortgage loan was outstanding. 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 (“CMMT”), 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 $212.5 million, of which $99.9 million has been funded, net of $39.9 million returned as a return of capital that can be called back by NewPoint JV through NP JV Holdings as a capital call on a future date. For more information on the NewPoint JV, see Note 2 — Summary of Significant Accounting Policies. In December 2021, the Company invested in a $155.0 million first mortgage 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, 2022, $154.0 million of the first mortgage loan was outstanding. During the year ended December 31, 2022, the Company invested in a $147.0 million first mortgage loan, with an initial advance of $143.0 million, to a third-party, which was previously funded by a fund that is advised by an affiliate of CMFT Management. As of December 31, 2022, $145.5 million of the first mortgage loan was outstanding. As a result of the CIM Income NAV Merger, the Company had an investment in CIM UII Onshore, a fund that is advised by an affiliate of CMFT Management, which was fully redeemed for $60.7 million during the year ended December 31, 2022. See Note 2 — Summary of Significant Accounting Policies for more information on the CIM UII Onshore investment. During the year ended December 31, 2022, the Company and CIM RACR co-invested $75.9 million and $14.7 million, respectively, in five corporate senior loans to a third-party. As of December 31, 2022, $57.9 million of the corporate senior loans was outstanding. The Sub-Advisor provided investment services related to these corporate senior loans pursuant to the Sub-Advisory Agreement. Subsequent to December 31, 2022, the Company and CIM RACR co-invested $15.5 million and $3.1 million, respectively, in two corporate senior loans to a third-party. In addition, the Company and CIM RACR upsized a co-invested corporate senior loan to a third-party by $1.7 million and $348,000, respectively, subsequent to December 31, 2022. The Sub-Advisor provided investment management services related to these corporate senior loans pursuant to the Sub-Advisory Agreement.

ECONOMIC DEPENDENCY

ECONOMIC DEPENDENCY	12 Months Ended
	Dec. 31, 2022
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, 2022
Equity [Abstract]
STOCKHOLDERS' EQUITY	NOTE 15 — STOCKHOLDERS’ EQUITY As of December 31, 2022, 2021 and 2020, 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, 2022, 2021 and 2020, approximately 5.4 million, 3.6 million and 4.2 million shares were purchased under the DRIP Offerings for approximately $38.9 million, $25.8 million and $34.2 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 Offering, 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 for which the redemptions are being paid, and to the net proceeds the Company receives from the sale of shares in the respective quarter under the Secondary DRIP Offering. Any of the foregoing limits might prevent the Company from accommodating all redemption requests made in any fiscal quarter or in any 12-month period. The Company will determine whether it has sufficient funds and/or shares available as soon as practicable after the end of each fiscal quarter, but in any event prior to the applicable payment date. 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 from the sale of shares under the DRIP 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 and stockholders with exigent circumstances, as determined in the Company’s sole discretion and accompanied by such evidentiary documentation as the Company may request. While the shares of deceased stockholders and stockholders determined to have exigent circumstances will be included in calculating the maximum number of shares that may be redeemed in any annual or quarterly period, they will not be subject to the annual or quarterly percentage caps; therefore, if the volume of requests to redeem deceased stockholders’ shares in a particular quarter were large enough to cause the annual or quarterly percentage caps to be exceeded, even if no other redemption requests were processed, the redemptions of deceased stockholders’ shares would be completed in full, assuming sufficient proceeds from the sale of shares under the DRIP, net of shares redeemed to date, were available. If sufficient proceeds from the sale of shares under the DRIP, net of shares redeemed to date, were not available to pay all such redemptions in full, the requests to redeem deceased stockholders’ shares and, effective as of April 1, 2023, shareholders deemed to have exigent circumstances would be honored on a pro rata basis. 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, if a stockholder would like to resubmit the unsatisfied portion of the prior request for redemption, such stockholder must submit a new request for redemption of such shares prior to the last day of the new quarter. Unfulfilled requests for redemption will not be carried over automatically to subsequent redemption periods. In addition, the Company reserves the right, in its sole discretion at any time, and from time to time, to reject any request for redemption for any reason. 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 choose to amend the terms of, suspend or terminate the share redemption program at any time in its sole discretion if it believes that such action is in the best interest of the Company and its stockholders. Any material modifications or suspension of the share redemption program will be disclosed to the Company’s stockholders as promptly as practicable in the Company’s reports filed with the SEC and via the Company’s website. 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, 2022, 2021 and 2020, the Company redeemed approximately 5.5 million, 3.1 million and 6.0 million shares, respectively, under the share redemption program for $39.4 million, $22.0 million and $48.1 million, respectively. During the year ended December 31, 2022, redemption requests relating to approximately 93.5 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 From April 20, 2020 through March 24, 2021, the Board determined the amount and timing of distributions on a monthly, instead of a quarterly, basis. 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 stockholders 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 September 2022 $0.0305 October 2022 December 2022 $0.0339 January 2023 June 2023 $0.0350 As of December 31, 2022, the Company had distributions payable of $14.8 million. Equity-Based Compensation On August 10, 2018, the Board approved the adoption of the Company’s 2018 Equity Incentive Plan (the “2018 Plan”), under which 400,000 of the Company’s shares of common stock were reserved for issuance. On April 27, 2022, the Board and the compensation committee of the Board approved the Amended and Restated CIM Real Estate Finance Trust, Inc. 2022 Equity Incentive Plan (the “2022 Plan”) and the 2022 Plan was approved by the Company’s stockholders at the Company’s 2022 Annual Meeting of Stockholders held on July 12, 2022. The 2022 Plan superseded and replaced the 2018 Plan. Awards that are granted on or after the effective date of the 2022 Plan are subject to the terms and provisions of the 2022 Plan. The total number of shares of Company common stock reserved and available for issuance under the 2022 Plan at any time during the term of the 2022 Plan are 250,000 shares, which is a reduction from 400,000 shares authorized for issuance under the 2018 Plan, and awards of approximately 183,000 shares of common stock are available for future grant at December 31, 2022. Under the 2022 Plan, the Board or the compensation committee of the Board has the authority to grant certain awards to employees, non-employee directors, and consultants or advisors of the Company, including stock option awards, restricted stock awards or deferred stock awards, which awards will further align such persons’ interests with the interests of the Company’s stockholders. The Board or the compensation committee of the Board also has the authority to determine the terms of any award granted pursuant to the 2022 Plan, including vesting schedules, restrictions and acceleration of any restrictions. The 2022 Plan may be amended or terminated by the Board or the compensation committee of the Board at any time, subject to the right of the Company’s stockholders to approve certain amendments.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2022
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, 2022, 2021 and 2020: Year Ended December 31, Character of Distributions: 2022 2021 2020 Ordinary dividends 90 % 22 % — % Nondividend distributions 10 % 36 % 100 % Capital gain distributions — % 42 % — % Total 100 % 100 % 100 % During the years ended December 31, 2022, 2021 and 2020, the Company incurred state and local income and franchise taxes of $1.3 million, $1.1 million, and $568,000, 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, 2022 and 2021. 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, 2022
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, 2022, the Company’s leases had a weighted-average remaining term of 10.6 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, 2022, 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 2023 $ 152,296 2024 150,514 2025 147,016 2026 142,789 2027 140,164 Thereafter 959,489 Total $ 1,692,268 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, 2022, 2021 and 2020, the amount of the contingent rent earned by the Company was not significant. Rental and other property income during the years ended December 31, 2022, 2021 and 2020 consisted of the following (in thousands): Year Ended December 31, 2022 2021 2020 Fixed rental and other property income (1) $ 192,982 $ 252,422 $ 221,445 Variable rental and other property income (2) 20,407 42,742 40,085 Total rental and other property income $ 213,389 $ 295,164 $ 261,530 __________________________________ (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 10.7 years, with a lease liability (in deferred rental income, derivative liabilities and other liabilities prepaid expenses, derivative assets and other assets
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, 2022, the Company’s leases had a weighted-average remaining term of 10.6 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, 2022, 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 2023 $ 152,296 2024 150,514 2025 147,016 2026 142,789 2027 140,164 Thereafter 959,489 Total $ 1,692,268 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, 2022, 2021 and 2020, the amount of the contingent rent earned by the Company was not significant. Rental and other property income during the years ended December 31, 2022, 2021 and 2020 consisted of the following (in thousands): Year Ended December 31, 2022 2021 2020 Fixed rental and other property income (1) $ 192,982 $ 252,422 $ 221,445 Variable rental and other property income (2) 20,407 42,742 40,085 Total rental and other property income $ 213,389 $ 295,164 $ 261,530 __________________________________ (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 10.7 years, with a lease liability (in deferred rental income, derivative liabilities and other liabilities prepaid expenses, derivative assets and other assets

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
SEGMENT REPORTING	NOTE 18 — SEGMENT REPORTING As of December 31, 2022, 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, 2022, 2021 and 2020 (in thousands): Year Ended December 31, 2022 Real Estate Credit Corporate/Other (1) (2) Company Total Rental and other property income $ 213,001 $ — $ 388 $ 213,389 Interest income — 238,757 — 238,757 Total revenues 213,001 238,757 388 452,146 General and administrative 553 807 14,004 15,364 Property operating 14,609 — 6,181 20,790 Real estate tax 10,923 — 1,689 12,612 Expense reimbursements to related parties — — 16,567 16,567 Management fees 21,526 31,038 — 52,564 Transaction-related 511 — 23 534 Depreciation and amortization 70,606 — — 70,606 Real estate impairment 16,184 — 16,137 32,321 Increase in provision for credit losses — 29,476 — 29,476 Total operating expenses 134,912 61,321 54,601 250,834 Gain on disposition of real estate and condominium developments, net 117,763 — 4,139 121,902 Operating income (loss) 195,852 177,436 (50,074) 323,214 Other income (expense): Gain on investment in unconsolidated entities — 6,780 5,172 11,952 Unrealized (loss) gain on equity security — (15,139) 22 (15,117) Interest expense and other, net (36,283) (106,908) (13,348) (156,539) Loss on extinguishment of debt (18,646) — (998) (19,644) Segment net income (loss) 140,923 62,169 (59,226) 143,866 Segment net income attributable to non-controlling interest 66 — — 66 Segment net income (loss) attributable to the Company $ 140,857 $ 62,169 $ (59,226) $ 143,800 Total assets as of December 31, 2022 $ 2,118,513 $ 4,794,593 $ 218,948 $ 7,132,054 __________________________________ (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. 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 income (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 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. 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 income (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

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 19 — SUBSEQUENT EVENTS Redemptions of Shares of Common Stock Subsequent to December 31, 2022, the Company redeemed approximately 1.6 million shares for $10.5 million (at an average redemption price of $6.57 per share). The remaining redemption requests received during the three months ended December 31, 2022 totaling approximately 22.9 million shares went unfulfilled. Investment and Disposition Activity Subsequent to December 31, 2022, the Company’s investment and disposition activity included the following: • Sold 151 of the properties under contract for sale pursuant to the Realty Income Purchase and Sale Agreement for total consideration of $779.0 million and a gain of approximately $19.6 million. • In addition to the properties disposed of pursuant to the Realty Income Purchase and Sale Agreement, the Company disposed of one property and condominium units for an aggregate gross sales price of $3.8 million, resulting in net proceeds of $3.7 million after closing costs and a net gain of approximately $176,000. • Settled $19.2 million of liquid corporate senior loan purchases, all of which were traded as of December 31, 2022, and settled $873,000 of liquid corporate senior loans sales. • Funded an aggregate amount of $16.9 million to 14 of the Company’s first mortgage loans. • Invested $15.5 million in two corporate senior loans and upsized a corporate senior loan by $1.7 million to a third-party. • Received $49.0 million of proceeds upon the pay down of the Company’s position in two different tranches of a CMBS instrument. • The extension option was exercised on one of the Company’s first mortgage loans for $50.7 million that was initially set to mature on February 1, 2023, extending the date of maturity to February 1, 2024. Financing Activity Subsequent to December 31, 2022, the Company’s financing activity included the following: • In connection with the sale of properties pursuant to the Realty Income Purchase and Sale Agreement noted above, the Company repaid $105.8 million on the first lien mortgage loan, legally defeased a mortgage loan with an outstanding balance of $23.7 million, and paid down $240.0 million of the outstanding balance under the CMFT Credit Facility and terminated the CMFT Credit Facility. • Repaid $18.5 million of borrowings under the Company’s mortgage loans and repaid $16.2 million on the first lien mortgage loan. • Increased aggregate borrowings by $15.9 million and repaid $33.0 million of borrowings under the Repurchase Facilities. • Entered into a new financing facility with Ally Bank that provides up to $300.0 million in financing, which may be increased to an aggregate principal amount up to $500.0 million, pursuant to the revolving loan and security agreement.

Schedule III - Real Estate Asse

Schedule III - Real Estate Assets and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2022
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 Which Carried Buildings, Fixtures and Total Adjustment At December 31, 2022 Accumulated 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 $ 195 12/16/2021 2018 AAA Office Park Hamilton, NJ (h) 5,427 22,970 — 28,397 837 12/16/2021 2016 Aaron’s Rents: Arkadelphia, AR $ — 183 491 — 674 55 12/21/2020 2014 Academy Sports: Cartersville, GA 7,008 4,517 4,574 — 9,091 344 12/21/2020 2014 Actuant Campus: Columbus, WI 13,121 2,090 14,633 — 16,723 915 12/21/2020 2014 Advance Auto Parts: Fairmont, NC 516 253 868 — 1,121 64 12/21/2020 2004 Hampton, VA 516 645 655 — 1,300 54 12/21/2020 2015 Ravenswood, WV — 271 657 (64) 864 15 12/16/2021 1996 AK Steel: West Chester, OH — 1,421 21,044 — 22,465 669 12/16/2021 2007 Apex Technologies: Mason, OH — 1,288 11,127 — 12,415 347 12/16/2021 2013 Aspen Dental: Rogers, AR 874 289 1,611 — 1,900 106 12/21/2020 2015 At Home: Pearland, TX 11,329 3,663 10,305 — 13,968 673 12/21/2020 1994 Bank of America: Fairview Park, OH (h) 714 1,220 — 1,934 40 12/16/2021 2014 Bass Pro Shop: Portage, IN (h) 1,428 8,414 — 9,842 703 12/21/2020 1983 Tallahassee, FL 6,712 945 5,713 — 6,658 1,512 8/20/2013 2013 BJ's Wholesale Club: Fort Myers, FL 20,018 5,331 21,692 — 27,023 1,202 12/21/2020 2018 Roanoke, VA 15,672 4,509 14,545 — 19,054 829 11/25/2020 2018 Bob Evans: Akron, OH (h) 447 1,537 — 1,984 272 4/28/2017 2007 Anderson, IN (h) 912 1,455 — 2,367 262 4/28/2017 1984 Austintown, OH (h) 305 1,426 — 1,731 271 4/28/2017 1995 Birch Run, MI (h) 733 1,192 — 1,925 221 4/28/2017 2008 Blue Ash, OH (h) 628 1,429 — 2,057 293 4/28/2017 1994 Chardon, OH (h) 333 682 — 1,015 137 4/28/2017 2003 Chillicothe, OH (h) 557 1,524 — 2,081 280 4/28/2017 1998 Columbus, OH (h) 523 1,376 — 1,899 261 4/28/2017 2003 Dayton, OH (h) 325 1,438 — 1,763 280 4/28/2017 1998 Defiance, OH — 501 2,781 — 3,282 86 12/16/2021 2011 Dover, OH — 552 1,930 — 2,482 57 12/16/2021 2013 Dundee, MI — 526 1,298 — 1,824 41 12/16/2021 2011 Florence, KY (h) 496 1,876 — 2,372 358 4/28/2017 1991 Gallipolis, OH 2,735 529 2,963 — 3,492 162 12/21/2020 2003 Hagerstown, MD 2,565 490 2,789 — 3,279 159 12/21/2020 1989 Hamilton, OH — 446 2,359 — 2,805 66 12/16/2021 2014 Holland, MI (h) 314 1,367 — 1,681 258 4/28/2017 2004 Hummelstown, PA — 1,029 2,283 — 3,312 66 12/16/2021 2013 Huntersville, NC (h) 751 657 — 1,408 120 4/28/2017 2008 Hurricane, WV (h) 297 1,654 — 1,951 284 4/28/2017 1993 Initial Costs to Company Gross Amount at Which Carried Buildings, Fixtures and Total Adjustment At December 31, 2022 Accumulated Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Bob Evans (continued): Mansfield, OH $ 2,284 $ 495 $ 2,423 $ — $ 2,918 $ 142 12/21/2020 2004 Mayfield Heights, OH — 847 1,278 — 2,125 39 12/16/2021 2003 Milford, OH (h) 271 1,498 — 1,769 286 4/28/2017 1987 Monroe, MI 2,218 623 2,177 — 2,800 129 12/21/2020 1998 Monroeville, PA (h) 1,340 848 — 2,188 148 4/28/2017 1995 Nicholasville, KY (h) 731 693 — 1,424 123 4/28/2017 1989 North Canton, OH (h) 859 1,393 — 2,252 265 4/28/2017 2006 Northwood, OH 2,558 514 2,760 — 3,274 155 12/21/2020 1998 Peoria, IL 902 620 524 — 1,144 43 12/21/2020 1995 Piqua, OH 2,040 413 2,187 — 2,600 125 12/21/2020 1989 Ripley, WV (h) 269 1,304 — 1,573 240 4/28/2017 1988 Tipp City, OH (h) 554 1,120 — 1,674 219 4/28/2017 1989 Warsaw, IN (h) 684 1,222 — 1,906 223 4/28/2017 1993 Bottom Dollar Grocery: Ambridge, PA — 519 2,985 — 3,504 702 11/5/2013 2012 BrightView Health: Danville, VA — 274 1,514 (1,062) 726 73 4/29/2014 2014 Burger King: Midwest City, OK 733 736 810 — 1,546 28 12/16/2021 2014 Yukon, OK 1,220 500 1,141 — 1,641 72 12/21/2020 1989 Burlington Coat Factory: Bangor, ME — 1,820 2,549 — 4,369 237 12/21/2020 2014 Cabela's: Acworth, GA 21,888 4,979 18,775 — 23,754 2,723 9/25/2017 2014 Avon, OH 12,486 2,755 10,751 — 13,506 1,584 9/25/2017 2016 La Vista, NE 21,223 3,260 16,923 — 20,183 2,361 9/25/2017 2006 Sun Prairie, WI 16,063 3,373 14,058 — 17,431 2,150 9/25/2017 2015 Caliber Collision Center: Fredericksburg, VA 3,659 1,807 2,292 — 4,099 171 7/22/2020 2019 Houston, TX (h) 581 6,284 — 6,865 179 12/16/2021 2016 Lake Jackson, TX 2,920 800 2,974 — 3,774 200 12/21/2020 2006 Richmond, VA 4,273 1,453 3,323 — 4,776 259 7/30/2020 2020 San Antonio, TX (h) 371 5,284 — 5,655 146 12/16/2021 2015 San Antonio, TX 3,973 691 4,458 — 5,149 275 12/21/2020 2019 San Antonio, TX 1,301 622 832 — 1,454 182 6/4/2014 2014 Venice, FL (h) 878 4,181 — 5,059 118 12/16/2021 2015 Williamsburg, VA 3,740 1,418 2,800 — 4,218 213 6/12/2020 2020 Wylie, TX 3,179 816 2,690 — 3,506 608 2/10/2015 2014 Camping World: Fort Myers, FL 11,288 3,226 11,832 — 15,058 794 12/21/2020 1987 CarMax: Tinley Park, IL — 7,296 22,949 — 30,245 690 12/16/2021 1998 Carrier Rental Systems: Houston, TX — 935 3,199 — 4,134 90 12/16/2021 2006 Cash & Carry: Salt Lake City, UT 3,940 863 4,149 — 5,012 243 12/21/2020 2006 Chase: Hanover Township, NJ 1,054 2,192 — — 2,192 — 12/18/2013 2012 Chick-Fil-A: Dickson City, PA 1,974 1,113 7,946 (7,817) 1,242 276 6/30/2014 2013 Initial Costs to Company Gross Amount at Which Carried Buildings, Fixtures and Total Adjustment At December 31, 2022 Accumulated Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Costco: Tallahassee, FL (h) $ 9,497 $ — $ — $ 9,497 $ — 12/11/2012 2006 CVS: Arnold, MO $ 4,007 2,043 2,367 — 4,410 551 12/13/2013 2013 Asheville, NC (h) 1,108 1,084 — 2,192 305 4/26/2012 1998 Austin, TX (h) 1,433 2,251 — 3,684 63 12/16/2021 1997 Austin, TX 4,369 1,076 3,475 — 4,551 803 12/13/2013 2013 Bloomington, IN 4,458 1,620 2,957 — 4,577 688 12/13/2013 2012 Blue Springs, MO 2,957 395 2,722 — 3,117 633 12/13/2013 2013 Bridgeton, MO 4,007 2,056 2,362 — 4,418 549 12/13/2013 2013 Charleston, SC (h) 869 1,009 — 1,878 285 4/26/2012 1998 Chesapeake, VA 3,267 1,044 3,053 — 4,097 725 12/13/2013 2013 Chicago, IL (h) 1,832 4,255 — 6,087 1,041 3/20/2013 2008 Cicero, IN 3,474 487 3,099 — 3,586 720 12/13/2013 2013 Corpus Christi, TX (h) 648 2,557 — 3,205 696 4/19/2012 1998 Danville, IN (h) 424 2,105 99 2,628 489 7/16/2014 1998 Eminence, KY 3,504 872 2,511 — 3,383 577 12/13/2013 2013 Erie, PA (h) 944 1,954 — 2,898 54 12/16/2021 1999 Goose Creek, SC 2,853 1,022 1,980 — 3,002 456 12/13/2013 2013 Greenwood, IN 4,251 912 3,549 61 4,522 853 7/11/2013 1999 Hanover Township, NJ (h) 4,746 — — 4,746 — 12/18/2013 2012 Hazlet, NJ 5,995 3,047 3,610 — 6,657 835 12/13/2013 2013 Hillcrest Heights, MD 3,874 1,817 2,989 71 4,877 707 9/30/2013 2001 Honesdale, PA 4,140 1,206 3,342 — 4,548 796 12/13/2013 2013 Independence, MO 2,447 359 2,242 — 2,601 523 12/13/2013 2013 Indianapolis, IN 3,393 1,110 2,484 — 3,594 577 12/13/2013 2013 Irving, TX 3,615 745 3,034 — 3,779 796 10/5/2012 2000 Janesville, WI 3,075 736 2,545 — 3,281 591 12/13/2013 2013 Katy, TX 3,156 1,149 2,462 — 3,611 560 12/13/2013 2013 Lincoln, NE (h) 2,534 3,014 — 5,548 698 12/13/2013 2013 London, KY 4,177 1,445 2,661 — 4,106 636 9/10/2013 2013 Mansfield, OH (h) 371 2,169 — 2,540 59 12/16/2021 1998 Middletown, NY (h) 665 5,483 — 6,148 1,257 12/13/2013 2013 North Wilkesboro, NC 2,321 332 2,369 73 2,774 558 10/25/2013 1999 Poplar Bluff, MO 3,733 1,861 2,211 — 4,072 517 12/13/2013 2013 Riverton, NJ (h) 1,217 5,553 124 6,894 313 12/21/2020 2007 Salem, NH 5,263 3,456 2,351 — 5,807 540 11/18/2013 2013 San Antonio, TX 3,327 1,893 1,848 — 3,741 435 12/13/2013 2013 Sand Springs, OK 3,593 1,765 2,283 — 4,048 535 12/13/2013 2013 Santa Fe, NM 6,276 2,243 4,619 — 6,862 1,057 12/13/2013 2013 Sedalia, MO 2,609 466 2,318 — 2,784 540 12/13/2013 2013 St. John, MO 3,777 1,546 2,601 — 4,147 604 12/13/2013 2013 Vineland, NJ 3,570 813 2,926 — 3,739 701 12/13/2013 2010 Waynesboro, VA 3,290 986 2,708 — 3,694 630 12/13/2013 2013 West Monroe, LA 3,437 1,738 2,136 — 3,874 500 12/13/2013 2013 Wisconsin Rapids, WI (h) 707 3,262 — 3,969 91 12/16/2021 2013 Davita: Austell, GA — 777 913 — 1,690 29 12/16/2021 2009 Dick’s Sporting Goods: Oklahoma City, OK 3,218 685 10,587 — 11,272 2,961 12/31/2012 2012 Initial Costs to Company Gross Amount at Which Carried Buildings, Fixtures and Total Adjustment At December 31, 2022 Accumulated 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 $ 27 12/16/2021 2016 Glouster, OH (h) 220 1,276 — 1,496 84 12/21/2020 2015 New Richland, MN (h) 327 685 — 1,012 31 12/16/2021 2016 Parchment, MI (h) 168 1,162 — 1,330 253 6/25/2014 2014 Pine River, MN (h) 215 963 — 1,178 39 12/16/2021 2016 Russell, KS (h) 54 899 — 953 205 8/5/2014 2014 St. Louis, MO $ — 229 1,102 — 1,331 266 12/31/2013 2013 Starbuck, MN (h) 345 733 — 1,078 33 12/16/2021 2016 Trimble, MO (h) 311 830 — 1,141 35 12/16/2021 2016 Wheaton, MN (h) 205 854 — 1,059 33 12/16/2021 2016 Winthrop, MN (h) 216 767 — 983 31 12/16/2021 2016 Duluth Trading: Arlington, TX — 1,574 3,918 — 5,492 120 12/16/2021 2018 Denton, TX 3,715 1,662 2,918 — 4,580 184 12/21/2020 2017 Madison, AL 3,800 1,174 3,603 — 4,777 223 12/21/2020 2019 Noblesville, IN 3,711 1,212 3,436 — 4,648 233 12/21/2020 2003 Wichita, KS — 1,433 2,757 — 4,190 88 12/16/2021 2019 Family Dollar: Bearden, AR — 52 760 — 812 61 12/21/2020 2014 Centreville, AL — 110 669 — 779 26 12/16/2021 2013 Danville, VA — 468 422 — 890 22 12/16/2021 2013 Darby, MT 845 356 865 26 1,247 34 12/16/2021 2014 Denton, NC — 433 434 — 867 22 12/16/2021 2012 DeRidder, LA — 290 790 — 1,080 31 12/16/2021 2014 Hampton, AR 624 112 689 — 801 29 12/16/2021 2014 Hobbs, NM 602 243 1,084 — 1,327 88 12/21/2020 2006 Londonderry, OH — 154 1,166 — 1,320 41 12/16/2021 2014 Morgan, UT 495 235 1,068 — 1,303 82 12/21/2020 2013 New Roads, LA 430 190 674 — 864 64 12/21/2020 2015 Roswell, NM 545 199 921 — 1,120 82 12/21/2020 2014 Salina, UT 538 211 1,262 — 1,473 93 12/21/2020 2014 Tatum, NM 671 220 675 — 895 28 12/16/2021 2014 West Portsmouth, OH — 290 664 — 954 29 12/16/2021 2004 Food 4 Less: Atwater, CA 3,175 1,383 5,271 345 6,999 1,380 11/27/2013 2002 Fresh Thyme: Lafayette, IN — 1,173 6,316 — 7,489 360 12/21/2020 2006 Ypsilanti, MI — 3,168 5,719 — 8,887 364 12/21/2020 2017 Giant Eagle: Seven Fields, PA 6,615 1,574 13,659 355 15,588 3,062 5/7/2014 2005 H&E Equipment Services: Albuquerque, NM (h) 1,355 4,622 — 5,977 158 12/16/2021 2016 Fort Myers, FL (h) 1,245 4,841 — 6,086 167 12/16/2021 2017 Suwanee, GA (h) 1,818 2,813 — 4,631 120 12/16/2021 2016 Hobby Lobby: Cadillac, MI (h) 628 4,597 — 5,225 162 12/16/2021 2016 Lewisville, TX 4,458 2,184 8,977 — 11,161 2,251 11/26/2013 2013 Initial Costs to Company Gross Amount at Which Carried Buildings, Fixtures and Total Adjustment At December 31, 2022 Accumulated Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Hobby Lobby (continued): Sedalia, MO (h) $ 781 $ 3,645 $ — $ 4,426 $ 151 12/16/2021 2007 Watertown, SD (h) 1,055 4,226 — 5,281 156 12/16/2021 2017 Willmar, MN (h) 1,079 4,615 — 5,694 170 12/16/2021 2017 Jewel-Osco: Plainfield, IL $ 8,819 — — 11,151 11,151 1,122 11/14/2018 2001 Spring Grove, IL (h) 991 11,361 — 12,352 334 12/16/2021 2007 Wood Dale, IL — 4,069 7,800 — 11,869 240 12/16/2021 2005 Kloeckner: University Park, IL — 862 13,540 — 14,402 407 12/16/2021 2016 Kohl's: Charlottesville, VA 10,889 3,929 12,280 — 16,209 2,694 7/28/2014 2011 Eagan, MN 3,361 3,581 3,751 — 7,332 296 12/21/2020 1996 Easton, MD 3,763 2,962 2,661 — 5,623 468 12/2/2015 1992 Kroger: Bay City, MI 2,272 718 5,057 — 5,775 368 12/21/2020 1994 Shelton, WA 8,989 1,180 11,040 — 12,220 2,791 4/30/2014 1994 Kum & Go: Cedar Rapids, IA — 771 2,493 — 3,264 82 12/16/2021 2011 Conway, AR 3,216 510 2,577 — 3,087 559 6/13/2014 2014 LA Fitness: Bloomfield Township, MI 3,691 2,287 10,075 — 12,362 2,709 6/21/2013 2008 Columbus, OH 4,745 1,013 6,734 — 7,747 1,430 4/29/2015 2014 New Lenox, IL 3,304 1,965 6,257 19 8,241 1,150 12/21/2015 2015 Pawtucket, RI (h) 5,945 8,012 — 13,957 237 12/16/2021 2015 Rock Hill, SC (h) 780 7,590 — 8,370 230 12/16/2021 2015 Levin Furniture: Monroeville, PA (h) 1,385 9,017 — 10,402 274 12/16/2021 2004 Lowe's: Adrian, MI 3,713 2,604 5,036 30 7,670 1,626 9/27/2013 1996 Alpharetta, GA 8,407 7,979 9,630 403 18,012 2,155 5/29/2015 1998 Asheboro, NC 7,023 1,098 6,722 — 7,820 1,549 6/23/2014 1994 Cincinnati, OH 11,768 14,092 — 8 14,100 — 2/10/2014 2001 Columbia, SC 9,869 3,943 6,353 750 11,046 1,876 9/12/2013 1994 Covington, LA 9,137 10,233 — — 10,233 — 8/20/2014 2002 Fremont, OH (h) 3,244 6,071 — 9,315 242 12/16/2021 1996 Hermitage, PA 5,941 2,279 12,579 — 14,858 785 12/21/2020 2016 Lilburn, GA 8,256 8,817 9,380 385 18,582 2,088 5/29/2015 1999 Mansfield, OH 7,880 873 8,256 26 9,155 1,950 6/12/2014 1992 Marietta, GA 14,459 7,471 8,404 392 16,267 1,899 5/29/2015 1997 North Dartmouth, MA (h) 6,774 17,384 — 24,158 546 12/16/2021 2004 Oxford, AL 10,778 1,668 7,622 369 9,659 2,284 6/28/2013 1999 Tuscaloosa, AL 7,865 4,908 4,786 9 9,703 1,260 10/29/2013 1993 Woodstock, GA 14,895 7,316 8,879 392 16,587 2,003 5/29/2015 1997 Zanesville, OH 9,181 2,161 8,375 297 10,833 2,093 12/11/2013 1995 Initial Costs to Company Gross Amount at Which Carried Buildings, Fixtures and Total Adjustment At December 31, 2022 Accumulated Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed McAlister's Deli: Lawton, OK $ 2,125 $ 805 $ 1,057 $ — $ 1,862 $ 253 5/1/2014 2013 Merchants Tire & Auto: Wake Forest, NC 2,816 782 1,730 — 2,512 332 9/1/2015 2005 Mister Car Wash: Athens, AL 2,536 383 1,150 — 1,533 176 9/12/2017 2008 Decatur, AL 1,242 257 559 — 816 92 9/12/2017 2005 Decatur, AL 2,824 486 1,253 — 1,739 219 9/12/2017 2014 Decatur, AL 1,449 359 1,152 — 1,511 199 9/12/2017 2007 Hartselle, AL 1,042 360 569 — 929 97 9/12/2017 2007 Hudson, FL — 1,229 1,562 — 2,791 46 12/16/2021 2007 Madison, AL 3,866 562 1,139 — 1,701 202 9/12/2017 2012 Spring Hill, FL — 1,123 2,770 — 3,893 76 12/16/2021 2008 National Tire & Battery: Cedar Hill, TX (h) 469 1,951 — 2,420 502 12/18/2012 2006 Cypress, TX 2,824 910 2,224 — 3,134 458 9/1/2015 2005 Flower Mound, TX 3,009 779 2,449 — 3,228 484 9/1/2015 2005 Fort Worth, TX (h) 730 2,309 — 3,039 456 9/1/2015 2005 Montgomery, IL 3,046 516 2,494 — 3,010 647 1/15/2013 2007 North Richland Hills, TX 2,698 513 2,579 — 3,092 524 9/1/2015 2005 Pasadena, TX 2,883 908 2,307 — 3,215 475 9/1/2015 2005 Pearland, TX 3,001 1,016 2,040 — 3,056 411 9/1/2015 2005 Plano, TX 3,171 1,292 2,197 — 3,489 441 9/1/2015 2005 Tomball, TX 2,972 838 2,229 — 3,067 446 9/1/2015 2005 Natural Grocers: Heber City, UT 4,568 1,286 3,727 — 5,013 226 12/21/2020 2017 Idaho Falls, ID 3,585 833 2,316 — 3,149 545 2/14/2014 2013 O'Reilly Automotive: Bennettsville, SC 1,190 361 1,207 — 1,568 82 12/21/2020 2015 Clayton, GA 1,308 501 945 — 1,446 170 1/29/2016 2015 Fayetteville, NC (h) 331 1,620 — 1,951 47 12/16/2021 2012 Flowood, MS 1,353 506 1,288 — 1,794 85 12/21/2020 2014 Iron Mountain, MI 1,220 249 1,400 — 1,649 94 12/21/2020 2014 Patriot Urgent Care: Eldersburg, MD (h) 557 876 288 1,721 176 4/28/2017 2000 PetSmart: McAllen, TX 2,804 2,352 1,309 (1,742) 1,919 — 12/16/2021 1995 Wilkesboro, NC 1,054 447 1,710 — 2,157 490 4/13/2012 2011 Pick 'N Save: Pewaukee, WI 4,293 1,323 6,761 257 8,341 1,733 8/13/2014 1999 Sheboygan, WI — 2,003 10,695 — 12,698 2,906 9/6/2012 2012 South Milwaukee, WI 3,469 1,126 5,706 362 7,194 1,356 11/6/2013 2005 Pier 7 Juicy Seafood & Bar: Lancaster, TX (h) 1,203 1,620 131 2,954 459 10/23/2012 2011 Initial Costs to Company Gross Amount at Which Carried Buildings, Fixtures and Total Adjustment At December 31, 2022 Accumulated Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Popeyes: Independence, MO $ 1,168 $ 333 $ 680 $ — $ 1,013 $ 151 6/27/2014 2005 Raising Cane's: Avondale, AZ — 1,774 2,381 — 4,155 70 12/16/2021 2013 Murphy, TX 1,412 495 2,853 — 3,348 172 12/21/2020 1994 Reno, NV 3,312 1,841 2,259 — 4,100 140 12/21/2020 2014 Republic Services: Scottsdale, AZ (h) 11,460 36,231 — 47,691 1,215 12/16/2021 2016 Safeway: Juneau, AK 10,830 6,174 8,791 — 14,965 558 12/21/2020 2017 Schumacher Homes: Troy, OH (h) 992 1,577 (1,383) 1,186 130 10/23/2012 2011 Siemens: Milford, OH 10,328 4,137 23,153 — 27,290 2,040 12/21/2020 1991 Sleepy's: Roanoke Rapids, NC — 339 1,240 — 1,579 38 12/16/2021 2015 Snider Fleet Solutions: Decatur, AL 1,257 365 1,461 — 1,826 48 12/16/2021 1998 Spinx: Simpsonville, SC 1,804 591 969 — 1,560 243 1/24/2013 2012 Sprouts: Lawrence, KS 6,838 762 8,111 — 8,873 474 12/21/2020 2001 Steinhafels: Greenfield, WI 7,392 1,783 7,643 — 9,426 438 12/21/2020 1991 Madison, WI (h) 3,227 8,531 — 11,758 260 12/16/2021 2017 Stop & Shop: North Kingstown, RI (h) 639 2,057 — 2,696 121 12/21/2020 1979 Sunbelt Rentals: Canton, OH 803 148 1,679 331 2,157 545 10/24/2013 2013 Sunoco: Lake Worth, FL 3,533 580 1,907 — 2,487 465 4/12/2013 2011 Palm Beach Gardens, FL (h) 1,050 2,667 — 3,717 649 4/12/2013 2009 Palm City, FL 3,497 667 1,698 — 2,365 414 4/12/2013 2011 Sebastian, FL (h) 490 2,128 — 2,618 519 4/12/2013 2009 Titusville, FL (h) 626 2,534 — 3,160 617 4/12/2013 2009 SuperValu: Oglesby, IL (h) 2,505 11,777 — 14,282 437 12/16/2021 1996 Take 5: Andrews, TX 887 230 862 — 1,092 49 12/21/2020 1994 Bedford, TX 906 283 837 — 1,120 58 12/21/2020 2009 Burleson, TX 1,127 471 936 — 1,407 62 12/21/2020 1994 Burleson, TX 832 201 837 — 1,038 50 12/21/2020 2010 Burleson, TX 647 394 407 — 801 49 12/21/2020 2003 Cedar Hill, TX 795 250 705 — 955 44 12/21/2020 1985 Hereford, TX 832 50 995 — 1,045 56 12/21/2020 1993 Initial Costs to Company Gross Amount at Which Carried Buildings, Fixtures and Total Adjustment At December 31, 2022 Accumulated Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Take 5 (continued): Irving, TX $ 462 $ 120 $ 445 $ — $ 565 $ 27 12/21/2020 1989 Irving, TX 832 210 818 — 1,028 49 12/21/2020 1987 Lubbock, TX 1,275 151 1,428 — 1,579 78 12/21/2020 2002 Midland, TX 1,682 192 1,861 — 2,053 101 12/21/2020 1995 Mineral Wells, TX 1,127 131 1,263 — 1,394 70 12/21/2020 2019 Teradata: Miami Township, OH — 1,615 5,250 — 6,865 200 12/16/2021 2010 TGI Friday's: Chesapeake, VA 2,698 1,217 1,388 — 2,605 316 6/27/2014 2003 Wilmington, DE 2,765 1,685 969 — 2,654 224 6/27/2014 1991 The Toro Company: Windom, MN (h) 292 10,651 — 10,943 364 12/16/2021 2016 Time Warner: Streetsboro, OH 3,397 1,009 5,602 — 6,611 174 12/16/2021 2003 Tire Kingdom: Bluffton, SC 2,380 645 1,688 — 2,333 324 9/1/2015 2005 Summerville, SC 2,181 1,208 1,233 — 2,441 245 9/1/2015 2005 Title Resource Group: Mount Laurel, NJ — 3,129 8,491 — 11,620 379 12/16/2021 2004 TJ Maxx: Danville, IL — 463 2,048 — 2,511 90 12/16/2021 2013 Tractor Supply: Ashland, VA 3,060 500 2,696 175 3,371 670 11/22/2013 2013 Augusta, KS 1,405 407 2,315 175 2,897 570 1/10/2014 2013 Blytheville, AR 2,587 780 2,660 175 3,615 205 12/21/2020 2002 Cambridge, MN 1,154 807 1,272 203 2,282 438 5/14/2012 2012 Canon City, CO 1,777 597 2,527 175 3,299 656 11/30/2012 2012 Carlyle, IL 2,366 707 2,386 175 3,268 201 12/21/2020 2015 Fortuna, CA 2,602 568 3,819 175 4,562 898 6/27/2014 2014 Logan, WV 3,012 597 3,232 175 4,004 215 12/21/2020 2006 Lumberton, NC 1,383 611 2,007 175 2,793 569 5/24/2013 2013 Marion, IN 1,319 1,536 1,099 175 2,810 286 2/19/2014 2004 Midland, NC 1,383 865 2,182 175 3,222 175 12/21/2020 2013 Monticello, FL 1,548 448 1,916 175 2,539 542 6/20/2013 2013 Shelbyville, IL 2,351 586 2,576 175 3,337 195 12/21/2020 2017 South Hill, VA 1,448 630 2,179 175 2,984 580 6/24/2013 2011 Weaverville, NC 2,394 867 3,138 294 4,299 816 9/13/2013 2006 Woodward, OK 1,405 446 1,973 175 2,594 532 11/19/2013 2013 Trader Joe's: Asheville, NC 3,197 2,770 3,766 — 6,536 951 10/22/2013 2013 Columbia, SC 2,996 2,308 2,597 — 4,905 746 3/28/2013 2012 Wilmington, NC 2,659 2,016 2,519 — 4,535 797 6/27/2013 2012 Initial Costs to Company Gross Amount at Which Carried Buildings, Fixtures and Total Adjustment At December 31, 2022 Accumulated Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Ulta Salon: Albany, GA $ 1,097 $ 441 $ 1,757 $ — $ 2,198 $ 407 5/8/2014 2013 Greeley, CO 1,383 596 2,035 — 2,631 423 3/31/2015 2014 United Oil: Bellflower, CA 1,937 1,246 788 — 2,034 165 9/30/2014 2001 Brea, CA 2,905 2,393 658 — 3,051 137 9/30/2014 1984 Carson, CA 5,404 2,354 4,821 — 7,175 291 12/21/2020 1958 El Cajon, CA 1,870 1,533 568 — 2,101 119 9/30/2014 2008 El Cajon, CA 1,663 1,225 368 — 1,593 77 9/30/2014 2000 El Monte, CA — 766 510 — 1,276 106 9/30/2014 1994 Escondido, CA — 3,514 1,062 — 4,576 221 9/30/2014 2002 Fallbrook, CA 3,570 1,266 3,458 — 4,724 189 12/21/2020 1958 Glendale, CA — 4,871 795 — 5,666 166 9/30/2014 1999 Harbor City, CA 3,327 1,359 3,047 — 4,406 170 12/21/2020 2014 Hawthorne, CA 2,011 896 1,764 — 2,660 99 12/21/2020 2001 Inglewood, CA — 1,809 878 — 2,687 183 9/30/2014 1997 La Habra, CA 2,425 1,971 571 — 2,542 119 9/30/2014 2000 Lakewood, CA 3,696 2,499 2,400 — 4,899 147 12/21/2020 1973 Lawndale, CA 2,218 1,462 862 — 2,324 180 9/30/2014 2001 Long Beach, CA 2,772 1,088 2,582 — 3,670 146 12/21/2020 1990 Long Beach, CA — 2,778 883 — 3,661 184 9/30/2014 1972 Los Angeles, CA — 2,334 717 — 3,051 149 9/30/2014 2002 Los Angeles, CA — 3,552 1,242 — 4,794 259 9/30/2014 2002 Los Angeles, CA — 2,745 669 — 3,414 139 9/30/2014 1998 Los Angeles, CA — 3,930 428 — 4,358 89 9/30/2014 2005 Los Angeles, CA 3,253 1,927 1,484 — 3,411 309 9/30/2014 2007 Los Angeles, CA 2,772 2,182 701 — 2,883 146 9/30/2014 1964 Los Angeles, CA 3,807 2,435 2,614 — 5,049 148 12/21/2020 1982 Los Angeles, CA 4,154 2,016 3,486 — 5,502 190 12/21/2020 1965 Madera, CA (h) 1,500 3,804 — 5,304 628 9/27/2019 2018 Norco, CA 3,186 1,852 1,489 — 3,341 310 9/30/2014 1995 Poway, CA — 3,072 705 — 3,777 147 9/30/2014 1960 San Clemente, CA 4,221 2,036 3,561 — 5,597 199 12/21/2020 1973 San Diego, CA 2,284 1,362 1,662 — 3,024 98 12/21/2020 1959 San Diego, CA 3,600 1,547 3,218 — 4,765 178 12/21/2020 2011 San Diego, CA 4,916 2,409 4,105 — 6,514 239 12/21/2020 1976 San Diego, CA — 2,977 1,448 — 4,425 301 9/30/2014 1984 San Diego, CA 2,632 1,877 883 — 2,760 184 9/30/2014 2006 San Diego, CA — 1,824 382 — 2,206 80 9/30/2014 2006 Santa Ana, CA 2,565 1,629 1,766 — 3,395 105 12/21/2020 2000 Santa Clarita, CA — 4,787 733 — 5,520 152 9/30/2014 2001 Sun City, CA — 1,136 1,421 — 2,557 296 9/30/2014 1984 Vista, CA 2,284 2,063 334 — 2,397 69 9/30/2014 1986 Initial Costs to Company Gross Amount at Which Carried Buildings, Fixtures and Total Adjustment At December 31, 2022 Accumulated Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed United Oil (continued): Vista (Vista), CA $ 2,218 $ 2,028 $ 418 $ — $ 2,446 $ 88 9/30/2014 2010 Whittier, CA 2,491 1,629 985 — 2,614 206 9/30/2014 1997 Urban Air Adventure Park: Waukesha, WI 7,030 3,408 12,918 666 16,992 2,797 9/29/2014 2007 Vacant: Appleton, WI — 895 1,026 (1,194) 727 34 11/18/2015 2015 Sanford, FL — 1,031 1,807 (1,861) 977 53 10/23/2012 1999 Walker, LA — 899 3,910 (2,849) 1,960 — 6/27/2014 1999 Willmar, MN — 200 1,279 — 1,479 252 3/25/2015 2014 Valeo North American HQ: Troy, MI (h) 1,880 9,813 — 11,693 464 12/16/2021 2007 Valeo Production Facility: East Liberty, OH — 357 4,989 46 5,392 173 12/16/2021 2016 Valvoline HQ: Lexington, KY (h) 5,558 41,234 — 46,792 1,686 12/16/2021 2016 Walgreens: Austintown, OH 3,600 637 4,173 — 4,810 990 8/19/2013 2002 Clinton, MI 4,065 1,977 4,232 — 6,209 254 12/21/2020 1997 Connelly Springs, NC (h) 1,349 3,628 — 4,977 882 8/27/2013 2012 Coweta, OK (h) 897 3,303 — 4,200 92 12/16/2021 2009 Danville, VA 4,849 989 4,547 — 5,536 1,222 12/24/2012 2012 Dearborn Heights, MI 6,113 2,236 3,411 — 5,647 833 7/9/2013 2008 East Chicago, IN — 331 5,242 — 5,573 1,102 8/8/2014 2005 Fort Madison, IA 3,511 514 3,723 — 4,237 892 9/20/2013 2008 Harrison, AR 4,589 1,237 5,424 — 6,661 309 12/21/2020 2007 Indianapolis, IN 4,446 1,212 5,484 — 6,696 312 12/21/2020 1996 Las Vegas, NV 3,896 2,325 3,262 70 5,657 787 9/26/2013 1999 Lawton, OK 2,791 860 2,539 106 3,505 631 7/3/2013 1998 Lees Summit, MO 4,042 1,205 4,884 — 6,089 288 12/21/2020 2014 Little Rock, AR 4,435 548 4,676 — 5,224 1,002 6/30/2014 2011 Lubbock, TX 3,567 565 3,257 103 3,925 860 10/11/2012 2000 Lubbock, TX 3,142 531 2,951 102 3,584 774 10/11/2012 1998 Metropolis, IL 4,132 284 4,991 — 5,275 1,049 8/8/2014 2009 Reidsville, NC (h) 722 5,117 — 5,839 141 12/16/2021 2008 Sacramento, CA 3,260 324 2,669 — 2,993 598 6/30/2014 2008 San Antonio, TX 6,967 1,417 7,932 — 9,349 429 12/21/2020 2005 Siloam Springs, AR 3,709 936 4,367 — 5,303 256 12/21/2020 1999 Slidell, LA 2,924 757 3,557 — 4,314 218 12/21/2020 2000 Springfield, IL — 830 3,619 — 4,449 989 5/14/2012 2007 St. Louis, MO 2,430 355 3,149 — 3,504 89 12/16/2021 2007 Suffolk, VA 4,066 1,261 3,461 — 4,722 994 5/14/2012 2007 Walmart: Anderson, SC 9,625 2,424 9,719 — 12,143 1,739 11/5/2015 2015 Florence, SC 8,915 2,013 9,225 — 11,238 1,643 11/5/2015 2015 Initial Costs to Company Gross Amount at Which Carried Buildings, Fixtures and Total Adjustment At December 31, 2022 Accumulated Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Walmart (continued): Randallstown, MD (h) $ 8,382 $ 23,365 $ — $ 31,747 $ 734 12/16/2021 2012 Tallahassee, FL $ 11,196 14,823 — — 14,823 — 12/11/2012 2008 Weasler Engineering: West Bend, WI (h) 1,019 13,390 — 14,409 484 12/16/2021 2016 Wendy's: Grafton, VA 1,597 539 894 — 1,433 200 6/27/2014 1985 Westminster, CO 724 596 1,108 — 1,704 246 6/27/2014 1986 West Marine: Chicago, IL — 4,442 8,698 — 13,140 486 12/21/2020 2005 Panama City, FL 1,383 676 2,220 — 2,896 539 4/24/2015 2014 Pensacola, FL 1,405 1,107 3,397 — 4,504 798 2/27/2015 2015 Winn-Dixie: Amite, LA 1,197 1,479 1,691 — 3,170 192 12/21/2020 2000 $ 921,520 $ 581,304 $ 1,457,571 $ 2,822 $ 2,041,696 $ 179,855 ____________________________________ (a) Initial costs exclude subsequent impairment charges. (b) Consists of capital expenditures and real estate development costs, and impairment charges. (c) The aggregate cost for federal income tax purposes was $2.0 billion. (d) The following is a reconciliation of total real estate carrying value for the years ended December 31 (in thousands): 2022 2021 2020 Balance, beginning of period $ 2,362,175 $ 3,371,926 $ 2,530,311 Additions Acquisitions — 752,272 738,172 Improvements 1,245 3,785 192,591 Assets placed back into service — — 200,758 Total additions $ 1,245 $ 756,057 $ 1,131,521 Less: Deductions Cost of real estate sold 305,071 426,436 83,144 Other (including provisions for impairment of real estate assets) 16,653 1,339,372 206,762 Total deductions 321,724 1,765,808 289,906 Balance, end of period $ 2,041,696 $ 2,362,175 $ 3,371,926 (e) Gross intangible lease assets of $276.7 million and the associated accumulated amortization of $91.1 million are not reflected in the table above. (f) The following is a reconciliation of accumulated depreciation for the years ended December 31 (in thousands): 2022 2021 2020 Balance, beginning of period $ 158,354 $ 298,364 $ 243,122 Additions Acquisitions - Depreciation expense for building, acquisitions costs and tenant improvements acquired 41,627 61,868 56,218 Improvements - Depreciation expense for tenant improvements and building equipment 5,270 5,140 2,280 Total additions $ 46,897 $ 67,008 $ 58,498 Deductions Cost of real estate sold 22,508 43,600 10,108 Other (including provisions for impairment of real estate assets) 2,888 163,418 (6,852) Total deductions 25,396 207,018 3,256 Balance, end of period $ 179,855 $ 158,354 $ 298,364 (g) The Company’s assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. Generally, buildings are depreciated over 40 years, site improvements are amortized over 15 years and tenant improvements are amortized over the remaining life of the lease or the useful life, whichever is shorter. (h) Property is included in the CMFT Credit Facility’s borrowing base. As of December 31, 2022, the Company had $205.0 million outstanding under the CMFT Credit Facility.

Schedule IV - Mortgage Loans On

Schedule IV - Mortgage Loans On Real Estate	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	Principal Carrying Amount of Amount of Loans Subject Final Periodic Face Mortgages at to Delinquent Interest Maturity Payment Prior Amount of December 31, Principal or Loan Type Description / Location Rate (a) Date (b) Terms (c) Liens Mortgages 2022 (d) "Interest" First mortgage loan Office / Duluth, Georgia + 3.15% 2/1/2025 P/I N/A $ 50,734 $ 50,618 $ — First mortgage loan Office / Dallas, Texas + 3.75% 9/8/2025 P/I N/A 84,377 83,787 — First mortgage loan Office / Orlando, Florida + 4.00% 10/9/2025 P/I N/A 72,930 72,745 — First mortgage loan Office / San Diego, California + 4.55% 2/7/2027 P/I N/A 105,252 104,519 — First mortgage loan Office / Houston, Texas + 2.00% 11/7/2024 P/I N/A 86,739 86,739 — First mortgage loan Office / Houston, Texas + 2.55% 11/7/2024 P/I N/A 15,236 15,236 — First mortgage loan Office / San Diego, California + 3.80% 6/5/2026 P/I N/A 105,000 104,461 — First mortgage loan Office / Irvine, California + 3.45% 7/7/2026 P/I N/A 170,230 169,176 — First mortgage loan Office / Bethesda, Maryland + 3.75% 9/16/2026 P/I N/A 57,390 56,896 — First mortgage loan Multifamily / Fort Lauderdale, Florida + 1.47% - 6.82% 10/7/2025 P/I N/A 203,591 202,779 — First mortgage loan Multifamily / Los Angeles, California + 2.60% 10/7/2025 P/I N/A 122,857 122,436 — First mortgage loan Retail / Queens, New York + 4.15% 11/7/2026 P/I N/A 65,000 64,603 — First mortgage loan Multifamily / San Jose, California + 2.90% 11/7/2024 P/I N/A 149,205 148,756 — First mortgage loan Multifamily / Arlington, Virginia + 2.75% 12/15/2026 P/I N/A 84,558 84,098 — First mortgage loan Multifamily / Brooklyn, New York + 3.50% 12/17/2026 P/I N/A 60,750 60,328 — First mortgage loan (e) Multifamily / Brooklyn, New York + 3.50% 12/17/2026 P/I N/A 20,250 20,109 — First mortgage loan Office / McLean, Virginia + 3.30% 2/5/2027 P/I N/A 125,664 124,589 — First mortgage loan Multifamily / Gainesville, Florida + 3.20% 1/7/2027 P/I N/A 68,588 68,220 — First mortgage loan Office / Medford, Massachusetts + 2.90% 1/7/2026 P/I N/A 130,510 129,441 — First mortgage loan Multifamily / Miami, Florida + 2.60% 1/7/2027 P/I N/A 154,000 153,220 — First mortgage loan Multifamily / Nashville, Tennessee + 3.00% 1/7/2027 P/I N/A 118,750 118,149 — First mortgage loan Office / Tampa, Florida + 3.28% 2/7/2027 P/I N/A 167,500 166,268 — First mortgage loan Office / Atlanta, Georgia + 3.40% 3/7/2027 P/I N/A 247,778 245,369 — First mortgage loan Office / Phoenix, Arizona + 3.34% 4/7/2027 P/I N/A 295,950 293,204 — First mortgage loan Mixed-Use / Alpharetta, Georgia + 4.70% 4/7/2027 P/I N/A 67,833 67,260 — First mortgage loan Multifamily / Phoenix, Arizona + 3.05% 5/7/2027 P/I N/A 145,519 144,659 — First mortgage loan Office / Washington D.C. + 4.00% 6/6/2027 P/I N/A 188,100 186,582 — First mortgage loan Industrial / Spanish Fork, Utah + 3.50% 7/7/2025 P/I N/A 81,000 80,369 — First mortgage loan Self Storage / Various + 3.95% 9/7/2027 P/I N/A 61,120 60,577 — Total loans $ 3,306,411 $ 3,285,193 $ — Current expected credit losses (f) — (20,352) — Total loans, net $ 3,306,411 $ 3,264,841 $ — ____________________________________ (a) Expressed as a spread over the relevant floating benchmark rates, which include one-month LIBOR, Term SOFR, and the 30-day SOFR average, as applicable to each loan. (b) Final maturity date assumes all extension options are exercised. (c) P/I = principal and interest. (d) The tax basis of the loans included above is $3.3 billion as of December 31, 2022. (e) As of December 31, 2022, the first mortgage loan is comprised 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, 2022, the Company’s current expected credit losses related to its loans held-for-investment totaled $42.3 million, $20.4 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, 2022 2021 2020 Balance, beginning of period $ 1,958,655 $ 428,393 $ 298,880 Additions during period: New loans 1,401,539 1,810,166 231,212 Capitalized interest 62 — 539 Accretion of fees and other items 9,896 2,998 1,909 Total additions $ 1,411,497 $ 1,813,164 $ 233,660 Less: Deductions during period: Collections of principal (80,911) (169,094) (47,670) Capitalized interest — (9,469) — Foreclosures — (138,006) — Deferred fees and other items (13,978) (17,031) (3,200) Total deductions $ (94,889) $ (333,600) $ (50,870) Cure payments receivable $ — — 7,351 (Provision for) reversal of credit losses (10,422) 50,698 (60,628) Net balance, end of period $ 3,264,841 $ 1,958,655 $ 428,393

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
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 and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. In determining whether the Company has controlling interests in an entity and is required to consolidate the accounts in that entity, the Company analyzes its credit and real estate investments in accordance with standards set forth in GAAP to determine whether the entities are variable interest entities (“VIEs”), and if so, whether the Company is the primary beneficiary. The Company’s judgment with respect to its level of influence or control over an entity and whether the Company is the primary beneficiary of a VIE involves consideration of various factors, including the form of the Company’s ownership interest, the Company’s voting interest, the size of the Company’s investment (including loans), and the Company’s ability to participate in major policy-making decisions. The Company’s ability to correctly assess its influence or control over an entity affects the presentation of these credit and real estate investments on the Company’s consolidated financial statements. During the year ended December 31, 2022, the Company disposed of two properties previously owned through a consolidated joint venture arrangement (the “Consolidated Joint Venture”) and therefore determined it no longer had a controlling financial interest in the Consolidated Joint Venture as of December 31, 2022. See Note 4 — Real Estate Assets for additional information.
Reclassifications	Reclassifications Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. The Company has chosen to break out the details of $4.5 million of accrued interest receivable from prepaid expenses, derivative assets and other assets
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 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, 2022, there were no assets identified as held for sale. As of December 31, 2021, in connection with the RTL Purchase and Sale Agreement (as defined in Note 4 — Real Estate Assets), the Company identified 81 properties with a carrying v alue of $1.3 billion as held for sale, which were disposed of during the year ended December 31, 2022 . Dispositions of Real Estate Assets
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	Investment in Unconsolidated Entities CMFT MT JV Holdings, LLC, an indirect wholly-owned subsidiary of the Company, is engaged in an unconsolidated joint venture arrangement through CIM NP JV Holdings, LLC (“NP JV Holdings”) (the “Unconsolidated Joint Venture”), of which it owns 50% of the outstanding equity. Through the Unconsolidated Joint Venture, which holds approximately 90% of the membership interest in NewPoint JV, LLC (the “NewPoint JV”) pursuant to the terms of the Operating Agreement entered into between the Unconsolidated Joint Venture and NewPoint Bridge Lending, LLC, the Company indirectly owns approximately 45% of the outstanding equity of the NewPoint JV on a fully diluted basis. 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 NP JV Holdings’ earnings and distributions, including unrealized gains and losses as a result of changes in fair value of the NewPoint JV. The Company records its share of NP JV Holdings’ 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 such share is recognized as a profit or loss on the consolidated statements of operations. The Company recorded a gain totaling $6.8 million, which represented its share of NP JV Holdings’ gain, during the year ended December 31, 2022 in the consolidated statements of operations. During the year ended December 31, 2022, the Company contributed an additional $86.3 million in NP JV Holdings, $39.9 million of which was returned as a return of capital and can be called back by NewPoint JV through NP JV Holdings as a capital call on a future date. As of December 31, 2022, the Company’s aggregate investment in NP JV Holdings of $100.6 million is included in investment in unconsolidated entities on the consolidated balance sheets. For more information, refer to Note 6 — Investment in Unconsolidated Entities. On March 31, 2022, the Company fully redeemed its $60.7 million investment in CIM UII Onshore, L.P. (“CIM UII Onshore”). Prior to redemption, the Company had less than 5% ownership of CIM UII Onshore and accounted 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. Prior to redemption, the Company recorded 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 such share 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 $5.2 million during the year ended December 31, 2022 in the consolidated statements of operations. During the year ended December 31, 2022, the Company received distributions of $531,000 related to its investment in CIM UII Onshore, all of which was recognized as a return on investment. As of December 31, 2021, the Company’s investment in CIM UII Onshore had a carrying value of $56.0 million.
Noncontrolling Interest in Consolidated Joint Venture	Non-controlling Interest in Consolidated Joint Venture From December 2021 to July 2022, the Company determined it had a controlling interest in the Consolidated Joint Venture and, therefore, met the requirements for consolidation. During the year ended December 31, 2022, the Company recorded net income of $66,000 and paid distributions of $1.1 million to the non-controlling interest.
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 $19.8 million and $36.5 million of unsettled liquid corporate senior loan purchases as of December 31, 2022 and 2021, respectively.
Real Estate-Related Securities	Real Estate-Related Securities Real estate-related securities consists primarily of the Company’s investments in commercial mortgage-backed securities (“CMBS”) and equity 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. A loss 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. For additional information regarding the Company’s process for estimating current expected credit losses for its real estate-related securities, see the Current Expected Credit Losses section below. 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 years
Loans Held-for-Investment	Loans Held-for-Investment The Company’s loans held-for-investment include loans related to real estate assets, as well as credit investments, including commercial mortgage loans 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 (“CECL”) 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. 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 current expected credit losses 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 first mortgage loans primarily using the Weighted Average Remaining Maturity method, which has been identified as an acceptable method for estimating CECL reserves in the Financial Accounting Standards Board (“FASB”) 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 its 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 corporate senior loans and corporate 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. In estimating credit losses related to real estate-related securities, management considers a variety of factors, 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.
Deferred Financing Costs	Deferred Financing Costs Deferred 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
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. Lease costs represent the initial direct costs incurred in the origination, negotiation and processing of a lease agreement. Such costs include outside broker commissions and other independent third-party costs and are amortized over the life of the lease on a straight-line basis. Costs related to salaries and benefits, supervision, administration, unsuccessful origination efforts and other activities not directly related to completed lease agreements are expensed as incurred. Upon successful lease execution, leasing commissions are capitalized.
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 years ended December 31, 2022 and 2021, the Company capitalized $14.0 million and $9.8 million, respectively, of expenses associated with the development of condominiums acquired via foreclosure, which is included in condominium developments in the accompanying consolidated balance sheets. Included in the amounts capitalized during the years ended December 31, 2022 and 2021 was $1.7 million and $1.8 million, respectively, of capitalized interest expense.
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. The Company continually reviews whether collection of lease-related receivables, including any straight-line rent, and current and future operating expense reimbursements from tenants are probable. The determination of whether collectability is probable takes into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Upon the determination that the collectability of a receivable is not probable, the Company will record a reduction to rental and other property income for amounts previously recorded and a decrease in the outstanding receivable. Revenue from leases where collection is deemed to be not probable is recorded on a cash basis until collectability becomes probable. Management’s estimate of the collectability of lease-related receivables is based on the best information available at the time of estimate. The Company does not use a general reserve approach and lease-related receivables are adjusted and taken against rental and other property income only when collectability becomes not probable. 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 corporate 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 Internal Revenue Code of 1986, as amended, 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 shares of common stock outstanding during each period presented. Diluted income (loss) per share considers the effect of any potentially dilutive share equivalents, of which the Company had none for each of the years ended December 31, 2022, 2021 or 2020. Distributions per share are calculated based on the authorized monthly distribution rate.
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 primarily floating rate first and second lien mortgage loans, either directly or through co-investments in joint ventures, related to real estate assets. This segment also includes investments in real estate-related securities, liquid corporate senior loans and corporate senior loans. Real estate — engages primarily in acquiring and managing geographically diversified income-producing retail, industrial and office properties that are primarily single-tenant properties, which are leased to creditworthy tenants under long-term net leases.
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 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 and the secured overnight financing rate (“SOFR”) as its benchmark interest rate for its derivative instruments. The Company has evaluated the impact of this ASU’s adoption, and has determined that this ASU will not have a material impact on its consolidated financial statements. In December 2022, the FASB issued ASU No. 2022-06, Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”) which was issued to defer the sunset date of Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform to December 31, 2024. ASU 2022-06 is effective immediately for all companies. ASU 2022-06 did not have an impact on the Company’s consolidated financial statements for the year ended December 31, 2022. In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The amendments in this update clarify the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual sale restrictions and introduce new disclosure requirements related to such equity securities. The amendments are effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.
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, 2022, the Company concluded that $348.2 million of its CMBS fell under Level 2 and $189.9 million of its CMBS fell under Level 3. The Company’s equity security investment is valued using Level 1 inputs. The estimated fair value of the Company’s equity 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, 2022, the estimated fair value of the Company’s debt was $4.32 billion, compared to a carrying value of $4.44 billion. The estimated fair value of the Company’s debt as of December 31, 2021 was $4.11 billion, compared to a carrying value of $4.17 billion. Derivative instruments — The Company’s derivative instruments are comprised of 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, 2022 and 2021, 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 commercial real estate (“CRE”) loans held-for-investment and corporate senior loans are classified in Level 3 of the fair value hierarchy. The Company’s liquid corporate 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, 2022, $494.4 million and $168.0 million of the Company’s liquid corporate senior loans were classified in Level 2 and Level 3 of the fair value hierarchy, respectively. As of December 31, 2021, $560.4 million and $94.1 million of the Company’s liquid corporate senior loans were classified in Level 2 and Level 3 of the fair value hierarchy, respectively. As of December 31, 2022, the estimated fair value of the Company’s loans held-for-investment and related receivables, net was $3.98 billion, compared to its carrying value of $4.00 billion. 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. 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, 2022
Accounting Policies [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	The resulting impacts from the consolidated balance sheet reclassifications to the consolidated statements of cash flows for the years ended December 31, 2021 and 2020 are as follows (in thousands): Year Ended December 31, 2021 Year Ended December 31, 2020 As previously reported Reclassifications As Revised As previously reported Reclassifications As Revised Consolidated Statements of Cash Flows Rents and tenant receivables, net $ 28,230 $ (121) $ 28,109 $ (12,536) $ 2,101 $ (10,435) Prepaid expenses and other assets $ (2,538) $ 2,605 $ 67 $ 1,276 $ (1,968) $ (692) Accrued interest receivable $ — $ (2,484) $ (2,484) $ — $ (133) $ (133)
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, 2022
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, 2022 and 2021 (in thousands): Balance as of Quoted Prices in Significant Other Significant Financial assets: CMBS $ 538,142 $ — $ 348,241 $ 189,901 Equity security 38,249 38,249 — — Interest rate caps 5,040 — 5,040 — Total financial assets $ 581,431 $ 38,249 $ 353,281 $ 189,901 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) $ —
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, 2022 and 2021 (in thousands): Level 3 Beginning Balance, January 1, 2021 $ 10,733 Total gains and losses: Unrealized gain included in other comprehensive (loss) income, 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) Balance, December 31, 2021 $ 105,361 Total gains and losses: Unrealized loss included in other comprehensive (loss) income, net (13,426) Purchases and payments received: Conversion of preferred units (1) (68,243) Purchases 4,752 Discounts, net 1,254 Capitalized interest income 1,110 Net transfers (2) 159,093 Ending Balance, December 31, 2022 $ 189,901 ____________________________________ (1) Reflects the Company’s investment in preferred units which matured during the year ended December 31, 2022 and was redeemed in exchange for an investment in a first mortgage loan. Refer to Note 8 — Loans Held-For-Investment for further discussion. (2) One of the Company’s CMBS instruments in two different tranches was transferred into Level 3 during the year ended December 31, 2022 due to a decrease in transparency of inputs and observable prices in the market.
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, 2022 and 2021 : Year Ended December 31, 2022 Year Ended December 31, 2021 Discount Rate Terminal Capitalization Rate Discount Rate Terminal Capitalization Rate 8.0% - 9.7% 7.5% - 9.2% 8.0% - 10.5% 7.5% - 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, 2022, 2021 and 2020 (in thousands): Year Ended December 31, 2022 2021 2020 Asset class impaired: Land $ 3,553 $ 1,089 $ 3,738 Buildings, fixtures and improvements 11,081 4,755 12,310 Intangible lease assets 1,550 311 737 Intangible lease liabilities — (162) (48) Condominium developments 16,137 12,085 — Total impairment loss $ 32,321 $ 18,078 $ 16,737

REAL ESTATE ASSETS (Tables)

REAL ESTATE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2022
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.

INTANGIBLE LEASE ASSETS AND L_2

INTANGIBLE LEASE ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 and 2021 (in thousands, except weighted average life remaining): As of December 31, 2022 2021 Intangible lease assets: In-place leases and other intangibles, net of accumulated amortization of $86,881 and $73,923, respectively (with a weighted average life remaining of 11.1 years and 11.4 years, respectively) $ 174,954 $ 224,931 Acquired above-market leases, net of accumulated amortization of $4,210 and $3,204, respectively (with a weighted average life remaining of 12.9 years and 13.3 years, respectively) 10,639 12,774 Total intangible lease assets, net $ 185,593 $ 237,705 Intangible lease liabilities: Acquired below-market leases, net of accumulated amortization of $5,575 and $9,043, respectively (with a weighted average life remaining of 12.4 years and 11.5 years, respectively) $ 19,054 $ 24,896
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, 2022, 2021, and 2020 (in thousands): Year Ended December 31, 2022 2021 2020 In-place lease and other intangible amortization $ 24,629 $ 28,994 $ 23,262 Above-market lease amortization $ 1,152 $ 2,379 $ 3,095 Below-market lease amortization $ 1,990 $ 5,393 $ 5,309
Schedule of Finite-lived Intangible Assets, Future Amortization Expense	As of December 31, 2022, 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 2023 $ 21,684 $ 1,022 $ 1,802 2024 20,338 929 1,675 2025 17,508 916 1,603 2026 15,884 871 1,595 2027 14,894 846 1,526 Thereafter 84,646 6,055 10,853 Total $ 174,954 $ 10,639 $ 19,054

REAL ESTATE-RELATED SECURITIES

REAL ESTATE-RELATED SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 (in thousands): Real Estate-Related Securities Amortized Cost Basis Unrealized Loss Fair Value CMBS $ 586,649 $ (48,507) $ 538,142 Equity Security 53,388 (15,139) 38,249 Total real estate-related securities $ 640,037 $ (63,646) $ 576,391 The following table provides the activity for the real estate-related securities during the year ended December 31, 2022 and 2021 (in thousands): Amortized Cost Basis Unrealized Gain (Loss) Fair Value 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 Sale of real estate-related securities (258,260) 1,419 (256,841) Capitalized interest income on real estate-related securities 974 — 974 Principal payments received on real estate-related securities (38) — (38) Unrealized gain on real estate-related securities — 231 231 Real estate-related securities as of January 1, 2022 102,674 2,797 105,471 Face value of real estate-related securities acquired 640,793 — 640,793 Investment in preferred units, net (1) (63,490) (63,490) Premiums and discounts on purchase of real estate-related securities, net of acquisition costs (33,939) — (33,939) Amortization of discount on real estate-related securities 10,160 — 10,160 Realized gain on sale of real estate-related securities (110) (22) (132) Capitalized interest income on real estate-related securities 1,110 — 1,110 Principal payments received on real estate-related securities (17,161) — (17,161) Unrealized loss on real estate-related securities — (66,421) (66,421) Real estate-related securities as of December 31, 2022 $ 640,037 $ (63,646) $ 576,391 ____________________________________ (1) Included in this balance is $68.2 million of the Company’s investment in preferred units which were redeemed during the year ended December 31, 2022 in exchange for an investment in a first mortgage loan, as further discussed in Note 8 — Loans Held-For-Investment. The scheduled maturities of the Company’s CMBS as of December 31, 2022 are as follows (in thousands): CMBS Amortized Cost Estimated Fair Value Due within one year $ 316,771 $ 292,382 Due after one year through five years 228,442 214,952 Due after five years through ten years — — Due after ten years 41,436 30,808 Total $ 586,649 $ 538,142

LOANS HELD-FOR-INVESTMENT (Tabl

LOANS HELD-FOR-INVESTMENT (Tables)	12 Months Ended
	Dec. 31, 2022
Receivables [Abstract]
Schedule of Allowance for Financing Receivable	The Company’s loans held-for-investment consisted of the following as of December 31, 2022 and 2021 (dollar amounts in thousands): As of December 31, 2022 2021 First mortgage loans (1) $ 3,285,193 $ 1,968,585 Total CRE loans held-for-investment and related receivables, net 3,285,193 1,968,585 Liquid corporate senior loans 701,540 655,516 Corporate senior loans 57,165 — Loans held-for-investment and related receivables, net $ 4,043,898 $ 2,624,101 Less: Current expected credit losses (42,344) (15,201) Total loans held-for-investment and related receivable, net $ 4,001,554 $ 2,608,900 ____________________________________ (1) As of December 31, 2022, 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, 2022 and 2021 (dollar amounts in thousands): CRE Loans (1) (2) Liquid Corporate Senior Loans Corporate Senior Loans As of December 31, As of December 31, As of December 31, 2022 2021 2022 2021 2022 2021 Number of loans 29 22 317 295 4 — Principal balance $ 3,306,411 $ 1,985,722 $ 708,254 $ 659,007 $ 57,918 $ — Net book value $ 3,264,841 $ 1,958,655 $ 680,345 $ 650,245 $ 56,368 $ — Weighted-average interest rate 7.6 % 3.3 % 8.0 % 3.7 % 10.5 % — % Weighted-average maximum years to maturity 3.6 4.3 4.7 5.1 4.6 0.0 Unfunded loan commitments (3) $ 304,649 $ 209,368 $ 1,425 $ 1,562 $ 4,324 $ — ____________________________________ (1) As of December 31, 2022, 100% of the Company’s CRE loans by principal balance earned a floating rate of interest, primarily indexed to SOFR and U.S. dollar LIBOR. (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. (3) Unfunded loan commitments are subject to the satisfaction of borrower milestones and are not reflected in the accompanying consolidated balance sheets. This balance does not include unsettled liquid corporate senior loan purchases of $19.8 million that are included in cash and cash equivalents in the accompanying consolidated balance sheets. Activity relating to the Company’s loans held-for-investment portfolio was as follows for the years ended December 31, 2022 and 2021 (dollar amounts in thousands): Mezzanine Loans CRE Loans Liquid Corporate Senior Loans Corporate Senior Loans Total Loan Portfolio Balance, January 1, 2021 $ (58,038) $ 486,431 $ 463,873 $ — $ 892,266 Loan originations and acquisitions — 1,810,166 408,898 — 2,219,064 Cure payments receivable (1) — (7,351) — — (7,351) Sale of loans — — (69,918) — (69,918) Principal repayments received — (169,094) (156,968) — (326,062) Capitalized interest (1) — (9,469) — — (9,469) Deferred fees and other items — (17,031) (2,204) — (19,235) Accretion and amortization of fees and other items — 2,998 2,105 — 5,103 Foreclosure of assets (1) — (130,655) — — (130,655) Current expected credit losses 58,038 (2) (7,340) 4,459 — 55,157 Balance, January 1, 2022 — 1,958,655 650,245 — 2,608,900 Loan originations and acquisitions (3) — 1,401,539 184,513 75,851 1,661,903 Sale of loans — — (60,027) — (60,027) Principal repayments received — (80,911) (73,758) (17,933) (172,602) Capitalized interest — 62 — — 62 Deferred fees and other items (4) — (13,978) (5,856) (1,050) (20,884) Accretion and amortization of fees and other items — 9,896 1,152 297 11,345 Current expected credit losses (5) — (10,422) (15,924) (797) (27,143) Balance, December 31, 2022 $ — $ 3,264,841 $ 680,345 $ 56,368 $ 4,001,554 ____________________________________ (1) During the year ended December 31, 2021, the Company completed foreclosure of the assets which previously secured its eight mezzanine loans. (2) Includes the reversal of current expected credit losses related to the mezzanine loans upon foreclosure of the assets which previously secured the eight mezzanine loans during the year ended December 31, 2021. (3) The Company’s investment in preferred units, which was previously recorded in real estate-related securities on the accompanying consolidated balance sheets, was redeemed during the year ended December 31, 2022 in exchange for an investment in a first mortgage loan. The converted investment in preferred units of $68.2 million is included in the CRE loans balance with an all-in-rate of 11.0% and an initial maturity date of October 9, 2023. (4) Other items primarily consist of purchase discounts or premiums and deferred origination expenses. (5) Does not include current expected losses for unfunded or unsettled loan commitments. Such amounts are included in accrued expenses and accounts payable on the accompanying consolidated balance sheets. The following table presents the activity in the Company’s current expected credit losses related to loans held-for-investment by loan type for the year ended December 31, 2022 (dollar amounts in thousands): First Mortgage Loans Unfunded First Mortgage Loans (1) Liquid Corporate Senior Loans Unfunded or Unsettled Liquid Corporate Senior Loans (1) Corporate Senior Loans Unfunded Corporate Senior Loans (1) Total Current expected credit losses as of January 1, 2022 $ 9,930 $ — $ 5,271 $ — $ — $ — $ 15,201 Provision for credit losses 1,312 360 2,581 400 56 — 4,709 Current expected credit losses as of March 31, 2022 11,242 360 7,852 400 56 — 19,910 Provision for (reversal of) credit losses 1,832 170 2,338 (96) 615 83 4,942 Current expected credit losses as of June 30, 2022 13,074 530 10,190 304 671 83 24,852 Provision for (reversal of) credit losses 1,933 121 3,579 (85) 137 (21) 5,664 Current expected credit losses as of September 30, 2022 15,007 651 13,769 219 808 62 30,516 Provision for (reversal of) credit losses 5,345 1,239 7,426 158 (11) 4 14,161 Current expected credit losses as of December 31, 2022 $ 20,352 $ 1,890 $ 21,195 $ 377 $ 797 $ 66 $ 44,677 ____________________________________ (1) Current expected losses for unfunded or unsettled loan commitments are included in accrued expenses and accounts payable on the accompanying consolidated balance sheets.
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, 2022 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, 2022 Number of Loans 2022 2021 2020 2019 Total First mortgage loans by internal risk rating: 1 — $ — $ — $ — $ — $ — 2 1 — — 83,787 — 83,787 3 25 1,163,918 1,604,647 72,745 50,618 2,891,928 4 3 80,369 229,109 — — 309,478 5 — — — — — — Total first mortgage loans 29 1,244,287 1,833,756 156,532 50,618 3,285,193 Liquid corporate senior loans by internal risk rating: 1 — — — — — — 2 2 — — 5,298 — 5,298 3 304 146,331 324,010 202,092 2,322 674,755 4 10 3,268 6,255 9,045 — 18,568 5 1 (2) 2,919 — — — 2,919 Total liquid corporate senior loans 317 152,518 330,265 216,435 2,322 701,540 Corporate senior loans by internal risk rating: 1 — — — — — — 2 — — — — — — 3 4 57,165 — — — 57,165 4 — — — — — — 5 — — — — — — Total corporate senior loans 4 57,165 — — — 57,165 Less: Current expected credit losses (42,344) Total loans-held-for-investment and related receivables, net 350 $ 4,001,554 Weighted Average Risk Rating (3) 3.1 ____________________________________ (1) Date loan was originated or acquired by the Company. Origination dates are subsequently updated to reflect material loan modifications. (2) As of December 31, 2022, one of the Company’s liquid corporate senior loan investments was on nonaccrual status with a carrying value of $2.9 million, which represented less than 1% of the carrying value of the Company’s liquid corporate senior loans portfolio. (3) 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, 2022
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 as of December 31, 2022 and 2021 (dollar amounts in thousands): Outstanding Notional Fair Value of Assets (Liabilities) as of Balance Sheet Amount as of Interest Effective Maturity December 31, December 31, Location December 31, 2022 Rates (1) Dates Dates 2022 2021 Interest Rate Caps Prepaid expenses, derivative assets and other assets $ 712,000 8.38% to 9.00% 7/15/2021 to 9/13/2022 7/15/2023 to 10/9/2023 $ 5,040 $ 179 Interest Rate Swaps Deferred rental income, derivative liabilities and other liabilities $ — —% — — $ — $ (2,466) ____________________________________ (1) The interest rate consists of the underlying index capped to a fixed rate as of December 31, 2022.

REPURCHASE FACILITIES, NOTES _2

REPURCHASE FACILITIES, NOTES PAYABLE AND CREDIT FACILITIES (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes the debt balances as of December 31, 2022 and 2021, and the debt activity for the year ended December 31, 2022 (in thousands): During the Year Ended December 31, 2022 Balance as of December 31, 2021 Debt Issuances & Assumptions (1) Repayments & Modifications (2) Amortization Balance as of December 31, 2022 Notes payable – fixed rate debt $ 471,967 $ — $ (435,429) (4) $ — $ 36,538 Notes payable – variable rate debt 70,268 474,461 (79,212) — 465,517 First lien mortgage loan 650,000 — (528,060) — 121,940 ABS mortgage notes 770,775 — (7,740) — 763,035 Credit facilities 910,000 872,000 (1,043,500) — 738,500 Repurchase facilities 1,298,414 1,145,649 (125,682) — 2,318,381 Total debt 4,171,424 2,492,110 (2,219,623) — 4,443,911 Deferred costs – credit facility (3) (143) (1,085) 89 399 (740) Deferred costs – fixed rate debt and first lien mortgage loan (11,678) — 7,655 (5) 2,914 (1,109) Deferred costs – variable rate debt (271) (6,126) — 1,136 (5,261) Deferred costs – ABS mortgage notes (16,127) (179) 353 1,985 (13,968) Total debt, net $ 4,143,205 $ 2,484,720 $ (2,211,526) $ 6,434 $ 4,422,833 ____________________________________ (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 $19.6 million during the year ended December 31, 2022. (3) Deferred costs related to the term portion of the CIM Income NAV Credit Facility and the CMFT Credit Facility (both defined below). (4) Includes mortgage notes of $356.5 million that were assumed by the buyer in connection with disposition of real estate assets. (5) In connection with the repayment of certain mortgage notes, the Company wrote off $7.7 million of unamortized deferred loan costs. On July 28, 2021, the Company issued $774.0 million aggregate principal amount of asset backed securities (“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, 2022 (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 6.1% (3) $ 465,690 $ 335,458 Barclays 9/21/2020 9/22/2025 1,250,000 6.1% (3) 1,183,270 885,067 Wells Fargo 5/20/2021 8/30/2025 750,000 5.9% (3) 891,234 693,616 Deutsche Bank 10/8/2021 10/8/2023 300,000 6.5% (4) 192,376 146,211 J.P. Morgan 6/1/2022 1/5/2023 (5) — (5) 5.5% (6) 469,103 258,029 Total $ 2,700,000 $ 3,201,673 $ 2,318,381 __________________________________ (1) The repurchase facility with Citibank is set to mature in August 2024, with up to two one-year extension options. The repurchase facility with Barclays was set to mature in September 2024, with up to two one-year extension options. During the year ended December 31, 2022, the Company extended the current facility termination date to September 22, 2025 under the Third Amendment to the Master Repurchase Agreement with Barclays. The repurchase facility with Wells Fargo was set to mature on May 19, 2024, with up to two one-year extension options. During the year ended December 31, 2022, the Company extended the initial facility termination date to August 30, 2025 under the Third Amendment to the Master Repurchase Agreement with Wells Fargo. The repurchase facility with Deutsche Bank (“Deutsche Bank Repurchase Facility”) was 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 Agreement with Deutsche Bank. During the year ended December 31, 2022, the Company exercised the Deutsche Bank Repurchase Facility’s first extension option, extending the date of maturity to October 8, 2023, and added an additional extension option, providing for a total of four one-year extension options remaining as of December 31, 2022. (2) During the year ended December 31, 2022, the Company increased the Barclays Repurchase Facility and the repurchase facility with Wells Fargo (the “Wells Fargo Repurchase Facility”) to provide up to $1.25 billion and $750.0 million, respectively, in financing. (3) Advances under the Repurchase Agreements accrue interest at per annum rates based on the one-month LIBOR, Term SOFR (as such term is defined in the applicable Repurchase Agreement), 30-day SOFR average, or the daily compounded SOFR plus a spread ranging from 1.30% to 2.85% to be determined on a case-by-case basis between Citibank, Barclays or Wells Fargo and the CMFT Lending Subs. (4) Under the Amended and Restated Master Repurchase Agreement with Deutsche Bank, advances under the repurchase agreement may be made based on one-month Term SOFR plus a spread designated by Deutsche Bank, and the interest rate used for certain existing advances under the existing Deutsche Bank Repurchase Facility may be converted from the one-month LIBOR to one-month SOFR plus a spread ranging from 1.90% to 2.75%. (5) Facilities under the repurchase facility with J.P. Morgan (“J.P. Morgan Repurchase Facility”) carry a rolling term which is reset monthly. Such facilities carry no maximum facility size. (6) Under the Master Repurchase Agreement with J.P. Morgan, advances under the repurchase agreement may be made based on one-month Term SOFR plus a spread designated by J.P. Morgan, which as of December 31, 2022, ranges from 0.95% to 1.40%.
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, 2022 (in thousands): Year Ending December 31, Principal Repayments 2023 $ 531,143 2024 400,783 2025 1,796,445 2026 — 2027 911,180 Thereafter 804,360 Total $ 4,443,911

SUPPLEMENTAL CASH FLOW DISCLO_2

SUPPLEMENTAL CASH FLOW DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Supplemental cash flow disclosures for the years ended December 31, 2022, 2021 and 2020 are as follows (in thousands): Year Ended December 31, 2022 2021 2020 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Distributions declared and unpaid $ 14,828 $ 13,252 $ 10,969 Accrued capital expenditures $ 249 $ 5,902 $ 160 Construction reserve allocation $ (4,299) $ — $ — 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 $ (356,477) $ (31,801) $ — Equity security received in connection with disposition of real estate assets $ (53,388) $ — $ — Change in interest income capitalized to loans held-for-investment $ — $ (9,469) $ 539 Accrued deferred financing costs $ 247 $ 12 $ — Common stock issued through distribution reinvestment plan $ 38,912 $ 25,784 $ 34,191 Common stock issued in connection with mergers $ — $ 538,703 $ 384,319 Change in fair value of derivative instruments $ 2,252 $ 5,907 $ 727 Change in fair value of real estate-related securities $ (51,304) $ 1,650 $ 1,147 Conversion of preferred units to loans held-for-investment $ 68,242 $ — $ — 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 $ 146,947 $ 72,533 $ 60,990 Cash paid for taxes $ 1,301 $ 1,093 $ 1,243

RELATED-PARTY TRANSACTIONS AN_2

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 2021 2020 Management fees $ 52,564 $ 47,020 $ 40,025 Disposition fees $ — $ — $ 434 Expense reimbursements to related parties (1) $ 16,567 $ 11,624 $ 8,920 ____________________________________ (1) Excludes $1.1 million of expense reimbursements recorded during the year ended December 31, 2022 attributable to earnout leasing costs under the RTL Purchase and Sale Agreement, which are included in gain on disposition of real estate and condominium developments, net in the condensed consolidated statements of operations.

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2022
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 stockholders 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 September 2022 $0.0305 October 2022 December 2022 $0.0339 January 2023 June 2023 $0.0350

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022, 2021 and 2020: Year Ended December 31, Character of Distributions: 2022 2021 2020 Ordinary dividends 90 % 22 % — % Nondividend distributions 10 % 36 % 100 % Capital gain distributions — % 42 % — % Total 100 % 100 % 100 %

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Schedule of Future Minimum Rental Income from Operating Leases	As of December 31, 2022, 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 2023 $ 152,296 2024 150,514 2025 147,016 2026 142,789 2027 140,164 Thereafter 959,489 Total $ 1,692,268
Schedule of Components of Lease Income	Rental and other property income during the years ended December 31, 2022, 2021 and 2020 consisted of the following (in thousands): Year Ended December 31, 2022 2021 2020 Fixed rental and other property income (1) $ 192,982 $ 252,422 $ 221,445 Variable rental and other property income (2) 20,407 42,742 40,085 Total rental and other property income $ 213,389 $ 295,164 $ 261,530 __________________________________ (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, 2022
Segment Reporting [Abstract]
Schedule of Segment Information	The following tables present segment reporting for the years ended December 31, 2022, 2021 and 2020 (in thousands): Year Ended December 31, 2022 Real Estate Credit Corporate/Other (1) (2) Company Total Rental and other property income $ 213,001 $ — $ 388 $ 213,389 Interest income — 238,757 — 238,757 Total revenues 213,001 238,757 388 452,146 General and administrative 553 807 14,004 15,364 Property operating 14,609 — 6,181 20,790 Real estate tax 10,923 — 1,689 12,612 Expense reimbursements to related parties — — 16,567 16,567 Management fees 21,526 31,038 — 52,564 Transaction-related 511 — 23 534 Depreciation and amortization 70,606 — — 70,606 Real estate impairment 16,184 — 16,137 32,321 Increase in provision for credit losses — 29,476 — 29,476 Total operating expenses 134,912 61,321 54,601 250,834 Gain on disposition of real estate and condominium developments, net 117,763 — 4,139 121,902 Operating income (loss) 195,852 177,436 (50,074) 323,214 Other income (expense): Gain on investment in unconsolidated entities — 6,780 5,172 11,952 Unrealized (loss) gain on equity security — (15,139) 22 (15,117) Interest expense and other, net (36,283) (106,908) (13,348) (156,539) Loss on extinguishment of debt (18,646) — (998) (19,644) Segment net income (loss) 140,923 62,169 (59,226) 143,866 Segment net income attributable to non-controlling interest 66 — — 66 Segment net income (loss) attributable to the Company $ 140,857 $ 62,169 $ (59,226) $ 143,800 Total assets as of December 31, 2022 $ 2,118,513 $ 4,794,593 $ 218,948 $ 7,132,054 __________________________________ (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. 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 income (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 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. 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 income (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

ORGANIZATION AND BUSINESS (Deta

ORGANIZATION AND BUSINESS (Details) $ / shares in Units, ft² in Millions	12 Months Ended	24 Months Ended
	Dec. 31, 2022 USD ($) ft² property loan state $ / shares shares	Apr. 04, 2014 shares	Dec. 21, 2022 $ / shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 20, 2021 state	Dec. 31, 2020 USD ($)	Dec. 21, 2020 $ / shares	Aug. 02, 2016 USD ($)	Jun. 30, 2016 USD ($) shares	Dec. 19, 2013 USD ($)	Jan. 26, 2012 USD ($)
Organization And Business
Number of real estate properties | property	380
Rentable commercial space (sqft) | ft²	10.9
Number of states in which entity owns properties | state	43				27
Percentage of rentable space leased	99.20%
Number of loans | loan	350
Net book value	$ 4,001,554,000			$ 2,608,900,000		$ 892,266,000
Real estate-related securities ($576,391 and $41,981 held at fair value as of December 31, 2022 and December 31, 2021, respectively)	576,391,000			105,471,000		38,194,000
Real estate investment property, at cost	$ 2,448,874,000			$ 2,848,087,000
Common stock, shares issued (in shares) | shares	437,397,414	297,400,000		437,373,981
Common stock, shares deregistered (shares) | shares		404,000
NAV per share (in usd per share) | $ / shares	$ 6.57			$ 7.20			$ 7.31
IPO
Organization And Business
Common stock, shares authorized (in shares)											$ 2,975,000,000
Common stock, shares issued (in shares) | shares		292,300,000
Distribution Reinvestment Plan
Organization And Business
Common stock, shares authorized (in shares)	$ 600,000,000			$ 600,000,000		$ 600,000,000
Common stock, shares issued (in 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 (in usd per share) | $ / shares			$ 6.57
CCPT IV OP
Organization And Business
General partner partnership interest percentage	100%
Condominium Developments
Organization And Business
Real estate investment property, at cost	$ 130,500,000

ORGANIZATION AND BUSINESS - Pur

ORGANIZATION AND BUSINESS - Purchase and Sale Agreement (Details) ft² in Millions, $ in Millions			3 Months Ended	12 Months Ended
	Dec. 29, 2022 USD ($) ft² property state	Dec. 20, 2021 USD ($) ft² state property	Mar. 27, 2023 USD ($) property	Dec. 31, 2022 USD ($) loan property state	Dec. 31, 2021 property
Real Estate Properties [Line Items]
Number of real estate properties held for sale | property				81
Number of states in which entity owns properties | state		27		43
Number of properties disposed | property				2	117
Subsequent Event
Real Estate Properties [Line Items]
Aggregate gross sales price			$ 3.7
Realty Income Purchase and Sale Agreement
Real Estate Properties [Line Items]
Area of real estate property | ft²	4.6
Number of states in which entity owns properties | state	34
Aggregate gross sales price	$ 894
Escrow deposit				$ 20
Property Disposition 2022
Real Estate Properties [Line Items]
Area of real estate property | ft²		9.5
Aggregate gross sales price		$ 1,320
Number of properties disposed | loan				2
Proceeds from sale of productive assets in cash				$ 1,280
Property Disposition 2022 | Subsequent Event
Real Estate Properties [Line Items]
Aggregate gross sales price			$ 779
Number of properties disposed | property			151
Proceeds from sale of productive assets in cash			$ 19.6
Single-Tenant Properties | Realty Income Purchase and Sale Agreement
Real Estate Properties [Line Items]
Number of real estate properties held for sale | property	185
Single-Tenant Properties | Property Disposition 2022
Real Estate Properties [Line Items]
Number of real estate properties held for sale | property		2

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Principles of Consolidation and Basis of Presentation (Details) - property	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Number of properties disposed	2	117

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassifications (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reclassification [Line Items]
Accrued interest receivable	$ 22,343	$ 4,450
Rents and tenant receivables, net	(33,968)	(58,948)
Prepaid expenses and other assets	26,243	11,829
Rents and tenant receivables, net	68,172	28,109	$ (10,435)
Prepaid expenses and other assets	(10,172)	67	(692)
Accrued interest receivable	$ (17,893)	$ (2,484)	(133)
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other assets	Prepaid expenses and other assets
Reclassification
Reclassification [Line Items]
Rents and tenant receivables, net		$ 2,500
Prepaid expenses and other assets		2,500
As previously reported
Reclassification [Line Items]
Rents and tenant receivables, net		28,230	(12,536)
Prepaid expenses and other assets		(2,538)	1,276
Accrued interest receivable		0	0
Reclassifications
Reclassification [Line Items]
Rents and tenant receivables, net		(121)	2,101
Prepaid expenses and other assets		2,605	(1,968)
Accrued interest receivable		$ (2,484)	$ (133)

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Real Estate Assets (Details)	12 Months Ended
	Dec. 31, 2022
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_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recoverability of Real Estate Assets (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) state	Dec. 31, 2021 USD ($) property	Dec. 31, 2020 USD ($)
Real Estate [Line Items]
Impairment of real estate assets		$ 6	$ 16.7
Impairment of real estate, number of properties | property		12
Condominium Units
Real Estate [Line Items]
Impairment of real estate assets	$ 16.1	$ 12.1
Sale Price Less Than Carrying Values
Real Estate [Line Items]
Impairment of real estate, number of properties	23	8
Vacant:
Real Estate [Line Items]
Impairment of real estate, number of properties | property		4
12 Properties
Real Estate [Line Items]
Impairment of real estate assets	$ 16.2

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Assets Held for Sale (Details)	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)
Accounting Policies [Abstract]
Number of real estate properties held for sale | property	81
Assets held for sale | $	$ 1,300,000,000	$ 0

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Investments in Unconsolidated Entities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2022
Schedule of Equity Method Investments [Line Items]
Gain on investment in unconsolidated entities	$ 11,952	$ 606	$ 0
Proceeds from equity method investment return of capital	39,221	0	0
Return on investment in unconsolidated entities	$ 7,312	497	$ 0
NP JV Holdings | New Point JV, LLC
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest, ownership percentage by parent	90%
NP JV Holdings
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50%
Additional contribution	$ 86,300
Proceeds from equity method investment return of capital	$ 39,900
New Point JV, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	45%
Gain on investment in unconsolidated entities	$ 6,800
Equity method investments	100,600
Return on investment in unconsolidated entities	$ 46,000
C I M U I I Onshore
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	5%
Gain on investment in unconsolidated entities	$ 5,200	606
Equity method investments		$ 56,000		$ 60,700
Return on investment in unconsolidated entities	$ 531

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Noncontrolling Interest In Consolidated Joint Venture (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Net income allocated to non-controlling interest	$ 66	$ 0	$ 0
Distributions to non-controlling interests	$ 1,147

SUMMARY OF SIGNIFICANT ACCOU_11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 176,594	$ 144,173	$ 128,408	$ 473,355
Restricted cash	57,616	36,792	$ 7,023
Cash collateral included in restricted cash	19,600
Reserves for Settlement of Loan Acquisitions
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	19,800	36,500
Restricted Lockbox Accounts
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	15,400	7,800
Escrow Deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 22,600	$ 29,000

SUMMARY OF SIGNIFICANT ACCOU_12

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Real Estate-Related Securities (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) security	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 576,391,000	$ 105,471,000	$ 38,194,000
Unrealized gain (loss) on equity security	(63,646,000)	2,797,000	$ 1,147,000
Allowance for credit losses				$ 0
Capitalized interest income on real estate-related securities	1,110,000	$ 974,000
CMBS
Debt Securities, Available-for-sale [Line Items]
Net investments in debt securities	$ 558,200,000
Number of investments | security	20
Fair Value	$ 538,100,000
RTL Common Stock
Debt Securities, Available-for-sale [Line Items]
Investments redeemed	38,200,000
Dividend Income, Equity Securities, Operating	4,100,000
Equity Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	38,249,000
Unrealized gain (loss) on equity security	$ (15,139,000)

SUMMARY OF SIGNIFICANT ACCOU_13

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loan Held-for-Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Capitalized interest	$ 62	$ (9,469)
Liquid corporate senior loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Nonaccrual status with a carrying value	$ 2,900
Percentage carrying value of loan portfolio (less than)	1%

SUMMARY OF SIGNIFICANT ACCOU_14

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_15

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred Financing Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Deferred costs, net	$ 16,429	$ 7,214

SUMMARY OF SIGNIFICANT ACCOU_16

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Development Activities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Condominium developments	$ 130,494	$ 171,080
Capitalized interest costs	1,700	1,800
Condominium Units
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Condominium developments	$ 14,000	$ 9,800

SUMMARY OF SIGNIFICANT ACCOU_17

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings (Loss) and Distributions Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Weighted average number diluted shares outstanding adjustment (shares)	0	0	0

SUMMARY OF SIGNIFICANT ACCOU_18

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reportable Segment (Details)	12 Months Ended
	Dec. 31, 2022 segment
Accounting Policies [Abstract]
Number of reportable segments	2

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) state	Dec. 31, 2020 USD ($) property
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CMBS	$ 576,391	$ 41,981
Number of properties impaired		12	12
Impairment of real estate assets		$ 6,000	$ 16,700
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CMBS	538,142	41,871
Condominium Units
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate assets	16,100	12,100
12 Properties
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate assets	16,200
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, fair value disclosure	3,980,000	2,630,000
Carrying value of impaired property	123,900	48,900	86,400
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, fair value disclosure	4,000,000	2,610,000
Carrying value of impaired property	140,100	54,900	$ 103,100
Level 2 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CMBS	348,241	0
Level 2 | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Company's debt	4,320,000	4,110,000
Level 2 | Fair Value | Syndicated Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, fair value disclosure	494,400	560,400
Level 2 | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Company's debt	4,440,000	4,170,000
Level 3 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CMBS	189,901	41,871
Level 3 | Fair Value | Syndicated Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, fair value disclosure	$ 168,000	$ 94,100

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Financial assets:
CMBS	$ 576,391	$ 41,981
Investments in debt securities, fair value	576,391	105,471	$ 38,194
Fair Value, Recurring
Financial assets:
CMBS	538,142	41,871
Total financial assets	581,431	105,650
Financial liabilities:
Total financial liabilities		(2,466)
Fair Value, Recurring | Preferred Units
Financial assets:
Investments in debt securities, fair value		63,490
Fair Value, Recurring | Equity security
Financial assets:
Investments in debt securities, fair value	38,249	110
Fair Value, Recurring | Interest rate caps
Financial assets:
Interest rate caps	5,040	179
Fair Value, Recurring | Interest Rate Swaps
Financial liabilities:
Interest rate swaps		(2,466)
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial assets:
CMBS	0	0
Total financial assets	38,249	110
Financial liabilities:
Total financial liabilities		0
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Preferred Units
Financial assets:
Investments in debt securities, fair value		0
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity security
Financial assets:
Investments in debt securities, fair value	38,249	110
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate caps
Financial assets:
Interest rate caps	0	0
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest Rate Swaps
Financial liabilities:
Interest rate swaps		0
Fair Value, Recurring | Significant Other Observable Inputs (Level 2)
Financial assets:
CMBS	348,241	0
Total financial assets	353,281	179
Financial liabilities:
Total financial liabilities		(2,466)
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Preferred Units
Financial assets:
Investments in debt securities, fair value		0
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Equity security
Financial assets:
Investments in debt securities, fair value	0	0
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Interest rate caps
Financial assets:
Interest rate caps	5,040	179
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Interest Rate Swaps
Financial liabilities:
Interest rate swaps		(2,466)
Fair Value, Recurring | Significant Unobservable Inputs (Level 3)
Financial assets:
CMBS	189,901	41,871
Total financial assets	189,901	105,361
Financial liabilities:
Total financial liabilities		0
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Preferred Units
Financial assets:
Investments in debt securities, fair value		63,490
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Equity security
Financial assets:
Investments in debt securities, fair value	0	0
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Interest rate caps
Financial assets:
Interest rate caps	$ 0	0
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Interest Rate Swaps
Financial liabilities:
Interest rate swaps		$ 0

FAIR VALUE MEASUREMENTS - Level

FAIR VALUE MEASUREMENTS - Level 3 Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Total gains and losses:
Fair Value Recurring Basis Unobservable Input Reconciliation Liability Gain Loss Statement Of Other Comprehensive Income Extensible List Not Disclosed Flag	Unrealized loss included in other comprehensive (loss) income, net	Unrealized gain included in other comprehensive (loss) income, net
Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 105,361	$ 10,733
Total gains and losses:
Unrealized loss included in other comprehensive (loss) income, net	(13,426)	2,197
Purchases and payments received:
Conversion of preferred units	(68,243)
Purchases	4,752	97,981
Discounts, net	1,254	(4,701)
Capitalized interest income	1,110	974
Net transfers	159,093
Principal payments received		(42)
Sales		(1,781)
Ending balance	$ 189,901	$ 105,361

FAIR VALUE MEASUREMENTS - Disco

FAIR VALUE MEASUREMENTS - Discount Rates and Terminal Capitalization Rates (Details)	Dec. 31, 2022	Dec. 31, 2021
Minimum | Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	8%	8%
Minimum | Terminal Capitalization Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	7.50%	7.50%
Maximum | Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	9.70%	10.50%
Maximum | Terminal Capitalization Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	9.20%	9.20%

FAIR VALUE MEASUREMENTS - Summa

FAIR VALUE MEASUREMENTS - Summary of Impairment Charges by Asset Class (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate assets	$ 32,321	$ 18,078	$ 16,737
Impairment of intangible lease liability	0	(162)	(48)
Land
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate assets	3,553	1,089	3,738
Buildings, fixtures and improvements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate assets	11,081	4,755	12,310
Intangible lease assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate assets	1,550	311	737
Condominium Developments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate assets	$ 16,137	$ 12,085	$ 0

REAL ESTATE ASSETS - Condominiu

REAL ESTATE ASSETS - Condominium Development Project and Dispositions Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate [Line Items]
Condominium developments	$ 130,494	$ 171,080
Net proceeds from disposition of real estate assets and condominium developments	1,315,176	513,528	$ 263,797
Gain on disposition of real estate, net	121,902	83,045	$ 27,518
Condominium Units
Real Estate [Line Items]
Condominium developments	14,000	9,800
Condominium Dispositions
Real Estate [Line Items]
Aggregate gross sales price	40,700	42,300
Net proceeds from disposition of real estate assets and condominium developments	33,000	37,800
Gain on disposition of real estate, net	$ 4,100	$ 5,900

REAL ESTATE ASSETS - Property D

REAL ESTATE ASSETS - Property Dispositions and Real Estate Asset Held for Sale Narrative (Details) $ / shares in Units, ft² in Millions		12 Months Ended
	Dec. 20, 2021 USD ($) ft² center property state $ / shares	Dec. 31, 2022 USD ($) property loan state $ / shares	Dec. 31, 2021 USD ($) property $ / shares	Dec. 31, 2020 USD ($) property
Real Estate [Line Items]
Number of properties disposed | property		2	117
Number of real estate properties held for sale | property		81
Number of states in which entity owns properties | state	27	43
Common stock, value, issued		$ 4,373,000	$ 4,374,000
Common stock, par value (in usd per share) | $ / shares		$ 0.01	$ 0.01
Net proceeds from disposition of real estate assets and condominium developments		$ 1,315,176,000	$ 513,528,000	$ 263,797,000
Gain on disposition of real estate, net		121,902,000	83,045,000	$ 27,518,000
Assets held for sale		$ 1,300,000,000	$ 0
Property Disposition 2022
Real Estate [Line Items]
Number of properties disposed | loan		2
Area of real estate property | ft²	9.5
Aggregate gross sales price	$ 1,320,000,000
Proceeds from sale of productive assets in cash		$ 1,280,000,000
Earnout income (loss) on disposition		70,000,000
Property Disposition 2022 | AFIN
Real Estate [Line Items]
Common stock, value, issued	$ 53,400,000	$ 53,400,000
Common stock, par value (in usd per share) | $ / shares	$ 0.01
Property Disposition 2022 | Properties sold
Real Estate [Line Items]
Number of properties disposed | property		134
Aggregate gross sales price		$ 1,690,000,000
Net proceeds from disposition of real estate assets and condominium developments		1,690,000,000
Gain on disposition of real estate, net		$ 117,800,000
Property Disposition 2021
Real Estate [Line Items]
Number of real estate properties held for sale | property			81
Aggregate gross sales price			$ 490,300,000
Net proceeds from disposition of real estate assets and condominium developments			475,800,000
Gain on disposition of real estate, net			77,200,000
Assets held for sale			$ 1,300,000,000
Property Disposition 2020
Real Estate [Line Items]
Number of properties disposed | property				30
Number of real estate properties held for sale | property				1
Aggregate gross sales price				$ 270,400,000
Net proceeds from disposition of real estate assets and condominium developments				263,800,000
Gain on disposition of real estate, net				27,500,000
Assets held for sale				$ 3,500,000
Purchase And Sale Agreement
Real Estate [Line Items]
Number of properties disposed | property		81
Aggregate gross sales price		$ 1,330,000,000
Other Receivables		$ 12,200,000
Single-Tenant Properties | Property Disposition 2022
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 | Property Disposition 2021
Real Estate [Line Items]
Number of properties disposed | center	79
Number of real estate properties held for sale | center	79
Retail Property | Property Disposition 2022 | Properties sold
Real Estate [Line Items]
Number of properties disposed | property		69
Retail Property | Property Disposition 2021
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
Anchored Shopping Center | Property Disposition 2022
Real Estate [Line Items]
Number of properties disposed | property		56
Anchored Shopping Center | Property Disposition 2021
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
Industrial Property | Property Disposition 2022 | Properties sold
Real Estate [Line Items]
Number of properties disposed | property		6
Office Building | Property Disposition 2022 | Properties sold
Real Estate [Line Items]
Number of properties disposed | property		3

REAL ESTATE ASSETS - Impairment

REAL ESTATE ASSETS - Impairment Narrative (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) ft² state	Dec. 31, 2021 USD ($) ft² state property	Dec. 31, 2020 USD ($) ft² property
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate, number of properties | property		12
Area of real estate property impaired | ft²	962,000	275,000	824,000
Impairment of real estate assets		$ 6,000,000	$ 16,700,000
Assets held for sale	$ 1,300,000,000	$ 0
Number of properties impaired		12	12
Property Disposition 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale		$ 1,300,000,000
12 Properties
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate assets	16,200,000
Condominium Units
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate assets	$ 16,100,000	$ 12,100,000
Sale Price Less Than Carrying Values
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate, number of properties	23	8
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate asset deemed to be impaired	$ 140,100,000	$ 54,900,000	$ 103,100,000
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate asset deemed to be impaired	$ 123,900,000	$ 48,900,000	$ 86,400,000

REAL ESTATE ASSETS - Property A

REAL ESTATE ASSETS - Property Acquisition Narrative (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) property state	Dec. 31, 2020 USD ($) property shares	Dec. 31, 2022 USD ($) property
Real Estate [Line Items]
Real estate investment property, at cost	$ 2,848,087,000		$ 2,448,874,000
Number of real estate properties held for sale | property			81
Assets held for sale	0		$ 1,300,000,000
2021 Asset Acquisitions
Real Estate [Line Items]
Real estate investment property, at cost	911,300,000
Acquisition related costs	$ 5,000,000
Number of real estate properties held for sale | state	5
2021 Asset Acquisitions | Fair Value
Real Estate [Line Items]
Assets held for sale	$ 66,500,000,000
2020 Property Acquisition
Real Estate [Line Items]
Number of properties acquired | property		146
Real estate investment property, at cost		$ 798,500,000
Acquisition related costs		$ 7,900,000
2020 Property Acquisition | CCIT III
Real Estate [Line Items]
Conversion ratio (in shares) | shares		1.098
2020 Property Acquisition | CCPT V
Real Estate [Line Items]
Conversion ratio (in shares) | shares		2.892
Commercial Real Estate
Real Estate [Line Items]
Number of properties acquired | property		150
Commercial Real Estate | 2021 Asset Acquisitions
Real Estate [Line Items]
Number of properties acquired | property	115

REAL ESTATE ASSETS - Purchase P

REAL ESTATE ASSETS - Purchase Price Allocation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate [Line Items]
Land	$ 578,970,000	$ 655,273,000
Buildings, fixtures and improvements	1,462,726,000	1,706,902,000
Intangible lease assets	276,684,000	314,832,000
Assets held for sale	1,300,000,000	0
Total real estate assets, at cost	$ 2,448,874,000	$ 2,848,087,000
Below market lease, weighted average useful life	12 years 4 months 24 days	11 years 6 months
2021 Property Acquisitions
Real Estate [Line Items]
Land		$ 160,364,000
Buildings, fixtures and improvements		591,908,000
Assets held for sale		66,466,000
Total real estate assets, at cost		$ 911,262,000
Below market lease, weighted average useful life		14 years 9 months 18 days
Assets Acquired Via Foreclosure
Real Estate [Line Items]
Buildings, fixtures and improvements		$ 192,182,000
Intangible lease assets		134,000
Intangible lease liabilities		(326,000)
Total real estate assets, at cost		191,990,000
2020 Property Acquisition
Real Estate [Line Items]
Land			$ 166,395,000
Buildings, fixtures and improvements			571,777,000
Total real estate assets, at cost			$ 798,500,000
Below market lease, weighted average useful life			9 years 8 months 12 days
Acquired in-place leases and other intangibles | 2021 Property Acquisitions
Real Estate [Line Items]
Intangible lease assets		$ 94,118,000
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			$ 74,888,000
Acquired finite-lived intangible assets, weighted average useful life			8 years 10 months 24 days
Above-market lease amortization | 2021 Property Acquisitions
Real Estate [Line Items]
Intangible lease assets		$ 6,831,000
Acquired finite-lived intangible assets, weighted average useful life		13 years 6 months
Above-market lease amortization | 2020 Property Acquisition
Real Estate [Line Items]
Acquired finite-lived intangible assets, weighted average useful life			6 years 6 months
Above-market lease amortization | 2020 Property Acquisition | Wholly Owned Properties
Real Estate [Line Items]
Intangible lease assets			$ 2,367,000
Intangible lease liabilities | 2021 Property Acquisitions
Real Estate [Line Items]
Intangible lease liabilities		$ (8,425,000)
Intangible lease liabilities | 2020 Property Acquisition
Real Estate [Line Items]
Intangible lease liabilities			$ (16,927,000)

REAL ESTATE ASSETS - Assets Acq

REAL ESTATE ASSETS - Assets Acquired Via Foreclosure Narrative (Details) $ in Thousands		12 Months Ended
	Jan. 07, 2021 building unit	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($) unit building loan	Dec. 31, 2019 loan	Jan. 31, 2021 USD ($)
Real Estate [Line Items]
Long-term debt | $		$ 4,443,911	$ 4,171,424
Mortgage Notes Payable
Real Estate [Line Items]
Long-term debt | $					$ 102,600
Mortgage Notes Payable | Assets Acquired Via Foreclosure
Real Estate [Line Items]
Long-term debt | $			$ 102,600
Mezzanine loans
Real Estate [Line Items]
Number of loans | loan		8	8	8
Mezzanine loans | Assets Acquired Via Foreclosure
Real Estate [Line Items]
Number of loans | loan			8
Foreclosure of Mezzanine Loans | Condominium Units | Consolidated Properties
Real Estate [Line Items]
Number of real estate properties secured through foreclosure	75
Foreclosure of Mezzanine Loans | Condominium Units | Consolidated Properties | Assets Acquired Via Foreclosure
Real Estate [Line Items]
Number of real estate properties secured through foreclosure			75
Foreclosure of Mezzanine Loans | Rental Unit | Consolidated Properties
Real Estate [Line Items]
Number of real estate properties secured through foreclosure	21
Foreclosure of Mezzanine Loans | Rental Unit | Consolidated Properties | Assets Acquired Via Foreclosure
Real Estate [Line Items]
Number of real estate properties secured through foreclosure			21
Foreclosure of Mezzanine Loans | Buildings | Consolidated Properties
Real Estate [Line Items]
Number of real estate properties secured through foreclosure | building	4
Foreclosure of Mezzanine Loans | Buildings | Consolidated Properties | Assets Acquired Via Foreclosure
Real Estate [Line Items]
Number of real estate properties secured through foreclosure | building			4

INTANGIBLE LEASE ASSETS AND L_3

INTANGIBLE LEASE ASSETS AND LIABILITIES - Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Intangible lease assets:
Intangible lease assets	$ 185,593	$ 237,705
Intangible lease liabilities:
Acquired below market liabilities, net	19,054	24,896
Below market lease accumulated amortization	$ 5,575	$ 9,043
Below market lease, weighted average useful life	12 years 4 months 24 days	11 years 6 months
In-place leases and other intangibles
Intangible lease assets:
Intangible lease assets	$ 174,954	$ 224,931
Accumulated amortization of intangible lease assets	$ 86,881	$ 73,923
Useful life	11 years 1 month 6 days	11 years 4 months 24 days
Above-market lease amortization
Intangible lease assets:
Intangible lease assets	$ 10,639	$ 12,774
Accumulated amortization of intangible lease assets	$ 4,210	$ 3,204
Useful life	12 years 10 months 24 days	13 years 3 months 18 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, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Below-market lease amortization	$ 1,990	$ 5,393	$ 5,309
In-place lease and other intangible amortization
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	24,629	28,994	23,262
Above-market lease amortization
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 1,152	$ 2,379	$ 3,095

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, 2022	Dec. 31, 2021
Amortization, In-Place Leases and Other Intangibles, Above-Market Leases
Total	$ 185,593	$ 237,705
Amortization, Below-Market Leases
2023	1,802
2024	1,675
2025	1,603
2026	1,595
2027	1,526
Thereafter	10,853
Total	19,054	24,896
In-place lease and other intangible amortization
Amortization, In-Place Leases and Other Intangibles, Above-Market Leases
2023	21,684
2024	20,338
2025	17,508
2026	15,884
2027	14,894
Thereafter	84,646
Total	174,954	224,931
Above-market lease amortization
Amortization, In-Place Leases and Other Intangibles, Above-Market Leases
2023	1,022
2024	929
2025	916
2026	871
2027	846
Thereafter	6,055
Total	$ 10,639	$ 12,774

INVESTMENTS IN UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2022
Schedule of Equity Method Investments [Line Items]
Return on investment in unconsolidated entities	$ 7,312	$ 497	$ 0
Proceeds from investment distribution, return on investment	6,800
Return of investment in unconsolidated entities	39,221	0	0
Gain on investment in unconsolidated entities	11,952	606	$ 0
Unfunded Loan Commitment
Schedule of Equity Method Investments [Line Items]
Unfunded loan commitments	$ 310,400
C I M U I I Onshore
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	5%
Equity method investments		56,000		$ 60,700
Return on investment in unconsolidated entities	$ 531
Gain on investment in unconsolidated entities	5,200	$ 606
Investments redeemed	$ 60,700
New Point JV, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	45%
Equity method investments	$ 100,600
Return on investment in unconsolidated entities	46,000
Gain on investment in unconsolidated entities	$ 6,800
NP JV Holdings
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50%
Return of investment in unconsolidated entities	$ 39,900

REAL ESTATE-RELATED SECURITIE_2

REAL ESTATE-RELATED SECURITIES - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) security loan	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
CMBS	$ 576,391	$ 41,981
Number of Marketable Security, Sold | security	1
Sale price	$ 110	258,260
Proceeds from sale of CMBS	132	256,841
Gain on sale of CMBS	22	(1,419)
Equity securities	640,037	102,674	$ 37,047
Unrealized gain (loss) on real estate-related securities	(66,400)	231
Unrealized (loss) gain on real estate-related securities	(51,304)	231	1,657
Unrealized gain (loss) on equity security	(15,117)	$ 0	$ 0
CMBS
Debt Instrument [Line Items]
CMBS	$ 576,400
Number of investments | security	20
Net investments in debt securities	$ 558,200
Equity securities	53,400
Unrealized gain (loss) on equity security	$ (15,100)
CMBS One
Debt Instrument [Line Items]
Number of investments | loan	1
Stated interest rate	0%
CMBS Two | Minimum
Debt Instrument [Line Items]
Stated interest rate	5.80%
CMBS Two | Maximum
Debt Instrument [Line Items]
Stated interest rate	11.70%
Equity Securities
Debt Instrument [Line Items]
Equity securities	$ 53,388
CMBS
Debt Instrument [Line Items]
Equity securities	$ 586,649

REAL ESTATE-RELATED SECURITIE_3

REAL ESTATE-RELATED SECURITIES - Activity for the Real Estate-Related Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Amortized Cost Basis
Beginning balance	$ 102,674	$ 37,047
Face value of real estate-related securities acquired	640,793	264,246
Investment in preferred units	(63,490)	63,490
Premiums and discounts on purchase of real estate-related securities, net of acquisition costs	(33,939)	(5,982)
Amortization of discount on real estate-related securities	10,160	1,197
Sale of real estate-related securities	(110)	(258,260)
Capitalized interest income on real estate-related securities	1,110	974
Principal payments received on real estate-related securities	(17,161)	(38)
Ending balance	640,037	102,674
Unrealized Gain (Loss)
Beginning balance	2,797	1,147
Sale of real estate-related securities	(22)	1,419
Unrealized gain on real estate-related securities		231
Unrealized loss on real estate-related securities	(66,421)
Ending balance	(63,646)	2,797
Fair Value
Beginning balance	105,471	38,194
Face value of real estate-related securities acquired	640,793	264,246
Investment in preferred units	(63,490)	63,490
Premiums and discounts on purchase of real estate-related securities, net of acquisition costs	(33,939)	(5,982)
Amortization of discount on real estate-related securities	10,160	1,197
Sale of real estate-related securities	(132)	(256,841)
Capitalized interest income on real estate-related securities	1,110	974
Principal payments received on real estate-related securities	(17,161)	(38)
Unrealized loss on real estate-related securities		(231)
Ending balance	576,391	$ 105,471
CMBS
Amortized Cost Basis
Ending balance	586,649
Unrealized Gain (Loss)
Ending balance	(48,507)
Fair Value
Ending balance	538,142
Equity Securities
Amortized Cost Basis
Ending balance	53,388
Unrealized Gain (Loss)
Ending balance	(15,139)
Fair Value
Ending balance	38,249
Preferred Units
Amortized Cost Basis
Ending balance	$ 68,200

REAL ESTATE-RELATED SECURITIE_4

REAL ESTATE-RELATED SECURITIES - The Scheduled Maturities of Real Estate-Related Securities (Details) - CMBS $ in Thousands	Dec. 31, 2022 USD ($)
Amortized Cost
Due within one year	$ 316,771
Due after one year through five years	228,442
Due after five years through ten years	0
Due after ten years	41,436
Total	586,649
Estimated Fair Value
Due within one year	292,382
Due after one year through five years	214,952
Due after five years through ten years	0
Due after ten years	30,808
Total	$ 538,142

LOANS HELD-FOR-INVESTMENT - Sch

LOANS HELD-FOR-INVESTMENT - Schedule of Loans Held for Investment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Oct. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment and related receivables, net	$ 4,043,898				$ 2,624,101
Less: Current expected credit losses	(42,344)				(15,201)
Total loans held-for-investment and related receivables, net	4,001,554				2,608,900		$ 892,266
Contiguous mezzanine loan components	20,100
First Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment and related receivables, net	3,285,193				1,968,585	$ 130,000
Less: Current expected credit losses	(20,352)	$ (15,007)	$ (13,074)	$ (11,242)	(9,930)
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	3,285,193				1,968,585
Total loans held-for-investment and related receivables, net	3,264,841				1,958,655		486,431
Liquid corporate senior loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment and related receivables, net	701,540				655,516
Less: Current expected credit losses	(21,195)	$ (13,769)	$ (10,190)	$ (7,852)	(5,271)
Total loans held-for-investment and related receivables, net	680,345				650,245		463,873
Corporate Senior Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment and related receivables, net	57,165				0
Total loans held-for-investment and related receivables, net	$ 56,368				$ 0		$ 0

LOANS HELD-FOR-INVESTMENT - Nar

LOANS HELD-FOR-INVESTMENT - Narrative (Details) $ in Thousands		3 Months Ended					12 Months Ended
	Jan. 07, 2021 building unit	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan	Dec. 31, 2020 USD ($)	Dec. 31, 2019 loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase in provision for credit losses		$ 14,161	$ 5,664	$ 4,942	$ 4,709		$ 29,476	$ 2,881	$ 68,356
Liquid corporate senior loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase in provision for credit losses		$ 7,426	$ 3,579	$ 2,338	$ 2,581
Mezzanine loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan							8	8		8
Decrease in provision for credit losses						$ 58,000
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
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
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

LOANS HELD-FOR-INVESTMENT - Sta

LOANS HELD-FOR-INVESTMENT - Statistics (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan	Dec. 31, 2020 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	350
Net book value	$ 4,001,554	$ 2,608,900	$ 892,266
Loans receivable with variable rate of interest	100%
Unfunded Loan Commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unfunded loan commitments	$ 310,400
Unfunded or Unsettled Liquid Senior Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unfunded loan commitments	$ 19,800
CRE Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	29	22
Principal balance	$ 3,306,411	$ 1,985,722
Net book value	$ 3,264,841	$ 1,958,655	486,431
Weighted-average interest rate	7.60%	3.30%
Weighted-average maximum years to maturity	3 years 7 months 6 days	4 years 3 months 18 days
CRE Loans | Unfunded Loan Commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unfunded loan commitments	$ 304,649	$ 209,368
Liquid corporate senior loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	317	295
Principal balance	$ 708,254	$ 659,007
Net book value	$ 680,345	$ 650,245	463,873
Weighted-average interest rate	8%	3.70%
Weighted-average maximum years to maturity	4 years 8 months 12 days	5 years 1 month 6 days
Liquid corporate senior loans | Unfunded Loan Commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unfunded loan commitments	$ 1,425	$ 1,562
Corporate Senior Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	4	0
Principal balance	$ 57,918	$ 0
Net book value	$ 56,368	$ 0	$ 0
Weighted-average interest rate	10.50%	0%
Weighted-average maximum years to maturity	4 years 7 months 6 days	0 years
Corporate Senior Loans | Unfunded Loan Commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unfunded loan commitments	$ 4,324

LOANS HELD-FOR-INVESTMENT - Act

LOANS HELD-FOR-INVESTMENT - Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan	Dec. 31, 2019 loan	Dec. 31, 2020 USD ($)
Loans Held-for-Investment [Roll Forward]
Beginning Balance, Net Book Value	$ 2,608,900	$ 892,266
Loan originations and acquisitions	1,661,903	2,219,064
Cure payments receivable		(7,351)
Sale of loans	(60,027)	(69,918)
Principal repayments received	(172,602)	(326,062)
Capitalized interest	62	(9,469)
Deferred fees and other items	(20,884)	(19,235)
Accretion and amortization of fees and other items	11,345	5,103
Foreclosure of assets		(130,655)
Current expected credit losses	(27,143)	55,157
Ending Balance, Net Book Value	4,001,554	2,608,900
Equity securities	$ 640,037	102,674		$ 37,047
Redemption price, percentage	11%
Preferred Units
Loans Held-for-Investment [Roll Forward]
Equity securities	$ 68,200
Mezzanine loans
Loans Held-for-Investment [Roll Forward]
Beginning Balance, Net Book Value	0	(58,038)
Loan originations and acquisitions	0	0
Cure payments receivable		0
Sale of loans	0	0
Principal repayments received	0	0
Capitalized interest	0	0
Deferred fees and other items	0	0
Accretion and amortization of fees and other items	0	0
Foreclosure of assets		0
Current expected credit losses	0	58,038
Ending Balance, Net Book Value	$ 0	$ 0
Number of loans | loan	8	8	8
CRE Loans
Loans Held-for-Investment [Roll Forward]
Beginning Balance, Net Book Value	$ 1,958,655	$ 486,431
Loan originations and acquisitions	1,401,539	1,810,166
Cure payments receivable		(7,351)
Sale of loans	0	0
Principal repayments received	(80,911)	(169,094)
Capitalized interest	62	(9,469)
Deferred fees and other items	(13,978)	(17,031)
Accretion and amortization of fees and other items	9,896	2,998
Foreclosure of assets		(130,655)
Current expected credit losses	(10,422)	(7,340)
Ending Balance, Net Book Value	3,264,841	1,958,655
Liquid corporate senior loans
Loans Held-for-Investment [Roll Forward]
Beginning Balance, Net Book Value	650,245	463,873
Loan originations and acquisitions	184,513	408,898
Cure payments receivable		0
Sale of loans	(60,027)	(69,918)
Principal repayments received	(73,758)	(156,968)
Capitalized interest	0	0
Deferred fees and other items	(5,856)	(2,204)
Accretion and amortization of fees and other items	1,152	2,105
Foreclosure of assets		0
Current expected credit losses	(15,924)	4,459
Ending Balance, Net Book Value	680,345	650,245
Corporate Senior Loans
Loans Held-for-Investment [Roll Forward]
Beginning Balance, Net Book Value	0	0
Loan originations and acquisitions	75,851	0
Cure payments receivable		0
Sale of loans	0	0
Principal repayments received	(17,933)	0
Capitalized interest	0	0
Deferred fees and other items	(1,050)	0
Accretion and amortization of fees and other items	297	0
Foreclosure of assets		0
Current expected credit losses	(797)	0
Ending Balance, Net Book Value	$ 56,368	$ 0

LOANS HELD-FOR-INVESTMENT - All

LOANS HELD-FOR-INVESTMENT - Allowance for Financing Receivable (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Current expected credit losses as of beginning of the period				$ 15,201	$ 15,201
Provision for (reversal of) credit losses	$ 14,161	$ 5,664	$ 4,942	4,709	29,476	$ 2,881	$ 68,356
Current expected credit losses as of end of the period	42,344				42,344	15,201
Gross Credit Losses
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Current expected credit losses as of beginning of the period	30,516	24,852	19,910	15,201	15,201
Current expected credit losses as of end of the period	44,677	30,516	24,852	19,910	44,677	15,201
First Mortgage Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Current expected credit losses as of beginning of the period	15,007	13,074	11,242	9,930	9,930
Provision for (reversal of) credit losses	5,345	1,933	1,832	1,312
Current expected credit losses as of end of the period	20,352	15,007	13,074	11,242	20,352	9,930
Unfunded First Mortgage Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Current expected credit losses as of beginning of the period	651	530	360	0	0
Provision for (reversal of) credit losses	1,239	121	170	360
Current expected credit losses as of end of the period	1,890	651	530	360	1,890	0
Liquid corporate senior loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Current expected credit losses as of beginning of the period	13,769	10,190	7,852	5,271	5,271
Provision for (reversal of) credit losses	7,426	3,579	2,338	2,581
Current expected credit losses as of end of the period	21,195	13,769	10,190	7,852	21,195	5,271
Unfunded or Unsettled Liquid Senior Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Current expected credit losses as of beginning of the period	219	304	400	0	0
Provision for (reversal of) credit losses	158	(85)	(96)	400
Current expected credit losses as of end of the period	377	219	304	400	377	0
Corporate senior loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Current expected credit losses as of beginning of the period	808	671	56	0	0
Provision for (reversal of) credit losses	(11)	137	615	56
Current expected credit losses as of end of the period	797	808	671	56	797	0
Unfunded Corporate Senior Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Current expected credit losses as of beginning of the period	62	83	0	0	0
Provision for (reversal of) credit losses	4	(21)	83	0
Current expected credit losses as of end of the period	$ 66	$ 62	$ 83	$ 0	$ 66	$ 0

LOANS HELD-FOR-INVESTMENT - S_2

LOANS HELD-FOR-INVESTMENT - Schedule of Primary Credit Quality Indicator (Details) $ in Thousands	Dec. 31, 2022 USD ($) loan	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Oct. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	350
Loans held-for-investment and related receivables, net	$ 4,043,898				$ 2,624,101
Less: Current expected credit losses	(42,344)				(15,201)
Total loans held-for-investment and related receivables, net	$ 4,001,554				2,608,900		$ 892,266
Weighted Average Risk Rating	3.1
Liquid corporate senior loans
Financing Receivable, Credit Quality Indicator [Line Items]
Nonaccrual status with a carrying value	$ 2,900
Percentage carrying value of loan portfolio (less than)	1%
First Mortgage Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	29
2022	$ 1,244,287
2021	1,833,756
2020	156,532
2019	50,618
Loans held-for-investment and related receivables, net	3,285,193				1,968,585	$ 130,000
Less: Current expected credit losses	$ (20,352)	$ (15,007)	$ (13,074)	$ (11,242)	(9,930)
First Mortgage Loans | Internal Credit Rating One
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	0
2022	$ 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	1
2022	$ 0
2021	0
2020	83,787
2019	0
Loans held-for-investment and related receivables, net	$ 83,787
First Mortgage Loans | Internal Credit Rating Three
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	25
2022	$ 1,163,918
2021	1,604,647
2020	72,745
2019	50,618
Loans held-for-investment and related receivables, net	$ 2,891,928
First Mortgage Loans | Internal Credit Rating Four
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	3
2022	$ 80,369
2021	229,109
2020	0
2019	0
Loans held-for-investment and related receivables, net	$ 309,478
First Mortgage Loans | Internal Credit Rating Five
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	0
2022	$ 0
2021	0
2020	0
2019	0
Loans held-for-investment and related receivables, net	$ 0
Liquid corporate senior loans
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	317
2022	$ 152,518
2021	330,265
2020	216,435
2019	2,322
Loans held-for-investment and related receivables, net	701,540				655,516
Less: Current expected credit losses	(21,195)	(13,769)	(10,190)	(7,852)	(5,271)
Total loans held-for-investment and related receivables, net	$ 680,345				650,245		$ 463,873
Liquid corporate senior loans | Internal Credit Rating One
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	0
2022	$ 0
2021	0
2020	0
2019	0
Loans held-for-investment and related receivables, net	$ 0
Liquid corporate senior loans | Internal Credit Rating Two
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	2
2022	$ 0
2021	0
2020	5,298
2019	0
Loans held-for-investment and related receivables, net	$ 5,298
Liquid corporate senior loans | Internal Credit Rating Three
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	304
2022	$ 146,331
2021	324,010
2020	202,092
2019	2,322
Loans held-for-investment and related receivables, net	$ 674,755
Liquid corporate senior loans | Internal Credit Rating Four
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	10
2022	$ 3,268
2021	6,255
2020	9,045
2019	0
Loans held-for-investment and related receivables, net	$ 18,568
Liquid corporate senior loans | Internal Credit Rating Five
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	1
2022	$ 2,919
2021	0
2020	0
2019	0
Loans held-for-investment and related receivables, net	$ 2,919
Corporate senior loans
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	4
2022	$ 57,165
2021	0
2020	0
2019	0
Loans held-for-investment and related receivables, net	57,165
Less: Current expected credit losses	$ (797)	$ (808)	$ (671)	$ (56)	$ 0
Corporate senior loans | Internal Credit Rating One
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	0
2022	$ 0
2021	0
2020	0
2019	0
Loans held-for-investment and related receivables, net	$ 0
Corporate senior loans | Internal Credit Rating Two
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	0
2022	$ 0
2021	0
2020	0
2019	0
Loans held-for-investment and related receivables, net	$ 0
Corporate senior loans | Internal Credit Rating Three
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	4
2022	$ 57,165
2021	0
2020	0
2019	0
Loans held-for-investment and related receivables, net	$ 57,165
Corporate senior loans | Internal Credit Rating Four
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	0
2022	$ 0
2021	0
2020	0
2019	0
Loans held-for-investment and related receivables, net	$ 0
Corporate senior loans | Internal Credit Rating Five
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	0
2022	$ 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, 2022 USD ($) state agreement	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Derivatives, Fair Value [Line Items]
Amount of (gain) loss reclassified from other comprehensive (loss) income into income as interest expense and other, net | $	$ (2,532)	$ 3,314	$ 12,321
Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Derivative, number of instruments terminated | state	2
Terminated remaining | state	3
Total unrealized gain (loss) on interest rate swap | $	$ 0	$ 152	$ (3,200)
Interest rate caps
Derivatives, Fair Value [Line Items]
Derivative, number of instruments terminated	4
Derivative, number of instruments held (derivative)	2
Derivative, Number of Instruments Entered	1

DERIVATIVE INSTRUMENTS AND HE_4

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Interest rate caps | Minimum
Derivatives, Fair Value [Line Items]
Interest rates	8.38%
Interest rate caps | Maximum
Derivatives, Fair Value [Line Items]
Interest rates	9%
Interest Rate Swaps | Minimum
Derivatives, Fair Value [Line Items]
Interest rates	0%
Prepaid expenses, derivative assets and other assets | Cash Flow Hedging | Interest rate caps
Derivatives, Fair Value [Line Items]
Outstanding notional amount	$ 712,000
Fair value of assets	5,040	$ 179
Deferred rental income, derivative liabilities and other liabilities | Cash Flow Hedging | Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Outstanding notional amount	0
Fair value of liabilities	$ 0	$ (2,466)

REPURCHASE FACILITIES, NOTES _3

REPURCHASE FACILITIES, NOTES PAYABLE AND CREDIT FACILITIES - Narrative (Details)			3 Months Ended	12 Months Ended
	Jul. 15, 2021 USD ($) option entity	Jun. 04, 2020 USD ($)	Mar. 27, 2023 USD ($)	Dec. 31, 2022 USD ($) property loan	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 16, 2021 USD ($)	Jul. 28, 2021 USD ($)	Jan. 31, 2021 USD ($)
Debt Instrument [Line Items]
Repurchase facilities, notes payable and credit facilities, net				$ 4,422,833,000	$ 4,143,205,000
Weighted average years to maturity				3 years 6 months
Debt, weighted average interest rate				5.60%
Long-term debt				$ 4,443,911,000	4,171,424,000
Number of properties used as collateral | loan				171
Repayments of lines of credit				$ 1,874,690,000	1,648,775,000	$ 422,110,000
Reinvestment period
Debt Instrument [Line Items]
Reinvestment period				2 years
Credit facilities | Affiliate
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity				$ 2,700,000,000
Amount Financed				$ 2,318,381,000
Consolidated net worth, minimum		$ 1,000,000,000
Equity issued by the company, minimum		75%
Maximum leverage ratio to total indebtedness to total equity (less than or equal)				80%
Minimum interest coverage ratio of EBITDA to interest expense (greater than or equal)				1.40
Credit facilities | Affiliate | Term a
Debt Instrument [Line Items]
Minimum liquidity		$ 50,000,000
Credit facilities | Affiliate | Term b
Debt Instrument [Line Items]
Minimum liquidity		$ 10,000,000
Recourse indebtedness		5%
Senior Loan | Affiliate
Debt Instrument [Line Items]
Percent of lending guaranteed (up to)		25%
J.P. Morgan
Debt Instrument [Line Items]
Reinvestment period				3 years
Minimum required assets under management				$ 1,250,000,000
J.P. Morgan | Credit facilities | Affiliate
Debt Instrument [Line Items]
Debt, weighted average interest rate				5.50%
Line of credit, maximum borrowing capacity				$ 0
Amount Financed				$ 258,029,000
Citibank | Revolving Credit Facility
Debt Instrument [Line Items]
Debt, weighted average interest rate				6.50%
Line of credit, maximum borrowing capacity					550,000,000
Amount Financed				$ 533,500,000
Citibank | Credit facilities | Affiliate
Debt Instrument [Line Items]
Debt, weighted average interest rate				6.10%
Line of credit, maximum borrowing capacity				$ 400,000,000
Amount Financed				$ 335,458,000
RFR Loan | Credit facilities
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				1%
Minimum | ABR Loan | Adjusted Term Secured Overnight Financing Rate or Adjusted Daily Simple Secured Overnight Financing Rate | Credit facilities
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				0.50%
Debt instrument Adjusted Leverage Ratio				350%
Maximum | ABR Loan | Adjusted Term Secured Overnight Financing Rate or Adjusted Daily Simple Secured Overnight Financing Rate | Credit facilities
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				1.375%
Debt instrument Adjusted Leverage Ratio				250%
Variable rate debt
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity				$ 62,000,000
Short-Term debt				42,000,000
Fixed Rate Debt
Debt Instrument [Line Items]
Long-term debt				36,538,000	471,967,000
Debt instrument, collateral amount				$ 57,200,000
Fixed Rate Debt | Minimum
Debt Instrument [Line Items]
Note Rate				4.10%
Fixed Rate Debt | Maximum
Debt Instrument [Line Items]
Note Rate				4.50%
Variable rate debt
Debt Instrument [Line Items]
Debt, weighted average interest rate				6.70%
Long-term debt				$ 465,517,000	70,268,000
Variable rate debt | Massachusetts Mutual Life Insurance Company
Debt Instrument [Line Items]
Long-term debt				$ 423,500,000
Mortgage Notes Payable
Debt Instrument [Line Items]
Long-term debt									$ 102,600,000
First lien mortgage loan
Debt Instrument [Line Items]
Debt, weighted average interest rate				8.40%
Long-term debt				$ 121,940,000	650,000,000
Debt instrument, collateral amount				$ 314,200,000
Initial Principal Balance	$ 650,000,000
Number of single purpose entities | entity	114
Number of properties for security on borrowers fee simple interest | property				48
Initial term	2 years
Number of extension options | option	3
Extension period	1 year
First lien mortgage loan | Retail Property
Debt Instrument [Line Items]
Number of properties for security on borrowers fee simple interest | property				47
First lien mortgage loan | Office Property
Debt Instrument [Line Items]
Number of properties for security on borrowers fee simple interest | property				1
ABS mortgage notes
Debt Instrument [Line Items]
Debt, weighted average interest rate				2.80%
Long-term debt				$ 763,035,000	770,775,000
Debt instrument, collateral amount				985,200,000
Initial Principal Balance								$ 774,000,000
Credit facilities
Debt Instrument [Line Items]
Long-term debt				$ 738,500,000	910,000,000
Credit facilities | CMFT Credit Facility
Debt Instrument [Line Items]
Debt, weighted average interest rate				5.90%
Long-term debt				$ 205,000,000
Line of credit, maximum borrowing capacity				300,000,000
Unused borrowing capacity				95,000,000
Credit facilities | CMFT Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Repayments of lines of credit			$ 240,000,000
Credit facilities | CMFT Credit Facility | Term loan
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity				100,000,000
Amount Financed				100,000,000
Credit facilities | CMFT Credit Facility | Revolving Loan
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity				200,000,000
Amount Financed					$ 105,000,000
Credit facilities | CMFT Credit Facility | Letter of Credit
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity				$ 30,000,000
Credit facilities | New York Federal Reserve Bank Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				0.50%
Credit facilities | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				1%
Credit facilities | J.P. Morgan
Debt Instrument [Line Items]
Note Rate				2%
Credit facilities | J.P. Morgan | CCPT V
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity							$ 425,000,000
Credit facilities | J.P. Morgan | CCPT V | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity				$ 212,500,000
Credit facilities | Minimum | Reinvestment period
Debt Instrument [Line Items]
Note Rate				1.90%	2%
Credit facilities | Minimum | Amortization period
Debt Instrument [Line Items]
Note Rate				2.10%
Credit facilities | Maximum | Reinvestment period
Debt Instrument [Line Items]
Note Rate				2.75%	2.85%
Credit facilities | Maximum | Amortization period
Debt Instrument [Line Items]
Note Rate				2.95%

REPURCHASE FACILITIES, NOTES _4

REPURCHASE FACILITIES, NOTES PAYABLE AND CREDIT FACILITIES - Schedule of Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Short-Term and Long-Term Debt [Roll Forward]
Total debt, Beginning Balance	$ 4,171,424
Total debt, net, Beginning Balance	4,143,205
Debt issuances & assumptions	2,492,110
Total debt, net, Debt Issuances & Assumptions	2,484,720
Total debt, Repayments & Modifications	(2,219,623)
Total debt, net, Repayments & Modifications	(2,211,526)
Amortization	6,434
Total debt, Ending Balance	4,443,911	$ 4,171,424
Total debt, net, Ending Balance	4,422,833	4,143,205
Loss on extinguishment of debt	19,644	4,895	$ 4,841
Mortgage note payable assumed by buyer in connection with disposition of real estate assets	(356,477)	(31,801)	0
Write-off of deferred financing costs	8,100	3,815	$ 633
Fixed Rate Debt
Short-Term and Long-Term Debt [Roll Forward]
Total debt, Beginning Balance	471,967
Debt issuances & assumptions	0
Total debt, Repayments & Modifications	(435,429)
Total debt, Ending Balance	36,538	471,967
Variable rate debt
Short-Term and Long-Term Debt [Roll Forward]
Total debt, Beginning Balance	70,268
Deferred costs, Beginning Balance	(271)
Debt issuances & assumptions	474,461
Deferred costs, Debt Issuances & Assumptions	(6,126)
Total debt, Repayments & Modifications	(79,212)
Deferred costs, Repayments & Modifications	0
Deferred costs, Accretion and (Amortization)	1,136
Total debt, Ending Balance	465,517	70,268
Deferred costs, Ending Balance	(5,261)	(271)
First lien mortgage loan
Short-Term and Long-Term Debt [Roll Forward]
Total debt, Beginning Balance	650,000
Debt issuances & assumptions	0
Total debt, Repayments & Modifications	(528,060)
Total debt, Ending Balance	121,940	650,000
ABS mortgage notes
Short-Term and Long-Term Debt [Roll Forward]
Total debt, Beginning Balance	770,775
Deferred costs, Beginning Balance	(16,127)
Debt issuances & assumptions	0
Deferred costs, Debt Issuances & Assumptions	(179)
Total debt, Repayments & Modifications	(7,740)
Deferred costs, Repayments & Modifications	353
Deferred costs, Accretion and (Amortization)	1,985
Total debt, Ending Balance	763,035	770,775
Deferred costs, Ending Balance	(13,968)	(16,127)
Credit facilities
Short-Term and Long-Term Debt [Roll Forward]
Total debt, Beginning Balance	910,000
Deferred costs, Beginning Balance	(143)
Debt issuances & assumptions	872,000
Deferred costs, Debt Issuances & Assumptions	(1,085)
Total debt, Repayments & Modifications	(1,043,500)
Deferred costs, Repayments & Modifications	89
Deferred costs, Accretion and (Amortization)	399
Total debt, Ending Balance	738,500	910,000
Deferred costs, Ending Balance	(740)	(143)
Repurchase facilities
Short-Term and Long-Term Debt [Roll Forward]
Total debt, Beginning Balance	1,298,414
Debt issuances & assumptions	1,145,649
Total debt, Repayments & Modifications	(125,682)
Total debt, Ending Balance	2,318,381	1,298,414
Fixed Rate Debt And First Lien Mortgage Loan
Short-Term and Long-Term Debt [Roll Forward]
Deferred costs, Beginning Balance	(11,678)
Deferred costs, Debt Issuances & Assumptions	0
Deferred costs, Repayments & Modifications	7,655
Deferred costs, Accretion and (Amortization)	2,914
Deferred costs, Ending Balance	(1,109)	$ (11,678)
Write-off of deferred financing costs	$ 7,700

REPURCHASE FACILITIES, NOTES _5

REPURCHASE FACILITIES, NOTES PAYABLE AND CREDIT FACILITIES - Schedule of ABS Mortgage Notes (Details) - ABS mortgage notes	Jul. 28, 2021 USD ($)
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
Note Rate	2.09%
A-2 (AAA)
Line of Credit Facility [Line Items]
Initial Principal Balance	$ 219,600,000
Note Rate	2.57%
A-3 (AA)
Line of Credit Facility [Line Items]
Initial Principal Balance	$ 39,200,000
Note Rate	2.51%
A-4 (AA)
Line of Credit Facility [Line Items]
Initial Principal Balance	$ 58,800,000
Note Rate	3.04%
A-5 (A)
Line of Credit Facility [Line Items]
Initial Principal Balance	$ 124,000,000
Note Rate	2.91%
A-6 (A)
Line of Credit Facility [Line Items]
Initial Principal Balance	$ 186,000,000
Note Rate	3.44%

REPURCHASE FACILITIES, NOTES _6

REPURCHASE FACILITIES, NOTES PAYABLE AND CREDIT FACILITIES - Schedule of Repurchase Facilities (Details) $ in Thousands		12 Months Ended
	Jun. 04, 2020	Dec. 31, 2022 USD ($) option
Line of Credit Facility [Line Items]
Weighted Average Interest Rate		5.60%
Minimum | One-Month LIBOR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		1.30%
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		2.85%
Maximum | One-Month Term SOFR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		2.75%
Wells Fargo
Line of Credit Facility [Line Items]
Number of extension options | option		2
Extension period		1 year
Deutsche Bank
Line of Credit Facility [Line Items]
Number of extension options | option		4
Extension period		1 year
J.P. Morgan | Minimum | One-Month Term SOFR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		0.95%
J.P. Morgan | Maximum | One-Month Term SOFR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		1.40%
Citibank, Barclays And Wells Fargo
Line of Credit Facility [Line Items]
Number of extension options | option		2
Extension period		1 year
Credit facilities | Affiliate
Line of Credit Facility [Line Items]
Maximum Facility Size		$ 2,700,000
Amount Financed		2,318,381
Credit facilities | Affiliate | Senior Loan
Line of Credit Facility [Line Items]
Carrying Value of Loans Financed under Repurchase Facility		3,201,673
Credit facilities | Citibank | Affiliate
Line of Credit Facility [Line Items]
Maximum Facility Size		$ 400,000
Weighted Average Interest Rate		6.10%
Amount Financed		$ 335,458
Credit facilities | Citibank | Affiliate | Senior Loan
Line of Credit Facility [Line Items]
Carrying Value of Loans Financed under Repurchase Facility		465,690
Credit facilities | Barclays | Affiliate
Line of Credit Facility [Line Items]
Maximum Facility Size		$ 1,250,000
Weighted Average Interest Rate		6.10%
Amount Financed		$ 885,067
Credit facilities | Barclays | Affiliate | Senior Loan
Line of Credit Facility [Line Items]
Carrying Value of Loans Financed under Repurchase Facility		1,183,270
Credit facilities | Wells Fargo | Affiliate
Line of Credit Facility [Line Items]
Maximum Facility Size		$ 750,000
Weighted Average Interest Rate		5.90%
Amount Financed		$ 693,616
Credit facilities | Wells Fargo | Affiliate | Senior Loan
Line of Credit Facility [Line Items]
Carrying Value of Loans Financed under Repurchase Facility		891,234
Credit facilities | Deutsche Bank | Affiliate
Line of Credit Facility [Line Items]
Maximum Facility Size		$ 300,000
Weighted Average Interest Rate		6.50%
Amount Financed		$ 146,211
Credit facilities | Deutsche Bank | Affiliate | Senior Loan
Line of Credit Facility [Line Items]
Carrying Value of Loans Financed under Repurchase Facility		192,376
Credit facilities | J.P. Morgan | Affiliate
Line of Credit Facility [Line Items]
Maximum Facility Size		$ 0
Weighted Average Interest Rate		5.50%
Amount Financed		$ 258,029
Credit facilities | J.P. Morgan | Affiliate | Senior Loan
Line of Credit Facility [Line Items]
Carrying Value of Loans Financed under Repurchase Facility		$ 469,103

REPURCHASE FACILITIES, NOTES _7

REPURCHASE FACILITIES, NOTES PAYABLE AND CREDIT FACILITIES - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2023	$ 531,143
2024	400,783
2025	1,796,445
2026	0
2027	911,180
Thereafter	804,360
Total	$ 4,443,911	$ 4,171,424

SUPPLEMENTAL CASH FLOW DISCLO_3

SUPPLEMENTAL CASH FLOW DISCLOSURES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Distributions declared and unpaid	$ 14,828	$ 13,252	$ 10,969
Accrued capital expenditures	249	5,902	160
Construction reserve allocation	(4,299)	0	0
Real estate acquired via foreclosure	0	191,990	0
Foreclosure of assets securing the mezzanine loans	0	(79,968)	0
Mortgage notes payable assumed in connection with foreclosure of assets securing the mezzanine loans	0	102,553	0
Mortgage note payable assumed by buyer in connection with disposition of real estate assets	(356,477)	(31,801)	0
Equity security received in connection with disposition of real estate assets	(53,388)	0	0
Change in interest income capitalized to loans held-for-investment	0	(9,469)	539
Accrued deferred financing costs	247	12	0
Common stock issued through distribution reinvestment plan	38,912	25,784	34,191
Common stock issued in connection with mergers	0	538,703	384,319
Change in fair value of derivative instruments	2,252	5,907	727
Change in fair value of real estate-related securities	(51,304)	1,650	1,147
Conversion of preferred units to loans held-for-investment	68,242	0	0
Interest rate swaps assumed in mergers	0	(2,719)	(9,115)
Debt assumed in mergers	0	437,877	379,737
Real estate assets acquired in mergers	0	906,254	761,326
Assets assumed in mergers	0	69,058	4,424
Liabilities assumed in mergers	0	5,184	6,389
Non-controlling interest assumed in mergers	0	1,073	0
Supplemental Cash Flow Disclosures:
Interest paid	146,947	72,533	60,990
Cash paid for taxes	$ 1,301	$ 1,093	$ 1,243

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 27, 2023	Dec. 31, 2022
Reserves for Settlement of Loan Acquisitions | Subsequent Event
Financing Receivable, Impaired [Line Items]
Loans settled	$ 19.2
Unfunded Loan Commitment
Financing Receivable, Impaired [Line Items]
Unfunded loan commitments		$ 310.4
Unfunded Loan Commitment | NP JV Holdings
Financing Receivable, Impaired [Line Items]
Unfunded loan commitments		112.6
Unfunded or Unsettled Liquid Senior Loans
Financing Receivable, Impaired [Line Items]
Unfunded loan commitments		$ 19.8

RELATED-PARTY TRANSACTIONS AN_3

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS -Management and Investment Advisory 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%

RELATED-PARTY TRANSACTIONS AN_4

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS - Incentive Compensation (Details) - Advisors - USD ($)		12 Months Ended
	Aug. 20, 2019	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Incentive compensation in excess of product, quarterly percentage	20%
Incentive compensation in excess of product, annualized percentage	7%
Incentive compensation fees		$ 0	$ 0	$ 0

RELATED-PARTY TRANSACTIONS AN_5

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS - Disposition Fees (Details) - Advisors - Maximum	Aug. 20, 2019
Disposition Fee for Sale of Real Estate
Related Party Transaction [Line Items]
Commissions performance and other fees	1%
Brokerage Commissions And Disposition Fees
Related Party Transaction [Line Items]
Commissions performance and other fees	6%
Brokerage Commission Fee
Related Party Transaction [Line Items]
Commissions performance and other fees	50%

RELATED-PARTY TRANSACTIONS AN_6

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS - Schedule of Related Party Transaction (Details) - Advisors - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Management fees
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 52,564	$ 47,020	$ 40,025
Disposition fees
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	0	434
Expense reimbursements to related parties
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	16,567	$ 11,624	$ 8,920
Expense reimbursements attributable to earnout leasing costs
Related Party Transaction [Line Items]
Payment of Expense Reimbursements to Related Parties	$ 1,100

RELATED-PARTY TRANSACTIONS AN_7

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS - Due to Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Due to affiliates	$ 16,086	$ 14,594
Advisors | Acquisition, Disposition and Operating Activities Fees and Expenses
Related Party Transaction [Line Items]
Due to affiliates	$ 16,100	$ 14,600

RELATED-PARTY TRANSACTIONS AN_8

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS - Development Management Agreements and Affiliated Investments (Details) $ in Thousands			1 Months Ended	3 Months Ended	12 Months Ended
	Oct. 31, 2021 USD ($)	Jan. 07, 2021 building unit	Dec. 31, 2021 USD ($)	Mar. 27, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Mar. 31, 2022 USD ($)	Nov. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)
Related Party Transaction [Line Items]
Loans held-for-investment and related receivables, net			$ 2,624,101		$ 4,043,898	$ 2,624,101
Payments to acquire finance receivables	$ 119,000
Payments to acquire equity method investments					86,300	53,525	$ 0
Return of investment in unconsolidated entities					39,221	0	$ 0
Long-term debt			4,143,205		$ 4,422,833	4,143,205
MT-FT JV
Related Party Transaction [Line Items]
Equity method investment, ownership percentage									50%
Equity method investments									$ 212,500
New Point JV, LLC
Related Party Transaction [Line Items]
Equity method investment, ownership percentage					45%
Equity method investments					$ 100,600
Payments to acquire equity method investments					$ 99,900
C I M U I I Onshore
Related Party Transaction [Line Items]
Equity method investment, ownership percentage					5%
Equity method investments			56,000			56,000		$ 60,700
Investments redeemed					$ 60,700
NP JV Holdings
Related Party Transaction [Line Items]
Equity method investment, ownership percentage					50%
Return of investment in unconsolidated entities					$ 39,900
Preferred Units
Related Party Transaction [Line Items]
Related party investments										$ 68,400
Preferred Units | Maximum
Related Party Transaction [Line Items]
Related party investments					4,800
Mortgage Loan
Related Party Transaction [Line Items]
Related party investments					203,600					$ 138,800
Mortgage Loan | Maximum
Related Party Transaction [Line Items]
Related party investments					$ 6,400
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%
Development management fees					$ 486	162
CIM RACR | Preferred Units | Maximum
Related Party Transaction [Line Items]
Related party investments					364
CIM RACR | Mortgage Loan | Maximum
Related Party Transaction [Line Items]
Related party investments					490
Corporate Senior Loans
Related Party Transaction [Line Items]
Loans held-for-investment and related receivables, net			0		57,165	0
Corporate Senior Loans | Investment in Corporate Senior Loans
Related Party Transaction [Line Items]
Loans held-for-investment and related receivables, net					75,900
Advances to affiliate					$ 57,900
Number of loans | loan					5
Corporate Senior Loans | Investment in Corporate Senior Loans | Subsequent Event
Related Party Transaction [Line Items]
Number of loans | loan				2
Long-term debt				$ 15,500
Corporate Senior Loans | Investment in Corporate Senior Loans | Subsequent Event | CIM RACR
Related Party Transaction [Line Items]
Long-term debt				3,100
Corporate Senior Loans | Upsized investment in Corporate Senior Loan | Subsequent Event
Related Party Transaction [Line Items]
Long-term debt				1,700
Corporate Senior Loans | Upsized investment in Corporate Senior Loan | Subsequent Event | CIM RACR
Related Party Transaction [Line Items]
Long-term debt				$ 348
Corporate Senior Loans | CIM RACR | Investment in Corporate Senior Loans
Related Party Transaction [Line Items]
Loans held-for-investment and related receivables, net					$ 14,700
First Mortgage Loans
Related Party Transaction [Line Items]
Loans held-for-investment and related receivables, net	$ 130,000		1,968,585		3,285,193	1,968,585
Payments to acquire finance receivables					143,000
Advances to affiliate					122,900
Equity method investments					147,000
First Mortgage Loans | Subsequent Event
Related Party Transaction [Line Items]
Number of loans | loan				14
First Mortgage Loans | Third-Party, Number Two
Related Party Transaction [Line Items]
Advances to affiliate					145,500
First Mortgage Loans | Affiliate
Related Party Transaction [Line Items]
Loans held-for-investment and related receivables, net			155,000			$ 155,000
Payments to acquire finance receivables			$ 154,000
First Mortgage Loans | Affiliate | Maximum | Third-Party, Number One
Related Party Transaction [Line Items]
Advances to affiliate					$ 154,000
Condominium Units | Foreclosure of Mezzanine Loans | Consolidated Properties
Related Party Transaction [Line Items]
Number of real estate properties secured through foreclosure | unit		75
Rental Unit | Foreclosure of Mezzanine Loans | Consolidated Properties
Related Party Transaction [Line Items]
Number of real estate properties secured through foreclosure | unit		21
Buildings | Foreclosure of Mezzanine Loans | Consolidated Properties
Related Party Transaction [Line Items]
Number of real estate properties secured through foreclosure | building		4

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($)				12 Months Ended
	Dec. 16, 2021	Dec. 21, 2020	Aug. 11, 2010	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 21, 2022
Class of Stock [Line Items]
Common stock, par value (in usd per share)				$ 0.01	$ 0.01
NAV per share (in usd per share)		$ 7.31		$ 6.57	$ 7.20
Common Stock
Class of Stock [Line Items]
Issuance of common stock (in shares)			20,000	5,404,510	3,574,120	4,211,747
Share price (in usd per share)			$ 10
Issuance of common stock in connection with the Mergers (in 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 (in shares)				$ 600,000,000	$ 600,000,000	$ 600,000,000
Common stock, par value (in usd per share)				$ 0.01
Share price (in usd per share)							$ 6.57

STOCKHOLDERS' EQUITY - Distribu

STOCKHOLDERS' EQUITY - Distribution Reinvestment Plan (Details) - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Common stock issued through distribution reinvestment plan	$ 38,912	$ 25,784	$ 34,191
Distribution Reinvestment Plan
Class of Stock [Line Items]
Dividend reinvestment plan, termination notice period	10 days
Shares issued pursuant to a distribution reinvestment plan (in shares)	5.4	3.6	4.2
Common stock issued through distribution reinvestment plan	$ 38,900	$ 25,800	$ 34,200

STOCKHOLDERS' EQUITY - Share Re

STOCKHOLDERS' EQUITY - Share Redemption Program (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity, Class of Treasury Stock [Line Items]
Redemptions of common stock		$ 39,389	$ 22,041	$ 48,066
Unfulfilled redemption requests (shares)	22,900,000
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)		5,500,000	3,100,000	6,000,000
Redemptions of common stock		$ 39,400	$ 22,000	$ 48,100
Unfulfilled redemption requests (shares)		93,500,000
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%
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

Dec. 31, 2022

Mar. 31, 2020

Jun. 30, 2023

Jun. 30, 2022

Dec. 31, 2012

Dec. 31, 2016

Dec. 31, 2021

Dec. 31, 2019

Dec. 31, 2015

Dec. 31, 2020

Common stock, dividends, daily amount per share authorized (in usd per share)

$ 0.001706776

$ 0.001707848

$ 0.001706776

$ 0.001711452

$ 0.001712523

Common stock, dividends, monthly amount per share authorized (in usd per share)

$ 0.0304

$ 0.0161

$ 0.0130

$ 0.0339

$ 0.0305

$ 0.0303

Distributions payable

$ 14,828

$ 13,252

$ 10,969

Forecast

Common stock, dividends, monthly amount per share authorized (in usd per share)

$ 0.0350

STOCKHOLDERS' EQUITY - Equity-B

STOCKHOLDERS' EQUITY - Equity-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Aug. 10, 2018
CCPT IV 2018 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	116,000
CCPT IV 2018 Equity Incentive Plan | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance (in shares)			400,000
Shares available for future grant (in shares)	183,000
CCPT IV 2018 Equity Incentive Plan | Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted to each of the independent members of the Board (in shares)	116,000
Award requisite service period	1 year
Forfeited in period (in shares)	67,000
Unrecognized compensation expense	$ 360
CCPT IV 2018 Equity Incentive Plan | Restricted shares | General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 397	$ 289
CCPT IV 2022Equity Incentive Plan | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance (in shares)	250,000
CCPT IV 2022Equity Incentive Plan | Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted to each of the independent members of the Board (in shares)	67,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Ordinary dividends	90%	22%	0%
Nondividend distributions	10%	36%	100%
Capital gain distributions	0%	42%	0%
Total	100%	100%	100%
State and local income tax and franchise tax expense (benefit), continuing operations	$ 1,300,000	$ 1,100,000	$ 568,000
Unrecognized tax benefits	$ 0	$ 0

LEASES - Narrative (Details)

LEASES - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) lease	Dec. 31, 2021
Leases [Abstract]
Lessor, weighted average remaining lease term	10 years 7 months 6 days
Number of operating leases | lease	1
Operating ground lease, remaining term	10 years 8 months 12 days
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
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses, derivative assets and other assets	Prepaid expenses, derivative assets and other assets
Lease liability	$ 2,100
Operating lease, discount rate	4.30%
Ground lease, expense	$ 250
Ground lease, payments	242
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, 2027	250
Future minimum rental payments, Thereafter	$ 1,400

LEASES - Future Minimum Rental

LEASES - Future Minimum Rental Income (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Future Minimum Rental Income
2023	$ 152,296
2024	150,514
2025	147,016
2026	142,789
2027	140,164
Thereafter	959,489
Total	$ 1,692,268

LEASES - Schedule of Components

LEASES - Schedule of Components of Lease Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Fixed rental and other property income	$ 192,982	$ 252,422	$ 221,445
Variable rental and other property income	20,407	42,742	40,085
Total rental and other property income	$ 213,389	$ 295,164	$ 261,530

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	2
Revenues:
Rental and other property income	$ 213,389	$ 295,164	$ 261,530
Interest income	238,757	70,561	29,393
Total revenues	452,146	365,725	290,923
Operating expenses:
General and administrative	15,364	15,078	12,042
Property operating	20,790	47,559	23,399
Real estate tax	12,612	34,943	27,691
Expense reimbursements to related parties	16,567	11,624	8,920
Management fees	52,564	47,020	40,025
Transaction-related	534	315	355
Depreciation and amortization	70,606	95,190	80,973
Real estate impairment	32,321	18,078	16,737
Increase in provision for credit losses	29,476	2,881	68,356
Total operating expenses	250,834	272,688	278,498
Gain on disposition of real estate and condominium developments, net	121,902	83,045	27,518
Merger-related expenses, net	0	(1,404)	(1,884)
Merger Termination Fee	0	0	7,380
Operating income (loss)	323,214	174,678	45,439
Other income (expense)
Gain on investment in unconsolidated entities	11,952	606	0
Unrealized (loss) gain on equity security	(15,117)	0	0
Interest expense and other, net	(156,539)	(83,899)	(64,116)
Loss on extinguishment of debt	(19,644)	(4,895)	(4,841)
Net income (loss)	143,866	86,490	(23,518)
Segment net income (loss) attributable to non-controlling interest	66	0	0
Net Income (Loss) Attributable to Parent	143,800	86,490	(23,518)
Assets	7,132,054	6,962,776	4,459,609
Operating Segments | Real Estate
Revenues:
Rental and other property income	213,001	294,729	261,530
Interest income	0	0	0
Total revenues	213,001	294,729	261,530
Operating expenses:
General and administrative	553	317	291
Property operating	14,609	32,033	23,399
Real estate tax	10,923	29,109	27,691
Expense reimbursements to related parties	0	0	0
Management fees	21,526	33,248	32,164
Transaction-related	511	126	346
Depreciation and amortization	70,606	95,190	80,973
Real estate impairment	16,184	5,993	16,737
Increase in provision for credit losses	0	0	0
Total operating expenses	134,912	196,016	181,601
Gain on disposition of real estate and condominium developments, net	117,763	77,178	27,518
Merger-related expenses, net		0	0
Merger Termination Fee			0
Operating income (loss)	195,852	175,891	107,447
Other income (expense)
Gain on investment in unconsolidated entities	0	0
Unrealized (loss) gain on equity security	0
Interest expense and other, net	(36,283)	(37,022)	(21,380)
Loss on extinguishment of debt	(18,646)	(1,628)	(4,394)
Net income (loss)	140,923	137,241	81,673
Segment net income (loss) attributable to non-controlling interest	66
Net Income (Loss) Attributable to Parent	140,857	137,241	81,673
Assets	2,118,513	3,821,085	3,405,590
Operating Segments | Credit
Revenues:
Rental and other property income	0	0	0
Interest income	238,757	70,561	29,393
Total revenues	238,757	70,561	29,393
Operating expenses:
General and administrative	807	1,268	2,080
Property operating	0	0	0
Real estate tax	0	0	0
Expense reimbursements to related parties	0	0	0
Management fees	31,038	13,772	7,861
Transaction-related	0	0	9
Depreciation and amortization	0	0	0
Real estate impairment	0	0	0
Increase in provision for credit losses	29,476	2,881	68,356
Total operating expenses	61,321	17,921	78,306
Gain on disposition of real estate and condominium developments, net	0	0	0
Merger-related expenses, net		0	0
Merger Termination Fee			0
Operating income (loss)	177,436	52,640	(48,913)
Other income (expense)
Gain on investment in unconsolidated entities	6,780	0
Unrealized (loss) gain on equity security	(15,139)
Interest expense and other, net	(106,908)	(21,278)	(5,101)
Loss on extinguishment of debt	0	0	0
Net income (loss)	62,169	31,362	(54,014)
Segment net income (loss) attributable to non-controlling interest	0
Net Income (Loss) Attributable to Parent	62,169	31,362	(54,014)
Assets	4,794,593	2,859,017	949,764
Corporate And Reconciling Items | Corporate/Other
Revenues:
Rental and other property income	388	435	0
Interest income	0	0	0
Total revenues	388	435	0
Operating expenses:
General and administrative	14,004	13,493	9,671
Property operating	6,181	15,526	0
Real estate tax	1,689	5,834	0
Expense reimbursements to related parties	16,567	11,624	8,920
Management fees	0	0	0
Transaction-related	23	189	0
Depreciation and amortization	0	0	0
Real estate impairment	16,137	12,085	0
Increase in provision for credit losses	0	0	0
Total operating expenses	54,601	58,751	18,591
Gain on disposition of real estate and condominium developments, net	4,139	5,867	0
Merger-related expenses, net		(1,404)	(1,884)
Merger Termination Fee			7,380
Operating income (loss)	(50,074)	(53,853)	(13,095)
Other income (expense)
Gain on investment in unconsolidated entities	5,172	606
Unrealized (loss) gain on equity security	22
Interest expense and other, net	(13,348)	(25,599)	(37,635)
Loss on extinguishment of debt	(998)	(3,267)	(447)
Net income (loss)	(59,226)	(82,113)	(51,177)
Segment net income (loss) attributable to non-controlling interest	0
Net Income (Loss) Attributable to Parent	(59,226)	(82,113)	(51,177)
Assets	$ 218,948	$ 282,674	$ 104,255

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Thousands, shares in Millions		3 Months Ended		12 Months Ended
	Dec. 20, 2021 USD ($)	Mar. 27, 2023 USD ($) property loan $ / shares shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2022 USD ($) loan property	Dec. 31, 2021 USD ($) property	Dec. 31, 2020 USD ($)	Mar. 31, 2023 USD ($)
Subsequent Event [Line Items]
Redemptions of common stock				$ 39,389	$ 22,041	$ 48,066
Unfulfilled redemption requests (shares) | shares			22.9
Number of properties disposed | property				2	117
Gain on disposition of real estate, net				$ 121,902	$ 83,045	27,518
Repurchase facilities, notes payable and credit facilities, net			$ 4,422,833	4,422,833	4,143,205
Repayments of first mortgage bond				$ 1,874,690	$ 1,648,775	$ 422,110
Corporate Senior Loans | Investment in Corporate Senior Loans
Subsequent Event [Line Items]
Number of loans | loan				5
CMFT Credit Facility | Credit facilities
Subsequent Event [Line Items]
Line of credit, maximum borrowing capacity			$ 300,000	$ 300,000
Ally Bank | Credit facilities | Forecast
Subsequent Event [Line Items]
Line of credit, maximum borrowing capacity							$ 500,000
Property Disposition 2022
Subsequent Event [Line Items]
Number of properties disposed | loan				2
Aggregate gross sales price	$ 1,320,000
Proceeds from sale of productive assets in cash				$ 1,280,000
Subsequent Event
Subsequent Event [Line Items]
Redemptions of common stock (shares) | shares		1.6
Redemptions of common stock		$ 10,500
Common stock, redemption price per share (USD per share) | $ / shares		$ 6.57
Aggregate gross sales price		$ 3,700
Gain on disposition of real estate, net		176
Subsequent Event | CMBS
Subsequent Event [Line Items]
Proceeds upon pay down of CMBS instrument		49,000
Subsequent Event | Corporate Senior Loans | Investment in Corporate Senior Loans
Subsequent Event [Line Items]
Repurchase facilities, notes payable and credit facilities, net		$ 15,500
Number of loans | loan		2
Subsequent Event | Corporate Senior Loans | Upsized investment in Corporate Senior Loan
Subsequent Event [Line Items]
Repurchase facilities, notes payable and credit facilities, net		$ 1,700
Subsequent Event | Liquid Senior Loans
Subsequent Event [Line Items]
Debt settled		19,200
Loans sold		873
Subsequent Event | First Mortgage Loans
Subsequent Event [Line Items]
Funded aggregate amount		$ 16,900
Number of loans | loan		14
Debt instruments, extension option exercised | loan		1
Loans settled		$ 50,700
Subsequent Event | First Mortgage Loans | Credit facilities
Subsequent Event [Line Items]
Repayments of first mortgage bond		105,800
Subsequent Event | First Mortgage Loans | CMBS | Credit facilities
Subsequent Event [Line Items]
Repayments of first mortgage bond		18,500
Subsequent Event | CMFT Credit Facility | Credit facilities
Subsequent Event [Line Items]
Repayments of first mortgage bond		240,000
Subsequent Event | First Lien Mortgage Loan | CMBS | Credit facilities
Subsequent Event [Line Items]
Repayments of first mortgage bond		16,200
Subsequent Event | Defeased Mortgage Loan | Credit facilities
Subsequent Event [Line Items]
Repayments of first mortgage bond		23,700
Subsequent Event | J.P. Morgan | CMBS | Credit facilities
Subsequent Event [Line Items]
Repurchase facilities, notes payable and credit facilities, net		15,900
Repayments of first mortgage bond		33,000
Subsequent Event | Ally Bank | Credit facilities
Subsequent Event [Line Items]
Line of credit, maximum borrowing capacity		$ 300,000
Subsequent Event | Property Disposition 2022
Subsequent Event [Line Items]
Number of properties disposed | property		151
Aggregate gross sales price		$ 779,000
Proceeds from sale of productive assets in cash		$ 19,600
Subsequent Event | Commercial Real Estate
Subsequent Event [Line Items]
Number of properties disposed | property		1
Disposal group total consideration		$ 3,800

Schedule III - Real Estate As_2

Schedule III - Real Estate Assets and Accumulated Depreciation - 1 (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 921,520
Land	581,304
Buildings Improvements	1,457,571
Total Adjustment to Basis	2,822
Gross Amount at Which Carried	2,041,696	$ 2,362,175	$ 3,371,926	$ 2,530,311
Accumulated Depreciation	179,855	$ 158,354	$ 298,364	$ 243,122
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	195
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	837
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	55
Academy Sports: | Cartersville, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,008
Land	4,517
Buildings Improvements	4,574
Total Adjustment to Basis	0
Gross Amount at Which Carried	9,091
Accumulated Depreciation	344
Actuant Campus: | Columbus, WI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,121
Land	2,090
Buildings Improvements	14,633
Total Adjustment to Basis	0
Gross Amount at Which Carried	16,723
Accumulated Depreciation	915
Advance Auto Parts: | Fairmont, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	516
Land	253
Buildings Improvements	868
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,121
Accumulated Depreciation	64
Advance Auto Parts: | Hampton, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	516
Land	645
Buildings Improvements	655
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,300
Accumulated Depreciation	54
Advance Auto Parts: | Ravenswood, WV
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	271
Buildings Improvements	657
Total Adjustment to Basis	(64)
Gross Amount at Which Carried	864
Accumulated Depreciation	15
AK Steel: | West Chester, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,421
Buildings Improvements	21,044
Total Adjustment to Basis	0
Gross Amount at Which Carried	22,465
Accumulated Depreciation	669
Apex Technologies: | Mason, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,288
Buildings Improvements	11,127
Total Adjustment to Basis	0
Gross Amount at Which Carried	12,415
Accumulated Depreciation	347
Aspen Dental: | Rogers, AR
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	874
Land	289
Buildings Improvements	1,611
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,900
Accumulated Depreciation	106
At Home: | Pearland, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,329
Land	3,663
Buildings Improvements	10,305
Total Adjustment to Basis	0
Gross Amount at Which Carried	13,968
Accumulated Depreciation	673
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	40
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	703
Bass Pro Shop: | Tallahassee, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,712
Land	945
Buildings Improvements	5,713
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,658
Accumulated Depreciation	1,512
BJ's Wholesale Club: | Fort Myers, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,018
Land	5,331
Buildings Improvements	21,692
Total Adjustment to Basis	0
Gross Amount at Which Carried	27,023
Accumulated Depreciation	1,202
BJ's Wholesale Club: | Roanoke, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,672
Land	4,509
Buildings Improvements	14,545
Total Adjustment to Basis	0
Gross Amount at Which Carried	19,054
Accumulated Depreciation	829
Bob Evans: | Akron, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	447
Buildings Improvements	1,537
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,984
Accumulated Depreciation	272
Bob Evans: | Anderson, IN
Real Estate and Accumulated Depreciation [Line Items]
Land	912
Buildings Improvements	1,455
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,367
Accumulated Depreciation	262
Bob Evans: | Austintown, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	305
Buildings Improvements	1,426
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,731
Accumulated Depreciation	271
Bob Evans: | Birch Run, MI
Real Estate and Accumulated Depreciation [Line Items]
Land	733
Buildings Improvements	1,192
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,925
Accumulated Depreciation	221
Bob Evans: | Blue Ash, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	628
Buildings Improvements	1,429
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,057
Accumulated Depreciation	293
Bob Evans: | Chardon, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	333
Buildings Improvements	682
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,015
Accumulated Depreciation	137
Bob Evans: | Chillicothe, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	557
Buildings Improvements	1,524
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,081
Accumulated Depreciation	280
Bob Evans: | Columbus, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	523
Buildings Improvements	1,376
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,899
Accumulated Depreciation	261
Bob Evans: | Dayton, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	325
Buildings Improvements	1,438
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,763
Accumulated Depreciation	280
Bob Evans: | Defiance, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	501
Buildings Improvements	2,781
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,282
Accumulated Depreciation	86
Bob Evans: | Dover, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	552
Buildings Improvements	1,930
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,482
Accumulated Depreciation	57
Bob Evans: | Dundee, MI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	526
Buildings Improvements	1,298
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,824
Accumulated Depreciation	41
Bob Evans: | Florence, KY
Real Estate and Accumulated Depreciation [Line Items]
Land	496
Buildings Improvements	1,876
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,372
Accumulated Depreciation	358
Bob Evans: | Gallipolis, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,735
Land	529
Buildings Improvements	2,963
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,492
Accumulated Depreciation	162
Bob Evans: | Hagerstown, MD
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,565
Land	490
Buildings Improvements	2,789
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,279
Accumulated Depreciation	159
Bob Evans: | Hamilton, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	446
Buildings Improvements	2,359
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,805
Accumulated Depreciation	66
Bob Evans: | Holland, MI
Real Estate and Accumulated Depreciation [Line Items]
Land	314
Buildings Improvements	1,367
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,681
Accumulated Depreciation	258
Bob Evans: | Hummelstown, PA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,029
Buildings Improvements	2,283
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,312
Accumulated Depreciation	66
Bob Evans: | Huntersville, NC
Real Estate and Accumulated Depreciation [Line Items]
Land	751
Buildings Improvements	657
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,408
Accumulated Depreciation	120
Bob Evans: | Hurricane, WV
Real Estate and Accumulated Depreciation [Line Items]
Land	297
Buildings Improvements	1,654
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,951
Accumulated Depreciation	284
Bob Evans: | Mansfield, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,284
Land	495
Buildings Improvements	2,423
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,918
Accumulated Depreciation	142
Bob Evans: | Mayfield Heights, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	847
Buildings Improvements	1,278
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,125
Accumulated Depreciation	39
Bob Evans: | Milford, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	271
Buildings Improvements	1,498
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,769
Accumulated Depreciation	286
Bob Evans: | Monroe, MI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,218
Land	623
Buildings Improvements	2,177
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,800
Accumulated Depreciation	129
Bob Evans: | Monroeville, PA
Real Estate and Accumulated Depreciation [Line Items]
Land	1,340
Buildings Improvements	848
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,188
Accumulated Depreciation	148
Bob Evans: | Nicholasville, KY
Real Estate and Accumulated Depreciation [Line Items]
Land	731
Buildings Improvements	693
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,424
Accumulated Depreciation	123
Bob Evans: | North Canton, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	859
Buildings Improvements	1,393
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,252
Accumulated Depreciation	265
Bob Evans: | Northwood, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,558
Land	514
Buildings Improvements	2,760
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,274
Accumulated Depreciation	155
Bob Evans: | Peoria, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	902
Land	620
Buildings Improvements	524
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,144
Accumulated Depreciation	43
Bob Evans: | Piqua, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,040
Land	413
Buildings Improvements	2,187
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,600
Accumulated Depreciation	125
Bob Evans: | Ripley, WV
Real Estate and Accumulated Depreciation [Line Items]
Land	269
Buildings Improvements	1,304
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,573
Accumulated Depreciation	240
Bob Evans: | Tipp City, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	554
Buildings Improvements	1,120
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,674
Accumulated Depreciation	219
Bob Evans: | Warsaw, IN
Real Estate and Accumulated Depreciation [Line Items]
Land	684
Buildings Improvements	1,222
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,906
Accumulated Depreciation	223
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	702
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	73
Burger King: | Midwest City, OK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	733
Land	736
Buildings Improvements	810
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,546
Accumulated Depreciation	28
Burger King: | Yukon, OK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,220
Land	500
Buildings Improvements	1,141
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,641
Accumulated Depreciation	72
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	237
Cabela's: | Acworth, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,888
Land	4,979
Buildings Improvements	18,775
Total Adjustment to Basis	0
Gross Amount at Which Carried	23,754
Accumulated Depreciation	2,723
Cabela's: | Avon, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,486
Land	2,755
Buildings Improvements	10,751
Total Adjustment to Basis	0
Gross Amount at Which Carried	13,506
Accumulated Depreciation	1,584
Cabela's: | La Vista, NE
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,223
Land	3,260
Buildings Improvements	16,923
Total Adjustment to Basis	0
Gross Amount at Which Carried	20,183
Accumulated Depreciation	2,361
Cabela's: | Sun Prairie, WI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,063
Land	3,373
Buildings Improvements	14,058
Total Adjustment to Basis	0
Gross Amount at Which Carried	17,431
Accumulated Depreciation	2,150
Caliber Collision Center: | Fredericksburg, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,659
Land	1,807
Buildings Improvements	2,292
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,099
Accumulated Depreciation	171
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	179
Caliber Collision Center: | Lake Jackson, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,920
Land	800
Buildings Improvements	2,974
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,774
Accumulated Depreciation	200
Caliber Collision Center: | Richmond, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,273
Land	1,453
Buildings Improvements	3,323
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,776
Accumulated Depreciation	259
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	146
Caliber Collision Center: | San Antonio, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,973
Land	691
Buildings Improvements	4,458
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,149
Accumulated Depreciation	275
Caliber Collision Center: | San Antonio, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,301
Land	622
Buildings Improvements	832
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,454
Accumulated Depreciation	182
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	118
Caliber Collision Center: | Williamsburg, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,740
Land	1,418
Buildings Improvements	2,800
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,218
Accumulated Depreciation	213
Caliber Collision Center: | Wylie, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,179
Land	816
Buildings Improvements	2,690
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,506
Accumulated Depreciation	608
Camping World: | Fort Myers, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,288
Land	3,226
Buildings Improvements	11,832
Total Adjustment to Basis	0
Gross Amount at Which Carried	15,058
Accumulated Depreciation	794
CarMax: | Tinley Park, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	7,296
Buildings Improvements	22,949
Total Adjustment to Basis	0
Gross Amount at Which Carried	30,245
Accumulated Depreciation	690
Carrier Rental Systems: | Houston, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	935
Buildings Improvements	3,199
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,134
Accumulated Depreciation	90
Cash & Carry: | Salt Lake City, UT
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,940
Land	863
Buildings Improvements	4,149
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,012
Accumulated Depreciation	243
Chase: | Hanover Township, NJ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,054
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	1,974
Land	1,113
Buildings Improvements	7,946
Total Adjustment to Basis	(7,817)
Gross Amount at Which Carried	1,242
Accumulated Depreciation	276
Costco: | Tallahassee, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	9,497
Buildings Improvements	0
Total Adjustment to Basis	0
Gross Amount at Which Carried	9,497
Accumulated Depreciation	0
CVS: | Arnold, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,007
Land	2,043
Buildings Improvements	2,367
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,410
Accumulated Depreciation	551
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	305
CVS: | Austin, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	1,433
Buildings Improvements	2,251
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,684
Accumulated Depreciation	63
CVS: | Austin, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,369
Land	1,076
Buildings Improvements	3,475
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,551
Accumulated Depreciation	803
CVS: | Bloomington, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,458
Land	1,620
Buildings Improvements	2,957
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,577
Accumulated Depreciation	688
CVS: | Blue Springs, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,957
Land	395
Buildings Improvements	2,722
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,117
Accumulated Depreciation	633
CVS: | Bridgeton, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,007
Land	2,056
Buildings Improvements	2,362
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,418
Accumulated Depreciation	549
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	285
CVS: | Chesapeake, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,267
Land	1,044
Buildings Improvements	3,053
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,097
Accumulated Depreciation	725
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	1,041
CVS: | Cicero, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,474
Land	487
Buildings Improvements	3,099
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,586
Accumulated Depreciation	720
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	696
CVS: | Danville, IN
Real Estate and Accumulated Depreciation [Line Items]
Land	424
Buildings Improvements	2,105
Total Adjustment to Basis	99
Gross Amount at Which Carried	2,628
Accumulated Depreciation	489
CVS: | Eminence, KY
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,504
Land	872
Buildings Improvements	2,511
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,383
Accumulated Depreciation	577
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	54
CVS: | Goose Creek, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,853
Land	1,022
Buildings Improvements	1,980
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,002
Accumulated Depreciation	456
CVS: | Greenwood, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,251
Land	912
Buildings Improvements	3,549
Total Adjustment to Basis	61
Gross Amount at Which Carried	4,522
Accumulated Depreciation	853
CVS: | Hanover Township, NJ
Real Estate and Accumulated Depreciation [Line Items]
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	5,995
Land	3,047
Buildings Improvements	3,610
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,657
Accumulated Depreciation	835
CVS: | Hillcrest Heights, MD
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,874
Land	1,817
Buildings Improvements	2,989
Total Adjustment to Basis	71
Gross Amount at Which Carried	4,877
Accumulated Depreciation	707
CVS: | Honesdale, PA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,140
Land	1,206
Buildings Improvements	3,342
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,548
Accumulated Depreciation	796
CVS: | Independence, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,447
Land	359
Buildings Improvements	2,242
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,601
Accumulated Depreciation	523
CVS: | Indianapolis, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,393
Land	1,110
Buildings Improvements	2,484
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,594
Accumulated Depreciation	577
CVS: | Irving, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,615
Land	745
Buildings Improvements	3,034
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,779
Accumulated Depreciation	796
CVS: | Janesville, WI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,075
Land	736
Buildings Improvements	2,545
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,281
Accumulated Depreciation	591
CVS: | Katy, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,156
Land	1,149
Buildings Improvements	2,462
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,611
Accumulated Depreciation	560
CVS: | Lincoln, NE
Real Estate and Accumulated Depreciation [Line Items]
Land	2,534
Buildings Improvements	3,014
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,548
Accumulated Depreciation	698
CVS: | London, KY
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,177
Land	1,445
Buildings Improvements	2,661
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,106
Accumulated Depreciation	636
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	59
CVS: | Middletown, NY
Real Estate and Accumulated Depreciation [Line Items]
Land	665
Buildings Improvements	5,483
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,148
Accumulated Depreciation	1,257
CVS: | North Wilkesboro, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,321
Land	332
Buildings Improvements	2,369
Total Adjustment to Basis	73
Gross Amount at Which Carried	2,774
Accumulated Depreciation	558
CVS: | Poplar Bluff, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,733
Land	1,861
Buildings Improvements	2,211
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,072
Accumulated Depreciation	517
CVS: | Riverton, NJ
Real Estate and Accumulated Depreciation [Line Items]
Land	1,217
Buildings Improvements	5,553
Total Adjustment to Basis	124
Gross Amount at Which Carried	6,894
Accumulated Depreciation	313
CVS: | Salem, NH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,263
Land	3,456
Buildings Improvements	2,351
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,807
Accumulated Depreciation	540
CVS: | San Antonio, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,327
Land	1,893
Buildings Improvements	1,848
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,741
Accumulated Depreciation	435
CVS: | Sand Springs, OK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,593
Land	1,765
Buildings Improvements	2,283
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,048
Accumulated Depreciation	535
CVS: | Santa Fe, NM
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,276
Land	2,243
Buildings Improvements	4,619
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,862
Accumulated Depreciation	1,057
CVS: | Sedalia, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,609
Land	466
Buildings Improvements	2,318
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,784
Accumulated Depreciation	540
CVS: | St. John, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,777
Land	1,546
Buildings Improvements	2,601
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,147
Accumulated Depreciation	604
CVS: | Vineland, NJ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,570
Land	813
Buildings Improvements	2,926
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,739
Accumulated Depreciation	701
CVS: | Waynesboro, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,290
Land	986
Buildings Improvements	2,708
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,694
Accumulated Depreciation	630
CVS: | West Monroe, LA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,437
Land	1,738
Buildings Improvements	2,136
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,874
Accumulated Depreciation	500
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	91
Davita: | Austell, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	777
Buildings Improvements	913
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,690
Accumulated Depreciation	29
Dick’s Sporting Goods: | Oklahoma City, OK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,218
Land	685
Buildings Improvements	10,587
Total Adjustment to Basis	0
Gross Amount at Which Carried	11,272
Accumulated Depreciation	2,961
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	27
Dollar General: | Glouster, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	220
Buildings Improvements	1,276
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,496
Accumulated Depreciation	84
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	31
Dollar General: | Parchment, MI
Real Estate and Accumulated Depreciation [Line Items]
Land	168
Buildings Improvements	1,162
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,330
Accumulated Depreciation	253
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	39
Dollar General: | Russell, KS
Real Estate and Accumulated Depreciation [Line Items]
Land	54
Buildings Improvements	899
Total Adjustment to Basis	0
Gross Amount at Which Carried	953
Accumulated Depreciation	205
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	266
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	33
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	35
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	33
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	31
Duluth Trading: | Arlington, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,574
Buildings Improvements	3,918
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,492
Accumulated Depreciation	120
Duluth Trading: | Denton, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,715
Land	1,662
Buildings Improvements	2,918
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,580
Accumulated Depreciation	184
Duluth Trading: | Madison, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,800
Land	1,174
Buildings Improvements	3,603
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,777
Accumulated Depreciation	223
Duluth Trading: | Noblesville, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,711
Land	1,212
Buildings Improvements	3,436
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,648
Accumulated Depreciation	233
Duluth Trading: | Wichita, KS
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,433
Buildings Improvements	2,757
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,190
Accumulated Depreciation	$ 88

Schedule III - Real Estate As_3

Schedule III - Real Estate Assets and Accumulated Depreciation - 2 (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 921,520
Land	581,304
Buildings Improvements	1,457,571
Total Adjustment to Basis	2,822
Gross Amount at Which Carried	2,041,696	$ 2,362,175	$ 3,371,926	$ 2,530,311
Accumulated Depreciation	179,855	$ 158,354	$ 298,364	$ 243,122
Family Dollar: | Bearden, AR
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	52
Buildings Improvements	760
Total Adjustment to Basis	0
Gross Amount at Which Carried	812
Accumulated Depreciation	61
Family Dollar: | Centreville, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	110
Buildings Improvements	669
Total Adjustment to Basis	0
Gross Amount at Which Carried	779
Accumulated Depreciation	26
Family Dollar: | Danville, VA 2
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	468
Buildings Improvements	422
Total Adjustment to Basis	0
Gross Amount at Which Carried	890
Accumulated Depreciation	22
Family Dollar: | Darby, MT
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	845
Land	356
Buildings Improvements	865
Total Adjustment to Basis	26
Gross Amount at Which Carried	1,247
Accumulated Depreciation	34
Family Dollar: | Denton, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	433
Buildings Improvements	434
Total Adjustment to Basis	0
Gross Amount at Which Carried	867
Accumulated Depreciation	22
Family Dollar: | DeRidder, LA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	290
Buildings Improvements	790
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,080
Accumulated Depreciation	31
Family Dollar: | Hampton, AR
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	624
Land	112
Buildings Improvements	689
Total Adjustment to Basis	0
Gross Amount at Which Carried	801
Accumulated Depreciation	29
Family Dollar: | Hobbs, NM
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	602
Land	243
Buildings Improvements	1,084
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,327
Accumulated Depreciation	88
Family Dollar: | Londonderry, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	154
Buildings Improvements	1,166
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,320
Accumulated Depreciation	41
Family Dollar: | Morgan, UT
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	495
Land	235
Buildings Improvements	1,068
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,303
Accumulated Depreciation	82
Family Dollar: | New Roads, LA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	430
Land	190
Buildings Improvements	674
Total Adjustment to Basis	0
Gross Amount at Which Carried	864
Accumulated Depreciation	64
Family Dollar: | Roswell, NM
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	545
Land	199
Buildings Improvements	921
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,120
Accumulated Depreciation	82
Family Dollar: | Salina, UT
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	538
Land	211
Buildings Improvements	1,262
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,473
Accumulated Depreciation	93
Family Dollar: | Tatum, NM
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	671
Land	220
Buildings Improvements	675
Total Adjustment to Basis	0
Gross Amount at Which Carried	895
Accumulated Depreciation	28
Family Dollar: | West Portsmouth, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	290
Buildings Improvements	664
Total Adjustment to Basis	0
Gross Amount at Which Carried	954
Accumulated Depreciation	29
Food 4 Less: | Atwater, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,175
Land	1,383
Buildings Improvements	5,271
Total Adjustment to Basis	345
Gross Amount at Which Carried	6,999
Accumulated Depreciation	1,380
Fresh Thyme: | Lafayette, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,173
Buildings Improvements	6,316
Total Adjustment to Basis	0
Gross Amount at Which Carried	7,489
Accumulated Depreciation	360
Fresh Thyme: | Ypsilanti, MI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	3,168
Buildings Improvements	5,719
Total Adjustment to Basis	0
Gross Amount at Which Carried	8,887
Accumulated Depreciation	364
Giant Eagle: | Seven Fields, PA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,615
Land	1,574
Buildings Improvements	13,659
Total Adjustment to Basis	355
Gross Amount at Which Carried	15,588
Accumulated Depreciation	3,062
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	158
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	167
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	120
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	162
Hobby Lobby: | Lewisville, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,458
Land	2,184
Buildings Improvements	8,977
Total Adjustment to Basis	0
Gross Amount at Which Carried	11,161
Accumulated Depreciation	2,251
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	151
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	156
Hobby Lobby: | Willmar, 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	$ 170

Schedule III - Real Estate As_4

Schedule III - Real Estate Assets and Accumulated Depreciation - 3 (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 921,520
Land	581,304
Buildings Improvements	1,457,571
Total Adjustment to Basis	2,822
Gross Amount at Which Carried	2,041,696	$ 2,362,175	$ 3,371,926	$ 2,530,311
Accumulated Depreciation	179,855	$ 158,354	$ 298,364	$ 243,122
Jewel-Osco: | Plainfield, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,819
Land	0
Buildings Improvements	0
Total Adjustment to Basis	11,151
Gross Amount at Which Carried	11,151
Accumulated Depreciation	1,122
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	334
Jewel-Osco: | Wood Dale, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	4,069
Buildings Improvements	7,800
Total Adjustment to Basis	0
Gross Amount at Which Carried	11,869
Accumulated Depreciation	240
Kloeckner: | University Park, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	862
Buildings Improvements	13,540
Total Adjustment to Basis	0
Gross Amount at Which Carried	14,402
Accumulated Depreciation	407
Kohl's: | Charlottesville, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,889
Land	3,929
Buildings Improvements	12,280
Total Adjustment to Basis	0
Gross Amount at Which Carried	16,209
Accumulated Depreciation	2,694
Kohl's: | Eagan, MN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,361
Land	3,581
Buildings Improvements	3,751
Total Adjustment to Basis	0
Gross Amount at Which Carried	7,332
Accumulated Depreciation	296
Kohl's: | Easton, MD
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,763
Land	2,962
Buildings Improvements	2,661
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,623
Accumulated Depreciation	468
Kroger: | Bay City, MI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,272
Land	718
Buildings Improvements	5,057
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,775
Accumulated Depreciation	368
Kroger: | Shelton, WA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,989
Land	1,180
Buildings Improvements	11,040
Total Adjustment to Basis	0
Gross Amount at Which Carried	12,220
Accumulated Depreciation	2,791
Kum & Go: | Cedar Rapids, IA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	771
Buildings Improvements	2,493
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,264
Accumulated Depreciation	82
Kum & Go: | Conway, AR
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,216
Land	510
Buildings Improvements	2,577
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,087
Accumulated Depreciation	559
LA Fitness: | Bloomfield Township, MI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,691
Land	2,287
Buildings Improvements	10,075
Total Adjustment to Basis	0
Gross Amount at Which Carried	12,362
Accumulated Depreciation	2,709
LA Fitness: | Columbus, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,745
Land	1,013
Buildings Improvements	6,734
Total Adjustment to Basis	0
Gross Amount at Which Carried	7,747
Accumulated Depreciation	1,430
LA Fitness: | New Lenox, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,304
Land	1,965
Buildings Improvements	6,257
Total Adjustment to Basis	19
Gross Amount at Which Carried	8,241
Accumulated Depreciation	1,150
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	237
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	230
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	274
Lowe's: | Adrian, MI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,713
Land	2,604
Buildings Improvements	5,036
Total Adjustment to Basis	30
Gross Amount at Which Carried	7,670
Accumulated Depreciation	1,626
Lowe's: | Alpharetta, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,407
Land	7,979
Buildings Improvements	9,630
Total Adjustment to Basis	403
Gross Amount at Which Carried	18,012
Accumulated Depreciation	2,155
Lowe's: | Asheboro, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,023
Land	1,098
Buildings Improvements	6,722
Total Adjustment to Basis	0
Gross Amount at Which Carried	7,820
Accumulated Depreciation	1,549
Lowe's: | Cincinnati, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,768
Land	14,092
Buildings Improvements	0
Total Adjustment to Basis	8
Gross Amount at Which Carried	14,100
Accumulated Depreciation	0
Lowe's: | Columbia, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,869
Land	3,943
Buildings Improvements	6,353
Total Adjustment to Basis	750
Gross Amount at Which Carried	11,046
Accumulated Depreciation	1,876
Lowe's: | Covington, LA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,137
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	242
Lowe's: | Hermitage, PA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,941
Land	2,279
Buildings Improvements	12,579
Total Adjustment to Basis	0
Gross Amount at Which Carried	14,858
Accumulated Depreciation	785
Lowe's: | Lilburn, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,256
Land	8,817
Buildings Improvements	9,380
Total Adjustment to Basis	385
Gross Amount at Which Carried	18,582
Accumulated Depreciation	2,088
Lowe's: | Mansfield, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,880
Land	873
Buildings Improvements	8,256
Total Adjustment to Basis	26
Gross Amount at Which Carried	9,155
Accumulated Depreciation	1,950
Lowe's: | Marietta, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,459
Land	7,471
Buildings Improvements	8,404
Total Adjustment to Basis	392
Gross Amount at Which Carried	16,267
Accumulated Depreciation	1,899
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	546
Lowe's: | Oxford, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,778
Land	1,668
Buildings Improvements	7,622
Total Adjustment to Basis	369
Gross Amount at Which Carried	9,659
Accumulated Depreciation	2,284
Lowe's: | Tuscaloosa, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,865
Land	4,908
Buildings Improvements	4,786
Total Adjustment to Basis	9
Gross Amount at Which Carried	9,703
Accumulated Depreciation	1,260
Lowe's: | Woodstock, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,895
Land	7,316
Buildings Improvements	8,879
Total Adjustment to Basis	392
Gross Amount at Which Carried	16,587
Accumulated Depreciation	2,003
Lowe's: | Zanesville, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,181
Land	2,161
Buildings Improvements	8,375
Total Adjustment to Basis	297
Gross Amount at Which Carried	10,833
Accumulated Depreciation	2,093
McAlister's Deli: | Lawton, OK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,125
Land	805
Buildings Improvements	1,057
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,862
Accumulated Depreciation	253
Merchants Tire & Auto: | Wake Forest, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,816
Land	782
Buildings Improvements	1,730
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,512
Accumulated Depreciation	332
Mister Car Wash: | Athens, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,536
Land	383
Buildings Improvements	1,150
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,533
Accumulated Depreciation	176
Mister Car Wash: | Decatur, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,242
Land	257
Buildings Improvements	559
Total Adjustment to Basis	0
Gross Amount at Which Carried	816
Accumulated Depreciation	92
Mister Car Wash: | Decatur, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,824
Land	486
Buildings Improvements	1,253
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,739
Accumulated Depreciation	219
Mister Car Wash: | Decatur, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,449
Land	359
Buildings Improvements	1,152
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,511
Accumulated Depreciation	199
Mister Car Wash: | Hartselle, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,042
Land	360
Buildings Improvements	569
Total Adjustment to Basis	0
Gross Amount at Which Carried	929
Accumulated Depreciation	97
Mister Car Wash: | Hudson, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,229
Buildings Improvements	1,562
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,791
Accumulated Depreciation	46
Mister Car Wash: | Madison, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,866
Land	562
Buildings Improvements	1,139
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,701
Accumulated Depreciation	202
Mister Car Wash: | Spring Hill, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,123
Buildings Improvements	2,770
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,893
Accumulated Depreciation	76
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	502
National Tire & Battery: | Cypress, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,824
Land	910
Buildings Improvements	2,224
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,134
Accumulated Depreciation	458
National Tire & Battery: | Flower Mound, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,009
Land	779
Buildings Improvements	2,449
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,228
Accumulated Depreciation	484
National Tire & Battery: | Fort Worth, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	730
Buildings Improvements	2,309
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,039
Accumulated Depreciation	456
National Tire & Battery: | Montgomery, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,046
Land	516
Buildings Improvements	2,494
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,010
Accumulated Depreciation	647
National Tire & Battery: | North Richland Hills, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,698
Land	513
Buildings Improvements	2,579
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,092
Accumulated Depreciation	524
National Tire & Battery: | Pasadena, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,883
Land	908
Buildings Improvements	2,307
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,215
Accumulated Depreciation	475
National Tire & Battery: | Pearland, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,001
Land	1,016
Buildings Improvements	2,040
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,056
Accumulated Depreciation	411
National Tire & Battery: | Plano, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,171
Land	1,292
Buildings Improvements	2,197
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,489
Accumulated Depreciation	441
National Tire & Battery: | Tomball, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,972
Land	838
Buildings Improvements	2,229
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,067
Accumulated Depreciation	$ 446

Schedule III - Real Estate As_5

Schedule III - Real Estate Assets and Accumulated Depreciation - 4 (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 921,520
Land	581,304
Buildings Improvements	1,457,571
Total Adjustment to Basis	2,822
Gross Amount at Which Carried	2,041,696	$ 2,362,175	$ 3,371,926	$ 2,530,311
Accumulated Depreciation	179,855	$ 158,354	$ 298,364	$ 243,122
Natural Grocers: | Heber City, UT
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,568
Land	1,286
Buildings Improvements	3,727
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,013
Accumulated Depreciation	226
Natural Grocers: | Idaho Falls, ID
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,585
Land	833
Buildings Improvements	2,316
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,149
Accumulated Depreciation	545
O'Reilly Automotive: | Bennettsville, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,190
Land	361
Buildings Improvements	1,207
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,568
Accumulated Depreciation	82
O'Reilly Automotive: | Clayton, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,308
Land	501
Buildings Improvements	945
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,446
Accumulated Depreciation	170
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	47
O'Reilly Automotive: | Flowood, MS
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,353
Land	506
Buildings Improvements	1,288
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,794
Accumulated Depreciation	85
O'Reilly Automotive: | Iron Mountain, MI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,220
Land	249
Buildings Improvements	1,400
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,649
Accumulated Depreciation	94
Patriot Urgent Care: | Eldersburg, MD
Real Estate and Accumulated Depreciation [Line Items]
Land	557
Buildings Improvements	876
Total Adjustment to Basis	288
Gross Amount at Which Carried	1,721
Accumulated Depreciation	176
PetSmart: | McAllen, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,804
Land	2,352
Buildings Improvements	1,309
Total Adjustment to Basis	(1,742)
Gross Amount at Which Carried	1,919
Accumulated Depreciation	0
PetSmart: | Wilkesboro, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,054
Land	447
Buildings Improvements	1,710
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,157
Accumulated Depreciation	490
Pick 'N Save: | Pewaukee, WI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,293
Land	1,323
Buildings Improvements	6,761
Total Adjustment to Basis	257
Gross Amount at Which Carried	8,341
Accumulated Depreciation	1,733
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	2,906
Pick 'N Save: | South Milwaukee, WI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,469
Land	1,126
Buildings Improvements	5,706
Total Adjustment to Basis	362
Gross Amount at Which Carried	7,194
Accumulated Depreciation	1,356
Pier 7 Juicy Seafood & Bar: | Lancaster, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	1,203
Buildings Improvements	1,620
Total Adjustment to Basis	131
Gross Amount at Which Carried	2,954
Accumulated Depreciation	459
Popeyes: | Independence, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,168
Land	333
Buildings Improvements	680
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,013
Accumulated Depreciation	151
Raising Cane's: | Avondale, AZ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,774
Buildings Improvements	2,381
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,155
Accumulated Depreciation	70
Raising Cane's: | Murphy, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,412
Land	495
Buildings Improvements	2,853
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,348
Accumulated Depreciation	172
Raising Cane's: | Reno, NV
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,312
Land	1,841
Buildings Improvements	2,259
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,100
Accumulated Depreciation	140
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	1,215
Safeway: | Juneau, AK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,830
Land	6,174
Buildings Improvements	8,791
Total Adjustment to Basis	0
Gross Amount at Which Carried	14,965
Accumulated Depreciation	558
Schumacher Homes: | Troy, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	992
Buildings Improvements	1,577
Total Adjustment to Basis	(1,383)
Gross Amount at Which Carried	1,186
Accumulated Depreciation	130
Siemens: | Milford, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,328
Land	4,137
Buildings Improvements	23,153
Total Adjustment to Basis	0
Gross Amount at Which Carried	27,290
Accumulated Depreciation	2,040
Sleepy's: | Roanoke Rapids, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	339
Buildings Improvements	1,240
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,579
Accumulated Depreciation	38
Snider Fleet Solutions: | Decatur, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,257
Land	365
Buildings Improvements	1,461
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,826
Accumulated Depreciation	48
Spinx: | Simpsonville, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,804
Land	591
Buildings Improvements	969
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,560
Accumulated Depreciation	243
Sprouts: | Lawrence, KS
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,838
Land	762
Buildings Improvements	8,111
Total Adjustment to Basis	0
Gross Amount at Which Carried	8,873
Accumulated Depreciation	474
Steinhafels: | Greenfield, WI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,392
Land	1,783
Buildings Improvements	7,643
Total Adjustment to Basis	0
Gross Amount at Which Carried	9,426
Accumulated Depreciation	438
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	260
Stop & Shop: | North Kingstown, RI
Real Estate and Accumulated Depreciation [Line Items]
Land	639
Buildings Improvements	2,057
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,696
Accumulated Depreciation	121
Sunbelt Rentals: | Canton, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	803
Land	148
Buildings Improvements	1,679
Total Adjustment to Basis	331
Gross Amount at Which Carried	2,157
Accumulated Depreciation	545
Sunoco: | Lake Worth, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,533
Land	580
Buildings Improvements	1,907
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,487
Accumulated Depreciation	465
Sunoco: | Palm Beach Gardens, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	1,050
Buildings Improvements	2,667
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,717
Accumulated Depreciation	649
Sunoco: | Palm City, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,497
Land	667
Buildings Improvements	1,698
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,365
Accumulated Depreciation	414
Sunoco: | Sebastian, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	490
Buildings Improvements	2,128
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,618
Accumulated Depreciation	519
Sunoco: | Titusville, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	626
Buildings Improvements	2,534
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,160
Accumulated Depreciation	617
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	437
Take 5: | Andrews, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	887
Land	230
Buildings Improvements	862
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,092
Accumulated Depreciation	49
Take 5: | Bedford, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	906
Land	283
Buildings Improvements	837
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,120
Accumulated Depreciation	58
Take 5: | Burleson, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,127
Land	471
Buildings Improvements	936
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,407
Accumulated Depreciation	62
Take 5: | Burleson, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	832
Land	201
Buildings Improvements	837
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,038
Accumulated Depreciation	50
Take 5: | Burleson, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	647
Land	394
Buildings Improvements	407
Total Adjustment to Basis	0
Gross Amount at Which Carried	801
Accumulated Depreciation	49
Take 5: | Cedar Hill, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	795
Land	250
Buildings Improvements	705
Total Adjustment to Basis	0
Gross Amount at Which Carried	955
Accumulated Depreciation	44
Take 5: | Hereford, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	832
Land	50
Buildings Improvements	995
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,045
Accumulated Depreciation	56
Take 5: | Irving, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	462
Land	120
Buildings Improvements	445
Total Adjustment to Basis	0
Gross Amount at Which Carried	565
Accumulated Depreciation	27
Take 5: | Irving, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	832
Land	210
Buildings Improvements	818
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,028
Accumulated Depreciation	49
Take 5: | Lubbock, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,275
Land	151
Buildings Improvements	1,428
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,579
Accumulated Depreciation	78
Take 5: | Midland, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,682
Land	192
Buildings Improvements	1,861
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,053
Accumulated Depreciation	101
Take 5: | Mineral Wells, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,127
Land	131
Buildings Improvements	1,263
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,394
Accumulated Depreciation	$ 70

Schedule III - Real Estate As_6

Schedule III - Real Estate Assets and Accumulated Depreciation - 5 (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 921,520
Land	581,304
Buildings Improvements	1,457,571
Total Adjustment to Basis	2,822
Gross Amount at Which Carried	2,041,696	$ 2,362,175	$ 3,371,926	$ 2,530,311
Accumulated Depreciation	179,855	$ 158,354	$ 298,364	$ 243,122
Teradata: | Miami Township, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,615
Buildings Improvements	5,250
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,865
Accumulated Depreciation	200
TGI Friday's: | Chesapeake, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,698
Land	1,217
Buildings Improvements	1,388
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,605
Accumulated Depreciation	316
TGI Friday's: | Wilmington, DE
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,765
Land	1,685
Buildings Improvements	969
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,654
Accumulated Depreciation	224
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	364
Time Warner: | Streetsboro, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,397
Land	1,009
Buildings Improvements	5,602
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,611
Accumulated Depreciation	174
Tire Kingdom: | Bluffton, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,380
Land	645
Buildings Improvements	1,688
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,333
Accumulated Depreciation	324
Tire Kingdom: | Summerville, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,181
Land	1,208
Buildings Improvements	1,233
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,441
Accumulated Depreciation	245
Title Resource Group: | Mount Laurel, NJ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	3,129
Buildings Improvements	8,491
Total Adjustment to Basis	0
Gross Amount at Which Carried	11,620
Accumulated Depreciation	379
TJ Maxx: | Danville, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	463
Buildings Improvements	2,048
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,511
Accumulated Depreciation	90
Tractor Supply: | Ashland, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,060
Land	500
Buildings Improvements	2,696
Total Adjustment to Basis	175
Gross Amount at Which Carried	3,371
Accumulated Depreciation	670
Tractor Supply: | Augusta, KS
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,405
Land	407
Buildings Improvements	2,315
Total Adjustment to Basis	175
Gross Amount at Which Carried	2,897
Accumulated Depreciation	570
Tractor Supply: | Blytheville, AR
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,587
Land	780
Buildings Improvements	2,660
Total Adjustment to Basis	175
Gross Amount at Which Carried	3,615
Accumulated Depreciation	205
Tractor Supply: | Cambridge, MN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,154
Land	807
Buildings Improvements	1,272
Total Adjustment to Basis	203
Gross Amount at Which Carried	2,282
Accumulated Depreciation	438
Tractor Supply: | Canon City, CO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,777
Land	597
Buildings Improvements	2,527
Total Adjustment to Basis	175
Gross Amount at Which Carried	3,299
Accumulated Depreciation	656
Tractor Supply: | Carlyle, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,366
Land	707
Buildings Improvements	2,386
Total Adjustment to Basis	175
Gross Amount at Which Carried	3,268
Accumulated Depreciation	201
Tractor Supply: | Fortuna, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,602
Land	568
Buildings Improvements	3,819
Total Adjustment to Basis	175
Gross Amount at Which Carried	4,562
Accumulated Depreciation	898
Tractor Supply: | Logan, WV
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,012
Land	597
Buildings Improvements	3,232
Total Adjustment to Basis	175
Gross Amount at Which Carried	4,004
Accumulated Depreciation	215
Tractor Supply: | Lumberton, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,383
Land	611
Buildings Improvements	2,007
Total Adjustment to Basis	175
Gross Amount at Which Carried	2,793
Accumulated Depreciation	569
Tractor Supply: | Marion, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,319
Land	1,536
Buildings Improvements	1,099
Total Adjustment to Basis	175
Gross Amount at Which Carried	2,810
Accumulated Depreciation	286
Tractor Supply: | Midland, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,383
Land	865
Buildings Improvements	2,182
Total Adjustment to Basis	175
Gross Amount at Which Carried	3,222
Accumulated Depreciation	175
Tractor Supply: | Monticello, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,548
Land	448
Buildings Improvements	1,916
Total Adjustment to Basis	175
Gross Amount at Which Carried	2,539
Accumulated Depreciation	542
Tractor Supply: | Shelbyville, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,351
Land	586
Buildings Improvements	2,576
Total Adjustment to Basis	175
Gross Amount at Which Carried	3,337
Accumulated Depreciation	195
Tractor Supply: | South Hill, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,448
Land	630
Buildings Improvements	2,179
Total Adjustment to Basis	175
Gross Amount at Which Carried	2,984
Accumulated Depreciation	580
Tractor Supply: | Weaverville, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,394
Land	867
Buildings Improvements	3,138
Total Adjustment to Basis	294
Gross Amount at Which Carried	4,299
Accumulated Depreciation	816
Tractor Supply: | Woodward, OK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,405
Land	446
Buildings Improvements	1,973
Total Adjustment to Basis	175
Gross Amount at Which Carried	2,594
Accumulated Depreciation	532
Trader Joe's: | Asheville, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,197
Land	2,770
Buildings Improvements	3,766
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,536
Accumulated Depreciation	951
Trader Joe's: | Columbia, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,996
Land	2,308
Buildings Improvements	2,597
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,905
Accumulated Depreciation	746
Trader Joe's: | Wilmington, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,659
Land	2,016
Buildings Improvements	2,519
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,535
Accumulated Depreciation	797
Ulta Salon: | Albany, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,097
Land	441
Buildings Improvements	1,757
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,198
Accumulated Depreciation	407
Ulta Salon: | Greeley, CO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,383
Land	596
Buildings Improvements	2,035
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,631
Accumulated Depreciation	423
United Oil: | Bellflower, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,937
Land	1,246
Buildings Improvements	788
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,034
Accumulated Depreciation	165
United Oil: | Brea, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,905
Land	2,393
Buildings Improvements	658
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,051
Accumulated Depreciation	137
United Oil: | Carson, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,404
Land	2,354
Buildings Improvements	4,821
Total Adjustment to Basis	0
Gross Amount at Which Carried	7,175
Accumulated Depreciation	291
United Oil: | El Cajon, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,870
Land	1,533
Buildings Improvements	568
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,101
Accumulated Depreciation	119
United Oil: | El Cajon, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,663
Land	1,225
Buildings Improvements	368
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,593
Accumulated Depreciation	77
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	106
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	221
United Oil: | Fallbrook, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,570
Land	1,266
Buildings Improvements	3,458
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,724
Accumulated Depreciation	189
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	166
United Oil: | Harbor City, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,327
Land	1,359
Buildings Improvements	3,047
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,406
Accumulated Depreciation	170
United Oil: | Hawthorne, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,011
Land	896
Buildings Improvements	1,764
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,660
Accumulated Depreciation	99
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	183
United Oil: | La Habra, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,425
Land	1,971
Buildings Improvements	571
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,542
Accumulated Depreciation	119
United Oil: | Lakewood, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,696
Land	2,499
Buildings Improvements	2,400
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,899
Accumulated Depreciation	147
United Oil: | Lawndale, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,218
Land	1,462
Buildings Improvements	862
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,324
Accumulated Depreciation	180
United Oil: | Long Beach, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,772
Land	1,088
Buildings Improvements	2,582
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,670
Accumulated Depreciation	146
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	184
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	149
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	259
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	139
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	89
United Oil: | Los Angeles, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,253
Land	1,927
Buildings Improvements	1,484
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,411
Accumulated Depreciation	309
United Oil: | Los Angeles, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,772
Land	2,182
Buildings Improvements	701
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,883
Accumulated Depreciation	146
United Oil: | Los Angeles, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,807
Land	2,435
Buildings Improvements	2,614
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,049
Accumulated Depreciation	148
United Oil: | Los Angeles, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,154
Land	2,016
Buildings Improvements	3,486
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,502
Accumulated Depreciation	$ 190

Schedule III - Real Estate As_7

Schedule III - Real Estate Assets and Accumulated Depreciation - 6 (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 921,520
Land	581,304
Buildings Improvements	1,457,571
Total Adjustment to Basis	2,822
Gross Amount at Which Carried	2,041,696	$ 2,362,175	$ 3,371,926	$ 2,530,311
Accumulated Depreciation	179,855	$ 158,354	$ 298,364	$ 243,122
United Oil: | Madera, CA
Real Estate and Accumulated Depreciation [Line Items]
Land	1,500
Buildings Improvements	3,804
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,304
Accumulated Depreciation	628
United Oil: | Norco, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,186
Land	1,852
Buildings Improvements	1,489
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,341
Accumulated Depreciation	310
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	147
United Oil: | San Clemente, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,221
Land	2,036
Buildings Improvements	3,561
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,597
Accumulated Depreciation	199
United Oil: | San Diego, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,284
Land	1,362
Buildings Improvements	1,662
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,024
Accumulated Depreciation	98
United Oil: | San Diego, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,600
Land	1,547
Buildings Improvements	3,218
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,765
Accumulated Depreciation	178
United Oil: | San Diego, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,916
Land	2,409
Buildings Improvements	4,105
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,514
Accumulated Depreciation	239
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	301
United Oil: | San Diego, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,632
Land	1,877
Buildings Improvements	883
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,760
Accumulated Depreciation	184
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	80
United Oil: | Santa Ana, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,565
Land	1,629
Buildings Improvements	1,766
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,395
Accumulated Depreciation	105
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	152
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	296
United Oil: | Vista, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,284
Land	2,063
Buildings Improvements	334
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,397
Accumulated Depreciation	69
United Oil: | Vista (Vista), CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,218
Land	2,028
Buildings Improvements	418
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,446
Accumulated Depreciation	88
United Oil: | Whittier, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,491
Land	1,629
Buildings Improvements	985
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,614
Accumulated Depreciation	206
Urban Air Adventure Park: | Waukesha, WI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,030
Land	3,408
Buildings Improvements	12,918
Total Adjustment to Basis	666
Gross Amount at Which Carried	16,992
Accumulated Depreciation	2,797
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	34
Vacant: | Sanford, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,031
Buildings Improvements	1,807
Total Adjustment to Basis	(1,861)
Gross Amount at Which Carried	977
Accumulated Depreciation	53
Vacant: | Walker, LA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	899
Buildings Improvements	3,910
Total Adjustment to Basis	(2,849)
Gross Amount at Which Carried	1,960
Accumulated Depreciation	0
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	252
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	464
Valeo Production Facility: | East Liberty, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	357
Buildings Improvements	4,989
Total Adjustment to Basis	46
Gross Amount at Which Carried	5,392
Accumulated Depreciation	173
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	1,686
Walgreens: | Austintown, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,600
Land	637
Buildings Improvements	4,173
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,810
Accumulated Depreciation	990
Walgreens: | Clinton, MI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,065
Land	1,977
Buildings Improvements	4,232
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,209
Accumulated Depreciation	254
Walgreens: | Connelly Springs, NC
Real Estate and Accumulated Depreciation [Line Items]
Land	1,349
Buildings Improvements	3,628
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,977
Accumulated Depreciation	882
Walgreens: | Coweta, OK
Real Estate and Accumulated Depreciation [Line Items]
Land	897
Buildings Improvements	3,303
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,200
Accumulated Depreciation	92
Walgreens: | Danville, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,849
Land	989
Buildings Improvements	4,547
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,536
Accumulated Depreciation	1,222
Walgreens: | Dearborn Heights, MI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,113
Land	2,236
Buildings Improvements	3,411
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,647
Accumulated Depreciation	833
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	1,102
Walgreens: | Fort Madison, IA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,511
Land	514
Buildings Improvements	3,723
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,237
Accumulated Depreciation	892
Walgreens: | Harrison, AR
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,589
Land	1,237
Buildings Improvements	5,424
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,661
Accumulated Depreciation	309
Walgreens: | Indianapolis, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,446
Land	1,212
Buildings Improvements	5,484
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,696
Accumulated Depreciation	312
Walgreens: | Las Vegas, NV
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,896
Land	2,325
Buildings Improvements	3,262
Total Adjustment to Basis	70
Gross Amount at Which Carried	5,657
Accumulated Depreciation	787
Walgreens: | Lawton, OK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,791
Land	860
Buildings Improvements	2,539
Total Adjustment to Basis	106
Gross Amount at Which Carried	3,505
Accumulated Depreciation	631
Walgreens: | Lees Summit, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,042
Land	1,205
Buildings Improvements	4,884
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,089
Accumulated Depreciation	288
Walgreens: | Little Rock, AR
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,435
Land	548
Buildings Improvements	4,676
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,224
Accumulated Depreciation	1,002
Walgreens: | Lubbock, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,567
Land	565
Buildings Improvements	3,257
Total Adjustment to Basis	103
Gross Amount at Which Carried	3,925
Accumulated Depreciation	860
Walgreens: | Lubbock, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,142
Land	531
Buildings Improvements	2,951
Total Adjustment to Basis	102
Gross Amount at Which Carried	3,584
Accumulated Depreciation	774
Walgreens: | Metropolis, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,132
Land	284
Buildings Improvements	4,991
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,275
Accumulated Depreciation	1,049
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	141
Walgreens: | Sacramento, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,260
Land	324
Buildings Improvements	2,669
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,993
Accumulated Depreciation	598
Walgreens: | San Antonio, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,967
Land	1,417
Buildings Improvements	7,932
Total Adjustment to Basis	0
Gross Amount at Which Carried	9,349
Accumulated Depreciation	429
Walgreens: | Siloam Springs, AR
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,709
Land	936
Buildings Improvements	4,367
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,303
Accumulated Depreciation	256
Walgreens: | Slidell, LA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,924
Land	757
Buildings Improvements	3,557
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,314
Accumulated Depreciation	218
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	989
Walgreens: | St. Louis, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,430
Land	355
Buildings Improvements	3,149
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,504
Accumulated Depreciation	89
Walgreens: | Suffolk, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,066
Land	1,261
Buildings Improvements	3,461
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,722
Accumulated Depreciation	994
Walmart: | Anderson, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,625
Land	2,424
Buildings Improvements	9,719
Total Adjustment to Basis	0
Gross Amount at Which Carried	12,143
Accumulated Depreciation	1,739
Walmart: | Florence, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,915
Land	2,013
Buildings Improvements	9,225
Total Adjustment to Basis	0
Gross Amount at Which Carried	11,238
Accumulated Depreciation	1,643
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	734
Walmart: | Tallahassee, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,196
Land	14,823
Buildings Improvements	0
Total Adjustment to Basis	0
Gross Amount at Which Carried	14,823
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	484
Wendy's: | Grafton, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,597
Land	539
Buildings Improvements	894
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,433
Accumulated Depreciation	200
Wendy's: | Westminster, CO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	724
Land	596
Buildings Improvements	1,108
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,704
Accumulated Depreciation	246
West Marine: | Chicago, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	4,442
Buildings Improvements	8,698
Total Adjustment to Basis	0
Gross Amount at Which Carried	13,140
Accumulated Depreciation	486
West Marine: | Panama City, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,383
Land	676
Buildings Improvements	2,220
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,896
Accumulated Depreciation	539
West Marine: | Pensacola, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,405
Land	1,107
Buildings Improvements	3,397
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,504
Accumulated Depreciation	798
Winn-Dixie: | Amite, LA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,197
Land	1,479
Buildings Improvements	1,691
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,170
Accumulated Depreciation	$ 192

Schedule III - Real Estate As_8

Schedule III - Real Estate Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate and Accumulated Depreciation [Line Items]
Property, plant and equipment, land and real estate assets, net tax basis	$ 2,000,000
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance, beginning of period	2,362,175	$ 3,371,926	$ 2,530,311
Additions
Acquisitions	0	752,272	738,172
Improvements	1,245	3,785	192,591
Assets placed back into service	0	0	200,758
Total additions	1,245	756,057	1,131,521
Less: Deductions
Cost of real estate sold	305,071	426,436	83,144
Other (including provisions for impairment of real estate assets)	16,653	1,339,372	206,762
Total deductions	321,724	1,765,808	289,906
Balance, end of period	2,041,696	2,362,175	3,371,926
Gross intangible lease assets	276,684	314,832
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance, beginning of period	158,354	298,364	243,122
Additions
Acquisitions - Depreciation expense for building, acquisitions costs and tenant improvements acquired	41,627	61,868	56,218
Improvements - Depreciation expense for tenant improvements and building equipment	5,270	5,140	2,280
Total additions	46,897	67,008	58,498
Deductions
Cost of real estate sold	22,508	43,600	10,108
Other (including provisions for impairment of real estate assets)	2,888	163,418	(6,852)
Total deductions	25,396	207,018	3,256
Balance, end of period	179,855	158,354	$ 298,364
Repurchase facilities, notes payable and credit facilities, net	4,422,833	4,143,205
Long-term debt	4,443,911	4,171,424
Credit facilities
Deductions
Long-term debt	738,500	$ 910,000
CMFT Credit Facility | Credit facilities
Deductions
Long-term debt	$ 205,000
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	$ 276,700
Accumulated amortization of intangible lease assets	$ 91,100

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans On Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face amount of Mortgages	$ 3,306,411
Carrying amount of mortgages	3,285,193
(Provision for) reversal of credit losses	(20,352)
Net balance, end of period	3,264,841	$ 1,958,655	$ 428,393	$ 298,880
Principal amount of loans subject to delinquent principal or interest	0
Increase in provision for credit losses	29,476	$ 2,881	$ 68,356
Tax basis of mortgage loans	3,300,000
Mezzanine loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Increase in provision for credit losses	$ 42,300
Office / Duluth, Georgia | First mortgage loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	315%
Face amount of Mortgages	$ 50,734
Carrying amount of mortgages	50,618
Principal amount of loans subject to delinquent principal or interest	$ 0
Office / Dallas, Texas | First mortgage loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	375%
Face amount of Mortgages	$ 84,377
Carrying amount of mortgages	83,787
Principal amount of loans subject to delinquent principal or interest	$ 0
Office / Orlando, Florida | First mortgage loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	400%
Face amount of Mortgages	$ 72,930
Carrying amount of mortgages	72,745
Principal amount of loans subject to delinquent principal or interest	$ 0
Office / San Diego, California | First mortgage loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	455%
Face amount of Mortgages	$ 105,252
Carrying amount of mortgages	104,519
Principal amount of loans subject to delinquent principal or interest	$ 0
Office / Houston, Texas | First mortgage loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	200%
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 | First mortgage loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	255%
Face amount of Mortgages	$ 15,236
Carrying amount of mortgages	15,236
Principal amount of loans subject to delinquent principal or interest	$ 0
Office / San Diego, California | First mortgage loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	380%
Face amount of Mortgages	$ 105,000
Carrying amount of mortgages	104,461
Principal amount of loans subject to delinquent principal or interest	$ 0
Office / Irvine, California | First mortgage loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	345%
Face amount of Mortgages	$ 170,230
Carrying amount of mortgages	169,176
Principal amount of loans subject to delinquent principal or interest	$ 0
Office / Bethesda, Maryland | First mortgage loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	375%
Face amount of Mortgages	$ 57,390
Carrying amount of mortgages	56,896
Principal amount of loans subject to delinquent principal or interest	0
Multifamily / Fort Lauderdale, Florida | First mortgage loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face amount of Mortgages	203,591
Carrying amount of mortgages	202,779
Principal amount of loans subject to delinquent principal or interest	$ 0
Multifamily / Fort Lauderdale, Florida | First mortgage loan | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	147%
Multifamily / Fort Lauderdale, Florida | First mortgage loan | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	682%
Multifamily / Los Angeles, California | First mortgage loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	260%
Face amount of Mortgages	$ 122,857
Carrying amount of mortgages	122,436
Principal amount of loans subject to delinquent principal or interest	$ 0
Retail / Queens, New York | First mortgage loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	415%
Face amount of Mortgages	$ 65,000
Carrying amount of mortgages	64,603
Principal amount of loans subject to delinquent principal or interest	$ 0
Multifamily / San Jose, California | First mortgage loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	290%
Face amount of Mortgages	$ 149,205
Carrying amount of mortgages	148,756
Principal amount of loans subject to delinquent principal or interest	$ 0
Multifamily / Arlington, Virginia | First mortgage loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	275%
Face amount of Mortgages	$ 84,558
Carrying amount of mortgages	84,098
Principal amount of loans subject to delinquent principal or interest	$ 0
Multifamily / Brooklyn, New York | First mortgage loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	350%
Face amount of Mortgages	$ 60,750
Carrying amount of mortgages	60,328
Principal amount of loans subject to delinquent principal or interest	$ 0
Multifamily / Brooklyn, New York | First mortgage loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	350%
Face amount of Mortgages	$ 20,250
Carrying amount of mortgages	20,109
Principal amount of loans subject to delinquent principal or interest	$ 0
Office / McLean, Virginia | First mortgage loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	330%
Face amount of Mortgages	$ 125,664
Carrying amount of mortgages	124,589
Principal amount of loans subject to delinquent principal or interest	$ 0
Multifamily / Gainesville, Florida | First mortgage loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	320%
Face amount of Mortgages	$ 68,588
Carrying amount of mortgages	68,220
Principal amount of loans subject to delinquent principal or interest	$ 0
Office / Medford, Massachusetts | First mortgage loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	290%
Face amount of Mortgages	$ 130,510
Carrying amount of mortgages	129,441
Principal amount of loans subject to delinquent principal or interest	$ 0
Multifamily / Miami, Florida | First mortgage loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	260%
Face amount of Mortgages	$ 154,000
Carrying amount of mortgages	153,220
Principal amount of loans subject to delinquent principal or interest	$ 0
Multifamily / Nashville, Tennessee | First mortgage loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	300%
Face amount of Mortgages	$ 118,750
Carrying amount of mortgages	118,149
Principal amount of loans subject to delinquent principal or interest	$ 0
Office / Tampa, Florida | First mortgage loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	328%
Face amount of Mortgages	$ 167,500
Carrying amount of mortgages	166,268
Principal amount of loans subject to delinquent principal or interest	$ 0
Office / Atlanta, Georgia | First mortgage loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	340%
Face amount of Mortgages	$ 247,778
Carrying amount of mortgages	245,369
Principal amount of loans subject to delinquent principal or interest	$ 0
Office / Phoenix, Arizona | First mortgage loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	334%
Face amount of Mortgages	$ 295,950
Carrying amount of mortgages	293,204
Principal amount of loans subject to delinquent principal or interest	$ 0
Mixed-Use / Alpharetta, Georgia | First mortgage loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	470%
Face amount of Mortgages	$ 67,833
Carrying amount of mortgages	67,260
Principal amount of loans subject to delinquent principal or interest	$ 0
Multifamily / Phoenix, Arizona | First mortgage loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	305%
Face amount of Mortgages	$ 145,519
Carrying amount of mortgages	144,659
Principal amount of loans subject to delinquent principal or interest	$ 0
Office / Washington D.C. | First mortgage loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	400%
Face amount of Mortgages	$ 188,100
Carrying amount of mortgages	186,582
Principal amount of loans subject to delinquent principal or interest	$ 0
Industrial / Spanish Fork, Utah | First mortgage loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	350%
Face amount of Mortgages	$ 81,000
Carrying amount of mortgages	80,369
Principal amount of loans subject to delinquent principal or interest	$ 0
Self Storage / Various | First mortgage loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	395%
Face amount of Mortgages	$ 61,120
Carrying amount of mortgages	60,577
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, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance, beginning of period	$ 1,958,655	$ 428,393	$ 298,880
Additions during period:
New loans	1,401,539	1,810,166	231,212
Capitalized interest	62	0	539
Accretion of fees and other items	9,896	2,998	1,909
Total additions	1,411,497	1,813,164	233,660
Less: Deductions during period:
Collections of principal	(80,911)	(169,094)	(47,670)
Capitalized interest	0	(9,469)	0
Foreclosures	0	(138,006)	0
Deferred fees and other items	(13,978)	(17,031)	(3,200)
Total deductions	(94,889)	(333,600)	(50,870)
Cure payments receivable	0	0	7,351
(Provision for) reversal of credit losses	(10,422)	50,698	(60,628)
Net balance, end of period	$ 3,264,841	$ 1,958,655	$ 428,393