Cim Real Estate Finance Trust (CMRF) 10-K 28 Mar 24 2023 FY Annual report Financial data

Cover

Cover - USD ($) shares in Millions, $ in Billions	12 Months Ended
	Dec. 31, 2023	Mar. 18, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
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
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 2.9
Entity Common Stock, Shares Outstanding		437.3
Documents Incorporated by Reference	The Registrant incorporates by reference portions of the CIM Real Estate Finance Trust, Inc. Definitive Proxy Statement for the 2024 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	2023
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
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, 2023	Dec. 31, 2022
Real estate assets:
Land	$ 317,844	$ 578,970
Buildings, fixtures and improvements	818,151	1,462,726
Intangible lease assets	154,217	276,684
Condominium developments	87,581	130,494
Total real estate assets, at cost	1,377,793	2,448,874
Less: accumulated depreciation and amortization	(169,163)	(270,946)
Total real estate assets, net	1,208,630	2,177,928
Investment in unconsolidated entities	126,777	100,604
Real estate-related securities, at fair value, net of credit loss allowances of $35,808 and $0 as of December 31, 2023 and 2022, respectively	519,714	576,391
Loans held-for-investment and related receivables, net	4,397,063	4,043,898
Less: Current expected credit losses	(132,598)	(42,344)
Total loans held-for-investment and related receivables, net	4,264,465	4,001,554
Cash and cash equivalents	247,500	118,978
Restricted cash	13,082	57,616
Rents and tenant receivables, net	17,082	33,968
Prepaid expenses, derivative assets and other assets	9,423	26,243
Deferred costs, net	12,121	16,429
Accrued interest receivable	27,682	22,343
Total assets	6,446,476	7,132,054
LIABILITIES AND STOCKHOLDERS’ EQUITY
Repurchase facilities, notes payable and credit facilities, net	3,923,723	4,422,833
Accrued expenses and accounts payable	40,240	25,666
Intangible lease liabilities, net	13,354	19,054
Distributions payable	16,047	14,828
Deferred rental income and other liabilities	4,435	7,274
Total liabilities	4,011,696	4,505,741
Commitments and contingencies (Note 12)
Redeemable common stock	168,703	170,238
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, 437,254,715 and 437,397,414 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively	4,372	4,373
Capital in excess of par value	3,529,973	3,529,523
Accumulated distributions in excess of earnings	(1,187,125)	(1,029,287)
Accumulated other comprehensive loss	(81,143)	(48,526)
Total stockholders’ equity	2,266,077	2,456,083
Non-controlling interests	0	(8)
Total equity	2,266,077	2,456,075
Total liabilities, redeemable common stock, non-controlling interests and stockholders’ equity	6,446,476	7,132,054
Affiliate
LIABILITIES AND STOCKHOLDERS’ EQUITY
Due to affiliates	$ 13,897	$ 16,086

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Real estate-related securities, credit loss allowances	$ 35,808	$ 0
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)	437,254,715	437,397,414
Common stock, shares outstanding (in shares)	437,254,715	437,397,414

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Rental and other property income	$ 115,379	$ 213,389	$ 295,164
Interest income	453,480	238,757	70,561
Total revenues	568,859	452,146	365,725
Expenses:
General and administrative	17,572	15,364	15,078
Interest expense, net	260,768	165,210	84,049
Property operating	13,350	20,790	47,559
Real estate tax	4,838	12,612	34,943
Expense reimbursements to related parties	13,285	16,567	11,624
Management fees	50,975	52,564	47,020
Transaction-related	3,653	534	315
Depreciation and amortization	42,532	70,606	95,190
Real estate impairment	35,079	32,321	18,078
Increase in provision for credit losses	134,289	29,476	2,881
Total expenses	576,341	416,044	356,737
Other income (expense):
Gain on disposition of real estate and condominium developments, net	53,341	121,902	83,045
Gain on investment in unconsolidated entities	11,723	11,952	606
Unrealized gain (loss) on equity security	4,751	(15,117)	0
Other (expense) income, net	(26,459)	8,671	150
Loss on extinguishment of debt	(7,788)	(19,644)	(4,895)
Merger-related expenses, net	0	0	(1,404)
Total other income	35,568	107,764	77,502
Net income	28,086	143,866	86,490
Net income allocated to non-controlling interest	8	66	0
Net income attributable to the Company	$ 28,078	$ 143,800	$ 86,490
Weighted average number of common shares outstanding:
Basic (in shares)	437,375,332	437,343,624	365,726,453
Diluted (in shares)	437,375,332	437,343,624	365,726,453
Net income per common share:
Basic (in usd per share)	$ 0.06	$ 0.33	$ 0.24
Diluted (in usd per share)	$ 0.06	$ 0.33	$ 0.24

Consolidated Statement of Compr

Consolidated Statement of Comprehensive (Loss) Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 28,086	$ 143,866	$ 86,490
Other comprehensive (loss) income
Unrealized (loss) gain on real estate-related securities	(85,623)	(51,304)	231
Reclassification adjustment for realized loss included in income as other income	39,412	0	1,419
Amount of loss transferred from other comprehensive loss into income as an increase in provision for credit loss	13,594	0	0
Unrealized gain on interest rate swaps	0	2,361	32
Amount of (gain) loss reclassified from other comprehensive (loss) income into income as interest expense, net	0	(2,532)	3,314
Total other comprehensive (loss) income	(32,617)	(51,475)	4,996
Comprehensive (loss) income	(4,531)	92,391	91,486
Comprehensive income allocated to non-controlling interest	8	66	0
Comprehensive (loss) income attributable to the Company	$ (4,539)	$ 92,325	$ 91,486

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Common Stock	Capital in  Excess of Par Value	Accumulated Distributions in Excess of Earnings	Accumulated Other Comprehensive (Loss) Income	Non-Controlling Interests
Beginning balance (shares) at Dec. 31, 2020			362,001,968
Beginning 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)
Non-controlling interests assumed in connection with the CIM Income NAV Merger	1,073						1,073
Comprehensive (loss) income	91,486	91,486			86,490	4,996
Ending balance (shares) at Dec. 31, 2021			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 (loss) income	$ 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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			6,549,117
Issuance of common stock	42,879	42,879	$ 65	42,814
Equity-based compensation (shares)			73,059
Equity-based compensation	480	480		480
Distributions declared on common stock	(185,916)	(185,916)			(185,916)
Redemptions of common stock (shares)			(6,764,875)
Redemptions of common stock	(44,445)	(44,445)	$ (66)	(44,379)
Changes in redeemable common stock	1,535	1,535		1,535
Comprehensive (loss) income	$ (4,531)	(4,539)			28,078	(32,617)	8
Ending balance (shares) at Dec. 31, 2023	437,254,715		437,254,715
Ending balance at Dec. 31, 2023	$ 2,266,077	$ 2,266,077	$ 4,372	$ 3,529,973	$ (1,187,125)	$ (81,143)	$ 0

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Distributions declared per common share (USD per share)	$ 0.425	$ 0.376	$ 0.364

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 28,086	$ 143,866	$ 86,490
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, net	42,344	70,688	92,988
Amortization of deferred financing costs	10,297	12,143	10,073
Amortization of fair value adjustments of mortgage notes payable assumed	0	0	(149)
Amortization and accretion on deferred loan fees	(8,229)	(9,896)	(2,998)
Amortization of premiums and discounts on credit investments	(22,111)	(11,609)	(8,144)
Capitalized interest income on real estate-related securities and loans held-for-investment	(1,170)	(1,172)	(974)
Equity-based compensation	480	397	289
Straight-line rental income	(3,062)	(6,149)	(5,723)
Write-offs for uncollectible lease-related receivables	(336)	(894)	(694)
Gain on disposition of real estate assets and condominium developments, net	(53,341)	(121,902)	(83,045)
Loss on sale of credit investments, net	40,071	1,057	1,378
Gain on investment in unconsolidated entities	(11,723)	(11,952)	(606)
Gain on sale of marketable security	0	(22)	0
Unrealized (gain) loss on equity security	(4,751)	15,139	0
Amortization of fair value adjustment and gain on interest rate swaps	0	(2,398)	(2,814)
Impairment of real estate assets	35,079	32,321	18,078
Increase in provision for credit losses	134,289	29,476	2,881
Loss (gain) on interest rate caps	5,040	(4,586)	42
Return on investment in unconsolidated entities	11,723	7,312	497
Write-off of deferred financing costs	6,770	8,100	3,815
Changes in assets and liabilities:
Rents and tenant receivables, net	5,536	68,172	28,109
Prepaid expenses and other assets	11,780	(10,172)	67
Accrued interest receivable	(5,339)	(17,893)	(2,484)
Accrued expenses and accounts payable	7,375	(1,277)	8,388
Deferred rental income and other liabilities	(2,839)	(11,542)	3,541
Due to affiliates	(2,189)	1,492	(831)
Net cash provided by operating activities	223,780	178,699	148,174
Cash flows from investing activities:
Cash acquired in connection with mergers	0	0	10,244
Investment in unconsolidated entities	(40,031)	(86,300)	(53,525)
Return of investment in unconsolidated entities	13,858	39,221	0
Investment in real estate-related securities	(163,881)	(558,218)	(321,169)
Investment in liquid corporate senior loans	(121,287)	(179,714)	(406,694)
Investment in corporate senior loans	(154,060)	(74,801)	0
Investment in real estate assets and capital expenditures	(12,505)	(23,776)	(76,283)
Investment in first mortgage loans	(477,275)	(1,333,298)	(1,805,324)
Origination, modification and exit fees received on loans held-for-investment	2,449	13,978	17,030
Principal payments received on loans held-for-investment	196,980	172,602	326,062
Principal payments received on real estate-related securities	60,159	17,161	38
Net proceeds from sale of real estate-related securities	77,385	132	256,841
Net proceeds from disposition of real estate assets and condominium developments	966,874	1,315,176	513,528
Net proceeds from sale of liquid corporate senior loans	210,807	60,027	69,959
Redemption of investment in unconsolidated entities	0	60,663	0
Proceeds from the settlement of insurance claims	0	619	63
Net cash provided by (used in) investing activities	559,473	(576,528)	(1,469,230)
Cash flows from financing activities:
Redemptions of common stock	(44,445)	(39,389)	(22,041)
Distributions to stockholders	(141,818)	(124,038)	(105,978)
Proceeds from borrowings	545,865	2,492,110	3,159,650
Repayments of borrowings, and prepayment penalties	(1,051,669)	(1,874,690)	(1,648,775)
Termination of interest rate swaps	0	(239)	(6,401)
Payment of loan deposits	0	0	(800)
Refund of loan deposits	0	0	865
Deferred financing costs paid	(7,198)	(22,357)	(39,699)
Distributions to non-controlling interests	0	(1,147)	0
Net cash (used in) provided by financing activities	(699,265)	430,250	1,336,821
Net increase in cash and cash equivalents and restricted cash	83,988	32,421	15,765
Cash and cash equivalents and restricted cash, beginning of period	176,594	144,173	128,408
Cash and cash equivalents and restricted cash, end of period	260,582	176,594	144,173
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	247,500	118,978	107,381
Restricted cash	13,082	57,616	36,792
Total cash and cash equivalents and restricted cash	$ 260,582	$ 176,594	$ 144,173

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	12 Months Ended
	Dec. 31, 2023
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, creditworthy long-term net-leased property investments and other senior loan and liquid credit investments. As of December 31, 2023, the Company’s loan portfolio consisted of 291 loans with a net book value of $4.3 billion, and investments in real estate-related securities of $519.7 million. The Company expects to conduct its commercial real estate lending business through CIM Commercial Lending REIT (“CLR”), a Maryland statutory trust and currently wholly owned subsidiary of the Company which the Company expects to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. As of February 29, 2024, CLR holds a diversified portfolio of approximately $1.6 billion of the Company’s senior secured mortgage loans and commercial mortgage-backed securities. As of December 31, 2023 the Company owned 192 properties, comprising approximately 6.2 million rentable square feet of commercial space located in 37 states. As of December 31, 2023, the rentable square feet at these properties were 99.9% leased, including month-to-month agreements, if any. As of December 31, 2023, the Company owned condominium developments with a net book value of $87.6 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 vertically-integrated community-focused real estate and infrastructure owner, operator, lender and developer. CIM Group is headquartered in Los Angeles, CA, with offices in Atlanta, GA, Chicago, IL, Dallas, TX, London, UK, New York, NY, Orlando, FL, Phoenix, AZ, and Tokyo, Japan. CIM Group also maintains additional offices across the United States and in South Korea 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, 2023, the estimated per share NAV of the Company’s common stock was $6.31, which was established by the Board on November 9, 2023 using a valuation date of September 30, 2023. Subsequent to December 31, 2023, the Board established an updated estimated per share NAV of the Company’s common stock on February 29, 2024, using a valuation date of January 31, 2024, of $6.09 per share. Commencing on March 1, 2024, distributions are reinvested in shares of the Company’s common stock under the DRIP at a price of $6.09 per share and $6.09 per share serves as the most recent estimated per share NAV for purposes of the share redemption program. The Company’s estimated per share NAVs are not audited or reviewed by its independent registered public accounting firm.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
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. 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 $165.2 million and $84.0 million of interest expense, net from other (expense) income, net into expenses in the Company’s consolidated statements of operations for the years ended December 31, 2022 and December 31, 2021, respectively, driven by the Company’s current investment portfolio composition being predominantly comprised of credit investments. This reclassification of interest expense, net did not have an impact on net income or cash flow from operating activities. 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. The Company’s impairment assessment as of December 31, 2023 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 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, 2023 and 2022, the Company did not identify any real estate assets as held for sale. 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. Given the Company’s current asset portfolio and strategy, the Company’s dispositions during the years ended December 31, 2023 and 2022 did not qualify for discontinued operations presentation and thus, the results of the properties and condominiums that were sold will not be reported as discontinued operations, 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, 2023. 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 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, indirectly through CMFT MT JV Holdings, LLC and CLR NP Holdings, LLC, a subsidiary of CLR, approximately 50% of the outstanding equity. Through the Unconsolidated Joint Venture, which holds approximately 91% 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. 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. For more information, refer to Note 6 — Investment in Unconsolidated Entities. Non-controlling Interest in Consolidated Joint Venture From December 2021 to July 2022, the Company determined it had a controlling interest in a consolidated joint venture arrangement (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 $2.2 million and $19.8 million of unsettled liquid corporate senior loan purchases as of December 31, 2023 and 2022, respectively. The Company had $13.1 million and $57.6 million in restricted cash as of December 31, 2023 and December 31, 2022, respectively. Included in restricted cash was $1.9 million and $15.4 million held by lenders in lockbox accounts, as of December 31, 2023 and 2022, respectively. As part of certain of the Company’s debt agreements, rents from certain encumbered properties and interest income from certain first mortgage loans 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 $2.0 million and $22.6 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, 2023 and 2022, respectively. In addition, the Company had a $9.2 million and a $19.6 million deposit held as cash collateral included in restricted cash as of December 31, 2023 and December 31, 2022, respectively, to be applied by Barclays Bank PLC (“Barclays”) as repayment of certain eligible assets transferred under the Master Repurchase Agreement (as defined 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, 2023, 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. The amortized cost of the Company’s CMBS is adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method. In addition, the Company had an investment in an equity security as of December 31, 2023, which is comprised of Global Net Lease, Inc.’s common stock (“GNL Common Stock”). The GNL Common Stock was converted from RTL Common Stock, which was received as consideration in connection with the RTL Purchase and Sale Agreement (both of which are defined in Note 4 — Real Estate Assets), upon the consummation of the transactions pursuant to the agreement and plan of merger by and among Global Net Lease, Inc. (NASDAQ: GNL) (“GNL”) and The Necessity Retail REIT, Inc. (NASDAQ: RTL) (“RTL”), among others. The RTL Common Stock was cancelled in accordance with the terms of the aforementioned agreement and plan of merger and was converted into 0.670 shares of GNL Common Stock during the year ended December 31, 2023. This investment is carried at its estimated fair value with unrealized gains and losses reported on the consolidated statements of operations. During the years ended December 31, 2023 and 2022, the Company earned $5.6 million and $4.1 million, respectively, of dividend income on GNL Common Stock, which is included in other (expense) income, net on the consolidated statements of operations. The Company monitors its CMBS 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, such as market conditions. Such losses that are credit related are recorded as a current expected credit loss in increase in provision for credit losses on the Company’s consolidated statements of operations. Subsequent cumulative adverse changes in expected cash flows on the Company’s CMBS are recognized as an increase to current expected credit losses. However, the allowance is limited to the amount by which the CMBS’ amortized cost exceeds its fair value. Favorable changes in expected cash flows are recognized as a decrease to current expected credit losses. 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. Interest earned is either received in cash or capitalized to CMBS in the Company’s consolidated balance sheets. Interest is capitalized when certain conditions are met as specified in each security agreement. 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 and are adjusted for amortization of premiums and accretion of discounts to maturity. 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. 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. See the Revenue Recognition section below for additional information regarding the Company’s revenue from lending activities. 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 and CMBS 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 should 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 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. Quarterly, the Company evaluates the risk of all loans held-for-investment 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. Credit losses, if any, are estimated by calculating the difference between (i) the present value of estimated cash flows expected to be collected from the security discounted at the yield determined as of the initial acquisition date or, if since revised, as of the last date previously revised, and (ii) the net amortized cost basis of the security. Significant judgment is used in estimating future cash flows for the Company’s real estate-related securities. 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 loan portion of the credit facilities and the historical presentation, amortization and treatment of unamortized costs are still applicable. As of December 31, 2023 and 2022, the Company had $12.1 million and $16.4 million, respectively, of deferred financing costs, net of accumulated amortization, related to the revolving loan portion of the credit facilities. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined the financing will not close. Due to Affiliates CMFT 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 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 Under the Company’s share redemption program, the Company’s obligation to r

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2023
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 CMBS by utilizing broker-dealer quotations, reported trades or valuation estimates from pricing models to determine the reported price. Pricing models for CMBS 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. A breakout of the Company’s CMBS Level 2 and Level 3 positions as of December 31, 2023 and 2022 can be found in the tables under Items Measured at Fair Value on a Recurring Basis below. 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, 2023, the estimated fair value of the Company’s debt was $3.83 billion, compared to a carrying value of $3.94 billion. The estimated fair value of the Company’s debt as of December 31, 2022 was $4.32 billion, compared to a carrying value of $4.44 billion. Derivative instruments — The Company’s derivative instruments were comprised of interest rate caps. All derivative instruments were carried at fair value and were valued using Level 2 inputs. The fair value of these instruments was determined using interest rate market pricing models. In addition, credit valuation adjustments were 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, 2023 and 2022, 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, net of 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, 2023, $445.7 million and $70.2 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, $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, 2023, the estimated fair value of the Company’s loans held-for-investment and related receivables, net was $4.32 billion, compared to its carrying value of $4.26 billion. 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. 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 that are required to be measured at fair value on a recurring basis as of December 31, 2023 and 2022 (in thousands): Balance as of December 31, 2023 Quoted Prices in Significant Other Significant Financial assets: CMBS $ 476,715 $ — $ 347,634 $ 129,081 Equity security 42,999 42,999 — — Total financial assets $ 519,714 $ 42,999 $ 347,634 $ 129,081 Balance as of December 31, 2022 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 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, 2023 and 2022 (in thousands): Level 3 Beginning Balance, January 1, 2022 $ 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 Balance, December 31, 2022 $ 189,901 Total gains and losses: Unrealized loss included in other comprehensive (loss) income, net (43,258) Current expected credit losses (3) (28,789) Purchases and payments received: Discounts, net 10,067 Capitalized interest income 1,160 Ending Balance, December 31, 2023 $ 129,081 ____________________________________ (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. (3) Does not include $7.1 million of unrealized losses recognized prior to January 1, 2023 that were reclassified from other comprehensive loss on the consolidated statements of comprehensive (loss) income to increase in provision for credit losses on the consolidated statements of operations during the year ended December 31, 2023. 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 credit investments, real estate assets and intangible assets is discussed in Note 2 — Summary of Significant Accounting Policies. As of December 31, 2023, the Company had an aggregate $57.8 million asset-specific credit loss reserve related to two of the Company’s first mortgage loans with an aggregate carrying value of $263.4 million. The asset-specific credit loss reserve was recorded based on the Company’s estimation of the fair value of the first mortgage loans’ aggregate underlying collateral as of December 31, 2023. These loans are therefore measured at fair value on a nonrecurring basis using significant unobservable inputs, and are classified as Level 3 assets in the fair value hierarchy. The Company considered a variety of inputs including property performance, market data and comparable sales, as applicable. The significant unobservable inputs used include the terminal capitalization rate, which ranged from 7.5% to 8.0%, and the discount rate, which ranged from 8.5% to 9.5%. For additional information regarding the first mortgage loans, refer to Note 8 — Loans Held-For-Investment. During the years ended December 31, 2022 and December 31, 2021, the Company had no asset-specific credit loss reserves related to the Company’s first mortgage loans. As discussed in Note 4 — Real Estate Assets, during the year ended December 31, 2023, real estate assets related to six properties were deemed to be impaired due to sales prices or revised cash flow estimates that were less than their respective carrying values, and their carrying values were reduced to an estimated fair value of $79.8 million, resulting in impairment charges of $20.4 million. Additionally, during the year ended December 31, 2023, certain condominium units were deemed to be impaired, primarily due to a decrease in expected sales prices and an increase in budgeted costs for certain units under development, and their carrying values were reduced to their estimated fair value, resulting in impairment charges of $14.7 million. During the year ended December 31, 2022, real estate assets related to 23 properties were deemed to be impaired, all of which were due to sales prices that were less than their respective carrying values, 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, primarily due to a decrease in list prices and an increase in budgeted costs for certain units under development, 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, 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, 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 due to an increase in budgeted costs for certain units under development, and their carrying values were reduced to their estimated fair value, resulting in impairment charges of $12.1 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, 2023 and 2022 : Year Ended December 31, 2023 Year Ended December 31, 2022 Discount Rate Terminal Capitalization Rate Discount Rate Terminal Capitalization Rate 7.5% - 11.9% 7.0% - 11.4% 8.0% - 9.7% 7.5% - 9.2% The following table presents the impairment charges by asset class recorded during the years ended December 31, 2023, 2022 and 2021 (in thousands): Year Ended December 31, 2023 2022 2021 Asset class impaired: Land $ 4,980 $ 3,553 $ 1,089 Buildings, fixtures and improvements 13,841 11,081 4,755 Intangible lease assets 1,568 1,550 311 Intangible lease liabilities 15 — (162) Condominium developments 14,675 16,137 12,085 Total impairment loss $ 35,079 $ 32,321 $ 18,078

REAL ESTATE ASSETS

REAL ESTATE ASSETS	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
REAL ESTATE ASSETS	NOTE 4 — REAL ESTATE ASSETS Property Acquisitions During the years ended December 31, 2023 and 2022, the Company did not acquire any properties. 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 defined below) 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. 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. Condominium Development Project During the years ended December 31, 2023 and 2022, the Company capitalized $12.0 million and $14.0 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, 2023 and 2022 was $1.0 million and $1.7 million, respectively, of capitalized interest expense. Condominium Dispositions During the year ended December 31, 2023, the Company disposed of condominium units for an aggregate sales price of $51.2 million, resulting in proceeds of $47.1 million after closing costs and a gain of $3.6 million. 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. 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. 2023 Property Dispositions 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 was paid in cash. During the year ended December 31, 2023, the Company disposed of 188 properties, including 184 retail properties, three industrial properties and one office building, for an aggregate gross sales price of $925.9 million, resulting in net proceeds of $914.4 million after closing costs and a net gain of $44.4 million. The sale of 178 of these properties closed pursuant to the Realty Income Purchase and Sale Agreement for total consideration of $861.0 million, resulting in proceeds of $852.6 million after closing costs and a gain of $32.3 million. No properties are remaining to be sold pursuant to the Realty Income Purchase and Sale Agreement. The Company has no continuing involvement that would preclude sale treatment 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. 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. (subsequently RTL), American Finance Operating Partnership, L.P. (subsequently 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”) (now GNL Common Stock; refer to Note 2 — Summary of Significant Accounting Policies for additional information), 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 were subsequently registered and are now freely tradable. 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. During the year ended December 31, 2023, the Company received $5.3 million in additional earnout proceeds upon the settlement of earnout claims related to the disposition of the properties pursuant to the RTL Purchase and Sale Agreement, which is included in gain on disposition of real estate and condominium developments, net in the consolidated statements of operations. 2021 Property Dispositions 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. 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, 2023, six properties totaling approximately 377,000 square feet with a carrying value of $100.2 million were deemed to be impaired and their carrying values were reduced to an estimated fair value of $79.8 million, resulting in impairment charges of $20.4 million, which were recorded in the consolidated statements of operations. Additionally, during the year ended December 31, 2023, certain condominium units were deemed to be impaired and their carrying values were reduced to their estimated fair value, resulting in impairment charges of $14.7 million, which were recorded in the consolidated statements of operations. 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. 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 impairment charges during the years ended December 31, 2023, 2022 and 2021.

INTANGIBLE LEASE ASSETS AND LIA

INTANGIBLE LEASE ASSETS AND LIABILITIES	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022 (in thousands, except weighted average life remaining): As of December 31, 2023 2022 Intangible lease assets: In-place leases and other intangibles, net of accumulated amortization of $49,737 and $86,881, respectively (with a weighted average life remaining of 11.2 years and 11.1 years, respectively) $ 97,537 $ 174,954 Acquired above-market leases, net of accumulated amortization of $3,029 and $4,210, respectively (with a weighted average life remaining of 11.1 years and 12.9 years, respectively) 3,914 10,639 Total intangible lease assets, net $ 101,451 $ 185,593 Intangible lease liabilities: Acquired below-market leases, net of accumulated amortization of $5,136 and $5,575, respectively (with a weighted average life remaining of 12.1 years and 12.4 years, respectively) $ 13,354 $ 19,054 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, 2023, 2022, and 2021 (in thousands): Year Ended December 31, 2023 2022 2021 In-place lease and other intangible amortization $ 13,889 $ 24,629 $ 28,994 Above-market lease amortization $ 574 $ 1,152 $ 2,379 Below-market lease amortization $ 1,348 $ 1,990 $ 5,393 As of December 31, 2023, 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 2024 $ 11,052 $ 424 $ 1,126 2025 10,658 424 1,120 2026 9,468 379 1,120 2027 9,073 356 1,120 2028 8,099 343 1,120 Thereafter 49,187 1,988 7,748 Total $ 97,537 $ 3,914 $ 13,354

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	12 Months Ended
	Dec. 31, 2023
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, indirectly through CMFT MT JV Holdings, LLC and CLR NP Holdings, LLC, a subsidiary of CLR, approximately 50% of the outstanding equity. The Unconsolidated Joint Venture holds approximately 91% of the membership interest in the NewPoint JV. Through the Unconsolidated Joint Venture, the Company has an approximate 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, 2023 and 2022, the carrying value of the Company’s investment in NP JV Holdings was $126.8 million and $100.6 million, respectively, which approximates fair value and is included in investment in unconsolidated entities on the consolidated balance sheets. The Company recorded a gain totaling $11.7 million and $6.8 million, which represented its share of NP JV Holdings’ gain, during the years ended December 31, 2023 and 2022, respectively, in the consolidated statements of operations. During the year ended December 31, 2023, the Company contributed an additional $40.0 million in NP JV Holdings. The Company also received $25.6 million in distributions during the year ended December 31, 2023, $15.8 million of which can be called back by NewPoint JV through NP JV Holdings as a capital call on a future date. Further, of the $25.6 million in distributions received during the year ended December 31, 2023, $11.7 million was recognized as a return on investment and $13.9 million was recognized as a return of investment and reduced the invested capital and the carrying amount. As of December 31, 2023, the Company had $88.4 million of unfunded commitments related to NewPoint JV. These commitments are not reflected in the accompanying consolidated balance sheets. The Company provided a limited guaranty to 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 years 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, in the consolidated statements of operations. 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, 2023
Investments, Debt and Equity Securities [Abstract]
REAL ESTATE-RELATED SECURITIES	NOTE 7 — REAL ESTATE-RELATED SECURITIES As of December 31, 2023, the Company had real estate-related securities with an aggregate estimated fair value of $519.7 million, which included 22 CMBS investments and an investment in a publicly-traded equity security. The CMBS investments have initial maturity dates ranging from December 2023 through June 2058 and have interest rates ranging from 6.9% to 12.7% as of December 31, 2023, with one CMBS earning a zero coupon rate. As of December 31, 2023, two tranches of a CMBS position held by the Company did not mature as anticipated in December 2023 and were therefore in maturity default as of December 31, 2023. The following is a summary of the Company’s real estate-related securities as of December 31, 2023 (in thousands): Real Estate-Related Securities Amortized Cost Basis Unrealized Loss CECL Fair Value CMBS $ 593,647 $ (81,124) $ (35,808) $ 476,715 Equity security 53,388 (10,389) — 42,999 Total real estate-related securities $ 647,035 $ (91,513) $ (35,808) $ 519,714 The following table provides the activity for the real estate-related securities during the years ended December 31, 2023 and 2022 (in thousands): Amortized Cost Basis Unrealized Gain (Loss) CECL Fair Value 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 January 1, 2023 640,037 (63,646) — 576,391 Face value of real estate-related securities acquired 166,835 — — 166,835 Discounts on purchase of real estate-related securities, net of acquisition costs (2,953) — — (2,953) Amortization of discount on real estate-related securities 18,912 — — 18,912 Sale of real estate-related securities (116,797) 39,412 — (77,385) Capitalized interest income on real estate-related securities 1,160 — — 1,160 Principal payments received on real estate-related securities (2) (60,159) — — (60,159) Unrealized loss on real estate-related securities, net — (67,279) — (67,279) Current expected credit losses — — (35,808) (35,808) Real estate-related securities as of December 31, 2023 $ 647,035 $ (91,513) $ (35,808) $ 519,714 ____________________________________ (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. (2) Includes the repayment of the Company’s position in two different tranches of a CMBS instrument prior to their stated maturity dates. During the year ended December 31, 2023, the Company invested $163.9 million in CMBS. During the same period, the Company sold four CMBS with an aggregate amortized cost basis of $116.8 million, resulting in net proceeds of $77.4 million and a loss of $39.4 million, the loss of which was reclassified from other comprehensive (loss) income as an increase to other (expense) income, net in the accompanying consolidated statements of operations. Unrealized gains and losses on CMBS are recorded in other comprehensive (loss) income, with a portion of the amount subsequently reclassified into other income, 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 statements of operations. During the year ended December 31, 2023, the Company recorded $67.3 million of net unrealized loss on its real estate-related securities, $39.4 million of which was realized as a loss in the accompanying consolidated statements of operations upon the sale of CMBS as noted above. The remaining $27.8 million of net unrealized loss is comprised of a $32.6 million unrealized loss on CMBS, which is included in other comprehensive (loss) income in the accompanying consolidated statements of comprehensive (loss) income and a $4.8 million unrealized gain on the Company’s equity security, which is included in unrealized gain (loss) on equity security in the accompanying consolidated statements 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 (loss) income. The remaining $15.1 million of unrealized loss on the Company’s equity security is included in unrealized gain (loss) on equity security in the accompanying consolidated statements of operations. The scheduled maturities of the Company’s CMBS as of December 31, 2023 are as follows (in thousands): CMBS Amortized Cost Estimated Fair Value Due within one year $ 460,300 $ 356,075 Due after one year through five years 89,494 89,683 Due after five years through ten years 12,332 8,580 Due after ten years 31,521 22,377 Total $ 593,647 $ 476,715 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. Current Expected Credit Losses Current expected credit losses reflect the Company’s current estimate for potential credit losses related to real estate-related securities included in the Company’s consolidated balance sheets. Current expected credit losses are recorded in increase in provision for credit losses on the Company’s consolidated statements of operations. 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 its position in one of two different tranches of a CMBS instrument for the year ended December 31, 2023 and 2022 (in thousands): CMBS Current expected credit losses as of January 1, 2022 $ — Provision for credit losses — Current expected credit losses as of January 1, 2023 — Provision for credit losses 35,808 Current expected credit losses as of December 31, 2023 $ 35,808 During the year ended December 31, 2023, the loan collateralizing one of the Company’s CMBS positions was transferred from the master servicer to a special servicer due to payment default generated by halted rent payments on the underlying office properties being mortgaged. In March 2023, the underlying collateral of the loan was appraised by the special servicer, resulting in an appraisal reduction representing approximately 44% of one of the CMBS position’s tranches in which the Company is invested. Though the appraisal reduction was subsequently reversed during the year ended December 31, 2023, the initial appraisal reduction resulted in reduced cash flows received from the respective CMBS investment during the year ended December 31, 2023. The Company considered various factors, including the factors noted above, in determining whether a credit loss existed. The present value of cash flows expected to be collected from the CMBS position did not exceed its amortized cost basis, and as such the Company determined the security had incurred a credit loss. In addition, as of December 31, 2023, the CMBS position was in maturity default as it did not mature as anticipated on the initial maturity date during December 2023. The Company does not intend to sell the CMBS position and it is not considered more likely than not that the Company will be forced to sell the security prior to recovering the amortized cost. As a result of the credit loss incurred, the Company reclassified $13.6 million of unrealized loss from other comprehensive (loss) income on the consolidated statements of comprehensive (loss) income to increase in provision for credit losses on the consolidated statements of operations during the year ended December 31, 2023, and recorded an incremental $22.2 million to increase in provision for credit losses on the consolidated statements of operations identified as part of the Company’s quantitative credit loss assessment during the year ended December 31, 2023. As of December 31, 2023, the amortized cost basis of the CMBS position identified as having incurred a credit loss was $47.8 million. The Company will continue to monitor for changes in expected cash flows in order to continue to measure the credit loss. As of December 31, 2023, there were 15 CMBS positions with unrealized losses reflected in other comprehensive (loss) income in the accompanying consolidated statements of comprehensive (loss) income. Upon evaluating these securities, the Company concluded that the unrealized losses included in other comprehensive (loss) income as of December 31, 2023 were noncredit-related and would be recovered from the securities’ estimated future cash flows. The Company considered various factors in reaching this conclusion, including that the Company did not intend to sell the securities, it was not considered more likely than not that the Company would be forced to sell the securities prior to recovering the amortized cost, and there were no material credit events that would have caused the Company to conclude that the amortized cost would not be recovered.

LOANS HELD-FOR-INVESTMENT

LOANS HELD-FOR-INVESTMENT	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022 (dollar amounts in thousands): As of December 31, 2023 2022 First mortgage loans (1) $ 3,648,351 $ 3,285,193 Total CRE loans held-for-investment and related receivables, net 3,648,351 3,285,193 Liquid corporate senior loans 537,990 701,540 Corporate senior loans 210,722 57,165 Loans held-for-investment and related receivables, net $ 4,397,063 $ 4,043,898 Less: Current expected credit losses (132,598) (42,344) Total loans held-for-investment and related receivables, net $ 4,264,465 $ 4,001,554 ____________________________________ (1) As of December 31, 2023, first mortgage loans included $20.2 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, 2023 and 2022 (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, 2023 2022 2023 2022 2023 2022 Number of loans 33 29 237 317 21 4 Principal balance $ 3,669,116 $ 3,306,411 $ 543,837 $ 708,254 $ 214,650 $ 57,918 Net book value $ 3,539,111 $ 3,264,841 $ 518,252 $ 680,345 $ 207,102 $ 56,368 Weighted-average interest rate (3) 8.7 % 7.6 % 9.3 % 8.0 % 11.9 % 10.5 % Weighted-average maximum years to maturity 2.8 (4) 3.6 4.2 4.7 3.8 4.6 Unfunded loan commitments (5) $ 241,708 304,649 $ 152 $ 1,425 $ 30,592 $ 4,324 ____________________________________ (1) As of December 31, 2023, 100% of the Company’s CRE loans by principal balance earned a floating rate of interest, indexed to the Secured Overnight Financing Rate (“SOFR”). (2) Maximum maturity date assumes all extension options are exercised by the borrowers and assumes all relevant conditions are met for such extensions; however, the loans may be repaid prior to such date. (3) The weighted-average interest rate is based on the relevant floating benchmark plus a spread. (4) As of December 31, 2023, two of the Company’s first mortgage loans were in maturity default. During January 2024, the loans were refinanced, each with a fully extended maturity date of January 7, 2028 and are no longer in maturity default. Upon the closings of each refinance, the accrued default interest was waived. (5) 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 $2.2 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, 2023 and 2022 (dollar amounts in thousands): CRE Loans Liquid Corporate Senior Loans Corporate Senior Loans Total Loan Portfolio Balance, January 1, 2022 $ 1,958,655 $ 650,245 $ — $ 2,608,900 Loan originations and acquisitions (1) 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 (2) (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 (3) (10,422) (15,924) (797) (27,143) Balance, January 1, 2023 3,264,841 680,345 56,368 4,001,554 Loan originations and acquisitions 483,099 125,107 157,918 766,124 Sale of loans — (210,807) — (210,807) Principal repayments received (4) (120,394) (75,389) (1,196) (196,979) Capitalized interest — — 10 10 Deferred fees and other items (2) (8,273) (4,480) (3,858) (16,611) Accretion and amortization of fees and other items 8,726 2,019 683 11,428 Current expected credit losses (3) (88,888) 1,457 (2,823) (90,254) Balance, December 31, 2023 $ 3,539,111 $ 518,252 $ 207,102 $ 4,264,465 ____________________________________ (1) 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. As of December 31, 2023, the converted investment in preferred units has an outstanding balance of $67.0 million and is included in the CRE loans balance with an all-in-rate of 12.2% and an initial maturity date of October 9, 2024. (2) Other items primarily consist of purchase discounts or premiums and deferred origination expenses. (3) 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. (4) Includes the repayment of a $105.0 million first mortgage loan prior to the maturity date. As of December 31, 2023, our CRE loans had the following characteristics based on carrying values (dollar amounts in thousands): Collateral Property Type As of December 31, 2023 Office $ 1,848,219 50.5 % Multifamily 1,171,128 32.1 % Industrial 344,772 9.5 % Hospitality 89,797 2.5 % Mixed Use 68,966 1.9 % Retail 64,747 1.8 % Self-Storage 60,722 1.7 % Total first mortgage loans $ 3,648,351 100 % Less: current expected credit losses (109,240) Total first mortgage loans, net $ 3,539,111 Geographic Location As of December 31, 2023 South $ 1,429,721 39.2 % West 1,126,178 30.9 % East 767,626 21.0 % Various 324,826 8.9 % Total first mortgage loans $ 3,648,351 100 % Less: current expected credit losses (109,240) Total first mortgage loans, net $ 3,539,111 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, 2023 and 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 December 31, 2021 $ 9,930 $ — $ 5,271 $ — $ — $ — $ 15,201 Provision for credit losses 10,422 1,890 15,924 377 797 66 29,476 Current expected credit losses as of December 31, 2022 20,352 1,890 21,195 377 797 66 44,677 Provision for (reversal of) credit losses 88,888 8,172 (1,457) (374) 2,823 429 98,481 Current expected credit losses as of December 31, 2023 $ 109,240 $ 10,062 $ 19,738 $ 3 $ 3,620 $ 495 $ 143,158 ____________________________________ (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 on the Company’s consolidated statements of operations. During the year ended December 31, 2023, the Company recorded a net increase of $98.5 million in the current expected credit loss reserve against the loans held-for-investment portfolio, bringing the total current expected credit loss reserve on funded and unfunded commitments to $143.2 million. During the year ended December 31, 2022, the Company recorded a net increase of $29.5 million in the current expected credit loss reserve against the loans held-for-investment portfolio, bringing the total current expected credit loss reserve on funded and unfunded commitments to $44.7 million. The current expected credit loss reserve reflects certain loans assessed for impairment as well as macroeconomic and current portfolio conditions. As of December 31, 2023, the Company had two collateral dependent risk-rated 5 first mortgage loan investments on nonaccrual status: (i) a $134.2 million commercial first mortgage loan on an office building in Massachusetts primarily due to a decrease in rent collection, reduced leasing activity, and stabilization costs required; and (ii) a $129.2 million commercial first mortgage loan on an office building in Virginia primarily due to slower than anticipated leasing activity driven by COVID-accelerated office trends and decreased in-place occupancy. Future interest collections related to these loans will be recognized as interest income on a cash basis. During the year ended December 31, 2023, the Company collected all anticipated interest payments from the first mortgage loans noted above and as such, were considered current on interest payments as of December 31, 2023. As of December 31, 2023, the Company’s asset-specific credit loss reserve totaled $72.4 million, which related to the Company’s impaired risk-rated 5 first mortgage loans and liquid corporate senior loans. As of December 31, 2022, the Company’s asset-specific credit loss reserve totaled $1.7 million, which related to the Company’s impaired risk-rated 5 liquid corporate senior loan. The asset-specific credit loss reserve is recorded based on the Company’s estimation of the fair value of each loan’s underlying collateral as of December 31, 2023. 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, 2023 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, 2023 Number of Loans 2023 2022 2021 2020 2019 Total First mortgage loans by internal risk rating: 1 — $ — $ — $ — $ — $ — $ — 2 1 — — — 90,173 — 90,173 3 27 401,147 1,203,118 1,205,859 71,510 50,536 2,932,170 4 3 — 80,668 281,961 — — 362,629 5 2 — — 263,379 — — 263,379 Total first mortgage loans 33 401,147 1,283,786 1,751,199 161,683 50,536 3,648,351 Liquid corporate senior loans by internal risk rating: 1 — — — — — — — 2 2 — — — 5,246 — 5,246 3 223 69,366 101,774 251,968 85,105 — 508,213 4 7 1,094 1,905 8,347 2,880 — 14,226 5 5 (2) — 7,241 3,064 — — 10,305 Total liquid corporate senior loans 237 70,460 110,920 263,379 93,231 — 537,990 Corporate senior loans by internal risk rating: 1 — — — — — — — 2 — — — — — — — 3 21 154,146 56,576 — — — 210,722 4 — — — — — — — 5 — — — — — — — Total corporate senior loans 21 154,146 56,576 — — — 210,722 Less: Current expected credit losses (132,598) Total loans-held-for-investment and related receivables, net 291 $ 4,264,465 Weighted Average Risk Rating (3) 3.2 ____________________________________ (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, 2023, five of the Company’s liquid corporate senior loan investments were on nonaccrual status with an aggregate carrying value of $10.3 million, which represented less than 2% 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, 2023
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, 2023, the Company’s remaining two interest rate cap agreements matured. As such, the Company did not have any non-designated interest rate cap agreements as of December 31, 2023. As of December 31, 2022, the Company had two non-designated interest rate cap agreements with an aggregate fair value of $5.0 million. 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 had interest rate caps during the year ended December 31, 2023, which were used to manage exposure to interest rate movements, but did not meet the requirements to be designated as a hedging instrument. The change in fair value of the derivative instruments that are not designated as hedges is recorded directly to earnings in other (expense) income, net on the accompanying consolidated statements of operations. Interest rate swaps are designated as cash flow hedges in order to hedge the variability of the anticipated cash flows on the Company’s 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. During the year ended December 31, 2022, two of the Company’s interest rate swap agreements matured and three interest rate swap agreements were terminated prior to their respective maturity dates. For the year ended December 31, 2023, no amounts were reclassified from other comprehensive (loss) income as a change to interest expense. 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 year ended December 31, 2021, the amount of loss reclassified from other comprehensive (loss) income as an increase to interest expense was $3.3 million. The total unrealized gain on interest rate swaps of $152,000 as of December 31, 2021 is included in accumulated other comprehensive (loss) income in the accompanying consolidated statements of stockholders’ equity. No such unrealized amounts on interest rate swaps were remaining in other comprehensive (loss) income as of December 31, 2023 and 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, 2023
Debt Disclosure [Abstract]
REPURCHASE FACILITIES, NOTES PAYABLE AND CREDIT FACILITIES	NOTE 10 — REPURCHASE FACILITIES, NOTES PAYABLE AND CREDIT FACILITIES As of December 31, 2023, the Company had $3.9 billion of debt outstanding, including net deferred financing costs, with a weighted average years to maturity of 2.9 years and a weighted average interest rate of 6.4%. 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, 2023 and 2022, and the debt activity for the year ended December 31, 2023 (in thousands): During the Year Ended December 31, 2023 Balance as of December 31, 2022 Debt Issuances & Assumptions (1) Repayments & Modifications (2) Amortization Balance as of December 31, 2023 Notes payable – fixed rate debt $ 36,538 $ — $ (36,538) $ — $ — Notes payable – variable rate debt 465,517 204,593 (47,269) — 622,841 First lien mortgage loan 121,940 — (121,940) — — ABS mortgage notes 763,035 — (4,515) — 758,520 Credit facilities 738,500 110,000 (358,000) — 490,500 Repurchase facilities 2,318,381 231,272 (482,389) — 2,067,264 Total debt 4,443,911 545,865 (1,050,651) — 3,939,125 Deferred costs – credit facility (3) (740) — 679 (4) 61 — Deferred costs – fixed rate debt and first lien mortgage loan (1,109) — 702 (4) 407 — Deferred costs – variable rate debt (5,261) (710) 2,397 (4) 758 (2,816) Deferred costs – ABS mortgage notes (13,968) (697) — 2,079 (12,586) Total debt, net $ 4,422,833 $ 544,458 $ (1,046,873) $ 3,305 $ 3,923,723 ____________________________________ (1) Includes deferred financing costs incurred during the period. (2) In connection with the repayment of certain mortgage notes and the termination of the CMFT Credit Facility (defined below), the Company recognized a loss on extinguishment of debt of $7.8 million during the year ended December 31, 2023, which included approximately $1.0 million in prepayment penalties. (3) Deferred costs related to the term portion of the CMFT Credit Facility. (4) In connection with the repayment of certain mortgage notes and the termination of the CMFT Credit Facility, the Company wrote off $3.8 million of unamortized deferred loan costs. For more information regarding the Company’s debt activity during the year ended December 31, 2022, see Notes to Con s o lidated Fin ancial Statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Notes Payable During the year ended December 31, 2023, the Company legally defeased a mortgage loan with an outstanding balance of $23.7 million, resulting in a $205,000 loss on extinguishment of debt in the Company’s consolidated statement of operations during the year ended December 31, 2023, and repaid the remaining $12.8 million of fixed rate debt outstanding, both in connection with the disposition of the underlying properties securing the fixed rate debt. As of December 31, 2023, the Company had $622.8 million of variable rate debt outstanding, the borrowings of which are financed through note on note financing arrangements with Massachusetts Mutual Life Insurance Company (the “Mass Mutual Financing”), Citibank, N.A. (“Citibank” and such financing, the “Citibank Financing”), and Barclays (the “Barclays Financing”) to provide financing for the Company’s CRE mortgage loans (the “Note on Note Financing Arrangements”). The following table is a summary of the Note on Note Financing Arrangements as of December 31, 2023 (dollar amounts in thousands): Note on Note Financing Arrangement Date of Agreement Maturity Date Remaining Extension Options (1) Weighted Average Interest Rate Loans Financed under Note on Note Financing Amount Financed Citibank 6/16/2023 8/9/2024 3/1 yr. 6.7% $ 98,149 $ 73,612 Barclays 10/20/2023 8/9/2024 3/1 yr. 6.7% 171,281 128,460 Mass Mutual 3/16/2022 (2) N/A 7.5% 533,739 420,769 Total $ 803,169 $ 622,841 ____________________________________ (1) Represents the number of extension options remaining and the term of each option. (2) Borrowings under the Mass Mutual Financing mature on various dates from July 2027 through January 2028. 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”), which the Company subsequently refinanced and paid down the original outstanding balance of the Assumed Variable Rate Debt during the year ended December 31, 2022. During the year ended December 31, 2023, the Company paid down the $43.1 million outstanding balance on the refinanced Assumed Variable Rate Debt and terminated the Assumed Variable Rate Debt. 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, each of which is an affiliate of the Company and is managed on a day-to-day basis by affiliates of CIM. During the year ended December 31, 2023, the Company paid down the $121.9 million outstanding balance on the Mortgage Loan, $105.8 million of which was in connection with the sale of properties pursuant to the Realty Income Purchase and Sale Agreement. Refer to Note 4 — Real Estate Assets for additional information regarding the sale. 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 175 of the Company’s double- and triple-net leased single tenant properties, together with the related leases and certain other rights and interests. The aggregate balance of gross real estate assets, net of gross intangible lease liabilities, securing the Class A Notes was $1.0 billion. As of December 31, 2023, amounts outstanding on the Class A Notes totaled $758.5 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 During the year ended December 31, 2023, CMFT CL Lending Sub AB, LLC (the “Borrower”), an indirect wholly owned subsidiary of the Company, entered into a revolving loan and security agreement (the “Loan and Security Agreement”) with each of the lenders from time to time party thereto (the “Lenders”), Ally Bank, as administrative agent and arranger (“Ally Bank”), U.S. Bank Trust Company, National Association, as the collateral custodian, and U.S. Bank National Association as the document custodian, which provides for borrowings in an aggregate principal amount up to $300.0 million (the “Loan Facility”), which may be increased during the revolving period (as defined below) to an aggregate principal amount up to $500.0 million as agreed to by the Borrower, any applicable Lender and Ally Bank. Borrowings under the Loan and Security Agreement will bear interest equal to SOFR for the relevant interest period, plus an applicable rate. The applicable rate is 2.875% per annum (and an additional 2.00% per annum following an event of default under the Loan and Security Agreement). The revolving period began on February 10, 2023 and concludes on the day preceding the earlier to occur of (i) the scheduled revolving period end date of February 10, 2026, (ii) the date of the declaration of the revolving period end date upon the occurrence and continuation of an event of default, and (iii) the termination date. The termination date is the earlier to occur of (i) February 10, 2028 (two years after the revolving period end date) and (ii) the date of the declaration of the termination date or the date of the automatic occurrence of the termination date upon the occurrence and continuation of an event of default. As of December 31, 2023, the amounts borrowed and outstanding under the Loan Facility totaled $75.0 million at a weighted average interest rate of 8.2%. The Company had a 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, that provided for borrowings in the initial amount of $300.0 million (the “CMFT Credit Facility”). The CMFT Credit Facility was set to mature on July 15, 2025. During the year ended December 31, 2023, the Company paid down the $240.0 million outstanding balance under the CMFT Credit Facility and terminated the CMFT 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, 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 up to an aggregate principal amount of $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, 2023, the amounts borrowed and outstanding under the Credit Securities Revolver totaled $415.5 million at a weighted average interest rate of 7.3%. 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 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, 2023, with the exception of the Credit Securities Revolver where the Company failed to meet the borrowing base covenant under the Third Amended Credit and Security Agreement at December 31, 2023. Non-compliance with the borrowing base covenant triggers an event of default, which was waived by Citibank for the year ended December 31, 2023 and such non-compliance was subsequently cured by the Company. Repurchase Facilities As of December 31, 2023, 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, 2023 (dollar amounts in thousands): Repurchase Facility Date of Agreement Maturity Date Remaining Extension Options (1) Maximum Facility Size Weighted Average Interest Rate Loans Financed under Repurchase Facility (2) Amount Financed Citibank 6/4/2020 8/17/2024 2/1 yr. $ 70,485 7.5% (3) $ 195,694 $ 63,265 Citibank 12/19/2023 12/19/2025 2/1 yr. 579,515 7.1% (3) 323,873 242,136 Barclays 9/21/2020 9/22/2025 2/1 yr. 558,947 7.2% (3) 861,295 488,759 Barclays 12/4/2023 12/4/2026 2/1 yr. 691,053 7.3% (3) 300,163 215,309 Wells Fargo 5/20/2021 8/30/2025 2/1 yr. 750,000 7.0% (3) 902,051 689,992 Deutsche Bank 10/8/2021 10/8/2024 3/1 yr. 300,000 7.7% (3) 232,720 168,201 J.P. Morgan 6/1/2022 (4) (4) — (4) 6.6% (5) 347,635 199,602 Total $ 2,950,000 $ 3,163,431 $ 2,067,264 __________________________________ (1) Represents the number of extension options remaining and the term of each option. (2) CRE mortgage loan balances financed under the Repurchase Facilities with Citibank, Barclays, Wells Fargo and Deutsche Bank reflect the aggregate outstanding principal balance while the CMBS balance financed under the J.P. Morgan Repurchase Facility (as defined below) reflects fair value. (3) Advances under the Repurchase Agreements accrue interest at per annum rates based on Term SOFR (as such term is defined in the applicable Repurchase Agreement) or the daily compounded SOFR plus a spread ranging from 1.30% to 3.00% to be determined on a case-by-case basis between Citibank, Barclays, Wells Fargo, or Deutsche Bank and the CMFT Lending Subs. (4) 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. (5) 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, 2023, ranges from 1.05% to 1.45%. The Repurchase Agreements provide for agreements by each of 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 “Initial Guaranties”), under which the Company agreed to guarantee up to 25% of the CMFT Lending Subs’ obligations under certain Repurchase Agreements. In addition, in connection with certain of the Repurchase Agreements, the Company (as the “Initial Guarantor”) and certain of the CMFT Lending Subs (individually as a “Replacement Guarantor”, collectively as the “Replacement Guarantors” and together with the Initial Guarantor, the “Guarantors”) entered into or amended guaranties with Citibank, Barclays and Deutsche Bank during the year ended December 31, 2023 (the “2023 Guaranties”, and together with the Initial Guaranties, the “Guaranties”), on a joint and several basis until the satisfaction of certain conditions as set forth in the guaranties, at which point the Replacement Guarantor will become the sole guarantor under the guaranty (the “Guarantor Replacement Event”). Under the 2023 Guaranties, the Initial Guarantor and the Replacement Guarantors agreed to guarantee the respective CMFT Lending Subs’ obligations under the applicable 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 then-current Guarantors’ recourse indebtedness, as defined in the Guaranties; (ii) minimum consolidated net worth greater than or equal to $1.0 billion plus (a) prior to the Guarantor Replacement Event, as applicable, 75% of the equity issued by the Guarantors following the respective closing dates of the Repurchase Agreements (the “Repurchase Closing Dates”) or, from and after the Guarantor Replacement Event, as applicable, 75% of the equity issued by the Replacement Guarantor following the Guarantor Replacement Event, as applicable, minus (b) prior to the Guarantor Replacement Event, as applicable, the aggregate amount of any redemptions or similar transaction by the Guarantors from the Repurchase Closing Dates or, from and after the Guarantor Replacement Event, as applicable, the aggregate amount of any redemptions or similar transaction by the Replacement Guarantor following the Guarantor Replacement Event, as applicable; (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, 2023. Maturities The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt subsequent to December 31, 2023 (in thousands): Year Ending December 31, Principal Repayments 2024 $ 633,140 2025 1,420,887 2026 215,309 2027 790,429 2028 424,248 Thereafter 455,112 Total $ 3,939,125

SUPPLEMENTAL CASH FLOW DISCLOSU

SUPPLEMENTAL CASH FLOW DISCLOSURES	12 Months Ended
	Dec. 31, 2023
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, 2023, 2022 and 2021 are as follows (in thousands): Year Ended December 31, 2023 2022 2021 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Distributions declared and unpaid $ 16,047 $ 14,828 $ 13,252 Accrued capital expenditures $ 544 $ 249 $ 5,902 Construction reserve allocation $ (190) $ (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) Accrued deferred financing costs $ 132 $ 247 $ 12 Common stock issued through distribution reinvestment plan $ 42,879 $ 38,912 $ 25,784 Common stock issued in connection with mergers $ — $ — $ 538,703 Change in fair value of derivative instruments $ — $ 2,252 $ 5,907 Change in fair value of real estate-related securities $ (32,617) $ (51,304) $ 1,650 Conversion of preferred units to loans held-for-investment $ — $ 68,242 $ — Interest rate swaps assumed in mergers $ — $ — $ (2,719) Debt assumed in mergers $ — $ — $ 437,877 Real estate assets acquired in mergers $ — $ — $ 906,254 Assets assumed in mergers $ — $ — $ 69,058 Liabilities assumed in mergers $ — $ — $ 5,184 Non-controlling interest assumed in mergers $ — $ — $ 1,073 Supplemental Cash Flow Disclosures: Interest paid $ 247,521 $ 146,947 $ 72,533 Cash paid for taxes $ 1,115 $ 1,301 $ 1,093

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
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, 2023, the Company had $272.5 million of unfunded loan commitments related to its existing CRE loans held-for-investment, corporate senior loans, and liquid corporate senior loans, and $88.4 million of unfunded commitments related to NewPoint JV. These commitments are not reflected in the accompanying consolidated balance sheets. Current expected credit losses for unfunded or unsettled loan commitments are included in accrued expenses and accounts payable on the accompanying consolidated balance sheets. As of December 31, 2023, the Company had $2.2 million of unsettled liquid corporate senior loan acquisitions, all of which settled subsequent to December 31, 2023. Additionally, the Company had $31.8 million of unsettled liquid corporate senior loan sales as of December 31, 2023, $30.7 million of which settled subsequent to December 31, 2023. Unsettled acquisitions are included in cash and cash equivalents in the accompanying consolidated balance sheets and unsettled sales are included in loans held-for-investment and related receivables, net in the accompanying consolidated balance sheets. 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, 2023
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 March 24, 2023, the Company and CMFT Management entered into the second amended and restated management agreement (the “Management Agreement”), which amended and restated the amended and restated management agreement between the parties dated August 20, 2019. Management, investment advisory fees and incentive compensation 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 Group. 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 the Sub-Advisor has provided investment management services payable to the Investment Advisor as sub-advisory fees. 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, 2023, 2022 and 2021, 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. The Company’s subsidiary, CLR, entered into a separate management agreement (“CLR Management Agreement”) with CMFT Management on February 29, 2024 (“CLR Effective Date”) for the day to day management of CLR and its non-securities assets, pursuant to which CLR will pay CMFT Management a base management fee, payable in arrears, equal to 1.25% of CLR’s net asset value per share (or 0.90% of its net asset value per share for its founder share classes), plus a performance fee that is, subject to certain adjustment in the calculation for the measurement periods applicable to core earnings during the first four calendar quarters, generally equal to the excess of (A) the product of (I) 10% and (II) the excess of (y) CLR’s core earnings for the previous 12-month period, over (z) the product of (i) CLR’s average adjusted capital, and (ii) a hurdle rate of 6.5% (7.25% for its founder share classes, each considered on an annualized basis, over (B) the sum of any performance fee paid to CMFT Management or the Investment Advisor 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). No performance fee shall be payable by CLR to CMFT Management or the Investment Advisor with respect to any calendar quarter unless CLR’s core earnings for the 12 most recently completed calendar months (or such lesser number of completed calendar quarters following the CLR Effective Date) in the aggregate is greater than zero. Once CLR’s core earnings exceed the hurdle rate, CMFT Management is entitled to a “catch-up” fee equal to the amount of core earnings in excess of the hurdle rate, until CLR’s core earnings for the applicable period equal 7.224% (8.0576% for CLR’s founder share classes, each considered on an annualized basis of CLR’s average adjusted capital. Thereafter, CMFT Management is entitled to receive 10% of CLR’s core earnings. CLR Securities Investments, LLC (“CLR Securities”), a wholly owned subsidiary of CLR, has an investment advisory and management agreement dated February 29, 2024 (the “CLR Investment Advisory and Management Agreement”) with the Investment Advisor pursuant to which the Investment Advisor manages the day-to-day business affairs of CLR Securities and its investments in real estate-related securities (collectively, the “CLR Managed Assets”), subject to the supervision of the CLR board of trustees. In connection with the services provided by the Investment Advisor, CLR Securities pays the Investment Advisor an investment advisory fee (the “CLR Investment Advisory Fee”), payable quarterly in arrears, equal to the proportion of the base management fee and performance fee calculated pursuant to the CLR Management Agreement that is attributable to the CLR Managed Assets. Because the CLR Managed Assets are excluded from the calculation of management fees payable by CLR to CMFT Management pursuant to the Management Agreement, the total management and advisory fees payable by CLR to its external advisors are not increased as a result of the CLR Investment Advisory and Management Agreement. The CLR Management Agreement and CLR Investment Advisory and Management Agreement (together, the “CLR Advisory Agreements”) each have an initial three-year term and shall be deemed renewed automatically each year thereafter for an additional one-year period unless CLR provides 180 days’ written notice of termination of a CLR Advisory Agreement after the affirmative vote of CLR’s independent trustees. If either CLR Advisory Agreement is terminated without cause, CMFT Management and/or the Investment Advisor, as applicable, shall receive a termination fee pursuant to the terminated CLR Advisory Agreement equal to three times the sum of (a) the average annual management fee and (b) the average annual incentive compensation incurred under the terminated CLR Advisory Agreement during the 24-month period prior to the termination. The Company and CMFT Management have entered into an agreement whereby, (i) for so long as CMFT Management is the external manager of the Company and an affiliate of CIM Group, the Company’s management fee payable to CMFT Management will be reduced by the Company’s proportional share, based on its ownership of CLR, of the base management fee and performance fee payable to CMFT Management by CLR, and (ii) if the Management Agreement and either or both of the CLR Advisory Agreements are simultaneously terminated without cause, the termination fee payable by the Company to the CMFT Manager or the Investment Advisor, as applicable, under the applicable CLR Advisory Agreement shall be reduced by the Company’s proportional share, based on its ownership of CLR, of the termination fee payable to CMFT Management or the Investment Advisor, by CLR under the applicable CLR Advisory Agreement, such that, in each case, the Company will not pay more fees than would otherwise be payable under its Management Agreement or Investment Advisory and Management Agreement, as applicable. The Investment Advisor has engaged the Sub-Advisor to act as an investment sub-advisor with respect to the assets held by CLR Securities. The Sub-Advisor principally provides investment management services with respect to the real estate related securities held by CLR Securities and its subsidiaries. On a quarterly basis, the Investment Advisor designates 50% of the sum of the CLR Investment Advisory Fee and incentive compensation attributable to the assets for which the Sub-Advisor has provided investment management services payable to the Investment Advisor as sub-advisory fees. The Sub-Advisory Agreement may be terminated by either party with 30 days’ advance written notice to the other party. No management fees or performance fees have been paid by CLR to CMFT Management or 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 (other than the chief financial officer) and any portfolio management, acquisitions or investment professionals. 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, 2023 2022 2021 Management fees $ 50,975 $ 52,564 $ 47,020 Expense reimbursements to related parties (1) $ 13,285 $ 16,567 $ 11,624 ____________________________________ (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 consolidated statements of operations. Due to Affiliates Of the amounts shown above, $13.9 million and $16.1 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, 2023 and 2022, 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, 2023 and 2022, the Company recorded $380,000 and $486,000, 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. Investments with Affiliates of the Manager In September 2021, the Company co-invested $68.4 million in preferred units and $138.8 million in a first mortgage loan to a third-party for the purchase of a multi-family, office and retail building in Fort Lauderdale, Florida with CIM Real Assets & Credit Fund, a f und that is advised by affiliates of CMFT Management (“CIM RACR”). The Company 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 of December 31, 2023, $199.9 million of the first mortgage loan was outstanding. 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, 2023, $123.0 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. As of December 31, 2023, the Company owned 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 $124.1 million has been funded, net of $55.8 million returned to the Company 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 and Note 6 — Investment in Unconsolidated Entities. 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, 2023, $154.0 million of the first mortgage loan was outstanding. In April 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, 2023, $145.5 million of the first mortgage loan was outstanding. 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. During the year ended December 31, 2023, the Company and CIM RACR co-invested $105.8 million and $16.4 million, respectively, in nine corporate senior loans to a third party. As of December 31, 2023, $162.1 million of the corporate senior loans was outstanding. 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, 2023
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, 2023
Equity [Abstract]
STOCKHOLDERS' EQUITY	NOTE 15 — STOCKHOLDERS’ EQUITY As of December 31, 2023, 2022 and 2021, 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 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. During the years ended December 31, 2023, 2022 and 2021, approximately 6.5 million, 5.4 million and 3.6 million shares were purchased under the DRIP Offerings for approximately $42.9 million, $38.9 million and $25.8 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, 2023, 2022 and 2021, the Company redeemed approximately 6.8 million, 5.5 million and 3.1 million shares, respectively, under the share redemption program for $44.4 million, $39.4 million and $22.0 million, respectively. During the year ended December 31, 2023, redemption requests relating to approximately 103.3 million shares went unfulfilled. Distributions Payable and Distribution Policy 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 August 2020 December 2021 $0.0303 January 2022 September 2022 $0.0305 October 2022 December 2022 $0.0339 January 2023 September 2023 $0.0350 October 2023 December 2023 $0.0367 January 2024 June 2024 $0.0375 As of December 31, 2023, the Company had distributions payable of $16.0 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 110,000 shares of common stock are available for future grant at December 31, 2023. 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. Subsequent to December 31, 2023, the Compensation Committee of the Board approved and adopted the CIM Real Estate Finance Trust, Inc. 2024 Manager Equity Incentive Plan (the “Manager Plan”), which provides for the grant of non-qualified stock options, restricted stock awards, restricted stock unit awards, and stock appreciation right awards, and dividend equivalents, to eligible named executive officers (as defined in Item 402 of Regulation S-K) of the Company or to CMFT Management, which in turn will transfer such incentives to employees, advisors, or consultants of CMFT Management and its affiliates who provide services to CMFT Management or its affiliates in support of the Company and its subsidiaries. The maximum number of shares of common stock of the Company that may be subject to awards granted under the Manager Plan is 12,000,000 shares. The Manager Plan will expire on January 9, 2034, unless terminated earlier by the Board of Directors or the Compensation Committee. As of December 31, 2023, the Company has granted awards of approximately 116,000 restricted shares in the aggregate to the independent members of the Board under the 2018 Plan and approximately 140,000 restricted shares in the aggregate to the independent members of the Board under the 2022 Plan. As of December 31, 2023, the 116,000 restricted shares granted under the 2018 plan had vested based on one year of continuous service. In addition, as of December 31, 2023, 67,000 restricted shares granted under the 2022 Plan vested based on one year of continuous service. The remaining 73,000 restricted shares issued had not vested or had been forfeited as of December 31, 2023. The fair value of the Company’s share awards is determined using the Company’s per share NAV on the date of grant. Compensation expense related to the restricted shares is recognized over the vesting period. The Company recorded compensation expense of $480,000 and $397,000 for the years ended December 31, 2023 and 2022, respectively, related to the restricted shares which is included in general and administrative expenses in the accompanying consolidated statements of operations. As of December 31, 2023, there was $360,000 of total unrecognized compensation expense related to these restricted shares, which will be recognized ratably over the remaining period of service prior to October 2024.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
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, 2023, 2022 and 2021: Year Ended December 31, Character of Distributions: 2023 2022 2021 Ordinary dividends 97 % 90 % 22 % Nondividend distributions 3 % 10 % 36 % Capital gain distributions — % — % 42 % Total 100 % 100 % 100 % During the years ended December 31, 2023, 2022 and 2021, the Company incurred state and local income and franchise taxes of $1.1 million, $1.3 million, and $1.1 million, respectively, which were recorded in general and administrative expenses in the consolidated statements of operations. The Company had no unrecognized tax benefits as of or during the years ended December 31, 2023 and 2022. 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, 2023
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, 2023, the Company’s leases had a weighted-average remaining term of 10.7 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, 2023, 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 2024 $ 86,900 2025 86,565 2026 83,751 2027 82,688 2028 78,865 Thereafter 557,657 Total $ 976,426 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, 2023, 2022 and 2021, the amount of the contingent rent earned by the Company was not significant. Rental and other property income during the years ended December 31, 2023, 2022 and 2021 consisted of the following (in thousands): Year Ended December 31, 2023 2022 2021 Fixed rental and other property income (1) $ 106,755 $ 192,982 $ 252,422 Variable rental and other property income (2) 8,624 20,407 42,742 Total rental and other property income $ 115,379 $ 213,389 $ 295,164 __________________________________ (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 9.7 years, with a lease liability (in deferred rental income and other liabilities prepaid expenses, derivative assets and other assets The Company recognized $250,000 of ground lease expense during the year ended December 31, 2023, of which $242,000 was paid in cash during the period it was recognized. As of December 31, 2023, the Company’s scheduled future minimum rental payments related to its operating ground lease is approximately $250,000 annually for 2024 through 2028, and $1.2 million thereafter through the maturity date of the lease in August 2033.
LEASES	NOTE 17 — LEASES The Company’s real estate assets are leased to tenants under operating leases for which the terms, expirations and extension options vary. The Company’s operating leases do not convey to the lessee the right to purchase the underlying asset upon expiration of the lease period. To determine whether a contract contains a lease, the Company reviews contracts to determine if the agreement conveys the right to control the use of an asset. The Company accounts for lease and non-lease components as a single, combined operating lease component. Non-lease components primarily consist of maintenance services, including CAM, real estate taxes, insurance and utilities paid for by the lessor but consumed by the lessee. Non-lease components are considered to be variable rental and other property income and are recognized in the period incurred. As of December 31, 2023, the Company’s leases had a weighted-average remaining term of 10.7 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, 2023, 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 2024 $ 86,900 2025 86,565 2026 83,751 2027 82,688 2028 78,865 Thereafter 557,657 Total $ 976,426 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, 2023, 2022 and 2021, the amount of the contingent rent earned by the Company was not significant. Rental and other property income during the years ended December 31, 2023, 2022 and 2021 consisted of the following (in thousands): Year Ended December 31, 2023 2022 2021 Fixed rental and other property income (1) $ 106,755 $ 192,982 $ 252,422 Variable rental and other property income (2) 8,624 20,407 42,742 Total rental and other property income $ 115,379 $ 213,389 $ 295,164 __________________________________ (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 9.7 years, with a lease liability (in deferred rental income and other liabilities prepaid expenses, derivative assets and other assets The Company recognized $250,000 of ground lease expense during the year ended December 31, 2023, of which $242,000 was paid in cash during the period it was recognized. As of December 31, 2023, the Company’s scheduled future minimum rental payments related to its operating ground lease is approximately $250,000 annually for 2024 through 2028, and $1.2 million thereafter through the maturity date of the lease in August 2033.

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
SEGMENT REPORTING	NOTE 18 — SEGMENT REPORTING As of December 31, 2023, the Company determined that it has two reportable segments: Credit and Real Estate. Corporate/other represents all corporate level and unallocated items and includes the Company’s other asset management activities and expenses. The following tables present segment reporting for the years ended December 31, 2023, 2022 and 2021 (in thousands): Year Ended December 31, 2023 Real Estate Credit Corporate/Other (1) Company Total Revenues: Rental and other property income $ 115,056 $ — $ 323 $ 115,379 Interest income — 453,480 — 453,480 Total revenues 115,056 453,480 323 568,859 Expenses: General and administrative 709 3,952 12,911 17,572 Interest expense, net 22,884 233,615 4,269 260,768 Property operating 5,203 — 8,147 13,350 Real estate tax 3,430 — 1,408 4,838 Expense reimbursements to related parties — — 13,285 13,285 Management fees 10,702 40,273 — 50,975 Transaction-related 10 212 3,431 3,653 Depreciation and amortization 42,532 — — 42,532 Real estate impairment 20,404 — 14,675 35,079 Increase in provision for credit losses — 134,289 — 134,289 Total expenses 105,874 412,341 58,126 576,341 Other income (expense) Gain on disposition of real estate and condominium developments, net 49,731 — 3,610 53,341 Gain on investment in unconsolidated entities — 11,723 — 11,723 Unrealized gain on equity security — 4,751 — 4,751 Other (expense) income, net (4,380) (31,984) 9,905 (26,459) Loss on extinguishment of debt (1,192) (2,164) (4,432) (7,788) Total other income (expense) 44,159 (17,674) 9,083 35,568 Segment net income (loss) 53,341 23,465 (48,720) 28,086 Segment net income attributable to non-controlling interest 8 — — 8 Segment net income (loss) attributable to the Company $ 53,333 $ 23,465 $ (48,720) $ 28,078 Total assets as of December 31, 2023 $ 1,156,761 $ 5,091,365 $ 198,350 $ 6,446,476 __________________________________ (1) Includes condominium and rental units acquired via foreclosure during the year ended December 31, 2021. Year Ended December 31, 2022 Real Estate Credit Corporate/Other (1) (2) Company Total Revenues: 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 Expenses: General and administrative 553 807 14,004 15,364 Interest expense, net 41,295 110,303 13,612 165,210 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 expenses 176,207 171,624 68,213 416,044 Other income (expense): Gain on disposition of real estate and condominium developments, net 117,763 — 4,139 121,902 Gain on investment in unconsolidated entities — 6,780 5,172 11,952 Unrealized (loss) gain on equity security — (15,139) 22 (15,117) Other income, net 5,012 3,395 264 8,671 Loss on extinguishment of debt (18,646) — (998) (19,644) Total other income (expense) 104,129 (4,964) 8,599 107,764 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 Revenues: 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 Expenses: General and administrative 317 1,268 13,493 15,078 Interest expense, net 38,553 19,902 25,594 84,049 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 expenses 234,569 37,823 84,345 356,737 Other income (expense): Gain on disposition of real estate and condominium developments, net 77,178 — 5,867 83,045 Merger-related expenses, net — — (1,404) (1,404) Gain on investment in unconsolidated entities — — 606 606 Other income (expense), net 1,531 (1,376) (5) 150 Loss on extinguishment of debt (1,628) — (3,267) (4,895) Total other income (expense) 77,081 (1,376) 1,797 77,502 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 19 — SUBSEQUENT EVENTS In addition to subsequent events previously disclosed, the following events also occurred subsequent to December 31, 2023. Redemptions of Shares of Common Stock Subsequent to December 31, 2023, the Company redeemed approximately 1.7 million shares for $11.0 million (at an average redemption price of $6.31 per share). The remaining redemption requests received during the three months ended December 31, 2023 totaling approximately 27.6 million shares went unfulfilled. Estimated Per Share NAV On February 29, 2024, the Board established an updated estimated per share NAV of the Company’s common stock as of January 31, 2024, of $6.09 per share. Commencing on March 1, 2024, distributions will be reinvested in shares of the Company’s common stock under the DRIP at a price of $6.09 per share and $6.09 serves as the most recent estimated per share NAV for purposes of the share redemption program. Departure of Directors On February 29, 2024, Alicia K. Harrison, Calvin E. Hollis, Avraham Shemesh, Roger D. Snell and Emily Vande Krol (each a “Resigning Director” and collectively, the “Resigning Directors”), of whom Messrs. Hollis and Snell and Ms. Harrison are independent directors, resigned from the Company’s Board effective as of the close of the meeting of the Board on February 29, 2024. Prior to the resignations, Ms. Harrison served on the Audit Committee, Mr. Hollis and Mr. Snell served on the Compensation Committee and Mr. Snell served on the Investment Risk Management Committee. None of the Resigning Directors’ resignations were a result of any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices and are a result of the Resigning Directors moving to serve on the Board of Trustees of the Company’s subsidiary, CLR. Following the resignations of the Resigning Directors, the directors reduced the size of the Board to five members. The Company’s Board now consists of the five remaining directors, three of whom are independent directors. In connection with the resignations, the Board approved the acceleration of the vesting of the Resigning Directors’ restricted shares, as applicable, subsequent to December 31, 2023. Investment and Disposition Activity Subsequent to December 31, 2023, the Company’s investment and disposition activity included the following: • Disposed of four condominium units for an aggregate gross sales price of $13.2 million, resulting in net proceeds of $12.2 million after closing costs and a gain of approximately $781,000. • Settled $3.0 million of liquid corporate senior loan purchases, $2.2 million of which were traded as of December 31, 2023, and settled $56.3 million of liquid corporate senior loan sales, resulting in an approximate $536,000 net loss on sale. • Invested $12.0 million in five corporate senior loans to a third-party. • Acquired one first mortgage loan with a principal balance of $13.6 million and funded an aggregate amount of $7.7 million to 10 of the Company’s first mortgage loans. • Refinanced two of the Company’s first mortgage loans to have an initial maturity date of January 7, 2027, each with one one-year extension option. • Three of the Company’s first mortgage loans entered into non-payment default. Financing Activity Subsequent to December 31, 2023, the Company’s financing activity included the following: • Financed a first mortgage loan for $9.5 million under the repurchase facility with Barclays and financed a first mortgage loan for $20.9 million under the repurchase facility with Citibank. • Repaid $36.5 million of borrowings under the Repurchase Facilities.

Schedule III - Real Estate Asse

Schedule III - Real Estate Assets and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2023
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, 2023 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: AAA Office Park: Hamilton, NJ $ — $ 5,427 $ 22,970 $ — $ 28,397 $ 1,640 12/16/2021 2016 Academy Sports: Cartersville, GA 6,945 4,517 4,574 — 9,091 512 12/21/2020 2014 Actuant Campus: Columbus, WI 13,003 2,090 14,633 — 16,723 1,363 12/21/2020 2014 AK Steel: West Chester, OH — 1,421 21,044 — 22,465 1,310 12/16/2021 2007 Apex Technologies: Mason, OH — 1,288 11,127 — 12,415 681 12/16/2021 2013 Bass Pro Shop: Tallahassee, FL 6,652 945 5,713 — 6,658 1,674 8/20/2013 2013 BJ’s Wholesale Club: Fort Myers, FL 19,838 5,331 21,692 — 27,023 1,791 12/21/2020 2018 Roanoke, VA 15,530 4,509 14,545 — 19,054 1,219 11/25/2020 2018 Bob Evans: Defiance, OH 2,579 501 2,781 — 3,282 168 12/16/2021 2011 Dover, OH 2,535 552 1,930 — 2,482 111 12/16/2021 2013 Dundee, MI 1,846 526 1,298 — 1,824 80 12/16/2021 2011 Gallipolis, OH 2,710 529 2,963 — 3,492 241 12/21/2020 2003 Hagerstown, MD 2,542 490 2,789 — 3,279 237 12/21/2020 1989 Hamilton, OH 1,934 446 2,359 — 2,805 130 12/16/2021 2014 Hummelstown, PA 2,264 1,029 2,283 — 3,312 129 12/16/2021 2013 Mansfield, OH 2,264 495 2,423 — 2,918 212 12/21/2020 2004 Mayfield Heights, OH 1,846 847 1,278 — 2,125 76 12/16/2021 2003 Monroe, MI 2,198 623 2,177 — 2,800 192 12/21/2020 1998 Northwood, OH 2,535 514 2,760 — 3,274 231 12/21/2020 1998 Peoria, IL 894 620 524 — 1,144 64 12/21/2020 1995 Piqua, OH 2,022 413 2,187 — 2,600 187 12/21/2020 1989 Bottom Dollar Grocery: Ambridge, PA — 519 2,985 — 3,504 779 11/5/2013 2012 Burger King: Yukon, OK 1,209 500 1,141 — 1,641 107 12/21/2020 1989 Cabela’s: Acworth, GA 21,691 4,979 18,775 — 23,754 3,237 9/25/2017 2014 Avon, OH 12,373 2,755 10,751 — 13,506 1,884 9/25/2017 2016 La Vista, NE 21,032 3,260 16,923 — 20,183 2,807 9/25/2017 2006 Sun Prairie, WI 15,919 3,373 14,058 — 17,431 2,557 9/25/2017 2015 Caliber Collision Center: Fredericksburg, VA 3,626 1,807 2,292 — 4,099 241 7/22/2020 2019 Lake Jackson, TX 2,894 800 2,974 — 3,774 297 12/21/2020 2006 Richmond, VA 4,234 1,453 3,323 — 4,776 364 7/30/2020 2020 San Antonio, TX 3,938 691 4,458 — 5,149 410 12/21/2020 2019 Williamsburg, VA 3,707 1,418 2,800 — 4,218 297 6/12/2020 2020 Camping World: Fort Myers, FL 11,186 3,226 11,832 — 15,058 1,183 12/21/2020 1987 Cash & Carry: Salt Lake City, UT 3,905 863 4,149 — 5,012 361 12/21/2020 2006 Chick-Fil-A: Dickson City, PA 1,956 1,113 7,946 (7,817) 1,242 303 6/30/2014 2013 Initial Costs to Company Gross Amount at Which Carried Buildings, Fixtures and Total Adjustment At December 31, 2023 Accumulated Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Costco: Tallahassee, FL $ 8,022 $ 9,497 $ — $ — $ 9,497 $ — 12/11/2012 2006 CVS: Arnold, MO 3,970 2,043 2,367 — 4,410 612 12/13/2013 2013 Asheville, NC 1,875 1,108 1,084 — 2,192 334 4/26/2012 1998 Austin, TX 4,329 1,076 3,475 — 4,551 892 12/13/2013 2013 Bloomington, IN 4,417 1,620 2,957 — 4,577 764 12/13/2013 2012 Blue Springs, MO 2,930 395 2,722 — 3,117 703 12/13/2013 2013 Bridgeton, MO 3,970 2,056 2,362 — 4,418 610 12/13/2013 2013 Charleston, SC 1,692 869 1,009 — 1,878 312 4/26/2012 1998 Chesapeake, VA 3,238 1,044 3,053 — 4,097 805 12/13/2013 2013 Cicero, IN 3,443 487 3,099 — 3,586 799 12/13/2013 2013 Eminence, KY 3,472 872 2,511 — 3,383 640 12/13/2013 2013 Goose Creek, SC 2,828 1,022 1,980 — 3,002 506 12/13/2013 2013 Greenwood, IN 4,212 912 3,549 61 4,522 944 7/11/2013 1999 Hazlet, NJ 5,941 3,047 3,610 — 6,657 928 12/13/2013 2013 Hillcrest Heights, MD 3,839 1,817 2,989 71 4,877 784 9/30/2013 2001 Honesdale, PA 4,102 1,206 3,342 — 4,548 885 12/13/2013 2013 Independence, MO 2,425 359 2,242 — 2,601 581 12/13/2013 2013 Indianapolis, IN 3,362 1,110 2,484 — 3,594 641 12/13/2013 2013 Irving, TX 3,582 745 3,034 — 3,779 874 10/5/2012 2000 Janesville, WI 3,047 736 2,545 — 3,281 656 12/13/2013 2013 Katy, TX 3,128 1,149 2,462 — 3,611 622 12/13/2013 2013 London, KY 4,139 1,445 2,661 — 4,106 705 9/10/2013 2013 North Wilkesboro, NC 2,300 332 2,369 73 2,774 620 10/25/2013 1999 Poplar Bluff, MO 3,699 1,861 2,211 — 4,072 574 12/13/2013 2013 Salem, NH 5,216 3,456 2,351 — 5,807 599 11/18/2013 2013 San Antonio, TX 3,297 1,893 1,848 — 3,741 483 12/13/2013 2013 Sand Springs, OK 3,560 1,765 2,283 — 4,048 594 12/13/2013 2013 Santa Fe, NM 6,219 2,243 4,619 — 6,862 1,173 12/13/2013 2013 Sedalia, MO 2,586 466 2,318 — 2,784 600 12/13/2013 2013 St. John, MO 3,743 1,546 2,601 — 4,147 671 12/13/2013 2013 Vineland, NJ 3,538 813 2,926 — 3,739 779 12/13/2013 2010 Waynesboro, VA 3,260 986 2,708 — 3,694 699 12/13/2013 2013 West Monroe, LA 3,406 1,738 2,136 — 3,874 555 12/13/2013 2013 Wisconsin Rapids, WI 2,198 707 3,262 — 3,969 178 12/16/2021 2013 Dollar General: Parchment, MI — 168 1,162 — 1,330 282 6/25/2014 2014 Duluth Trading: Denton, TX 3,681 1,662 2,918 — 4,580 275 12/21/2020 2017 Madison, AL 3,765 1,174 3,603 — 4,777 333 12/21/2020 2019 Noblesville, IN 3,677 1,212 3,436 — 4,648 347 12/21/2020 2003 Family Dollar: Salina, UT — 211 1,262 — 1,473 139 12/21/2020 2014 Jewel-Osco: Plainfield, IL 8,739 — — 11,151 11,151 1,394 11/14/2018 2001 Spring Grove, IL 7,787 991 11,361 — 12,352 655 12/16/2021 2007 Wood Dale, IL 7,765 4,069 7,800 — 11,869 470 12/16/2021 2005 Kroger: Shelton, WA 8,908 1,180 11,040 — 12,220 3,112 4/30/2014 1994 Initial Costs to Company Gross Amount at Which Carried Buildings, Fixtures and Total Adjustment At December 31, 2023 Accumulated Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Kum & Go: Conway, AR $ 3,187 $ 510 $ 2,577 $ — $ 3,087 $ 624 6/13/2014 2014 LA Fitness: Columbus, OH — 1,013 6,734 — 7,747 1,615 4/29/2015 2014 Pawtucket, RI — 5,945 8,012 (3,080) 10,877 34 12/16/2021 2015 Rock Hill, SC — 780 7,590 (2,044) 6,326 37 12/16/2021 2015 Lowe’s: Asheboro, NC 6,959 1,098 6,722 7 7,827 1,731 6/23/2014 1994 Cincinnati, OH 11,662 14,092 — 491 14,583 — 2/10/2014 2001 Covington, LA 9,054 10,233 — — 10,233 — 8/20/2014 2002 Mansfield, OH 7,809 873 8,256 37 9,166 2,179 6/12/2014 1992 North Dartmouth, MA 14,263 6,774 17,384 — 24,158 1,071 12/16/2021 2004 Oxford, AL 10,681 1,668 7,622 369 9,659 2,524 6/28/2013 1999 Tuscaloosa, AL 7,794 4,908 4,786 109 9,803 1,391 10/29/2013 1993 Zanesville, OH 9,098 2,161 8,375 316 10,852 2,326 12/11/2013 1995 McAlister’s Deli: Lawton, OK 2,106 805 1,057 — 1,862 282 5/1/2014 2013 Mister Car Wash: Athens, AL 2,513 383 1,150 — 1,533 209 9/12/2017 2008 Decatur, AL 1,231 257 559 — 816 110 9/12/2017 2005 Decatur, AL 2,798 486 1,253 — 1,739 261 9/12/2017 2014 Decatur, AL 1,436 359 1,152 — 1,511 237 9/12/2017 2007 Hartselle, AL 1,033 360 569 — 929 115 9/12/2017 2007 Hudson, FL 1,971 1,229 1,562 — 2,791 90 12/16/2021 2007 Madison, AL 3,831 562 1,139 — 1,701 241 9/12/2017 2012 National Tire & Battery: Cypress, TX 2,798 910 2,224 — 3,134 520 9/1/2015 2005 Montgomery, IL 3,018 516 2,494 — 3,010 712 1/15/2013 2007 North Richland Hills, TX 2,674 513 2,579 — 3,092 595 9/1/2015 2005 Pasadena, TX 2,857 908 2,307 — 3,215 540 9/1/2015 2005 Natural Grocers: Heber City, UT 4,527 1,286 3,727 — 5,013 336 12/21/2020 2017 Idaho Falls, ID 3,553 833 2,316 — 3,149 606 2/14/2014 2013 O’Reilly Automotive: Bennettsville, SC 1,179 361 1,207 — 1,568 122 12/21/2020 2015 Clayton, GA 1,297 501 945 — 1,446 195 1/29/2016 2015 Flowood, MS 1,341 506 1,288 — 1,794 127 12/21/2020 2014 Iron Mountain, MI 1,209 249 1,400 — 1,649 140 12/21/2020 2014 Popeyes: Independence, MO 1,157 333 680 — 1,013 168 6/27/2014 2005 Raising Cane’s: Avondale, AZ 3,216 1,774 2,381 — 4,155 136 12/16/2021 2013 Reno, NV 3,282 1,841 2,259 — 4,100 209 12/21/2020 2014 Republic Services: Scottsdale, AZ — 11,460 36,231 (10,391) 37,300 — 12/16/2021 2016 Initial Costs to Company Gross Amount at Which Carried Buildings, Fixtures and Total Adjustment At December 31, 2023 Accumulated Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Safeway: Juneau, AK $ 10,732 $ 6,174 $ 8,791 $ — $ 14,965 $ 831 12/21/2020 2017 Siemens: Milford, OH — 4,137 23,153 — 27,290 3,040 12/21/2020 1991 Spinx: Simpsonville, SC 1,787 591 969 — 1,560 267 1/24/2013 2012 Steinhafels: Greenfield, WI 7,326 1,783 7,643 — 9,426 653 12/21/2020 1991 Madison, WI 11,032 3,227 8,531 — 11,758 509 12/16/2021 2017 Sunoco: Palm City, FL 3,465 667 1,698 — 2,365 457 4/12/2013 2011 SuperValu: Oglesby, IL 12,688 2,505 11,777 — 14,282 857 12/16/2021 1996 Take 5: Andrews, TX 879 230 862 — 1,092 74 12/21/2020 1994 Bedford, TX 897 283 837 — 1,120 87 12/21/2020 2009 Burleson, TX 1,117 471 936 — 1,407 92 12/21/2020 1994 Burleson, TX 824 201 837 — 1,038 75 12/21/2020 2010 Burleson, TX 641 394 407 — 801 72 12/21/2020 2003 Cedar Hill, TX 788 250 705 — 955 65 12/21/2020 1985 Hereford, TX 824 50 995 — 1,045 83 12/21/2020 1993 Irving, TX 458 120 445 — 565 40 12/21/2020 1989 Irving, TX 824 210 818 — 1,028 72 12/21/2020 1987 Lubbock, TX 1,264 151 1,428 — 1,579 116 12/21/2020 2002 Midland, TX 1,667 192 1,861 — 2,053 151 12/21/2020 1995 Mineral Wells, TX 1,117 131 1,263 — 1,394 104 12/21/2020 2019 Teradata: Miami Township, OH — 1,615 5,250 — 6,865 391 12/16/2021 2010 TGI Friday’s: Wilmington, DE 2,740 1,685 969 — 2,654 251 6/27/2014 1991 Time Warner: Streetsboro, OH — 1,009 5,602 — 6,611 342 12/16/2021 2003 Tire Kingdom: Summerville, SC 2,161 1,208 1,233 — 2,441 279 9/1/2015 2005 Tractor Supply: Ashland, VA 3,033 500 2,696 175 3,371 753 11/22/2013 2013 Blytheville, AR 2,564 780 2,660 175 3,615 309 12/21/2020 2002 Cambridge, MN 2,373 807 1,272 203 2,282 491 5/14/2012 2012 Carlyle, IL 2,344 707 2,386 175 3,268 302 12/21/2020 2015 Fortuna, CA 4,483 568 3,819 175 4,562 1,012 6/27/2014 2014 Logan, WV 2,985 597 3,232 175 4,004 324 12/21/2020 2006 Lumberton, NC 2,754 611 2,007 175 2,793 638 5/24/2013 2013 Monticello, FL 2,608 448 1,916 175 2,539 609 6/20/2013 2013 Shelbyville, IL 2,330 586 2,576 175 3,337 293 12/21/2020 2017 South Hill, VA 2,857 630 2,179 175 2,984 650 6/24/2013 2011 Weaverville, NC 4,183 867 3,138 277 4,282 915 9/13/2013 2006 Initial Costs to Company Gross Amount at Which Carried Buildings, Fixtures and Total Adjustment At December 31, 2023 Accumulated Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed United Oil: Bellflower, CA $ 1,919 $ 1,246 $ 788 $ — $ 2,034 $ 185 9/30/2014 2001 Brea, CA 2,879 2,393 658 — 3,051 153 9/30/2014 1984 Carson, CA 5,355 2,354 4,821 — 7,175 433 12/21/2020 1958 El Cajon, CA 1,853 1,533 568 — 2,101 133 9/30/2014 2008 El Cajon, CA 1,648 1,225 368 — 1,593 86 9/30/2014 2000 Fallbrook, CA 3,538 1,266 3,458 — 4,724 281 12/21/2020 1958 Harbor City, CA 3,297 1,359 3,047 — 4,406 253 12/21/2020 2014 Hawthorne, CA 1,993 896 1,764 — 2,660 147 12/21/2020 2001 La Habra, CA 2,403 1,971 571 — 2,542 133 9/30/2014 2000 Lakewood, CA 3,663 2,499 2,400 — 4,899 219 12/21/2020 1973 Lawndale, CA 2,198 1,462 862 — 2,324 201 9/30/2014 2001 Long Beach, CA 2,747 1,088 2,582 — 3,670 218 12/21/2020 1990 Los Angeles, CA 3,223 1,927 1,484 — 3,411 347 9/30/2014 2007 Los Angeles, CA 2,747 2,182 701 — 2,883 164 9/30/2014 1964 Los Angeles, CA 3,773 2,435 2,614 — 5,049 220 12/21/2020 1982 Los Angeles, CA 4,117 2,016 3,486 — 5,502 284 12/21/2020 1965 Norco, CA 3,157 1,852 1,489 — 3,341 348 9/30/2014 1995 San Clemente, CA 4,183 2,036 3,561 — 5,597 296 12/21/2020 1973 San Diego, CA 2,264 1,362 1,662 — 3,024 147 12/21/2020 1959 San Diego, CA 3,568 1,547 3,218 — 4,765 266 12/21/2020 2011 San Diego, CA 4,872 2,409 4,105 — 6,514 356 12/21/2020 1976 San Diego, CA 2,608 1,877 883 — 2,760 206 9/30/2014 2006 Santa Ana, CA 2,542 1,629 1,766 — 3,395 156 12/21/2020 2000 Vista, CA 2,264 2,063 334 — 2,397 78 9/30/2014 1986 Vista (Vista), CA 2,198 2,028 418 — 2,446 98 9/30/2014 2010 Whittier, CA 2,469 1,629 985 — 2,614 230 9/30/2014 1997 Vacant: Sanford, FL — 1,031 1,807 (1,861) 977 72 10/23/2012 1999 Valeo North American HQ: Troy, MI — 1,880 9,813 — 11,693 909 12/16/2021 2007 Valeo Production Facility: East Liberty, OH — 357 4,989 46 5,392 341 12/16/2021 2016 Valvoline HQ: Lexington, KY — 5,558 41,234 — 46,792 3,305 12/16/2021 2016 Walgreens: Austintown, OH 3,568 637 4,173 — 4,810 1,096 8/19/2013 2002 Dearborn Heights, MI 6,058 2,236 3,411 — 5,647 922 7/9/2013 2008 Fort Madison, IA 3,480 514 3,723 — 4,237 988 9/20/2013 2008 Las Vegas, NV 3,861 2,325 3,262 70 5,657 870 9/26/2013 1999 Lawton, OK 2,765 860 2,539 106 3,505 700 7/3/2013 1998 Little Rock, AR 4,395 548 4,676 — 5,224 1,120 6/30/2014 2011 Lubbock, TX 3,535 565 3,257 103 3,925 946 10/11/2012 2000 Metropolis, IL 4,095 284 4,991 — 5,275 1,174 8/8/2014 2009 Sacramento, CA 3,231 324 2,669 — 2,993 668 6/30/2014 2008 Initial Costs to Company Gross Amount at Which Carried Buildings, Fixtures and Total Adjustment At December 31, 2023 Accumulated Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Walgreens (continued): San Antonio, TX $ 6,904 $ 1,417 $ 7,932 $ — $ 9,349 $ 640 12/21/2020 2005 Suffolk, VA 4,029 1,261 3,461 — 4,722 1,088 5/14/2012 2007 Walmart: Anderson, SC 9,538 2,424 9,719 — 12,143 1,983 11/5/2015 2015 Florence, SC 8,835 2,013 9,225 — 11,238 1,874 11/5/2015 2015 Tallahassee, FL 11,095 14,823 — — 14,823 — 12/11/2012 2008 Weasler Engineering: West Bend, WI 11,677 1,019 13,390 — 14,409 949 12/16/2021 2016 Wendy’s: Grafton, VA 1,583 539 894 — 1,433 223 6/27/2014 1985 $ 758,520 $ 320,729 $ 825,394 $ (10,128) $ 1,135,995 $ 116,397 ____________________________________ (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 $1.1 billion. (d) The following is a reconciliation of total real estate carrying value for the years ended December 31 (in thousands): 2023 2022 2021 Balance, beginning of period $ 2,041,696 $ 2,362,175 $ 3,371,926 Additions Acquisitions — — 752,272 Improvements 619 1,245 3,785 Total additions $ 619 $ 1,245 $ 756,057 Less: Deductions Cost of real estate sold 884,128 305,071 426,436 Other (including provisions for impairment of real estate assets) 22,192 16,653 1,339,372 Total deductions 906,320 321,724 1,765,808 Balance, end of period $ 1,135,995 $ 2,041,696 $ 2,362,175 (e) Gross intangible lease assets of $154.2 million and the associated accumulated amortization of $52.8 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): 2023 2022 2021 Balance, beginning of period $ 179,855 $ 158,354 $ 298,364 Additions Acquisitions - Depreciation expense for building, acquisitions costs and tenant improvements acquired 26,011 41,627 61,868 Improvements - Depreciation expense for tenant improvements and building equipment 3,218 5,270 5,140 Total additions $ 29,229 $ 46,897 $ 67,008 Deductions Cost of real estate sold 85,919 22,508 43,600 Other (including provisions for impairment of real estate assets) 6,768 2,888 163,418 Total deductions 92,687 25,396 207,018 Balance, end of period $ 116,397 $ 179,855 $ 158,354 (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.

Schedule IV - Mortgage Loans On

Schedule IV - Mortgage Loans On Real Estate	12 Months Ended
	Dec. 31, 2023
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 2023 (d) "Interest" First mortgage loan Office / Duluth, Georgia + 3.25% 2/1/2025 P/I N/A $ 50,643 $ 50,536 $ — First mortgage loan Office / Dallas, Texas + 3.85% 9/8/2025 P/I N/A 90,513 90,173 — First mortgage loan Office / Orlando, Florida + 4.10% 10/9/2025 P/I N/A 71,730 71,510 — First mortgage loan Office / San Diego, California + 4.66% 12/7/2025 P/I N/A 108,309 107,827 — First mortgage loan (e) Office / Houston, Texas + 2.00% 11/7/2024 P/I N/A 86,739 86,739 — First mortgage loan (e) Office / Houston, Texas + 2.55% 11/7/2024 P/I N/A 18,261 18,261 — First mortgage loan Office / Irvine, California + 3.55% 7/7/2026 P/I N/A 174,769 174,134 — First mortgage loan Office / Bethesda, Maryland + 3.86% 9/16/2026 P/I N/A 57,508 57,145 — First mortgage loan Multifamily / Fort Lauderdale, Florida + 1.47% - 6.82% 10/7/2025 P/I N/A 199,930 199,244 — First mortgage loan Multifamily / Los Angeles, California + 2.60% 10/7/2025 P/I N/A 123,000 122,855 — First mortgage loan Retail / Glendale, New York + 4.26% 11/7/2026 P/I N/A 65,000 64,747 — First mortgage loan Multifamily / San Jose, California + 3.00% 11/7/2024 P/I N/A 146,205 145,836 — First mortgage loan Multifamily / Arlington, Virginia + 2.75% 12/15/2026 P/I N/A 88,180 87,874 — First mortgage loan Multifamily / Brooklyn, New York + 3.61% 12/17/2026 P/I N/A 60,750 60,491 — First mortgage loan (f) Multifamily / Brooklyn, New York + 3.61% 12/17/2026 P/I N/A 20,250 20,164 — First mortgage loan Office / McLean, Virginia + 3.41% 2/5/2027 P/I N/A 129,977 129,158 — First mortgage loan Multifamily / Gainesville, Florida + 3.20% 1/7/2027 P/I N/A 70,908 70,661 — First mortgage loan Office / Boston, Massachusetts + 2.90% 1/7/2027 P/I N/A 135,009 134,220 — First mortgage loan Multifamily / Miami, Florida + 2.60% 1/7/2027 P/I N/A 154,000 153,485 — First mortgage loan Multifamily / Nashville, Tennessee + 3.00% 1/7/2027 P/I N/A 118,749 118,358 — First mortgage loan Office / Tampa, Florida + 3.28% 2/7/2027 P/I N/A 173,690 172,852 — First mortgage loan Office / Atlanta, Georgia + 3.40% 3/7/2027 P/I N/A 270,269 268,689 — First mortgage loan Office / Phoenix, Arizona + 3.34% 4/7/2027 P/I N/A 304,703 302,699 — First mortgage loan Mixed-Use / Alpharetta, Georgia + 4.70% 4/7/2027 P/I N/A 69,355 68,966 — First mortgage loan Multifamily / Phoenix, Arizona + 3.05% 5/7/2027 P/I N/A 145,519 144,916 — First mortgage loan Office / Washington D.C. + 4.00% 6/6/2027 P/I N/A 185,350 184,274 — First mortgage loan Industrial / Spanish Fork, Utah + 3.50% 7/7/2025 P/I N/A 81,000 80,668 — First mortgage loan Self-Storage / Various + 3.95% 9/7/2027 P/I N/A 61,120 60,722 — First mortgage loan Industrial / Various + 2.40% 8/9/2027 P/I N/A 269,430 264,104 — First mortgage loan Hospitality / Orlando, Florida + 4.40% 9/7/2028 P/I N/A 34,950 34,619 — First mortgage loan Hospitality / Tampa, Florida + 4.15% 8/7/2028 P/I N/A 25,900 25,627 — First mortgage loan Multifamily / Los Angeles, California + 3.25% 1/5/2029 P/I N/A 47,500 47,245 — 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 2023 (d) "Interest" First mortgage loan Hospitality / Philadelphia, Pennsylvania + 4.05% 1/7/2029 P/I N/A $ 29,900 $ 29,552 $ — Total loans $ 3,669,116 $ 3,648,351 $ — Current expected credit losses (g) — (109,240) — Total loans, net $ 3,669,116 $ 3,539,111 $ — ____________________________________ (a) Expressed as a spread over the relevant floating benchmark rates, which include 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 $3.6 billion as of December 31, 2023. (e) As of December 31, 2023, the first mortgage loan was in maturity default. During January 2024, the loan was refinanced with a fully extended maturity date of January 7, 2028 and is no longer in maturity default. Upon closing of the refinance, the accrued default interest was waived. (f) As of December 31, 2023, 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. (g) As of December 31, 2023, the Company’s current expected credit losses related to its loans held-for-investment totaled $132.6 million, $109.2 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, 2023 2022 2021 Balance, beginning of period $ 3,264,841 $ 1,958,655 $ 428,393 Additions during period: New loans 483,099 1,401,539 1,810,166 Capitalized interest — 62 — Accretion of fees and other items 8,726 9,896 2,998 Total additions $ 491,825 $ 1,411,497 $ 1,813,164 Less: Deductions during period: Collections of principal (120,394) (80,911) (169,094) Capitalized interest — — (9,469) Foreclosures — — (138,006) Deferred fees and other items (8,273) (13,978) (17,031) Total deductions $ (128,667) $ (94,889) $ (333,600) (Provision for) reversal of credit losses (88,888) (10,422) 50,698 Net balance, end of period $ 3,539,111 $ 3,264,841 $ 1,958,655

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 28,078	$ 143,800	$ 86,490

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
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.
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 $165.2 million and $84.0 million of interest expense, net from other (expense) income, net into expenses in the Company’s consolidated statements of operations for the years ended December 31, 2022 and December 31, 2021, respectively, driven by the Company’s current investment portfolio composition being predominantly comprised of credit investments. This reclassification of interest expense, net did not have an impact on net income or cash flow from operating activities.
Use of Estimates	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, 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, 2023 and 2022, the Company did not identify any real estate assets as held for sale. 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 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, indirectly through CMFT MT JV Holdings, LLC and CLR NP Holdings, LLC, a subsidiary of CLR, approximately 50% of the outstanding equity. Through the Unconsolidated Joint Venture, which holds approximately 91% 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. 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.
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 a consolidated joint venture arrangement (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 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 $2.2 million and $19.8 million of unsettled liquid corporate senior loan purchases as of December 31, 2023 and 2022, respectively. The Company had $13.1 million and $57.6 million in restricted cash as of December 31, 2023 and December 31, 2022, respectively. Included in restricted cash was $1.9 million and $15.4 million held by lenders in lockbox accounts, as of December 31, 2023 and 2022, respectively. As part of certain of the Company’s debt agreements, rents from certain encumbered properties and interest income from certain first mortgage loans 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 $2.0 million and $22.6 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, 2023 and 2022, respectively. In addition, the Company had a $9.2 million and a $19.6 million deposit held as cash collateral included in restricted cash as of December 31, 2023 and December 31, 2022, respectively, to be applied by Barclays Bank PLC (“Barclays”) as repayment of certain eligible assets transferred under the Master Repurchase Agreement (as defined in Note 10 — Repurchase Facilities, Notes Payable and Credit Facilities) with Barclays.
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 CMBS 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, such as market conditions. Such losses that are credit related are recorded as a current expected credit loss in increase in provision for credit losses on the Company’s consolidated statements of operations. Subsequent cumulative adverse changes in expected cash flows on the Company’s CMBS are recognized as an increase to current expected credit losses. However, the allowance is limited to the amount by which the CMBS’ amortized cost exceeds its fair value. Favorable changes in expected cash flows are recognized as a decrease to current expected credit losses. 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. Interest earned is either received in cash or capitalized to CMBS in the Company’s consolidated balance sheets. Interest is capitalized when certain conditions are met as specified in each security agreement.
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 and are adjusted for amortization of premiums and accretion of discounts to maturity. 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. 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. See the Revenue Recognition section below for additional information regarding the Company’s revenue from lending activities.
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 and CMBS 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 should 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 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. Quarterly, the Company evaluates the risk of all loans held-for-investment 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. Credit losses, if any, are estimated by calculating the difference between (i) the present value of estimated cash flows expected to be collected from the security discounted at the yield determined as of the initial acquisition date or, if since revised, as of the last date previously revised, and (ii) the net amortized cost basis of the security. Significant judgment is used in estimating future cash flows for the Company’s real estate-related securities.
Deferred Financing Costs	Deferred Financing Costs
Due to Affiliates	Due to Affiliates
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 Stock
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
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 CMBS is recognized using the effective interest method (or the modified straight-line method when it is materially consistent with the effective interest method). Interest income is comprised of interest earned on credit investments and the accretion and amortization of net loan origination fees and discounts recognized through the life of each investment. 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 and corporate senior loans is accrued as earned beginning on the settlement date. Upon the sale of a security, the realized net gain or loss is computed on the specific identification method. 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 when received or as a reduction in the amortized cost basis, based on specific facts and circumstances, until accrual is resumed when the loan becomes contractually current and the Company believes all future principal and interest will be received according to the contractual loan terms.
Income Taxes	Income Taxes
Earnings (Loss) 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,
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. On March 31, 2022, the FASB issued ASU No. 2022-02, Troubled Debt Restructurings and Vintage Disclosures (Topic 326) (“ASU 2022-02”). ASU 2022-02 eliminates the recognition and measurement guidance for troubled debt restructurings (“TDRs”) and, instead, requires that an entity evaluate (consistent with the accounting for other loan modifications) whether the modification represents a new loan or a continuation of an existing loan. The ASU also enhances existing disclosure requirements and introduces new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. The ASU became effective for the Company beginning January 1, 2023 and is generally to be applied prospectively. ASU 2022-02 did not have an impact on the Company’s consolidated financial statements for the year ended December 31, 2023. 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 (“ASU 2022-03”). 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, including interim periods within those annual periods, with early adoption permitted. The Company does not believe the adoption of ASU 2022-03 will have an impact on its consolidated financial statements and disclosures. In August 2023, the FASB issued ASU No. 2023-05, Business Combinations-Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement (“ASU 2023-05”). ASU 2023-05 applies to the formation of a joint venture and requires a joint venture to initially measure all contributions received upon its formation at fair value. The guidance is intended to reduce diversity in practice and provide users of joint venture financial statements with more decision-useful information. The amendments are effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. The Company does not believe the adoption of ASU 2023-05 will have a material impact on its consolidated financial statements and disclosures. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 enhances the disclosures required for reportable segments on an annual and interim basis. ASU 2023-07 is effective on a retrospective basis for annual periods beginning after December 15, 2023, for interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. The Company does not expect the adoption of ASU 2023-07 to have a material impact on its consolidated financial statements and disclosures.
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 CMBS by utilizing broker-dealer quotations, reported trades or valuation estimates from pricing models to determine the reported price. Pricing models for CMBS 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. A breakout of the Company’s CMBS Level 2 and Level 3 positions as of December 31, 2023 and 2022 can be found in the tables under Items Measured at Fair Value on a Recurring Basis below. 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, 2023, the estimated fair value of the Company’s debt was $3.83 billion, compared to a carrying value of $3.94 billion. The estimated fair value of the Company’s debt as of December 31, 2022 was $4.32 billion, compared to a carrying value of $4.44 billion. Derivative instruments — The Company’s derivative instruments were comprised of interest rate caps. All derivative instruments were carried at fair value and were valued using Level 2 inputs. The fair value of these instruments was determined using interest rate market pricing models. In addition, credit valuation adjustments were 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, 2023 and 2022, 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, net of 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, 2023, $445.7 million and $70.2 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, $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, 2023, the estimated fair value of the Company’s loans held-for-investment and related receivables, net was $4.32 billion, compared to its carrying value of $4.26 billion. 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. 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, 2023
Accounting Policies [Abstract]
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, 2023
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 that are required to be measured at fair value on a recurring basis as of December 31, 2023 and 2022 (in thousands): Balance as of December 31, 2023 Quoted Prices in Significant Other Significant Financial assets: CMBS $ 476,715 $ — $ 347,634 $ 129,081 Equity security 42,999 42,999 — — Total financial assets $ 519,714 $ 42,999 $ 347,634 $ 129,081 Balance as of December 31, 2022 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
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, 2023 and 2022 (in thousands): Level 3 Beginning Balance, January 1, 2022 $ 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 Balance, December 31, 2022 $ 189,901 Total gains and losses: Unrealized loss included in other comprehensive (loss) income, net (43,258) Current expected credit losses (3) (28,789) Purchases and payments received: Discounts, net 10,067 Capitalized interest income 1,160 Ending Balance, December 31, 2023 $ 129,081 ____________________________________ (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. (3) Does not include $7.1 million of unrealized losses recognized prior to January 1, 2023 that were reclassified from other comprehensive loss on the consolidated statements of comprehensive (loss) income to increase in provision for credit losses on the consolidated statements of operations during the year ended December 31, 2023.
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, 2023 and 2022 : Year Ended December 31, 2023 Year Ended December 31, 2022 Discount Rate Terminal Capitalization Rate Discount Rate Terminal Capitalization Rate 7.5% - 11.9% 7.0% - 11.4% 8.0% - 9.7% 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, 2023, 2022 and 2021 (in thousands): Year Ended December 31, 2023 2022 2021 Asset class impaired: Land $ 4,980 $ 3,553 $ 1,089 Buildings, fixtures and improvements 13,841 11,081 4,755 Intangible lease assets 1,568 1,550 311 Intangible lease liabilities 15 — (162) Condominium developments 14,675 16,137 12,085 Total impairment loss $ 35,079 $ 32,321 $ 18,078

REAL ESTATE ASSETS (Tables)

REAL ESTATE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
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

INTANGIBLE LEASE ASSETS AND L_2

INTANGIBLE LEASE ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022 (in thousands, except weighted average life remaining): As of December 31, 2023 2022 Intangible lease assets: In-place leases and other intangibles, net of accumulated amortization of $49,737 and $86,881, respectively (with a weighted average life remaining of 11.2 years and 11.1 years, respectively) $ 97,537 $ 174,954 Acquired above-market leases, net of accumulated amortization of $3,029 and $4,210, respectively (with a weighted average life remaining of 11.1 years and 12.9 years, respectively) 3,914 10,639 Total intangible lease assets, net $ 101,451 $ 185,593 Intangible lease liabilities: Acquired below-market leases, net of accumulated amortization of $5,136 and $5,575, respectively (with a weighted average life remaining of 12.1 years and 12.4 years, respectively) $ 13,354 $ 19,054
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, 2023, 2022, and 2021 (in thousands): Year Ended December 31, 2023 2022 2021 In-place lease and other intangible amortization $ 13,889 $ 24,629 $ 28,994 Above-market lease amortization $ 574 $ 1,152 $ 2,379 Below-market lease amortization $ 1,348 $ 1,990 $ 5,393
Schedule of Finite-lived Intangible Assets, Future Amortization Expense	As of December 31, 2023, 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 2024 $ 11,052 $ 424 $ 1,126 2025 10,658 424 1,120 2026 9,468 379 1,120 2027 9,073 356 1,120 2028 8,099 343 1,120 Thereafter 49,187 1,988 7,748 Total $ 97,537 $ 3,914 $ 13,354

REAL ESTATE-RELATED SECURITIES

REAL ESTATE-RELATED SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 (in thousands): Real Estate-Related Securities Amortized Cost Basis Unrealized Loss CECL Fair Value CMBS $ 593,647 $ (81,124) $ (35,808) $ 476,715 Equity security 53,388 (10,389) — 42,999 Total real estate-related securities $ 647,035 $ (91,513) $ (35,808) $ 519,714 The following table provides the activity for the real estate-related securities during the years ended December 31, 2023 and 2022 (in thousands): Amortized Cost Basis Unrealized Gain (Loss) CECL Fair Value 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 January 1, 2023 640,037 (63,646) — 576,391 Face value of real estate-related securities acquired 166,835 — — 166,835 Discounts on purchase of real estate-related securities, net of acquisition costs (2,953) — — (2,953) Amortization of discount on real estate-related securities 18,912 — — 18,912 Sale of real estate-related securities (116,797) 39,412 — (77,385) Capitalized interest income on real estate-related securities 1,160 — — 1,160 Principal payments received on real estate-related securities (2) (60,159) — — (60,159) Unrealized loss on real estate-related securities, net — (67,279) — (67,279) Current expected credit losses — — (35,808) (35,808) Real estate-related securities as of December 31, 2023 $ 647,035 $ (91,513) $ (35,808) $ 519,714 ____________________________________ (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. (2) Includes the repayment of the Company’s position in two different tranches of a CMBS instrument prior to their stated maturity dates. The scheduled maturities of the Company’s CMBS as of December 31, 2023 are as follows (in thousands): CMBS Amortized Cost Estimated Fair Value Due within one year $ 460,300 $ 356,075 Due after one year through five years 89,494 89,683 Due after five years through ten years 12,332 8,580 Due after ten years 31,521 22,377 Total $ 593,647 $ 476,715
Schedule of Allowance for Financing Receivable	The following table presents the activity in the Company’s current expected credit losses related to its position in one of two different tranches of a CMBS instrument for the year ended December 31, 2023 and 2022 (in thousands): CMBS Current expected credit losses as of January 1, 2022 $ — Provision for credit losses — Current expected credit losses as of January 1, 2023 — Provision for credit losses 35,808 Current expected credit losses as of December 31, 2023 $ 35,808 The Company’s loans held-for-investment consisted of the following as of December 31, 2023 and 2022 (dollar amounts in thousands): As of December 31, 2023 2022 First mortgage loans (1) $ 3,648,351 $ 3,285,193 Total CRE loans held-for-investment and related receivables, net 3,648,351 3,285,193 Liquid corporate senior loans 537,990 701,540 Corporate senior loans 210,722 57,165 Loans held-for-investment and related receivables, net $ 4,397,063 $ 4,043,898 Less: Current expected credit losses (132,598) (42,344) Total loans held-for-investment and related receivables, net $ 4,264,465 $ 4,001,554 ____________________________________ (1) As of December 31, 2023, first mortgage loans included $20.2 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, 2023 and 2022 (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, 2023 2022 2023 2022 2023 2022 Number of loans 33 29 237 317 21 4 Principal balance $ 3,669,116 $ 3,306,411 $ 543,837 $ 708,254 $ 214,650 $ 57,918 Net book value $ 3,539,111 $ 3,264,841 $ 518,252 $ 680,345 $ 207,102 $ 56,368 Weighted-average interest rate (3) 8.7 % 7.6 % 9.3 % 8.0 % 11.9 % 10.5 % Weighted-average maximum years to maturity 2.8 (4) 3.6 4.2 4.7 3.8 4.6 Unfunded loan commitments (5) $ 241,708 304,649 $ 152 $ 1,425 $ 30,592 $ 4,324 ____________________________________ (1) As of December 31, 2023, 100% of the Company’s CRE loans by principal balance earned a floating rate of interest, indexed to the Secured Overnight Financing Rate (“SOFR”). (2) Maximum maturity date assumes all extension options are exercised by the borrowers and assumes all relevant conditions are met for such extensions; however, the loans may be repaid prior to such date. (3) The weighted-average interest rate is based on the relevant floating benchmark plus a spread. (4) As of December 31, 2023, two of the Company’s first mortgage loans were in maturity default. During January 2024, the loans were refinanced, each with a fully extended maturity date of January 7, 2028 and are no longer in maturity default. Upon the closings of each refinance, the accrued default interest was waived. (5) 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 $2.2 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, 2023 and 2022 (dollar amounts in thousands): CRE Loans Liquid Corporate Senior Loans Corporate Senior Loans Total Loan Portfolio Balance, January 1, 2022 $ 1,958,655 $ 650,245 $ — $ 2,608,900 Loan originations and acquisitions (1) 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 (2) (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 (3) (10,422) (15,924) (797) (27,143) Balance, January 1, 2023 3,264,841 680,345 56,368 4,001,554 Loan originations and acquisitions 483,099 125,107 157,918 766,124 Sale of loans — (210,807) — (210,807) Principal repayments received (4) (120,394) (75,389) (1,196) (196,979) Capitalized interest — — 10 10 Deferred fees and other items (2) (8,273) (4,480) (3,858) (16,611) Accretion and amortization of fees and other items 8,726 2,019 683 11,428 Current expected credit losses (3) (88,888) 1,457 (2,823) (90,254) Balance, December 31, 2023 $ 3,539,111 $ 518,252 $ 207,102 $ 4,264,465 ____________________________________ (1) 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. As of December 31, 2023, the converted investment in preferred units has an outstanding balance of $67.0 million and is included in the CRE loans balance with an all-in-rate of 12.2% and an initial maturity date of October 9, 2024. (2) Other items primarily consist of purchase discounts or premiums and deferred origination expenses. (3) 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. (4) Includes the repayment of a $105.0 million first mortgage loan prior to the maturity date. As of December 31, 2023, our CRE loans had the following characteristics based on carrying values (dollar amounts in thousands): Collateral Property Type As of December 31, 2023 Office $ 1,848,219 50.5 % Multifamily 1,171,128 32.1 % Industrial 344,772 9.5 % Hospitality 89,797 2.5 % Mixed Use 68,966 1.9 % Retail 64,747 1.8 % Self-Storage 60,722 1.7 % Total first mortgage loans $ 3,648,351 100 % Less: current expected credit losses (109,240) Total first mortgage loans, net $ 3,539,111 Geographic Location As of December 31, 2023 South $ 1,429,721 39.2 % West 1,126,178 30.9 % East 767,626 21.0 % Various 324,826 8.9 % Total first mortgage loans $ 3,648,351 100 % Less: current expected credit losses (109,240) Total first mortgage loans, net $ 3,539,111 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, 2023 and 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 December 31, 2021 $ 9,930 $ — $ 5,271 $ — $ — $ — $ 15,201 Provision for credit losses 10,422 1,890 15,924 377 797 66 29,476 Current expected credit losses as of December 31, 2022 20,352 1,890 21,195 377 797 66 44,677 Provision for (reversal of) credit losses 88,888 8,172 (1,457) (374) 2,823 429 98,481 Current expected credit losses as of December 31, 2023 $ 109,240 $ 10,062 $ 19,738 $ 3 $ 3,620 $ 495 $ 143,158 ____________________________________ (1) Current expected losses for unfunded or unsettled loan commitments are included in accrued expenses and accounts payable on the accompanying consolidated balance sheets.

LOANS HELD-FOR-INVESTMENT (Tabl

LOANS HELD-FOR-INVESTMENT (Tables)	12 Months Ended
	Dec. 31, 2023
Receivables [Abstract]
Schedule of Allowance for Financing Receivable	The following table presents the activity in the Company’s current expected credit losses related to its position in one of two different tranches of a CMBS instrument for the year ended December 31, 2023 and 2022 (in thousands): CMBS Current expected credit losses as of January 1, 2022 $ — Provision for credit losses — Current expected credit losses as of January 1, 2023 — Provision for credit losses 35,808 Current expected credit losses as of December 31, 2023 $ 35,808 The Company’s loans held-for-investment consisted of the following as of December 31, 2023 and 2022 (dollar amounts in thousands): As of December 31, 2023 2022 First mortgage loans (1) $ 3,648,351 $ 3,285,193 Total CRE loans held-for-investment and related receivables, net 3,648,351 3,285,193 Liquid corporate senior loans 537,990 701,540 Corporate senior loans 210,722 57,165 Loans held-for-investment and related receivables, net $ 4,397,063 $ 4,043,898 Less: Current expected credit losses (132,598) (42,344) Total loans held-for-investment and related receivables, net $ 4,264,465 $ 4,001,554 ____________________________________ (1) As of December 31, 2023, first mortgage loans included $20.2 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, 2023 and 2022 (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, 2023 2022 2023 2022 2023 2022 Number of loans 33 29 237 317 21 4 Principal balance $ 3,669,116 $ 3,306,411 $ 543,837 $ 708,254 $ 214,650 $ 57,918 Net book value $ 3,539,111 $ 3,264,841 $ 518,252 $ 680,345 $ 207,102 $ 56,368 Weighted-average interest rate (3) 8.7 % 7.6 % 9.3 % 8.0 % 11.9 % 10.5 % Weighted-average maximum years to maturity 2.8 (4) 3.6 4.2 4.7 3.8 4.6 Unfunded loan commitments (5) $ 241,708 304,649 $ 152 $ 1,425 $ 30,592 $ 4,324 ____________________________________ (1) As of December 31, 2023, 100% of the Company’s CRE loans by principal balance earned a floating rate of interest, indexed to the Secured Overnight Financing Rate (“SOFR”). (2) Maximum maturity date assumes all extension options are exercised by the borrowers and assumes all relevant conditions are met for such extensions; however, the loans may be repaid prior to such date. (3) The weighted-average interest rate is based on the relevant floating benchmark plus a spread. (4) As of December 31, 2023, two of the Company’s first mortgage loans were in maturity default. During January 2024, the loans were refinanced, each with a fully extended maturity date of January 7, 2028 and are no longer in maturity default. Upon the closings of each refinance, the accrued default interest was waived. (5) 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 $2.2 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, 2023 and 2022 (dollar amounts in thousands): CRE Loans Liquid Corporate Senior Loans Corporate Senior Loans Total Loan Portfolio Balance, January 1, 2022 $ 1,958,655 $ 650,245 $ — $ 2,608,900 Loan originations and acquisitions (1) 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 (2) (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 (3) (10,422) (15,924) (797) (27,143) Balance, January 1, 2023 3,264,841 680,345 56,368 4,001,554 Loan originations and acquisitions 483,099 125,107 157,918 766,124 Sale of loans — (210,807) — (210,807) Principal repayments received (4) (120,394) (75,389) (1,196) (196,979) Capitalized interest — — 10 10 Deferred fees and other items (2) (8,273) (4,480) (3,858) (16,611) Accretion and amortization of fees and other items 8,726 2,019 683 11,428 Current expected credit losses (3) (88,888) 1,457 (2,823) (90,254) Balance, December 31, 2023 $ 3,539,111 $ 518,252 $ 207,102 $ 4,264,465 ____________________________________ (1) 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. As of December 31, 2023, the converted investment in preferred units has an outstanding balance of $67.0 million and is included in the CRE loans balance with an all-in-rate of 12.2% and an initial maturity date of October 9, 2024. (2) Other items primarily consist of purchase discounts or premiums and deferred origination expenses. (3) 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. (4) Includes the repayment of a $105.0 million first mortgage loan prior to the maturity date. As of December 31, 2023, our CRE loans had the following characteristics based on carrying values (dollar amounts in thousands): Collateral Property Type As of December 31, 2023 Office $ 1,848,219 50.5 % Multifamily 1,171,128 32.1 % Industrial 344,772 9.5 % Hospitality 89,797 2.5 % Mixed Use 68,966 1.9 % Retail 64,747 1.8 % Self-Storage 60,722 1.7 % Total first mortgage loans $ 3,648,351 100 % Less: current expected credit losses (109,240) Total first mortgage loans, net $ 3,539,111 Geographic Location As of December 31, 2023 South $ 1,429,721 39.2 % West 1,126,178 30.9 % East 767,626 21.0 % Various 324,826 8.9 % Total first mortgage loans $ 3,648,351 100 % Less: current expected credit losses (109,240) Total first mortgage loans, net $ 3,539,111 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, 2023 and 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 December 31, 2021 $ 9,930 $ — $ 5,271 $ — $ — $ — $ 15,201 Provision for credit losses 10,422 1,890 15,924 377 797 66 29,476 Current expected credit losses as of December 31, 2022 20,352 1,890 21,195 377 797 66 44,677 Provision for (reversal of) credit losses 88,888 8,172 (1,457) (374) 2,823 429 98,481 Current expected credit losses as of December 31, 2023 $ 109,240 $ 10,062 $ 19,738 $ 3 $ 3,620 $ 495 $ 143,158 ____________________________________ (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, 2023 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, 2023 Number of Loans 2023 2022 2021 2020 2019 Total First mortgage loans by internal risk rating: 1 — $ — $ — $ — $ — $ — $ — 2 1 — — — 90,173 — 90,173 3 27 401,147 1,203,118 1,205,859 71,510 50,536 2,932,170 4 3 — 80,668 281,961 — — 362,629 5 2 — — 263,379 — — 263,379 Total first mortgage loans 33 401,147 1,283,786 1,751,199 161,683 50,536 3,648,351 Liquid corporate senior loans by internal risk rating: 1 — — — — — — — 2 2 — — — 5,246 — 5,246 3 223 69,366 101,774 251,968 85,105 — 508,213 4 7 1,094 1,905 8,347 2,880 — 14,226 5 5 (2) — 7,241 3,064 — — 10,305 Total liquid corporate senior loans 237 70,460 110,920 263,379 93,231 — 537,990 Corporate senior loans by internal risk rating: 1 — — — — — — — 2 — — — — — — — 3 21 154,146 56,576 — — — 210,722 4 — — — — — — — 5 — — — — — — — Total corporate senior loans 21 154,146 56,576 — — — 210,722 Less: Current expected credit losses (132,598) Total loans-held-for-investment and related receivables, net 291 $ 4,264,465 Weighted Average Risk Rating (3) 3.2 ____________________________________ (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, 2023, five of the Company’s liquid corporate senior loan investments were on nonaccrual status with an aggregate carrying value of $10.3 million, which represented less than 2% 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.

REPURCHASE FACILITIES, NOTES _2

REPURCHASE FACILITIES, NOTES PAYABLE AND CREDIT FACILITIES (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes the debt balances as of December 31, 2023 and 2022, and the debt activity for the year ended December 31, 2023 (in thousands): During the Year Ended December 31, 2023 Balance as of December 31, 2022 Debt Issuances & Assumptions (1) Repayments & Modifications (2) Amortization Balance as of December 31, 2023 Notes payable – fixed rate debt $ 36,538 $ — $ (36,538) $ — $ — Notes payable – variable rate debt 465,517 204,593 (47,269) — 622,841 First lien mortgage loan 121,940 — (121,940) — — ABS mortgage notes 763,035 — (4,515) — 758,520 Credit facilities 738,500 110,000 (358,000) — 490,500 Repurchase facilities 2,318,381 231,272 (482,389) — 2,067,264 Total debt 4,443,911 545,865 (1,050,651) — 3,939,125 Deferred costs – credit facility (3) (740) — 679 (4) 61 — Deferred costs – fixed rate debt and first lien mortgage loan (1,109) — 702 (4) 407 — Deferred costs – variable rate debt (5,261) (710) 2,397 (4) 758 (2,816) Deferred costs – ABS mortgage notes (13,968) (697) — 2,079 (12,586) Total debt, net $ 4,422,833 $ 544,458 $ (1,046,873) $ 3,305 $ 3,923,723 ____________________________________ (1) Includes deferred financing costs incurred during the period. (2) In connection with the repayment of certain mortgage notes and the termination of the CMFT Credit Facility (defined below), the Company recognized a loss on extinguishment of debt of $7.8 million during the year ended December 31, 2023, which included approximately $1.0 million in prepayment penalties. (3) Deferred costs related to the term portion of the CMFT Credit Facility. (4) In connection with the repayment of certain mortgage notes and the termination of the CMFT Credit Facility, the Company wrote off $3.8 million of unamortized deferred loan costs. For more information regarding the Company’s debt activity during the year ended December 31, 2022, see Notes to Con s o lidated Fin ancial Statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The following table is a summary of the Note on Note Financing Arrangements as of December 31, 2023 (dollar amounts in thousands): Note on Note Financing Arrangement Date of Agreement Maturity Date Remaining Extension Options (1) Weighted Average Interest Rate Loans Financed under Note on Note Financing Amount Financed Citibank 6/16/2023 8/9/2024 3/1 yr. 6.7% $ 98,149 $ 73,612 Barclays 10/20/2023 8/9/2024 3/1 yr. 6.7% 171,281 128,460 Mass Mutual 3/16/2022 (2) N/A 7.5% 533,739 420,769 Total $ 803,169 $ 622,841 ____________________________________ (1) Represents the number of extension options remaining and the term of each option. (2) Borrowings under the Mass Mutual Financing mature on various dates from July 2027 through January 2028. 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, 2023 (dollar amounts in thousands): Repurchase Facility Date of Agreement Maturity Date Remaining Extension Options (1) Maximum Facility Size Weighted Average Interest Rate Loans Financed under Repurchase Facility (2) Amount Financed Citibank 6/4/2020 8/17/2024 2/1 yr. $ 70,485 7.5% (3) $ 195,694 $ 63,265 Citibank 12/19/2023 12/19/2025 2/1 yr. 579,515 7.1% (3) 323,873 242,136 Barclays 9/21/2020 9/22/2025 2/1 yr. 558,947 7.2% (3) 861,295 488,759 Barclays 12/4/2023 12/4/2026 2/1 yr. 691,053 7.3% (3) 300,163 215,309 Wells Fargo 5/20/2021 8/30/2025 2/1 yr. 750,000 7.0% (3) 902,051 689,992 Deutsche Bank 10/8/2021 10/8/2024 3/1 yr. 300,000 7.7% (3) 232,720 168,201 J.P. Morgan 6/1/2022 (4) (4) — (4) 6.6% (5) 347,635 199,602 Total $ 2,950,000 $ 3,163,431 $ 2,067,264 __________________________________ (1) Represents the number of extension options remaining and the term of each option. (2) CRE mortgage loan balances financed under the Repurchase Facilities with Citibank, Barclays, Wells Fargo and Deutsche Bank reflect the aggregate outstanding principal balance while the CMBS balance financed under the J.P. Morgan Repurchase Facility (as defined below) reflects fair value. (3) Advances under the Repurchase Agreements accrue interest at per annum rates based on Term SOFR (as such term is defined in the applicable Repurchase Agreement) or the daily compounded SOFR plus a spread ranging from 1.30% to 3.00% to be determined on a case-by-case basis between Citibank, Barclays, Wells Fargo, or Deutsche Bank and the CMFT Lending Subs. (4) 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. (5) 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, 2023, ranges from 1.05% to 1.45%.
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, 2023 (in thousands): Year Ending December 31, Principal Repayments 2024 $ 633,140 2025 1,420,887 2026 215,309 2027 790,429 2028 424,248 Thereafter 455,112 Total $ 3,939,125

SUPPLEMENTAL CASH FLOW DISCLO_2

SUPPLEMENTAL CASH FLOW DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Supplemental cash flow disclosures for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands): Year Ended December 31, 2023 2022 2021 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Distributions declared and unpaid $ 16,047 $ 14,828 $ 13,252 Accrued capital expenditures $ 544 $ 249 $ 5,902 Construction reserve allocation $ (190) $ (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) Accrued deferred financing costs $ 132 $ 247 $ 12 Common stock issued through distribution reinvestment plan $ 42,879 $ 38,912 $ 25,784 Common stock issued in connection with mergers $ — $ — $ 538,703 Change in fair value of derivative instruments $ — $ 2,252 $ 5,907 Change in fair value of real estate-related securities $ (32,617) $ (51,304) $ 1,650 Conversion of preferred units to loans held-for-investment $ — $ 68,242 $ — Interest rate swaps assumed in mergers $ — $ — $ (2,719) Debt assumed in mergers $ — $ — $ 437,877 Real estate assets acquired in mergers $ — $ — $ 906,254 Assets assumed in mergers $ — $ — $ 69,058 Liabilities assumed in mergers $ — $ — $ 5,184 Non-controlling interest assumed in mergers $ — $ — $ 1,073 Supplemental Cash Flow Disclosures: Interest paid $ 247,521 $ 146,947 $ 72,533 Cash paid for taxes $ 1,115 $ 1,301 $ 1,093

RELATED-PARTY TRANSACTIONS AN_2

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 2022 2021 Management fees $ 50,975 $ 52,564 $ 47,020 Expense reimbursements to related parties (1) $ 13,285 $ 16,567 $ 11,624 ____________________________________ (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 consolidated statements of operations.

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of Distribution Amount Per Share	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 August 2020 December 2021 $0.0303 January 2022 September 2022 $0.0305 October 2022 December 2022 $0.0339 January 2023 September 2023 $0.0350 October 2023 December 2023 $0.0367 January 2024 June 2024 $0.0375

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023, 2022 and 2021: Year Ended December 31, Character of Distributions: 2023 2022 2021 Ordinary dividends 97 % 90 % 22 % Nondividend distributions 3 % 10 % 36 % Capital gain distributions — % — % 42 % Total 100 % 100 % 100 %

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Schedule of Future Minimum Rental Income from Operating Leases	As of December 31, 2023, 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 2024 $ 86,900 2025 86,565 2026 83,751 2027 82,688 2028 78,865 Thereafter 557,657 Total $ 976,426
Schedule of Components of Lease Income	Rental and other property income during the years ended December 31, 2023, 2022 and 2021 consisted of the following (in thousands): Year Ended December 31, 2023 2022 2021 Fixed rental and other property income (1) $ 106,755 $ 192,982 $ 252,422 Variable rental and other property income (2) 8,624 20,407 42,742 Total rental and other property income $ 115,379 $ 213,389 $ 295,164 __________________________________ (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, 2023
Segment Reporting [Abstract]
Schedule of Segment Information	The following tables present segment reporting for the years ended December 31, 2023, 2022 and 2021 (in thousands): Year Ended December 31, 2023 Real Estate Credit Corporate/Other (1) Company Total Revenues: Rental and other property income $ 115,056 $ — $ 323 $ 115,379 Interest income — 453,480 — 453,480 Total revenues 115,056 453,480 323 568,859 Expenses: General and administrative 709 3,952 12,911 17,572 Interest expense, net 22,884 233,615 4,269 260,768 Property operating 5,203 — 8,147 13,350 Real estate tax 3,430 — 1,408 4,838 Expense reimbursements to related parties — — 13,285 13,285 Management fees 10,702 40,273 — 50,975 Transaction-related 10 212 3,431 3,653 Depreciation and amortization 42,532 — — 42,532 Real estate impairment 20,404 — 14,675 35,079 Increase in provision for credit losses — 134,289 — 134,289 Total expenses 105,874 412,341 58,126 576,341 Other income (expense) Gain on disposition of real estate and condominium developments, net 49,731 — 3,610 53,341 Gain on investment in unconsolidated entities — 11,723 — 11,723 Unrealized gain on equity security — 4,751 — 4,751 Other (expense) income, net (4,380) (31,984) 9,905 (26,459) Loss on extinguishment of debt (1,192) (2,164) (4,432) (7,788) Total other income (expense) 44,159 (17,674) 9,083 35,568 Segment net income (loss) 53,341 23,465 (48,720) 28,086 Segment net income attributable to non-controlling interest 8 — — 8 Segment net income (loss) attributable to the Company $ 53,333 $ 23,465 $ (48,720) $ 28,078 Total assets as of December 31, 2023 $ 1,156,761 $ 5,091,365 $ 198,350 $ 6,446,476 __________________________________ (1) Includes condominium and rental units acquired via foreclosure during the year ended December 31, 2021. Year Ended December 31, 2022 Real Estate Credit Corporate/Other (1) (2) Company Total Revenues: 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 Expenses: General and administrative 553 807 14,004 15,364 Interest expense, net 41,295 110,303 13,612 165,210 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 expenses 176,207 171,624 68,213 416,044 Other income (expense): Gain on disposition of real estate and condominium developments, net 117,763 — 4,139 121,902 Gain on investment in unconsolidated entities — 6,780 5,172 11,952 Unrealized (loss) gain on equity security — (15,139) 22 (15,117) Other income, net 5,012 3,395 264 8,671 Loss on extinguishment of debt (18,646) — (998) (19,644) Total other income (expense) 104,129 (4,964) 8,599 107,764 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 Revenues: 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 Expenses: General and administrative 317 1,268 13,493 15,078 Interest expense, net 38,553 19,902 25,594 84,049 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 expenses 234,569 37,823 84,345 356,737 Other income (expense): Gain on disposition of real estate and condominium developments, net 77,178 — 5,867 83,045 Merger-related expenses, net — — (1,404) (1,404) Gain on investment in unconsolidated entities — — 606 606 Other income (expense), net 1,531 (1,376) (5) 150 Loss on extinguishment of debt (1,628) — (3,267) (4,895) Total other income (expense) 77,081 (1,376) 1,797 77,502 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.

ORGANIZATION AND BUSINESS (Deta

ORGANIZATION AND BUSINESS (Details) $ / shares in Units, ft² in Millions	12 Months Ended	24 Months Ended
	Dec. 31, 2023 USD ($) ft² loan state property $ / shares shares	Apr. 04, 2014 shares	Feb. 29, 2024 USD ($) $ / shares	Jan. 31, 2024 $ / shares	Dec. 31, 2022 USD ($) shares	Dec. 29, 2022 state	Dec. 31, 2021 USD ($)	Dec. 20, 2021 state	Dec. 16, 2021 $ / shares	Aug. 02, 2016 USD ($)	Jun. 30, 2016 USD ($) shares	Dec. 19, 2013 USD ($)	Jan. 26, 2012 USD ($)
Organization and Business [Line Items]
Number of loans | loan	291
Total loans-held-for-investment and related receivables, net	$ 4,264,465,000				$ 4,001,554,000		$ 2,608,900,000
Investments in real estate-related securities	$ 519,714,000				576,391,000		105,471,000
Number of real estate properties | property	192
Rentable commercial space (sqft) | ft²	6.2
Number of states in which entity owns properties | state	37					34		27
Percentage of rentable space leased	99.90%
Real estate investment property, at cost	$ 1,377,793,000				$ 2,448,874,000
Common stock, shares issued (in shares) | shares	437,254,715	297,400,000			437,397,414
Common stock, shares deregistered (shares) | shares		404,000
NAV per share (in usd per share) | $ / shares	$ 6.31								$ 7.20
Subsequent Event
Organization and Business [Line Items]
NAV per share (in usd per share) | $ / shares			$ 6.09
Share price (in usd per share) | $ / shares				$ 6.09
Senior secured mortgage loans and CMBS | Subsequent Event
Organization and Business [Line Items]
Total loans-held-for-investment and related receivables, net			$ 1,600,000,000
IPO
Organization and Business [Line Items]
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 [Line Items]
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
Remaining unsold common stock											$ 5,300,000
CCPT IV OP
Organization and Business [Line Items]
General partner partnership interest percentage	100%
Condominium Developments
Organization and Business [Line Items]
Real estate investment property, at cost	$ 87,600,000

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassifications (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Interest expense, net	$ 260,768	$ 165,210	$ 84,049

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Real Estate Assets (Details)	Dec. 31, 2023
Buildings
Real Estate Properties [Line Items]
Property, plant and equipment, useful life	40 years
Site improvements
Real Estate Properties [Line Items]
Property, plant and equipment, useful life	15 years

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Investments in Unconsolidated Entities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Mar. 30, 2022	Mar. 21, 2022	Dec. 31, 2021
NP JV Holdings | New Point JV, LLC
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest, ownership percentage by parent	91%
NP JV Holdings
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50%					50%
New Point JV, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	45%
Equity method investments	$ 126.8	$ 100.6
C I M U I I Onshore
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage				5%	5%
Equity method investments			$ 60.7

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Noncontrolling Interest In Consolidated Joint Venture (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Net income allocated to non-controlling interest	$ 8	$ 66	$ 0
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders		$ 1,147

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 260,582	$ 176,594	$ 144,173	$ 128,408
Restricted cash	13,082	57,616	$ 36,792
Cash collateral included in restricted cash	9,200	19,600
Reserves for Settlement of Loan Acquisitions
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	2,200	19,800
Restricted Lockbox Accounts
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	1,900	15,400
Escrow Deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 2,000	$ 22,600

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Real Estate-Related Securities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
GNL Common Stock
Debt Securities, Available-for-sale [Line Items]
Shares converted (in shares)	0.670
RTL Common Stock
Debt Securities, Available-for-sale [Line Items]
Dividend income, equity securities operating	$ 5.6	$ 4.1

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred Financing Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Deferred costs, net	$ 12,121	$ 16,429

SUMMARY OF SIGNIFICANT ACCOU_11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings (Loss) and Distributions Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Weighted average number diluted shares outstanding adjustment (shares)	0	0	0

SUMMARY OF SIGNIFICANT ACCOU_12

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reportable Segment (Details)	12 Months Ended
	Dec. 31, 2023 segment
Accounting Policies [Abstract]
Number of reportable segments	2

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) loan property state	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate, number of properties	6	23	12
Impairment of real estate assets	$ 20.4	$ 16.2	$ 6
Impairment of real estate, number of properties, reduced sales price | property	8
Impairment of real estate, number of properties, vacancy | property	4
Condominium Units
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate assets	$ 14.7	$ 16.1	12.1
Minimum | Terminal Capitalization Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, measurement input	7%	7.50%
Minimum | Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, measurement input	7.50%	8%
Maximum | Terminal Capitalization Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, measurement input	11.40%	9.20%
Maximum | Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, measurement input	11.90%	9.70%
First Mortgage Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
First mortgage loans, credit loss reserve	$ 57.8	$ 0	0
Number of loan investments | loan	2
First mortgage loans, carrying value	$ 263.4
First Mortgage Loans | Minimum | Terminal Capitalization Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, measurement input	7.50%
First Mortgage Loans | Minimum | Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, measurement input	8.50%
First Mortgage Loans | Maximum | Terminal Capitalization Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, measurement input	8%
First Mortgage Loans | Maximum | Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, measurement input	9.50%
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, fair value disclosure	$ 4,320	3,980
Carrying value of impaired real estate	79.8	123.9	48.9
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, fair value disclosure	4,260	4,000
Carrying value of impaired real estate	100.2	140.1	$ 54.9
Level 2 | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Company's debt	3,830	4,320
Level 2 | Fair Value | Syndicated Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, fair value disclosure	445.7	494.4
Level 2 | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Company's debt	3,940	4,440
Level 3 | Fair Value | Syndicated Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, fair value disclosure	$ 70.2	$ 168

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Fair Value, Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial assets:
CMBS	$ 476,715	$ 538,142
Total financial assets	519,714	581,431
Equity security
Financial assets:
Equity security	42,999	38,249
Interest rate caps
Financial assets:
Interest rate caps		5,040
Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial assets:
CMBS	0	0
Total financial assets	42,999	38,249
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity security
Financial assets:
Equity security	42,999	38,249
Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate caps
Financial assets:
Interest rate caps		0
Significant Other Observable Inputs (Level 2)
Financial assets:
CMBS	347,634	348,241
Total financial assets	347,634	353,281
Significant Other Observable Inputs (Level 2) | Equity security
Financial assets:
Equity security	0	0
Significant Other Observable Inputs (Level 2) | Interest rate caps
Financial assets:
Interest rate caps		5,040
Significant Unobservable Inputs (Level 3)
Financial assets:
CMBS	129,081	189,901
Total financial assets	129,081	189,901
Significant Unobservable Inputs (Level 3) | Equity security
Financial assets:
Equity security	$ 0	0
Significant Unobservable Inputs (Level 3) | Interest rate caps
Financial assets:
Interest rate caps		$ 0

FAIR VALUE MEASUREMENTS - Level

FAIR VALUE MEASUREMENTS - Level 3 Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
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 loss included in other comprehensive (loss) income, net
Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 189,901	$ 105,361
Total gains and losses:
Unrealized loss included in other comprehensive (loss) income, net	(43,258)	(13,426)
Current expected credit losses	(28,789)
Purchases and payments received:
Conversion of preferred units		(68,243)
Purchases		4,752
Discounts, net	10,067	1,254
Capitalized interest income	1,160	1,110
Net transfers		159,093
Ending balance	129,081	$ 189,901
Current expected credit losses	28,789
Level 3 | Reclassification
Total gains and losses:
Current expected credit losses	(7,100)
Purchases and payments received:
Current expected credit losses	$ 7,100

FAIR VALUE MEASUREMENTS - Disco

FAIR VALUE MEASUREMENTS - Discount Rates and Terminal Capitalization Rates (Details)	Dec. 31, 2023	Dec. 31, 2022
Minimum | Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, measurement input	7.50%	8%
Minimum | Terminal Capitalization Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, measurement input	7%	7.50%
Maximum | Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, measurement input	11.90%	9.70%
Maximum | Terminal Capitalization Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, measurement input	11.40%	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, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate assets	$ 35,079	$ 32,321	$ 18,078
Intangible lease liabilities	15	0	(162)
Land
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate assets	4,980	3,553	1,089
Buildings, fixtures and improvements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate assets	13,841	11,081	4,755
Intangible lease assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate assets	1,568	1,550	311
Condominium Developments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate assets	$ 14,675	$ 16,137	$ 12,085

REAL ESTATE ASSETS - Property A

REAL ESTATE ASSETS - Property Acquisition (Details) $ in Thousands		12 Months Ended
	Jan. 07, 2021 unit building	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) unit state building property loan	Jan. 31, 2021 USD ($)
Real Estate [Line Items]
Real estate investment property, at cost		$ 1,377,793	$ 2,448,874
Long-term debt		3,939,125	$ 4,443,911
Mortgage Notes Payable
Real Estate [Line Items]
Long-term debt		$ 23,700			$ 102,600
2021 Asset Acquisitions
Real Estate [Line Items]
Real estate investment property, at cost				$ 911,300
Acquisition related costs				$ 5,000
Number of real estate properties held for sale | state				5
2021 Asset Acquisitions | Fair Value
Real Estate [Line Items]
Assets held for sale				$ 66,500
Assets Acquired Via Foreclosure
Real Estate [Line Items]
Real estate investment property, at cost				191,990
Assets Acquired Via Foreclosure | Mortgage Notes Payable
Real Estate [Line Items]
Long-term debt				$ 102,600
Assets Acquired Via Foreclosure | Mezzanine Loans
Real Estate [Line Items]
Number of loans | loan				8
Commercial Real Estate
Real Estate [Line Items]
Number of properties acquired | property		0	0	115
Condominium Units | Foreclosure of Mezzanine Loans | Consolidated Properties
Real Estate [Line Items]
Number of real estate properties secured through foreclosure | unit	75
Condominium Units | Assets Acquired Via Foreclosure | Foreclosure of Mezzanine Loans | Consolidated Properties
Real Estate [Line Items]
Number of real estate properties secured through foreclosure | unit				75
Rental Unit | Foreclosure of Mezzanine Loans | Consolidated Properties
Real Estate [Line Items]
Number of real estate properties secured through foreclosure | unit	21
Rental Unit | Assets Acquired Via Foreclosure | Foreclosure of Mezzanine Loans | Consolidated Properties
Real Estate [Line Items]
Number of real estate properties secured through foreclosure | unit				21
Buildings | Foreclosure of Mezzanine Loans | Consolidated Properties
Real Estate [Line Items]
Number of real estate properties secured through foreclosure | building	4
Buildings | Assets Acquired Via Foreclosure | Foreclosure of Mezzanine Loans | Consolidated Properties
Real Estate [Line Items]
Number of real estate properties secured through foreclosure | building				4

REAL ESTATE ASSETS - Purchase P

REAL ESTATE ASSETS - Purchase Price Allocation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate [Line Items]
Land	$ 317,844	$ 578,970
Buildings, fixtures and improvements	818,151	1,462,726
Intangible lease assets	154,217	276,684
Total real estate assets, at cost	$ 1,377,793	$ 2,448,874
Below market lease, weighted average useful life	12 years 1 month 6 days	12 years 4 months 24 days
2021 Property Acquisitions
Real Estate [Line Items]
Land			$ 160,364
Buildings, fixtures and improvements			591,908
Assets held for sale			66,466
Total real estate assets, at cost			$ 911,262
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
Intangible lease assets			134
Intangible lease liabilities			(326)
Total real estate assets, at cost			191,990
Acquired in-place leases and other intangibles | 2021 Property Acquisitions
Real Estate [Line Items]
Intangible lease assets			$ 94,118
Acquired finite-lived intangible assets, weighted average useful life			10 years 2 months 12 days
Above-market lease amortization | 2021 Property Acquisitions
Real Estate [Line Items]
Intangible lease assets			$ 6,831
Acquired finite-lived intangible assets, weighted average useful life			13 years 6 months
Intangible lease liabilities | 2021 Property Acquisitions
Real Estate [Line Items]
Intangible lease liabilities			$ (8,425)

REAL ESTATE ASSETS - Condominiu

REAL ESTATE ASSETS - Condominium Development Project and Dispositions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate [Line Items]
Capitalized interest costs	$ 1,000	$ 1,700
Condominium developments	87,581	130,494
Net proceeds from disposition of real estate assets and condominium developments	966,874	1,315,176	$ 513,528
Gain on disposition of real estate, net	53,341	121,902	83,045
Condominium Units
Real Estate [Line Items]
Condominium developments	12,000	14,000
Condominium Dispositions
Real Estate [Line Items]
Aggregate gross sales price	51,200	40,700	42,300
Net proceeds from disposition of real estate assets and condominium developments	47,100	33,000	37,800
Gain on disposition of real estate, net	$ 3,600	$ 4,100	$ 5,900

REAL ESTATE ASSETS - Property D

REAL ESTATE ASSETS - Property Dispositions and Real Estate Assets Held for Sale (Details) $ / shares in Units, $ in Thousands, ft² in Millions			12 Months Ended
	Dec. 29, 2022 USD ($) ft² property state	Dec. 20, 2021 USD ($) ft² center state property $ / shares	Dec. 31, 2023 USD ($) property state $ / shares	Dec. 31, 2022 USD ($) property $ / shares	Dec. 31, 2021 USD ($) property
Real Estate [Line Items]
Number of states in which entity owns properties | state	34	27	37
Net proceeds from disposition of real estate assets and condominium developments			$ 966,874	$ 1,315,176	$ 513,528
Gain on disposition of real estate, net			53,341	121,902	83,045
Common stock, value, issued (in share)			$ 4,372	$ 4,373
Common stock, par value (in usd per share) | $ / shares			$ 0.01	$ 0.01
Property Disposition 2023
Real Estate [Line Items]
Area of real estate property | ft²	4.6
Aggregate gross sales price	$ 894,000
Proceeds from sale of productive assets in cash			$ 852,600
Earnout income on disposition			$ 5,300
Property Disposition 2023 | Properties Sold
Real Estate [Line Items]
Number of properties disposed | property			188
Disposal group total consideration			$ 925,900
Net proceeds from disposition of real estate assets and condominium developments			914,400
Gain on disposition of real estate, net			44,400
Property Disposition 2023 | AFIN
Real Estate [Line Items]
Common stock, value, issued (in share)			32,300
Purchase And Sale Agreement
Real Estate [Line Items]
Aggregate gross sales price			$ 861,000	$ 1,330,000
Number of properties disposed | property			178	81
Other receivables				$ 12,200
Property Disposition 2022
Real Estate [Line Items]
Area of real estate property | ft²		9.5
Aggregate gross sales price		$ 1,320,000
Number of properties disposed | property				2
Proceeds from sale of productive assets in cash				$ 1,280,000
Earnout income on disposition				70,000
Property Disposition 2022 | Properties Sold
Real Estate [Line Items]
Aggregate gross sales price				$ 1,690,000
Number of properties disposed | property				134
Net proceeds from disposition of real estate assets and condominium developments				$ 1,690,000
Gain on disposition of real estate, net				117,800
Property Disposition 2022 | AFIN
Real Estate [Line Items]
Common stock, value, issued (in share)		$ 53,400		$ 53,400
Common stock, par value (in usd per share) | $ / shares		$ 0.01
Property Disposition 2021 and Real Estate Assets Held for Sale
Real Estate [Line Items]
Aggregate gross sales price					$ 490,300
Number of properties disposed | property					117
Net proceeds from disposition of real estate assets and condominium developments					$ 475,800
Gain on disposition of real estate, net					$ 77,200
Single-Tenant Properties | Property Disposition 2023
Real Estate [Line Items]
Number of real estate properties held for sale | property	185
Single-Tenant Properties | Property Disposition 2022
Real Estate [Line Items]
Number of real estate properties held for sale | property		2
Retail | Property Disposition 2023 | Properties Sold
Real Estate [Line Items]
Number of properties disposed | property			184
Retail | Property Disposition 2022 | Properties Sold
Real Estate [Line Items]
Number of properties disposed | property				69
Retail | Property Disposition 2021 and Real Estate Assets Held for Sale
Real Estate [Line Items]
Number of properties disposed | property					113
Industrial | Property Disposition 2023 | Properties Sold
Real Estate [Line Items]
Number of properties disposed | property			3
Industrial | Property Disposition 2022 | Properties Sold
Real Estate [Line Items]
Number of properties disposed | property				6
Industrial | Property Disposition 2021 and Real Estate Assets Held for Sale | Properties Sold
Real Estate [Line Items]
Number of properties disposed | property					1
Shopping Center | Property Disposition 2022
Real Estate [Line Items]
Number of properties disposed | center		79
Anchored Shopping Center | Property Disposition 2022
Real Estate [Line Items]
Number of properties disposed | property				56
Anchored Shopping Center | Property Disposition 2021 and Real Estate Assets Held for Sale
Real Estate [Line Items]
Number of properties disposed | property					3
Office | Property Disposition 2023 | Properties Sold
Real Estate [Line Items]
Number of properties disposed | property			1
Office | Property Disposition 2022 | Properties Sold
Real Estate [Line Items]
Number of properties disposed | property				3

REAL ESTATE ASSETS - Impairment

REAL ESTATE ASSETS - Impairment (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) ft² state	Dec. 31, 2022 USD ($) ft² property	Dec. 31, 2021 USD ($) ft² property
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate, number of properties	6	23	12
Area of real estate property impaired | ft²	377,000	962,000	275,000
Impairment of real estate assets	$ 20.4	$ 16.2	$ 6
Condominium Units
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate assets	14.7	16.1	12.1
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate asset deemed to be impaired	100.2	140.1	54.9
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate asset deemed to be impaired	$ 79.8	$ 123.9	$ 48.9

INTANGIBLE LEASE ASSETS AND L_3

INTANGIBLE LEASE ASSETS AND LIABILITIES - Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Intangible lease assets:
Intangible lease assets	$ 101,451	$ 185,593
Intangible lease liabilities:
Acquired below market liabilities, net	13,354	19,054
Below market lease accumulated amortization	$ 5,136	$ 5,575
Below market lease, weighted average useful life	12 years 1 month 6 days	12 years 4 months 24 days
In-place leases and other intangibles
Intangible lease assets:
Intangible lease assets	$ 97,537	$ 174,954
Accumulated amortization of intangible lease assets	$ 49,737	$ 86,881
Useful life	11 years 2 months 12 days	11 years 1 month 6 days
Above-market lease amortization
Intangible lease assets:
Intangible lease assets	$ 3,914	$ 10,639
Accumulated amortization of intangible lease assets	$ 3,029	$ 4,210
Useful life	11 years 1 month 6 days	12 years 10 months 24 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, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Below-market lease amortization	$ 1,348	$ 1,990	$ 5,393
In-place lease and other intangible amortization
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	13,889	24,629	28,994
Above-market lease amortization
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 574	$ 1,152	$ 2,379

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, 2023	Dec. 31, 2022
Amortization, In-Place Leases and Other Intangibles, Above-Market Leases
Total	$ 101,451	$ 185,593
Amortization, Below-Market Leases
2024	1,126
2025	1,120
2026	1,120
2027	1,120
2028	1,120
Thereafter	7,748
Total	13,354	19,054
In-place lease and other intangible amortization
Amortization, In-Place Leases and Other Intangibles, Above-Market Leases
2024	11,052
2025	10,658
2026	9,468
2027	9,073
2028	8,099
Thereafter	49,187
Total	97,537	174,954
Above-market lease amortization
Amortization, In-Place Leases and Other Intangibles, Above-Market Leases
2024	424
2025	424
2026	379
2027	356
2028	343
Thereafter	1,988
Total	$ 3,914	$ 10,639

INVESTMENTS IN UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Details) - USD ($) $ in Thousands	12 Months Ended			26 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023	Mar. 31, 2022	Mar. 30, 2022	Mar. 21, 2022
Schedule of Equity Method Investments [Line Items]
Gain on investment in unconsolidated entities	$ 11,723	$ 11,952	$ 606
Return on investment in unconsolidated entities	11,723	7,312	497
Return of investment in unconsolidated entities	13,858	39,221	0
Proceeds from investment distribution, return on investment	11,700
Investment distribution, return of investment	13,900
Unfunded Loan Commitment
Schedule of Equity Method Investments [Line Items]
Unfunded loan commitments	272,500			$ 272,500
NP JV Holdings | Unfunded Loan Commitment
Schedule of Equity Method Investments [Line Items]
Unfunded loan commitments	$ 88,400			$ 88,400
New Point JV, LLC | NP JV Holdings
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest, ownership percentage by parent	91%			91%
C I M U I I Onshore
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage						5%	5%
Equity method investments					$ 60,700
Gain on investment in unconsolidated entities		5,200	$ 606
Return on investment in unconsolidated entities		531
Investments redeemed							$ 60,700
New Point JV, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	45%			45%
Equity method investments	$ 126,800	100,600		$ 126,800
Gain on investment in unconsolidated entities	$ 11,700	$ 6,800
NP JV Holdings
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50%		50%	50%
Additional equity method investments	$ 40,000			$ 40,000
Return on investment in unconsolidated entities	25,600
Return of investment in unconsolidated entities	$ 15,800			$ 55,800

REAL ESTATE-RELATED SECURITIE_2

REAL ESTATE-RELATED SECURITIES - Narrative (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2023 USD ($) loan position state security	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Sale price		$ 116,797	$ 110
Proceeds from sale of CMBS		77,385	132
Sale of real estate-related securities		(39,412)
Unrealized loss on real estate-related securities		67,279	66,421
Unrealized gain (loss) on real estate-related securities			(66,400)
Percentage reduction of collateral loan	44%
Unrealized loss from other comprehensive income			51,300
CMBS and Equity Securities
Debt Instrument [Line Items]
Unrealized loss on real estate-related securities		27,800
CMBS
Debt Instrument [Line Items]
CMBS		$ 519,700
Number of investments | security		22
Net investments in debt securities		$ (163,900)
Number of instruments sold | state		4
Unrealized loss on real estate-related securities		$ 39,400
Unrealized gain (loss) on real estate-related securities		(32,600)
Provision for (reversal of) credit losses		22,200
Amortized cost basis		$ 47,800
Number of positions with unrealized losses | position		15
CMBS | Comprehensive Income
Debt Instrument [Line Items]
Unrealized loss from other comprehensive income		$ 13,600
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		6.90%
CMBS Two | Maximum
Debt Instrument [Line Items]
Stated interest rate		12.70%
Equity security
Debt Instrument [Line Items]
Unrealized gain (loss) on real estate-related securities			$ 15,100
Unrealized gain on real estate- related securities		$ 4,800

REAL ESTATE-RELATED SECURITIE_3

REAL ESTATE-RELATED SECURITIES - Summary of Real Estate Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 647,035
Unrealized Loss	(91,513)	$ (63,646)	$ (2,797)
CECL	(35,808)	0	0
Fair Value	519,714	576,391	105,471
CMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	593,647
Unrealized Loss	(81,124)
CECL	(35,808)	$ 0	$ 0
Fair Value	476,715
Equity security
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	53,388
Unrealized Loss	(10,389)
CECL	0
Fair Value	$ 42,999

REAL ESTATE-RELATED SECURITIE_4

REAL ESTATE-RELATED SECURITIES - Activity for the Real Estate-Related Securities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 tranche	Dec. 31, 2023 debt_instrument
Amortized Cost Basis
Beginning balance	$ 640,037	$ 102,674
Face value of real estate-related securities acquired	166,835	640,793
Investment in preferred units, net		(63,490)
Premiums and discounts on purchase of real estate-related securities, net of acquisition costs	(2,953)	(33,939)
Amortization of discount on real estate-related securities	18,912	10,160
Cost basis of available for sale sold	116,797	110
Capitalized interest income on real estate-related securities	1,160	1,110
Principal payments received on real estate-related securities	(60,159)	(17,161)
Ending balance	647,035	640,037	$ 102,674
Unrealized Gain (Loss)
Beginning balance	(63,646)	(2,797)
Realized gain on sale of real estate-related securities	0	(22)	0
Sale of real estate-related securities	39,412
Unrealized loss on real estate-related securities, net	(67,279)	(66,421)
Current expected credit losses	(35,808)
Ending balance	(91,513)	(63,646)	(2,797)
CECL
Beginning balance	0	0
Current expected credit losses	(35,808)
Ending balance	(35,808)	0	0
Fair Value
Beginning balance	576,391	105,471
Face value of real estate-related securities acquired	166,835	640,793
Amortization of discount on real estate-related securities	18,912	10,160
Sale of real estate-related securities	(77,385)	(132)
Capitalized interest income on real estate-related securities	1,160	1,110
Principal payments received on real estate-related securities	(60,159)	(17,161)
Unrealized loss on real estate-related securities, net	(67,279)	(66,421)
Current expected credit losses	(35,808)
Ending balance	519,714	576,391	105,471
CMBS
Unrealized Gain (Loss)
Unrealized loss on real estate-related securities, net	(39,400)
Current expected credit losses	(35,808)	0
Ending balance	(81,124)
CECL
Beginning balance	0	0
Current expected credit losses	(35,808)	0
Ending balance	(35,808)	0	$ 0
Fair Value
Unrealized loss on real estate-related securities, net	(39,400)
Current expected credit losses	(35,808)	0
Ending balance	476,715
Number of tranches				2	2
Preferred Units
Fair Value
Equity securities	$ 67,000	$ 68,200

REAL ESTATE-RELATED SECURITIE_5

REAL ESTATE-RELATED SECURITIES - The Scheduled Maturities of Real Estate-Related Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amortized Cost
Total	$ 647,035
Estimated Fair Value
Total	519,714	$ 576,391	$ 105,471
CMBS
Amortized Cost
Due within one year	460,300
Due after one year through five years	89,494
Due after five years through ten years	12,332
Due after ten years	31,521
Total	593,647
Estimated Fair Value
Due within one year	356,075
Due after one year through five years	89,683
Due after five years through ten years	8,580
Due after ten years	22,377
Total	$ 476,715

REAL ESTATE-RELATED SECURITIE_6

REAL ESTATE-RELATED SECURITIES - Schedule of Current Expected Credit Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Beginning balance	$ 0	$ 0
Provision for credit losses	35,808
Ending balance	35,808	0
CMBS
Debt Instrument [Line Items]
Beginning balance	0	0
Provision for credit losses	35,808	0
Ending balance	$ 35,808	$ 0

LOANS HELD-FOR-INVESTMENT - Sch

LOANS HELD-FOR-INVESTMENT - Schedule of Loans Held for Investment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment and related receivables, net	$ 4,397,063	$ 4,043,898
Less: Current expected credit losses	(132,598)	(42,344)
Total loans held-for-investment and related receivables, net	4,264,465	4,001,554	$ 2,608,900
Contiguous mezzanine loan components	20,200
First Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment and related receivables, net	3,648,351	3,285,193
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	3,648,351	3,285,193
Total loans held-for-investment and related receivables, net	3,539,111	3,264,841	1,958,655
Liquid corporate senior loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment and related receivables, net	537,990	701,540
Total loans held-for-investment and related receivables, net	518,252	680,345	650,245
Corporate Senior Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment and related receivables, net	210,722	57,165
Total loans held-for-investment and related receivables, net	$ 207,102	$ 56,368	$ 0

LOANS HELD-FOR-INVESTMENT - Sta

LOANS HELD-FOR-INVESTMENT - Statistics (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	291
Net book value	$ 4,264,465	$ 4,001,554	$ 2,608,900
Loans receivable with variable rate of interest	100%
First Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loan investments | loan	2
Unfunded Loan Commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unfunded loan commitments	$ 272,500
Unfunded or Unsettled Liquid Senior Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unfunded loan commitments	$ 2,200
CRE Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	33	29
Principal balance	$ 3,669,116	$ 3,306,411
Net book value	$ 3,539,111	$ 3,264,841	1,958,655
Weighted-average interest rate (3)	8.70%	7.60%
Weighted-average maximum years to maturity	2 years 9 months 18 days	3 years 7 months 6 days
CRE Loans | First Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net book value	$ 3,539,111
CRE Loans | Unfunded Loan Commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unfunded loan commitments	$ 241,708	$ 304,649
Liquid corporate senior loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	237	317
Principal balance	$ 543,837	$ 708,254
Net book value	$ 518,252	$ 680,345	650,245
Weighted-average interest rate (3)	9.30%	8%
Weighted-average maximum years to maturity	4 years 2 months 12 days	4 years 8 months 12 days
Liquid corporate senior loans | Unfunded Loan Commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unfunded loan commitments	$ 152	$ 1,425
Corporate Senior Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	21	4
Principal balance	$ 214,650	$ 57,918
Net book value	$ 207,102	$ 56,368	$ 0
Weighted-average interest rate (3)	11.90%	10.50%
Weighted-average maximum years to maturity	3 years 9 months 18 days	4 years 7 months 6 days
Corporate Senior Loans | Unfunded Loan Commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unfunded loan commitments	$ 30,592	$ 4,324

LOANS HELD-FOR-INVESTMENT - Act

LOANS HELD-FOR-INVESTMENT - Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning Balance, Net Book Value	$ 4,001,554	$ 2,608,900
Loan originations and acquisitions	766,124	1,661,903
Sale of loans	(210,807)	(60,027)
Principal repayments received	(196,979)	(172,602)
Capitalized interest	10	62
Deferred fees and other items	(16,611)	(20,884)
Accretion and amortization of fees and other items	11,428	11,345
Current expected credit losses	(90,254)	(27,143)
Ending Balance, Net Book Value	$ 4,264,465	4,001,554
Redemption price, percentage	12.20%
Principal repayments received	$ 196,979	172,602
Preferred Units
Accounts, Notes, Loans and Financing Receivable [Line Items]
Equity securities	67,000	68,200
CRE Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning Balance, Net Book Value	3,264,841	1,958,655
Loan originations and acquisitions	483,099	1,401,539
Sale of loans	0	0
Principal repayments received	(120,394)	(80,911)
Capitalized interest	0	62
Deferred fees and other items	(8,273)	(13,978)
Accretion and amortization of fees and other items	8,726	9,896
Current expected credit losses	(88,888)	(10,422)
Ending Balance, Net Book Value	3,539,111	3,264,841
Principal repayments received	120,394	80,911
Liquid corporate senior loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning Balance, Net Book Value	680,345	650,245
Loan originations and acquisitions	125,107	184,513
Sale of loans	(210,807)	(60,027)
Principal repayments received	(75,389)	(73,758)
Capitalized interest	0	0
Deferred fees and other items	(4,480)	(5,856)
Accretion and amortization of fees and other items	2,019	1,152
Current expected credit losses	1,457	(15,924)
Ending Balance, Net Book Value	518,252	680,345
Principal repayments received	75,389	73,758
Corporate Senior Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning Balance, Net Book Value	56,368	0
Loan originations and acquisitions	157,918	75,851
Sale of loans	0	0
Principal repayments received	(1,196)	(17,933)
Capitalized interest	10	0
Deferred fees and other items	(3,858)	(1,050)
Accretion and amortization of fees and other items	683	297
Current expected credit losses	(2,823)	(797)
Ending Balance, Net Book Value	207,102	56,368
Principal repayments received	1,196	$ 17,933
First Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal repayments received	(105,000)
Principal repayments received	$ 105,000

LOANS HELD-FOR-INVESTMENT - CRE

LOANS HELD-FOR-INVESTMENT - CRE Loans on Carrying Values (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans held-for-investment and related receivables, net	$ 4,397,063	$ 4,043,898
Less: Current expected credit losses	(132,598)	(42,344)
Net book value	4,264,465	4,001,554	$ 2,608,900
First Mortgage Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Less: Current expected credit losses	(72,400)	(1,700)
CRE Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans held-for-investment and related receivables, net	3,648,351	3,285,193
Net book value	3,539,111	$ 3,264,841	$ 1,958,655
CRE Loans | First Mortgage Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans held-for-investment and related receivables, net	3,648,351
Less: Current expected credit losses	(109,240)
Net book value	$ 3,539,111
Credit loss interest rate	100%
CRE Loans | First Mortgage Loans | South
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans held-for-investment and related receivables, net	$ 1,429,721
Credit loss interest rate	39.20%
CRE Loans | First Mortgage Loans | West
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans held-for-investment and related receivables, net	$ 1,126,178
Credit loss interest rate	30.90%
CRE Loans | First Mortgage Loans | East
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans held-for-investment and related receivables, net	$ 767,626
Credit loss interest rate	21%
CRE Loans | First Mortgage Loans | Various
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans held-for-investment and related receivables, net	$ 324,826
Credit loss interest rate	8.90%
Office | CRE Loans | First Mortgage Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans held-for-investment and related receivables, net	$ 1,848,219
Credit loss interest rate	50.50%
Multifamily | CRE Loans | First Mortgage Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans held-for-investment and related receivables, net	$ 1,171,128
Credit loss interest rate	32.10%
Industrial | CRE Loans | First Mortgage Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans held-for-investment and related receivables, net	$ 344,772
Credit loss interest rate	9.50%
Hospitality | CRE Loans | First Mortgage Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans held-for-investment and related receivables, net	$ 89,797
Credit loss interest rate	2.50%
Mixed Use | CRE Loans | First Mortgage Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans held-for-investment and related receivables, net	$ 68,966
Credit loss interest rate	1.90%
Retail | CRE Loans | First Mortgage Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans held-for-investment and related receivables, net	$ 64,747
Credit loss interest rate	1.80%
Self-Storage | CRE Loans | First Mortgage Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans held-for-investment and related receivables, net	$ 60,722
Credit loss interest rate	1.70%

LOANS HELD-FOR-INVESTMENT - All

LOANS HELD-FOR-INVESTMENT - Allowance for Financing Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance, Net Book Value	$ 4,001,554	$ 2,608,900
Ending Balance, Net Book Value	4,264,465	4,001,554
Gross Credit Losses
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance, Net Book Value	44,677	15,201
Provision for (reversal of) credit losses	98,481	29,476
Ending Balance, Net Book Value	143,158	44,677
First Mortgage Loans | Gross Credit Losses
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance, Net Book Value	20,352	9,930
Provision for (reversal of) credit losses	88,888	10,422
Ending Balance, Net Book Value	109,240	20,352
Unfunded First Mortgage Loans | Gross Credit Losses
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance, Net Book Value	1,890	0
Provision for (reversal of) credit losses	8,172	1,890
Ending Balance, Net Book Value	10,062	1,890
Liquid Senior Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance, Net Book Value	680,345	650,245
Ending Balance, Net Book Value	518,252	680,345
Liquid Senior Loans | Gross Credit Losses
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance, Net Book Value	21,195	5,271
Provision for (reversal of) credit losses	(1,457)	15,924
Ending Balance, Net Book Value	19,738	21,195
Unfunded or Unsettled Liquid Senior Loans | Gross Credit Losses
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance, Net Book Value	377	0
Provision for (reversal of) credit losses	(374)	377
Ending Balance, Net Book Value	3	377
Corporate Senior Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance, Net Book Value	56,368	0
Ending Balance, Net Book Value	207,102	56,368
Corporate Senior Loans | Gross Credit Losses
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance, Net Book Value	797	0
Provision for (reversal of) credit losses	2,823	797
Ending Balance, Net Book Value	3,620	797
Unfunded Corporate Senior Loans | Gross Credit Losses
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance, Net Book Value	66	0
Provision for (reversal of) credit losses	429	66
Ending Balance, Net Book Value	$ 495	$ 66

LOANS HELD-FOR-INVESTMENT - Nar

LOANS HELD-FOR-INVESTMENT - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Net book value	$ 4,264,465	$ 4,001,554	$ 2,608,900
Allowance for credit losses	$ 132,598	42,344
First Mortgage Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of loan investments | loan	2
Allowance for credit losses	$ 72,400	1,700
Number of impaired risk-rated loans | loan	5
First Mortgage Loans | Massachusetts
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans held as assets, nonaccrual status, less than 90 days or more past due	$ 134,200
First Mortgage Loans | Virginia
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans held as assets, nonaccrual status, less than 90 days or more past due	129,200
Gross Credit Losses
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision for (reversal of) credit losses	98,481	29,476
Net book value	$ 143,158	$ 44,677	$ 15,201

LOANS HELD-FOR-INVESTMENT - S_2

LOANS HELD-FOR-INVESTMENT - Schedule of Primary Credit Quality Indicator (Details) $ in Thousands	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	291
Loans held-for-investment and related receivables, net	$ 4,397,063	$ 4,043,898
Less: Current expected credit losses	(132,598)	(42,344)
Total loans-held-for-investment and related receivables, net	$ 4,264,465	4,001,554	$ 2,608,900
Weighted Average Risk Rating	3.2
Liquid corporate senior loans
Financing Receivable, Credit Quality Indicator [Line Items]
Number of loans, nonaccrual status | loan	5
Nonaccrual status with a carrying value	$ 10,300
Percentage carrying value of loan portfolio (less than)	2%
First Mortgage Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	33
2023	$ 401,147
2022	1,283,786
2021	1,751,199
2020	161,683
2019	50,536
Loans held-for-investment and related receivables, net	$ 3,648,351	3,285,193
First Mortgage Loans | 1
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	0
2023	$ 0
2022	0
2021	0
2020	0
2019	0
Loans held-for-investment and related receivables, net	$ 0
First Mortgage Loans | 2
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	1
2023	$ 0
2022	0
2021	0
2020	90,173
2019	0
Loans held-for-investment and related receivables, net	$ 90,173
First Mortgage Loans | 3
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	27
2023	$ 401,147
2022	1,203,118
2021	1,205,859
2020	71,510
2019	50,536
Loans held-for-investment and related receivables, net	$ 2,932,170
First Mortgage Loans | 4
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	3
2023	$ 0
2022	80,668
2021	281,961
2020	0
2019	0
Loans held-for-investment and related receivables, net	$ 362,629
First Mortgage Loans | 5
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	2
2023	$ 0
2022	0
2021	263,379
2020	0
2019	0
Loans held-for-investment and related receivables, net	$ 263,379
Liquid corporate senior loans
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	237
2023	$ 70,460
2022	110,920
2021	263,379
2020	93,231
2019	0
Loans held-for-investment and related receivables, net	537,990	701,540
Total loans-held-for-investment and related receivables, net	$ 518,252	$ 680,345	$ 650,245
Liquid corporate senior loans | 1
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	0
2023	$ 0
2022	0
2021	0
2020	0
2019	0
Loans held-for-investment and related receivables, net	$ 0
Liquid corporate senior loans | 2
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	2
2023	$ 0
2022	0
2021	0
2020	5,246
2019	0
Loans held-for-investment and related receivables, net	$ 5,246
Liquid corporate senior loans | 3
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	223
2023	$ 69,366
2022	101,774
2021	251,968
2020	85,105
2019	0
Loans held-for-investment and related receivables, net	$ 508,213
Liquid corporate senior loans | 4
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	7
2023	$ 1,094
2022	1,905
2021	8,347
2020	2,880
2019	0
Loans held-for-investment and related receivables, net	$ 14,226
Liquid corporate senior loans | 5
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	5
2023	$ 0
2022	7,241
2021	3,064
2020	0
2019	0
Loans held-for-investment and related receivables, net	$ 10,305
Corporate senior loans
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	21
2023	$ 154,146
2022	56,576
2021	0
2020	0
2019	0
Loans held-for-investment and related receivables, net	$ 210,722
Corporate senior loans | 1
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	0
2023	$ 0
2022	0
2021	0
2020	0
2019	0
Loans held-for-investment and related receivables, net	$ 0
Corporate senior loans | 2
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	0
2023	$ 0
2022	0
2021	0
2020	0
2019	0
Loans held-for-investment and related receivables, net	$ 0
Corporate senior loans | 3
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	21
2023	$ 154,146
2022	56,576
2021	0
2020	0
2019	0
Loans held-for-investment and related receivables, net	$ 210,722
Corporate senior loans | 4
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	0
2023	$ 0
2022	0
2021	0
2020	0
2019	0
Loans held-for-investment and related receivables, net	$ 0
Corporate senior loans | 5
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	0
2023	$ 0
2022	0
2021	0
2020	0
2019	0
Loans held-for-investment and related receivables, net	$ 0

DERIVATIVE INSTRUMENTS AND HE_2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) agreement interest_rate_cap	Dec. 31, 2022 USD ($) derivative agreement	Dec. 31, 2021 USD ($)
Derivatives, Fair Value [Line Items]
Number of interest rate derivatives matured | derivative		2
Number of interest rate derivatives terminated | derivative		3
Amount of (gain) loss reclassified from other comprehensive (loss) income into income as interest expense, net	$ 0	$ (2,532)	$ 3,314
Interest rate caps
Derivatives, Fair Value [Line Items]
Derivative, number of instruments held | interest_rate_cap	2
Derivative, number of instruments held (derivative) | agreement	0	2
Interest rate caps | Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Fair value of assets		$ 5,000
Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Total unrealized gain (loss) on interest rate swap	$ 0	$ 0	$ 152

REPURCHASE FACILITIES, NOTES _3

REPURCHASE FACILITIES, NOTES PAYABLE AND CREDIT FACILITIES - Narrative (Details)		12 Months Ended
	Jul. 15, 2021 USD ($) entity	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jul. 28, 2021 USD ($)	Jan. 31, 2021 USD ($)
Debt Instrument [Line Items]
Long-term debt		$ 3,923,723,000	$ 4,422,833,000
Weighted average years to maturity		2 years 10 months 24 days
Debt, weighted average interest rate		6.40%
Long-term debt		$ 3,939,125,000	4,443,911,000
Loss on extinguishment of debt		7,788,000	19,644,000	$ 4,895,000
Repayments of first mortgage bond		$ 1,051,669,000	1,874,690,000	$ 1,648,775,000
Number of properties used as collateral | loan		175
Minimum | SOFR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.30%
Maximum | SOFR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		3%
Reinvestment Period 1
Debt Instrument [Line Items]
Reinvestment period		2 years
Credit facilities | Affiliate
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity		$ 2,950,000,000
Amount Financed		2,067,264,000
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%
Citibank | Revolving Credit Facility
Debt Instrument [Line Items]
Debt, weighted average interest rate		7.30%
Line of credit, maximum borrowing capacity		$ 550,000,000
Amount Financed		$ 415,500,000
Citibank | Credit facilities | Affiliate
Debt Instrument [Line Items]
Debt, weighted average interest rate		7.50%
Line of credit, maximum borrowing capacity		$ 70,485,000
Amount Financed		$ 63,265,000
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		6.60%
Line of credit, maximum borrowing capacity		$ 0
Amount Financed		199,602,000
Mortgage Notes Payable
Debt Instrument [Line Items]
Long-term debt		23,700,000				$ 102,600,000
Loss on extinguishment of debt		205,000
Fixed Rate Debt
Debt Instrument [Line Items]
Long-term debt		0	36,538,000
Repayments of first mortgage bond		12,800,000
Variable rate debt
Debt Instrument [Line Items]
Long-term debt		622,841,000	465,517,000
Repayments of first mortgage bond		$ 43,100,000
Variable rate debt | Citibank
Debt Instrument [Line Items]
Debt, weighted average interest rate		6.70%
Long-term debt		$ 73,612,000
First lien mortgage loan
Debt Instrument [Line Items]
Long-term debt		0	121,940,000
Repayments of first mortgage bond		121,900,000
Initial Principal Balance	$ 650,000,000
Number of single purpose entities | entity	114
First lien mortgage loan | Realty Income Purchase and Sale Agreement
Debt Instrument [Line Items]
Repayments of first mortgage bond		$ 105,800,000
ABS mortgage notes
Debt Instrument [Line Items]
Debt, weighted average interest rate		2.80%
Long-term debt		$ 758,520,000	763,035,000
Initial Principal Balance					$ 774,000,000
Debt instrument, collateral amount		1,000,000,000
Credit facilities
Debt Instrument [Line Items]
Long-term debt		$ 490,500,000	$ 738,500,000
Debt instrument, basis spread on variable rate		2%
Credit facilities | SOFR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2.875%
Credit facilities | Reinvestment Period 1 | Minimum
Debt Instrument [Line Items]
Note Rate		1.90%
Credit facilities | Reinvestment Period 1 | Maximum
Debt Instrument [Line Items]
Note Rate		2.75%
Credit facilities | Reinvestment Period 2 | Minimum
Debt Instrument [Line Items]
Note Rate		2%
Credit facilities | Reinvestment Period 2 | Maximum
Debt Instrument [Line Items]
Note Rate		2.85%
Credit facilities | Amortization period | Minimum
Debt Instrument [Line Items]
Note Rate		2.10%
Credit facilities | Amortization period | Maximum
Debt Instrument [Line Items]
Note Rate		2.95%
Credit facilities | Term loan
Debt Instrument [Line Items]
Debt, weighted average interest rate		8.20%
Amount Financed		$ 75,000,000
Credit facilities | CMFT Credit Facility
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity		300,000,000
Credit facilities | CMFT Credit Facility | Term loan
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity		300,000,000
Credit facilities | CMFT Credit Facility | Revolving Loan
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity		500,000,000
Credit facilities | CMFT Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Repayments of first mortgage bond		$ 240,000,000
Credit facilities | J.P. Morgan
Debt Instrument [Line Items]
Note Rate		2%

REPURCHASE FACILITIES, NOTES _4

REPURCHASE FACILITIES, NOTES PAYABLE AND CREDIT FACILITIES - Note Financing Arrangements (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) extension_option	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Weighted Average Interest Rate	6.40%
Loans Financed under Note on Note Financing	$ 4,397,063	$ 4,043,898
Amount Financed	3,939,125	4,443,911
Variable rate debt
Debt Instrument [Line Items]
Loans Financed under Note on Note Financing	803,169
Amount Financed	$ 622,841	$ 465,517
Citibank | Variable rate debt
Debt Instrument [Line Items]
Number of extension options | extension_option	3
Number of extension term	1 year
Weighted Average Interest Rate	6.70%
Loans Financed under Note on Note Financing	$ 98,149
Amount Financed	$ 73,612
Barclays | Variable rate debt
Debt Instrument [Line Items]
Number of extension options | extension_option	3
Number of extension term	1 year
Weighted Average Interest Rate	6.70%
Loans Financed under Note on Note Financing	$ 171,281
Amount Financed	$ 128,460
Mass Mutual | Variable rate debt
Debt Instrument [Line Items]
Weighted Average Interest Rate	7.50%
Loans Financed under Note on Note Financing	$ 533,739
Amount Financed	$ 420,769

REPURCHASE FACILITIES, NOTES _5

REPURCHASE FACILITIES, NOTES PAYABLE AND CREDIT FACILITIES - Schedule of Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Short-Term and Long-Term Debt [Roll Forward]
Total debt, Beginning Balance	$ 4,443,911
Total debt, net, Beginning Balance	4,422,833
Debt issuances & assumptions	545,865
Total debt, net, Debt Issuances & Assumptions	544,458
Total debt, Repayments & Modifications	(1,050,651)
Total debt, net, Repayments & Modifications	(1,046,873)
Amortization	3,305
Total debt, Ending Balance	3,939,125	$ 4,443,911
Total debt, net, Ending Balance	3,923,723	4,422,833
Loss on extinguishment of debt	(7,788)	(19,644)	$ (4,895)
Prepayment penalties	1,000
Write-off of deferred financing costs	6,770	8,100	$ 3,815
Fixed Rate Debt
Short-Term and Long-Term Debt [Roll Forward]
Total debt, Beginning Balance	36,538
Debt issuances & assumptions	0
Total debt, Repayments & Modifications	(36,538)
Total debt, Ending Balance	0	36,538
Variable rate debt
Short-Term and Long-Term Debt [Roll Forward]
Total debt, Beginning Balance	465,517
Deferred costs, Beginning Balance	(5,261)
Debt issuances & assumptions	204,593
Deferred costs, Debt Issuances & Assumptions	(710)
Total debt, Repayments & Modifications	(47,269)
Deferred costs, Repayments & Modifications	2,397
Deferred costs, Accretion and (Amortization)	758
Total debt, Ending Balance	622,841	465,517
Deferred costs, Ending Balance	(2,816)	(5,261)
First lien mortgage loan
Short-Term and Long-Term Debt [Roll Forward]
Total debt, Beginning Balance	121,940
Debt issuances & assumptions	0
Total debt, Repayments & Modifications	(121,940)
Total debt, Ending Balance	0	121,940
ABS mortgage notes
Short-Term and Long-Term Debt [Roll Forward]
Total debt, Beginning Balance	763,035
Deferred costs, Beginning Balance	(13,968)
Debt issuances & assumptions	0
Deferred costs, Debt Issuances & Assumptions	(697)
Total debt, Repayments & Modifications	(4,515)
Deferred costs, Repayments & Modifications	0
Deferred costs, Accretion and (Amortization)	2,079
Total debt, Ending Balance	758,520	763,035
Deferred costs, Ending Balance	(12,586)	(13,968)
Credit facilities
Short-Term and Long-Term Debt [Roll Forward]
Total debt, Beginning Balance	738,500
Deferred costs, Beginning Balance	(740)
Debt issuances & assumptions	110,000
Deferred costs, Debt Issuances & Assumptions	0
Total debt, Repayments & Modifications	(358,000)
Deferred costs, Repayments & Modifications	679
Deferred costs, Accretion and (Amortization)	61
Total debt, Ending Balance	490,500	738,500
Deferred costs, Ending Balance	0	(740)
Repurchase facilities
Short-Term and Long-Term Debt [Roll Forward]
Total debt, Beginning Balance	2,318,381
Debt issuances & assumptions	231,272
Total debt, Repayments & Modifications	(482,389)
Total debt, Ending Balance	2,067,264	2,318,381
Fixed Rate Debt And First Lien Mortgage Loan
Short-Term and Long-Term Debt [Roll Forward]
Deferred costs, Beginning Balance	(1,109)
Deferred costs, Debt Issuances & Assumptions	0
Deferred costs, Repayments & Modifications	702
Deferred costs, Accretion and (Amortization)	407
Deferred costs, Ending Balance	0	$ (1,109)
Write-off of deferred financing costs	$ 3,800

REPURCHASE FACILITIES, NOTES _6

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 _7

REPURCHASE FACILITIES, NOTES PAYABLE AND CREDIT FACILITIES - Schedule of Repurchase Facilities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) extension_option	Dec. 31, 2022 USD ($)
Line of Credit Facility [Line Items]
Weighted Average Interest Rate	6.40%
Loans Financed under Note on Note Financing	$ 4,397,063	$ 4,043,898
Minimum | SOFR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.30%
Maximum | SOFR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	3%
J.P. Morgan | Minimum | One-Month Term SOFR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.05%
J.P. Morgan | Maximum | One-Month Term SOFR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.45%
Credit facilities | Affiliate
Line of Credit Facility [Line Items]
Maximum Facility Size	$ 2,950,000
Amount Financed	2,067,264
Credit facilities | Affiliate | Senior Loan
Line of Credit Facility [Line Items]
Loans Financed under Note on Note Financing	$ 3,163,431
Credit facilities | Citibank | Affiliate
Line of Credit Facility [Line Items]
Number of extension options | extension_option	2
Number of extension term	1 year
Maximum Facility Size	$ 70,485
Weighted Average Interest Rate	7.50%
Amount Financed	$ 63,265
Credit facilities | Citibank | Affiliate | Senior Loan
Line of Credit Facility [Line Items]
Loans Financed under Note on Note Financing	$ 195,694
Credit facilities | Citibank | Affiliate
Line of Credit Facility [Line Items]
Number of extension options | extension_option	2
Number of extension term	1 year
Maximum Facility Size	$ 579,515
Weighted Average Interest Rate	7.10%
Amount Financed	$ 242,136
Credit facilities | Citibank | Affiliate | Senior Loan
Line of Credit Facility [Line Items]
Loans Financed under Note on Note Financing	$ 323,873
Credit facilities | Barclays | Affiliate
Line of Credit Facility [Line Items]
Number of extension options | extension_option	2
Number of extension term	1 year
Maximum Facility Size	$ 558,947
Weighted Average Interest Rate	7.20%
Amount Financed	$ 488,759
Credit facilities | Barclays | Affiliate | Senior Loan
Line of Credit Facility [Line Items]
Loans Financed under Note on Note Financing	$ 861,295
Credit facilities | Barclays | Affiliate
Line of Credit Facility [Line Items]
Number of extension options | extension_option	2
Number of extension term	1 year
Maximum Facility Size	$ 691,053
Weighted Average Interest Rate	7.30%
Amount Financed	$ 215,309
Credit facilities | Barclays | Affiliate | Senior Loan
Line of Credit Facility [Line Items]
Loans Financed under Note on Note Financing	$ 300,163
Credit facilities | Wells Fargo | Affiliate
Line of Credit Facility [Line Items]
Number of extension options | extension_option	2
Number of extension term	1 year
Maximum Facility Size	$ 750,000
Weighted Average Interest Rate	7%
Amount Financed	$ 689,992
Credit facilities | Wells Fargo | Affiliate | Senior Loan
Line of Credit Facility [Line Items]
Loans Financed under Note on Note Financing	$ 902,051
Credit facilities | Deutsche Bank | Affiliate
Line of Credit Facility [Line Items]
Number of extension options | extension_option	3
Number of extension term	1 year
Maximum Facility Size	$ 300,000
Weighted Average Interest Rate	7.70%
Amount Financed	$ 168,201
Credit facilities | Deutsche Bank | Affiliate | Senior Loan
Line of Credit Facility [Line Items]
Loans Financed under Note on Note Financing	232,720
Credit facilities | J.P. Morgan | Affiliate
Line of Credit Facility [Line Items]
Maximum Facility Size	$ 0
Weighted Average Interest Rate	6.60%
Amount Financed	$ 199,602
Credit facilities | J.P. Morgan | Affiliate | Senior Loan
Line of Credit Facility [Line Items]
Loans Financed under Note on Note Financing	$ 347,635

REPURCHASE FACILITIES, NOTES _8

REPURCHASE FACILITIES, NOTES PAYABLE AND CREDIT FACILITIES - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Principal Repayments
2024	$ 633,140
2025	1,420,887
2026	215,309
2027	790,429
2028	424,248
Thereafter	455,112
Total	$ 3,939,125	$ 4,443,911

SUPPLEMENTAL CASH FLOW DISCLO_3

SUPPLEMENTAL CASH FLOW DISCLOSURES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Distributions declared and unpaid	$ 16,047	$ 14,828	$ 13,252
Accrued capital expenditures	544	249	5,902
Construction reserve allocation	(190)	(4,299)	0
Real estate acquired via foreclosure	0	0	191,990
Foreclosure of assets securing the mezzanine loans	0	0	(79,968)
Mortgage notes payable assumed in connection with foreclosure of assets securing the mezzanine loans	0	0	102,553
Mortgage note payable assumed by buyer in connection with disposition of real estate assets	0	(356,477)	(31,801)
Equity security received in connection with disposition of real estate assets	0	(53,388)	0
Change in interest income capitalized to loans held-for-investment	0	0	(9,469)
Accrued deferred financing costs	132	247	12
Common stock issued through distribution reinvestment plan	42,879	38,912	25,784
Common stock issued in connection with mergers	0	0	538,703
Change in fair value of derivative instruments	0	2,252	5,907
Change in fair value of real estate-related securities	(32,617)	(51,304)	1,650
Conversion of preferred units to loans held-for-investment	0	68,242	0
Interest rate swaps assumed in mergers	0	0	(2,719)
Debt assumed in mergers	0	0	437,877
Real estate assets acquired in mergers	0	0	906,254
Assets assumed in mergers	0	0	69,058
Liabilities assumed in mergers	0	0	5,184
Non-controlling interest assumed in mergers	0	0	1,073
Supplemental Cash Flow Disclosures:
Interest paid	247,521	146,947	72,533
Cash paid for taxes	$ 1,115	$ 1,301	$ 1,093

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 25, 2024	Dec. 31, 2023
Unfunded Loan Commitment
Financing Receivable, Impaired [Line Items]
Unfunded loan commitments		$ 272.5
Unfunded Loan Commitment | NP JV Holdings
Financing Receivable, Impaired [Line Items]
Unfunded loan commitments		88.4
Unfunded or Unsettled Liquid Senior Loans
Financing Receivable, Impaired [Line Items]
Unfunded loan commitments		2.2
Unfunded or Unsettled Liquid Senior Loan Sales
Financing Receivable, Impaired [Line Items]
Unfunded loan commitments		$ 31.8
Unfunded or Unsettled Liquid Senior Loan Sales | Subsequent Event
Financing Receivable, Impaired [Line Items]
Loans settled	$ 30.7

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)		12 Months Ended
	Aug. 20, 2019	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Feb. 29, 2024
Advisors
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
CLR | CLR Management Agreement | Subsequent Event
Related Party Transaction [Line Items]
Management fee percentage					0.0125
Management fee percentage, founder share classes					0.0090
Management fee percentage, performance fee					0.10
Management fee percentage, performance fee, hurdle rate					0.065
Management fee percentage, performance fee, hurdle rate, founder share classes					0.0725
Management fee, catch-up fee trigger, percent of average adjusted capital					0.07224
Management fee, catch-up fee trigger, percent of average adjusted capital, founder share classes					0.080576
Management fee percentage, core earnings					0.10
CLR | Investment Advisory Fee
Related Party Transaction [Line Items]
Advisory agreements, term		3 years
Advisory agreements, extension term		1 year
Advisory agreements, notice of termination, term		180 days
CLR | Investment Advisory Fee | Subsequent Event
Related Party Transaction [Line Items]
Investment advisory fee percentage, sub-advisory fee					0.50

RELATED-PARTY TRANSACTIONS AN_5

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS - Schedule of Related Party Transaction (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Management fees	$ 50,975	$ 52,564	$ 47,020
Expense reimbursements to related parties	13,285	16,567	11,624
Gain on disposition of real estate and condominium developments, net	53,341	121,902	83,045
Advisors | Management fees
Related Party Transaction [Line Items]
Management fees	50,975	52,564	47,020
Advisors | Expense reimbursements to related parties
Related Party Transaction [Line Items]
Expense reimbursements to related parties	$ 13,285	16,567	$ 11,624
Advisors | Expense reimbursements attributable to earnout leasing costs
Related Party Transaction [Line Items]
Gain on disposition of real estate and condominium developments, net		$ 1,100

RELATED-PARTY TRANSACTIONS AN_6

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS - Due to Affiliates (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Advisors | Acquisition, Disposition and Operating Activities Fees and Expenses
Related Party Transaction [Line Items]
Due to affiliates	$ 13.9	$ 16.1

RELATED-PARTY TRANSACTIONS AN_7

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS - Development Management Agreements and Affiliated Investments (Details) $ in Thousands			1 Months Ended		12 Months Ended			26 Months Ended
	Oct. 31, 2021 USD ($)	Jan. 07, 2021 unit building	Apr. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2021 USD ($)
Related Party Transaction [Line Items]
Management fees					$ 50,975	$ 52,564	$ 47,020
Payments to acquire finance receivables	$ 119,000
Payments to acquire equity method investments					40,031	86,300	53,525
Return of investment in unconsolidated entities					$ 13,858	39,221	$ 0
MT-FT JV
Related Party Transaction [Line Items]
Equity method investment, ownership percentage					50%			50%
Equity method investments					$ 212,500			$ 212,500
NP JV Holdings
Related Party Transaction [Line Items]
Equity method investment, ownership percentage				50%	50%		50%	50%
Return of investment in unconsolidated entities					$ 15,800			$ 55,800
New Point JV, LLC
Related Party Transaction [Line Items]
Equity method investment, ownership percentage					45%			45%
Equity method investments					$ 126,800	100,600		$ 126,800
Payments to acquire equity method investments								124,100
Preferred Units
Related Party Transaction [Line Items]
Related party investments									$ 68,400
Mortgage Loan
Related Party Transaction [Line Items]
Related party investments					$ 199,900			199,900	$ 138,800
Development Management Agreements
Related Party Transaction [Line Items]
Termination period					15 days
CIM NY Management, LLC | Development Management Agreements
Related Party Transaction [Line Items]
Management fee, percentage		4%
Management fees					$ 380	486
First Mortgage Loans
Related Party Transaction [Line Items]
Loans held-for-investment and related receivables, net	$ 130,000
Payments to acquire finance receivables			$ 143,000
Advances to affiliate					123,000			123,000
Equity method investments			$ 147,000
First Mortgage Loans | Third-Party, Number Two
Related Party Transaction [Line Items]
Advances to affiliate					145,500			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 | Third-Party, Number One | Maximum
Related Party Transaction [Line Items]
Advances to affiliate					154,000			154,000
Corporate Senior Loans | Investment in Corporate Senior Loans
Related Party Transaction [Line Items]
Loans held-for-investment and related receivables, net					105,800	$ 75,900		105,800
Advances to affiliate					$ 162,100			162,100
Number of loans, co-invested during period | loan					9
Number of loans | loan						5
Corporate Senior Loans | Investment in Corporate Senior Loans | CIM RACR
Related Party Transaction [Line Items]
Loans held-for-investment and related receivables, net					$ 16,400	$ 14,700		$ 16,400
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	Aug. 11, 2010	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Common stock, par value (in usd per share)			$ 0.01	$ 0.01
NAV per share (in usd per share)	$ 7.20		$ 6.31
Common Stock
Class of Stock [Line Items]
Issuance of common stock (in shares)		20,000	6,549,117	5,404,510	3,574,120
Share price (in usd per share)		$ 10
Issuance of common stock in connection with the Mergers (in shares)	74,800,000				74,819,899
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

STOCKHOLDERS' EQUITY - Distribu

STOCKHOLDERS' EQUITY - Distribution Reinvestment Plan (Details) - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Common stock issued through distribution reinvestment plan	$ 42,879	$ 38,912	$ 25,784
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)	6.5	5.4	3.6
Common stock issued through distribution reinvestment plan	$ 42,900	$ 38,900	$ 25,800

STOCKHOLDERS' EQUITY - Share Re

STOCKHOLDERS' EQUITY - Share Redemption Program (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity, Class of Treasury Stock [Line Items]
Redemptions of common stock		$ 44,445	$ 39,389	$ 22,041
Unfulfilled redemption requests (shares)	27,600,000
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)		6,800,000	5,500,000	3,100,000
Redemptions of common stock		$ 44,400	$ 39,400	$ 22,000
Unfulfilled redemption requests (shares)		103,300,000
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	3 Months Ended		6 Months Ended	9 Months Ended		17 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2021
Common stock, dividends, monthly amount per share authorized (in usd per share)	$ 0.0367	$ 0.0339		$ 0.0350	$ 0.0305	$ 0.0303
Distributions payable	$ 16,047	$ 14,828				$ 13,252
Forecast
Common stock, dividends, monthly amount per share authorized (in usd per share)			$ 0.0375

STOCKHOLDERS' EQUITY - Equity-B

STOCKHOLDERS' EQUITY - Equity-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Mar. 25, 2024	Aug. 10, 2018
2018 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	116,000
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			400,000
Shares available for future grant (in shares)	110,000
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
Unrecognized compensation expense	$ 360
2018 Equity Incentive Plan | Restricted shares | General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 480	$ 397
2022 Equity Incentive Plan | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance (in shares)	250,000
2022 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)	140,000
Forfeited in period (in shares)	67,000
Nonvested (in shares)	73,000
2024 Manager Equity Incentive Plan | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance (in shares)			12,000,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Ordinary dividends	97%	90%	22%
Nondividend distributions	3%	10%	36%
Capital gain distributions	0%	0%	42%
Total	100%	100%	100%
State and local income tax and franchise tax expense (benefit), continuing operations	$ 1,100,000	$ 1,300,000	$ 1,100,000
Unrecognized tax benefits	$ 0	$ 0

LEASES - Narrative (Details)

LEASES - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) lease	Dec. 31, 2022
Leases [Abstract]
Lessor, weighted average remaining lease term	10 years 8 months 12 days
Number of operating leases | lease	1
Operating ground lease, remaining term	9 years 8 months 12 days
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Deferred rental income and other liabilities	Deferred rental income 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	$ 2,000
Operating lease, discount rate	4.30%
Ground lease, expense	$ 250
Ground lease, payments	242
Future minimum rental payments, 2024	250
Future minimum rental payments, 2025	250
Future minimum rental payments, 2027	250
Future minimum rental payments, 2027	250
Future minimum rental payments, 2028	250
Future minimum rental payments, Thereafter	$ 1,200

LEASES - Future Minimum Rental

LEASES - Future Minimum Rental Income (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Future Minimum Rental Income
2024	$ 86,900
2025	86,565
2026	83,751
2027	82,688
2028	78,865
Thereafter	557,657
Total	$ 976,426

LEASES - Schedule of Components

LEASES - Schedule of Components of Lease Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Fixed rental and other property income	$ 106,755	$ 192,982	$ 252,422
Variable rental and other property income	8,624	20,407	42,742
Total rental and other property income	$ 115,379	$ 213,389	$ 295,164

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	2
Revenues:
Rental and other property income	$ 115,379	$ 213,389	$ 295,164
Interest income	453,480	238,757	70,561
Total revenues	568,859	452,146	365,725
Expenses:
General and administrative	17,572	15,364	15,078
Interest expense, net	260,768	165,210	84,049
Property operating	13,350	20,790	47,559
Real estate tax	4,838	12,612	34,943
Expense reimbursements to related parties	13,285	16,567	11,624
Management fees	50,975	52,564	47,020
Transaction-related	3,653	534	315
Depreciation and amortization	42,532	70,606	95,190
Real estate impairment	35,079	32,321	18,078
Increase in provision for credit losses	134,289	29,476	2,881
Total expenses	576,341	416,044	356,737
Other income (expense):
Gain on disposition of real estate and condominium developments, net	53,341	121,902	83,045
Merger-related expenses, net	0	0	(1,404)
Gain on investment in unconsolidated entities	11,723	11,952	606
Unrealized (loss) gain on equity security	4,751	(15,117)	0
Other (expense) income, net	(26,459)	8,671	150
Loss on extinguishment of debt	(7,788)	(19,644)	(4,895)
Total other income	35,568	107,764	77,502
Net income	28,086	143,866	86,490
Segment net income attributable to non-controlling interest	8	66	0
Net Income (Loss) Attributable to Parent	28,078	143,800	86,490
Assets	6,446,476	7,132,054	6,962,776
Operating Segments | Real Estate
Revenues:
Rental and other property income	115,056	213,001	294,729
Interest income	0	0	0
Total revenues	115,056	213,001	294,729
Expenses:
General and administrative	709	553	317
Interest expense, net	22,884	41,295	38,553
Property operating	5,203	14,609	32,033
Real estate tax	3,430	10,923	29,109
Expense reimbursements to related parties	0	0	0
Management fees	10,702	21,526	33,248
Transaction-related	10	511	126
Depreciation and amortization	42,532	70,606	95,190
Real estate impairment	20,404	16,184	5,993
Increase in provision for credit losses	0	0	0
Total expenses	105,874	176,207	234,569
Other income (expense):
Gain on disposition of real estate and condominium developments, net	49,731	117,763	77,178
Merger-related expenses, net			0
Gain on investment in unconsolidated entities	0	0	0
Unrealized (loss) gain on equity security	0	0
Other (expense) income, net	(4,380)	5,012	1,531
Loss on extinguishment of debt	(1,192)	(18,646)	(1,628)
Total other income	44,159	104,129	77,081
Net income	53,341	140,923	137,241
Segment net income attributable to non-controlling interest	8	66
Net Income (Loss) Attributable to Parent	53,333	140,857	137,241
Assets	1,156,761	2,118,513	3,821,085
Operating Segments | Credit
Revenues:
Rental and other property income	0	0	0
Interest income	453,480	238,757	70,561
Total revenues	453,480	238,757	70,561
Expenses:
General and administrative	3,952	807	1,268
Interest expense, net	233,615	110,303	19,902
Property operating	0	0	0
Real estate tax	0	0	0
Expense reimbursements to related parties	0	0	0
Management fees	40,273	31,038	13,772
Transaction-related	212	0	0
Depreciation and amortization	0	0	0
Real estate impairment	0	0	0
Increase in provision for credit losses	134,289	29,476	2,881
Total expenses	412,341	171,624	37,823
Other income (expense):
Gain on disposition of real estate and condominium developments, net	0	0	0
Merger-related expenses, net			0
Gain on investment in unconsolidated entities	11,723	6,780	0
Unrealized (loss) gain on equity security	4,751	(15,139)
Other (expense) income, net	(31,984)	3,395	(1,376)
Loss on extinguishment of debt	(2,164)	0	0
Total other income	(17,674)	(4,964)	(1,376)
Net income	23,465	62,169	31,362
Segment net income attributable to non-controlling interest	0	0
Net Income (Loss) Attributable to Parent	23,465	62,169	31,362
Assets	5,091,365	4,794,593	2,859,017
Corporate And Reconciling Items | Corporate/Other (1) (2)
Revenues:
Rental and other property income	323	388	435
Interest income	0	0	0
Total revenues	323	388	435
Expenses:
General and administrative	12,911	14,004	13,493
Interest expense, net	4,269	13,612	25,594
Property operating	8,147	6,181	15,526
Real estate tax	1,408	1,689	5,834
Expense reimbursements to related parties	13,285	16,567	11,624
Management fees	0	0	0
Transaction-related	3,431	23	189
Depreciation and amortization	0	0	0
Real estate impairment	14,675	16,137	12,085
Increase in provision for credit losses	0	0	0
Total expenses	58,126	68,213	84,345
Other income (expense):
Gain on disposition of real estate and condominium developments, net	3,610	4,139	5,867
Merger-related expenses, net			(1,404)
Gain on investment in unconsolidated entities	0	5,172	606
Unrealized (loss) gain on equity security	0	22
Other (expense) income, net	9,905	264	(5)
Loss on extinguishment of debt	(4,432)	(998)	(3,267)
Total other income	9,083	8,599	1,797
Net income	(48,720)	(59,226)	(82,113)
Segment net income attributable to non-controlling interest	0	0
Net Income (Loss) Attributable to Parent	(48,720)	(59,226)	(82,113)
Assets	$ 198,350	$ 218,948	$ 282,674

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended		12 Months Ended
	Mar. 25, 2024 USD ($) loan condominiumUnit extension_option $ / shares shares	Dec. 31, 2023 loan $ / shares shares	Dec. 31, 2023 USD ($) loan $ / shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Feb. 29, 2024 director $ / shares	Dec. 16, 2021 $ / shares
Subsequent Event [Line Items]
Redemptions of common stock			$ 44,445	$ 39,389	$ 22,041
Unfulfilled redemption requests (shares) | shares		27.6
NAV per share (in usd per share) | $ / shares		$ 6.31	$ 6.31				$ 7.20
Gain on disposition of real estate, net			$ 53,341	121,902	83,045
Investment in first mortgage loans			477,275	1,333,298	1,805,324
Repaid credit facility			$ 1,051,669	$ 1,874,690	$ 1,648,775
First Mortgage Loans
Subsequent Event [Line Items]
Number of loan investments | loan		2	2
Subsequent Event
Subsequent Event [Line Items]
Redemptions of common stock (shares) | shares	1.7
Redemptions of common stock	$ 11,000
Common stock, redemption price per share (USD per share) | $ / shares	$ 6.31
NAV per share (in usd per share) | $ / shares						$ 6.09
Number of directors on the Board | director						5
Number of independent directors on the Board | director						3
Subsequent Event | Disposed by sale
Subsequent Event [Line Items]
Number of properties disposed | condominiumUnit	4
Disposal group total consideration	$ 13,200
Aggregate gross sales price	12,200
Gain on disposition of real estate, net	781
Subsequent Event | Repurchase facilities
Subsequent Event [Line Items]
Repaid borrowings	36,500
Subsequent Event | Liquid corporate senior loans
Subsequent Event [Line Items]
Debt securities, settled	3,000
Debt securities, traded	2,200
Loans sold	56,300
Loss on sale of credit investments, net	536
Subsequent Event | Corporate Senior Loans
Subsequent Event [Line Items]
Net investments in debt securities	$ 12,000
Number of loans | loan	5
Subsequent Event | First Mortgage Loans
Subsequent Event [Line Items]
Net investments in debt securities	$ 13,600
Number of loan investments | loan	1
Investment in first mortgage loans	$ 7,700
Number of funded loan investments | loan	10
Number of refinancing receivable instruments | loan	2
Number of extension options | extension_option	1
Number of extension term	1 year
Non-payment financing receivable instruments | loan	3
Subsequent Event | First Lien Mortgage Loan | Repurchase facilities | Barclays
Subsequent Event [Line Items]
Initial Principal Balance	$ 9,500
Subsequent Event | First Lien Mortgage Loan | Repurchase facilities | Citibank
Subsequent Event [Line Items]
Initial Principal Balance	$ 20,900

Schedule III - Real Estate As_2

Schedule III - Real Estate Assets and Accumulated Depreciation - 1 (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 758,520
Land	320,729
Buildings Improvements	825,394
Total Adjustment to Basis	(10,128)
Gross Amount at Which Carried	1,135,995	$ 2,041,696	$ 2,362,175	$ 3,371,926
Accumulated Depreciation	116,397	$ 179,855	$ 158,354	$ 298,364
AAA Office Park: | Hamilton, NJ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	5,427
Buildings Improvements	22,970
Total Adjustment to Basis	0
Gross Amount at Which Carried	28,397
Accumulated Depreciation	1,640
Academy Sports: | Cartersville, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,945
Land	4,517
Buildings Improvements	4,574
Total Adjustment to Basis	0
Gross Amount at Which Carried	9,091
Accumulated Depreciation	512
Actuant Campus: | Columbus, WI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,003
Land	2,090
Buildings Improvements	14,633
Total Adjustment to Basis	0
Gross Amount at Which Carried	16,723
Accumulated Depreciation	1,363
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	1,310
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	681
Bass Pro Shop: | Tallahassee, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,652
Land	945
Buildings Improvements	5,713
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,658
Accumulated Depreciation	1,674
BJ’s Wholesale Club: | Fort Myers, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,838
Land	5,331
Buildings Improvements	21,692
Total Adjustment to Basis	0
Gross Amount at Which Carried	27,023
Accumulated Depreciation	1,791
BJ’s Wholesale Club: | Roanoke, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,530
Land	4,509
Buildings Improvements	14,545
Total Adjustment to Basis	0
Gross Amount at Which Carried	19,054
Accumulated Depreciation	1,219
Bob Evans: | Defiance, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,579
Land	501
Buildings Improvements	2,781
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,282
Accumulated Depreciation	168
Bob Evans: | Dover, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,535
Land	552
Buildings Improvements	1,930
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,482
Accumulated Depreciation	111
Bob Evans: | Dundee, MI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,846
Land	526
Buildings Improvements	1,298
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,824
Accumulated Depreciation	80
Bob Evans: | Gallipolis, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,710
Land	529
Buildings Improvements	2,963
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,492
Accumulated Depreciation	241
Bob Evans: | Hagerstown, MD
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,542
Land	490
Buildings Improvements	2,789
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,279
Accumulated Depreciation	237
Bob Evans: | Hamilton, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,934
Land	446
Buildings Improvements	2,359
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,805
Accumulated Depreciation	130
Bob Evans: | Hummelstown, PA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,264
Land	1,029
Buildings Improvements	2,283
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,312
Accumulated Depreciation	129
Bob Evans: | Mansfield, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,264
Land	495
Buildings Improvements	2,423
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,918
Accumulated Depreciation	212
Bob Evans: | Mayfield Heights, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,846
Land	847
Buildings Improvements	1,278
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,125
Accumulated Depreciation	76
Bob Evans: | Monroe, MI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,198
Land	623
Buildings Improvements	2,177
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,800
Accumulated Depreciation	192
Bob Evans: | Northwood, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,535
Land	514
Buildings Improvements	2,760
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,274
Accumulated Depreciation	231
Bob Evans: | Peoria, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	894
Land	620
Buildings Improvements	524
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,144
Accumulated Depreciation	64
Bob Evans: | Piqua, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,022
Land	413
Buildings Improvements	2,187
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,600
Accumulated Depreciation	187
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	779
Burger King: | Yukon, OK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,209
Land	500
Buildings Improvements	1,141
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,641
Accumulated Depreciation	107
Cabela’s: | Acworth, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,691
Land	4,979
Buildings Improvements	18,775
Total Adjustment to Basis	0
Gross Amount at Which Carried	23,754
Accumulated Depreciation	3,237
Cabela’s: | Avon, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,373
Land	2,755
Buildings Improvements	10,751
Total Adjustment to Basis	0
Gross Amount at Which Carried	13,506
Accumulated Depreciation	1,884
Cabela’s: | La Vista, NE
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,032
Land	3,260
Buildings Improvements	16,923
Total Adjustment to Basis	0
Gross Amount at Which Carried	20,183
Accumulated Depreciation	2,807
Cabela’s: | Sun Prairie, WI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,919
Land	3,373
Buildings Improvements	14,058
Total Adjustment to Basis	0
Gross Amount at Which Carried	17,431
Accumulated Depreciation	2,557
Caliber Collision Center: | Fredericksburg, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,626
Land	1,807
Buildings Improvements	2,292
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,099
Accumulated Depreciation	241
Caliber Collision Center: | Lake Jackson, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,894
Land	800
Buildings Improvements	2,974
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,774
Accumulated Depreciation	297
Caliber Collision Center: | Richmond, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,234
Land	1,453
Buildings Improvements	3,323
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,776
Accumulated Depreciation	364
Caliber Collision Center: | San Antonio, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,938
Land	691
Buildings Improvements	4,458
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,149
Accumulated Depreciation	410
Caliber Collision Center: | Williamsburg, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,707
Land	1,418
Buildings Improvements	2,800
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,218
Accumulated Depreciation	297
Camping World: | Fort Myers, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,186
Land	3,226
Buildings Improvements	11,832
Total Adjustment to Basis	0
Gross Amount at Which Carried	15,058
Accumulated Depreciation	1,183
Cash & Carry: | Salt Lake City, UT
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,905
Land	863
Buildings Improvements	4,149
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,012
Accumulated Depreciation	361
Chick-Fil-A: | Dickson City, PA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,956
Land	1,113
Buildings Improvements	7,946
Total Adjustment to Basis	(7,817)
Gross Amount at Which Carried	1,242
Accumulated Depreciation	303
Costco: | Tallahassee, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,022
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	3,970
Land	2,043
Buildings Improvements	2,367
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,410
Accumulated Depreciation	612
CVS: | Asheville, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,875
Land	1,108
Buildings Improvements	1,084
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,192
Accumulated Depreciation	334
CVS: | Austin, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,329
Land	1,076
Buildings Improvements	3,475
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,551
Accumulated Depreciation	892
CVS: | Bloomington, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,417
Land	1,620
Buildings Improvements	2,957
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,577
Accumulated Depreciation	764
CVS: | Blue Springs, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,930
Land	395
Buildings Improvements	2,722
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,117
Accumulated Depreciation	703
CVS: | Bridgeton, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,970
Land	2,056
Buildings Improvements	2,362
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,418
Accumulated Depreciation	610
CVS: | Charleston, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,692
Land	869
Buildings Improvements	1,009
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,878
Accumulated Depreciation	312
CVS: | Chesapeake, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,238
Land	1,044
Buildings Improvements	3,053
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,097
Accumulated Depreciation	805
CVS: | Cicero, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,443
Land	487
Buildings Improvements	3,099
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,586
Accumulated Depreciation	799
CVS: | Eminence, KY
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,472
Land	872
Buildings Improvements	2,511
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,383
Accumulated Depreciation	640
CVS: | Goose Creek, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,828
Land	1,022
Buildings Improvements	1,980
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,002
Accumulated Depreciation	506
CVS: | Greenwood, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,212
Land	912
Buildings Improvements	3,549
Total Adjustment to Basis	61
Gross Amount at Which Carried	4,522
Accumulated Depreciation	944
CVS: | Hazlet, NJ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,941
Land	3,047
Buildings Improvements	3,610
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,657
Accumulated Depreciation	928
CVS: | Hillcrest Heights, MD
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,839
Land	1,817
Buildings Improvements	2,989
Total Adjustment to Basis	71
Gross Amount at Which Carried	4,877
Accumulated Depreciation	784
CVS: | Honesdale, PA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,102
Land	1,206
Buildings Improvements	3,342
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,548
Accumulated Depreciation	885
CVS: | Independence, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,425
Land	359
Buildings Improvements	2,242
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,601
Accumulated Depreciation	581
CVS: | Indianapolis, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,362
Land	1,110
Buildings Improvements	2,484
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,594
Accumulated Depreciation	641
CVS: | Irving, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,582
Land	745
Buildings Improvements	3,034
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,779
Accumulated Depreciation	874
CVS: | Janesville, WI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,047
Land	736
Buildings Improvements	2,545
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,281
Accumulated Depreciation	656
CVS: | Katy, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,128
Land	1,149
Buildings Improvements	2,462
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,611
Accumulated Depreciation	622
CVS: | London, KY
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,139
Land	1,445
Buildings Improvements	2,661
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,106
Accumulated Depreciation	705
CVS: | North Wilkesboro, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,300
Land	332
Buildings Improvements	2,369
Total Adjustment to Basis	73
Gross Amount at Which Carried	2,774
Accumulated Depreciation	620
CVS: | Poplar Bluff, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,699
Land	1,861
Buildings Improvements	2,211
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,072
Accumulated Depreciation	574
CVS: | Salem, NH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,216
Land	3,456
Buildings Improvements	2,351
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,807
Accumulated Depreciation	599
CVS: | San Antonio, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,297
Land	1,893
Buildings Improvements	1,848
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,741
Accumulated Depreciation	483
CVS: | Sand Springs, OK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,560
Land	1,765
Buildings Improvements	2,283
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,048
Accumulated Depreciation	594
CVS: | Santa Fe, NM
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,219
Land	2,243
Buildings Improvements	4,619
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,862
Accumulated Depreciation	1,173
CVS: | Sedalia, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,586
Land	466
Buildings Improvements	2,318
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,784
Accumulated Depreciation	600
CVS: | St. John, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,743
Land	1,546
Buildings Improvements	2,601
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,147
Accumulated Depreciation	671
CVS: | Vineland, NJ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,538
Land	813
Buildings Improvements	2,926
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,739
Accumulated Depreciation	779
CVS: | Waynesboro, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,260
Land	986
Buildings Improvements	2,708
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,694
Accumulated Depreciation	699
CVS: | West Monroe, LA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,406
Land	1,738
Buildings Improvements	2,136
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,874
Accumulated Depreciation	555
CVS: | Wisconsin Rapids, WI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,198
Land	707
Buildings Improvements	3,262
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,969
Accumulated Depreciation	178
Dollar General: | Parchment, MI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	168
Buildings Improvements	1,162
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,330
Accumulated Depreciation	282
Duluth Trading: | Denton, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,681
Land	1,662
Buildings Improvements	2,918
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,580
Accumulated Depreciation	275
Duluth Trading: | Madison, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,765
Land	1,174
Buildings Improvements	3,603
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,777
Accumulated Depreciation	333
Duluth Trading: | Noblesville, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,677
Land	1,212
Buildings Improvements	3,436
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,648
Accumulated Depreciation	$ 347

Schedule III - Real Estate As_3

Schedule III - Real Estate Assets and Accumulated Depreciation - 3 (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 758,520
Land	320,729
Buildings Improvements	825,394
Total Adjustment to Basis	(10,128)
Gross Amount at Which Carried	1,135,995	$ 2,041,696	$ 2,362,175	$ 3,371,926
Accumulated Depreciation	116,397	$ 179,855	$ 158,354	$ 298,364
Family Dollar: | Salina, UT
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	211
Buildings Improvements	1,262
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,473
Accumulated Depreciation	139
Jewel-Osco: | Plainfield, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,739
Land	0
Buildings Improvements	0
Total Adjustment to Basis	11,151
Gross Amount at Which Carried	11,151
Accumulated Depreciation	1,394
Jewel-Osco: | Spring Grove, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,787
Land	991
Buildings Improvements	11,361
Total Adjustment to Basis	0
Gross Amount at Which Carried	12,352
Accumulated Depreciation	655
Jewel-Osco: | Wood Dale, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,765
Land	4,069
Buildings Improvements	7,800
Total Adjustment to Basis	0
Gross Amount at Which Carried	11,869
Accumulated Depreciation	470
Kroger: | Shelton, WA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,908
Land	1,180
Buildings Improvements	11,040
Total Adjustment to Basis	0
Gross Amount at Which Carried	12,220
Accumulated Depreciation	3,112
Kum & Go: | Conway, AR
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,187
Land	510
Buildings Improvements	2,577
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,087
Accumulated Depreciation	624
LA Fitness: | Columbus, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,013
Buildings Improvements	6,734
Total Adjustment to Basis	0
Gross Amount at Which Carried	7,747
Accumulated Depreciation	1,615
LA Fitness: | Pawtucket, RI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	5,945
Buildings Improvements	8,012
Total Adjustment to Basis	(3,080)
Gross Amount at Which Carried	10,877
Accumulated Depreciation	34
LA Fitness: | Rock Hill, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	780
Buildings Improvements	7,590
Total Adjustment to Basis	(2,044)
Gross Amount at Which Carried	6,326
Accumulated Depreciation	37
Lowe’s: | Asheboro, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,959
Land	1,098
Buildings Improvements	6,722
Total Adjustment to Basis	7
Gross Amount at Which Carried	7,827
Accumulated Depreciation	1,731
Lowe’s: | Cincinnati, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,662
Land	14,092
Buildings Improvements	0
Total Adjustment to Basis	491
Gross Amount at Which Carried	14,583
Accumulated Depreciation	0
Lowe’s: | Covington, LA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,054
Land	10,233
Buildings Improvements	0
Total Adjustment to Basis	0
Gross Amount at Which Carried	10,233
Accumulated Depreciation	0
Lowe’s: | Mansfield, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,809
Land	873
Buildings Improvements	8,256
Total Adjustment to Basis	37
Gross Amount at Which Carried	9,166
Accumulated Depreciation	2,179
Lowe’s: | North Dartmouth, MA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,263
Land	6,774
Buildings Improvements	17,384
Total Adjustment to Basis	0
Gross Amount at Which Carried	24,158
Accumulated Depreciation	1,071
Lowe’s: | Oxford, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,681
Land	1,668
Buildings Improvements	7,622
Total Adjustment to Basis	369
Gross Amount at Which Carried	9,659
Accumulated Depreciation	2,524
Lowe’s: | Tuscaloosa, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,794
Land	4,908
Buildings Improvements	4,786
Total Adjustment to Basis	109
Gross Amount at Which Carried	9,803
Accumulated Depreciation	1,391
Lowe’s: | Zanesville, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,098
Land	2,161
Buildings Improvements	8,375
Total Adjustment to Basis	316
Gross Amount at Which Carried	10,852
Accumulated Depreciation	2,326
McAlister’s Deli: | Lawton, OK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,106
Land	805
Buildings Improvements	1,057
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,862
Accumulated Depreciation	282
Mister Car Wash: | Athens, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,513
Land	383
Buildings Improvements	1,150
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,533
Accumulated Depreciation	209
Mister Car Wash: | Decatur, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,231
Land	257
Buildings Improvements	559
Total Adjustment to Basis	0
Gross Amount at Which Carried	816
Accumulated Depreciation	110
Mister Car Wash: | Decatur, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,798
Land	486
Buildings Improvements	1,253
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,739
Accumulated Depreciation	261
Mister Car Wash: | Decatur, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,436
Land	359
Buildings Improvements	1,152
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,511
Accumulated Depreciation	237
Mister Car Wash: | Hartselle, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,033
Land	360
Buildings Improvements	569
Total Adjustment to Basis	0
Gross Amount at Which Carried	929
Accumulated Depreciation	115
Mister Car Wash: | Hudson, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,971
Land	1,229
Buildings Improvements	1,562
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,791
Accumulated Depreciation	90
Mister Car Wash: | Madison, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,831
Land	562
Buildings Improvements	1,139
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,701
Accumulated Depreciation	241
National Tire & Battery: | Cypress, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,798
Land	910
Buildings Improvements	2,224
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,134
Accumulated Depreciation	520
National Tire & Battery: | Montgomery, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,018
Land	516
Buildings Improvements	2,494
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,010
Accumulated Depreciation	712
National Tire & Battery: | North Richland Hills, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,674
Land	513
Buildings Improvements	2,579
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,092
Accumulated Depreciation	595
National Tire & Battery: | Pasadena, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,857
Land	908
Buildings Improvements	2,307
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,215
Accumulated Depreciation	$ 540

Schedule III - Real Estate As_4

Schedule III - Real Estate Assets and Accumulated Depreciation - 4 (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 758,520
Land	320,729
Buildings Improvements	825,394
Total Adjustment to Basis	(10,128)
Gross Amount at Which Carried	1,135,995	$ 2,041,696	$ 2,362,175	$ 3,371,926
Accumulated Depreciation	116,397	$ 179,855	$ 158,354	$ 298,364
Natural Grocers: | Heber City, UT
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,527
Land	1,286
Buildings Improvements	3,727
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,013
Accumulated Depreciation	336
Natural Grocers: | Idaho Falls, ID
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,553
Land	833
Buildings Improvements	2,316
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,149
Accumulated Depreciation	606
O’Reilly Automotive: | Bennettsville, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,179
Land	361
Buildings Improvements	1,207
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,568
Accumulated Depreciation	122
O’Reilly Automotive: | Clayton, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,297
Land	501
Buildings Improvements	945
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,446
Accumulated Depreciation	195
O’Reilly Automotive: | Flowood, MS
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,341
Land	506
Buildings Improvements	1,288
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,794
Accumulated Depreciation	127
O’Reilly Automotive: | Iron Mountain, MI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,209
Land	249
Buildings Improvements	1,400
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,649
Accumulated Depreciation	140
Popeyes: | Independence, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,157
Land	333
Buildings Improvements	680
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,013
Accumulated Depreciation	168
Raising Cane’s: | Avondale, AZ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,216
Land	1,774
Buildings Improvements	2,381
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,155
Accumulated Depreciation	136
Raising Cane’s: | Reno, NV
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,282
Land	1,841
Buildings Improvements	2,259
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,100
Accumulated Depreciation	209
Republic Services: | Scottsdale, AZ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	11,460
Buildings Improvements	36,231
Total Adjustment to Basis	(10,391)
Gross Amount at Which Carried	37,300
Accumulated Depreciation	0
Safeway: | Juneau, AK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,732
Land	6,174
Buildings Improvements	8,791
Total Adjustment to Basis	0
Gross Amount at Which Carried	14,965
Accumulated Depreciation	831
Siemens: | Milford, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	4,137
Buildings Improvements	23,153
Total Adjustment to Basis	0
Gross Amount at Which Carried	27,290
Accumulated Depreciation	3,040
Spinx: | Simpsonville, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,787
Land	591
Buildings Improvements	969
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,560
Accumulated Depreciation	267
Steinhafels: | Greenfield, WI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,326
Land	1,783
Buildings Improvements	7,643
Total Adjustment to Basis	0
Gross Amount at Which Carried	9,426
Accumulated Depreciation	653
Steinhafels: | Madison, WI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,032
Land	3,227
Buildings Improvements	8,531
Total Adjustment to Basis	0
Gross Amount at Which Carried	11,758
Accumulated Depreciation	509
Sunoco: | Palm City, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,465
Land	667
Buildings Improvements	1,698
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,365
Accumulated Depreciation	457
SuperValu: | Oglesby, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,688
Land	2,505
Buildings Improvements	11,777
Total Adjustment to Basis	0
Gross Amount at Which Carried	14,282
Accumulated Depreciation	857
Take 5: | Andrews, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	879
Land	230
Buildings Improvements	862
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,092
Accumulated Depreciation	74
Take 5: | Bedford, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	897
Land	283
Buildings Improvements	837
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,120
Accumulated Depreciation	87
Take 5: | Burleson, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,117
Land	471
Buildings Improvements	936
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,407
Accumulated Depreciation	92
Take 5: | Burleson, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	824
Land	201
Buildings Improvements	837
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,038
Accumulated Depreciation	75
Take 5: | Burleson, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	641
Land	394
Buildings Improvements	407
Total Adjustment to Basis	0
Gross Amount at Which Carried	801
Accumulated Depreciation	72
Take 5: | Cedar Hill, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	788
Land	250
Buildings Improvements	705
Total Adjustment to Basis	0
Gross Amount at Which Carried	955
Accumulated Depreciation	65
Take 5: | Hereford, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	824
Land	50
Buildings Improvements	995
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,045
Accumulated Depreciation	83
Take 5: | Irving, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	458
Land	120
Buildings Improvements	445
Total Adjustment to Basis	0
Gross Amount at Which Carried	565
Accumulated Depreciation	40
Take 5: | Irving, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	824
Land	210
Buildings Improvements	818
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,028
Accumulated Depreciation	72
Take 5: | Lubbock, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,264
Land	151
Buildings Improvements	1,428
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,579
Accumulated Depreciation	116
Take 5: | Midland, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,667
Land	192
Buildings Improvements	1,861
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,053
Accumulated Depreciation	151
Take 5: | Mineral Wells, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,117
Land	131
Buildings Improvements	1,263
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,394
Accumulated Depreciation	$ 104

Schedule III - Real Estate As_5

Schedule III - Real Estate Assets and Accumulated Depreciation - 5 (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 758,520
Land	320,729
Buildings Improvements	825,394
Total Adjustment to Basis	(10,128)
Gross Amount at Which Carried	1,135,995	$ 2,041,696	$ 2,362,175	$ 3,371,926
Accumulated Depreciation	116,397	$ 179,855	$ 158,354	$ 298,364
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	391
TGI Friday’s: | Wilmington, DE
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,740
Land	1,685
Buildings Improvements	969
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,654
Accumulated Depreciation	251
Time Warner: | Streetsboro, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,009
Buildings Improvements	5,602
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,611
Accumulated Depreciation	342
Tire Kingdom: | Summerville, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,161
Land	1,208
Buildings Improvements	1,233
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,441
Accumulated Depreciation	279
Tractor Supply: | Ashland, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,033
Land	500
Buildings Improvements	2,696
Total Adjustment to Basis	175
Gross Amount at Which Carried	3,371
Accumulated Depreciation	753
Tractor Supply: | Blytheville, AR
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,564
Land	780
Buildings Improvements	2,660
Total Adjustment to Basis	175
Gross Amount at Which Carried	3,615
Accumulated Depreciation	309
Tractor Supply: | Cambridge, MN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,373
Land	807
Buildings Improvements	1,272
Total Adjustment to Basis	203
Gross Amount at Which Carried	2,282
Accumulated Depreciation	491
Tractor Supply: | Carlyle, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,344
Land	707
Buildings Improvements	2,386
Total Adjustment to Basis	175
Gross Amount at Which Carried	3,268
Accumulated Depreciation	302
Tractor Supply: | Fortuna, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,483
Land	568
Buildings Improvements	3,819
Total Adjustment to Basis	175
Gross Amount at Which Carried	4,562
Accumulated Depreciation	1,012
Tractor Supply: | Logan, WV
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,985
Land	597
Buildings Improvements	3,232
Total Adjustment to Basis	175
Gross Amount at Which Carried	4,004
Accumulated Depreciation	324
Tractor Supply: | Lumberton, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,754
Land	611
Buildings Improvements	2,007
Total Adjustment to Basis	175
Gross Amount at Which Carried	2,793
Accumulated Depreciation	638
Tractor Supply: | Monticello, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,608
Land	448
Buildings Improvements	1,916
Total Adjustment to Basis	175
Gross Amount at Which Carried	2,539
Accumulated Depreciation	609
Tractor Supply: | Shelbyville, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,330
Land	586
Buildings Improvements	2,576
Total Adjustment to Basis	175
Gross Amount at Which Carried	3,337
Accumulated Depreciation	293
Tractor Supply: | South Hill, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,857
Land	630
Buildings Improvements	2,179
Total Adjustment to Basis	175
Gross Amount at Which Carried	2,984
Accumulated Depreciation	650
Tractor Supply: | Weaverville, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,183
Land	867
Buildings Improvements	3,138
Total Adjustment to Basis	277
Gross Amount at Which Carried	4,282
Accumulated Depreciation	915
United Oil: | Bellflower, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,919
Land	1,246
Buildings Improvements	788
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,034
Accumulated Depreciation	185
United Oil: | Brea, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,879
Land	2,393
Buildings Improvements	658
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,051
Accumulated Depreciation	153
United Oil: | Carson, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,355
Land	2,354
Buildings Improvements	4,821
Total Adjustment to Basis	0
Gross Amount at Which Carried	7,175
Accumulated Depreciation	433
United Oil: | El Cajon, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,853
Land	1,533
Buildings Improvements	568
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,101
Accumulated Depreciation	133
United Oil: | El Cajon, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,648
Land	1,225
Buildings Improvements	368
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,593
Accumulated Depreciation	86
United Oil: | Fallbrook, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,538
Land	1,266
Buildings Improvements	3,458
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,724
Accumulated Depreciation	281
United Oil: | Harbor City, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,297
Land	1,359
Buildings Improvements	3,047
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,406
Accumulated Depreciation	253
United Oil: | Hawthorne, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,993
Land	896
Buildings Improvements	1,764
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,660
Accumulated Depreciation	147
United Oil: | La Habra, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,403
Land	1,971
Buildings Improvements	571
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,542
Accumulated Depreciation	133
United Oil: | Lakewood, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,663
Land	2,499
Buildings Improvements	2,400
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,899
Accumulated Depreciation	219
United Oil: | Lawndale, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,198
Land	1,462
Buildings Improvements	862
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,324
Accumulated Depreciation	201
United Oil: | Long Beach, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,747
Land	1,088
Buildings Improvements	2,582
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,670
Accumulated Depreciation	218
United Oil: | Los Angeles, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,223
Land	1,927
Buildings Improvements	1,484
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,411
Accumulated Depreciation	347
United Oil: | Los Angeles, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,747
Land	2,182
Buildings Improvements	701
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,883
Accumulated Depreciation	164
United Oil: | Los Angeles, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,773
Land	2,435
Buildings Improvements	2,614
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,049
Accumulated Depreciation	220
United Oil: | Los Angeles, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,117
Land	2,016
Buildings Improvements	3,486
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,502
Accumulated Depreciation	284
United Oil: | Norco, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,157
Land	1,852
Buildings Improvements	1,489
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,341
Accumulated Depreciation	348
United Oil: | San Clemente, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,183
Land	2,036
Buildings Improvements	3,561
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,597
Accumulated Depreciation	296
United Oil: | San Diego, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,264
Land	1,362
Buildings Improvements	1,662
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,024
Accumulated Depreciation	147
United Oil: | San Diego, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,568
Land	1,547
Buildings Improvements	3,218
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,765
Accumulated Depreciation	266
United Oil: | San Diego, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,872
Land	2,409
Buildings Improvements	4,105
Total Adjustment to Basis	0
Gross Amount at Which Carried	6,514
Accumulated Depreciation	356
United Oil: | San Diego, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,608
Land	1,877
Buildings Improvements	883
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,760
Accumulated Depreciation	206
United Oil: | Santa Ana, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,542
Land	1,629
Buildings Improvements	1,766
Total Adjustment to Basis	0
Gross Amount at Which Carried	3,395
Accumulated Depreciation	156
United Oil: | Vista, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,264
Land	2,063
Buildings Improvements	334
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,397
Accumulated Depreciation	78
United Oil: | Vista (Vista), CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,198
Land	2,028
Buildings Improvements	418
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,446
Accumulated Depreciation	98
United Oil: | Whittier, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,469
Land	1,629
Buildings Improvements	985
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,614
Accumulated Depreciation	$ 230

Schedule III - Real Estate As_6

Schedule III - Real Estate Assets and Accumulated Depreciation - 6 (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 758,520
Land	320,729
Buildings Improvements	825,394
Total Adjustment to Basis	(10,128)
Gross Amount at Which Carried	1,135,995	$ 2,041,696	$ 2,362,175	$ 3,371,926
Accumulated Depreciation	116,397	$ 179,855	$ 158,354	$ 298,364
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	72
Valeo North American HQ: | Troy, MI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,880
Buildings Improvements	9,813
Total Adjustment to Basis	0
Gross Amount at Which Carried	11,693
Accumulated Depreciation	909
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	341
Valvoline HQ: | Lexington, KY
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	5,558
Buildings Improvements	41,234
Total Adjustment to Basis	0
Gross Amount at Which Carried	46,792
Accumulated Depreciation	3,305
Walgreens: | Austintown, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,568
Land	637
Buildings Improvements	4,173
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,810
Accumulated Depreciation	1,096
Walgreens: | Dearborn Heights, MI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,058
Land	2,236
Buildings Improvements	3,411
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,647
Accumulated Depreciation	922
Walgreens: | Fort Madison, IA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,480
Land	514
Buildings Improvements	3,723
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,237
Accumulated Depreciation	988
Walgreens: | Las Vegas, NV
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,861
Land	2,325
Buildings Improvements	3,262
Total Adjustment to Basis	70
Gross Amount at Which Carried	5,657
Accumulated Depreciation	870
Walgreens: | Lawton, OK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,765
Land	860
Buildings Improvements	2,539
Total Adjustment to Basis	106
Gross Amount at Which Carried	3,505
Accumulated Depreciation	700
Walgreens: | Little Rock, AR
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,395
Land	548
Buildings Improvements	4,676
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,224
Accumulated Depreciation	1,120
Walgreens: | Lubbock, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,535
Land	565
Buildings Improvements	3,257
Total Adjustment to Basis	103
Gross Amount at Which Carried	3,925
Accumulated Depreciation	946
Walgreens: | Metropolis, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,095
Land	284
Buildings Improvements	4,991
Total Adjustment to Basis	0
Gross Amount at Which Carried	5,275
Accumulated Depreciation	1,174
Walgreens: | Sacramento, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,231
Land	324
Buildings Improvements	2,669
Total Adjustment to Basis	0
Gross Amount at Which Carried	2,993
Accumulated Depreciation	668
Walgreens: | San Antonio, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,904
Land	1,417
Buildings Improvements	7,932
Total Adjustment to Basis	0
Gross Amount at Which Carried	9,349
Accumulated Depreciation	640
Walgreens: | Suffolk, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,029
Land	1,261
Buildings Improvements	3,461
Total Adjustment to Basis	0
Gross Amount at Which Carried	4,722
Accumulated Depreciation	1,088
Walmart: | Anderson, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,538
Land	2,424
Buildings Improvements	9,719
Total Adjustment to Basis	0
Gross Amount at Which Carried	12,143
Accumulated Depreciation	1,983
Walmart: | Florence, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,835
Land	2,013
Buildings Improvements	9,225
Total Adjustment to Basis	0
Gross Amount at Which Carried	11,238
Accumulated Depreciation	1,874
Walmart: | Tallahassee, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,095
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]
Encumbrances	11,677
Land	1,019
Buildings Improvements	13,390
Total Adjustment to Basis	0
Gross Amount at Which Carried	14,409
Accumulated Depreciation	949
Wendy’s: | Grafton, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,583
Land	539
Buildings Improvements	894
Total Adjustment to Basis	0
Gross Amount at Which Carried	1,433
Accumulated Depreciation	$ 223

Schedule III - Real Estate As_7

Schedule III - Real Estate Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate and Accumulated Depreciation [Line Items]
Property, plant and equipment, land and real estate assets, net tax basis	$ 1,100,000
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance, beginning of period	2,041,696	$ 2,362,175	$ 3,371,926
Additions
Acquisitions	0	0	752,272
Improvements	619	1,245	3,785
Total additions	619	1,245	756,057
Less: Deductions
Cost of real estate sold	884,128	305,071	426,436
Other (including provisions for impairment of real estate assets)	22,192	16,653	1,339,372
Total deductions	906,320	321,724	1,765,808
Balance, end of period	1,135,995	2,041,696	2,362,175
Gross intangible lease assets	154,217	276,684
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance, beginning of period	179,855	158,354	298,364
Additions
Acquisitions - Depreciation expense for building, acquisitions costs and tenant improvements acquired	26,011	41,627	61,868
Improvements - Depreciation expense for tenant improvements and building equipment	3,218	5,270	5,140
Total additions	29,229	46,897	67,008
Deductions
Cost of real estate sold	85,919	22,508	43,600
Other (including provisions for impairment of real estate assets)	6,768	2,888	163,418
Total deductions	92,687	25,396	207,018
Balance, end of period	$ 116,397	$ 179,855	$ 158,354
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	$ 154,200
Accumulated amortization of intangible lease assets	$ 52,800

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans On Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face amount of Mortgages	$ 3,669,116
Carrying amount of mortgages	3,648,351
(Provision for) reversal of credit losses	(109,240)
Net balance, end of period	3,539,111	$ 3,264,841	$ 1,958,655	$ 428,393
Principal amount of loans subject to delinquent principal or interest	0
Tax basis of mortgage loans	3,600,000
Current expected credit losses	$ (132,598)	$ (42,344)
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	3.25%
Face amount of Mortgages	$ 50,643
Carrying amount of mortgages	50,536
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	3.85%
Face amount of Mortgages	$ 90,513
Carrying amount of mortgages	90,173
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	4.10%
Face amount of Mortgages	$ 71,730
Carrying amount of mortgages	71,510
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	4.66%
Face amount of Mortgages	$ 108,309
Carrying amount of mortgages	107,827
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	2%
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	2.55%
Face amount of Mortgages	$ 18,261
Carrying amount of mortgages	18,261
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	3.55%
Face amount of Mortgages	$ 174,769
Carrying amount of mortgages	174,134
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	3.86%
Face amount of Mortgages	$ 57,508
Carrying amount of mortgages	57,145
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	199,930
Carrying amount of mortgages	199,244
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	1.47%
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	6.82%
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	2.60%
Face amount of Mortgages	$ 123,000
Carrying amount of mortgages	122,855
Principal amount of loans subject to delinquent principal or interest	$ 0
Retail / Glendale, 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	4.26%
Face amount of Mortgages	$ 65,000
Carrying amount of mortgages	64,747
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	3%
Face amount of Mortgages	$ 146,205
Carrying amount of mortgages	145,836
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	2.75%
Face amount of Mortgages	$ 88,180
Carrying amount of mortgages	87,874
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	3.61%
Face amount of Mortgages	$ 60,750
Carrying amount of mortgages	60,491
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	3.61%
Face amount of Mortgages	$ 20,250
Carrying amount of mortgages	20,164
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	3.41%
Face amount of Mortgages	$ 129,977
Carrying amount of mortgages	129,158
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	3.20%
Face amount of Mortgages	$ 70,908
Carrying amount of mortgages	70,661
Principal amount of loans subject to delinquent principal or interest	$ 0
Office Boston, 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	2.90%
Face amount of Mortgages	$ 135,009
Carrying amount of mortgages	134,220
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	2.60%
Face amount of Mortgages	$ 154,000
Carrying amount of mortgages	153,485
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	3%
Face amount of Mortgages	$ 118,749
Carrying amount of mortgages	118,358
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	3.28%
Face amount of Mortgages	$ 173,690
Carrying amount of mortgages	172,852
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	3.40%
Face amount of Mortgages	$ 270,269
Carrying amount of mortgages	268,689
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	3.34%
Face amount of Mortgages	$ 304,703
Carrying amount of mortgages	302,699
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	4.70%
Face amount of Mortgages	$ 69,355
Carrying amount of mortgages	68,966
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	3.05%
Face amount of Mortgages	$ 145,519
Carrying amount of mortgages	144,916
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	4%
Face amount of Mortgages	$ 185,350
Carrying amount of mortgages	184,274
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	3.50%
Face amount of Mortgages	$ 81,000
Carrying amount of mortgages	80,668
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	3.95%
Face amount of Mortgages	$ 61,120
Carrying amount of mortgages	60,722
Principal amount of loans subject to delinquent principal or interest	$ 0
Industrial / 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	2.40%
Face amount of Mortgages	$ 269,430
Carrying amount of mortgages	264,104
Principal amount of loans subject to delinquent principal or interest	$ 0
Hospitality / 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	4.40%
Face amount of Mortgages	$ 34,950
Carrying amount of mortgages	34,619
Principal amount of loans subject to delinquent principal or interest	$ 0
Hospitality / 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	4.15%
Face amount of Mortgages	$ 25,900
Carrying amount of mortgages	25,627
Principal amount of loans subject to delinquent principal or interest	$ 0
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	3.25%
Face amount of Mortgages	$ 47,500
Carrying amount of mortgages	47,245
Principal amount of loans subject to delinquent principal or interest	$ 0
Hospitality / Philadelphia, Pennsylvania | First mortgage loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on interest rate	4.05%
Face amount of Mortgages	$ 29,900
Carrying amount of mortgages	29,552
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, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance, beginning of period	$ 3,264,841	$ 1,958,655	$ 428,393
Additions during period:
New loans	483,099	1,401,539	1,810,166
Capitalized interest	0	62	0
Accretion of fees and other items	8,726	9,896	2,998
Total additions	491,825	1,411,497	1,813,164
Less: Deductions during period:
Collections of principal	(120,394)	(80,911)	(169,094)
Capitalized interest	0	0	(9,469)
Foreclosures	0	0	(138,006)
Deferred fees and other items	(8,273)	(13,978)	(17,031)
Total deductions	(128,667)	(94,889)	(333,600)
(Provision for) reversal of credit losses	(88,888)	(10,422)	50,698
Net balance, end of period	$ 3,539,111	$ 3,264,841	$ 1,958,655