Franklin BSP Realty Trust (FBRT) 10-Q15 May 152015 Q1 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2015	Apr. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Realty Finance Trust, Inc.
Entity Central Index Key	1562528
Current Fiscal Year End Date	-19
Entity Filer Category	Smaller Reporting Company
Document Type	10-Q
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Amendment Flag	FALSE
Entity Common Stock, Shares Outstanding		21,214,570

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$17,155	$386
Restricted cash	68	68
Commercial mortgage loans, held for investment, net	559,058	456,884
Real estate securities, at fair value	58,375	50,234
Accrued interest receivable	2,306	2,866
Prepaid expenses and other assets	5,009	3,782
Total assets	641,971	514,220
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest payable	257	232
Distributions payable	3,269	2,623
Accounts payable and accrued expenses	2,151	2,385
Due to affiliate	3,223	2,035
Total liabilities	228,941	183,713
Preferred stock, $0.01 par value, 50,000,000 authorized, none issued and outstanding as of March 31, 2015 and December 31, 2014	0	0
Convertible stock; $0.01 par value, 1,000 shares authorized, issued and outstanding as of March 31, 2015 and December 31, 2014, respectively	1	1
Common stock, $0.01 par value, 949,999,000 shares authorized, 19,406,761 and 15,472,192 shares issued and outstanding as of March 31, 2015 and December 31, 2014, respectively	194	155
Additional paid-in capital	427,373	340,874
Accumulated other comprehensive loss	-166	-307
Accumulated deficit	-14,372	-10,216
Total stockholders' equity	413,030	330,507
Total liabilities and stockholders' equity	641,971	514,220
Commercial Mortgage Loans [Member]
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements - commercial mortgage loans	182,307	150,169
Real Estate Securities [Member]
ASSETS
Real estate securities, at fair value	58,375	50,234
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements - commercial mortgage loans	$37,734	$26,269

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value per share (in dollars per share)	$0.01	$0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value per share (in dollars per share)	$0.01	$0.01
Common stock, shares authorized	949,999,000	949,999,000
Common stock, shares issued	19,401,079	15,472,192
Common stock, shares outstanding	19,401,079	15,472,192
Convertible stock, par value per share (in dollars per share)	$0.01	$0.01
Convertible stock, shares authorized	1,000	1,000
Convertible stock, shares issued	0	0
Convertible stock, shares outstanding	0	0

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Interest Income:
Interest income	$9,605	$977
Interest expense	1,933	21
Net interest income	7,672	956
Expenses:
Acquisition fees	1,032	259
Subordinated performance fee	362	0
Professional fees	1,379	113
Other expenses	123	272
Loan loss provision	144	86
Total expenses	3,040	730
Net income	$4,632	$226
Basic net income (loss) per share (in dollars per share)	$0.27	$0.11
Diluted net income (loss) per share (in dollars per share)	$0.27	$0.11
Basic weighted average shares outstanding (in shares)	17,279,713	2,025,934
Diluted weighted average shares outstanding (in shares)	17,284,086	2,030,023

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Loss Statement (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income	$4,632	$226
Other comprehensive loss (net change by component):
Unrealized loss on available-for-sale securities	141	5
Comprehensive income attributable to Realty Finance Trust, Inc.	$4,773	$231

Consolidated_Statements_of_Sto

Consolidated Statements of Stockholders' Equity (USD $)	Total	Convertible Common Stock [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Other Comprehensive Loss [Member]	Accumulated Deficit [Member]
In Thousands, except Share data, unless otherwise specified	Total	Convertible Common Stock [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Other Comprehensive Loss [Member]	Accumulated Deficit [Member]
Balance at Dec. 31, 2014	$330,507	$1	$155	$340,874	($307)	($10,216)
Balance, shares at Dec. 31, 2014		1,000	15,472,192
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			3,795,148
Issuance of common stock	94,621		38	94,583
Comm stock repurchases (in shares)			-5,752
Common stock repurchases	-144			-144
Net income	4,632					4,632
Distributions declared	-8,788					-8,788
Shares issued under DRIP (in shares)			145,173
Common stock issued through distribution reinvestment plan	3,445		1	3,444		0
Share-based compensation (in shares)			0
Share-based compensation	6			6
Common stock offering costs, commissions and dealer manager fees	-11,390			-11,390
Other comprehensive income	141				141
Balance at Mar. 31, 2015	$413,030	$1	$194	$427,373	($166)	($14,372)
Balance, shares at Mar. 31, 2015		1,000	19,406,761

Consolidated_Statement_of_Cash

Consolidated Statement of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income	$4,632	$226
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Discount accretion and premium amortization, net	-189	-52
Accretion of loan exit fees	-145	0
Amortization of deferred financing costs	479	0
Share-based compensation	6	4
Loan loss provision	144	86
Changes in assets and liabilities:
Accrued interest receivable	705	-198
Prepaid expenses and other assets	859	-1,194
Accounts payable and accrued expenses	-364	92
Due to affiliate	-894	0
Interest payable	25	-2
Net cash provided by (used in) operating activities	5,258	-1,038
Cash flows from investing activities:
Origination and purchase of commercial mortgage loans	-116,434	-24,066
Purchase of real estate securities	-8,016	-9,497
Principal repayments received on commercial mortgage loans	14,321	38
Net cash used in investing activities	-110,129	-33,525
Cash flows from financing activities:
Proceeds from issuances of common stock	92,806	40,844
Common stock repurchases	-144	0
Payments of offering costs and fees related to common stock issuances	-9,178	-4,501
Borrowings on revolving line of credit with affiliate	0	3,300
Repayments of revolving line of credit with affiliate	0	-7,305
Borrowings on repurchase agreements - commercial mortgage loans	38,376	0
Repayments of repurchase agreements - commercial mortgage loans	-6,238	0
Borrowings on repurchase agreements - real estate securities	99,560	4,010
Repayments of repurchase agreements - real estate securities	-88,095	-10
Advances from affiliate	0	-1,078
Payments of deferred financing costs	-750	0
Distributions paid	-4,697	-523
Net cash provided by financing activities	121,640	34,737
Net change in cash	16,769	174
Cash, beginning of period	386	178
Cash, end of period	17,155	352
Supplemental disclosures of cash flow information:
Escrow deposits payable related to commercial mortgage loans	295	0
Income taxes paid	9	0
Interest paid	2,471	24
Supplemental disclosures of non-cash flow information:
Distributions payable	3,269	469
Common stock issued through distribution reinvestment plan	3,445	266
Receivable for common stock issued	$3,006	$0

Organization_and_Business_Oper

Organization and Business Operations	3 Months Ended
Organization and Business Operations	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Operations	Organization and Business Operations
	Realty Finance Trust, Inc. (formerly known as ARC Realty Finance Trust, Inc.) (the "Company") was incorporated in Maryland on November 15, 2012 and conducts its operations to qualify as a real estate investment trust ("REIT") for U.S. federal income tax purposes beginning with the filing of its tax return for the taxable year ended December 31, 2013. The Company is offering for sale a maximum of $2.0 billion of common stock, $0.01 par value per share, on a reasonable best efforts basis, pursuant to a registration statement on Form S-11 (the "Offering") filed with the U.S. Securities and Exchange Commission under the Securities Act of 1933, as amended. The Offering also covers the offer and sale of up to approximately $400.0 million in shares of common stock pursuant to a distribution reinvestment plan (the "DRIP") under which common stockholders may elect to have their distributions reinvested in additional shares of the Company’s common stock. On May 14, 2013, the Company commenced business operations after raising in excess of $2.0 million of equity, the amount required for the Company to release equity proceeds from escrow.
	Prior to the filing of the Company's second Quarterly Report on Form 10-Q following February 12, 2015 (the "NAV Pricing Date"), the per share purchase price in the Offering will be up to $25.00 per share (including the maximum allowed to be charged for commissions and fees and subject to certain discounts) and the per share purchase price for shares issued under the DRIP will be $23.75 per share, which is 95% of the purchase price per share in the Offering. As of March 31, 2015, the aggregate value of all the common stock outstanding was $484.7 million based on a per share value of $25.00 (or $23.75 for shares issued under DRIP). After the NAV Pricing Date, the Company will begin offering shares in the Offering and the DRIP at a per share purchase price that will vary quarterly and will be equal to the net asset value ("NAV") divided by the number of shares outstanding as of the end of the business day immediately preceding the day on which the Company makes its quarterly periodic filing ("Per Share NAV"). Applicable selling commissions and dealer manager fees will be added to the per share price for shares in the Company’s primary offering but not for the DRIP.
	On December 30, 2014, the Company filed with the Maryland State Department of Assessments and Taxation articles supplementary to its charter that reclassified 1,000 authorized but unissued shares of the Company’s common stock as shares of convertible stock and set the terms of such convertible shares. The Company then issued 1,000 convertible shares to Realty Finance Advisors, LLC (the "Advisor") for $1.00 per share. The convertible shares will automatically convert to shares of common stock upon the first occurrence of any of following triggering events (the "Triggering Events"): (i) the Company has paid total distributions on the then-outstanding shares of common stock in an amount equal to or in excess of the sum of the invested capital (as defined in the Company’s charter) plus an aggregate 6.0% cumulative, pre-tax, non-compounded, annual return on such invested capital, (ii) a listing of the Company’s shares of common stock on a national securities exchange and (iii) the termination of the Company’s advisory agreement under certain circumstances. In general, but with certain exceptions as outlined in the articles supplementary, each convertible share will convert into a number of common shares equal to 1/1000 of the quotient of (a) the conversion product (the product of 0.15 times the amount, if any, by which (i) the sum of the enterprise value as of the date of the Triggering Event plus total distributions paid to the Company’s stockholders through the date of the Triggering Event exceeds (ii) the sum of the Company's stockholders’ invested capital plus a 6.0% return as of the date of the Triggering Event) divided by (b) the quotient of the enterprise value divided by the number of shares of the Company’s common stock outstanding (on an as-converted basis) on the date of the Triggering Event. The conversion product will be reduced by the amounts payable pursuant to the annual subordinated performance fee as realized appreciation in the Company’s assets during the time that the Advisor or one of its affiliates acts as the Company’s advisor.
	The Company was formed to originate, acquire and manage a diversified portfolio of commercial real estate debt investments secured by properties located both within and outside of the United States. The Company may also invest in commercial real estate securities and commercial real estate properties. Commercial real estate debt investments may include first mortgage loans, subordinated mortgage loans, mezzanine loans and participations in such loans. Commercial real estate securities may include commercial mortgage-backed securities ("CMBS"), senior unsecured debt of publicly traded REITs, debt or equity securities of other publicly traded real estate companies and collateralized debt obligations ("CDOs").
	The Company has no direct employees. The Company has retained the Advisor to manage the Company's affairs on a day-to-day basis. Realty Capital Securities, LLC (the "Dealer Manager") serves as the dealer manager of the Offering. The Advisor and Dealer Manager are under common control with the parent of American Realty Capital VIII, LLC (the "Sponsor"), as a result of which they are related parties and each of them have or will receive compensation and fees for services related to the Offering, the investment and management of the Company's assets, the operations of the company and the liquidation of the Company.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies
	Basis of Accounting
	The accompanying condensed consolidated financial statements and related footnotes are unaudited and have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements. The accompanying condensed consolidated financial statements include the accounts of the Company, Realty Finance Operating Partnership, L.P. (the "OP") and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
	Interim financial statements are prepared in accordance with GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. Accordingly, the condensed consolidated financial statements may not include all of the information and notes required by GAAP for annual consolidated financial statements. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. In the opinion of management, the interim data includes all adjustments, of a normal and recurring nature, necessary for a fair statement of the results for the periods presented. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending on December 31, 2015.
	Allowance for Loan Losses
	The allowance for loan losses reflects management's estimate of loan losses inherent in the loan portfolio as of the balance sheet date. The reserve is increased through the loan loss provision on the Company's consolidated statement of operations and is decreased by charge-offs when losses are confirmed through the receipt of assets, such as cash in a pre-foreclosure sale or upon ownership control of the underlying collateral in full satisfaction of the loan upon foreclosure or when significant collection efforts have ceased. The Company uses a uniform process for determining its allowance for loan losses. The allowance for loan losses includes a general, formula-based component and an asset-specific component.
	General reserves are recorded when (i) available information as of each balance sheet date indicates that it is probable a loss has occurred in the portfolio and (ii) the amount of the loss can be reasonably estimated. The Company currently estimates loss rates based on historical realized losses experienced in the industry and takes into account current collateral and economic conditions affecting the probability or severity of losses when establishing the allowance for loan losses. The Company performs a comprehensive analysis of its loan portfolio and assigns risk ratings to loans that incorporate management's current judgments about their credit quality based on all known and relevant internal and external factors that may affect collectability. The Company considers, among other things, payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographical location as well as national and regional economic factors. This methodology results in loans being segmented by risk classification into risk rating categories that are associated with estimated probabilities of default and principal loss. Ratings range from "1" to "5" with "1" representing the lowest risk of loss and "5" representing the highest risk of loss.
	The asset-specific reserve component relates to reserves for losses on individual impaired loans. The Company considers a loan to be impaired when, based upon current information and events, it believes that it is probable that the Company will be unable to collect all amounts due under the contractual terms of the loan agreement. This assessment is made on an individual loan basis each quarter based on such factors as payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographical location as well as national and regional economic factors. A reserve is established for an impaired loan when the present value of payments expected to be received, observable market prices or the estimated fair value of the collateral (for loans that are dependent on the collateral for repayment) is lower than the carrying value of that loan.
	For collateral dependent impaired loans, impairment is measured using the estimated fair value of collateral less the estimated cost to sell. Valuations are performed or obtained at the time a loan is determined to be impaired and designated non-performing, and they are updated if circumstances indicate that a significant change in value has occurred. The Advisor generally will use the income approach through internally developed valuation models to estimate the fair value of the collateral for such loans. In more limited cases, the Advisor will obtain external "as is" appraisals for loan collateral, generally when third party participations exist.
	A loan is also considered impaired if its terms are modified in a troubled debt restructuring ("TDR"). A TDR occurs when a concession is granted and the debtor is experiencing financial difficulties. Impairments on TDR loans are generally measured based on the present value of expected future cash flows discounted at the effective interest rate of the original loans.
	The Company designates non-performing loans at such time as (i) loan payments become 90-days past due; (ii) the loan has a maturity default; or (iii) when, in the opinion of the Company, it is probable the Company will be unable to collect all amounts due according to the contractual terms of the loan. Income recognition will be suspended when a loan is designated non-performing and resumed only when the suspended loan becomes contractually current and performance is demonstrated to have resumed. A loan will be written off when it is no longer realizable and legally discharged.
	As of March 31, 2015 and December 31, 2014, the Company had 46 and 38 loan investments, respectively, all of which were current on their interest and scheduled principal payments. The Company has established a $0.7 million and $0.6 million allowance for loan losses as of March 31, 2015 and December 31, 2014, respectively. There are no specifically reserved loans in the portfolio as of March 31, 2015 and December 31, 2014.
	Per Share Data
	The Company calculates basic earnings per share by dividing net income attributable to the Company for the period by the weighted-average number of shares of common stock outstanding for that period. Diluted earnings per share reflects the potential dilution that that could occur from shares issuable in connection with the restricted stock plan and if convertible shares were exercised, except when doing so would be anti-dilutive.
	Reportable Segments
	The Company conducts its business through the following segments:

	•	The real estate debt business which is focused on originating, acquiring and asset managing commercial real estate debt investments, including first mortgage loans, subordinate mortgages, mezzanine loans and participations in such loans.

	•	The real estate securities business which is focused on investing in and asset managing commercial real estate securities primarily consisting of CMBS and may include unsecured REIT debt, CDO notes and other securities.
	See Note 12 - Segment Reporting for further information regarding the Company's segments.
	New Accounting Pronouncements
	In May 2014, the FASB issued revised guidance relating to revenue recognition. Under the revised guidance, an entity is required to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The revised guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company has not yet selected a transition method and is currently evaluating the impact of the new guidance.
	In June 2014, the FASB issued Accounting Standards Update ("ASU") No. 2014-11 "Repurchase-to-Maturity Transactions, Repurchase Financings and Disclosures." ASU No. 2014-11 makes limited changes to the accounting for repurchase agreements, clarifies when repurchase agreements and securities lending transactions should be accounted for as secured borrowings and requires additional disclosures regarding these types of transactions. The Company currently records repurchase arrangements as secured borrowings and does not anticipate this guidance will have an impact on the Company's condensed consolidated financial statements.
	In April 2015, the FASB issued guidance that simplifies the presentation of debt issuance costs by amending the accounting guidance to require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability. The amendments are consistent with the accounting guidance related to debt discounts. This guidance is effective for the first interim or annual period beginning after December 15, 2015. Early adoption is permitted, and the Company is currently assessing the impact of this guidance on its condensed consolidated financial statements.

Commercial_Mortgage_Loans

Commercial Mortgage Loans	3 Months Ended
	Mar. 31, 2015
Receivables [Abstract]
Commercial Mortgage Loans	Commercial Mortgage Loans
	The following table is a summary of the Company's commercial mortgage loans by class (in thousands):


		31-Mar-15				31-Dec-14
	Senior loans	$	342,870			$	250,093

	Mezzanine loans	206,902				191,863

	Subordinated loans	10,000				15,498

	Total gross carrying value of loans	559,772				457,454

	Less: Allowance for loan losses	714				570

	Total commercial mortgage loans	$	559,058			$	456,884

	As of March 31, 2015, the Company's commercial mortgage loan portfolio was comprised of 46 loans with a par value of $563.9 million. For the three months ended March 31, 2015, the Company received scheduled and unscheduled principal repayments of $14.3 million on the loans.
	The following table presents the activity in the Company's allowance for loan losses (in thousands):


		Three Months Ended March 31, 2015				Year Ended December 31, 2014
	Beginning of period	$	570			$	—

	Provision for loan losses	144				570

	Charge-offs	—				—

	Recoveries	—				—

	End of period	$	714			$	570

	The Company's commercial mortgage loan portfolio was comprised of the following as of March 31, 2015 (in thousands):


	Loan Type		Property Type		Par Value				Premium (Discount)(1)				Carrying Value			Interest Rate		Effective Yield			Loan to Value (2)			Maturity Date
	Senior 1		Office		$	11,450			$	(61	)		$	11,389		5.00% +1M LIBOR		5.5	%		70	%		Jun-17

	Senior 2		Retail		3,389				(27		)		3,362			5.40% +1M LIBOR		6.3	%		73.9	%		Jul-16

	Senior 3		Mixed Use		14,000				(96		)		13,904			8.00% +1M LIBOR		10.9	%		70	%		Jul-15

	Senior 4		Office		5,750				(7		)		5,743			4.90% +1M LIBOR		5.1	%		80	%		Aug-17

	Senior 5		Mixed Use		31,250				(147		)		31,103			4.50% +1M LIBOR		4.9	%		75	%		Sep-17

	Senior 6		Mixed Use		32,272				(119		)		32,153			5.50% +1M LIBOR		5.8	%		55.3	%		Sep-19

	Senior 7		Retail		9,450				(40		)		9,410			4.90% +1M LIBOR		5.3	%		70	%		Sep-17

	Senior 8		Mixed Use		7,460				(42		)		7,418			4.75% +1M LIBOR		5.2	%		78	%		Oct-17

	Senior 9		Hotel		10,171				(41		)		10,130			5.75% +1M LIBOR		6.1	%		60	%		Oct-17

	Senior 10		Retail		11,800				(56		)		11,744			4.75% +1M LIBOR		5.1	%		79.4	%		Nov-17

	Senior 11		Office		22,150				(249		)		21,901			4.65% +1M LIBOR		5.3	%		80	%		Nov-17

	Senior 12		Office		9,150				(53		)		9,097			5.50% +1M LIBOR		6.1	%		75	%		Nov-16

	Senior 13		Office		14,200				(19		)		14,181			5.20% +1M LIBOR		5.5	%		75	%		Nov-17

	Senior 14		Office		34,500				(343		)		34,157			5.25% +1M LIBOR		5.7	%		75	%		Dec-18

Senior 15		Office		11,400				(12		)		11,388			4.80% +1M LIBOR		5	%		75	%		Dec-17

Senior 16		Mixed Use		9,600				(70		)		9,530			5.10% +1M LIBOR		5.6	%		75	%		Jan-18

Senior 17		Office		9,180				(97		)		9,083			5.00% +1M LIBOR		5.6	%		75	%		Jan-18

Senior 18		Multifamily		6,611				(48		)		6,563			4.75% +1M LIBOR		5.2	%		78.3	%		Feb-18

Senior 19		Office		24,500				(188		)		24,312			4.60% +1M LIBOR		5	%		65	%		Feb-19

Senior 20		Retail		11,450				(66		)		11,384			4.50% +1M LIBOR		4.8	%		74.8	%		Feb-19

Senior 21		Multifamily		12,840				(80		)		12,760			5.00% +1M LIBOR		5.4	%		76.7	%		Feb-18

Senior 22		Multifamily		8,600				(55		)		8,545			4.70% +1M LIBOR		5.1	%		68.8	%		Feb-18

Senior 23		Retail		9,850				(67		)		9,783			5.25% +1M LIBOR		5.7	%		80	%		Mar-18

Senior 24		Multifamily		10,450				(57		)		10,393			4.75% +1M LIBOR		5.1	%		75	%		Apr-18



Loan Type		Property Type		Par Value				Premium (Discount)(1)				Carrying Value			Interest Rate		Effective Yield			Loan to Value (2)			Maturity Date
Senior 25		Retail		13,500				(63		)		13,437			5.00% +1M LIBOR		5.4	%		78	%		Apr-17

Mezzanine 1		Hotel		6,344				(2,222		)		4,122			5.50%		12.7	%		76.7	%		May-23

Mezzanine 2		Multifamily		5,000				40				5,040			9.00%		8.7	%		73.9	%		Sep-18

Mezzanine 3		Office		9,000				48				9,048			11.00% +3M LIBOR		10.9	%		77.9	%		Sep-16

Mezzanine 4		Office		5,000				69				5,069			11.00%		10.8	%		63.6	%		Jan-24

Mezzanine 5		Student Housing		4,000				56				4,056			12.00%		11.7	%		74.5	%		Jan-24

Mezzanine 6		Hotel		11,000				25				11,025			7.05% +1M LIBOR		7	%		70	%		Mar-16

Mezzanine 7		Hotel		3,000				19				3,019			11.00%		10.8	%		81.8	%		Aug-18

Mezzanine 8		Office		7,000				30				7,030			12.00%		11.9	%		78.3	%		May-19

Mezzanine 9		Retail		1,962				9				1,971			13.00%		12.9	%		85	%		Jun-24

Mezzanine 10		Office		10,000				16				10,016			8.00% +1M LIBOR		8	%		80	%		May-16

Mezzanine 11		Multifamily		3,480				17				3,497			9.50%		9.4	%		84.5	%		Jul-24

Mezzanine 12		Hotel		35,000				112				35,112			8.40% +1M LIBOR		8.3	%		70.1	%		Jun-16

Mezzanine 13		Mixed Use		7,000				(29		)		6,971			10.50% +1M LIBOR		11	%		84	%		Jul-17

Mezzanine 14		Hotel		12,000				46				12,046			9.00% +1M LIBOR		8.9	%		74.2	%		Sep-16

Mezzanine 15		Student Housing		5,000				19				5,019			8.00% +1M LIBOR		7.9	%		71	%		Aug-16

Mezzanine 16		Office		45,000				170				45,170			7.25% +1M LIBOR		7.1	%		76	%		Aug-16

Mezzanine 17		Office		9,000				42				9,042			10.50%		10.4	%		85	%		Oct-19

Mezzanine 18		Office		5,100				—				5,100			10.00% +3M LIBOR		10.3	%		79.5	%		Oct-17

Mezzanine 19		Office		10,000				(537		)		9,463			10.00%		10.9	%		79	%		Sep-24

Mezzanine 20		Office		15,000				86				15,086			11.00%		10.9	%		80	%		Apr-25

Subordinated 1		Net Lease Retail		10,000				—				10,000			11.00%		11	%		50.1	%		Apr-24

				$	563,859			$	(4,087	)		$	559,772				7	%		73.3	%

________________________
(1) Includes acquisition fees and acquisition expenses where applicable.
(2) Loan to value percentage is from metrics at origination.
Credit Characteristics
As part of the Company's process for monitoring the credit quality of its loans, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its performing loans. The loans are scored on a scale of 1 to 5 as follows:


Investment Rating		Summary Description
1		Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable.
2		Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable.
3		Performing investments requiring closer monitoring. Trends and risk factors show some deterioration.
4		Underperforming investment with some loss of interest or dividend expected but still expecting a positive return on investment. Trends and risk factors are negative.
5		Underperforming investment with expected loss of interest and some principal.
All commercial mortgage loans are assigned an initial risk rating of 2. As of March 31, 2015 and December 31, 2014, the weighted average risk rating of loans was 1.9 and 2.0, respectively. As of March 31, 2015, the Company did not have any loans that were past due on their payments, in non-accrual status or impaired.
For the three months ended March 31, 2015 and year ended December 31, 2014, the activity in the Company's loan portfolio was as follows (in thousands):


	Three Months Ended March 31, 2015				Year Ended December 31, 2014
Beginning balance	$	456,884			$	30,832

Acquisitions and originations	116,434				429,941

Dispositions	—				(3,580		)

Principal repayments	(14,321		)		(136		)
Discount accretion and premium amortization*	205				397

Provision for loan losses	(144		)		(570		)
Ending balance	$	559,058			$	456,884

________________________
* Includes amortization of capitalized acquisition fees and expenses.
During the three months ended March 31, 2015, the Company invested approximately $116.4 million in 10 loans including $0.7 million of capitalized acquisition fees and expenses

Real_Estate_Securities

Real Estate Securities	3 Months Ended
	Mar. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Real Estate Securities	Real Estate Securities
	The following is a summary of the Company's real estate securities, CMBS (in thousands):


				Weighted Average
		Number of Investments		Interest Rate		Maturity	Par Value				Fair Value
	31-Mar-15	9		1M LIBOR + 3.237%		Sep-17	$	58,447			$	58,375

	31-Dec-14	8		1M LIBOR + 3.124%		Nov-17	50,447				50,234

	The Company classified its CMBS investments as available-for-sale as of March 31, 2015 and December 31, 2014. These investments are reported at fair value in the balance sheet with changes in fair value recorded in accumulated other comprehensive income or loss. The following table shows the changes in fair value of the Company's CMBS investments (in thousands):


		Amortized Cost			Unrealized Gains			Unrealized Losses				Fair Value
	31-Mar-15	$	58,542		$	49		$	(216	)		$	58,375

	December 31, 2014	50,541			14			(321		)		50,234

Debt

Debt	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Debt	Debt
	Repurchase Agreements - Commercial Mortgage Loans
	The Company entered into repurchase facilities with JP Morgan Chase Bank, National Association (the "JPM Repo Facility") and Barclays Bank PLC (the "Barclays Repo Facility"). The JPM Repo Facility and Barclays Repo Facility each provide up to $150.0 million in advances, subject to adjustment, which the Company expects to use to finance the acquisition or origination of eligible loans, including first mortgage loans, subordinated mortgage loans, mezzanine loans and participation interests therein. The initial maturity date of the JPM Repo Facility is June 18, 2016, with a one-year extension at the Company’s option, which may be exercised upon the satisfaction of certain conditions. The initial maturity date of the Barclays Repo Facility is September 3, 2015, with four six-month extensions at the Company’s option, which may be exercised upon the satisfaction of certain conditions.
	As of March 31, 2015 and December 31, 2014, the Company had $75.9 million and $76.5 million outstanding under the JPM Repo Facility, respectively. Advances under the JPM Repo Facility accrue interest at per annum rates equal to the sum of (i) the applicable LIBOR index rate plus (ii) a margin between 2.25% to 4.50%, depending on the attributes of the purchased assets. As of March 31, 2015 and December 31, 2014, the weighted average interest rate on advances was 3.755% and 3.841%, respectively. The Company incurred $0.7 million and $0 in interest expense on the JPM Repo Facility for the three months ended March 31, 2015 and 2014, respectively.
	As of March 31, 2015 and December 31, 2014, the Company had $106.4 million and $73.7 million outstanding under the Barclays Repo Facility, respectively. Advances under the Barclays Repo Facility accrue interest at per annum rates equal to the sum of (i) the applicable LIBOR index rate plus (ii) a margin between 2.00% to 2.50%, depending on the attributes of the purchased assets. As of March 31, 2015 and December 31, 2014, the weighted average interest rate on advances was 2.172% and 2.155%, respectively. The Company incurred $0.5 million and $0 in interest expense on the Barclays Repo Facility for the three months ended March 31, 2015 and 2014, respectively.
	Repurchase Agreements - Real Estate Securities
	The Company has entered into various Master Repurchase Agreements (the "MRAs") that allow the Company to sell real estate securities while providing a fixed repurchase price for the same real estate securities in the future. The repurchase contracts on each security under an MRA generally mature in 30-90 days and terms are adjusted for current market rates as necessary. As of March 31, 2015 and December 31, 2014, the Company was entered into six MRAs, of which three were in use, see below (in thousands):


						Weighted Average
	Counterparty	Amount Outstanding		Accrued Interest		Interest Rate		Days to Maturity
	As of March 31, 2015
	Citigroup Global Markets, Inc.	$	4,010	$	2	1.48	%	20

	J.P. Morgan Securities LLC	29,993		14		1.38	%	20

	Wells Fargo Securities, LLC	3,731		2		1.53	%	20

	Total/Weighted Average	$	37,734	$	18	1.41	%	20


	As of December 31, 2014
	Citigroup Global Markets, Inc.	$	4,010	$	2	1.46	%	20

	J.P. Morgan Securities LLC	18,528		8		1.44	%	20

	Wells Fargo Securities, LLC	3,731		2		1.52	%	20

	Total/Weighted Average	$	26,269	$	12	1.46	%	20

	As of March 31, 2015 and December 31, 2014, the Company's $37.7 million and $26.3 million of borrowings under repurchase agreements were collaterlized by CMBS with a fair value of $50.4 million and $33.8 million, respectively.

Net_Income_Per_Share

Net Income Per Share	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Net Income or Loss Per Share	Net Income Per Share
	The following table is a summary of the basic and diluted net income per share computation for the three months ended March 31, 2015 and 2014, respectively:


		Three Months Ended March 31,
		2015		2014
	Net income (in thousands)	$	4,632	$	226

	Basic weighted average shares outstanding	17,279,713		2,025,934

	Unvested restricted shares	4,373		4,089

	Diluted weighted average shares outstanding	17,284,086		2,030,023

	Basic net income per share	$	0.27	$	0.11

	Diluted net income per share	$	0.27	$	0.11

Common_Stock

Common Stock	3 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Common Stock	Common Stock
	As of March 31, 2015 and December 31, 2014, the Company had approximately 19,406,761 and 15,472,192 shares of common stock outstanding, respectively, including shares issued pursuant to the DRIP and unvested restricted shares. As of March 31, 2015 and December 31, 2014, the Company had received total proceeds of approximately $482.2 million and $384.2 million, respectively, including shares issued pursuant to the DRIP and share-based compensation.
	On December 30, 2014, the Company filed with the Maryland State Department of Assessments and Taxation articles supplementary to its charter that reclassified 1,000 authorized but unissued shares of the Company’s common stock as shares of convertible stock and set the terms of such convertible shares. The Company then issued 1,000 convertible shares to the Advisor for $1.00 per share. The convertible shares will automatically convert to shares of common stock upon the first occurrence of any of the Triggering Events.
	Distributions
	In order to maintain its election to qualify as a REIT, the Company must currently distribute, at a minimum, an amount equal to 90% of its taxable income, without regard to the deduction for distributions paid and excluding net capital gains. The Company must distribute 100% of its taxable income (including net capital gains) to avoid paying corporate federal income taxes.
	On May 13, 2013, the Company's board of directors authorized, and the Company declared a distribution, which is calculated based on stockholders of record each day during the applicable period at a rate of $0.00565068493 per day, based on a price of $25.00 per share of common stock. The Company's distributions are payable by the fifth day following each month end to stockholders of record at the close of business each day during the prior month. The first distribution payment was made on June 3, 2013, relating to the period from May 30, 2013 (15 days after the date of the first asset acquisition) through May 31, 2013. Distributions payments are dependent on the availability of funds. The board of directors may reduce the amount of distributions paid or suspend distribution payments at any time, and therefore, distributions payments are not assured.
	The below table shows the distributions paid during the three months ended March 31, 2015 and year ended December 31, 2014 (in thousands, except for shares):


	Three Months Ended March 31, 2015		Weighted Average Shares Outstanding (1)		Amount Paid in Cash				Amount Issued under DRIP

	Payment Date
	January 2, 2015		16,006,444		$	1,512			$	1,109

	February 2, 2015		17,192,517		1,618				1,182

	March 2, 2015		18,644,252		1,567				1,154

	Total				$	4,697			$	3,445



	Year Ended December 31, 2014		Weighted Average Shares Outstanding (1)		Amount Paid in Cash				Amount Issued under DRIP

	Payment Date
	2-Jan-14		1,219,825		$	141			$	74

	3-Feb-14		1,463,829		171				85

	3-Mar-14		1,979,935		213				106

	1-Apr-14		2,644,003		305				163

	1-May-14		3,277,803		353				206

	2-Jun-14		4,126,746		452				282

	2-Jul-14		5,372,322		571				356

	2-Aug-14		6,956,879		759				485

	2-Sep-14		8,925,637		951				628

	October 2, 2014		10,575,893		1,073				736

	November 2, 2014		12,253,800		1,249				905

	December 1, 2014		13,880,235		1,354				1,001

	Total				$	7,592			$	5,027

	________________________
	(1) Represents the weighted average shares outstanding for the period related to the respective payment date.
	For the three months ended March 31, 2015, the Company paid cash distributions of $4.7 million and had net income of $4.6 million. As of March 31, 2015, the Company had a distribution payable of $3.3 million for distributions accrued in the month of March 2015. For the three months ended March 31, 2014, the Company paid cash distributions of $0.5 million and had net income of $0.2 million. As of December 31, 2014, the Company had a distribution payable of $2.6 million for distributions accrued in the month of December 2014.
	Share Repurchase Program
	The Company's board of directors has adopted a Share Repurchase Program ("SRP") that enables stockholders to sell their shares to the Company in limited circumstances. The SRP permits investors 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 repurchase price per share depends on the length of time investors have held such shares as follows: after one year from the purchase date - the lower of $23.13 or 92.5% of the amount they actually paid for each share; after two years from the purchase date - the lower of $23.75 or 95.0% of the amount they actually paid for each share; after three years from the purchase date - the lower of $24.38 or 97.5% of the amount they actually paid for each share; and after four years from the purchase date - the lower of $25.00 or 100% of the amount they actually paid for each share (in each case, as adjusted for any stock distributions, combinations, splits and recapitalizations).
	The Company is only authorized to repurchase shares pursuant to the SRP using the proceeds received from the DRIP and will limit the amount spent to repurchase shares in a given quarter to the amount of proceeds received from the DRIP in that same quarter. In addition, the board of directors may reject a request for redemption at any time. Due to these limitations, the Company cannot guarantee that it will be able to accommodate all repurchase requests. Purchases under the SRP by the Company will be limited in any calendar year to 5% of the weighted average number of shares outstanding on December 31 of the previous calendar year.
	When a stockholder requests redemption and the redemption is approved, the Company will reclassify such obligation from equity to a liability based on the settlement value of the obligation. Shares purchased under the SRP will have the status of authorized but unissued shares. The following table reflects the number of shares repurchased cumulatively through March 31, 2015:


			Number of Requests		Number of Shares Repurchased			Average Price per Share
	Cumulative repurchases as of December 31, 2014		9		20,355			$	23.99

Three Months Ended March 31, 2015 (1)		8		5,752			24.97

Cumulative repurchases as of March 31, 2015 (1)		17		26,107			$	24.21

________________________
(1) Includes 8 unfulfilled repurchase requests consisting of 5,752 shares at an average repurchase price per share of $24.97, which were approved but not completed as of March 31, 2015.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies
	Unfunded Commitments Under Commercial Mortgage Loans
	As of March 31, 2015 and December 31, 2014, the Company had unfunded commitments of $84.2 million and $63.5 million related to 20 and 14 commercial mortgage loans, respectively, which amounts will generally be funded to finance capital expenditures by the Company's borrowers. These future commitments will expire over the next five years.
	Litigation and Regulatory Matters
	In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. The Company has no knowledge of material legal or regulatory proceedings pending or known to be contemplated against the Company at this time.

Related_Party_Transactions_and

Related Party Transactions and Arrangements	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Related Party Transactions and Arrangements
	As of March 31, 2015, an entity wholly-owned by the Sponsor owned 8,888 shares of the Company’s outstanding common stock and the Advisor owned 1,000 shares of the Company's convertible stock.
	Fees Paid in Connection with the Offering
	The Dealer Manager receives fees and compensation in connection with the sale of the Company’s common stock in the Offering. The Dealer Manager receives a selling commission of up to 7.0% of the per share purchase price of the Company's offering proceeds before reallowance of commissions earned by soliciting dealers. In addition, the Dealer Manager receives up to 3.0% of the gross proceeds from the sale of shares, before reallowance to soliciting dealers, as a dealer manager fee. The Dealer Manager may reallow its dealer manager fee to such soliciting dealers. A soliciting dealer may elect to receive a fee equal to 7.5% of the gross proceeds from the sale of shares (not including selling commissions and dealer manager fees) by such soliciting dealer, with 2.5% thereof paid at the time of such sale and 1.0% thereof paid on each anniversary of the closing of such sale up to and including the fifth anniversary of the closing of such sale. If this option is elected, the dealer manager fee will be reduced to 2.5% of gross proceeds (not including selling commissions and dealer manager fees).
	The table below shows the fees incurred from the Dealer Manager associated with the Offering during the three months ended March 31, 2015 and 2014, respectively, and the associated payable as of March 31, 2015 and December 31, 2014, respectively (in thousands):


		Three Months Ended March 31,				Payable as of
		2015		2014		31-Mar-15		31-Dec-14
	Total commissions and fees incurred from the Dealer Manager	$	9,247	$	3,851	$	295	$	119

	The Advisor, its affiliates, entities under common control with the Advisor and the Dealer Manager receive compensation and reimbursement for services relating to the Offering.
	An affiliate of the Company, RCS Advisory Services, LLC ("RCS"), is an entity under common control with the Sponsor. RCS performs legal, compliance and marketing services for the Company.
	American National Stock Transfer, LLC (the "Transfer Agent"), an entity under common control with the Sponsor, provides the Company with transfer agent, registrar and supervisory services for the Company.
	An affiliate of the Company, SK Research, LLC ("SK Research"), is an entity under common control with the Sponsor. SK Research provides broker-dealers and financial advisors with the research, critical thinking and analytical resources necessary to evaluate the viability, utility and performance of investment programs.
	The table below shows the compensation and reimbursement to the Advisor, its affiliates, entities under common control with the Advisor and the Dealer Manager incurred for services relating to the Offering during the three months ended March 31, 2015 and 2014, respectively, and the associated payable as of March 31, 2015 and December 31, 2014, respectively (in thousands):


		Three Months Ended March 31,				Payable as of
		2015		2014		31-Mar-15		31-Dec-14
	Total compensation and reimbursement for services provided by the Advisor, its affiliates, entities under common control with the Advisor and the Dealer Manager	$	1,962	$	360	$	1,786	$	1,725

	The payables as of March 31, 2015 and December 31, 2014 in the table above are included in due to affiliate on the Company's consolidated balance sheets.
	The Company is responsible for organizational and offering costs from the ongoing Offering, excluding commissions and dealer manager fees, up to a maximum of 2.0% of gross proceeds from its ongoing Offering of common stock, measured at the end of the Offering. Organizational and offering costs in excess of the 2.0% cap as of the end of the Offering are the Advisor's responsibility. As of March 31, 2015, organizational and offering costs did not exceed the 2.0% cap of gross proceeds received from the Offering.
	Fees Paid in Connection with the Operations of the Company
	The Advisor receives an acquisition fee of 1.0% of the principal amount funded by the Company to originate or acquire commercial mortgage loans and 1.0% of the anticipated net equity funded by the Company to acquire real estate securities. The Company reimburses the Advisor for expenses incurred by the Advisor on behalf of the Company related to selecting, evaluating, originating and acquiring investments in an amount up to 0.5% of the principal amount funded by the Company to originate or acquire commercial mortgage loans and up to 0.5% of the anticipated net equity funded by the Company to acquire real estate securities investments. In no event will the total of all acquisition fees and acquisition expenses exceed 4.5% of the principal amount funded with respect to the Company's total portfolio including subsequent fundings to investments in the Company's portfolio. During the three months ended March 31, 2015 and 2014, acquisition fees of $1.0 million and $0.3 million, respectively, have been recognized in the consolidated statement of operations. In addition, over the same periods, the Company capitalized $0.7 million and $0.1 million, respectively, of acquisition expenses to the Company's consolidated balance sheets, which will be amortized over the life of each investment using the effective interest method.
	The Company will pay the Advisor, or its affiliates, a monthly asset management fee equal to one-twelfth of 0.75% of the cost of the Company's assets. Commencing on the NAV Pricing Date, the asset management fee will be based on the lower of the cost of the Company's assets and the fair value of the Company's assets (fair value will consist of the market value of each portfolio investment as determined in accordance with the Company's valuation guidelines). The amount of the asset management fee will be reduced to the extent that funds from operations as defined by the National Association of Real Estate Investment Trusts ("FFO"), as adjusted, during the six month period ending on the last day of the calendar quarter immediately preceding the date such asset management fee is payable, is less than distributions declared during the same period. For purposes of this determination, FFO, as adjusted, is FFO adjusted to (i) include acquisition fees and acquisition expenses; (ii) include non-cash restricted stock grant amortization, if any; and (iii) impairments and loan loss reserves on investments, if any (including commercial mortgage loans and other debt investments). FFO, as adjusted, is not the same as FFO. During the three months ended March 31, 2015 and 2014, no asset management fees were incurred.
	The Company will pay the Advisor, or its affiliates, an annual subordinated performance fee calculated on the basis of total return to stockholders, payable monthly in arrears, such that for any year in which total return on stockholders’ capital exceeds 6.0% per annum, the Advisor will be entitled to 15.0% of the excess total return; provided that in no event will the annual subordinated performance fee payable to the Advisor exceed 10.0% of the aggregate total return for such year. This fee will be payable only upon the sale of assets, distributions or other event which results in the Company's return on stockholders’ capital exceeding 6.0% per annum. During the three months ended March 31, 2015 and 2014, the Company incurred an annual subordinated performance fee of $0.4 million and $0, respectively.
	Effective June 1, 2013, the Company entered into an agreement with the Dealer Manager to provide strategic advisory services and investment banking services required in the ordinary course of the Company's business, such as performing financial analysis, evaluating publicly traded comparable companies and assisting in developing a portfolio composition strategy, a capitalization structure to optimize future liquidity options and structuring operations. The Company prepaid the cost of $0.9 million associated with this agreement and amortizes the cost over the estimated life of the Offering into "Other expense" on the Company's consolidated statement of operations. The unamortized cost associated with this agreement is included in "Prepaid expenses and other assets" on the Company's consolidated balance sheet.
	The table below depicts related party fees and reimbursements in connection with the operations of the Company for the three months ended March 31, 2015 and 2014 and the associated payable as of March 31, 2015 and December 31, 2014 (in thousands):


		Three Months Ended March 31,				Payable as of
		2015		2014		31-Mar-15		31-Dec-14
	Acquisition fees and acquisition expenses	$	1,781	$	397	$	155	$	—

	Advisory and investment banking fee	14		135		—		—

	Subordinated performance fee	362		—		965		191

	Other related party expenses	21		—		21		—

	Total related party fees and reimbursements	$	2,178	$	532	$	1,141	$	191

	The payables as of March 31, 2015 and December 31, 2014 in the table above are included in due to affiliate on the Company's consolidated balance sheets.
	In order to improve operating cash flows and the ability to pay distributions from operating cash flows, the Advisor may elect to waive certain fees. Because the Advisor may waive certain fees, cash flows from operations that would have been paid to the Advisor may be available to pay distributions to stockholders. The fees that may be forgiven are not deferrals and accordingly, will not be paid to the Advisor. The Advisor permanently waived a portion of the acquisition fees and expenses earned on the acquisition of the Company's CMBS in the amount of $0.1 million and $0.1 million for the three months ended March 31, 2015 and 2014, respectively.
	Subject to the limitations outlined below, the Company will reimburse the Advisor's cost of providing administrative services and personnel costs in connection with other services during the operational stage, in addition to paying an asset management fee; however, the Company will not reimburse the Advisor for personnel costs in connection with services for which the Advisor receives acquisition fees or disposition fees. For the three months ended March 31, 2015 and 2014, no administrative costs of the Advisor were reimbursed for any period in connection with the operations of the Company.
	The Advisor must pay any expenses in which the Company's operating expenses as defined by North American Securities Administrators Association at the end of the four preceding fiscal quarters exceeds the greater of (i) 2.0% of average invested assets or (ii) 25.0% of net income other than any additions to reserves for depreciation, bad debt or other similar non-cash reserves and excluding any gain from the sale of assets for that period, unless a majority of the Company's independent directors determine the excess expenses were justified based on unusual and nonrecurring factors.
	The Advisor at its election may also contribute capital to enhance the Company’s cash position for working capital and distribution purposes. Any contributed capital amounts are not reimbursable to the Advisor. Further, any capital contributions are made without any corresponding issuance of common or preferred shares. The Advisor did not contribute capital to enhance the Company's cash position for working capital or distribution purposes during the three months ended March 31, 2015 or 2014.
	Fees Paid in Connection with the Liquidation of Assets, Listing of the Company's Common Stock or Termination of the Advisory Agreement
	The Company will pay a disposition fee of 1.0% of the contract sales price of each commercial mortgage loans or other investment sold, including real estate securities or CDOs issued by a subsidiary of the Company as part of a securitization transaction. The Company will not be obligated to pay a disposition fee upon the maturity, prepayment, workout, modification or extension of commercial real estate debt unless there is a corresponding fee paid by the borrower, in which case the disposition fee will be the lesser of (i) 1.0% of the principal amount of the debt prior to such transaction; or (ii) the amount of the fee paid by the borrower in connection with such transaction. If the Company takes ownership of a property as a result of a workout or foreclosure of a loan, it will pay a disposition fee upon the sale of such property.
	During the year ended December 31, 2014, the Company changed the structure of its incentive compensation in order to eliminate the susceptibility of the OP to certain taxes. On December 31, 2014, the OP redeemed all of the special limited partnership interests held by the Realty Finance Special Limited Partnership, LLC (the "Special Limited Partner"), an entity controlled by the Sponsor. In addition, the Special Limited Partner transferred all of its common limited partnership interests in the OP to Realty Finance Trust LP, LLC ("RFT LP"), the Company's wholly-owned subsidiary. As a result of these transactions, the Special Limited Partner no longer owns any interest in the OP and RFT LP is the sole limited partner of the OP.
	On December 30, 2014, the Company filed with the Maryland State Department of Assessments and Taxation articles supplementary to its charter that reclassified 1,000 authorized but unissued shares of its common stock as shares of convertible stock and set the terms of such convertible shares. The Company then issued 1,000 convertible shares to the Advisor for $1.00 per share. The convertible shares issued to the Advisor will automatically convert to shares of the Company’s common stock upon the first to occur of any of the Triggering Events. In general, but with certain exceptions as outlined in the Articles Supplementary, each convertible share will convert into a number of common shares equal to 1/1000 of the quotient of (a) the conversion product (the product of 0.15 times the amount, if any, by which (i) the sum of the enterprise value as of the date of the Triggering Event plus total distributions paid to the Company’s stockholders through the date of the Triggering Event exceeds (ii) the sum of the Company's stockholders’ invested capital plus a 6.0% return as of the date of the Triggering Event) divided by (b) the quotient of the enterprise value divided by the number of shares of the Company’s common stock outstanding (on an as-converted basis) on the date of the Triggering Event. The conversion product will be reduced by the amounts payable pursuant to the annual subordinated performance fee as realized appreciation in the Company’s assets during the time that the Advisor or one of its affiliates acts as the Company’s advisor.
	During the three months ended March 31, 2015 and 2014, no fees were paid for any period in connection with the liquidation of assets, listing of the Company's common stock or termination of the advisory agreement.
	The Company has also established a restricted share plan for the benefit of employees (if the Company ever has employees), directors, employees of the Advisor and its affiliates.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments
	GAAP establishes a hierarchy of valuation techniques based on the observability of inputs used in measuring financial instruments at fair values. GAAP establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below:

	•	Level I - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

	•	Level II - Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.

	•	Level III - Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.
	The determination of where an asset or liability falls in the above hierarchy requires significant judgment and factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. 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 has implemented valuation control processes to validate the fair value of the Company's financial instruments measured at fair value including those derived from pricing models. These control processes are designed to assure that the values used for financial reporting are based on observable inputs wherever possible. In the event that observable inputs are not available, the control processes are designed to assure that the valuation approach utilized is appropriate and consistently applied and the assumptions are reasonable.
	Real estate securities or CMBS, are valued utilizing both observable and unobservable market inputs. These factors include projected future cash flows, ratings, subordination levels, vintage, remaining lives, credit issues, recent trades of similar real estate securities and the spreads used in the prior valuation. The Company obtains current market spread information where available and uses this information in evaluating and validating the market price of all real CMBS. Depending upon the significance of the fair value inputs used in determining these fair values, these real estate securities are classified in either Level II or Level III of the fair value hierarchy. As of March 31, 2015 and December 31, 2014, the Company received broker quotes on each CMBS investment used in determining the fair value. As of March 31, 2015 and December 31, 2014, the Company's CMBS investments have been classified as Level II due to the observable nature of many of the market inputs.
	The following table presents the Company's financial instrument carried at fair value on a recurring basis in the condensed consolidated balance sheet by its level in the fair value hierarchy as of March 31, 2015 and December 31, 2014 (in thousands):


		Total				Level I				Level II		Level III
	31-Mar-15
	Real estate securities	$	58,375			$	—			$	58,375	$	—

	Repurchase agreements - commercial mortgage loans	182,307				—				182,307		—

	Repurchase agreements - real estate securities	37,734				—				37,734		—

	31-Dec-14

	Real estate securities	50,234				—				50,234		—

	Repurchase agreements - commercial mortgage loans	150,169				—				150,169		—

	Repurchase agreements - real estate securities	26,269				—				26,269		—

	A review of the fair value hierarchy classification is conducted on a quarterly basis. Changes in the type of inputs may result in a reclassification for certain assets. There were no transfers between levels within fair value hierarchy during the three months ended March 31, 2015 and 2014.
	The fair value of cash and cash equivalents and restricted cash measured using observable quoted market prices, or Level I inputs. The fair value of short-term financial instruments, such as accrued interest receivable, prepaid expenses and other assets, accounts payable and accrued expenses, distributions payable, interest payable and due to affiliate are approximated by their carrying value on the consolidated balance sheets due to their short-term nature, and are measured using Level II inputs.
	The fair values of the Company's remaining commercial mortgage loans, which are not reported at fair value on the condensed consolidated balance sheets are reported below as of March 31, 2015 and December 31, 2014 (in thousands):


		Level		Carrying Value				Fair Value
	31-Mar-15	III		$	559,772			$	569,174

	31-Dec-14	III		457,454				474,932

	The fair value of the commercial mortgage loans is estimated using a discounted cash flow analysis, based on the Advisor's experience with similar types of investments.

Offsetting_Assets_and_Liabilit

Offsetting Assets and Liabilities	3 Months Ended
	Mar. 31, 2015
Offsetting [Abstract]
Offsetting Assets and Liabilities	Offsetting Assets and Liabilities
	The Company's condensed consolidated balance sheets used a gross presentation of repurchase agreements. The table below provides a gross presentation, the effects of offsetting and a net presentation of the Company's repurchase agreements within the scope of ASC 210-20, Balance Sheet—Offsetting, as of March 31, 2015 and December 31, 2014, respectively (in thousands):


								Gross Amounts Not Offset on the Balance Sheet
	Repurchase Agreements	Gross Amounts of Recognized Liabilities		Gross Amounts Offset on the Balance Sheet		Net Amount of Liabilities Presented on the Balance Sheet		Financial Instruments		Cash Collateral Pledged		Net Amount
	As of March 31, 2015
	Commercial mortgage loans	$	182,307	$	—	$	182,307	$	363,971	$	—	$	—

	Real estate securities	37,734		—		37,734		50,376		68		—


	As of December 31, 2014
	Commercial mortgage loans	150,169		—		150,169		301,704		—		—

	Real estate securities	26,269		—		26,269		38,834		68		—

Segment_Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2015
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting
	The Company conducts its business through the following segments:

	•	The real estate debt business focuses on originating, acquiring and asset managing commercial real estate debt investments, including first mortgage loans, subordinate mortgages, mezzanine loans and participations in such loans.

	•	The real estate securities business focuses on investing in and asset managing commercial real estate securities primarily consisting of CMBS and may include unsecured REIT debt, CDO notes and other securities.
	The following table represents the Company's operations by segment for the three months ended March 31, 2015 and 2014 (in thousands):


	Three Months Ended March 31, 2015		Total		Real Estate Debt		Real Estate Securities
	Interest income		$	9,605	$	9,196	$	409

	Interest expense		1,933		1,804		129

	Net income		4,632		4,546		86

	Total assets		641,971		582,976		58,995

	Three Months Ended March 31, 2014
	Interest income		977		940		37

	Interest expense		21		9		12

	Net income (loss)		226		349		(123		)

	Total assets		71,431		56,913		14,518

	For the purposes of the table above, any expenses unallocable to specific segments have been allocated to the business segments using a percentage derived by using the sum of commercial mortgage loans, net and real estate securities, at fair value as the denominator and commercial mortgage loans, net and real estate securities, at fair value as the numerators.

Subsequent_Events

Subsequent Events

3 Months Ended

Mar. 31, 2015

Subsequent Events [Abstract]

Subsequent Events

The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined that there have not been any events that have occurred that would require adjustments to disclosures in the condensed consolidated financial statements except for the following transactions:

Sales of Common Stock

As of April 30, 2015, the Company had 21,214,570 shares of common stock outstanding, including shares issued under the DRIP and unvested restricted shares and has raised total proceeds from the Offering of $526.7 million. As of April 30, 2015, the aggregate value of all share issuances in the Offering was $529.8 million based on a per share value of $25.00 (or $23.75 per share for shares issued under the DRIP).

Total capital raised through April 30, 2015, including shares issued under the DRIP and unvested restricted shares, is as follows (in thousands):

Source of Capital

Inception to March 31, 2015

April 1, 2015 to April 30, 2015

Total

Common stock

482,202

44,479

526,681

Distributions Paid

On April 1, 2015, the Company paid a distribution of $3.3 million to stockholders of record during the month of March 2015. Approximately $1.9 million of the distribution was paid in cash, while $1.4 million was used to purchase 58,714 shares for those stockholders that chose to reinvest distributions through the DRIP.

Commercial Mortgage Loans

For the period from April 1, 2015 to April 30, 2015 the Company has originated and acquired commercial mortgage loans and CMBS with a total par value of $53.3 million and $18.0 million, respectively.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting
	The accompanying condensed consolidated financial statements and related footnotes are unaudited and have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements. The accompanying condensed consolidated financial statements include the accounts of the Company, Realty Finance Operating Partnership, L.P. (the "OP") and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
	Interim financial statements are prepared in accordance with GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. Accordingly, the condensed consolidated financial statements may not include all of the information and notes required by GAAP for annual consolidated financial statements. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. In the opinion of management, the interim data includes all adjustments, of a normal and recurring nature, necessary for a fair statement of the results for the periods presented. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending on December 31, 2015.
Real Estate Debt Investments	Allowance for Loan Losses
	The allowance for loan losses reflects management's estimate of loan losses inherent in the loan portfolio as of the balance sheet date. The reserve is increased through the loan loss provision on the Company's consolidated statement of operations and is decreased by charge-offs when losses are confirmed through the receipt of assets, such as cash in a pre-foreclosure sale or upon ownership control of the underlying collateral in full satisfaction of the loan upon foreclosure or when significant collection efforts have ceased. The Company uses a uniform process for determining its allowance for loan losses. The allowance for loan losses includes a general, formula-based component and an asset-specific component.
	General reserves are recorded when (i) available information as of each balance sheet date indicates that it is probable a loss has occurred in the portfolio and (ii) the amount of the loss can be reasonably estimated. The Company currently estimates loss rates based on historical realized losses experienced in the industry and takes into account current collateral and economic conditions affecting the probability or severity of losses when establishing the allowance for loan losses. The Company performs a comprehensive analysis of its loan portfolio and assigns risk ratings to loans that incorporate management's current judgments about their credit quality based on all known and relevant internal and external factors that may affect collectability. The Company considers, among other things, payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographical location as well as national and regional economic factors. This methodology results in loans being segmented by risk classification into risk rating categories that are associated with estimated probabilities of default and principal loss. Ratings range from "1" to "5" with "1" representing the lowest risk of loss and "5" representing the highest risk of loss.
	The asset-specific reserve component relates to reserves for losses on individual impaired loans. The Company considers a loan to be impaired when, based upon current information and events, it believes that it is probable that the Company will be unable to collect all amounts due under the contractual terms of the loan agreement. This assessment is made on an individual loan basis each quarter based on such factors as payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographical location as well as national and regional economic factors. A reserve is established for an impaired loan when the present value of payments expected to be received, observable market prices or the estimated fair value of the collateral (for loans that are dependent on the collateral for repayment) is lower than the carrying value of that loan.
	For collateral dependent impaired loans, impairment is measured using the estimated fair value of collateral less the estimated cost to sell. Valuations are performed or obtained at the time a loan is determined to be impaired and designated non-performing, and they are updated if circumstances indicate that a significant change in value has occurred. The Advisor generally will use the income approach through internally developed valuation models to estimate the fair value of the collateral for such loans. In more limited cases, the Advisor will obtain external "as is" appraisals for loan collateral, generally when third party participations exist.
	A loan is also considered impaired if its terms are modified in a troubled debt restructuring ("TDR"). A TDR occurs when a concession is granted and the debtor is experiencing financial difficulties. Impairments on TDR loans are generally measured based on the present value of expected future cash flows discounted at the effective interest rate of the original loans.
	The Company designates non-performing loans at such time as (i) loan payments become 90-days past due; (ii) the loan has a maturity default; or (iii) when, in the opinion of the Company, it is probable the Company will be unable to collect all amounts due according to the contractual terms of the loan. Income recognition will be suspended when a loan is designated non-performing and resumed only when the suspended loan becomes contractually current and performance is demonstrated to have resumed. A loan will be written off when it is no longer realizable and legally discharged.
Per Share Data	Per Share Data
	The Company calculates basic earnings per share by dividing net income attributable to the Company for the period by the weighted-average number of shares of common stock outstanding for that period. Diluted earnings per share reflects the potential dilution that that could occur from shares issuable in connection with the restricted stock plan and if convertible shares were exercised, except when doing so would be anti-dilutive.
Reportable Segments	Reportable Segments
	The Company conducts its business through the following segments:

	•	The real estate debt business which is focused on originating, acquiring and asset managing commercial real estate debt investments, including first mortgage loans, subordinate mortgages, mezzanine loans and participations in such loans.

	•	The real estate securities business which is focused on investing in and asset managing commercial real estate securities primarily consisting of CMBS and may include unsecured REIT debt, CDO notes and other securities.
	See Note 12 - Segment Reporting for further information regarding the Company's segments.
New Accounting Pronouncements	New Accounting Pronouncements
	In May 2014, the FASB issued revised guidance relating to revenue recognition. Under the revised guidance, an entity is required to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The revised guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company has not yet selected a transition method and is currently evaluating the impact of the new guidance.
	In June 2014, the FASB issued Accounting Standards Update ("ASU") No. 2014-11 "Repurchase-to-Maturity Transactions, Repurchase Financings and Disclosures." ASU No. 2014-11 makes limited changes to the accounting for repurchase agreements, clarifies when repurchase agreements and securities lending transactions should be accounted for as secured borrowings and requires additional disclosures regarding these types of transactions. The Company currently records repurchase arrangements as secured borrowings and does not anticipate this guidance will have an impact on the Company's condensed consolidated financial statements.
	In April 2015, the FASB issued guidance that simplifies the presentation of debt issuance costs by amending the accounting guidance to require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability. The amendments are consistent with the accounting guidance related to debt discounts. This guidance is effective for the first interim or annual period beginning after December 15, 2015. Early adoption is permitted, and the Company is currently assessing the impact of this guidance on its condensed consolidated financial statements.

Commercial_Mortgage_Loans_Tabl

Commercial Mortgage Loans (Tables)	3 Months Ended
	Mar. 31, 2015
Receivables [Abstract]
Summary of the company's loans receivable by class	The following table is a summary of the Company's commercial mortgage loans by class (in thousands):


		31-Mar-15				31-Dec-14
	Senior loans	$	342,870			$	250,093

	Mezzanine loans	206,902				191,863

	Subordinated loans	10,000				15,498

	Total gross carrying value of loans	559,772				457,454

	Less: Allowance for loan losses	714				570

	Total commercial mortgage loans	$	559,058			$	456,884

	The Company's commercial mortgage loan portfolio was comprised of the following as of March 31, 2015 (in thousands):


	Loan Type		Property Type		Par Value				Premium (Discount)(1)				Carrying Value			Interest Rate		Effective Yield			Loan to Value (2)			Maturity Date
	Senior 1		Office		$	11,450			$	(61	)		$	11,389		5.00% +1M LIBOR		5.5	%		70	%		Jun-17

	Senior 2		Retail		3,389				(27		)		3,362			5.40% +1M LIBOR		6.3	%		73.9	%		Jul-16

	Senior 3		Mixed Use		14,000				(96		)		13,904			8.00% +1M LIBOR		10.9	%		70	%		Jul-15

	Senior 4		Office		5,750				(7		)		5,743			4.90% +1M LIBOR		5.1	%		80	%		Aug-17

	Senior 5		Mixed Use		31,250				(147		)		31,103			4.50% +1M LIBOR		4.9	%		75	%		Sep-17

	Senior 6		Mixed Use		32,272				(119		)		32,153			5.50% +1M LIBOR		5.8	%		55.3	%		Sep-19

	Senior 7		Retail		9,450				(40		)		9,410			4.90% +1M LIBOR		5.3	%		70	%		Sep-17

	Senior 8		Mixed Use		7,460				(42		)		7,418			4.75% +1M LIBOR		5.2	%		78	%		Oct-17

	Senior 9		Hotel		10,171				(41		)		10,130			5.75% +1M LIBOR		6.1	%		60	%		Oct-17

	Senior 10		Retail		11,800				(56		)		11,744			4.75% +1M LIBOR		5.1	%		79.4	%		Nov-17

	Senior 11		Office		22,150				(249		)		21,901			4.65% +1M LIBOR		5.3	%		80	%		Nov-17

	Senior 12		Office		9,150				(53		)		9,097			5.50% +1M LIBOR		6.1	%		75	%		Nov-16

	Senior 13		Office		14,200				(19		)		14,181			5.20% +1M LIBOR		5.5	%		75	%		Nov-17

	Senior 14		Office		34,500				(343		)		34,157			5.25% +1M LIBOR		5.7	%		75	%		Dec-18

	Senior 15		Office		11,400				(12		)		11,388			4.80% +1M LIBOR		5	%		75	%		Dec-17

	Senior 16		Mixed Use		9,600				(70		)		9,530			5.10% +1M LIBOR		5.6	%		75	%		Jan-18

	Senior 17		Office		9,180				(97		)		9,083			5.00% +1M LIBOR		5.6	%		75	%		Jan-18

	Senior 18		Multifamily		6,611				(48		)		6,563			4.75% +1M LIBOR		5.2	%		78.3	%		Feb-18

	Senior 19		Office		24,500				(188		)		24,312			4.60% +1M LIBOR		5	%		65	%		Feb-19

	Senior 20		Retail		11,450				(66		)		11,384			4.50% +1M LIBOR		4.8	%		74.8	%		Feb-19

	Senior 21		Multifamily		12,840				(80		)		12,760			5.00% +1M LIBOR		5.4	%		76.7	%		Feb-18

	Senior 22		Multifamily		8,600				(55		)		8,545			4.70% +1M LIBOR		5.1	%		68.8	%		Feb-18

Senior 23		Retail		9,850				(67		)		9,783			5.25% +1M LIBOR		5.7	%		80	%		Mar-18

Senior 24		Multifamily		10,450				(57		)		10,393			4.75% +1M LIBOR		5.1	%		75	%		Apr-18



Loan Type		Property Type		Par Value				Premium (Discount)(1)				Carrying Value			Interest Rate		Effective Yield			Loan to Value (2)			Maturity Date
Senior 25		Retail		13,500				(63		)		13,437			5.00% +1M LIBOR		5.4	%		78	%		Apr-17

Mezzanine 1		Hotel		6,344				(2,222		)		4,122			5.50%		12.7	%		76.7	%		May-23

Mezzanine 2		Multifamily		5,000				40				5,040			9.00%		8.7	%		73.9	%		Sep-18

Mezzanine 3		Office		9,000				48				9,048			11.00% +3M LIBOR		10.9	%		77.9	%		Sep-16

Mezzanine 4		Office		5,000				69				5,069			11.00%		10.8	%		63.6	%		Jan-24

Mezzanine 5		Student Housing		4,000				56				4,056			12.00%		11.7	%		74.5	%		Jan-24

Mezzanine 6		Hotel		11,000				25				11,025			7.05% +1M LIBOR		7	%		70	%		Mar-16

Mezzanine 7		Hotel		3,000				19				3,019			11.00%		10.8	%		81.8	%		Aug-18

Mezzanine 8		Office		7,000				30				7,030			12.00%		11.9	%		78.3	%		May-19

Mezzanine 9		Retail		1,962				9				1,971			13.00%		12.9	%		85	%		Jun-24

Mezzanine 10		Office		10,000				16				10,016			8.00% +1M LIBOR		8	%		80	%		May-16

Mezzanine 11		Multifamily		3,480				17				3,497			9.50%		9.4	%		84.5	%		Jul-24

Mezzanine 12		Hotel		35,000				112				35,112			8.40% +1M LIBOR		8.3	%		70.1	%		Jun-16

Mezzanine 13		Mixed Use		7,000				(29		)		6,971			10.50% +1M LIBOR		11	%		84	%		Jul-17

Mezzanine 14		Hotel		12,000				46				12,046			9.00% +1M LIBOR		8.9	%		74.2	%		Sep-16

Mezzanine 15		Student Housing		5,000				19				5,019			8.00% +1M LIBOR		7.9	%		71	%		Aug-16

Mezzanine 16		Office		45,000				170				45,170			7.25% +1M LIBOR		7.1	%		76	%		Aug-16

Mezzanine 17		Office		9,000				42				9,042			10.50%		10.4	%		85	%		Oct-19

Mezzanine 18		Office		5,100				—				5,100			10.00% +3M LIBOR		10.3	%		79.5	%		Oct-17

Mezzanine 19		Office		10,000				(537		)		9,463			10.00%		10.9	%		79	%		Sep-24

Mezzanine 20		Office		15,000				86				15,086			11.00%		10.9	%		80	%		Apr-25

Subordinated 1		Net Lease Retail		10,000				—				10,000			11.00%		11	%		50.1	%		Apr-24

				$	563,859			$	(4,087	)		$	559,772				7	%		73.3	%

________________________
(1) Includes acquisition fees and acquisition expenses where applicable.
(2) Loan to value percentage is from metrics at origination.
The following table presents the activity in the Company's allowance for loan losses (in thousands):


	Three Months Ended March 31, 2015				Year Ended December 31, 2014
Beginning of period	$	570			$	—

Provision for loan losses	144				570

Charge-offs	—				—

Recoveries	—				—

End of period	$	714			$	570

Loans and Leases Receivable, Allowance for Loan Losses Policy	As part of the Company's process for monitoring the credit quality of its loans, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its performing loans. The loans are scored on a scale of 1 to 5 as follows:


	Investment Rating		Summary Description
	1		Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable.
	2		Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable.
	3		Performing investments requiring closer monitoring. Trends and risk factors show some deterioration.
	4		Underperforming investment with some loss of interest or dividend expected but still expecting a positive return on investment. Trends and risk factors are negative.
	5		Underperforming investment with expected loss of interest and some principal.
Real Estate Notes Receivable Rollforward	For the three months ended March 31, 2015 and year ended December 31, 2014, the activity in the Company's loan portfolio was as follows (in thousands):


		Three Months Ended March 31, 2015				Year Ended December 31, 2014
	Beginning balance	$	456,884			$	30,832

	Acquisitions and originations	116,434				429,941

	Dispositions	—				(3,580		)

	Principal repayments	(14,321		)		(136		)
	Discount accretion and premium amortization*	205				397

	Provision for loan losses	(144		)		(570		)
	Ending balance	$	559,058			$	456,884

	________________________
	* Includes amortization of capitalized acquisition fees and expenses.

Real_Estate_Securities_Tables

Real Estate Securities (Tables)	3 Months Ended
	Mar. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Fair Value Measurements, Recurring and Nonrecurring	The following is a summary of the Company's real estate securities, CMBS (in thousands):


					Weighted Average
			Number of Investments		Interest Rate		Maturity	Par Value				Fair Value
	31-Mar-15		9		1M LIBOR + 3.237%		Sep-17	$	58,447			$	58,375

	31-Dec-14		8		1M LIBOR + 3.124%		Nov-17	50,447				50,234

	The following table presents the Company's financial instrument carried at fair value on a recurring basis in the condensed consolidated balance sheet by its level in the fair value hierarchy as of March 31, 2015 and December 31, 2014 (in thousands):


		Total			Level I			Level II				Level III
	31-Mar-15
	Real estate securities	$	58,375		$	—		$	58,375			$	—

	Repurchase agreements - commercial mortgage loans	182,307			—			182,307				—

	Repurchase agreements - real estate securities	37,734			—			37,734				—

	31-Dec-14

	Real estate securities	50,234			—			50,234				—

	Repurchase agreements - commercial mortgage loans	150,169			—			150,169				—

	Repurchase agreements - real estate securities	26,269			—			26,269				—

Available-for-Sale Securities	The following table shows the changes in fair value of the Company's CMBS investments (in thousands):


			Amortized Cost			Unrealized Gains			Unrealized Losses				Fair Value
	31-Mar-15		$	58,542		$	49		$	(216	)		$	58,375

	December 31, 2014		50,541			14			(321		)		50,234

Debt_Tables

Debt (Tables)	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Schedule of Master Repurchase Agreements	As of March 31, 2015 and December 31, 2014, the Company was entered into six MRAs, of which three were in use, see below (in thousands):


									Weighted Average
	Counterparty	Amount Outstanding			Accrued Interest				Interest Rate		Days to Maturity
	As of March 31, 2015
	Citigroup Global Markets, Inc.	$	4,010		$	2			1.48	%	20

	J.P. Morgan Securities LLC	29,993			14				1.38	%	20

	Wells Fargo Securities, LLC	3,731			2				1.53	%	20

	Total/Weighted Average	$	37,734		$	18			1.41	%	20


	As of December 31, 2014
	Citigroup Global Markets, Inc.	$	4,010		$	2			1.46	%	20

	J.P. Morgan Securities LLC	18,528			8				1.44	%	20

	Wells Fargo Securities, LLC	3,731			2				1.52	%	20

	Total/Weighted Average	$	26,269		$	12			1.46	%	20

	The following table reflects the number of shares repurchased cumulatively through March 31, 2015:


		Number of Requests		Number of Shares Repurchased			Average Price per Share
	Cumulative repurchases as of December 31, 2014	9		20,355			$	23.99

	Three Months Ended March 31, 2015 (1)	8		5,752			24.97

	Cumulative repurchases as of March 31, 2015 (1)	17		26,107			$	24.21

	________________________
	(1) Includes 8 unfulfilled repurchase requests consisting of 5,752 shares at an average repurchase price per share of $24.97, which were approved but not completed as of March 31, 2015.

Net_Income_Per_Share_Tables

Net Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Summary of the Basic and Diluted Earnings Per Share	The following table is a summary of the basic and diluted net income per share computation for the three months ended March 31, 2015 and 2014, respectively:


		Three Months Ended March 31,
		2015		2014
	Net income (in thousands)	$	4,632	$	226

	Basic weighted average shares outstanding	17,279,713		2,025,934

	Unvested restricted shares	4,373		4,089

	Diluted weighted average shares outstanding	17,284,086		2,030,023

	Basic net income per share	$	0.27	$	0.11

	Diluted net income per share	$	0.27	$	0.11

Common_Stock_Tables

Common Stock (Tables)	3 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Schedule of Distributions	The below table shows the distributions paid during the three months ended March 31, 2015 and year ended December 31, 2014 (in thousands, except for shares):


	Three Months Ended March 31, 2015	Weighted Average Shares Outstanding (1)		Amount Paid in Cash				Amount Issued under DRIP

	Payment Date
	January 2, 2015	16,006,444		$	1,512			$	1,109

	February 2, 2015	17,192,517		1,618				1,182

	March 2, 2015	18,644,252		1,567				1,154

	Total			$	4,697			$	3,445



	Year Ended December 31, 2014	Weighted Average Shares Outstanding (1)		Amount Paid in Cash				Amount Issued under DRIP

	Payment Date
	2-Jan-14	1,219,825		$	141			$	74

	3-Feb-14	1,463,829		171				85

	3-Mar-14	1,979,935		213				106

	1-Apr-14	2,644,003		305				163

	1-May-14	3,277,803		353				206

	2-Jun-14	4,126,746		452				282

	2-Jul-14	5,372,322		571				356

	2-Aug-14	6,956,879		759				485

	2-Sep-14	8,925,637		951				628

	October 2, 2014	10,575,893		1,073				736

	November 2, 2014	12,253,800		1,249				905

	December 1, 2014	13,880,235		1,354				1,001

	Total			$	7,592			$	5,027

	________________________
	(1) Represents the weighted average shares outstanding for the period related to the respective payment date.
Schedule of Master Repurchase Agreements	As of March 31, 2015 and December 31, 2014, the Company was entered into six MRAs, of which three were in use, see below (in thousands):


									Weighted Average
	Counterparty	Amount Outstanding			Accrued Interest				Interest Rate		Days to Maturity
	As of March 31, 2015
	Citigroup Global Markets, Inc.	$	4,010		$	2			1.48	%	20

	J.P. Morgan Securities LLC	29,993			14				1.38	%	20

	Wells Fargo Securities, LLC	3,731			2				1.53	%	20

	Total/Weighted Average	$	37,734		$	18			1.41	%	20


	As of December 31, 2014
	Citigroup Global Markets, Inc.	$	4,010		$	2			1.46	%	20

	J.P. Morgan Securities LLC	18,528			8				1.44	%	20

	Wells Fargo Securities, LLC	3,731			2				1.52	%	20

	Total/Weighted Average	$	26,269		$	12			1.46	%	20

	The following table reflects the number of shares repurchased cumulatively through March 31, 2015:


		Number of Requests		Number of Shares Repurchased			Average Price per Share
	Cumulative repurchases as of December 31, 2014	9		20,355			$	23.99

	Three Months Ended March 31, 2015 (1)	8		5,752			24.97

	Cumulative repurchases as of March 31, 2015 (1)	17		26,107			$	24.21

	________________________
	(1) Includes 8 unfulfilled repurchase requests consisting of 5,752 shares at an average repurchase price per share of $24.97, which were approved but not completed as of March 31, 2015.

Related_Party_Transactions_and1

Related Party Transactions and Arrangements (Tables)	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
Schedule of Selling Commissions and Dealer Manager Fees Payable to Affiliate	The table below shows the fees incurred from the Dealer Manager associated with the Offering during the three months ended March 31, 2015 and 2014, respectively, and the associated payable as of March 31, 2015 and December 31, 2014, respectively (in thousands):


		Three Months Ended March 31,				Payable as of
		2015		2014		31-Mar-15		31-Dec-14
	Total commissions and fees incurred from the Dealer Manager	$	9,247	$	3,851	$	295	$	119

Schedule of Offering Cost Reimbursements to Related Party	The table below shows the compensation and reimbursement to the Advisor, its affiliates, entities under common control with the Advisor and the Dealer Manager incurred for services relating to the Offering during the three months ended March 31, 2015 and 2014, respectively, and the associated payable as of March 31, 2015 and December 31, 2014, respectively (in thousands):


		Three Months Ended March 31,				Payable as of
		2015		2014		31-Mar-15		31-Dec-14
	Total compensation and reimbursement for services provided by the Advisor, its affiliates, entities under common control with the Advisor and the Dealer Manager	$	1,962	$	360	$	1,786	$	1,725

Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services	The table below depicts related party fees and reimbursements in connection with the operations of the Company for the three months ended March 31, 2015 and 2014 and the associated payable as of March 31, 2015 and December 31, 2014 (in thousands):


		Three Months Ended March 31,				Payable as of
		2015		2014		31-Mar-15		31-Dec-14
	Acquisition fees and acquisition expenses	$	1,781	$	397	$	155	$	—

	Advisory and investment banking fee	14		135		—		—

	Subordinated performance fee	362		—		965		191

	Other related party expenses	21		—		21		—

	Total related party fees and reimbursements	$	2,178	$	532	$	1,141	$	191

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring	The following is a summary of the Company's real estate securities, CMBS (in thousands):


						Weighted Average
			Number of Investments			Interest Rate		Maturity		Par Value		Fair Value
	31-Mar-15		9			1M LIBOR + 3.237%		Sep-17		$	58,447	$	58,375

	31-Dec-14		8			1M LIBOR + 3.124%		Nov-17		50,447		50,234

	The following table presents the Company's financial instrument carried at fair value on a recurring basis in the condensed consolidated balance sheet by its level in the fair value hierarchy as of March 31, 2015 and December 31, 2014 (in thousands):


		Total				Level I				Level II		Level III
	31-Mar-15
	Real estate securities	$	58,375			$	—			$	58,375	$	—

	Repurchase agreements - commercial mortgage loans	182,307				—				182,307		—

	Repurchase agreements - real estate securities	37,734				—				37,734		—

	31-Dec-14

	Real estate securities	50,234				—				50,234		—

	Repurchase agreements - commercial mortgage loans	150,169				—				150,169		—

	Repurchase agreements - real estate securities	26,269				—				26,269		—

Fair Value by Balance Sheet Grouping	The fair values of the Company's remaining commercial mortgage loans, which are not reported at fair value on the condensed consolidated balance sheets are reported below as of March 31, 2015 and December 31, 2014 (in thousands):


		Level		Carrying Value				Fair Value
	31-Mar-15	III		$	559,772			$	569,174

	31-Dec-14	III		457,454				474,932

Offsetting_Assets_and_Liabilit1

Offsetting Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2015
Offsetting [Abstract]
Offsetting Liabilities	The table below provides a gross presentation, the effects of offsetting and a net presentation of the Company's repurchase agreements within the scope of ASC 210-20, Balance Sheet—Offsetting, as of March 31, 2015 and December 31, 2014, respectively (in thousands):


								Gross Amounts Not Offset on the Balance Sheet
	Repurchase Agreements	Gross Amounts of Recognized Liabilities		Gross Amounts Offset on the Balance Sheet		Net Amount of Liabilities Presented on the Balance Sheet		Financial Instruments		Cash Collateral Pledged		Net Amount
	As of March 31, 2015
	Commercial mortgage loans	$	182,307	$	—	$	182,307	$	363,971	$	—	$	—

	Real estate securities	37,734		—		37,734		50,376		68		—


	As of December 31, 2014
	Commercial mortgage loans	150,169		—		150,169		301,704		—		—

	Real estate securities	26,269		—		26,269		38,834		68		—

Segment_Reporting_Tables

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table represents the Company's operations by segment for the three months ended March 31, 2015 and 2014 (in thousands):


	Three Months Ended March 31, 2015	Total		Real Estate Debt		Real Estate Securities
	Interest income	$	9,605	$	9,196	$	409

	Interest expense	1,933		1,804		129

	Net income	4,632		4,546		86

	Total assets	641,971		582,976		58,995

	Three Months Ended March 31, 2014
	Interest income	977		940		37

	Interest expense	21		9		12

	Net income (loss)	226		349		(123		)

	Total assets	71,431		56,913		14,518

Subsequent_Events_Tables

Subsequent Events (Tables)

3 Months Ended

Mar. 31, 2015

Subsequent Events [Abstract]

Schedule of Subsequent Events

Total capital raised through April 30, 2015, including shares issued under the DRIP and unvested restricted shares, is as follows (in thousands):

Source of Capital

Inception to March 31, 2015

April 1, 2015 to April 30, 2015

Total

Common stock

482,202

44,479

526,681

Organization_and_Business_Oper1

Organization and Business Operations - Narrative (Details) (USD $)	0 Months Ended	3 Months Ended		0 Months Ended
	14-May-13	Mar. 31, 2015	Mar. 31, 2014	Dec. 30, 2014	Dec. 31, 2014	13-May-13
Schedule of Equity Method Investments [Line Items]
Intentional maximum sale of stock		$2,000,000,000
Common stock, par value per share (in dollars per share)		$0.01			$0.01
Proceeds from issuances of common stock	2,000,000	92,806,000	40,844,000
Common stock, price per share		$25				$25
Common stock outstanding		484,700,000
Cumulative capital investment return, percentage of benchmark		6.00%		6.00%
Convertible common stock, quotient		0.15		0.15
Convertible Common Stock [Member]
Schedule of Equity Method Investments [Line Items]
Issuance of convertible stock, shares		1,000		1,000
Convertible Common Stock [Member] \| Advisor [Member]
Schedule of Equity Method Investments [Line Items]
Issuance of convertible stock, shares		1,000		1,000
Convertible stock, per share value		$1		1
DRIP [Member]
Schedule of Equity Method Investments [Line Items]
Intentional maximum sale of stock		$400,000,000
Share price under DRIP		$23.75
Shares repurchased, percentage of original price per share		95.00%

Summary_of_Significant_Account2

Summary of Significant Accounting Policies - Narrative (Details) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
	loan	loan	Dec. 31, 2013
Accounting Policies [Abstract]
Number of mezzanine loans funded	46	38
Allowance for loan losses	$714	$570	$0

Commercial_Mortgage_Loans_Loan

Commercial Mortgage Loans - Loans Receivable by Class (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Receivables [Abstract]
Senior loans	$342,870	$250,093
Mezzanine loans	206,902	191,863
Subordinated loans	10,000	15,498
Total gross carrying value of loans	559,772	457,454
Less: Allowance for loan losses	714	570	0
Total commercial mortgage loans	$559,058	$456,884

Commercial_Mortgage_Loans_Prov

Commercial Mortgage Loans - Provision for Loan Losses (Details) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	$570	$0	$0
Loan loss provision	144	86	570
Charge-offs	0		0
Recoveries	0		0
Ending balance	$714		$570

Commercial_Mortgage_Loans_Loan1

Commercial Mortgage Loans - Loans Receivable Portfolio (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$563,859
Premium (Discount)	-4,087
Total gross carrying value of loans	559,772	457,454
Effective yield	7.00%
Loan to Value (origination)	73.30%
Hotel [Member] \| First Mortgage [Member] \| Senior 9 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	10,171
Premium (Discount)	-41
Total gross carrying value of loans	10,130
Effective yield	6.10%
Loan to Value (origination)	60.00%
Hotel [Member] \| First Mortgage [Member] \| Senior 9 [Member] \| 1M LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Coupon/Spread	5.75%
Hotel [Member] \| First Mortgage [Member] \| Mezzanine 1 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	6,344
Premium (Discount)	-2,222
Total gross carrying value of loans	4,122
Coupon/Spread	5.50%
Effective yield	12.70%
Loan to Value (origination)	76.70%
Hotel [Member] \| First Mortgage [Member] \| Mezzanine 6 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	11,000
Premium (Discount)	25
Total gross carrying value of loans	11,025
Effective yield	7.00%
Loan to Value (origination)	70.00%
Hotel [Member] \| First Mortgage [Member] \| Mezzanine 6 [Member] \| 1M LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Coupon/Spread	7.05%
Hotel [Member] \| First Mortgage [Member] \| Mezzanine 7 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	3,000
Premium (Discount)	19
Total gross carrying value of loans	3,019
Coupon/Spread	11.00%
Effective yield	10.80%
Loan to Value (origination)	81.80%
Hotel [Member] \| First Mortgage [Member] \| Mezzanine 12 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	35,000
Premium (Discount)	112
Total gross carrying value of loans	35,112
Effective yield	8.30%
Loan to Value (origination)	70.10%
Hotel [Member] \| First Mortgage [Member] \| Mezzanine 12 [Member] \| 1M LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Coupon/Spread	8.40%
Hotel [Member] \| First Mortgage [Member] \| Mezzanine 14 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	12,000
Premium (Discount)	46
Total gross carrying value of loans	12,046
Effective yield	8.90%
Loan to Value (origination)	74.20%
Hotel [Member] \| First Mortgage [Member] \| Mezzanine 14 [Member] \| 1M LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Coupon/Spread	9.00%
Multifamily [Member] \| First Mortgage [Member] \| Senior 18 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	6,611
Premium (Discount)	-48
Total gross carrying value of loans	6,563
Effective yield	5.20%
Loan to Value (origination)	78.30%
Multifamily [Member] \| First Mortgage [Member] \| Senior 18 [Member] \| 1M LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Coupon/Spread	4.75%
Multifamily [Member] \| First Mortgage [Member] \| Senior 21 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	12,840
Premium (Discount)	-80
Total gross carrying value of loans	12,760
Effective yield	5.40%
Loan to Value (origination)	76.70%
Multifamily [Member] \| First Mortgage [Member] \| Senior 21 [Member] \| 1M LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Coupon/Spread	5.00%
Multifamily [Member] \| First Mortgage [Member] \| Senior 22 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	8,600
Premium (Discount)	-55
Total gross carrying value of loans	8,545
Effective yield	5.10%
Loan to Value (origination)	68.80%
Multifamily [Member] \| First Mortgage [Member] \| Senior 22 [Member] \| 1M LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Coupon/Spread	4.70%
Multifamily [Member] \| First Mortgage [Member] \| Senior 24 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	10,450
Premium (Discount)	-57
Total gross carrying value of loans	10,393
Effective yield	5.10%
Loan to Value (origination)	75.00%
Multifamily [Member] \| First Mortgage [Member] \| Senior 24 [Member] \| 1M LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Coupon/Spread	4.75%
Multifamily [Member] \| First Mortgage [Member] \| Mezzanine 2 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	5,000
Premium (Discount)	40
Total gross carrying value of loans	5,040
Coupon/Spread	9.00%
Effective yield	8.70%
Loan to Value (origination)	73.90%
Multifamily [Member] \| First Mortgage [Member] \| Mezzanine 11 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	3,480
Premium (Discount)	17
Total gross carrying value of loans	3,497
Coupon/Spread	9.50%
Effective yield	9.40%
Loan to Value (origination)	84.50%
Office [Member] \| First Mortgage [Member] \| Senior 1 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	11,450
Premium (Discount)	-61
Total gross carrying value of loans	11,389
Effective yield	5.50%
Loan to Value (origination)	70.00%
Office [Member] \| First Mortgage [Member] \| Senior 1 [Member] \| 1M LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Coupon/Spread	5.00%
Office [Member] \| First Mortgage [Member] \| Senior 4 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	5,750
Premium (Discount)	-7
Total gross carrying value of loans	5,743
Effective yield	5.10%
Loan to Value (origination)	80.00%
Office [Member] \| First Mortgage [Member] \| Senior 4 [Member] \| 1M LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Coupon/Spread	4.90%
Office [Member] \| First Mortgage [Member] \| Senior 11 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	22,150
Premium (Discount)	-249
Total gross carrying value of loans	21,901
Effective yield	5.30%
Loan to Value (origination)	80.00%
Office [Member] \| First Mortgage [Member] \| Senior 11 [Member] \| 1M LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Coupon/Spread	4.65%
Office [Member] \| First Mortgage [Member] \| Senior 12 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	9,150
Premium (Discount)	-53
Total gross carrying value of loans	9,097
Effective yield	6.10%
Loan to Value (origination)	75.00%
Office [Member] \| First Mortgage [Member] \| Senior 12 [Member] \| 1M LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Coupon/Spread	5.50%
Office [Member] \| First Mortgage [Member] \| Senior 13 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	14,200
Premium (Discount)	-19
Total gross carrying value of loans	14,181
Effective yield	5.50%
Loan to Value (origination)	75.00%
Office [Member] \| First Mortgage [Member] \| Senior 13 [Member] \| 1M LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Coupon/Spread	5.20%
Office [Member] \| First Mortgage [Member] \| Senior 14 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	34,500
Premium (Discount)	-343
Total gross carrying value of loans	34,157
Effective yield	5.70%
Loan to Value (origination)	75.00%
Office [Member] \| First Mortgage [Member] \| Senior 14 [Member] \| 1M LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Coupon/Spread	5.25%
Office [Member] \| First Mortgage [Member] \| Senior 15 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	11,400
Premium (Discount)	-12
Total gross carrying value of loans	11,388
Effective yield	5.00%
Loan to Value (origination)	75.00%
Office [Member] \| First Mortgage [Member] \| Senior 15 [Member] \| 1M LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Coupon/Spread	4.80%
Office [Member] \| First Mortgage [Member] \| Senior 17 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	9,180
Premium (Discount)	-97
Total gross carrying value of loans	9,083
Effective yield	5.60%
Loan to Value (origination)	75.00%
Office [Member] \| First Mortgage [Member] \| Senior 17 [Member] \| 1M LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Coupon/Spread	5.00%
Office [Member] \| First Mortgage [Member] \| Senior 19 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	24,500
Premium (Discount)	-188
Total gross carrying value of loans	24,312
Effective yield	5.00%
Loan to Value (origination)	65.00%
Office [Member] \| First Mortgage [Member] \| Senior 19 [Member] \| 1M LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Coupon/Spread	4.60%
Office [Member] \| First Mortgage [Member] \| Mezzanine 3 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	9,000
Premium (Discount)	48
Total gross carrying value of loans	9,048
Effective yield	10.90%
Loan to Value (origination)	77.90%
Office [Member] \| First Mortgage [Member] \| Mezzanine 3 [Member] \| 3M LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Coupon/Spread	11.00%
Office [Member] \| First Mortgage [Member] \| Mezzanine 4 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	5,000
Premium (Discount)	69
Total gross carrying value of loans	5,069
Coupon/Spread	11.00%
Effective yield	10.80%
Loan to Value (origination)	63.60%
Office [Member] \| First Mortgage [Member] \| Mezzanine 8 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	7,000
Premium (Discount)	30
Total gross carrying value of loans	7,030
Coupon/Spread	12.00%
Effective yield	11.90%
Loan to Value (origination)	78.30%
Office [Member] \| First Mortgage [Member] \| Mezzanine 10 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	10,000
Premium (Discount)	16
Total gross carrying value of loans	10,016
Effective yield	8.00%
Loan to Value (origination)	80.00%
Office [Member] \| First Mortgage [Member] \| Mezzanine 10 [Member] \| 1M LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Coupon/Spread	8.00%
Office [Member] \| First Mortgage [Member] \| Mezzanine 16 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	45,000
Premium (Discount)	170
Total gross carrying value of loans	45,170
Effective yield	7.10%
Loan to Value (origination)	76.00%
Office [Member] \| First Mortgage [Member] \| Mezzanine 16 [Member] \| 1M LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Coupon/Spread	7.25%
Office [Member] \| First Mortgage [Member] \| Mezzanine 17 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	9,000
Premium (Discount)	42
Total gross carrying value of loans	9,042
Coupon/Spread	10.50%
Effective yield	10.40%
Loan to Value (origination)	85.00%
Office [Member] \| First Mortgage [Member] \| Mezzanine 18 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	5,100
Premium (Discount)	0
Total gross carrying value of loans	5,100
Effective yield	10.30%
Loan to Value (origination)	79.50%
Office [Member] \| First Mortgage [Member] \| Mezzanine 18 [Member] \| 3M LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Coupon/Spread	10.00%
Office [Member] \| First Mortgage [Member] \| Mezzanine 19 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	10,000
Premium (Discount)	-537
Total gross carrying value of loans	9,463
Coupon/Spread	10.00%
Effective yield	10.90%
Loan to Value (origination)	79.00%
Office [Member] \| First Mortgage [Member] \| Mezzanine 20 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	15,000
Premium (Discount)	86
Total gross carrying value of loans	15,086
Coupon/Spread	11.00%
Effective yield	10.90%
Loan to Value (origination)	80.00%
Student Housing [Member] \| First Mortgage [Member] \| Mezzanine 5 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	4,000
Premium (Discount)	56
Total gross carrying value of loans	4,056
Coupon/Spread	12.00%
Effective yield	11.70%
Loan to Value (origination)	74.50%
Student Housing [Member] \| First Mortgage [Member] \| Mezzanine 15 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	5,000
Premium (Discount)	19
Total gross carrying value of loans	5,019
Effective yield	7.90%
Loan to Value (origination)	71.00%
Student Housing [Member] \| First Mortgage [Member] \| Mezzanine 15 [Member] \| 1M LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Coupon/Spread	8.00%
Retail [Member] \| First Mortgage [Member] \| Senior 2 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	3,389
Premium (Discount)	-27
Total gross carrying value of loans	3,362
Effective yield	6.30%
Loan to Value (origination)	73.90%
Retail [Member] \| First Mortgage [Member] \| Senior 2 [Member] \| 1M LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Coupon/Spread	5.40%
Retail [Member] \| First Mortgage [Member] \| Senior 7 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	9,450
Premium (Discount)	-40
Total gross carrying value of loans	9,410
Effective yield	5.30%
Loan to Value (origination)	70.00%
Retail [Member] \| First Mortgage [Member] \| Senior 7 [Member] \| 1M LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Coupon/Spread	4.90%
Retail [Member] \| First Mortgage [Member] \| Senior 10 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	11,800
Premium (Discount)	-56
Total gross carrying value of loans	11,744
Effective yield	5.10%
Loan to Value (origination)	79.40%
Retail [Member] \| First Mortgage [Member] \| Senior 10 [Member] \| 1M LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Coupon/Spread	4.75%
Retail [Member] \| First Mortgage [Member] \| Senior 20 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	11,450
Premium (Discount)	-66
Total gross carrying value of loans	11,384
Effective yield	4.80%
Loan to Value (origination)	74.80%
Retail [Member] \| First Mortgage [Member] \| Senior 20 [Member] \| 1M LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Coupon/Spread	4.50%
Retail [Member] \| First Mortgage [Member] \| Senior 23 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	9,850
Premium (Discount)	-67
Total gross carrying value of loans	9,783
Effective yield	5.70%
Loan to Value (origination)	80.00%
Retail [Member] \| First Mortgage [Member] \| Senior 23 [Member] \| 1M LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Coupon/Spread	5.25%
Retail [Member] \| First Mortgage [Member] \| Senior 25 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	13,500
Premium (Discount)	-63
Total gross carrying value of loans	13,437
Effective yield	5.40%
Loan to Value (origination)	78.00%
Retail [Member] \| First Mortgage [Member] \| Senior 25 [Member] \| 1M LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Coupon/Spread	5.00%
Retail [Member] \| First Mortgage [Member] \| Mezzanine 9 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	1,962
Premium (Discount)	9
Total gross carrying value of loans	1,971
Coupon/Spread	13.00%
Effective yield	12.90%
Loan to Value (origination)	85.00%
Mixed Use [Member] \| First Mortgage [Member] \| Senior 3 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	14,000
Premium (Discount)	-96
Total gross carrying value of loans	13,904
Effective yield	10.90%
Loan to Value (origination)	70.00%
Mixed Use [Member] \| First Mortgage [Member] \| Senior 3 [Member] \| 1M LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Coupon/Spread	8.00%
Mixed Use [Member] \| First Mortgage [Member] \| Senior 5 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	31,250
Premium (Discount)	-147
Total gross carrying value of loans	31,103
Effective yield	4.90%
Loan to Value (origination)	75.00%
Mixed Use [Member] \| First Mortgage [Member] \| Senior 5 [Member] \| 1M LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Coupon/Spread	4.50%
Mixed Use [Member] \| First Mortgage [Member] \| Senior 6 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	32,272
Premium (Discount)	-119
Total gross carrying value of loans	32,153
Effective yield	5.80%
Loan to Value (origination)	55.30%
Mixed Use [Member] \| First Mortgage [Member] \| Senior 6 [Member] \| 1M LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Coupon/Spread	5.50%
Mixed Use [Member] \| First Mortgage [Member] \| Senior 8 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	7,460
Premium (Discount)	-42
Total gross carrying value of loans	7,418
Effective yield	5.20%
Loan to Value (origination)	78.00%
Mixed Use [Member] \| First Mortgage [Member] \| Senior 8 [Member] \| 1M LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Coupon/Spread	4.75%
Mixed Use [Member] \| First Mortgage [Member] \| Senior 16 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	9,600
Premium (Discount)	-70
Total gross carrying value of loans	9,530
Effective yield	5.60%
Loan to Value (origination)	75.00%
Mixed Use [Member] \| First Mortgage [Member] \| Senior 16 [Member] \| 1M LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Coupon/Spread	5.10%
Mixed Use [Member] \| First Mortgage [Member] \| Mezzanine 13 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	7,000
Premium (Discount)	-29
Total gross carrying value of loans	6,971
Effective yield	11.00%
Loan to Value (origination)	84.00%
Mixed Use [Member] \| First Mortgage [Member] \| Mezzanine 13 [Member] \| 1M LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Coupon/Spread	10.50%
Net Lease Retail [Member] \| First Mortgage [Member] \| Subordinated 1 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	10,000
Premium (Discount)	0
Total gross carrying value of loans	$10,000
Coupon/Spread	11.00%
Effective yield	11.00%
Loan to Value (origination)	50.10%

Commercial_Mortgage_Loans_Real

Commercial Mortgage Loans - Real Estate Notes Receivable (Details) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning balance	$456,884	$30,832	$30,832
Acquisitions and originations	116,434		429,941
Dispositions	0		-3,580
Principal repayments	-14,321		-136
Discount accretion and premium amortization	205		397
Provision for loan losses	-144	-86	-570
Ending balance	$559,058		$456,884

Commercial_Mortgage_Loans_Narr

Commercial Mortgage Loans - Narrative (Details) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
	rating	rating
	loan	loan
Receivables [Abstract]
Number of mezzanine loans funded	46	38
Original face amount	$563,859,330
Principal repayments received on commercial mortgage loans	14,300,000
Weighted average risk rating of loans	1.9	2
Acquisitions and originations	116,434,000	429,941,000
Number of loans invested during the period	10
Capitalized acquisition expenses	$700,000

Real_Estate_Securities_Fair_Va

Real Estate Securities - Fair Value Measurements, Recurring and Nonrecurring (Details) (Real Estate Securities [Member], USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	investment	investment
Schedule of Available-for-sale Securities [Line Items]
Number of investments	9	8
Par value of investments	$58,447	$50,447
Fair value of investments	$58,375	$50,234
1M LIBOR [Member]
Schedule of Available-for-sale Securities [Line Items]
Interest rate	3.24%	3.12%

Real_Estate_Securities_Availab

Real Estate Securities - Available-for-sale Securities (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Real estate securities, at fair value	($58,375)	($50,234)
Real Estate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	58,542	50,541
Unrealized Gains	49	14
Unrealized Losses	-216	-321
Real estate securities, at fair value	($58,375)	($50,234)

Debt_Narrative_Details

Debt - Narrative (Details) (Revolving Credit Facility [Member], USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Line of Credit Facility [Line Items]
Revolving line of credit	$37,734,000		$26,269,000
JPM Repo Facility [Member]
Line of Credit Facility [Line Items]
Unsecured line of credit	150,000,000
Interest expense	700,000	0
Revolving line of credit	75,900,000		76,500,000
Weighted average interest rate	3.76%		3.84%
Barclays Repo Facility [Member]
Line of Credit Facility [Line Items]
Interest expense	500,000	0
Revolving line of credit	106,400,000		73,700,000
Weighted average interest rate	2.17%		2.16%
Minimum [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| JPM Repo Facility [Member]
Line of Credit Facility [Line Items]
Variable interest rate	2.25%
Minimum [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Barclays Repo Facility [Member]
Line of Credit Facility [Line Items]
Variable interest rate	2.00%
Maximum [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| JPM Repo Facility [Member]
Line of Credit Facility [Line Items]
Variable interest rate	4.50%
Maximum [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Barclays Repo Facility [Member]
Line of Credit Facility [Line Items]
Variable interest rate	2.50%
Real Estate Securities [Member]
Line of Credit Facility [Line Items]
Fair value of collateralized amount	$50,400,000		$33,800,000

Debt_Schedule_of_Master_Repurc

Debt - Schedule of Master Repurchase Agreements (Details) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Assets Sold under Agreements to Repurchase [Line Items]
Accrued Interest	$257	$232
Revolving Credit Facility [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Revolving line of credit	37,734	26,269
Accrued Interest	18	12
Line of credit fixed rate	1.41%	1.46%
Days to Maturity	20 days	20 days
Revolving Credit Facility [Member] \| Citigroup Global Markets [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Revolving line of credit	4,010	4,010
Accrued Interest	2	2
Line of credit fixed rate	1.48%	1.46%
Days to Maturity	20 days	20 days
Revolving Credit Facility [Member] \| JP Morgan Securities LLC [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Revolving line of credit	29,993	18,528
Accrued Interest	14	8
Line of credit fixed rate	1.38%	1.44%
Days to Maturity	20 days	20 days
Revolving Credit Facility [Member] \| Wells Fargo Securities LLC [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Revolving line of credit	3,731	3,731
Accrued Interest	$2	$2
Line of credit fixed rate	1.53%	1.52%
Days to Maturity	20 days	20 days

Net_Income_Per_Share_Summary_o

Net Income Per Share - Summary of the Basic and Diluted EPS (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Abstract]
Net income	$4,632	$226
Basic weighted average shares outstanding	17,279,713	2,025,934
Unvested restricted shares	4,373	4,089
Diluted weighted average shares outstanding	17,284,086	2,030,023
Basic net income (loss) per share (in dollars per share)	$0.27	$0.11
Diluted net income (loss) per share (in dollars per share)	$0.27	$0.11

Common_Stock_Narrative_Details

Common Stock - Narrative (Details) (USD $)	0 Months Ended																3 Months Ended		12 Months Ended	28 Months Ended	0 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 02, 2015	Feb. 02, 2015	Jan. 02, 2015	Dec. 01, 2014	Nov. 02, 2014	Oct. 02, 2014	Sep. 02, 2014	Aug. 02, 2014	Jul. 02, 2014	Jun. 02, 2014	1-May-14	Apr. 01, 2014	Mar. 03, 2014	Feb. 03, 2014	Jan. 02, 2014	13-May-13	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Mar. 31, 2015	Dec. 30, 2014
Class of Stock [Line Items]
Proceeds from issuance																			$384,200	$482,202
Minimum distribution percentage to qualify for REIT taxation status																	90.00%
Distribution percentage required to avoid paying federal income taxes																	100.00%
Common stock, dividends, per share per day, declared (in dollars per share)																$0.01
Common stock, price per share																$25	$25			$25
Amount paid in cash	1,567	1,618	1,512	1,354	1,249	1,073	951	759	571	452	353	305	213	171	141		4,697	500	7,592
Net income																	4,632	226
Distributions payable																	$3,269		$2,623	$3,269
Convertible Common Stock [Member]
Class of Stock [Line Items]
Shares outstanding (in shares)																	1,000		1,000	1,000
Issuance of convertible stock (in shares)																	1,000				1,000
Advisor [Member] \| Convertible Common Stock [Member]
Class of Stock [Line Items]
Issuance of convertible stock (in shares)																	1,000				1,000
Convertible stock, per share value																	$1				1
Common Stock [Member]
Class of Stock [Line Items]
Shares outstanding (in shares)																	19,406,761		15,472,192	19,406,761
Share Repurchase Program [Member]
Class of Stock [Line Items]
Share Repurchase Program, Maximum Percentage Of Shares Authorized To Repurchase During Year																	5.00%
Share Repurchase Program [Member] \| One Year [Member]
Class of Stock [Line Items]
Common stock, price per share																	$23.13			$23.13
Share Repurchase Price Maximum Percent of Price Paid																	92.50%			92.50%
Share Repurchase Program [Member] \| Two Years [Member]
Class of Stock [Line Items]
Common stock, price per share																	$23.75			$23.75
Share Repurchase Price Maximum Percent of Price Paid																	95.00%			95.00%
Share Repurchase Program [Member] \| Three Years [Member]
Class of Stock [Line Items]
Common stock, price per share																	$24.38			$24.38
Share Repurchase Price Maximum Percent of Price Paid																	97.50%			97.50%
Share Repurchase Program [Member] \| Four Years [Member]
Class of Stock [Line Items]
Common stock, price per share																	$25			$25
Share Repurchase Price Maximum Percent of Price Paid																	100.00%			100.00%

Common_Stock_Schedule_of_Distr

Common Stock - Schedule of Distributions (Details) (USD $)	0 Months Ended															3 Months Ended		12 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 02, 2015	Feb. 02, 2015	Jan. 02, 2015	Dec. 01, 2014	Nov. 02, 2014	Oct. 02, 2014	Sep. 02, 2014	Aug. 02, 2014	Jul. 02, 2014	Jun. 02, 2014	1-May-14	Apr. 01, 2014	Mar. 03, 2014	Feb. 03, 2014	Jan. 02, 2014	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Equity [Abstract]
Weighted average shares outstanding, basic and diluted (in shares)	18,644,252	17,192,517	16,006,444	13,880,235	12,253,800	10,575,893	8,925,637	6,956,879	5,372,322	4,126,746	3,277,803	2,644,003	1,979,935	1,463,829	1,219,825
Amount paid in cash	$1,567	$1,618	$1,512	$1,354	$1,249	$1,073	$951	$759	$571	$452	$353	$305	$213	$171	$141	$4,697	$500	$7,592
Amount issued under DRIP	$1,154	$1,182	$1,109	$1,001	$905	$736	$628	$485	$356	$282	$206	$163	$106	$85	$74	$3,445		$5,027

Common_Stock_Schedule_of_Maste

Common Stock - Schedule of Master Repurchase Agreements (Details) (USD $)	3 Months Ended
	Mar. 31, 2015
	share_repurchase_request
Equity [Abstract]
Number of Share Repurchase Requests	9
Number of Share Repurchase Requests During the Period	8
Number of Share Repurchase Requests	17
Share Repurchase Utilized	20,355
Stock Repurchased and Retired During Period, Shares	5,752
Share Repurchase Utilized	26,107
Stock Repurchased, Accumulated, Weighted Average Price	$23.99
Stock Repurchased During Period Weighted Average Price	$24.97
Stock Repurchased, Accumulated, Weighted Average Price	$24.21

Commitments_and_Contingencies_

Commitments and Contingencies - Narrative (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
	loan	loan
Commitments and Contingencies Disclosure [Abstract]
Unfunded commitments	$84.20	$63.50
Number of loans receivable	20	14
Expiration period	5 years

Related_Party_Transactions_and2

Related Party Transactions and Arrangements - Narrative (Details) (USD $)	3 Months Ended		0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 30, 2014	Dec. 31, 2014	Jun. 01, 2013
Related Party Transaction [Line Items]
Common stock, shares outstanding and owned by related party (in shares)	19,401,079			15,472,192
Convertible stock, shares outstanding	0			0
Selling commission, organizational and offering costs, maximum	2.00%
Asset retirement costs					$900,000
Professional fees	1,379,000	113,000
Subordinated performance fee	362,000	0
Cumulative capital investment return, percentage of benchmark	6.00%		6.00%
Convertible common stock, quotient	0.15		0.15
Sponsor [Member]
Related Party Transaction [Line Items]
Common stock, shares outstanding and owned by related party (in shares)	8,888
Dealer Manager [Member]
Related Party Transaction [Line Items]
Selling commission, percentage of offering proceeds	7.00%
Selling commission, percentage of offering proceeds, reallowance fee	3.00%
Selling commission, percentage of offering proceeds, reduction fee	2.50%
Total commissions and fees incurred from the Dealer Manager	9,247,000	3,851,000
Participating Broker Dealers [Member]
Related Party Transaction [Line Items]
Selling commission, percentage of offering proceeds	7.50%
Selling commission, percentage of offering proceeds, first payment	2.50%
Selling commission, percentage of offering proceeds, subsequent payments	1.00%
Advisor [Member]
Related Party Transaction [Line Items]
Convertible stock, shares outstanding	1,000
Real estate acquisition fee, percentage	1.00%
Real estate acquisition fee, percentage reimbursement of acquisition costs, maximum exposure	4.50%
Annual asset management fee, percentage based on the lower of total costs of assets or net asset value	0.75%
Related Party Transaction Subordinated Performance Fee Total Return Threshold	6.00%
Related Party Transaction Subordinated Participation In Asset Sale Fee	15.00%
Related Party Transaction Subordinated Participation In Asset Sale Fee Maximum	10.00%
Subordinated performance fee	400,000	0
Administrative services reimbursement, limitation, percentage of average invested assets	2.00%
Administrative services reimbursement, limitation, percentage of net income	25.00%
Real estate disposition fee, percentage	1.00%
Principal amount of debt, obligated to pay as disposition fee for each investment sold	1.00%
Advisor [Member] \| Fee to Acquire and Originate Real Estate Debt
Related Party Transaction [Line Items]
Transaction rate	0.50%
Incurred [Member] \| Acquisition and Related Expenses [Member] \| Advisor [Member]
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager	1,000,000	300,000
Payable [Member] \| Acquisition and Related Expenses [Member] \| Advisor [Member]
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager	700,000	100,000
Waived [Member] \| Advisor [Member]
Related Party Transaction [Line Items]
Acquisition related expenses and fees	$100,000	$100,000
Convertible Common Stock [Member]
Related Party Transaction [Line Items]
Issuance of convertible stock (in shares)	1,000		1,000
Convertible Common Stock [Member] \| Advisor [Member]
Related Party Transaction [Line Items]
Issuance of convertible stock (in shares)	1,000		1,000
Convertible stock, per share value	$1		1

Related_Party_Transactions_and3

Related Party Transactions and Arrangements - Schedule of Selling Commissions and Dealer Manager Fees Payable to Affiliate (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Payable to related party	$3,223		$2,035
Dealer Manager [Member]
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager	9,247	3,851
Payable to related party	$295		$119

Related_Party_Transactions_and4

Related Party Transactions and Arrangements - Schedule of Offering Cost Reimbursements to Related Party (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Payable to related party	$3,223		$2,035
Fees and Expense Reimbursement, Stock Offering [Member] \| Advisor and Dealer Manager [Member]
Related Party Transaction [Line Items]
Total compensation and reimbursement for services provided by the Advisor and affiliates	1,962	360
Payable to related party	$1,786		$1,725

Related_Party_Transactions_and5

Related Party Transactions and Arrangements - Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Payable to related party	$3,223		$2,035
Related Party [Member]
Related Party Transaction [Line Items]
Total related party fees and reimbursements	2,178	532
Payable to related party	1,141		191
Related Party [Member] \| Acquisition and Related Expenses [Member] \| Nonrecurring Fees [Member]
Related Party Transaction [Line Items]
Total related party fees and reimbursements	1,781	397
Payable to related party	155		0
Related Party [Member] \| Advisory Fee [Member] \| Nonrecurring Fees [Member]
Related Party Transaction [Line Items]
Total related party fees and reimbursements	14	135
Payable to related party	0		0
Related Party [Member] \| Asset Management and Subordinated Performance Fees [Member] \| Nonrecurring Fees [Member]
Related Party Transaction [Line Items]
Total related party fees and reimbursements	362	0
Payable to related party	965		191
Related Party [Member] \| Other Related Party Expenses [Member] \| Nonrecurring Fees [Member]
Related Party Transaction [Line Items]
Total related party fees and reimbursements	21	0
Payable to related party	$21		$0

Fair_Value_of_Financial_Instru2

Fair Value of Financial Instruments - Fair Value Measurements, Recurring and Nonrecurring (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, at fair value	$58,375	$50,234
Real Estate Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, at fair value	58,375	50,234
Gross amounts of recognized liabilities	37,734	26,269
Commercial Mortgage Loans [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross amounts of recognized liabilities	182,307	150,169
Fair Value, Measurements, Recurring [Member] \| Real Estate Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, at fair value	58,375	50,234
Gross amounts of recognized liabilities	37,734	26,269
Fair Value, Measurements, Recurring [Member] \| Commercial Mortgage Loans [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross amounts of recognized liabilities	182,307	150,169
Level I [Member] \| Fair Value, Measurements, Recurring [Member] \| Real Estate Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, at fair value	0	0
Gross amounts of recognized liabilities	0	0
Level I [Member] \| Fair Value, Measurements, Recurring [Member] \| Commercial Mortgage Loans [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross amounts of recognized liabilities	0	0
Level II [Member] \| Fair Value, Measurements, Recurring [Member] \| Real Estate Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, at fair value	58,375	50,234
Gross amounts of recognized liabilities	37,734	26,269
Level II [Member] \| Fair Value, Measurements, Recurring [Member] \| Commercial Mortgage Loans [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross amounts of recognized liabilities	182,307	150,169
Level III [Member] \| Fair Value, Measurements, Recurring [Member] \| Real Estate Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, at fair value	0	0
Gross amounts of recognized liabilities	0	0
Level III [Member] \| Fair Value, Measurements, Recurring [Member] \| Commercial Mortgage Loans [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross amounts of recognized liabilities	$0	$0

Fair_Value_of_Financial_Instru3

Fair Value of Financial Instruments - Fair Value by Balance Sheet Grouping (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans, held for investment, net	$559,058	$456,884
Reported Value Measurement [Member] \| Level III [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans, held for investment, net	559,772	457,454
Fair Value [Member] \| Level III [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans, held for investment, net	$569,174	$474,932

Offsetting_Assets_and_Liabilit2

Offsetting Assets and Liabilities - Offsetting Liabilities (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Commercial Mortgage Loans [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	$182,307	$150,169
Gross amounts offset on the balance sheet	0	0
Net amount of liabilities presented on the balance sheet	182,307	150,169
Financial instruments	363,971	301,704
Cash collateral pledged	0	0
Net amount	0	0
Real Estate Securities [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	37,734	26,269
Gross amounts offset on the balance sheet	0	0
Net amount of liabilities presented on the balance sheet	37,734	26,269
Financial instruments	50,376	38,834
Cash collateral pledged	68	68
Net amount	$0	$0

Segment_Reporting_Schedule_of_

Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Segment Reporting Information [Line Items]
Interest income	$9,605	$977
Interest expense	1,933	21
Net income	4,632	226
Total assets	641,971	71,431	514,220
Real Estate Debt [Member]
Segment Reporting Information [Line Items]
Interest income	9,196	940
Interest expense	1,804	9
Net income	4,546	349
Total assets	582,976	56,913
Real Estate Securities [Member]
Segment Reporting Information [Line Items]
Interest income	409	37
Interest expense	129	12
Net income	86	-123
Total assets	$58,995	$14,518

Subsequent_Events_Narrative_De

Subsequent Events - Narrative (Details) (USD $)	0 Months Ended	3 Months Ended		0 Months Ended		1 Months Ended
Subsequent Events - Narrative (Details) (USD $)	14-May-13	Mar. 31, 2015	Mar. 31, 2014	Apr. 30, 2015	Apr. 01, 2015	Apr. 30, 2015	Dec. 31, 2014	13-May-13
Subsequent Event [Line Items]
Common stock, shares outstanding and owned by related party (in shares)		19,401,079					15,472,192
Proceeds from issuances of common stock	$2,000,000	$92,806,000	$40,844,000
Common stock outstanding		484,700,000
Common stock, price per share		$25						$25
Distributions paid		4,697,000	523,000
Common stock issued through distribution reinvestment plan		3,445,000
Original face amount		563,859,330
Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock, shares outstanding and owned by related party (in shares)				21,214,570		21,214,570
Proceeds from issuances of common stock				526,681,000		44,479,000
Common stock outstanding				529,800,000		529,800,000
Common stock, price per share				$25		$25
Distributions paid					3,300,000
Dividends in cash					1,900,000
Common stock issued through distribution reinvestment plan					1,400,000
Shares issued under DRIP (in shares)					58,714
Original face amount					53,300,000
Subsequent Event [Member] \| First Mortgage Loans [Member]
Subsequent Event [Line Items]
Original face amount				$18,000,000		$18,000,000
Subsequent Event [Member] \| DRIP [Member]
Subsequent Event [Line Items]
Common stock, price per share				$23.75		$23.75

Subsequent_Events_Issuance_of_

Subsequent Events - Issuance of Common Stock (Details) (USD $)	0 Months Ended	3 Months Ended		12 Months Ended	28 Months Ended	0 Months Ended	1 Months Ended
In Thousands, unless otherwise specified	14-May-13	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Mar. 31, 2015	Apr. 30, 2015	Apr. 30, 2015
Subsequent Event [Line Items]
Proceeds from Issuance of Common Stock, Dividend Reinvestment Plan				$384,200	$482,202
Proceeds from issuances of common stock	2,000	92,806	40,844
Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from issuances of common stock						$526,681	$44,479