Franklin BSP Realty Trust (FBRT) 10-K 29 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Feb. 28, 2017	Jun. 30, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	Benefit Street Partners Realty Trust, Inc.
Entity Central Index Key	1,562,528
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		31,609,738
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents		$ 118,048	$ 14,807
Restricted cash		5,021	5,366
Commercial mortgage loans, held for investment, net of allowance of $2,181 and $888	[1]	1,046,556	1,124,201
Commercial mortgage loans, held-for-sale, measured at fair value		21,179	0
Real estate securities, available for sale, at fair value		49,049	130,754
Receivable for loan repayment		401	1,307
Accrued interest receivable	[2]	5,955	5,360
Prepaid expenses and other assets		1,916	689
Total assets		1,248,125	1,282,484
LIABILITIES AND STOCKHOLDERS' EQUITY
Collateralized loan obligations		278,450	287,229
Interest payable	[3]	897	792
Distributions payable		5,591	5,552
Accounts payable and accrued expenses		1,170	6,805
Due to affiliates		4,064	4,327
Total liabilities		614,475	628,155
Commitment and Contingencies (See Note 8)
Preferred stock, $0.01 par value, 50,000,000 authorized, none issued and outstanding as of December 31, 2016 and 2015		0	0
Convertible stock (promote shares); $0.01 par value, 1,000 shares authorized, issued and outstanding as of December 31, 2015 and 0 shares issued and outstanding as of December 31, 2016		0	1
Common stock, $0.01 par value, 949,999,000 shares authorized, 31,884,631 and 31,385,280 shares issued and outstanding as of December 31, 2016 and 2015, respectively		319	314
Additional paid-in capital		704,500	691,590
Accumulated other comprehensive loss		(500)	(2,254)
Accumulated deficit		(70,669)	(35,322)
Total stockholders' equity		633,650	654,329
Total liabilities and stockholders' equity		1,248,125	1,282,484
Allowance for commercial mortgage loans		2,181	888
Collaterized loan obligation
ASSETS
Cash and cash equivalents		5	5
Commercial mortgage loans, held for investment, net of allowance of $2,181 and $888		417,057	425,733
Accrued interest receivable		1,101	1,048
Total assets		418,163	426,786
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest payable		564	513
Total liabilities		334,810	343,511
Loans pledged as collateral		417,100	425,700
Allowance for commercial mortgage loans		1,017	422
CMBS
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		257,664	206,239
Real Estate Securities
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		66,639	$ 117,211
Level II
ASSETS
Commercial mortgage loans, held-for-sale, measured at fair value		$ 0
[1]	Includes $417.1 million and $425.7 million of loans net of allowance of $1.0 million and $0.4 million pledged as collateral on collateralized loan obligations ("CLO"), a variable interest entity ("VIE") as of December 31, 2016 and 2015, respectively.
[2]	Includes $1.1 million and $1.0 million of interest receivable for loans pledged as collateral on CLO, a VIE as of December 31, 2016 and 2015, respectively.
[3]	Includes $0.6 million and $0.5 million of interest payable for loans pledged as collateral on CLO, a VIE as of December 31, 2016 and 2015, respectively.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Allowance for commercial mortgage loans	$ 2,181	$ 888
Preferred stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Convertible stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Convertible stock, shares authorized (in shares)	1,000	1,000
Convertible stock, shares issued (in shares)	0	1,000
Convertible stock, shares outstanding (in shares)	0	1,000
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	949,999,000	949,999,000
Common stock, shares issued (in shares)	31,884,631	31,385,280
Common stock, shares outstanding (in shares)	31,884,631	31,385,280

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Interest Income:
Interest income		$ 79,404,000	$ 59,393,000	$ 15,466,000
Interest expense		23,169,000	12,268,000	2,196,000
Net interest income		56,235,000	47,125,000	13,270,000
Operating Expenses:
Asset management and subordinated performance fee		9,504,000	7,615,000	604,000
Acquisition fees and acquisition expenses		806,000	7,916,000	4,386,000
Administrative services expenses	[1]	4,376,000	644,000	0
Professional fees		5,467,000	4,353,000	1,050,000
Other expenses		2,336,000	1,346,000	1,148,000
Total Operating Expenses		22,489,000	21,874,000	7,188,000
Loan loss provision		1,293,000	318,000	570,000
Realized loss on sale of real estate securities		1,906,000	0	0
Impairment losses on real estate securities		310,000	0	0
Unrealized losses on loans held-for-sale		247,000	0	0
Realized gain on sale of commercial mortgage loan		0	0	112,000
Income before income taxes		29,990,000	24,933,000	5,624,000
Income tax provision		0	0	209,000
Net income		$ 29,990,000	$ 24,933,000	$ 5,415,000
Basic net income per share (in dollars per share)		$ 0.95	$ 1.03	$ 0.75
Diluted net income per share (in dollars per share)		$ 0.95	$ 1.03	$ 0.75
Basic weighted average shares outstanding (in shares)		31,659,274	24,253,905	7,227,169
Diluted weighted average shares outstanding (in shares)		31,666,504	24,259,169	7,232,559
[1]	During the year ended December 31, 2015, the Company reported Administrative services expenses within the Professional fees line. For the year ended December 31, 2016 the amounts are presented separately and the change was applied retrospectively. We did not incur any administrative services expenses in 2014.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 29,990	$ 24,933	$ 5,415
Unrealized gain/(loss) on available-for-sale securities	1,754	(1,947)	(297)
Comprehensive income attributable to Benefit Street Partners Realty Trust, Inc.	$ 31,744	$ 22,986	$ 5,118

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands		Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Convertible Stock
Balance, shares at Dec. 31, 2013			1,330,669				0
Balance at Dec. 31, 2013		$ 26,018	$ 13	$ 26,620	$ (10)	$ (605)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			13,947,701
Issuance of common stock		347,012	$ 140	346,872
Issuance of convertible stock (in shares)							1,000
Issuance of convertible stock		1					$ 1
Common stock repurchases (in shares)			(19,355)
Common stock repurchases		(464)		(464)
Common stock offering costs, commissions and dealer manager fees		(37,206)		(37,206)
Common stock issued through distribution reinvestment plan (in shares)			211,577
Common stock issued through distribution reinvestment plan		5,027	$ 2	5,025
Share-based compensation (in shares)			1,600
Share-based compensation		27		27
Net income		5,415				5,415
Distributions declared		(15,026)				(15,026)
Other comprehensive income (loss)		(297)			(297)
Balance, shares at Dec. 31, 2014			15,472,192				1,000
Balance at Dec. 31, 2014		330,507	$ 155	340,874	(307)	(10,216)	$ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			15,428,195
Issuance of common stock		385,155	$ 155	385,000
Common stock repurchases (in shares)			(360,719)
Common stock repurchases		(8,554)	$ (4)	(8,550)
Common stock offering costs, commissions and dealer manager fees		(45,917)		(45,917)
Common stock issued through distribution reinvestment plan (in shares)			842,946
Common stock issued through distribution reinvestment plan		20,161	$ 8	20,153
Share-based compensation (in shares)			2,666
Share-based compensation		30		30
Net income		24,933				24,933
Distributions declared		(50,039)				(50,039)
Other comprehensive income (loss)		(1,947)			(1,947)
Balance, shares at Dec. 31, 2015			31,385,280				1,000
Balance at Dec. 31, 2015		654,329	$ 314	691,590	(2,254)	(35,322)	$ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchases (in shares)			(537,209)
Common stock repurchases		(12,970)	$ (5)	(12,965)
Common stock offering costs, commissions and dealer manager fees	[1]	$ 793		793
Common stock issued through distribution reinvestment plan (in shares)		2,094,291	1,031,812
Common stock issued through distribution reinvestment plan		$ 25,047	$ 10	25,037
Share-based compensation (in shares)			4,748
Share-based compensation		44		44
Net income		29,990				29,990
Distributions declared		(65,337)				(65,337)
Conversion of convertible stocks (in shares)							(1,000)
Conversion of convertible stocks		0		1			$ (1)
Other comprehensive income (loss)		1,754			1,754
Balance, shares at Dec. 31, 2016			31,884,631				0
Balance at Dec. 31, 2016		633,650	$ 319	$ 704,500	$ (500)	$ (70,669)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reimbursement of excess payment of offering costs		$ 800
[1]	During 2016, the Company received reimbursement of excess payment of $0.8 million from the Former Advisor for previously paid Offering cost. Please refer to Note 9 to the consolidated financial statements for additional details of this reimbursement.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net income		$ 29,990	$ 24,933	$ 5,415
Adjustments to reconcile net income to net cash provided by operating activities:
Premium amortization and (discount accretion), net		(2,336)	(1,561)	(399)
Accretion of deferred commitment fees		(1,535)	(1,068)	(166)
Amortization of deferred financing costs		4,048	2,819	479
Realized gain on sale of commercial mortgage loan		0	0	(112)
Share-based compensation		44	30	27
Realized loss on sale of real estate securities		1,906	0	0
Impairment losses on real estate securities		310	0	0
Unrealized losses on loans held-for-sale		247	0	0
Loan loss provision		1,293	318	570
Changes in assets and liabilities:
Accrued interest receivable		940	(1,426)	(2,574)
Prepaid expenses and other assets		(85)	723	(18)
Accounts payable and accrued expenses		360	(1,707)	(276)
Due to affiliates		(263)	1,812	(478)
Interest payable		105	560	217
Net cash provided by operating activities:		35,024	25,433	2,685
Cash flows from investing activities:
Origination and purchase of commercial mortgage loans		(53,640)	(793,731)	(429,941)
Purchase of real estate securities		0	(85,463)	(45,597)
Proceeds from sale of real estate securities		79,082	0	0
Proceeds from sale of commercial mortgage loan		44,355	0	3,692
Principal repayments received on commercial mortgage loans		67,396	126,336	136
Principal repayments received on real estate securities		2,218	3,010	73
Net cash provided by (used in) investing activities		139,411	(749,848)	(471,637)
Cash flows from financing activities:
Proceeds from issuances of common stock		0	385,203	345,944
Common stock repurchases		(18,965)	(2,555)	(464)
Proceeds from issuances of convertible stock		0	0	1
Reimbursements/(payments) of offering costs and fees related to common stock issuances	[1]	793	(45,357)	(35,598)
Proceeds from issuance of collateralized loan obligations		0	292,484	0
Repayments of collateralized loan obligation		(9,150)	0	0
Borrowings on repurchase agreements - commercial mortgage loans		233,855	423,538	150,169
Repayments of repurchase agreements - commercial mortgage loans		(182,430)	(367,468)	0
Borrowings on repurchase agreements - real estate securities		1,208,244	690,406	31,598
Repayments of repurchase agreements - real estate securities		(1,258,816)	(599,464)	(5,329)
Borrowings on revolving line of credit with affiliate		0	0	5,550
Repayments of revolving line of credit with affiliate		0	0	(12,855)
Decrease/(Increase) in restricted cash related to financing activities		345	(5,298)	(68)
Payments of deferred financing costs		(4,819)	(5,704)	(2,196)
Distributions paid		(40,251)	(26,949)	(7,592)
Net cash (used in) provided by financing activities:		(71,194)	738,836	469,160
Net change in cash and cash equivalents		103,241	14,421	208
Cash and cash equivalents, beginning of period		14,807	386	178
Cash and cash equivalents, end of period		118,048	14,807	386
Supplemental disclosures of cash flow information:
Income taxes paid		0	159	50
Interest paid		19,016	8,889	1,500
Supplemental disclosures of non-cash flow information:
Common stock issued through distribution reinvestment plan		25,047	20,161	5,027
Distribution Payable		5,591	5,552	2,623
Receivable for common stock issued		0	0	1,068
Loans transferred to commercial real estate loans, held-for-sale, transferred at fair value		21,179	$ 0	$ 0
Reimbursement of excess payment of offering costs		$ 800
[1]	During 2016, the Company received reimbursement of excess payment of $0.8 million from the Former Advisor for Offering costs. Please refer to Note 9 to the consolidated financial statements for additional details of this reimbursement.

Organization and Business Opera

Organization and Business Operations	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Operations	Organization and Business Operations Benefit Street Partners Realty Trust, Inc. (the "Company"), formerly known as Realty Finance Trust, Inc., is a real estate finance company that primarily originates, acquires and manages a diversified portfolio of commercial real estate debt secured by properties located both within and outside of the United States. The Company was incorporated in Maryland on November 15, 2012 . The Company made a tax election to be treated as a REIT for U.S. federal income tax purposes commencing with its taxable year ended December 31, 2013 and expects to continue to operate so as to qualify as a REIT and conducts its operations to qualify as a real estate investment trust ("REIT") for U.S. federal income tax purposes. 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. Substantially all of the Company's business is conducted through Benefit Street Partners Realty Operating Partnership, L.P. (the “OP”), a Delaware limited partnership. The Company is the sole general partner and directly or indirectly holds all of the units of limited partner interests in the OP. Benefit Street Partners L.L.C. serves as the Company's advisor (the "Advisor") pursuant to an advisory agreement executed on September 29, 2016 (the “Advisory Agreement”). The Advisor, an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”), is a credit-focused alternative asset management firm. Established in 2008, the Advisor's credit platform manages funds for institutions and high-net-worth investors across various credit funds and complementary strategies including high yield, levered loans, private / opportunistic debt, liquid credit, structured credit and commercial real estate debt. These strategies complement each other as they all leverage the sourcing, analytical, compliance, and operational capabilities that encompass the platform. The Advisor is in partnership with Providence Equity Partners L.L.C., a global private equity firm. Prior to September 29, 2016, Realty Finance Advisor, LLC ("Former Advisor") was the Company's advisor. The Former Advisor is controlled by AR Global Investments, LLC ("AR Global"). Commercial real estate debt investments may include first mortgage loans, subordinated mortgage loans, mezzanine loans and participations in such loans. The Company also invests in commercial real estate securities. 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. The Advisor receives compensation and fees for services related to the investment and management of the Company's assets and the operations of the Company. Realty Capital Securities, LLC, (the “Former Dealer Manager”) served as the dealer manager of the Offering. The Former Advisor and Former Dealer Manager are under common control with AR Global, the parent of American Realty Capital VIII, LLC (the "Former Sponsor"). As a result they are related parties and each of them received compensation and fees for services related to the Offering (as described below), the investment and management of the Company's assets and the operations of the Company. The Former Dealer Manager served as the dealer manager of the Company's primary offering and, together with certain of its affiliates, continued to provide us with various services through December 31, 2015. RCS Capital Corporation, the parent company of the Former Dealer Manager and certain of its affiliates that provided the Company with services, filed for Chapter 11 bankruptcy protection in January 2016, prior to which it was also under common control with AR Global, the parent of the Former Sponsor.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Accounting The accompanying consolidated financial statements and related footnotes have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the requirements for reporting on Form 10-K and Regulation S-X, as appropriate. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of 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 annual 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 entire year or any subsequent reporting period. The consolidated financial statements of the Company are prepared on an accrual basis of accounting. Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity for which the Company is the primary beneficiary. The Company consolidates all entities that the Company controls through either majority ownership or voting rights. In addition, the Company consolidates all variable interest entities ("VIE") of which the Company is considered the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company's assets and liabilities are held by the OP. The accompanying consolidated financial statements include the accounts of a collateralized loan obligation ("CLO") issued and securitized by a wholly owned subsidiary of the Company. The Company has determined the CLO is a VIE of which the Company's subsidiary is the primary beneficiary. The Company has disclosed the assets and liabilities of the CLO on the face of the consolidated balance sheet in accordance with ASC 810 - Consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding classification of investments, fair value measurements, credit losses and impairments of investments and derivative financial instruments and hedging activities, as applicable. Acquisition Fees and Acquisition Expenses The Company incurs acquisition fees and acquisition expenses payable to the Advisor. The Company pays the Advisor an acquisition fee based on the principal amount funded by the Company to originate or acquire commercial mortgage loan investments or on the anticipated net equity funded by the Company to acquire real estate securities. Acquisition fees and acquisition expenses paid to the Company's Advisor in connection with the origination and acquisition of commercial mortgage loan investments and acquisition of real estate securities are evaluated based on the nature of the expense to determine if they should be expensed in the period incurred or capitalized and amortized over the life of the investment. The Company capitalizes certain direct costs relating to the loan origination activities and the cost is amortized over the life of the loan. Commercial Mortgage Loans Commercial mortgage loans that are held for investment purposes and are anticipated to be held until maturity, are carried at cost, net of unamortized acquisition expenses, discounts or premiums and unfunded commitments. Commercial mortgage loans, held for investment purposes, that are deemed to be impaired will be carried at amortized cost less a specific allowance for loan losses. Interest income is recorded on the accrual basis and related discounts, premiums and acquisition expenses on investments are amortized over the life of the investment using the effective interest method. Amortization is reflected as an adjustment to interest income in the Company’s consolidated statements of operations. Guaranteed loan exit fees payable by the borrower upon maturity are accreted over the life of the investment using the effective interest method. The accretion of guaranteed loan exit fees is recognized in interest income in the Company's consolidated statements of operation. Commercial loans that are intended to be sold in the foreseeable future are reported as held-for-sale and are transferred at fair value then recorded at the lower of cost or fair value with changes recorded through the statement of operations. Unamortized loan origination costs for commercial loans held-for-sale are capitalized as part of the carrying value of the loans and recognized upon the sale of such loans. Amortization of origination costs ceases upon transfer of commercial loans to held-for-sale. 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, given the fact the Company has not experienced any losses, and takes into account current collateral and economic conditions affecting the probability and 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 geographic 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) 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. Real Estate Securities On the acquisition date, all of the Company’s commercial real estate securities were classified as available for sale and carried at fair value, and subsequently any unrealized gains or losses are recognized as a component of accumulated other comprehensive income or loss. The Company may elect the fair value option for its real estate securities, and as a result, any unrealized gains or losses on such real estate securities will be recorded in the Company’s consolidated statement of operations. No such election has been made to date. Related discounts, premiums and acquisition expenses on investments are amortized over the life of the investment using the effective interest method. Amortization is reflected as an adjustment to interest income in the Company’s consolidated statements of operations. Impairment Analysis of Real Estate Securities Commercial real estate securities for which the fair value option has not been elected are periodically evaluated for other-than-temporary impairment. If the fair value of a security is less than its amortized cost, the security is considered impaired. Impairment of a security is considered other-than-temporary when (i) the Company has the intent to sell the impaired security; (ii) it is more likely than not the Company will be required to sell the security; or (iii) the Company does not expect to recover the entire amortized cost of the security. If the Company determines that an other-than-temporary impairment exists and a sale is likely, the impairment charge is recognized as an impairment of assets on the Company's consolidated statement of operations. If a sale is not expected, the portion of the impairment charge related to credit factors is recorded as an impairment of assets on the Company's consolidated statement of operations with the remainder recorded as an unrealized gain or loss on investments reported as a component of accumulated other comprehensive income or loss. The Company did not have any other-than-temporary impairment for the years ended December 31, 2016 and 2015 . Commercial real estate securities for which the fair value option has been elected are not evaluated for other-than-temporary impairment as changes in fair value are recorded in the Company’s consolidated statement of operations. No such election has been made to date. Repurchase Agreements Commercial mortgage loans and real estate securities sold under repurchase agreements have been treated as collateralized financing transactions because the Company maintains effective control over the transferred securities. Commercial mortgage loans and real estate securities financed through a repurchase agreement remain on the Company’s consolidated balance sheet as an asset and cash received from the purchaser is recorded as a liability. Interest paid in accordance with repurchase agreements is recorded in interest expense on the Company's consolidated statements of operations. Cash and Cash Equivalents Cash represents deposits with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company up to an insurance limit. Cash equivalents include short-term, liquid investments in money market funds. Restricted Cash Restricted cash primarily consists of cash pledged as margin on repurchase agreements. Prepaid Expenses Prepaid expenses consists of deferred financing cost related to our various Master Repurchase Agreements as well as certain subscription cost. Deferred financing costs are amortized over the terms of the respective financing agreement using the effective interest method and included in the interest expense on the accompanying consolidated statements of operations. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity. Share Repurchase Program The Company has a Share Repurchase Program (the "SRP"), which was amended as of February 28, 2016, that enables stockholders to sell their shares to the Company. Subject to certain conditions, stockholders that purchased shares of our common stock or received their shares from us (directly or indirectly) through one or more non-cash transactions and have held their shares for a period of at least one year may request that we repurchase their shares of common stock so long as the repurchase otherwise complies with the provisions of Maryland law. Repurchase requests made following the death or qualifying disability of a stockholder will not be subject to any minimum holding period. The repurchase price per share for requests other than for death or disability will be equal to the most-recent estimated net asset value per share of our common stock calculated by our Advisor in accordance with our valuation guidelines, or estimated per-share NAV, multiplied by a percentage equal to (i) 92.5% , if the person seeking repurchase has held his or her shares for a period greater than one year and less than two years; (ii) 95% , if the person seeking repurchase has held his or her shares for a period greater than two years and less than three years; (iii) 97.5% , if the person seeking repurchase has held his or her shares for a period greater than three years and less than four years; or (iv) 100% , if the person seeking repurchase has held his or her shares for a period greater than four years. In the case of requests for death or disability, the repurchase price per share will be equal to the estimated per-share NAV at the time of repurchase. Repurchases pursuant to the SRP, when requested, generally will be made semiannually (each six-month period ending June 30 or December 31, a “fiscal semester”). Repurchases for any fiscal semester will be limited to a maximum of 2.5% of the weighted average number of shares of common stock outstanding during the previous fiscal year, with a maximum for any fiscal year of 5.0% of the weighted average number of shares of common stock outstanding during the previous fiscal year. Funding for repurchases pursuant to the SRP for any given fiscal semester will be limited to proceeds received during that same fiscal semester through the issuance of common stock pursuant to any DRIP in effect from time to time, provided that the Board has the power, in its sole discretion, to determine the amount of shares repurchased during any fiscal semester as well as the amount of funds to be used for that purpose. Due to these limitations, we cannot guarantee that we will be able to accommodate all repurchase requests made during any fiscal semester or fiscal year. However, a stockholder may withdraw its request at any time or ask that we honor the request when funds are available. Pending repurchase requests will be honored on a pro rata basis. We will generally pay repurchase proceeds, less any applicable tax or other withholding required by law, by the 31st day following the end of the fiscal semester during which the repurchase request was made. Calculations of our estimated per-share NAV will occur periodically, at the discretion of the Board, provided that such calculations will be made at least annually. Following its calculation, our estimated per-share NAV will be disclosed in a periodic report. The most recent calculation of our estimated per-share NAV approved by the Board occurred on November 10, 2016 based on our net asset value as of September 30, 2016 and was equal to $20.05 . When a stockholder requests a redemption and the redemption is approved by the board of directors, we will reclassify such obligation from equity to a liability based on the settlement value of the obligation. Shares repurchased under the SRP will have the status of authorized but unissued shares. Distribution Reinvestment Plan Pursuant to the DRIP, stockholders may elect to reinvest distributions by purchasing shares of common stock in lieu of receiving cash. No dealer manager fees or selling commissions are paid with respect to shares purchased pursuant to the DRIP. Participants purchasing shares pursuant to the DRIP have the same rights and are treated in the same manner as if such shares were issued pursuant to the Offering. The board of directors may designate that certain cash or other distributions be excluded from the DRIP. The Company has the right to amend any aspect of the DRIP or terminate the DRIP with ten days ’ notice to participants. Shares issued under the DRIP are recorded to equity in the consolidated balance sheet in the period distributions are declared. There have been 2,094,291 shares issued under the DRIP as of December 31, 2016 . Offering and Related Costs Prior to the termination of the Offering, offering and related costs included all expenses incurred in connection with the Offering. Offering costs (other than selling commissions and the dealer manager fee) of the Company were paid by the Former Advisor, the Former Dealer Manager or their affiliates on behalf of the Company. Offering costs were reclassified from deferred costs to stockholders' equity on the day the Company commenced its operations. Offering costs included all expenses incurred by the Company in connection with its Offering as of the balance sheet date presented. These costs includes but were not limited to (i) legal, accounting, printing, mailing and filing fees; (ii) escrow service related fees; (iii) reimbursement of the Former Dealer Manager for amounts it paid to reimburse the bona fide diligence expenses of broker-dealers; and (iv) reimbursement to the Former Advisor for a portion of the costs of its employees and other costs in connection with preparing supplemental sales materials and related offering activities. The Company was obligated to reimburse the Former Advisor or its affiliates, as applicable, for organizational and offering costs paid by them on behalf of the Company to the extent organizational and offering costs (excluding selling commissions and the dealer manager fee) incurred by the Company in the Offering did not exceed 2% of gross offering proceeds. The Former Advisor was required to reimburse the Company to the extent that organization and offering and related costs paid by the Company exceeded 2% of gross offering proceeds. As a result, these costs were only a liability of the Company to the extent aggregate selling commissions, the dealer manager fees and other organization and offering costs did not exceed 12% of the gross Offering proceeds determined at the end of the Offering. See Note 9 - Related Party Transactions and Arrangements . Share-Based Compensation The Company has a share-based incentive plan for certain of the Company's directors, officers and employees of the Advisor and its affiliates. Share-based awards are measured at the grant date fair value and is recognized as compensation expense on a on a straight line basis over the related vesting period of the award. See Note 10 - Share-Based Compensation . Income Taxes The Company conducts its operations to qualify as a REIT for U.S. federal income tax purposes beginning with its tax return for the taxable year ended December 31, 2013 . As a REIT, the Company generally will not be subject to federal corporate income tax as long as it distributes at least 90% of its REIT taxable income to its stockholders and a number of other organizational and operational requirements. However, even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income in addition to U.S. federal income and excise taxes on our undistributed income. Income tax of $0.2 million for the year ended December 31, 2014 represents the New York City Unincorporated Business Tax. There was no income tax provision for the years ended December 31, 2016 and 2015 . The Company uses a more-likely-than-not threshold for recognition and derecognition of tax positions taken or to be taken in a tax return. The Company has assessed its tax positions for all open tax years beginning with December 31, 2013 and concluded that there were no uncertainties to be recognized. The Company’s accounting policy with respect to interest and penalties related to tax uncertainties is to classify these amounts as provision for income taxes. The estimated tax character of the $2.06 distributions per common share declared during 2016 was $0.98 ordinary income and $1.08 return of capital. The estimated tax characteristic of $2.06 distributions per common share declared during 2015 was $1.31 ordinary income and $0.75 return of capital. 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 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 13 - Segment Reporting for further information regarding the Company's segments. Reclassification and Presentation During the year ended December 31, 2014, the Company previously disclosed common stock repurchase of $0.5 million on the consolidated statement of cash flows within Proceeds from issuances of common stock. For the period ended December 31, 2016 and December 31, 2015, the amount is presented separately within Common stock repurchases line within the statement of cash flows. The Company previously disclosed board and insurance expenses of $0.3 million and $0.2 million respectively for year ended December 31, 2014 within the consolidated statements of operations. The Company combined the board and insurance expenses of $0.2 million and $0.2 million , respectively for the year ending December 31, 2015 within Other Expenses in the consolidated statement of operations. The change is applied retrospectively for all periods presented within the consolidated financial statements. During the years ended December 31, 2015 and 2014, the Company previously disclosed Administrative services expenses of $0.6 million and $0 million , respectively, on the consolidated statement of operations within the Professional Fees line. For the year ended December 31, 2016 the amounts are presented separately. The change is applied retrospectively for all periods presented within the consolidated financial statements. Principles of Consolidation We consolidate all entities that we control through either majority ownership or voting rights. In addition, we consolidate all variable interest entities ("VIE") of which we are considered the primarily beneficiary. VIEs are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. Recently Issued Accounting Pronouncements In August 2014, the FASB issued an update that requires management to assess and entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. The amendments provide a definition of the term ‘substantial doubt’ and include principles for considering the mitigating effect of management’s plans. The amendments also require an evaluation every reporting period, including interim periods for a period of one year after the date that the financial statements are issued (or available to be issued), and certain disclosures when substantial doubt is alleviated or not alleviated. The revised guidance is effective for reporting periods ending after December 15, 2016. In 2016, the Company adopted this revised guidance which did not have any effect on the Company’s consolidated financial statements. In February 2015, the FASB amended the accounting for consolidation of certain legal entities. The amendments modify the evaluation of whether certain legal entities are variable interest entities ("VIEs") or voting interest entities, eliminate the presumption that a general partner should consolidate a limited partnership and affect the consolidation analysis of reporting entities that are involved with VIEs (particularly those that have fee arrangements and related party relationships). The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption was permitted, including adoption in an interim period. The Company elected to adopt this guidance effective January 1, 2016. The Company has evaluated the impact of the adoption of the new guidance on its consolidated financial statements and has determined the Company’s OP is considered a VIE. However, the Company meets the disclosure exemption criteria as the Company is the primary beneficiary of the VIE and the Company's partnership interest is considered a majority voting interest in a business and the assets of the OP can be used for purposes other than settling its obligation, such as paying distributions. As such, the new guidance did not have a material impact on the Company's consolidated financial statements. In March 2016, the FASB issued an update that changes the accounting for certain aspects of share-based compensation. Among other things, the revised guidance allows companies to make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. The revised guidance is effective for reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company has adopted the provisions of this guidance beginning January 1, 2016, electing to account for forfeitures when they occur, and determined that there is no impact to the Company’s consolidated financial position, results of operations and cash flows. In March 2016, the FASB issued guidance which requires an entity to determine whether the nature of its promise to provide goods or services to a customer is performed in a principal or agent capacity and to recognize revenue in a gross or net manner based on its principal/agent designation. This guidance is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of this new guidance. In June 2016, the FASB issued guidance that changes how entities measure credit losses for financial assets carried at amortized cost. The update eliminates the requirement that a credit loss must be probable before it can be recognized and instead requires an entity to recognize the current estimate of all expected credit losses. Additionally, the update requires credit losses on available-for-sale debt securities to be carried as an allowance rather than as a direct write-down of the asset. The amendments become effective for reporting periods beginning after December 15, 2019. The amendments may be adopted early for reporting periods beginning after December 15, 2018. The Company is currently evaluating the impact of this new guidance. In August 2016, the FASB issued guidance on how certain transactions should be classified and presented in the statement of cash flows as either operating, investing or financing activities. Among other things, the update provides specific guidance on where to classify debt prepayment and extinguishment costs, payments for contingent consideration made after a business combination and distributions received from equity method investments. The revised guidance is effective for reporting periods beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of this new guidance. In October 2016, the FASB issued guidance where a reporting entity will need to evaluate if it should consolidate a VIE. The amendments change the evaluation of whether a reporting entity is the primary beneficiary of a VIE by changing how a single decision maker of a VIE treats indirect interests in the entity held through related parties that are under common control with the reporting entity. The revised guidance is effective for reporting periods beginning after December 15, 2016. Early adoption is permitted. We do not expect this guidance to have a material impact on the Company’s consolidated financial statements. In November 2016, the FASB issued guidance on the classification of restricted cash in the statement of cash flows. The amendment requires restricted cash to be included in the beginning-of-period and end-of-period total cash amounts. Therefore, transfers between cash and restricted cash will no longer be shown on the statement of cash flows. The guidance is effective for reporting periods beginning after December 15, 2017. Early adoption is permitted. We do not expect this guidance to have a material impact on the Company’s consolidated financial statements.

Commercial Mortgage Loans

Commercial Mortgage Loans	12 Months Ended
	Dec. 31, 2016
Receivables [Abstract]
Commercial Mortgage Loans	Commercial Mortgage Loans The following table is a summary of the Company's commercial mortgage loans, held-for-investment, carrying values by class (in thousands): December 31, 2016 December 31, 2015 Senior loans $ 901,907 $ 894,075 Mezzanine loans 136,830 221,014 Subordinated loans 10,000 10,000 Total gross carrying value of loans 1,048,737 1,125,089 Less: Allowance for loan losses 2,181 888 Total commercial mortgage loans, held-for-investment, net $ 1,046,556 $ 1,124,201 The following table presents the activity in the Company's allowance for loan losses (in thousands): Year Ended December 31, 2016 2015 Beginning of period $ 888 $ 570 Provision for loan losses 1,293 318 Charge-offs — — Recoveries — — Ending allowance for loan losses $ 2,181 $ 888 As of December 31, 2016 and 2015 , the Company's total commercial mortgage loan portfolio, including loans held-for-sale, comprised of 71 and 77 loans, respectively. December 31, 2016 December 31, 2015 Loan Type Par Value Percentage Par Value Percentage Office $ 340,944 31.6 % $ 307,876 27.2 % Multifamily 329,203 30.6 % 305,129 26.9 % Hospitality 143,582 13.3 % 171,752 15.1 % Retail 154,684 14.4 % 158,784 14.0 % Mixed Use 56,136 5.2 % 138,798 12.2 % Industrial 52,688 4.9 % 52,107 4.6 % $ 1,077,237 100.0 % $ 1,134,446 100.0 % 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 loans. The loans are scored on a scale of 1 to 5 as follows: InvestmentRating 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 the potential of some interest loss 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 2.0 . As of December 31, 2016 and 2015 , the weighted average risk rating of loans was 2.1 and 2.0 , respectively. As of December 31, 2016 and 2015 , the Company did not have any loans that were past due on their payments, in non-accrual status or impaired. For the year ended December 31, 2016 and 2015 , the activity in the Company's loan portfolio was as follows (in thousands): Year Ended December 31, 2016 2015 Balance at Beginning of Year $ 1,124,201 $ 456,884 Acquisitions and originations 53,640 793,731 Dispositions (44,355 ) — Principal repayments (66,490 ) (127,643 ) Discount accretion and premium amortization* 2,279 1,547 Loans transferred to commercial real estate loans, held-for-sale, at fair value (21,179 ) — Unrealized losses on loans held-for-sale (247 ) — Provision for loan losses (1,293 ) (318 ) Balance at End of Year $ 1,046,556 $ 1,124,201 ________________________ * Includes amortization of capitalized acquisition fees and expenses.

Real Estate Securities

Real Estate Securities	12 Months Ended
	Dec. 31, 2016
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 December 31, 2016 6 5.75 % February 2020 $ 50,000 $ 49,049 December 31, 2015 16 4.71 % February 2019 133,183 130,754 The Company classified its CMBS investments as available-for-sale as of December 31, 2016 and 2015 . These investments are reported at fair value in the consolidated 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 December 31, 2016 $ 49,548 $ — $ (499 ) $ 49,049 December 31, 2015 133,008 — (2,254 ) 130,754 As of December 31, 2016 , the Company held 6 CMBS positions with an amortized cost of $49.5 million , with an unrealized loss of $0.5 million , of which 2 positions had a total unrealized loss of $0.2 million for a period greater than 12 months. For the year ended December 31, 2016 , the Company recognized losses of approximately $1.9 million on the sale of ten securities, recorded within the realized loss on sale of real estate securities in the consolidated statement of operations. The Company did not have any realized losses during the years ended December 31, 2015 and December 31, 2014 . Subsequent to December 31, 2016, the Company sold four securities. One CMBS security was other than temporarily impaired at December 31, 2016 and losses of $0.3 million were recognized, within the impairment losses on real estate securities in the consolidated statement of operations for the year ended December 31, 2016 . The other 3 CMBS securities were sold at or close to par. The Company did not have any impairment losses during the years ended December 31, 2015 and December 31, 2014 . For the remaining two securities not sold subsequent to December 31, 2016 , the Company does not believe any of the positions are other than temporarily impaired based on current market spreads. The Company does not intend to dispose of these CMBS positions, nor does the Company believe it is more likely than not that the Company will be required to dispose of these positions before recovery of their amortized cost basis which may be at their maturity.

Debt

Debt	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Debt	Debt Repurchase Agreements - Commercial Mortgage Loans The Company entered into repurchase facilities with JPMorgan Chase Bank, National Association (the "JPM Repo Facility") and Barclays Bank PLC (the "Barclays Repo Facility"). The JPM Repo Facility provides up to $150.0 million in advances, subject to various adjustments. The Barclays Repo Facility provided up to $150.0 million in advances. The initial maturity date of the JPM Repo Facility was June 18, 2016, with a one year extension at the Company’s option. The Company exercised the extension option with the JPM Repo Facility lender, extending the maturity date to June 17, 2017. The Company entered into an amendment of the Barclays Repo Facility, dated as of September 2, 2016, upon the payment of an amendment fee, pursuant to which the maturity date of the Barclays Repo Facility was extended to October 6, 2016. On October 5, 2016, the JPM Repo Facility was amended to, among other things, increase the maximum advance capacity to $300 million . The proceeds from the increase in the size of the JPM Repo Facility were used to pay off the outstanding balance on the Barclays Repo Facility and the Barclays Repo Facility was terminated. On December 27, 2016 the Company entered into a repurchase facility with Goldman Sachs Bank USA (the "GS Repo Facility"). The GS Repo Facility provides up to $250.0 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 and participation interests therein. The initial maturity date of the GS Repo Facility is December 27, 2018, with a one -year extension at the Company’s option, which may be exercised upon the satisfaction of certain conditions. The Company expects to use advances from the JPM Repo Facility and the GS Repo Facility to finance the acquisition or origination of eligible loans, including first mortgage loans, subordinated mortgage loans, mezzanine loans and participation interests therein. As of December 31, 2016 and 2015 , the Company had $257.7 million and $84.3 million outstanding under the JPM Repo Facility. 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 December 31, 2016 and 2015 , the weighted average interest rate on advances was 3.08% and 3.11% respectively. The Company incurred $6.0 million and $5.5 million in interest expense on the JPM Repo Facility for the year ended December 31, 2016 and 2015 , respectively, including amortization of deferred financing costs. As of December 31, 2016, the Company had no advances under the GS Repo Facility. Advances under the GS Repo Facility accrue interest at per annum rates equal to the sum of (i) the applicable LIBOR index rate plus (ii) a margin between 2.35% to 2.85% , depending on the attributes of the purchased assets. As of December 31, 2015 , the Company had $121.9 million outstanding under the Barclays Repo Facility, and as noted above, was terminated on October 5, 2016. As of December 31, 2016 and December 31, 2015 , the weighted average interest rate on advances was 2.87% and 2.16% respectively. The Company incurred $6.1 million and $4.0 million of interest expense on the Barclays Repo Facility for the year ended December 31, 2016 and 2015 , respectively, including amortization of deferred financing costs. The JPM Repo Facility and the GS Repo Facility generally provide that in the event of a decrease in the value of our collateral, the lenders can demand additional collateral. Should the value of the Company’s collateral decrease, whether as a result of deteriorating credit quality, an increase in credit market spreads or otherwise, resulting margin calls may cause an adverse change in the Company’s liquidity position. As of December 31, 2016, the Company is in compliance with all debt covenants. 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. Below is a summary of the Company's MRAs as of December 31, 2016 and 2015 (in thousands). As of December 31, 2016 Weighted Average Counterparty Amount Outstanding Accrued Interest Collateral Pledged (*) Interest Rate Days to Maturity JP Morgan Securities LLC $ 59,122 $ 96 $ 92,658 2.55 % 6 Citigroup Global Markets, Inc. 3,879 1 4,850 2.11 % 26 Wells Fargo Securities, LLC 3,638 4 4,850 2.05 % 13 Total/Weighted Average $ 66,639 $ 101 $ 102,358 2.50 % 8 As of December 31, 2015 Weighted Average Counterparty Amount Outstanding Accrued Interest Collateral Pledged (*) Interest Rate Days to Maturity JP Morgan Securities LLC $ 86,898 $ 108 $ 130,618 2.03 % 8 Citigroup Global Markets, Inc. 26,619 71 35,528 2.00 % 45 Wells Fargo Securities, LLC 3,694 3 4,925 1.67 % 13 Total/Weighted Average $ 117,211 $ 182 $ 171,071 2.01 % 17 ________________________ * Includes $53.3 million and $56.0 million Tranche C of Company issued CLO held by the Company, which eliminates within the Real estate securities, at fair value line of the consolidated balance sheets as of December 31, 2016 and December 31, 2015 , respectively. Collateralized Loan Obligation On October 19, 2015, RFT 2015-FL1 Issuer, Ltd. (the “Issuer”) and RFT 2015-FL1 Co-Issuer, LLC (the “Co-Issuer”), both wholly owned indirect subsidiaries of the Company, entered into an indenture with the Benefit Street Partners Realty Operating Partnership, L.P. (“RFT OP”), as advancing agent, U.S. Bank National Association as note administrator and U.S. Bank National Association as trustee, which governs the issuance of approximately $ 350.2 million principal balance secured floating rate notes (the “Notes”). In addition, concurrently with the issuance of the Notes, the Issuer also issued 78,188,494 Preferred Shares, par value of $0.001 per share and with an aggregate liquidation preference and notional amount equal to $1,000 per share (the “Preferred Shares”), which were not offered as part of closing the indenture. For U.S. federal income tax purposes, the Issuer and Co-Issuer are disregarded entities. As of December 31, 2016 and 2015, the Notes are collateralized by interests in a pool of 27 and 28 mortgage assets having a total principal balance of $419.3 million and $428.4 million , respectively, (the “Mortgage Assets”) originated by a subsidiary of the Company. The sale of the Mortgage Assets to the Issuer is governed by a Mortgage Asset Purchase Agreement dated as of October 19, 2015 , between the Company and the Issuer. In connection with the securitization, the Issuer and Co-Issuer offered and sold the following classes of Notes to third parties: Class A, Class B, Class C Notes. A wholly owned subsidiary of the Company retained approximately $56.0 million of the total $76.0 million of Class C and all of the preferred equity in the Issuer. The retained Class C and its related interest income and the preferred equity as well as the related interest are eliminated in the Company's consolidated financial statements. The Company, as the holder of preferred equity in the Issuer, will absorb the first losses of the collateralized loan obligation, as such may have negative impact to our result of operations. The issuance of the CLO also results in an increase in interest expense within the consolidated statement of operations due to increased interest expense. The following table represents the terms of the CLO issued. Facility ($000s) As of December 31, 2016 Par Value Issued Par Value Outstanding (*) Interest Rate Maturity Date Tranche A $ 231,345 $ 222,195 1M LIBOR + 175 8/1/2030 Tranche B 42,841 42,841 1M LIBOR + 388 8/1/2030 Tranche C 76,044 20,000 1M LIBOR + 525 8/1/2030 $ 350,230 $ 285,036 As of December 31, 2015 Tranche A $ 231,345 $ 231,345 1M LIBOR + 175 8/1/2030 Tranche B 42,841 42,841 1M LIBOR + 388 8/1/2030 Tranche C 76,044 20,000 1M LIBOR + 525 8/1/2030 $ 350,230 $ 294,186 ________________________ * Excludes $56.0 million and $56.0 million of Tranche C of Company issued CLO held by the Company, which eliminates within the collateralized loan obligation line of the consolidated balance sheets as of December 31, 2016 and December 31, 2015 , respectively. The below table reflects the total assets and liabilities of the Company's only CLO. The CLO is considered a VIE and is consolidated into our consolidated financial statements as of December 31, 2016 and December 31, 2015 as the Company is the primary beneficiary of the VIE. The Company is the primary beneficiary of the CLO because (i) the Company has the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. Assets ($000s) December 31, 2016 December 31, 2015 Cash $ 5 $ 5 Commercial mortgage loans, held for investment, net of allowance of $1,017 and $422 (1) 417,057 425,733 Accrued interest receivable 1,101 1,048 Total Assets $ 418,163 $ 426,786 Liabilities Notes payable (2)(3) $ 334,246 $ 342,998 Interest payable 564 513 Total Liabilities $ 334,810 $ 343,511 ________________________ (1) The balance is presented net of allowance for loan loss of $1.0 million and $0.4 million as of December 31, 2016 and December 31, 2015, respectively. The commercial mortgage loans balance as of December 31, 2015 of $426.2 million as disclosed in Note 5 to the consolidated financial statements included in the 2015 Form 10-K was not net of allowance for loan loss of $0.4 million . (2) Includes $55.8 million and $55.8 million of Tranche C of Company issued CLO held by the Company, which eliminates within the Collateral loan obligations line of the consolidated balance sheets as of December 31, 2016 and December 31, 2015 , respectively. (3) The balance is presented net of deferred financing cost and discount of $6.8 million and $7.2 million as of December 31, 2016 and December 31, 2015 , respectively. The notes payable balance as of December 31, 2015 of $348.3 million as disclosed in Note 5 to the consolidated financial statements included in the 2015 Form 10-K was not net of deferred financing cost of $5.3 million .

Net Income Per Share

Net Income Per Share	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share The following table is a summary of the basic and diluted net income per share computation for the years ended December 31, 2016 , 2015 and 2014 , respectively: Years Ended December 31, 2016 2015 2014 Net income (in thousands) $ 29,990 $ 24,933 $ 5,415 Basic weighted average shares outstanding 31,659,274 24,253,905 7,227,169 Unvested restricted shares 7,230 5,264 5,390 Diluted weighted average shares outstanding 31,666,504 24,259,169 7,232,559 Basic net income per share $ 0.95 $ 1.03 $ 0.75 Diluted net income per share $ 0.95 $ 1.03 $ 0.75

Common Stock

Common Stock	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Common Stock	Common Stock As of December 31, 2016 and 2015 , the Company had 31,884,631 and 31,385,280 shares of common stock outstanding, respectively, including shares issued pursuant to the DRIP, share repurchases and unvested restricted shares. 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 automatically converted to shares of common stock upon the first occurrence of series of triggering events with payouts dependent on the achievement of certain stockholder total return thresholds. Subsequent to September 30, 2016, the Company determined that as a result of the termination of the advisory agreement between the Former Advisor and the Company a triggering event had occurred. Based on the Company’s determination of the enterprise value of the Company on the date of the triggering event, the total distributions paid to the Company’s stockholders through the date of the triggering event, and the sum of the Company's stockholders’ invested capital as of the date of the triggering event, that the convertible shares converted into a number of common shares equal to zero . As a result, the convertible shares that were issued to the Former Advisor have been extinguished and no common shares were issued in connection with the conversion and the par value of the shares was transferred to Additional Paid-In Capital upon extinguishment. 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 U.S. 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, which is equivalent to $2.0625 per annum, per share of common stock. In March 2016, the Company's board of directors ratified the existing distribution amount a change to the daily distribution amount equivalent to $2.0625 per annum and for calendar year 2016, affirmed a change to the daily distribution amount to $0.0056352459 per day per share of common stock, effective January 1, 2016, to accurately reflect that 2016 is a leap year. On November 10, 2016 the Company’s board of directors changed the DRIP offer price to $20.05 , which is equal to the estimated per-share NAV as of September 30, 2016 approved by the board of directors. The price change will apply to the reinvestment of distributions commencing with October 2016 distributions. 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. Distribution payments are dependent on the availability of funds. The Board may reduce the amount of distributions paid or suspend distribution payments at any time, and therefore, distributions payments are not assured. The Company distributed $65.3 million during the year ended December 31, 2016, comprised of $40.3 million in cash and $25.0 million in shares of common stock issued under the DRIP. The Company distributed $47.1 million during the year ended December 31, 2015, comprised of $26.9 million in cash and $20.2 million in shares of common stock issued under the DRIP. Share Repurchase Program The Company's Board unanimously approved an amended and restated share repurchase program (the “SRP”), which became effective on February 28, 2016. The SRP enables stockholders to sell their shares to the Company. Subject to certain conditions, stockholders that purchased shares of the Company's common stock or received their shares from us (directly or indirectly) through one or more non-cash transactions and have held their shares for a period of at least one year may request that the Company repurchase their shares of common stock so long as the repurchase otherwise complies with the provisions of Maryland law. Repurchase requests made following the death or qualifying disability of a stockholder will not be subject to any minimum holding period. The repurchase price per share for requests other than for death or disability will be equal to the most-recent estimated net asset value per share of the Company's common stock calculated by the Company's Advisor and approved by the Company's board of directors in accordance with the Company's valuation guidelines, or estimated per-share NAV, multiplied by a percentage equal to (i) 92.5% , if the person seeking repurchase has held his or her shares for a period greater than one year and less than two years; (ii) 95% , if the person seeking repurchase has held his or her shares for a period greater than two years and less than three years; (iii) 97.5% , if the person seeking repurchase has held his or her shares for a period greater than three years and less than four years; or (iv) 100% , if the person seeking repurchase has held his or her shares for a period greater than four years. In the case of requests for death or disability, the repurchase price per share will be equal to the estimated per-share NAV at the time of repurchase. Repurchases pursuant to the SRP, when requested, generally will be made semiannually (each six-month period ending June 30 or December 31, a “fiscal semester”). Repurchases for any fiscal semester will be limited to a maximum of 2.5% of the weighted average number of shares of common stock outstanding during the previous fiscal year, with a maximum for any fiscal year of 5.0% of the weighted average number of shares of common stock outstanding during the previous fiscal year. Funding for repurchases pursuant to the SRP for any given fiscal semester will be limited to proceeds received during that same fiscal semester through the issuance of common stock pursuant to any DRIP in effect from time to time, provided that the Board has the power, in its sole discretion, to determine the amount of shares repurchased during any fiscal semester as well as the amount of funds to be used for that purpose. Any repurchase requests received during such fiscal semester will be paid at a price based on the Company's estimated per share NAV applicable on the last day of such fiscal semester, as described above. Due to these limitations, the Company cannot guarantee that the Company will be able to accommodate all repurchase requests made during any fiscal semester or fiscal year. However, a stockholder may withdraw its request at any time or ask that the Company honors the request when funds are available. Pending repurchase requests will be honored on a pro rata basis. The Company will generally pay repurchase proceeds, less any applicable tax or other withholding required by law, by the 31st day following the end of the fiscal semester during which the repurchase request was made. Calculations of the Company's estimated per-share NAV will occur periodically, at the discretion of the Board, provided that such calculations will be made at least annually. Following its calculation, the Company's estimated per-share NAV will be disclosed in a periodic report. The most recent calculation of the Company's estimated per-share NAV approved by the Board occurred on November 10, 2016 based on the Company's net asset value as of September 30, 2016 and was equal to $ 20.05 . 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 repurchased under the SRP will have the status of authorized but unissued shares. The following table reflects the number of shares repurchased under the SRP cumulatively through December 31, 2016: Number of Requests Number of Shares Repurchased Average Price per Share Cumulative as of December 31, 2015 301 381,474 $ 23.72 January 1 - March 31, 2016 — — — April 1 - June 30, 2016 668 536,240 24.08 July 1 - September 30, 2016 4 3,542 25.27 September 30 - December 31, 2016 (1)(2) 12 (2,573) 23.57 Cumulative as of December 31, 2016 985 918,683 $ 23.94 _______________________ (1) Number of shares reported for the time period from September 30 to December 31, 2016 represents cancellation of redemptions that were previously requested in prior periods. (2) Amounts exclude 483 redemption requests, representing 473,807 shares, received during the semi-annual period from July 1, 2016 to December 31, 2016, which were approved by the Board and repurchased in January 2017.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Unfunded Commitments Under Commercial Mortgage Loans As of December 31, 2016 and 2015 , the Company had the below unfunded commitments to the Company's borrowers. Funding Expiration December 31, 2016 December 31, 2015 2016 $ — $ 890 2017 7,794 16,072 2018 62,368 104,428 2019 9,072 16,939 $ 79,234 $ 138,329 Litigation and Regulatory Matters In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. Except as noted below, the Company has no knowledge of material legal or regulatory proceedings pending or known to be contemplated against the Company at this time. On June 6, 2016, an action was filed against the Company and two of its directors in the United States District Court for the Southern District of New York and styled Rurode v. Realty Finance Trust, Inc., et. al., No. 1:16-cv-04553. The plaintiff’s individual and derivative complaint alleged that the Company made material misstatements in the proxy statement for its 2016 annual stockholder’s meeting related to an alleged planned merger transaction between the Company and an affiliate of its Former Advisor. The plaintiff alleged violations of Section 14(a) of the Securities Exchange Act of 1934 and sought to enjoin the Company’s 2016 annual meeting of stockholders. On June 28, 2016, the parties filed, and the court subsequently entered, a stipulation and order of dismissal of the action, but provided that the court would retain jurisdiction to consider any application by plaintiff for an award of attorneys’ fees. On October 20, 2016, the plaintiff submitted a request for $0.75 million in fees and expenses. On November 14, 2016, the Defendants filed a memorandum of law in opposition to that fee request. No hearing date has been set on plaintiff’s request for fees. The Company did not record any accrual in the year ended December 31, 2016 consolidated financial statements related to the plaintiff's fee and expense request as the Company does not believe it is probable there will be a judgment against the Company that will have a material effect on the Company's consolidated financial statements. The Company estimates the range of possible loss to be between $0 and $750,000 .

Related Party Transactions and

Related Party Transactions and Arrangements	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Related Party Transactions and Arrangements The Company entered into the Advisory Agreement with the Advisor on September 29, 2016. 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; provided, however, that if and when the aggregate purchase price for all investments acquired after the date of the Advisory Agreement reaches $600,000,000 , the Company’s obligation to pay acquisition fees to the Advisor shall terminate. The Company reimburses the Advisor for insourced 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. The Company pays the Advisor, or its affiliates, a monthly asset management fee equal to one-twelfth of 1.5% of stockholder’s equity as calculated pursuant to the Advisory Agreement. The Company will pay the Advisor, 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. The Company will reimburse the Advisor for expenses incurred related to administrative services such as accounting, legal and other services in accordance with the advisory agreement. Except as noted below, the Company did not make any payments to the Advisor prior to entering the Advisory Agreement. Until September 29, 2016, the Former Advisor served as the Company’s advisor and the Company paid the Former Advisor certain fees and expense reimbursements pursuant to its advisory agreement with the Former Advisor. The Company also engaged in transactions with affiliates of the Former Advisor and AR Global. Until January 2016, the Company had been engaged in a public offering of its common shares, which was registered with the SEC (the “Offering”). The Former Dealer Manager served as the dealer manager of the Offering through December 31, 2015. American National Stock Transfer, LLC, a subsidiary of the parent company of the Former Dealer Manager ("ANST"), provided the Company with transfer agency services through February 2016. Fees Paid to Affiliates of AR Global in Connection with the Offering Prior to the termination of the Offering, the Former Dealer Manager received fees and compensation in connection with the sale of the Company’s common stock in the Offering. The Former Dealer Manager received 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 Former Dealer Manager received up to 3.0% of the gross proceeds from the sale of shares, before reallowance to soliciting dealers, as a dealer manager fee. The Former Dealer Manager was permitted to reallow its dealer manager fee to such soliciting dealers. A soliciting dealer was permitted to 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 was elected, the dealer manager fee was reduced to 2.5% of gross proceeds (not including selling commissions and Former Dealer Manager fees). The predecessor to AR Global was a party to a services agreement with RCS Advisory Services, LLC, (“RCS Advisory”) a subsidiary of the parent company of the Former Dealer Manager, pursuant to which RCS Advisory and its affiliates provided the Company and certain other companies sponsored by AR Global with services (including, without limitation, transaction management, compliance, due diligence, event coordination and marketing services, among others) on a time and expenses incurred basis or at a flat rate based on services performed. The predecessor to AR Global instructed RCS Advisory to stop providing such services in November 2015 and no services have since been provided by RCS Advisory. The Company was also party to a transfer agency agreement with American National Stock Transfer, LLC, (“ANST”) a subsidiary of the parent company of the Former Dealer Manager, pursuant to which ANST provided the Company with transfer agency services (including broker and stockholder servicing, transaction processing, year-end IRS reporting and other services), and supervisory services overseeing the transfer agency services performed by a third-party transfer agent. AR Global received written notice from ANST on February 10, 2016 that it would wind down operations by the end of the month and would withdraw as the transfer agent effective February 29, 2016. Subsequently, effective February 26, 2016, the Company entered into a definitive agreement with DST Systems, Inc., a third-party and its previous provider of sub-transfer agency services, to provide the Company directly with transfer agency services (including broker and stockholder servicing, transaction processing, year-end IRS reporting and other services). The table below shows the compensation and reimbursement to the Former Advisor, its affiliates, entities under common control with the Former Advisor and the Former Dealer Manager incurred for services relating to the Offering during the years ended December 31, 2016 , 2015 and 2014 , respectively, and the associated payable as of December 31, 2016 and 2015 , respectively (in thousands): Years Ended December 31, Payable as of December 31, 2016 2015 2014 2016 2015 Total commissions and fees incurred from the Former Dealer Manager $ — $ 37,092 $ 33,190 $ — $ — Total compensation and reimbursement for services provided by the Former Advisor, its affiliates, entities under common control with the Former Advisor and the Former Dealer Manager (1) $ — $ 7,442 $ 2,627 $ 480 $ 480 ________________________ (1) During 2016, the Company received reimbursement of excess payment of $0.8 million of offering costs from the Former Advisor. The reimbursement resulted in an increase to our Additional Paid-In Capital in the consolidated balance sheets. The payables as of December 31, 2016 and 2015 in the table above are included in "Due to affiliates" on the Company's consolidated balance sheets. The fees incurred are recorded within additional paid in capital line in the consolidated balance sheets. The Company was responsible for organizational and offering costs from the Offering, excluding commissions and Former Dealer Manager fees, up to a maximum of 2.0% of gross proceeds from its 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 were the Former Advisor's responsibility. As of December 31, 2015 , organizational and offering costs exceeded 2.0% of cap of gross proceeds received from the Offering by $0.8 million , which has been recorded as reduction to Additional Paid-In Capital of the Company. Subsequent to December 31, 2015, these amounts were reimbursed to the Company by the Former Advisor, increasing our Additional Paid-In Capital. Fees Paid to Former Advisor, its affiliates, and the Advisor in connection with the Operations of the Company The Former Advisor received 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 reimbursed the Former Advisor for expenses incurred by the Former 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 could 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 years ended December 31, 2016 , 2015 and 2014 , acquisition fees of $0.8 million , $7.9 million and $4.4 million, respectively, have been recognized in Acquisition fees line within the consolidated statement of operations. In addition, over the same periods, the Company capitalized $0.0 million , $4.4 million and $2.2 million , respectively, of acquisition expenses in Commercial mortgage loans line within the Company's consolidated balance sheets, which will be amortized over the life of each investment using the effective interest method. The Company did not capitalize any acquisitions expenses for the year ended December 31, 2016. The Company paid the Former Advisor, or its affiliates, a monthly asset management fee equal to one-twelfth of 0.75% of the cost of the Company's assets. The asset management fee was based on the lower of the cost of the Company's assets and the fair value of the Company's assets (fair value consist of the market value of each portfolio investment as determined by the Former Advisor in accordance with the Company's valuation guidelines). The Company pays the Advisor, or its affiliates, a monthly asset management fee equal to one-twelfth of 1.5% of stockholder's equity as calculated pursuant to the Advisory Agreement. During the year ended December 31, 2016 and 2015 , the Company incurred $9.5 million and $4.6 million in asset management fees, respectively. Of the total asset management fees, $7.1 million is attributable to the Former Advisor and $2.4 million is attributable to the Advisor, while the amount payable to the Advisor as of December 31, 2016 is $2.4 million and the amount payable to the Former Advisor as of December 31, 2015 was $3.8 million . These asset management fees are recorded in Asset management and subordinated performance fee within the consolidated statements of operations. No management fees were incurred during the year ended December 31, 2014 . Prior to June 17, 2015, the amount of the asset management fee was reduced to the extent that funds from operations ("FFO") as defined by the National Association of Real Estate Investment Trusts, as adjusted, during the six month period ending on the last day of the calendar quarter immediately preceding the date such asset management fee was payable, was 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. The Company paid the Former Advisor, 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 Former 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 Former 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. The Company did not incur an annual subordinated performance fee during the year ended December 31, 2016 . In the June 30, 2016 Form 10-Q filed with the SEC on August 11, 2016 the Company recorded an annual subordinated performance fee of $1.3 million for the six months ended June 30, 2016. This amount has been reversed as the Company determined that as of the date when the advisory agreement with the Former Advisor was terminated, the conditions necessary for payment of the annual subordinated performance fee for 2016 had not been satisfied. During the years ended December 31, 2015 and December 31, 2014 , the Company incurred an annual subordinated performance fee of $3.0 million and $0.6 million, respectively, which is recorded within Asset management and subordinated performance fee within the consolidated statements of operations. Effective June 1, 2013, the Company entered into an agreement with the Former 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 amortized the cost over the estimated life of the Offering into "Other expense" on the Company's consolidated statements of operations. The unamortized cost of less than $0.1 million associated with this agreement is included in "Prepaid expenses and other assets" on the Company's consolidated balance sheets as of December 31, 2015 and 2014. There was no remaining unamortized cost as of December 31, 2016 and these services are no longer being provided. The table below depicts related party fees and reimbursements in connection with the operations of the Company for the years ended December 31, 2016 , 2015 and 2014 and the associated payable as of December 31, 2016 and 2015 (in thousands): Years Ended December 31, Payable as of December 31, 2016 2015 2014 2016 2015 Acquisition fees and acquisition expenses (1) $ 806 $ 12,286 $ 6,578 $ — $ 20 Administrative services expenses (2) 4,376 644 — 1,000 — Advisory and investment banking fee 6 56 542 — — Asset management and subordinated performance fee 9,504 7,615 604 2,439 3,792 Other related party expenses 84 364 — 145 35 Total related party fees and reimbursements $ 14,776 $ 20,965 $ 7,724 $ 3,584 $ 3,847 ________________________ (1) Includes capitalized acquisition fees and expenses. (2) During the years ended December 31, 2015 and December 31, 2014, the Company previously disclosed Administrative services expenses within the Acquisition fees and acquisition expenses line of this table. For the period ended December 31, 2016 the amounts are presented separately and the change was applied retrospectively. The payables as of December 31, 2016 and 2015 in the table above are included in due to affiliates 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 Former Advisor was able to elect to waive certain fees. Because the Advisor and Former Advisor could 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 Former Advisor. The Former Advisor permanently waived a portion of the acquisition fees and expenses earned on the acquisition of the Company's CMBS in the amount of $0.8 million and $0.6 million for the years ended December 31, 2015 and December 31, 2014 , respectively. The Company did not purchase any CMBS positions during the year ended December 31, 2016 , as such, it did not incur any acquisition fees and expenses for CMBS purchases. Subject to the limitations outlined below, the Company reimbursed the Former 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 did not reimburse the Former Advisor for personnel costs in connection with services for which the Former Advisor received acquisition fees or disposition fees. For the year ended December 31, 2016 , the Company incurred administrative costs in connection with the operations of the Company, which is included in "Administrative services expenses" in the consolidated statements of operations. For the year ended December 31, 2016 , and 2015, $4.4 million and $0.6 million was incurred in connection with the operations of the Company, respectively. The Company did no t have any reimbursements for year ended December 31, 2014 . The Former Advisor was required to 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 for such expense year. For the years ended December 31, 2016 , 2015 and 2014, the Company did not exceed the greater of the two aforementioned criteria. Fees Paid to the Former Advisor in Connection with the Listing of the Company's Common Stock or Termination of the Advisory Agreement During the years ended December 31, 2016, 2015, and 2014, no fees were paid in connection with the liquidation of assets, listing of the Company's common stock or termination of the advisory agreement. Share Ownership As of December 31, 2016 and December 31, 2015, entities wholly-owned by AR Global owned 52,771 and 8,888 shares of the Company’s outstanding common stock, respectively.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation Restricted Share Plan The Company has an employee and director incentive restricted share plan (the "RSP"), which provides the Company with the ability to grant awards of restricted shares to the Company’s directors, officers and employees (if the Company ever has employees), employees of the Advisor and its affiliates, employees of entities that provide services to the Company, directors of the Advisor or of entities that provide services to the Company or certain consultants to the Company, the Advisor and its affiliates. The total number of common shares granted under the RSP shall not exceed 5.0% of the Company’s authorized common shares pursuant to the Offering, and in any event, will not exceed 4.0 million shares (as such number may be adjusted for stock splits, stock distributions, combinations and similar events). Restricted share awards entitle the recipient to receive common shares from the Company under terms that provide for vesting over a specified period of time or upon attainment of pre-established performance objectives. Such awards would typically be forfeited with respect to the unvested shares upon the termination of the recipient’s employment or other relationship with the Company. Restricted shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. Holders of restricted shares may receive cash distributions prior to the time that the restrictions on the restricted shares have lapsed. Any distributions payable in common shares shall be subject to the same restrictions as the underlying restricted shares. The fair value of the restricted share awards are expensed over the vesting period. As of December 31, 2016 , the Company had granted 15,414 restricted shares to its independent directors, of which 2,399 were forfeited and 2,933 have vested, leaving a balance of 10,082 unvested restricted shares. As of December 31, 2015 , the Company had granted 10,666 restricted shares to its independent directors, of which 2,399 were forfeited and 1,867 have vested, leaving a balance of 6,400 unvested restricted shares. Based on a share price of $20.05 , the compensation expense associated with the restricted share grants was $ 44,324 , $29,588 and $27,281 , for the years ended December 31, 2016 , 2015 and 2014 , respectively and are included within Other expenses line on the consolidated statements of operations. Other Share-Based Compensation The Company may issue common stock in lieu of cash to pay fees earned by the Company's directors at each director's election. There are no restrictions on the shares issued since these payments in lieu of cash relate to fees earned for services performed. During the year ended December 31, 2014 , 39 shares were issued to one of the Company's independent directors for services performed and compensation expense of $876 was incurred. The Company did not issue any common stock in lieu of cash to pay fees earned by the Company's directors for the years ended December 31, 2016 and 2015 .

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2016
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 - Unobservable inputs that reflect the entity's own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. 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. Financial Instruments Measured at Fair Value on a Recurring Basis 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. 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. During the quarter ended December 31, 2016 the Company's CMBS investments were transferred from Level II to Level III due to a decrease in the observable relevant market data because of the limited availability of the broker quotes and because the Company uses non-binding broker quotes without adjustment and therefore the fair value of the CMBS investments were classified as Level III. Valuation for this asset class was based on information from brokers. As of December 31, 2015 , the Company received broker quotes on each CMBS investment used in determining the fair value and 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 instruments carried at fair value on a recurring basis in the consolidated balance sheets by its level in the fair value hierarchy as of December 31, 2016 and 2015 (in thousands): Total Level I Level II Level III December 31, 2016 Real estate securities $ 49,049 $ — $ — $ 49,049 December 31, 2015 Real estate securities 130,754 — 130,754 — During the quarter ended December 31, 2016 the Company transferred certain financial instruments classified from Level II to Level III. The changes in the Company's financial instruments classified as Level III are as follows (in thousands) (there were no transfers in December 31, 2015 ): Real Estate Securities December 31, 2015 balance $ — Transfers into Level III 57,639 Total realized and unrealized gains (losses) included in earnings: Realized loss on sale of real estate securities (874 ) Impairment losses on real estate securities (310 ) Net accretion — Unrealized gains (losses) included in OCI (1) 1,719 Purchases — Sales (9,125 ) Cash repayments/receipts — Transfers out of Level III — December 31, 2016 balance (2) $ 49,049 ________________________ (1) - Unrealized gains included in Other comprehensive income ("OCI") are attributable to assets still held at December 31, 2016. (2) - Subsequent to December 31, 2016, the Company sold 4 CMBS securities at a price at or close to par. Financial Instruments Measured at Fair Value on a Non-Recurring Basis The following table presents the Company's financial instruments carried at fair value on a non-recurring basis in the consolidated balance sheets by its level in the fair value hierarchy as of December 31, 2016 (in thousands): Total Level I Level II Level III December 31, 2016 (*) Commercial mortgage loans, held-for-sale, measured at fair value $ 21,179 $ — $ — $ 21,179 ________________________ * As of December 31, 2016, the Company's portfolio of commercial real estate loans held-for-sale were carried at the lower of cost or market value. The fair value of certain held-for-sale loans were adjusted to reflect fair value of the assets based on the sales price received from a potential buyer. 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. The Company's policy with respect to transfers between levels of the fair value hierarchy is to recognize transfers into and out of each level as of the beginning of the reporting period. There are no financial instruments carried at fair value on a non-recurring basis as of December 31, 2015 . The fair value of cash and cash equivalents and restricted cash are measured using observable quoted market prices, or Level I inputs and their carrying value approximates their fair value. The fair value of borrowings under repurchase agreements approximate their carrying value on the consolidated balance sheets due to their short-term nature, and are measured using Level II inputs. Financial Instruments Not Measured at Fair Value The fair values of the Company's commercial mortgage loans and collateralized loan obligations, which are not reported at fair value on the consolidated balance sheets are reported below as of December 31, 2016 and 2015 (in thousands): Level Carrying Amount Fair Value December 31, 2016 Commercial mortgage loans (1) Asset III $ 1,048,737 $ 1,029,756 Collateralized loan obligation Liability II 278,450 282,001 December 31, 2015 Commercial mortgage loans (1) Asset III $ 1,125,089 $ 1,138,841 Collateralized loan obligation Liability II 287,229 289,733 (1) The carrying value is gross of $2.2 million and $0.9 million of allowance for loan losses as of December 31, 2016 and December 31, 2015 , respectively. 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. The Company received broker quotes for each tranche of CLO to determine the fair value of the debt.

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	12 Months Ended
	Dec. 31, 2016
Offsetting [Abstract]
Offsetting Assets and Liabilities	Offsetting Assets and Liabilities The Company's consolidated balance sheets used a gross presentation of repurchase agreements and collateral pledged. 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 December 31, 2016 and 2015 (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 December 31, 2016 Commercial mortgage loans $ 257,664 $ — $ 257,664 $ 399,914 $ 5,000 $ — Real estate securities (*) 66,639 — 66,639 102,358 21 — December 31, 2015 Commercial mortgage loans 206,239 — 206,239 355,802 5,000 — Real estate securities (*) 117,211 — 117,211 171,071 366 — ________________________ * Includes $53.3 million and $56.0 million of Tranche C of Company issued CLO held by the Company, which eliminates within the real estate securities, at fair value line of the consolidated balance sheets as of December 31, 2016 and December 31, 2015 , respectively .

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2016
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 years ended December 31, 2016 , 2015 and 2014 (in thousands): December 31, 2016 Total Real Estate Debt Real Estate Securities Interest income $ 79,404 $ 73,884 $ 5,520 Interest expense 23,169 20,719 2,450 Realized loss on sale of real estate securities 1,906 — 1,906 Net income 29,990 29,797 193 Total assets 1,248,125 1,198,806 49,319 December 31, 2015 Interest income 59,393 56,040 3,353 Interest expense 12,268 11,149 1,119 Net income 24,933 24,401 532 Total assets $ 1,282,484 $ 1,150,858 $ 131,626 December 31, 2014 Interest income 15,466 14,733 733 Interest expense 2,196 1,985 211 Realized gain on sale of commercial mortgage loan 112 112 — Net income 5,415 5,209 206 Total assets $ 514,220 $ 463,526 $ 50,694 For the purposes of the table above, any expenses not associated with a specific segment 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.

Economic Dependency

Economic Dependency	12 Months Ended
	Dec. 31, 2016
Economic Dependency [Abstract]
Economic Dependency	Economic Dependency Under various agreements, the Company has engaged or will engage the Advisor, its affiliates and entities under common control with the Advisor to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, the sale of shares of the Company's common stock available for issue, transfer agency services, as well as other administrative responsibilities for the Company including accounting services, transaction management services and investor relations. As a result of these relationships, the Company is dependent upon the Advisor and its affiliates. In the event that these companies are unable to provide the Company with the respective services, the Company will be required to find alternative providers of these services.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K and determined that there have not been any events that have occurred that would require adjustments to disclosures in the consolidated financial statements except for the following transactions: Distributions Paid On January 3, 2017 , the Company paid a distribution of $5.6 million to stockholders of record during the month of December 2016 . Approximately $3.6 million of the distribution was paid in cash, while $2.0 million was used to purchase 100,118 shares for those stockholders that chose to reinvest distributions through the DRIP. Charter Amendment Effective on January 30, 2017, the Company amended its charter to change its name to Benefit Street Partners Realty Trust, Inc. The name change was effected pursuant to an amendment to the charter of the Company (the “Charter Amendment”). The Charter Amendment was unanimously approved by the Board of Directors of the Company and was made without action by the stockholders of the Company pursuant to Section 2-605(a)(1) of the Maryland General Corporation Law. Share Repurchase Program As permitted under the SRP, in January 2017, our board of directors approved, with respect to redemption requests received during the semi-annual period from July 1, 2016 to December 31, 2016, the repurchase of shares validly submitted for repurchase in an amount such that the aggregate amount of shares repurchased pursuant to redemption requests received for the semi-annual period ended December 31, 2016 did not exceed 2.5% of the weighted average number of shares of common stock outstanding during the previous fiscal year. Accordingly, 473,807 shares at an average per share of $19.03 (including all shares submitted for death and disability) were approved for repurchase and completed in January 2017.

Schedule IV - Mortgage Loans o

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2016
Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE December 31, 2016 (In thousands) Face Carrying Interest Payment Maturity Description Property Type Amount Amount Rate Terms Date Senior 1 Retail $ 7,460 $ 7,448 1M LIBOR + 4.75% Interest Only 10/9/2017 Senior 2 Office 8,676 8,637 1M LIBOR + 4.65% Interest Only 6/9/2018 Senior 3 Office 38,750 38,560 1M LIBOR + 5.25% Interest Only 12/9/2018 Senior 4 Office 13,442 13,404 1M LIBOR + 4.75% Interest Only 3/9/2019 Senior 5 Retail 14,600 14,563 1M LIBOR + 4.25% Interest Only 5/9/2018 Senior 6 Office 19,979 19,952 1M LIBOR + 4.55% Interest Only 12/9/2018 Senior 7 Multifamily 17,959 17,892 1M LIBOR + 4.75% Interest Only 6/9/2018 Senior 8 Multifamily 14,730 14,680 1M LIBOR + 4.50% Interest Only 5/9/2018 Senior 9 Office 12,000 11,975 1M LIBOR + 4.75% Interest Only 11/9/2019 Senior 10 Multifamily 23,784 23,732 1M LIBOR + 4.25% Interest Only 11/9/2018 Senior 11 Multifamily 9,130 9,097 1M LIBOR + 4.75% Interest Only 5/9/2018 Senior 12 Retail 9,850 9,822 1M LIBOR + 5.25% Interest Only 3/9/2018 Senior 13 Industrial 19,033 18,973 1M LIBOR + 4.25% Interest Only 7/9/2018 Senior 14 Hospitality 10,350 10,307 1M LIBOR + 5.50% Interest Only 7/9/2018 Senior 15 Office 33,734 33,645 1M LIBOR + 4.65% Interest Only 11/9/2017 Senior 16 Retail 4,725 4,698 1M LIBOR + 5.50% Interest Only 8/9/2018 Senior 17 Retail 25,247 25,144 1M LIBOR + 4.75% Interest Only 6/9/2018 Senior 18 Multifamily 43,083 42,985 1M LIBOR + 4.00% Interest Only 11/9/2018 Senior 19 Retail 7,500 7,459 1M LIBOR + 5.00% Interest Only 7/9/2018 Senior 20 Office 13,389 13,350 1M LIBOR + 5.00% Interest Only 1/9/2018 Senior 21 Hospitality 11,482 11,468 1M LIBOR + 5.75% Interest Only 10/9/2017 Senior 22 Hospitality 14,625 14,584 1M LIBOR + 5.30% Interest Only 7/9/2018 Senior 23 Hospitality 14,193 14,092 1M LIBOR + 5.50% Interest Only 9/9/2019 Senior 24 Multifamily 18,941 18,897 1M LIBOR + 4.20% Interest Only 7/9/2018 Senior 25 Mixed Use 10,901 10,874 1M LIBOR + 5.10% Interest Only 1/9/2018 Senior 26 Multifamily 42,943 42,768 1M LIBOR + 4.25% Interest Only 8/9/2018 Senior 27 Retail 9,450 9,438 1M LIBOR + 4.90% Interest Only 9/9/2017 Senior 28 Industrial 33,655 33,635 1M LIBOR + 4.00% Interest Only 11/9/2018 Senior 29 Mixed Use 45,235 45,071 1M LIBOR + 5.50% Interest Only 7/9/2018 Senior 30 Multifamily 8,850 8,828 1M LIBOR + 4.70% Interest Only 2/9/2018 Senior 31 Office 27,413 27,305 1M LIBOR + 4.60% Interest Only 2/9/2019 Senior 32 Multifamily 8,016 7,996 1M LIBOR + 4.75% Interest Only 2/9/2018 Senior 33 Hospitality 16,800 16,773 1M LIBOR + 4.90% Interest Only 4/9/2018 Senior 34 Office 35,000 34,951 1M LIBOR + 5.00% Interest Only 11/9/2018 Senior 35 Office 6,290 6,287 1M LIBOR + 4.90% Interest Only 8/9/2017 Senior 36 Retail 11,800 11,780 1M LIBOR + 4.75% Interest Only 11/9/2017 Senior 37 Retail 13,500 13,491 1M LIBOR + 5.00% Interest Only 4/9/2017 Senior 38 Retail 11,684 11,646 1M LIBOR + 4.50% Interest Only 2/9/2019 Senior 39 Multifamily 18,075 18,033 1M LIBOR + 4.50% Interest Only 12/9/2018 Senior 40 Office 31,250 31,206 1M LIBOR + 4.50% Interest Only 9/9/2017 Senior 41 Multifamily 26,195 26,109 1M LIBOR + 4.25% Interest Only 5/9/2018 Senior 42 Multifamily 29,940 29,970 1M LIBOR + 3.85% Interest Only 11/9/2018 Senior 43 Multifamily 10,920 10,930 1M LIBOR + 3.95% Interest Only 11/9/2018 Senior 44 Multifamily 13,120 13,133 1M LIBOR + 3.95% Interest Only 11/9/2018 Senior 45 Multifamily 5,894 5,899 1M LIBOR + 4.05% Interest Only 11/9/2018 Senior 46 Office 28,489 28,435 1M LIBOR + 4.25% Interest Only 1/9/2019 Senior 47 Multifamily 14,336 14,303 1M LIBOR + 5.00% Interest Only 2/9/2018 Senior 48 Retail 26,905 26,889 1M LIBOR + 4.75% Interest Only 6/9/2018 Senior 49 Multifamily 10,807 10,793 1M LIBOR + 4.75% Interest Only 4/9/2018 Mezzanine 1 Office 5,000 5,060 11.0% Interest Only 1/6/2024 Mezzanine 2 (2) Hospitality 3,000 2,970 11.0% Interest Only 8/1/2018 Mezzanine 3 Hospitality 11,000 11,000 1M LIBOR + 7.05% Interest Only 3/9/2017 Mezzanine 4 (1) Office 16,447 16,447 1M LIBOR + 7.25% Interest Only 8/9/2017 Mezzanine 5 (1) Office 7,000 7,019 12.0% Interest Only 5/1/2019 Mezzanine 6 (1) Hospitality 12,000 12,000 1M LIBOR + 9.00% Interest Only 9/9/2017 Mezzanine 7 (1) Retail 1,963 1,971 13.0% Interest Only 6/1/2024 Mezzanine 8 (1) Office 5,085 5,085 3M LIBOR + 10.00% Interest Only 10/31/2017 Mezzanine 9 (1) Multifamily 5,000 5,021 9.0% Interest Only 9/1/2018 Mezzanine 10 (1) Multifamily 3,480 3,494 9.5% Interest Only 7/1/2024 Mezzanine 11 (1) Office 10,000 10,000 1M LIBOR + 8.00% Interest Only 5/9/2017 Mezzanine 12 (1) Multifamily 4,000 4,049 12.0% Interest Only 1/6/2024 Mezzanine 13 (1) Office 10,000 9,528 10.0% Interest Only 9/6/2024 Mezzanine 14 (1)(2) Office 10,000 9,388 1M LIBOR + 10.75% Interest Only 7/10/2018 Mezzanine 15 (1) Hospitality 7,140 6,584 10.0% Interest Only 11/1/2024 Mezzanine 16 (1) Hospitality 3,900 3,596 10.0% Interest Only 11/1/2024 Mezzanine 17 (1) Hospitality 12,510 11,536 10.0% Interest Only 11/1/2024 Mezzanine 18 (1) Hospitality 8,050 7,423 10.0% Interest Only 11/1/2024 Mezzanine 19 (1)(2) Office 9,000 8,821 10.5% Interest Only 10/6/2019 Mezzanine 20 (1) Hospitality 6,182 4,667 5.5% Interest Only 5/6/2023 Mezzanine 21 (1) Hospitality 12,350 12,350 1M LIBOR + 10.00% Interest Only 7/9/2017 Subordinate 1 (1) Retail 10,000 10,000 11.0% Interest Only 4/1/2024 $ 1,077,237 $ 1,069,916 ________________ (1) Subject to prior liens. (2) Reported as loan held-for-sale in the Company's consolidated balance sheet.

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying consolidated financial statements and related footnotes have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the requirements for reporting on Form 10-K and Regulation S-X, as appropriate. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of 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 annual 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 entire year or any subsequent reporting period. The consolidated financial statements of the Company are prepared on an accrual basis of accounting.
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity for which the Company is the primary beneficiary. The Company consolidates all entities that the Company controls through either majority ownership or voting rights. In addition, the Company consolidates all variable interest entities ("VIE") of which the Company is considered the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company's assets and liabilities are held by the OP. The accompanying consolidated financial statements include the accounts of a collateralized loan obligation ("CLO") issued and securitized by a wholly owned subsidiary of the Company. The Company has determined the CLO is a VIE of which the Company's subsidiary is the primary beneficiary. The Company has disclosed the assets and liabilities of the CLO on the face of the consolidated balance sheet in accordance with ASC 810 - Consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding classification of investments, fair value measurements, credit losses and impairments of investments and derivative financial instruments and hedging activities, as applicable.
Acquisition Fees and Acquisition Expenses	Acquisition Fees and Acquisition Expenses The Company incurs acquisition fees and acquisition expenses payable to the Advisor. The Company pays the Advisor an acquisition fee based on the principal amount funded by the Company to originate or acquire commercial mortgage loan investments or on the anticipated net equity funded by the Company to acquire real estate securities. Acquisition fees and acquisition expenses paid to the Company's Advisor in connection with the origination and acquisition of commercial mortgage loan investments and acquisition of real estate securities are evaluated based on the nature of the expense to determine if they should be expensed in the period incurred or capitalized and amortized over the life of the investment. The Company capitalizes certain direct costs relating to the loan origination activities and the cost is amortized over the life of the loan.
Commercial Mortgage Loans	Commercial Mortgage Loans Commercial mortgage loans that are held for investment purposes and are anticipated to be held until maturity, are carried at cost, net of unamortized acquisition expenses, discounts or premiums and unfunded commitments. Commercial mortgage loans, held for investment purposes, that are deemed to be impaired will be carried at amortized cost less a specific allowance for loan losses. Interest income is recorded on the accrual basis and related discounts, premiums and acquisition expenses on investments are amortized over the life of the investment using the effective interest method. Amortization is reflected as an adjustment to interest income in the Company’s consolidated statements of operations. Guaranteed loan exit fees payable by the borrower upon maturity are accreted over the life of the investment using the effective interest method. The accretion of guaranteed loan exit fees is recognized in interest income in the Company's consolidated statements of operation. Commercial loans that are intended to be sold in the foreseeable future are reported as held-for-sale and are transferred at fair value then recorded at the lower of cost or fair value with changes recorded through the statement of operations. Unamortized loan origination costs for commercial loans held-for-sale are capitalized as part of the carrying value of the loans and recognized upon the sale of such loans. Amortization of origination costs ceases upon transfer of commercial loans to held-for-sale. 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, given the fact the Company has not experienced any losses, and takes into account current collateral and economic conditions affecting the probability and 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 geographic 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) 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.
Real Estate Securities	Real Estate Securities On the acquisition date, all of the Company’s commercial real estate securities were classified as available for sale and carried at fair value, and subsequently any unrealized gains or losses are recognized as a component of accumulated other comprehensive income or loss. The Company may elect the fair value option for its real estate securities, and as a result, any unrealized gains or losses on such real estate securities will be recorded in the Company’s consolidated statement of operations. No such election has been made to date. Related discounts, premiums and acquisition expenses on investments are amortized over the life of the investment using the effective interest method. Amortization is reflected as an adjustment to interest income in the Company’s consolidated statements of operations. Impairment Analysis of Real Estate Securities Commercial real estate securities for which the fair value option has not been elected are periodically evaluated for other-than-temporary impairment. If the fair value of a security is less than its amortized cost, the security is considered impaired. Impairment of a security is considered other-than-temporary when (i) the Company has the intent to sell the impaired security; (ii) it is more likely than not the Company will be required to sell the security; or (iii) the Company does not expect to recover the entire amortized cost of the security. If the Company determines that an other-than-temporary impairment exists and a sale is likely, the impairment charge is recognized as an impairment of assets on the Company's consolidated statement of operations. If a sale is not expected, the portion of the impairment charge related to credit factors is recorded as an impairment of assets on the Company's consolidated statement of operations with the remainder recorded as an unrealized gain or loss on investments reported as a component of accumulated other comprehensive income or loss. The Company did not have any other-than-temporary impairment for the years ended December 31, 2016 and 2015 . Commercial real estate securities for which the fair value option has been elected are not evaluated for other-than-temporary impairment as changes in fair value are recorded in the Company’s consolidated statement of operations. No such election has been made to date.
Repurchase Agreements	Share Repurchase Program The Company has a Share Repurchase Program (the "SRP"), which was amended as of February 28, 2016, that enables stockholders to sell their shares to the Company. Subject to certain conditions, stockholders that purchased shares of our common stock or received their shares from us (directly or indirectly) through one or more non-cash transactions and have held their shares for a period of at least one year may request that we repurchase their shares of common stock so long as the repurchase otherwise complies with the provisions of Maryland law. Repurchase requests made following the death or qualifying disability of a stockholder will not be subject to any minimum holding period. The repurchase price per share for requests other than for death or disability will be equal to the most-recent estimated net asset value per share of our common stock calculated by our Advisor in accordance with our valuation guidelines, or estimated per-share NAV, multiplied by a percentage equal to (i) 92.5% , if the person seeking repurchase has held his or her shares for a period greater than one year and less than two years; (ii) 95% , if the person seeking repurchase has held his or her shares for a period greater than two years and less than three years; (iii) 97.5% , if the person seeking repurchase has held his or her shares for a period greater than three years and less than four years; or (iv) 100% , if the person seeking repurchase has held his or her shares for a period greater than four years. In the case of requests for death or disability, the repurchase price per share will be equal to the estimated per-share NAV at the time of repurchase. Repurchases pursuant to the SRP, when requested, generally will be made semiannually (each six-month period ending June 30 or December 31, a “fiscal semester”). Repurchases for any fiscal semester will be limited to a maximum of 2.5% of the weighted average number of shares of common stock outstanding during the previous fiscal year, with a maximum for any fiscal year of 5.0% of the weighted average number of shares of common stock outstanding during the previous fiscal year. Funding for repurchases pursuant to the SRP for any given fiscal semester will be limited to proceeds received during that same fiscal semester through the issuance of common stock pursuant to any DRIP in effect from time to time, provided that the Board has the power, in its sole discretion, to determine the amount of shares repurchased during any fiscal semester as well as the amount of funds to be used for that purpose. Due to these limitations, we cannot guarantee that we will be able to accommodate all repurchase requests made during any fiscal semester or fiscal year. However, a stockholder may withdraw its request at any time or ask that we honor the request when funds are available. Pending repurchase requests will be honored on a pro rata basis. We will generally pay repurchase proceeds, less any applicable tax or other withholding required by law, by the 31st day following the end of the fiscal semester during which the repurchase request was made. Calculations of our estimated per-share NAV will occur periodically, at the discretion of the Board, provided that such calculations will be made at least annually. Following its calculation, our estimated per-share NAV will be disclosed in a periodic report. The most recent calculation of our estimated per-share NAV approved by the Board occurred on November 10, 2016 based on our net asset value as of September 30, 2016 and was equal to $20.05 . When a stockholder requests a redemption and the redemption is approved by the board of directors, we will reclassify such obligation from equity to a liability based on the settlement value of the obligation. Shares repurchased under the SRP will have the status of authorized but unissued shares. Repurchase Agreements Commercial mortgage loans and real estate securities sold under repurchase agreements have been treated as collateralized financing transactions because the Company maintains effective control over the transferred securities. Commercial mortgage loans and real estate securities financed through a repurchase agreement remain on the Company’s consolidated balance sheet as an asset and cash received from the purchaser is recorded as a liability. Interest paid in accordance with repurchase agreements is recorded in interest expense on the Company's consolidated statements of operations.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash represents deposits with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company up to an insurance limit. Cash equivalents include short-term, liquid investments in money market funds.
Restricted Cash	Restricted Cash Restricted cash primarily consists of cash pledged as margin on repurchase agreements.
Prepaid Expenses	Prepaid Expenses Prepaid expenses consists of deferred financing cost related to our various Master Repurchase Agreements as well as certain subscription cost. Deferred financing costs are amortized over the terms of the respective financing agreement using the effective interest method and included in the interest expense on the accompanying consolidated statements of operations. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity.
Share Repurchase Program	Share Repurchase Program The Company has a Share Repurchase Program (the "SRP"), which was amended as of February 28, 2016, that enables stockholders to sell their shares to the Company. Subject to certain conditions, stockholders that purchased shares of our common stock or received their shares from us (directly or indirectly) through one or more non-cash transactions and have held their shares for a period of at least one year may request that we repurchase their shares of common stock so long as the repurchase otherwise complies with the provisions of Maryland law. Repurchase requests made following the death or qualifying disability of a stockholder will not be subject to any minimum holding period. The repurchase price per share for requests other than for death or disability will be equal to the most-recent estimated net asset value per share of our common stock calculated by our Advisor in accordance with our valuation guidelines, or estimated per-share NAV, multiplied by a percentage equal to (i) 92.5% , if the person seeking repurchase has held his or her shares for a period greater than one year and less than two years; (ii) 95% , if the person seeking repurchase has held his or her shares for a period greater than two years and less than three years; (iii) 97.5% , if the person seeking repurchase has held his or her shares for a period greater than three years and less than four years; or (iv) 100% , if the person seeking repurchase has held his or her shares for a period greater than four years. In the case of requests for death or disability, the repurchase price per share will be equal to the estimated per-share NAV at the time of repurchase. Repurchases pursuant to the SRP, when requested, generally will be made semiannually (each six-month period ending June 30 or December 31, a “fiscal semester”). Repurchases for any fiscal semester will be limited to a maximum of 2.5% of the weighted average number of shares of common stock outstanding during the previous fiscal year, with a maximum for any fiscal year of 5.0% of the weighted average number of shares of common stock outstanding during the previous fiscal year. Funding for repurchases pursuant to the SRP for any given fiscal semester will be limited to proceeds received during that same fiscal semester through the issuance of common stock pursuant to any DRIP in effect from time to time, provided that the Board has the power, in its sole discretion, to determine the amount of shares repurchased during any fiscal semester as well as the amount of funds to be used for that purpose. Due to these limitations, we cannot guarantee that we will be able to accommodate all repurchase requests made during any fiscal semester or fiscal year. However, a stockholder may withdraw its request at any time or ask that we honor the request when funds are available. Pending repurchase requests will be honored on a pro rata basis. We will generally pay repurchase proceeds, less any applicable tax or other withholding required by law, by the 31st day following the end of the fiscal semester during which the repurchase request was made. Calculations of our estimated per-share NAV will occur periodically, at the discretion of the Board, provided that such calculations will be made at least annually. Following its calculation, our estimated per-share NAV will be disclosed in a periodic report. The most recent calculation of our estimated per-share NAV approved by the Board occurred on November 10, 2016 based on our net asset value as of September 30, 2016 and was equal to $20.05 . When a stockholder requests a redemption and the redemption is approved by the board of directors, we will reclassify such obligation from equity to a liability based on the settlement value of the obligation. Shares repurchased under the SRP will have the status of authorized but unissued shares. Repurchase Agreements Commercial mortgage loans and real estate securities sold under repurchase agreements have been treated as collateralized financing transactions because the Company maintains effective control over the transferred securities. Commercial mortgage loans and real estate securities financed through a repurchase agreement remain on the Company’s consolidated balance sheet as an asset and cash received from the purchaser is recorded as a liability. Interest paid in accordance with repurchase agreements is recorded in interest expense on the Company's consolidated statements of operations.
Distribution Reinvestment Plan	Distribution Reinvestment Plan Pursuant to the DRIP, stockholders may elect to reinvest distributions by purchasing shares of common stock in lieu of receiving cash. No dealer manager fees or selling commissions are paid with respect to shares purchased pursuant to the DRIP. Participants purchasing shares pursuant to the DRIP have the same rights and are treated in the same manner as if such shares were issued pursuant to the Offering. The board of directors may designate that certain cash or other distributions be excluded from the DRIP. The Company has the right to amend any aspect of the DRIP or terminate the DRIP with ten days ’ notice to participants. Shares issued under the DRIP are recorded to equity in the consolidated balance sheet in the period distributions are declared.
Offering and Related Costs	Offering and Related Costs Prior to the termination of the Offering, offering and related costs included all expenses incurred in connection with the Offering. Offering costs (other than selling commissions and the dealer manager fee) of the Company were paid by the Former Advisor, the Former Dealer Manager or their affiliates on behalf of the Company. Offering costs were reclassified from deferred costs to stockholders' equity on the day the Company commenced its operations. Offering costs included all expenses incurred by the Company in connection with its Offering as of the balance sheet date presented. These costs includes but were not limited to (i) legal, accounting, printing, mailing and filing fees; (ii) escrow service related fees; (iii) reimbursement of the Former Dealer Manager for amounts it paid to reimburse the bona fide diligence expenses of broker-dealers; and (iv) reimbursement to the Former Advisor for a portion of the costs of its employees and other costs in connection with preparing supplemental sales materials and related offering activities. The Company was obligated to reimburse the Former Advisor or its affiliates, as applicable, for organizational and offering costs paid by them on behalf of the Company to the extent organizational and offering costs (excluding selling commissions and the dealer manager fee) incurred by the Company in the Offering did not exceed 2% of gross offering proceeds. The Former Advisor was required to reimburse the Company to the extent that organization and offering and related costs paid by the Company exceeded 2% of gross offering proceeds. As a result, these costs were only a liability of the Company to the extent aggregate selling commissions, the dealer manager fees and other organization and offering costs did not exceed 12% of the gross Offering proceeds determined at the end of the Offering.
Share-Based Compensation	Share-Based Compensation The Company has a share-based incentive plan for certain of the Company's directors, officers and employees of the Advisor and its affiliates. Share-based awards are measured at the grant date fair value and is recognized as compensation expense on a on a straight line basis over the related vesting period of the award.
Income Taxes	Income Taxes The Company conducts its operations to qualify as a REIT for U.S. federal income tax purposes beginning with its tax return for the taxable year ended December 31, 2013 . As a REIT, the Company generally will not be subject to federal corporate income tax as long as it distributes at least 90% of its REIT taxable income to its stockholders and a number of other organizational and operational requirements. However, even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income in addition to U.S. federal income and excise taxes on our undistributed income. Income tax of $0.2 million for the year ended December 31, 2014 represents the New York City Unincorporated Business Tax. There was no income tax provision for the years ended December 31, 2016 and 2015 . The Company uses a more-likely-than-not threshold for recognition and derecognition of tax positions taken or to be taken in a tax return. The Company has assessed its tax positions for all open tax years beginning with December 31, 2013 and concluded that there were no uncertainties to be recognized. The Company’s accounting policy with respect to interest and penalties related to tax uncertainties is to classify these amounts as provision for income taxes.
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 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.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In August 2014, the FASB issued an update that requires management to assess and entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. The amendments provide a definition of the term ‘substantial doubt’ and include principles for considering the mitigating effect of management’s plans. The amendments also require an evaluation every reporting period, including interim periods for a period of one year after the date that the financial statements are issued (or available to be issued), and certain disclosures when substantial doubt is alleviated or not alleviated. The revised guidance is effective for reporting periods ending after December 15, 2016. In 2016, the Company adopted this revised guidance which did not have any effect on the Company’s consolidated financial statements. In February 2015, the FASB amended the accounting for consolidation of certain legal entities. The amendments modify the evaluation of whether certain legal entities are variable interest entities ("VIEs") or voting interest entities, eliminate the presumption that a general partner should consolidate a limited partnership and affect the consolidation analysis of reporting entities that are involved with VIEs (particularly those that have fee arrangements and related party relationships). The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption was permitted, including adoption in an interim period. The Company elected to adopt this guidance effective January 1, 2016. The Company has evaluated the impact of the adoption of the new guidance on its consolidated financial statements and has determined the Company’s OP is considered a VIE. However, the Company meets the disclosure exemption criteria as the Company is the primary beneficiary of the VIE and the Company's partnership interest is considered a majority voting interest in a business and the assets of the OP can be used for purposes other than settling its obligation, such as paying distributions. As such, the new guidance did not have a material impact on the Company's consolidated financial statements. In March 2016, the FASB issued an update that changes the accounting for certain aspects of share-based compensation. Among other things, the revised guidance allows companies to make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. The revised guidance is effective for reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company has adopted the provisions of this guidance beginning January 1, 2016, electing to account for forfeitures when they occur, and determined that there is no impact to the Company’s consolidated financial position, results of operations and cash flows. In March 2016, the FASB issued guidance which requires an entity to determine whether the nature of its promise to provide goods or services to a customer is performed in a principal or agent capacity and to recognize revenue in a gross or net manner based on its principal/agent designation. This guidance is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of this new guidance. In June 2016, the FASB issued guidance that changes how entities measure credit losses for financial assets carried at amortized cost. The update eliminates the requirement that a credit loss must be probable before it can be recognized and instead requires an entity to recognize the current estimate of all expected credit losses. Additionally, the update requires credit losses on available-for-sale debt securities to be carried as an allowance rather than as a direct write-down of the asset. The amendments become effective for reporting periods beginning after December 15, 2019. The amendments may be adopted early for reporting periods beginning after December 15, 2018. The Company is currently evaluating the impact of this new guidance. In August 2016, the FASB issued guidance on how certain transactions should be classified and presented in the statement of cash flows as either operating, investing or financing activities. Among other things, the update provides specific guidance on where to classify debt prepayment and extinguishment costs, payments for contingent consideration made after a business combination and distributions received from equity method investments. The revised guidance is effective for reporting periods beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of this new guidance. In October 2016, the FASB issued guidance where a reporting entity will need to evaluate if it should consolidate a VIE. The amendments change the evaluation of whether a reporting entity is the primary beneficiary of a VIE by changing how a single decision maker of a VIE treats indirect interests in the entity held through related parties that are under common control with the reporting entity. The revised guidance is effective for reporting periods beginning after December 15, 2016. Early adoption is permitted. We do not expect this guidance to have a material impact on the Company’s consolidated financial statements. In November 2016, the FASB issued guidance on the classification of restricted cash in the statement of cash flows. The amendment requires restricted cash to be included in the beginning-of-period and end-of-period total cash amounts. Therefore, transfers between cash and restricted cash will no longer be shown on the statement of cash flows. The guidance is effective for reporting periods beginning after December 15, 2017. Early adoption is permitted. We do not expect this guidance to have a material impact on the Company’s consolidated financial statements.
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 - Unobservable inputs that reflect the entity's own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. 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. Financial Instruments Measured at Fair Value on a Recurring Basis 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. 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. During the quarter ended December 31, 2016 the Company's CMBS investments were transferred from Level II to Level III due to a decrease in the observable relevant market data because of the limited availability of the broker quotes and because the Company uses non-binding broker quotes without adjustment and therefore the fair value of the CMBS investments were classified as Level III. Valuation for this asset class was based on information from brokers. As of December 31, 2015 , the Company received broker quotes on each CMBS investment used in determining the fair value and have been classified as Level II due to the observable nature of many of the market inputs.

Commercial Mortgage Loans (Tabl

Commercial Mortgage Loans (Tables)	12 Months Ended
	Dec. 31, 2016
Receivables [Abstract]
Summary of Loans Receivable by Class	The following table is a summary of the Company's commercial mortgage loans, held-for-investment, carrying values by class (in thousands): December 31, 2016 December 31, 2015 Senior loans $ 901,907 $ 894,075 Mezzanine loans 136,830 221,014 Subordinated loans 10,000 10,000 Total gross carrying value of loans 1,048,737 1,125,089 Less: Allowance for loan losses 2,181 888 Total commercial mortgage loans, held-for-investment, net $ 1,046,556 $ 1,124,201 The following table presents the activity in the Company's allowance for loan losses (in thousands): Year Ended December 31, 2016 2015 Beginning of period $ 888 $ 570 Provision for loan losses 1,293 318 Charge-offs — — Recoveries — — Ending allowance for loan losses $ 2,181 $ 888 As of December 31, 2016 and 2015 , the Company's total commercial mortgage loan portfolio, including loans held-for-sale, comprised of 71 and 77 loans, respectively. December 31, 2016 December 31, 2015 Loan Type Par Value Percentage Par Value Percentage Office $ 340,944 31.6 % $ 307,876 27.2 % Multifamily 329,203 30.6 % 305,129 26.9 % Hospitality 143,582 13.3 % 171,752 15.1 % Retail 154,684 14.4 % 158,784 14.0 % Mixed Use 56,136 5.2 % 138,798 12.2 % Industrial 52,688 4.9 % 52,107 4.6 % $ 1,077,237 100.0 % $ 1,134,446 100.0 %
Loan Portfolio Assessment and Risk Ratings	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 loans. The loans are scored on a scale of 1 to 5 as follows: InvestmentRating 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 the potential of some interest loss 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 year ended December 31, 2016 and 2015 , the activity in the Company's loan portfolio was as follows (in thousands): Year Ended December 31, 2016 2015 Balance at Beginning of Year $ 1,124,201 $ 456,884 Acquisitions and originations 53,640 793,731 Dispositions (44,355 ) — Principal repayments (66,490 ) (127,643 ) Discount accretion and premium amortization* 2,279 1,547 Loans transferred to commercial real estate loans, held-for-sale, at fair value (21,179 ) — Unrealized losses on loans held-for-sale (247 ) — Provision for loan losses (1,293 ) (318 ) Balance at End of Year $ 1,046,556 $ 1,124,201 ________________________ * Includes amortization of capitalized acquisition fees and expenses.

Real Estate Securities (Tables)

Real Estate Securities (Tables)	12 Months Ended
	Dec. 31, 2016
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 December 31, 2016 6 5.75 % February 2020 $ 50,000 $ 49,049 December 31, 2015 16 4.71 % February 2019 133,183 130,754
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 December 31, 2016 $ 49,548 $ — $ (499 ) $ 49,049 December 31, 2015 133,008 — (2,254 ) 130,754

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Schedule of Master Repurchase Agreements	Below is a summary of the Company's MRAs as of December 31, 2016 and 2015 (in thousands). As of December 31, 2016 Weighted Average Counterparty Amount Outstanding Accrued Interest Collateral Pledged (*) Interest Rate Days to Maturity JP Morgan Securities LLC $ 59,122 $ 96 $ 92,658 2.55 % 6 Citigroup Global Markets, Inc. 3,879 1 4,850 2.11 % 26 Wells Fargo Securities, LLC 3,638 4 4,850 2.05 % 13 Total/Weighted Average $ 66,639 $ 101 $ 102,358 2.50 % 8 As of December 31, 2015 Weighted Average Counterparty Amount Outstanding Accrued Interest Collateral Pledged (*) Interest Rate Days to Maturity JP Morgan Securities LLC $ 86,898 $ 108 $ 130,618 2.03 % 8 Citigroup Global Markets, Inc. 26,619 71 35,528 2.00 % 45 Wells Fargo Securities, LLC 3,694 3 4,925 1.67 % 13 Total/Weighted Average $ 117,211 $ 182 $ 171,071 2.01 % 17 ________________________ * Includes $53.3 million and $56.0 million Tranche C of Company issued CLO held by the Company, which eliminates within the Real estate securities, at fair value line of the consolidated balance sheets as of December 31, 2016 and December 31, 2015 , respectively.
Schedule of Collateralized Loan Obligation Tranches	The following table represents the terms of the CLO issued. Facility ($000s) As of December 31, 2016 Par Value Issued Par Value Outstanding (*) Interest Rate Maturity Date Tranche A $ 231,345 $ 222,195 1M LIBOR + 175 8/1/2030 Tranche B 42,841 42,841 1M LIBOR + 388 8/1/2030 Tranche C 76,044 20,000 1M LIBOR + 525 8/1/2030 $ 350,230 $ 285,036 As of December 31, 2015 Tranche A $ 231,345 $ 231,345 1M LIBOR + 175 8/1/2030 Tranche B 42,841 42,841 1M LIBOR + 388 8/1/2030 Tranche C 76,044 20,000 1M LIBOR + 525 8/1/2030 $ 350,230 $ 294,186 ________________________ * Excludes $56.0 million and $56.0 million of Tranche C of Company issued CLO held by the Company, which eliminates within the collateralized loan obligation line of the consolidated balance sheets as of December 31, 2016 and December 31, 2015 , respectively.
Schedule of Variable Interest Entities	The below table reflects the total assets and liabilities of the Company's only CLO. The CLO is considered a VIE and is consolidated into our consolidated financial statements as of December 31, 2016 and December 31, 2015 as the Company is the primary beneficiary of the VIE. The Company is the primary beneficiary of the CLO because (i) the Company has the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. Assets ($000s) December 31, 2016 December 31, 2015 Cash $ 5 $ 5 Commercial mortgage loans, held for investment, net of allowance of $1,017 and $422 (1) 417,057 425,733 Accrued interest receivable 1,101 1,048 Total Assets $ 418,163 $ 426,786 Liabilities Notes payable (2)(3) $ 334,246 $ 342,998 Interest payable 564 513 Total Liabilities $ 334,810 $ 343,511 ________________________ (1) The balance is presented net of allowance for loan loss of $1.0 million and $0.4 million as of December 31, 2016 and December 31, 2015, respectively. The commercial mortgage loans balance as of December 31, 2015 of $426.2 million as disclosed in Note 5 to the consolidated financial statements included in the 2015 Form 10-K was not net of allowance for loan loss of $0.4 million . (2) Includes $55.8 million and $55.8 million of Tranche C of Company issued CLO held by the Company, which eliminates within the Collateral loan obligations line of the consolidated balance sheets as of December 31, 2016 and December 31, 2015 , respectively. (3) The balance is presented net of deferred financing cost and discount of $6.8 million and $7.2 million as of December 31, 2016 and December 31, 2015 , respectively. The notes payable balance as of December 31, 2015 of $348.3 million as disclosed in Note 5 to the consolidated financial statements included in the 2015 Form 10-K was not net of deferred financing cost of $5.3 million .

Net Income Per Share (Tables)

Net Income Per Share (Tables)	12 Months Ended
	Dec. 31, 2016
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 years ended December 31, 2016 , 2015 and 2014 , respectively: Years Ended December 31, 2016 2015 2014 Net income (in thousands) $ 29,990 $ 24,933 $ 5,415 Basic weighted average shares outstanding 31,659,274 24,253,905 7,227,169 Unvested restricted shares 7,230 5,264 5,390 Diluted weighted average shares outstanding 31,666,504 24,259,169 7,232,559 Basic net income per share $ 0.95 $ 1.03 $ 0.75 Diluted net income per share $ 0.95 $ 1.03 $ 0.75

Common Stock Common Stock (Tabl

Common Stock Common Stock (Tables) (Tables)	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Schedule of Shares Repurchased	The following table reflects the number of shares repurchased under the SRP cumulatively through December 31, 2016: Number of Requests Number of Shares Repurchased Average Price per Share Cumulative as of December 31, 2015 301 381,474 $ 23.72 January 1 - March 31, 2016 — — — April 1 - June 30, 2016 668 536,240 24.08 July 1 - September 30, 2016 4 3,542 25.27 September 30 - December 31, 2016 (1)(2) 12 (2,573) 23.57 Cumulative as of December 31, 2016 985 918,683 $ 23.94 _______________________ (1) Number of shares reported for the time period from September 30 to December 31, 2016 represents cancellation of redemptions that were previously requested in prior periods. (2) Amounts exclude 483 redemption requests, representing 473,807 shares, received during the semi-annual period from July 1, 2016 to December 31, 2016, which were approved by the Board and repurchased in January 2017.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Unfunded Commitments Under Commercial Mortgage Loans	As of December 31, 2016 and 2015 , the Company had the below unfunded commitments to the Company's borrowers. Funding Expiration December 31, 2016 December 31, 2015 2016 $ — $ 890 2017 7,794 16,072 2018 62,368 104,428 2019 9,072 16,939 $ 79,234 $ 138,329

Related Party Transactions an31

Related Party Transactions and Arrangements (Tables)	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Schedule of Selling Commissions and Dealer Manager Fees Payable to Affiliate	The table below shows the compensation and reimbursement to the Former Advisor, its affiliates, entities under common control with the Former Advisor and the Former Dealer Manager incurred for services relating to the Offering during the years ended December 31, 2016 , 2015 and 2014 , respectively, and the associated payable as of December 31, 2016 and 2015 , respectively (in thousands): Years Ended December 31, Payable as of December 31, 2016 2015 2014 2016 2015 Total commissions and fees incurred from the Former Dealer Manager $ — $ 37,092 $ 33,190 $ — $ —
Schedule of Offering Cost Reimbursements to Related Party	Total compensation and reimbursement for services provided by the Former Advisor, its affiliates, entities under common control with the Former Advisor and the Former Dealer Manager (1) $ — $ 7,442 $ 2,627 $ 480 $ 480 ________________________ (1) During 2016, the Company received reimbursement of excess payment of $0.8 million of offering costs from the Former Advisor. The reimbursement resulted in an increase to our Additional Paid-In Capital in the consolidated balance sheets.
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 years ended December 31, 2016 , 2015 and 2014 and the associated payable as of December 31, 2016 and 2015 (in thousands): Years Ended December 31, Payable as of December 31, 2016 2015 2014 2016 2015 Acquisition fees and acquisition expenses (1) $ 806 $ 12,286 $ 6,578 $ — $ 20 Administrative services expenses (2) 4,376 644 — 1,000 — Advisory and investment banking fee 6 56 542 — — Asset management and subordinated performance fee 9,504 7,615 604 2,439 3,792 Other related party expenses 84 364 — 145 35 Total related party fees and reimbursements $ 14,776 $ 20,965 $ 7,724 $ 3,584 $ 3,847 ________________________ (1) Includes capitalized acquisition fees and expenses. (2) During the years ended December 31, 2015 and December 31, 2014, the Company previously disclosed Administrative services expenses within the Acquisition fees and acquisition expenses line of this table. For the period ended December 31, 2016 the amounts are presented separately and the change was applied retrospectively.

Fair Value of Financial Instr32

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Financial instruments carried at fair value on a recurring basis	December 31, 2016 the Company transferred certain financial instruments classified from Level II to Level III. The changes in the Company's financial instruments classified as Level III are as follows (in thousands) (there were no transfers in December 31, 2015 ): Real Estate Securities December 31, 2015 balance $ — Transfers into Level III 57,639 Total realized and unrealized gains (losses) included in earnings: Realized loss on sale of real estate securities (874 ) Impairment losses on real estate securities (310 ) Net accretion — Unrealized gains (losses) included in OCI (1) 1,719 Purchases — Sales (9,125 ) Cash repayments/receipts — Transfers out of Level III — December 31, 2016 balance (2) $ 49,049 ________________________ (1) - Unrealized gains included in Other comprehensive income ("OCI") are attributable to assets still held at December 31, 2016. (2) - Subsequent to December 31, 2016, the Company sold 4 CMBS securities at a price at or close to par. The following table presents the Company's financial instruments carried at fair value on a recurring basis in the consolidated balance sheets by its level in the fair value hierarchy as of December 31, 2016 and 2015 (in thousands): Total Level I Level II Level III December 31, 2016 Real estate securities $ 49,049 $ — $ — $ 49,049 December 31, 2015 Real estate securities 130,754 — 130,754 —
Financial instruments carried at fair value on a non-recurring basis	The following table presents the Company's financial instruments carried at fair value on a non-recurring basis in the consolidated balance sheets by its level in the fair value hierarchy as of December 31, 2016 (in thousands): Total Level I Level II Level III December 31, 2016 (*) Commercial mortgage loans, held-for-sale, measured at fair value $ 21,179 $ — $ — $ 21,179 ________________________ * As of December 31, 2016, the Company's portfolio of commercial real estate loans held-for-sale were carried at the lower of cost or market value. The fair value of certain held-for-sale loans were adjusted to reflect fair value of the assets based on the sales price received from a potential buyer.
Financial instruments not carried at fair value	The fair values of the Company's commercial mortgage loans and collateralized loan obligations, which are not reported at fair value on the consolidated balance sheets are reported below as of December 31, 2016 and 2015 (in thousands): Level Carrying Amount Fair Value December 31, 2016 Commercial mortgage loans (1) Asset III $ 1,048,737 $ 1,029,756 Collateralized loan obligation Liability II 278,450 282,001 December 31, 2015 Commercial mortgage loans (1) Asset III $ 1,125,089 $ 1,138,841 Collateralized loan obligation Liability II 287,229 289,733 (1) The carrying value is gross of $2.2 million and $0.9 million of allowance for loan losses as of December 31, 2016 and December 31, 2015 , respectively.

Offsetting Assets and Liabili33

Offsetting Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2016
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 December 31, 2016 and 2015 (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 December 31, 2016 Commercial mortgage loans $ 257,664 $ — $ 257,664 $ 399,914 $ 5,000 $ — Real estate securities (*) 66,639 — 66,639 102,358 21 — December 31, 2015 Commercial mortgage loans 206,239 — 206,239 355,802 5,000 — Real estate securities (*) 117,211 — 117,211 171,071 366 — ________________________ * Includes $53.3 million and $56.0 million of Tranche C of Company issued CLO held by the Company, which eliminates within the real estate securities, at fair value line of the consolidated balance sheets as of December 31, 2016 and December 31, 2015 , respectively .

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table represents the Company's operations by segment for the years ended December 31, 2016 , 2015 and 2014 (in thousands): December 31, 2016 Total Real Estate Debt Real Estate Securities Interest income $ 79,404 $ 73,884 $ 5,520 Interest expense 23,169 20,719 2,450 Realized loss on sale of real estate securities 1,906 — 1,906 Net income 29,990 29,797 193 Total assets 1,248,125 1,198,806 49,319 December 31, 2015 Interest income 59,393 56,040 3,353 Interest expense 12,268 11,149 1,119 Net income 24,933 24,401 532 Total assets $ 1,282,484 $ 1,150,858 $ 131,626 December 31, 2014 Interest income 15,466 14,733 733 Interest expense 2,196 1,985 211 Realized gain on sale of commercial mortgage loan 112 112 — Net income 5,415 5,209 206 Total assets $ 514,220 $ 463,526 $ 50,694

Organization and Business Ope35

Organization and Business Operations - Narrative (Details) - USD ($) $ in Thousands	May 14, 2013	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Proceeds from issuances of common stock	$ 2,000	$ 0	$ 385,203	$ 345,944

Summary of Significant Accoun36

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)		Feb. 28, 2016	May 13, 2013	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2016
Equity, Class of Treasury Stock [Line Items]
Share repurchase program, period in force		1 year
Repurchase price percent of NAV per share year one		92.50%
Repurchase price percent of NAV per share year two		95.00%
Repurchase price percent of NAV per share year three		97.50%
Repurchase price percent of NAV per share year four		100.00%
Repurchase limit percent per fiscal semester		2.50%			2.50%
Repurchase limit percent per fiscal year		5.00%
NAV per share									$ 20.05
Required notice period for termination						10 days
Shares issued under DRIP (in shares)						2,094,291
Minimum distribution percentage to qualify for REIT taxation status						90.00%
Income tax expense						$ 0	$ 0	$ 209,000
Dividends declared per share			$ 2.0625	$ 2.0625		$ 2.06	$ 2.06
Ordinary income declared per share						0.98	1.31
Return of capital declared per share						$ 1.08	$ 0.75
Administrative services expenses	[1]						$ 600,000	0
Advisor
Equity, Class of Treasury Stock [Line Items]
Offering costs reimbursable percentage						2.00%
Dealer Manager | Maximum
Equity, Class of Treasury Stock [Line Items]
Dealer fees and offering costs, percentage						12.00%
Board Expense
Equity, Class of Treasury Stock [Line Items]
Reclassification and presentation adjustments								300,000
Insurance Expense
Equity, Class of Treasury Stock [Line Items]
Reclassification and presentation adjustments								$ 200,000
Other Expenses, Board Expense
Equity, Class of Treasury Stock [Line Items]
Reclassification and presentation adjustments							200,000
Other Expenses, Insurance Expense
Equity, Class of Treasury Stock [Line Items]
Reclassification and presentation adjustments							$ 200,000
Common Stock
Equity, Class of Treasury Stock [Line Items]
Shares issued under DRIP (in shares)						1,031,812	842,946	211,577
Reclassification and presentation adjustments								$ 500,000
[1]	During the year ended December 31, 2015, the Company reported Administrative services expenses within the Professional fees line. For the year ended December 31, 2016 the amounts are presented separately and the change was applied retrospectively. We did not incur any administrative services expenses in 2014.

Commercial Mortgage Loans - Nar

Commercial Mortgage Loans - Narrative (Details)	12 Months Ended
	Dec. 31, 2016ratingloan	Dec. 31, 2015ratingloan
Receivables [Abstract]
Number of mezzanine loans funded | loan	71	77
Initial risk rating	2
Weighted average risk rating of loans	2.1	2

Commercial Mortgage Loans - Loa

Commercial Mortgage Loans - Loans Receivable by Class (Details) - USD ($) $ in Thousands		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Receivables [Abstract]
Senior loans		$ 901,907	$ 894,075
Mezzanine loans		136,830	221,014
Subordinated loans		10,000	10,000
Total gross carrying value of loans		1,048,737	1,125,089
Allowance for commercial mortgage loans		2,181	888	$ 570
Total commercial mortgage loans,held-for-investment, net	[1]	$ 1,046,556	$ 1,124,201
[1]	Includes $417.1 million and $425.7 million of loans net of allowance of $1.0 million and $0.4 million pledged as collateral on collateralized loan obligations ("CLO"), a variable interest entity ("VIE") as of December 31, 2016 and 2015, respectively.

Commercial Mortgage Loans - Pro

Commercial Mortgage Loans - Provision for Loan Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Allowance for Loan and Lease Losses [Roll Forward]
Beginning of period	$ 888	$ 570
Provision for loan losses	1,293	318	$ 570
Charge-offs	0	0
Recoveries	0	0
Ending allowance for loan losses	$ 2,181	$ 888	$ 570

Commercial Mortgage Loans - L40

Commercial Mortgage Loans - Loans Receivable Portfolio (Details) - First Mortgage - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 1,077,237	$ 1,134,446
Percentage	100.00%	100.00%
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 340,944	$ 307,876
Percentage	31.60%	27.20%
Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 329,203	$ 305,129
Percentage	30.60%	26.90%
Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 143,582	$ 171,752
Percentage	13.30%	15.10%
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 154,684	$ 158,784
Percentage	14.40%	14.00%
Mixed Use
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 56,136	$ 138,798
Percentage	5.20%	12.20%
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 52,688	$ 52,107
Percentage	4.90%	4.60%

Commercial Mortgage Loans - Rea

Commercial Mortgage Loans - Real Estate Notes Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at Beginning of Year	$ 1,124,201	$ 456,884
Acquisitions and originations	53,640	793,731
Dispositions	(44,355)	0
Principal repayments	(66,490)	(127,643)
Discount accretion and premium amortization	2,279	1,547
Loans transferred to commercial real estate loans, held-for-sale, at fair value	(21,179)	0
Unrealized losses on loans held-for-sale	(247)	0	$ 0
Provision for loan losses	(1,293)	(318)	(570)
Balance at End of Year	$ 1,046,556	$ 1,124,201	$ 456,884

Real Estate Securities - Fair V

Real Estate Securities - Fair Value Measurements, Recurring and Nonrecurring (Details) - CMBS $ in Thousands	Dec. 31, 2016USD ($)investment	Dec. 31, 2015USD ($)investment
Schedule of Available-for-sale Securities [Line Items]
Number of Investments | investment	6	16
Weighted Average Interest Rate	5.75%	4.71%
Par Value	$ 50,000	$ 133,183
Fair Value	$ 49,049	$ 130,754

Real Estate Securities - Availa

Real Estate Securities - Available-for-sale Securities (Details) - CMBS - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 49,548	$ 133,008
Unrealized Gains	0	0
Unrealized Losses	(499)	(2,254)
Fair Value	$ 49,049	$ 130,754

Real Estate Securities - Narrat

Real Estate Securities - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 29, 2017security	Dec. 31, 2016USD ($)investmentsecurity	Dec. 31, 2015USD ($)investment	Dec. 31, 2014USD ($)
Schedule of Available-for-sale Securities [Line Items]
Other-than-temporary impairment losses of one CMBS security		$ 310	$ 0	$ 0
Realized loss on sale of real estate securities		$ 1,906	$ 0	$ 0
CMBS
Schedule of Available-for-sale Securities [Line Items]
Number of investments | investment		6	16
Aggregate carrying value		$ 49,548	$ 133,008
Unrealized Losses		$ (499)	$ (2,254)
Number of investments in an unrealized loss position | investment		2
Unrealized loss for 12 months or longer		$ 200
Number of CMBS securities sold | security		10
Impaired CMBS
Schedule of Available-for-sale Securities [Line Items]
Other-than-temporary impairment losses of one CMBS security		$ 300
Subsequent Event | CMBS
Schedule of Available-for-sale Securities [Line Items]
Number of investments | security	2
Number of CMBS securities sold | security	4

Debt - Narrative (Details)

Debt - Narrative (Details)	12 Months Ended
	Dec. 31, 2016USD ($)mortgage_asset$ / sharesshares	Dec. 31, 2015USD ($)mortgage_asset$ / sharesshares	Dec. 27, 2016USD ($)	Oct. 05, 2016USD ($)	Oct. 19, 2015USD ($)$ / sharesshares
Line of Credit Facility [Line Items]
Preferred stock, shares issued (in shares) | shares	0	0
Preferred stock, par value per share (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Minimum
Line of Credit Facility [Line Items]
Master repurchase agreements maturity (days)	30 days
Maximum
Line of Credit Facility [Line Items]
Master repurchase agreements maturity (days)	90 days
U.S. Bank National Association
Line of Credit Facility [Line Items]
Preferred stock, shares issued (in shares) | shares					78,188,494
Preferred stock, par value per share (in dollars per share) | $ / shares					$ 0.001
Preferred stock, liquidation preference (in dollars per share) | $ / shares					$ 1,000
Secured Debt | U.S. Bank National Association
Line of Credit Facility [Line Items]
Notes payable	$ 350,230,000	$ 350,230,000			$ 350,200,000
Secured Debt | U.S. Bank National Association | Tranche C
Line of Credit Facility [Line Items]
Notes payable	$ 76,044,000	$ 76,044,000			76,000,000
Secured Debt | U.S. Bank National Association | Subsidiaries | Tranche C
Line of Credit Facility [Line Items]
Notes payable					$ 56,000,000
Secured Debt | Collateralized Loan Obligations | U.S. Bank National Association
Line of Credit Facility [Line Items]
Collateral (mortgage asset) | mortgage_asset	27	28
Collateral amount	$ 419,300,000	$ 428,400,000
GS Repo Facility
Line of Credit Facility [Line Items]
Extension on initial maturity date	1 year
Revolving Credit Facility
Line of Credit Facility [Line Items]
Amount Outstanding	$ 66,639,000	$ 117,211,000
Interest Rate	2.50%	2.01%
Revolving Credit Facility | JPM Repo Facility
Line of Credit Facility [Line Items]
Unsecured line of credit	$ 150,000,000			$ 300,000,000
Amount Outstanding	$ 257,700,000	$ 84,300,000
Interest Rate	3.08%	3.11%
Interest expense	$ 6,000,000	$ 5,500,000
Revolving Credit Facility | GS Repo Facility
Line of Credit Facility [Line Items]
Unsecured line of credit			$ 250,000,000
Revolving Credit Facility | Barclays Repo Facility
Line of Credit Facility [Line Items]
Unsecured line of credit	$ 150,000,000
Amount Outstanding		$ 121,900,000
Interest Rate	2.87%	2.16%
Interest expense	$ 6,100,000	$ 4,000,000
LIBOR | Revolving Credit Facility | JPM Repo Facility | Minimum
Line of Credit Facility [Line Items]
Interest Rate	2.25%
LIBOR | Revolving Credit Facility | JPM Repo Facility | Maximum
Line of Credit Facility [Line Items]
Interest Rate	4.50%
LIBOR | Revolving Credit Facility | GS Repo Facility | Minimum
Line of Credit Facility [Line Items]
Interest Rate	2.35%
LIBOR | Revolving Credit Facility | GS Repo Facility | Maximum
Line of Credit Facility [Line Items]
Interest Rate	2.85%

Debt - Schedule of Master Repur

Debt - Schedule of Master Repurchase Agreements (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015
Assets Sold under Agreements to Repurchase [Line Items]
Accrued Interest	[1]	$ 897	$ 792
Real estate securities, available for sale, at fair value		49,049	130,754
Secured Debt | U.S. Bank National Association | Tranche C
Assets Sold under Agreements to Repurchase [Line Items]
Real estate securities, available for sale, at fair value		53,300	56,000
Revolving Credit Facility
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		66,639	117,211
Accrued Interest		101	182
Collateral Pledged		$ 102,358	$ 171,071
Interest Rate		2.50%	2.01%
Days to Maturity		8 days	17 days
Revolving Credit Facility | JP Morgan Securities LLC
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		$ 59,122	$ 86,898
Accrued Interest		96	108
Collateral Pledged		$ 92,658	$ 130,618
Interest Rate		2.55%	2.03%
Days to Maturity		6 days	8 days
Revolving Credit Facility | Citigroup Global Markets, Inc.
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		$ 3,879	$ 26,619
Accrued Interest		1	71
Collateral Pledged		$ 4,850	$ 35,528
Interest Rate		2.11%	2.00%
Days to Maturity		26 days	45 days
Revolving Credit Facility | Wells Fargo Securities, LLC
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		$ 3,638	$ 3,694
Accrued Interest		4	3
Collateral Pledged		$ 4,850	$ 4,925
Interest Rate		2.05%	1.67%
Days to Maturity		13 days	13 days
[1]	Includes $0.6 million and $0.5 million of interest payable for loans pledged as collateral on CLO, a VIE as of December 31, 2016 and 2015, respectively.

Debt - Collateralized Loan Obli

Debt - Collateralized Loan Obligation by Tranche (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Oct. 19, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Collateralized loan obligations	$ 278,450	$ 287,229
Allowance for commercial mortgage loans	$ 2,181	$ 888		$ 570
Secured Debt | Tranche A | 1M LIBOR
Debt Instrument [Line Items]
Interest Rate	1.75%	1.75%
Secured Debt | Tranche B | 1M LIBOR
Debt Instrument [Line Items]
Interest Rate	3.88%	3.88%
Secured Debt | Tranche C | 1M LIBOR
Debt Instrument [Line Items]
Interest Rate	5.25%	5.25%
U.S. Bank National Association | Secured Debt
Debt Instrument [Line Items]
Par Value Issued	$ 350,230	$ 350,230	$ 350,200
Par Value Outstanding	285,036	294,186
U.S. Bank National Association | Secured Debt | Tranche A
Debt Instrument [Line Items]
Par Value Issued	231,345	231,345
Par Value Outstanding	222,195	231,345
U.S. Bank National Association | Secured Debt | Tranche B
Debt Instrument [Line Items]
Par Value Issued	42,841	42,841
Par Value Outstanding	42,841	42,841
U.S. Bank National Association | Secured Debt | Tranche C
Debt Instrument [Line Items]
Par Value Issued	76,044	76,044	$ 76,000
Par Value Outstanding	20,000	20,000
RFT issued Collaterized Loan Obligation | U.S. Bank National Association | Secured Debt | Tranche C
Debt Instrument [Line Items]
Par Value Outstanding	56,000	56,000
Collaterized loan obligation
Debt Instrument [Line Items]
Par Value Issued	334,246	342,998
Allowance for commercial mortgage loans	1,017	422
Collaterized loan obligation | U.S. Bank National Association | Secured Debt | Tranche C
Debt Instrument [Line Items]
Par Value Issued	$ 55,800	$ 55,800

Debt - Collateralized Loan Ob48

Debt - Collateralized Loan Obligation (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Oct. 19, 2015	Dec. 31, 2014	Dec. 31, 2013
Variable Interest Entity [Line Items]
Cash and cash equivalents		$ 118,048	$ 14,807		$ 386	$ 178
Commercial mortgage loans	[1]	1,046,556	1,124,201
Accrued interest receivable	[2]	5,955	5,360
Total assets		1,248,125	1,282,484		514,220
Interest payable	[3]	897	792
Total liabilities		614,475	628,155
Allowance for commercial mortgage loans		2,181	888		$ 570
Gross commercial mortgage loans		1,048,737	1,125,089
Secured Debt | U.S. Bank National Association
Variable Interest Entity [Line Items]
Notes payable		350,230	350,230	$ 350,200
Secured Debt | Tranche C | U.S. Bank National Association
Variable Interest Entity [Line Items]
Notes payable		76,044	76,044	$ 76,000
Collaterized loan obligation
Variable Interest Entity [Line Items]
Cash and cash equivalents		5	5
Commercial mortgage loans		417,057	425,733
Accrued interest receivable		1,101	1,048
Total assets		418,163	426,786
Notes payable		334,246	342,998
Interest payable		564	513
Total liabilities		334,810	343,511
Allowance for commercial mortgage loans		1,017	422
Gross commercial mortgage loans			426,200
Deferred financing costs and discount		6,800	7,200
Collaterized loan obligation | Secured Debt | Tranche C | U.S. Bank National Association
Variable Interest Entity [Line Items]
Notes payable		$ 55,800	55,800
Collaterized loan obligation | Loans Payable [Member]
Variable Interest Entity [Line Items]
Notes payable gross			348,300
Deferred financing cost			$ 5,300
[1]	Includes $417.1 million and $425.7 million of loans net of allowance of $1.0 million and $0.4 million pledged as collateral on collateralized loan obligations ("CLO"), a variable interest entity ("VIE") as of December 31, 2016 and 2015, respectively.
[2]	Includes $1.1 million and $1.0 million of interest receivable for loans pledged as collateral on CLO, a VIE as of December 31, 2016 and 2015, respectively.
[3]	Includes $0.6 million and $0.5 million of interest payable for loans pledged as collateral on CLO, a VIE as of December 31, 2016 and 2015, respectively.

Net Income Per Share - Summary

Net Income Per Share - Summary of the Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Net income	$ 29,990	$ 24,933	$ 5,415
Basic weighted average shares outstanding (in shares)	31,659,274	24,253,905	7,227,169
Unvested restricted shares (in shares)	7,230	5,264	5,390
Diluted weighted average shares outstanding (in shares)	31,666,504	24,259,169	7,232,559
Basic net income per share (in dollars per share)	$ 0.95	$ 1.03	$ 0.75
Diluted net income per share (in dollars per share)	$ 0.95	$ 1.03	$ 0.75

Common Stock - Narrative (Detai

Common Stock - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 28, 2016	Dec. 30, 2014	May 13, 2013	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2016	Dec. 31, 2013
Class of Stock [Line Items]
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)			$ 0.00565068493				$ 0.0056352459
Common stock, dividends, per share per annum, declared (in dollars per share)			$ 2.0625	$ 2.0625			$ 2.06	$ 2.06
DRIP offer price										$ 20.05
Total distributions							$ 65.3	$ 47.1
Cash distributions							40.3	26.9
Common stock issued under DRIP							$ 25	$ 20.2
Share repurchase program, period in force	1 year
Repurchase price percent of NAV per share year one	92.50%
Repurchase price percent of NAV per share year two	95.00%
Repurchase price percent of NAV per share year three	97.50%
Repurchase price percent of NAV per share year four	100.00%
Repurchase limit percent per fiscal semester	2.50%					2.50%
Repurchase limit percent per fiscal year	5.00%
Common Stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)					0
Convertible Stock
Class of Stock [Line Items]
Shares outstanding (in shares)					0	0	0	1,000	1,000		0
Issuance of convertible stock (in shares)		1,000							1,000
Common stock, shares issued (in shares)							1,000
Advisor | Common Stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)					0
Advisor | Convertible Stock
Class of Stock [Line Items]
Issuance of convertible stock (in shares)		1,000
Convertible stock, per share value		$ 1
Common Stock
Class of Stock [Line Items]
Shares outstanding (in shares)					31,884,631	31,884,631	31,884,631	31,385,280	15,472,192		1,330,669

Common Stock - Schedule of Shar

Common Stock - Schedule of Shares Repurchased (Details) - Share Repurchase Program (SRP) - Common Stock	1 Months Ended	3 Months Ended
	Jan. 31, 2017share_repurchase_requestshares	Dec. 31, 2016share_repurchase_request$ / sharesshares	Sep. 30, 2016share_repurchase_request$ / sharesshares	Jun. 30, 2016share_repurchase_request$ / sharesshares	Mar. 31, 2016share_repurchase_request$ / sharesshares	Dec. 31, 2015share_repurchase_request$ / sharesshares
Class of Stock [Line Items]
Cumulative number of repurchase requests | share_repurchase_request		985				301
Cumulative number of shares repurchased (in shares) | shares		918,683				381,474
Cumulative treasury stock acquired (usd per share) | $ / shares		$ 23.94				$ 23.72
Repurchase requests during period | share_repurchase_request		12	4	668	0
Number of shares repurchased during period (in shares) | shares		(2,573)	3,542	536,240	0
Treasury stock acquired (usd per share) | $ / shares		$ 23.57	$ 25.27	$ 24.08	$ 0
Subsequent Event
Class of Stock [Line Items]
Repurchase requests during period | share_repurchase_request	483
Number of shares repurchased during period (in shares) | shares	473,807

Commitments and Contingencies52

Commitments and Contingencies (Details) $ in Thousands	Oct. 20, 2016USD ($)	Jun. 06, 2016director	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Unfunded Commitments Under Commercial Mortgage Loans
Loss Contingencies [Line Items]
2,016			$ 0	$ 890
2,017			7,794	16,072
2,018			62,368	104,428
2,019			9,072	16,939
Total			79,234	$ 138,329
US District Court for The Southern District of New York and Styled Rurode vs. Reality Finance Trust, Inc., et. al. | Pending Litigation
Loss Contingencies [Line Items]
Number of directors against whom actions were filed | director		2
Value of loss contingency damages sought	$ 750
US District Court for The Southern District of New York and Styled Rurode vs. Reality Finance Trust, Inc., et. al. | Pending Litigation | Minimum
Loss Contingencies [Line Items]
Estimate of possible loss			0
US District Court for The Southern District of New York and Styled Rurode vs. Reality Finance Trust, Inc., et. al. | Pending Litigation | Maximum
Loss Contingencies [Line Items]
Estimate of possible loss			$ 750

Related Party Transactions an53

Related Party Transactions and Arrangements - Narrative (Details) - USD ($)		Sep. 29, 2016	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jun. 01, 2013
Related Party Transaction [Line Items]
Selling commission, organizational and offering costs, maximum					2.00%
Proceeds received from the offering					$ 800,000
Total commissions and fees incurred from the Dealer Manager	[1]			$ 4,376,000	644,000	$ 0
Asset management and subordinated performance fee				9,504,000	7,615,000	604,000
Prepaid expenses and other assets less than ($0.1 million)				$ 1,916,000	$ 689,000		$ 900,000
Common stock, shares outstanding and owned by related party (in shares)				31,884,631	31,385,280
Sponsor
Related Party Transaction [Line Items]
Common stock, shares outstanding and owned by related party (in shares)				52,771	8,888
Participating Broker Dealers
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%
Affiliated Entity
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager				$ 14,776,000	$ 20,965,000	7,724,000
Affiliated Entity | Asset Management Fee
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager				9,500,000	4,600,000	0
Affiliated Entity | Benefit Street Partners LLC
Related Party Transaction [Line Items]
Real estate acquisition fee, percentage		1.00%
Amount of purchase price to terminate Company's obligation to pay acquisition fees to the Advisor		$ 600,000,000
Maximum percent of principal amount funded given as acquisition fees and expenses		4.50%
Annual asset management fee, percent of stockholder's equity		1.50%
Subordinated performance fee, percent that total return exceeds per year		6.00%
Percent of excess total return		15.00%
Maximum annual subordinated performance fee payable percent of total return		10.00%
Monthly asset management fee, percent of equity		0.125%
Affiliated Entity | Benefit Street Partners LLC | Fee to Acquire and Originate Real Estate Debt
Related Party Transaction [Line Items]
Transaction rate		0.50%
Affiliated Entity | Benefit Street Partners LLC | Asset Management Fee
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager				2,400,000
Due to related parties				2,400,000
Affiliated Entity | Advisor | Asset Management Fee
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager				$ 7,100,000
Due to related parties					3,800,000
Dealer Manager
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				$ 0	37,092,000	33,190,000
Prepaid expenses and other assets less than ($0.1 million)				$ 0	100,000
Advisor
Related Party Transaction [Line Items]
Real estate acquisition fee, percentage				1.00%
Subordinated performance fee, percent that total return exceeds per year				6.00%
Percent of excess total return				15.00%
Maximum annual subordinated performance fee payable percent of total return				10.00%
Real estate acquisition fee, percentage reimbursement of acquisition costs, maximum exposure				4.50%
Total commissions and fees incurred from the Dealer Manager				$ 0	0	0
Annual asset management fee, percent of cost of company's assets				0.75%
Asset management and subordinated performance fee			$ 1,300,000		3,000,000	600,000
Advisor expenses payable, percent of average invested assets				2.00%
Advisor expenses payable, percent of net income				25.00%
Monthly asset management fee, percentage of cost of company's assets				0.0625%
Advisor | Fee to Acquire and Originate Real Estate Debt
Related Party Transaction [Line Items]
Transaction rate				0.50%
Advisor | Administrative Service and Personnel Cost Reimbursements
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager				$ 4,400,000	600,000
Advisor | Incurred | Acquisition fees and acquisition expenses
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager				800,000	7,900,000	4,400,000
Advisor | Payable | Acquisition fees and acquisition expenses
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager				$ 0	4,400,000	2,200,000
Advisor | Waived
Related Party Transaction [Line Items]
Acquisition related expenses and fees					$ 800,000	$ 600,000
[1]	During the year ended December 31, 2015, the Company reported Administrative services expenses within the Professional fees line. For the year ended December 31, 2016 the amounts are presented separately and the change was applied retrospectively. We did not incur any administrative services expenses in 2014.

Related Party Transactions an54

Related Party Transactions and Arrangements - Schedule of Selling Commissions and Dealer Manager Fees Payable to Affiliate (Details) - USD ($)		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager	[1]	$ 4,376,000	$ 644,000	$ 0
Payable to related party		4,064,000	4,327,000
Dealer Manager
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager		0	37,092,000	$ 33,190,000
Payable to related party		$ 0	$ 0
[1]	During the year ended December 31, 2015, the Company reported Administrative services expenses within the Professional fees line. For the year ended December 31, 2016 the amounts are presented separately and the change was applied retrospectively. We did not incur any administrative services expenses in 2014.

Related Party Transactions an55

Related Party Transactions and Arrangements - Schedule of Offering Cost Reimbursements to Related Party (Details) - USD ($)		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager	[1]	$ 4,376,000	$ 644,000	$ 0
Payable to related party		4,064,000	4,327,000
Reimbursement of excess payment of offering costs		800,000
Reimbursement of stock offering | Advisor and Dealer Manager
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager		0	7,442,000	$ 2,627,000
Payable to related party		$ 480,000	$ 480,000
[1]	During the year ended December 31, 2015, the Company reported Administrative services expenses within the Professional fees line. For the year ended December 31, 2016 the amounts are presented separately and the change was applied retrospectively. We did not incur any administrative services expenses in 2014.

Related Party Transactions an56

Related Party Transactions and Arrangements - Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services (Details) - USD ($)		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Total related party fees and reimbursements	[1]	$ 4,376,000	$ 644,000	$ 0
Payable to related party		4,064,000	4,327,000
Affiliated Entity
Related Party Transaction [Line Items]
Total related party fees and reimbursements		14,776,000	20,965,000	7,724,000
Payable to related party		3,584,000	3,847,000
Affiliated Entity | Acquisition fees and acquisition expenses | Nonrecurring Fees
Related Party Transaction [Line Items]
Total related party fees and reimbursements		806,000	12,286,000	6,578,000
Payable to related party		0	20,000
Affiliated Entity | Administrative services expenses | Nonrecurring Fees
Related Party Transaction [Line Items]
Payable to related party		1,000,000	0
Affiliated Entity | Advisory and investment banking fee | Nonrecurring Fees
Related Party Transaction [Line Items]
Total related party fees and reimbursements		6,000	56,000	542,000
Payable to related party		0	0
Affiliated Entity | Asset management and subordinated performance fee | Nonrecurring Fees
Related Party Transaction [Line Items]
Total related party fees and reimbursements		9,504,000	7,615,000	604,000
Payable to related party		2,439,000	3,792,000
Affiliated Entity | Other related party expenses | Nonrecurring Fees
Related Party Transaction [Line Items]
Total related party fees and reimbursements		84,000	364,000	$ 0
Payable to related party		$ 145,000	$ 35,000
[1]	During the year ended December 31, 2015, the Company reported Administrative services expenses within the Professional fees line. For the year ended December 31, 2016 the amounts are presented separately and the change was applied retrospectively. We did not incur any administrative services expenses in 2014.

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense			$ 876
Shares issued for services (in shares)			39
Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, price per share	$ 20.05
Restricted Shares and Unvested Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities excluded from computation (in shares)	15,414		10,666
Restricted Unvested Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities excluded from computation (in shares)	10,082		6,400
Forfeited Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities excluded from computation (in shares)	2,399		2,399
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities excluded from computation (in shares)	2,933		1,867
Restricted Share Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted under restricted share plan, maximum percentage of total shares allowed	5.00%
Maximum shares allowed to be granted under restricted share plan (in shares)	4,000,000
Restricted Share Plan | Restricted Common Stock | Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 44,324	$ 29,588	$ 27,281

Fair Value of Financial Instr58

Fair Value of Financial Instruments - Financial Instruments Carried at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, available for sale, at fair value	$ 49,049	$ 130,754
Fair Value, Measurements, Recurring | Real Estate Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, available for sale, at fair value	49,049	130,754
Level I | Fair Value, Measurements, Recurring | Real Estate Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, available for sale, at fair value	0	0
Level II | Fair Value, Measurements, Recurring | Real Estate Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, available for sale, at fair value	0	130,754
Level III | Fair Value, Measurements, Recurring | Real Estate Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, available for sale, at fair value	$ 49,049	$ 0

Fair Value of Financial Instr59

Fair Value of Financial Instruments - Changes in the Company's Financial Instruments Classified as Level III (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 29, 2017USD ($)security	Dec. 31, 2016USD ($)security	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Impairment losses on real estate securities		$ (310)	$ 0	$ 0
Net accretion		2,336	1,561	399
Cash repayments/receipts		$ 2,218	3,010	$ 73
CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Number of CMBS securities sold | security		10
Real Estate Securities | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 49,049	$ 0
Transfers into Level III		57,639
Realized and unrealized gains (losses) included in earnings		(874)
Impairment losses on real estate securities		(310)
Net accretion		0
Unrealized gains (losses) included in OCI		1,719
Purchases		0
Sales		(9,125)
Cash repayments/receipts		0
Transfers out of Level III		0
Ending balance		$ 49,049	$ 0
Subsequent Event | CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Number of CMBS securities sold | security	4

Fair Value of Financial Instr60

Fair Value of Financial Instruments - Significant Unobservable Inputs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, available for sale, at fair value	$ 49,049	$ 130,754
Real Estate Securities | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, available for sale, at fair value	49,049	130,754
Real Estate Securities | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, available for sale, at fair value	$ 49,049	$ 0
Minimum | Real Estate Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	3.70%
Maximum | Real Estate Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	8.25%

Fair Value of Financial Instr61

Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value on a Non-Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-sale, measured at fair value	$ 21,179	$ 0	$ 0
Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-sale, measured at fair value	0
Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-sale, measured at fair value	0
Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-sale, measured at fair value	$ 21,179

Fair Value of Financial Instr62

Fair Value of Financial Instruments - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans (1)	[1]	$ 1,046,556	$ 1,124,201
Collateralized loan obligations		278,450	287,229
Allowance for commercial mortgage loans		2,181	888	$ 570
Carrying Amount | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans (1)		1,048,737	1,125,089
Allowance for commercial mortgage loans		2,200	900
Carrying Amount | Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized loan obligations		278,450	287,229
Fair Value | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans (1)		1,029,756	1,138,841
Fair Value | Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized loan obligations		$ 282,001	$ 289,733
[1]	Includes $417.1 million and $425.7 million of loans net of allowance of $1.0 million and $0.4 million pledged as collateral on collateralized loan obligations ("CLO"), a variable interest entity ("VIE") as of December 31, 2016 and 2015, respectively.

Offsetting Assets and Liabili63

Offsetting Assets and Liabilities - Offsetting Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Offsetting Liabilities [Line Items]
Real estate securities, available for sale, at fair value	$ 49,049	$ 130,754
Secured Debt | U.S. Bank National Association | Tranche C
Offsetting Liabilities [Line Items]
Real estate securities, available for sale, at fair value	53,300	56,000
Commercial mortgage loans
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	257,664	206,239
Gross Amounts Offset on the Balance Sheet	0	0
Net Amount of Liabilities Presented on the Balance Sheet	257,664	206,239
Financial Instruments	399,914	355,802
Cash Collateral Pledged	5,000	5,000
Net Amount	0	0
Real Estate Securities
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	66,639	117,211
Gross Amounts Offset on the Balance Sheet	0	0
Net Amount of Liabilities Presented on the Balance Sheet	66,639	117,211
Financial Instruments	102,358	171,071
Cash Collateral Pledged	21	366
Net Amount	$ 0	$ 0

Segment Reporting - Schedule of

Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Interest income	$ 79,404	$ 59,393	$ 15,466
Interest expense	23,169	12,268	2,196
Realized loss on sale of real estate securities	1,906	0	0
Realized gain on sale of commercial mortgage loan	0	0	112
Net income	29,990	24,933	5,415
Total assets	1,248,125	1,282,484	514,220
Operating Segments | Real Estate Debt
Segment Reporting Information [Line Items]
Interest income	73,884	56,040	14,733
Interest expense	20,719	11,149	1,985
Realized loss on sale of real estate securities	0
Realized gain on sale of commercial mortgage loan			112
Net income	29,797	24,401	5,209
Total assets	1,198,806	1,150,858	463,526
Operating Segments | Real Estate Securities
Segment Reporting Information [Line Items]
Interest income	5,520	3,353	733
Interest expense	2,450	1,119	211
Realized loss on sale of real estate securities	1,906
Realized gain on sale of commercial mortgage loan			0
Net income	193	532	206
Total assets	$ 49,319	$ 131,626	$ 50,694

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 03, 2017	Feb. 28, 2016	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jan. 31, 2017
Subsequent Event [Line Items]
Distributions paid				$ 40,251	$ 26,949	$ 7,592
Cash distributions				40,300	26,900
Common stock issued through distribution reinvestment plan				$ 25,047	$ 20,161	$ 5,027
Shares issued under DRIP (in shares)				2,094,291
Repurchase limit percent per fiscal semester		2.50%	2.50%
Subsequent Event
Subsequent Event [Line Items]
Distributions paid	$ 5,600
Cash distributions	3,600
Common stock issued through distribution reinvestment plan	$ 2,000
Shares issued under DRIP (in shares)	100,118
Number of shares authorized to be repurchased							473,807
Average price per share authorized to be repurchased (usd per share)							$ 19.03

Schedule IV - Mortgage Loans66

Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Mortgage Loans on Real Estate [Line Items]
Carrying Amount	$ 1,048,737	$ 1,125,089
First Mortgage
Mortgage Loans on Real Estate [Line Items]
Face Amount	1,077,237	1,134,446
Carrying Amount	1,069,916
First Mortgage | Retail
Mortgage Loans on Real Estate [Line Items]
Face Amount	154,684	158,784
First Mortgage | Retail | Senior 1
Mortgage Loans on Real Estate [Line Items]
Face Amount	7,460
Carrying Amount	$ 7,448
Interest Rate	4.75%
First Mortgage | Retail | Senior 5
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 14,600
Carrying Amount	$ 14,563
Interest Rate	4.25%
First Mortgage | Retail | Senior 12
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 9,850
Carrying Amount	$ 9,822
Interest Rate	5.25%
First Mortgage | Retail | Senior 16
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 4,725
Carrying Amount	$ 4,698
Interest Rate	5.50%
First Mortgage | Retail | Senior 17
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 25,247
Carrying Amount	$ 25,144
Interest Rate	4.75%
First Mortgage | Retail | Senior 19
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 7,500
Carrying Amount	$ 7,459
Interest Rate	5.00%
First Mortgage | Retail | Senior 27
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 9,450
Carrying Amount	$ 9,438
Interest Rate	4.90%
First Mortgage | Retail | Senior 36
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 11,800
Carrying Amount	$ 11,780
Interest Rate	4.75%
First Mortgage | Retail | Senior 37
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 13,500
Carrying Amount	$ 13,491
Interest Rate	5.00%
First Mortgage | Retail | Senior 38
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 11,684
Carrying Amount	$ 11,646
Interest Rate	4.50%
First Mortgage | Retail | Senior 48
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 26,905
Carrying Amount	$ 26,889
Interest Rate	4.75%
First Mortgage | Retail | Mezzanine 7
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 1,963
Carrying Amount	$ 1,971
Interest Rate	13.00%
First Mortgage | Retail | Subordinate 1
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 10,000
Carrying Amount	$ 10,000
Interest Rate	11.00%
First Mortgage | Office
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 340,944	307,876
First Mortgage | Office | Senior 2
Mortgage Loans on Real Estate [Line Items]
Face Amount	8,676
Carrying Amount	$ 8,637
Interest Rate	4.65%
First Mortgage | Office | Senior 3
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 38,750
Carrying Amount	$ 38,560
Interest Rate	5.25%
First Mortgage | Office | Senior 4
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 13,442
Carrying Amount	$ 13,404
Interest Rate	4.75%
First Mortgage | Office | Senior 6
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 19,979
Carrying Amount	$ 19,952
Interest Rate	4.55%
First Mortgage | Office | Senior 9
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 12,000
Carrying Amount	$ 11,975
Interest Rate	4.75%
First Mortgage | Office | Senior 15
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 33,734
Carrying Amount	$ 33,645
Interest Rate	4.65%
First Mortgage | Office | Senior 20
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 13,389
Carrying Amount	$ 13,350
Interest Rate	5.00%
First Mortgage | Office | Senior 31
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 27,413
Carrying Amount	$ 27,305
Interest Rate	4.60%
First Mortgage | Office | Senior 34
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 35,000
Carrying Amount	$ 34,951
Interest Rate	5.00%
First Mortgage | Office | Senior 35
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 6,290
Carrying Amount	$ 6,287
Interest Rate	4.90%
First Mortgage | Office | Senior 40
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 31,250
Carrying Amount	$ 31,206
Interest Rate	4.50%
First Mortgage | Office | Senior 46
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 28,489
Carrying Amount	$ 28,435
Interest Rate	4.25%
First Mortgage | Office | Mezzanine 1
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 5,000
Carrying Amount	$ 5,060
Interest Rate	11.00%
First Mortgage | Office | Mezzanine 4
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 16,447
Carrying Amount	$ 16,447
Interest Rate	7.25%
First Mortgage | Office | Mezzanine 5
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 7,000
Carrying Amount	$ 7,019
Interest Rate	12.00%
First Mortgage | Office | Mezzanine 8
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 5,085
Carrying Amount	$ 5,085
Interest Rate	10.00%
First Mortgage | Office | Mezzanine 11
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 10,000
Carrying Amount	$ 10,000
Interest Rate	8.00%
First Mortgage | Office | Mezzanine 13
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 10,000
Carrying Amount	$ 9,528
Interest Rate	10.00%
First Mortgage | Office | Mezzanine 14
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 10,000
Carrying Amount	$ 9,388
Interest Rate	10.75%
First Mortgage | Office | Mezzanine 19
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 9,000
Carrying Amount	$ 8,821
Interest Rate	10.50%
First Mortgage | Multifamily | Senior 7
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 17,959
Carrying Amount	$ 17,892
Interest Rate	4.75%
First Mortgage | Multifamily | Senior 8
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 14,730
Carrying Amount	$ 14,680
Interest Rate	4.50%
First Mortgage | Multifamily | Senior 10
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 23,784
Carrying Amount	$ 23,732
Interest Rate	4.25%
First Mortgage | Multifamily | Senior 11
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 9,130
Carrying Amount	$ 9,097
Interest Rate	4.75%
First Mortgage | Multifamily | Senior 18
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 43,083
Carrying Amount	$ 42,985
Interest Rate	4.00%
First Mortgage | Multifamily | Senior 24
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 18,941
Carrying Amount	$ 18,897
Interest Rate	4.20%
First Mortgage | Multifamily | Senior 26
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 42,943
Carrying Amount	$ 42,768
Interest Rate	4.25%
First Mortgage | Multifamily | Senior 30
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 8,850
Carrying Amount	$ 8,828
Interest Rate	4.70%
First Mortgage | Multifamily | Senior 32
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 8,016
Carrying Amount	$ 7,996
Interest Rate	4.75%
First Mortgage | Multifamily | Senior 39
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 18,075
Carrying Amount	$ 18,033
Interest Rate	4.50%
First Mortgage | Multifamily | Senior 41
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 26,195
Carrying Amount	$ 26,109
Interest Rate	4.25%
First Mortgage | Multifamily | Senior 42
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 29,940
Carrying Amount	$ 29,970
Interest Rate	3.85%
First Mortgage | Multifamily | Senior 43
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 10,920
Carrying Amount	$ 10,930
Interest Rate	3.95%
First Mortgage | Multifamily | Senior 44
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 13,120
Carrying Amount	$ 13,133
Interest Rate	3.95%
First Mortgage | Multifamily | Senior 45
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 5,894
Carrying Amount	$ 5,899
Interest Rate	4.05%
First Mortgage | Multifamily | Senior 47
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 14,336
Carrying Amount	$ 14,303
Interest Rate	5.00%
First Mortgage | Multifamily | Senior 49
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 10,807
Carrying Amount	$ 10,793
Interest Rate	4.75%
First Mortgage | Multifamily | Mezzanine 9
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 5,000
Carrying Amount	$ 5,021
Interest Rate	9.00%
First Mortgage | Multifamily | Mezzanine 10
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 3,480
Carrying Amount	$ 3,494
Interest Rate	9.50%
First Mortgage | Multifamily | Mezzanine 12
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 4,000
Carrying Amount	$ 4,049
Interest Rate	12.00%
First Mortgage | Industrial
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 52,688	52,107
First Mortgage | Industrial | Senior 13
Mortgage Loans on Real Estate [Line Items]
Face Amount	19,033
Carrying Amount	$ 18,973
Interest Rate	4.25%
First Mortgage | Industrial | Senior 28
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 33,655
Carrying Amount	$ 33,635
Interest Rate	4.00%
First Mortgage | Hospitality
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 143,582	171,752
First Mortgage | Hospitality | Senior 14
Mortgage Loans on Real Estate [Line Items]
Face Amount	10,350
Carrying Amount	$ 10,307
Interest Rate	5.50%
First Mortgage | Hospitality | Senior 21
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 11,482
Carrying Amount	$ 11,468
Interest Rate	5.75%
First Mortgage | Hospitality | Senior 22
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 14,625
Carrying Amount	$ 14,584
Interest Rate	5.30%
First Mortgage | Hospitality | Senior 23
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 14,193
Carrying Amount	$ 14,092
Interest Rate	5.50%
First Mortgage | Hospitality | Senior 33
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 16,800
Carrying Amount	$ 16,773
Interest Rate	4.90%
First Mortgage | Hospitality | Mezzanine 2
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 3,000
Carrying Amount	$ 2,970
Interest Rate	11.00%
First Mortgage | Hospitality | Mezzanine 3
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 11,000
Carrying Amount	$ 11,000
Interest Rate	7.05%
First Mortgage | Hospitality | Mezzanine 6
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 12,000
Carrying Amount	$ 12,000
Interest Rate	9.00%
First Mortgage | Hospitality | Mezzanine 15
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 7,140
Carrying Amount	$ 6,584
Interest Rate	10.00%
First Mortgage | Hospitality | Mezzanine 16
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 3,900
Carrying Amount	$ 3,596
Interest Rate	10.00%
First Mortgage | Hospitality | Mezzanine 17
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 12,510
Carrying Amount	$ 11,536
Interest Rate	10.00%
First Mortgage | Hospitality | Mezzanine 18
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 8,050
Carrying Amount	$ 7,423
Interest Rate	10.00%
First Mortgage | Hospitality | Mezzanine 20
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 6,182
Carrying Amount	$ 4,667
Interest Rate	5.50%
First Mortgage | Hospitality | Mezzanine 21
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 12,350
Carrying Amount	$ 12,350
Interest Rate	10.00%
First Mortgage | Mixed Use
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 56,136	$ 138,798
First Mortgage | Mixed Use | Senior 25
Mortgage Loans on Real Estate [Line Items]
Face Amount	10,901
Carrying Amount	$ 10,874
Interest Rate	5.10%
First Mortgage | Mixed Use | Senior 29
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 45,235
Carrying Amount	$ 45,071
Interest Rate	5.50%

Schedule IV - Mortgage Loans67

Schedule IV - Mortgage Loans on Real Estate Phantom (Details) - First Mortgage	Dec. 31, 2016
Office | Senior 2
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.65%
Office | Senior 3
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.25%
Office | Senior 4
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.75%
Office | Senior 6
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.55%
Office | Senior 9
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.75%
Office | Senior 15
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.65%
Office | Senior 20
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.00%
Office | Senior 31
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.60%
Office | Senior 34
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.00%
Office | Senior 35
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.90%
Office | Senior 40
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.50%
Office | Senior 46
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.25%
Office | Mezzanine 1
Mortgage Loans on Real Estate [Line Items]
Interest Rate	11.00%
Office | Mezzanine 4
Mortgage Loans on Real Estate [Line Items]
Interest Rate	7.25%
Office | Mezzanine 5
Mortgage Loans on Real Estate [Line Items]
Interest Rate	12.00%
Office | Mezzanine 8
Mortgage Loans on Real Estate [Line Items]
Interest Rate	10.00%
Office | Mezzanine 11
Mortgage Loans on Real Estate [Line Items]
Interest Rate	8.00%
Office | Mezzanine 13
Mortgage Loans on Real Estate [Line Items]
Interest Rate	10.00%
Office | Mezzanine 14
Mortgage Loans on Real Estate [Line Items]
Interest Rate	10.75%
Office | Mezzanine 19
Mortgage Loans on Real Estate [Line Items]
Interest Rate	10.50%
Retail | Senior 1
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.75%
Retail | Senior 5
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.25%
Retail | Senior 12
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.25%
Retail | Senior 16
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.50%
Retail | Senior 17
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.75%
Retail | Senior 19
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.00%
Retail | Senior 27
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.90%
Retail | Senior 36
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.75%
Retail | Senior 37
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.00%
Retail | Senior 38
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.50%
Retail | Senior 48
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.75%
Retail | Mezzanine 7
Mortgage Loans on Real Estate [Line Items]
Interest Rate	13.00%
Retail | Subordinate 1
Mortgage Loans on Real Estate [Line Items]
Interest Rate	11.00%
Mixed Use | Senior 25
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.10%
Mixed Use | Senior 29
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.50%
Multifamily | Senior 7
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.75%
Multifamily | Senior 8
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.50%
Multifamily | Senior 10
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.25%
Multifamily | Senior 11
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.75%
Multifamily | Senior 18
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.00%
Multifamily | Senior 24
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.20%
Multifamily | Senior 26
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.25%
Multifamily | Senior 30
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.70%
Multifamily | Senior 32
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.75%
Multifamily | Senior 39
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.50%
Multifamily | Senior 41
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.25%
Multifamily | Senior 42
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.85%
Multifamily | Senior 43
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.95%
Multifamily | Senior 44
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.95%
Multifamily | Senior 45
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.05%
Multifamily | Senior 47
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.00%
Multifamily | Senior 49
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.75%
Multifamily | Mezzanine 9
Mortgage Loans on Real Estate [Line Items]
Interest Rate	9.00%
Multifamily | Mezzanine 10
Mortgage Loans on Real Estate [Line Items]
Interest Rate	9.50%
Multifamily | Mezzanine 12
Mortgage Loans on Real Estate [Line Items]
Interest Rate	12.00%
Industrial | Senior 13
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.25%
Industrial | Senior 28
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.00%
Hospitality | Senior 14
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.50%
Hospitality | Senior 21
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.75%
Hospitality | Senior 22
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.30%
Hospitality | Senior 23
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.50%
Hospitality | Senior 33
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.90%
Hospitality | Mezzanine 2
Mortgage Loans on Real Estate [Line Items]
Interest Rate	11.00%
Hospitality | Mezzanine 3
Mortgage Loans on Real Estate [Line Items]
Interest Rate	7.05%
Hospitality | Mezzanine 6
Mortgage Loans on Real Estate [Line Items]
Interest Rate	9.00%
Hospitality | Mezzanine 15
Mortgage Loans on Real Estate [Line Items]
Interest Rate	10.00%
Hospitality | Mezzanine 16
Mortgage Loans on Real Estate [Line Items]
Interest Rate	10.00%
Hospitality | Mezzanine 17
Mortgage Loans on Real Estate [Line Items]
Interest Rate	10.00%
Hospitality | Mezzanine 18
Mortgage Loans on Real Estate [Line Items]
Interest Rate	10.00%
Hospitality | Mezzanine 20
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.50%
Hospitality | Mezzanine 21
Mortgage Loans on Real Estate [Line Items]
Interest Rate	10.00%