Franklin BSP Realty Trust (FBRT) 10-Q 14 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 31, 2017
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	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding (in shares)		31,704,950

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)		Sep. 30, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents		$ 72,262,000	$ 118,048,000
Restricted cash		7,754,000	5,021,000
Commercial mortgage loans, held for investment, net of allowance of $2,600 and $2,181		1,285,106,000	1,046,556,000
Commercial mortgage loans, held-for-sale		31,180,000	21,179,000
Commercial mortgage loans, held-for-sale, measured at fair value		60,950,000	0
Real estate securities, available-for-sale, at fair value		0	49,049,000
Derivative instruments, at fair value		960,000	0
Receivable for loan repayment	[1]	53,077,000	401,000
Accrued interest receivable		6,603,000	5,955,000
Prepaid expenses and other assets		3,210,000	1,916,000
Total assets		1,521,102,000	1,248,125,000
LIABILITIES AND STOCKHOLDERS' EQUITY
Collateralized loan obligations		515,500,000	278,450,000
Other financing - commercial mortgage loans		29,956,000	0
Credit derivatives		1,003,000	0
Interest payable		1,302,000	897,000
Distributions payable		3,766,000	5,591,000
Accounts payable and accrued expenses		3,110,000	1,170,000
Due to affiliates		4,583,000	4,064,000
Total liabilities		917,640,000	614,475,000
Commitments and Contingencies
Preferred stock, $0.01 par value, 50,000,000 authorized, none issued and outstanding as of September 30, 2017 and December 31, 2016		0	0
Common stock, $0.01 par value, 949,999,000 shares authorized, 31,641,275 and 31,884,631 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively		316,000	319,000
Additional paid-in capital		700,362,000	704,500,000
Accumulated other comprehensive income (loss)		0	(500,000)
Accumulated deficit		(97,216,000)	(70,669,000)
Total stockholders' equity		603,462,000	633,650,000
Total liabilities and stockholders' equity		1,521,102,000	1,248,125,000
Commercial mortgage loans
ASSETS
Real estate securities, available-for-sale, at fair value		0	49,049,000
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		319,385,000	257,664,000
Repurchase agreements - real estate securities
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		39,035,000	66,639,000
Variable Interest Entity, Primary Beneficiary
ASSETS
Accrued interest receivable		1,899,000	1,101,000
Total assets		739,442,000	418,163,000
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest payable		980,000	564,000
Total liabilities		572,283,000	$ 334,810,000
Cash held by the servicer for loan payoff		$ 37,500,000
[1]	(1) Includes $37.5 million of cash held by servicer related to CLO loan payoffs as of September 30, 2017

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Allowance for loan losses	$ 1,959	$ 2,181
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
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)	31,641,275	31,884,631
Common stock, shares outstanding (in shares)	31,641,275	31,884,631

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Interest income:
Interest income	$ 22,195	$ 20,250	$ 61,917	$ 60,763
Less: Interest expense	8,845	7,317	21,990	17,478
Net interest income	13,350	12,933	39,927	43,285
Expenses:
Asset management and subordinated performance fee	2,299	1,066	6,952	7,091
Acquisition fees and acquisition expenses	1,685	255	4,175	635
Administrative services expenses	1,480	2,480	3,285	3,835
Professional fees	1,348	2,154	3,320	4,226
Other expenses	1,411	686	2,773	2,092
Total expenses	8,223	6,641	20,505	17,879
Loan loss (recovery)/provision	(641)	(113)	(222)	721
Realized (gain) loss on commercial mortgage loans held-for-sale	(378)	0	1,587	0
Realized (gain) loss on sale of real estate securities	0	1,032	(172)	1,032
Unrealized (gain) loss on commercial mortgage loans held-for-sale	27	0	(220)	0
Unrealized (gain) loss on derivatives	(583)	0	(583)	0
Realized (gain) loss on derivatives	18	0	18	0
Total other (income)/loss	(1,557)	919	408	1,753
Income (loss) before taxes	6,684	5,373	19,014	23,653
Income tax expense (benefit)	(291)	0	(291)	0
Net income	$ (6,975)	$ (5,373)	$ (19,305)	$ (23,653)
Basic net income per share (in dollars per share)	$ 0.22	$ 0.17	$ 0.61	$ 0.75
Diluted net income per share (in dollars per share)	$ 0.22	$ 0.17	$ 0.61	$ 0.75
Basic weighted average shares outstanding (in shares)	31,741,679	31,516,876	31,778,169	31,622,796
Diluted weighted average shares outstanding (in shares)	31,756,503	31,523,911	31,790,267	31,629,070

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 6,975	$ 5,373	$ 19,305	$ 23,653
Unrealized gain/(loss) on available-for-sale securities	(448)	2,608	500	35
Comprehensive income attributable to Benefit Street Partners Realty Trust, Inc.	$ 6,527	$ 7,981	$ 19,805	$ 23,688

Consolidated Statement of Chang

Consolidated Statement of Changes In Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2017 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Accumulated Deficit
Balance, shares at Dec. 31, 2016		31,884,631
Balance at Dec. 31, 2016	$ 633,650	$ 319	$ 704,500	$ (500)	$ (70,669)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchases (in shares)		(1,072,708)
Common stock repurchases	(20,547)	$ (11)	(20,536)
Common stock issued through distribution reinvestment plan (in shares)		823,368
Common stock issued through distribution reinvestment plan	16,350	$ 8	16,342
Share-based compensation (in shares)		5,984
Share-based compensation	56		56
Net income	19,305				19,305
Distributions declared	(45,852)				(45,852)
Other comprehensive income	500			500
Balance, shares at Sep. 30, 2017		31,641,275
Balance at Sep. 30, 2017	$ 603,462	$ 316	$ 700,362	$ 0	$ (97,216)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Cash flows from operating activities:
Net income	$ 6,975	$ 5,373	$ 19,305	$ 23,653
Adjustments to reconcile net income to net cash provided by operating activities:
Premium amortization and (discount accretion), net			(1,617)	(1,761)
Accretion of deferred commitment fees			(1,887)	(1,169)
Amortization of deferred financing costs			3,735	2,989
Share-based compensation			56	27
Change in unrealized losses on commercial mortgage loans held-for-sale			(220)	0
Change in unrealized losses on real estate securities			0	1,032
Change in unrealized losses on derivative instruments			(583)	0
Realized loss on sale of commercial mortgage loans	(378)	0	1,587	0
Loan loss (recovery)/provision	(641)	(113)	(222)	721
Deferred income taxes	(291)	0	(291)	0
Changes in assets and liabilities:
Accrued interest receivable			1,240	1,213
Prepaid expenses and other assets			(4,717)	49
Accounts payable and accrued expenses			3,084	1,415
Due to affiliates			519	(1,529)
Interest payable			405	913
Net cash provided by operating activities			20,394	27,553
Cash flows from investing activities:
Origination and purchase of commercial mortgage loans, held for investment			(565,094)	(42,236)
Origination of commercial mortgage loans, held-for-sale, measured at fair value			(60,950)	0
Receivable for loan repayment			(52,676)	0
Proceeds from sale of commercial mortgage loans, held for sale			34,888	0
Principal repayments received on real estate securities			15,000	2,218
Purchase of derivative instruments			(383)	0
Proceeds from sale of commercial mortgage loans, held for sale			88,352	69,957
Principal repayments received on commercial mortgage loans, held for investment			228,814	48,906
Net cash (used in)/provided by investing activities			(312,049)	78,845
Cash flows from financing activities:
Common stock repurchases			(20,546)	(19,026)
Borrowings under collateralized loan obligations			339,500	0
Repayments of collateralized loan obligations			(97,470)	0
Borrowings on repurchase agreements - commercial mortgage loans			368,745	104,626
Repayments of repurchase agreements - commercial mortgage loans			(307,024)	(68,997)
Borrowings on repurchase agreements - real estate securities			343,151	1,019,598
Repayments of repurchase agreements - real estate securities			(370,754)	(1,064,111)
Borrowings on other financing - commercial mortgage loans			36,200	0
Repayments on other financing - commercial mortgage loans			(5,274)	0
Increase (decrease) in restricted cash related to financing activities			(2,733)	366
Payments of deferred financing costs			(6,598)	(2,836)
Distributions paid			(31,328)	(29,952)
Net cash (used in) provided by financing activities			245,869	(60,332)
Net change in cash and cash equivalents			(45,786)	46,066
Cash and cash equivalents, beginning of period			118,048	14,807	$ 14,807
Cash and cash equivalents, end of period	72,262	60,873	72,262	60,873	118,048
Supplemental disclosures of cash flow information:
Interest paid			17,850	13,576
Supplemental disclosures of non-cash flow information:
Distributions payable	$ 3,766	$ 0	3,766	0	$ 5,591
Common stock issued through distribution reinvestment plan			16,349	19,099
Loans transferred to commercial real estate loans, held-for-sale, transferred at fair value			$ 31,207	$ 0

Organization and Business Opera

Organization and Business Operations	9 Months Ended
	Sep. 30, 2017
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 investments secured by properties located within and outside the United States. The Company was incorporated in Maryland on November 15, 2012 and commenced business operations on May 14, 2013. The Company made a tax election to be treated as a real estate investment trust ("REIT") for U.S. federal income tax purposes commencing with its taxable year ended December 31, 2013. The Company believes that it has qualified as a REIT and intends to continue to meet the requirements for qualification and taxation as a REIT. In addition, the Company, through certain of its subsidiaries which are treated as taxable REIT subsidiaries (each a “TRS”), is indirectly subject to U.S. federal, state and local income taxes. 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. The Company has no direct employees. 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. The Advisor manages 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. Prior to September 29, 2016, Realty Finance Advisor, LLC ("Former Advisor") was the Company's advisor. The Former Advisor was controlled by AR Global Investments, LLC ("AR Global"). The Company invests in commercial real estate debt investments, which may include first mortgage loans, subordinated mortgage loans, mezzanine loans and participations in such loans. The Company also originates conduit loans which the Company intends to sell through its TRS into commercial mortgage-backed securities ("CMBS") securitization transactions at a profit. The Company may also invest in commercial real estate securities. Real estate securities may include CMBS, senior unsecured debt of publicly traded REITs, debt or equity securities of other publicly traded real estate companies and collateralized debt obligations ("CDOs"). Realty Capital Securities, LLC, (the “Former Dealer Manager”) served as the dealer manager of the public offering of common stock conducted by the Company until January 2016. 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 such offering, the investment and management of the Company's assets and the operations of the Company.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Accounting The accompanying consolidated financial statements and related footnotes are unaudited and have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. Accordingly, the consolidated financial statements may not include all of the information and notes required by GAAP for annual consolidated financial statements. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities 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 interim data includes all adjustments, of a normal and recurring nature, necessary for a fair statement of the results for the periods presented. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the entire year or any subsequent interim periods. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of, and for the year ended December 31, 2016 , which are included in the Company's Annual Report on Form 10-K filed with the SEC on March 29, 2017. There have been no significant changes to the Company's significant accounting policies during the three months ended September 30, 2017 . Certain prior-period amounts have been reclassified to conform with current presentation. In the opinion of management, all normal recurring adjustments considered necessary for a fair statement of the results of the interim periods have been included. The operating results for the three and nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the full year. Principles of Consolidation 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 ("VIE") for which the Company is 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 Company consolidates all entities that it controls through either majority ownership or voting rights. In addition, the Company consolidates all VIEs of which the Company is considered the primary beneficiary. VIEs are 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 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. The accompanying consolidated financial statements include the accounts of collateralized loan obligations ("CLOs") issued and securitized by wholly owned subsidiaries of the Company. The Company has determined the CLOs are VIEs of which the Company's subsidiary is the primary beneficiary. The assets and liabilities of the CLOs are consolidated in the accompanying consolidated balance sheet in accordance with ASC 810, Consolidation . 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. The Advisor receives an acquisition fee of 1.0% of the principal amount funded by the Company to originate or acquire commercial mortgage loans (or anticipated net equity funded by the Company in the case of acquisition of real estate securities) and receives reimbursement for insourced acquisition expenses of 0.5% ; 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. There is no such limitation on the acquisition expense reimbursements. In September 2017 , the Company's aggregate purchase price for all investments acquired reached $600,000,000 , and concurrently terminated the 1.0% acquisition fee payments to the Advisor for all investments subsequent to the limit being reached. Commercial Mortgage Loans Held-for-Investment - 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 are 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. Held-for-Sale - Commercial loans that are intended to be sold in the foreseeable future are reported as held-for-sale and are transferred at fair value and recorded at the lower of cost or fair value with changes recorded through the statements of operations. Unamortized loan origination costs for commercial mortgage loans held-for-sale that carried at the lower of cost or fair value 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 mortgage loans to held-for-sale. Held-for-Sale, Accounted for Under the Fair Value Option - The fair value option provides an option to elect fair value as an alternative measurement for selected financial assets, financial liabilities, unrecognized firm commitments, and written loan commitments. As of September 30, 2017 , the Company has elected to measure commercial mortgage loans held-for-sale in the Company's TRS under the fair value option to better reflect those commercial mortgage loans that are part of securitization warehousing activity. These commercial mortgage loans are included in the Commercial mortgage loans, held-for-sale, measured at fair value in the consolidated balance sheet. Interest income received on Commercial mortgage loans held-for-sale is recorded on the accrual basis of accounting and is included in interest income in the consolidated statements of operations. As of September 30, 2017 , the fair value carrying amount and the contractual principal outstanding of commercial mortgage loans accounted for under the fair value option was $61.0 million . None of the Company's commercial mortgage loans accounted for under the fair value option are in default or greater than ninety days past due. For the three and nine months ended September 30, 2017, there were no gains or losses relating to the Company's commercial mortgage loans that are accounted for under the fair value option. Acquisition expenses on originating these investments are expensed when incurred. As of December 31, 2016 , the Company did not account for any of its commercial mortgage loans under the fair value option. 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 statements 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 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. Derivatives and Hedging Activities In the normal course of business, the Company is exposed to the effect of interest rate changes and may undertake a strategy to limit these risks through the use of derivatives. The Company uses derivatives primarily to economically hedge against interest rates, CMBS spreads and macro market risk in order to minimize volatility. The Company may use a variety of derivative instruments that are considered conventional, such as Treasury note futures and credit derivatives on various indices including CMBX and CDX. The Company recognizes all derivatives on the consolidated balance sheets at fair value. The Company does not designate derivatives as hedges to qualify for hedge accounting for financial reporting purposes and therefore any net payments under, or fluctuations in the fair value of these derivatives have been recognized currently in gain/(loss) on derivative instruments in the accompanying consolidated statements of operations. The Company records derivative asset and liability positions on a gross basis with any collateral posted with or received from counterparties recorded separately on the Company’s consolidated balance sheets. Certain derivatives that the Company has entered into are subject to master netting agreements with its counterparties, allowing for netting of the same transaction, in the same currency, on the same date. 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 has determined that it has three reportable segments based on how the chief operating decision maker reviews and manages the business. The three reporting segments are as follows: • 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. • The conduit operated business through the Company's TRS, which is focused on originating and subsequently selling fixed-rate commercial real estate loans into the CMBS securitization market at a profit. See Note 13 - Segment Reporting for further information regarding the Company's segments. Recently Issued Accounting Pronouncements In March 2016, the Financial Accounting Standards Board ("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. The Company adopted this guidance on January 1, 2017. The application of this guidance does not 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	9 Months Ended
	Sep. 30, 2017
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): September 30, 2017 December 31, 2016 Senior loans $ 1,254,879 $ 901,907 Mezzanine loans 32,186 136,830 Subordinated loans — 10,000 Total gross carrying value of loans 1,287,065 1,048,737 Less: Allowance for loan losses 1,959 2,181 Total commercial mortgage loans, held for investment, net $ 1,285,106 $ 1,046,556 The following table presents the activity in the Company's allowance for loan losses (in thousands): Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Beginning of period $ 2,181 $ 888 Provision for loan losses (222 ) 721 Charge-offs — — Recoveries — — Ending allowance for loan losses $ 1,959 $ 1,609 As of September 30, 2017 and December 31, 2016 , the Company's total commercial mortgage loan portfolio, excluding commercial mortgage loans accounted for under the fair value option, comprised of 73 and 71 loans, respectively. September 30, 2017 December 31, 2016 Loan Type Par Value Percentage Par Value Percentage Office $ 433,110 32.7 % $ 340,944 31.6 % Multifamily 441,431 33.4 % 329,203 30.6 % Hospitality 126,673 9.6 % 143,582 13.3 % Retail 223,315 16.9 % 154,684 14.4 % Mixed Use 45,235 3.4 % 56,136 5.2 % Industrial 53,208 4.0 % 52,688 4.9 % Total (1) $ 1,322,972 100.0 % $ 1,077,237 100.0 % (1) Excludes $60.95 million in commercial mortgage loans held-for-sale, measured at fair value in the Company's TRS segment As of September 30, 2017 and December 31, 2016 , the Company's total commercial mortgage loans, held for sale, measured at fair value comprised of 4 and 0 loans, respectively. September 30, 2017 December 31, 2016 Loan Type Par Value Percentage Par Value Percentage Industrial $ 11,600 19.1 % $ — — % Mixed Use 14,150 23.2 % — — % Multifamily 7,200 11.8 % — — % Retail 28,000 45.9 % — — % Total $ 60,950 100.0 % $ — — % Credit Characteristics As part of the Company's process for monitoring the credit quality of its commercial mortgage loans, excluding those held-for-sale, measured at fair value, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its loans. The loans are rated on a 5-point scale as follows: Investment Rating Summary Description 1 Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable. 2 Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. 3 Performing investments requiring closer monitoring. Trends and risk factors show some deterioration. 4 Underperforming investment with 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, excluding commercial mortgage loans, held-for-sale, measured at fair value, are assigned an initial risk rating of 2.0 . As of September 30, 2017 and December 31, 2016 , the weighted average risk rating of loans was 2.2 and 2.1 , respectively. As of September 30, 2017 and December 31, 2016 , the Company did not have any loans that were past due on their payments, in non-accrual status or impaired. For the nine months ended September 30, 2017 and September 30, 2016 , the activity in the Company's commercial mortgage loans, held-for-investment portfolio was as follows (in thousands): Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Balance at Beginning of Year $ 1,046,556 $ 1,124,201 Acquisitions and originations 566,490 42,236 Dispositions (68,514 ) — Principal repayments (228,814 ) (48,127 ) Discount accretion and premium amortization* 1,604 1,704 Loans transferred to commercial real estate loans, held-for-sale, at fair value (31,207 ) — Fees capitalized into carrying value of loans (1,231 ) — Provision for loan losses 222 (721 ) Balance at End of Period $ 1,285,106 $ 1,119,293 ________________________ * Includes amortization of capitalized acquisition fees and expenses.

Real Estate Securities

Real Estate Securities	9 Months Ended
	Sep. 30, 2017
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 September 30, 2017 — — % n/a $ — $ — December 31, 2016 6 5.8 % February 2020 50,000 49,049 The Company classified its CMBS as available-for-sale as of September 30, 2017 and December 31, 2016 . These investments are reported at fair value in the consolidated balance sheets with changes in fair value recorded in "accumulated other comprehensive income or loss". The following table shows the amortized cost, unrealized gains/losses and fair value of the Company's CMBS investments as of September 30, 2017 and December 31, 2016 (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value September 30, 2017 $ — $ — $ — $ — December 31, 2016 49,548 — (499 ) 49,049 As of September 30, 2017 , the Company held no CMBS positions. As of December 31, 2016, the Company held 6 CMBS positions with an aggregate carrying value of $49.5 million , and 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. The Company has recognized a gain of $ 0.2 million for the nine months ended September 30, 2017 and recognized a loss of approximately $1 million for the three and nine months ended September 30, 2016 , recorded within the realized (gain) loss on sale of real estate securities in the consolidated statements of operations. The Company did no t have any realized gains or losses during the three months ended September 30, 2017. The following table provides information on the amounts of gains (losses) on the Company's real estate securities, CMBS, available-for-sale: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Unrealized gains (losses) available-for-sale securities $ (448 ) $ 1,449 $ 19 $ (1,124 ) Reclassification of net (gains) losses on available-for-sale securities included in net income (loss) — 1,159 481 1,159 Unrealized gains (losses) available-for-sale securities, net of reclassification adjustment $ (448 ) $ 2,608 $ 500 $ 35 The amounts reclassified for net (gain) loss on available-for-sale securities are included in the realized (gain) loss on sale of real estate securities in the Company's consolidated statements of operations.

Debt

Debt	9 Months Ended
	Sep. 30, 2017
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"), Goldman Sachs Bank USA (the "GS Repo Facility"), U.S. Bank National Association (the "USB Repo Facility"), Barclays Bank PLC (the "Barclays Facility") and Credit Suisse AG (the "CS Repo Facility" and together with JPM Repo Facility, GS Repo Facility, USB Repo Facility, Barclays Facility, the "Repo Facilities"). The JPM Repo Facility has a maturity date of June 12, 2019 plus a one -year extension at the Company's option and provides up to $300.0 million in advances. The GS Repo Facility has a maturity date of December 27, 2018, with a one -year extension at the Company’s option, which may be exercised upon the satisfaction of certain conditions, and provides up to $250.0 million in advances. The USB Repo Facility matures on July 15, 2020 , with two one -year extensions at the option of an indirect wholly-owned subsidiary of the Company, which may be exercised upon the satisfaction of certain conditions, and provides up to $ 100.0 million in advances. The CS Repo Facility matures on August 30, 2018 and provides up to $ 250.0 million in advances. Prior to the end of each calendar quarter, the Company may request an extension of the termination date for an additional 364 days from the end of such calendar quarter subject to the satisfaction of certain conditions and approvals. The Repo Facilities are all subject to various adjustments. Advances under the JPM Repo Facility currently accrue interest at per annum rates generally equal to the sum of (i) the applicable LIBOR index rate plus (ii) a margin of 2.40% . Borrowings under the GS Repo Facility accrue interest at per annum rates generally equal to the sum of (i) a spread over LIBOR of between 2.35% to 2.85% , depending on the attributes of the purchased asset, and (ii) 0.50% . Borrowings under the USB Repo Facility accrue interest at per annum rates generally equal to the sum of (i) the applicable LIBOR index rate plus (ii) a margin between 2.25% to 3.00% , depending on the attributes of the purchased assets. Borrowings under the CS Repo Facility accrue interest at per annum rates generally equal to the sum of (i) the applicable LIBOR index rate plus (ii) a margin of 2.50% depending on the attributes of the purchased assets. We expect to use advances from these repo facilities to finance the acquisition or origination of eligible loans, including first mortgage loans, subordinated mortgage loans, mezzanine loans and participation interests therein. As of September 30, 2017 and December 31, 2016, the Company had $137.5 million and $257.7 million outstanding under the JPM Repo Facility with weighted average interest rates on advances of 3.36% and 3.08% , respectively. The Company incurred $7.1 million and $3.4 million in interest expense on the JPM Repo Facility for the nine months ended September 30, 2017 and 2016, respectively, including amortization of deferred financing cost. As of September 30, 2017 , the Company had $138 million outstanding under the GS Repo Facility with a weighted average interest rate on advances of 3.58% . The Company incurred $3.2 million of interest expense on the GS Repo Facility for the nine months ended September 30, 2017 , including amortization of deferred financing cost. The Company had no advances under the GS Repo Facility as of December 31, 2016 . The Company did not incur any interest expense on the GS Repo Facility during the nine months ended September 30, 2016 . As of September 30, 2017 , the Company had $ 12.3 million outstanding under the USB Repo Facility with a weighted average interest rate on advances of 4.16% . The Company incurred $0.2 million of interest expense on the USB Repo Facility for the nine months ended September 30, 2017 , including amortization of deferred financing cost. As of September 30, 2017 , the Company had $31.6 million outstanding under the CS Repo Facility with a weighted average interest rate on advances of 3.73% . The Company incurred $57.6 thousand of interest expense on the CS Repo Facility for the nine months ended September 30, 2017 , including amortization of deferred financing cost. The Company had no advances under the CS Repo Facility as of December 31, 2016 . The Company did not incur any interest expense on the CS Repo Facility during the nine months ended September 30, 2016 The Repo Facilities generally provide that in the event of a decrease in the value of the Company's collateral, the lenders can demand additional collateral. Should the value of the Company’s collateral decrease as a result of deteriorating credit quality, resulting margin calls may cause an adverse change in the Company’s liquidity position. As of September 30, 2017 and December 31, 2016 , the Company is in compliance with all debt covenants. The Company entered into the Barclays Facility on September 19, 2017 The Barclays Facility provides for a senior secured $75 million revolving line of credit and bears interest at per annum rates equal to one of two base rates plus an applicable margin. The Barclays Facility has a maturity of September 19, 2019 , subject to an extension term of one year, and provides for quarterly interest-only payments, with all principal and interest outstanding being due on the maturity date. The Barclays Facility may be prepaid from time to time and at any time, in whole or in part, without premium or penalty. The Company expects to use advances on the Barclays Facility to finance the origination of eligible loans, including first lien mortgage loans, junior mortgage loans, mezzanine loans, and participation interests therein. As of September 30, 2017, the Company had no advances under the Barclays Facility. Other financing - Commercial Mortgage Loans The Company entered into a financing arrangement with Pacific Western Bank for term financing (“PWB Financing”) on May 17, 2017. The PWB Financing provided the Company with $36.2 million and is collateralized by a portfolio asset of $54.2 million . The PWB Financing currently accrues interest at per annum rates equal to the sum of (i) the applicable LIBOR index rate plus (ii) a margin of 4.00% . The PWB Financing initially matures on June 9, 2019, with two one -year extension options at the Company’s option. As of September 30, 2017 , the Company had $30.5 million outstanding under the PWB Financing. The Company incurred $0.7 million of interest expense on the PWB Financing for the nine months ended September 30, 2017 , including amortization of deferred financing cost. 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 to 90 days and terms are adjusted for current market rates as necessary. As of September 30, 2017 , the Company pledged Tranche C of RFT 2015-FL1 under its MRAs. As of December 31, 2016 , the Company pledged Tranche C of RFT 2015-FL1 and its real estate securities available for sale under its MRAs. Below is a summary of the Company's MRAs as of September 30, 2017 and December 31, 2016 (in thousands): Weighted Average Counterparty Amount Outstanding Accrued Interest Fair Value Collateral Pledged (*) Interest Rate Days to Maturity As of September 30, 2017 J.P. Morgan Securities LLC $ 39,035 $ 74 $ 55,764 2.97 % 6 Total/Weighted Average $ 39,035 $ 74 $ 55,764 2.97 % 6 As of December 31, 2016 J.P. 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 * Includes $55.8 and $53.3 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 September 30, 2017 and December 31, 2016 , respectively. Collateralized Loan Obligation On October 19, 2015, RFT 2015-FL1 Issuer, Ltd. (the “2015 Issuer”) and RFT 2015-FL1 Co-Issuer, LLC (the “2015 Co-Issuer”), both wholly owned indirect subsidiaries of the Company, entered into an indenture with the 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 2015 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 2015 Issuer and 2015 Co-Issuer are disregarded entities. On June 29, 2017, BSPRT 2017-FL1 Issuer, Ltd. (the “2017 Issuer”) and BSPRT 2017-FL1 Co-Issuer, LLC (the “2017 Co-Issuer”), both wholly owned indirect subsidiaries of the Company, entered into an indenture with the 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 $ 339.5 million principal balance secured floating rate notes (the “Notes”). In addition, concurrently with the issuance of the Notes, the 2017 Issuer also issued 78,561,345 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 2017 Issuer and 2017 Co-Issuer are disregarded entities. As of September 30, 2017 and December 31, 2016, the CLO Notes issued in 2015 are collateralized by interests in a pool of 17 and 27 mortgage assets having a total principal balance of $321.8 million and $419.3 million , respectively, (the “Mortgage Assets”) originated by a subsidiary of the Company. The sale of the Mortgage Assets to the 2015 Issuer is governed by a Mortgage Asset Purchase Agreement dated as of October 19, 2015, between the Company and the 2015 Issuer. In connection with the securitization, the 2015 Issuer and 2015 Co-Issuer offered and sold the following classes of Notes to third parties: Class A, Class B and Class C. 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 are eliminated in the Company's consolidated financial statements. The Company, as the holder of preferred equity in the 2015 Issuer, will absorb the first losses of the CLO, which may have a negative impact to the Company's result of operations. The issuance of the CLO also results in an increase in interest expense within the Consolidated Statements of Operations. As of September 30, 2017 the CLO Notes issued in 2017 are collateralized by interests in a pool of 23 mortgage assets having a total principal balance of $ 418.1 million (the “Mortgage Assets”) originated by a subsidiary of the Company. The sale of the Mortgage Assets to the 2017 Issuer is governed by a Mortgage Asset Purchase Agreement dated as of June 29, 2017, between the Company and the 2017 Issuer. In connection with the securitization, the 2017 Issuer and 2017 Co-Issuer offered and sold the following classes of Notes to third parties: Class A, Class B and Class C. A wholly owned subsidiary of the Company retained all of the preferred equity in the 2017 Issuer. The Company, as the holder of preferred equity in the 2017 Issuer, will absorb the first losses of the CLO, which may have a negative impact to the Company's result of operations. The issuance of the CLO also results in an increase in interest expense within the Consolidated Statements of Operations. The following tables represent the terms of the 2015 and 2017 CLOs issued, respectively. 2015 Facility ($000s) Par Value Issued Par Value Outstanding (*) Interest Rate Maturity Date As of September 30, 2017 Tranche A $ 231,345 $ 124,690 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 $ 187,531 As of December 31, 2016 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 ________________________ * 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 September 30, 2017 and December 31, 2016 , respectively. 2017 Facility ($000s) Par Value Issued Par Value Outstanding Interest Rate Maturity Date As of September 30, 2017 Tranche A $ 223,600 $ 223,600 1M LIBOR + 135 7/1/2027 Tranche B 48,000 48,000 1M LIBOR + 240 7/1/2027 Tranche C 67,900 67,900 1M LIBOR + 425 7/1/2027 $ 339,500 $ 339,500 The below table reflects the total assets and liabilities of the Company's two CLOs. The CLOs are considered VIEs and are consolidated into the Company's consolidated financial statements as of September 30, 2017 and December 31, 2016 as the Company is the primary beneficiary of the VIEs. The Company is the primary beneficiary of the CLOs because (i) the Company has the power to direct the activities that most significantly affect the VIEs' economic performance and (ii) the right to receive benefits from the VIEs or the obligation to absorb losses of the VIEs that could be significant to the VIEs. Assets ($000s) September 30, 2017 December 31, 2016 Cash (1) $ 37,615 $ 5 Commercial mortgage loans, held for investment, net of allowance of $1,431 and $1,017 (2) 699,928 417,057 Accrued interest receivable 1,899 1,101 Total assets $ 739,442 $ 418,163 Liabilities Notes payable (3)(4) $ 571,303 $ 334,246 Interest payable 980 564 Total liabilities $ 572,283 $ 334,810 ________________________ (1) Includes $37.5 million of cash held by the servicer related to CLO loan payoffs as of September 30, 2017 . (2) The balance is presented net of allowance for loan loss of $1.4 million and $1.0 million as of September 30, 2017 and December 31, 2016 , respectively. (3) 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 September 30, 2017 and December 31, 2016 , respectively. (4) The balance is presented net of deferred financing cost and discount of $ 11.5 million and $6.8 million as of September 30, 2017 and December 31, 2016 , respectively.

Net Income Per Share

Net Income Per Share	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share Basic earnings per common share (“EPS”) is computed by dividing net income of the Company by the weighted-average number of common shares outstanding. Diluted EPS is computed in the same manner as basic EPS, except the number of shares is increased to include additional common shares that would have been outstanding if potential common shares with a dilutive effect had been issued. Potential common shares consist primarily of share-based compensation awards calculated using the treasury stock method. As of September 30, 2017 and September 30, 2016 , the Company did not have any anti-dilutive common shares outstanding. The following table is a summary of the basic and diluted net income per share computation for the three and nine months ended September 30, 2017 and 2016 , respectively: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Net income (in thousands) $ 6,975 $ 5,373 $ 19,305 $ 23,653 Basic weighted average shares outstanding 31,741,679 31,516,876 31,778,169 31,622,796 Unvested restricted shares 14,824 7,035 12,098 6,274 Diluted weighted average shares outstanding 31,756,503 31,523,911 31,790,267 31,629,070 Basic net income per share $ 0.22 $ 0.17 $ 0.61 $ 0.75 Diluted net income per share $ 0.22 $ 0.17 $ 0.61 $ 0.75

Common Stock

Common Stock	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Common Stock	Common Stock As of September 30, 2017 and December 31, 2016 , the Company had 31,641,275 and 31,884,631 shares of common stock outstanding, respectively, including shares issued pursuant to the Dividend Reinvestment Plan ("DRIP") 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 Former Advisor for $ 1.00 per share. The convertible shares automatically converted to shares of common stock upon the first occurrence of certain triggering events, including the termination of the Advisory Agreement with the Former Advisor and the Company, 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 declared a distribution calculated daily 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 equivalent to $2.0625 per annum for calendar year 2016. 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. In August 2017, the Company’s board of directors authorized and declared a distribution calculated daily at a rate of $0.00394521 per day, which is equivalent to $1.44 per annum, per share of common stock. The price change was applied to the reinvestment of distributions commencing with the October 2016 distributions. On May 10, 2017 , the Company’s board of directors changed the methodology used to determine the DRIP offer price to be the lesser of (i) the Company’s most recent estimated per-share NAV, as approved by the Company’s board of directors from time to time, and (ii) the Company’s book value per share, computed in accordance with GAAP. Based on this new methodology, the DRIP offer price for May 2017, June 2017 and July 2017 was $19.62 per share, which was the GAAP book value per share as of March 31, 2017 . The DRIP offer price for September 2017 , October 2017 and November 2017 was $ 19.29 per share, which was the GAAP book value per share as of June 30, 2017 . Starting December 2017 the DRIP offer price will be $19.02 per share, which is the Company's estimated per share NAV as of September 30, 2017 . 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 Company's board of directors may reduce the amount of distributions paid or suspend distribution payments at any time, and therefore, distributions payments are not assured. The Company distributed $47.6 million during the nine months ended September 30, 2017 , comprised of $31.3 million in cash and $16.3 million in shares of common stock issued under the DRIP. The Company distributed $ 49.0 million during the nine months ended September 30, 2016 , comprised of $ 30.0 million in cash and $ 19.1 million in shares of common stock issued under the DRIP. Share Repurchase Program The Company's board of directors 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. On August 10, 2017, the Company's board of directors amended the SRP to provide that the repurchase price per share for requests will be equal to the lesser of (i) the Company’s most recent estimated per-share NAV, as approved by the Company’s board of directors from time to time, and (ii) the Company’s book value per share, computed in accordance with GAAP, 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 or in the case of requests for death or qualifying disability. The Company’s most recent estimated per-share NAV is $19.02 and the Company’s GAAP book value per share as of September 30, 2017 is $19.07 . These amendments will begin to apply to repurchases made pursuant to the SRP for the fiscal semester ended December 31, 2017 . Repurchase requests related to death or a qualifying disability must satisfy certain conditions, each of which are assessed by and at the sole discretion of the Company, including the following conditions. In the case of death, the shareholder must be a natural person (or a revocable grantor trust) and the Company must receive a written notice from the estate of the shareholder, the recipient of the shares through bequest or inheritance, or the trustee in the case of a revocable grantor trust. In the case of a “qualifying disability”, the shareholder must be a natural person (or a revocable grantor trust) and the Company must receive a written notice from the shareholder, or the trustee in the case of a revocable grantor trust, that the condition was not pre-existing on the date the shares were acquired. In order for a disability to be considered a “qualifying disability”, the shareholder must receive and provide evidence (the shareholder application and the notice of final determination) of disability based upon a physical or mental condition or impairment made by a government agency responsible for reviewing and determining disability retirement benefits (e.g. the Social Security Administration). 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 Company's board of directors 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 the price, computed as described above on the last day of such fiscal semester. 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. 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 September 30, 2017 : Number of Requests Number of Shares Repurchased Average Price per Share Cumulative as of December 31, 2016 985 918,683 $ 23.94 January 1 - March 31, 2017 502 496,678 19.04 April 1 - June 30, 2017 2 327 20.08 July 1 - September 30, 2017 636 575,703 19.24 Cumulative as of September 30, 2017 2,125 1,991,391 $ 21.37

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Unfunded Commitments for Commercial Mortgage Loans As of September 30, 2017 and December 31, 2016 , the Company had the below unfunded commitments to the Company's borrowers. Funding Expiration September 30, 2017 December 31, 2016 2016 $ — $ — 2017 4,766 7,794 2018 44,180 62,368 2019 27,705 9,072 2020 19,856 — Total $ 96,507 $ 79,234 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. 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. On July 19, 2017, the Company and the plaintiff entered into an agreement pursuant to which the Company paid $245,000 in attorneys’ fees and expenses and the plaintiff agreed to withdraw its October 20, 2016 fee request to the court and to release the Company from any further claims related to such fee request.

Related Party Transactions and

Related Party Transactions and Arrangements	9 Months Ended
	Sep. 30, 2017
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 (or anticipated net equity funded by the Company in the case of acquisitions of real estate securities) and receives reimbursement for insourced acquisition expenses of 0.5% ; 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. 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 funding to investments in the Company's portfolio. In September 2017 , the Company's aggregate purchase price for all investments acquired reached $600,000,000 , and concurrently terminated the 1.0% acquisition fee payments to the Advisor for all investments subsequent to the limit being reached. 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. 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. During the three and nine months ended September 30, 2017 , the Company paid acquisition fees and expenses of $ 3.0 million and $ 9.0 million respectively, of which $1.7 million and $ 4.2 million respectively, have been recognized in Acquisition fees and expenses on the Company's consolidated statements of operations. In addition, during the three and nine months ended September 30, 2017 , the Company capitalized $ 1.3 million and $ 4.8 million , respectively of acquisition fees and expenses included in Commercial mortgage loans within the Company's consolidated balance sheets, which is amortized over the life of each investment using the effective interest method. During the three and nine months ended September 30, 2016 , the Company paid acquisition fees and expenses of $ 0.3 million and $0.6 million respectively, and recognized the same amounts respectively, in Acquisition fees and expenses on the Company's consolidated statements of operations. The Company did no t capitalize any acquisitions expenses for the three and nine months ended September 30, 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). During the three and nine months ended September 30, 2017 , the Company incurred $2.3 million and $ 7.0 million in asset management fees, respectively. During the three and nine months ended September 30, 2016 , the Company incurred $ 1.1 million and $ 7.1 million in asset management fees, respectively. These asset management fees are recorded in "Asset management and subordinated performance fee" within the consolidated statements of operations. The Company is required to 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 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 no t incur an annual subordinated performance fee during the three and nine months ended September 30, 2017 and September 30, 2016 . These subordinated performance fees are recorded in "Asset management and subordinated performance fees" within the Company's consolidated statements of operations. The table below depicts related party fees and reimbursements in connection with the operations of the Company for the three and nine months ended September 30, 2017 and 2016 and the associated payable as of September 30, 2017 and December 31, 2016 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Payable as of 2017 2016 2017 2016 September 30, 2017 December 31, 2016 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 $ — $ — $ — $ — $ 480 $ 480 Acquisition fees and expenses 3,014 255 8,968 635 212 — Administrative services expenses 1,480 — 2,480 3,285 3,835 1,480 1,000 Advisory and investment banking fee — — — 6 — — Asset management and subordinated performance fee 2,299 1,066 6,952 7,091 2,299 2,439 Other related party expenses 87 6 183 56 112 145 Total related party fees and reimbursements $ 6,880 $ 3,807 $ 19,388 $ 11,623 $ 4,583 $ 4,064 The payables as of September 30, 2017 and December 31, 2016 in the table above are included in "Due to affiliates" in the Company's consolidated balance sheets. 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 provided, 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 three and nine months ended September 30, 2017 , the Company incurred $1.5 million and $3.3 million of 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 three and nine months ended September 30, 2016 , the Company incurred $ 2.5 million and $ 3.8 million of administrative costs in connection with the operations of the Company, which is included in "Administrative services expenses" in the consolidated statements of operations. The Advisor is 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 preceding four fiscal quarters, the Company did not exceed the greater of the two aforementioned criteria as of September 30, 2017 . The Company has also established a restricted share plan for the benefit of employees, directors, employees of the Advisor and its affiliates.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2017
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. The Company obtains current market spread information where available and uses this information in evaluating and validating the market price of all CMBS. Depending upon the significance of the fair value inputs used in determining these fair values, these real estate securities are classified in either Level II or Level III of the fair value hierarchy. As of September 30, 2017 the Company had no CMBS. As of December 31, 2016 , the Company obtained broker quotes for determining the fair value of each CMBS investment used. As the broker quotes were both limited and non-binding, the Company has classified the CMBS as Level III. Commercial mortgage loans held-for-sale, measured at fair value in the Company's TRS are initially recorded at transaction proceeds, which are considered to be the best initial estimate of fair value. Fair value is determined using a discounted cash flow model that primarily considers changes in interest rates and credit spreads, weighted average life and current performance of the underlying collateral. This model uses market data from recent securitizations that have similar collateral to the Company’s loan portfolio and other information available from market participants. All results of the model are evaluated by the Company’s senior investment professionals. The Company also engaged the services of a third party independent valuation firm to determine fair value of certain investments held by the Company. Future profit and loss from the securitization is not recognized, but overall spread moves are captured in the loan valuation, the Company classified the commercial mortgage loans held-for-sale, measured at fair value as Level III. The fair value for Treasury note futures is derived using market prices. Treasury note futures trade on the Chicago Mercantile Exchange (“CME”). The deliverable instruments are a variety of recently issued 10-year U.S. Treasury notes. The future contracts are liquid and are centrally cleared through the CME. Treasury note futures are generally categorized in Level I of the fair value hierarchy. The fair value for a credit default swap contract is derived using a pricing model that is widely accepted by marketplace participants. Credit default swaps are traded in the OTC market. The pricing model takes into account multiple inputs including specific contract terms, interest rate yield curves, interest rates, credit curves, recovery rates, and current credit spreads obtained from swap counterparties and other market participants. Most inputs into the model are not subjective as they are observable in the marketplace or set per the contract. Valuation is primarily determined by the difference between the contract spread and the current market spread. The contract spread (or rate) is generally fixed and the market spread is determined by the credit risk of the underlying debt or reference entity. If the underlying indices are liquid and the OTC market for the current spread is active, credit default swaps are categorized in Level II of the fair value hierarchy. If the underlying indices are illiquid and the OTC market for the current spread is not active, credit default swaps are categorized in Level III of the fair value hierarchy. The following table presents information about 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 September 30, 2017 and December 31, 2016 : ($ in thousands) Total Level I Level II Level III September 30, 2017 Assets, at fair value Real estate securities $ — $ — $ — $ — Commercial mortgage loans, held-for-sale (1) 60,950 — — 60,950 Treasury note futures 754 754 — — Credit derivatives 206 — 206 — Total assets, at fair value $ 61,910 $ 754 $ 206 — $ 60,950 Liabilities, at fair value Credit derivatives $ 1,003 $ — $ 1,003 $ — Total liabilities, at fair value $ 1,003 $ — $ 1,003 $ — December 31, 2016 Assets, at fair value Real estate securities $ 49,049 $ — $ — $ 49,049 Commercial mortgage loans, held-for-sale (1) — — — — Treasury note futures — — — — Credit derivatives — — — — Total assets, at fair value $ 49,049 $ — $ — $ 49,049 (1) Loans held in the Company's TRS, reported within "Commercial mortgage loans, held-for-sale, measured at fair value" on the consolidated balance sheets. The following table summarizes the valuation method and significant unobservable inputs used for the Company’s financial instruments that are categorized within Level III of the fair value hierarchy as of September 30, 2017. Both observable and unobservable inputs may be used to determine the fair value of positions that the Company has classified within the Level III category. As a result, the unrealized gains and losses for assets and liabilities within the Level III category may include changes in fair value that were attributable to both observable and unobservable inputs. September 30, 2017 Asset Category Fair Value September 30, 2017 (in thousands) Valuation Methodologies Unobservable Inputs (1) Weighted Average (2) Range Commercial mortgage loans, held-for-sale, measured at fair value $60,950 Discounted Cash Flow Yield 4.39 % 4.21%-4.87% (1) In determining certain of these inputs, the Company evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company specific developments including exit strategies and realization opportunities. The Company has determined that market participants would take these inputs into account when valuing the investments. (2) Inputs were weighted based on the fair value of the investments included in the range. The following table presents additional information about the Company’s financial instruments which are measured at fair value on a recurring basis as of September 30, 2017 and December 31, 2016 for which the Company has used Level III inputs to determine fair value (in thousands): September 30, 2017 Commercial Mortgage Loans, held-for-sale, measured at fair value Real Estate Securities Beginning balance, January 1, 2017 $ — $ 49,049 Transfers into Level III — Total realized and unrealized gains (losses) included in earnings: Realized gain (loss) on sale of real estate securities — 172 Impairment losses on real estate securities — Net accretion — 167 Unrealized gains (losses) included in OCI (1) — 500 Purchases 60,950 — Sales / paydown — (49,888 ) Cash repayments/receipts — — Transfers out of Level III — — Ending balance, September 30, 2017 $ 60,950 $ — December 31, 2016 Commercial Mortgage Loans, held-for-sale, measured at fair value Real Estate Securities Beginning balance, January 1, 2016 $ — $ — Transfers into Level III — 57,639 Total realized and unrealized gains (losses) included in earnings: Realized gain (loss) on sale of real estate securities — (874 ) Impairment losses on real estate securities — (310 ) Net accretion — — Unrealized gains (losses) included in OCI — 1,719 Purchases — — Sales/paydown — (9,125 ) Cash repayments/receipts — — Transfers out of Level III — — Ending balance, December 31, 2016 $ — $ 49,049 ________________________ (1) - Unrealized gains included in Other comprehensive income ("OCI") are attributable to assets held at December 31, 2016. 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 September 30, 2017 and December 31, 2016 (in thousands): Total Level I Level II Level III September 30, 2017 Commercial mortgage loans, held-for-sale (1) $ 33,451 $ — $ — $ 33,451 December 31, 2016 Commercial mortgage loans, held-for-sale (1) 21,179 — — 21,179 (1) Fair value of the Commercial mortgage loans, held-for-sale as presented in the consolidated balance sheets is recorded at lower of cost or fair value. This treatment resulted in assets of $31,180 and $ 21,179 at September 30, 2017 and December 31, 2016, respectively. The following table summarizes the valuation method and significant unobservable inputs used for the Company’s financial instruments that are categorized within Level III of the fair value hierarchy as of September 30, 2017 and December 31, 2016 . Both observable and unobservable inputs may be used to determine the fair value of positions that the Company has classified within the Level III category. As a result, the unrealized gains and losses for assets and liabilities within the Level III category may include changes in fair value that were attributable to both observable and unobservable inputs. ($ in thousands) Asset Category Fair Value September 30, 2017 Valuation Methodologies Unobservable Inputs (1) Weighted Average (2) Range September 30, 2017 Commercial mortgage loans, held-for-sale $ 33,451 Discounted Cash Flow Yield 10.18 % 10% - 13% December 31, 2016 Commercial mortgage loans, held-for-sale $ 21,179 Discounted Cash Flow Yield 10.80 % 10.5% - 11% (1) In determining certain of these inputs, the Company evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company specific developments including exit strategies and realization opportunities. The Company has determined that market participants would take these inputs into account when valuing the investments. (2) Inputs were weighted based on the fair value of the investments included in the range. 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 were no transfers between levels within fair value hierarchy during the three and nine months ended September 30, 2017 . 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, held-for-investment and collateralized loan obligations, which are not reported at fair value on the consolidated balance sheets are reported below as of September 30, 2017 and December 31, 2016 (in thousands): Level Carrying Amount Fair Value September 30, 2017 Commercial mortgage loans, held-for-investment (1) Asset III $ 1,287,065 $ 1,281,114 Collateralized loan obligation Liability II 515,500 583,046 December 31, 2016 Commercial mortgage loans, held-for-investment (1) Asset III 1,048,737 1,029,756 Collateralized loan obligation Liability II 278,450 282,001 ________________________ 1 The carrying value is gross of $2.0 million and $2.2 million of allowance for loan losses as of September 30, 2017 and December 31, 2016 , respectively. The fair value of the commercial mortgage loans, held for investment 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 the CLOs issued in 2015 and 2017.

Derivative Instruments (Notes)

Derivative Instruments (Notes)	9 Months Ended
	Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives Instruments	Derivative Instruments The Company uses derivative instruments primarily to economically manage the fair value variability of fixed rate assets caused by interest rate fluctuations and overall portfolio market risk. As of September 30, 2017 , the net premiums received on derivative instrument assets were $ 0.6 million . The following derivative instruments were outstanding as of September 30, 2017 ($ in thousands): Fair Value Contract type Notional Assets (1) Liabilities (1) Net Credit derivatives $ 66,000 $ 206 $ 1,003 $ (797 ) Treasury note futures 69,676 754 — 754 Total $ 135,676 $ 960 $ 1,003 $ (43 ) (1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets. The Company did no t have any derivative instruments outstanding as of December 31, 2016. The following tables indicates the net realized and unrealized losses on derivatives, by primary underlying risk exposure, as included in loss on derivative instruments in the consolidated statements of operations for the three and nine months ended September 30, 2017 . The Company did no t have any net realized and unrealized gain or loss on derivatives during the three and nine months ended September 30, 2016 . Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Unrealized Gain (Loss) Realized Gain (Loss) Total Unrealized Gain (Loss) Realized Gain (Loss) Total Contract type Credit derivatives $ (171 ) $ (18 ) $ (189 ) $ (171 ) $ (18 ) $ (189 ) Treasury note futures 754 — 754 754 — 754 Total $ 583 $ (18 ) $ 565 $ 583 $ (18 ) $ 565

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	9 Months Ended
	Sep. 30, 2017
Offsetting [Abstract]
Offsetting Assets and Liabilities	Offsetting Assets and Liabilities The Company's consolidated balance sheets uses a gross presentation of derivatives and repurchase agreements and collateral pledged. Master netting agreements that the Company has entered into with its derivative and repurchase agreement counterparties allow for netting of the same transaction, in the same currency, on the same date. Assets, liabilities, and collateral subject to master netting agreements as of September 30, 2017 and December 31, 2016 are disclosed in the tables above. The Company does not present its derivative and repurchase agreements net on the consolidated balance sheets as it has elected gross presentation. The table below provides a gross presentation, the effects of offsetting and a net presentation of the Company's repurchase agreements and derivatives within the scope of ASC 210-20, Balance Sheet—Offsetting , as of September 30, 2017 and December 31, 2016 , (in thousands): Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Balance Sheet Net Amount of Assets Presented in the Balance Sheet Financial Instruments Cash Collateral Received Net Amount September 30, 2017 Derivatives $ 960 $ — $ 960 $ — $ — $ 960 Total $ 960 $ — $ 960 $ — $ — $ 960 Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Balance Sheet Net Amount of Liabilities Presented on the Balance Sheet Financial Instruments as Collateral Pledged (*) Cash Collateral Pledged Net Amount September 30, 2017 Repurchase agreements, commercial mortgage loans $ 319,385 $ — $ 319,385 $ 553,364 $ 5,005 $ — Repurchase agreements - real estate securities 39,035 — 39,035 55,764 389 — Derivatives 1,003 — 1,003 — 1,436 — Total $ 359,423 — $ — $ 359,423 $ 609,128 — $ 6,830 — $ — Gross Amounts Not Offset on the Balance Sheet December 31, 2016 Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Balance Sheet Net Amount of Liabilities Presented on the Balance Sheet Financial Instruments as Collateral Pledged (*) Cash Collateral Pledged Net Amount Repurchase agreements, commercial mortgage loans $ 257,664 $ — $ 257,664 $ 399,914 $ 5,000 $ — Real estate securities 66,639 — 66,639 102,358 21 — Total $ 324,303 — $ — — $ 324,303 — $ 502,272 — $ 5,021 — $ — * Includes $55.8 million and $53.3 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 September 30, 2017 and December 31, 2016 , respectively.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company has determined that it has three reportable segments based on how the chief operating decision maker reviews and manages the business. The three reporting segments are as follows: • 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 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 conduit business operated through the Company's TRS, which is focused on generating superior risk-adjusted returns by originating and subsequently selling fixed-rate commercial real estate loans into the CMBS securitization market at a profit. The Company performed a recast of its results of operations for the TRS, a new line of business, and determined there to be no material changes. The following table represents the Company's operations by segment for the three months ended September 30, 2017 and 2016 (in thousands): Three Months Ended September 30, 2017 Total Real Estate Debt Real Estate Securities TRS Interest income $ 22,195 $ 21,795 $ 269 $ 131 Interest expense 8,845 8,386 409 50 Net income (loss) 6,975 7,588 (22 ) (591 ) Three Months Ended September 30, 2016 Interest income 20,250 18,682 1,568 — Interest expense 7,317 6,642 675 — Net income 5,373 5,265 108 — The following table represents the Company's operations by segment for the nine months ended September 30, 2017 and 2016 (in thousands): Nine Months Ended September 30, 2017 Total Real Estate Debt Real Estate Securities TRS Interest income $ 61,917 $ 60,435 $ 1,351 $ 131 Interest expense 21,990 20,686 1,254 50 Net income 19,305 19,627 269 (591 ) Nine Months Ended September 30, 2016 Interest income 60,763 55,973 4,790 — Interest expense 17,478 15,443 2,035 — Net income 23,653 22,775 878 — The following table represents the Company's total assets by segment as of September 30, 2017 and December 31, 2016 (in thousands): As of September 30, 2017 Total Real Estate Debt Real Estate Securities Conduit Total Assets $ 1,521,102 $ 1,437,630 $ 389 $ 83,083 As of December 31, 2016 Total Assets 1,248,125 1,198,806 49,319 — 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.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions Paid On October 2, 2017 and November 1, 2017, the Company paid monthly distributions of $3.7 million and $3.9 million , respectively, to stockholders of record during the month of September 2017 and October 2017, respectively. Pursuant to the DRIP, $1.2 million of the October 2017 distribution $1.3 million of the November 2017 distribution was used to purchase 63,693 and 65,287 shares, respectively. Determination of Net Asset Value per Share On November 9, 2017, the Company’s board of directors unanimously determined an estimated NAV per share of the Company’s common stock of $19.02 as of September 30, 2017. The estimated NAV per share is based upon the estimated value of the Company’s assets less the Company’s liabilities as of September 30, 2017. An independent third-party valuation firm was engaged to value the Company’s investment portfolio. The Advisor calculated the estimated NAV per share based in part on this valuation and recommended to the board of directors the estimated NAV per share calculated by the Advisor. The valuation was performed in accordance with the provisions of Practice Guideline 2013-01, Valuations of Publicly Registered Non-Listed REITs, issued by the Investment Program Association in April 2013. As a result of the approval by the board of directors of the estimated NAV per share as of September 30, 2017, and pursuant to the terms of the DRIP and SRP, the Company (i) will offer shares pursuant to the DRIP at a purchase price of $19.02 , beginning with November 2017 distributions which are reinvested in December 2017; and (ii) will repurchase shares pursuant to the SRP at a repurchase price of $19.02 , subject to discounts in certain circumstances and subject to the terms and conditions of the SRP.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying consolidated financial statements and related footnotes are unaudited and have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. Accordingly, the consolidated financial statements may not include all of the information and notes required by GAAP for annual consolidated financial statements. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities 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 interim data includes all adjustments, of a normal and recurring nature, necessary for a fair statement of the results for the periods presented. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the entire year or any subsequent interim periods. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of, and for the year ended December 31, 2016 , which are included in the Company's Annual Report on Form 10-K filed with the SEC on March 29, 2017. There have been no significant changes to the Company's significant accounting policies during the three months ended September 30, 2017 . Certain prior-period amounts have been reclassified to conform with current presentation. In the opinion of management, all normal recurring adjustments considered necessary for a fair statement of the results of the interim periods have been included. The operating results for the three and nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the full year.
Principles of Consolidation	Principles of Consolidation 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 ("VIE") for which the Company is 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 Company consolidates all entities that it controls through either majority ownership or voting rights. In addition, the Company consolidates all VIEs of which the Company is considered the primary beneficiary. VIEs are 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 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. The accompanying consolidated financial statements include the accounts of collateralized loan obligations ("CLOs") issued and securitized by wholly owned subsidiaries of the Company. The Company has determined the CLOs are VIEs of which the Company's subsidiary is the primary beneficiary. The assets and liabilities of the CLOs are consolidated in the accompanying consolidated balance sheet in accordance with ASC 810, Consolidation .
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 and Allowance for Loan Losses	Commercial Mortgage Loans Held-for-Investment - 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 are 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. Held-for-Sale - Commercial loans that are intended to be sold in the foreseeable future are reported as held-for-sale and are transferred at fair value and recorded at the lower of cost or fair value with changes recorded through the statements of operations. Unamortized loan origination costs for commercial mortgage loans held-for-sale that carried at the lower of cost or fair value 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 mortgage loans to held-for-sale. Held-for-Sale, Accounted for Under the Fair Value Option - The fair value option provides an option to elect fair value as an alternative measurement for selected financial assets, financial liabilities, unrecognized firm commitments, and written loan commitments. As of September 30, 2017 , the Company has elected to measure commercial mortgage loans held-for-sale in the Company's TRS under the fair value option to better reflect those commercial mortgage loans that are part of securitization warehousing activity. These commercial mortgage loans are included in the Commercial mortgage loans, held-for-sale, measured at fair value in the consolidated balance sheet. Interest income received on Commercial mortgage loans held-for-sale is recorded on the accrual basis of accounting and is included in interest income in the consolidated statements of operations. As of September 30, 2017 , the fair value carrying amount and the contractual principal outstanding of commercial mortgage loans accounted for under the fair value option was $61.0 million . None of the Company's commercial mortgage loans accounted for under the fair value option are in default or greater than ninety days past due. For the three and nine months ended September 30, 2017, there were no gains or losses relating to the Company's commercial mortgage loans that are accounted for under the fair value option. Acquisition expenses on originating these investments are expensed when incurred. As of December 31, 2016 , the Company did not account for any of its commercial mortgage loans under the fair value option. 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 statements 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 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.
Derivatives and Hedging Activities	Derivatives and Hedging Activities In the normal course of business, the Company is exposed to the effect of interest rate changes and may undertake a strategy to limit these risks through the use of derivatives. The Company uses derivatives primarily to economically hedge against interest rates, CMBS spreads and macro market risk in order to minimize volatility. The Company may use a variety of derivative instruments that are considered conventional, such as Treasury note futures and credit derivatives on various indices including CMBX and CDX. The Company recognizes all derivatives on the consolidated balance sheets at fair value. The Company does not designate derivatives as hedges to qualify for hedge accounting for financial reporting purposes and therefore any net payments under, or fluctuations in the fair value of these derivatives have been recognized currently in gain/(loss) on derivative instruments in the accompanying consolidated statements of operations. The Company records derivative asset and liability positions on a gross basis with any collateral posted with or received from counterparties recorded separately on the Company’s consolidated balance sheets. Certain derivatives that the Company has entered into are subject to master netting agreements with its counterparties, allowing for netting of the same transaction, in the same currency, on the same date.
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 has determined that it has three reportable segments based on how the chief operating decision maker reviews and manages the business. The three reporting segments are as follows: • 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. • The conduit operated business through the Company's TRS, which is focused on originating and subsequently selling fixed-rate commercial real estate loans into the CMBS securitization market at a profit
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2016, the Financial Accounting Standards Board ("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. The Company adopted this guidance on January 1, 2017. The application of this guidance does not 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. The Company obtains current market spread information where available and uses this information in evaluating and validating the market price of all CMBS. Depending upon the significance of the fair value inputs used in determining these fair values, these real estate securities are classified in either Level II or Level III of the fair value hierarchy.

Commercial Mortgage Loans (Tabl

Commercial Mortgage Loans (Tables)	9 Months Ended
	Sep. 30, 2017
Receivables [Abstract]
Summary of the company's loans receivable by class	As of September 30, 2017 and December 31, 2016 , the Company's total commercial mortgage loans, held for sale, measured at fair value comprised of 4 and 0 loans, respectively. September 30, 2017 December 31, 2016 Loan Type Par Value Percentage Par Value Percentage Industrial $ 11,600 19.1 % $ — — % Mixed Use 14,150 23.2 % — — % Multifamily 7,200 11.8 % — — % Retail 28,000 45.9 % — — % Total $ 60,950 100.0 % $ — — % The following table presents the activity in the Company's allowance for loan losses (in thousands): Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Beginning of period $ 2,181 $ 888 Provision for loan losses (222 ) 721 Charge-offs — — Recoveries — — Ending allowance for loan losses $ 1,959 $ 1,609 September 30, 2017 December 31, 2016 Loan Type Par Value Percentage Par Value Percentage Office $ 433,110 32.7 % $ 340,944 31.6 % Multifamily 441,431 33.4 % 329,203 30.6 % Hospitality 126,673 9.6 % 143,582 13.3 % Retail 223,315 16.9 % 154,684 14.4 % Mixed Use 45,235 3.4 % 56,136 5.2 % Industrial 53,208 4.0 % 52,688 4.9 % Total (1) $ 1,322,972 100.0 % $ 1,077,237 100.0 % (1) Excludes $60.95 million in commercial mortgage loans held-for-sale, measured at fair value in the Company's TRS segment The following table is a summary of the Company's commercial mortgage loans, held-for-investment, carrying values by class (in thousands): September 30, 2017 December 31, 2016 Senior loans $ 1,254,879 $ 901,907 Mezzanine loans 32,186 136,830 Subordinated loans — 10,000 Total gross carrying value of loans 1,287,065 1,048,737 Less: Allowance for loan losses 1,959 2,181 Total commercial mortgage loans, held for investment, net $ 1,285,106 $ 1,046,556
Allowance for losses rating policy	As part of the Company's process for monitoring the credit quality of its commercial mortgage loans, excluding those held-for-sale, measured at fair value, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its loans. The loans are rated on a 5-point scale as follows: Investment Rating Summary Description 1 Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable. 2 Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. 3 Performing investments requiring closer monitoring. Trends and risk factors show some deterioration. 4 Underperforming investment with 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.
Schedule of activity in Company's loan portfolio	For the nine months ended September 30, 2017 and September 30, 2016 , the activity in the Company's commercial mortgage loans, held-for-investment portfolio was as follows (in thousands): Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Balance at Beginning of Year $ 1,046,556 $ 1,124,201 Acquisitions and originations 566,490 42,236 Dispositions (68,514 ) — Principal repayments (228,814 ) (48,127 ) Discount accretion and premium amortization* 1,604 1,704 Loans transferred to commercial real estate loans, held-for-sale, at fair value (31,207 ) — Fees capitalized into carrying value of loans (1,231 ) — Provision for loan losses 222 (721 ) Balance at End of Period $ 1,285,106 $ 1,119,293 ________________________ * Includes amortization of capitalized acquisition fees and expenses.

Real Estate Securities (Tables)

Real Estate Securities (Tables)	9 Months Ended
	Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract]
Summary of Company's 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 September 30, 2017 — — % n/a $ — $ — December 31, 2016 6 5.8 % February 2020 50,000 49,049 he following table presents information about 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 September 30, 2017 and December 31, 2016 : ($ in thousands) Total Level I Level II Level III September 30, 2017 Assets, at fair value Real estate securities $ — $ — $ — $ — Commercial mortgage loans, held-for-sale (1) 60,950 — — 60,950 Treasury note futures 754 754 — — Credit derivatives 206 — 206 — Total assets, at fair value $ 61,910 $ 754 $ 206 — $ 60,950 Liabilities, at fair value Credit derivatives $ 1,003 $ — $ 1,003 $ — Total liabilities, at fair value $ 1,003 $ — $ 1,003 $ — December 31, 2016 Assets, at fair value Real estate securities $ 49,049 $ — $ — $ 49,049 Commercial mortgage loans, held-for-sale (1) — — — — Treasury note futures — — — — Credit derivatives — — — — Total assets, at fair value $ 49,049 $ — $ — $ 49,049 (1) Loans held in the Company's TRS, reported within "Commercial mortgage loans, held-for-sale, measured at fair value" on the consolidated balance sheets.
Schedule of Company's CMBS investments	The following table shows the amortized cost, unrealized gains/losses and fair value of the Company's CMBS investments as of September 30, 2017 and December 31, 2016 (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value September 30, 2017 $ — $ — $ — $ — December 31, 2016 49,548 — (499 ) 49,049 The following table provides information on the amounts of gains (losses) on the Company's real estate securities, CMBS, available-for-sale: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Unrealized gains (losses) available-for-sale securities $ (448 ) $ 1,449 $ 19 $ (1,124 ) Reclassification of net (gains) losses on available-for-sale securities included in net income (loss) — 1,159 481 1,159 Unrealized gains (losses) available-for-sale securities, net of reclassification adjustment $ (448 ) $ 2,608 $ 500 $ 35 The amounts reclassified for net (gain) loss on available-for-sale securities are included in the realized (gain) loss on sale of real estate securities in the Company's consolidated statements of operations.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Schedule of Master Repurchase Agreements	Below is a summary of the Company's MRAs as of September 30, 2017 and December 31, 2016 (in thousands): Weighted Average Counterparty Amount Outstanding Accrued Interest Fair Value Collateral Pledged (*) Interest Rate Days to Maturity As of September 30, 2017 J.P. Morgan Securities LLC $ 39,035 $ 74 $ 55,764 2.97 % 6 Total/Weighted Average $ 39,035 $ 74 $ 55,764 2.97 % 6 As of December 31, 2016 J.P. 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 * Includes $55.8 and $53.3 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 September 30, 2017 and December 31, 2016 , respectively.
Schedule of Long-term Debt Instruments	2017 Facility ($000s) Par Value Issued Par Value Outstanding Interest Rate Maturity Date As of September 30, 2017 Tranche A $ 223,600 $ 223,600 1M LIBOR + 135 7/1/2027 Tranche B 48,000 48,000 1M LIBOR + 240 7/1/2027 Tranche C 67,900 67,900 1M LIBOR + 425 7/1/2027 $ 339,500 $ 339,500 The following tables represent the terms of the 2015 and 2017 CLOs issued, respectively. 2015 Facility ($000s) Par Value Issued Par Value Outstanding (*) Interest Rate Maturity Date As of September 30, 2017 Tranche A $ 231,345 $ 124,690 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 $ 187,531 As of December 31, 2016 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 ________________________ * 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 September 30, 2017 and December 31, 2016 , respectively.
Schedule of Variable Interest Entities	The below table reflects the total assets and liabilities of the Company's two CLOs. The CLOs are considered VIEs and are consolidated into the Company's consolidated financial statements as of September 30, 2017 and December 31, 2016 as the Company is the primary beneficiary of the VIEs. The Company is the primary beneficiary of the CLOs because (i) the Company has the power to direct the activities that most significantly affect the VIEs' economic performance and (ii) the right to receive benefits from the VIEs or the obligation to absorb losses of the VIEs that could be significant to the VIEs. Assets ($000s) September 30, 2017 December 31, 2016 Cash (1) $ 37,615 $ 5 Commercial mortgage loans, held for investment, net of allowance of $1,431 and $1,017 (2) 699,928 417,057 Accrued interest receivable 1,899 1,101 Total assets $ 739,442 $ 418,163 Liabilities Notes payable (3)(4) $ 571,303 $ 334,246 Interest payable 980 564 Total liabilities $ 572,283 $ 334,810 ________________________ (1) Includes $37.5 million of cash held by the servicer related to CLO loan payoffs as of September 30, 2017 . (2) The balance is presented net of allowance for loan loss of $1.4 million and $1.0 million as of September 30, 2017 and December 31, 2016 , respectively. (3) 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 September 30, 2017 and December 31, 2016 , respectively. (4) The balance is presented net of deferred financing cost and discount of $ 11.5 million and $6.8 million as of September 30, 2017 and December 31, 2016 , respectively.

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Summary of the Basic and Diluted Earnings Per Share	The following table is a summary of the basic and diluted net income per share computation for the three and nine months ended September 30, 2017 and 2016 , respectively: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Net income (in thousands) $ 6,975 $ 5,373 $ 19,305 $ 23,653 Basic weighted average shares outstanding 31,741,679 31,516,876 31,778,169 31,622,796 Unvested restricted shares 14,824 7,035 12,098 6,274 Diluted weighted average shares outstanding 31,756,503 31,523,911 31,790,267 31,629,070 Basic net income per share $ 0.22 $ 0.17 $ 0.61 $ 0.75 Diluted net income per share $ 0.22 $ 0.17 $ 0.61 $ 0.75

Common Stock (Tables)

Common Stock (Tables)	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Schedule of Share Repurchases	The following table reflects the number of shares repurchased under the SRP cumulatively through September 30, 2017 : Number of Requests Number of Shares Repurchased Average Price per Share Cumulative as of December 31, 2016 985 918,683 $ 23.94 January 1 - March 31, 2017 502 496,678 19.04 April 1 - June 30, 2017 2 327 20.08 July 1 - September 30, 2017 636 575,703 19.24 Cumulative as of September 30, 2017 2,125 1,991,391 $ 21.37

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Unfunded Commitments Under Commercial Mortgage Loans	As of September 30, 2017 and December 31, 2016 , the Company had the below unfunded commitments to the Company's borrowers. Funding Expiration September 30, 2017 December 31, 2016 2016 $ — $ — 2017 4,766 7,794 2018 44,180 62,368 2019 27,705 9,072 2020 19,856 — Total $ 96,507 $ 79,234

Related Party Transactions an29

Related Party Transactions and Arrangements (Tables)	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services	The table below depicts related party fees and reimbursements in connection with the operations of the Company for the three and nine months ended September 30, 2017 and 2016 and the associated payable as of September 30, 2017 and December 31, 2016 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Payable as of 2017 2016 2017 2016 September 30, 2017 December 31, 2016 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 $ — $ — $ — $ — $ 480 $ 480 Acquisition fees and expenses 3,014 255 8,968 635 212 — Administrative services expenses 1,480 — 2,480 3,285 3,835 1,480 1,000 Advisory and investment banking fee — — — 6 — — Asset management and subordinated performance fee 2,299 1,066 6,952 7,091 2,299 2,439 Other related party expenses 87 6 183 56 112 145 Total related party fees and reimbursements $ 6,880 $ 3,807 $ 19,388 $ 11,623 $ 4,583 $ 4,064

Fair Value of Financial Instr30

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Financial Instruments Carried at Fair Value on a Recurring Basis	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 September 30, 2017 — — % n/a $ — $ — December 31, 2016 6 5.8 % February 2020 50,000 49,049 he following table presents information about 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 September 30, 2017 and December 31, 2016 : ($ in thousands) Total Level I Level II Level III September 30, 2017 Assets, at fair value Real estate securities $ — $ — $ — $ — Commercial mortgage loans, held-for-sale (1) 60,950 — — 60,950 Treasury note futures 754 754 — — Credit derivatives 206 — 206 — Total assets, at fair value $ 61,910 $ 754 $ 206 — $ 60,950 Liabilities, at fair value Credit derivatives $ 1,003 $ — $ 1,003 $ — Total liabilities, at fair value $ 1,003 $ — $ 1,003 $ — December 31, 2016 Assets, at fair value Real estate securities $ 49,049 $ — $ — $ 49,049 Commercial mortgage loans, held-for-sale (1) — — — — Treasury note futures — — — — Credit derivatives — — — — Total assets, at fair value $ 49,049 $ — $ — $ 49,049 (1) Loans held in the Company's TRS, reported within "Commercial mortgage loans, held-for-sale, measured at fair value" on the consolidated balance sheets.
Valuation Method of Company's Level 3 Financial Instruments	The following table summarizes the valuation method and significant unobservable inputs used for the Company’s financial instruments that are categorized within Level III of the fair value hierarchy as of September 30, 2017 and December 31, 2016 . Both observable and unobservable inputs may be used to determine the fair value of positions that the Company has classified within the Level III category. As a result, the unrealized gains and losses for assets and liabilities within the Level III category may include changes in fair value that were attributable to both observable and unobservable inputs. ($ in thousands) Asset Category Fair Value September 30, 2017 Valuation Methodologies Unobservable Inputs (1) Weighted Average (2) Range September 30, 2017 Commercial mortgage loans, held-for-sale $ 33,451 Discounted Cash Flow Yield 10.18 % 10% - 13% December 31, 2016 Commercial mortgage loans, held-for-sale $ 21,179 Discounted Cash Flow Yield 10.80 % 10.5% - 11% (1) In determining certain of these inputs, the Company evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company specific developments including exit strategies and realization opportunities. The Company has determined that market participants would take these inputs into account when valuing the investments. (2) Inputs were weighted based on the fair value of the investments included in the range. The following table summarizes the valuation method and significant unobservable inputs used for the Company’s financial instruments that are categorized within Level III of the fair value hierarchy as of September 30, 2017. Both observable and unobservable inputs may be used to determine the fair value of positions that the Company has classified within the Level III category. As a result, the unrealized gains and losses for assets and liabilities within the Level III category may include changes in fair value that were attributable to both observable and unobservable inputs. September 30, 2017 Asset Category Fair Value September 30, 2017 (in thousands) Valuation Methodologies Unobservable Inputs (1) Weighted Average (2) Range Commercial mortgage loans, held-for-sale, measured at fair value $60,950 Discounted Cash Flow Yield 4.39 % 4.21%-4.87% (1) In determining certain of these inputs, the Company evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company specific developments including exit strategies and realization opportunities. The Company has determined that market participants would take these inputs into account when valuing the investments. (2) Inputs were weighted based on the fair value of the investments included in the range.
Investments Measured at Fair Value on a Recurring Basis	The following table presents additional information about the Company’s financial instruments which are measured at fair value on a recurring basis as of September 30, 2017 and December 31, 2016 for which the Company has used Level III inputs to determine fair value (in thousands): September 30, 2017 Commercial Mortgage Loans, held-for-sale, measured at fair value Real Estate Securities Beginning balance, January 1, 2017 $ — $ 49,049 Transfers into Level III — Total realized and unrealized gains (losses) included in earnings: Realized gain (loss) on sale of real estate securities — 172 Impairment losses on real estate securities — Net accretion — 167 Unrealized gains (losses) included in OCI (1) — 500 Purchases 60,950 — Sales / paydown — (49,888 ) Cash repayments/receipts — — Transfers out of Level III — — Ending balance, September 30, 2017 $ 60,950 $ — December 31, 2016 Commercial Mortgage Loans, held-for-sale, measured at fair value Real Estate Securities Beginning balance, January 1, 2016 $ — $ — Transfers into Level III — 57,639 Total realized and unrealized gains (losses) included in earnings: Realized gain (loss) on sale of real estate securities — (874 ) Impairment losses on real estate securities — (310 ) Net accretion — — Unrealized gains (losses) included in OCI — 1,719 Purchases — — Sales/paydown — (9,125 ) Cash repayments/receipts — — Transfers out of Level III — — Ending balance, December 31, 2016 $ — $ 49,049 ________________________ (1) - Unrealized gains included in Other comprehensive income ("OCI") are attributable to assets held at December 31, 2016.
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 September 30, 2017 and December 31, 2016 (in thousands): Total Level I Level II Level III September 30, 2017 Commercial mortgage loans, held-for-sale (1) $ 33,451 $ — $ — $ 33,451 December 31, 2016 Commercial mortgage loans, held-for-sale (1) 21,179 — — 21,179 (1) Fair value of the Commercial mortgage loans, held-for-sale as presented in the consolidated balance sheets is recorded at lower of cost or fair value. This treatment resulted in assets of $31,180 and $ 21,179 at September 30, 2017 and December 31, 2016, respectively.
Financial Instruments Not Measured at Fair Value	The fair values of the Company's commercial mortgage loans, held-for-investment and collateralized loan obligations, which are not reported at fair value on the consolidated balance sheets are reported below as of September 30, 2017 and December 31, 2016 (in thousands): Level Carrying Amount Fair Value September 30, 2017 Commercial mortgage loans, held-for-investment (1) Asset III $ 1,287,065 $ 1,281,114 Collateralized loan obligation Liability II 515,500 583,046 December 31, 2016 Commercial mortgage loans, held-for-investment (1) Asset III 1,048,737 1,029,756 Collateralized loan obligation Liability II 278,450 282,001 ________________________ 1 The carrying value is gross of $2.0 million and $2.2 million of allowance for loan losses as of September 30, 2017 and December 31, 2016 , respectively.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Liabilities at Fair Value	The following derivative instruments were outstanding as of September 30, 2017 ($ in thousands): Fair Value Contract type Notional Assets (1) Liabilities (1) Net Credit derivatives $ 66,000 $ 206 $ 1,003 $ (797 ) Treasury note futures 69,676 754 — 754 Total $ 135,676 $ 960 $ 1,003 $ (43 ) (1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets.
Schedule of Derivative Assets at Fair Value	The following derivative instruments were outstanding as of September 30, 2017 ($ in thousands): Fair Value Contract type Notional Assets (1) Liabilities (1) Net Credit derivatives $ 66,000 $ 206 $ 1,003 $ (797 ) Treasury note futures 69,676 754 — 754 Total $ 135,676 $ 960 $ 1,003 $ (43 ) (1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets.
Net Realized and Unrealized Losses on Derivatives	The following tables indicates the net realized and unrealized losses on derivatives, by primary underlying risk exposure, as included in loss on derivative instruments in the consolidated statements of operations for the three and nine months ended September 30, 2017 . The Company did no t have any net realized and unrealized gain or loss on derivatives during the three and nine months ended September 30, 2016 . Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Unrealized Gain (Loss) Realized Gain (Loss) Total Unrealized Gain (Loss) Realized Gain (Loss) Total Contract type Credit derivatives $ (171 ) $ (18 ) $ (189 ) $ (171 ) $ (18 ) $ (189 ) Treasury note futures 754 — 754 754 — 754 Total $ 583 $ (18 ) $ 565 $ 583 $ (18 ) $ 565

Offsetting Assets and Liabili32

Offsetting Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2017
Offsetting [Abstract]
Offsetting Assets and Liabilities	The table below provides a gross presentation, the effects of offsetting and a net presentation of the Company's repurchase agreements and derivatives within the scope of ASC 210-20, Balance Sheet—Offsetting , as of September 30, 2017 and December 31, 2016 , (in thousands): Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Balance Sheet Net Amount of Assets Presented in the Balance Sheet Financial Instruments Cash Collateral Received Net Amount September 30, 2017 Derivatives $ 960 $ — $ 960 $ — $ — $ 960 Total $ 960 $ — $ 960 $ — $ — $ 960 Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Balance Sheet Net Amount of Liabilities Presented on the Balance Sheet Financial Instruments as Collateral Pledged (*) Cash Collateral Pledged Net Amount September 30, 2017 Repurchase agreements, commercial mortgage loans $ 319,385 $ — $ 319,385 $ 553,364 $ 5,005 $ — Repurchase agreements - real estate securities 39,035 — 39,035 55,764 389 — Derivatives 1,003 — 1,003 — 1,436 — Total $ 359,423 — $ — $ 359,423 $ 609,128 — $ 6,830 — $ — Gross Amounts Not Offset on the Balance Sheet December 31, 2016 Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Balance Sheet Net Amount of Liabilities Presented on the Balance Sheet Financial Instruments as Collateral Pledged (*) Cash Collateral Pledged Net Amount Repurchase agreements, commercial mortgage loans $ 257,664 $ — $ 257,664 $ 399,914 $ 5,000 $ — Real estate securities 66,639 — 66,639 102,358 21 — Total $ 324,303 — $ — — $ 324,303 — $ 502,272 — $ 5,021 — $ — * Includes $55.8 million and $53.3 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 September 30, 2017 and December 31, 2016 , respectively.

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table represents the Company's operations by segment for the three months ended September 30, 2017 and 2016 (in thousands): Three Months Ended September 30, 2017 Total Real Estate Debt Real Estate Securities TRS Interest income $ 22,195 $ 21,795 $ 269 $ 131 Interest expense 8,845 8,386 409 50 Net income (loss) 6,975 7,588 (22 ) (591 ) Three Months Ended September 30, 2016 Interest income 20,250 18,682 1,568 — Interest expense 7,317 6,642 675 — Net income 5,373 5,265 108 — The following table represents the Company's operations by segment for the nine months ended September 30, 2017 and 2016 (in thousands): Nine Months Ended September 30, 2017 Total Real Estate Debt Real Estate Securities TRS Interest income $ 61,917 $ 60,435 $ 1,351 $ 131 Interest expense 21,990 20,686 1,254 50 Net income 19,305 19,627 269 (591 ) Nine Months Ended September 30, 2016 Interest income 60,763 55,973 4,790 — Interest expense 17,478 15,443 2,035 — Net income 23,653 22,775 878 — The following table represents the Company's total assets by segment as of September 30, 2017 and December 31, 2016 (in thousands): As of September 30, 2017 Total Real Estate Debt Real Estate Securities Conduit Total Assets $ 1,521,102 $ 1,437,630 $ 389 $ 83,083 As of December 31, 2016 Total Assets 1,248,125 1,198,806 49,319 —

Summary of Significant Accoun34

Summary of Significant Accounting Policies - Narrative (Details)	9 Months Ended
	Sep. 30, 2017USD ($)segment	Dec. 31, 2016USD ($)	Sep. 29, 2016USD ($)
Related Party Transaction [Line Items]
Number of reportable segments | segment	3
Commercial mortgage loans, held-for-sale, measured at fair value	$ 60,950,000	$ 0
The Advisor | Affiliate
Related Party Transaction [Line Items]
Real estate acquisition fee, percentage	1.00%		1.00%
Real estate acquisition expense, percentage			0.50%
Amount of purchase price to terminate Company's obligation to pay acquisition fees to the Advisor	$ 600,000,000		$ 600,000,000

Commercial Mortgage Loans - Car

Commercial Mortgage Loans - Carrying Value of Commerical Mortgage Loans Held for Investment (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Receivables [Abstract]
Senior loans	$ 1,254,879	$ 901,907
Mezzanine loans	32,186	136,830
Subordinated loans	0	10,000
Total gross carrying value of loans	1,287,065	1,048,737
Less: Allowance for loan losses	1,959	2,181	$ 1,609	$ 888
Total commercial mortgage loans, held for investment, net	$ 1,285,106	$ 1,046,556

Commercial Mortgage Loans - All

Commercial Mortgage Loans - Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance			$ 2,181	$ 888
Loan loss (recovery)/provision	$ (641)	$ (113)	(222)	721
Charge-offs			0	0
Recoveries			0	0
Ending balance	$ 1,959	$ 1,609	$ 1,959	$ 1,609

Commercial Mortgage Loans - Nar

Commercial Mortgage Loans - Narrative (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017USD ($)ratingloan	Dec. 31, 2016USD ($)ratingloan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial mortgage loans, held-for-sale, measured at fair value	$ 60,950	$ 0
Initial risk rating of loans | rating	2
Weighted average risk rating of loans | rating	2.2	2.1
Repurchase agreements, commercial mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded (loan) | loan	73	71
Commercial Mortgage Loans - Held for Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded (loan) | loan	4	0
Fair Value, Measurements, Recurring
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial mortgage loans, held-for-sale, measured at fair value	$ 60,950	$ 0
Fair Value, Measurements, Recurring | Commercial Mortgage Loans, held-for-sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial mortgage loans, held-for-sale, measured at fair value	$ 60,950

Commercial Mortgage Loans - Com

Commercial Mortgage Loans - Commerical Mortgage Loan Portfolio (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial mortgage loans, held-for-sale, measured at fair value	$ 60,950	$ 0
Total gross carrying value of loans	1,287,065	1,048,737
Fair Value, Measurements, Recurring
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial mortgage loans, held-for-sale, measured at fair value	60,950	0
Commercial Mortgage Loans, held-for-sale, measured at fair value | Fair Value, Measurements, Recurring
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial mortgage loans, held-for-sale, measured at fair value	60,950
Repurchase agreements, commercial mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 1,322,972	$ 1,077,237
Loan type as a percent of total loans, percent	100.00%	100.00%
Repurchase agreements, commercial mortgage loans | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 433,110	$ 340,944
Loan type as a percent of total loans, percent	32.70%	31.60%
Repurchase agreements, commercial mortgage loans | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 441,431	$ 329,203
Loan type as a percent of total loans, percent	33.40%	30.60%
Repurchase agreements, commercial mortgage loans | Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 126,673	$ 143,582
Loan type as a percent of total loans, percent	9.60%	13.30%
Repurchase agreements, commercial mortgage loans | Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 223,315	$ 154,684
Loan type as a percent of total loans, percent	16.90%	14.40%
Repurchase agreements, commercial mortgage loans | Mixed Use
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 45,235	$ 56,136
Loan type as a percent of total loans, percent	3.40%	5.20%
Repurchase agreements, commercial mortgage loans | Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 53,208	$ 52,688
Loan type as a percent of total loans, percent	4.00%	4.90%

- Commercial Mortgage Loan Port

- Commercial Mortgage Loan Portfolio for Taxable REIT Subsidiaries (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 1,287,065	$ 1,048,737
Commercial Mortgage Loans - Held for Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 60,950	$ 0
Loan type as a percent of total loans, percent	100.00%	0.00%
Commercial Mortgage Loans - Held for Sale | Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 11,600	$ 0
Loan type as a percent of total loans, percent	19.10%	0.00%
Commercial Mortgage Loans - Held for Sale | Mixed Use
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 14,150	$ 0
Loan type as a percent of total loans, percent	23.20%	0.00%
Commercial Mortgage Loans - Held for Sale | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 7,200	$ 0
Loan type as a percent of total loans, percent	11.80%	0.00%
Commercial Mortgage Loans - Held for Sale | Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 28,000	$ 0
Loan type as a percent of total loans, percent	45.90%	0.00%

Commercial Mortgage Loans - Loa

Commercial Mortgage Loans - Loan Portfolio Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at Beginning of Year			$ 1,046,556	$ 1,124,201
Acquisitions and originations			566,490	42,236
Dispositions			(68,514)	0
Principal repayments			(228,814)	(48,127)
Discount accretion and premium amortization			1,604	1,704
Loans transferred to commercial real estate loans, held-for-sale, at fair value			(31,207)	0
Fees capitalized into carrying value of loans			(1,231)	0
Loan loss (recovery)/provision	$ (641)	$ (113)	(222)	721
Balance at End of Period	$ 1,285,106	$ 1,119,293	$ 1,285,106	$ 1,119,293

Real Estate Securities - Summar

Real Estate Securities - Summary of Company's Real Estate Securities (Details) - Real estate securities $ in Thousands	Sep. 30, 2017USD ($)investment	Dec. 31, 2016USD ($)investment
Schedule of Available-for-sale Securities [Line Items]
Number of Investments | investment	0	6
Interest Rate	0.00%	5.80%
Par Value	$ 0	$ 50,000
Fair Value	$ 0	$ 49,049

Real Estate Securities - Schedu

Real Estate Securities - Schedule of Company's CMBS Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Fair Value	$ 0	$ 49,049
Real estate securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	0	49,548
Unrealized Gains	0	0
Unrealized Losses	0	(499)
Fair Value	$ 0	$ 49,049

Real Estate Securities - Narrat

Real Estate Securities - Narrative (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017USD ($)investment	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)investment	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)investment
Schedule of Available-for-sale Securities [Line Items]
Change in unrealized losses on real estate securities	$ 0	$ (1,032,000)	$ 172,000	$ (1,032,000)
Real estate securities
Schedule of Available-for-sale Securities [Line Items]
Number of CMBS positions | investment	0		0		6
Aggregate carrying value	$ 0		$ 0		$ 49,548,000
Unrealized gain	0		0		0
Unrealized loss	0		0		$ 499,000
Number of investments in an unrealized loss position, 12 months or longer (investment) | investment					2
Unrealized loss for 12 months or longer					$ 200,000
Change in unrealized losses on real estate securities	$ 0	$ (1,000,000)	$ 200,000	$ (1,000,000)

Real Estate Securities - Sche44

Real Estate Securities - Schedule of Gains (Losses) on Real Estate Securities (Details) - Real estate securities - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Gain (Loss) on Investments [Line Items]
Unrealized gains (losses) available-for-sale securities	$ (448)	$ 1,449	$ 19	$ (1,124)
Reclassification of net (gains) losses on available-for-sale securities included in net income (loss)	0	1,159	481	1,159
Available-for-sale securities, realized and unrealized gains (losses)	$ (448)	$ 2,608	$ 500	$ 35

Debt - Narrative (Details)

Debt - Narrative (Details)	May 17, 2017USD ($)	Sep. 30, 2017USD ($)mortgage_assetextension$ / sharesshares	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)mortgage_asset$ / sharesshares	Sep. 19, 2017USD ($)	Jun. 29, 2017USD ($)$ / sharesshares	Oct. 19, 2015USD ($)$ / sharesshares
Line of Credit Facility [Line Items]
NAV per share (in dollars per share) | $ / shares		$ 19.02
Preferred stock, shares issued (in shares) | shares		0		0
Preferred stock, par value per share (in dollars per share) | $ / shares		$ 0.01		$ 0.01
U.S. Bank National Association
Line of Credit Facility [Line Items]
Preferred stock, shares issued (in shares) | shares						78,561,345	78,188,494
Preferred stock, par value per share (in dollars per share) | $ / shares						$ 1,000	$ 1,000
Preferred stock liquidation preference (in dollars per share) | $ / shares							$ 0.001
U.S. Bank National Association | Secured Debt
Line of Credit Facility [Line Items]
Notes payable						$ 339,500,000	$ 350,200,000
U.S. Bank National Association | Secured Debt | Collateralized Loan Obligations Issued in 2015
Line of Credit Facility [Line Items]
Principal balance of collateral		$ 321,800,000		$ 419,300,000
Notes payable		$ 350,230,000		$ 350,230,000
Number of mortgage assets pledged as collateral (mortgage asset) | mortgage_asset		17		27
U.S. Bank National Association | Secured Debt | Collateralized Loan Obligations Issued in 2015, Class C
Line of Credit Facility [Line Items]
Principal balance of collateral		$ 56,000,000		$ 56,000,000
Notes payable		76,044,000		$ 76,044,000
U.S. Bank National Association | Secured Debt | Collateralized Loan Obligations Issued in 2017
Line of Credit Facility [Line Items]
Principal balance of collateral		418,100,000
Notes payable		$ 339,500,000
Number of mortgage assets pledged as collateral (mortgage asset) | mortgage_asset		23
U.S. Bank National Association | Secured Debt | Subsidiaries | Collateralized Loan Obligations Issued in 2015, Class C
Line of Credit Facility [Line Items]
Notes payable							$ 56,000,000
London Interbank Offered Rate (LIBOR) | Secured Debt | Collateralized Loan Obligations Issued in 2015, Class C
Line of Credit Facility [Line Items]
Variable interest rate		5.25%		5.25%
Minimum
Line of Credit Facility [Line Items]
MRA maturity term (days)		30 days
Maximum
Line of Credit Facility [Line Items]
MRA maturity term (days)		90 days
JPM Repo Facility
Line of Credit Facility [Line Items]
Extension on initial maturity date		1 year
GS Repo Facility
Line of Credit Facility [Line Items]
Extension on initial maturity date		1 year
USB Repo Facility
Line of Credit Facility [Line Items]
Extension on initial maturity date		1 year
Number of extension options | extension		2
CS Repo Facility
Line of Credit Facility [Line Items]
Extension on initial maturity date		364 days
PWB Financing
Line of Credit Facility [Line Items]
Extension on initial maturity date		1 year
Accrued Interest		$ 700,000
Number of extension options | extension		2
PWB Financing | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Variable interest rate	4.00%
Barclays 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		$ 39,035,000		$ 66,639,000
Interest Rate		2.97%		2.50%
Revolving Credit Facility | JPM Repo Facility
Line of Credit Facility [Line Items]
Unsecured line of credit		$ 300,000,000
Amount Outstanding		$ 137,500,000		$ 257,700,000
Interest Rate		3.36%		3.08%
Accrued Interest		$ 7,100,000	$ 3,400,000
Revolving Credit Facility | JPM Repo Facility | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Variable interest rate		2.40%
Revolving Credit Facility | GS Repo Facility
Line of Credit Facility [Line Items]
Unsecured line of credit		$ 250,000,000
Variable interest rate		0.50%
Amount Outstanding		$ 138,000,000
Interest Rate		3.58%
Accrued Interest		$ 3,200,000
Revolving Credit Facility | GS Repo Facility | Minimum | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Variable interest rate		2.35%
Revolving Credit Facility | GS Repo Facility | Maximum | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Variable interest rate		2.85%
Revolving Credit Facility | USB Repo Facility
Line of Credit Facility [Line Items]
Unsecured line of credit		$ 100,000,000
Amount Outstanding		$ 12,300,000
Interest Rate		4.16%
Accrued Interest		$ 200,000
Revolving Credit Facility | USB Repo Facility | Minimum | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Variable interest rate		2.25%
Revolving Credit Facility | USB Repo Facility | Maximum | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Variable interest rate		3.00%
Revolving Credit Facility | CS Repo Facility
Line of Credit Facility [Line Items]
Unsecured line of credit		$ 250,000,000
Amount Outstanding		$ 31,600,000
Interest Rate		3.73%
Accrued Interest		$ 57,600
Revolving Credit Facility | CS Repo Facility | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Variable interest rate		2.50%
Revolving Credit Facility | PWB Financing
Line of Credit Facility [Line Items]
Unsecured line of credit	$ 36,200,000
Amount Outstanding	30,500,000
Principal balance of collateral	$ 54,200,000
Revolving Credit Facility | Barclays Facility | Secured Debt
Line of Credit Facility [Line Items]
Unsecured line of credit					$ 75,000,000
Variable Interest Entity, Primary Beneficiary
Line of Credit Facility [Line Items]
Notes payable		$ 571,303,000		$ 334,246,000
Number of mortgage assets pledged as collateral (mortgage asset) | mortgage_asset		2

Debt - Schedule of Master Repur

Debt - Schedule of Master Repurchase Agreements (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Assets Sold under Agreements to Repurchase [Line Items]
NAV per share (in dollars per share)	$ 19.02
Accrued Interest	$ 1,302	$ 897
Real estate securities, available-for-sale, at fair value	0	49,049
Class C Notes | Secured Debt | U.S. Bank National Association
Assets Sold under Agreements to Repurchase [Line Items]
Real estate securities, available-for-sale, at fair value	55,800	53,300
Revolving Credit Facility
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	39,035	66,639
Accrued Interest	74	101
Collateral Pledged	$ 55,764	$ 102,358
Interest Rate	2.97%	2.50%
Days to Maturity	6 days	8 days
Revolving Credit Facility | J.P. Morgan Securities LLC
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 39,035	$ 59,122
Accrued Interest	74	96
Collateral Pledged	$ 55,764	$ 92,658
Interest Rate	2.97%	2.55%
Days to Maturity	6 days	6 days
Revolving Credit Facility | Citigroup Global Markets, Inc.
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		$ 3,879
Accrued Interest		1
Collateral Pledged		$ 4,850
Interest Rate		2.11%
Days to Maturity		26 days
Revolving Credit Facility | Wells Fargo Securities, LLC
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		$ 3,638
Accrued Interest		4
Collateral Pledged		$ 4,850
Interest Rate		2.05%
Days to Maturity		13 days

Debt - Schedule of CLO Issued i

Debt - Schedule of CLO Issued in 2015 (Details) - Secured Debt - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016	Jun. 29, 2017	Oct. 19, 2015
Tranche A | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Variable interest rate	1.75%	1.75%
Tranche B | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Variable interest rate	3.88%	3.88%
Tranche C | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Variable interest rate	5.25%	5.25%
U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued			$ 339,500	$ 350,200
U.S. Bank National Association | Collateralized Loan Obligations Issued in 2015
Debt Instrument [Line Items]
Par Value Issued	$ 350,230	$ 350,230
Par Value Outstanding	187,531	285,036
Principal balance of collateral	321,800	419,300
U.S. Bank National Association | Tranche A
Debt Instrument [Line Items]
Par Value Issued	231,345	231,345
Par Value Outstanding	124,690	222,195
U.S. Bank National Association | 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 | Tranche C
Debt Instrument [Line Items]
Par Value Issued	76,044	76,044
Par Value Outstanding	20,000	20,000
Principal balance of collateral	$ 56,000	$ 56,000

Debt - Schedule of CLO Issued48

Debt - Schedule of CLO Issued in 2017 (Details) - Secured Debt - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Jun. 29, 2017	Oct. 19, 2015
U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued		$ 339,500	$ 350,200
U.S. Bank National Association | Collateralized Loan Obligations Issued in 2017
Debt Instrument [Line Items]
Par Value Issued	$ 339,500
Par Value Outstanding	339,500
U.S. Bank National Association | Tranche A
Debt Instrument [Line Items]
Par Value Issued	223,600
Par Value Outstanding	223,600
U.S. Bank National Association | Tranche B
Debt Instrument [Line Items]
Par Value Issued	48,000
Par Value Outstanding	48,000
U.S. Bank National Association | Tranche C
Debt Instrument [Line Items]
Par Value Issued	67,900
Par Value Outstanding	$ 67,900
London Interbank Offered Rate (LIBOR) | Tranche A
Debt Instrument [Line Items]
Variable interest rate	1.35%
London Interbank Offered Rate (LIBOR) | Tranche B
Debt Instrument [Line Items]
Variable interest rate	2.40%
London Interbank Offered Rate (LIBOR) | Tranche C
Debt Instrument [Line Items]
Variable interest rate	4.25%

Debt - Assets and Liabilities o

Debt - Assets and Liabilities of the Company's VIE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Sep. 30, 2017	Jun. 29, 2017	Sep. 30, 2016	Dec. 31, 2015	Oct. 19, 2015
Variable Interest Entity [Line Items]
Commercial mortgage loans, held for investment, net of allowance of $2,431 and $1,017	$ 1,046,556	$ 1,285,106
Accrued interest receivable	5,955	6,603
Total Assets	1,248,125	1,521,102
Accrued Interest	897	1,302
Total liabilities	614,475	917,640
Allowance for loan losses	2,181	1,959		$ 1,609	$ 888
U.S. Bank National Association | Secured Debt
Variable Interest Entity [Line Items]
Notes payable			$ 339,500			$ 350,200
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Cash	5	37,615
Commercial mortgage loans, held for investment, net of allowance of $2,431 and $1,017	417,057	699,928
Accrued interest receivable	1,101	1,899
Total Assets	418,163	739,442
Notes payable	334,246	571,303
Accrued Interest	564	980
Total liabilities	334,810	572,283
Cash held by the servicer for loan payoff		37,500
Allowance for loan losses	1,000	1,400
Deferred financing cost and discount	6,800
Collateralized Loan Obligations | Variable Interest Entity, Primary Beneficiary | U.S. Bank National Association | Secured Debt | Class C Notes
Variable Interest Entity [Line Items]
Principal balance of collateral	$ 55,800	$ 55,800

Net Income Per Share - Summary

Net Income Per Share - Summary of the Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Earnings Per Share [Abstract]
Net income	$ 6,975	$ 5,373	$ 19,305	$ 23,653
Basic weighted average shares outstanding (in shares)	31,741,679	31,516,876	31,778,169	31,622,796
Unvested restricted shares (in shares)	14,824	7,035	12,098	6,274
Diluted weighted average shares outstanding (in shares)	31,756,503	31,523,911	31,790,267	31,629,070
Basic net income per share (in dollars per share)	$ 0.22	$ 0.17	$ 0.61	$ 0.75
Diluted net income per share (in dollars per share)	$ 0.22	$ 0.17	$ 0.61	$ 0.75

Common Stock - Narrative (Detai

Common Stock - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Aug. 10, 2017	Feb. 28, 2016	Dec. 30, 2014	May 13, 2013	Aug. 31, 2017	Mar. 31, 2016	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Dec. 31, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016
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	$ 0.00394521
Common stock, dividends, per share per year, declared (in dollars per share)				$ 2.0625	$ 1.44	$ 2.0625
DRIP offer price							$ 19.07	$ 20.05	$ 19.07		$ 19.29	$ 19.62
Total distributions							$ 47.6	$ 49
Cash distributions							31.3	30
Common stock distributions							$ 16.3	$ 19.1
Share repurchase program, period in force		1 year
NAV per share (in dollars per share)							$ 19.02		$ 19.02
Maximum share repurchases per fiscal semester		2.50%
Maximum share repurchases per fiscal year		5.00%
Share Repurchase Program (SRP)
Class of Stock [Line Items]
Share repurchase program, NAV multiplier year one	92.50%
Share repurchase program, NAV multiplier year two	95.00%
Share repurchase program, NAV multiplier year three	97.50%
Share repurchase program, NAV multiplier year four	100.00%
Convertible Stock
Class of Stock [Line Items]
Issuance of convertible stock (in shares)			1,000
Convertible Stock | Former Advisor
Class of Stock [Line Items]
Issuance of convertible stock (in shares)			1,000
Convertible stock, per share value (in dollars per share)			$ 1
Common Stock
Class of Stock [Line Items]
Common shares converted (shares)									0
Shares issued in connection with conversion (shares)									0
Common Stock
Class of Stock [Line Items]
Shares outstanding (in shares)							31,641,275		31,641,275				31,884,631
Scenario, Forecast
Class of Stock [Line Items]
DRIP offer price										$ 19.02

Common Stock - Shares Repurchas

Common Stock - Shares Repurchased During the Period (Details) - Share Repurchase Program (SRP) - Common Stock	3 Months Ended
	Sep. 30, 2017share_repurchase_request$ / sharesshares	Jun. 30, 2017share_repurchase_request$ / sharesshares	Mar. 31, 2017share_repurchase_request$ / sharesshares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, number of requests (share repurchase request) | share_repurchase_request			985
Number of requests during the period (share repurchase request) | share_repurchase_request	636	2	502
Ending balance, number of requests (share repurchase request) | share_repurchase_request	2,125
Beginning balance, number of shares repurchased (shares) | shares			918,683
Number of shares repurchased (shares) | shares	575,703	327	496,678
Ending balance, number of shares repurchased (shares) | shares	1,991,391
Beginning balance, average price per share (usd per share) | $ / shares			$ 23.94
Repurchases, average price per share (usd per share) | $ / shares	$ 19.24	$ 20.08	$ 19.04
Ending balance, average price per share (usd per share) | $ / shares	$ 21.37

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	Jul. 29, 2017USD ($)	Oct. 20, 2016USD ($)	Jun. 06, 2016defendant	Sep. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Loan Origination Commitments
Unrecorded Unconditional Purchase Obligation [Line Items]
2,016				$ 0	$ 0
2,017				4,766	7,794
2,018				44,180	62,368
2,019				27,705	9,072
2,020				19,856	0
Total unfunded commitments				$ 96,507	$ 79,234
Pending Litigation | Rurode v. Realty Finance Trust, Inc., et. al.
Unrecorded Unconditional Purchase Obligation [Line Items]
Plaintiff requested fees and expenses		$ 750
Settled Litigation | Rurode v. Realty Finance Trust, Inc., et. al.
Unrecorded Unconditional Purchase Obligation [Line Items]
Damages paid	$ 245
Director | Pending Litigation | Rurode v. Realty Finance Trust, Inc., et. al.
Unrecorded Unconditional Purchase Obligation [Line Items]
Number of defendants (defendant) | defendant			2

Related Party Transactions an54

Related Party Transactions and Arrangements - Narrative (Details) - USD ($)	Sep. 29, 2016	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Related Party Transaction [Line Items]
Asset management and subordinated performance fee		$ 2,299,000	$ 1,066,000	$ 6,952,000	$ 7,091,000
Related party expenses		0	0
Affiliate
Related Party Transaction [Line Items]
Related party expenses		6,880,000	3,807,000	19,388,000	11,623,000
Affiliate | Asset Management Fee
Related Party Transaction [Line Items]
Related party expenses		$ 2,300,000	1,100,000	$ 7,000,000	7,100,000
Affiliate | The Advisor
Related Party Transaction [Line Items]
Real estate acquisition fee, percentage	1.00%	1.00%		1.00%
Amount of purchase price to terminate Company's obligation to pay acquisition fees to the Advisor	$ 600,000,000	$ 600,000,000		$ 600,000,000
Maximum percent of principal amount funded given as acquisition fees and expenses	4.50%
Annual asset management fee, percent of stockholders' equity	1.50%
Subordinated performance fee, total return threshold	6.00%
Subordinated participation in asset sale fee	15.00%
Subordinated participation in asset sale fee maximum	10.00%
Monthly asset management fee as a percent of stockholders' equity	0.125%
Affiliate | The Advisor | Fee to Acquire and Originate Real Estate Debt
Related Party Transaction [Line Items]
Transaction rate	0.50%
Former Advisor
Related Party Transaction [Line Items]
Monthly asset management fee, percentage of cost of company's assets		0.0625%		0.0625%
Subordinated performance fee, total return threshold		6.00%		6.00%
Subordinated participation in asset sale fee		15.00%		15.00%
Subordinated participation in asset sale fee maximum		10.00%		10.00%
Asset management and subordinated performance fee		$ 0	0	$ 0	0
Annual asset management fee, percentage based on the lower of total costs of assets or net asset value		0.75%		0.75%
Percentage of average invested assets				2.00%
Percentage of net income				25.00%
Former Advisor | Acquisition fees and expenses | Incurred
Related Party Transaction [Line Items]
Related party expenses		$ 1,700,000		$ 4,200,000
Former Advisor | Capitalized Acquisition and Related Expenses [Member] | Payable
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction		1,300,000	0	4,800,000	0
Former Advisor | Administrative Service and Personnel Cost Reimbursements
Related Party Transaction [Line Items]
Related party expenses		1,500,000	2,500,000	3,300,000	3,800,000
Nonrecurring Fees | Affiliate | Acquisition fees and expenses
Related Party Transaction [Line Items]
Related party expenses		$ 3,014,000	$ 255,000	$ 8,968,000	$ 635,000

Related Party Transactions an55

Related Party Transactions and Arrangements - Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Related party expenses	$ 0	$ 0
Payable to related party	4,583		$ 4,583		$ 4,064
Affiliate
Related Party Transaction [Line Items]
Related party expenses	6,880	3,807	19,388	$ 11,623
Payable to related party	4,583		4,583		4,064
Affiliate | Nonrecurring Fees | Acquisition fees and expenses
Related Party Transaction [Line Items]
Related party expenses	3,014	255	8,968	635
Payable to related party	212		212		0
Affiliate | Nonrecurring Fees | Administrative services expenses
Related Party Transaction [Line Items]
Related party expenses	1,480	2,480	3,285	3,835
Payable to related party	1,480		1,480		1,000
Affiliate | Nonrecurring Fees | Advisory and investment banking fee
Related Party Transaction [Line Items]
Related party expenses	0	0	0	6
Payable to related party	0		0		0
Affiliate | Nonrecurring Fees | Asset management and subordinated performance fee
Related Party Transaction [Line Items]
Related party expenses	2,299	1,066	6,952	7,091
Payable to related party	2,299		2,299		2,439
Affiliate | Nonrecurring Fees | Other related party expenses
Related Party Transaction [Line Items]
Related party expenses	87	$ 6	183	56
Payable to related party	112		112		145
Advisor and Dealer Manager | 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
Related Party Transaction [Line Items]
Related party expenses			0	$ 0
Payable to related party	$ 480		$ 480		$ 480

Fair Value of Financial Instr56

Fair Value of Financial Instruments - Fair Value of Company's Financial Instruments on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Assets, Fair Value Disclosure [Abstract]
Real estate securities, available-for-sale, at fair value	$ 0	$ 49,049
Commercial mortgage loans, held-for-sale, measured at fair value	60,950	0
Derivative instruments, at fair value	960	0
Liabilities, Fair Value Disclosure [Abstract]
Credit derivatives	1,003	0
Fair Value, Measurements, Recurring
Assets, Fair Value Disclosure [Abstract]
Commercial mortgage loans, held-for-sale, measured at fair value	60,950	0
Total assets, at fair value	61,910	49,049
Liabilities, Fair Value Disclosure [Abstract]
Total liabilities, at fair value	1,003
Fair Value, Measurements, Recurring | Level I
Assets, Fair Value Disclosure [Abstract]
Commercial mortgage loans, held-for-sale, measured at fair value	0	0
Total assets, at fair value	754	0
Liabilities, Fair Value Disclosure [Abstract]
Total liabilities, at fair value	0
Fair Value, Measurements, Recurring | Level II
Assets, Fair Value Disclosure [Abstract]
Commercial mortgage loans, held-for-sale, measured at fair value	0	0
Total assets, at fair value	206	0
Liabilities, Fair Value Disclosure [Abstract]
Total liabilities, at fair value	1,003
Fair Value, Measurements, Recurring | Level III
Assets, Fair Value Disclosure [Abstract]
Commercial mortgage loans, held-for-sale, measured at fair value	60,950	0
Total assets, at fair value	60,950	49,049
Liabilities, Fair Value Disclosure [Abstract]
Total liabilities, at fair value	0
Fair Value, Measurements, Recurring | Repurchase agreements - real estate securities
Assets, Fair Value Disclosure [Abstract]
Real estate securities, available-for-sale, at fair value	0	49,049
Fair Value, Measurements, Recurring | Repurchase agreements - real estate securities | Level I
Assets, Fair Value Disclosure [Abstract]
Real estate securities, available-for-sale, at fair value	0	0
Fair Value, Measurements, Recurring | Repurchase agreements - real estate securities | Level II
Assets, Fair Value Disclosure [Abstract]
Real estate securities, available-for-sale, at fair value	0	0
Fair Value, Measurements, Recurring | Repurchase agreements - real estate securities | Level III
Assets, Fair Value Disclosure [Abstract]
Real estate securities, available-for-sale, at fair value	0	49,049
Treasury note futures
Assets, Fair Value Disclosure [Abstract]
Derivative instruments, at fair value	754
Liabilities, Fair Value Disclosure [Abstract]
Credit derivatives	0
Treasury note futures | Fair Value, Measurements, Recurring
Assets, Fair Value Disclosure [Abstract]
Derivative instruments, at fair value	754	0
Treasury note futures | Fair Value, Measurements, Recurring | Level I
Assets, Fair Value Disclosure [Abstract]
Derivative instruments, at fair value	754	0
Treasury note futures | Fair Value, Measurements, Recurring | Level II
Assets, Fair Value Disclosure [Abstract]
Derivative instruments, at fair value	0	0
Treasury note futures | Fair Value, Measurements, Recurring | Level III
Assets, Fair Value Disclosure [Abstract]
Derivative instruments, at fair value	0	0
Credit derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative instruments, at fair value	206
Liabilities, Fair Value Disclosure [Abstract]
Credit derivatives	1,003
Credit derivatives | Fair Value, Measurements, Recurring
Assets, Fair Value Disclosure [Abstract]
Derivative instruments, at fair value	206	0
Liabilities, Fair Value Disclosure [Abstract]
Credit derivatives	1,003
Credit derivatives | Fair Value, Measurements, Recurring | Level I
Assets, Fair Value Disclosure [Abstract]
Derivative instruments, at fair value	0	0
Liabilities, Fair Value Disclosure [Abstract]
Credit derivatives	0
Credit derivatives | Fair Value, Measurements, Recurring | Level II
Assets, Fair Value Disclosure [Abstract]
Derivative instruments, at fair value	206	0
Liabilities, Fair Value Disclosure [Abstract]
Credit derivatives	1,003
Credit derivatives | Fair Value, Measurements, Recurring | Level III
Assets, Fair Value Disclosure [Abstract]
Derivative instruments, at fair value	0	$ 0
Liabilities, Fair Value Disclosure [Abstract]
Credit derivatives	0
Commercial Mortgage Loans, held-for-sale, measured at fair value | Fair Value, Measurements, Recurring
Assets, Fair Value Disclosure [Abstract]
Commercial mortgage loans, held-for-sale, measured at fair value	$ 60,950

Fair Value of Financial Instr57

Fair Value of Financial Instruments - Valuation Method Of Level 3 Financial Instruments Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Commercial mortgage loans, held-for-sale, measured at fair value	$ 60,950	$ 0
Fair Value, Measurements, Recurring
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Commercial mortgage loans, held-for-sale, measured at fair value	60,950	0
Fair Value, Measurements, Recurring | Level III
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Commercial mortgage loans, held-for-sale, measured at fair value	$ 60,950	$ 0
Minimum | Income Approach Valuation Technique | Fair Value, Measurements, Recurring | Level III
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Basis spreads	4.21%
Maximum | Income Approach Valuation Technique | Fair Value, Measurements, Recurring | Level III
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Basis spreads	4.87%
Commercial Mortgage Loans, held-for-sale, measured at fair value | Fair Value, Measurements, Recurring
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Commercial mortgage loans, held-for-sale, measured at fair value	$ 60,950
Commercial Mortgage Loans, held-for-sale, measured at fair value | Weighted Average | Income Approach Valuation Technique | Fair Value, Measurements, Recurring | Level III
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Basis spreads	4.39%

Fair Value of Financial Instr58

Fair Value of Financial Instruments - Fair Value of Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 0		$ 49,049
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net accretion	1,617	$ 1,761
Cash repayments/receipts	15,000	2,218
Repurchase agreements - real estate securities | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		49,049
Repurchase agreements - real estate securities | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		49,049
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	49,049
Transfers into Level III	0		57,639
Realized gain (loss) on sale of real estate securities	172		(874)
Impairment losses on real estate securities			(310)
Net accretion	167		0
Unrealized gains (losses) included in OCI	500		(1,719)
Purchases	0		0
Sales / paydown	(49,888)		(9,125)
Cash repayments/receipts	0		0
Transfers out of Level III	0		0
Ending balance	0		49,049
Commercial Mortgage Loans, held-for-sale, measured at fair value | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0	$ 0	0
Transfers into Level III			0
Realized gain (loss) on sale of real estate securities	0		0
Impairment losses on real estate securities	0		0
Net accretion	0		0
Unrealized gains (losses) included in OCI	0		0
Purchases	60,950		0
Sales / paydown	0		0
Cash repayments/receipts	0		0
Transfers out of Level III	0		0
Ending balance	$ 60,950		$ 0

Fair Value of Financial Instr59

Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value on a Non-Recurring Basis (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-sale	$ 33,451,000	$ 21,179,000
Commercial mortgage loans, assets	31,180,000	21,179,000
Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-sale	0	0
Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-sale	0	0
Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-sale	$ 33,451,000	$ 21,179,000

Fair Value of Financial Instr60

Fair Value of Financial Instruments - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans	$ 1,285,106	$ 1,046,556
Collateralized loan obligation	515,500	278,450
Allowance for loan losses	1,959	2,181	$ 1,609	$ 888
Total gross carrying value of loans	60,950	0
Carrying Amount | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans	1,287,065	1,048,737
Allowance for loan losses	2,000	2,200
Carrying Amount | Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized loan obligation	515,500	278,450
Fair Value | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans	1,281,114	1,029,756
Fair Value | Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized loan obligation	$ 583,046	$ 282,001

Fair Value of Financial Instr61

Fair Value of Financial Instruments - Valuation Method Of Level 3 Financial Instruments Measured on a Non-Recurring Basis (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-sale	$ 33,451	$ 21,179
Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-sale	33,451	21,179
Commercial Mortgage Loans, held-for-sale, measured at fair value | Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-sale	$ 33,451	$ 21,179
Commercial Mortgage Loans, held-for-sale, measured at fair value | Weighted Average | Income Approach Valuation Technique | Fair Value, Measurements, Nonrecurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Basis spreads	10.18%	10.80%
Commercial Mortgage Loans, held-for-sale, measured at fair value | Minimum | Income Approach Valuation Technique | Fair Value, Measurements, Nonrecurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Basis spreads	10.00%	10.50%
Commercial Mortgage Loans, held-for-sale, measured at fair value | Maximum | Income Approach Valuation Technique | Fair Value, Measurements, Nonrecurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Basis spreads	13.00%	11.00%

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Outstanding Derivatives (Details) - USD ($)	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Derivative [Line Items]
Net premiums received on derivative instrument assets	$ 600,000
Derivative, notional amount	135,676,000
Derivative assets	960,000	$ 0
Derivative liabilities	(1,003,000)	0
Derivative, net amount	(43,000)	$ 0
Credit derivatives
Derivative [Line Items]
Derivative, notional amount	66,000,000
Derivative assets	206,000
Derivative liabilities	(1,003,000)
Derivative, net amount	(797,000)
Treasury note futures
Derivative [Line Items]
Derivative, notional amount	69,676,000
Derivative assets	754,000
Derivative liabilities	0
Derivative, net amount	$ 754,000

Derivative Instruments - Net Re

Derivative Instruments - Net Realized and Unrealized Losses on Derivatives (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss)	$ 583,000	$ 0	$ 583,000	$ 0
Realized Gain (Loss)	(18,000)	0	(18,000)	0
Total	565,000	$ 0	565,000	$ 0
Credit derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss)	(171,000)		(171,000)
Realized Gain (Loss)	(18,000)		(18,000)
Total	(189,000)		(189,000)
Treasury note futures
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss)	754,000		754,000
Realized Gain (Loss)	0		0
Total	$ 754,000		$ 754,000

Offsetting Assets and Liabili64

Offsetting Assets and Liabilities - Company's Repurchase Agreements (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Offsetting Derivative Assets [Abstract]
Derivative Asset, Gross Amount Recognized	$ 960
Gross Amounts Offset in the Balance Sheet	0
Derivative Asset	960	$ 0
Derivative, Gross Amounts Not Offset on the Balance Sheet, Financial Instruments	0
Derivative, Gross Amounts Not Offset on the Balance Sheet, Cash Collateral Received	0
Derivative Asset, Fair Value, Amount Offset Against Collateral	960
Offsetting Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed [Abstract]
Asset, Gross Amounts Recognized	960
Derivative Asset, Gross amounts Offset in the Balance Sheet	0
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed	960
Asset, Gross Amounts Not Offset on the Balance Sheet, Financial Instruments	0
Asset, Gross Amounts Not Offset on the Balance Sheet, Cash Collateral Received	0
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Amount Offset Against Collateral	960
Offsetting Derivative Liabilities [Abstract]
Derivative Liabilities, Gross Amount Recognized	1,003
Derivative Liability, Gross Amounts Offset in the Balance Sheet	0
Derivative Liability	1,003	0
Derivative, Gross Amounts Not Offset on the Balance Sheet, Financial Instruments	0
Derivative, Gross Amounts Not Offset on the Balance Sheet, Cash Collateral Pledged	1,436
Derivative Liability, Fair Value, Amount Offset Against Collateral	0
Offsetting Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned [Abstract]
Liability, Gross Amounts Recognized	359,423	324,303
Liability, Gross Amounts Offset in the Balance Sheet	0	0
Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned	359,423	324,303
Liability, Gross Amounts Not Offset on the Balance Sheet, Financial Instruments	609,128	502,272
Liability, Gross Amounts Not Offset on the Balance Sheet, Cash Collateral Pledged	6,830	5,021
Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned, Amount Offset Against Collateral	0	0
Real estate securities, available-for-sale, at fair value	0	49,049
U.S. Bank National Association | Class C Notes | Secured Debt
Offsetting Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned [Abstract]
Real estate securities, available-for-sale, at fair value	55,800	53,300
Repurchase agreements - real estate securities
Offsetting Securities Sold under Agreements to Repurchase [Abstract]
Securities Sold under Agreements to Repurchase or Similar Arrangements, Gross Amounts Recognized	39,035	66,639
Securities Sold under Agreements to Repurchase or Similar Arrangements, Gross Amounts Offset in the Balance Sheet	0	0
Securities Sold under Agreements to Repurchase	39,035	66,639
Securities Sold under Agreements to Repurchase or Similar Arrangements, Gross Amounts Not Offset on the Balance Sheet, Financial Instruments	55,764	102,358
Securities Sold under Agreements to Repurchase or Similar Arrangements, Gross Amounts Not Offset on the Balance Sheet, Cash Collateral Pledged	389	21
Securities Sold under Agreements to Repurchase, Amount Offset Against Collateral	0	0
Repurchase agreements - real estate securities | U.S. Bank National Association | Class C Notes | Secured Debt
Offsetting Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned [Abstract]
Real estate securities, available-for-sale, at fair value	55,800	53,300
Repurchase agreements, commercial mortgage loans
Offsetting Securities Sold under Agreements to Repurchase [Abstract]
Securities Sold under Agreements to Repurchase or Similar Arrangements, Gross Amounts Recognized	319,385	257,664
Securities Sold under Agreements to Repurchase or Similar Arrangements, Gross Amounts Offset in the Balance Sheet	0	0
Securities Sold under Agreements to Repurchase	319,385	257,664
Securities Sold under Agreements to Repurchase or Similar Arrangements, Gross Amounts Not Offset on the Balance Sheet, Financial Instruments	553,364	399,914
Securities Sold under Agreements to Repurchase or Similar Arrangements, Gross Amounts Not Offset on the Balance Sheet, Cash Collateral Pledged	5,005	5,000
Securities Sold under Agreements to Repurchase, Amount Offset Against Collateral	$ 0	$ 0

Segment Reporting - Schedule of

Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)segment	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			3
Interest income	$ 22,195	$ 20,250	$ 61,917	$ 60,763
Interest expense	8,845	7,317	21,990	17,478
Net income	6,975	5,373	19,305	23,653
Total Assets	1,521,102		1,521,102		$ 1,248,125
Real Estate Debt
Segment Reporting Information [Line Items]
Interest income	21,795	18,682	60,435	55,973
Interest expense	8,386	6,642	20,686	15,443
Net income	7,588	5,265	19,627	22,775
Total Assets	1,437,630		1,437,630		1,198,806
Real Estate Securities
Segment Reporting Information [Line Items]
Interest income	269	1,568	1,351	4,790
Interest expense	409	675	1,254	2,035
Net income	(22)	108	269	878
Total Assets	389		389		49,319
TRS
Segment Reporting Information [Line Items]
Interest income	131	0	131	0
Interest expense	50	0	50	0
Net income	(591)	$ 0	(591)	$ 0
Total Assets	$ 83,083		$ 83,083		$ 0

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 01, 2017	Oct. 02, 2017	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2017	Jun. 30, 2017	Mar. 31, 2017
Subsequent Event [Line Items]
Distributions paid			$ 31,328	$ 29,952
Common stock issued through distribution reinvestment plan			$ 16,350
NAV per share (in dollars per share)			$ 19.02
DRIP offer price			$ 19.07	$ 20.05		$ 19.29	$ 19.62
Subsequent Event
Subsequent Event [Line Items]
Distributions paid	$ 3,900	$ 3,700
Common stock issued through distribution reinvestment plan	$ 1,300	$ 1,200
Shares issued under DRIP (in shares)	65,287	63,693
Scenario, Forecast
Subsequent Event [Line Items]
DRIP offer price					$ 19.02