Franklin BSP Realty Trust (FBRT) 10-K 16 Mar 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Feb. 28, 2018	Jun. 30, 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-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		31,533,370
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents		$ 83,711	$ 118,048
Restricted cash		7,997	5,021
Commercial mortgage loans, held for investment, net of allowance of $1,466 and $2,181		1,402,046	1,046,556
Commercial mortgage loans, held-for-sale		0	21,179
Commercial mortgage loans, held-for-sale, measured at fair value		28,531	0
Real estate securities, available for sale, at fair value		0	49,049
Derivative instruments, at fair value		132	0
Receivable for loan repayment	[1]	49,085	401
Accrued interest receivable		8,152	5,955
Prepaid expenses and other assets		4,007	1,916
Total assets		1,583,661	1,248,125
LIABILITIES AND STOCKHOLDERS' EQUITY
Collateralized loan obligations		826,150	278,450
Other financing - commercial mortgage loans		25,698	0
Derivative instruments, at fair value		357	0
Interest payable		1,544	897
Distributions payable		3,917	5,591
Accounts payable and accrued expenses		4,510	1,170
Due to affiliates		6,421	4,064
Total liabilities		973,322	614,475
Commitment and Contingencies (See Note 8)
Preferred stock, $0.01 par value, 50,000,000 authorized, none issued and outstanding as of December 31, 2017 and 2016		0	0
Common stock, $0.01 par value, 949,999,000 shares authorized, 31,834,072 and 31,884,631 shares issued and outstanding as of December 31, 2017 and 2016, respectively		320	319
Additional paid-in capital		704,101	704,500
Accumulated other comprehensive loss		0	(500)
Accumulated deficit		(94,082)	(70,669)
Total stockholders' equity		610,339	633,650
Total liabilities and stockholders' equity		1,583,661	1,248,125
Collaterized loan obligation
ASSETS
Cash and cash equivalents		49,017	5
Commercial mortgage loans, held for investment, net of allowance of $1,466 and $2,181		1,033,427	417,057
Accrued interest receivable		4,212	1,101
Total assets		1,086,656	418,163
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest payable		1,462	564
Total liabilities		914,262	334,810
Restricted cash		48,700
CMBS
ASSETS
Commercial mortgage loans, held for investment, net of allowance of $1,466 and $2,181		17,100
Real estate securities, available for sale, at fair value		0	49,049
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		65,690	257,664
Real Estate Securities
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		$ 39,035	$ 66,639
[1]	Includes $48.7 million of cash held by servicer related to loan payoffs pledged to the CLOs as of December 31, 2017.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Allowance for commercial mortgage loans	$ 1,466	$ 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)	31,834,072	31,884,631
Common stock, shares outstanding (in shares)	31,834,072	31,884,631

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Interest income:
Interest income	$ 89,564,000	$ 79,404,000	$ 59,393,000
Interest expense	32,359,000	23,169,000	12,268,000
Net interest income	57,205,000	56,235,000	47,125,000
Expenses:
Asset management and subordinated performance fee	9,273,000	9,504,000	7,615,000
Acquisition fees and acquisition expenses	4,197,000	806,000	7,916,000
Administrative services expenses	6,765,000	4,376,000	644,000
Professional fees	5,444,000	5,467,000	4,353,000
Other expenses	3,837,000	2,336,000	1,346,000
Total expenses	29,516,000	22,489,000	21,874,000
Loan loss (recovery)/provision	(715,000)	1,293,000	318,000
Realized loss on sale of real estate securities	(172,000)	1,906,000	0
Realized (gain) loss on sale of commercial mortgage loan held-for-sale	(120,000)	0	0
Realized (gain) loss on sale of commercial mortgage loan, held-for-sale, measured at fair value	(4,523,000)	0	0
Impairment losses on real estate securities	0	310,000	0
Unrealized (gain) loss on commercial mortgage loans held-for-sale	(247,000)	247,000	0
Unrealized (Gain)/Loss	17,000	0	0
Realized (Gain)/Loss	(555,000)	0	0
Total other (income)/loss	(6,315,000)	3,756,000	318,000
Income (loss) before taxes	34,004,000	29,990,000	24,933,000
Provision for income tax	225,000	0	0
Net income	$ 33,779,000	$ 29,990,000	$ 24,933,000
Basic net income per share (in dollars per share)	$ 1.06	$ 0.95	$ 1.03
Diluted net income per share (in dollars per share)	$ 1.06	$ 0.95	$ 1.03
Basic weighted average shares outstanding (in shares)	31,772,231	31,659,274	24,253,905
Diluted weighted average shares outstanding (in shares)	31,784,889	31,666,504	24,259,169

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 33,779	$ 29,990	$ 24,933
Unrealized gain/(loss) on available-for-sale securities	500	1,754	(1,947)
Comprehensive income attributable to Benefit Street Partners Realty Trust, Inc.	$ 34,279	$ 31,744	$ 22,986

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Convertible Stock
Balance, shares at Dec. 31, 2014		15,472,192				1,000
Balance at Dec. 31, 2014	$ 330,507	$ 155	$ 340,874	$ (307)	$ (10,216)	$ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		15,428,195
Issuance of common stock	385,155	$ 155	385,000
Common stock repurchases (in shares)		(360,719)
Common stock repurchases	(8,554)	$ (4)	(8,550)
Common stock offering costs	(45,917)		(45,917)
Common stock issued through distribution reinvestment plan (in shares)		842,946
Common stock issued through distribution reinvestment plan	20,161	$ 8	20,153
Share-based compensation (in shares)		2,666
Share-based compensation	30		30
Net income	24,933				24,933
Distributions declared	(50,039)				(50,039)
Other comprehensive income (loss)	(1,947)			(1,947)
Balance, shares at Dec. 31, 2015		31,385,280				1,000
Balance at Dec. 31, 2015	654,329	$ 314	691,590	(2,254)	(35,322)	$ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchases (in shares)		(537,209)
Common stock repurchases	(12,970)	$ (5)	(12,965)
Common stock offering costs	793		793
Common stock issued through distribution reinvestment plan (in shares)		1,031,812
Common stock issued through distribution reinvestment plan	25,047	$ 10	25,037
Share-based compensation (in shares)		4,748
Share-based compensation	44		44
Net income	29,990				29,990
Distributions declared	(65,337)				(65,337)
Conversion of convertible stocks (in shares)						(1,000)
Conversion of convertible stocks	0		1			$ (1)
Other comprehensive income (loss)	1,754			1,754
Balance, shares at Dec. 31, 2016		31,884,631				0
Balance at Dec. 31, 2016	633,650	$ 319	704,500	(500)	(70,669)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reimbursement of excess payment of offering costs	800
Common stock repurchases (in shares)		(1,072,708)
Common stock repurchases	(20,546)	$ (11)	(20,535)
Common stock issued through distribution reinvestment plan (in shares)		1,016,165
Common stock issued through distribution reinvestment plan	20,051	$ 12	20,039
Share-based compensation (in shares)		5,984
Share-based compensation	97		97
Net income	33,779				33,779
Distributions declared	(57,192)				(57,192)
Other comprehensive income (loss)	500			500
Balance, shares at Dec. 31, 2017		31,834,072				0
Balance at Dec. 31, 2017	610,339	$ 320	$ 704,101	$ 0	$ (94,082)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reimbursement of excess payment of offering costs	$ 800

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)		Dec. 31, 2016USD ($)		Dec. 31, 2015USD ($)
Cash flows from operating activities:
Net income	$ 33,779		$ 29,990		$ 24,933
Adjustments to reconcile net income to net cash provided by operating activities:
Premium amortization and (discount accretion), net	(2,554)		(2,336)		(1,561)
Accretion of deferred commitment fees	(1,372)		(1,535)		(1,068)
Amortization of deferred financing costs	4,650		4,048		2,819
Share-based compensation	97		44		30
Realized loss on sale of real estate securities	0		1,906		0
Impairment losses on real estate securities	0		310		0
Change in unrealized gains on commercial mortgage loans held-for-sale	(247)		247		0
Change in unrealized losses on derivative instruments	17		0		0
Loan loss (recovery)/provision	(715)		1,293		318
Origination of commercial mortgage loans, held-for-sale, measured at fair value	(156,101)		0		0
Proceeds from sale of commercial mortgage loans, held for sale, at fair value	132,093		0		0
Changes in assets and liabilities:
Accrued interest receivable	(2,197)		940		(1,426)
Prepaid expenses and other assets	(5,441)		(85)		723
Accounts payable and accrued expenses	3,341		360		(1,707)
Due to affiliates	2,357		(263)		1,812
Interest payable	647		105		560
Net cash provided by operating activities	8,354		35,024		25,433
Cash flows from investing activities:
Origination and purchase of commercial mortgage loans, held for investment	(836,961)		(53,640)		(793,731)
Receivable for loan repayment	(48,684)		0		0
Purchase of real estate securities	0		0		(85,463)
Proceeds from sale of real estate securities	34,888		79,082		0
Purchase of derivative instruments	(592)		0		0
Proceeds from sale of commercial mortgage loans, held for sale	121,658		44,355		0
Principal repayments received on commercial mortgage loans, held for investment	381,933		67,396		126,336
Principal repayments received on real estate securities	15,000		2,218		3,010
Net cash provided by (used in) investing activities	(332,758)		139,411		(749,848)
Cash flows from financing activities:
Proceeds from issuances of common stock	0		0		385,203
Common stock repurchases	(20,546)		(18,965)		(2,555)
Reimbursements/(payments) of offering costs and fees related to common stock issuances	0	[1]	793	[1]	(45,357)	[1]
Borrowings under collateralized loan obligation	700,862		0		292,484
Repayments of collateralized loan obligation	(143,086)		(9,150)		0
Borrowings on repurchase agreements - commercial mortgage loans	652,978		233,855		423,538
Repayments of repurchase agreements - commercial mortgage loans	(844,952)		(182,430)		(367,468)
Borrowings on repurchase agreements - real estate securities	499,290		1,208,244		690,406
Repayments of repurchase agreements - real estate securities	(526,894)		(1,258,816)		(599,464)
Borrowings on other financing - commercial mortgage loans	36,200		0		0
Repayments on other financing - commercial mortgage loans	(10,017)		0		0
Decrease/(Increase) in restricted cash related to financing activities	(2,976)		345		(5,298)
Payments of deferred financing costs	(11,964)		(4,819)		(5,704)
Distributions paid	(38,828)		(40,251)		(26,949)
Net cash (used in) provided by financing activities:	290,067		(71,194)		738,836
Net change in cash and cash equivalents	(34,337)		103,241		14,421
Cash and cash equivalents, beginning of period	118,048		14,807		386
Cash and cash equivalents, end of period	83,711		118,048		14,807
Supplemental disclosures of cash flow information:
Income taxes paid	0		0		159
Interest paid	27,062		19,016		8,889
Supplemental disclosures of non-cash flow information:
Common stock issued through distribution reinvestment plan	20,051		25,047		20,161
Distributions payable	3,917		5,591		5,552
Loans transferred to commercial real estate loans, held-for-sale, transferred at fair value	100,005		21,179		$ 0
Reimbursement of excess payment of offering costs	$ 800		$ 800
[1]	During 2016, the Company received reimbursement of excess payment of $0.8 million from the Former Advisor for Offering costs. Please refer to Note 9 of the consolidated financial statements for additional details of this reimbursement.

Organization and Business Opera

Organization and Business Operations	12 Months Ended
	Dec. 31, 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 operations on May 14, 2013. The Company made a tax election to be treated as a real estate investment trust (a "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 a subsidiary which is treated as a taxable REIT subsidiary (a "TRS") is indirectly subject to U.S federal, state and local income taxes. The majority 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”), as amended and restated by the amended and restated advisory agreement, executed on January 19, 2018. 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") 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").

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 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 have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the requirements for reporting on Form 10-K and Regulation S-X, as appropriate. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. In the opinion of management, the annual data includes all adjustments, of a normal and recurring nature, necessary for a fair statement of the results for the periods presented. 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 periods presented have been included. The current period’s results of operations will not necessarily be indicative of results in any subsequent reporting period. 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 has historically incurred acquisition fees and acquisition expenses payable to the Advisor. The Company’s obligation to pay the Advisor acquisition fees terminated in September 2017. Prior to then, the Company paid 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 were 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. Pursuant to the Advisory Agreement, the Advisor is entitled to 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) until the aggregate purchase price for all investments acquired reaches $600,000,000 and reimbursement for insourced acquisition expenses of 0.5% . In September 2017, the Company's aggregate purchase price for all investments acquired reached $600,000,000 , which 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 mortgage 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 are 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, and written loan commitments. The Company has elected to measure commercial mortgage loans held-for-sale in the Company's TRS under the fair value option. 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 December 31, 2017 , the fair value amount and the contractual principal outstanding of commercial mortgage loans accounted for under the fair value option was $28.5 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 year ended December 31, 2017 , the Company has a realized gain of $4.5 million relating to the sale of 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 or decreased through the loan loss provision or recovery 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. Real Estate Securities On the acquisition date, all of the Company’s commercial real estate securities were classified as available for sale and carried at fair value, and subsequently any unrealized gains or losses are recognized as a component of accumulated other comprehensive income or loss. The Company may elect the fair value option for its real estate securities, and as a result, any unrealized gains or losses on such real estate securities will be recorded in the Company’s consolidated statement of operations. No such election has been made to date. Related discounts, premiums and acquisition expenses on investments are amortized over the life of the investment using the effective interest method. Amortization is reflected as an adjustment to interest income in the Company’s consolidated statements of operations. Impairment Analysis of Real Estate Securities Commercial real estate securities for which the fair value option has not been elected are periodically evaluated for other-than-temporary impairment. If the fair value of a security is less than its amortized cost, the security is considered impaired. Impairment of a security is considered other-than-temporary when (i) the Company has the intent to sell the impaired security; (ii) it is more likely than not the Company will be required to sell the security; or (iii) the Company does not expect to recover the entire amortized cost of the security. If the Company determines that an other-than-temporary impairment exists and a sale is likely, the impairment charge is recognized as an impairment of assets on the Company's consolidated statement of operations. If a sale is not expected, the portion of the impairment charge related to credit factors is recorded as an impairment of assets on the Company's consolidated statement of operations with the remainder recorded as an unrealized gain or loss on investments reported as a component of accumulated other comprehensive income or loss. Repurchase Agreements Commercial mortgage loans and real estate securities sold under repurchase agreements have been treated as collateralized financing transactions because the Company maintains effective control over the transferred securities. Commercial mortgage loans and real estate securities financed through a repurchase agreement remain on the Company’s consolidated balance sheet as an asset and cash received from the purchaser is recorded as a liability. Interest paid in accordance with repurchase agreements is recorded in interest expense on the Company's consolidated statements of operations. Cash and Cash Equivalents Cash represents deposits with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company up to an insurance limit. Cash equivalents include short-term, liquid investments in money market funds. Restricted Cash Restricted cash primarily consists of cash pledged as margin on repurchase agreements. Prepaid Expenses Prepaid expenses consists of deferred financing costs related to our various Master Repurchase Agreements as well as certain prepaid subscription costs. Deferred financing costs are amortized over the terms of the respective financing agreement using the effective interest method and included in interest expense on the Company's consolidated statements of operations. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity. Share Repurchase Program The Company has a Share Repurchase Program (the "SRP"), which became effective as of February 28, 2016, that enables stockholders to sell their shares to the Company. Subject to certain conditions, stockholders that purchased shares of our common stock or received their shares from us (directly or indirectly) through one or more non-cash transactions and have held their shares for a period of at least one year may request that we repurchase their shares of common stock so long as the repurchase otherwise complies with the provisions of Maryland law. Repurchase requests made following the death or qualifying disability of a stockholder will not be subject to any minimum holding period. On August 10, 2017, our board of directors amended the SRP to provide that the repurchase price per share for requests will be equal to the lesser of (i) our most recent estimated per-share NAV, as approved by our board of directors from time to time, and (ii) our 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 disability. Calculations of our estimated per-share NAV will occur periodically, at the discretion of the board of directors, provided that such calculations will be made at least annually. Following its calculation, our estimated per-share NAV will be disclosed in a periodic report. The most recent calculation of our estimated per-share NAV approved by the board of directors occurred on November 10, 2017 based on our net asset value as of September 30, 2017 and was equal to $19.02 . Repurchases pursuant to the SRP, when requested, generally will be made semiannually (each six-month period ending June 30 or December 31, a “fiscal semester”). Repurchases for any fiscal semester will be limited to a maximum of 2.5% of the weighted average number of shares of common stock outstanding during the previous fiscal year, with a maximum for any fiscal year of 5.0% of the weighted average number of shares of common stock outstanding during the previous fiscal year. Funding for repurchases pursuant to the SRP for any given fiscal semester will be limited to proceeds received during that same fiscal semester through the issuance of common stock pursuant to any DRIP in effect from time to time, provided that the board 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. Due to these limitations, we cannot guarantee that we will be able to accommodate all repurchase requests made during any fiscal semester or fiscal year. However, a stockholder may withdraw its request at any time or ask that we honor the request when funds are available. Pending repurchase requests will be honored on a pro rata basis. We will generally pay repurchase proceeds, less any applicable tax or other withholding required by law, by the 31st day following the end of the fiscal semester during which the repurchase request was made. When a stockholder requests a redemption and the redemption is approved by the board of directors, we will reclassify such obligation from equity to a liability based on the settlement value of the obligation. Shares repurchased under the SRP will have the status of authorized but unissued shares. Offering and Related Costs Prior to January 2016, we were offering for sale a maximum of $2.0 billion of common stock on a reasonable best efforts basis (the "Offering"), pursuant to a registration statement on Form S-11 filed with the SEC under the Securities Act of 1933, as amended. Prior to the termination of the Offering, offering and related costs included all expenses incurred in connection with the Offering. Offering costs (other than selling commissions and the dealer manager fee) of the Company were paid by the Former Advisor, and Realty Capital Securities, LLC (the "Former Dealer Manager") or their affiliates on behalf of the Company. Offering costs were reclassified from deferred costs to stockholders' equity on the day the Company commenced its operations. Offering costs included all expenses incurred by the Company in connection with its Offering as of the balance sheet date presented. These costs include but were not limited to (i) legal, accounting, printing, mailing and filing fees; (ii) escrow service related fees; (iii) reimbursement of the Former Dealer Manager for amounts it paid to reimburse the bona fide diligence expenses of broker-dealers; and (iv) reimbursement to the Former Advisor for a portion of the costs of its employees and other costs in connection with preparing supplemental sales materials and related offering activities. The Company was obligated to reimburse the Former Advisor or its affiliates, as applicable, for organizational and offering costs paid by them on behalf of the Company to the extent organizational and offering costs (excluding selling commissions and the dealer manager fee) incurred by the Company in the Offering did not exceed 2% of gross offering proceeds. The Former Advisor was required to reimburse the Company to the extent that organization and offering and related costs paid by the Company exceeded 2% of gross offering proceeds. As a result, these costs were only a liability of the Company to the extent aggregate selling commissions, the dealer manager fees and other organization and offering costs did not exceed 12% of the gross Offering proceeds determined at the end of the Offering. See Note 9 - Related Party Transactions and Arrangements . Distribution Reinvestment Plan Pursuant to the DRIP, stockholders may elect to reinvest distributions by purchasing shares of common stock in lieu of receiving cash. No dealer manager fees or selling commissions are paid with respect to shares purchased pursuant to the DRIP. Participants purchasing shares pursuant to the DRIP have the same rights and are treated in the same manner as if such shares were issued pursuant to the Offering. The board of directors may designate that certain cash or other distributions be excluded from the DRIP. The Company has the right to amend any aspect of the DRIP or terminate the DRIP with ten days ’ notice to participants. Shares issued under the DRIP are recorded to equity in the consolidated balance sheet in the period distributions are declared. Share-Based Compensation The Company has a share-based incentive plan for certain of the Company's directors, officers and employees of the Advisor and its affiliates. Share-based awards are measured at the grant date fair value and is recognized as compensation expense on a on a straight line basis over the related vesting period of the award. See Note 10 - Share-Based Compensation . Income Taxes The Company has conducted its operations to qualify as a REIT for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2013 . As a REIT, if the Company meets certain organizational and operational requirements and distributes at least 90% of its "REIT taxable income" (determined before the deduction of dividends paid and excluding net capital gains) to its stockholders in a year, it will not be subject to U.S. federal income tax to the extent of the income that it distributes. However, even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on income in addition to U.S. federal income and excise taxes on its undistributed income. The Company, through its TRS, is indirectly subject to U.S. federal, state and local income taxes. The Company’s TRS is not consolidated for U.S. federal income tax purposes, but is instead taxed as a C corporation. For financial reporting purposes, a provision for current and deferred taxes is established for the portion of earnings recognized by the Company with respect to its interest in its TRS. Total income tax expense for the year ended December 31, 2017 was $0.2 million . There was no income tax provision for the years ended December 31, 2016 and 2015 . The Company uses a more-likely-than-not threshold for recognition and derecognition of tax positions taken or to be taken in a tax return. The Company has assessed its tax positions for all open tax years beginning with December 31, 2014 and concluded that there were no uncertainties to be recognized. The Company’s accounting policy with respect to interest and penalties related to tax uncertainties is to classify these amounts as provision for income taxes. The estimated tax characteristic of $1.80 distributions per common share declared during 2017 was $1.07 ordinary income and $0.73 return of capital. The estimated tax characteristics of the $2.06 distributions per common share declared during 2016 was $0.98 ordinary income and $1.08 return of capital. The Company utilize the TRS to reduce the impact of the prohibited transaction tax and to avoid penalty for the holding of assets not qualifying as real estate assets for purposes of the REIT asset tests. Any income associated with a TRS is fully taxable because the TRS is subject to federal and state income taxes as a domestic C corporation based upon its net income. Enacted on December 22, 2017, the recently passed Tax Cuts and Jobs Act ("TCJA") made many significant changes to the U.S. federal income tax laws applicable to businesses and their owners, including REITs and their stockholders, and may lessen the relative competitive advantage of operating as a REIT rather than as a C corporation. Pursuant to this legislation, as of January 1, 2018, (1) the federal income tax rate applicable to corporations is reduced to 21%, (2) the highest marginal individual income tax rate is reduced to 37% (through taxable years ending in 2025), (3) the corporate alternative minimum tax is repealed, and (4) the backup withholding rate for U.S. stockholders is reduced to 24%. The amounts recorded in the consolidated statement of operations is provisional. Due to the timing of the enacted legislation, as well as the technical corrections, amendments or administrative guidance that could clarify the treatment of certain provisions, the Company will continue to evaluate its conclusions and update its estimates as necessary. 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 unrealized 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 outstanding if potential shares of common stock with a dilutive effect have been issued in connection with the restricted stock plan, 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 commercial 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 14 - Segment Reporting for further information regarding the Company's segments. Recently Adopted Accounting Pronouncements 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 did not have a material impact on the Company’s consolidated financial statements. Future Adoption of 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. The Company adopted this guidance on January 1, 2018. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. 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 Company adopted this guidance on January 1, 2018. The adoption of this guidance did 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 Company adopted this guidance on January 1, 2018. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. 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 losse

Commercial Mortgage Loans

Commercial Mortgage Loans	12 Months Ended
	Dec. 31, 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 (dollars in thousands): December 31, 2017 December 31, 2016 Senior loans $ 1,368,425 $ 901,907 Mezzanine loans 35,087 136,830 Subordinated loans — 10,000 Total gross carrying value of loans 1,403,512 1,048,737 Less: Allowance for loan losses 1,466 2,181 Total commercial mortgage loans, held-for-investment, net $ 1,402,046 $ 1,046,556 The following table presents the activity in the Company's allowance for loan losses (dollars in thousands): Year Ended December 31, 2017 2016 Beginning of period $ 2,181 $ 888 Loan loss (recovery)/provision (715 ) 1,293 Charge-offs — — Recoveries — — Ending allowance for loan losses $ 1,466 $ 2,181 As of December 31, 2017 and 2016 , the Company's total commercial mortgage loan portfolio, excluding commercial mortgage loans accounted for under the fair value option, comprised of 69 and 71 loans, respectively. The following table represents the composition by loan type of the Company's commercial mortgage loans portfolio, excluding commercial mortgage loans, held-for-sale, measured at fair value (dollars in thousands). December 31, 2017 December 31, 2016 Loan Type Par Value Percentage Par Value Percentage Multifamily $ 505,189 35.9 % $ 329,203 30.6 % Office 455,698 32.4 % 340,944 31.6 % Retail 209,598 14.9 % 154,684 14.4 % Hospitality 184,025 13.1 % 143,582 13.3 % Industrial 53,208 3.7 % 52,688 4.9 % Mixed Use — — % 56,136 5.2 % Total (1) $ 1,407,718 100.0 % $ 1,077,237 100.0 % (1) Excludes $28.5 million in commercial mortgage loans held-for-sale, measured at fair value in the Company's TRS segment. As of December 31, 2017 and 2016 , the Company's total commercial mortgage loans excluding those held-for-sale, measured at fair value comprised of 3 and zero loans, respectively. The following table represents the composition by loan type of the Company's commercial mortgage loans excluding those held-for-sale, measured at fair value (dollars in thousands). December 31, 2017 December 31, 2016 Loan Type Par Value Percentage Par Value Percentage Multifamily $ 28,531 100.0 % $ — — % Mixed Use — — % — — % Industrial — — % — — % Retail — — % — — % Total $ 28,531 100.0 % $ — — % 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 scored on a scale of 1 to 5 as follows: InvestmentRating Summary Description 1 Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable. 2 Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. 3 Performing investments requiring closer monitoring. Trends and risk factors show some deterioration. 4 Underperforming investment with the potential of some interest loss but still expecting a positive return on investment. Trends and risk factors are negative. 5 Underperforming investment with expected loss of interest and some principal. All commercial mortgage loans, excluding loans classified as commercial mortgage loans, held-for-sale, measured at fair value within the consolidated balance sheets, are assigned an initial risk rating of 2.0 . As of December 31, 2017 and 2016 , the weighted average risk ratings of loans were 2.2 and 2.1 , respectively. As of December 31, 2017 and 2016 , the Company did not have any loans that were past due on their payments, in non-accrual status or impaired. For the year ended December 31, 2017 and 2016 , the activity in the Company's commercial mortgage loans, held-for-investment portfolio was as follows (in thousands): Year Ended December 31, 2017 2016 Balance at Beginning of Year $ 1,046,556 $ 1,124,201 Acquisitions and originations 837,861 53,640 Dispositions — (44,355 ) Principal repayments (381,933 ) (66,490 ) Discount accretion and premium amortization 2,554 2,279 Loans transferred to commercial real estate loans, held-for-sale (100,005 ) (21,179 ) Unrealized losses on loans held-for-sale — (247 ) Loan loss recovery/(provision) 715 (1,293 ) Fees capitalized into carrying value of loans (3,702 ) — Balance at End of Year $ 1,402,046 $ 1,046,556

Real Estate Securities

Real Estate Securities	12 Months Ended
	Dec. 31, 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 (dollars in thousands): Weighted Average Number of Investments Interest Rate Maturity Par Value Fair Value December 31, 2017 — — % N/A $ — $ — December 31, 2016 6 5.8 % February 2020 $ 50,000 $ 49,049 The Company classified its CMBS investments as available-for-sale as of December 31, 2017 and 2016 . These investments are reported at fair value in the consolidated balance sheet with changes in fair value recorded in accumulated other comprehensive income (loss). The following table shows the changes in fair value of the Company's CMBS investments (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value December 31, 2017 $ — $ — $ — $ — December 31, 2016 $ 49,548 $ — $ (499 ) $ 49,049 As of December 31, 2017 , the Company held no CMBS positions. As of December 31, 2016 , the Company held six CMBS positions with an aggregate carrying value of $49.5 million and an unrealized loss of $0.5 million , of which two positions had a total unrealized loss of $0.2 million for a period greater than twelve months. One CMBS security was other than temporarily impaired at December 31, 2016 and losses of $0.3 million were recognized, within the impairment losses on real estate securities in the consolidated statement of operations for the year ended December 31, 2016. For the year ended December 31, 2017 , the Company has recognized a gain of approximately $ 0.2 million , recorded within realized (gain) loss on sale of real estate securities in the consolidated statement of operations. For the year ended December 31, 2016 , the Company recognized losses of approximately $1.9 million on the sale of ten securities. The Company did no t have any realized (gains) losses during the year ended December 31, 2015 . The following table provides information on the amounts of gains (losses) on the Company's real estate securities, CMBS, available-for-sale (dollars in thousands): Years Ended December 31, 2017 2016 2015 Unrealized gains/(losses) available-for-sale securities $ 19 $ 329 $ (1,947 ) Reclassification of net gains/(losses) on available-for-sale securities included in net income (loss) 481 1,425 — Unrealized gains (losses) available-for-sale securities, net of reclassification adjustment $ 500 $ 1,754 $ (1,947 ) 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	12 Months Ended
	Dec. 31, 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"). 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. The Company entered into the Barclays Facility on September 19, 2017 . The Barclays Facility provides for a senior secured revolving line of credit and bears interest, at the Company's option, at per annum rates equal to (i) a spread over the Base Rate of 1.75% or (ii) a spread over the Eurodollar Rate of 2.75% , 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. The details of the Company's Repo Facilities at December 31, 2017 and December 31, 2016 are as follows (dollars in thousands): As of December 31, 2017 Ending Weighted Average Interest Rate Initial Term Maturity Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) JPM Repo Facility (2) $ 300,000 $ 42,042 $ 8,453 3.77 % 6/12/2019 GS Repo Facility (3) 250,000 13,500 4,573 3.83 % 12/27/2018 USB Repo Facility (4) 100,000 — 303 N/A 6/15/2020 CS Repo Facility (5) 250,000 10,148 577 3.99 % 8/30/2018 Barclays Facility (6) 75,000 — 236 N/A 9/19/2019 Total $ 975,000 $ 65,690 $ 14,142 __________________________ (1) Includes amortization of deferred financing costs. (2) Includes a one -year extension at the Company's option. (3) Includes a one -year extension at the Company’s option, which may be exercised upon the satisfaction of certain conditions. (4) Includes 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. (5) 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. (6) Includes an extension term of one year. As of December 31, 2016 Ending Weighted Average Interest Rate Initial Term Maturity Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) JPM Repo Facility (2) $ 300,000 $ 257,664 6,016 3.08 % 6/18/2016 GS Repo Facility (3) 250,000 — — N/A 12/27/2018 Barclays Repo Facility (4) — — 6,063 N/A 10/6/2016 Total $ 550,000 $ 257,664 $ 12,079 _______________________ (1) Includes amortization of deferred financing costs. (2) The Company exercised its one -year extension option with the JPM Repo Facility lender, extending the maturity date to June 17, 2017. (3) Includes a one -year extension at the Company’s option, which may be exercised upon the satisfaction of certain conditions. (4) On October 5, 2016, the Company paid off the outstanding balance on the Barclays Repo Facility and the Barclays Repo Facility was terminated. We expect to use the advances from the Repo Facilities to finance the acquisition or origination of eligible loans, including first mortgage loans, subordinated mortgage loans, mezzanine loans and participation interests therein. 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 December 31, 2017 and December 31, 2016 , the Company is in compliance with all debt covenants. 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 4.0% . The PWB Financing initially matures on June 9, 2019, with two one -year extension options at the Company’s option. As of December 31, 2017 , the Company had $26.2 million of outstanding principal under the PWB Financing. The Company incurred $1.2 million of interest expense on the PWB Financing for the year ended December 31, 2017 , including amortization of deferred financing costs. Repurchase Agreements - Real Estate Securities The Company has entered into various Master Repurchase Agreements (the "MRAs") that allow the Company to sell real estate securities while providing a fixed repurchase price for the same real estate securities in the future. The repurchase contracts on each security under an MRA generally mature in 30 - 90 days and terms are adjusted for current market rates as necessary. As of December 31, 2017, the Company pledged Tranche C of RFT 2015-FL1 Issuer under its MRAs. As of December 31, 2016, the Company pledged Tranche C of RFT 2015-FL1 Issuer and its real estate securities available for sale under its MRAs. Below is a summary of the Company's MRAs as of December 31, 2017 and 2016 (dollars in thousands): Weighted Average Counterparty Amount Outstanding Accrued Interest Collateral Pledged (*) Interest Rate Days to Maturity As of December 31, 2017 JP Morgan Securities LLC $ 39,035 $ 11 $ 56,044 3.32 % 26 Total $ 39,035 $ 11 $ 56,044 3.32 % 26 As of December 31, 2016 JP Morgan Securities LLC $ 59,122 $ 96 $ 92,658 2.55 % 6 Citigroup Global Markets, Inc. 3,879 1 4,850 2.11 % 26 Wells Fargo Securities, LLC 3,638 4 4,850 2.05 % 13 Total/Weighted Average $ 66,639 $ 101 $ 102,358 2.50 % 8 ________________________ * Includes $56.0 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 December 31, 2017 and December 31, 2016 , respectively. Collateralized Loan Obligation As of December 31, 2017 and 2016, the notes issued in 2015 are collateralized by interests in a pool of 13 and 27 mortgage assets having a total principal balance of $276.2 million and $419.3 million , respectively, (the “ 2015-FL1 Mortgage Assets”) originated by a subsidiary of the Company. The sale of the 2015-FL1 Mortgage Assets to the RFT 2015-FL1 Issuer is governed by a Mortgage Asset Purchase Agreement dated as of October 19, 2015 , between the Company and RFT 2015-FL1 Issuer. In connection with the securitization, the RFT 2015-FL1 Issuer and RFT 2015-FL1 Co-Issuer offered and sold the following classes of Notes to third parties: Class A, Class B, and Class C Notes. A wholly-owned subsidiary of the Company retained approximately $56.0 million of the total $76.0 million of Class C Notes and all of the preferred equity in the RFT 2015-FL1 Issuer. The retained Class C Notes and its related interest income, interest receivable and the preferred equity are eliminated in the Company's consolidated financial statements. As of December 31, 2017 the notes issued by the BSPRT 2017-FL1 Issuer are collateralized by interests in a pool of 25 mortgage assets having a total principal balance of $418.1 million (the “2017-FL1 Mortgage Assets”) originated by a subsidiary of the Company. The sale of the 2017-FL1 Mortgage Assets to the 2017-FL1 Issuer is governed by a Mortgage Asset Purchase Agreement dated as of June 29, 2017, between the Company and the 2017-FL1 Issuer. As of December 31, 2017 the notes issued by the BSPRT 2017-FL2 Issuer are collateralized by interests in a pool of 20 mortgage assets having a total principal balance of $440.7 million (the “2017-FL2 Mortgage Assets”) originated by a subsidiary of the Company. The sale of the 2017-FL2 Mortgage Assets to the BSPRT 2017-FL2 Issuer is governed by a Mortgage Asset Purchase Agreement dated as of November 29, 2017 , between the Company and the BSPRT 2017-FL2 Issuer. The Company, through its wholly-owned subsidiaries, holds the preferred equity tranches of all three of the above CLOs of approximately $204.3 million . The following table represents the terms of the notes issued by the 2015-FL1 Issuer, 2017-FL1 Issuer and 2017-FL2 Issuer, respectively (dollars in thousands): CLO Facility As of December 31, 2017 Par Value Issued Par Value Outstanding (1) (2) Interest Rate Maturity Date 2015-FL1 Issuer Tranche A $ 231,345 $ 79,109 1M LIBOR + 175 8/1/2030 2015-FL1 Issuer Tranche B 42,841 42,841 1M LIBOR + 388 8/1/2030 2015-FL1 Issuer Tranche C 76,044 20,000 1M LIBOR + 525 8/1/2030 2017-FL1 Issuer Tranche A 223,600 223,600 1M LIBOR + 135 7/1/2027 2017-FL1 Issuer Tranche B 48,000 48,000 1M LIBOR + 240 7/1/2027 2017-FL1 Issuer Tranche C 67,900 67,900 1M LIBOR + 425 7/1/2027 2017-FL2 Issuer Tranche A 237,970 237,970 1M LIBOR + 82 10/15/2034 2017-FL2 Issuer Tranche A-S 36,357 36,357 1M LIBOR + 110 10/15/2034 2017-FL2 Issuer Tranche B 26,441 26,441 1M LIBOR + 140 10/15/2034 2017-FL2 Issuer Tranche C 25,339 25,339 1M LIBOR + 215 10/15/2034 2017-FL2 Issuer Tranche D 35,255 35,255 1M LIBOR + 345 10/15/2034 $ 1,051,092 $ 842,812 CLO Facility As of December 31, 2016 Par Value Issued Par Value Outstanding (1) Interest Rate Maturity Date 2015-FL1 Issuer Tranche A $ 231,345 $ 222,195 1M LIBOR + 175 8/1/2030 2015-FL1 Issuer Tranche B 42,841 42,841 1M LIBOR + 388 8/1/2030 2015-FL1 Issuer Tranche C 76,044 20,000 1M LIBOR + 525 8/1/2030 $ 350,230 $ 285,036 ________________________ (1) Excludes $56.0 million and $56.0 million of Tranche C notes issued by 2015-FL1 Issuer, held by the Company, which eliminates within the collateralized loan obligation line of the consolidated balance sheets as of December 31, 2017 and December 31, 2016 , respectively. (2) Excludes $16.0 million of Tranche E notes and $14.9 million of Tranche F notes issued by 2017-FL2 Issuer, held by the Company, which are eliminated within the collateralized loan obligation line of the consolidated balance sheets as of December 31, 2017 . The below table reflects the total assets and liabilities of the Company's three CLOs. The CLOs are considered VIEs and are consolidated into the Company's consolidated financial statements as of December 31, 2017 and December 31, 2016 as the Company is the primary beneficiary of the VIE. 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 VIE’s 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 VIE. Assets (dollars in thousands) December 31, 2017 December 31, 2016 Cash (1) $ 49,017 $ 5 Commercial mortgage loans, held for investment, net of allowance (2) 1,033,427 417,057 Accrued interest receivable 4,212 1,101 Total Assets $ 1,086,656 $ 418,163 Liabilities Notes payable (3)(4) $ 912,800 $ 334,246 Interest payable 1,462 564 Total Liabilities $ 914,262 $ 334,810 ________________________ (1) Includes $48.7 million of cash held by the servicer related to CLO loan payoffs as of December 31, 2017. (2) The balance is presented net of allowance for loan loss of $1.3 million and $1.0 million as of December 31, 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 as of December 31, 2017 and December 31, 2016 , respectively. Also includes $16.0 million of Tranche E notes and $14.9 million of Tranche F notes issued by 2017-FL2 Issuer held by the Company as of December 31, 2017 . The notes held by the Company are eliminated within the Collateral loan obligations line of the consolidated balance sheets. (4) The balance is presented net of deferred financing cost and discount of $16.9 million and $6.8 million as of December 31, 2017 and December 31, 2016 , respectively.

Net Income Per Share

Net Income Per Share	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share The following table is a summary of the basic and diluted net income per share computation for the years ended December 31, 2017 , 2016 and 2015 , respectively (dollars in thousands, except share amounts): Years Ended December 31, 2017 2016 2015 Net income (in thousands) $ 33,779 $ 29,990 $ 24,933 Basic weighted average shares outstanding 31,772,231 31,659,274 24,253,905 Unvested restricted shares 12,658 7,230 5,264 Diluted weighted average shares outstanding 31,784,889 31,666,504 24,259,169 Basic net income per share $ 1.06 $ 0.95 $ 1.03 Diluted net income per share $ 1.06 $ 0.95 $ 1.03

Common Stock

Common Stock	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Common Stock	Common Stock As of December 31, 2017 and 2016 , the Company had 31,834,072 and 31,884,631 shares of common stock outstanding, respectively, including shares issued pursuant to the DRIP, share repurchases and unvested restricted shares. Distributions In order to maintain its election to qualify as a REIT, the Company must currently distribute, at a minimum, an amount equal to 90% of its taxable income, without regard to the deduction for distributions paid and excluding net capital gains. The Company must distribute 100% of its taxable income (including net capital gains) to avoid paying corporate U.S. federal income taxes. On May 13, 2013, the Company's board of directors authorized, and the Company declared a distribution, which is calculated based on stockholders of record each day during the applicable period at a rate of $ 0.00565068493 per day, which is equivalent to $2.0625 per annum, per share of common stock. In March 2016, the Company's board of directors ratified the existing distribution amount a change to the daily distribution amount equivalent to $2.0625 per annum 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 applied to the reinvestment of distributions commencing with October 2017 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 June 2017 , July 2017 and August 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 . The DRIP offer price since December 2017 , has been $ 19.02 , which is the estimated per share NAV as determined by the board of directors on November 10, 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 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 $58.9 million during the year ended December 31, 2017 , comprised of $38.8 million in cash and $20.1 million in shares of common stock issued under the DRIP. The Company distributed $65.3 million during the year ended December 31, 2016, comprised of $40.3 million in cash and $25.0 million in shares of common stock issued under the DRIP. 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 disability. The Company’s most recent estimated per-share NAV is $19.02 , as determined by the board of directors, as of September 30, 2017. The Company’s GAAP book value per share as of December 31, 2017 is $19.17 . 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. Calculations of the Company's estimated per-share NAV occurs periodically, at the discretion of the board of directors, provided that such calculations will be made at least annually. Following its calculation, the Company's estimated per-share NAV will be disclosed in a periodic report. The most recent calculation of the Company's estimated per-share NAV approved by the board of directors occurred on November 10, 2017 based on the Company's net asset value as of September 30, 2017 and was equal to $19.02 . When a stockholder requests redemption and the redemption is approved, the Company will reclassify such obligation from equity to a liability based on the settlement value of the obligation. Shares repurchased under the SRP will have the status of authorized but unissued shares. The following table reflects the number of shares repurchased under the SRP cumulatively through December 31, 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 September 30 - December 31, 2017 (1) — — — Cumulative as of December 31, 2017 2,125 1,991,391 $ 21.36 _______________________ (1) Amounts exclude 875 redemption requests, representing 607,498 shares, received during the semi-annual period from July 1, 2017 to December 31, 2017, which were approved by the board of directors and repurchased in January 2018.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Unfunded Commitments Under Commercial Mortgage Loans As of December 31, 2017 and 2016 , the Company had the below unfunded commitments to the Company's borrowers. Funding Expiration December 31, 2017 December 31, 2016 2017 $ — $ 7,794 2018 36,475 62,368 2019 26,465 9,072 2020 20,598 — $ 83,538 $ 79,234 The borrowers are required to meet or maintain certain metrics in order to qualify for the unfunded commitment amounts. Litigation and Regulatory Matters In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. The Company has no knowledge of material legal or regulatory proceedings pending or known to be contemplated against the Company at this time. 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	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Related Party Transactions and Arrangements Advisory Agreement Fees and Reimbursements Pursuant to the Advisory Agreement, the Company makes or was required to make the following payments and reimbursements to the Advisor: • The Company reimburses the Advisor’s costs of providing services pursuant to the Advisory Agreement, except the salaries and benefits paid by the Advisor to the Company’s executive officers. • 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, our 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 our Advisor exceed 10.0% of the aggregate total return for such year. • Until September 2017, the Company paid its Advisor an acquisition fee of 1.0% of the principal amount funded by us to originate or acquire commercial mortgage loans and 1.0% of the anticipated net equity funded by the Company to acquire real estate securities. • The Company reimburses the Advisor for insourced expenses incurred by the Advisor on the Company‘s behalf related to selecting, evaluating, originating and acquiring investments in an amount up to 0.5% of the principal amount funded by the Company to originate or acquire commercial mortgage loans and up to 0.5% of the anticipated net equity funded by the Company to acquire real estate securities investments. Until September 29, 2016, the Former Advisor served as the Company's advisor and the Company paid the Former Advisor certain fees and expense reimbursements pursuant to its advisory agreement with the Former Advisor. The types of fees and reimbursements paid to the Former Advisor were similar to those paid to the Advisor prior to September 2017. In addition, prior to January 2016, the Company paid dealer-manager fees and selling commissions to an affiliate ("Former Dealer Manager") of the Former Advisor. The table below shows the compensation and reimbursement to the Former Advisor, its affiliates, entities under common control with the Former Advisor and the Former Dealer Manager incurred for services relating to the Company's public offering during the years ended December 31, 2017 , 2016 and 2015 , respectively, and the associated payable as of December 31, 2017 and 2016 , respectively (dollars in thousands): Years Ended December 31, Payable as of December 31, 2017 2016 2015 2017 2016 Total commissions and fees incurred from the Former Dealer Manager $ — $ — $ 37,092 $ — $ — Total compensation and reimbursement for services provided by the Former Advisor, its affiliates, entities under common control with the Former Advisor and the Former Dealer Manager (1) $ — $ — $ 7,442 $ 480 $ 480 ________________________ (1) During 2016, the Company received reimbursement of excess payment of $0.8 million of offering costs from the Former Advisor. The reimbursement resulted in an increase to our Additional Paid-In Capital in the consolidated balance sheets. The payables as of December 31, 2017 and 2016 in the table above are included in "Due to affiliates" on the Company's consolidated balance sheets. The fees incurred are recorded within the Additional paid in capital line in the consolidated balance sheets. The table below shows the costs incurred due to arrangements with our Advisor and, with respect to periods prior to September 30, 2016, the Former Advisor and its affiliates during the years ended December 31, 2017 , 2016 and 2015 and the associated payable as of December 31, 2017 and 2016 (dollars in thousands): Years Ended December 31, Payable as of December 31, 2017 2016 2015 2017 2016 Acquisition fees and acquisition expenses (1) $ 4,197 $ 806 $ 7,916 $ — $ — Administrative services expenses 6,765 4,376 644 3,480 1,000 Advisory and investment banking fee — 6 56 — — Asset management and subordinated performance fee 9,273 9,504 7,615 2,315 2,439 Other related party expenses (2) 394 84 364 146 145 Total related party fees and reimbursements $ 20,629 $ 14,776 $ 16,595 $ 5,941 $ 3,584 ________________________ (1) Total acquisition fees and expenses paid during the years ended December 31, 2017 and 2016 were $10.2 million and $0.8 million respectively, of which $6.0 million and $ 0.0 million were capitalized within the commercial mortgage loans, held for investment line of the consolidated balance sheets for years ended December 31, 2017 and 2016. (2) Included in Other expenses in the Company's consolidated statement of operations. The payables as of December 31, 2017 and 2016 in the table above are included in Due to affiliates on the Company's consolidated balance sheets. Share Ownership As of December 31, 2017 and December 31, 2016, entities wholly-owned by AR Global owned 52,771 and 52,771 shares of the Company’s outstanding common stock, respectively. Other Transactions In December 2017, the Company purchased a commercial mortgage loan from an entity that is an affiliate of our Advisor, for an aggregate purchase price of $17.1 million and is included in Commercial mortgage loans, held-for-investment in the consolidated balance sheet. The purchase of the commercial mortgage loan and the $17.1 million purchase price were approved by the Company’s board of directors and the Nominating and Corporate Governance Committee, which consists solely of independent directors.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation Restricted Share Plan The Company has an employee and director incentive restricted share plan (the "RSP"), which provides the Company with the ability to grant awards of restricted shares to the Company’s directors, officers and employees (if the Company ever has employees), employees of the Advisor and its affiliates, employees of entities that provide services to the Company, directors of the Advisor or of entities that provide services to the Company, the Advisor and its affiliates. The total number of common shares granted under the RSP shall not exceed 5.0% of the Company’s authorized common shares pursuant to the Offering, and in any event, will not exceed 4.0 million shares (as such number may be adjusted for stock splits, stock distributions, combinations and similar events). Restricted share awards entitle the recipient to receive common shares from the Company under terms that provide for vesting over a specified period of time or upon attainment of pre-established performance objectives. Such awards would typically be forfeited with respect to the unvested shares upon the termination of the recipient’s employment or other relationship with the Company. Restricted shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. Holders of restricted shares may receive cash distributions prior to the time that the restrictions on the restricted shares have lapsed. Any distributions payable in common shares shall be subject to the same restrictions as the underlying restricted shares. The fair value of the restricted share awards are expensed over the vesting period. As of December 31, 2017 , the Company had granted 21,398 restricted shares to its independent directors, of which 5,333 were forfeited and 4,683 have vested, leaving a balance of 11,382 unvested restricted shares. As of December 31, 2016 , the Company had granted 15,414 restricted shares to its independent directors, of which 2,399 were forfeited and 2,399 have vested, leaving a balance of 10,081 unvested restricted shares. Based on a share price of $20.05 , which was the NAV per share as of the most recent grant, the compensation expense associated with the restricted share grants was $ 96.9 thousand , $44.3 thousand and $29.6 thousand , for the years ended December 31, 2017 , 2016 and 2015 , respectively and are included within Other expenses line on the consolidated statements of operations.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 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. As of December 31, 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. 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. The Company engaged the services of a third party independent valuation firm to determine fair value of certain investments held by the Company. 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. 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 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 credit default swap contracts 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. 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 year ended December 31, 2017 . During the quarter ended December 31, 2016 the Company's CMBS investments were transferred from Level II to Level III due to a decrease in the observable relevant market data because of the limited availability of the broker quotes and because the Company uses non-binding broker quotes without adjustment and therefore the fair value of the CMBS investments were classified as Level III. The following table presents the Company's financial instruments carried at fair value on a recurring basis in the consolidated balance sheets by its level in the fair value hierarchy as of December 31, 2017 and 2016 (dollars in thousands): Total Level I Level II Level III December 31, 2017 Real estate securities $ — $ — $ — $ — Commercial mortgage loans, held-for-sale (1) 28,531 — — 28,531 Treasury note futures 132 132 — — Total assets, at fair value $ 28,663 $ 132 $ — $ 28,531 Liabilities, at fair value Credit default swaps $ 357 $ — $ 357 $ — Total liabilities, at fair value $ 357 $ — $ 357 $ — December 31, 2016 Real estate securities $ 49,049 $ — $ — $ 49,049 Commercial mortgage loans, held-for-sale (1) — — — — Treasury note futures — — — — Credit default swaps — — — — 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. 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. 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 December 31, 2017 and December 31, 2016 (dollars in thousands). Asset Category Fair Value Valuation Methodologies Unobservable Inputs (1) Weighted Average (2) Range December 31, 2017 Commercial mortgage loans, held-for-sale, measured at fair value $28,531 Discounted Cash Flow Yield 4.93% 4.8% - 5.3% December 31, 2016 Real estate securities, available for sale, at fair value $49,049 Discounted Cash Flow Yield 6.50% 3.7% - 8.3% (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 December 31, 2017 and December 31, 2016 for which the Company has used Level III inputs to determine fair value (dollars in thousands): December 31, 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 on sale of real estate securities — 172 Realized gain on sale of commercial mortgage loan held-for-sale 4,523 — Net accretion — 167 Unrealized gains included in OCI — 500 Purchases 156,101 — Sales (132,093 ) (34,888 ) Cash repayments/receipts — (15,000 ) Transfers out of Level III — — December 31, 2017 balance $ 28,531 $ — 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) — 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 — — December 31, 2016 balance $ — $ 49,049 Financial Instruments Measured at Fair Value on a Non-Recurring Basis As of December 31, 2017 the Company did not hold financial instruments carried at fair value on a non-recurring basis. The following table presents the Company's financial instruments carried at fair value on a non-recurring basis in the consolidated balance sheets by its level in the fair value hierarchy as of December 31, 2016 (dollars in thousands): Total Level I Level II Level III December 31, 2016 Commercial mortgage loans, held-for-sale $ 21,179 $ — $ — $ 21,179 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. 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 December 31, 2016 (dollars in thousands). Asset Category Fair Value Valuation Methodologies Unobservable Inputs (1) Weighted Average (2) Range 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 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 December 31, 2017 and 2016 (dollars in thousands): Level Carrying Amount Fair Value December 31, 2017 Commercial mortgage loans, held-for-investment (1) Asset III $ 1,403,512 $ 1,396,406 Collateralized loan obligation Liability II 826,150 842,812 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 $1.5 million and $2.2 million of allowance for loan losses as of December 31, 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 estimates the fair value of the collateralized loan obligations using external broker quotes.

Derivative Instruments (Notes)

Derivative Instruments (Notes)	12 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative 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 December 31, 2017 , the net premiums received on derivative instrument assets were $0.6 million . The following derivative instruments were outstanding as of December 31, 2017 (dollars in thousands): Fair Value Contract type Notional Assets (1) Liabilities (1) Net Credit default swaps $ 30,000 $ 32 $ 357 $ (325 ) Treasury note futures 43,906 100 — 100 Total $ 73,906 $ 132 $ 357 $ (225 ) (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 table 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 year ended December 31, 2017 . The Company did not have any net realized and unrealized gain or loss on derivatives during the year ended December 31, 2016 . Year Ended December 31, 2017 Contract type Unrealized (Gain)/Loss Realized (Gain)/Loss Total Credit default swaps $ 117 $ 373 $ 490 Treasury note futures (100 ) (928 ) (1,028 ) Total $ 17 $ (555 ) $ (538 )

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	12 Months Ended
	Dec. 31, 2017
Offsetting [Abstract]
Offsetting Assets and Liabilities	Offsetting Assets and Liabilities The Company's consolidated balance sheets used a gross presentation of repurchase agreements and collateral pledged. The table below provides a gross presentation, the effects of offsetting and a net presentation of the Company's repurchase agreements within the scope of ASC 210-20, Balance Sheet—Offsetting , as of December 31, 2017 and 2016 (dollars in thousands): Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset on the Balance Sheet Net Amount of Assets Presented on the Balance Sheet Financial Instruments Cash Collateral Pledged Net Amount December 31, 2017 Derivative instruments, at fair value $ 132 $ — $ 132 $ — $ — $ — 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 Cash Collateral Pledged (2) Net Amount December 31, 2017 Repurchase agreements, commercial mortgage loans $ 65,690 $ — $ 65,690 $ 163,235 $ 5,005 $ — Repurchase agreements, real estate securities (1) 39,035 — 39,035 56,044 — — Derivative instruments, at fair value 357 — 357 — 2,961 — December 31, 2016 Repurchase agreements, commercial mortgage loans 257,664 — 257,664 399,914 5,000 — Repurchase agreements, real estate securities (*) 66,639 — 66,639 102,358 21 — ________________________ 1) Includes $56.0 million and $53.3 million of Tranche C of Company issued CLO held by the Company, which eliminates within the real estate securities, at fair value line of the consolidated balance sheets as of December 31, 2017 and December 31, 2016 , respectively. 2) These cash collateral amounts are recorded within the Restricted cash balance on the consolidated balance sheets.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Effective the third quarter of 2017, the Company realigned certain of its reportable segments with changes in its organizational structure and how the chief operating decision maker reviews and manages the business. A new reportable segment was added for the TRS business, a new line of business introduced by the Company during 2017. The Company uses the accounting policies for its segments as described in Note 2- Summary of Significant Accounting Policies. The three reporting segments are as follows: • The real estate debt business focuses on originating, acquiring and asset managing commercial real estate debt investments, including first mortgage loans, subordinate mortgages, mezzanine loans and participations in such loans. • The real estate securities business focuses on investing in and asset managing commercial real estate securities primarily consisting of CMBS and may include unsecured REIT debt, CDO notes and other securities. • The commercial real estate conduit business operated through the Company's TRS, which is focused on generating risk-adjusted returns by originating and subsequently selling fixed-rate commercial real estate loans into the CMBS securitization market at a profit. The Company's historical segment reporting has been retrospectively recast to reflect the Company's current organizational structure. The following table represents the Company's operations by segment for the years ended December 31, 2017 , 2016 and 2015 (in thousands): December 31, 2017 Total Real Estate Debt Real Estate Securities TRS Interest income $ 89,564 $ 87,014 $ 1,351 $ 1,199 Interest expense 32,359 30,407 1,254 698 Net income 33,779 33,184 269 326 Total assets 1,583,661 1,517,021 389 66,251 December 31, 2016 Interest income 79,404 73,884 5,520 — Interest expense 23,169 20,719 2,450 — Net income 29,990 29,797 193 — Total assets 1,248,125 1,198,806 49,319 — December 31, 2015 Interest income 59,393 56,040 3,353 — Interest expense 12,268 11,149 1,119 — Net income 24,933 24,401 532 — Total assets 1,282,484 1,150,858 131,626 — 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 derive 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.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company has conducted its operations to qualify as a REIT for U.S. federal income tax purposes beginning with its tax return for the taxable year ended December 31, 2013. As a REIT, if the Company meets certain organizational and operational requirements and distribute at least 90% of its "REIT taxable income" (determined before the deduction of dividends paid and excluding net capital gains) to its stockholders in a year, it will not be subject to U.S. federal income tax to the extent of the income that it distributes. The Company did not have any REIT— U.S federal taxable income, net of dividends paid for the years ended December 31, 2017 , December 31, 2016 and December 31, 2015 , and therefore, has not provided for REIT U.S. federal income tax expense. However, even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local income, excise and franchise taxes. The Company, through a subsidiary which is treated as TRS, is indirectly subject to U.S. federal, state and local income taxes. TRS permit the Company to participate in certain activities from which REITs are generally precluded, as long as these activities meet specific criteria, are conducted within the parameters of certain limitations established by the Code, and are conducted in entities which elect to be treated as taxable subsidiaries under the Code. To the extent these criteria are met, the Company expects to continue to maintain its qualification as a REIT. The Company’s TRS is not consolidated for U.S. federal income tax purposes, but are instead taxed as a C corporation. For financial reporting purposes, a provision for current and deferred taxes is established for the portion of earnings recognized by the Company with respect to its interest in its TRS. The Company's TRS recognized pre-tax income of approximately $0.6 million and U.S. federal income tax expense of $0.2 million for the year ended December 31, 2017, which has been included on the accompanying consolidated statements of operations. The TRS did not have any activity during the year ended December 31, 2016 . Components of the provision for income taxes consist of the following (dollars in thousands): Years Ended December 31, 2017 2016 2015 Current expense (benefit) U.S. Federal $ 140 $ — $ — State and local 61 — — Total current expense (benefit) 201 — — Deferred expense (benefit) U.S. Federal 18 — — State and local 6 — — Total deferred expense (benefit) 24 — — Provision for income tax expense (benefit) $ 225 $ — $ — The Company’s tax returns are subject to audit by taxing authorities. Generally, as of December 31, 2017, the tax years 2014, 2015, 2016 and 2017 remain open to examination by the major taxing jurisdictions in which the Company is subject to taxes. The Company does not expect tax expense to have an impact on either short or long-term liquidity or capital needs. Under GAAP, a tax benefit related to an income tax position may be recognized when it is more likely than not that the position will be sustained upon examination by the tax authorities based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized upon settlement. The Company has assessed its tax positions for all open tax years beginning with its taxable year December 31, 2014 and concluded that there were no uncertainties to be recognized. The Company’s accounting policy with respect to interest and penalties related to tax uncertainties is to classify these amounts as provision for income taxes. Enacted on December 22, 2017 , the recently passed Tax Cuts and Jobs Act ("TCJA") made many significant changes to the U.S. federal income tax laws applicable to businesses and their owners, including REITs and their stockholders, and may lessen the relative competitive advantage of operating as a REIT rather than as a C corporation. For example, pursuant to this legislation, as of January 1, 2018, (1) the U.S. federal income tax rate applicable to corporations is reduced to 21%, (2) the highest marginal individual income tax rate is reduced to 37% (through taxable years ending in 2025), (3) the corporate alternative minimum tax is repealed, and (4) the backup withholding rate for U.S. stockholders is reduced to 24%. The amounts recorded in the consolidated statement of operations is provisional. Due to the timing of the enacted legislation, as well as the technical corrections, amendments or administrative guidance that could clarify the treatment of certain provisions, the Company will continue to evaluate its conclusions and update its estimates as necessary. The reduced corporate tax rate will apply to the Company's TRS and any other TRS it forms. Changes in tax rates and tax laws are accounted for in the period of enactment. In addition, individuals, estates and trusts may deduct up to 20% of certain pass-through income, including ordinary REIT dividends that are not "capital gain dividends" or "qualified dividend income," subject to certain limitations. For taxpayers qualifying for the full deduction, the effective maximum tax rate on ordinary REIT dividends would be 29.6% (through taxable years ending in 2025). The maximum rate of withholding with respect to the Company's distributions to non-U.S. stockholders that are treated as attributable to gains from the sale or exchange of U.S. real property interests is also reduced from 35% to 21%. The deduction of net interest expense is limited for all businesses; provided that certain businesses, including real estate businesses, may elect not to be subject to such limitations and instead to depreciate their real property related assets over longer depreciable lives. To the extent that the Company's TRS or any other TRS it forms has interest expense that exceeds its interest income, the net interest expense limitation could potentially apply to such TRS.

Summary of Quarterly Results of

Summary of Quarterly Results of Operations (Unaudited)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Summary of Quarterly Results of Operations (Unaudited)	Summary of Quarterly Results of Operations (Unaudited) The following is a summary of the unaudited quarterly results of operations for the years ended December 31, 2017 and 2016 (dollars in thousands, except per share data): March 31 June 30 September 30 December 31 2017 Net interest income $ 13,451 $ 13,126 $ 13,350 $ 17,278 Net income $ 6,049 $ 6,281 $ 6,975 $ 14,474 Basic net income per share $ 0.19 $ 0.20 $ 0.22 $ 0.46 Diluted net income per share $ 0.19 $ 0.20 $ 0.22 $ 0.46 Basic weighted average shares outstanding 31,740,256 31,850,897 31,741,679 31,754,734 Diluted weighted average shares outstanding 31,750,045 31,860,444 31,756,503 31,769,048 2016 Net interest income $ 15,523 $ 14,829 $ 12,933 $ 12,950 Net income $ 9,420 $ 8,860 $ 5,373 $ 6,337 Basic net income per share $ 0.30 $ 0.28 $ 0.17 $ 0.20 Diluted net income per share $ 0.30 $ 0.28 $ 0.17 $ 0.20 Basic weighted average shares outstanding 31,548,897 31,802,261 31,516,876 31,767,915 Diluted weighted average shares outstanding 31,555,011 31,807,927 31,523,911 31,777,994 Basic and diluted earnings per share are computed independently based on the weighted-average shares of common stock and restricted shares outstanding for each period. Accordingly, the sum of the quarterly earnings per share amounts may not agree to the total for the year.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K and determined that there have not been any events that have occurred that would require adjustments to disclosures in the consolidated financial statements except for the following transactions: Distributions Paid On January 2, 2018 , the Company paid a distribution of $3.9 million to stockholders of record during the month of December 31, 2017 . Approximately $2.6 million of the distribution was paid in cash, while $1.2 million was used to purchase 65,288 shares for those stockholders that chose to reinvest distributions through the DRIP. Share Repurchase Program As permitted under the SRP, in January 2018, our board of directors approved, with respect to redemption requests received during the semi-annual period from July 1, 2017 to December 31, 2017, the repurchase of shares validly submitted for repurchase in an amount such that the aggregate amount of shares repurchased pursuant to redemption requests received for the semi-annual period ended December 31, 2017 did not exceed 2.5% of the weighted average number of shares of common stock outstanding during the previous fiscal year. Accordingly, 417,376 shares at an average per share of $18.56 (including all shares submitted for death and disability) were approved for repurchase and completed in January 2017. Liquidity Subsequent to year end, on February 15, 2018 the Company negotiated an increase in credit line to the existing JPM Repo Facility from $300.0 million to $520.0 million , of which $70.0 million is reserved for a specific asset. The Company used the increased capacity to call the CLO RFT 2015 - FL1 by paying off all note holders. Related Party Transactions Amended Advisory Agreement On January 19, 2018, the Company entered into an amendment to the Advisory Agreement. The amended Advisory Agreement amends and restates the Advisory Agreement, dated as of September 29, 2016, by and among the Company, the Operating Partnership and the Advisor. The Nominating and Corporate Governance Committee of the board of directors, which consists solely of the Company’s independent directors, negotiated, approved and recommended that the board of directors approve, the amended Advisory Agreement. The Committee engaged independent legal counsel to assist the Committee in negotiating the amended Advisory Agreement. Loan Acquisition On February 22, 2018, the Company purchased commercial mortgage loans from an entity that is an affiliate of our Advisor, for an aggregate purchase price of $27.8 million . The purchase of the commercial mortgage loans and the $27.8 million purchase price were approved by the Company’s board of directors. These loans are expected to be sold into a securitization vehicle through our TRS segment. Equity Offering On February 14, 2018 (the “Commitment Date”) the Company entered into stock purchase agreements (collectively, the “Purchase Agreements”), by and between the Company and certain institutional investors (the “Institutional Investors”), certain officers of the Company, and certain owners, employees and associates of the Advisor and its affiliates (collectively, the “Manager Investors,” and together with the Institutional Investors, the “Investors”), pursuant to which the Investors committed to purchase an aggregate amount of up to approximately $97.0 million of common stock (including Manager Investor commitments of approximately $32.1 million ) of the Company in one or more closings. The purchase price will be $16.87 per share. The timing of any closing, and the amount of shares to be sold at such Closing, will be determined by the Company in its sole discretion, subject to certain limitations. As described in the Purchase Agreements, the Company may enter into additional Purchase Agreements with other investors within 12 months of the Commitment Date.

Schedule IV - Mortgage Loans o

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2017
Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE December 31, 2017 (In thousands) Face Carrying Interest Payment Maturity Description Property Type Amount Amount Rate Terms Date Senior 1 Office $ 31,250 $ 31,250 1M LIBOR + 4.50% Interest Only 9/9/2018 Senior 2 Retail 9,450 9,451 1M LIBOR + 4.90% Interest Only 9/9/2018 Senior 3 Office 41,885 41,791 1M LIBOR + 5.25% Interest Only 12/9/2018 Senior 4 Office 30,451 30,394 1M LIBOR + 4.60% Interest Only 2/9/2019 Senior 5 Retail 11,684 11,665 1M LIBOR + 4.50% Interest Only 2/9/2019 Senior 6 Multifamily 14,990 14,988 1M LIBOR + 5.00% Interest Only 2/9/2018 Senior 7 Retail 10,790 10,787 1M LIBOR + 5.25% Interest Only 3/9/2018 Senior 8 Hospitality 16,800 16,795 1M LIBOR + 4.90% Interest Only 4/9/2018 Senior 9 Multifamily 26,410 26,388 1M LIBOR + 4.25% Interest Only 5/9/2018 Senior 10 Multifamily 14,980 14,968 1M LIBOR + 4.50% Interest Only 5/9/2018 Senior 11 Retail 14,600 14,591 1M LIBOR + 4.25% Interest Only 5/9/2018 Senior 12 Retail 27,249 27,245 1M LIBOR + 4.75% Interest Only 6/9/2018 Senior 13 Office 9,844 9,832 1M LIBOR + 4.65% Interest Only 6/9/2018 Senior 14 Industrial 19,553 19,533 1M LIBOR + 4.25% Interest Only 7/9/2018 Senior 15 Multifamily 18,941 18,927 1M LIBOR + 4.20% Interest Only 7/9/2018 Senior 16 Hospitality 10,350 10,336 1M LIBOR + 5.50% Interest Only 7/9/2018 Senior 17 Hospitality 15,375 15,362 1M LIBOR + 5.30% Interest Only 7/9/2018 Senior 18 Office 45,235 45,179 1M LIBOR + 5.50% Interest Only 7/9/2018 Senior 19 Retail 7,500 7,487 1M LIBOR + 5.00% Interest Only 7/9/2018 Senior 20 Retail 4,725 4,715 1M LIBOR + 5.50% Interest Only 8/9/2018 Senior 21 Multifamily 44,595 44,529 1M LIBOR + 4.25% Interest Only 8/9/2018 Senior 22 Office 14,250 14,229 1M LIBOR + 4.75% Interest Only 3/9/2019 Senior 23 Multifamily 24,387 24,363 1M LIBOR + 4.25% Interest Only 11/9/2018 Senior 24 Multifamily 5,538 5,554 1M LIBOR + 3.85% Interest Only 11/9/2018 Senior 25 Multifamily 5,519 5,525 1M LIBOR + 3.95% Interest Only 11/9/2018 Senior 26 Multifamily 13,120 13,127 1M LIBOR + 3.95% Interest Only 11/9/2018 Senior 27 Multifamily 5,894 5,898 1M LIBOR + 4.05% Interest Only 11/9/2018 Senior 28 Industrial 33,655 33,647 1M LIBOR + 4.00% Interest Only 11/9/2018 Senior 29 Office 12,000 11,984 1M LIBOR + 4.75% Interest Only 11/9/2019 Senior 30 Office 35,000 34,978 1M LIBOR + 5.00% Interest Only 11/9/2018 Senior 31 Office 29,163 29,136 1M LIBOR + 4.25% Interest Only 1/9/2019 Senior 32 Office 15,030 14,991 1M LIBOR + 5.35% Interest Only 3/9/2019 Senior 33 Multifamily 14,000 13,990 1M LIBOR + 5.00% Interest Only 2/9/2019 Senior 34 Office 16,300 16,250 1M LIBOR + 6.00% Interest Only 2/9/2019 Senior 35 Retail 13,700 13,684 1M LIBOR + 4.75% Interest Only 3/9/2019 Senior 36 Retail 28,500 28,478 1M LIBOR + 4.73% Interest Only 4/9/2019 Senior 37 Retail 12,700 12,690 1M LIBOR + 5.00% Interest Only 4/9/2019 Senior 38 Multifamily 37,410 37,347 1M LIBOR + 6.75% Interest Only 6/9/2019 Senior 39 Retail 15,750 15,732 1M LIBOR + 5.25% Interest Only 6/9/2019 Senior 40 Retail 25,000 24,953 1M LIBOR + 4.40% Interest Only 7/9/2019 Senior 41 Multifamily 14,817 14,825 1M LIBOR + 7.10% Interest Only 5/9/2019 Senior 42 Hospitality 12,600 12,578 1M LIBOR + 5.50% Interest Only 6/9/2019 Senior 43 Hospitality 11,750 11,709 1M LIBOR + 5.50% Interest Only 5/9/2020 Senior 44 Retail 20,450 20,394 1M LIBOR + 5.00% Interest Only 7/9/2020 Senior 45 Multifamily 26,000 26,023 1M LIBOR + 7.50% Interest Only 3/9/2019 Senior 46 Hospitality 14,900 14,877 1M LIBOR + 6.25% Interest Only 9/9/2019 Senior 47 Office 11,580 11,528 1M LIBOR + 4.45% Interest Only 9/9/2020 Senior 48 Office 9,750 9,723 1M LIBOR + 5.50% Interest Only 10/9/2019 Senior 49 Multifamily 39,700 39,644 1M LIBOR + 5.50% Interest Only 10/9/2019 Senior 50 Multifamily 25,500 25,473 1M LIBOR + 4.85% Interest Only 8/9/2019 Senior 51 Retail 7,500 7,490 1M LIBOR + 5.25% Interest Only 6/9/2019 Senior 52 Office 62,040 61,940 1M LIBOR + 4.50% Interest Only 6/9/2019 Senior 53 Multifamily 39,033 38,888 1M LIBOR + 4.50% Interest Only 7/9/2020 Senior 54 Hospitality 8,875 8,766 1M LIBOR + 6.20% Interest Only 10/9/2019 Senior 55 Office 25,120 24,939 1M LIBOR + 4.15% Interest Only 10/9/2019 Senior 56 Multifamily 34,875 34,706 1M LIBOR + 3.80% Interest Only 11/9/2019 Senior 57 Multifamily 81,000 80,628 1M LIBOR + 7.00% Interest Only 11/9/2019 Senior 58 Office 29,800 29,660 1M LIBOR + 7.00% Interest Only 2/9/2018 Senior 59 Hospitality 10,600 10,485 1M LIBOR + 5.00% Interest Only 11/9/2020 Senior 60 Office 20,000 19,877 1M LIBOR + 4.25% Interest Only 12/9/2020 Senior 61 Hospitality 7,700 7,657 1M LIBOR + 5.75% Interest Only 12/9/2019 Senior 62 Hospitality 57,075 56,788 1M LIBOR + 5.75% Interest Only 6/9/2019 Senior 63 Hospitality 18,000 17,063 5.75% Interest Only 10/6/2021 Mezzanine 1 Multifamily 4,000 4,036 12.0% Interest Only 1/6/2024 Mezzanine 2 Office 7,000 7,012 12.0% Interest Only 5/1/2019 Mezzanine 3 Multifamily 3,480 3,494 9.5% Interest Only 7/1/2024 Mezzanine 4 Office 10,000 9,572 10.0% Interest Only 9/6/2024 Mezzanine 5 Multifamily 3,000 3,003 1M LIBOR + 13.00% Interest Only 3/9/2019 Mezzanine 6 Multifamily 8,000 7,965 1M LIBOR + 13.00% Interest Only 11/9/2019 $ 1,407,718 $ 1,403,512

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying consolidated financial statements and related footnotes have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the requirements for reporting on Form 10-K and Regulation S-X, as appropriate. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. In the opinion of management, the annual data includes all adjustments, of a normal and recurring nature, necessary for a fair statement of the results for the periods presented. 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 periods presented have been included. The current period’s results of operations will not necessarily be indicative of results in any subsequent reporting period.
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 has historically incurred acquisition fees and acquisition expenses payable to the Advisor. The Company’s obligation to pay the Advisor acquisition fees terminated in September 2017. Prior to then, the Company paid 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 were evaluated based on the nature of the expense to determine if they should be expensed in the period incurred or capitalized and amortized over the life of the investment. The Company capitalizes certain direct costs relating to the loan origination activities and the cost is amortized over the life of the loan.
Commercial Mortgage Loans	Commercial Mortgage Loans 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 mortgage 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 are 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, and written loan commitments. The Company has elected to measure commercial mortgage loans held-for-sale in the Company's TRS under the fair value option. 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 December 31, 2017 , the fair value amount and the contractual principal outstanding of commercial mortgage loans accounted for under the fair value option was $28.5 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 year ended December 31, 2017 , the Company has a realized gain of $4.5 million relating to the sale of 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 or decreased through the loan loss provision or recovery 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.
Real Estate Securities	Real Estate Securities On the acquisition date, all of the Company’s commercial real estate securities were classified as available for sale and carried at fair value, and subsequently any unrealized gains or losses are recognized as a component of accumulated other comprehensive income or loss. The Company may elect the fair value option for its real estate securities, and as a result, any unrealized gains or losses on such real estate securities will be recorded in the Company’s consolidated statement of operations. No such election has been made to date. Related discounts, premiums and acquisition expenses on investments are amortized over the life of the investment using the effective interest method. Amortization is reflected as an adjustment to interest income in the Company’s consolidated statements of operations. Impairment Analysis of Real Estate Securities Commercial real estate securities for which the fair value option has not been elected are periodically evaluated for other-than-temporary impairment. If the fair value of a security is less than its amortized cost, the security is considered impaired. Impairment of a security is considered other-than-temporary when (i) the Company has the intent to sell the impaired security; (ii) it is more likely than not the Company will be required to sell the security; or (iii) the Company does not expect to recover the entire amortized cost of the security. If the Company determines that an other-than-temporary impairment exists and a sale is likely, the impairment charge is recognized as an impairment of assets on the Company's consolidated statement of operations. If a sale is not expected, the portion of the impairment charge related to credit factors is recorded as an impairment of assets on the Company's consolidated statement of operations with the remainder recorded as an unrealized gain or loss on investments reported as a component of accumulated other comprehensive income or loss.
Share Repurchase Program	Repurchase Agreements Commercial mortgage loans and real estate securities sold under repurchase agreements have been treated as collateralized financing transactions because the Company maintains effective control over the transferred securities. Commercial mortgage loans and real estate securities financed through a repurchase agreement remain on the Company’s consolidated balance sheet as an asset and cash received from the purchaser is recorded as a liability. Interest paid in accordance with repurchase agreements is recorded in interest expense on the Company's consolidated statements of operations. Share Repurchase Program The Company has a Share Repurchase Program (the "SRP"), which became effective as of February 28, 2016, that enables stockholders to sell their shares to the Company. Subject to certain conditions, stockholders that purchased shares of our common stock or received their shares from us (directly or indirectly) through one or more non-cash transactions and have held their shares for a period of at least one year may request that we repurchase their shares of common stock so long as the repurchase otherwise complies with the provisions of Maryland law. Repurchase requests made following the death or qualifying disability of a stockholder will not be subject to any minimum holding period. On August 10, 2017, our board of directors amended the SRP to provide that the repurchase price per share for requests will be equal to the lesser of (i) our most recent estimated per-share NAV, as approved by our board of directors from time to time, and (ii) our 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 disability. Calculations of our estimated per-share NAV will occur periodically, at the discretion of the board of directors, provided that such calculations will be made at least annually. Following its calculation, our estimated per-share NAV will be disclosed in a periodic report. The most recent calculation of our estimated per-share NAV approved by the board of directors occurred on November 10, 2017 based on our net asset value as of September 30, 2017 and was equal to $19.02 . Repurchases pursuant to the SRP, when requested, generally will be made semiannually (each six-month period ending June 30 or December 31, a “fiscal semester”). Repurchases for any fiscal semester will be limited to a maximum of 2.5% of the weighted average number of shares of common stock outstanding during the previous fiscal year, with a maximum for any fiscal year of 5.0% of the weighted average number of shares of common stock outstanding during the previous fiscal year. Funding for repurchases pursuant to the SRP for any given fiscal semester will be limited to proceeds received during that same fiscal semester through the issuance of common stock pursuant to any DRIP in effect from time to time, provided that the board 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. Due to these limitations, we cannot guarantee that we will be able to accommodate all repurchase requests made during any fiscal semester or fiscal year. However, a stockholder may withdraw its request at any time or ask that we honor the request when funds are available. Pending repurchase requests will be honored on a pro rata basis. We will generally pay repurchase proceeds, less any applicable tax or other withholding required by law, by the 31st day following the end of the fiscal semester during which the repurchase request was made. When a stockholder requests a redemption and the redemption is approved by the board of directors, we will reclassify such obligation from equity to a liability based on the settlement value of the obligation. Shares repurchased under the SRP will have the status of authorized but unissued shares.
Repurchase Agreements	Repurchase Agreements Commercial mortgage loans and real estate securities sold under repurchase agreements have been treated as collateralized financing transactions because the Company maintains effective control over the transferred securities. Commercial mortgage loans and real estate securities financed through a repurchase agreement remain on the Company’s consolidated balance sheet as an asset and cash received from the purchaser is recorded as a liability. Interest paid in accordance with repurchase agreements is recorded in interest expense on the Company's consolidated statements of operations. Share Repurchase Program The Company has a Share Repurchase Program (the "SRP"), which became effective as of February 28, 2016, that enables stockholders to sell their shares to the Company. Subject to certain conditions, stockholders that purchased shares of our common stock or received their shares from us (directly or indirectly) through one or more non-cash transactions and have held their shares for a period of at least one year may request that we repurchase their shares of common stock so long as the repurchase otherwise complies with the provisions of Maryland law. Repurchase requests made following the death or qualifying disability of a stockholder will not be subject to any minimum holding period. On August 10, 2017, our board of directors amended the SRP to provide that the repurchase price per share for requests will be equal to the lesser of (i) our most recent estimated per-share NAV, as approved by our board of directors from time to time, and (ii) our 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 disability. Calculations of our estimated per-share NAV will occur periodically, at the discretion of the board of directors, provided that such calculations will be made at least annually. Following its calculation, our estimated per-share NAV will be disclosed in a periodic report. The most recent calculation of our estimated per-share NAV approved by the board of directors occurred on November 10, 2017 based on our net asset value as of September 30, 2017 and was equal to $19.02 . Repurchases pursuant to the SRP, when requested, generally will be made semiannually (each six-month period ending June 30 or December 31, a “fiscal semester”). Repurchases for any fiscal semester will be limited to a maximum of 2.5% of the weighted average number of shares of common stock outstanding during the previous fiscal year, with a maximum for any fiscal year of 5.0% of the weighted average number of shares of common stock outstanding during the previous fiscal year. Funding for repurchases pursuant to the SRP for any given fiscal semester will be limited to proceeds received during that same fiscal semester through the issuance of common stock pursuant to any DRIP in effect from time to time, provided that the board 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. Due to these limitations, we cannot guarantee that we will be able to accommodate all repurchase requests made during any fiscal semester or fiscal year. However, a stockholder may withdraw its request at any time or ask that we honor the request when funds are available. Pending repurchase requests will be honored on a pro rata basis. We will generally pay repurchase proceeds, less any applicable tax or other withholding required by law, by the 31st day following the end of the fiscal semester during which the repurchase request was made. When a stockholder requests a redemption and the redemption is approved by the board of directors, we will reclassify such obligation from equity to a liability based on the settlement value of the obligation. Shares repurchased under the SRP will have the status of authorized but unissued shares.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash represents deposits with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company up to an insurance limit. Cash equivalents include short-term, liquid investments in money market funds.
Restricted Cash	Restricted Cash Restricted cash primarily consists of cash pledged as margin on repurchase agreements.
Prepaid Expenses	Prepaid Expenses Prepaid expenses consists of deferred financing costs related to our various Master Repurchase Agreements as well as certain prepaid subscription costs. Deferred financing costs are amortized over the terms of the respective financing agreement using the effective interest method and included in interest expense on the Company's consolidated statements of operations. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity.
Offering and Related Costs	Offering and Related Costs Prior to January 2016, we were offering for sale a maximum of $2.0 billion of common stock on a reasonable best efforts basis (the "Offering"), pursuant to a registration statement on Form S-11 filed with the SEC under the Securities Act of 1933, as amended. Prior to the termination of the Offering, offering and related costs included all expenses incurred in connection with the Offering. Offering costs (other than selling commissions and the dealer manager fee) of the Company were paid by the Former Advisor, and Realty Capital Securities, LLC (the "Former Dealer Manager") or their affiliates on behalf of the Company. Offering costs were reclassified from deferred costs to stockholders' equity on the day the Company commenced its operations. Offering costs included all expenses incurred by the Company in connection with its Offering as of the balance sheet date presented. These costs include but were not limited to (i) legal, accounting, printing, mailing and filing fees; (ii) escrow service related fees; (iii) reimbursement of the Former Dealer Manager for amounts it paid to reimburse the bona fide diligence expenses of broker-dealers; and (iv) reimbursement to the Former Advisor for a portion of the costs of its employees and other costs in connection with preparing supplemental sales materials and related offering activities. The Company was obligated to reimburse the Former Advisor or its affiliates, as applicable, for organizational and offering costs paid by them on behalf of the Company to the extent organizational and offering costs (excluding selling commissions and the dealer manager fee) incurred by the Company in the Offering did not exceed 2% of gross offering proceeds. The Former Advisor was required to reimburse the Company to the extent that organization and offering and related costs paid by the Company exceeded 2% of gross offering proceeds. As a result, these costs were only a liability of the Company to the extent aggregate selling commissions, the dealer manager fees and other organization and offering costs did not exceed 12% of the gross Offering proceeds determined at the end of the Offering.
Distribution Reinvestment Plan	Distribution Reinvestment Plan Pursuant to the DRIP, stockholders may elect to reinvest distributions by purchasing shares of common stock in lieu of receiving cash. No dealer manager fees or selling commissions are paid with respect to shares purchased pursuant to the DRIP. Participants purchasing shares pursuant to the DRIP have the same rights and are treated in the same manner as if such shares were issued pursuant to the Offering. The board of directors may designate that certain cash or other distributions be excluded from the DRIP. The Company has the right to amend any aspect of the DRIP or terminate the DRIP with ten days ’ notice to participants. Shares issued under the DRIP are recorded to equity in the consolidated balance sheet in the period distributions are declared.
Share-Based Compensation	Share-Based Compensation The Company has a share-based incentive plan for certain of the Company's directors, officers and employees of the Advisor and its affiliates. Share-based awards are measured at the grant date fair value and is recognized as compensation expense on a on a straight line basis over the related vesting period of the award.
Income Taxes	Income Taxes The Company has conducted its operations to qualify as a REIT for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2013 . As a REIT, if the Company meets certain organizational and operational requirements and distributes at least 90% of its "REIT taxable income" (determined before the deduction of dividends paid and excluding net capital gains) to its stockholders in a year, it will not be subject to U.S. federal income tax to the extent of the income that it distributes. However, even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on income in addition to U.S. federal income and excise taxes on its undistributed income. The Company, through its TRS, is indirectly subject to U.S. federal, state and local income taxes. The Company’s TRS is not consolidated for U.S. federal income tax purposes, but is instead taxed as a C corporation. For financial reporting purposes, a provision for current and deferred taxes is established for the portion of earnings recognized by the Company with respect to its interest in its TRS. Total income tax expense for the year ended December 31, 2017 was $0.2 million . There was no income tax provision for the years ended December 31, 2016 and 2015 . The Company uses a more-likely-than-not threshold for recognition and derecognition of tax positions taken or to be taken in a tax return. The Company has assessed its tax positions for all open tax years beginning with December 31, 2014 and concluded that there were no uncertainties to be recognized. The Company’s accounting policy with respect to interest and penalties related to tax uncertainties is to classify these amounts as provision for income taxes. The estimated tax characteristic of $1.80 distributions per common share declared during 2017 was $1.07 ordinary income and $0.73 return of capital. The estimated tax characteristics of the $2.06 distributions per common share declared during 2016 was $0.98 ordinary income and $1.08 return of capital. The Company utilize the TRS to reduce the impact of the prohibited transaction tax and to avoid penalty for the holding of assets not qualifying as real estate assets for purposes of the REIT asset tests. Any income associated with a TRS is fully taxable because the TRS is subject to federal and state income taxes as a domestic C corporation based upon its net income. Enacted on December 22, 2017, the recently passed Tax Cuts and Jobs Act ("TCJA") made many significant changes to the U.S. federal income tax laws applicable to businesses and their owners, including REITs and their stockholders, and may lessen the relative competitive advantage of operating as a REIT rather than as a C corporation. Pursuant to this legislation, as of January 1, 2018, (1) the federal income tax rate applicable to corporations is reduced to 21%, (2) the highest marginal individual income tax rate is reduced to 37% (through taxable years ending in 2025), (3) the corporate alternative minimum tax is repealed, and (4) the backup withholding rate for U.S. stockholders is reduced to 24%. The amounts recorded in the consolidated statement of operations is provisional. Due to the timing of the enacted legislation, as well as the technical corrections, amendments or administrative guidance that could clarify the treatment of certain provisions, the Company will continue to evaluate its conclusions and update its estimates as necessary.
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 unrealized 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 outstanding if potential shares of common stock with a dilutive effect have been issued in connection with the restricted stock plan, 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 commercial 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 Adopted Accounting Pronouncements and Future Adoption of Accounting Pronouncements	Recently Adopted Accounting Pronouncements 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 did not have a material impact on the Company’s consolidated financial statements. Future Adoption of 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. The Company adopted this guidance on January 1, 2018. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. 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 Company adopted this guidance on January 1, 2018. The adoption of this guidance did 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 Company adopted this guidance on January 1, 2018. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. 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 February 2018, the FASB issued guidance that allows an entity to elect to reclassify the stranded tax effects related to the Tax Cuts and Jobs Act of 2017 from accumulated other comprehensive income into retained earnings. The amendments become effective January 1, 2019, and early adoption is permitted. The Company is currently evaluating the impact of this new guidance.
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. As of December 31, 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. As the broker quotes were both limited and non-binding, the Company has classified the CMBS as Level III.

Commercial Mortgage Loans (Tabl

Commercial Mortgage Loans (Tables)	12 Months Ended
	Dec. 31, 2017
Receivables [Abstract]
Summary of Loans Receivable by Class	The following table presents the activity in the Company's allowance for loan losses (dollars in thousands): Year Ended December 31, 2017 2016 Beginning of period $ 2,181 $ 888 Loan loss (recovery)/provision (715 ) 1,293 Charge-offs — — Recoveries — — Ending allowance for loan losses $ 1,466 $ 2,181 The following table represents the composition by loan type of the Company's commercial mortgage loans portfolio, excluding commercial mortgage loans, held-for-sale, measured at fair value (dollars in thousands). December 31, 2017 December 31, 2016 Loan Type Par Value Percentage Par Value Percentage Multifamily $ 505,189 35.9 % $ 329,203 30.6 % Office 455,698 32.4 % 340,944 31.6 % Retail 209,598 14.9 % 154,684 14.4 % Hospitality 184,025 13.1 % 143,582 13.3 % Industrial 53,208 3.7 % 52,688 4.9 % Mixed Use — — % 56,136 5.2 % Total (1) $ 1,407,718 100.0 % $ 1,077,237 100.0 % (1) Excludes $28.5 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 (dollars in thousands): December 31, 2017 December 31, 2016 Senior loans $ 1,368,425 $ 901,907 Mezzanine loans 35,087 136,830 Subordinated loans — 10,000 Total gross carrying value of loans 1,403,512 1,048,737 Less: Allowance for loan losses 1,466 2,181 Total commercial mortgage loans, held-for-investment, net $ 1,402,046 $ 1,046,556 The following table represents the composition by loan type of the Company's commercial mortgage loans excluding those held-for-sale, measured at fair value (dollars in thousands). December 31, 2017 December 31, 2016 Loan Type Par Value Percentage Par Value Percentage Multifamily $ 28,531 100.0 % $ — — % Mixed Use — — % — — % Industrial — — % — — % Retail — — % — — % Total $ 28,531 100.0 % $ — — %
Loan Portfolio Assessment and Risk Ratings	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 scored on a scale of 1 to 5 as follows: InvestmentRating Summary Description 1 Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable. 2 Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. 3 Performing investments requiring closer monitoring. Trends and risk factors show some deterioration. 4 Underperforming investment with the potential of some interest loss but still expecting a positive return on investment. Trends and risk factors are negative. 5 Underperforming investment with expected loss of interest and some principal.
Real Estate Notes Receivable Rollforward	For the year ended December 31, 2017 and 2016 , the activity in the Company's commercial mortgage loans, held-for-investment portfolio was as follows (in thousands): Year Ended December 31, 2017 2016 Balance at Beginning of Year $ 1,046,556 $ 1,124,201 Acquisitions and originations 837,861 53,640 Dispositions — (44,355 ) Principal repayments (381,933 ) (66,490 ) Discount accretion and premium amortization 2,554 2,279 Loans transferred to commercial real estate loans, held-for-sale (100,005 ) (21,179 ) Unrealized losses on loans held-for-sale — (247 ) Loan loss recovery/(provision) 715 (1,293 ) Fees capitalized into carrying value of loans (3,702 ) — Balance at End of Year $ 1,402,046 $ 1,046,556

Real Estate Securities (Tables)

Real Estate Securities (Tables)	12 Months Ended
	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Summary of Real Estate Securities	The following is a summary of the Company's real estate securities, CMBS (dollars in thousands): Weighted Average Number of Investments Interest Rate Maturity Par Value Fair Value December 31, 2017 — — % N/A $ — $ — December 31, 2016 6 5.8 % February 2020 $ 50,000 $ 49,049
Available-for-Sale Securities	The following table provides information on the amounts of gains (losses) on the Company's real estate securities, CMBS, available-for-sale (dollars in thousands): Years Ended December 31, 2017 2016 2015 Unrealized gains/(losses) available-for-sale securities $ 19 $ 329 $ (1,947 ) Reclassification of net gains/(losses) on available-for-sale securities included in net income (loss) 481 1,425 — Unrealized gains (losses) available-for-sale securities, net of reclassification adjustment $ 500 $ 1,754 $ (1,947 ) The following table shows the changes in fair value of the Company's CMBS investments (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value December 31, 2017 $ — $ — $ — $ — December 31, 2016 $ 49,548 $ — $ (499 ) $ 49,049

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule of Repurchase Facilities and Agreements	The details of the Company's Repo Facilities at December 31, 2017 and December 31, 2016 are as follows (dollars in thousands): As of December 31, 2017 Ending Weighted Average Interest Rate Initial Term Maturity Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) JPM Repo Facility (2) $ 300,000 $ 42,042 $ 8,453 3.77 % 6/12/2019 GS Repo Facility (3) 250,000 13,500 4,573 3.83 % 12/27/2018 USB Repo Facility (4) 100,000 — 303 N/A 6/15/2020 CS Repo Facility (5) 250,000 10,148 577 3.99 % 8/30/2018 Barclays Facility (6) 75,000 — 236 N/A 9/19/2019 Total $ 975,000 $ 65,690 $ 14,142 __________________________ (1) Includes amortization of deferred financing costs. (2) Includes a one -year extension at the Company's option. (3) Includes a one -year extension at the Company’s option, which may be exercised upon the satisfaction of certain conditions. (4) Includes 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. (5) 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. (6) Includes an extension term of one year. As of December 31, 2016 Ending Weighted Average Interest Rate Initial Term Maturity Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) JPM Repo Facility (2) $ 300,000 $ 257,664 6,016 3.08 % 6/18/2016 GS Repo Facility (3) 250,000 — — N/A 12/27/2018 Barclays Repo Facility (4) — — 6,063 N/A 10/6/2016 Total $ 550,000 $ 257,664 $ 12,079 _______________________ (1) Includes amortization of deferred financing costs. (2) The Company exercised its one -year extension option with the JPM Repo Facility lender, extending the maturity date to June 17, 2017. (3) Includes a one -year extension at the Company’s option, which may be exercised upon the satisfaction of certain conditions. (4) On October 5, 2016, the Company paid off the outstanding balance on the Barclays Repo Facility and the Barclays Repo Facility was terminated. Below is a summary of the Company's MRAs as of December 31, 2017 and 2016 (dollars in thousands): Weighted Average Counterparty Amount Outstanding Accrued Interest Collateral Pledged (*) Interest Rate Days to Maturity As of December 31, 2017 JP Morgan Securities LLC $ 39,035 $ 11 $ 56,044 3.32 % 26 Total $ 39,035 $ 11 $ 56,044 3.32 % 26 As of December 31, 2016 JP Morgan Securities LLC $ 59,122 $ 96 $ 92,658 2.55 % 6 Citigroup Global Markets, Inc. 3,879 1 4,850 2.11 % 26 Wells Fargo Securities, LLC 3,638 4 4,850 2.05 % 13 Total/Weighted Average $ 66,639 $ 101 $ 102,358 2.50 % 8 ________________________ * Includes $56.0 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 December 31, 2017 and December 31, 2016 , respectively.
Schedule of Collateralized Loan Obligations by Tranche	The following table represents the terms of the notes issued by the 2015-FL1 Issuer, 2017-FL1 Issuer and 2017-FL2 Issuer, respectively (dollars in thousands): CLO Facility As of December 31, 2017 Par Value Issued Par Value Outstanding (1) (2) Interest Rate Maturity Date 2015-FL1 Issuer Tranche A $ 231,345 $ 79,109 1M LIBOR + 175 8/1/2030 2015-FL1 Issuer Tranche B 42,841 42,841 1M LIBOR + 388 8/1/2030 2015-FL1 Issuer Tranche C 76,044 20,000 1M LIBOR + 525 8/1/2030 2017-FL1 Issuer Tranche A 223,600 223,600 1M LIBOR + 135 7/1/2027 2017-FL1 Issuer Tranche B 48,000 48,000 1M LIBOR + 240 7/1/2027 2017-FL1 Issuer Tranche C 67,900 67,900 1M LIBOR + 425 7/1/2027 2017-FL2 Issuer Tranche A 237,970 237,970 1M LIBOR + 82 10/15/2034 2017-FL2 Issuer Tranche A-S 36,357 36,357 1M LIBOR + 110 10/15/2034 2017-FL2 Issuer Tranche B 26,441 26,441 1M LIBOR + 140 10/15/2034 2017-FL2 Issuer Tranche C 25,339 25,339 1M LIBOR + 215 10/15/2034 2017-FL2 Issuer Tranche D 35,255 35,255 1M LIBOR + 345 10/15/2034 $ 1,051,092 $ 842,812 CLO Facility As of December 31, 2016 Par Value Issued Par Value Outstanding (1) Interest Rate Maturity Date 2015-FL1 Issuer Tranche A $ 231,345 $ 222,195 1M LIBOR + 175 8/1/2030 2015-FL1 Issuer Tranche B 42,841 42,841 1M LIBOR + 388 8/1/2030 2015-FL1 Issuer Tranche C 76,044 20,000 1M LIBOR + 525 8/1/2030 $ 350,230 $ 285,036 ________________________ (1) Excludes $56.0 million and $56.0 million of Tranche C notes issued by 2015-FL1 Issuer, held by the Company, which eliminates within the collateralized loan obligation line of the consolidated balance sheets as of December 31, 2017 and December 31, 2016 , respectively. (2) Excludes $16.0 million of Tranche E notes and $14.9 million of Tranche F notes issued by 2017-FL2 Issuer, held by the Company, which are eliminated within the collateralized loan obligation line of the consolidated balance sheets as of December 31, 2017
Schedule of Collateralized Loan Obligations	The below table reflects the total assets and liabilities of the Company's three CLOs. The CLOs are considered VIEs and are consolidated into the Company's consolidated financial statements as of December 31, 2017 and December 31, 2016 as the Company is the primary beneficiary of the VIE. 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 VIE’s 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 VIE. Assets (dollars in thousands) December 31, 2017 December 31, 2016 Cash (1) $ 49,017 $ 5 Commercial mortgage loans, held for investment, net of allowance (2) 1,033,427 417,057 Accrued interest receivable 4,212 1,101 Total Assets $ 1,086,656 $ 418,163 Liabilities Notes payable (3)(4) $ 912,800 $ 334,246 Interest payable 1,462 564 Total Liabilities $ 914,262 $ 334,810 ________________________ (1) Includes $48.7 million of cash held by the servicer related to CLO loan payoffs as of December 31, 2017. (2) The balance is presented net of allowance for loan loss of $1.3 million and $1.0 million as of December 31, 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 as of December 31, 2017 and December 31, 2016 , respectively. Also includes $16.0 million of Tranche E notes and $14.9 million of Tranche F notes issued by 2017-FL2 Issuer held by the Company as of December 31, 2017 . The notes held by the Company are eliminated within the Collateral loan obligations line of the consolidated balance sheets. (4) The balance is presented net of deferred financing cost and discount of $16.9 million and $6.8 million as of December 31, 2017 and December 31, 2016 , respectively.

Net Income Per Share (Tables)

Net Income Per Share (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2017 , 2016 and 2015 , respectively (dollars in thousands, except share amounts): Years Ended December 31, 2017 2016 2015 Net income (in thousands) $ 33,779 $ 29,990 $ 24,933 Basic weighted average shares outstanding 31,772,231 31,659,274 24,253,905 Unvested restricted shares 12,658 7,230 5,264 Diluted weighted average shares outstanding 31,784,889 31,666,504 24,259,169 Basic net income per share $ 1.06 $ 0.95 $ 1.03 Diluted net income per share $ 1.06 $ 0.95 $ 1.03

Common Stock Common Stock (Tabl

Common Stock Common Stock (Tables) (Tables)	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Schedule of Shares Repurchased	The following table reflects the number of shares repurchased under the SRP cumulatively through December 31, 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 September 30 - December 31, 2017 (1) — — — Cumulative as of December 31, 2017 2,125 1,991,391 $ 21.36 _______________________ (1) Amounts exclude 875 redemption requests, representing 607,498 shares, received during the semi-annual period from July 1, 2017 to December 31, 2017, which were approved by the board of directors and repurchased in January 2018.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Unfunded Commitments Under Commercial Mortgage Loans	As of December 31, 2017 and 2016 , the Company had the below unfunded commitments to the Company's borrowers. Funding Expiration December 31, 2017 December 31, 2016 2017 $ — $ 7,794 2018 36,475 62,368 2019 26,465 9,072 2020 20,598 — $ 83,538 $ 79,234

Related Party Transactions an33

Related Party Transactions and Arrangements (Tables)	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Schedule of Selling Commissions and Dealer Manager Fees Payable to Affiliate	The table below shows the compensation and reimbursement to the Former Advisor, its affiliates, entities under common control with the Former Advisor and the Former Dealer Manager incurred for services relating to the Company's public offering during the years ended December 31, 2017 , 2016 and 2015 , respectively, and the associated payable as of December 31, 2017 and 2016 , respectively (dollars in thousands): Years Ended December 31, Payable as of December 31, 2017 2016 2015 2017 2016 Total commissions and fees incurred from the Former Dealer Manager $ — $ — $ 37,092 $ — $ —
Schedule of Offering Cost Reimbursements to Related Party	Total compensation and reimbursement for services provided by the Former Advisor, its affiliates, entities under common control with the Former Advisor and the Former Dealer Manager (1) $ — $ — $ 7,442 $ 480 $ 480 ________________________ (1) During 2016, the Company received reimbursement of excess payment of $0.8 million of offering costs from the Former Advisor. The reimbursement resulted in an increase to our Additional Paid-In Capital in the consolidated balance sheets.
Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services	The table below shows the costs incurred due to arrangements with our Advisor and, with respect to periods prior to September 30, 2016, the Former Advisor and its affiliates during the years ended December 31, 2017 , 2016 and 2015 and the associated payable as of December 31, 2017 and 2016 (dollars in thousands): Years Ended December 31, Payable as of December 31, 2017 2016 2015 2017 2016 Acquisition fees and acquisition expenses (1) $ 4,197 $ 806 $ 7,916 $ — $ — Administrative services expenses 6,765 4,376 644 3,480 1,000 Advisory and investment banking fee — 6 56 — — Asset management and subordinated performance fee 9,273 9,504 7,615 2,315 2,439 Other related party expenses (2) 394 84 364 146 145 Total related party fees and reimbursements $ 20,629 $ 14,776 $ 16,595 $ 5,941 $ 3,584 ________________________ (1) Total acquisition fees and expenses paid during the years ended December 31, 2017 and 2016 were $10.2 million and $0.8 million respectively, of which $6.0 million and $ 0.0 million were capitalized within the commercial mortgage loans, held for investment line of the consolidated balance sheets for years ended December 31, 2017 and 2016. (2) Included in Other expenses in the Company's consolidated statement of operations.

Fair Value of Financial Instr34

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Financial instruments carried 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 December 31, 2017 and December 31, 2016 for which the Company has used Level III inputs to determine fair value (dollars in thousands): December 31, 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 on sale of real estate securities — 172 Realized gain on sale of commercial mortgage loan held-for-sale 4,523 — Net accretion — 167 Unrealized gains included in OCI — 500 Purchases 156,101 — Sales (132,093 ) (34,888 ) Cash repayments/receipts — (15,000 ) Transfers out of Level III — — December 31, 2017 balance $ 28,531 $ — 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) — 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 — — December 31, 2016 balance $ — $ 49,049 The following table presents the Company's financial instruments carried at fair value on a recurring basis in the consolidated balance sheets by its level in the fair value hierarchy as of December 31, 2017 and 2016 (dollars in thousands): Total Level I Level II Level III December 31, 2017 Real estate securities $ — $ — $ — $ — Commercial mortgage loans, held-for-sale (1) 28,531 — — 28,531 Treasury note futures 132 132 — — Total assets, at fair value $ 28,663 $ 132 $ — $ 28,531 Liabilities, at fair value Credit default swaps $ 357 $ — $ 357 $ — Total liabilities, at fair value $ 357 $ — $ 357 $ — December 31, 2016 Real estate securities $ 49,049 $ — $ — $ 49,049 Commercial mortgage loans, held-for-sale (1) — — — — Treasury note futures — — — — Credit default swaps — — — — 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.
Financial instruments carried at fair value on a non-recurring basis	The following table presents the Company's financial instruments carried at fair value on a non-recurring basis in the consolidated balance sheets by its level in the fair value hierarchy as of December 31, 2016 (dollars in thousands): Total Level I Level II Level III December 31, 2016 Commercial mortgage loans, held-for-sale $ 21,179 $ — $ — $ 21,179
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]	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. 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 December 31, 2016 (dollars in thousands). Asset Category Fair Value Valuation Methodologies Unobservable Inputs (1) Weighted Average (2) Range 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. 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. 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 December 31, 2017 and December 31, 2016 (dollars in thousands). Asset Category Fair Value Valuation Methodologies Unobservable Inputs (1) Weighted Average (2) Range December 31, 2017 Commercial mortgage loans, held-for-sale, measured at fair value $28,531 Discounted Cash Flow Yield 4.93% 4.8% - 5.3% December 31, 2016 Real estate securities, available for sale, at fair value $49,049 Discounted Cash Flow Yield 6.50% 3.7% - 8.3% (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.
Financial instruments not carried 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 December 31, 2017 and 2016 (dollars in thousands): Level Carrying Amount Fair Value December 31, 2017 Commercial mortgage loans, held-for-investment (1) Asset III $ 1,403,512 $ 1,396,406 Collateralized loan obligation Liability II 826,150 842,812 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 $1.5 million and $2.2 million of allowance for loan losses as of December 31, 2017 and December 31, 2016 , respectively.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Assets at Fair Value	The following derivative instruments were outstanding as of December 31, 2017 (dollars in thousands): Fair Value Contract type Notional Assets (1) Liabilities (1) Net Credit default swaps $ 30,000 $ 32 $ 357 $ (325 ) Treasury note futures 43,906 100 — 100 Total $ 73,906 $ 132 $ 357 $ (225 ) (1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets.
Schedule of Derivative Liabilities at Fair Value	The following derivative instruments were outstanding as of December 31, 2017 (dollars in thousands): Fair Value Contract type Notional Assets (1) Liabilities (1) Net Credit default swaps $ 30,000 $ 32 $ 357 $ (325 ) Treasury note futures 43,906 100 — 100 Total $ 73,906 $ 132 $ 357 $ (225 ) (1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets.
Derivative Instruments, Gain (Loss)	The following table 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 year ended December 31, 2017 . The Company did not have any net realized and unrealized gain or loss on derivatives during the year ended December 31, 2016 . Year Ended December 31, 2017 Contract type Unrealized (Gain)/Loss Realized (Gain)/Loss Total Credit default swaps $ 117 $ 373 $ 490 Treasury note futures (100 ) (928 ) (1,028 ) Total $ 17 $ (555 ) $ (538 )

Offsetting Assets and Liabili36

Offsetting Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2017
Offsetting [Abstract]
Offsetting Assets	The table below provides a gross presentation, the effects of offsetting and a net presentation of the Company's repurchase agreements within the scope of ASC 210-20, Balance Sheet—Offsetting , as of December 31, 2017 and 2016 (dollars in thousands): Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset on the Balance Sheet Net Amount of Assets Presented on the Balance Sheet Financial Instruments Cash Collateral Pledged Net Amount December 31, 2017 Derivative instruments, at fair value $ 132 $ — $ 132 $ — $ — $ —
Offsetting Liabilities	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 Cash Collateral Pledged (2) Net Amount December 31, 2017 Repurchase agreements, commercial mortgage loans $ 65,690 $ — $ 65,690 $ 163,235 $ 5,005 $ — Repurchase agreements, real estate securities (1) 39,035 — 39,035 56,044 — — Derivative instruments, at fair value 357 — 357 — 2,961 — December 31, 2016 Repurchase agreements, commercial mortgage loans 257,664 — 257,664 399,914 5,000 — Repurchase agreements, real estate securities (*) 66,639 — 66,639 102,358 21 — ________________________ 1) Includes $56.0 million and $53.3 million of Tranche C of Company issued CLO held by the Company, which eliminates within the real estate securities, at fair value line of the consolidated balance sheets as of December 31, 2017 and December 31, 2016 , respectively. 2) These cash collateral amounts are recorded within the Restricted cash balance on the consolidated balance sheets.

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table represents the Company's operations by segment for the years ended December 31, 2017 , 2016 and 2015 (in thousands): December 31, 2017 Total Real Estate Debt Real Estate Securities TRS Interest income $ 89,564 $ 87,014 $ 1,351 $ 1,199 Interest expense 32,359 30,407 1,254 698 Net income 33,779 33,184 269 326 Total assets 1,583,661 1,517,021 389 66,251 December 31, 2016 Interest income 79,404 73,884 5,520 — Interest expense 23,169 20,719 2,450 — Net income 29,990 29,797 193 — Total assets 1,248,125 1,198,806 49,319 — December 31, 2015 Interest income 59,393 56,040 3,353 — Interest expense 12,268 11,149 1,119 — Net income 24,933 24,401 532 — Total assets 1,282,484 1,150,858 131,626 —

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	Components of the provision for income taxes consist of the following (dollars in thousands): Years Ended December 31, 2017 2016 2015 Current expense (benefit) U.S. Federal $ 140 $ — $ — State and local 61 — — Total current expense (benefit) 201 — — Deferred expense (benefit) U.S. Federal 18 — — State and local 6 — — Total deferred expense (benefit) 24 — — Provision for income tax expense (benefit) $ 225 $ — $ —

Summary of Quarterly Results 39

Summary of Quarterly Results of Operations (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Summary of Quarterly Results of Operations (Unaudited)	The following is a summary of the unaudited quarterly results of operations for the years ended December 31, 2017 and 2016 (dollars in thousands, except per share data): March 31 June 30 September 30 December 31 2017 Net interest income $ 13,451 $ 13,126 $ 13,350 $ 17,278 Net income $ 6,049 $ 6,281 $ 6,975 $ 14,474 Basic net income per share $ 0.19 $ 0.20 $ 0.22 $ 0.46 Diluted net income per share $ 0.19 $ 0.20 $ 0.22 $ 0.46 Basic weighted average shares outstanding 31,740,256 31,850,897 31,741,679 31,754,734 Diluted weighted average shares outstanding 31,750,045 31,860,444 31,756,503 31,769,048 2016 Net interest income $ 15,523 $ 14,829 $ 12,933 $ 12,950 Net income $ 9,420 $ 8,860 $ 5,373 $ 6,337 Basic net income per share $ 0.30 $ 0.28 $ 0.17 $ 0.20 Diluted net income per share $ 0.30 $ 0.28 $ 0.17 $ 0.20 Basic weighted average shares outstanding 31,548,897 31,802,261 31,516,876 31,767,915 Diluted weighted average shares outstanding 31,555,011 31,807,927 31,523,911 31,777,994

Summary of Significant Accoun40

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	Aug. 10, 2017	Feb. 28, 2016	Dec. 31, 2015	May 13, 2013	Aug. 31, 2017	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Sep. 30, 2017	Sep. 30, 2016	Sep. 29, 2016
Equity, Class of Treasury Stock [Line Items]
Maximum common stock offered			$ 2,000,000,000
Commercial mortgage loans, held-for-sale							$ 28,531,000	$ 0
Gain on sale of commercial mortgage loans							$ 4,523,000	0	$ 0
Share repurchase program, period in force		1 year
Repurchase price percent of NAV per share year one	92.50%	92.50%
Repurchase price percent of NAV per share year two	95.00%	95.00%
Repurchase price percent of NAV per share year three	97.50%	97.50%
Repurchase price percent of NAV per share year four	100.00%	100.00%
Repurchase limit percent per fiscal semester		2.50%
Repurchase limit percent per fiscal year		5.00%
NAV per share (in dollars per share)										$ 19.02	$ 20.05
Minimum distribution percentage to qualify for REIT taxation status							90.00%
Income tax expense							$ 225,000	$ 0	$ 0
Dividends declared per share				$ 2.0625	$ 1.44	$ 2.0625	$ 1.80	$ 2.06
Ordinary income declared per share							1.07	0.98
Return of capital declared per share							$ 0.73	$ 1.08
Advisor
Equity, Class of Treasury Stock [Line Items]
Offering costs reimbursable percentage							2.00%
Dealer Manager | Maximum
Equity, Class of Treasury Stock [Line Items]
Dealer fees and offering costs, percentage							12.00%
Benefit Street Partners LLC | Affiliated Entity
Equity, Class of Treasury Stock [Line Items]
Real estate acquisition fee, percentage										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
Real estate acquisition expense, percent												0.50%

Commercial Mortgage Loans - Nar

Commercial Mortgage Loans - Narrative (Details)	12 Months Ended
	Dec. 31, 2017ratingloan	Dec. 31, 2016ratingloan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded | loan	69	71
Initial risk rating | rating	2
Weighted average risk rating of loans | rating	2.2	2.1
Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded | loan	3	0

Commercial Mortgage Loans - Loa

Commercial Mortgage Loans - Loans Receivable by Class (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Receivables [Abstract]
Senior loans	$ 1,368,425	$ 901,907
Mezzanine loans	35,087	136,830
Subordinated loans	0	10,000
Total gross carrying value of loans	1,403,512	1,048,737
Allowance for commercial mortgage loans	1,466	2,181	$ 888
Total commercial mortgage loans, held-for-investment, net	$ 1,402,046	$ 1,046,556

Commercial Mortgage Loans - Pro

Commercial Mortgage Loans - Provision for Loan Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Allowance for Loan and Lease Losses [Roll Forward]
Beginning of period	$ 2,181	$ 888
Loan loss (recovery)/provision	(715)	1,293	$ 318
Charge-offs	0	0
Recoveries	0	0
Ending allowance for loan losses	$ 1,466	$ 2,181	$ 888

Commercial Mortgage Loans - Com

Commercial Mortgage Loans - Commercial Mortgage Loan Portfolio, Excluding Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 1,403,512	$ 1,048,737
Commercial mortgage loans, held-for-sale, measured at fair value	28,531	0
First Mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	1,403,512
Fair Value, Measurements, Recurring
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial mortgage loans, held-for-sale, measured at fair value	28,531	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	28,531	49,049
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 1,407,718	$ 1,077,237
Percentage	100.00%	100.00%
Commercial Mortgage Receivable, Held-For-Investment | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 505,189	$ 329,203
Percentage	35.90%	30.60%
Commercial Mortgage Receivable, Held-For-Investment | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 455,698	$ 340,944
Percentage	32.40%	31.60%
Commercial Mortgage Receivable, Held-For-Investment | Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 209,598	$ 154,684
Percentage	14.90%	14.40%
Commercial Mortgage Receivable, Held-For-Investment | Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 184,025	$ 143,582
Percentage	13.10%	13.30%
Commercial Mortgage Receivable, Held-For-Investment | Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 53,208	$ 52,688
Percentage	3.70%	4.90%
Commercial Mortgage Receivable, Held-For-Investment | Mixed Use
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 0	$ 56,136
Percentage	0.00%	5.20%

Commercial Mortgage Loans - C45

Commercial Mortgage Loans - Commercial Mortgage Loan Portfolio, Held-For-Sale, Measured at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 1,403,512	$ 1,048,737
Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 28,531	$ 0
Percentage	100.00%	0.00%
Commercial Mortgage Receivable, Held-For-Sale | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 28,531	$ 0
Percentage	100.00%	0.00%
Commercial Mortgage Receivable, Held-For-Sale | Mixed Use
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 0	$ 0
Percentage	0.00%	0.00%
Commercial Mortgage Receivable, Held-For-Sale | Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 0	$ 0
Percentage	0.00%	0.00%
Commercial Mortgage Receivable, Held-For-Sale | Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 0	$ 0
Percentage	0.00%	0.00%

Commercial Mortgage Loans - C46

Commercial Mortgage Loans - Commercial Mortgage Loan Portfolio, Held-For-Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at Beginning of Year	$ 1,046,556	$ 1,124,201
Acquisitions and originations	837,861	53,640
Dispositions	0	(44,355)
Principal repayments	(381,933)	(66,490)
Discount accretion and premium amortization	2,554	2,279
Loans transferred to commercial real estate loans, held-for-sale	(100,005)	(21,179)
Unrealized losses on loans held-for-sale	0	(247)
Loan loss recovery/(provision)	715	(1,293)	$ (318)
Fees capitalized into carrying value of loans	(3,702)	0
Balance at End of Year	$ 1,402,046	$ 1,046,556	$ 1,124,201

Real Estate Securities - Summar

Real Estate Securities - Summary of Company's Real Estate Securities, CMBS (Details) $ in Thousands	Dec. 31, 2017USD ($)investment	Dec. 31, 2016USD ($)investment
Schedule of Available-for-sale Securities [Line Items]
Real estate securities, available for sale, at fair value	$ 0	$ 49,049
CMBS
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
Real estate securities, available for sale, at fair value	$ 0	$ 49,049

Real Estate Securities - Summ48

Real Estate Securities - Summary of Changes in Fair Value of CMBS Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Real estate securities, available for sale, at fair value	$ 0	$ 49,049
CMBS
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	0	49,548
Unrealized Gains	0	0
Unrealized Losses	0	(499)
Real estate securities, available for sale, at fair value	$ 0	$ 49,049

Real Estate Securities - Narrat

Real Estate Securities - Narrative (Details)	12 Months Ended
	Dec. 31, 2017USD ($)investment	Dec. 31, 2016USD ($)investmentsecurity	Dec. 31, 2015USD ($)
Schedule of Available-for-sale Securities [Line Items]
Impairment losses on real estate securities	$ 0	$ 310,000	$ 0
Realized gain (loss) on sale of real estate securities	$ 172,000	$ (1,906,000)	0
CMBS
Schedule of Available-for-sale Securities [Line Items]
Number of investments | investment	0	6
Aggregate carrying value	$ 0	$ 49,548,000
Unrealized Losses	0	$ (499,000)
Number of investments in an unrealized loss position | investment		2
Unrealized loss for 12 months or longer		$ 200,000
Impairment losses on real estate securities		300,000
Realized gain (loss) on sale of real estate securities	$ 200,000	$ (1,900,000)	$ 0
Number of CMBS securities sold | security		10

Real Estate Securities - Gains

Real Estate Securities - Gains (Losses) On Real Estate Securities (Details) - CMBS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Unrealized gains/(losses) available-for-sale securities	$ 19	$ 329	$ (1,947)
Reclassification of net gains/(losses) on available-for-sale securities included in net income (loss)	481	1,425	0
Unrealized gains (losses) available-for-sale securities, net of reclassification adjustment	$ 500	$ 1,754	$ (1,947)

Debt - Narrative (Details)

Debt - Narrative (Details)	Sep. 19, 2017	May 17, 2017USD ($)	Dec. 31, 2017USD ($)mortgage_assetextension	Dec. 31, 2016USD ($)mortgage_asset	Oct. 19, 2015USD ($)
Line of Credit Facility [Line Items]
Committed Financing			$ 975,000,000	$ 550,000,000
Amount Outstanding			65,690,000	257,664,000
Interest expense			$ 14,142,000	12,079,000
Minimum
Line of Credit Facility [Line Items]
Master repurchase agreements maturity (days)			30 days
Maximum
Line of Credit Facility [Line Items]
Master repurchase agreements maturity (days)			90 days
Secured Debt | U.S. Bank National Association
Line of Credit Facility [Line Items]
Notes payable			$ 1,051,092,000	350,230,000
Secured Debt | U.S. Bank National Association | Collateralized Loan Obligations Issued in 2015
Line of Credit Facility [Line Items]
Collateral amount			$ 276,200,000	$ 419,300,000
Collateral (mortgage asset) | mortgage_asset			13	27
Secured Debt | U.S. Bank National Association | Tranche C Notes - 2015-FL1 Issuer
Line of Credit Facility [Line Items]
Notes payable			$ 76,044,000	$ 76,044,000	$ 76,000,000
Secured Debt | U.S. Bank National Association | Collateralized Loan Obligations Issued in 2017-FL1
Line of Credit Facility [Line Items]
Collateral amount			$ 418,100,000
Collateral (mortgage asset) | mortgage_asset			25
Secured Debt | U.S. Bank National Association | Collateralized Loan Obligations Issued in 2017-FL2
Line of Credit Facility [Line Items]
Collateral amount			$ 440,700,000
Collateral (mortgage asset) | mortgage_asset			20
Secured Debt | U.S. Bank National Association | Collateralized Loan Obligations 2015-FL1, 2017-FL1, and 2017-FL2
Line of Credit Facility [Line Items]
Collateral amount			$ 204,300,000
Secured Debt | U.S. Bank National Association | Subsidiaries | Tranche C Notes - 2015-FL1 Issuer
Line of Credit Facility [Line Items]
Notes payable					$ 56,000,000
JPM Repo Facility
Line of Credit Facility [Line Items]
Extension on initial maturity date			1 year	1 year
GS Repo Facility
Line of Credit Facility [Line Items]
Extension on initial maturity date			1 year	1 year
USB Repo Facility
Line of Credit Facility [Line Items]
Number of extension options | extension			2
Extension on initial maturity date			1 year
CS Repo Facility
Line of Credit Facility [Line Items]
Extension on initial maturity date			364 days
Barclays Facility
Line of Credit Facility [Line Items]
Extension on initial maturity date			1 year
PWB Financing
Line of Credit Facility [Line Items]
Number of extension options | extension			2
Extension on initial maturity date			1 year
Interest expense			$ 1,200,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Amount Outstanding			39,035,000	$ 66,639,000
Revolving Credit Facility | JPM Repo Facility
Line of Credit Facility [Line Items]
Committed Financing			300,000,000	300,000,000
Amount Outstanding			42,042,000	257,664,000
Interest expense			$ 8,453,000	6,016,000
Revolving Credit Facility | GS Repo Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate			50.00%
Committed Financing			$ 250,000,000	250,000,000
Amount Outstanding			13,500,000	0
Interest expense			4,573,000	0
Revolving Credit Facility | USB Repo Facility
Line of Credit Facility [Line Items]
Committed Financing			100,000,000
Amount Outstanding			0
Interest expense			303,000
Revolving Credit Facility | CS Repo Facility
Line of Credit Facility [Line Items]
Committed Financing			250,000,000
Amount Outstanding			10,148,000
Interest expense			577,000
Revolving Credit Facility | Barclays Facility | Secured Debt
Line of Credit Facility [Line Items]
Committed Financing			75,000,000	0
Amount Outstanding			0	0
Interest expense			236,000	$ 6,063,000
Revolving Credit Facility | PWB Financing
Line of Credit Facility [Line Items]
Committed Financing		$ 36,200,000
Collateral amount		$ 54,200,000
Amount Outstanding			$ 26,200,000
LIBOR | PWB Financing
Line of Credit Facility [Line Items]
Basis spread on variable rate		4.00%
LIBOR | Revolving Credit Facility | JPM Repo Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate			240.00%
LIBOR | Revolving Credit Facility | GS Repo Facility | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate			235.00%
LIBOR | Revolving Credit Facility | GS Repo Facility | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate			285.00%
LIBOR | Revolving Credit Facility | USB Repo Facility | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate			225.00%
LIBOR | Revolving Credit Facility | USB Repo Facility | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate			300.00%
LIBOR | Revolving Credit Facility | CS Repo Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate			250.00%
LIBOR | Revolving Credit Facility | Barclays Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.75%
PRIME | Revolving Credit Facility | Barclays Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.75%

Debt - Schedule of Repurchase F

Debt - Schedule of Repurchase Facilities (Details)	12 Months Ended
	Dec. 31, 2017USD ($)extension	Dec. 31, 2016USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	$ 975,000,000	$ 550,000,000
Amount Outstanding	65,690,000	257,664,000
Interest expense	$ 14,142,000	$ 12,079,000
JPM Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Extension on initial maturity date	1 year	1 year
GS Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Extension on initial maturity date	1 year	1 year
USB Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Extension on initial maturity date	1 year
Number of extension options | extension	2
CS Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Extension on initial maturity date	364 days
Barclays Facility
Assets Sold under Agreements to Repurchase [Line Items]
Extension on initial maturity date	1 year
Revolving Credit Facility
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 39,035,000	$ 66,639,000
Ending Weighted Average Interest Rate	3.32%	2.50%
Revolving Credit Facility | JPM Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	$ 300,000,000	$ 300,000,000
Amount Outstanding	42,042,000	257,664,000
Interest expense	$ 8,453,000	$ 6,016,000
Ending Weighted Average Interest Rate	3.77%	3.08%
Revolving Credit Facility | GS Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	$ 250,000,000	$ 250,000,000
Amount Outstanding	13,500,000	0
Interest expense	$ 4,573,000	0
Ending Weighted Average Interest Rate	3.83%
Revolving Credit Facility | USB Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	$ 100,000,000
Amount Outstanding	0
Interest expense	303,000
Revolving Credit Facility | CS Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	250,000,000
Amount Outstanding	10,148,000
Interest expense	$ 577,000
Ending Weighted Average Interest Rate	3.99%
Revolving Credit Facility | Secured Debt | Barclays Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	$ 75,000,000	0
Amount Outstanding	0	0
Interest expense	$ 236,000	$ 6,063,000

Debt - Repurchase Agreements, R

Debt - Repurchase Agreements, Real Estate Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 65,690	$ 257,664
Accrued Interest	1,544	897
Real estate securities, available for sale, at fair value	0	49,049
Secured Debt | U.S. Bank National Association | Tranche C
Assets Sold under Agreements to Repurchase [Line Items]
Real estate securities, available for sale, at fair value	56,000	53,300
Revolving Credit Facility
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	39,035	66,639
Accrued Interest	11	101
Collateral Pledged	$ 56,044	$ 102,358
Interest Rate	3.32%	2.50%
Days to Maturity	26 days	8 days
Revolving Credit Facility | JP Morgan Securities LLC
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 39,035	$ 59,122
Accrued Interest	11	96
Collateral Pledged	$ 56,044	$ 92,658
Interest Rate	3.32%	2.55%
Days to Maturity	26 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 - Collateralized Loan Obli

Debt - Collateralized Loan Obligation by Tranche (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Oct. 19, 2015
U.S. Bank National Association | Secured Debt
Debt Instrument [Line Items]
Par Value Issued		$ 1,051,092	$ 350,230
Par Value Outstanding		842,812	285,036
U.S. Bank National Association | Secured Debt | Tranche A Notes - 2015-FL1 Issuer
Debt Instrument [Line Items]
Par Value Issued		231,345	231,345
Par Value Outstanding		79,109	222,195
U.S. Bank National Association | Secured Debt | Tranche B Notes - 2015-FL1 Issuer
Debt Instrument [Line Items]
Par Value Issued		42,841	42,841
Par Value Outstanding		42,841	42,841
U.S. Bank National Association | Secured Debt | Tranche C Notes - 2015-FL1 Issuer
Debt Instrument [Line Items]
Par Value Issued		76,044	76,044	$ 76,000
Par Value Outstanding		20,000	20,000
U.S. Bank National Association | Secured Debt | Tranche A Notes - 2017-FL1 Issuer
Debt Instrument [Line Items]
Par Value Issued		223,600
Par Value Outstanding		223,600
U.S. Bank National Association | Secured Debt | Tranche B Notes - 2017-FL1 Issuer
Debt Instrument [Line Items]
Par Value Issued		48,000
Par Value Outstanding		48,000
U.S. Bank National Association | Secured Debt | Tranche C Notes - 2017-FL1 Issuer
Debt Instrument [Line Items]
Par Value Issued		67,900
Par Value Outstanding		67,900
U.S. Bank National Association | Secured Debt | Tranche A Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Par Value Issued		237,970
Par Value Outstanding		237,970
U.S. Bank National Association | Secured Debt | Tranche A-S Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Par Value Issued		36,357
Par Value Outstanding		36,357
U.S. Bank National Association | Secured Debt | Tranche B Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Par Value Issued		26,441
Par Value Outstanding		26,441
U.S. Bank National Association | Secured Debt | Tranche C Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Par Value Issued		25,339
Par Value Outstanding		25,339
U.S. Bank National Association | Secured Debt | Tranche D Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Par Value Issued		35,255
Par Value Outstanding		35,255
RFT issued Collaterized Loan Obligation | U.S. Bank National Association | Secured Debt | Tranche C Notes - 2015-FL1 Issuer
Debt Instrument [Line Items]
Par Value Outstanding		56,000	56,000
Collaterized loan obligation
Debt Instrument [Line Items]
Par Value Issued		912,800	$ 334,246
Collaterized loan obligation | U.S. Bank National Association | Secured Debt | Tranche E Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Par Value Issued		16,000
Collaterized loan obligation | U.S. Bank National Association | Secured Debt | Tranche F Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Par Value Issued		$ 14,900
1M LIBOR | Secured Debt | Tranche A Notes - 2015-FL1 Issuer
Debt Instrument [Line Items]
Interest Rate	1.75%	1.75%
1M LIBOR | Secured Debt | Tranche B Notes - 2015-FL1 Issuer
Debt Instrument [Line Items]
Interest Rate	3.88%	3.88%
1M LIBOR | Secured Debt | Tranche C Notes - 2015-FL1 Issuer
Debt Instrument [Line Items]
Interest Rate	5.25%	5.25%
1M LIBOR | Secured Debt | Tranche A Notes - 2017-FL1 Issuer
Debt Instrument [Line Items]
Interest Rate	1.35%
1M LIBOR | Secured Debt | Tranche B Notes - 2017-FL1 Issuer
Debt Instrument [Line Items]
Interest Rate	2.40%
1M LIBOR | Secured Debt | Tranche C Notes - 2017-FL1 Issuer
Debt Instrument [Line Items]
Interest Rate	4.25%
1M LIBOR | Secured Debt | Tranche A Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Interest Rate	0.82%
1M LIBOR | Secured Debt | Tranche A-S Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Interest Rate	1.10%
1M LIBOR | Secured Debt | Tranche B Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Interest Rate	1.40%
1M LIBOR | Secured Debt | Tranche C Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Interest Rate	2.15%
1M LIBOR | Secured Debt | Tranche D Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Interest Rate	3.45%

Debt - Collateralized Loan Ob55

Debt - Collateralized Loan Obligation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 83,711	$ 118,048	$ 14,807	$ 386
Commercial mortgage loans	1,402,046	1,046,556
Accrued interest receivable	8,152	5,955
Total assets	1,583,661	1,248,125	1,282,484
Interest payable	1,544	897
Total liabilities	973,322	614,475
Allowance for commercial mortgage loans	1,466	2,181	$ 888
Collaterized loan obligation
Variable Interest Entity [Line Items]
Cash and cash equivalents	49,017	5
Commercial mortgage loans	1,033,427	417,057
Accrued interest receivable	4,212	1,101
Total assets	1,086,656	418,163
Notes payable	912,800	334,246
Interest payable	1,462	564
Total liabilities	914,262	334,810
Restricted cash	48,700
Allowance for commercial mortgage loans	1,300	1,000
Deferred financing costs and discount	16,900	6,800
Secured Debt | U.S. Bank National Association
Variable Interest Entity [Line Items]
Notes payable	1,051,092	350,230
Secured Debt | Tranche C | U.S. Bank National Association | Collaterized loan obligation
Variable Interest Entity [Line Items]
Notes payable	55,800	$ 55,800
Secured Debt | Tranche E Notes - 2017-FL2 Issuer | U.S. Bank National Association | Collaterized loan obligation
Variable Interest Entity [Line Items]
Notes payable	16,000
Secured Debt | Tranche F Notes - 2017-FL2 Issuer | U.S. Bank National Association | Collaterized loan obligation
Variable Interest Entity [Line Items]
Notes payable	$ 14,900

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								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share [Abstract]
Net income	$ 14,474	$ 6,975	$ 6,281	$ 6,049	$ 6,337	$ 5,373	$ 8,860	$ 9,420	$ 33,779	$ 29,990	$ 24,933
Basic weighted average shares outstanding (in shares)	31,754,734	31,741,679	31,850,897	31,740,256	31,767,915	31,516,876	31,802,261	31,548,897	31,772,231	31,659,274	24,253,905
Unvested restricted shares (in shares)									12,658	7,230	5,264
Diluted weighted average shares outstanding (in shares)	31,769,048	31,756,503	31,860,444	31,750,045	31,777,994	31,523,911	31,807,927	31,555,011	31,784,889	31,666,504	24,259,169
Basic net income per share (in dollars per share)	$ 0.46	$ 0.22	$ 0.20	$ 0.19	$ 0.20	$ 0.17	$ 0.28	$ 0.30	$ 1.06	$ 0.95	$ 1.03
Diluted net income per share (in dollars per share)	$ 0.46	$ 0.22	$ 0.20	$ 0.19	$ 0.20	$ 0.17	$ 0.28	$ 0.30	$ 1.06	$ 0.95	$ 1.03

Common Stock - Narrative (Detai

Common Stock - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Aug. 10, 2017	Feb. 28, 2016	May 13, 2013	Aug. 31, 2017	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2016	Dec. 31, 2015	Dec. 31, 2014
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 annum, declared (in dollars per share)			$ 2.0625	$ 1.44	$ 2.0625	$ 1.80	$ 2.06
NAV per share (in dollars per share)								$ 19.02			$ 20.05
Common Stock, DRIP (in dollars per share)						$ 19.17		$ 19.02	$ 19.29	$ 19.62
Total distributions						$ 58.9	$ 65.3
Cash distributions						38.8	40.3
Common stock issued under DRIP						$ 20.1	$ 25
Share repurchase program, period in force		1 year
Repurchase price percent of NAV per share year one	92.50%	92.50%
Repurchase price percent of NAV per share year two	95.00%	95.00%
Repurchase price percent of NAV per share year three	97.50%	97.50%
Repurchase price percent of NAV per share year four	100.00%	100.00%
Repurchase limit percent per fiscal semester		2.50%
Repurchase limit percent per fiscal year		5.00%
Convertible Stock
Class of Stock [Line Items]
Shares outstanding (in shares)						0	0					1,000	1,000
Common Stock
Class of Stock [Line Items]
Shares outstanding (in shares)						31,834,072	31,884,631					31,385,280	15,472,192

Common Stock - Schedule of Shar

Common Stock - Schedule of Shares Repurchased (Details) - Share Repurchase Program (SRP) - Common Stock	3 Months Ended				6 Months Ended
	Dec. 31, 2017share_repurchase_request$ / sharesshares	Sep. 30, 2017share_repurchase_request$ / sharesshares	Jun. 30, 2017share_repurchase_request$ / sharesshares	Mar. 31, 2017share_repurchase_request$ / sharesshares	Dec. 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 period (share repurchase request) | share_repurchase_request	0	636	2	502	875
Ending balance, number of requests (share repurchase request) | share_repurchase_request	2,125				2,125
Beginning balance, number of shares repurchased (in shares) | shares				918,683
Number of shares repurchased during period (in shares) | shares	0	575,703	327	496,678	607,497.54
Ending balance, number of shares repurchased (in shares) | shares	1,991,391				1,991,391
Beginning balance, average price per share (usd per share) | $ / shares				$ 23.94
Repurchases during period, average price per share (usd per share) | $ / shares	$ 0	$ 19.24	$ 20.08	$ 19.04
Ending balance, average price per share (usd per share) | $ / shares	$ 21.36				$ 21.36

Commitments and Contingencies59

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Jul. 29, 2017	Oct. 20, 2016	Dec. 31, 2017	Dec. 31, 2016
Unfunded Commitments Under Commercial Mortgage Loans
Loss Contingencies [Line Items]
2,017			$ 0	$ 7,794
2,018			36,475	62,368
2,019			26,465	9,072
2,020			20,598	0
Total			$ 83,538	$ 79,234
Pending Litigation | Rurode v. Realty Finance Trust, Inc., et. al.
Loss Contingencies [Line Items]
Fees and expenses requested		$ 750
Settled Litigation | Rurode v. Realty Finance Trust, Inc., et. al.
Loss Contingencies [Line Items]
Attorneys' fees and expenses paid	$ 245

Related Party Transactions an60

Related Party Transactions and Arrangements - Narrative (Details) - USD ($) $ in Thousands	Sep. 29, 2016	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Common stock, shares outstanding and owned by related party (in shares)		31,834,072		31,884,631
Commercial mortgage loans		$ 1,402,046		$ 1,046,556
Affiliated Entity | Benefit Street Partners LLC
Related Party Transaction [Line Items]
Annual asset management fee, percent of stockholder's equity	1.50%
Subordinated performance fee, percent that total return exceeds per year	6.00%
Percent of excess total return	15.00%
Maximum annual subordinated performance fee payable percent of total return	10.00%
Real estate acquisition fee, percentage	1.00%		1.00%
Monthly asset management fee, percent of equity	0.125%
Affiliated Entity | Benefit Street Partners LLC | Fee to Acquire and Originate Real Estate Debt
Related Party Transaction [Line Items]
Transaction rate	0.50%
American Realty Capital Viii LLC
Related Party Transaction [Line Items]
Common stock, shares outstanding and owned by related party (in shares)		52,771		52,771
CMBS
Related Party Transaction [Line Items]
Commercial mortgage loans		$ 17,100

Related Party Transactions an61

Related Party Transactions and Arrangements - Schedule of Selling Commissions and Dealer Manager Fees Payable to Affiliate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Total expenses from transactions with related party	$ 6,765	$ 4,376	$ 644
Payable to related party	6,421	4,064
Dealer Manager
Related Party Transaction [Line Items]
Total expenses from transactions with related party	0	0	$ 37,092
Payable to related party	$ 0	$ 0

Related Party Transactions an62

Related Party Transactions and Arrangements - Schedule of Offering Cost Reimbursements to Related Party (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Total expenses from transactions with related party	$ 6,765	$ 4,376	$ 644
Payable to related party	6,421	4,064
Reimbursement of excess payment of offering costs	800	800
Reimbursement of stock offering | Advisor and Dealer Manager
Related Party Transaction [Line Items]
Total expenses from transactions with related party	0	0	$ 7,442
Payable to related party	$ 480	$ 480

Related Party Transactions an63

Related Party Transactions and Arrangements - Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Total expenses from transactions with related party	$ 6,765	$ 4,376	$ 644
Payable to related party	6,421	4,064
Affiliated Entity
Related Party Transaction [Line Items]
Total expenses from transactions with related party	20,629	14,776	16,595
Payable to related party	5,941	3,584
Affiliated Entity | Acquisition fees and acquisition expenses | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	4,197	806	7,916
Payable to related party	0	0
Affiliated Entity | Administrative services expenses | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	6,765	4,376	644
Payable to related party	3,480	1,000
Affiliated Entity | Advisory and investment banking fee | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	0	6	56
Payable to related party	0	0
Affiliated Entity | Asset management and subordinated performance fee | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	9,273	9,504	7,615
Payable to related party	2,315	2,439
Affiliated Entity | Other related party expenses | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	394	84	364
Payable to related party	146	145
Affiliated Entity | Acquisition fees and expenses, including amount capitalized | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	10,200	800	12,300
Affiliated Entity | Acquisition fees and expenses, amount capitalized | Nonrecurring Fees
Related Party Transaction [Line Items]
Payable to related party	$ 6,000	$ 0	$ 4,400

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, price per share	$ 20.05
Restricted Shares and Unvested Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities excluded from computation (in shares)	21,398		15,414
Restricted Unvested Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities excluded from computation (in shares)	11,382		10,081
Forfeited Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities excluded from computation (in shares)	5,333		2,399
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities excluded from computation (in shares)	4,683		2,399
Restricted Share Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted under restricted share plan, maximum percentage of total shares allowed	5.00%
Maximum shares allowed to be granted under restricted share plan (in shares)	4,000,000
Restricted Share Plan | Restricted Common Stock | Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 96,900	$ 44,300	$ 29,600

Fair Value of Financial Instr65

Fair Value of Financial Instruments - Financial Instruments Carried at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, available for sale, at fair value	$ 0	$ 49,049
Commercial mortgage loans, held-for-sale	28,531	0
Derivative instruments, at fair value	132	0
Derivative liabilities	357	0
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-sale	28,531	0
Total assets, at fair value	28,663	49,049
Total liabilities, at fair value	357
Level I | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-sale	0	0
Total assets, at fair value	132	0
Total liabilities, at fair value	0
Level II | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-sale	0	0
Total assets, at fair value	0	0
Total liabilities, at fair value	357
Level III | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-sale	28,531	0
Total assets, at fair value	28,531	49,049
Total liabilities, at fair value	0
Treasury note futures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	100
Derivative liabilities	0
Treasury note futures | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	132	0
Treasury note futures | Level I | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	132	0
Treasury note futures | Level II | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	0	0
Treasury note futures | Level III | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	0	0
Credit derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	32
Derivative liabilities	357
Credit derivatives | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value		0
Derivative liabilities	357
Credit derivatives | Level I | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value		0
Derivative liabilities	0
Credit derivatives | Level II | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value		0
Derivative liabilities	357
Credit derivatives | Level III | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value		0
Derivative liabilities	0
Real Estate Securities | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, available for sale, at fair value	0	49,049
Real Estate Securities | Level I | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, available for sale, at fair value	0	0
Real Estate Securities | Level II | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, available for sale, at fair value	0	0
Real Estate Securities | Level III | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, available for sale, at fair value	$ 0	$ 49,049

Fair Value of Financial Instr66

Fair Value of Financial Instruments - Valuation Method Of Level 3 Financial Instruments Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-sale, measured at fair value	$ 28,531	$ 0
Commercial mortgage loans, held-for-sale	0	21,179
Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-sale		21,179
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-sale, measured at fair value	28,531	0
Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-sale, measured at fair value	28,531	0
Commercial Mortgage Loans, held-for-sale, measured at fair value | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-sale, measured at fair value	$ 28,531	49,049
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		$ 21,179
Income Approach Valuation Technique | Weighted Average | Commercial Mortgage Loans, held-for-sale, measured at fair value | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield	4.93%	6.50%
Income Approach Valuation Technique | Weighted Average | Commercial Mortgage Loans, held-for-sale, measured at fair value | Fair Value, Measurements, Nonrecurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield		10.80%
Income Approach Valuation Technique | Minimum | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield	4.80%	3.70%
Income Approach Valuation Technique | Minimum | Commercial Mortgage Loans, held-for-sale, measured at fair value | Fair Value, Measurements, Nonrecurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield		10.50%
Income Approach Valuation Technique | Maximum | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield	5.30%	8.30%
Income Approach Valuation Technique | Maximum | Commercial Mortgage Loans, held-for-sale, measured at fair value | Fair Value, Measurements, Nonrecurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield		11.00%

Fair Value of Financial Instr67

Fair Value of Financial Instruments - Changes in the Company's Financial Instruments Classified as Level III (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Impairment losses on real estate securities	$ 0	$ (310)	$ 0
Net accretion	2,554	2,336	1,561
Cash repayments/receipts	(15,000)	(2,218)	(3,010)
Repurchase agreements, commercial mortgage loans | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Realized and unrealized gains (losses) included in earnings	0
Real Estate Securities | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	49,049	0
Transfers into Level III	0	57,639
Realized and unrealized gains (losses) included in earnings	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	(34,888)	(9,125)
Cash repayments/receipts	(15,000)	0
Transfers out of Level III	0	0
Ending balance	0	49,049	0
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
Transfers into Level III	0	0
Realized and unrealized gains (losses) included in earnings		0
Impairment losses on real estate securities		0
Net accretion	0	0
Unrealized gains (losses) included in OCI	0	0
Purchases	156,101	0
Sales/paydown	(132,093)	0
Cash repayments/receipts	0	0
Transfers out of Level III	0	0
Ending balance	28,531	$ 0	$ 0
Commercial Mortgage Loans, held-for-sale, measured at fair value | Repurchase agreements, commercial mortgage loans | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Realized and unrealized gains (losses) included in earnings	4,523
Commercial Mortgage Loans, held-for-sale, measured at fair value | Real Estate Securities | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Realized and unrealized gains (losses) included in earnings	$ 0

Fair Value of Financial Instr68

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

Fair Value of Financial Instr69

Fair Value of Financial Instruments - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans	$ 1,402,046	$ 1,046,556
Collateralized loan obligations	826,150	278,450
Allowance for loan losses	1,466	2,181	$ 888
Carrying Amount | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans	1,403,512	1,048,737
Allowance for loan losses	1,500	2,200
Carrying Amount | Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized loan obligations	826,150	278,450
Fair Value | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans	1,396,406	1,029,756
Fair Value | Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized loan obligations	$ 842,812	$ 282,001

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Outstanding Derivatives (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Derivative [Line Items]
Notional	$ 73,906,000
Derivative assets	132,000	$ 0
Derivative liabilities	357,000	0
Net	(225,000)	$ 0
Credit default swaps
Derivative [Line Items]
Notional	30,000,000
Derivative assets	32,000
Derivative liabilities	357,000
Net	(325,000)
Treasury note futures
Derivative [Line Items]
Notional	43,906,000
Derivative assets	100,000
Derivative liabilities	0
Net	$ 100,000

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net premiums received on derivative instrument assets	$ 600,000
Derivative instruments outstanding	(225,000)	$ 0
Gain (loss) on fair value hedges	$ 538,000	$ 0

Derivative Instruments - Net Re

Derivative Instruments - Net Realized and Unrealized Losses on Derivatives (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	$ 17,000	$ 0	$ 0
Realized (Gain)/Loss	(555,000)	0	$ 0
Total	(538,000)	$ 0
Credit default swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	117,000
Realized (Gain)/Loss	373,000
Total	490,000
Treasury note futures
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	(100,000)
Realized (Gain)/Loss	(928,000)
Total	$ (1,028,000)

Offsetting Assets and Liabili73

Offsetting Assets and Liabilities - Offsetting Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Offsetting Derivative Assets [Abstract]
Derivative Assets, Gross Amounts Recognized	$ 132
Derivative Assets, Gross Amounts Offset on the Balance Sheet	0
Derivative Assets	132	$ 0
Derivative Assets, Gross Amounts Not Offset on the Balance Sheet, Financial Instruments	0
Derivative Assets, Gross Amounts Not Offset on the Balance Sheet, Cash Collateral Pledged	0
Derivative Assets, Amount Offset Against Collateral	$ 0

Offsetting Assets and Liabili74

Offsetting Assets and Liabilities - Offsetting Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Offsetting Derivative Liabilities [Abstract]
Derivative Liabilities, Gross Amounts Recognized	$ 357
Derivative Liabilities, Gross Amounts Offset on the Balance Sheet	0
Derivative Liabilities	357	$ 0
Derivative Liabilities, Gross Amounts Not Offset on the Balance Sheet, Financial Instruments	0
Derivative Liabilities, Gross Amounts Not Offset on the Balance Sheet, Cash Collateral Pledged	2,961
Derivative Liabilities, Amount Offset Against Collateral	0
Real estate securities, available for sale, at fair value	0	49,049
Secured Debt | U.S. Bank National Association | Tranche C
Offsetting Derivative Liabilities [Abstract]
Real estate securities, available for sale, at fair value	56,000	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 of Recognized Liabilities	65,690	257,664
Securities Sold under Agreements to Repurchase or Similar Arrangements, Gross Amounts Offset on the Balance Sheet	0	0
Securities Sold under Agreements to Repurchase	65,690	257,664
Securities Sold under Agreements to Repurchase or Similar Arrangements, Gross Amounts Not Offset on the Balance Sheet, Financial Instruments	163,235	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 or Similar Arrangements, Amount Offset Against Collateral	0	0
Real Estate Securities
Offsetting Securities Sold under Agreements to Repurchase [Abstract]
Securities Sold under Agreements to Repurchase or Similar Arrangements, Gross Amounts of Recognized Liabilities	39,035	66,639
Securities Sold under Agreements to Repurchase or Similar Arrangements, Gross Amounts Offset on 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	56,044	102,358
Securities Sold under Agreements to Repurchase or Similar Arrangements, Gross Amounts Not Offset on the Balance Sheet, Cash Collateral Pledged	0	21
Securities Sold under Agreements to Repurchase or Similar Arrangements, Amount Offset Against Collateral	$ 0	$ 0

Segment Reporting - Schedule of

Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Interest income									$ 89,564	$ 79,404	$ 59,393
Interest expense									32,359	23,169	12,268
Net income	$ 14,474	$ 6,975	$ 6,281	$ 6,049	$ 6,337	$ 5,373	$ 8,860	$ 9,420	33,779	29,990	24,933
Total assets	1,583,661				1,248,125				1,583,661	1,248,125	1,282,484
Real Estate Debt
Segment Reporting Information [Line Items]
Interest income									87,014	73,884	56,040
Interest expense									30,407	20,719	11,149
Net income									33,184	29,797	24,401
Total assets	1,517,021				1,198,806				1,517,021	1,198,806	1,150,858
Real Estate Securities
Segment Reporting Information [Line Items]
Interest income									1,351	5,520	3,353
Interest expense									1,254	2,450	1,119
Net income									269	193	532
Total assets	389				49,319				389	49,319	131,626
TRS
Segment Reporting Information [Line Items]
Interest income									1,199	0	0
Interest expense									698	0	0
Net income									326	0	0
Total assets	$ 66,251				$ 0				$ 66,251	$ 0	$ 0

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating Loss Carryforwards [Line Items]
Income tax expense	$ 225,000	$ 0	$ 0
Taxable REIT subsidiary pre-tax income	34,004,000	29,990,000	24,933,000
State income tax expense	61,000	$ 0	$ 0
Federal
Operating Loss Carryforwards [Line Items]
Income tax expense	200,000
TRS
Operating Loss Carryforwards [Line Items]
Taxable REIT subsidiary pre-tax income	$ 600,000

Income Taxes - Provision for In

Income Taxes - Provision for Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current expense (benefit)
U.S. Federal	$ 140,000	$ 0	$ 0
State and local	61,000	0	0
Total current expense (benefit)	201,000	0	0
Deferred expense (benefit)
U.S. Federal	18,000	0	0
State and local	6,000	0	0
Total deferred expense (benefit)	24,000	0	0
Provision for income tax expense (benefit)	$ 225,000	$ 0	$ 0

Summary of Quarterly Results 78

Summary of Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Net interest income	$ 17,278	$ 13,350	$ 13,126	$ 13,451	$ 12,950	$ 12,933	$ 14,829	$ 15,523	$ 57,205	$ 56,235	$ 47,125
Net income	$ 14,474	$ 6,975	$ 6,281	$ 6,049	$ 6,337	$ 5,373	$ 8,860	$ 9,420	$ 33,779	$ 29,990	$ 24,933
Basic net income per share (in dollars per share)	$ 0.46	$ 0.22	$ 0.20	$ 0.19	$ 0.20	$ 0.17	$ 0.28	$ 0.30	$ 1.06	$ 0.95	$ 1.03
Diluted net income per share (in dollars per share)	$ 0.46	$ 0.22	$ 0.20	$ 0.19	$ 0.20	$ 0.17	$ 0.28	$ 0.30	$ 1.06	$ 0.95	$ 1.03
Basic weighted average shares outstanding (in shares)	31,754,734	31,741,679	31,850,897	31,740,256	31,767,915	31,516,876	31,802,261	31,548,897	31,772,231	31,659,274	24,253,905
Diluted weighted average shares outstanding (in shares)	31,769,048	31,756,503	31,860,444	31,750,045	31,777,994	31,523,911	31,807,927	31,555,011	31,784,889	31,666,504	24,259,169

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - USD ($)	Feb. 22, 2018	Feb. 14, 2018	Jan. 02, 2018	Feb. 28, 2016	Jan. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Feb. 15, 2018
Subsequent Event [Line Items]
Distributions paid						$ 38,828,000	$ 40,251,000	$ 26,949,000
Cash distributions						38,800,000	40,300,000
Common stock issued through distribution reinvestment plan						20,051,000	25,047,000	20,161,000
Repurchase limit percent per fiscal semester				2.50%
Credit line						975,000,000	550,000,000
Aggregate purchase price of commercial mortgage loans						836,961,000	53,640,000	$ 793,731,000
Subsequent Event
Subsequent Event [Line Items]
Distributions paid			$ 3,900,000
Cash distributions			2,600,000
Common stock issued through distribution reinvestment plan			$ 1,200,000
Shares issued under DRIP (in shares)			65,287.619873817
Repurchase limit percent per fiscal semester					2.50%
Number of shares authorized to be repurchased					417,376.314
Average price per share authorized to be repurchased (usd per share)					$ 18.56
Revolving Credit Facility | JPM Repo Facility
Subsequent Event [Line Items]
Credit line						$ 300,000,000	$ 300,000,000
Revolving Credit Facility | JPM Repo Facility | Subsequent Event
Subsequent Event [Line Items]
Credit line									$ 520,000,000
Collateral amount									$ 70,000,000
Stock Purchase Agreement | Subsequent Event
Subsequent Event [Line Items]
Aggregate amount of shares committed for purchase		$ 97,000,000
Commitments received as part of transaction		$ 32,100,000
Purchase price per share (in dollars per share)		$ 16.87
Additional period stock can be sold		12 months
CMBS | Affiliated Entity | Subsequent Event
Subsequent Event [Line Items]
Aggregate purchase price of commercial mortgage loans	$ 27,800,000

Schedule IV - Mortgage Loans80

Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Mortgage Loans on Real Estate [Line Items]
Par Value	$ 1,403,512	$ 1,048,737
First Mortgage
Mortgage Loans on Real Estate [Line Items]
Face Amount	1,407,718
Par Value	1,403,512
First Mortgage | Retail | Senior 2
Mortgage Loans on Real Estate [Line Items]
Face Amount	9,450
Par Value	$ 9,451
Interest Rate	4.90%
First Mortgage | Retail | Senior 5
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 11,684
Par Value	$ 11,665
Interest Rate	4.50%
First Mortgage | Retail | Senior 7
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 10,790
Par Value	$ 10,787
Interest Rate	5.25%
First Mortgage | Retail | Senior 11
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 14,600
Par Value	$ 14,591
Interest Rate	4.25%
First Mortgage | Retail | Senior 12
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 27,249
Par Value	$ 27,245
Interest Rate	4.75%
First Mortgage | Retail | Senior 19
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 7,500
Par Value	$ 7,487
Interest Rate	5.00%
First Mortgage | Retail | Senior 20
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 4,725
Par Value	$ 4,715
Interest Rate	5.50%
First Mortgage | Retail | Senior 35
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 13,700
Par Value	$ 13,684
Interest Rate	4.75%
First Mortgage | Retail | Senior 36
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 28,500
Par Value	$ 28,478
Interest Rate	4.73%
First Mortgage | Retail | Senior 37
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 12,700
Par Value	$ 12,690
Interest Rate	5.00%
First Mortgage | Retail | Senior 39
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 15,750
Par Value	$ 15,732
Interest Rate	5.25%
First Mortgage | Retail | Senior 40
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 25,000
Par Value	$ 24,953
Interest Rate	4.40%
First Mortgage | Retail | Senior 44
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 20,450
Par Value	$ 20,394
Interest Rate	5.00%
First Mortgage | Retail | Senior 51
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 7,500
Par Value	$ 7,490
Interest Rate	5.25%
First Mortgage | Office | Senior 1
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 31,250
Par Value	$ 31,250
Interest Rate	4.50%
First Mortgage | Office | Senior 3
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 41,885
Par Value	$ 41,791
Interest Rate	5.25%
First Mortgage | Office | Senior 4
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 30,451
Par Value	$ 30,394
Interest Rate	4.60%
First Mortgage | Office | Senior 13
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 9,844
Par Value	$ 9,832
Interest Rate	4.65%
First Mortgage | Office | Senior 18
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 45,235
Par Value	$ 45,179
Interest Rate	5.50%
First Mortgage | Office | Senior 22
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 14,250
Par Value	$ 14,229
Interest Rate	4.75%
First Mortgage | Office | Senior 29
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 12,000
Par Value	$ 11,984
Interest Rate	4.75%
First Mortgage | Office | Senior 30
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 35,000
Par Value	$ 34,978
Interest Rate	5.00%
First Mortgage | Office | Senior 31
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 29,163
Par Value	$ 29,136
Interest Rate	4.25%
First Mortgage | Office | Senior 32
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 15,030
Par Value	$ 14,991
Interest Rate	5.35%
First Mortgage | Office | Senior 34
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 16,300
Par Value	$ 16,250
Interest Rate	6.00%
First Mortgage | Office | Senior 47
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 11,580
Par Value	$ 11,528
Interest Rate	4.45%
First Mortgage | Office | Senior 48
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 9,750
Par Value	$ 9,723
Interest Rate	5.50%
First Mortgage | Office | Senior 52
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 62,040
Par Value	$ 61,940
Interest Rate	4.50%
First Mortgage | Office | Senior 55
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 25,120
Par Value	$ 24,939
Interest Rate	4.15%
First Mortgage | Office | Senior 58
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 29,800
Par Value	$ 29,660
Interest Rate	7.00%
First Mortgage | Office | Senior 60
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 20,000
Par Value	$ 19,877
Interest Rate	4.25%
First Mortgage | Office | Mezzanine 2
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 7,000
Par Value	$ 7,012
Interest Rate	12.00%
First Mortgage | Office | Mezzanine 4
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 10,000
Par Value	$ 9,572
Interest Rate	10.00%
First Mortgage | Multifamily | Senior 6
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 14,990
Par Value	$ 14,988
Interest Rate	5.00%
First Mortgage | Multifamily | Senior 9
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 26,410
Par Value	$ 26,388
Interest Rate	4.25%
First Mortgage | Multifamily | Senior 10
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 14,980
Par Value	$ 14,968
Interest Rate	4.50%
First Mortgage | Multifamily | Senior 15
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 18,941
Par Value	$ 18,927
Interest Rate	4.20%
First Mortgage | Multifamily | Senior 21
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 44,595
Par Value	$ 44,529
Interest Rate	4.25%
First Mortgage | Multifamily | Senior 23
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 24,387
Par Value	$ 24,363
Interest Rate	4.25%
First Mortgage | Multifamily | Senior 24
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 5,538
Par Value	$ 5,554
Interest Rate	3.85%
First Mortgage | Multifamily | Senior 25
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 5,519
Par Value	$ 5,525
Interest Rate	3.95%
First Mortgage | Multifamily | Senior 26
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 13,120
Par Value	$ 13,127
Interest Rate	3.95%
First Mortgage | Multifamily | Senior 27
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 5,894
Par Value	$ 5,898
Interest Rate	4.05%
First Mortgage | Multifamily | Senior 33
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 14,000
Par Value	$ 13,990
Interest Rate	5.00%
First Mortgage | Multifamily | Senior 38
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 37,410
Par Value	$ 37,347
Interest Rate	6.75%
First Mortgage | Multifamily | Senior 41
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 14,817
Par Value	$ 14,825
Interest Rate	7.10%
First Mortgage | Multifamily | Senior 45
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 26,000
Par Value	$ 26,023
Interest Rate	7.50%
First Mortgage | Multifamily | Senior 49
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 39,700
Par Value	$ 39,644
Interest Rate	5.50%
First Mortgage | Multifamily | Senior 50
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 25,500
Par Value	$ 25,473
Interest Rate	4.85%
First Mortgage | Multifamily | Senior 53
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 39,033
Par Value	$ 38,888
Interest Rate	4.50%
First Mortgage | Multifamily | Senior 56
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 34,875
Par Value	$ 34,706
Interest Rate	3.80%
First Mortgage | Multifamily | Senior 57
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 81,000
Par Value	$ 80,628
Interest Rate	7.00%
First Mortgage | Multifamily | Mezzanine 1
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 4,000
Par Value	$ 4,036
Interest Rate	12.00%
First Mortgage | Multifamily | Mezzanine 3
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 3,480
Par Value	$ 3,494
Interest Rate	9.50%
First Mortgage | Multifamily | Mezzanine 5
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 3,000
Par Value	$ 3,003
Interest Rate	13.00%
First Mortgage | Multifamily | Mezzanine 6
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 8,000
Par Value	$ 7,965
Interest Rate	13.00%
First Mortgage | Industrial | Senior 14
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 19,553
Par Value	$ 19,533
Interest Rate	4.25%
First Mortgage | Industrial | Senior 28
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 33,655
Par Value	$ 33,647
Interest Rate	4.00%
First Mortgage | Hospitality | Senior 8
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 16,800
Par Value	$ 16,795
Interest Rate	4.90%
First Mortgage | Hospitality | Senior 16
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 10,350
Par Value	$ 10,336
Interest Rate	5.50%
First Mortgage | Hospitality | Senior 17
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 15,375
Par Value	$ 15,362
Interest Rate	5.30%
First Mortgage | Hospitality | Senior 42
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 12,600
Par Value	$ 12,578
Interest Rate	5.50%
First Mortgage | Hospitality | Senior 43
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 11,750
Par Value	$ 11,709
Interest Rate	5.50%
First Mortgage | Hospitality | Senior 46
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 14,900
Par Value	$ 14,877
Interest Rate	6.25%
First Mortgage | Hospitality | Senior 54
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 8,875
Par Value	$ 8,766
Interest Rate	6.20%
First Mortgage | Hospitality | Senior 59
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 10,600
Par Value	$ 10,485
Interest Rate	5.00%
First Mortgage | Hospitality | Senior 61
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 7,700
Par Value	$ 7,657
Interest Rate	5.75%
First Mortgage | Hospitality | Senior 62
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 57,075
Par Value	$ 56,788
Interest Rate	5.75%
First Mortgage | Hospitality | Senior 63
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 18,000
Par Value	$ 17,063
Interest Rate	5.75%

Schedule IV - Mortgage Loans81

Schedule IV - Mortgage Loans on Real Estate Phantom (Details) - First Mortgage	Dec. 31, 2017
Office | Senior 1
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.50%
Office | Senior 3
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.25%
Office | Senior 4
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.60%
Office | Senior 13
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.65%
Office | Senior 18
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.50%
Office | Senior 22
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.75%
Office | Senior 29
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.75%
Office | Senior 30
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.00%
Office | Senior 31
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.25%
Office | Senior 32
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.35%
Office | Senior 34
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.00%
Office | Senior 47
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.45%
Office | Senior 48
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.50%
Office | Senior 52
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.50%
Office | Senior 55
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.15%
Office | Senior 58
Mortgage Loans on Real Estate [Line Items]
Interest Rate	7.00%
Office | Senior 60
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.25%
Retail | Senior 2
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.90%
Retail | Senior 5
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.50%
Retail | Senior 7
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.25%
Retail | Senior 11
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.25%
Retail | Senior 12
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.75%
Retail | Senior 19
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.00%
Retail | Senior 20
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.50%
Retail | Senior 35
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.75%
Retail | Senior 36
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.73%
Retail | Senior 37
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.00%
Retail | Senior 39
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.25%
Retail | Senior 40
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.40%
Retail | Senior 44
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.00%
Retail | Senior 51
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.25%
Multifamily | Senior 6
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.00%
Multifamily | Senior 9
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.25%
Multifamily | Senior 10
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.50%
Multifamily | Senior 15
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.20%
Multifamily | Senior 21
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.25%
Multifamily | Senior 23
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.25%
Multifamily | Senior 24
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.85%
Multifamily | Senior 25
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.95%
Multifamily | Senior 26
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.95%
Multifamily | Senior 27
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.05%
Multifamily | Senior 33
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.00%
Multifamily | Senior 38
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.75%
Multifamily | Senior 41
Mortgage Loans on Real Estate [Line Items]
Interest Rate	7.10%
Multifamily | Senior 45
Mortgage Loans on Real Estate [Line Items]
Interest Rate	7.50%
Multifamily | Senior 49
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.50%
Multifamily | Senior 50
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.85%
Multifamily | Senior 53
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.50%
Multifamily | Senior 56
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.80%
Multifamily | Senior 57
Mortgage Loans on Real Estate [Line Items]
Interest Rate	7.00%
Multifamily | Mezzanine 5
Mortgage Loans on Real Estate [Line Items]
Interest Rate	13.00%
Multifamily | Mezzanine 6
Mortgage Loans on Real Estate [Line Items]
Interest Rate	13.00%
Industrial | Senior 14
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.25%
Industrial | Senior 28
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.00%
Hospitality | Senior 8
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.90%
Hospitality | Senior 16
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.50%
Hospitality | Senior 17
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.30%
Hospitality | Senior 42
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.50%
Hospitality | Senior 43
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.50%
Hospitality | Senior 46
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.25%
Hospitality | Senior 54
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.20%
Hospitality | Senior 59
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.00%
Hospitality | Senior 61
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.75%
Hospitality | Senior 62
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.75%