Franklin BSP Realty Trust (FBRT) 10-Q 10 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 31, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	Benefit Street Partners Realty Trust, Inc.
Entity Central Index Key	1,562,528
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding (in shares)		33,966,490

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents		$ 39,201	$ 83,711
Restricted cash		9,827	7,997
Commercial mortgage loans, held for investment, net of allowance of $3,902 and $1,466		1,907,653	1,402,046
Commercial mortgage loans, held-for-sale, measured at fair value		102,258	28,531
Real estate securities, available-for-sale, at fair value		26,792	0
Derivative instruments, at fair value		660	132
Receivable for loan repayment	[1]	48,172	49,085
Accrued interest receivable		10,207	8,152
Prepaid expenses and other assets		2,903	4,007
Total assets		2,147,673	1,583,661
LIABILITIES AND STOCKHOLDERS' EQUITY
Collateralized loan obligations		1,172,974	826,150
Other financing - commercial mortgage loans		0	25,698
Derivative instruments, at fair value		252	357
Interest payable		2,783	1,544
Distributions payable		3,806	3,917
Accounts payable and accrued expenses		4,858	4,510
Payable to broker dealers		13,500	0
Due to affiliates		4,525	6,421
Total liabilities		1,518,273	973,322
Commitments and Contingencies
Preferred stock		0	0
Common stock, $0.01 par value, 949,999,000 shares authorized, 32,620,659 and 31,834,072 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively		328	320
Additional paid-in capital		717,175	704,101
Accumulated other comprehensive income (loss)		(23)	0
Accumulated deficit		(99,357)	(94,082)
Total stockholders' equity		618,123	610,339
Total liabilities and stockholders' equity		2,147,673	1,583,661
Commercial mortgage loans
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		304,975	65,690
Repurchase agreements - real estate securities
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		10,600	39,035
Variable Interest Entity, Primary Beneficiary
ASSETS
Cash and cash equivalents		48,474	49,017
Restricted cash		48,200	48,700
Commercial mortgage loans, held for investment, net of allowance of $3,902 and $1,466		1,415,268	1,033,427
Accrued interest receivable		4,323	4,212
Total assets		1,468,065	1,086,656
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest payable		1,929	1,462
Total liabilities		1,376,228	914,262
Redeemable Convertible Preferred Stock Series A
LIABILITIES AND STOCKHOLDERS' EQUITY
Preferred stock		$ 11,277	$ 0
[1]	(1) Includes $48.2 million and $48.7 million of cash held by servicer related to CLO loan payoffs as of June 30, 2018 and December 31, 2017, respectively.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Allowance for loan losses	$ 3,902	$ 1,466
Preferred stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	4,998,000	4,998,000
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)	32,620,659	31,834,072
Common stock, shares outstanding (in shares)	32,620,659	31,834,072
Redeemable Convertible Preferred Stock Series A
Preferred stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	20,000	20,000
Preferred stock, shares issued (in shares)	2,255	2,255
Preferred stock, shares outstanding (in shares)	2,255	2,255

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Interest income:
Interest income	$ 34,127	$ 20,843	$ 63,535	$ 39,722
Less: Interest expense	14,389	7,717	33,063	13,145
Net interest income	19,738	13,126	30,472	26,577
Expenses:
Asset management and subordinated performance fee	2,266	2,341	4,507	4,653
Acquisition fees and acquisition expenses	51	1,866	116	2,490
Administrative services expenses	3,125	950	6,321	1,805
Professional fees	2,021	1,205	4,247	1,972
Other expenses	1,797	756	3,122	1,362
Total expenses	9,260	7,118	18,313	12,282
Other (income)/loss:
Loan loss (recovery)/provision	2,354	(193)	2,436	419
Realized (gain)/loss on commercial mortgage loans held-for-sale	0	1,718	28	1,965
Realized (gain)/loss on commercial mortgage loans held-for-sale, measured at fair value	(4,042)	0	(6,346)	0
Realized (gain)/loss on sale of real estate securities	0	(201)	0	(172)
Unrealized (gain)/loss on commercial mortgage loans held-for-sale	0	(1,597)	0	(247)
Unrealized (gain)/loss on commercial mortgage loans held-for-sale, measured at fair value	(70)	0	(705)	0
Unrealized (gain)/loss on derivatives	(87)	0	110	0
Realized (gain)/loss on derivatives	(271)	0	(1,517)	0
Total other (income)/loss	(2,116)	(273)	(5,994)	1,965
Income/(loss) before taxes	12,594	6,281	18,153	12,330
Provision for income tax	492	0	755	0
Net income	(12,102)	(6,281)	(17,398)	(12,330)
Less: Preferred stock dividends	(16)	0	(16)	0
Net income applicable to common stock	$ 12,086	$ 6,281	$ 17,382	$ 12,330
Basic net income per share (in dollars per share)	$ 0.38	$ 0.20	$ 0.55	$ 0.39
Diluted net income per share (in dollars per share)	$ 0.38	$ 0.20	$ 0.55	$ 0.39
Basic weighted average shares outstanding (in shares)	31,762,199	31,850,897	31,717,328	31,796,504
Diluted weighted average shares outstanding (in shares)	31,820,527	31,860,444	31,753,891	31,806,170

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 12,102	$ 6,281	$ 17,398	$ 12,330
Unrealized gain/(loss) on available-for-sale securities	(23)	(440)	(23)	948
Comprehensive income attributable to Benefit Street Partners Realty Trust, Inc.	$ 12,079	$ 5,841	$ 17,375	$ 13,278

Consolidated Statement of Chang

Consolidated Statement of Changes In Stockholders' Equity - 6 months ended Jun. 30, 2018 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Accumulated Deficit
Balance, shares at Dec. 31, 2017		31,834,072
Balance at Dec. 31, 2017	$ 610,339	$ 320	$ 704,101	$ 0	$ (94,082)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		834,537
Issuance of common stock	13,723	$ 8	13,715
Common stock repurchases (in shares)		(421,809)
Common stock repurchases	(7,830)	$ (4)	(7,826)
Common stock issued through distribution reinvestment plan (in shares)		373,859
Common stock issued through distribution reinvestment plan	7,109	$ 4	7,105
Share-based compensation	80		80
Net income	17,398				17,398
Distributions declared	(22,673)				(22,673)
Other comprehensive income	(23)			(23)
Balance, shares at Jun. 30, 2018		32,620,659
Balance at Jun. 30, 2018	$ 618,123	$ 328	$ 717,175	$ (23)	$ (99,357)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Cash flows from operating activities:
Net income	$ 12,102	$ 6,281	$ 17,398	$ 12,330
Adjustments to reconcile net income to net cash provided by operating activities:
Premium amortization and (discount accretion), net			(1,916)	(1,159)
Accretion of deferred commitment fees			(856)	(1,124)
Amortization of deferred financing costs			9,636	2,366
Share-based compensation			80	15
Change in unrealized losses on commercial mortgage loans held-for-sale			0	(247)
Change in unrealized losses on commercial mortgage loans held-for-sale, measured at fair value			(705)	0
Change in unrealized (gain)/losses on derivative instruments			110	0
Loan loss (recovery)/provision	2,354	(193)	2,436	419	$ (715)
Origination of commercial mortgage loans, held-for-sale			(317,372)	0
Proceeds from sale of commercial mortgage loans, held-for-sale			244,369
Changes in assets and liabilities:
Accrued interest receivable			(1,199)	849
Prepaid expenses and other assets			(1,354)	1,799
Accounts payable and accrued expenses			348	935
Due to affiliates			(1,896)	(203)
Interest payable			1,239	90
Net cash (used in)/provided by operating activities			(49,682)	16,070
Cash flows from investing activities:
Origination and purchase of commercial mortgage loans, held for investment			(815,737)	(395,929)
Principal repayments received on commercial mortgage loans, held for investment			310,525	137,767
Purchase of real estate securities			(13,316)	0
Proceeds from sale of real estate securities			0	34,888
Proceeds from sale of commercial mortgage loans			0	67,586
Purchase of derivative instruments			(520)	0
Net cash (used in)/provided by investing activities			(519,048)	(155,688)
Cash flows from financing activities:
Proceeds from issuances of redeemable convertible preferred stock			11,277	0
Proceeds from issuances of common stock			13,723	0
Common stock repurchases			(7,830)	(9,449)
Borrowings under collateralized loan obligations			488,000	339,500
Repayments of collateralized loan obligations			(141,950)	(81,270)
Borrowings on repurchase agreements - commercial mortgage loans			1,172,407	266,579
Repayments of repurchase agreements - commercial mortgage loans			(933,121)	(346,748)
Borrowings on repurchase agreements - real estate securities			49,746	245,532
Repayments of repurchase agreements - real estate securities			(78,181)	(263,100)
Borrowings on other financing - commercial mortgage loans			0	36,200
Repayments on other financing - commercial mortgage loans			(26,182)	0
Payments of deferred financing costs			(6,164)	(10,678)
Distributions paid			(15,675)	(21,215)
Net cash (used in)/provided by financing activities			526,050	155,351
Net change in cash, cash equivalents and restricted cash			(42,680)	15,733
Cash, cash equivalents and restricted cash beginning of period			91,708	123,069	123,069
Cash, cash equivalents and restricted cash, end of period	49,028	138,802	49,028	138,802	91,708
Supplemental disclosures of cash flow information:
Interest paid			22,188	12,258
Taxes paid			340	0
Supplemental disclosures of non-cash flow information:
Real estate securities, available-for-sale, at fair value	26,792		26,792		0
Distributions payable	3,806	5,432	3,806	5,432	3,917
Common stock issued through distribution reinvestment plan			7,109	11,393
Loans transferred to commercial real estate loans, held-for-sale, transferred at fair value			0	57,513
Reconciliation of cash, cash equivalents and restricted cash at end of period:
Cash and cash equivalents	39,201	133,258	39,201	133,258	83,711
Restricted cash	$ 9,827	$ 5,544	$ 9,827	$ 5,544	$ 7,997

Organization and Business Opera

Organization and Business Operations	6 Months Ended
	Jun. 30, 2018
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. 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 "Amended and Restated Advisory Agreement"). The Advisor, an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”), is a credit-focused alternative asset management firm. Established in 2008, the Advisor's credit platform manages funds for institutions and high-net-worth investors across various credit funds and complementary strategies including high yield, levered loans, private / opportunistic debt, liquid credit, structured credit and commercial real estate debt. These strategies complement each other as they all leverage the sourcing, analytical, compliance, and operational capabilities that encompass the platform. The Advisor 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 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	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The accompanying consolidated financial statements and related footnotes are unaudited and have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. Accordingly, the consolidated financial statements may not include all of the information and notes required by GAAP for annual consolidated financial statements. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. In the opinion of management, the interim data includes all adjustments, of a normal and recurring nature, necessary for a fair statement of the results for the periods presented. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the entire year or any subsequent interim periods. Certain prior-period amounts have been reclassified to conform to 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. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of, and for the year ended December 31, 2017 , which are included in the Company's Annual Report on Form 10-K filed with the SEC on March 16, 2018 . There have been no significant changes to the Company's significant accounting policies during the three months and six months ended June 30, 2018. 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 paid to the Company's Advisor in connection with the origination and acquisition of commercial mortgage loan investments and acquisition of real estate securities are evaluated based on the nature of the expense to determine if they should be expensed in the period incurred or capitalized and amortized over the life of the investment. The Company capitalizes certain direct costs relating to loan origination and acquisition activities and real estate securities acquisitions. Such costs are amortized over the life of the investment. Until September, 2017 the Company incurred both acquisition fees and acquisition expenses payable to the Advisor. Since September 2017 , pursuant to the terms of the Advisory Agreement, the Advisor is no longer entitled to acquisition fees but continues to be entitled to reimbursement for acquisition expenses. 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. 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. During the six months ended June 30, 2018 , the Company originated a $3.7 million commercial mortgage loan held-for-sale and sold it during the period for net proceeds of approximately $3.7 million . 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 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 June 30, 2018 , the fair value amount and the contractual principal outstanding of commercial mortgage loans accounted for under the fair value option was $ 102.3 million and $101.6 million , respectively. 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 are greater than ninety days past due. For the three and six months ended June 30, 2018 , the Company realized a gain of $ 4.0 million and $ 6.3 million , respectively, relating to the sale of commercial mortgage loans that are accounted for under the fair value option. The Company did not have any realized gain or loss relating to the sale of commercial mortgage loans that are accounted for under the fair value option for the three and six months ended June 30, 2017 . 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 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. Any interest received for loans in non-performing status will be applied as a reduction to the unpaid principal balance. A loan will be written off when it is no longer realizable and legally discharged. Income Taxes The Company has conducted its operations to qualify as a REIT for U.S. federal income tax purposes commencing 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 taxable year, it will not be subject to U.S. federal income tax on the REIT taxable income that it distributes. The Company did not have any undistributed REIT taxable income for the period ended June 30, 2018 and therefore, has not provided for REIT U.S. federal income tax expense. However, even if the Company qualifies for taxation as a REIT, the Company and its subsidiaries may be subject to a variety of taxes, including payroll taxes and certain state and local income, property, excise and franchise taxes. The Company could also be subject to U.S. federal income tax in certain circumstances. The Company owns a subsidiary that has elected to be treated as a TRS for U.S. federal, state and local income taxes, where applicable, as a C-corporation. TRSs can participate in certain activities from which REITs are generally precluded, as long as these activities meet specific criteria and are conducted within the parameters of certain limitations established by the Internal Revenue Code ("the Code"). For U.S. federal income tax purposes, the Company’s TRS is not consolidated with the Company, but instead taxed as a separate 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 $2.8 million and $4.6 million for the three and six months ended June 30, 2018 , respectively, and U.S. federal, state and local income tax expense of $0.5 million and $0.8 million for the three and six months ended June 30, 2018 . These amounts have been included on the accompanying consolidated statements of operations. The Company's TRS did not have any pre-tax income or tax expense for the three and six months ended June 30, 2017 , respectively. The Company’s tax returns are subject to audit by taxing authorities. Generally, as of June 30, 2018 , 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. 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 ended 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. Pursuant to this legislation, as of January 1, 2018, the U.S. federal income tax rate applicable to corporations is reduced to 21%, and the corporate alternative minimum tax is repealed. In addition, through taxable years ending in 2025, the highest marginal income tax rate applicable to individuals, estates and trusts is reduced to 37% and those taxpayers 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% (excluding the 3.8% net investment income tax). The reduced corporate tax rate applies 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. The amounts recorded in the consolidated statement of operations are 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. Commencing in taxable years beginning after December 31, 2017, Section 163(j) of the Code, as amended by TCJA, limits the deductibility of net interest expense paid or accrued on debt properly allocable to a trade or business to 30% of “adjusted taxable income,” ("ATI") subject to certain exceptions. The Company does not expect to be subject to this limitation because it does not expect to have interest expense in excess of the sum of its interest income and 30% of its ATI. However, the limitation could cause the Company’s TRS or any other TRS it forms to have greater taxable income and thus potentially greater corporate tax liability. 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 interest rate swaps, 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 within the Restricted cash line of the 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 applicable to common stock 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 or upon conversion of the outstanding shares of the Company's redeemable convertible preferred stock, 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 consist of CMBS and may include unsecured REIT debt, CDO notes and other securities. • The real estate conduit operated business through the Company's TRS, which is focused on originating and subsequently selling fixed-rate commercial real estate loans into the CMBS securitization market at a profit. See Note 13 - Segment Reporting for further information regarding the Company's segments. Redeemable Convertible Preferred Stock The Company’s redeemable convertible preferred stock Series A (the “Preferred Stock”) is classified outside of permanent equity in the consolidated balance sheets. This classification is applicable because, subject to certain conditions, the Preferred Stock is redeemable at the option of the holder of Preferred Stock, outside of the control of the Company. As described in more detail below, the Preferred Stock is redeemable for shares of the Company's common stock, $0.01 par value per share (the "Common Stock") at the option of the shareholder upon a change of control (as defined below) or after the sixth anniversary of the date of issuance. A change in control of the Company outside of the Company’s control is possible if any person acquires more than 50% of the total economic interests or voting power of all securities of the Company, other than in a liquidity event. As set forth in the Articles Supplementary (the “Articles Supplementary”) to the Company’s Articles of Amendment and Restatement, shares of Preferred Stock rank senior to shares of Common Stock with respect to rights to receive dividends and to participate in distributions or payments upon any voluntary or involuntary liquidation, dissolution or winding up of the Company. Dividends payable on each share of Preferred Stock will be equal to the greater of (i) an amount equal to $16.67 per share and (ii) the monthly dividend that would have been paid had such share of Preferred Stock been converted to a share of Common Stock, subject to proration in the event that such share of Preferred Stock was not outstanding for the full month. Immediately prior to a “Liquidity Event”, each outstanding share of Preferred Stock shall convert (the “Mandatory Conversion”) into 299.2 shares of Common Stock, subject to anti-dilution adjustments (the “Conversion Rate”). A “Liquidity Event” is defined as (i) the listing of the Common Stock on a national securities exchange or quotation on an electronic inter-dealer quotation system; (ii) a merger or business combination involving the Company pursuant to which outstanding shares Common Stock are exchanged for securities of another company which are listed on a national securities exchange or quoted on an electronic inter-dealer quotation system; or (iii) any other transaction or series of transaction that results in all shares of Common Stock being transferred or exchange for cash or securities which are listed on a national securities exchange or quoted on an electronic inter-dealer quotation system. If there has not been a Liquidity Event within six years from the initial issuance of the Preferred Stock, each holder of Preferred Stock shall have the right to convert all, but not less than all, of the Preferred Stock held by such holder into Common Stock at the Conversion Rate. Each holder also has the option to convert its shares of Preferred Stock into Common Stock upon a change in control (as defined in the Articles Supplementary) of the Company. In addition, neither the Company nor a holder of shares of Preferred Stock may redeem shares of the Preferred Stock until six years from the initial issuance of the Preferred Stock, except in cases of a change in control (as defined in the Articles Supplementary). Holders of the Preferred Stock are entitled to vote on each matter submitted to a vote of the stockholders of the Company upon which the holders of Common Stock are entitled to vote, upon which the holders of the Preferred Stock and holders of the Common Stock shall vote together as a single class. The number of votes applicable to a share of Preferred Stock will be equal to the number of shares of Common Stock a share of Preferred Stock could have been converted into as of the record date set for purposes of such stockholder vote (rounded down to the nearest whole number of shares of Common Stock). In addition, the affirmative vote of the holders of two-thirds of the outstanding shares of Preferred Stock is required to approve the issuance of any equity securities senior to the Preferred Stock and to take certain actions materially adverse to the holders of the Preferred Stock. Beneficial Conversion Feature The intrinsic value of a beneficial conversion feature (“BCF”) inherent to a convertible preferred stock, which is not bifurcated and accounted for separately from convertible preferred stock and may not be settled in cash upon conversion, is treated as discount to the convertible preferred stock. This discount is amortized over the period from date of issuance to the first conversion date using the effective interest method. If the preferred stock is converted prior for any reasons, the unamortized discount is immediately recognized as a deemed dividend. In general, BCF is measured by comparing the effective conversion price to the fair value of Common Stock at the commitment date to be received upon conversion. On June 25, 2018 , the Company issued 2,255 shares of Preferred Stock for an aggregate purchase price of $11.3 million . As of June 30, 2018 , the remaining commitment pursuant to the purchase agreements for Preferred Stock is $68.1 million . The convertible feature on the Preferred Stock was offered at a discount to the $18.99 book value per share of Common Stock as of March 31, 2018 , which created a BCF. The Company recognized a BCF of $1.3 million at the date the Preferred Shares were issued within redeemable convertible preferred stock Series A in the consolidated balance sheets. This BCF will be amortized over a six year period, from June 25, 2018 to June 25, 2024 , using the effective yield method as a deemed dividend. Recently Adopted Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” or ASU 2014-09. ASU 2014-09 broadly amends the accounting guidance for revenue recognition. ASU 2014-09 is effective for the first interim or annual period beginning after December 15, 2017, and is to be applied retrospectively. The Company adopted this guidance on January 1, 2018 and it did not have a material impact on our 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. As a result, entities will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows. The Company adopted this guidance on January 1, 2018 and applied the guidance retrospectively to our prior period consolidated statement of cash flows. Accounting Pronouncements Not Yet Adopted 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 for reporting periods beginning after December 15, 2018, and early adoption is permitted. The Company is currently evaluating the impact of this new guidance.

Commercial Mortgage Loans

Commercial Mortgage Loans	6 Months Ended
	Jun. 30, 2018
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): June 30, 2018 December 31, 2017 Senior loans $ 1,874,782 $ 1,368,425 Mezzanine loans 36,773 35,087 Total gross carrying value of loans $ 1,911,555 $ 1,403,512 Less: Allowance for loan losses 3,902 1,466 Total commercial mortgage loans, held for investment, net $ 1,907,653 $ 1,402,046 The following table presents the activity in the Company's allowance for loan losses (dollars in thousands): Six Months Ended June 30, 2018 Year Ended December 31, 2017 Beginning of period $ 1,466 $ 2,181 Loan loss (recovery)/provision (1) 2,436 (715 ) Charge-offs — — Recoveries — — Ending allowance for loan losses $ 3,902 $ 1,466 (1) Includes $2.8 million loan loss provision specifically reserved on one loan in non-performing status as of June 30, 2018 . As of June 30, 2018 and December 31, 2017 , the Company's total commercial mortgage loan portfolio, excluding commercial mortgage loans accounted for under the fair value option, comprised of 94 and 69 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). June 30, 2018 December 31, 2017 Loan Type Par Value Percentage Par Value Percentage Multifamily $ 849,577 44.2 % $ 505,189 35.9 % Office 416,468 21.7 % 455,698 32.4 % Retail 255,830 13.3 % 209,598 14.9 % Hospitality 317,976 16.6 % 184,025 13.1 % Industrial 53,208 2.8 % 53,208 3.7 % Self-Storage 26,632 1.4 % — — % Total $ 1,919,691 100.0 % $ 1,407,718 100.0 % As of June 30, 2018 and December 31, 2017 , the Company's total commercial mortgage loans, held-for-sale, measured at fair value comprised of 10 and 3 loans, respectively. The following table represents the composition by loan type of the Company's commercial mortgage loans, held-for-sale, measured at fair value (dollars in thousands). June 30, 2018 December 31, 2017 Loan Type Par Value Percentage Par Value Percentage Multifamily $ 15,550 15.3 % $ 28,531 100.0 % Retail 38,100 37.5 % — — % Hospitality 16,443 16.2 % — — % Office 31,460 31.0 % — — % Total $ 101,553 100.0 % $ 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: Investment Rating Summary Description 1 Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable. 2 Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. 3 Performing investments requiring closer monitoring. Trends and risk factors show some deterioration. 4 Underperforming investment with the potential of some interest loss but still expecting a positive return on investment. Trends and risk factors are negative. 5 Underperforming investment with expected loss of interest and some principal. All commercial mortgage loans, excluding loans classified as commercial mortgage loans, held-for-sale, measured at fair value within the consolidated balance sheet, are assigned an initial risk rating of 2.0 . As of June 30, 2018 and December 31, 2017 , the weighted average risk rating of loans was 2.2 and 2.2 , respectively. As of June 30, 2018 the Company had one loan with an unpaid principal balance of $16.8 million and fair value of $13.7 million in non-performing status. The Company applied interest received in the three months ended June 30, 2018 of $0.3 million on this loan as a reduction to the unpaid principal balance. In the three and six months ended June 30, 2018, the Company recorded a $2.8 million asset-specific reserve included in loan loss (recovery) provision on the consolidated statement of operations. As of December 31, 2017 , the Company did not have any loans that were past due on their payments, in non-performing status or impaired. For the six months ended June 30, 2018 and year ended December 31, 2017 , the activity in the Company's commercial mortgage loans, held-for-investment portfolio was as follows (dollars in thousands): Six Months Ended June 30, 2018 Year Ended December 31, 2017 Balance at Beginning of Year $ 1,402,046 $ 1,046,556 Acquisitions and originations 821,584 837,861 Principal repayments (309,612 ) (381,933 ) Discount accretion and premium amortization 1,916 2,554 Loans transferred to commercial real estate loans, held-for-sale — (100,005 ) Net fees capitalized into carrying value of loans (5,845 ) (3,702 ) Loan loss recovery/(provision) (2,436 ) 715 Balance at End of Period $ 1,907,653 $ 1,402,046

Real Estate Securities

Real Estate Securities	6 Months Ended
	Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Real Estate Securities	Real Estate Securities The following is a summary of the Company's real estate securities, CMBS (in thousands): Weighted Average Number of Investments Interest Rate Maturity Par Value Fair Value June 30, 2018 2 4.6 % December 2023 $ 26,750 $ 26,792 December 31, 2017 — — % n/a — — The Company classified its CMBS as available-for-sale as of June 30, 2018 . The investment is reported at fair value in the consolidated balance sheet with changes in fair value recorded in "accumulated other comprehensive income or loss". In June 2018 , the Company settled on a trade to purchase $13.3 million face amount of CMBS at fair value. This transaction was financed with a $10.6 million repurchase agreement. In June 2018 , the Company entered into a trade to purchase $13.5 million face amount of CMBS at fair value. This trade settled in July 2018 . The following table shows the amortized cost, unrealized gains/losses and fair value of the Company's CMBS investments as of June 30, 2018 and December 31, 2017 (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value June 30, 2018 $ 26,815 $ 17 $ (40 ) $ 26,792 December 31, 2017 — — — — As of June 30, 2018 , the Company held two CMBS positions with an aggregate carrying value of $26.8 million , and a net unrealized loss of $0.02 million . As of December 31, 2017 , the Company held no CMBS positions. 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): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Unrealized gains (losses) available-for-sale securities $ (23 ) $ (570 ) $ (23 ) $ 467 Reclassification of net (gains) losses on available-for-sale securities included in net income (loss) — 130 — 481 Unrealized gains (losses) available-for-sale securities, net of reclassification adjustment $ (23 ) $ (440 ) $ (23 ) $ 948 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	6 Months Ended
	Jun. 30, 2018
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"), and Credit Suisse AG (the "CS Repo Facility" ) and together with JPM Repo Facility, GS Repo Facility, USB Repo 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 a repurchase facility with Barclays Bank PLC (the "Barclays Facility") on September 19, 2017. Borrowings under the Barclays Facility accrue 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 details of the Company's Repo Facilities and the Barclays Facility at June 30, 2018 and December 31, 2017 are as follows (dollars in thousands): As of June 30, 2018 Ending Weighted Average Interest Rate Term Maturity Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) JPM Repo Facility (2) $ 520,000 $ 112,283 $ 4,291 4.13 % 1/30/2020 GS Repo Facility (3) 250,000 — 257 n/a 12/27/2018 USB Repo Facility (4) 100,000 14,651 160 3.85 % 6/15/2020 CS Repo Facility (5) 250,000 121,041 2,379 4.39 % 6/19/2019 Barclays Facility (6) 75,000 57,000 681 6.82 % 9/19/2019 Total $ 1,195,000 $ 304,975 $ 7,768 __________________________ (1) For the six months ended June 30, 2018. Includes amortization of deferred financing costs. (2) On January 30, 2018 the committed financing amount was upsized from $300 million to $520 million and the maturity date was amended to January 30, 2020 . 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) On June 20, 2018, the Company exercised the extension option upon the satisfaction of certain conditions, and extended the term maturity to June 19, 2019. (6) Includes a one -year extension at the Company's option. As of December 31, 2017 Ending Weighted Average Interest Rate Term Maturity Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) JPM Repo Facility (2) $ 300,000 $ 42,042 $ 5,500 3.48 % 6/12/2019 GS Repo Facility (3) 250,000 13,500 2,200 3.74 % 12/27/2018 USB Repo Facility (4) 100,000 — 20 N/A 6/15/2020 CS Repo Facility (5) 250,000 10,148 — N/A 8/30/2018 Barclays Facility (6) 75,000 — — N/A 9/19/2019 Total $ 975,000 $ 65,690 $ 7,720 _______________________ (1) For the six months ended June 30, 2017. 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 a one -year extension at the Company's option. We expect to use the advances from the Repo Facilities and the Barclays Facility 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 June 30, 2018 and December 31, 2017 , 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 accrued 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 had initial maturity date of June 9, 2019, with two one -year extension options at the Company’s option. As of June 30, 2018 the Company had paid off the outstanding balance on the PWB Financing line. 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 six months ended June 30, 2018 , 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. Below is a summary of the Company's MRAs as of June 30, 2018 and December 31, 2017 (dollars in thousands): Weighted Average Counterparty Amount Outstanding Accrued Interest Collateral Pledged Interest Rate Days to Maturity As of June 30, 2018 JP Morgan Securities LLC $ 10,600 $ 26 $ 13,250 3.36 % 3 Total $ 10,600 $ 26 $ 13,250 3.36 % 3 Weighted Average 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 _______________________ * Includes $56.0 million Tranche C of RFT 2015-FL1 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 . Collateralized Loan Obligations On February 15, 2018, the Company called all of the outstanding notes issued by RFT 2015-FL1. The outstanding principal of the notes on the date of the call was $145 million . The Company recognized all the remaining unamortized deferred financing costs of $6.4 million recorded within the Interest expense line of the consolidated statements of operations, which was a non-cash charge. As of June 30, 2018 and December 31, 2017 the notes issued by BSPRT 2017-FL1 Issuer, a wholly owned indirect subsidiary of the Company, 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 BSPRT 2017-FL1 Issuer is governed by a Mortgage Asset Purchase Agreement dated as of June 29, 2017, between the Company and BSPRT 2017-FL1 Issuer. As of June 30, 2018 and December 31, 2017 the notes issued by BSPRT 2017-FL2 Issuer, a wholly owned indirect subsidiary of the Company, 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 BSPRT 2017-FL2 Issuer is governed by a Mortgage Asset Purchase Agreement dated as of November 29, 2017, between the Company and BSPRT 2017-FL2 Issuer. On April 5, 2018, BSPRT 2018-FL3 Issuer, Ltd. (the “Issuer”) and BSPRT 2018-FL3 Co-Issuer, LLC (the “Co-Issuer”), both wholly owned indirect subsidiaries of the Company, collateralized by interests in a pool of 37 mortgage assets having a principal balance of $610 million (the "2018-FL3 Mortgage Assets") entered into an indenture with the OP, as advancing agent, U.S. Bank National Association as note administrator and U.S. Bank National Association as trustee, which governs the issuance of approximately $546 million principal balance secured floating rate notes (the “Notes”), of which $488 million were purchased by third party investors and $58 million purchased by a wholly owned subsidiary of the OP. In addition, concurrently with the issuance of the Notes, the Issuer also issued 64,050,000 Preferred Shares, par value of $0.001 per share and with an aggregate liquidation preference and notional amount equal to $1,000 per share (the “Preferred Shares”), which were not offered as part of closing the indenture. For U.S. federal income tax purposes, the Issuer and Co-Issuer are disregarded entities. The Company, through its wholly-owned subsidiaries, holds the preferred equity tranches of BSPRT 2017-FL1, BSPRT 2017-FL2 and BSPRT 2018-FL3 of approximately $ 191 million . The following table represents the terms of the notes issued by BSPRT 2017-FL1 Issuer, BSPRT 2017-FL2 Issuer and BSPRT 2018-FL3, respectively (dollars in thousands): CLO Facility As of June 30, 2018 Par Value Issued Par Value Outstanding (1) Interest Rate Maturity Date 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 2018-FL3 Issuer Tranche A 286,700 286,700 1M LIBOR + 105 3/15/2028 2018-FL3 Issuer Tranche A-S 77,775 77,775 1M LIBOR + 135 3/15/2028 2018-FL3 Issuer Tranche B 41,175 41,175 1M LIBOR + 165 3/15/2028 2018-FL3 Issuer Tranche C 39,650 39,650 1M LIBOR + 255 3/15/2028 2018-FL3 Issuer Tranche D 42,700 42,700 1M LIBOR + 345 3/15/2028 $ 1,188,862 $ 1,188,862 CLO Facility As of December 31, 2017 Par Value Issued Par Value Outstanding (1) (2) (3) 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 ________________________ (1) Excludes $16.0 million of Tranche E notes and $14.9 million of Tranche F notes issued by BSPRT 2017-FL2 Issuer, held by the Company, which are eliminated within the collateralized loan obligation line of the consolidated balance sheets as of June 30, 2018 and December 31, 2017 . (2) Excludes $56.0 million of Tranche C notes issued by RFT 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 . (3) Excludes $ 36.6 million of Tranche E notes and $21.4 million of Tranche F notes issued by BSPRT 2018-FL3 Issuer, held by the Company, which are eliminated within the collateralized loan obligation line of the consolidated balance sheets as of June 30, 2018 . 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 June 30, 2018 and December 31, 2017 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) June 30, 2018 December 31, 2017 Cash (1) $ 48,474 $ 49,017 Commercial mortgage loans, held for investment, net of allowance (2) 1,415,268 1,033,427 Accrued interest receivable 4,323 4,212 Total assets $ 1,468,065 $ 1,086,656 Liabilities Notes payable (3)(4) $ 1,374,299 $ 912,800 Interest payable 1,929 1,462 Total liabilities $ 1,376,228 $ 914,262 ________________________ (1) Includes $48.2 million and $48.7 million of cash held by the servicer related to CLO loan payoffs as of June 30, 2018 and December 31, 2017 . (2) The balance is presented net of allowance for loan loss of $0.9 million and $1.3 million as of June 30, 2018 and December 31, 2017 , respectively. (3) 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 June 30, 2018 and December 31, 2017 ; $36.6 million of Tranche E notes and $21.4 million of Tranche F notes issued by 2018-FL3 Issuer held by the Company as of June 30, 2018 . The notes held by the Company are eliminated within the Collateral loan obligations line of the consolidated balance sheets. Includes $55.8 million of Tranche C of Company issued CLO held by the Company as of December 31, 2017 . (4) The balance is presented net of deferred financing cost and discount of $ 15.9 million and $16.9 million as of June 30, 2018 and December 31, 2017 , respectively.

Net Income Per Share

Net Income Per Share	6 Months Ended
	Jun. 30, 2018
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 three and six months ended June 30, 2018 and 2017 (dollars in thousands, except share amounts): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Net income $ 12,102 $ 6,281 $ 17,398 $ 12,330 Less: Preferred Stock Dividends (16 ) — (16 ) — Net income applicable to common stock $ 12,086 $ 6,281 $ 17,382 $ 12,330 Basic weighted-average shares outstanding 31,762,199 31,850,897 31,717,328 31,796,504 Unvested restricted shares 14,314 9,547 14,314 9,666 Conversion of redeemable convertible preferred stock 44,014 — 22,249 — Diluted weighted average shares outstanding 31,820,527 31,860,444 31,753,891 31,806,170 Basic net income per share 0.38 0.20 0.55 0.39 Diluted net income per share 0.38 0.20 0.55 0.39

Stock Transactions

Stock Transactions	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Stock Transactions	Stock Transactions As of June 30, 2018 and December 31, 2017 , the Company had 32,620,659 and 31,834,072 shares of common stock outstanding, respectively, including shares issued pursuant to the Dividend Reinvestment Plan ("DRIP") and unvested restricted shares. Common Stock Purchase Agreement On February 14, 2018 (the “Commitment Date”) the Company entered into stock purchase agreements (collectively, the “Common Stock 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 “Common Stock Investors”), pursuant to which the Common Stock 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 was $16.71 per share. Pursuant to the Common Stock Purchase Agreements, the timing of each 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. On June 1, 2018, the Company and certain of the Common Stock Investors agreed to convert an aggregate of $625,000 of the Common Stock Purchase Agreements into equivalent commitments to purchase the same dollar amount of the Company’s Preferred Stock. See “Redeemable Convertible Preferred Stock” below. In addition, pursuant to certain anti-dilution provisions in the Common Stock Purchase Agreements, the purchase price provided for in the Common Stock Purchase Agreements for $67,215,000 of the commitments was reduced to $16.33 . Investors representing the remaining commitments waived any right to adjust the purchase price provided for in the Common Stock Purchase Agreements, and thus the purchase price for the remaining commitments remained at $16.71 per share. On June 25, 2018, the Company had its first closing and issued 834,537 shares of common stock to the Common Stock Investors for an aggregate purchase price of $13.7 million . As of June 30, 2018 , the remaining commitment pursuant to the Common Stock Purchase Agreements is $82.9 million . On June 25, 2018, in accordance with the Common Stock Purchase Agreements, the Company had its first closing and issued 269,026 shares of common stock to the Manager Investors for an aggregate purchase price of $4.5 million . As of June 30, 2018 , the remaining commitment of the Manager Investors pursuant to the Common Stock Purchase Agreements is $27.1 million . Redeemable Convertible Preferred Stock Purchase Agreements On June 1, 2018, the Company entered into stock purchase agreements (the “Preferred Stock Purchase Agreements”) with an institutional investor and certain individual investors, including certain individual investors that agreed to convert their Common Stock Purchase Agreements into equivalent commitments to purchase the same dollar amount of preferred stock (together, the “Preferred Investors”), pursuant to which the Preferred Investors committed to purchase an aggregate of $79,375,000 of shares (the aggregate shares to be purchased, the “Preferred Shares”) of the Company’s redeemable convertible preferred stock Series A, $0.01 par value (the “Preferred Stock”), in one or more closings. The timing of any closing, and the amount of Preferred Shares to be sold at such closing, will be determined by the Company in its sole discretion, subject to certain limitations. On June 25, 2018, in accordance with the Preferred Stock Purchase Agreements, the Company had its first closing and issued 2,255 shares of Preferred Stock for an aggregate purchase price of $11.3 million . As of June 30, 2018, the remaining commitment pursuant to the Preferred Stock Purchase Agreements is $68.1 million . On June 25, 2018, in accordance with the Preferred Stock Purchase Agreements, the Company had its first closing and issued 15 shares of Preferred Stock to the Manager Investors for an aggregate purchase price of $0.1 million . As of June 30, 2018 , the remaining commitment of the Manager Investors pursuant to the Preferred Stock Purchase Agreements is $0.5 million . 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. The Company's distributions are payable by the fifth day following each month end to stockholders of record at the close of business each day during the prior month. Distribution payments are dependent on the availability of funds. The Company's board of directors may reduce the amount of distributions paid or suspend distribution payments at any time, and therefore, distributions payments are not assured. For the three months ended June 30, 2018 and 2017, the Company declared daily common stock distributions equivalent to of $1.44 per annum per share and $2.0625 per annum per share, respectively. As of June 30, 2018 and December 31, 2017, the Company had declared but unpaid common stock distributions of $3.8 million and $3.9 million , respectively. These amounts are included in Distributions payable on the Company’s unaudited Consolidated Balance Sheets. The Company distributed $22.8 million during the six months ended June 30, 2018 , comprised of $15.7 million in cash and $7.1 million in shares of common stock issued under the DRIP. The Company distributed $ 32.6 million during the six months ended June 30, 2017 , comprised of $ 21.2 million in cash and $ 11.4 million in shares of common stock issued under the DRIP. The Company maintains a DRIP which permits shareholders to reinvest their distributions in stock of the Company. The purchase price of DRIP investments is currently 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 most recent book value per share, computed in accordance with GAAP. The DRIP price for January 2018 through May 2018 was $19.02 per share, which was the Company's estimated per share NAV as of September 30, 2017. The DRIP price for June 2018 through August 2018 was $18.99 , which was the GAAP book value as of March 31, 2018. Starting in September 2018, the DRIP offer price will be $18.95 , which is the GAAP book value as of June 30, 2018. 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 the Company (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 most recent book value per share, computed in accordance with GAAP, multiplied by a percentage equal to (i) 92.5% , if the person seeking repurchase has held his or her shares for a period greater than one year and less than two years; (ii) 95% , if the person seeking repurchase has held his or her shares for a period greater than two years and less than three years; (iii) 97.5% , if the person seeking repurchase has held his or her shares for a period greater than three years and less than four years; or (iv) 100% , if the person seeking repurchase has held his or her shares for a period greater than four years or in the case of requests for death or qualifying disability. Repurchase requests related to death or a qualifying disability must satisfy certain conditions, each of which are assessed by and at the sole discretion of the Company, including the following conditions. In the case of death, the shareholder must be a natural person (or a revocable grantor trust) and the Company must receive a written notice from the estate of the shareholder, the recipient of the shares through bequest or inheritance, or the trustee in the case of a revocable grantor trust. In the case of a “qualifying disability”, the shareholder must be a natural person (or a revocable grantor trust) and the Company must receive a written notice from the shareholder, or the trustee in the case of a revocable grantor trust, that the condition was not pre-existing on the date the shares were acquired. In order for a disability to be considered a “qualifying disability”, the shareholder must receive and provide evidence (the shareholder application and the notice of final determination) of disability based upon a physical or mental condition or impairment made by a government agency responsible for reviewing and determining disability retirement benefits (e.g. the Social Security Administration). Repurchases pursuant to the SRP, when requested, generally will be made semiannually (each six-month period ending June 30 or December 31 , a “fiscal semester”). Repurchases for any fiscal semester will be limited to a maximum of 2.5% of the weighted average number of shares of common stock outstanding during the previous fiscal year, with a maximum for any fiscal year of 5.0% of the weighted average number of shares of common stock outstanding during the previous fiscal year. Funding for repurchases pursuant to the SRP for any given fiscal semester will be limited to proceeds received during that same fiscal semester through the issuance of common stock pursuant to any DRIP in effect from time to time, provided that the Company's board of directors has the power, in its sole discretion, to determine the amount of shares repurchased during any fiscal semester as well as the amount of funds to be used for that purpose. Any repurchase requests received during such fiscal semester will be paid at the price, computed as described above on the last day of such fiscal semester. Due to these limitations, the Company cannot guarantee that the Company will be able to accommodate all repurchase requests made during any fiscal semester or fiscal year. However, a stockholder may withdraw its request at any time or ask that the Company honors the request when funds are available. Pending repurchase requests will be honored on a pro rata basis. The Company will generally pay repurchase proceeds, less any applicable tax or other withholding required by law, by the 31st day following the end of the fiscal semester during which the repurchase request was made. When a stockholder requests redemption and the redemption is approved, the Company will reclassify such obligation from equity to a liability based on the settlement value of the obligation. Shares repurchased under the SRP will have the status of authorized but unissued shares. The following table reflects the number of shares repurchased under the SRP cumulatively through June 30, 2018 : Number of Requests Number of Shares Repurchased Average Price per Share Cumulative as of December 31, 2017 2,125 1,991,391 $ 21.36 January 1 - January 31, 2018 (1) 889 421,809 18.56 February 1 - February 28, 2018 — — — March 1 - March 31, 2018 — — — April 1 - April 30, 2018 — — — May 1 - May 31, 2018 — — — June 1 - June 30, 2018 — — — Cumulative as of June 30, 2018 3,014 2,413,200 $ 20.88 ________________________ (1) Reflects shares repurchased in January 2018 pursuant to repurchase requests submitted for the fiscal semester ended December 31, 2017. As permitted under the SRP, the Board authorized repurchases up to the amount of proceeds reinvested through our DRIP. As a result, redemption requests in the amount of 185,689 shares were not fulfilled. The Company will repurchase shares under the SRP for the fiscal semester ended June 30, 2018 in July 2018. Since the Company’s most recent estimated per-share NAV is $19.02 and the Company’s GAAP book value per share as of June 30, 2018 is $18.99 , the SRP repurchase price for the fiscal semester ended June 30, 2018 will be $18.99 .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Unfunded Commitments for Commercial Mortgage Loans As of June 30, 2018 and December 31, 2017 , the Company had the below unfunded commitments to the Company's borrowers (dollars in thousands): Funding Expiration June 30, 2018 December 31, 2017 2018 $ 16,827 $ 36,475 2019 34,687 26,465 2020 82,515 20,598 2021 110,488 — Total $ 244,517 $ 83,538 Litigation and Regulatory Matters In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. The Company has no knowledge of material legal or regulatory proceedings pending or known to be contemplated against the Company at this time.

Related Party Transactions and

Related Party Transactions and Arrangements	6 Months Ended
	Jun. 30, 2018
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. 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 payable to the Former Advisor, its affiliates, entities under common control with the Former Advisor and the Former Dealer Manager for services relating to the Company's public offering as of June 30, 2018 and December 31, 2017 (dollars in thousands): Payable as of June 30, 2018 December 31, 2017 Total commissions and fees incurred from the Former Dealer Manager $ — $ — Total compensation and reimbursement for services provided by the Former Advisor, its affiliates, entities under common control with the Former Advisor and the Former Dealer Manager 480 480 The payables as of June 30, 2018 and December 31, 2017 in the table above are included in Due to affiliates on the Company's consolidated balance sheets. The table below shows the costs incurred due to arrangements with our Advisor and its affiliates during the three and six months ended June 30, 2018 and June 30, 2017 , and the associated payable as of June 30, 2018 and December 31, 2017 (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, Payable as of 2018 2017 2018 2017 June 30, 2018 December 31, 2017 Acquisition fees and expenses (1) $ 51 $ 1,966 $ 116 $ 2,490 $ 749 $ — Administrative services expenses 3,125 950 6,321 1,805 2,001 3,480 Asset management and subordinated performance fee 2,266 2,341 4,507 4,653 757 2,315 Other related party expenses (2) 271 48 470 96 538 146 Total $ 5,713 $ 5,305 $ 11,414 $ 9,044 $ 4,045 $ 5,941 ________________________ (1) Total acquisition fees and expenses paid during the three months and six months ended June 30, 2018 were $1.9 million and $4.2 million , respectively, of which $1.8 million and $4.1 million were capitalized within the commercial mortgage loans, held for investment line of the Company's consolidated balance sheet. For the three and six months ended June 30, 2017 total acquisition fees and expenses paid during were $4.5 million and $6.0 million , respectively, of which $2.7 million and $3.5 million were capitalized. (2) Included in other expenses in the Company's consolidated statement of operations. The payables as of June 30, 2018 and December 31, 2017 in the table above are included in Due to affiliates on the Company's consolidated balance sheets. Purchases of Common Stock Refer to Note 7 for a description of the Common Stock Purchase Agreements entered into by the Manager Investors. Other Transactions On February 22, 2018, the Company purchased commercial mortgage loans, held-for-sale 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. On April 18, 2018 , the Company sold $23.3 million of these commercial mortgage loans into a CMBS securitization. The remaining $4.5 million of these commercial mortgage loans are recorded in commercial mortgage loans, held-for-sale, measured at fair value on the consolidated balance sheet as of June 30, 2018 . 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.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2018
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, recorded in real estate securities, held-for-sale, measured at fair value on the consolidated balance sheet as of June 30, 2018, 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 June 30, 2018, the Company obtained broker quotes for determining the fair value of each CMBS investment used. As the broker quotes were both limited and non-binding, the Company has classified the CMBS as Level III. As of December 31, 2017 the Company had no CMBS. 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 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 observable market prices. Treasury note futures trade on the Chicago Mercantile Exchange (“CME”). 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 swaps and interest rate swaps contracts are derived using pricing models that are widely accepted by marketplace participants. Credit default swaps and interest rate swaps are traded in the OTC market. The pricing models take into account multiple inputs including specific contract terms, interest rate yield curves, interest rates, credit curves, recovery rates, and/or current credit spreads obtained from swap counterparties and other market participants. Most inputs into the models 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 and interest rate swaps are categorized in Level II of the fair value hierarchy. If the underlying indices are illiquid and the OTC market for the current spread is not active, credit default swaps are categorized in Level III of the fair value hierarchy. The credit default swaps and interest rate swaps are generally categorized in Level II 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 quarter ended June 30, 2018 and December 31, 2017 . The following table presents information about the Company’s financial instruments carried at fair value on a recurring basis in the consolidated balance sheets by its level in the fair value hierarchy as of June 30, 2018 and December 31, 2017 (dollars in thousands): Total Level I Level II Level III June 30, 2018 Assets, at fair value Commercial mortgage loans, held-for-sale (1) $ 102,258 $ — $ — $ 102,258 Real estate securities 26,792 — — 26,792 Credit default swaps 327 — 327 — Interest rate swaps 333 — 333 — Total assets, at fair value $ 129,710 $ — $ 660 — $ 129,050 Liabilities, at fair value Interest rate swaps 42 — 42 — Treasury note futures 210 210 — — Total liabilities, at fair value $ 252 $ 210 $ 42 $ — December 31, 2017 Assets, at fair value 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 $ — ________________________ (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 June 30, 2018 and December 31, 2017 (dollars in thousands). Asset Category Fair Value Valuation Methodologies Unobservable Inputs (1) Weighted Average (2) Range June 30, 2018 Commercial mortgage loans, held-for-sale, measured at fair value $102,258 Discounted Cash Flow Yield 5.26% 4.2% - 6.2% Real estate securities, available-for-sale, at fair value 26,792 Broker Quotes Yield 4.58% 4.1% - 5.1% 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% (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 June 30, 2018 and December 31, 2017 for which the Company has used Level III inputs to determine fair value (dollars in thousands): June 30, 2018 Commercial Mortgage Loans, held-for-sale, measured at fair value Real Estate Securities Beginning balance, January 1, 2018 $ 28,531 $ — Transfers into Level III — — Realized gain on sale of commercial mortgage loan held-for-sale 6,346 — Unrealized gains (losses) 705 (23 ) Purchases 313,691 26,815 Sales / paydowns (247,015 ) — Transfers out of Level III — — Ending balance, June 30, 2018 $ 102,258 $ 26,792 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 — — 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 (losses) included in OCI (1) — 500 Purchases 156,101 — Sales (132,093 ) (34,888 ) Cash repayments/receipts — (15,000 ) Transfers out of Level III — — Ending balance, December 31, 2017 $ 28,531 $ — ________________________ (1) - Unrealized gains included in Other comprehensive income ("OCI") are attributable to assets held at December 31, 2017 . 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 June 30, 2018 and December 31, 2017 (dollars in thousands): Level Carrying Amount Fair Value June 30, 2018 Commercial mortgage loans, held-for-investment (1) Asset III $ 1,911,555 $ 1,895,339 Collateralized loan obligation Liability II 1,172,974 1,189,386 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 ________________________ 1 The carrying value is gross of $3.9 million and $1.5 million of allowance for loan losses as of June 30, 2018 and December 31, 2017 , 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

Derivative Instruments	6 Months Ended
	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives Instruments	Derivative Instruments The Company uses derivative instruments primarily to economically manage the fair value variability of fixed rate assets caused by interest rate fluctuations and overall portfolio market risk. As of June 30, 2018 , the net premiums paid on derivative instrument assets were $ 0.5 million . The following derivative instruments were outstanding as of June 30, 2018 and December 31, 2017 (dollars in thousands): Fair Value Contract type Notional Assets (1) Liabilities (1) As of June 30, 2018 Credit default swaps $ 35,000 $ 327 $ — Interest rate swaps 83,000 333 42 Treasury note futures 33,443 — 210 Total $ 151,443 $ 660 $ 252 As of December 31, 2017 Credit default swaps $ 30,000 $ 32 $ 357 Treasury note futures 43,906 100 — Total $ 73,906 $ 132 $ 357 _______________________ (1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets. 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 the three and six months ended June 30, 2018 . The Company did not have any net realized and unrealized gain or loss on derivatives during the three and six months ended June 30, 2017 (dollars in thousands). Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Unrealized Gain/(Loss) Realized Gain/(Loss) Total Unrealized Gain/(Loss) Realized Gain/(Loss) Total Contract type Credit default swaps $ (166 ) $ 104 $ (62 ) $ 210 $ 93 $ 303 Interest rate swaps 277 270 547 (10 ) 514 504 Treasury note futures (24 ) (103 ) (127 ) (310 ) 910 600 Total $ 87 $ 271 $ 358 $ (110 ) $ 1,517 $ 1,407

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	6 Months Ended
	Jun. 30, 2018
Offsetting [Abstract]
Offsetting Assets and Liabilities	Offsetting Assets and Liabilities The Company's consolidated balance sheets use a gross presentation of derivative instruments, repurchase agreements and collateral pledged. The table below provides a gross presentation, the effects of offsetting and a net presentation of the Company's derivative instruments and repurchase agreements within the scope of ASC 210-20, Balance Sheet—Offsetting , as of June 30, 2018 and December 31, 2017 (dollars in thousands): Gross Amounts Not Offset on the Balance Sheet Assets 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 June 30, 2018 Derivative instruments, at fair value $ 660 $ — $ 660 $ — $ — $ 660 December 31, 2017 Derivative instruments, at fair value $ 132 $ — $ 132 $ — $ — $ 132 Gross Amounts Not Offset on the Balance Sheet Liabilities 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 June 30, 2018 Repurchase agreements, commercial mortgage loans $ 304,975 $ — $ 304,975 $ 409,790 $ 5,010 $ — Repurchase agreements - real estate securities 10,600 — 10,600 13,250 — — Derivative instruments, at fair value 252 — 252 — 4,497 — 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 — ________________________ ( 1) Includes $56.0 million of Tranche C of Company issued CLO held by the Company, which el iminates within the real estate securities, at fair value line of the consolidated balance sheets as of December 31, 2017 . (2) These cash collateral amounts are recorded within the Restricted cash balance on the consolidated balance sheets.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company conducts its business through the following reporting segments: • The real estate debt business focuses on originating, acquiring and asset managing commercial real estate debt investments, including first mortgage loans, subordinate mortgages, mezzanine loans and participations in such loans. • The real estate securities business focuses on investing in and asset managing commercial real estate securities primarily consisting of CMBS and may include unsecured REIT debt, CDO notes and other securities. • The 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 following table represents the Company's operations by segment for the three and six months ended June 30, 2018 and 2017 (dollars in thousands): Three Months Ended June 30, 2018 Total Real Estate Debt Real Estate Securities TRS Interest income $ 34,127 $ 31,512 $ 47 $ 2,568 Interest expense 14,389 13,358 25 1,006 Net income (loss) 12,102 9,741 22 2,339 Total assets as of June 30, 2018 2,147,673 2,012,814 26,792 108,067 Three Months Ended June 30, 2017 Interest income 20,843 20,432 411 — Interest expense 7,717 7,307 410 — Net income 6,281 6,090 191 — Total assets as of December 31, 2017 1,583,661 1,517,021 389 66,251 Six Months Ended June 30, 2018 Total Real Estate Debt Real Estate Securities TRS Interest income $ 63,535 $ 60,027 $ 47 $ 3,461 Interest expense 33,063 31,119 186 1,758 Net income (loss) 17,398 13,722 (139 ) 3,815 Total assets as of June 30, 2018 2,147,673 2,012,814 26,792 108,067 Six Months Ended June 30, 2017 Interest income 39,722 38,640 1,082 — Interest expense 13,145 12,300 845 — Net income 12,330 12,039 291 — Total assets as of December 31, 2017 1,583,661 1,517,021 389 66,251 For the purposes of the table above, any expenses not associated with a specific segment have been allocated to the business segments using a percentage derived by using the sum of commercial mortgage loans, net and real estate securities, at fair value as the denominator and commercial mortgage loans, net and real estate securities, at fair value as the numerators.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined that there have not been any events that have occurred that would require adjustments to disclosures in the consolidated financial statements except for the following transactions: On July 13, 2018 , in accordance with the Common Stock Purchase Agreements and the Preferred Stock Purchase Agreements, the Company had its second closing and issued 1,669,074 shares of Common Stock for an aggregate purchase amount of $27.4 million , and issued 4,498 shares of Preferred Stock for an aggregate purchase amount of $22.6 million .

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Accounting	The accompanying consolidated financial statements and related footnotes are unaudited and have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. Accordingly, the consolidated financial statements may not include all of the information and notes required by GAAP for annual consolidated financial statements. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. In the opinion of management, the interim data includes all adjustments, of a normal and recurring nature, necessary for a fair statement of the results for the periods presented. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the entire year or any subsequent interim periods. Certain prior-period amounts have been reclassified to conform to 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 Acquisition fees and acquisition expenses paid to the Company's Advisor in connection with the origination and acquisition of commercial mortgage loan investments and acquisition of real estate securities are evaluated based on the nature of the expense to determine if they should be expensed in the period incurred or capitalized and amortized over the life of the investment. The Company capitalizes certain direct costs relating to loan origination and acquisition activities and real estate securities acquisitions. Such costs are amortized over the life of the investment. Until September, 2017 the Company incurred both acquisition fees and acquisition expenses payable to the Advisor. Since September 2017 , pursuant to the terms of the Advisory Agreement, the Advisor is no longer entitled to acquisition fees but continues to be entitled to reimbursement for acquisition expenses.
Commercial Mortgage Loans and Allowance for Loan Losses	Commercial Mortgage Loans Held-for-Investment - Commercial mortgage loans that are held for investment purposes and are anticipated to be held until maturity, are carried at cost, net of unamortized acquisition expenses, discounts or premiums. 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. During the six months ended June 30, 2018 , the Company originated a $3.7 million commercial mortgage loan held-for-sale and sold it during the period for net proceeds of approximately $3.7 million . 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 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 June 30, 2018 , the fair value amount and the contractual principal outstanding of commercial mortgage loans accounted for under the fair value option was $ 102.3 million and $101.6 million , respectively. 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 are greater than ninety days past due. For the three and six months ended June 30, 2018 , the Company realized a gain of $ 4.0 million and $ 6.3 million , respectively, relating to the sale of commercial mortgage loans that are accounted for under the fair value option. The Company did not have any realized gain or loss relating to the sale of commercial mortgage loans that are accounted for under the fair value option for the three and six months ended June 30, 2017 . 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 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. Any interest received for loans in non-performing status will be applied as a reduction to the unpaid principal balance. A loan will be written off when it is no longer realizable and legally discharged.
Income Taxes	Income Taxes The Company has conducted its operations to qualify as a REIT for U.S. federal income tax purposes commencing 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 taxable year, it will not be subject to U.S. federal income tax on the REIT taxable income that it distributes. The Company did not have any undistributed REIT taxable income for the period ended June 30, 2018 and therefore, has not provided for REIT U.S. federal income tax expense. However, even if the Company qualifies for taxation as a REIT, the Company and its subsidiaries may be subject to a variety of taxes, including payroll taxes and certain state and local income, property, excise and franchise taxes. The Company could also be subject to U.S. federal income tax in certain circumstances. The Company owns a subsidiary that has elected to be treated as a TRS for U.S. federal, state and local income taxes, where applicable, as a C-corporation. TRSs can participate in certain activities from which REITs are generally precluded, as long as these activities meet specific criteria and are conducted within the parameters of certain limitations established by the Internal Revenue Code ("the Code"). For U.S. federal income tax purposes, the Company’s TRS is not consolidated with the Company, but instead taxed as a separate 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 $2.8 million and $4.6 million for the three and six months ended June 30, 2018 , respectively, and U.S. federal, state and local income tax expense of $0.5 million and $0.8 million for the three and six months ended June 30, 2018 . These amounts have been included on the accompanying consolidated statements of operations. The Company's TRS did not have any pre-tax income or tax expense for the three and six months ended June 30, 2017 , respectively. The Company’s tax returns are subject to audit by taxing authorities. Generally, as of June 30, 2018 , 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. 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 ended 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. Pursuant to this legislation, as of January 1, 2018, the U.S. federal income tax rate applicable to corporations is reduced to 21%, and the corporate alternative minimum tax is repealed. In addition, through taxable years ending in 2025, the highest marginal income tax rate applicable to individuals, estates and trusts is reduced to 37% and those taxpayers 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% (excluding the 3.8% net investment income tax). The reduced corporate tax rate applies 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. The amounts recorded in the consolidated statement of operations are 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. Commencing in taxable years beginning after December 31, 2017, Section 163(j) of the Code, as amended by TCJA, limits the deductibility of net interest expense paid or accrued on debt properly allocable to a trade or business to 30% of “adjusted taxable income,” ("ATI") subject to certain exceptions. The Company does not expect to be subject to this limitation because it does not expect to have interest expense in excess of the sum of its interest income and 30% of its ATI. However, the limitation could cause the Company’s TRS or any other TRS it forms to have greater taxable income and thus potentially greater corporate tax liability.
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 interest rate swaps, 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 within the Restricted cash line of the 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 applicable to common stock 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 or upon conversion of the outstanding shares of the Company's redeemable convertible preferred stock, 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 consist of CMBS and may include unsecured REIT debt, CDO notes and other securities. • The real estate conduit operated business through the Company's TRS, which is focused on originating and subsequently selling fixed-rate commercial real estate loans into the CMBS securitization market at a profit. See Note 13 - Segment Reporting for further information regarding the Company's segments.
Convertible Redeemable Preferred Stock	Redeemable Convertible Preferred Stock The Company’s redeemable convertible preferred stock Series A (the “Preferred Stock”) is classified outside of permanent equity in the consolidated balance sheets. This classification is applicable because, subject to certain conditions, the Preferred Stock is redeemable at the option of the holder of Preferred Stock, outside of the control of the Company. As described in more detail below, the Preferred Stock is redeemable for shares of the Company's common stock, $0.01 par value per share (the "Common Stock") at the option of the shareholder upon a change of control (as defined below) or after the sixth anniversary of the date of issuance. A change in control of the Company outside of the Company’s control is possible if any person acquires more than 50% of the total economic interests or voting power of all securities of the Company, other than in a liquidity event. As set forth in the Articles Supplementary (the “Articles Supplementary”) to the Company’s Articles of Amendment and Restatement, shares of Preferred Stock rank senior to shares of Common Stock with respect to rights to receive dividends and to participate in distributions or payments upon any voluntary or involuntary liquidation, dissolution or winding up of the Company. Dividends payable on each share of Preferred Stock will be equal to the greater of (i) an amount equal to $16.67 per share and (ii) the monthly dividend that would have been paid had such share of Preferred Stock been converted to a share of Common Stock, subject to proration in the event that such share of Preferred Stock was not outstanding for the full month. Immediately prior to a “Liquidity Event”, each outstanding share of Preferred Stock shall convert (the “Mandatory Conversion”) into 299.2 shares of Common Stock, subject to anti-dilution adjustments (the “Conversion Rate”). A “Liquidity Event” is defined as (i) the listing of the Common Stock on a national securities exchange or quotation on an electronic inter-dealer quotation system; (ii) a merger or business combination involving the Company pursuant to which outstanding shares Common Stock are exchanged for securities of another company which are listed on a national securities exchange or quoted on an electronic inter-dealer quotation system; or (iii) any other transaction or series of transaction that results in all shares of Common Stock being transferred or exchange for cash or securities which are listed on a national securities exchange or quoted on an electronic inter-dealer quotation system. If there has not been a Liquidity Event within six years from the initial issuance of the Preferred Stock, each holder of Preferred Stock shall have the right to convert all, but not less than all, of the Preferred Stock held by such holder into Common Stock at the Conversion Rate. Each holder also has the option to convert its shares of Preferred Stock into Common Stock upon a change in control (as defined in the Articles Supplementary) of the Company. In addition, neither the Company nor a holder of shares of Preferred Stock may redeem shares of the Preferred Stock until six years from the initial issuance of the Preferred Stock, except in cases of a change in control (as defined in the Articles Supplementary). Holders of the Preferred Stock are entitled to vote on each matter submitted to a vote of the stockholders of the Company upon which the holders of Common Stock are entitled to vote, upon which the holders of the Preferred Stock and holders of the Common Stock shall vote together as a single class. The number of votes applicable to a share of Preferred Stock will be equal to the number of shares of Common Stock a share of Preferred Stock could have been converted into as of the record date set for purposes of such stockholder vote (rounded down to the nearest whole number of shares of Common Stock). In addition, the affirmative vote of the holders of two-thirds of the outstanding shares of Preferred Stock is required to approve the issuance of any equity securities senior to the Preferred Stock and to take certain actions materially adverse to the holders of the Preferred Stock. Beneficial Conversion Feature The intrinsic value of a beneficial conversion feature (“BCF”) inherent to a convertible preferred stock, which is not bifurcated and accounted for separately from convertible preferred stock and may not be settled in cash upon conversion, is treated as discount to the convertible preferred stock. This discount is amortized over the period from date of issuance to the first conversion date using the effective interest method. If the preferred stock is converted prior for any reasons, the unamortized discount is immediately recognized as a deemed dividend. In general, BCF is measured by comparing the effective conversion price to the fair value of Common Stock at the commitment date to be received upon conversion. On June 25, 2018 , the Company issued 2,255 shares of Preferred Stock for an aggregate purchase price of $11.3 million . As of June 30, 2018 , the remaining commitment pursuant to the purchase agreements for Preferred Stock is $68.1 million . The convertible feature on the Preferred Stock was offered at a discount to the $18.99 book value per share of Common Stock as of March 31, 2018 , which created a BCF. The Company recognized a BCF of $1.3 million at the date the Preferred Shares were issued within redeemable convertible preferred stock Series A in the consolidated balance sheets. This BCF will be amortized over a six year period, from June 25, 2018 to June 25, 2024 , using the effective yield method as a deemed dividend.
Recently Adopted Accounting Pronouncements and Accounting Pronouncements not yet Adopted	Recently Adopted Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” or ASU 2014-09. ASU 2014-09 broadly amends the accounting guidance for revenue recognition. ASU 2014-09 is effective for the first interim or annual period beginning after December 15, 2017, and is to be applied retrospectively. The Company adopted this guidance on January 1, 2018 and it did not have a material impact on our 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. As a result, entities will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows. The Company adopted this guidance on January 1, 2018 and applied the guidance retrospectively to our prior period consolidated statement of cash flows. Accounting Pronouncements Not Yet Adopted 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 for reporting periods beginning after December 15, 2018, 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.

Commercial Mortgage Loans (Tabl

Commercial Mortgage Loans (Tables)	6 Months Ended
	Jun. 30, 2018
Receivables [Abstract]
Summary of the company's loans receivable by class	The following table represents the composition by loan type of the Company's commercial mortgage loans, held-for-sale, measured at fair value (dollars in thousands). June 30, 2018 December 31, 2017 Loan Type Par Value Percentage Par Value Percentage Multifamily $ 15,550 15.3 % $ 28,531 100.0 % Retail 38,100 37.5 % — — % Hospitality 16,443 16.2 % — — % Office 31,460 31.0 % — — % Total $ 101,553 100.0 % $ 28,531 100.0 % The following table presents the activity in the Company's allowance for loan losses (dollars in thousands): Six Months Ended June 30, 2018 Year Ended December 31, 2017 Beginning of period $ 1,466 $ 2,181 Loan loss (recovery)/provision (1) 2,436 (715 ) Charge-offs — — Recoveries — — Ending allowance for loan losses $ 3,902 $ 1,466 (1) Includes $2.8 million loan loss provision specifically reserved on one loan in non-performing status as of June 30, 2018 . 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). June 30, 2018 December 31, 2017 Loan Type Par Value Percentage Par Value Percentage Multifamily $ 849,577 44.2 % $ 505,189 35.9 % Office 416,468 21.7 % 455,698 32.4 % Retail 255,830 13.3 % 209,598 14.9 % Hospitality 317,976 16.6 % 184,025 13.1 % Industrial 53,208 2.8 % 53,208 3.7 % Self-Storage 26,632 1.4 % — — % Total $ 1,919,691 100.0 % $ 1,407,718 100.0 % The following table is a summary of the Company's commercial mortgage loans, held-for-investment, carrying values by class (dollars in thousands): June 30, 2018 December 31, 2017 Senior loans $ 1,874,782 $ 1,368,425 Mezzanine loans 36,773 35,087 Total gross carrying value of loans $ 1,911,555 $ 1,403,512 Less: Allowance for loan losses 3,902 1,466 Total commercial mortgage loans, held for investment, net $ 1,907,653 $ 1,402,046
Allowance for losses rating policy	As part of the Company's process for monitoring the credit quality of its commercial mortgage loans, excluding those held-for-sale, measured at fair value, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its loans. The loans are scored on a scale of 1 to 5 as follows: Investment Rating Summary Description 1 Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable. 2 Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. 3 Performing investments requiring closer monitoring. Trends and risk factors show some deterioration. 4 Underperforming investment with the potential of some interest loss but still expecting a positive return on investment. Trends and risk factors are negative. 5 Underperforming investment with expected loss of interest and some principal.
Schedule of activity in Company's loan portfolio	For the six months ended June 30, 2018 and year ended December 31, 2017 , the activity in the Company's commercial mortgage loans, held-for-investment portfolio was as follows (dollars in thousands): Six Months Ended June 30, 2018 Year Ended December 31, 2017 Balance at Beginning of Year $ 1,402,046 $ 1,046,556 Acquisitions and originations 821,584 837,861 Principal repayments (309,612 ) (381,933 ) Discount accretion and premium amortization 1,916 2,554 Loans transferred to commercial real estate loans, held-for-sale — (100,005 ) Net fees capitalized into carrying value of loans (5,845 ) (3,702 ) Loan loss recovery/(provision) (2,436 ) 715 Balance at End of Period $ 1,907,653 $ 1,402,046

Real Estate Securities (Tables)

Real Estate Securities (Tables)	6 Months Ended
	Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Summary of Real Estate Securities	The following is a summary of the Company's real estate securities, CMBS (in thousands): Weighted Average Number of Investments Interest Rate Maturity Par Value Fair Value June 30, 2018 2 4.6 % December 2023 $ 26,750 $ 26,792 December 31, 2017 — — % n/a — — The following table presents information about the Company’s financial instruments carried at fair value on a recurring basis in the consolidated balance sheets by its level in the fair value hierarchy as of June 30, 2018 and December 31, 2017 (dollars in thousands): Total Level I Level II Level III June 30, 2018 Assets, at fair value Commercial mortgage loans, held-for-sale (1) $ 102,258 $ — $ — $ 102,258 Real estate securities 26,792 — — 26,792 Credit default swaps 327 — 327 — Interest rate swaps 333 — 333 — Total assets, at fair value $ 129,710 $ — $ 660 — $ 129,050 Liabilities, at fair value Interest rate swaps 42 — 42 — Treasury note futures 210 210 — — Total liabilities, at fair value $ 252 $ 210 $ 42 $ — December 31, 2017 Assets, at fair value 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 $ — ________________________ (1) Loans held in the Company's TRS, reported within Commercial mortgage loans, held-for-sale, measured at fair value on the consolidated balance sheets.
Schedule of Company's CMBS investments	The following table shows the amortized cost, unrealized gains/losses and fair value of the Company's CMBS investments as of June 30, 2018 and December 31, 2017 (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value June 30, 2018 $ 26,815 $ 17 $ (40 ) $ 26,792 December 31, 2017 — — — — 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): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Unrealized gains (losses) available-for-sale securities $ (23 ) $ (570 ) $ (23 ) $ 467 Reclassification of net (gains) losses on available-for-sale securities included in net income (loss) — 130 — 481 Unrealized gains (losses) available-for-sale securities, net of reclassification adjustment $ (23 ) $ (440 ) $ (23 ) $ 948

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Schedule of Master Repurchase Agreements	Below is a summary of the Company's MRAs as of June 30, 2018 and December 31, 2017 (dollars in thousands): Weighted Average Counterparty Amount Outstanding Accrued Interest Collateral Pledged Interest Rate Days to Maturity As of June 30, 2018 JP Morgan Securities LLC $ 10,600 $ 26 $ 13,250 3.36 % 3 Total $ 10,600 $ 26 $ 13,250 3.36 % 3 Weighted Average 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 _______________________ * Includes $56.0 million Tranche C of RFT 2015-FL1 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 . The details of the Company's Repo Facilities and the Barclays Facility at June 30, 2018 and December 31, 2017 are as follows (dollars in thousands): As of June 30, 2018 Ending Weighted Average Interest Rate Term Maturity Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) JPM Repo Facility (2) $ 520,000 $ 112,283 $ 4,291 4.13 % 1/30/2020 GS Repo Facility (3) 250,000 — 257 n/a 12/27/2018 USB Repo Facility (4) 100,000 14,651 160 3.85 % 6/15/2020 CS Repo Facility (5) 250,000 121,041 2,379 4.39 % 6/19/2019 Barclays Facility (6) 75,000 57,000 681 6.82 % 9/19/2019 Total $ 1,195,000 $ 304,975 $ 7,768 __________________________ (1) For the six months ended June 30, 2018. Includes amortization of deferred financing costs. (2) On January 30, 2018 the committed financing amount was upsized from $300 million to $520 million and the maturity date was amended to January 30, 2020 . 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) On June 20, 2018, the Company exercised the extension option upon the satisfaction of certain conditions, and extended the term maturity to June 19, 2019. (6) Includes a one -year extension at the Company's option. As of December 31, 2017 Ending Weighted Average Interest Rate Term Maturity Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) JPM Repo Facility (2) $ 300,000 $ 42,042 $ 5,500 3.48 % 6/12/2019 GS Repo Facility (3) 250,000 13,500 2,200 3.74 % 12/27/2018 USB Repo Facility (4) 100,000 — 20 N/A 6/15/2020 CS Repo Facility (5) 250,000 10,148 — N/A 8/30/2018 Barclays Facility (6) 75,000 — — N/A 9/19/2019 Total $ 975,000 $ 65,690 $ 7,720 _______________________ (1) For the six months ended June 30, 2017. 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 a one -year extension at the Company's option.
Schedule of Long-term Debt Instruments	The following table represents the terms of the notes issued by BSPRT 2017-FL1 Issuer, BSPRT 2017-FL2 Issuer and BSPRT 2018-FL3, respectively (dollars in thousands): CLO Facility As of June 30, 2018 Par Value Issued Par Value Outstanding (1) Interest Rate Maturity Date 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 2018-FL3 Issuer Tranche A 286,700 286,700 1M LIBOR + 105 3/15/2028 2018-FL3 Issuer Tranche A-S 77,775 77,775 1M LIBOR + 135 3/15/2028 2018-FL3 Issuer Tranche B 41,175 41,175 1M LIBOR + 165 3/15/2028 2018-FL3 Issuer Tranche C 39,650 39,650 1M LIBOR + 255 3/15/2028 2018-FL3 Issuer Tranche D 42,700 42,700 1M LIBOR + 345 3/15/2028 $ 1,188,862 $ 1,188,862 CLO Facility As of December 31, 2017 Par Value Issued Par Value Outstanding (1) (2) (3) 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 ________________________ (1) Excludes $16.0 million of Tranche E notes and $14.9 million of Tranche F notes issued by BSPRT 2017-FL2 Issuer, held by the Company, which are eliminated within the collateralized loan obligation line of the consolidated balance sheets as of June 30, 2018 and December 31, 2017 . (2) Excludes $56.0 million of Tranche C notes issued by RFT 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 . (3) Excludes $ 36.6 million of Tranche E notes and $21.4 million of Tranche F notes issued by BSPRT 2018-FL3 Issuer, held by the Company, which are eliminated within the collateralized loan obligation line of the consolidated balance sheets as of June 30, 2018 .
Schedule of Variable Interest Entities	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 June 30, 2018 and December 31, 2017 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) June 30, 2018 December 31, 2017 Cash (1) $ 48,474 $ 49,017 Commercial mortgage loans, held for investment, net of allowance (2) 1,415,268 1,033,427 Accrued interest receivable 4,323 4,212 Total assets $ 1,468,065 $ 1,086,656 Liabilities Notes payable (3)(4) $ 1,374,299 $ 912,800 Interest payable 1,929 1,462 Total liabilities $ 1,376,228 $ 914,262 ________________________ (1) Includes $48.2 million and $48.7 million of cash held by the servicer related to CLO loan payoffs as of June 30, 2018 and December 31, 2017 . (2) The balance is presented net of allowance for loan loss of $0.9 million and $1.3 million as of June 30, 2018 and December 31, 2017 , respectively. (3) 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 June 30, 2018 and December 31, 2017 ; $36.6 million of Tranche E notes and $21.4 million of Tranche F notes issued by 2018-FL3 Issuer held by the Company as of June 30, 2018 . The notes held by the Company are eliminated within the Collateral loan obligations line of the consolidated balance sheets. Includes $55.8 million of Tranche C of Company issued CLO held by the Company as of December 31, 2017 . (4) The balance is presented net of deferred financing cost and discount of $ 15.9 million and $16.9 million as of June 30, 2018 and December 31, 2017 , respectively.

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Summary of the Basic and Diluted Earnings Per Share	The following table is a summary of the basic and diluted net income per share computation for the three and six months ended June 30, 2018 and 2017 (dollars in thousands, except share amounts): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Net income $ 12,102 $ 6,281 $ 17,398 $ 12,330 Less: Preferred Stock Dividends (16 ) — (16 ) — Net income applicable to common stock $ 12,086 $ 6,281 $ 17,382 $ 12,330 Basic weighted-average shares outstanding 31,762,199 31,850,897 31,717,328 31,796,504 Unvested restricted shares 14,314 9,547 14,314 9,666 Conversion of redeemable convertible preferred stock 44,014 — 22,249 — Diluted weighted average shares outstanding 31,820,527 31,860,444 31,753,891 31,806,170 Basic net income per share 0.38 0.20 0.55 0.39 Diluted net income per share 0.38 0.20 0.55 0.39

Stock Transactions (Tables)

Stock Transactions (Tables)	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Schedule of Share Repurchases	The following table reflects the number of shares repurchased under the SRP cumulatively through June 30, 2018 : Number of Requests Number of Shares Repurchased Average Price per Share Cumulative as of December 31, 2017 2,125 1,991,391 $ 21.36 January 1 - January 31, 2018 (1) 889 421,809 18.56 February 1 - February 28, 2018 — — — March 1 - March 31, 2018 — — — April 1 - April 30, 2018 — — — May 1 - May 31, 2018 — — — June 1 - June 30, 2018 — — — Cumulative as of June 30, 2018 3,014 2,413,200 $ 20.88 ________________________ (1) Reflects shares repurchased in January 2018 pursuant to repurchase requests submitted for the fiscal semester ended December 31, 2017. As permitted under the SRP, the Board authorized repurchases up to the amount of proceeds reinvested through our DRIP. As a result, redemption requests in the amount of 185,689 shares were not fulfilled.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Unfunded Commitments Under Commercial Mortgage Loans	As of June 30, 2018 and December 31, 2017 , the Company had the below unfunded commitments to the Company's borrowers (dollars in thousands): Funding Expiration June 30, 2018 December 31, 2017 2018 $ 16,827 $ 36,475 2019 34,687 26,465 2020 82,515 20,598 2021 110,488 — Total $ 244,517 $ 83,538

Related Party Transactions an29

Related Party Transactions and Arrangements (Tables)	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Schedule of Selling Commissions and Dealer Manager Fees Payable	The table below shows the compensation and reimbursement payable to the Former Advisor, its affiliates, entities under common control with the Former Advisor and the Former Dealer Manager for services relating to the Company's public offering as of June 30, 2018 and December 31, 2017 (dollars in thousands): Payable as of June 30, 2018 December 31, 2017 Total commissions and fees incurred from the Former Dealer Manager $ — $ — Total compensation and reimbursement for services provided by the Former Advisor, its affiliates, entities under common control with the Former Advisor and the Former Dealer Manager 480 480
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 its affiliates during the three and six months ended June 30, 2018 and June 30, 2017 , and the associated payable as of June 30, 2018 and December 31, 2017 (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, Payable as of 2018 2017 2018 2017 June 30, 2018 December 31, 2017 Acquisition fees and expenses (1) $ 51 $ 1,966 $ 116 $ 2,490 $ 749 $ — Administrative services expenses 3,125 950 6,321 1,805 2,001 3,480 Asset management and subordinated performance fee 2,266 2,341 4,507 4,653 757 2,315 Other related party expenses (2) 271 48 470 96 538 146 Total $ 5,713 $ 5,305 $ 11,414 $ 9,044 $ 4,045 $ 5,941 ________________________ (1) Total acquisition fees and expenses paid during the three months and six months ended June 30, 2018 were $1.9 million and $4.2 million , respectively, of which $1.8 million and $4.1 million were capitalized within the commercial mortgage loans, held for investment line of the Company's consolidated balance sheet. For the three and six months ended June 30, 2017 total acquisition fees and expenses paid during were $4.5 million and $6.0 million , respectively, of which $2.7 million and $3.5 million were capitalized. (2) Included in other expenses in the Company's consolidated statement of operations.

Fair Value of Financial Instr30

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Financial Instruments Carried at Fair Value on a Recurring Basis	The following is a summary of the Company's real estate securities, CMBS (in thousands): Weighted Average Number of Investments Interest Rate Maturity Par Value Fair Value June 30, 2018 2 4.6 % December 2023 $ 26,750 $ 26,792 December 31, 2017 — — % n/a — — The following table presents information about the Company’s financial instruments carried at fair value on a recurring basis in the consolidated balance sheets by its level in the fair value hierarchy as of June 30, 2018 and December 31, 2017 (dollars in thousands): Total Level I Level II Level III June 30, 2018 Assets, at fair value Commercial mortgage loans, held-for-sale (1) $ 102,258 $ — $ — $ 102,258 Real estate securities 26,792 — — 26,792 Credit default swaps 327 — 327 — Interest rate swaps 333 — 333 — Total assets, at fair value $ 129,710 $ — $ 660 — $ 129,050 Liabilities, at fair value Interest rate swaps 42 — 42 — Treasury note futures 210 210 — — Total liabilities, at fair value $ 252 $ 210 $ 42 $ — December 31, 2017 Assets, at fair value 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 $ — ________________________ (1) Loans held in the Company's TRS, reported within Commercial mortgage loans, held-for-sale, measured at fair value on the consolidated balance sheets.
Valuation Method of Company's Level 3 Financial Instruments	The following table summarizes the valuation method and significant unobservable inputs used for the Company’s financial instruments that are categorized within Level III of the fair value hierarchy as of June 30, 2018 and December 31, 2017 (dollars in thousands). Asset Category Fair Value Valuation Methodologies Unobservable Inputs (1) Weighted Average (2) Range June 30, 2018 Commercial mortgage loans, held-for-sale, measured at fair value $102,258 Discounted Cash Flow Yield 5.26% 4.2% - 6.2% Real estate securities, available-for-sale, at fair value 26,792 Broker Quotes Yield 4.58% 4.1% - 5.1% 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% (1) In determining certain of these inputs, the Company evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company specific developments including exit strategies and realization opportunities. The Company has determined that market participants would take these inputs into account when valuing the investments. (2) Inputs were weighted based on the fair value of the investments included in the range.
Investments Measured at Fair Value on a Recurring Basis	The following table presents additional information about the Company’s financial instruments which are measured at fair value on a recurring basis as of June 30, 2018 and December 31, 2017 for which the Company has used Level III inputs to determine fair value (dollars in thousands): June 30, 2018 Commercial Mortgage Loans, held-for-sale, measured at fair value Real Estate Securities Beginning balance, January 1, 2018 $ 28,531 $ — Transfers into Level III — — Realized gain on sale of commercial mortgage loan held-for-sale 6,346 — Unrealized gains (losses) 705 (23 ) Purchases 313,691 26,815 Sales / paydowns (247,015 ) — Transfers out of Level III — — Ending balance, June 30, 2018 $ 102,258 $ 26,792 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 — — 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 (losses) included in OCI (1) — 500 Purchases 156,101 — Sales (132,093 ) (34,888 ) Cash repayments/receipts — (15,000 ) Transfers out of Level III — — Ending balance, December 31, 2017 $ 28,531 $ — ________________________ (1) - Unrealized gains included in Other comprehensive income ("OCI") are attributable to assets held at December 31, 2017 .
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 June 30, 2018 and December 31, 2017 (dollars in thousands): Level Carrying Amount Fair Value June 30, 2018 Commercial mortgage loans, held-for-investment (1) Asset III $ 1,911,555 $ 1,895,339 Collateralized loan obligation Liability II 1,172,974 1,189,386 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 ________________________ 1 The carrying value is gross of $3.9 million and $1.5 million of allowance for loan losses as of June 30, 2018 and December 31, 2017 , respectively.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Liabilities at Fair Value	The following derivative instruments were outstanding as of June 30, 2018 and December 31, 2017 (dollars in thousands): Fair Value Contract type Notional Assets (1) Liabilities (1) As of June 30, 2018 Credit default swaps $ 35,000 $ 327 $ — Interest rate swaps 83,000 333 42 Treasury note futures 33,443 — 210 Total $ 151,443 $ 660 $ 252 As of December 31, 2017 Credit default swaps $ 30,000 $ 32 $ 357 Treasury note futures 43,906 100 — Total $ 73,906 $ 132 $ 357 _______________________ (1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets.
Schedule of Derivative Assets at Fair Value	The following derivative instruments were outstanding as of June 30, 2018 and December 31, 2017 (dollars in thousands): Fair Value Contract type Notional Assets (1) Liabilities (1) As of June 30, 2018 Credit default swaps $ 35,000 $ 327 $ — Interest rate swaps 83,000 333 42 Treasury note futures 33,443 — 210 Total $ 151,443 $ 660 $ 252 As of December 31, 2017 Credit default swaps $ 30,000 $ 32 $ 357 Treasury note futures 43,906 100 — Total $ 73,906 $ 132 $ 357 _______________________ (1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets.
Net Realized and Unrealized Losses on Derivatives	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 the three and six months ended June 30, 2018 . The Company did not have any net realized and unrealized gain or loss on derivatives during the three and six months ended June 30, 2017 (dollars in thousands). Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Unrealized Gain/(Loss) Realized Gain/(Loss) Total Unrealized Gain/(Loss) Realized Gain/(Loss) Total Contract type Credit default swaps $ (166 ) $ 104 $ (62 ) $ 210 $ 93 $ 303 Interest rate swaps 277 270 547 (10 ) 514 504 Treasury note futures (24 ) (103 ) (127 ) (310 ) 910 600 Total $ 87 $ 271 $ 358 $ (110 ) $ 1,517 $ 1,407

Offsetting Assets and Liabili32

Offsetting Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2018
Offsetting [Abstract]
Offsetting Liabilities	The table below provides a gross presentation, the effects of offsetting and a net presentation of the Company's derivative instruments and repurchase agreements within the scope of ASC 210-20, Balance Sheet—Offsetting , as of June 30, 2018 and December 31, 2017 (dollars in thousands): Gross Amounts Not Offset on the Balance Sheet Assets 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 June 30, 2018 Derivative instruments, at fair value $ 660 $ — $ 660 $ — $ — $ 660 December 31, 2017 Derivative instruments, at fair value $ 132 $ — $ 132 $ — $ — $ 132 Gross Amounts Not Offset on the Balance Sheet Liabilities 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 June 30, 2018 Repurchase agreements, commercial mortgage loans $ 304,975 $ — $ 304,975 $ 409,790 $ 5,010 $ — Repurchase agreements - real estate securities 10,600 — 10,600 13,250 — — Derivative instruments, at fair value 252 — 252 — 4,497 — 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 — ________________________ ( 1) Includes $56.0 million of Tranche C of Company issued CLO held by the Company, which el iminates within the real estate securities, at fair value line of the consolidated balance sheets as of December 31, 2017 . (2) These cash collateral amounts are recorded within the Restricted cash balance on the consolidated balance sheets.
Offsetting Assets	The table below provides a gross presentation, the effects of offsetting and a net presentation of the Company's derivative instruments and repurchase agreements within the scope of ASC 210-20, Balance Sheet—Offsetting , as of June 30, 2018 and December 31, 2017 (dollars in thousands): Gross Amounts Not Offset on the Balance Sheet Assets 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 June 30, 2018 Derivative instruments, at fair value $ 660 $ — $ 660 $ — $ — $ 660 December 31, 2017 Derivative instruments, at fair value $ 132 $ — $ 132 $ — $ — $ 132 Gross Amounts Not Offset on the Balance Sheet Liabilities 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 June 30, 2018 Repurchase agreements, commercial mortgage loans $ 304,975 $ — $ 304,975 $ 409,790 $ 5,010 $ — Repurchase agreements - real estate securities 10,600 — 10,600 13,250 — — Derivative instruments, at fair value 252 — 252 — 4,497 — 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 — ________________________ ( 1) Includes $56.0 million of Tranche C of Company issued CLO held by the Company, which el iminates within the real estate securities, at fair value line of the consolidated balance sheets as of December 31, 2017 . (2) These cash collateral amounts are recorded within the Restricted cash balance on the consolidated balance sheets.

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table represents the Company's operations by segment for the three and six months ended June 30, 2018 and 2017 (dollars in thousands): Three Months Ended June 30, 2018 Total Real Estate Debt Real Estate Securities TRS Interest income $ 34,127 $ 31,512 $ 47 $ 2,568 Interest expense 14,389 13,358 25 1,006 Net income (loss) 12,102 9,741 22 2,339 Total assets as of June 30, 2018 2,147,673 2,012,814 26,792 108,067 Three Months Ended June 30, 2017 Interest income 20,843 20,432 411 — Interest expense 7,717 7,307 410 — Net income 6,281 6,090 191 — Total assets as of December 31, 2017 1,583,661 1,517,021 389 66,251 Six Months Ended June 30, 2018 Total Real Estate Debt Real Estate Securities TRS Interest income $ 63,535 $ 60,027 $ 47 $ 3,461 Interest expense 33,063 31,119 186 1,758 Net income (loss) 17,398 13,722 (139 ) 3,815 Total assets as of June 30, 2018 2,147,673 2,012,814 26,792 108,067 Six Months Ended June 30, 2017 Interest income 39,722 38,640 1,082 — Interest expense 13,145 12,300 845 — Net income 12,330 12,039 291 — Total assets as of December 31, 2017 1,583,661 1,517,021 389 66,251

Summary of Significant Accoun34

Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, $ in Thousands	Jun. 25, 2018USD ($)shares	Jun. 30, 2018USD ($)$ / shares	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)segment$ / shares	Jun. 30, 2017USD ($)	Jun. 01, 2018$ / sharesshares	May 31, 2018$ / shares	Apr. 05, 2018$ / shares	Mar. 31, 2018$ / shares	Dec. 31, 2017USD ($)$ / shares
Related Party Transaction [Line Items]
Proceeds from sale of commercial mortgage loans				$ 0	$ 67,586
Realized gain on commercial mortgage loans accounted for under fair value option		$ 4,042	$ 0	$ 6,346	0
Minimum distribution percentage to qualify for REIT taxation status				90.00%
Pre-tax income recognized by TRS		12,594	6,281	$ 18,153	12,330
Income tax expense recognized by TRS		$ 492	$ 0	$ 755	0
Number of reportable segments | segment				3
Preferred stock, par value per share (in dollars per share) | $ / shares		$ 0.01		$ 0.01				$ 0.001		$ 0.01
Proceeds from issuances of redeemable convertible preferred stock				$ 11,277	$ 0
DRIP offer price (in usd per share) | $ / shares		$ 18.99		$ 18.99			$ 19.02		$ 18.99
TRS
Related Party Transaction [Line Items]
Pre-tax income recognized by TRS		$ 2,800		$ 4,600
Domestic Tax Authority
Related Party Transaction [Line Items]
Income tax expense recognized by TRS		500		800
Fair Value
Related Party Transaction [Line Items]
Principal amount outstanding of commercial mortgage loans, fair value		102,300		102,300						$ 28,500
Carrying Amount
Related Party Transaction [Line Items]
Principal amount outstanding of commercial mortgage loans, fair value		$ 101,600		$ 101,600						$ 28,500
Redeemable Convertible Preferred Stock Series A
Related Party Transaction [Line Items]
Preferred stock, par value per share (in dollars per share) | $ / shares		$ 0.01		$ 0.01						$ 0.01
Redeemable Convertible Preferred Stock Series A | Redeemable Convertible Preferred Stock Purchase Agreements
Related Party Transaction [Line Items]
Preferred stock, par value per share (in dollars per share) | $ / shares						$ 0.01
Dividend payable based on share price (in usd per share) | $ / shares						$ 16.67
Preferred stock conversion basis (in shares) | shares						299.2
Liquidity event period	6 years
Number of shares issued | shares	2,255
Proceeds from issuances of redeemable convertible preferred stock	$ 11,300
Remaining committed amount		$ 68,100		$ 68,100
Amount of preferred stock beneficial conversion feature	$ 1,300
Amortization period of beneficial conversion feature	6 years
Commercial Mortgage Loans - Held for Sale
Related Party Transaction [Line Items]
Origination and purchase of commercial mortgage loans, held for sale				3,700
Proceeds from sale of commercial mortgage loans				$ 3,700

Commercial Mortgage Loans - Car

Commercial Mortgage Loans - Carrying Value of Commercial Mortgage Loans Held for Investment (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Receivables [Abstract]
Senior loans	$ 1,874,782	$ 1,368,425
Mezzanine loans	36,773	35,087
Total gross carrying value of loans	1,911,555	1,403,512
Less: Allowance for loan losses	3,902	1,466	$ 2,181
Total commercial mortgage loans, held for investment, net	$ 1,907,653	$ 1,402,046

Commercial Mortgage Loans - All

Commercial Mortgage Loans - Allowance for Loan Losses (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)loan	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)loan
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance			$ 1,466	$ 2,181	$ 2,181
Loan loss (recovery)/provision	$ 2,354	$ (193)	2,436	$ 419	(715)
Charge-offs			0		0
Recoveries			0		0
Ending balance	3,902		$ 3,902		$ 1,466
Repurchase agreements, commercial mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded (loan) | loan			94		69
Non-accrual loans | Repurchase agreements, commercial mortgage loans
Allowance for Loan and Lease Losses [Roll Forward]
Loan loss (recovery)/provision	$ 2,800		$ 2,800
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded (loan) | loan			1		0

Commercial Mortgage Loans - Nar

Commercial Mortgage Loans - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)ratingloan	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)ratingloan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Initial risk rating of loans | rating			2
Weighted average risk rating of loans | rating			2.2		2.2
Principal balance of the loan	$ 1,911,555		$ 1,911,555		$ 1,403,512
Loan loss (recovery)/provision	2,354	$ (193)	$ 2,436	$ 419	$ (715)
Repurchase agreements, commercial mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded (loan) | loan			94		69
Principal balance of the loan	1,919,691		$ 1,919,691		$ 1,407,718
Commercial Mortgage Loans - Held for Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded (loan) | loan			10		3
Principal balance of the loan	101,553		$ 101,553		$ 28,531
Non-accrual loans | Repurchase agreements, commercial mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded (loan) | loan			1		0
Proceeds from interest received	300
Principal balance of the loan	16,800		$ 16,800
Fair value of the loan	13,700		13,700
Loan loss (recovery)/provision	$ 2,800		$ 2,800

Commercial Mortgage Loans - Com

Commercial Mortgage Loans - Commercial Mortgage Loan Portfolio (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 1,911,555	$ 1,403,512
Repurchase agreements, commercial mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 1,919,691	$ 1,407,718
Loan type as a percent of total loans, percent	100.00%	100.00%
Repurchase agreements, commercial mortgage loans | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 849,577	$ 505,189
Loan type as a percent of total loans, percent	44.20%	35.90%
Repurchase agreements, commercial mortgage loans | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 416,468	$ 455,698
Loan type as a percent of total loans, percent	21.70%	32.40%
Repurchase agreements, commercial mortgage loans | Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 255,830	$ 209,598
Loan type as a percent of total loans, percent	13.30%	14.90%
Repurchase agreements, commercial mortgage loans | Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 317,976	$ 184,025
Loan type as a percent of total loans, percent	16.60%	13.10%
Repurchase agreements, commercial mortgage loans | Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 53,208	$ 53,208
Loan type as a percent of total loans, percent	2.80%	3.70%
Repurchase agreements, commercial mortgage loans | Self-Storage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 26,632	$ 0
Loan type as a percent of total loans, percent	1.40%	0.00%
Commercial Mortgage Loans - Held for Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 101,553	$ 28,531
Loan type as a percent of total loans, percent	100.00%	100.00%
Commercial Mortgage Loans - Held for Sale | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 15,550	$ 28,531
Loan type as a percent of total loans, percent	15.30%	100.00%
Commercial Mortgage Loans - Held for Sale | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 31,460	$ 0
Loan type as a percent of total loans, percent	31.00%	0.00%
Commercial Mortgage Loans - Held for Sale | Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 38,100	$ 0
Loan type as a percent of total loans, percent	37.50%	0.00%
Commercial Mortgage Loans - Held for Sale | Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 16,443	$ 0
Loan type as a percent of total loans, percent	16.20%	0.00%

Commercial Mortgage Loans - Loa

Commercial Mortgage Loans - Loan Portfolio Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at Beginning of Year			$ 1,402,046	$ 1,046,556	$ 1,046,556
Acquisitions and originations			821,584		837,861
Principal repayments			(309,612)		(381,933)
Discount accretion and premium amortization			1,916		2,554
Loans transferred to commercial real estate loans, held-for-sale			0		(100,005)
Net fees capitalized into carrying value of loans			(5,845)		(3,702)
Loan loss recovery/(provision)	$ (2,354)	$ 193	(2,436)	$ (419)	715
Balance at End of Period	$ 1,907,653		$ 1,907,653		$ 1,402,046

Real Estate Securities - Narrat

Real Estate Securities - Narrative (Details) - CMBS $ in Thousands	1 Months Ended
	Jul. 31, 2018USD ($)	Jun. 30, 2018USD ($)investment	Dec. 31, 2017USD ($)investment
Schedule of Available-for-sale Securities [Line Items]
Payments to acquire CMBS		$ 13,300
Number of CMBS positions | investment		2	0
Aggregate carrying value		$ 26,815	$ 0
Unrealized Losses		20
Financed amount of repurchase agreement		$ 10,600
Subsequent Event
Schedule of Available-for-sale Securities [Line Items]
Payments to acquire CMBS	$ 13,500

Real Estate Securities - Summar

Real Estate Securities - Summary of Company's Real Estate Securities, CMBS (Details) - CMBS $ in Thousands	Jun. 30, 2018USD ($)investment	Dec. 31, 2017USD ($)investment
Schedule of Available-for-sale Securities [Line Items]
Number of Investments | investment	2	0
Interest Rate	4.60%	0.00%
Par Value	$ 26,750	$ 0
Fair Value	$ 26,792	$ 0

Real Estate Securities - Summ42

Real Estate Securities - Summary of Changes in Fair Value of CMBS Investments (Details) - CMBS - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 26,815	$ 0
Unrealized Gains	17	0
Unrealized Losses	(40)	0
Fair Value	$ 26,792	$ 0

Real Estate Securities - Schedu

Real Estate Securities - Schedule of Gains (Losses) on Real Estate Securities (Details) - CMBS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Gain (Loss) on Investments [Line Items]
Unrealized gains (losses) available-for-sale securities	$ (23)	$ (570)	$ (23)	$ 467
Reclassification of net (gains) losses on available-for-sale securities included in net income (loss)	0	130	0	481
Available-for-sale securities, realized and unrealized gains (losses)	$ (23)	$ (440)	$ (23)	$ 948

Debt - Narrative (Details)

Debt - Narrative (Details)	Apr. 05, 2018USD ($)mortgage_asset$ / sharesshares	Feb. 15, 2018USD ($)	Jan. 30, 2018USD ($)	May 17, 2017USD ($)extension	Jun. 30, 2018USD ($)loanmortgage_assetextension$ / sharesshares	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)mortgage_assetextension$ / sharesshares	Jan. 29, 2018USD ($)
Line of Credit Facility [Line Items]
Debt Instrument, Number of Collateralized Debt Obligations | loan					3
Unsecured line of credit					$ 1,195,000,000		$ 975,000,000
Amount outstanding					304,975,000		65,690,000
Accrued interest					7,768,000		$ 7,720,000
Amortization of deferred financing costs					$ 9,636,000	$ 2,366,000
Preferred stock, shares issued (in shares) | shares	64,050,000				0		0
Preferred stock, par value per share (in dollars per share) | $ / shares	$ 0.001				$ 0.01		$ 0.01
Liquidation preference per share (in dollars per share) | $ / shares	$ 1,000
U.S. Bank National Association | Secured Debt | Collateralized Loan Obligations Issued in 2015
Line of Credit Facility [Line Items]
Principal balance of collateral		$ 145,000,000
Amortization of deferred financing costs		$ 6,400,000
U.S. Bank National Association | Secured Debt | Collateralized Loan Obligations Issued in 2017-FL1
Line of Credit Facility [Line Items]
Principal balance of collateral					$ 418,100,000		$ 418,100,000
Number of mortgage assets pledged as collateral (mortgage asset) | mortgage_asset					25		25
U.S. Bank National Association | Secured Debt | Collateralized Loan Obligations Issued in 2017-FL2
Line of Credit Facility [Line Items]
Principal balance of collateral					$ 440,700,000		$ 440,700,000
Number of mortgage assets pledged as collateral (mortgage asset) | mortgage_asset					20		20
U.S. Bank National Association | Secured Debt | 2018-FL3 Mortgage Assets
Line of Credit Facility [Line Items]
Principal balance of collateral	$ 610,000,000
Number of mortgage assets pledged as collateral (mortgage asset) | mortgage_asset	37
U.S. Bank National Association | Secured Debt | 2018-FL3 Notes
Line of Credit Facility [Line Items]
Principal balance	$ 546,000,000
Proceeds from secured debt	488,000,000
Proceeds from wholly owned subsidiary	$ 58,000,000
U.S. Bank National Association | Secured Debt | BSPRT 2017-FL1, BSPRT 2017-FL2 and BSPRT 2018-FL3
Line of Credit Facility [Line Items]
Principal balance of collateral					$ 191,000,000
Minimum
Line of Credit Facility [Line Items]
Maturity term					30 days
Maximum
Line of Credit Facility [Line Items]
Maturity term					90 days
JPM Repo Facility
Line of Credit Facility [Line Items]
Extension on initial maturity date							1 year
GS Repo Facility
Line of Credit Facility [Line Items]
Extension on initial maturity date					1 year		1 year
USB Repo Facility
Line of Credit Facility [Line Items]
Number of extension options | extension					2		2
Extension on initial maturity date					1 year		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		1 year
PWB Financing
Line of Credit Facility [Line Items]
Number of extension options | extension				2
Extension on initial maturity date				1 year
Accrued interest					$ 1,200,000
PWB Financing | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Variable interest rate				4.00%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Amount outstanding					10,600,000		$ 39,035,000
Revolving Credit Facility | JPM Repo Facility
Line of Credit Facility [Line Items]
Unsecured line of credit			$ 520,000,000		520,000,000		300,000,000	$ 300,000,000
Extension on initial maturity date			1 year
Amount outstanding					112,283,000		42,042,000
Accrued interest					$ 4,291,000		5,500,000
Revolving Credit Facility | JPM Repo Facility | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Variable interest rate					2.40%
Revolving Credit Facility | GS Repo Facility
Line of Credit Facility [Line Items]
Variable interest rate					0.50%
Unsecured line of credit					$ 250,000,000		250,000,000
Amount outstanding					0		13,500,000
Accrued interest					$ 257,000		2,200,000
Revolving Credit Facility | GS Repo Facility | Minimum | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Variable interest rate					2.35%
Revolving Credit Facility | GS Repo Facility | Maximum | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Variable interest rate					2.85%
Revolving Credit Facility | USB Repo Facility
Line of Credit Facility [Line Items]
Unsecured line of credit					$ 100,000,000		100,000,000
Amount outstanding					14,651,000		0
Accrued interest					$ 160,000		20,000
Revolving Credit Facility | USB Repo Facility | Minimum | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Variable interest rate					2.25%
Revolving Credit Facility | USB Repo Facility | Maximum | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Variable interest rate					3.00%
Revolving Credit Facility | CS Repo Facility
Line of Credit Facility [Line Items]
Unsecured line of credit					$ 250,000,000		250,000,000
Amount outstanding					121,041,000		10,148,000
Accrued interest					$ 2,379,000		0
Revolving Credit Facility | CS Repo Facility | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Variable interest rate					2.50%
Revolving Credit Facility | Barclays Facility | Secured Debt
Line of Credit Facility [Line Items]
Unsecured line of credit					$ 75,000,000		75,000,000
Amount outstanding					57,000,000		0
Accrued interest					$ 681,000		0
Revolving Credit Facility | Barclays Facility | Base Rate
Line of Credit Facility [Line Items]
Variable interest rate					1.75%
Revolving Credit Facility | Barclays Facility | Eurodollar Rate
Line of Credit Facility [Line Items]
Variable interest rate					2.75%
Revolving Credit Facility | PWB Financing
Line of Credit Facility [Line Items]
Unsecured line of credit				$ 36,200,000
Principal balance of collateral				$ 54,200,000
Amount outstanding							$ 26,200,000

Debt - Schedule of Repurchase A

Debt - Schedule of Repurchase Agreements - Commercial Mortgage Loans (Details)	Jan. 30, 2018USD ($)	Jun. 30, 2018USD ($)extension	Dec. 31, 2017USD ($)extension	Jan. 29, 2018USD ($)
Debt Instrument [Line Items]
Committed Financing		$ 1,195,000,000	$ 975,000,000
Amount Outstanding		304,975,000	65,690,000
Interest Expense		7,768,000	7,720,000
Revolving Credit Facility
Debt Instrument [Line Items]
Amount Outstanding		$ 10,600,000	$ 39,035,000
Ending Weighted Average Interest Rate		3.36%	3.32%
JPM Repo Facility
Debt Instrument [Line Items]
Extension on initial maturity date			1 year
JPM Repo Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Committed Financing	$ 520,000,000	$ 520,000,000	$ 300,000,000	$ 300,000,000
Amount Outstanding		112,283,000	42,042,000
Interest Expense		$ 4,291,000	$ 5,500,000
Ending Weighted Average Interest Rate		4.13%	3.48%
Extension on initial maturity date	1 year
GS Repo Facility
Debt Instrument [Line Items]
Extension on initial maturity date		1 year	1 year
GS Repo Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Committed Financing		$ 250,000,000	$ 250,000,000
Amount Outstanding		0	13,500,000
Interest Expense		$ 257,000	$ 2,200,000
Ending Weighted Average Interest Rate			3.74%
USB Repo Facility
Debt Instrument [Line Items]
Extension on initial maturity date		1 year	1 year
Number of extension options | extension		2	2
USB Repo Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Committed Financing		$ 100,000,000	$ 100,000,000
Amount Outstanding		14,651,000	0
Interest Expense		$ 160,000	$ 20,000
Ending Weighted Average Interest Rate		3.85%
CS Repo Facility
Debt Instrument [Line Items]
Extension on initial maturity date			364 days
CS Repo Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Committed Financing		$ 250,000,000	$ 250,000,000
Amount Outstanding		121,041,000	10,148,000
Interest Expense		$ 2,379,000	$ 0
Ending Weighted Average Interest Rate		4.39%
Barclays Facility
Debt Instrument [Line Items]
Extension on initial maturity date		1 year	1 year
Barclays Facility | Revolving Credit Facility | Secured Debt
Debt Instrument [Line Items]
Committed Financing		$ 75,000,000	$ 75,000,000
Amount Outstanding		57,000,000	0
Interest Expense		$ 681,000	$ 0
Ending Weighted Average Interest Rate		6.82%

Debt - Schedule of Repurchase46

Debt - Schedule of Repurchase Agreements - Real Estate Securities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Amount Outstanding	$ 304,975	$ 65,690
Accrued Interest	2,783	1,544
Revolving Credit Facility
Debt Instrument [Line Items]
Amount Outstanding	10,600	39,035
Accrued Interest	26	11
Collateral Pledged	$ 13,250	$ 56,044
Interest Rate	3.36%	3.32%
Days to Maturity	3 days	26 days
Revolving Credit Facility | JP Morgan Securities LLC
Debt Instrument [Line Items]
Amount Outstanding	$ 10,600	$ 39,035
Accrued Interest	26	11
Collateral Pledged	$ 13,250	$ 56,044
Interest Rate	3.36%	3.32%
Days to Maturity	3 days	26 days
U.S. Bank National Association | Secured Debt | Class C Notes
Debt Instrument [Line Items]
Fair Value		$ 56,000

Debt - Schedule of Collateraliz

Debt - Schedule of Collateralized Loan Obligations by Tranche (Details) - Secured Debt - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	$ 1,188,862	$ 1,051,092
Par Value Outstanding	1,188,862	842,812
U.S. Bank National Association | Class A Notes - 2017-FL1 Issuer
Debt Instrument [Line Items]
Par Value Issued	223,600	223,600
Par Value Outstanding	223,600	223,600
U.S. Bank National Association | Class B Notes - 2017-FL1 Issuer
Debt Instrument [Line Items]
Par Value Issued	48,000	48,000
Par Value Outstanding	48,000	48,000
U.S. Bank National Association | Class C Notes - 2017-FL1 Issuer
Debt Instrument [Line Items]
Par Value Issued	67,900	67,900
Par Value Outstanding	67,900	67,900
U.S. Bank National Association | Class A Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Par Value Issued	237,970	237,970
Par Value Outstanding	237,970	237,970
U.S. Bank National Association | Class A-S Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Par Value Issued	36,357	36,357
Par Value Outstanding	36,357	36,357
U.S. Bank National Association | Class B Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Par Value Issued	26,441	26,441
Par Value Outstanding	26,441	26,441
U.S. Bank National Association | Class C Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Par Value Issued	25,339	25,339
Par Value Outstanding	25,339	25,339
U.S. Bank National Association | Class D Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Par Value Issued	35,255	35,255
Par Value Outstanding	35,255	35,255
U.S. Bank National Association | Class A Notes - 2018-FL3 Issuer
Debt Instrument [Line Items]
Par Value Issued	286,700
Par Value Outstanding	286,700
U.S. Bank National Association | Class A-S Notes - 2018-FL3 Issuer
Debt Instrument [Line Items]
Par Value Issued	77,775
Par Value Outstanding	77,775
U.S. Bank National Association | Class B Notes - 2018-FL3 Issuer
Debt Instrument [Line Items]
Par Value Issued	41,175
Par Value Outstanding	41,175
U.S. Bank National Association | Class C Notes - 2018-FL3 Issuer
Debt Instrument [Line Items]
Par Value Issued	39,650
Par Value Outstanding	39,650
U.S. Bank National Association | Class D Notes - 2018-FL3 Issuer
Debt Instrument [Line Items]
Par Value Issued	42,700
Par Value Outstanding	42,700
U.S. Bank National Association | Class A Notes - 2015-FL1 Issuer
Debt Instrument [Line Items]
Par Value Issued		231,345
Par Value Outstanding		79,109
U.S. Bank National Association | Class B Notes - 2015-FL1 Issuer
Debt Instrument [Line Items]
Par Value Issued		42,841
Par Value Outstanding		42,841
U.S. Bank National Association | Class C Notes - 2015-FL1 Issuer
Debt Instrument [Line Items]
Par Value Issued		76,044
Par Value Outstanding		20,000
RFT issued Collaterized Loan Obligation | U.S. Bank National Association | Class C Notes - 2015-FL1 Issuer
Debt Instrument [Line Items]
Par Value Outstanding		56,000
RFT issued Collaterized Loan Obligation | U.S. Bank National Association | Class E Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Par Value Outstanding	16,000
RFT issued Collaterized Loan Obligation | U.S. Bank National Association | Class F Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Par Value Outstanding		$ 14,900
RFT issued Collaterized Loan Obligation | U.S. Bank National Association | Class E Notes - 2018-FL3 Issuer
Debt Instrument [Line Items]
Par Value Outstanding	36,600
RFT issued Collaterized Loan Obligation | U.S. Bank National Association | Class F Notes - 2018-FL3 Issuer
Debt Instrument [Line Items]
Par Value Outstanding	$ 21,400
London Interbank Offered Rate (LIBOR) | Class A Notes - 2017-FL1 Issuer
Debt Instrument [Line Items]
Variable interest rate	1.35%	1.35%
London Interbank Offered Rate (LIBOR) | Class B Notes - 2017-FL1 Issuer
Debt Instrument [Line Items]
Variable interest rate	2.40%	2.40%
London Interbank Offered Rate (LIBOR) | Class C Notes - 2017-FL1 Issuer
Debt Instrument [Line Items]
Variable interest rate	4.25%	4.25%
London Interbank Offered Rate (LIBOR) | Class A Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Variable interest rate	0.82%	0.82%
London Interbank Offered Rate (LIBOR) | Class A-S Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Variable interest rate	1.10%	1.10%
London Interbank Offered Rate (LIBOR) | Class B Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Variable interest rate	1.40%	1.40%
London Interbank Offered Rate (LIBOR) | Class C Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Variable interest rate	2.15%	2.15%
London Interbank Offered Rate (LIBOR) | Class D Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Variable interest rate	3.45%	3.45%
London Interbank Offered Rate (LIBOR) | Class A Notes - 2018-FL3 Issuer
Debt Instrument [Line Items]
Variable interest rate	1.05%
London Interbank Offered Rate (LIBOR) | Class A-S Notes - 2018-FL3 Issuer
Debt Instrument [Line Items]
Variable interest rate	1.35%
London Interbank Offered Rate (LIBOR) | Class B Notes - 2018-FL3 Issuer
Debt Instrument [Line Items]
Variable interest rate	1.65%
London Interbank Offered Rate (LIBOR) | Class C Notes - 2018-FL3 Issuer
Debt Instrument [Line Items]
Variable interest rate	2.55%
London Interbank Offered Rate (LIBOR) | Class D Notes - 2018-FL3 Issuer
Debt Instrument [Line Items]
Variable interest rate	3.45%
London Interbank Offered Rate (LIBOR) | Class A Notes - 2015-FL1 Issuer
Debt Instrument [Line Items]
Variable interest rate		1.75%
London Interbank Offered Rate (LIBOR) | Class B Notes - 2015-FL1 Issuer
Debt Instrument [Line Items]
Variable interest rate		3.88%
London Interbank Offered Rate (LIBOR) | Class C Notes - 2015-FL1 Issuer
Debt Instrument [Line Items]
Variable interest rate		5.25%

Debt - Collateralized Loan Obli

Debt - Collateralized Loan Obligations (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Cash	$ 39,201	$ 83,711	$ 133,258
Commercial mortgage loans, held for investment, net of allowance	1,907,653	1,402,046
Accrued interest receivable	10,207	8,152
Total assets	2,147,673	1,583,661	1,583,661
Interest payable	2,783	1,544
Total liabilities	1,518,273	973,322
Restricted cash	9,827	7,997	$ 5,544
Allowance for loan losses	3,902	1,466		$ 2,181
Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Cash	48,474	49,017
Commercial mortgage loans, held for investment, net of allowance	1,415,268	1,033,427
Accrued interest receivable	4,323	4,212
Total assets	1,468,065	1,086,656
Notes payable	1,374,299	912,800
Interest payable	1,929	1,462
Total liabilities	1,376,228	914,262
Restricted cash	48,200	48,700
Allowance for loan losses	900	1,300
Deferred financing cost and discount	15,900	16,900
U.S. Bank National Association | Secured Debt
Debt Instrument [Line Items]
Notes payable	1,188,862	1,051,092
U.S. Bank National Association | Variable Interest Entity, Primary Beneficiary | Secured Debt | Class E Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Notes payable	16,000	16,000
U.S. Bank National Association | Variable Interest Entity, Primary Beneficiary | Secured Debt | Class F Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Notes payable	14,900	14,900
U.S. Bank National Association | Variable Interest Entity, Primary Beneficiary | Secured Debt | Class E Notes - 2018-FL2 Issuer
Debt Instrument [Line Items]
Notes payable	36,600
U.S. Bank National Association | Variable Interest Entity, Primary Beneficiary | Secured Debt | Class F Notes - 2018-FL2 Issuer
Debt Instrument [Line Items]
Notes payable	$ 21,400
U.S. Bank National Association | Variable Interest Entity, Primary Beneficiary | Secured Debt | Class C Notes
Debt Instrument [Line Items]
Notes payable		$ 55,800

Net Income Per Share - Summary

Net Income Per Share - Summary of the Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Earnings Per Share [Abstract]
Net income	$ 12,102	$ 6,281	$ 17,398	$ 12,330
Less: Preferred Stock Dividends	(16)	0	(16)	0
Net income applicable to common stock	$ 12,086	$ 6,281	$ 17,382	$ 12,330
Basic weighted average shares outstanding (in shares)	31,762,199	31,850,897	31,717,328	31,796,504
Unvested restricted shares (in shares)	14,314	9,547	14,314	9,666
Conversion of redeemable convertible preferred stocks (in shares)	44,014	0	22,249	0
Diluted weighted average shares outstanding (in shares)	31,820,527	31,860,444	31,753,891	31,806,170
Basic net income per share (in dollars per share)	$ 0.38	$ 0.20	$ 0.55	$ 0.39
Diluted net income per share (in dollars per share)	$ 0.38	$ 0.20	$ 0.55	$ 0.39

Stock Transactions - Narrative

Stock Transactions - Narrative (Details) - USD ($)	Jun. 25, 2018	Jun. 01, 2018	Feb. 14, 2018	Aug. 10, 2017	Feb. 28, 2016	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Sep. 30, 2018	May 31, 2018	Apr. 05, 2018	Mar. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Preferred stock, par value per share (in dollars per share)						$ 0.01		$ 0.01				$ 0.001		$ 0.01
Proceeds from issuances of common stock								$ 13,723,000	$ 0
Proceeds from issuances of redeemable convertible preferred stock								$ 11,277,000	0
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 year, declared (in dollars per share)						$ 1.44	$ 2.0625
Distributions payable						$ 3,806,000	$ 5,432,000	$ 3,806,000	5,432,000					$ 3,917,000
Total distributions								22,800,000	32,600,000
Cash distributions								15,700,000	21,200,000
Common stock distributions								$ 7,100,000	$ 11,400,000
DRIP offer price (in usd per share)						$ 18.99		$ 18.99			$ 19.02		$ 18.99
Share repurchase program, period in force					1 year
Maximum share repurchases per fiscal semester					2.50%
Maximum share repurchases per fiscal year					5.00%
Forecast
Class of Stock [Line Items]
DRIP offer price (in usd per share)										$ 18.95
Share Repurchase Program (SRP)
Class of Stock [Line Items]
Share repurchase program, NAV multiplier year one				92.50%
Share repurchase program, NAV multiplier year two				95.00%
Share repurchase program, NAV multiplier year three				97.50%
Share repurchase program, NAV multiplier year four				100.00%
Common Stock
Class of Stock [Line Items]
Shares outstanding (in shares)						32,620,659		32,620,659						31,834,072
Common Stock Purchase Agreements
Class of Stock [Line Items]
Commitments received on transaction			$ 97,000,000
Stock purchase price (in dollars per share)			$ 16.71
Number of shares issued	834,537
Proceeds from issuances of common stock	$ 13,700,000
Remaining committed amount						$ 82,900,000		$ 82,900,000
Affiliate | Common Stock Purchase Agreements
Class of Stock [Line Items]
Commitments received on transaction			$ 32,100,000
Number of shares issued	269,000
Proceeds from issuances of common stock	$ 4,500,000
Remaining committed amount						$ 27,100,000		$ 27,100,000
Redeemable Convertible Preferred Stock Series A
Class of Stock [Line Items]
Preferred stock, par value per share (in dollars per share)						$ 0.01		$ 0.01						$ 0.01
Redeemable Convertible Preferred Stock Series A | Redeemable Convertible Preferred Stock Purchase Agreements
Class of Stock [Line Items]
Commitments received on transaction		$ 79,375,000
Stock purchase price (in dollars per share)		$ 16.33
Amount common stock agreements converted to preferred shares		$ 625,000
Preferred stock, par value per share (in dollars per share)		$ 0.01
Reduced commitment amount		$ 67,215,000
Number of shares issued	2,255
Remaining committed amount						$ 68,100,000		$ 68,100,000
Proceeds from issuances of redeemable convertible preferred stock	$ 11,300,000
Redeemable Convertible Preferred Stock Series A | Affiliate | Redeemable Convertible Preferred Stock Purchase Agreements
Class of Stock [Line Items]
Number of shares issued	15
Remaining committed amount						$ 500,000		$ 500,000
Proceeds from issuances of redeemable convertible preferred stock	$ 70,000

Stock Transactions - Shares Rep

Stock Transactions - Shares Repurchased During the Period (Details) - Share Repurchase Program (SRP) - Common Stock	1 Months Ended						12 Months Ended
	Jun. 30, 2018share_repurchase_request$ / sharesshares	May 31, 2018share_repurchase_request$ / sharesshares	Apr. 30, 2018share_repurchase_request$ / sharesshares	Mar. 31, 2018share_repurchase_request$ / sharesshares	Feb. 28, 2018share_repurchase_request$ / sharesshares	Jan. 31, 2018share_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						2,125
Number of requests during the period (share repurchase request) | share_repurchase_request	0	0	0	0	0	889
Ending balance, number of requests (share repurchase request) | share_repurchase_request	3,014						2,125
Beginning balance, number of shares repurchased (shares)						1,991,391
Number of shares repurchased (shares)	0	0	0	0	0	421,809
Ending balance, number of shares repurchased (shares)	2,413,200						1,991,391
Beginning balance, average price per share (usd per share) | $ / shares						$ 21.36
Repurchases, average price per share (usd per share) | $ / shares	$ 0	$ 0	$ 0	$ 0	$ 0	$ 18.56
Ending balance, average price per share (usd per share) | $ / shares	$ 20.88						$ 21.36
Unfulfilled redemption requests (shares)							185,689

Commitments and Contingencies -

Commitments and Contingencies - (Details) - Loan Origination Commitments - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Unrecorded Unconditional Purchase Obligation [Line Items]
2,018	$ 16,827	$ 36,475
2,019	34,687	26,465
2,020	82,515	20,598
2,021	110,488	0
Total unfunded commitments	$ 244,517	$ 83,538

Related Party Transactions an53

Related Party Transactions and Arrangements - Narrative (Details) - USD ($) $ in Thousands	Feb. 22, 2018	Sep. 29, 2016	Dec. 31, 2017	Jun. 30, 2018	Jun. 30, 2017
Related Party Transaction [Line Items]
Origination and purchase of commercial mortgage loans, held for investment				$ 815,737	$ 395,929
Commercial mortgage loans, held-for-sale, measured at fair value			$ 28,531	102,258
Affiliate | The Advisor
Related Party Transaction [Line Items]
Monthly asset management fee, percent of stockholders' equity		0.125%
Annual asset management fee, percent of stockholders' equity		1.50%
Subordinated performance fee, total return threshold		6.00%
Subordinated participation in asset sale fee		15.00%
Subordinated participation in asset sale fee maximum		10.00%
Real estate acquisition fee, percentage		1.00%
Affiliate | The Advisor | Fee to Acquire and Originate Real Estate Debt
Related Party Transaction [Line Items]
Transaction rate		0.50%
Commercial mortgage loans | Affiliate
Related Party Transaction [Line Items]
Origination and purchase of commercial mortgage loans, held for investment	$ 27,800		$ 17,100
Commercial mortgage loans, held-for-sale, measured at fair value				$ 4,500
Proceeds from commercial mortgage loans, held for investment	$ 23,300

Related Party Transactions an54

Related Party Transactions and Arrangements - Schedule of Compensation and Reimbursement Incurred and Associated Payables Relating to Public Offering (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Payable to related party	$ 4,525	$ 6,421
Dealer Manager
Related Party Transaction [Line Items]
Payable to related party	0	0
Fees and Expense Reimbursement, Stock Offering | Advisor and Dealer Manager
Related Party Transaction [Line Items]
Payable to related party	$ 480	$ 480

Related Party Transactions an55

Related Party Transactions and Arrangements - Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Payable to related party	$ 4,525		$ 4,525		$ 6,421
Affiliate
Related Party Transaction [Line Items]
Related party expenses	5,713	$ 5,305	11,414	$ 9,044
Payable to related party	4,045		4,045		5,941
Affiliate | Nonrecurring Fees | Acquisition fees and expenses
Related Party Transaction [Line Items]
Related party expenses	51	1,966	116	2,490
Payable to related party	749		749		0
Affiliate | Nonrecurring Fees | Administrative services expenses
Related Party Transaction [Line Items]
Related party expenses	3,125	950	6,321	1,805
Payable to related party	2,001		2,001		3,480
Affiliate | Nonrecurring Fees | Asset management and subordinated performance fee
Related Party Transaction [Line Items]
Related party expenses	2,266	2,341	4,507	4,653
Payable to related party	757		757		2,315
Affiliate | Nonrecurring Fees | Other related party expenses
Related Party Transaction [Line Items]
Related party expenses	271	48	470	96
Payable to related party	538		538		$ 146
Affiliate | Nonrecurring Fees | Acquisition fees and expenses including amount capitalized
Related Party Transaction [Line Items]
Related party expenses	1,900	4,500	4,200	6,000
Affiliate | Nonrecurring Fees | Acquisition fees and expenses, amount capitalized
Related Party Transaction [Line Items]
Related party expenses	$ 1,800	$ 2,700	$ 4,100	$ 3,500

Fair Value of Financial Instr56

Fair Value of Financial Instruments - Fair Value of Company's Financial Instruments on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Assets, Fair Value Disclosure [Abstract]
Commercial mortgage loans, held-for-sale, measured at fair value	$ 102,258	$ 28,531
Derivative instruments, at fair value	660	132
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	252	357
Fair Value, Measurements, Recurring
Assets, Fair Value Disclosure [Abstract]
Commercial mortgage loans, held-for-sale, measured at fair value	102,258	28,531
Total assets, at fair value	129,710	28,663
Liabilities, Fair Value Disclosure [Abstract]
Total liabilities, at fair value	252	357
Fair Value, Measurements, Recurring | Level I
Assets, Fair Value Disclosure [Abstract]
Commercial mortgage loans, held-for-sale, measured at fair value	0	0
Total assets, at fair value	0	132
Liabilities, Fair Value Disclosure [Abstract]
Total liabilities, at fair value	210	0
Fair Value, Measurements, Recurring | Level II
Assets, Fair Value Disclosure [Abstract]
Commercial mortgage loans, held-for-sale, measured at fair value	0	0
Total assets, at fair value	660	0
Liabilities, Fair Value Disclosure [Abstract]
Total liabilities, at fair value	42	357
Fair Value, Measurements, Recurring | Level III
Assets, Fair Value Disclosure [Abstract]
Commercial mortgage loans, held-for-sale, measured at fair value	102,258	28,531
Total assets, at fair value	129,050	28,531
Liabilities, Fair Value Disclosure [Abstract]
Total liabilities, at fair value	0	0
Fair Value, Measurements, Recurring | Repurchase agreements - real estate securities
Assets, Fair Value Disclosure [Abstract]
Fair Value	26,792
Fair Value, Measurements, Recurring | Repurchase agreements - real estate securities | Level I
Assets, Fair Value Disclosure [Abstract]
Fair Value	0
Fair Value, Measurements, Recurring | Repurchase agreements - real estate securities | Level II
Assets, Fair Value Disclosure [Abstract]
Fair Value	0
Fair Value, Measurements, Recurring | Repurchase agreements - real estate securities | Level III
Assets, Fair Value Disclosure [Abstract]
Fair Value	26,792
Credit default swaps
Assets, Fair Value Disclosure [Abstract]
Derivative instruments, at fair value	327	32
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	0	357
Credit default swaps | Fair Value, Measurements, Recurring
Assets, Fair Value Disclosure [Abstract]
Derivative instruments, at fair value	327
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities		357
Credit default swaps | Fair Value, Measurements, Recurring | Level I
Assets, Fair Value Disclosure [Abstract]
Derivative instruments, at fair value	0
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities		0
Credit default swaps | Fair Value, Measurements, Recurring | Level II
Assets, Fair Value Disclosure [Abstract]
Derivative instruments, at fair value	327
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities		357
Credit default swaps | Fair Value, Measurements, Recurring | Level III
Assets, Fair Value Disclosure [Abstract]
Derivative instruments, at fair value	0
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities		0
Interest rate swaps
Assets, Fair Value Disclosure [Abstract]
Derivative instruments, at fair value	333
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	42
Interest rate swaps | Fair Value, Measurements, Recurring
Assets, Fair Value Disclosure [Abstract]
Derivative instruments, at fair value	333
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	42
Interest rate swaps | Fair Value, Measurements, Recurring | Level I
Assets, Fair Value Disclosure [Abstract]
Derivative instruments, at fair value	0
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	0
Interest rate swaps | Fair Value, Measurements, Recurring | Level II
Assets, Fair Value Disclosure [Abstract]
Derivative instruments, at fair value	333
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	42
Interest rate swaps | Fair Value, Measurements, Recurring | Level III
Assets, Fair Value Disclosure [Abstract]
Derivative instruments, at fair value	0
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	0
Treasury note futures
Assets, Fair Value Disclosure [Abstract]
Derivative instruments, at fair value	0	100
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	210	0
Treasury note futures | Fair Value, Measurements, Recurring
Assets, Fair Value Disclosure [Abstract]
Derivative instruments, at fair value		132
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	210
Treasury note futures | Fair Value, Measurements, Recurring | Level I
Assets, Fair Value Disclosure [Abstract]
Derivative instruments, at fair value		132
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	210
Treasury note futures | Fair Value, Measurements, Recurring | Level II
Assets, Fair Value Disclosure [Abstract]
Derivative instruments, at fair value		0
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	0
Treasury note futures | Fair Value, Measurements, Recurring | Level III
Assets, Fair Value Disclosure [Abstract]
Derivative instruments, at fair value		$ 0
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	$ 0

Fair Value of Financial Instr57

Fair Value of Financial Instruments - Valuation Method Of Level 3 Financial Instruments Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Commercial mortgage loans, held-for-sale, measured at fair value	$ 102,258	$ 28,531
Real estate securities, available-for-sale, at fair value	26,792	0
Fair Value, Measurements, Recurring
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Commercial mortgage loans, held-for-sale, measured at fair value	102,258	28,531
Fair Value, Measurements, Recurring | Level III
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Commercial mortgage loans, held-for-sale, measured at fair value	$ 102,258	$ 28,531
Weighted Average | Income Approach Valuation Technique | Fair Value, Measurements, Recurring | Level III
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Weighted average yield	5.26%	4.93%
Weighted Average | Broker Quotes | Fair Value, Measurements, Recurring | Level III
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Weighted average yield	4.58%
Minimum | Income Approach Valuation Technique | Fair Value, Measurements, Recurring | Level III
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Weighted average yield	4.20%	4.80%
Minimum | Broker Quotes | Fair Value, Measurements, Recurring | Level III
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Weighted average yield	4.10%
Maximum | Income Approach Valuation Technique | Fair Value, Measurements, Recurring | Level III
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Weighted average yield	6.20%	5.30%
Maximum | Broker Quotes | Fair Value, Measurements, Recurring | Level III
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Weighted average yield	5.10%

Fair Value of Financial Instr58

Fair Value of Financial Instruments - Fair Value of Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net accretion	$ 1,916	$ 1,159
Real Estate Securities | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0	49,049	$ 49,049
Transfers into Level III	0		0
Realized gain on sale of commercial mortgage loans and real estate securities			172
Unrealized gains (losses)	(23)
Purchases	26,815		0
Sales / paydowns	0		(34,888)
Transfers out of Level III	0		0
Net accretion			167
Unrealized gains (losses) included in OCI			500
Cash repayments/receipts			(15,000)
Ending balance	26,792		0
Commercial Mortgage Loans | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Realized gain on sale of commercial mortgage loans and real estate securities	0		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	28,531	$ 0	0
Transfers into Level III	0		0
Unrealized gains (losses)	705
Purchases	313,691		156,101
Sales / paydowns	(247,015)		(132,093)
Transfers out of Level III	0		0
Net accretion			0
Unrealized gains (losses) included in OCI			0
Cash repayments/receipts			0
Ending balance	102,258		28,531
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 gain on sale of commercial mortgage loans and real estate securities			0
Commercial Mortgage Loans, held-for-sale, measured at fair value | Commercial Mortgage Loans | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Realized gain on sale of commercial mortgage loans and real estate securities	$ 6,346		$ 4,523

Fair Value of Financial Instr59

Fair Value of Financial Instruments - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans	$ 1,907,653	$ 1,402,046
Collateralized loan obligation	1,172,974	826,150
Allowance for loan losses	3,902	1,466	$ 2,181
Carrying Amount | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans	1,911,555	1,403,512
Allowance for loan losses	3,900	1,500
Carrying Amount | Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized loan obligation		826,150
Fair Value | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans	1,895,339	1,396,406
Fair Value | Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized loan obligation	$ 1,189,386	$ 842,812

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Outstanding Derivatives (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Derivative [Line Items]
Net premiums received on derivative instrument assets	$ 500
Notional	151,443	$ 73,906
Derivative assets	660	132
Derivative liabilities	252	357
Credit default swaps
Derivative [Line Items]
Notional	35,000	30,000
Derivative assets	327	32
Derivative liabilities	0	357
Interest rate swaps
Derivative [Line Items]
Notional	83,000
Derivative assets	333
Derivative liabilities	42
Treasury note futures
Derivative [Line Items]
Notional	33,443	43,906
Derivative assets	0	100
Derivative liabilities	$ 210	$ 0

Derivative Instruments - Net Re

Derivative Instruments - Net Realized and Unrealized Losses on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain/(Loss)	$ 87	$ 0	$ (110)	$ 0
Realized Gain/(Loss)	271	$ 0	1,517	$ 0
Total	358		1,407
Credit default swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain/(Loss)	(166)		210
Realized Gain/(Loss)	104		93
Total	(62)		303
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain/(Loss)	277		(10)
Realized Gain/(Loss)	270		514
Total	547		504
Treasury note futures
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain/(Loss)	(24)		(310)
Realized Gain/(Loss)	(103)		910
Total	$ (127)		$ 600

Offsetting Assets and Liabili62

Offsetting Assets and Liabilities - Company's Repurchase Agreements (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Assets
Gross Amounts of Recognized Assets	$ 660	$ 132
Gross Amounts Offset on the Balance Sheet	0	0
Net Amount of Assets Presented on the Balance Sheet	660	132
Gross Amounts Not Offset on the Balance Sheet
Financial Instruments	0	0
Cash Collateral Pledged	0	0
Net Amount	660	132
Repurchase agreements - real estate securities
Gross Amounts of Recognized Liabilities	252	357
Gross Amounts Offset on the Balance Sheet	0	0
Net Amount of Liabilities Presented on the Balance Sheet	252	357
Gross Amounts Not Offset on the Balance Sheet
Financial Instruments	0	0
Cash Collateral Pledged	4,497	2,961
Net Amount	0	0
U.S. Bank National Association | Class C Notes | Secured Debt
Gross Amounts Not Offset on the Balance Sheet
Fair Value		56,000
Repurchase agreements, commercial mortgage loans
Repurchase agreements
Gross Amounts of Recognized Liabilities	304,975	65,690
Gross Amounts Offset on the Balance Sheet	0	0
Net Amount of Liabilities Presented on the Balance Sheet	304,975	65,690
Gross Amounts Not Offset on the Balance Sheet
Financial Instruments	409,790	163,235
Cash Collateral Pledged	5,010	5,005
Net Amount	0	0
Repurchase agreements - real estate securities
Repurchase agreements
Gross Amounts of Recognized Liabilities	10,600	39,035
Gross Amounts Offset on the Balance Sheet	0	0
Net Amount of Liabilities Presented on the Balance Sheet	10,600	39,035
Gross Amounts Not Offset on the Balance Sheet
Financial Instruments	13,250	56,044
Cash Collateral Pledged	0	0
Net Amount	$ 0	$ 0

Segment Reporting - Schedule of

Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Segment Reporting Information [Line Items]
Interest income	$ 34,127	$ 20,843	$ 63,535	$ 39,722
Interest expense	14,389	7,717	33,063	13,145
Net income	12,102	6,281	17,398	12,330
Total Assets	2,147,673	1,583,661	2,147,673	1,583,661	$ 1,583,661
Real Estate Debt
Segment Reporting Information [Line Items]
Interest income	31,512	20,432	60,027	38,640
Interest expense	13,358	7,307	31,119	12,300
Net income	9,741	6,090	13,722	12,039
Total Assets	2,012,814	1,517,021	2,012,814	1,517,021
Real Estate Securities
Segment Reporting Information [Line Items]
Interest income	47	411	47	1,082
Interest expense	25	410	186	845
Net income	22	191	(139)	291
Total Assets	26,792	389	26,792	389
TRS
Segment Reporting Information [Line Items]
Interest income	2,568	0	3,461	0
Interest expense	1,006	0	1,758	0
Net income	2,339	0	3,815	0
Total Assets	$ 108,067	$ 66,251	$ 108,067	$ 66,251

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	Jul. 13, 2018	Jun. 25, 2018	Jun. 30, 2018	Jun. 30, 2017
Subsequent Event [Line Items]
Proceeds from issuances of common stock			$ 13,723	$ 0
Proceeds from issuances of redeemable convertible preferred stock			$ 11,277	$ 0
Common Stock Purchase Agreements
Subsequent Event [Line Items]
Number of shares issued		834,537
Proceeds from issuances of common stock		$ 13,700
Convertible Preferred Stock [Member] | Redeemable Convertible Preferred Stock Purchase Agreements
Subsequent Event [Line Items]
Number of shares issued		2,255
Proceeds from issuances of redeemable convertible preferred stock		$ 11,300
Subsequent Event | Common Stock Purchase Agreements
Subsequent Event [Line Items]
Number of shares issued	1,669,074
Proceeds from issuances of common stock	$ 27,400
Subsequent Event | Convertible Preferred Stock [Member] | Redeemable Convertible Preferred Stock Purchase Agreements
Subsequent Event [Line Items]
Number of shares issued	4,498
Proceeds from issuances of redeemable convertible preferred stock	$ 22,600