Franklin BSP Realty Trust (FBRT) 10-K 29 Mar 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Feb. 28, 2019	Jun. 30, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	Benefit Street Partners Realty Trust, Inc.
Entity Central Index Key	0001562528
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		39,862,149
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents		$ 191,390	$ 83,711
Restricted cash		13,029	7,997
Commercial mortgage loans, held for investment, net of allowance of 4,836 and 1,466		2,206,830	1,402,046
Commercial mortgage loans, held-for-sale, measured at fair value		76,863	28,531
Real estate securities, available for sale, at fair value		26,412	0
Derivative instruments, at fair value		846	132
Receivable for loan repayment	[1]	73,684	49,085
Accrued interest receivable		12,789	8,152
Prepaid expenses and other assets		4,235	4,007
Total assets		2,606,078	1,583,661
LIABILITIES AND STOCKHOLDERS' EQUITY
Collateralized loan obligations		1,505,279	826,150
Other financing and loan participation - commercial mortgage loans		9,902	25,698
Derivative instruments, at fair value		1,319	357
Interest payable		3,025	1,544
Distributions payable		5,834	3,917
Accounts payable and accrued expenses		4,497	4,510
Due to affiliates		3,229	6,421
Total liabilities		1,727,064	973,322
Commitment and contingencies (See Note 8)
Preferred stock, $0.01 par value, 50,000,000 authorized, none issued and outstanding as of December 31, 2018 and 2017		0	0
Common stock, $0.01 par value, 949,999,000 shares authorized, 39,303,710 and 31,834,072 shares issued and outstanding as of December 31, 2018 and 2017, respectively		395	320
Additional paid-in capital		827,558	704,101
Accumulated other comprehensive income (loss)		(459)	0
Accumulated deficit		(94,266)	(94,082)
Total stockholders' equity		733,228	610,339
Total liabilities, redeemable convertible preferred stock and stockholders' equity		2,606,078	1,583,661
Restricted cash		13,029	7,997
Collaterized loan obligation
ASSETS
Cash and cash equivalents		74,157	49,017
Commercial mortgage loans, held for investment, net of allowance of 4,836 and 1,466		1,921,428	1,033,427
Accrued interest receivable		6,353	4,212
Total assets		2,001,938	1,086,656
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest payable		3,163	1,462
Total liabilities		1,715,292	914,262
Restricted cash		73,700	48,700
CMBS
ASSETS
Real estate securities, available for sale, at fair value		26,412	0
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		149,440	65,690
Real Estate Securities
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		44,539	39,035
Convertible Preferred Stock
LIABILITIES AND STOCKHOLDERS' EQUITY
Distributions payable		1,100
Preferred stock, $0.01 par value, 50,000,000 authorized, none issued and outstanding as of December 31, 2018 and 2017		$ 145,786	$ 0
[1]	Includes $73.7 million and $48.7 million of cash held by servicer related to loan payoffs pledged to the CLOs as of December 31, 2018 and December 31, 2017, respectively.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Less: Allowance for loan losses	$ 4,836	$ 1,466
Preferred stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	949,999,000	949,999,000
Common stock, shares issued (in shares)	39,303,710	31,834,072
Common stock, shares outstanding (in shares)	39,303,710	31,834,072
Convertible Preferred Stock
Preferred stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	40,000	40,000
Preferred stock, shares issued (in shares)	29,249	0
Preferred stock, shares outstanding (in shares)	29,249	0

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Interest income:
Interest income	$ 152,288,000	$ 89,564,000	$ 79,404,000
Interest expense	70,000,000	32,359,000	23,169,000
Net interest income	82,288,000	57,205,000	56,235,000
Expenses:
Asset management and subordinated performance fee	10,299,000	9,273,000	9,504,000
Acquisition fees and acquisition expenses	452,000	4,197,000	806,000
Administrative services expenses	13,446,000	6,765,000	4,376,000
Professional fees	8,318,000	5,444,000	5,467,000
Other expenses	4,887,000	3,837,000	2,336,000
Total expenses	37,402,000	29,516,000	22,489,000
Loan loss provision/(recovery)	3,370,000	(715,000)	1,293,000
Realized (gain)/loss on sale of real estate securities	107,000	(172,000)	1,906,000
Realized (gain)/loss on sale of commercial mortgage loan held-for-sale	9,000	(120,000)	0
Realized (gain)/loss on sale of commercial mortgage loan, held-for-sale, measured at fair value	(11,288,000)	(4,523,000)	0
Impairment losses on real estate securities	0	0	310,000
Unrealized (gain)/loss on commercial mortgage loans held-for-sale	0	(247,000)	247,000
Unrealized (gain)/loss on commercial mortgage loans, held-for-sale, measured at fair value	237,000	0	0
Unrealized (gain)/loss on derivatives	1,374,000	17,000	0
Realized (gain)/loss on derivatives	(1,827,000)	(555,000)	0
Total other (income)/loss	(8,018,000)	(6,315,000)	3,756,000
Income/(loss) before taxes	52,904,000	34,004,000	29,990,000
Provision/(benefit) for income tax	79,000	225,000	0
Net income	52,825,000	33,779,000	29,990,000
Less: Preferred stock dividends	(3,644,000)	0	0
Net income applicable to common stock	$ 49,181,000	$ 33,779,000	$ 29,990,000
Basic net income per share (in dollars per share)	$ 1.44	$ 1.06	$ 0.95
Diluted net income per share (in dollars per share)	$ 1.44	$ 1.06	$ 0.95
Basic weighted average shares outstanding (in shares)	34,268,707	31,772,231	31,659,274
Diluted weighted average shares outstanding (in shares)	36,779,735	31,784,889	31,666,504

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 52,825	$ 33,779	$ 29,990
Unrealized gain/(loss) on available-for-sale securities	(459)	500	1,754
Comprehensive income attributable to Benefit Street Partners Realty Trust, Inc.	$ 52,366	$ 34,279	$ 31,744

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands		Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Convertible Stock
Balance, shares at Dec. 31, 2015			31,385,280				1,000
Balance at Dec. 31, 2015		$ 654,329	$ 314	$ 691,590	$ (2,254)	$ (35,322)	$ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchases (in shares)			(537,209)
Common stock repurchases		(12,970)	$ (5)	(12,965)
Common stock offering costs	[1]	793		793
Common stock issued through distribution reinvestment plan (in shares)			1,031,812
Common stock issued through distribution reinvestment plan		25,047	$ 10	25,037
Share-based compensation (in shares)			4,748
Share-based compensation		44	$ 0	44
Net income		29,990				29,990
Distributions declared		(65,337)				(65,337)
Conversion of convertible stocks (in shares)							(1,000)
Conversion of convertible stocks		0		1			$ (1)
Other comprehensive income (loss)		1,754			1,754
Balance, shares at Dec. 31, 2016			31,884,631				0
Balance at Dec. 31, 2016		633,650	$ 319	704,500	(500)	(70,669)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reimbursement of excess payment of offering costs		800
Common stock repurchases (in shares)			(1,072,708)
Common stock repurchases		(20,546)	$ (11)	(20,535)
Common stock issued through distribution reinvestment plan (in shares)			1,016,165
Common stock issued through distribution reinvestment plan		20,051	$ 12	20,039
Share-based compensation (in shares)			5,984
Share-based compensation		97		97
Net income		33,779				33,779
Distributions declared		(57,192)				(57,192)
Other comprehensive income (loss)		500			500
Balance, shares at Dec. 31, 2017			31,834,072				0
Balance at Dec. 31, 2017		610,339	$ 320	704,101	0	(94,082)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			7,533,834
Issuance of common stock		124,335	$ 75	124,260
Common stock repurchases (in shares)			(809,023)
Common stock repurchases		(15,085)	$ (8)	(15,077)
Common stock issued through distribution reinvestment plan (in shares)			739,052
Common stock issued through distribution reinvestment plan		14,023	$ 8	14,015
Share-based compensation (in shares)			5,775
Share-based compensation		157		157
Offering costs		102		102
Net income		52,825				52,825
Distributions declared		(53,009)				(53,009)
Other comprehensive income (loss)		(459)			(459)
Balance, shares at Dec. 31, 2018			39,303,710				0
Balance at Dec. 31, 2018		$ 733,228	$ 395	$ 827,558	$ (459)	$ (94,266)	$ 0
[1]	During 2016, the Company received reimbursement of excess payment of $0.8 million from the former external manager for previously paid offering costs.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net income		$ 52,825	$ 33,779	$ 29,990
Adjustments to reconcile net income to net cash provided by operating activities:
Premium amortization and (discount accretion), net		(4,572)	(2,554)	(2,336)
Accretion of deferred commitment fees		(1,577)	(1,372)	(1,535)
Amortization of deferred financing costs		12,681	4,650	4,048
Share-based compensation		157	97	44
Unrealized (gain)/loss on commercial mortgage loans held-for-sale		237	(247)	247
Unrealized (gain)/losses on derivative instruments		1,374	17	0
Loan loss (recovery)/provision		3,370	(715)	1,293
Realized (gain) / loss on sale of real estate securities		107	0	1,906
Impairment losses on real estate securities		0	0	310
Origination of commercial mortgage loans, held-for-sale		(621,597)	(156,101)	0
Proceeds from sale of commercial mortgage loans, held-for-sale		573,010	132,093	0
Changes in assets and liabilities:
Accrued interest receivable		(3,060)	(2,197)	940
Prepaid expenses and other assets		(4,133)	(5,441)	(85)
Accounts payable and accrued expenses		(13)	3,341	360
Due to affiliates		(3,192)	2,357	(263)
Interest payable		1,481	647	105
Net cash (used in)/provided by operating activities		7,098	8,354	35,024
Cash flows from investing activities:
Origination and purchase of commercial mortgage loans, held for investment		(1,598,786)	(836,961)	(53,640)
Proceeds from sale of commercial mortgage loans, held for sale		16,910	121,658	44,355
Principal repayments received on commercial mortgage loans, held for investment		753,921	381,933	67,396
Receivable for loan repayment		0	(48,684)	0
Purchase of real estate securities		(39,510)	0	0
Proceeds from sale of real estate securities		12,456	34,888	79,082
Principal repayments received on real estate securities		0	15,000	2,218
Purchase of derivative instruments		(804)	(592)	0
Net cash (used in)/provided by investing activities		(855,813)	(332,758)	139,411
Cash flows from financing activities:
Proceeds from issuances of common stock		124,335	0	0
Proceeds from issuances of redeemable convertible preferred stock		146,245	0	0
Common stock repurchases		(15,085)	(20,546)	(18,965)
Reimbursements/(payments) of offering costs and fees related to stock issuances(1)	[1]	(887)	0	793
Borrowings under collateralized loan obligation		1,161,002	700,862	0
Repayments of collateralized loan obligation		(478,177)	(143,086)	(9,150)
Borrowings on repurchase agreements - commercial mortgage loans		1,833,838	652,978	233,855
Repayments of repurchase agreements - commercial mortgage loans		(1,750,088)	(844,952)	(182,430)
Borrowings on repurchase agreements - real estate securities		280,837	499,290	1,208,244
Repayments of repurchase agreements - real estate securities		(275,332)	(526,894)	(1,258,816)
Proceeds from other financing and loan participation - commercial mortgage loans		10,000	36,200	0
Repayments on other financing and loan participation - commercial mortgage loans		(26,182)	(10,017)	0
Payments of deferred financing costs		(12,128)	(11,964)	(4,819)
Distributions paid		(36,952)	(38,828)	(40,251)
Net cash (used in)/provided by financing activities:		961,426	293,043	(71,539)
Net change in cash, cash equivalents and restricted cash		112,711	(31,361)	102,896
Cash, cash equivalents and restricted cash, beginning of period		91,708	123,069	20,173
Cash, cash equivalents and restricted cash, end of period		204,419	91,708	123,069
Cash and cash equivalents, beginning of period		83,711	118,048
Cash and cash equivalents, end of period		191,390	83,711	118,048
Supplemental disclosures of cash flow information:
Taxes paid		355	0	0
Interest paid		53,029	27,062	19,016
Supplemental disclosures of non-cash flow information:
Common stock issued through distribution reinvestment plan		14,023	20,051	25,047
Loans transferred to commercial real estate loans, held-for-sale, transferred at fair value		16,750	100,005	21,179
Cash and cash equivalents		83,711	118,048	118,048
Cash, cash equivalents and restricted cash, end of period		$ 91,708	$ 123,069	20,173
Reimbursement of excess payment of offering costs				$ 800
[1]	During 2016, the Company received reimbursement of excess payment of $0.8 million from the Former Advisor for Offering costs.

Organization and Business Opera

Organization and Business Operations	12 Months Ended
	Dec. 31, 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") is a real estate finance company that primarily originates, acquires and manages a diversified portfolio of commercial real estate debt investments secured by properties located within and outside the United States. The Company was incorporated in Maryland on November 15, 2012 and commenced operations on May 14, 2013. The Company made a tax election to be treated as a real estate investment trust (a "REIT") for U.S. federal income tax purposes commencing with its taxable year ended December 31, 2013. The Company believes that it has qualified as a REIT and intends to continue to meet the requirements for qualification and taxation as a REIT. In addition, the Company, through a subsidiary which is treated as a taxable REIT subsidiary (a "TRS") is indirectly subject to U.S federal, state and local income taxes. The majority of the Company's business is conducted through Benefit Street Partners Realty Operating Partnership, L.P. (the “OP”), a Delaware limited partnership. The Company is the sole general partner and directly or indirectly holds all of the units of limited partner interests in the OP. The Company has no direct employees. Benefit Street Partners L.L.C. serves as the Company's advisor (the "Advisor") pursuant to an amended and restated advisory agreement, executed on January 19, 2018 (the "Advisory Agreement"). The Advisor is a wholly owned subsidiary of Franklin Resources, Inc. that, together with its various subsidiaries, operates as Franklin Templeton. 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. As of December 31, 2018, the Advisor was in partnership with Providence Equity Partners L.L.C., a global private equity firm. Effective February 1, 2019, the Advisor is wholly owned by Franklin Templeton, a global investment management firm. The Advisor manages the Company's affairs on a day-to-day basis. The Advisor receives compensation and fees for services related to the investment and management of the Company's assets and the operations of the Company. Prior to September 29, 2016, Realty Finance Advisor, LLC ("Former Advisor") was the Company's advisor. The Former Advisor was controlled by AR Global Investments, LLC ("AR Global"). The Company invests in commercial real estate debt investments, which may include first mortgage loans, subordinated mortgage loans, mezzanine loans and participations in such loans. The Company also originates conduit loans which the Company intends to sell through its TRS into commercial mortgage-backed securities ("CMBS") at a profit. The Company also invests in commercial real estate securities. Real estate securities may include CMBS, senior unsecured debt of publicly traded REITs, debt or equity securities of other publicly traded real estate companies and collateralized debt obligations ("CDOs").

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Accounting The accompanying consolidated financial statements and related footnotes have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the requirements for reporting on Form 10-K and Regulation S-X, as appropriate. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. In the opinion of management, the annual data includes all adjustments, of a normal and recurring nature, necessary for a fair statement of the results for the periods presented. Certain prior period amounts have been reclassified to conform with current presentation. In the opinion of management, all normal recurring adjustments considered necessary for a fair statement of the results of the periods presented have been included. The current period’s results of operations will not necessarily be indicative of results in any subsequent reporting period. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members, as well as whether the entity is a variable interest entity ("VIE") for which the Company is the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company's assets and liabilities are held by the OP. The Company consolidates all entities that it controls through either majority ownership or voting rights. In addition, the Company consolidates all VIEs of which the Company is considered the primary beneficiary. VIEs are entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. The accompanying consolidated financial statements include the accounts of collateralized loan obligations ("CLOs") issued and securitized by wholly owned subsidiaries of the Company. The Company has determined the CLOs are VIEs of which the Company's subsidiary is the primary beneficiary. The assets and liabilities of the CLOs are consolidated in the accompanying consolidated balance sheet in accordance with ASC 810, Consolidation . Acquisition Fees and Acquisition Expenses The Company has historically incurred acquisition fees and acquisition expenses payable to the Advisor. The Company’s obligation to pay the Advisor acquisition fees terminated in September 2017. Prior to then, the Company paid the Advisor an acquisition fee based on the principal amount funded by the Company to originate or acquire commercial mortgage loan investments or on the anticipated net equity funded by the Company to acquire real estate securities. Acquisition fees and acquisition expenses paid to the Company's Advisor in connection with the origination and acquisition of commercial mortgage loan investments and acquisition of real estate securities were evaluated based on the nature of the expense to determine if they should be expensed in the period incurred or capitalized and amortized over the life of the investment. The Company capitalizes certain direct costs relating to the loan origination activities and the cost is amortized over the life of the loan. Pursuant to the Advisory Agreement, the Advisor is entitled to an acquisition fee of 1.0% of the principal amount funded by the Company to originate or acquire commercial mortgage loans (or anticipated net equity funded by the Company in the case of acquisition of real estate securities) until the aggregate purchase price for all investments acquired reaches $600,000,000 and reimbursement for insourced acquisition expenses of 0.5% . In September 2017, the Company's aggregate purchase price for all investments acquired reached $600,000,000 , which concurrently terminated the 1.0% acquisition fee payments to the Advisor for all investments subsequent to the limit being reached. Commercial Mortgage Loans Held-for-Investment - Commercial mortgage loans that are held for investment purposes and are anticipated to be held until maturity, are carried at cost, net of unamortized acquisition expenses, discounts or premiums and unfunded commitments. Commercial mortgage loans, held for investment purposes, that are deemed to be impaired are carried at amortized cost less a specific allowance for loan losses. Interest income is recorded on the accrual basis and related discounts, premiums and acquisition expenses on investments are amortized over the life of the investment using the effective interest method. Amortization is reflected as an adjustment to interest income in the Company’s consolidated statements of operations. Guaranteed loan exit fees payable by the borrower upon maturity are accreted over the life of the investment using the effective interest method. The accretion of guaranteed loan exit fees is recognized in interest income in the Company's consolidated statements of operation. Held-for-Sale - Commercial mortgage loans that are intended to be sold in the foreseeable future are reported as held-for-sale and are transferred at fair value and recorded at the lower of cost or fair value with changes recorded through the statements of operations. Unamortized loan origination costs for commercial mortgage loans held-for-sale that are carried at the lower of cost or fair value are capitalized as part of the carrying value of the loans and recognized upon the sale of such loans. Amortization of origination costs ceases upon transfer of commercial mortgage loans to held-for-sale. Held-for-Sale, Accounted for Under the Fair Value Option - The fair value option provides an option to elect fair value as an alternative measurement for selected financial assets, financial liabilities, and written loan commitments. The Company has elected to measure commercial mortgage loans held-for-sale in the Company's TRS under the fair value option. These commercial mortgage loans are included in the Commercial mortgage loans, held-for-sale, measured at fair value in the consolidated balance sheet. Interest income received on commercial mortgage loans held-for-sale is recorded on the accrual basis of accounting and is included in interest income in the consolidated statements of operations. As of December 31, 2018 the fair value amount and the contractual principal outstanding of commercial mortgage loans accounted for under the fair value option was $76.9 million and $77.1 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 and $28.5 million , respectively. None of the Company's commercial mortgage loans accounted for under the fair value option are in default or greater than ninety days past due. For the year ended December 31, 2018 and December 31, 2017 , the Company has a realized gain of $11.3 million and $4.5 million relating to the sale of commercial mortgage loans that are accounted for under the fair value option, respectively. The Company had no commercial mortgage loans accounted for under the fair value option at December 31, 2016 . Acquisition expenses on originating these investments are expensed when incurred. 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 significant losses, and takes into account current collateral and economic conditions affecting the probability and severity of losses when establishing the allowance for loan losses. The Company performs a comprehensive analysis of its loan portfolio and assigns risk ratings to loans that incorporate management's current judgments about their credit quality based on all known and relevant internal and external factors that may affect collectability. The Company considers, among other things, payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographic location as well as national and regional economic factors. This methodology results in loans being segmented by risk classification into risk rating categories that are associated with estimated probabilities of default and principal loss. Ratings range from "1" to "5" with "1" representing the lowest risk of loss and "5" representing the highest risk of loss. The asset-specific reserve component relates to reserves for losses on individual impaired loans. The Company considers a loan to be impaired when, based upon current information and events, it believes that it is probable that the Company will be unable to collect all amounts due under the contractual terms of the loan agreement. This assessment is made on an individual loan basis each quarter based on such factors as payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographical location as well as national and regional economic factors. A reserve is established for an impaired loan when the present value of payments expected to be received, observable market prices or the estimated fair value of the collateral (for loans that are dependent on the collateral for repayment) is lower than the carrying value of that loan. For collateral dependent impaired loans, impairment is measured using the estimated fair value of collateral less the estimated cost to sell. Valuations are performed or obtained at the time a loan is determined to be impaired and designated non-performing, and they are updated if circumstances indicate that a significant change in value has occurred. The Advisor generally will use either the income approach through internally developed valuation models to estimate the fair value of the collateral for such loans or obtain external "as is" appraisals for loan collateral. 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 generally 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 generally be suspended when a loan is designated non-performing unless the loan is well secured, and resumed only when the suspended loan becomes contractually current and performance is demonstrated to have resumed. A loan will be written off when it is no longer realizable and legally discharged. Real Estate Securities On the acquisition date, all of the Company’s commercial real estate securities were classified as available for sale and carried at fair value, and subsequently any unrealized gains or losses are recognized as a component of accumulated other comprehensive income or loss. The Company may elect the fair value option for its real estate securities, and as a result, any unrealized gains or losses on such real estate securities will be recorded in the Company’s consolidated statement of operations. No such election has been made to date. Related discounts, premiums and acquisition expenses on investments are amortized over the life of the investment using the effective interest method. Amortization is reflected as an adjustment to interest income in the Company’s consolidated statements of operations. Impairment Analysis of Real Estate Securities Commercial real estate securities for which the fair value option has not been elected are periodically evaluated for other-than-temporary impairment. If the fair value of a security is less than its amortized cost, the security is considered impaired. Impairment of a security is considered other-than-temporary when (i) the Company has the intent to sell the impaired security; (ii) it is more likely than not the Company will be required to sell the security; or (iii) the Company does not expect to recover the entire amortized cost of the security. If the Company determines that an other-than-temporary impairment exists and a sale is likely, the impairment charge is recognized as an impairment of assets on the Company's consolidated statement of operations. If a sale is not expected, the portion of the impairment charge related to credit factors is recorded as an impairment of assets on the Company's consolidated statement of operations with the remainder recorded as an unrealized gain or loss on investments reported as a component of accumulated other comprehensive income or loss. Repurchase Agreements Commercial mortgage loans and real estate securities sold under repurchase agreements have been treated as collateralized financing transactions because the Company maintains effective control over the transferred securities. Commercial mortgage loans and real estate securities financed through a repurchase agreement remain on the Company’s consolidated balance sheet as an asset and cash received from the purchaser is recorded as a liability. Interest paid in accordance with repurchase agreements is recorded in interest expense on the Company's consolidated statements of operations. Cash and Cash Equivalents Cash represents deposits with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company up to an insurance limit. Cash equivalents include short-term, liquid investments in money market funds with original maturities of 90 days or less when purchased. Restricted Cash Restricted cash primarily consists of cash pledged as margin on repurchase agreements and derivative transactions. The duration of this restricted cash generally matches the duration of the related repurchase agreements or derivative transaction. Deferred Financing Costs The deferred financing costs related to the Company's various Master Repurchase Agreements as well as certain prepaid subscription costs are included in Prepaid expenses and other assets on the consolidated balance sheets. Deferred financing cost on the Company's collateralized debt obligations ("CLO") are netted against the Company's CLO payable in the Collateralized debt obligations on the consolidated balance sheets. Deferred financing costs are amortized over the terms of the respective financing agreement using the effective interest method and included in interest expense on the Company's consolidated statements of operations. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity. Share Repurchase Program The Company has a Share Repurchase Program (the "SRP"), which became effective as of February 28, 2016, that enables stockholders to sell their shares to the Company. Subject to certain conditions, stockholders that purchased shares of our common stock or received their shares from us (directly or indirectly) through one or more non-cash transactions and have held their shares for a period of at least one year may request that we repurchase their shares of common stock so long as the repurchase otherwise complies with the provisions of Maryland law. Repurchase requests made following the death or qualifying disability of a stockholder will not be subject to any minimum holding period. On August 10, 2017, our board of directors amended the SRP to provide that the repurchase price per share for requests will be equal to the lesser of (i) our most recent estimated per-share NAV, as approved by our board of directors from time to time, and (ii) our book value per share, computed in accordance with GAAP, multiplied by a percentage equal to (i) 92.5% , if the person seeking repurchase has held his or her shares for a period greater than one year and less than two years; (ii) 95% , if the person seeking repurchase has held his or her shares for a period greater than two years and less than three years; (iii) 97.5% , if the person seeking repurchase has held his or her shares for a period greater than three years and less than four years; or (iv) 100% , if the person seeking repurchase has held his or her shares for a period greater than four years or in the case of requests for death or disability. 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 Dividend Reinvestment Plan ("DRIP") in effect from time to time, provided that the board of directors has the power, in its sole discretion, to determine the amount of shares repurchased during any fiscal semester as well as the amount of funds to be used for that purpose. Due to these limitations, we cannot guarantee that we will be able to accommodate all repurchase requests made during any fiscal semester or fiscal year. However, a stockholder may withdraw its request at any time or ask that we honor the request when funds are available. Pending repurchase requests will be honored on a pro rata basis. We will generally pay repurchase proceeds, less any applicable tax or other withholding required by law, by the 31st day following the end of the fiscal semester during which the repurchase request was made. When a stockholder requests a redemption and the redemption is approved by the board of directors, we will reclassify such obligation from equity to a liability based on the settlement value of the obligation. Shares repurchased under the SRP will have the status of authorized but unissued shares. Offering and Related Costs The Company is currently offering shares of the Company’s common stock and convertible redeemable preferred stock series A on a best effort basis (the “Offering”). In connection with the Offering, the Company incurred various offering costs and will continue to incur these costs until the Offering is complete. These offering costs include but were are not limited to legal, accounting, printing, mailing and filing fees, and diligence expenses of broker-dealers. Offering costs for the common stock is recorded in the Company’s stockholders’ equity, while the offering costs for the convertible redeemable stock series A is included within Redeemable convertible preferred stock Series A on the Company’s consolidated balance sheet. Distribution Reinvestment Plan Pursuant to the DRIP, stockholders may elect to reinvest distributions by purchasing shares of common stock in lieu of receiving cash. No dealer manager fees or selling commissions are paid with respect to shares purchased pursuant to the DRIP. Participants purchasing shares pursuant to the DRIP have the same rights and are treated in the same manner as if such shares were issued pursuant to the Offering. The board of directors may designate that certain cash or other distributions be excluded from the DRIP. The Company has the right to amend any aspect of the DRIP or terminate the DRIP with ten days ’ notice to participants. Shares issued under the DRIP are recorded to equity in the consolidated balance sheet in the period distributions are declared. Share-Based Compensation The Company has a share-based incentive plan for certain of the Company's directors, officers and employees of the Advisor and its affiliates. Share-based awards are measured at the grant date fair value and is recognized as compensation expense on a on a straight line basis over the related vesting period of the award. See Note 10 - Share-Based Compensation . Income Taxes The Company has conducted its operations to qualify as a REIT for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2013 . As a REIT, if the Company meets certain organizational and operational requirements and distributes at least 90% of its "REIT taxable income" (determined before the deduction of dividends paid and excluding net capital gains) to its stockholders in a year, it will not be subject to U.S. federal income tax to the extent of the income that it distributes. However, even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on income in addition to U.S. federal income and excise taxes on its undistributed income. The Company, through its TRS, is indirectly subject to U.S. federal, state and local income taxes. The Company’s TRS is not consolidated for U.S. federal income tax purposes, but is instead taxed as a C corporation. For financial reporting purposes, the TRS is consolidated and a provision for current and deferred taxes is established for the portion of earnings recognized by the Company with respect to its interest in its TRS. Total income tax expense for the year ended December 31, 2018 and December 31, 2017 were $0.1 million and $0.2 million , respectively. There was no income tax provision for the year ended December 31, 2016 . The Company uses a more-likely-than-not threshold for recognition and derecognition of tax positions taken or to be taken in a tax return. The Company has assessed its tax positions for all open tax years beginning with December 31, 2015 and concluded that there were no uncertainties to be recognized. The Company’s accounting policy with respect to interest and penalties related to tax uncertainties is to classify these amounts as provision for income taxes. The tax characteristic of $1.44 distributions per common share declared during 2018 was $1.43 ordinary income and $0.01 return of capital. Of the $1.43 of ordinary income, $0.02 represents qualified dividend and $1.41 represents the amount of the ordinary dividend that may be eligible for the 20% deduction applicable to qualified REIT dividends under Internal Revenue Code Section 199A. The tax characteristics of $216.03 per preferred share declared during 2018 was all ordinary income. Of the $216.03 of ordinary income, $2.28 represents qualified dividend and $213.75 represents the amount of the ordinary dividend that may be eligible for the 20% deduction applicable to qualified REIT dividends under Section 199A. The tax characteristics of the $1.80 distributions per common share declared during 2017 was $1.07 ordinary income and $0.73 return of capital. The Company utilizes the TRS to reduce the impact of the prohibited transaction tax and to avoid penalty for the holding of assets not qualifying as real estate assets for purposes of the REIT asset tests. Any income associated with a TRS is fully taxable because the TRS is subject to federal and state income taxes as a domestic C corporation based upon its net income. Enacted on December 22, 2017, the recently passed Tax Cuts and Jobs Act ("TCJA") made many significant changes to the U.S. federal income tax laws applicable to businesses and their owners, including REITs and their stockholders, and may lessen the relative competitive advantage of operating as a REIT rather than as a C corporation. Pursuant to this legislation, as of January 1, 2018, (1) the federal income tax rate applicable to corporations is reduced to 21%, (2) the highest marginal individual income tax rate is reduced to 37% (through taxable years ending in 2025), (3) the corporate alternative minimum tax is repealed, and (4) the backup withholding rate for U.S. stockholders is reduced to 24%. Generally, under the new interest expense limitation rules, the Company's business interest expense deduction cannot exceed the sum of business interest income, 30% of adjusted taxable income (cannot be less than zero), and any floor plan financing interest expense for the taxable year. The Company completed its assessment of the income tax provisions of the sections of the TCJA that were effective for the year ended December 31, 2018 , and there were no material amounts recorded. 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, including but not limited to: 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 within Restricted cash on the Company’s consolidated balance sheets. Certain derivatives that the Company has entered into are subject to master netting agreements with its counterparties, allowing for netting of the same transaction, in the same currency, on the same date. Per Share Data The Company’s Series A redeemable convertible preferred stock (the "Preferred Stock") is considered a participating security. As such, the Company is required to include the Preferred Stock in the calculation of basic earnings per share and calculate basic earnings per share using the two-class method. The Company’s dilutive earnings per share calculation is computed using the more dilutive result of the treasury stock method, assuming the participating security is a potential common share, or the two-class method, assuming the participating security is not converted. 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 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 consisting of CMBS and may include unsecured REIT debt, CDO notes and other securities. • The commercial Conduit business in the Company's TRS, which is focused on originating and subsequently selling fixed-rate commercial real estate loans into the CMBS securitization market. See Note 14 - Segment Reporting for further information regarding the Company's segments. Redeemable Convertible Preferred Stock The Company’s Preferred Stock is classified outside of permanent equity in the consolidated balance sheets. 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 set forth in the Articles Supplementary (the “Articles Supplementary”) to the Company’s Articles of Amendment and Restatement, 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 in the Articles Supplementary) or after the sixth anniversary of the date of issuance. A change in control of the Company occurs 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. 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 Even

Commercial Mortgage Loans

Commercial Mortgage Loans	12 Months Ended
	Dec. 31, 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): December 31, 2018 December 31, 2017 Senior loans $ 2,198,555 $ 1,368,425 Mezzanine loans 13,111 35,087 Total gross carrying value of loans 2,211,666 1,403,512 Less: Allowance for loan losses 4,836 1,466 Total commercial mortgage loans, held-for-investment, net $ 2,206,830 $ 1,402,046 The following table presents the activity in the Company's allowance for loan losses (dollars in thousands): Year Ended December 31, 2018 2017 Beginning of period $ 1,466 $ 2,181 Loan loss provision/(recovery) (1) 3,370 (715 ) Charge-offs — — Recoveries — — Ending allowance for loan losses $ 4,836 $ 1,466 (1) Includes $4.1 million loan loss provision specifically reserved on one loan in non-performing status as of December 31, 2018 . As of December 31, 2018 and 2017 , the Company's total commercial mortgage loan portfolio, excluding commercial mortgage loans accounted for under the fair value option, was comprised of 100 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). December 31, 2018 December 31, 2017 Loan Type Par Value Percentage Par Value Percentage Multifamily $ 1,001,540 45.2 % $ 505,189 35.9 % Office 357,819 16.1 % 455,698 32.4 % Retail 262,622 11.8 % 209,598 14.9 % Hospitality 347,080 15.6 % 184,025 13.1 % Industrial 65,871 3.0 % 53,208 3.7 % Mixed-Use 120,647 5.4 % — — % Self-Storage 49,957 2.2 % — — % Land 16,400 0.7 % — — % Total $ 2,221,936 100.0 % $ 1,407,718 100.0 % As of December 31, 2018 and 2017 , the Company's total commercial mortgage loans, held-for-sale, measured at fair value comprised of 7 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). December 31, 2018 December 31, 2017 Loan Type Par Value Percentage Par Value Percentage Multifamily $ 34,000 44.1 % $ 28,531 100.0 % Hospitality 27,800 36.1 % — — % Office 15,300 19.8 % — — % Total $ 77,100 100.0 % $ 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 sheets, are assigned an initial risk rating of 2.0 . As of December 31, 2018 and 2017 , the weighted average risk ratings of loans were 2.1 and 2.2 , respectively. The following table represents the allocation by risk rating for the Company's commercial mortgage loans, excluding loans classified as commercial mortgage loans, held-for-sale, measured at fair value: December 31, 2018 December 31, 2017 Risk Number Par Risk Number Par Rating of Loans Value Rating of Loans Value 1 2 $ 23,250 1 2 25,820 2 87 1,965,186 2 54 1,171,125 3 9 202,400 3 13 210,773 4 1 14,300 4 — — 5 1 16,800 5 — — 100 $ 2,221,936 69 $ 1,407,718 As of December 31, 2018 , the Company had one loan with an unpaid principal balance of $16.8 million and fair value of $12.0 million in non-performing status. For the year ended December 31, 2018, the Company has applied $1.0 million of interest received on this loan as a reduction to the unpaid principal balance. During the year ended December 31, 2018 , the Company recorded $4.1 million of asset-specific reserve included in loan loss provision/(recovery) on the consolidated statement of operations. The Company also had one loan with a principal balance of $14.3 million that had interest past due for greater than 90 days as of December 31, 2018 . The Company continued to accrue interest income on this loan as the loan was well secured, including cash reserves that were sufficient to cover interest due. As of December 31, 2017 , the Company did not have any loans that were past due on their payments, in non-accrual status or impaired. For the year ended December 31, 2018 and 2017 , the activity in the Company's commercial mortgage loans, held-for-investment portfolio was as follows (dollars in thousands): Year Ended December 31, 2018 2017 Balance at Beginning of Year $ 1,402,046 $ 1,046,556 Acquisitions and originations 1,608,512 837,861 Principal repayments (778,520 ) (381,933 ) Discount accretion and premium amortization 4,648 2,554 Loans transferred to commercial real estate loans, held-for-sale (16,750 ) (100,005 ) Net fees capitalized into carrying value of loans (9,736 ) (3,702 ) Loan loss recovery/(provision) (3,370 ) 715 Balance at End of Year $ 2,206,830 $ 1,402,046

Real Estate Securities

Real Estate Securities	12 Months Ended
	Dec. 31, 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 (dollars in thousands): Weighted Average Number of Investments Interest Rate Maturity Par Value Fair Value December 31, 2018 2 5.0 % December 2023 $ 26,750 $ 26,412 December 31, 2017 — — % N/A $ — — The Company classified its CMBS investments as available-for-sale as of December 31, 2018 and 2017 . These investments are reported at fair value in the consolidated balance sheet with changes in fair value recorded in accumulated other comprehensive income (loss). The following table shows the amortized cost, unrealized gains/losses and fair value of the Company's CMBS investments (dollars in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value December 31, 2018 $ 26,871 $ — $ (459 ) $ 26,412 December 31, 2017 $ — $ — $ — $ — As of December 31, 2018 the Company held two CMBS positions with an aggregate carrying value of $26.9 million and an unrealized loss of $0.5 million , of which no position had an unrealized loss for a period greater than twelve months. As of December 31, 2017, the Company held no CMBS positions. For the year ended December 31, 2018 , and December 31, 2017, the Company has recognized a loss of approximately $0.1 million , and a gain of $0.2 million from the CMBS positions respectively, recorded within realized (gain) loss on sale of real estate securities in the consolidated statement of operations. 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): Year Ended December 31, 2018 2017 2016 Unrealized gain/(loss) available-for-sale securities $ (459 ) $ 19 $ 329 Reclassification of net (gain)/loss on available-for-sale securities included in net income (loss) — 481 1,425 Unrealized gain/(loss) available-for-sale securities, net of reclassification adjustment $ (459 ) $ 500 $ 1,754 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. The Company's unrealized gain/(loss) on available-for-sale securities is net of tax. Due to the Company's designation as a REIT, there was no tax impact on unrealized gain (loss) on available-for-sale securities.

Debt

Debt	12 Months Ended
	Dec. 31, 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"), Barclays Bank PLC (the "Barclays Facility"), Wells Fargo Bank, National Association (the "WF Repo Facility"), and Credit Suisse AG (the "CS Repo Facility" and together with JPM Repo Facility, GS Repo Facility, USB Repo Facility, WF Repo Facility, Barclays Facility, the "Repo Facilities"). The Repo Facilities are financing sources through which the Company may pledge one or more mortgage loans to the financing entity in exchange for funds typically at an advance rate of between 65% to 80% of the principal amount of the mortgage loan being pledged. The details of the Company's Repo Facilities at December 31, 2018 and December 31, 2017 are as follows (dollars in thousands): As of December 31, 2018 Ending Weighted Average Interest Rate Initial Term Maturity Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) JPM Repo Facility (2) $ 520,000 $ 72,906 $ 7,838 4.55 % 1/30/2020 GS Repo Facility (3) — — 470 N/A 12/27/2018 USB Repo Facility (4) 100,000 — 594 4.71 % 6/15/2020 CS Repo Facility (5) 300,000 76,534 6,594 4.69 % 6/19/2019 WF Repo Facility (6) 175,000 — 86 4.71 % 11/21/2020 Barclays Facility (7) 100,000 — 1,445 6.24 % 9/19/2019 Total $ 1,195,000 $ 149,440 $ 17,027 __________________________ (1) For the year ended December 31, 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) Matured on December 27, 2018. Committed balance was $250 million prior to maturity. (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 July 19, 2018, the committed financing amount was upsized from $ 250 million to $ 300 million . 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 three one -year extensions at the Company’s option, which may be exercised upon the satisfaction of certain conditions. (7) On July 30, 2018, the committed financing amount was upsized from $ 75 million to $ 100 million . Includes a one -year extension at the Company's option. As of December 31, 2017 Ending Weighted Average Interest Rate Initial Term Maturity Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) JPM Repo Facility (2) $ 300,000 $ 42,042 $ 8,453 3.77 % 6/12/2019 GS Repo Facility (3) 250,000 13,500 4,573 3.83 % 12/27/2018 USB Repo Facility (4) 100,000 — 303 N/A 6/15/2020 CS Repo Facility (5) 250,000 10,148 577 3.99 % 8/30/2018 Barclays Facility (6) 75,000 — 236 N/A 9/19/2019 Total $ 975,000 $ 65,690 $ 14,142 _______________________ (1) For the year ended December 31, 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. The Company expects to use the advances from the Repo Facilities to finance the acquisition or origination of eligible loans, including first mortgage loans, subordinated mortgage loans, mezzanine loans and participation interests therein. The Repo Facilities generally provide that in the event of a decrease in the value of the Company's collateral, the lenders can demand additional collateral. As of December 31, 2018 and December 31, 2017 , the Company is in compliance with all debt covenants. Other financing and loan participation - 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 was 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 a maturity date of June 9, 2019. The Company paid off the outstanding balance in June 2018. As of December 31, 2017 , the Company had $26.2 million of outstanding principal under the PWB Financing. The Company incurred $1.2 million and $1.2 million of interest expense on the PWB Financing for the year ended December 31, 2018 and December 31, 2017 , including amortization of deferred financing costs, respectively. On December 11, 2018, the Company transferred $10.0 million of its interest in a term loan to City National Bank ("City National Financing") via a participation agreement. As of December 31, 2018 , the City National Financing accrued interest at an annual rate of 4.5% . The Company incurred $0.03 million of interest expense on the City National Financing for the year ended December 31, 2018 . Repurchase Agreements - Real Estate Securities The Company has entered into various Master Repurchase Agreements (the "MRAs") that allow the Company to sell real estate securities while providing a fixed repurchase price for the same real estate securities in the future. The repurchase contracts on each security under an MRA generally mature in 30 - 90 days and terms are adjusted for current market rates as necessary. Below is a summary of the Company's MRAs as of December 31, 2018 and 2017 (dollars in thousands): Weighted Average Counterparty Amount Outstanding Accrued Interest Collateral Pledged (1) Interest Rate Days to Maturity As of December 31, 2018 JP Morgan Securities LLC $ 21,961 $ 27 $ 26,750 3.67 % 18 Wells Fargo Securities, LLC 22,578 47 28,223 3.93 % 11 Total $ 44,539 $ 74 $ 54,973 3.80 % 14.5 As of December 31, 2017 JP Morgan Securities LLC $ 39,035 $ 11 $ 56,044 3.32 % 26 Total/Weighted Average $ 39,035 $ 11 $ 56,044 3.32 % 26 ________________________ 1 Includes $28.2 million and $56.0 million of CLO notes, held by the Company, which is eliminated within the Real estate securities, at fair value line of the consolidated balance sheets as of as of December 31, 2018 and December 31, 2017 , respectively. Collateralized Loan Obligation On February 15, 2018, the Company called all of the outstanding notes issued by RFT 2015-FL1 Issuer, a wholly owned indirect subsidiary of the Company. The outstanding principal of the notes on the date of the call was $ 145.0 million . The Company recognized all the remaining unamortized deferred financing costs of $ 6.4 million within the Interest expense line of the consolidated statements of operations, which was a non-cash charge. As of December 31, 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 15 and 25 mortgage assets having a total principal balance of $216.0 million and $418.1 million , respectively (the “2017-FL1 Mortgage Assets”). 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 December 31, 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 12 and 20 mortgage assets having a total principal balance of $244.6 million and $440.7 million , respectively (the “2017-FL2 Mortgage Assets”). 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 41 mortgage assets having a principal balance of $609.3 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 $546.0 million principal balance secured floating rate notes (the “Notes”), of which $488.0 million were purchased by third party investors and $58.0 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. On October 12, 2018, BSPRT 2018-FL4 Issuer, Ltd. (the “CLO Issuer”) and BSPRT 2018-FL4 Co-Issuer, LLC (the “Co-CLO Issuer”), both wholly owned indirect subsidiaries of the Company, collateralized by interests in a pool of 41 mortgage assets having a principal balance of $859.3 million (the "2018-FL4 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 $770.7 million principal balance secured floating rate notes (the “CLO Notes”), of which $673.0 million were purchased by third party investors and $97.7 million purchased by a wholly owned subsidiary of the OP. In addition, concurrently with the issuance of the CLO Notes, the CLO Issuer also issued 97,694,546 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 “CLO Preferred Shares”), which were not offered as part of closing the indenture. For U.S. federal income tax purposes, the CLO Issuer and Co-CLO Issuer are disregarded entities. The Company, through its wholly-owned subsidiaries, holds the preferred equity tranches of all four of the above CLOs of approximately $288.8 million . The following table represents the terms of the notes issued by the 2015-FL1 Issuer, 2017-FL1 Issuer, 2017-FL2 Issuer, 2018-FL3 Issuer and 2018-FL4 Issuer (the "CLOs), respectively (dollars in thousands): CLO Facility As of December 31, 2018 Par Value Issued Par Value Outstanding (1) Interest Rate Maturity Date 2017-FL1 Issuer Tranche A $ 223,600 $ 48,557 1M LIBOR + 135 6/15/2027 2017-FL1 Issuer Tranche B 48,000 48,000 1M LIBOR + 240 6/15/2027 2017-FL1 Issuer Tranche C 67,900 67,900 1M LIBOR + 425 6/15/2027 2017-FL2 Issuer Tranche A 237,970 76,785 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 2018-FL4 Issuer Tranche A 416,827 416,827 1M LIBOR + 105 9/15/2035 2018-FL4 Issuer Tranche A-S 73,813 73,813 1M LIBOR + 130 9/15/2035 2018-FL4 Issuer Tranche B 56,446 56,446 1M LIBOR + 160 9/15/2035 2018-FL4 Issuer Tranche C 68,385 68,385 1M LIBOR + 210 9/15/2035 2018-FL4 Issuer Tranche D 57,531 57,531 1M LIBOR + 275 9/15/2035 $ 1,861,864 $ 1,525,636 CLO Facility As of December 31, 2017 Par Value Issued Par Value Outstanding (1) 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 $186.5 million and $86.7 million of CLO notes, held by the Company, which are eliminated within the collateralized loan obligation line of the consolidated balance sheets as of December 31, 2018 and December 31, 2017 . The below table reflects the total assets and liabilities of the Company's four CLOs. The CLOs are considered VIEs and are consolidated into the Company's consolidated financial statements as of December 31, 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) December 31, 2018 December 31, 2017 Cash (1) $ 74,157 $ 49,017 Commercial mortgage loans, held for investment, net (2) 1,921,428 1,033,427 Accrued interest receivable 6,353 4,212 Total Assets $ 2,001,938 $ 1,086,656 Liabilities Notes payable (3)(4) $ 1,712,129 $ 912,800 Accrued interest payable 3,163 1,462 Total Liabilities $ 1,715,292 $ 914,262 ________________________ (1) Includes $73.7 million and $48.7 million of cash held by the servicer related to CLO loan payoffs as of December 31, 2018 and December 31, 2017 . (2) The balance is presented net of allowance for loan loss of $0.6 million and $1.3 million as of December 31, 2018 and December 31, 2017 , respectively. (3) Includes $186.5 million and $86.7 million of CLO notes, held by the Company, which are eliminated within the collateralized loan obligation line of the consolidated balance sheets as of December 31, 2018 and December 31, 2017 . (4) The balance is presented net of deferred financing cost and discount of $20.4 million and $16.9 million as of December 31, 2018 and December 31, 2017 , respectively.

Net Income Per Share

Net Income Per Share	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share The Company uses the two-class method in calculating basic and diluted EPS, however the Company did not have any undistributed earnings in the periods presented, which is required in the two-class presentation method. The below table represents the Company's earnings per share and distribution per share for the years ended December 31, 2018 , 2017 and 2016 , respectively (dollars in thousands, except share amounts): Year Ended December 31, 2018 2017 2016 Net income $ 52,825 $ 33,779 $ 29,990 Less: Preferred stock dividends (3,644 ) — — Less: Preferred stock undistributed income — — — Net income applicable to common stock $ 49,181 $ 33,779 $ 29,990 Basic weighted average shares outstanding 34,268,707 31,772,231 31,659,274 Basic net income per share $ 1.44 $ 1.06 $ 0.95 Net income $ 52,825 $ 33,779 $ 29,990 Basic weighted average shares outstanding 34,268,707 31,772,231 31,659,274 Unvested restricted shares 14,229 12,658 7,230 Conversion of redeemable convertible preferred stock 2,496,799 — — Diluted weighted average shares outstanding 36,779,735 31,784,889 31,666,504 Diluted net income per share $ 1.44 $ 1.06 $ 0.95

Stock Transactions

Stock Transactions	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Stock Transactions	Stock Transactions As of December 31, 2018 and 2017 , the Company had 39,303,710 and 31,834,072 shares of common stock outstanding, respectively, including shares issued pursuant to the DRIP, share repurchases and unvested restricted shares. As of December 31, 2018 and 2017 , the Company had 29,249 shares and no shares outstanding, respectively, of Preferred Stock. Private Placements Since February 2018 the Company has been conducting offerings of its common stock and Series A preferred stock in offerings exempt from the registration requirements of the Securities Act. The following table summarizes the sales of common stock in these offerings (dollars in thousands, except share amounts): Total As of December 31, 2018 Shares Issued Proceeds June 2018 834,537 $ 13,723 July 2018 1,669,074 27,446 August 2018 3,370,362 55,421 September 2018 14,962 250 October 2018 89,767 1,500 November 2018 206,463 3,450 December 2018 1,349,193 22,545 Total 7,534,358 $ 124,335 As of December 31, 2018 , the Company did not have any outstanding binding purchase commitments for common stock. The following table summarizes the sales of Series A preferred stock in these offerings (dollars in thousands, except share amounts): Total As of December 31, 2018 Shares Issued Proceeds June 2018 2,256 $ 11,280 July 2018 4,498 22,490 August 2018 9,083 45,415 September 2018 3,378 16,890 December 2018 10,034 50,170 Total 29,249 $ 146,245 As of December 31, 2018 , the Company did not have any outstanding binding purchase commitments for Preferred Stock. The following table presents the activity in the Company's Series A preferred stock (dollars in thousands, except share amounts): Shares Amount Balance, December 31, 2017 — $ — Issuance of preferred stock 29,249 146,245 Offering costs — (510 ) Amortization of offering costs — 51 Balance, December 31, 2018 29,249 $ 145,786 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 year ended December 31, 2018 and 2017 , the Company declared daily common stock distributions equivalent to $1.44 per annum per share and $1.80 per annum per share, respectively. As of December 31, 2018 , and 2017 , the Company had declared but unpaid common stock distributions of $4.7 million and $3.9 million , respectively. Additionally, as of December 31, 2018 , the Company had declared but unpaid Series A preferred stock distributions of $1.1 million . These amounts are included in Distributions payable on the Company’s audited consolidated balance sheets. The Company's distributions are payable by the fifth day following each month end to stockholders of record at the close of business each day during the prior month. Distribution payments are dependent on the availability of funds. The board of directors may reduce the amount of distributions paid or suspend distribution payments at any time, and therefore, distributions payments are not assured. The Company distributed $48.5 million during the year ended December 31, 2018 , comprised of $34.5 million in cash and $14.0 million in shares of common stock issued under the DRIP. The Company distributed $58.9 million during the year ended December 31, 2017, comprised of $38.8 million in cash and $20.1 million in shares of common stock issued under the DRIP. Share Repurchase Program The Company's board of directors unanimously approved an amended and restated share repurchase program (the “SRP”), which became effective on February 28, 2016. The SRP enables stockholders to sell their shares to the Company. Subject to certain conditions, stockholders that purchased shares of the Company's common stock or received their shares from us (directly or indirectly) through one or more non-cash transactions and have held their shares for a period of at least one year may request that the Company repurchase their shares of common stock so long as the repurchase otherwise complies with the provisions of Maryland law. Repurchase requests made following the death or qualifying disability of a stockholder will not be subject to any minimum holding period. On August 10, 2017, the Company's board of directors amended the SRP to provide that the repurchase price per share for requests will be equal to the lesser of (i) the Company’s most recent estimated per-share NAV, as approved by the Company’s board of directors from time to time, and (ii) the Company’s book value per share, computed in accordance with GAAP, multiplied by a percentage equal to (i) 92.5% , if the person seeking repurchase has held his or her shares for a period greater than one year and less than two years; (ii) 95% , if the person seeking repurchase has held his or her shares for a period greater than two years and less than three years; (iii) 97.5% , if the person seeking repurchase has held his or her shares for a period greater than three years and less than four years; or (iv) 100% , if the person seeking repurchase has held his or her shares for a period greater than four years or in the case of requests for death or disability. The Company’s most recent estimated per-share NAV is $18.75 , as determined by the board of directors, as of September 30, 2018. The Company’s GAAP book value per share as of December 31, 2018 is $18.66 . 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 December 31, 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 — — — July 1 - July 31, 2018 831 387,214 18.74 August 1 - August 31, 2018 — — — September 1 - September 30, 2018 — — — October 1 - October 31, 2018 — — — November 1 - November 30, 2018 — — — December 1 - December 31, 2018 — — — Cumulative as of December 31, 2018 3,845 2,800,414 $ 20.65 _______________________ (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	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Unfunded Commitments Under Commercial Mortgage Loans As of December 31, 2018 and 2017 , the Company had the below unfunded commitments to the Company's borrowers. Funding Expiration December 31, 2018 December 31, 2017 2018 — 36,475 2019 34,667 26,465 2020 176,760 20,598 2021 106,940 — 2022 — — 2023 — — 2024 and beyond — — $ 318,367 $ 83,538 The borrowers are required to meet or maintain certain metrics in order to qualify for the unfunded commitment amounts. Litigation and Regulatory Matters In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. The Company has no knowledge of material legal or regulatory proceedings pending or known to be contemplated against the Company at this time.

Related Party Transactions and

Related Party Transactions and Arrangements	12 Months Ended
	Dec. 31, 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. 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 December 31, 2018 and 2017 (dollars in thousands): Payable as of December 31, 2018 December 31, 2017 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 The payables as of December 31, 2018 and 2017 in the table above are included in Due to affiliates on the Company's consolidated balance sheets. The fees incurred are recorded within the Additional paid in capital line in the consolidated balance sheets. The table below shows the costs incurred due to arrangements with our Advisor and its affiliates during the years ended December 31, 2018 , 2017 and 2016 and the associated payable as of December 31, 2018 and 2017 (dollars in thousands): Year Ended December 31, Payable as of December 31, 2018 2017 2016 2018 2017 Acquisition fees and acquisition expenses (1) $ 452 $ 4,197 $ 806 $ 1 $ — Administrative services expenses 13,446 6,765 4,376 1,224 3,480 Asset management and subordinated performance fee 10,299 9,273 9,504 1,072 2,315 Other related party expenses (2) 1,259 394 90 932 146 Total related party fees and reimbursements $ 25,456 $ 20,629 $ 14,776 $ 3,229 $ 5,941 ________________________ (1) Total acquisition fees and expenses paid during the years ended December 31, 2018 and 2017 were $8.1 million and $10.2 million respectively, of which $7.6 million and $ 6.0 million were capitalized within the commercial mortgage loans, held for investment line of the consolidated balance sheets for years ended December 31, 2018 and 2017 . (2) These are primarily related to reimbursable costs incurred related to the increase in loan origination activities. These amounts are included in Other expenses in the Company's consolidated statements of operations. The payables as of December 31, 2018 and 2017 in the table above are included in Due to affiliates on the Company's consolidated balance sheets. Purchases of Common Stock and Preferred Stock Refer to Note 7 - Stock Transactions for a description of the Company’s private placements. Officers of the Company and other employees of the Advisor and its affiliates (“Manager Investors”) have acquired common stock and Series A preferred stock in these private placements on substantially the same terms applying to purchases by third party accredited investors unaffiliated with the Company or the Advisor. As of December 31, 2018 , the Manager Investors have acquired in these private placements 2,012,959 shares of common stock for an aggregate purchase price of $33.6 million and 115 shares of Series A preferred stock for an aggregate purchase price (which includes accrued dividends) of $0.6 million . As of December 31, 2018 , there were no remaining Manager Investors commitments for common stock and no remaining Manager Investors commitments for Preferred Stock. 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 December 31, 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.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation Restricted Share Plan The Company has an employee and director incentive restricted share plan (the "RSP"), which provides the Company with the ability to grant awards of restricted shares to the Company’s directors, officers and employees (if the Company ever has employees), employees of the Advisor and its affiliates, employees of entities that provide services to the Company, directors of the Advisor or of entities that provide services to the Company, the Advisor and its affiliates. The total number of common shares granted under the RSP shall not exceed 5.0% of the Company’s authorized common shares pursuant to the Offering, and in any event, will not exceed 4.0 million shares (as such number may be adjusted for stock splits, stock distributions, combinations and similar events). Restricted share awards entitle the recipient to receive common shares from the Company under terms that provide for vesting over a specified period of time or upon attainment of pre-established performance objectives. Such awards would typically be forfeited with respect to the unvested shares upon the termination of the recipient’s employment or other relationship with the Company. Restricted shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. Holders of restricted shares may receive cash distributions prior to the time that the restrictions on the restricted shares have lapsed. Any distributions payable in common shares shall be subject to the same restrictions as the underlying restricted shares. The fair value of the restricted share awards are expensed over the vesting period. As of December 31, 2018 , the Company had granted 31,970 restricted shares to its independent directors, of which 5,333 were forfeited and 12,935 have vested, leaving a balance of 13,702 unvested restricted shares. As of December 31, 2017 , the Company had granted 21,398 restricted shares to its independent directors, of which 5,333 were forfeited and 4,683 have vested, leaving a balance of 11,382 unvested restricted shares. The compensation expense associated with the restricted share grants was $157 thousand , $97 thousand and $44 thousand , for the years ended December 31, 2018 , 2017 and 2016 , respectively and are included within Other expenses line on the consolidated statements of operations.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 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 December 31, 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, and recent trades of similar real estate securities. Depending upon the significance of the fair value inputs used in determining these fair values, these real estate securities are classified in either Level II or Level III of the fair value hierarchy. As of December 31, 2018 the Company obtained broker quotes for determining the fair value of each CMBS investment. As the broker quotes were both limited and non-binding, the Company has classified the CMBS as Level III. 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 certain investments held by the Company. Fair value is determined using a discounted cash flow model that primarily considers changes in interest rates and credit spreads, weighted average life and current performance of the underlying collateral. The Company classified the commercial mortgage loans held-for-sale, measured at fair value as Level III. The fair value for Treasury note futures is derived using market prices. Treasury note futures trade on the Chicago Mercantile Exchange (“CME”). The instruments are a variety of recently issued 10-year U.S. Treasury notes. The future contracts are liquid and are centrally cleared through the CME. Treasury note futures are generally categorized in Level I of the fair value hierarchy. The fair value for credit default 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 year ended December 31, 2018 . The following table presents the Company's financial instruments carried at fair value on a recurring basis in the consolidated balance sheets by its level in the fair value hierarchy as of December 31, 2018 and 2017 (dollars in thousands): Total Level I Level II Level III December 31, 2018 Real estate securities $ 26,412 $ — $ — $ 26,412 Commercial mortgage loans, held-for-sale, measured at fair value 76,863 — — 76,863 Credit default swaps 640 — 640 — Interest rate swaps 206 — 206 — Total assets, at fair value $ 104,121 $ — $ 846 $ 103,275 Liabilities, at fair value Interest rate swaps $ 256 $ — $ 256 $ — Treasury note futures 1,063 1,063 — Total liabilities, at fair value $ 1,319 $ 1,063 $ 256 $ — December 31, 2017 Commercial mortgage loans, held-for-sale, measured at fair value $ 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 $ — Both observable and unobservable inputs may be used to determine the fair value of positions that the Company has classified within the Level III category. As a result, the unrealized gains and losses for assets and liabilities within the Level III category may include changes in fair value that were attributable to both observable and unobservable inputs. The following table summarizes the valuation method and significant unobservable inputs used for the Company’s financial instruments that are categorized within Level III of the fair value hierarchy as of December 31, 2018 and December 31, 2017 (dollars in thousands). Asset Category Fair Value Valuation Methodologies Unobservable Inputs (1) Weighted Average (2) Range December 31, 2018 Commercial mortgage loans, held-for-sale, measured at fair value $76,863 Discounted Cash Flow Yield 6.3% 4.7% - 11.3% Real estate securities, available-for-sale, measured at fair value 26,412 Broker Quotes Yield 5.5% 4.0% - 6.0% 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. Increases or decreases in any of the above unobservable inputs in isolation would result in a lower or higher fair value measurement for such assets. The following table presents additional information about the Company’s financial instruments which are measured at fair value on a recurring basis as of December 31, 2018 and December 31, 2017 for which the Company has used Level III inputs to determine fair value (dollars in thousands): December 31, 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 — — Total realized and unrealized gains (losses) included in earnings: Realized gains (losses) on sale of real estate securities — (107 ) Realized gains (losses) on sale of commercial mortgage loans held-for-sale 11,288 — Unrealized gains (losses) on commercial mortgage loans held-for-sale (237 ) — Net accretion — (76 ) Unrealized gains (losses) included in OCI (1) — (459 ) Purchases 617,916 39,510 Sales / paydowns (580,635 ) (12,456 ) Cash repayments/receipts — — Transfers out of Level III — — December 31, 2018 balance $ 76,863 $ 26,412 December 31, 2017 Commercial Mortgage Loans, held-for-sale, measured at fair value Real Estate Securities Beginning balance, January 1, 2017 $ — $ 49,049 Transfers into Level III — — Total realized and unrealized gains (losses) included in earnings: Realized gains (losses) 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 / paydown (132,093 ) (34,888 ) Cash repayments/receipts — (15,000 ) Transfers out of Level III — — December 31, 2017 balance $ 28,531 $ — ________________________ (1) Unrealized gains included in Other comprehensive income ("OCI") are attributable to assets held at December 31, 2018 and December 31, 2017 . The fair value of cash and cash equivalents and restricted cash are measured using observable quoted market prices, or Level I inputs and their carrying value approximates their fair value. The fair value of borrowings under repurchase agreements approximate their carrying value on the consolidated balance sheets due to their short-term nature, and are measured using Level II inputs. Financial Instruments Not Measured at Fair Value The fair values of the Company's commercial mortgage loans, held-for-investment and collateralized loan obligations, which are not reported at fair value on the consolidated balance sheets are reported below as of December 31, 2018 and 2017 (dollars in thousands): Level Carrying Amount Fair Value December 31, 2018 Commercial mortgage loans, held-for-investment (1) Asset III $ 2,211,666 $ 2,213,650 Collateralized loan obligation Liability III 1,505,279 1,518,127 Other financing and loan participation - commercial mortgage loans Liability III 9,902 9,902 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 $4.8 million and $1.5 million of allowance for loan losses as of December 31, 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. The fair value of the other financing and loan participation-commercial mortgage loans is generally estimated using a discounted cash flow analysis. At December 31, 2018 , the loan participation was initially recorded at transaction proceeds, which are considered to be the best initial estimate of fair value.

Derivative Instruments (Notes)

Derivative Instruments (Notes)	12 Months Ended
	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The Company uses derivative instruments primarily to manage the fair value variability of fixed rate assets caused by interest rate fluctuations and overall portfolio market risk. As of December 31, 2018 , the net premiums received on derivative instrument assets were $0.8 million . The following derivative instruments were outstanding as of December 31, 2018 and December 31, 2017 (dollars in thousands): Fair Value Contract type Notional Assets Liabilities As of December 31, 2018 Credit default swaps $ 45,000 $ 640 $ — Interest rate swaps 37,965 206 256 Treasury note futures 49,000 — 1,063 Total $ 131,965 $ 846 $ 1,319 As of December 31, 2017 Credit default swaps $ 30,000 $ 32 $ 357 Treasury note futures 43,906 100 — Total $ 73,906 $ 132 $ 357 The following table indicates the net realized and unrealized losses on derivatives, by primary underlying risk exposure, as included in loss on derivative instruments in the consolidated statements of operations for year ended December 31, 2018 and December 31, 2017 : Year Ended December 31, 2018 Year Ended December 31, 2017 Contract type Unrealized (Gain)/Loss Realized (Gain)/Loss Unrealized (Gain)/Loss Realized (Gain)/Loss Credit default swaps $ (139 ) $ (229 ) $ 117 $ 373 Interest rate swaps 351 136 — — Treasury note futures 1,162 (1,734 ) (100 ) (928 ) Total $ 1,374 $ (1,827 ) $ 17 $ (555 )

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	12 Months Ended
	Dec. 31, 2018
Offsetting [Abstract]
Offsetting Assets and Liabilities	Offsetting Assets and Liabilities The Company's consolidated balance sheets used a gross presentation of repurchase agreements and collateral pledged. The table below provides a gross presentation, the effects of offsetting and a net presentation of the Company's derivative instruments and repurchase agreements within the scope of ASC 210-20, Balance Sheet—Offsetting , as of December 31, 2018 and 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 December 31, 2018 Derivative instruments, at fair value $ 846 $ — $ 846 $ — $ — $ 846 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 December 31, 2018 Repurchase agreements, commercial mortgage loans $ 149,440 $ — $ 149,440 $ 203,846 $ 5,010 $ — Repurchase agreements, real estate securities $ 44,539 $ — $ 44,539 $ 54,973 $ 305 $ — Derivative instruments, at fair value $ 1,319 $ — $ 1,319 $ — $ 7,232 $ — 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 eliminates 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	12 Months Ended
	Dec. 31, 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 commercial real estate Conduit business operated through the Company's TRS, which is focused on generating risk-adjusted returns by originating and subsequently selling fixed-rate commercial real estate loans into the CMBS securitization market at a profit. The following table represents the Company's operations by segment for the years ended December 31, 2018 , 2017 and 2016 (dollars in thousands): December 31, 2018 Total Real Estate Debt Real Estate Securities TRS Interest income $ 152,288 $ 144,967 $ 717 $ 6,604 Interest expense 70,000 65,521 770 3,709 Net income 52,825 50,041 (160 ) 2,944 Total assets 2,606,078 2,492,440 26,474 87,164 December 31, 2017 Interest income 89,564 87,014 1,351 1,199 Interest expense 32,359 30,407 1,254 698 Net income 33,779 33,184 269 326 Total assets 1,583,661 1,517,021 389 66,251 December 31, 2016 Interest income 79,404 73,884 5,520 — Interest expense 23,169 20,719 2,450 — Net income 29,990 29,797 193 — Total assets 1,248,125 1,198,806 49,319 — 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 originated during the year as the denominator and commercial mortgage loans, net and commercial mortgage loans, held-for-sale, measured at fair value as numerator.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company has conducted its operations to qualify as a REIT for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2013. As a REIT, if the Company meets certain organizational and operational requirements and distributes at least 90% of its "REIT taxable income" (determined before the deduction of dividends paid and excluding net capital gains) to its stockholders in a year, it will not be subject to U.S. federal income tax to the extent of the income that it distributes. However, even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on income in addition to U.S. federal income and excise taxes on its undistributed income. The Company, through its TRS, is indirectly subject to U.S. federal, state and local income taxes. The Company’s TRS is not consolidated for U.S. federal income tax purposes, but is instead taxed as a C corporation. For financial reporting purposes, the TRS is consolidated and a provision for current and deferred taxes is established for the portion of earnings recognized by the Company with respect to its interest in its TRS. Total income tax expense for the year ended December 31, 2018 and December 31, 2017 were $0.1 million and $0.2 million , respectively. There was no income tax provision for the year ended December 31, 2016. The Company uses a more-likely-than-not threshold for recognition and derecognition of tax positions taken or to be taken in a tax return. The Company has assessed its tax positions for all open tax years beginning with December 31, 2015 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. Components of the provision for income taxes consist of the following (dollars in thousands): Years Ended December 31, 2018 2017 2016 Current expense (benefit) U.S. Federal $ 68 $ 140 $ — State and local 12 61 — Total current expense (benefit) 80 201 — Deferred expense (benefit) U.S. Federal $ (1 ) $ 18 $ — State and local — 6 — Total deferred expense (benefit) (1 ) 24 — Provision for income tax expense (benefit) $ 79 $ 225 $ — The tax characteristic of $1.44 distributions per common share declared during 2018 was $1.43 ordinary income and $0.01 return of capital. Of the $1.43 of ordinary income, $0.02 represents qualified dividend and $1.41 represents the amount of the ordinary dividend that may be eligible for the 20% deduction applicable to qualified REIT dividends under Internal Revenue Code Section 199A. The tax characteristics of $216.03 per preferred share declared during 2018 was all ordinary income. Of the $216.03 of ordinary income, $2.28 represents qualified dividend and $213.75 represents the amount of the ordinary dividend that may be eligible for the 20% deduction applicable to qualified REIT dividends under Section 199A. The tax characteristics of the $1.80 distributions per common share declared during 2017 was $1.07 ordinary income and $0.73 return of capital. The Company utilizes the TRS to reduce the impact of the prohibited transaction tax and to avoid penalty for the holding of assets not qualifying as real estate assets for purposes of the REIT asset tests. Any income associated with a TRS is fully taxable because the TRS is subject to federal and state income taxes as a domestic C corporation based upon its net income. Enacted on December 22, 2017, the recently passed Tax Cuts and Jobs Act ("TCJA") made many significant changes to the U.S. federal income tax laws applicable to businesses and their owners, including REITs and their stockholders, and may lessen the relative competitive advantage of operating as a REIT rather than as a C corporation. Pursuant to this legislation, as of January 1, 2018, (1) the federal income tax rate applicable to corporations is reduced to 21%, (2) the highest marginal individual income tax rate is reduced to 37% (through taxable years ending in 2025), (3) the corporate alternative minimum tax is repealed, and (4) the backup withholding rate for U.S. stockholders is reduced to 24%. Generally, under the new interest expense limitation rules, the Company’s business interest expense deduction cannot exceed the sum of business interest income, 30% of adjusted taxable income (cannot be less than zero), and any floor plan financing interest expense for the taxable year. The Company completed its assessment of the income tax provisions of the sections of the TCJA that were effective for the year ended December 31, 2018 , and there were no material amounts recorded.

Summary of Quarterly Results of

Summary of Quarterly Results of Operations (Unaudited)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Summary of Quarterly Results of Operations (Unaudited)	Summary of Quarterly Results of Operations (Unaudited) The following is a summary of the unaudited quarterly results of operations for the years ended December 31, 2018, 2017 and 2016 (dollars in thousands, except per share data): March 31 June 30 September 30 December 31 2018 Net interest income $ 10,734 $ 19,738 $ 25,823 $ 25,993 Net income applicable to common stock $ 5,296 $ 12,086 $ 17,745 $ 14,054 Net income $ 5,296 $ 12,102 $ 19,000 $ 16,427 Basic net income per share $ 0.17 $ 0.38 $ 0.49 $ 0.37 Diluted net income per share $ 0.17 $ 0.38 $ 0.49 $ 0.37 Basic weighted average shares outstanding 31,670,518 31,762,199 35,468,648 38,088,364 Diluted weighted average shares outstanding 31,684,832 31,820,527 38,942,428 44,504,418 2017 Net interest income $ 13,451 $ 13,126 $ 13,350 $ 17,278 Net income applicable to common stock $ 6,049 $ 6,281 $ 6,975 $ 14,474 Net income $ 6,049 $ 6,281 $ 6,975 $ 14,474 Basic net income per share $ 0.19 $ 0.20 $ 0.22 $ 0.46 Diluted net income per share $ 0.19 $ 0.20 $ 0.22 $ 0.46 Basic weighted average shares outstanding 31,740,256 31,850,897 31,741,679 34,754,734 Diluted weighted average shares outstanding 31,750,045 31,860,444 31,756,503 31,769,048 2016 Net interest income $ 15,523 $ 14,829 $ 12,933 $ 12,950 Net income applicable to common stock $ 9,420 $ 8,860 $ 5,373 $ 6,337 Net income 9,420 8,860 5,373 6,337 Basic net income per share $ 0.30 $ 0.28 $ 0.17 $ 0.20 Diluted net income per share $ 0.30 $ 0.28 $ 0.17 $ 0.20 Basic weighted average shares outstanding 31,548,897 31,802,261 31,516,876 31,659,274 Diluted weighted average shares outstanding 31,555,011 31,807,927 31,523,911 31,666,504 Basic and diluted earnings per share are computed independently based on the weighted-average shares of common stock and restricted shares outstanding for each period. Accordingly, the sum of the quarterly earnings per share amounts may not agree to the total for the year.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K . Private Placements Subsequent to December 31, 2018 , the Company sold an additional $19.4 million of common stock at $16.71 per share and $15.0 million of Series A Preferred Stock at $5,000.00 per share plus accrued dividends to accredited investors. Advisor Transaction On February 1, 2019, the Advisor was acquired (the “Transaction”) by Franklin Resources, Inc. and Templeton International, Inc. (collectively, “Franklin Templeton”). The Transaction did not impact the terms of the Advisory Agreement and the Transaction will not result in any changes to the executive officers of the Company or the key personnel of the Advisor providing services to the Company.

Schedule IV - Mortgage Loans o

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2018
Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE December 31, 2018 (Dollars in thousands) Face Carrying Interest Payment Maturity Description Property Type Amount Amount Rate Terms Date Senior 1 Office $ 31,250 $ 31,250 1 month LIBOR + 4.50% Interest Only 9/9/2019 Senior 2 Retail 9,450 9,450 1 month LIBOR + 4.90% Interest Only 9/9/2019 Senior 3 Office 38,385 38,354 1 month LIBOR + 5.25% Interest Only 10/9/2019 Senior 4 Retail 11,684 11,682 1 month LIBOR + 4.50% Interest Only 2/9/2019 Senior 5 Hospitality 16,800 15,825 1 month LIBOR + 4.90% Interest Only 10/8/2018 (1) Senior 6 Retail 14,600 14,600 1 month LIBOR + 4.25% Interest Only 5/9/2019 Senior 7 Office 10,700 10,700 1 month LIBOR + 4.65% Interest Only 6/9/2019 Senior 8 Industrial 20,216 20,216 1 month LIBOR + 4.25% Interest Only 7/9/2019 Senior 9 Retail 7,500 7,500 1 month LIBOR + 5.00% Interest Only 1/9/2019 Senior 10 Industrial 33,655 33,655 1 month LIBOR + 4.00% Interest Only 11/9/2019 Senior 11 Retail 13,700 13,698 1 month LIBOR + 4.75% Interest Only 3/9/2019 Senior 12 Retail 28,900 28,895 1 month LIBOR + 4.73% Interest Only 4/9/2019 Senior 13 Retail 12,953 12,950 1 month LIBOR + 5.00% Interest Only 4/9/2019 Senior 14 Retail 15,750 15,744 1 month LIBOR + 5.25% Interest Only 6/9/2019 Senior 15 Multifamily 17,657 17,659 1 month LIBOR + 7.10% Interest Only 5/9/2019 Senior 16 Hospitality 12,600 12,593 1 month LIBOR + 5.50% Interest Only 6/9/2019 Senior 17 Hospitality 14,300 14,275 1 month LIBOR + 5.50% Interest Only 5/9/2020 Senior 18 Retail 23,650 23,614 1 month LIBOR + 5.00% Interest Only 7/9/2020 Senior 19 Hospitality 14,900 14,890 1 month LIBOR + 6.25% Interest Only 9/9/2019 Senior 20 Office 12,830 12,796 1 month LIBOR + 4.45% Interest Only 9/9/2020 Senior 21 Office 10,400 10,387 1 month LIBOR + 5.50% Interest Only 10/9/2019 Senior 22 Multifamily 39,629 39,604 1 month LIBOR + 5.50% Interest Only 10/9/2019 Senior 23 Retail 7,500 7,497 1 month LIBOR + 5.25% Interest Only 6/9/2019 Senior 24 Multifamily 47,416 47,326 1 month LIBOR + 4.50% Interest Only 7/9/2020 Senior 25 Hospitality 8,875 8,826 1 month LIBOR + 6.20% Interest Only 10/9/2019 Senior 26 Office 26,420 26,338 1 month LIBOR + 4.15% Interest Only 10/9/2019 Senior 27 Multifamily 34,875 34,798 1 month LIBOR + 3.75% Interest Only 11/9/2019 Senior 28 Office 12,400 12,394 1 month LIBOR + 4.00% Interest Only 1/9/2020 Senior 29 Hospitality 10,600 10,531 1 month LIBOR + 5.00% Interest Only 11/9/2020 Senior 30 Office 20,851 20,772 1 month LIBOR + 4.25% Interest Only 12/9/2020 Senior 31 Hospitality 7,700 7,681 1 month LIBOR + 5.75% Interest Only 12/9/2019 Senior 32 Multifamily 18,230 18,160 1 month LIBOR + 3.62% Interest Only 1/9/2020 Senior 33 Multifamily 12,827 12,825 1 month LIBOR + 5.75% Interest Only 7/9/2019 Senior 34 Hospitality 57,075 56,990 1 month LIBOR + 5.19% Interest Only 6/9/2019 Senior 35 Multifamily 13,481 13,455 1 month LIBOR + 5.50% Interest Only 7/9/2019 Senior 36 Multifamily 35,409 34,722 1 month LIBOR + 4.50% Interest Only 12/31/2021 Senior 37 Hospitality 10,250 10,197 1 month LIBOR + 5.25% Interest Only 2/9/2021 Senior 38 Hospitality 15,280 15,069 1 month LIBOR + 4.41% Interest Only 1/9/2021 Senior 39 Multifamily 19,040 18,972 1 month LIBOR + 3.60% Interest Only 2/9/2020 Senior 40 Multifamily 11,841 11,798 1 month LIBOR + 3.30% Interest Only 2/9/2020 Senior 41 Multifamily 27,300 27,207 1 month LIBOR + 3.50% Interest Only 2/9/2020 Senior 42 Office 24,350 24,380 1 month LIBOR + 4.65% Interest Only 2/9/2020 Senior 43 Hospitality 21,000 20,909 1 month LIBOR + 4.00% Interest Only 2/9/2021 Senior 44 Office 19,450 19,364 1 month LIBOR + 3.70% Interest Only 3/9/2020 Senior 45 Multifamily 20,102 19,976 1 month LIBOR + 4.25% Interest Only 3/9/2021 Senior 46 Multifamily 15,429 15,370 1 month LIBOR + 3.65% Interest Only 3/9/2020 Senior 47 Multifamily 42,000 41,833 1 month LIBOR + 3.70% Interest Only 3/9/2021 Senior 48 Hospitality 13,500 13,441 1 month LIBOR + 4.75% Interest Only 3/9/2021 Senior 49 Hospitality 15,000 14,922 1 month LIBOR + 4.95% Interest Only 4/9/2020 Senior 50 Hospitality 25,484 25,344 1 month LIBOR + 4.00% Interest Only 4/9/2021 Senior 51 Hospitality 20,646 20,547 1 month LIBOR + 4.40% Interest Only 4/9/2021 Senior 52 Multifamily 31,750 31,604 1 month LIBOR + 3.60% Interest Only 5/9/2020 Senior 53 Self-Storage 4,120 4,103 1 month LIBOR + 4.05% Interest Only 5/9/2021 Senior 54 Self-Storage 6,496 6,469 1 month LIBOR + 5.05% Interest Only 5/9/2021 Senior 55 Retail 50,732 50,668 1 month LIBOR + 4.25% Interest Only 5/9/2019 Senior 56 Multifamily 7,612 7,581 1 month LIBOR + 4.25% Interest Only 5/9/2020 Senior 57 Office 23,000 22,909 1 month LIBOR + 3.65% Interest Only 5/9/2020 Senior 58 Self-Storage 7,306 7,271 1 month LIBOR + 5.05% Interest Only 5/9/2021 Senior 59 Multifamily 80,071 79,506 1 month LIBOR + 3.50% Interest Only 6/9/2020 Senior 60 Multifamily 40,000 39,873 1 month LIBOR + 3.75% Interest Only 12/9/2019 Senior 61 Self-Storage 2,400 2,388 1 month LIBOR + 4.05% Interest Only 6/9/2021 Senior 62 Multifamily 10,500 10,465 1 month LIBOR + 5.54% Interest Only 6/9/2019 Senior 63 Self-Storage 6,310 6,281 1 month LIBOR + 5.05% Interest Only 6/9/2021 Senior 64 Multifamily 20,909 20,782 1 month LIBOR + 3.15% Interest Only 6/9/2021 Senior 65 Multifamily 11,590 11,538 1 month LIBOR + 3.75% Interest Only 7/9/2020 Senior 66 Multifamily 66,000 65,627 1 month LIBOR + 3.75% Interest Only 7/9/2021 Senior 67 Multifamily 17,250 17,171 1 month LIBOR + 3.95% Interest Only 7/9/2020 Senior 68 Retail 22,203 22,076 1 month LIBOR + 4.95% Interest Only 1/9/2020 Senior 69 Hospitality 22,355 22,252 1 month LIBOR + 4.00% Interest Only 7/9/2021 Senior 70 Hospitality 34,000 33,864 1 month LIBOR + 4.50% Interest Only 8/9/2020 Senior 71 Mixed-Use 101,290 100,994 1 month LIBOR + 4.00% Interest Only 8/9/2019 Senior 72 Mixed-Use 19,357 19,408 1 month LIBOR + 4.75% Interest Only 7/9/2020 Senior 73 Multifamily 11,120 11,088 1 month LIBOR + 3.50% Interest Only 8/9/2020 Senior 74 Multifamily 16,607 16,524 1 month LIBOR + 3.30% Interest Only 9/9/2020 Senior 75 Office 18,700 18,593 1 month LIBOR + 3.75% Interest Only 9/9/2020 Senior 76 Office 50,000 49,900 1 month LIBOR + 4.23% Interest Only 3/9/2020 Senior 77 Self-Storage 3,300 3,281 1 month LIBOR + 6.00% Interest Only 9/9/2020 Senior 78 Multifamily 7,250 7,218 1 month LIBOR + 4.00% Interest Only 9/9/2020 Senior 79 Multifamily 99,305 98,687 1 month LIBOR + 3.10% Interest Only 9/9/2020 Senior 80 Office 12,973 12,897 1 month LIBOR + 3.40% Interest Only 9/9/2020 Senior 81 Multifamily 25,500 25,523 1 month LIBOR + 3.50% Interest Only 4/9/2020 Senior 82 Multifamily 13,600 13,534 1 month LIBOR + 3.53% Interest Only 10/9/2020 Senior 83 Self-Storage 6,125 6,044 1 month LIBOR + 5.50% Interest Only 10/9/2020 Senior 84 Office 35,610 35,341 1 month LIBOR + 3.76% Interest Only 10/9/2020 Senior 85 Office 500 497 1 month LIBOR + 12.71% Interest Only 10/9/2020 Senior 86 Multifamily 14,446 14,385 1 month LIBOR + 3.15% Interest Only 11/9/2020 Senior 87 Multifamily 20,284 20,180 1 month LIBOR + 3.40% Interest Only 11/9/2020 Senior 88 Multifamily 29,900 29,762 1 month LIBOR + 3.35% Interest Only 11/9/2020 Senior 89 Multifamily 35,490 35,275 1 month LIBOR + 3.10% Interest Only 12/9/2020 Senior 90 Industrial 12,000 11,934 1 month LIBOR + 4.50% Interest Only 11/9/2020 Senior 91 Self-Storage 13,900 13,812 1 month LIBOR + 4.00% Interest Only 11/9/2020 Senior 92 Multifamily 10,020 9,970 1 month LIBOR + 3.45% Interest Only 12/9/2021 Senior 93 Multifamily 73,620 73,181 1 month LIBOR + 3.45% Interest Only 12/9/2021 Senior 94 Land 16,400 16,319 1 month LIBOR + 6.00% Interest Only 12/11/2020 Senior 95 Hospitality 8,750 8,705 1 month LIBOR + 4.80% Interest Only 1/9/2022 Senior 96 Retail 14,500 14,374 1 month LIBOR + 4.75% Interest Only 1/9/2021 Senior 97 Hospitality 17,965 17,346 5.8% Interest Only 10/6/2021 Senior 98 Retail 29,500 29,374 6.3% Interest Only 9/9/2023 Mezzanine 1 Multifamily 3,480 3,492 9.5% Interest Only 7/1/2024 Mezzanine 2 Office 10,000 9,619 10.0% Interest Only 9/6/2024 $ 2,221,936 $ 2,211,666 ________________________ (1) The loan is currently past due on principal repayment.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying consolidated financial statements and related footnotes have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the requirements for reporting on Form 10-K and Regulation S-X, as appropriate. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. In the opinion of management, the annual data includes all adjustments, of a normal and recurring nature, necessary for a fair statement of the results for the periods presented. Certain prior period amounts have been reclassified to conform with current presentation. In the opinion of management, all normal recurring adjustments considered necessary for a fair statement of the results of the periods presented have been included. The current period’s results of operations will not necessarily be indicative of results in any subsequent reporting period.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members, as well as whether the entity is a variable interest entity ("VIE") for which the Company is the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company's assets and liabilities are held by the OP. The Company consolidates all entities that it controls through either majority ownership or voting rights. In addition, the Company consolidates all VIEs of which the Company is considered the primary beneficiary. VIEs are entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. The accompanying consolidated financial statements include the accounts of collateralized loan obligations ("CLOs") issued and securitized by wholly owned subsidiaries of the Company. The Company has determined the CLOs are VIEs of which the Company's subsidiary is the primary beneficiary. The assets and liabilities of the CLOs are consolidated in the accompanying consolidated balance sheet in accordance with ASC 810, Consolidation .
Acquisition Fees and Acquisition Expenses	Acquisition Fees and Acquisition Expenses The Company has historically incurred acquisition fees and acquisition expenses payable to the Advisor. The Company’s obligation to pay the Advisor acquisition fees terminated in September 2017. Prior to then, the Company paid the Advisor an acquisition fee based on the principal amount funded by the Company to originate or acquire commercial mortgage loan investments or on the anticipated net equity funded by the Company to acquire real estate securities. Acquisition fees and acquisition expenses paid to the Company's Advisor in connection with the origination and acquisition of commercial mortgage loan investments and acquisition of real estate securities were evaluated based on the nature of the expense to determine if they should be expensed in the period incurred or capitalized and amortized over the life of the investment. The Company capitalizes certain direct costs relating to the loan origination activities and the cost is amortized over the life of the loan.
Commercial Mortgage Loans	Commercial Mortgage Loans Held-for-Investment - Commercial mortgage loans that are held for investment purposes and are anticipated to be held until maturity, are carried at cost, net of unamortized acquisition expenses, discounts or premiums and unfunded commitments. Commercial mortgage loans, held for investment purposes, that are deemed to be impaired are carried at amortized cost less a specific allowance for loan losses. Interest income is recorded on the accrual basis and related discounts, premiums and acquisition expenses on investments are amortized over the life of the investment using the effective interest method. Amortization is reflected as an adjustment to interest income in the Company’s consolidated statements of operations. Guaranteed loan exit fees payable by the borrower upon maturity are accreted over the life of the investment using the effective interest method. The accretion of guaranteed loan exit fees is recognized in interest income in the Company's consolidated statements of operation. Held-for-Sale - Commercial mortgage loans that are intended to be sold in the foreseeable future are reported as held-for-sale and are transferred at fair value and recorded at the lower of cost or fair value with changes recorded through the statements of operations. Unamortized loan origination costs for commercial mortgage loans held-for-sale that are carried at the lower of cost or fair value are capitalized as part of the carrying value of the loans and recognized upon the sale of such loans. Amortization of origination costs ceases upon transfer of commercial mortgage loans to held-for-sale. Held-for-Sale, Accounted for Under the Fair Value Option - The fair value option provides an option to elect fair value as an alternative measurement for selected financial assets, financial liabilities, and written loan commitments. The Company has elected to measure commercial mortgage loans held-for-sale in the Company's TRS under the fair value option. These commercial mortgage loans are included in the Commercial mortgage loans, held-for-sale, measured at fair value in the consolidated balance sheet. Interest income received on commercial mortgage loans held-for-sale is recorded on the accrual basis of accounting and is included in interest income in the consolidated statements of operations. As of December 31, 2018 the fair value amount and the contractual principal outstanding of commercial mortgage loans accounted for under the fair value option was $76.9 million and $77.1 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 and $28.5 million , respectively. None of the Company's commercial mortgage loans accounted for under the fair value option are in default or greater than ninety days past due. For the year ended December 31, 2018 and December 31, 2017 , the Company has a realized gain of $11.3 million and $4.5 million relating to the sale of commercial mortgage loans that are accounted for under the fair value option, respectively. The Company had no commercial mortgage loans accounted for under the fair value option at December 31, 2016 . Acquisition expenses on originating these investments are expensed when incurred. 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 significant losses, and takes into account current collateral and economic conditions affecting the probability and severity of losses when establishing the allowance for loan losses. The Company performs a comprehensive analysis of its loan portfolio and assigns risk ratings to loans that incorporate management's current judgments about their credit quality based on all known and relevant internal and external factors that may affect collectability. The Company considers, among other things, payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographic location as well as national and regional economic factors. This methodology results in loans being segmented by risk classification into risk rating categories that are associated with estimated probabilities of default and principal loss. Ratings range from "1" to "5" with "1" representing the lowest risk of loss and "5" representing the highest risk of loss. The asset-specific reserve component relates to reserves for losses on individual impaired loans. The Company considers a loan to be impaired when, based upon current information and events, it believes that it is probable that the Company will be unable to collect all amounts due under the contractual terms of the loan agreement. This assessment is made on an individual loan basis each quarter based on such factors as payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographical location as well as national and regional economic factors. A reserve is established for an impaired loan when the present value of payments expected to be received, observable market prices or the estimated fair value of the collateral (for loans that are dependent on the collateral for repayment) is lower than the carrying value of that loan. For collateral dependent impaired loans, impairment is measured using the estimated fair value of collateral less the estimated cost to sell. Valuations are performed or obtained at the time a loan is determined to be impaired and designated non-performing, and they are updated if circumstances indicate that a significant change in value has occurred. The Advisor generally will use either the income approach through internally developed valuation models to estimate the fair value of the collateral for such loans or obtain external "as is" appraisals for loan collateral. 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 generally 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 generally be suspended when a loan is designated non-performing unless the loan is well secured, and resumed only when the suspended loan becomes contractually current and performance is demonstrated to have resumed. A loan will be written off when it is no longer realizable and legally discharged.
Real Estate Securities	Real Estate Securities On the acquisition date, all of the Company’s commercial real estate securities were classified as available for sale and carried at fair value, and subsequently any unrealized gains or losses are recognized as a component of accumulated other comprehensive income or loss. The Company may elect the fair value option for its real estate securities, and as a result, any unrealized gains or losses on such real estate securities will be recorded in the Company’s consolidated statement of operations. No such election has been made to date. Related discounts, premiums and acquisition expenses on investments are amortized over the life of the investment using the effective interest method. Amortization is reflected as an adjustment to interest income in the Company’s consolidated statements of operations. Impairment Analysis of Real Estate Securities Commercial real estate securities for which the fair value option has not been elected are periodically evaluated for other-than-temporary impairment. If the fair value of a security is less than its amortized cost, the security is considered impaired. Impairment of a security is considered other-than-temporary when (i) the Company has the intent to sell the impaired security; (ii) it is more likely than not the Company will be required to sell the security; or (iii) the Company does not expect to recover the entire amortized cost of the security. If the Company determines that an other-than-temporary impairment exists and a sale is likely, the impairment charge is recognized as an impairment of assets on the Company's consolidated statement of operations. If a sale is not expected, the portion of the impairment charge related to credit factors is recorded as an impairment of assets on the Company's consolidated statement of operations with the remainder recorded as an unrealized gain or loss on investments reported as a component of accumulated other comprehensive income or loss.
Repurchase Agreements	Repurchase Agreements Commercial mortgage loans and real estate securities sold under repurchase agreements have been treated as collateralized financing transactions because the Company maintains effective control over the transferred securities. Commercial mortgage loans and real estate securities financed through a repurchase agreement remain on the Company’s consolidated balance sheet as an asset and cash received from the purchaser is recorded as a liability. Interest paid in accordance with repurchase agreements is recorded in interest expense on the Company's consolidated statements of operations. Share Repurchase Program The Company has a Share Repurchase Program (the "SRP"), which became effective as of February 28, 2016, that enables stockholders to sell their shares to the Company. Subject to certain conditions, stockholders that purchased shares of our common stock or received their shares from us (directly or indirectly) through one or more non-cash transactions and have held their shares for a period of at least one year may request that we repurchase their shares of common stock so long as the repurchase otherwise complies with the provisions of Maryland law. Repurchase requests made following the death or qualifying disability of a stockholder will not be subject to any minimum holding period. On August 10, 2017, our board of directors amended the SRP to provide that the repurchase price per share for requests will be equal to the lesser of (i) our most recent estimated per-share NAV, as approved by our board of directors from time to time, and (ii) our book value per share, computed in accordance with GAAP, multiplied by a percentage equal to (i) 92.5% , if the person seeking repurchase has held his or her shares for a period greater than one year and less than two years; (ii) 95% , if the person seeking repurchase has held his or her shares for a period greater than two years and less than three years; (iii) 97.5% , if the person seeking repurchase has held his or her shares for a period greater than three years and less than four years; or (iv) 100% , if the person seeking repurchase has held his or her shares for a period greater than four years or in the case of requests for death or disability. 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 Dividend Reinvestment Plan ("DRIP") in effect from time to time, provided that the board of directors has the power, in its sole discretion, to determine the amount of shares repurchased during any fiscal semester as well as the amount of funds to be used for that purpose. Due to these limitations, we cannot guarantee that we will be able to accommodate all repurchase requests made during any fiscal semester or fiscal year. However, a stockholder may withdraw its request at any time or ask that we honor the request when funds are available. Pending repurchase requests will be honored on a pro rata basis. We will generally pay repurchase proceeds, less any applicable tax or other withholding required by law, by the 31st day following the end of the fiscal semester during which the repurchase request was made. When a stockholder requests a redemption and the redemption is approved by the board of directors, we will reclassify such obligation from equity to a liability based on the settlement value of the obligation. Shares repurchased under the SRP will have the status of authorized but unissued shares.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash represents deposits with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company up to an insurance limit. Cash equivalents include short-term, liquid investments in money market funds with original maturities of 90 days or less when purchased.
Restricted Cash	Restricted Cash Restricted cash primarily consists of cash pledged as margin on repurchase agreements and derivative transactions. The duration of this restricted cash generally matches the duration of the related repurchase agreements or derivative transaction.
Deferred Financing Costs	Deferred Financing Costs The deferred financing costs related to the Company's various Master Repurchase Agreements as well as certain prepaid subscription costs are included in Prepaid expenses and other assets on the consolidated balance sheets. Deferred financing cost on the Company's collateralized debt obligations ("CLO") are netted against the Company's CLO payable in the Collateralized debt obligations on the consolidated balance sheets. Deferred financing costs are amortized over the terms of the respective financing agreement using the effective interest method and included in interest expense on the Company's consolidated statements of operations. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity.
Share Repurchase Program	Repurchase Agreements Commercial mortgage loans and real estate securities sold under repurchase agreements have been treated as collateralized financing transactions because the Company maintains effective control over the transferred securities. Commercial mortgage loans and real estate securities financed through a repurchase agreement remain on the Company’s consolidated balance sheet as an asset and cash received from the purchaser is recorded as a liability. Interest paid in accordance with repurchase agreements is recorded in interest expense on the Company's consolidated statements of operations. Share Repurchase Program The Company has a Share Repurchase Program (the "SRP"), which became effective as of February 28, 2016, that enables stockholders to sell their shares to the Company. Subject to certain conditions, stockholders that purchased shares of our common stock or received their shares from us (directly or indirectly) through one or more non-cash transactions and have held their shares for a period of at least one year may request that we repurchase their shares of common stock so long as the repurchase otherwise complies with the provisions of Maryland law. Repurchase requests made following the death or qualifying disability of a stockholder will not be subject to any minimum holding period. On August 10, 2017, our board of directors amended the SRP to provide that the repurchase price per share for requests will be equal to the lesser of (i) our most recent estimated per-share NAV, as approved by our board of directors from time to time, and (ii) our book value per share, computed in accordance with GAAP, multiplied by a percentage equal to (i) 92.5% , if the person seeking repurchase has held his or her shares for a period greater than one year and less than two years; (ii) 95% , if the person seeking repurchase has held his or her shares for a period greater than two years and less than three years; (iii) 97.5% , if the person seeking repurchase has held his or her shares for a period greater than three years and less than four years; or (iv) 100% , if the person seeking repurchase has held his or her shares for a period greater than four years or in the case of requests for death or disability. 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 Dividend Reinvestment Plan ("DRIP") in effect from time to time, provided that the board of directors has the power, in its sole discretion, to determine the amount of shares repurchased during any fiscal semester as well as the amount of funds to be used for that purpose. Due to these limitations, we cannot guarantee that we will be able to accommodate all repurchase requests made during any fiscal semester or fiscal year. However, a stockholder may withdraw its request at any time or ask that we honor the request when funds are available. Pending repurchase requests will be honored on a pro rata basis. We will generally pay repurchase proceeds, less any applicable tax or other withholding required by law, by the 31st day following the end of the fiscal semester during which the repurchase request was made. When a stockholder requests a redemption and the redemption is approved by the board of directors, we will reclassify such obligation from equity to a liability based on the settlement value of the obligation. Shares repurchased under the SRP will have the status of authorized but unissued shares.
Offering and Related Costs	Offering and Related Costs The Company is currently offering shares of the Company’s common stock and convertible redeemable preferred stock series A on a best effort basis (the “Offering”). In connection with the Offering, the Company incurred various offering costs and will continue to incur these costs until the Offering is complete. These offering costs include but were are not limited to legal, accounting, printing, mailing and filing fees, and diligence expenses of broker-dealers. Offering costs for the common stock is recorded in the Company’s stockholders’ equity, while the offering costs for the convertible redeemable stock series A is included within Redeemable convertible preferred stock Series A on the Company’s consolidated balance sheet.
Distribution Reinvestment Plan	Distribution Reinvestment Plan Pursuant to the DRIP, stockholders may elect to reinvest distributions by purchasing shares of common stock in lieu of receiving cash. No dealer manager fees or selling commissions are paid with respect to shares purchased pursuant to the DRIP. Participants purchasing shares pursuant to the DRIP have the same rights and are treated in the same manner as if such shares were issued pursuant to the Offering. The board of directors may designate that certain cash or other distributions be excluded from the DRIP. The Company has the right to amend any aspect of the DRIP or terminate the DRIP with ten days ’ notice to participants. Shares issued under the DRIP are recorded to equity in the consolidated balance sheet in the period distributions are declared.
Share-Based Compensation	Share-Based Compensation The Company has a share-based incentive plan for certain of the Company's directors, officers and employees of the Advisor and its affiliates. Share-based awards are measured at the grant date fair value and is recognized as compensation expense on a on a straight line basis over the related vesting period of the award.
Income Taxes	Income Taxes The Company has conducted its operations to qualify as a REIT for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2013 . As a REIT, if the Company meets certain organizational and operational requirements and distributes at least 90% of its "REIT taxable income" (determined before the deduction of dividends paid and excluding net capital gains) to its stockholders in a year, it will not be subject to U.S. federal income tax to the extent of the income that it distributes. However, even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on income in addition to U.S. federal income and excise taxes on its undistributed income. The Company, through its TRS, is indirectly subject to U.S. federal, state and local income taxes. The Company’s TRS is not consolidated for U.S. federal income tax purposes, but is instead taxed as a C corporation. For financial reporting purposes, the TRS is consolidated and a provision for current and deferred taxes is established for the portion of earnings recognized by the Company with respect to its interest in its TRS. Total income tax expense for the year ended December 31, 2018 and December 31, 2017 were $0.1 million and $0.2 million , respectively. There was no income tax provision for the year ended December 31, 2016 . The Company uses a more-likely-than-not threshold for recognition and derecognition of tax positions taken or to be taken in a tax return. The Company has assessed its tax positions for all open tax years beginning with December 31, 2015 and concluded that there were no uncertainties to be recognized. The Company’s accounting policy with respect to interest and penalties related to tax uncertainties is to classify these amounts as provision for income taxes. The tax characteristic of $1.44 distributions per common share declared during 2018 was $1.43 ordinary income and $0.01 return of capital. Of the $1.43 of ordinary income, $0.02 represents qualified dividend and $1.41 represents the amount of the ordinary dividend that may be eligible for the 20% deduction applicable to qualified REIT dividends under Internal Revenue Code Section 199A. The tax characteristics of $216.03 per preferred share declared during 2018 was all ordinary income. Of the $216.03 of ordinary income, $2.28 represents qualified dividend and $213.75 represents the amount of the ordinary dividend that may be eligible for the 20% deduction applicable to qualified REIT dividends under Section 199A. The tax characteristics of the $1.80 distributions per common share declared during 2017 was $1.07 ordinary income and $0.73 return of capital. The Company utilizes the TRS to reduce the impact of the prohibited transaction tax and to avoid penalty for the holding of assets not qualifying as real estate assets for purposes of the REIT asset tests. Any income associated with a TRS is fully taxable because the TRS is subject to federal and state income taxes as a domestic C corporation based upon its net income. Enacted on December 22, 2017, the recently passed Tax Cuts and Jobs Act ("TCJA") made many significant changes to the U.S. federal income tax laws applicable to businesses and their owners, including REITs and their stockholders, and may lessen the relative competitive advantage of operating as a REIT rather than as a C corporation. Pursuant to this legislation, as of January 1, 2018, (1) the federal income tax rate applicable to corporations is reduced to 21%, (2) the highest marginal individual income tax rate is reduced to 37% (through taxable years ending in 2025), (3) the corporate alternative minimum tax is repealed, and (4) the backup withholding rate for U.S. stockholders is reduced to 24%. Generally, under the new interest expense limitation rules, the Company's business interest expense deduction cannot exceed the sum of business interest income, 30% of adjusted taxable income (cannot be less than zero), and any floor plan financing interest expense for the taxable year. The Company completed its assessment of the income tax provisions of the sections of the TCJA that were effective for the year ended December 31, 2018 , and there were no material amounts recorded.
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, including but not limited to: 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 within Restricted cash on the Company’s consolidated balance sheets. Certain derivatives that the Company has entered into are subject to master netting agreements with its counterparties, allowing for netting of the same transaction, in the same currency, on the same date.
Per Share Data	Per Share Data The Company’s Series A redeemable convertible preferred stock (the "Preferred Stock") is considered a participating security. As such, the Company is required to include the Preferred Stock in the calculation of basic earnings per share and calculate basic earnings per share using the two-class method. The Company’s dilutive earnings per share calculation is computed using the more dilutive result of the treasury stock method, assuming the participating security is a potential common share, or the two-class method, assuming the participating security is not converted. 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 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 consisting of CMBS and may include unsecured REIT debt, CDO notes and other securities. • The commercial Conduit business in the Company's TRS, which is focused on originating and subsequently selling fixed-rate commercial real estate loans into the CMBS securitization market.
Redeemable Convertible Preferred Stock	Redeemable Convertible Preferred Stock The Company’s Preferred Stock is classified outside of permanent equity in the consolidated balance sheets. 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 set forth in the Articles Supplementary (the “Articles Supplementary”) to the Company’s Articles of Amendment and Restatement, 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 in the Articles Supplementary) or after the sixth anniversary of the date of issuance. A change in control of the Company occurs 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. 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.
Recently Adopted Accounting Pronouncements and Future Adoption of Accounting Pronouncements	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 2016, the FASB issued ASU 2016-15, "Statement of cash flows (Topic 230): Classification of certain cash receipts and cash payments," or ASU 2016-15. The ASU 2016-15 guidance amends 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 ASU 2016-18, "Statement of cash flows (Topic 230): Restricted Cash" or ASU 2016-18. 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 . The adoption included retrospectively adjusting the 2017 and 2016 consolidated statements of cash flows to include restricted cash to beginning of the period and end of period cash and cash equivalents. Additionally, net cash (used in)/provided by financing activities was adjusted to include changes in restricted cash. The adoption did not have a material impact on our consolidated financial statements. Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13 “Financial Instruments - Credit Losses - Measurement of Credit Losses on Financial Instruments (Topic 326),” ("ASU 2016-13"). ASU 2016-13 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 ASU 2018-02 “Income Statement - Reporting Comprehensive Income” (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" ("ASU 2018-02") 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 effect from adoption of this guidance is not expected to be material. In June 2018, the FASB issued ASU 2018-07 “Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting,” ("ASU 2018-07"). ASU 2018-07 expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The guidance is intended to align the accounting for such payments to nonemployees with the existing requirements for share-based payments granted to employees. The amendments become effective for reporting periods beginning after December 15, 2018. The Company is currently evaluating the impact of this new guidance. In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement" ("ASU 2018-13"). The guidance provides amendments to the fair value measurement disclosure requirements of ASC 820. ASU 2018-13 is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. Early adoption is permitted for any eliminated or modified disclosures upon issuance of this ASU. The Company is currently evaluating the impact of this new guidance.
Fair Value of Financial Instruments	Fair Value of Financial Instruments GAAP establishes a hierarchy of valuation techniques based on the observability of inputs used in measuring financial instruments at fair values. GAAP establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below: • Level I - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. • Level II - Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. • Level III - Unobservable inputs that reflect the entity's own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the above hierarchy requires significant judgment and factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. The Company has implemented valuation control processes to validate the fair value of the Company's financial instruments measured at fair value including those derived from pricing models. These control processes are designed to assure that the values used for financial reporting are based on observable inputs wherever possible. In the event that observable inputs are not available, the control processes are designed to assure that the valuation approach utilized is appropriate and consistently applied and the assumptions are reasonable. Financial Instruments Measured at Fair Value on a Recurring Basis CMBS, recorded in real estate securities, held-for-sale, measured at fair value on the consolidated balance sheet as of December 31, 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, and recent trades of similar real estate securities. Depending upon the significance of the fair value inputs used in determining these fair values, these real estate securities are classified in either Level II or Level III of the fair value hierarchy. As of December 31, 2018 the Company obtained broker quotes for determining the fair value of each CMBS investment. As the broker quotes were both limited and non-binding, the Company has classified the CMBS as Level III.

Commercial Mortgage Loans (Tabl

Commercial Mortgage Loans (Tables)	12 Months Ended
	Dec. 31, 2018
Receivables [Abstract]
Summary of 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). December 31, 2018 December 31, 2017 Loan Type Par Value Percentage Par Value Percentage Multifamily $ 34,000 44.1 % $ 28,531 100.0 % Hospitality 27,800 36.1 % — — % Office 15,300 19.8 % — — % Total $ 77,100 100.0 % $ 28,531 100.0 % The following table is a summary of the Company's commercial mortgage loans, held-for-investment, carrying values by class (dollars in thousands): December 31, 2018 December 31, 2017 Senior loans $ 2,198,555 $ 1,368,425 Mezzanine loans 13,111 35,087 Total gross carrying value of loans 2,211,666 1,403,512 Less: Allowance for loan losses 4,836 1,466 Total commercial mortgage loans, held-for-investment, net $ 2,206,830 $ 1,402,046 The following table represents the composition by loan type of the Company's commercial mortgage loans portfolio, excluding commercial mortgage loans, held-for-sale, measured at fair value (dollars in thousands). December 31, 2018 December 31, 2017 Loan Type Par Value Percentage Par Value Percentage Multifamily $ 1,001,540 45.2 % $ 505,189 35.9 % Office 357,819 16.1 % 455,698 32.4 % Retail 262,622 11.8 % 209,598 14.9 % Hospitality 347,080 15.6 % 184,025 13.1 % Industrial 65,871 3.0 % 53,208 3.7 % Mixed-Use 120,647 5.4 % — — % Self-Storage 49,957 2.2 % — — % Land 16,400 0.7 % — — % Total $ 2,221,936 100.0 % $ 1,407,718 100.0 % The following table presents the activity in the Company's allowance for loan losses (dollars in thousands): Year Ended December 31, 2018 2017 Beginning of period $ 1,466 $ 2,181 Loan loss provision/(recovery) (1) 3,370 (715 ) Charge-offs — — Recoveries — — Ending allowance for loan losses $ 4,836 $ 1,466
Loan Portfolio Assessment and Risk Ratings	As part of the Company's process for monitoring the credit quality of its commercial mortgage loans, excluding those held-for-sale, measured at fair value, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its loans. The loans are scored on a scale of 1 to 5 as follows: 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.
Allocation by Risk Rating	The following table represents the allocation by risk rating for the Company's commercial mortgage loans, excluding loans classified as commercial mortgage loans, held-for-sale, measured at fair value: December 31, 2018 December 31, 2017 Risk Number Par Risk Number Par Rating of Loans Value Rating of Loans Value 1 2 $ 23,250 1 2 25,820 2 87 1,965,186 2 54 1,171,125 3 9 202,400 3 13 210,773 4 1 14,300 4 — — 5 1 16,800 5 — — 100 $ 2,221,936 69 $ 1,407,718
Real Estate Notes Receivable Rollforward	For the year ended December 31, 2018 and 2017 , the activity in the Company's commercial mortgage loans, held-for-investment portfolio was as follows (dollars in thousands): Year Ended December 31, 2018 2017 Balance at Beginning of Year $ 1,402,046 $ 1,046,556 Acquisitions and originations 1,608,512 837,861 Principal repayments (778,520 ) (381,933 ) Discount accretion and premium amortization 4,648 2,554 Loans transferred to commercial real estate loans, held-for-sale (16,750 ) (100,005 ) Net fees capitalized into carrying value of loans (9,736 ) (3,702 ) Loan loss recovery/(provision) (3,370 ) 715 Balance at End of Year $ 2,206,830 $ 1,402,046

Real Estate Securities (Tables)

Real Estate Securities (Tables)	12 Months Ended
	Dec. 31, 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 (dollars in thousands): Weighted Average Number of Investments Interest Rate Maturity Par Value Fair Value December 31, 2018 2 5.0 % December 2023 $ 26,750 $ 26,412 December 31, 2017 — — % N/A $ — —
Available-for-Sale Securities	The following table shows the amortized cost, unrealized gains/losses and fair value of the Company's CMBS investments (dollars in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value December 31, 2018 $ 26,871 $ — $ (459 ) $ 26,412 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): Year Ended December 31, 2018 2017 2016 Unrealized gain/(loss) available-for-sale securities $ (459 ) $ 19 $ 329 Reclassification of net (gain)/loss on available-for-sale securities included in net income (loss) — 481 1,425 Unrealized gain/(loss) available-for-sale securities, net of reclassification adjustment $ (459 ) $ 500 $ 1,754

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of Repurchase Facilities and Agreements	The details of the Company's Repo Facilities at December 31, 2018 and December 31, 2017 are as follows (dollars in thousands): As of December 31, 2018 Ending Weighted Average Interest Rate Initial Term Maturity Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) JPM Repo Facility (2) $ 520,000 $ 72,906 $ 7,838 4.55 % 1/30/2020 GS Repo Facility (3) — — 470 N/A 12/27/2018 USB Repo Facility (4) 100,000 — 594 4.71 % 6/15/2020 CS Repo Facility (5) 300,000 76,534 6,594 4.69 % 6/19/2019 WF Repo Facility (6) 175,000 — 86 4.71 % 11/21/2020 Barclays Facility (7) 100,000 — 1,445 6.24 % 9/19/2019 Total $ 1,195,000 $ 149,440 $ 17,027 __________________________ (1) For the year ended December 31, 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) Matured on December 27, 2018. Committed balance was $250 million prior to maturity. (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 July 19, 2018, the committed financing amount was upsized from $ 250 million to $ 300 million . 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 three one -year extensions at the Company’s option, which may be exercised upon the satisfaction of certain conditions. (7) On July 30, 2018, the committed financing amount was upsized from $ 75 million to $ 100 million . Includes a one -year extension at the Company's option. As of December 31, 2017 Ending Weighted Average Interest Rate Initial Term Maturity Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) JPM Repo Facility (2) $ 300,000 $ 42,042 $ 8,453 3.77 % 6/12/2019 GS Repo Facility (3) 250,000 13,500 4,573 3.83 % 12/27/2018 USB Repo Facility (4) 100,000 — 303 N/A 6/15/2020 CS Repo Facility (5) 250,000 10,148 577 3.99 % 8/30/2018 Barclays Facility (6) 75,000 — 236 N/A 9/19/2019 Total $ 975,000 $ 65,690 $ 14,142 _______________________ (1) For the year ended December 31, 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. Below is a summary of the Company's MRAs as of December 31, 2018 and 2017 (dollars in thousands): Weighted Average Counterparty Amount Outstanding Accrued Interest Collateral Pledged (1) Interest Rate Days to Maturity As of December 31, 2018 JP Morgan Securities LLC $ 21,961 $ 27 $ 26,750 3.67 % 18 Wells Fargo Securities, LLC 22,578 47 28,223 3.93 % 11 Total $ 44,539 $ 74 $ 54,973 3.80 % 14.5 As of December 31, 2017 JP Morgan Securities LLC $ 39,035 $ 11 $ 56,044 3.32 % 26 Total/Weighted Average $ 39,035 $ 11 $ 56,044 3.32 % 26 ________________________ 1 Includes $28.2 million and $56.0 million of CLO notes, held by the Company, which is eliminated within the Real estate securities, at fair value line of the consolidated balance sheets as of as of December 31, 2018 and December 31, 2017 , respectively.
Schedule of Collateralized Loan Obligations by Tranche	The following table represents the terms of the notes issued by the 2015-FL1 Issuer, 2017-FL1 Issuer, 2017-FL2 Issuer, 2018-FL3 Issuer and 2018-FL4 Issuer (the "CLOs), respectively (dollars in thousands): CLO Facility As of December 31, 2018 Par Value Issued Par Value Outstanding (1) Interest Rate Maturity Date 2017-FL1 Issuer Tranche A $ 223,600 $ 48,557 1M LIBOR + 135 6/15/2027 2017-FL1 Issuer Tranche B 48,000 48,000 1M LIBOR + 240 6/15/2027 2017-FL1 Issuer Tranche C 67,900 67,900 1M LIBOR + 425 6/15/2027 2017-FL2 Issuer Tranche A 237,970 76,785 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 2018-FL4 Issuer Tranche A 416,827 416,827 1M LIBOR + 105 9/15/2035 2018-FL4 Issuer Tranche A-S 73,813 73,813 1M LIBOR + 130 9/15/2035 2018-FL4 Issuer Tranche B 56,446 56,446 1M LIBOR + 160 9/15/2035 2018-FL4 Issuer Tranche C 68,385 68,385 1M LIBOR + 210 9/15/2035 2018-FL4 Issuer Tranche D 57,531 57,531 1M LIBOR + 275 9/15/2035 $ 1,861,864 $ 1,525,636 CLO Facility As of December 31, 2017 Par Value Issued Par Value Outstanding (1) 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 $186.5 million and $86.7 million of CLO notes, held by the Company, which are eliminated within the collateralized loan obligation line of the consolidated balance sheets as of December 31, 2018 and December 31, 2017 .
Schedule of Collateralized Loan Obligations	The below table reflects the total assets and liabilities of the Company's four CLOs. The CLOs are considered VIEs and are consolidated into the Company's consolidated financial statements as of December 31, 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) December 31, 2018 December 31, 2017 Cash (1) $ 74,157 $ 49,017 Commercial mortgage loans, held for investment, net (2) 1,921,428 1,033,427 Accrued interest receivable 6,353 4,212 Total Assets $ 2,001,938 $ 1,086,656 Liabilities Notes payable (3)(4) $ 1,712,129 $ 912,800 Accrued interest payable 3,163 1,462 Total Liabilities $ 1,715,292 $ 914,262 ________________________ (1) Includes $73.7 million and $48.7 million of cash held by the servicer related to CLO loan payoffs as of December 31, 2018 and December 31, 2017 . (2) The balance is presented net of allowance for loan loss of $0.6 million and $1.3 million as of December 31, 2018 and December 31, 2017 , respectively. (3) Includes $186.5 million and $86.7 million of CLO notes, held by the Company, which are eliminated within the collateralized loan obligation line of the consolidated balance sheets as of December 31, 2018 and December 31, 2017 . (4) The balance is presented net of deferred financing cost and discount of $20.4 million and $16.9 million as of December 31, 2018 and December 31, 2017 , respectively.

Net Income Per Share (Tables)

Net Income Per Share (Tables)	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Summary of the Basic and Diluted Earnings Per Share	The below table represents the Company's earnings per share and distribution per share for the years ended December 31, 2018 , 2017 and 2016 , respectively (dollars in thousands, except share amounts): Year Ended December 31, 2018 2017 2016 Net income $ 52,825 $ 33,779 $ 29,990 Less: Preferred stock dividends (3,644 ) — — Less: Preferred stock undistributed income — — — Net income applicable to common stock $ 49,181 $ 33,779 $ 29,990 Basic weighted average shares outstanding 34,268,707 31,772,231 31,659,274 Basic net income per share $ 1.44 $ 1.06 $ 0.95 Net income $ 52,825 $ 33,779 $ 29,990 Basic weighted average shares outstanding 34,268,707 31,772,231 31,659,274 Unvested restricted shares 14,229 12,658 7,230 Conversion of redeemable convertible preferred stock 2,496,799 — — Diluted weighted average shares outstanding 36,779,735 31,784,889 31,666,504 Diluted net income per share $ 1.44 $ 1.06 $ 0.95

Stock Transactions (Tables)

Stock Transactions (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Schedule of Share Repurchases	The following table summarizes the sales of common stock in these offerings (dollars in thousands, except share amounts): Total As of December 31, 2018 Shares Issued Proceeds June 2018 834,537 $ 13,723 July 2018 1,669,074 27,446 August 2018 3,370,362 55,421 September 2018 14,962 250 October 2018 89,767 1,500 November 2018 206,463 3,450 December 2018 1,349,193 22,545 Total 7,534,358 $ 124,335 The following table summarizes the sales of Series A preferred stock in these offerings (dollars in thousands, except share amounts): Total As of December 31, 2018 Shares Issued Proceeds June 2018 2,256 $ 11,280 July 2018 4,498 22,490 August 2018 9,083 45,415 September 2018 3,378 16,890 December 2018 10,034 50,170 Total 29,249 $ 146,245 The following table presents the activity in the Company's Series A preferred stock (dollars in thousands, except share amounts): Shares Amount Balance, December 31, 2017 — $ — Issuance of preferred stock 29,249 146,245 Offering costs — (510 ) Amortization of offering costs — 51 Balance, December 31, 2018 29,249 $ 145,786 The following table reflects the number of shares repurchased under the SRP cumulatively through December 31, 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 — — — July 1 - July 31, 2018 831 387,214 18.74 August 1 - August 31, 2018 — — — September 1 - September 30, 2018 — — — October 1 - October 31, 2018 — — — November 1 - November 30, 2018 — — — December 1 - December 31, 2018 — — — Cumulative as of December 31, 2018 3,845 2,800,414 $ 20.65 _______________________ (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)	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Unfunded Commitments Under Commercial Mortgage Loans	As of December 31, 2018 and 2017 , the Company had the below unfunded commitments to the Company's borrowers. Funding Expiration December 31, 2018 December 31, 2017 2018 — 36,475 2019 34,667 26,465 2020 176,760 20,598 2021 106,940 — 2022 — — 2023 — — 2024 and beyond — — $ 318,367 $ 83,538

Related Party Transactions an_2

Related Party Transactions and Arrangements (Tables)	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Schedule of Selling Commissions and Dealer Manager Fees Payable to Affiliate	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 December 31, 2018 and 2017 (dollars in thousands): Payable as of December 31, 2018 December 31, 2017 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
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 years ended December 31, 2018 , 2017 and 2016 and the associated payable as of December 31, 2018 and 2017 (dollars in thousands): Year Ended December 31, Payable as of December 31, 2018 2017 2016 2018 2017 Acquisition fees and acquisition expenses (1) $ 452 $ 4,197 $ 806 $ 1 $ — Administrative services expenses 13,446 6,765 4,376 1,224 3,480 Asset management and subordinated performance fee 10,299 9,273 9,504 1,072 2,315 Other related party expenses (2) 1,259 394 90 932 146 Total related party fees and reimbursements $ 25,456 $ 20,629 $ 14,776 $ 3,229 $ 5,941 ________________________ (1) Total acquisition fees and expenses paid during the years ended December 31, 2018 and 2017 were $8.1 million and $10.2 million respectively, of which $7.6 million and $ 6.0 million were capitalized within the commercial mortgage loans, held for investment line of the consolidated balance sheets for years ended December 31, 2018 and 2017 . (2) These are primarily related to reimbursable costs incurred related to the increase in loan origination activities. These amounts are included in Other expenses in the Company's consolidated statements of operations.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Financial instruments carried at fair value on a recurring basis	The following table presents the Company's financial instruments carried at fair value on a recurring basis in the consolidated balance sheets by its level in the fair value hierarchy as of December 31, 2018 and 2017 (dollars in thousands): Total Level I Level II Level III December 31, 2018 Real estate securities $ 26,412 $ — $ — $ 26,412 Commercial mortgage loans, held-for-sale, measured at fair value 76,863 — — 76,863 Credit default swaps 640 — 640 — Interest rate swaps 206 — 206 — Total assets, at fair value $ 104,121 $ — $ 846 $ 103,275 Liabilities, at fair value Interest rate swaps $ 256 $ — $ 256 $ — Treasury note futures 1,063 1,063 — Total liabilities, at fair value $ 1,319 $ 1,063 $ 256 $ — December 31, 2017 Commercial mortgage loans, held-for-sale, measured at fair value $ 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 $ — The following table presents additional information about the Company’s financial instruments which are measured at fair value on a recurring basis as of December 31, 2018 and December 31, 2017 for which the Company has used Level III inputs to determine fair value (dollars in thousands): December 31, 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 — — Total realized and unrealized gains (losses) included in earnings: Realized gains (losses) on sale of real estate securities — (107 ) Realized gains (losses) on sale of commercial mortgage loans held-for-sale 11,288 — Unrealized gains (losses) on commercial mortgage loans held-for-sale (237 ) — Net accretion — (76 ) Unrealized gains (losses) included in OCI (1) — (459 ) Purchases 617,916 39,510 Sales / paydowns (580,635 ) (12,456 ) Cash repayments/receipts — — Transfers out of Level III — — December 31, 2018 balance $ 76,863 $ 26,412 December 31, 2017 Commercial Mortgage Loans, held-for-sale, measured at fair value Real Estate Securities Beginning balance, January 1, 2017 $ — $ 49,049 Transfers into Level III — — Total realized and unrealized gains (losses) included in earnings: Realized gains (losses) 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 / paydown (132,093 ) (34,888 ) Cash repayments/receipts — (15,000 ) Transfers out of Level III — — December 31, 2017 balance $ 28,531 $ — ________________________ (1) Unrealized gains included in Other comprehensive income ("OCI") are attributable to assets held at December 31, 2018 and December 31, 2017 .
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques	Both observable and unobservable inputs may be used to determine the fair value of positions that the Company has classified within the Level III category. As a result, the unrealized gains and losses for assets and liabilities within the Level III category may include changes in fair value that were attributable to both observable and unobservable inputs. The following table summarizes the valuation method and significant unobservable inputs used for the Company’s financial instruments that are categorized within Level III of the fair value hierarchy as of December 31, 2018 and December 31, 2017 (dollars in thousands). Asset Category Fair Value Valuation Methodologies Unobservable Inputs (1) Weighted Average (2) Range December 31, 2018 Commercial mortgage loans, held-for-sale, measured at fair value $76,863 Discounted Cash Flow Yield 6.3% 4.7% - 11.3% Real estate securities, available-for-sale, measured at fair value 26,412 Broker Quotes Yield 5.5% 4.0% - 6.0% 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.
Financial instruments not carried at fair value	The fair values of the Company's commercial mortgage loans, held-for-investment and collateralized loan obligations, which are not reported at fair value on the consolidated balance sheets are reported below as of December 31, 2018 and 2017 (dollars in thousands): Level Carrying Amount Fair Value December 31, 2018 Commercial mortgage loans, held-for-investment (1) Asset III $ 2,211,666 $ 2,213,650 Collateralized loan obligation Liability III 1,505,279 1,518,127 Other financing and loan participation - commercial mortgage loans Liability III 9,902 9,902 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 $4.8 million and $1.5 million of allowance for loan losses as of December 31, 2018 and December 31, 2017 , respectively.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Assets at Fair Value	The following derivative instruments were outstanding as of December 31, 2018 and December 31, 2017 (dollars in thousands): Fair Value Contract type Notional Assets Liabilities As of December 31, 2018 Credit default swaps $ 45,000 $ 640 $ — Interest rate swaps 37,965 206 256 Treasury note futures 49,000 — 1,063 Total $ 131,965 $ 846 $ 1,319 As of December 31, 2017 Credit default swaps $ 30,000 $ 32 $ 357 Treasury note futures 43,906 100 — Total $ 73,906 $ 132 $ 357
Schedule of Derivative Liabilities at Fair Value	The following derivative instruments were outstanding as of December 31, 2018 and December 31, 2017 (dollars in thousands): Fair Value Contract type Notional Assets Liabilities As of December 31, 2018 Credit default swaps $ 45,000 $ 640 $ — Interest rate swaps 37,965 206 256 Treasury note futures 49,000 — 1,063 Total $ 131,965 $ 846 $ 1,319 As of December 31, 2017 Credit default swaps $ 30,000 $ 32 $ 357 Treasury note futures 43,906 100 — Total $ 73,906 $ 132 $ 357
Derivative Instruments, Gain (Loss)	The following table indicates the net realized and unrealized losses on derivatives, by primary underlying risk exposure, as included in loss on derivative instruments in the consolidated statements of operations for year ended December 31, 2018 and December 31, 2017 : Year Ended December 31, 2018 Year Ended December 31, 2017 Contract type Unrealized (Gain)/Loss Realized (Gain)/Loss Unrealized (Gain)/Loss Realized (Gain)/Loss Credit default swaps $ (139 ) $ (229 ) $ 117 $ 373 Interest rate swaps 351 136 — — Treasury note futures 1,162 (1,734 ) (100 ) (928 ) Total $ 1,374 $ (1,827 ) $ 17 $ (555 )

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2018
Offsetting [Abstract]
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 December 31, 2018 and 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 December 31, 2018 Derivative instruments, at fair value $ 846 $ — $ 846 $ — $ — $ 846 December 31, 2017 Derivative instruments, at fair value $ 132 $ — $ 132 $ — $ — $ 132
Offsetting Liabilities	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 December 31, 2018 Repurchase agreements, commercial mortgage loans $ 149,440 $ — $ 149,440 $ 203,846 $ 5,010 $ — Repurchase agreements, real estate securities $ 44,539 $ — $ 44,539 $ 54,973 $ 305 $ — Derivative instruments, at fair value $ 1,319 $ — $ 1,319 $ — $ 7,232 $ — 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 eliminates 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)	12 Months Ended
	Dec. 31, 2018
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table represents the Company's operations by segment for the years ended December 31, 2018 , 2017 and 2016 (dollars in thousands): December 31, 2018 Total Real Estate Debt Real Estate Securities TRS Interest income $ 152,288 $ 144,967 $ 717 $ 6,604 Interest expense 70,000 65,521 770 3,709 Net income 52,825 50,041 (160 ) 2,944 Total assets 2,606,078 2,492,440 26,474 87,164 December 31, 2017 Interest income 89,564 87,014 1,351 1,199 Interest expense 32,359 30,407 1,254 698 Net income 33,779 33,184 269 326 Total assets 1,583,661 1,517,021 389 66,251 December 31, 2016 Interest income 79,404 73,884 5,520 — Interest expense 23,169 20,719 2,450 — Net income 29,990 29,797 193 — Total assets 1,248,125 1,198,806 49,319 —

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	Components of the provision for income taxes consist of the following (dollars in thousands): Years Ended December 31, 2018 2017 2016 Current expense (benefit) U.S. Federal $ 68 $ 140 $ — State and local 12 61 — Total current expense (benefit) 80 201 — Deferred expense (benefit) U.S. Federal $ (1 ) $ 18 $ — State and local — 6 — Total deferred expense (benefit) (1 ) 24 — Provision for income tax expense (benefit) $ 79 $ 225 $ —

Summary of Quarterly Results _2

Summary of Quarterly Results of Operations (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Summary of Quarterly Results of Operations (Unaudited)	The following is a summary of the unaudited quarterly results of operations for the years ended December 31, 2018, 2017 and 2016 (dollars in thousands, except per share data): March 31 June 30 September 30 December 31 2018 Net interest income $ 10,734 $ 19,738 $ 25,823 $ 25,993 Net income applicable to common stock $ 5,296 $ 12,086 $ 17,745 $ 14,054 Net income $ 5,296 $ 12,102 $ 19,000 $ 16,427 Basic net income per share $ 0.17 $ 0.38 $ 0.49 $ 0.37 Diluted net income per share $ 0.17 $ 0.38 $ 0.49 $ 0.37 Basic weighted average shares outstanding 31,670,518 31,762,199 35,468,648 38,088,364 Diluted weighted average shares outstanding 31,684,832 31,820,527 38,942,428 44,504,418 2017 Net interest income $ 13,451 $ 13,126 $ 13,350 $ 17,278 Net income applicable to common stock $ 6,049 $ 6,281 $ 6,975 $ 14,474 Net income $ 6,049 $ 6,281 $ 6,975 $ 14,474 Basic net income per share $ 0.19 $ 0.20 $ 0.22 $ 0.46 Diluted net income per share $ 0.19 $ 0.20 $ 0.22 $ 0.46 Basic weighted average shares outstanding 31,740,256 31,850,897 31,741,679 34,754,734 Diluted weighted average shares outstanding 31,750,045 31,860,444 31,756,503 31,769,048 2016 Net interest income $ 15,523 $ 14,829 $ 12,933 $ 12,950 Net income applicable to common stock $ 9,420 $ 8,860 $ 5,373 $ 6,337 Net income 9,420 8,860 5,373 6,337 Basic net income per share $ 0.30 $ 0.28 $ 0.17 $ 0.20 Diluted net income per share $ 0.30 $ 0.28 $ 0.17 $ 0.20 Basic weighted average shares outstanding 31,548,897 31,802,261 31,516,876 31,659,274 Diluted weighted average shares outstanding 31,555,011 31,807,927 31,523,911 31,666,504

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details)	Aug. 10, 2017	Feb. 28, 2016	Dec. 31, 2018USD ($)segment$ / sharesshares	Dec. 31, 2017USD ($)$ / shares	Dec. 31, 2016USD ($)	Oct. 12, 2018$ / shares	Apr. 05, 2018$ / shares	Sep. 30, 2017USD ($)	Sep. 29, 2016USD ($)
Equity, Class of Treasury Stock [Line Items]
Commercial mortgage loans, held-for-sale | $			$ 76,863,000	$ 28,531,000
Gain on sale of commercial mortgage loans | $			$ 11,288,000	4,523,000	$ 0
Share repurchase program, period in force		1 year
Repurchase price percent of NAV per share year one	92.50%	92.50%
Repurchase price percent of NAV per share year two	95.00%	95.00%
Repurchase price percent of NAV per share year three	97.50%	97.50%
Repurchase price percent of NAV per share year four	100.00%	100.00%
Repurchase limit percent per fiscal semester		2.50%
Repurchase limit percent per fiscal year		5.00%
Minimum distribution percentage to qualify for REIT taxation status			90.00%
Income tax expense | $			$ 79,000	$ 225,000	$ 0
Dividends declared per share (in dollars per share)			$ 1.44	$ 1.80
Ordinary income declared per share (in dollars per share)			1.43	1.07
Return of capital declared per share (in dollars per share)			0.01	0.73
Common stock qualified dividend declared (in dollars per share)			0.02
Common stock ordinary dividend declared (in dollars per share)			1.41
Preferred stock dividends declared (in dollars per share)			216.03
Preferred stock qualified dividend declared (in dollars per share)			2.28
Preferred stock ordinary dividend declared (in dollars per share)			$ 213.75
Number of reportable segments | segment			3
Preferred stock, par value per share (in dollars per share)			$ 0.01	0.01		$ 0.001	$ 0.001
Benefit Street Partners LLC | Affiliated Entity
Equity, Class of Treasury Stock [Line Items]
Real estate acquisition fee, percentage			1.00%					1.00%	1.00%
Real estate acquisition expense, percent									0.50%
Amount of purchase price to terminate Company's obligation to pay acquisition fees to the Advisor | $								$ 600,000,000	$ 600,000,000
Convertible Preferred Stock
Equity, Class of Treasury Stock [Line Items]
Preferred stock, par value per share (in dollars per share)			$ 0.01	$ 0.01
Convertible Preferred Stock Purchase Agreements | Convertible Preferred Stock
Equity, Class of Treasury Stock [Line Items]
Preferred stock, par value per share (in dollars per share)			0.01
Dividend payment terms stock price per share (in usd per share)			$ 16.67
Conversion basis of preferred stock (in shares) | shares			299.2
Terms of liquidity event period			6 years
Fair Value
Equity, Class of Treasury Stock [Line Items]
Commercial mortgage loans | $			$ 76,900,000
Commercial mortgage loans, held-for-sale | $				$ 28,500,000
Carrying Amount
Equity, Class of Treasury Stock [Line Items]
Commercial mortgage loans | $			$ 77,100,000
Commercial mortgage loans, held-for-sale | $				$ 28,500,000

Commercial Mortgage Loans - Nar

Commercial Mortgage Loans - Narrative (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018loan	Dec. 31, 2018USD ($)ratingloan	Dec. 31, 2017USD ($)ratingloan	Dec. 31, 2016USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Initial risk rating | rating		2
Weighted average risk rating of loans | rating		2.1	2.2
Total gross carrying value of loans		$ 2,211,666	$ 1,403,512
Loan loss provision/(recovery)		$ 3,370	$ (715)	$ 1,293
Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded | loan		7	3
Total gross carrying value of loans		$ 77,100	$ 28,531
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded | loan		100	69
Total gross carrying value of loans		$ 2,221,936	$ 1,407,718
Nonperforming Financial Instruments | Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded | loan	1	1
Total gross carrying value of loans		$ 16,800
Fair value of non-performing loans		12,000
Interest received from loan		1,000
Loan loss provision/(recovery)		$ 4,100
Nonperforming Financial Instruments | Commercial Mortgage Receivable, Held-For-Investment | Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded | loan		1
Total gross carrying value of loans		$ 14,300

Commercial Mortgage Loans - Loa

Commercial Mortgage Loans - Loans Receivable by Class (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Receivables [Abstract]
Senior loans	$ 2,198,555	$ 1,368,425
Mezzanine loans	13,111	35,087
Total gross carrying value of loans	2,211,666	1,403,512
Less: Allowance for loan losses	4,836	1,466	$ 2,181
Total commercial mortgage loans, held-for-investment, net	$ 2,206,830	$ 1,402,046

Commercial Mortgage Loans - Pro

Commercial Mortgage Loans - Provision for Loan Losses (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018USD ($)loan	Dec. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)loan	Dec. 31, 2016USD ($)
Allowance for Loan and Lease Losses [Roll Forward]
Beginning of period	$ 1,466	$ 1,466	$ 2,181
Loan loss provision/(recovery)		3,370	(715)	$ 1,293
Charge-offs		0	0
Recoveries		0	0
Ending allowance for loan losses		$ 4,836	$ 1,466	$ 2,181
Commercial Mortgage Receivable, Held-For-Investment
Allowance for Loan and Lease Losses [Roll Forward]
Number of mezzanine loans funded | loan		100	69
Nonperforming Financial Instruments | Commercial Mortgage Receivable, Held-For-Investment
Allowance for Loan and Lease Losses [Roll Forward]
Loan loss provision/(recovery)		$ 4,100
Number of mezzanine loans funded | loan	1	1

Commercial Mortgage Loans - Com

Commercial Mortgage Loans - Commercial Mortgage Loan Portfolio, Excluding Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 2,211,666	$ 1,403,512
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 2,221,936	$ 1,407,718
Percentage	100.00%	100.00%
Commercial Mortgage Receivable, Held-For-Investment | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 1,001,540	$ 505,189
Percentage	45.20%	35.90%
Commercial Mortgage Receivable, Held-For-Investment | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 357,819	$ 455,698
Percentage	16.10%	32.40%
Commercial Mortgage Receivable, Held-For-Investment | Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 262,622	$ 209,598
Percentage	11.80%	14.90%
Commercial Mortgage Receivable, Held-For-Investment | Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 347,080	$ 184,025
Percentage	15.60%	13.10%
Commercial Mortgage Receivable, Held-For-Investment | Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 65,871	$ 53,208
Percentage	3.00%	3.70%
Commercial Mortgage Receivable, Held-For-Investment | Mixed-Use
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 120,647	$ 0
Percentage	5.40%	0.00%
Commercial Mortgage Receivable, Held-For-Investment | Self-Storage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 49,957	$ 0
Percentage	2.20%	0.00%
Commercial Mortgage Receivable, Held-For-Investment | Land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 16,400	$ 0
Percentage	0.70%	0.00%

Commercial Mortgage Loans - C_2

Commercial Mortgage Loans - Commercial Mortgage Loan Portfolio, Held-For-Sale, Measured at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 2,211,666	$ 1,403,512
Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 77,100	$ 28,531
Percentage	100.00%	100.00%
Commercial Mortgage Receivable, Held-For-Sale | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 34,000	$ 28,531
Percentage	44.10%	100.00%
Commercial Mortgage Receivable, Held-For-Sale | Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 27,800	$ 0
Percentage	36.10%	0.00%
Commercial Mortgage Receivable, Held-For-Sale | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 15,300	$ 0
Percentage	19.80%	0.00%

Commercial Mortgage Loans - All

Commercial Mortgage Loans - Allocation by Risk Rating (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 2,211,666	$ 1,403,512
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded | loan	100	69
Par Value	$ 2,221,936	$ 1,407,718
Commercial Mortgage Receivable, Held-For-Investment | 1
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded | loan	2	2
Par Value	$ 23,250	$ 25,820
Commercial Mortgage Receivable, Held-For-Investment | 2
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded | loan	87	54
Par Value	$ 1,965,186	$ 1,171,125
Commercial Mortgage Receivable, Held-For-Investment | 3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded | loan	9	13
Par Value	$ 202,400	$ 210,773
Commercial Mortgage Receivable, Held-For-Investment | 4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded | loan	1	0
Par Value	$ 14,300	$ 0
Commercial Mortgage Receivable, Held-For-Investment | 5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded | loan	1	0
Par Value	$ 16,800	$ 0

Commercial Mortgage Loans - C_3

Commercial Mortgage Loans - Commercial Mortgage Loan Portfolio, Held-For-Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at Beginning of Year	$ 1,402,046	$ 1,046,556
Acquisitions and originations	1,608,512	837,861
Principal repayments	(778,520)	(381,933)
Discount accretion and premium amortization	4,648	2,554
Loans transferred to commercial real estate loans, held-for-sale	(16,750)	(100,005)
Net fees capitalized into carrying value of loans	(9,736)	(3,702)
Loan loss recovery/(provision)	(3,370)	715	$ (1,293)
Balance at End of Year	$ 2,206,830	$ 1,402,046	$ 1,046,556

Real Estate Securities - Narrat

Real Estate Securities - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)investment	Dec. 31, 2017USD ($)investment	Dec. 31, 2016USD ($)
Schedule of Available-for-sale Securities [Line Items]
Realized gain (loss) on sale of real estate securities	$ (107)	$ 172	$ (1,906)
CMBS
Schedule of Available-for-sale Securities [Line Items]
Number of investments | investment	2	0
Aggregate carrying value	$ 26,871	$ 0
Unrealized loss	(459)	0
Realized gain (loss) on sale of real estate securities	$ (100)	$ 200
CMBS
Schedule of Available-for-sale Securities [Line Items]
Number of investments | investment	2	0
Unrealized loss	$ (500)

Real Estate Securities - Summar

Real Estate Securities - Summary of Company's Real Estate Securities, CMBS (Details) $ in Thousands	Dec. 31, 2018USD ($)investment	Dec. 31, 2017USD ($)investment
Schedule of Available-for-sale Securities [Line Items]
Real estate securities, available for sale, at fair value	$ 26,412	$ 0
CMBS
Schedule of Available-for-sale Securities [Line Items]
Number of Investments | investment	2	0
Interest Rate	5.00%	0.00%
Par Value	$ 26,750	$ 0
Real estate securities, available for sale, at fair value	$ 26,412	$ 0

Real Estate Securities - Summ_2

Real Estate Securities - Summary of Changes in Fair Value of CMBS Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Fair Value	$ 26,412	$ 0
CMBS
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	26,871	0
Unrealized Gains	0	0
Unrealized Losses	(459)	0
Fair Value	$ 26,412	$ 0

Real Estate Securities - Gains

Real Estate Securities - Gains (Losses) On Real Estate Securities (Details) - CMBS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Unrealized gain/(loss) available-for-sale securities	$ (459)	$ 19	$ 329
Reclassification of net (gain)/loss on available-for-sale securities included in net income (loss)	0	481	1,425
Unrealized gain/(loss) available-for-sale securities, net of reclassification adjustment	$ (459)	$ 500	$ 1,754

Debt - Narrative (Details)

Debt - Narrative (Details)	Dec. 11, 2018USD ($)	Oct. 12, 2018USD ($)mortgage_asset$ / sharesshares	Apr. 05, 2018USD ($)mortgage_asset$ / sharesshares	Feb. 15, 2018USD ($)	Jan. 30, 2018USD ($)	May 17, 2017USD ($)	Sep. 30, 2018	Dec. 31, 2018USD ($)loanmortgage_assetextension$ / sharesshares	Dec. 31, 2017USD ($)mortgage_assetextension$ / sharesshares	Dec. 31, 2016USD ($)	Dec. 26, 2018USD ($)	Jul. 30, 2018USD ($)	Jul. 29, 2018USD ($)	Jul. 19, 2018USD ($)	Jul. 18, 2018USD ($)	Jan. 29, 2018USD ($)
Line of Credit Facility [Line Items]
Number of CDO's | loan								4
Committed financing								$ 1,195,000,000	$ 975,000,000
Amortization of deferred financing costs								12,681,000	4,650,000	$ 4,048,000
Amount Outstanding								149,440,000	65,690,000
Interest expense								17,027,000	14,142,000
Borrowings under collateralized loan obligation								$ 1,161,002,000	$ 700,862,000	$ 0
Preferred stock, shares issued (in shares) | shares		97,694,546	64,050,000					0	0
Preferred stock, par value per share (in dollars per share) | $ / shares		$ 0.001	$ 0.001					$ 0.01	$ 0.01
Aggregate liquidation preference (in usd per share) | $ / shares		$ 1,000	$ 1,000
Minimum
Line of Credit Facility [Line Items]
Advance rate of mortgage loan (percent)								65.00%
Master repurchase agreements maturity (days)								30 days
Maximum
Line of Credit Facility [Line Items]
Advance rate of mortgage loan (percent)								80.00%
Master repurchase agreements maturity (days)								90 days
Secured Debt | U.S. Bank National Association
Line of Credit Facility [Line Items]
Notes payable								$ 1,861,864,000	$ 1,051,092,000
Secured Debt | U.S. Bank National Association | BSPRT 2017-FL1, BSPRT 2017-FL2 and BSPRT 2018-FL3
Line of Credit Facility [Line Items]
Collateral amount								$ 288,800,000
Collateral (mortgage asset) | mortgage_asset								4
Secured Debt | U.S. Bank National Association | Collateralized Loan Obligations Issued in 2015
Line of Credit Facility [Line Items]
Collateral amount				$ 145,000,000
Amortization of deferred financing costs				$ 6,400,000
Secured Debt | U.S. Bank National Association | Tranche C Notes - 2015-FL1 Issuer
Line of Credit Facility [Line Items]
Notes payable									76,044,000
Secured Debt | U.S. Bank National Association | Collateralized Loan Obligations Issued in 2017-FL1
Line of Credit Facility [Line Items]
Collateral amount								$ 216,000,000	$ 418,100,000
Collateral (mortgage asset) | mortgage_asset								15	25
Secured Debt | U.S. Bank National Association | Collateralized Loan Obligations Issued in 2017-FL2
Line of Credit Facility [Line Items]
Collateral amount								$ 244,600,000	$ 440,700,000
Collateral (mortgage asset) | mortgage_asset								12	20
Secured Debt | U.S. Bank National Association | Collateralized Loan Obligations Issued in 2018-FL3
Line of Credit Facility [Line Items]
Collateral amount			$ 609,300,000
Collateral (mortgage asset) | mortgage_asset			41
Secured Debt | U.S. Bank National Association | 2018-FL3 Secured Floating Rate Notes
Line of Credit Facility [Line Items]
Face amount of debt			$ 545,950,000
Borrowings under collateralized loan obligation			488,000,000
Proceeds from related party debt			$ 58,000,000
Secured Debt | U.S. Bank National Association | Collateralized Loan Obligations Issued in 2018-FL4
Line of Credit Facility [Line Items]
Collateral amount		$ 859,300,000
Collateral (mortgage asset) | mortgage_asset		41
Face amount of debt		$ 770,696,000
Borrowings under collateralized loan obligation		673,000,000
Proceeds from related party debt		$ 97,700,000
JPM Repo Facility
Line of Credit Facility [Line Items]
Extension on initial maturity date									1 year
GS Repo Facility
Line of Credit Facility [Line Items]
Extension on initial maturity date									1 year
USB Repo Facility
Line of Credit Facility [Line Items]
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]
Interest expense								$ 1,200,000	$ 1,200,000
City National Bank [Member]
Line of Credit Facility [Line Items]
Interest expense								$ 30,000
Amount of interest in loan transferred	$ 10,000,000
Annual interest rate (percent)								4.50%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Amount Outstanding								$ 44,539,000	39,035,000
Revolving Credit Facility | JPM Repo Facility
Line of Credit Facility [Line Items]
Committed financing					$ 520,000,000			520,000,000	300,000,000							$ 300,000,000
Extension on initial maturity date					1 year
Amount Outstanding								72,906,000	42,042,000
Interest expense								7,838,000	8,453,000
Revolving Credit Facility | GS Repo Facility
Line of Credit Facility [Line Items]
Committed financing								0	250,000,000		$ 250,000,000
Amount Outstanding								0	13,500,000
Interest expense								470,000	4,573,000
Revolving Credit Facility | USB Repo Facility
Line of Credit Facility [Line Items]
Committed financing								100,000,000	100,000,000
Amount Outstanding								0	0
Interest expense								594,000	303,000
Revolving Credit Facility | CS Repo Facility
Line of Credit Facility [Line Items]
Committed financing								300,000,000	250,000,000					$ 300,000,000	$ 250,000,000
Amount Outstanding								76,534,000	10,148,000
Interest expense								6,594,000	577,000
Revolving Credit Facility | Barclays Facility
Line of Credit Facility [Line Items]
Committed financing									75,000,000
Amount Outstanding									0
Interest expense									236,000
Revolving Credit Facility | Barclays Facility | Secured Debt
Line of Credit Facility [Line Items]
Committed financing								100,000,000				$ 100,000,000	$ 75,000,000
Amount Outstanding								0
Interest expense								$ 1,445,000
Revolving Credit Facility | PWB Financing
Line of Credit Facility [Line Items]
Committed financing						$ 36,200,000
Collateral amount						$ 54,200,000
Amount Outstanding									$ 26,200,000
LIBOR | PWB Financing
Line of Credit Facility [Line Items]
Basis spread on variable rate						4.00%

Debt - Schedule of Repurchase F

Debt - Schedule of Repurchase Facilities (Details)	Jan. 30, 2018USD ($)	Sep. 30, 2018	Dec. 31, 2018USD ($)extension	Dec. 31, 2017USD ($)extension	Dec. 26, 2018USD ($)	Jul. 30, 2018USD ($)	Jul. 29, 2018USD ($)	Jul. 19, 2018USD ($)	Jul. 18, 2018USD ($)	Jan. 29, 2018USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing			$ 1,195,000,000	$ 975,000,000
Amount Outstanding			149,440,000	65,690,000
Interest expense			$ 17,027,000	$ 14,142,000
Ending Weighted Average Interest Rate			4.71%
JPM Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Extension on initial maturity date				1 year
GS Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Extension on initial maturity date				1 year
USB Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Extension on initial maturity date			1 year	1 year
Number of extension options | extension			2	2
CS Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Extension on initial maturity date				364 days
WF Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Extension on initial maturity date			1 year
Number of extension options | extension			3
Barclays Facility
Assets Sold under Agreements to Repurchase [Line Items]
Extension on initial maturity date		1 year		1 year
Revolving Credit Facility
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding			$ 44,539,000	$ 39,035,000
Ending Weighted Average Interest Rate			3.80%	3.32%
Revolving Credit Facility | JPM Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	$ 520,000,000		$ 520,000,000	$ 300,000,000						$ 300,000,000
Amount Outstanding			72,906,000	42,042,000
Interest expense			$ 7,838,000	$ 8,453,000
Ending Weighted Average Interest Rate			4.55%	3.77%
Extension on initial maturity date	1 year
Revolving Credit Facility | GS Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing			$ 0	$ 250,000,000	$ 250,000,000
Amount Outstanding			0	13,500,000
Interest expense			470,000	$ 4,573,000
Ending Weighted Average Interest Rate				3.83%
Revolving Credit Facility | USB Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing			100,000,000	$ 100,000,000
Amount Outstanding			0	0
Interest expense			$ 594,000	303,000
Ending Weighted Average Interest Rate			4.71%
Revolving Credit Facility | CS Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing			$ 300,000,000	250,000,000				$ 300,000,000	$ 250,000,000
Amount Outstanding			76,534,000	10,148,000
Interest expense			$ 6,594,000	$ 577,000
Ending Weighted Average Interest Rate			4.69%	3.99%
Revolving Credit Facility | WF Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing			$ 175,000,000
Amount Outstanding			0
Interest expense			86,000
Revolving Credit Facility | Barclays Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing				$ 75,000,000
Amount Outstanding				0
Interest expense				$ 236,000
Revolving Credit Facility | Secured Debt | Barclays Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing			100,000,000			$ 100,000,000	$ 75,000,000
Amount Outstanding			0
Interest expense			$ 1,445,000
Ending Weighted Average Interest Rate			6.24%

Debt - Repurchase Agreements, R

Debt - Repurchase Agreements, Real Estate Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 149,440	$ 65,690
Accrued Interest	$ 3,025	1,544
Interest Rate	4.71%
Real estate securities, available for sale, at fair value	$ 26,412	0
Secured Debt | U.S. Bank National Association | Tranche C
Assets Sold under Agreements to Repurchase [Line Items]
Real estate securities, available for sale, at fair value	28,200	56,000
Revolving Credit Facility
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	44,539	39,035
Accrued Interest	74	11
Collateral Pledged	$ 54,973	$ 56,044
Interest Rate	3.80%	3.32%
Days to Maturity	15 days	26 days
Revolving Credit Facility | JP Morgan Securities LLC
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 21,961	$ 39,035
Accrued Interest	27	11
Collateral Pledged	$ 26,750	$ 56,044
Interest Rate	3.67%	3.32%
Days to Maturity	18 days	26 days
Revolving Credit Facility | Wells Fargo Securities, LLC
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 22,578
Accrued Interest	47
Collateral Pledged	$ 28,223
Interest Rate	3.93%
Days to Maturity	11 days

Debt - Collateralized Loan Obli

Debt - Collateralized Loan Obligation by Tranche (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
U.S. Bank National Association | Secured Debt
Debt Instrument [Line Items]
Par Value Issued	$ 1,861,864	$ 1,051,092
Par Value Outstanding	1,525,636	842,812
Collateralized loan obligation excluded	186,500	86,700
U.S. Bank National Association | Secured Debt | Tranche A Notes - 2017-FL1 Issuer
Debt Instrument [Line Items]
Par Value Issued	223,600	223,600
Par Value Outstanding	48,557	223,600
U.S. Bank National Association | Secured Debt | Tranche 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 | Secured Debt | Tranche 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 | Secured Debt | Tranche A Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Par Value Issued	237,970	237,970
Par Value Outstanding	76,785	237,970
U.S. Bank National Association | Secured Debt | Tranche A-S Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Par Value Issued	36,357	36,357
Par Value Outstanding	36,357	36,357
U.S. Bank National Association | Secured Debt | Tranche 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 | Secured Debt | Tranche 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 | Secured Debt | Tranche 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 | Secured Debt | Tranche A Notes - 2018-FL3 Issuer
Debt Instrument [Line Items]
Par Value Issued	286,700
Par Value Outstanding	$ 286,700
Interest Rate	1.05%
U.S. Bank National Association | Secured Debt | Tranche A-S Notes - 2018-FL3 Issuer
Debt Instrument [Line Items]
Par Value Issued	$ 77,775
Par Value Outstanding	$ 77,775
Interest Rate	1.35%
U.S. Bank National Association | Secured Debt | Tranche B Notes - 2018-FL3 Issuer
Debt Instrument [Line Items]
Par Value Issued	$ 41,175
Par Value Outstanding	$ 41,175
Interest Rate	1.65%
U.S. Bank National Association | Secured Debt | Tranche C Notes - 2018-FL3 Issuer
Debt Instrument [Line Items]
Par Value Issued	$ 39,650
Par Value Outstanding	$ 39,650
Interest Rate	2.55%
U.S. Bank National Association | Secured Debt | Tranche D Notes - 2018-FL3 Issuer
Debt Instrument [Line Items]
Par Value Issued	$ 42,700
Par Value Outstanding	$ 42,700
Interest Rate	3.45%
U.S. Bank National Association | Secured Debt | Tranche A Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Par Value Issued	$ 416,827
Par Value Outstanding	$ 416,827
Interest Rate	1.05%
U.S. Bank National Association | Secured Debt | Tranche A-S Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Par Value Issued	$ 73,813
Par Value Outstanding	$ 73,813
Interest Rate	1.30%
U.S. Bank National Association | Secured Debt | Tranche B Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Par Value Issued	$ 56,446
Par Value Outstanding	$ 56,446
Interest Rate	1.60%
U.S. Bank National Association | Secured Debt | Tranche C Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Par Value Issued	$ 68,385
Par Value Outstanding	$ 68,385
Interest Rate	2.10%
U.S. Bank National Association | Secured Debt | Tranche D Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Par Value Issued	$ 57,531
Par Value Outstanding	$ 57,531
Interest Rate	2.75%
U.S. Bank National Association | Secured Debt | Tranche A Notes - 2015-FL1 Issuer
Debt Instrument [Line Items]
Par Value Issued		231,345
Par Value Outstanding		79,109
U.S. Bank National Association | Secured Debt | Tranche B Notes - 2015-FL1 Issuer
Debt Instrument [Line Items]
Par Value Issued		42,841
Par Value Outstanding		42,841
U.S. Bank National Association | Secured Debt | Tranche C Notes - 2015-FL1 Issuer
Debt Instrument [Line Items]
Par Value Issued		76,044
Par Value Outstanding		20,000
Collaterized loan obligation
Debt Instrument [Line Items]
Par Value Issued	$ 1,712,129	912,800
Collateralized loan obligation excluded	$ 186,500	$ 86,700
1M LIBOR | Secured Debt | Tranche A Notes - 2017-FL1 Issuer
Debt Instrument [Line Items]
Interest Rate	1.35%	1.35%
1M LIBOR | Secured Debt | Tranche B Notes - 2017-FL1 Issuer
Debt Instrument [Line Items]
Interest Rate	2.40%	2.40%
1M LIBOR | Secured Debt | Tranche C Notes - 2017-FL1 Issuer
Debt Instrument [Line Items]
Interest Rate	4.25%	4.25%
1M LIBOR | Secured Debt | Tranche A Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Interest Rate	0.82%	0.82%
1M LIBOR | Secured Debt | Tranche A-S Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Interest Rate	1.10%	1.10%
1M LIBOR | Secured Debt | Tranche B Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Interest Rate	1.40%	1.40%
1M LIBOR | Secured Debt | Tranche C Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Interest Rate	2.15%	2.15%
1M LIBOR | Secured Debt | Tranche D Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Interest Rate	3.45%	3.45%
1M LIBOR | Secured Debt | Tranche A Notes - 2015-FL1 Issuer
Debt Instrument [Line Items]
Interest Rate		1.75%
1M LIBOR | Secured Debt | Tranche B Notes - 2015-FL1 Issuer
Debt Instrument [Line Items]
Interest Rate		3.88%
1M LIBOR | Secured Debt | Tranche C Notes - 2015-FL1 Issuer
Debt Instrument [Line Items]
Interest Rate		5.25%

Debt - Collateralized Loan Ob_2

Debt - Collateralized Loan Obligation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 191,390	$ 83,711	$ 118,048
Commercial mortgage loans	2,206,830	1,402,046
Accrued interest receivable	12,789	8,152
Total assets	2,606,078	1,583,661	1,248,125
Interest payable	3,025	1,544
Total liabilities	1,727,064	973,322
Restricted cash	13,029	7,997	5,021
Less: Allowance for loan losses	4,836	1,466	$ 2,181
Collaterized loan obligation
Variable Interest Entity [Line Items]
Cash and cash equivalents	74,157	49,017
Commercial mortgage loans	1,921,428	1,033,427
Accrued interest receivable	6,353	4,212
Total assets	2,001,938	1,086,656
Notes payable	1,712,129	912,800
Interest payable	3,163	1,462
Total liabilities	1,715,292	914,262
Restricted cash	73,700	48,700
Less: Allowance for loan losses	600	1,300
Collateralized loan obligation excluded	186,500	86,700
Deferred financing cost and discount	$ 20,400	$ 16,900

Net Income Per Share - Summary

Net Income Per Share - Summary of the Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income	$ 16,427	$ 19,000	$ 12,102	$ 5,296	$ 14,474	$ 6,975	$ 6,281	$ 6,049	$ 6,337	$ 5,373	$ 8,860	$ 9,420	$ 52,825	$ 33,779	$ 29,990
Less: Preferred stock dividends													(3,644)	0	0
Net income applicable to common stock													$ 49,181	$ 33,779	$ 29,990
Basic net income per share (in dollars per share)	$ 0.37	$ 0.49	$ 0.38	$ 0.17	$ 0.46	$ 0.22	$ 0.20	$ 0.19	$ 0.20	$ 0.17	$ 0.28	$ 0.30	$ 1.44	$ 1.06	$ 0.95
Basic weighted average shares outstanding (in shares)	38,088,364	35,468,648	31,762,199	31,670,518	34,754,734	31,741,679	31,850,897	31,740,256	31,659,274	31,516,876	31,802,261	31,548,897	34,268,707	31,772,231	31,659,274
Unvested restricted shares (in shares)													14,229	12,658	7,230
Conversion of redeemable convertible preferred stock - weighted (in shares)													2,496,799	0	0
Diluted weighted average shares outstanding (in shares)	44,504,418	38,942,428	31,820,527	31,684,832	31,769,048	31,756,503	31,860,444	31,750,045	31,666,504	31,523,911	31,807,927	31,555,011	36,779,735	31,784,889	31,666,504
Diluted net income per share (in dollars per share)	$ 0.37	$ 0.49	$ 0.38	$ 0.17	$ 0.46	$ 0.22	$ 0.20	$ 0.19	$ 0.20	$ 0.17	$ 0.28	$ 0.30	$ 1.44	$ 1.06	$ 0.95
Preferred Stock [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Less: Preferred stock undistributed income													$ 0	$ 0	$ 0

Stock Transactions - Narrative

Stock Transactions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 10, 2017	Feb. 28, 2016	Dec. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016	Dec. 31, 2015
Class of Stock [Line Items]
Minimum distribution percentage to qualify for REIT taxation status			90.00%
Distribution percentage required to avoid paying federal income taxes			100.00%
Common stock, dividends, per share per annum, declared (in dollars per share)			$ 1.44	$ 1.80
Distributions payable			$ 5,834	$ 3,917
NAV per share (in dollars per share)					$ 18.75
Common Stock, DRIP (in dollars per share)			$ 18.66
Total distributions			$ 48,500	58,900
Cash distributions			34,500	38,800
Common stock issued under DRIP			$ 14,000	$ 20,100
Share repurchase program, period in force		1 year
Repurchase price percent of NAV per share year one	92.50%	92.50%
Repurchase price percent of NAV per share year two	95.00%	95.00%
Repurchase price percent of NAV per share year three	97.50%	97.50%
Repurchase price percent of NAV per share year four	100.00%	100.00%
Repurchase limit percent per fiscal semester		2.50%
Repurchase limit percent per fiscal year		5.00%
Preferred stock, shares outstanding (in shares)			0	0
Convertible Preferred Stock
Class of Stock [Line Items]
Distributions payable			$ 1,100
Preferred stock, shares outstanding (in shares)			29,249	0
Common Stock
Class of Stock [Line Items]
Distributions payable			$ 4,700	$ 3,900
Common Stock
Class of Stock [Line Items]
Shares outstanding (in shares)			39,303,710	31,834,072		31,884,631	31,385,280

Stock Transactions - Share Tran

Stock Transactions - Share Transactions (Details) - USD ($) $ in Thousands	1 Months Ended							12 Months Ended
	Dec. 31, 2018	Nov. 30, 2018	Oct. 31, 2018	Sep. 30, 2018	Aug. 31, 2018	Jul. 31, 2018	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Proceeds								$ 124,335	$ 0	$ 0
Common Stock Purchase Agreements
Class of Stock [Line Items]
Shares Issued	1,349,193	206,463	89,767	14,962	3,370,362	1,669,074	834,537	7,534,358
Proceeds	$ 22,545	$ 3,450	$ 1,500	$ 250	$ 55,421	$ 27,446	$ 13,723	$ 124,335
Convertible Preferred Stock Purchase Agreements | Convertible Preferred Stock
Class of Stock [Line Items]
Shares Issued	10,034			3,378	9,083	4,498	2,256	29,249
Proceeds	$ 50,170			$ 16,890	$ 45,415	$ 22,490	$ 11,280	$ 146,245

Stock Transactions - Preferred

Stock Transactions - Preferred Stock Activity (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		0
Beginning balance		$ 0
Offering costs	[1]	$ (887)	$ 0	$ 793
Ending balance (in shares)		0	0
Ending balance		$ 0	$ 0
Convertible Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		0
Beginning balance		$ 0
Issuance of common stock (in shares)		29,249
Issuance of preferred stock		$ 146,245
Offering costs		(510)
Amortization of offering costs		$ 51
Ending balance (in shares)		29,249	0
Ending balance		$ 145,786	$ 0
[1]	During 2016, the Company received reimbursement of excess payment of $0.8 million from the Former Advisor for Offering costs.

Stock Transactions - Schedule o

Stock Transactions - Schedule of Shares Repurchased (Details) - Share Repurchase Program (SRP) - Common Stock	1 Months Ended												12 Months Ended
	Dec. 31, 2018share_repurchase_request$ / sharesshares	Nov. 30, 2018share_repurchase_request$ / sharesshares	Oct. 31, 2018share_repurchase_request$ / sharesshares	Sep. 30, 2018share_repurchase_request$ / sharesshares	Aug. 31, 2018share_repurchase_request$ / sharesshares	Jul. 31, 2018share_repurchase_request$ / sharesshares	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 period (share repurchase request) | share_repurchase_request	0	0	0	0	0	831	0	0	0	0	0	889
Ending balance, number of requests (share repurchase request) | share_repurchase_request	3,845												2,125
Beginning balance, number of shares repurchased (in shares)												1,991,391
Number of shares repurchased during period (in shares)	0	0	0	0	0	387,214	0	0	0	0	0	421,809
Ending balance, number of shares repurchased (in shares)	2,800,414												1,991,391
Beginning balance, average price per share (usd per share) | $ / shares												$ 21.36
Repurchases during period, average price per share (usd per share) | $ / shares	$ 0	$ 0	$ 0	$ 0	$ 0	$ 18.74	$ 0	$ 0	$ 0	$ 0	$ 0	$ 18.56
Ending balance, average price per share (usd per share) | $ / shares	$ 20.65												$ 21.36
Unfulfilled redemption requests (shares)													185,689

Commitments and Contingencies_2

Commitments and Contingencies (Details) - Unfunded Commitments Under Commercial Mortgage Loans - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Loss Contingencies [Line Items]
2018	$ 0	$ 36,475,000
2019	34,667,000	26,465,000
2020	176,760,000	20,598,000
2021	106,940,000	0
2022	0	0
2023	0	0
2024 and beyond	0	0
Total	$ 318,367,000	$ 83,538,000

Related Party Transactions an_3

Related Party Transactions and Arrangements - Narrative (Details) - USD ($)	Feb. 22, 2018	Dec. 31, 2018	Sep. 30, 2018	Aug. 31, 2018	Jul. 31, 2018	Jun. 30, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2017	Sep. 29, 2016
Related Party Transaction [Line Items]
Aggregate purchase price of commercial mortgage loans								$ 1,598,786,000	$ 836,961,000	$ 53,640,000
Commercial mortgage loans, held-for-sale, measured at fair value		$ 76,863,000					$ 28,531,000	$ 76,863,000	$ 28,531,000
Affiliated Entity | Benefit Street Partners LLC
Related Party Transaction [Line Items]
Monthly asset management fee, percent of equity												0.125%
Annual asset management fee, percent of stockholder's equity		1.50%						1.50%
Subordinated performance fee, percent that total return exceeds per year		6.00%						6.00%
Percent of excess total return		15.00%						15.00%
Maximum annual subordinated performance fee payable percent of total return		10.00%						10.00%
Real estate acquisition fee, percentage		1.00%						1.00%			1.00%	1.00%
Affiliated Entity | Benefit Street Partners LLC | Fee to Acquire and Originate Real Estate Debt
Related Party Transaction [Line Items]
Transaction rate								0.50%
Convertible Preferred Stock Purchase Agreements | Investor
Related Party Transaction [Line Items]
Number of shares issued in transaction								2,012,959
Aggregate amount of shares committed for purchase								$ 33,600,000
Convertible Preferred Stock | Convertible Preferred Stock Purchase Agreements
Related Party Transaction [Line Items]
Number of shares issued in transaction		10,034	3,378	9,083	4,498	2,256		29,249
Convertible Preferred Stock | Convertible Preferred Stock Purchase Agreements | Investor
Related Party Transaction [Line Items]
Number of shares issued in transaction								115
Aggregate amount of shares committed for purchase								$ 600,000
Other commitments		$ 0						0
Common Stock | Convertible Preferred Stock Purchase Agreements | Investor
Related Party Transaction [Line Items]
Other commitments		0						0
CMBS | Affiliated Entity
Related Party Transaction [Line Items]
Aggregate purchase price of commercial mortgage loans	$ 27,800,000						$ 17,100,000
Proceeds from CBMS sold into securitization	$ 23,300,000
Commercial mortgage loans, held-for-sale, measured at fair value		$ 4,500,000						$ 4,500,000

Related Party Transactions an_4

Related Party Transactions and Arrangements - Schedule of Selling Commissions and Dealer Manager Fees Payable to Affiliate (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Payable to related party	$ 3,229	$ 6,421
Former Advisor and Former Dealer Manager | Fees and Expense Reimbursement, Stock Offering
Related Party Transaction [Line Items]
Payable to related party	$ 0	$ 480

Related Party Transactions an_5

Related Party Transactions and Arrangements - Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Total expenses from transactions with related party	$ 13,446	$ 6,765	$ 4,376
Payable to related party	3,229	6,421
Affiliated Entity
Related Party Transaction [Line Items]
Total expenses from transactions with related party	25,456	20,629	14,776
Payable to related party	3,229	5,941
Affiliated Entity | Acquisition fees and acquisition expenses | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	452	4,197	806
Payable to related party	1	0
Affiliated Entity | Administrative services expenses | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	13,446	6,765	4,376
Payable to related party	1,224	3,480
Affiliated Entity | Asset management and subordinated performance fee | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	10,299	9,273	9,504
Payable to related party	1,072	2,315
Affiliated Entity | Other related party expenses | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	1,259	394	$ 90
Payable to related party	932	146
Affiliated Entity | Acquisition fees and expenses, including amount capitalized | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	8,100	10,200
Affiliated Entity | Acquisition fees and expenses, amount capitalized | Nonrecurring Fees
Related Party Transaction [Line Items]
Payable to related party	$ 7,600	$ 6,000

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Restricted Shares and Unvested Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities excluded from computation (in shares)	31,970	21,398
Restricted Unvested Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities excluded from computation (in shares)	13,702	11,382
Forfeited Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities excluded from computation (in shares)	5,333	5,333
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities excluded from computation (in shares)	12,935	4,683
Restricted Share Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted under restricted share plan, maximum percentage of total shares allowed	5.00%
Maximum shares allowed to be granted under restricted share plan (in shares)	4,000,000
Restricted Share Plan | Restricted Common Stock | Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 157	$ 97	$ 44

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Financial Instruments Carried at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, available for sale, at fair value	$ 26,412	$ 0
Commercial mortgage loans, held-for-sale	76,863	28,531
Derivative instruments, at fair value	846	132
Derivative liabilities	1,319	357
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-sale	76,863	28,531
Total assets, at fair value	104,121	28,663
Total liabilities, at fair value	1,319	357
Level I | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-sale	0	0
Total assets, at fair value	0	132
Total liabilities, at fair value	1,063	0
Level II | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-sale	0	0
Total assets, at fair value	846	0
Total liabilities, at fair value	256	357
Level III | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-sale	76,863	28,531
Total assets, at fair value	103,275	28,531
Total liabilities, at fair value	0	0
Treasury note futures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	0	100
Derivative liabilities	1,063	0
Treasury note futures | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value		132
Derivative liabilities	1,063
Treasury note futures | Level I | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value		132
Derivative liabilities	1,063
Treasury note futures | Level II | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value		0
Derivative liabilities
Treasury note futures | Level III | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value		0
Derivative liabilities	0
Credit default swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	640	32
Derivative liabilities	0	357
Credit default swaps | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	640
Derivative liabilities		357
Credit default swaps | Level I | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	0
Derivative liabilities		0
Credit default swaps | Level II | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	640
Derivative liabilities		357
Credit default swaps | Level III | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	0
Derivative liabilities		$ 0
Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	206
Derivative liabilities	256
Interest rate swaps | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	206
Derivative liabilities	256
Interest rate swaps | Level I | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	0
Derivative liabilities	0
Interest rate swaps | Level II | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	206
Derivative liabilities	256
Interest rate swaps | Level III | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	0
Derivative liabilities	0
Real Estate Securities | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, available for sale, at fair value	26,412
Real Estate Securities | Level I | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, available for sale, at fair value	0
Real Estate Securities | Level II | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, available for sale, at fair value	0
Real Estate Securities | Level III | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, available for sale, at fair value	$ 26,412

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Valuation Method Of Level 3 Financial Instruments Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-sale, measured at fair value	$ 76,863	$ 28,531
Available-for-sale Securities, Real Estate Securities	26,412
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-sale, measured at fair value	76,863	28,531
Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-sale, measured at fair value	76,863	28,531
Commercial Mortgage Loans, held-for-sale, measured at fair value | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-sale, measured at fair value	$ 76,863	$ 28,531
Income Approach Valuation Technique | Weighted Average | Commercial Mortgage Loans, held-for-sale, measured at fair value | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield	6.30%	4.93%
Income Approach Valuation Technique | Minimum | Commercial Mortgage Loans, held-for-sale, measured at fair value | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield	4.70%	4.80%
Income Approach Valuation Technique | Maximum | Commercial Mortgage Loans, held-for-sale, measured at fair value | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield	11.30%	5.30%
Cost Approach Valuation Technique [Member] | Weighted Average | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield	5.50%
Cost Approach Valuation Technique [Member] | Minimum | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield		4.00%
Cost Approach Valuation Technique [Member] | Maximum | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield		6.00%

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Changes in the Company's Financial Instruments Classified as Level III (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net accretion	$ 4,572	$ 2,554	$ 2,336
Cash repayments/receipts	0	(15,000)	(2,218)
Repurchase agreements, commercial mortgage loans | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Realized and unrealized gains (losses) included in earnings	0
Real Estate Securities | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0	49,049
Transfers into Level III	0	0
Realized and unrealized gains (losses) included in earnings	(107)	172
Net accretion	(76)	167
Unrealized gains (losses) included in OCI	(459)	500
Purchases	39,510	0
Sales / paydown	(12,456)	(34,888)
Cash repayments/receipts	0	(15,000)
Transfers out of Level III	0	0
Ending balance	26,412	0	49,049
Commercial Mortgage Loans, held-for-sale, measured at fair value | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	28,531	0
Transfers into Level III	0	0
Realized and unrealized gains (losses) included in earnings		0
Unrealized gains (losses) on commercial mortgage loans held-for-sale	(237)
Net accretion	0	0
Unrealized gains (losses) included in OCI	0	0
Purchases	617,916	156,101
Sales / paydown	(580,635)	(132,093)
Cash repayments/receipts	0	0
Transfers out of Level III	0	0
Ending balance	76,863	28,531	$ 0
Commercial Mortgage Loans, held-for-sale, measured at fair value | Repurchase agreements, commercial mortgage loans | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Realized and unrealized gains (losses) included in earnings	11,288
Commercial Mortgage Loans, held-for-sale, measured at fair value | Real Estate Securities | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Realized and unrealized gains (losses) included in earnings	$ 0
Repurchase agreements, commercial mortgage loans | 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]
Realized and unrealized gains (losses) included in earnings		$ 4,523

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Allowance for loan losses	$ 4,836	$ 1,466	$ 2,181
Carrying Amount | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans, held-for-investment	2,211,666	1,403,512
Collateralized loan obligations	1,505,279
Other financing and loan participation - commercial mortgage loans	9,902
Allowance for loan losses	4,800	1,500
Carrying Amount | Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized loan obligations		826,150
Fair Value | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans, held-for-investment	2,213,650	1,396,406
Collateralized loan obligations	1,518,127
Other financing and loan participation - commercial mortgage loans	$ 9,902
Fair Value | Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized loan obligations		$ 842,812

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net premiums received on derivative instrument assets	$ 0.8

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Outstanding Derivatives (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Notional	$ 131,965	$ 73,906
Derivative assets	846	132
Derivative liabilities	1,319	357
Credit default swaps
Derivative [Line Items]
Notional	45,000	30,000
Derivative assets	640	32
Derivative liabilities	0	357
Interest rate swaps
Derivative [Line Items]
Notional	37,965
Derivative assets	206
Derivative liabilities	256
Treasury note futures
Derivative [Line Items]
Notional	49,000	43,906
Derivative assets	0	100
Derivative liabilities	$ 1,063	$ 0

Derivative Instruments - Net Re

Derivative Instruments - Net Realized and Unrealized Losses on Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	$ 1,374	$ 17	$ 0
Realized (Gain)/Loss	(1,827)	(555)	$ 0
Credit default swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	(139)	117
Realized (Gain)/Loss	(229)	373
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	351	0
Realized (Gain)/Loss	136	0
Treasury note futures
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	1,162	(100)
Realized (Gain)/Loss	$ (1,734)	$ (928)

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities - Offsetting Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Offsetting Derivative Assets [Abstract]
Gross Amounts of Recognized Assets	$ 846	$ 132
Gross Amounts Offset on the Balance Sheet	0	0
Net Amount of Assets Presented on the Balance Sheet	846	132
Derivative Assets, Gross Amounts Not Offset on the Balance Sheet, Financial Instruments	0	0
Derivative Assets, Gross Amounts Not Offset on the Balance Sheet, Cash Collateral Pledged	0	0
Net Amount	$ 846	$ 132

Offsetting Assets and Liabili_4

Offsetting Assets and Liabilities - Offsetting Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Offsetting Derivative Liabilities [Abstract]
Derivative instruments, at fair value, Gross Amounts Recognized	$ 1,319	$ 357
Derivative instruments, at fair value, Gross Amounts Offset on the Balance Sheet	0	0
Derivative instruments, at fair value, Net Amount of Liabilities Presented on the Balance Sheet	1,319	357
Derivative instruments, at fair value, Gross Amounts Not Offset on Balance Sheet, Financial Instruments	0	0
Derivative instruments, at fair value, Gross Amounts Not Offset on the Balance Sheet, Cash Collateral Pledged	7,232	2,961
Derivative instruments, at fair value, Net Amount	0	0
Real estate securities, available for sale, at fair value	26,412	0
Secured Debt | U.S. Bank National Association | Tranche C
Offsetting Derivative Liabilities [Abstract]
Real estate securities, available for sale, at fair value	28,200	56,000
Repurchase agreements, commercial mortgage loans
Offsetting Securities Sold under Agreements to Repurchase [Abstract]
Repurchase agreements, Gross Amounts of Recognized Liabilities	149,440	65,690
Repurchase agreements, Gross Amounts Offset on the Balance Sheet	0	0
Repurchase agreements, Net Amount of Liabilities Presented on the Balance Sheet	149,440	65,690
Repurchase agreements, Gross Amounts Not Offset on the Balance Sheet, Financial Instruments	203,846	163,235
Repurchase agreements, Gross Amounts Not Offset on the Balance Sheet, Cash Collateral Pledged	5,010	5,005
Repurchase agreements, Net Amount	0	0
Real Estate Securities
Offsetting Securities Sold under Agreements to Repurchase [Abstract]
Repurchase agreements, Gross Amounts of Recognized Liabilities	44,539	39,035
Repurchase agreements, Gross Amounts Offset on the Balance Sheet	0	0
Repurchase agreements, Net Amount of Liabilities Presented on the Balance Sheet	44,539	39,035
Repurchase agreements, Gross Amounts Not Offset on the Balance Sheet, Financial Instruments	54,973	56,044
Repurchase agreements, Gross Amounts Not Offset on the Balance Sheet, Cash Collateral Pledged	305	0
Repurchase agreements, Net Amount	$ 0	$ 0

Segment Reporting - Schedule of

Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Interest income													$ 152,288	$ 89,564	$ 79,404
Interest expense													70,000	32,359	23,169
Net income	$ 16,427	$ 19,000	$ 12,102	$ 5,296	$ 14,474	$ 6,975	$ 6,281	$ 6,049	$ 6,337	$ 5,373	$ 8,860	$ 9,420	52,825	33,779	29,990
Total assets	2,606,078				1,583,661				1,248,125				2,606,078	1,583,661	1,248,125
Real Estate Debt
Segment Reporting Information [Line Items]
Interest income													144,967	87,014	73,884
Interest expense													65,521	30,407	20,719
Net income													50,041	33,184	29,797
Total assets	2,492,440				1,517,021				1,198,806				2,492,440	1,517,021	1,198,806
Real Estate Securities
Segment Reporting Information [Line Items]
Interest income													717	1,351	5,520
Interest expense													770	1,254	2,450
Net income													(160)	269	193
Total assets	26,474				389				49,319				26,474	389	49,319
TRS
Segment Reporting Information [Line Items]
Interest income													6,604	1,199	0
Interest expense													3,709	698	0
Net income													2,944	326	0
Total assets	$ 87,164				$ 66,251				$ 0				$ 87,164	$ 66,251	$ 0

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income tax expense	$ 79,000	$ 225,000	$ 0
Common stock, dividends, per share per annum, declared (in dollars per share)	$ 1.44	$ 1.80
Ordinary income declared per share (in dollars per share)	1.43	1.07
Return of capital declared per share (in dollars per share)	0.01	$ 0.73
Common stock qualified dividend declared (in dollars per share)	0.02
Common stock ordinary dividend declared (in dollars per share)	1.41
Preferred stock dividends declared (in dollars per share)	216.03
Preferred stock qualified dividend declared (in dollars per share)	2.28
Preferred stock ordinary dividend declared (in dollars per share)	$ 213.75

Income Taxes - Provision for In

Income Taxes - Provision for Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current expense (benefit)
U.S. Federal	$ 68,000	$ 140,000	$ 0
State and local	12,000	61,000	0
Total current expense (benefit)	80,000	201,000	0
Deferred expense (benefit)
U.S. Federal	(1,000)	18,000	0
State and local	0	6,000	0
Total deferred expense (benefit)	(1,000)	24,000	0
Provision for income tax expense (benefit)	$ 79,000	$ 225,000	$ 0

Summary of Quarterly Results _3

Summary of Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Net interest income	$ 25,993	$ 25,823	$ 19,738	$ 10,734	$ 17,278	$ 13,350	$ 13,126	$ 13,451	$ 12,950	$ 12,933	$ 14,829	$ 15,523	$ 82,288	$ 57,205	$ 56,235
Net income applicable to common stock	14,054	17,745	12,086	5,296	14,474	6,975	6,281	6,049	6,337	5,373	8,860	9,420	49,181	33,779	29,990
Net income	$ 16,427	$ 19,000	$ 12,102	$ 5,296	$ 14,474	$ 6,975	$ 6,281	$ 6,049	$ 6,337	$ 5,373	$ 8,860	$ 9,420	$ 52,825	$ 33,779	$ 29,990
Basic net income per share (in dollars per share)	$ 0.37	$ 0.49	$ 0.38	$ 0.17	$ 0.46	$ 0.22	$ 0.20	$ 0.19	$ 0.20	$ 0.17	$ 0.28	$ 0.30	$ 1.44	$ 1.06	$ 0.95
Diluted net income per share (in dollars per share)	$ 0.37	$ 0.49	$ 0.38	$ 0.17	$ 0.46	$ 0.22	$ 0.20	$ 0.19	$ 0.20	$ 0.17	$ 0.28	$ 0.30	$ 1.44	$ 1.06	$ 0.95
Basic weighted average shares outstanding (in shares)	38,088,364	35,468,648	31,762,199	31,670,518	34,754,734	31,741,679	31,850,897	31,740,256	31,659,274	31,516,876	31,802,261	31,548,897	34,268,707	31,772,231	31,659,274
Diluted weighted average shares outstanding (in shares)	44,504,418	38,942,428	31,820,527	31,684,832	31,769,048	31,756,503	31,860,444	31,750,045	31,666,504	31,523,911	31,807,927	31,555,011	36,779,735	31,784,889	31,666,504

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - Subsequent Event $ / shares in Units, $ in Millions	2 Months Ended
	Mar. 13, 2019USD ($)$ / shares
Subsequent Event [Line Items]
Aggregate amount of shares committed for purchase | $	$ 19.4
Price per share of stock sold (in usd per share) | $ / shares	$ 16.71
Series A Preferred Stock
Subsequent Event [Line Items]
Aggregate amount of shares committed for purchase | $	$ 15
Price per share of stock sold (in usd per share) | $ / shares	$ 5,000

Schedule IV - Mortgage Loans_2

Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Mortgage Loans on Real Estate [Line Items]
Par Value	$ 2,211,666	$ 1,403,512
First Mortgage
Mortgage Loans on Real Estate [Line Items]
Face Amount	2,221,936
Par Value	2,211,666
First Mortgage | Office | Senior 1
Mortgage Loans on Real Estate [Line Items]
Face Amount	31,250
Par Value	$ 31,250
Interest Rate	4.50%
First Mortgage | Office | Senior 3
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 38,385
Par Value	$ 38,354
Interest Rate	5.25%
First Mortgage | Office | Senior 7
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 10,700
Par Value	$ 10,700
Interest Rate	4.65%
First Mortgage | Office | Senior 20
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 12,830
Par Value	$ 12,796
Interest Rate	4.45%
First Mortgage | Office | Senior 21
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 10,400
Par Value	$ 10,387
Interest Rate	5.50%
First Mortgage | Office | Senior 26
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 26,420
Par Value	$ 26,338
Interest Rate	4.15%
First Mortgage | Office | Senior 28
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 12,400
Par Value	$ 12,394
Interest Rate	4.00%
First Mortgage | Office | Senior 30
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 20,851
Par Value	$ 20,772
Interest Rate	4.25%
First Mortgage | Office | Senior 42
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 24,350
Par Value	$ 24,380
Interest Rate	4.65%
First Mortgage | Office | Senior 44
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 19,450
Par Value	$ 19,364
Interest Rate	3.70%
First Mortgage | Office | Senior 57
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 23,000
Par Value	$ 22,909
Interest Rate	3.65%
First Mortgage | Office | Senior 75
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 18,700
Par Value	$ 18,593
Interest Rate	3.75%
First Mortgage | Office | Senior 76
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 50,000
Par Value	$ 49,900
Interest Rate	4.23%
First Mortgage | Office | Senior 80
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 12,973
Par Value	$ 12,897
Interest Rate	3.40%
First Mortgage | Office | Senior 84
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 35,610
Par Value	$ 35,341
Interest Rate	3.76%
First Mortgage | Office | Senior 85
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 500
Par Value	$ 497
Interest Rate	12.71%
First Mortgage | Office | Mezzanine 2
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 10,000
Par Value	$ 9,619
Interest Rate	10.00%
First Mortgage | Retail | Senior 2
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 9,450
Par Value	$ 9,450
Interest Rate	4.90%
First Mortgage | Retail | Senior 4
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 11,684
Par Value	$ 11,682
Interest Rate	4.50%
First Mortgage | Retail | Senior 6
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 14,600
Par Value	$ 14,600
Interest Rate	4.25%
First Mortgage | Retail | Senior 9
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 7,500
Par Value	$ 7,500
Interest Rate	5.00%
First Mortgage | Retail | Senior 11
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 13,700
Par Value	$ 13,698
Interest Rate	4.75%
First Mortgage | Retail | Senior 12
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 28,900
Par Value	$ 28,895
Interest Rate	4.73%
First Mortgage | Retail | Senior 13
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 12,953
Par Value	$ 12,950
Interest Rate	5.00%
First Mortgage | Retail | Senior 14
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 15,750
Par Value	$ 15,744
Interest Rate	5.25%
First Mortgage | Retail | Senior 18
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 23,650
Par Value	$ 23,614
Interest Rate	5.00%
First Mortgage | Retail | Senior 23
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 7,500
Par Value	$ 7,497
Interest Rate	5.25%
First Mortgage | Retail | Senior 55
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 50,732
Par Value	$ 50,668
Interest Rate	4.25%
First Mortgage | Retail | Senior 68
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 22,203
Par Value	$ 22,076
Interest Rate	4.95%
First Mortgage | Retail | Senior 96
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 14,500
Par Value	$ 14,374
Interest Rate	4.75%
First Mortgage | Retail | Senior 98
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 29,500
Par Value	$ 29,374
Interest Rate	6.30%
First Mortgage | Multifamily | Senior 15
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 17,657
Par Value	$ 17,659
Interest Rate	7.10%
First Mortgage | Multifamily | Senior 22
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 39,629
Par Value	$ 39,604
Interest Rate	5.50%
First Mortgage | Multifamily | Senior 24
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 47,416
Par Value	$ 47,326
Interest Rate	4.50%
First Mortgage | Multifamily | Senior 27
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 34,875
Par Value	$ 34,798
Interest Rate	3.75%
First Mortgage | Multifamily | Senior 32
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 18,230
Par Value	$ 18,160
Interest Rate	3.62%
First Mortgage | Multifamily | Senior 33
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 12,827
Par Value	$ 12,825
Interest Rate	5.75%
First Mortgage | Multifamily | Senior 35
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 13,481
Par Value	$ 13,455
Interest Rate	5.50%
First Mortgage | Multifamily | Senior 36
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 35,409
Par Value	$ 34,722
Interest Rate	4.50%
First Mortgage | Multifamily | Senior 39
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 19,040
Par Value	$ 18,972
Interest Rate	3.60%
First Mortgage | Multifamily | Senior 40
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 11,841
Par Value	$ 11,798
Interest Rate	3.30%
First Mortgage | Multifamily | Senior 41
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 27,300
Par Value	$ 27,207
Interest Rate	3.50%
First Mortgage | Multifamily | Senior 45
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 20,102
Par Value	$ 19,976
Interest Rate	4.25%
First Mortgage | Multifamily | Senior 46
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 15,429
Par Value	$ 15,370
Interest Rate	3.65%
First Mortgage | Multifamily | Senior 47
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 42,000
Par Value	$ 41,833
Interest Rate	3.70%
First Mortgage | Multifamily | Senior 52
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 31,750
Par Value	$ 31,604
Interest Rate	3.60%
First Mortgage | Multifamily | Senior 56
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 7,612
Par Value	$ 7,581
Interest Rate	4.25%
First Mortgage | Multifamily | Senior 59
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 80,071
Par Value	$ 79,506
Interest Rate	3.50%
First Mortgage | Multifamily | Senior 60
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 40,000
Par Value	$ 39,873
Interest Rate	3.75%
First Mortgage | Multifamily | Senior 62
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 10,500
Par Value	$ 10,465
Interest Rate	5.54%
First Mortgage | Multifamily | Senior 64
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 20,909
Par Value	$ 20,782
Interest Rate	3.15%
First Mortgage | Multifamily | Senior 65
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 11,590
Par Value	$ 11,538
Interest Rate	3.75%
First Mortgage | Multifamily | Senior 66
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 66,000
Par Value	$ 65,627
Interest Rate	3.75%
First Mortgage | Multifamily | Senior 67
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 17,250
Par Value	$ 17,171
Interest Rate	3.95%
First Mortgage | Multifamily | Senior 73
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 11,120
Par Value	$ 11,088
Interest Rate	3.50%
First Mortgage | Multifamily | Senior 74
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 16,607
Par Value	$ 16,524
Interest Rate	3.30%
First Mortgage | Multifamily | Senior 78
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 7,250
Par Value	$ 7,218
Interest Rate	4.00%
First Mortgage | Multifamily | Senior 79
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 99,305
Par Value	$ 98,687
Interest Rate	3.10%
First Mortgage | Multifamily | Senior 81
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 25,500
Par Value	$ 25,523
Interest Rate	3.50%
First Mortgage | Multifamily | Senior 82
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 13,600
Par Value	$ 13,534
Interest Rate	3.53%
First Mortgage | Multifamily | Senior 86
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 14,446
Par Value	$ 14,385
Interest Rate	3.15%
First Mortgage | Multifamily | Senior 87
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 20,284
Par Value	$ 20,180
Interest Rate	3.40%
First Mortgage | Multifamily | Senior 88
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 29,900
Par Value	$ 29,762
Interest Rate	3.35%
First Mortgage | Multifamily | Senior 89
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 35,490
Par Value	$ 35,275
Interest Rate	3.10%
First Mortgage | Multifamily | Senior 92
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 10,020
Par Value	$ 9,970
Interest Rate	3.45%
First Mortgage | Multifamily | Senior 93
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 73,620
Par Value	$ 73,181
Interest Rate	3.45%
First Mortgage | Multifamily | Mezzanine 1
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 3,480
Par Value	$ 3,492
Interest Rate	9.50%
First Mortgage | Land | Senior 94
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 16,400
Par Value	$ 16,319
Interest Rate	6.00%
First Mortgage | Industrial | Senior 8
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 20,216
Par Value	$ 20,216
Interest Rate	4.25%
First Mortgage | Industrial | Senior 10
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 33,655
Par Value	$ 33,655
Interest Rate	4.00%
First Mortgage | Industrial | Senior 90
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 12,000
Par Value	$ 11,934
Interest Rate	4.50%
First Mortgage | Self-Storage | Senior 53
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 4,120
Par Value	$ 4,103
Interest Rate	4.05%
First Mortgage | Self-Storage | Senior 54
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 6,496
Par Value	$ 6,469
Interest Rate	5.05%
First Mortgage | Self-Storage | Senior 58
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 7,306
Par Value	$ 7,271
Interest Rate	5.05%
First Mortgage | Self-Storage | Senior 61
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 2,400
Par Value	$ 2,388
Interest Rate	4.05%
First Mortgage | Self-Storage | Senior 63
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 6,310
Par Value	$ 6,281
Interest Rate	5.05%
First Mortgage | Self-Storage | Senior 77
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 3,300
Par Value	$ 3,281
Interest Rate	6.00%
First Mortgage | Self-Storage | Senior 83
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 6,125
Par Value	$ 6,044
Interest Rate	5.50%
First Mortgage | Self-Storage | Senior 91
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 13,900
Par Value	$ 13,812
Interest Rate	4.00%
First Mortgage | Mixed-Use | Senior 71
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 101,290
Par Value	$ 100,994
Interest Rate	4.00%
First Mortgage | Mixed-Use | Senior 72
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 19,357
Par Value	$ 19,408
Interest Rate	4.75%
First Mortgage | Hospitality | Senior 5
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 16,800
Par Value	$ 15,825
Interest Rate	4.90%
First Mortgage | Hospitality | Senior 16
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 12,600
Par Value	$ 12,593
Interest Rate	5.50%
First Mortgage | Hospitality | Senior 17
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 14,300
Par Value	$ 14,275
Interest Rate	5.50%
First Mortgage | Hospitality | Senior 19
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 14,900
Par Value	$ 14,890
Interest Rate	6.25%
First Mortgage | Hospitality | Senior 25
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 8,875
Par Value	$ 8,826
Interest Rate	6.20%
First Mortgage | Hospitality | Senior 29
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 10,600
Par Value	$ 10,531
Interest Rate	5.00%
First Mortgage | Hospitality | Senior 31
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 7,700
Par Value	$ 7,681
Interest Rate	5.75%
First Mortgage | Hospitality | Senior 34
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 57,075
Par Value	$ 56,990
Interest Rate	5.19%
First Mortgage | Hospitality | Senior 37
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 10,250
Par Value	$ 10,197
Interest Rate	5.25%
First Mortgage | Hospitality | Senior 38
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 15,280
Par Value	$ 15,069
Interest Rate	4.41%
First Mortgage | Hospitality | Senior 43
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 21,000
Par Value	$ 20,909
Interest Rate	4.00%
First Mortgage | Hospitality | Senior 48
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 13,500
Par Value	$ 13,441
Interest Rate	4.75%
First Mortgage | Hospitality | Senior 49
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 15,000
Par Value	$ 14,922
Interest Rate	4.95%
First Mortgage | Hospitality | Senior 50
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 25,484
Par Value	$ 25,344
Interest Rate	4.00%
First Mortgage | Hospitality | Senior 51
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 20,646
Par Value	$ 20,547
Interest Rate	4.40%
First Mortgage | Hospitality | Senior 69
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 22,355
Par Value	$ 22,252
Interest Rate	4.00%
First Mortgage | Hospitality | Senior 70
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 34,000
Par Value	$ 33,864
Interest Rate	4.50%
First Mortgage | Hospitality | Senior 95
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 8,750
Par Value	$ 8,705
Interest Rate	4.80%
First Mortgage | Hospitality | Senior 97
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 17,965
Par Value	$ 17,346
Interest Rate	5.80%

Schedule IV - Mortgage Loans_3

Schedule IV - Mortgage Loans on Real Estate Phantom (Details) - First Mortgage	Dec. 31, 2018
Office | Senior 1
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.50%
Office | Senior 3
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.25%
Office | Senior 7
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.65%
Office | Senior 20
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.45%
Office | Senior 21
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.50%
Office | Senior 26
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.15%
Office | Senior 28
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.00%
Office | Senior 30
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.25%
Office | Senior 42
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.65%
Office | Senior 44
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.70%
Office | Senior 57
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.65%
Office | Senior 75
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.75%
Office | Senior 76
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.23%
Office | Senior 80
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.40%
Office | Senior 84
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.76%
Office | Senior 85
Mortgage Loans on Real Estate [Line Items]
Interest Rate	12.71%
Retail | Senior 2
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.90%
Retail | Senior 4
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.50%
Retail | Senior 6
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.25%
Retail | Senior 9
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.00%
Retail | Senior 11
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.75%
Retail | Senior 12
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.73%
Retail | Senior 13
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.00%
Retail | Senior 14
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.25%
Retail | Senior 18
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.00%
Retail | Senior 23
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.25%
Retail | Senior 55
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.25%
Retail | Senior 68
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.95%
Retail | Senior 96
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.75%
Multifamily | Senior 15
Mortgage Loans on Real Estate [Line Items]
Interest Rate	7.10%
Multifamily | Senior 22
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.50%
Multifamily | Senior 24
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.50%
Multifamily | Senior 27
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.75%
Multifamily | Senior 32
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.62%
Multifamily | Senior 33
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.75%
Multifamily | Senior 35
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.50%
Multifamily | Senior 36
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.50%
Multifamily | Senior 39
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.60%
Multifamily | Senior 40
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.30%
Multifamily | Senior 41
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.50%
Multifamily | Senior 45
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.25%
Multifamily | Senior 46
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.65%
Multifamily | Senior 47
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.70%
Multifamily | Senior 52
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.60%
Multifamily | Senior 56
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.25%
Multifamily | Senior 59
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.50%
Multifamily | Senior 60
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.75%
Multifamily | Senior 62
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.54%
Multifamily | Senior 64
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.15%
Multifamily | Senior 65
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.75%
Multifamily | Senior 66
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.75%
Multifamily | Senior 67
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.95%
Multifamily | Senior 73
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.50%
Multifamily | Senior 74
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.30%
Multifamily | Senior 78
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.00%
Multifamily | Senior 79
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.10%
Multifamily | Senior 81
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.50%
Multifamily | Senior 82
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.53%
Multifamily | Senior 86
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.15%
Multifamily | Senior 87
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.40%
Multifamily | Senior 88
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.35%
Multifamily | Senior 89
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.10%
Multifamily | Senior 92
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.45%
Multifamily | Senior 93
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.45%
Land | Senior 94
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.00%
Self-Storage | Senior 53
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.05%
Self-Storage | Senior 54
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.05%
Self-Storage | Senior 58
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.05%
Self-Storage | Senior 61
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.05%
Self-Storage | Senior 63
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.05%
Self-Storage | Senior 77
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.00%
Self-Storage | Senior 83
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.50%
Self-Storage | Senior 91
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.00%
Industrial | Senior 8
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.25%
Industrial | Senior 10
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.00%
Industrial | Senior 90
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.50%
Hospitality | Senior 5
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.90%
Hospitality | Senior 16
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.50%
Hospitality | Senior 17
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.50%
Hospitality | Senior 19
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.25%
Hospitality | Senior 25
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.20%
Hospitality | Senior 29
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.00%
Hospitality | Senior 31
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.75%
Hospitality | Senior 34
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.19%
Hospitality | Senior 37
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.25%
Hospitality | Senior 38
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.41%
Hospitality | Senior 43
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.00%
Hospitality | Senior 48
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.75%
Hospitality | Senior 49
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.95%
Hospitality | Senior 50
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.00%
Hospitality | Senior 51
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.40%
Hospitality | Senior 69
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.00%
Hospitality | Senior 70
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.50%
Hospitality | Senior 95
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.80%
Mixed-Use | Senior 71
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.00%
Mixed-Use | Senior 72
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.75%