Franklin BSP Realty Trust (FBRT) 10-Q 14 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 30, 2019
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-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		40,866,115

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Mar. 31, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents		$ 79,698	$ 191,390
Restricted cash		16,987	13,029
Commercial mortgage loans, held for investment, net of allowance of 7,331 and 4,836		2,324,764	2,206,830
Commercial mortgage loans, held-for-sale, measured at fair value		102,339	76,863
Real estate securities, available for sale, at fair value		66,692	26,412
Derivative instruments, at fair value		484	846
Receivable for loan repayment	[1]	30,039	73,684
Accrued interest receivable		13,632	12,789
Prepaid expenses and other assets		5,605	4,235
Total assets		2,640,240	2,606,078
LIABILITIES AND STOCKHOLDERS' EQUITY
Collateralized loan obligations		1,305,171	1,505,279
Other financing and loan participation - commercial mortgage loans		9,910	9,902
Derivative instruments, at fair value		2,162	1,319
Interest payable		3,483	3,025
Distributions payable		6,100	5,834
Accounts payable and accrued expenses		5,269	4,497
Due to affiliates		3,323	3,229
Total liabilities		1,728,385	1,727,064
Commitment and contingencies (See Note 8)
Preferred stock, $0.01 par value, 50,000,000 authorized, none issued and outstanding as of March 31, 2019 and December 31, 2018		0	0
Common stock, $0.01 par value, 949,999,000 shares authorized, 40,258,666 and 39,303,710 shares issued and outstanding as of March 31,2019 and December 31, 2018, respectively		404	395
Additional paid-in capital		842,800	827,558
Accumulated other comprehensive income (loss)		(314)	(459)
Accumulated deficit		(91,825)	(94,266)
Total stockholders' equity		751,065	733,228
Total liabilities, redeemable convertible preferred stock and stockholders' equity		2,640,240	2,606,078
Collaterized loan obligation
ASSETS
Cash and cash equivalents		30,466	74,157
Restricted cash		30,000	73,700
Commercial mortgage loans, held for investment, net of allowance of 7,331 and 4,836		1,764,541	1,921,428
Accrued interest receivable		5,469	6,353
Total assets		1,800,476	2,001,938
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest payable		2,542	3,163
Total liabilities		1,494,205	1,715,292
CMBS
ASSETS
Real estate securities, available for sale, at fair value		66,692	26,412
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		370,889	149,440
Real Estate Securities
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		22,078	44,539
Convertible Preferred Stock
LIABILITIES AND STOCKHOLDERS' EQUITY
Distributions payable		1,200	1,100
Preferred stock, $0.01 par value, 50,000,000 authorized, none issued and outstanding as of March 31, 2019 and December 31, 2018		$ 160,790	$ 145,786
[1]	Includes $30.0 million and $73.7 million of cash held by servicer related to loan payoffs pledged to the CLOs as of March 31, 2019 and December 31, 2018, respectively.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Less: Allowance for loan losses (1)	$ 7,331	$ 4,836
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)	40,258,666	39,303,710
Common stock, shares outstanding (in shares)	40,258,666	39,303,710
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)	32,245	29,249
Preferred stock, shares outstanding (in shares)	32,245	29,249

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Interest income:
Interest income	$ 46,511	$ 29,408
Interest expense	20,366	18,674
Net interest income	26,145	10,734
Expenses:
Asset management and subordinated performance fee	3,644	2,241
Acquisition expenses	248	65
Administrative services expenses	3,963	3,196
Professional fees	2,095	2,226
Other expenses	896	1,325
Total expenses	10,846	9,053
Loan loss provision/(recovery)	2,495	82
Realized (gain)/loss on sale of commercial mortgage loan held-for-sale	25	28
Realized (gain)/loss on sale of commercial mortgage loan, held-for-sale, measured at fair value	(11,181)	(2,304)
Unrealized (gain)/loss on commercial mortgage loans, held-for-sale, measured at fair value	336	(635)
Unrealized (gain)/loss on derivatives	1,066	197
Realized (gain)/loss on derivatives	1,458	(1,246)
Total other (income)/loss	(5,801)	(3,878)
Income/(loss) before taxes	21,100	5,559
Provision/(benefit) for income tax	1,210	263
Net income	19,890	5,296
Net income applicable to common stock	$ 16,108	$ 5,296
Basic net income per share (in dollars per share)	$ 0.40	$ 0.17
Diluted net income per share (in dollars per share)	$ 0.40	$ 0.17
Basic weighted average shares outstanding (in shares)	39,798,215	31,670,518
Diluted weighted average shares outstanding (in shares)	39,811,304	31,684,832
Shares outstanding at period end (in shares)	40,258,666	31,600,114

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 19,890	$ 5,296
Unrealized gain/(loss) on available-for-sale securities	145	0
Comprehensive income attributable to Benefit Street Partners Realty Trust, Inc.	$ 20,035	$ 5,296

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
Balance, shares at Dec. 31, 2017		31,834,072
Balance at Dec. 31, 2017	$ 610,339	$ 320	$ 704,101	$ 0	$ (94,082)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		0
Issuance of common stock	0	$ 0	0
Common stock repurchases (in shares)		(421,809)
Common stock repurchases	(7,830)	$ (4)	(7,826)
Common stock issued through distribution reinvestment plan (in shares)		187,851
Common stock issued through distribution reinvestment plan	3,573	$ 2	3,571
Share-based compensation (in shares)		0
Share-based compensation	42		42
Offering costs	0		0
Net income	5,296				5,296
Distributions declared	(11,246)				(11,246)
Other comprehensive income	0			0
Balance, shares at Mar. 31, 2018		31,600,114
Balance at Mar. 31, 2018	600,174	$ 318	699,888	0	(100,032)
Balance, shares at Dec. 31, 2018		39,303,710
Balance at Dec. 31, 2018	733,228	$ 395	827,558	(459)	(94,266)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		1,161,580
Issuance of common stock	19,409	$ 11	19,398
Common stock repurchases (in shares)		(387,530)
Common stock repurchases	(7,207)	$ (4)	(7,203)
Common stock issued through distribution reinvestment plan (in shares)		180,906
Common stock issued through distribution reinvestment plan	3,392	$ 2	3,390
Share-based compensation (in shares)		0
Share-based compensation	39		39
Offering costs	(382)		(382)
Net income	19,890				19,890
Distributions declared	(17,449)				(17,449)
Other comprehensive income	145			145
Balance, shares at Mar. 31, 2019		40,258,666
Balance at Mar. 31, 2019	$ 751,065	$ 404	$ 842,800	$ (314)	$ (91,825)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018
Cash flows from operating activities:
Net income	$ 19,890	$ 5,296
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:
Premium amortization and (discount accretion), net	(1,506)	(1,006)
Accretion of deferred commitment fees	(406)	(346)
Amortization of deferred financing costs	1,106	7,966
Share-based compensation	39	42
Unrealized (gain)/loss on commercial mortgage loans held-for-sale	336	(635)
Unrealized (gain)/loss on derivative instruments	1,066	197
Loan loss (recovery)/provision	2,495	82	$ 3,370
Origination of commercial mortgage loans, held-for-sale	(202,950)	(123,522)
Proceeds from sale of commercial mortgage loans, held-for-sale	177,138	83,050
Changes in assets and liabilities:
Accrued interest receivable	(437)	(427)
Prepaid expenses and other assets	(1,845)	(1,617)
Accounts payable and accrued expenses	772	781
Due to affiliates	94	(3,451)
Interest payable	458	707
Net cash (used in)/provided by operating activities	(3,750)	(32,883)
Cash flows from investing activities:
Origination and purchase of commercial mortgage loans, held for investment	(310,904)	(374,657)
Principal repayments received on commercial mortgage loans, held for investment	235,633	150,342
Purchase of real estate securities	(40,200)	0
Principal repayments received on real estate securities	57	0
Purchase of derivative instruments	(522)	(520)
Net cash (used in)/provided by investing activities	(115,936)	(224,835)
Cash flows from financing activities:
Proceeds from issuances of common stock	19,409	0
Proceeds from issuances of redeemable convertible preferred stock	14,979	0
Common stock repurchases	(7,207)	(7,830)
Repayments of collateralized loan obligation	(200,426)	(141,950)
Borrowings on repurchase agreements - commercial mortgage loans	490,189	681,559
Repayments of repurchase agreements - commercial mortgage loans	(268,740)	(245,940)
Borrowings on repurchase agreements - real estate securities	167,587	39,146
Repayments of repurchase agreements - real estate securities	(190,048)	(78,181)
Proceeds from other financing and loan participation - commercial mortgage loans	0	(5,273)
Payments of deferred financing costs	0	(7,700)
Distributions paid	(13,791)	0
Net cash (used in)/provided by financing activities:	11,952	233,831
Net change in cash, cash equivalents and restricted cash	(107,734)	(23,887)
Cash, cash equivalents and restricted cash, beginning of period	204,419	91,708	91,708
Cash, cash equivalents and restricted cash, end of period	96,685	67,821	204,419
Supplemental disclosures of cash flow information:
Taxes paid	0	0
Interest paid	18,802	10,001
Supplemental disclosures of non-cash flow information:
Common stock issued through distribution reinvestment plan	3,392	3,573
Cash and cash equivalents				$ 79,698	$ 191,390	$ 57,670
Restricted cash				16,987		10,151
Cash, cash equivalents and restricted cash, end of period	$ 204,419	$ 91,708	$ 91,708	$ 96,685	$ 204,419	$ 67,821

Organization and Business Opera

Organization and Business Operations	3 Months Ended
	Mar. 31, 2019
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, dated January 19, 2018 (the "Advisory Agreement"). The Advisor is a wholly owned subsidiary of Franklin Resources, Inc. which, together with its various subsidiaries, operates as Franklin Templeton. Prior to February 1, 2019, the Advisor was in partnership with Providence Equity Partners L.L.C., a global private equity firm. The Advisor, an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”), is a credit-focused alternative asset management firm. Established in 2008, the Advisor's credit platform manages funds for institutions and high-net-worth investors across various credit funds and complementary strategies including high yield, levered loans, private / opportunistic debt, liquid credit, structured credit and commercial real estate debt. These strategies complement each other as they all leverage the sourcing, analytical, compliance, and operational capabilities that encompass the platform. The Advisor manages the Company's affairs on a day-to-day basis. The Advisor receives compensation and fees for services related to the investment and management of the Company's assets and the operations of the Company. 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	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Accounting The Company's unaudited 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") for interim financial statements and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. Accordingly, the consolidated financial statements may not include all of the information and notes required by GAAP for annual consolidated financial statements. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. In the opinion of management, the interim data includes all adjustments, of a normal and recurring nature, necessary for a fair statement of the results for the periods presented. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the entire year or any subsequent interim periods. Certain prior period amounts have been reclassified to conform 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. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of, and for the year ended December 31, 2018, which are included in the Company's Annual Report on Form 10-K filed with the SEC on March 29, 2019 . There have been no significant changes to the Company's significant accounting policies during the three months ended March 31, 2019 . 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 Expenses The Company incurs acquisition expenses payable to the Advisor. Acquisition expenses paid to the Company's Advisor in connection with the origination and acquisition of commercial mortgage loan investments and acquisition of real estate securities are evaluated based on the nature of the expense to determine if they should be expensed in the period incurred or capitalized and amortized over the life of the investment. The Company capitalizes certain direct costs relating to the loan origination activities and the cost is amortized over the life of the loan. Pursuant to the Advisory Agreement, the Advisor is entitled to reimbursement for insourced acquisition expenses of 0.5% . 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. During the three months ended March 31, 2019 , the Company originated $5 million of commercial mortgage loans held-for-sale and sold these loans during the period for net proceeds of approximately $5 million . Held-for-Sale, Accounted for Under the Fair Value Option - The fair value option provides an option to elect fair value as an alternative measurement for selected financial assets, financial liabilities, and written loan commitments. The Company has elected to measure commercial mortgage loans held-for-sale in the Company's TRS under the fair value option. These commercial mortgage loans are included in 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 March 31, 2019 the fair value amount and the contractual principal outstanding of commercial mortgage loans accounted for under the fair value option was $102.3 million and $102.9 million , respectively. 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. None of the Company's commercial mortgage loans accounted for under the fair value option are in default or greater than ninety days past due. For the three months ended March 31, 2019 and March 31, 2018 , the Company had a realized gain of $11.2 million and $2.3 million relating to the sale of commercial mortgage loans that are accounted for under the fair value option, respectively. 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. 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 three months ended March 31, 2019 and March 31, 2018 were $1.2 million and $0.3 million , respectively. 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 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. 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. Earnings per Share 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 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. 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. 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 13 - 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 exchanged 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. Recent Accounting Pronouncements 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 ASU 2016-13 will have on the consolidated financial statements. 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.

Commercial Mortgage Loans

Commercial Mortgage Loans	3 Months Ended
	Mar. 31, 2019
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): March 31, 2019 December 31, 2018 Senior loans $ 2,296,067 $ 2,198,555 Mezzanine loans 36,028 13,111 Total gross carrying value of loans 2,332,095 2,211,666 Less: Allowance for loan losses (1) 7,331 4,836 Total commercial mortgage loans, held-for-investment, net $ 2,324,764 $ 2,206,830 (1) Includes $6.5 million and $4.1 million of loan loss provision specifically reserved on one loan in non-performing status as of March 31, 2019 and December 31, 2018 , respectively. The following table presents the activity in the Company's allowance for loan losses (dollars in thousands): Three Months Ended March 31, Year Ended December 31, 2019 2018 Beginning of period $ 4,836 $ 1,466 Loan loss provision/(recovery) 2,495 3,370 Ending allowance for loan losses $ 7,331 $ 4,836 As of March 31, 2019 and December 31, 2018 , the Company's total commercial mortgage loan portfolio, excluding commercial mortgage loans accounted for under the fair value option, was comprised of 100 and 100 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). March 31, 2019 December 31, 2018 Loan Type Par Value Percentage Par Value Percentage Multifamily $ 1,183,849 50.5 % $ 1,001,540 45.2 % Office 336,765 14.4 % 357,819 16.1 % Retail 191,393 8.2 % 262,622 11.8 % Hospitality 360,162 15.4 % 347,080 15.6 % Industrial 57,013 2.4 % 65,871 3.0 % Mixed-Use 132,276 5.6 % 120,647 5.4 % Self-Storage 55,066 2.4 % 49,957 2.2 % Land 16,400 0.7 % 16,400 0.7 % Manufactured Housing 8,356 0.4 % — — % Total $ 2,341,280 100.0 % $ 2,221,936 100.0 % As of March 31, 2019 and December 31, 2018 , the Company's total commercial mortgage loans, held-for-sale, measured at fair value comprised of nine and seven 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). March 31, 2019 December 31, 2018 Loan Type Par Value Percentage Par Value Percentage Multifamily $ 51,112 49.7 % $ 34,000 44.1 % Hospitality 35,500 34.5 % 27,800 36.1 % Office — — % 15,300 19.8 % Retail 16,300 15.8 % — — % Total $ 102,912 100.0 % $ 77,100 100.0 % 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 March 31, 2019 and December 31, 2018 , the weighted average risk rating of the loans was 2.1 and 2.1 , 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: March 31, 2019 December 31, 2018 Risk Number Par Risk Number Par Rating of Loans Value Rating of Loans Value 1 — $ — 1 2 $ 23,250 2 89 2,073,715 2 87 1,965,186 3 9 239,500 3 9 202,400 4 1 11,265 4 1 14,300 5 1 16,800 5 1 16,800 100 $ 2,341,280 100 $ 2,221,936 As of March 31, 2019 , the Company had one loan that had interest past due for greater than 90 days with an unpaid principal balance of $16.8 million and a fair value of $9.4 million , respectively. During the three months ended March 31, 2019 , the Company recorded $2.4 million of asset-specific reserve on this loan, included in loan loss provision/(recovery) on the consolidated statement of operations. For the three months ended March 31, 2018 the Company did not record any asset-specific reserves. As of December 31, 2018 , the Company had two loans with a principal balance of $28.1 million that had interest past due for greater than 90 days. For the three months ended March 31, 2019 and year ended December 31, 2018 , the activity in the Company's commercial mortgage loans, held-for-investment portfolio was as follows (dollars in thousands): Three Months Ended March 31, Year Ended December 31, 2019 2018 Balance at Beginning of Year $ 2,206,830 $ 1,402,046 Acquisitions and originations 311,333 1,608,512 Principal repayments (191,988 ) (778,520 ) Discount accretion and premium amortization 1,513 4,648 Loans transferred to commercial real estate loans, held-for-sale — (16,750 ) Net fees capitalized into carrying value of loans (429 ) (9,736 ) Loan loss recovery/(provision) (2,495 ) (3,370 ) Balance at End of Period $ 2,324,764 $ 2,206,830

Real Estate Securities

Real Estate Securities	3 Months Ended
	Mar. 31, 2019
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): Ending Balance, March 31, 2019 Type Interest Rate Maturity Par Value Fair Value CMBS 1 5.4% 5/15/2022 $13,250 $13,250 CMBS 2 4.6% 6/26/2025 13,442 13,442 CMBS 3 4.8% 2/15/2036 40,000 40,000 Ending Balance, December 31, 2018 Type Interest Rate Maturity Par Value Fair Value CMBS 1 5.4% 5/15/2022 $13,250 $13,164 CMBS 2 4.6% 6/26/2025 13,500 13,248 The Company classified its CMBS investments as available-for-sale as of March 31, 2019 and December 31, 2018 . 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 March 31, 2019 $ 67,006 $ — $ (314 ) $ 66,692 December 31, 2018 $ 26,871 $ — $ (459 ) $ 26,412 As of March 31, 2019 the Company held three CMBS positions with an aggregate carrying value of $67.0 million and an unrealized loss of $0.3 million , of which no position had an unrealized loss for a period greater than twelve months. 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. The Company did not have any realized gains or losses on real estate securities, available for sale, at fair value, during the three months ended March 31, 2019 and three months ended March 31, 2018 . The following table provides information on the amounts of gains (losses) on the Company's real estate securities, CMBS, available-for-sale (dollars in thousands): Three Months Ended March 31, 2019 2018 Unrealized gain/(loss) available-for-sale securities $ 145 $ — Reclassification of net (gain)/loss on available-for-sale securities included in net income (loss) — — Unrealized gain/(loss) available-for-sale securities, net of reclassification adjustment $ 145 $ — 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	3 Months Ended
	Mar. 31, 2019
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"), U.S Bank National Association (the "USB Repo Facility"), Barclays Bank PLC (the "Barclays Revolver Facility" and the "Barclays Repo Facility"), Wells Fargo Bank, National Association (the "WF Repo Facility"), and Credit Suisse AG (the "CS Repo Facility" and together with JPM Repo Facility, USB Repo Facility, WF Repo Facility, Barclays Revolver Facility and Barclays Repo 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 March 31, 2019 and December 31, 2018 are as follows (dollars in thousands): As of March 31, 2019 Ending Weighted Average Interest Rate Initial Term Maturity Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) JPM Repo Facility (2) $ 520,000 $ 172,965 $ 1,921 4.52 % 1/30/2020 USB Repo Facility (3) 100,000 8,518 149 4.23 % 6/15/2020 CS Repo Facility (4) 300,000 169,960 2,276 4.64 % 3/27/2020 WF Repo Facility (5) 175,000 19,446 378 4.60 % 11/21/2020 Barclays Revolver Facility (6) 100,000 — 303 6.24 % 9/19/2019 Barclays Repo Facility (7) 300,000 — 19 4.58 % 3/15/2022 Total $ 1,495,000 $ 370,889 $ 5,046 __________________________ (1) For the three months ended March 31, 2019 . Includes amortization of deferred financing costs. (2) Includes a one -year extension at the Company's option. (3) 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. (4) On March 26, 2019, the Company exercised the extension option upon the satisfaction of certain conditions, and extended the term maturity to March 27, 2020. (5) Includes three one -year extensions at the Company’s option, which may be exercised upon the satisfaction of certain conditions. (6) Includes a one -year extension at the Company's option. (7) Includes two one -year extensions at the Company's option. 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 $ 3,154 4.55 % 1/30/2020 GS Repo Facility (3) — — 185 N/A 12/27/2018 USB Repo Facility (4) 100,000 — 73 4.71 % 6/15/2020 CS Repo Facility (5) 300,000 76,534 662 4.69 % 6/19/2019 WF Repo Facility (6) 175,000 — — 4.71 % 11/21/2020 Barclays Revolver Facility (7) 100,000 — 138 6.24 % 9/19/2019 Total $ 1,195,000 $ 149,440 $ 4,212 _______________________ (1) For the three months ended March 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. 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 March 31, 2019 and December 31, 2018 , the Company is in compliance with all debt covenants. Other financing and loan participation - Commercial Mortgage Loans 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 March 31, 2019 , the City National Financing accrued interest at an annual rate of 4.6% . The Company incurred $0.1 million of interest expense on the City National Financing for the three months ended March 31, 2019 . 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 March 31, 2019 and December 31, 2018 (dollars in thousands): Weighted Average Counterparty Amount Outstanding Accrued Interest Collateral Pledged (1) Interest Rate Days to Maturity As of March 31, 2019 JP Morgan Securities LLC $ 22,078 $ 38 $ 26,750 3.65 % 12 Total/Weighted Average $ 22,078 $ 38 $ 26,750 3.65 % 12 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/Weighted Average $ 44,539 $ 74 $ 54,973 3.80 % 14.5 ________________________ 1 Includes $0.0 million and $28.2 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 March 31, 2019 and December 31, 2018 , respectively. Collateralized Loan Obligation As of March 31, 2019 and December 31, 2018 the notes issued by BSPRT 2017-FL1 Issuer, a wholly owned indirect subsidiary of the Company, are collateralized by interests in a pool of eight and 15 mortgage assets having a total principal balance of $101.0 million and $216 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 March 31, 2019 and December 31, 2018 the notes issued by BSPRT 2017-FL2 Issuer, a wholly owned indirect subsidiary of the Company, are collateralized by interests in a pool of 15 and 12 mortgage assets having a total principal balance of $195.0 million and $244.6 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. As of March 31, 2019 and December 31, 2018 notes issued by BSPRT 2018-FL3 Issuer, Ltd. and BSPRT 2018-FL3 Co-Issuer, LLC , both wholly owned indirect subsidiaries of the Company, are collateralized by interests in a pool of 42 and 41 mortgage assets having a principal balance of $607.8 million and $609.3 million , respectively (the "2018-FL3 Mortgage Assets"). The sale of the 2018-FL3 Mortgage Assets to BSPRT 2018-FL3 Issuer is governed by a Mortgage Asset Purchase Agreement dated as of April 5, 2018, between the Company and BSPRT 2018-FL3 Issuer. As of March 31, 2019 and December 31, 2018 the notes issued by BSPRT 2018-FL4 Issuer, Ltd. and BSPRT 2018-FL4 Co-Issuer, LLC, both wholly owned indirect subsidiaries of the Company, are collateralized by interests in a pool of 40 and 41 mortgage assets having a principal balance of $867.3 million and $859.3 million , respectively (the "2018-FL4 Mortgage Assets"). The sale of the 2018-FL4 Mortgage Assets to BSPRT 2018-FL4 Issuer is governed by a Mortgage Asset Purchase Agreement dated as of October12, 2018, between the Company and BSPRT 2018-FL4 Issuer. 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 2017-FL1 Issuer, 2017-FL2 Issuer, 2018-FL3 Issuer and 2018-FL4 Issuer (the "CLOs), respectively (dollars in thousands): CLO Facility As of March 31, 2019 Par Value Issued Par Value Outstanding (1) Interest Rate Maturity Date 2017-FL1 Issuer Tranche A $ 223,600 $ — 1M LIBOR + 135 6/15/2027 2017-FL1 Issuer Tranche B 48,000 — 1M LIBOR + 240 6/15/2027 2017-FL1 Issuer Tranche C 67,900 45,647 1M LIBOR + 425 6/15/2027 2017-FL2 Issuer Tranche A 237,970 — 1M LIBOR + 82 10/15/2034 2017-FL2 Issuer Tranche A-S 36,357 31,527 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 $ 1,325,211 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 (1) Excludes $186.5 million and $186.5 million of CLO notes, held by the Company, which are eliminated within the collateralized loan obligation line of the consolidated balance sheets as of March 31, 2019 and December 31, 2018 . 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 March 31, 2019 and December 31, 2018 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) March 31, 2019 December 31, 2018 Cash (1) $ 30,466 $ 74,157 Commercial mortgage loans, held for investment, net (2) 1,764,541 1,921,428 Accrued interest receivable 5,469 6,353 Total Assets $ 1,800,476 $ 2,001,938 Liabilities Notes payable (3)(4) $ 1,491,663 $ 1,712,129 Accrued interest payable 2,542 3,163 Total Liabilities $ 1,494,205 $ 1,715,292 ________________________ (1) Includes $30.0 million and $73.7 million of cash held by the servicer related to CLO loan payoffs as of March 31, 2019 and December 31, 2018 . (2) The balance is presented net of allowance for loan loss of $0.8 million and $0.6 million as of March 31, 2019 and December 31, 2018 , respectively. (3) Includes $186.5 million and $186.5 million of CLO notes, held by the Company, which are eliminated within the collateralized loan obligation line of the consolidated balance sheets as of March 31, 2019 and December 31, 2018 . (4) The balance is presented net of deferred financing cost and discount of $20.0 million and $20.4 million as of March 31, 2019 and December 31, 2018 , respectively.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The Company uses the two-class method in calculating basic and diluted EPS. Net income is allocated between our common stock and other participating securities based on their participation rights. Additionally, during the periods in which we have net income, the diluted net income per share has been computed using the weighted average number of shares of common stock outstanding and other dilutive securities. The following table presents a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations and the calculation of basic and diluted earnings per share (in thousands, except share and per share data): Three Months Ended March 31, Numerator 2019 2018 Net income $ 19,890 $ 5,296 Less: Preferred stock dividends 3,320 — Less:Undistributed earnings allocated to preferred stock 462 — Net income attributable to common shareholders (for basic and diluted earnings per share) 16,108 5,296 Denominator Weighted-average common shares outstanding for basic earnings per share 39,798,215 31,670,518 Effect of dilutive shares: Unvested restricted shares 13,089 14,314 Weighted-average common shares outstanding for diluted earnings per share 39,811,304 31,684,832 Basic earnings per share $ 0.40 $ 0.17 Diluted earnings per share $ 0.40 $ 0.17

Stock Transactions

Stock Transactions	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Stock Transactions	Stock Transactions As of March 31, 2019 and December 31, 2018 , the Company had 40,258,666 and 39,303,710 shares of common stock outstanding, respectively, including shares issued pursuant to the Company's distribution reinvestment plan (the "DRIP"), share repurchases and unvested restricted shares. As of March 31, 2019 and December 31, 2018 , the Company had 32,245 shares and 29,249 shares outstanding, respectively, of Preferred Stock. The following tables present the activity in the Company's Preferred Stock for the periods ended March 31, 2019 and March 31, 2018 , respectively (dollars in thousands, except share amounts): Shares Amount Balance, December 31, 2018 29,249 $ 145,786 Issuance of Preferred Stock 2,996 14,979 Amortization of offering costs — 25 Ending Balance, March 31, 2019 32,245 $ 160,790 Shares Amount Balance, December 31, 2017 — $ — Issuance of Preferred Stock — — Amortization of offering costs — — Ending Balance, March 31, 2018 — $ — Distributions In order to maintain its election to qualify as a REIT, the Company must currently distribute, at a minimum, an amount equal to 90% of its taxable income, without regard to the deduction for distributions paid and excluding net capital gains. The Company must distribute 100% of its taxable income (including net capital gains) to avoid paying corporate U.S. federal income taxes. The Company's distributions are payable by the fifth day following each month end to stockholders of record at the close of business each day during the prior month. Distribution payments are dependent on the availability of funds. The Company's board of directors may reduce the amount of distributions paid or suspend distribution payments at any time, and therefore, distributions payments are not assured. For the three months ended March 31, 2019 and March 31, 2018 , the Company declared daily common stock distributions equivalent to $1.44 per annum per share. For the three months ended March 31, 2019 , the Company declared monthly Preferred Stock dividends per share equivalent to the amount of common stock distributions that would be paid on a conversion of Preferred Stock into common stock. There were no shares of Preferred Stock outstanding during the three months ended March 31, 2018 . As of March 31, 2019 , and December 31, 2018 , the Company had declared but unpaid common stock distributions of $4.9 million and $4.7 million , respectively. Additionally, as of March 31, 2019 and December 31, 2018 , the Company had declared but unpaid Preferred Stock distributions of $1.2 million and $1.1 million , respectively. These amounts are included in Distributions payable on the Company’s consolidated balance sheets. The Company distributed $14.0 million during the three months ended March 31, 2019 , comprised of $10.6 million in cash and $3.4 million in shares of common stock issued under the DRIP. The Company distributed $11.2 million during the three months ended March 31, 2018 , comprised of $7.7 million in cash and $3.6 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 net asset value ("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 March 31, 2019 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 March 31, 2019 : Number of Requests Number of Shares Repurchased Average Price per Share Cumulative as of December 31, 2018 3,845 2,800,414 $ 20.65 January 1 - January 31, 2019 (1) 845 387,530 18.60 February 1 - February 28, 2019 — — N/A March 1 - March 31, 2019 — — N/A Cumulative as of March 31, 2019 4,690 3,187,944 $ 20.42 _______________________ (1) Reflects shares repurchased in January 2019 pursuant to repurchase requests submitted for the fiscal semester ended December 31, 2018. 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 1,227,747 shares were not fulfilled.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Unfunded Commitments Under Commercial Mortgage Loans As of March 31, 2019 and December 31, 2018 , the Company had the below unfunded commitments to the Company's borrowers (dollars in thousands): Funding Expiration March 31, 2019 December 31, 2018 2019 $ 27,225 $ 34,667 2020 148,323 176,760 2021 118,498 106,940 2022 2,244 — 2023 — — 2024 and beyond — — $ 296,290 $ 318,367 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	3 Months Ended
	Mar. 31, 2019
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. • 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. The table below shows the costs incurred due to arrangements with our Advisor and its affiliates during the three months ended March 31, 2019 and March 31, 2018 and the associated payable as of March 31, 2019 and December 31, 2018 (dollars in thousands): Three Months Ended March 31, Payable as of 2019 2018 March 31, 2019 December 31, 2018 Acquisition expenses (1) $ 248 $ 65 $ 1 $ 1 Administrative services expenses 3,963 3,196 1,763 1,224 Asset management and subordinated performance fee 3,644 2,241 1,472 1,072 Other related party expenses (2) 265 199 70 932 Total related party fees and reimbursements $ 8,120 $ 5,701 $ 3,306 $ 3,229 ________________________ (1) Total acquisition expenses paid during the three months ended March 31, 2019 and March 31, 2018 were $1.8 million and $1.9 million respectively, of which $1.5 million and $ 1.9 million were capitalized within the commercial mortgage loans, held for investment and real estate securities, available for sale, at fair value lines of the consolidated balance sheets as of March 31, 2019 and December 31, 2018 . (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 March 31, 2019 and December 31, 2018 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 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. The Manager Investors did not acquire securities in these private placements during the three months ended March 31, 2019 and March 31, 2018 . As of March 31, 2019 , there were $25.0 thousand 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 March 31, 2019 .

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 , 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 March 31, 2019 and December 31, 2018 the Company engaged the services of a third party independent valuation firm to determine fair value of CMBS investment. The Company has classified the CMBS as Level III. Commercial mortgage loans held-for-sale, measured at fair value in the Company's TRS are initially recorded at transaction proceeds, which are considered to be the best initial estimate of fair value. The Company engaged the services of a third party independent valuation firm to determine fair value of certain investments held by the Company. Fair value is determined using a discounted cash flow model that primarily considers changes in interest rates and credit spreads, weighted average life and current performance of the underlying collateral. The Company classified the commercial mortgage loans held-for-sale, measured at fair value as Level III. The fair value for Treasury note futures is derived using market prices. Treasury note futures trade on the Chicago Mercantile Exchange (“CME”). The instruments are a variety of recently issued 10-year U.S. Treasury notes. The future contracts are liquid and are centrally cleared through the CME. Treasury note futures are generally categorized in Level I of the fair value hierarchy. The fair value for credit default swaps and interest rate swaps contracts are derived using pricing models that are widely accepted by marketplace participants. Credit default swaps and interest rate swaps are traded in the OTC market. The pricing models take into account multiple inputs including specific contract terms, interest rate yield curves, interest rates, credit curves, recovery rates, and/or current credit spreads obtained from swap counterparties and other market participants. Most inputs into the models are not subjective as they are observable in the marketplace or set per the contract. Valuation is primarily determined by the difference between the contract spread and the current market spread. The contract spread (or rate) is generally fixed and the market spread is determined by the credit risk of the underlying debt or reference entity. If the underlying indices are liquid and the OTC market for the current spread is active, credit default swaps and interest rate swaps are categorized in Level II of the fair value hierarchy. If the underlying indices are illiquid and the OTC market for the current spread is not active, credit default swaps are categorized in Level III of the fair value hierarchy. The credit default swaps and interest rate swaps are generally categorized in Level II of the fair value hierarchy. A review of the fair value hierarchy classification is conducted on a quarterly basis. Changes in the type of inputs may result in a reclassification for certain assets. The Company's policy with respect to transfers between levels of the fair value hierarchy is to recognize transfers into and out of each level as of the beginning of the reporting period. There were no transfers between levels within fair value hierarchy during the quarter ended March 31, 2019 and 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 March 31, 2019 and December 31, 2018 (dollars in thousands): Total Level I Level II Level III March 31, 2019 Real estate securities $ 66,692 $ — $ — $ 66,692 Commercial mortgage loans, held-for-sale, measured at fair value 102,339 — — 102,339 Credit default swaps 390 — 390 — Interest rate swaps 94 — 94 — Total assets, at fair value $ 169,515 $ — $ 484 $ 169,031 Liabilities, at fair value Interest rate swaps $ 1,342 $ — $ 1,342 $ — Treasury note futures 820 — 820 — Total liabilities, at fair value $ 2,162 $ — $ 2,162 $ — 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 $ — 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 March 31, 2019 and December 31, 2018 (dollars in thousands). Asset Category Fair Value Valuation Methodologies Unobservable Inputs (1) Weighted Average (2) Range March 31, 2019 Commercial mortgage loans, held-for-sale, measured at fair value $102,339 Discounted Cash Flow Yield 5.5% 4.8% - 11.3% Real estate securities, available-for-sale, measured at fair value 66,692 Discounted Cash Flow Yield 4.5% 4.0% - 5.3% December 31, 2018 Commercial mortgage loans, held-for-sale, measured at fair value $76,863 Discounted Cash Flow Yield 6.30% 4.7% - 11.3% Real estate securities, available-for-sale, measured at fair value $26,412 Discounted Cash Flow Yield 5.50% 4.0% - 6.0% ________________________ (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 March 31, 2019 and December 31, 2018 for which the Company has used Level III inputs to determine fair value (dollars in thousands): March 31, 2019 Commercial Mortgage Loans, held-for-sale, measured at fair value Real Estate Securities Beginning balance, January 1, 2019 $ 76,863 $ 26,412 Transfers into Level III — — Total realized and unrealized gains (losses) included in earnings: Realized gains (losses) on sale of commercial mortgage loans held-for-sale 11,181 — Unrealized gains (losses) on commercial mortgage loans held-for-sale (336 ) — Net accretion — (8 ) Unrealized gains (losses) included in OCI (1) — 145 Purchases 197,925 40,200 Sales / paydowns (183,294 ) (57 ) Cash repayments/receipts — Transfers out of Level III — — Ending Balance, March 31, 2019 $ 102,339 $ 66,692 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 gain on sale of commercial mortgage loan 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 / paydown (580,635 ) (12,456 ) Cash repayments/receipts — — Transfers out of Level III — — Ending Balance, December 31, 2018 $ 76,863 $ 26,412 ________________________ (1) Unrealized gains included in Other comprehensive income ("OCI") are attributable to assets held at March 31, 2019 and December 31, 2018 . 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 March 31, 2019 and December 31, 2018 (dollars in thousands): Level Carrying Amount Fair Value March 31, 2019 Commercial mortgage loans, held-for-investment (1) Asset III $ 2,332,095 $ 2,334,238 Collateralized loan obligation Liability III 1,305,171 1,321,644 Other financing and loan participation - commercial mortgage loans Liability III 9,910 10,000 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 ________________________ (1) The carrying value is gross of $7.3 million and $4.8 million of allowance for loan losses as of March 31, 2019 and December 31, 2018 , 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.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 , the net premiums paid on derivative instrument assets were $1.2 million . The following derivative instruments were outstanding as of March 31, 2019 and December 31, 2018 (dollars in thousands): Fair Value Contract type Notional Assets Liabilities As of March 31, 2019 Credit default swaps $ 20,000 $ 390 $ — Interest rate swaps 52,908 94 1,342 Treasury note futures 46,000 — 820 Total $ 118,908 $ 484 $ 2,162 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 The following table indicates the net realized and unrealized losses on derivatives, by primary underlying risk exposure, as included in loss on derivative instruments in the consolidated statements of operations for the three months ended March 31, 2019 and March 31, 2018 : Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Contract type Unrealized (Gain)/Loss Realized (Gain)/Loss Unrealized (Gain)/Loss Realized (Gain)/Loss Credit default swaps $ 112 $ 1,378 $ (376 ) $ 11 Interest rate swaps 1,197 (415 ) 287 (244 ) Treasury note futures (243 ) 350 286 (1,013 ) Options — 145 — — Total $ 1,066 $ 1,458 $ 197 $ (1,246 )

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 and December 31, 2018 (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 March 31, 2019 Derivative instruments, at fair value $ 484 $ — $ 484 $ — $ — $ 484 December 31, 2018 Derivative instruments, at fair value $ 846 $ — $ 846 $ — $ — $ 846 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 (1) Net Amount March 31, 2019 Repurchase agreements, commercial mortgage loans $ 370,889 $ — $ 370,889 $ 512,302 $ 5,010 $ — Repurchase agreements, real estate securities $ 22,078 $ — $ 22,078 $ 26,750 $ 357 $ — Derivative instruments, at fair value $ 2,162 $ — $ 2,162 $ — $ 11,141 $ — 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 $ — ________________________ (1) These cash collateral amounts are recorded within the Restricted cash balance on the consolidated balance sheets.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2019
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 three months ended March 31, 2019 and March 31, 2018 (dollars in thousands): Three Months Ended March 31, 2019 Total Real Estate Debt Real Estate Securities TRS Interest income $ 46,511 $ 43,634 $ 507 $ 2,370 Interest expense 20,366 18,743 498 1,125 Net income 19,890 14,725 9 5,156 Total assets as of March 31, 2019 2,640,240 2,458,542 66,847 114,851 Three Months Ended March 31, 2018 Interest income 29,408 28,515 — 893 Interest expense 18,674 17,761 161 752 Net income 5,296 3,981 (161 ) 1,476 Total assets as of December 31, 2018 2,606,078 2,492,440 26,474 87,164 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.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q . Private Placements Subsequent to March 31, 2019 , the Company sold an additional $25.0 thousand of common stock at $16.71 per share.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The Company's unaudited 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") for interim financial statements and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. Accordingly, the consolidated financial statements may not include all of the information and notes required by GAAP for annual consolidated financial statements. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. In the opinion of management, the interim data includes all adjustments, of a normal and recurring nature, necessary for a fair statement of the results for the periods presented. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the entire year or any subsequent interim periods. Certain prior period amounts have been reclassified to conform 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. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of, and for the year ended December 31, 2018, which are included in the Company's Annual Report on Form 10-K filed with the SEC on March 29, 2019 . There have been no significant changes to the Company's significant accounting policies during the three months ended March 31, 2019 .
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 Expenses The Company incurs acquisition expenses payable to the Advisor. Acquisition expenses paid to the Company's Advisor in connection with the origination and acquisition of commercial mortgage loan investments and acquisition of real estate securities are evaluated based on the nature of the expense to determine if they should be expensed in the period incurred or capitalized and amortized over the life of the investment. The Company capitalizes certain direct costs relating to the loan origination activities and the cost is amortized over the life of the loan.
Commercial Mortgage Loans	Commercial Mortgage Loans 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. During the three months ended March 31, 2019 , the Company originated $5 million of commercial mortgage loans held-for-sale and sold these loans during the period for net proceeds of approximately $5 million . Held-for-Sale, Accounted for Under the Fair Value Option - The fair value option provides an option to elect fair value as an alternative measurement for selected financial assets, financial liabilities, and written loan commitments. The Company has elected to measure commercial mortgage loans held-for-sale in the Company's TRS under the fair value option. These commercial mortgage loans are included in 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 March 31, 2019 the fair value amount and the contractual principal outstanding of commercial mortgage loans accounted for under the fair value option was $102.3 million and $102.9 million , respectively. 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. None of the Company's commercial mortgage loans accounted for under the fair value option are in default or greater than ninety days past due. For the three months ended March 31, 2019 and March 31, 2018 , the Company had a realized gain of $11.2 million and $2.3 million relating to the sale of commercial mortgage loans that are accounted for under the fair value option, respectively. 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.
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 three months ended March 31, 2019 and March 31, 2018 were $1.2 million and $0.3 million , respectively. 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 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.
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	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 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. 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. 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 exchanged 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	Recent Accounting Pronouncements 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 ASU 2016-13 will have on the consolidated financial statements. 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 March 31, 2019 , 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 March 31, 2019 and December 31, 2018 the Company engaged the services of a third party independent valuation firm to determine fair value of CMBS investment. The Company has classified the CMBS as Level III.

Commercial Mortgage Loans (Tabl

Commercial Mortgage Loans (Tables)	3 Months Ended
	Mar. 31, 2019
Receivables [Abstract]
Summary of Loans Receivable by Class	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). March 31, 2019 December 31, 2018 Loan Type Par Value Percentage Par Value Percentage Multifamily $ 1,183,849 50.5 % $ 1,001,540 45.2 % Office 336,765 14.4 % 357,819 16.1 % Retail 191,393 8.2 % 262,622 11.8 % Hospitality 360,162 15.4 % 347,080 15.6 % Industrial 57,013 2.4 % 65,871 3.0 % Mixed-Use 132,276 5.6 % 120,647 5.4 % Self-Storage 55,066 2.4 % 49,957 2.2 % Land 16,400 0.7 % 16,400 0.7 % Manufactured Housing 8,356 0.4 % — — % Total $ 2,341,280 100.0 % $ 2,221,936 100.0 % 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). March 31, 2019 December 31, 2018 Loan Type Par Value Percentage Par Value Percentage Multifamily $ 51,112 49.7 % $ 34,000 44.1 % Hospitality 35,500 34.5 % 27,800 36.1 % Office — — % 15,300 19.8 % Retail 16,300 15.8 % — — % Total $ 102,912 100.0 % $ 77,100 100.0 % The following table presents the activity in the Company's allowance for loan losses (dollars in thousands): Three Months Ended March 31, Year Ended December 31, 2019 2018 Beginning of period $ 4,836 $ 1,466 Loan loss provision/(recovery) 2,495 3,370 Ending allowance for loan losses $ 7,331 $ 4,836 The following table is a summary of the Company's commercial mortgage loans, held-for-investment, carrying values by class (dollars in thousands): March 31, 2019 December 31, 2018 Senior loans $ 2,296,067 $ 2,198,555 Mezzanine loans 36,028 13,111 Total gross carrying value of loans 2,332,095 2,211,666 Less: Allowance for loan losses (1) 7,331 4,836 Total commercial mortgage loans, held-for-investment, net $ 2,324,764 $ 2,206,830 (1) Includes $6.5 million and $4.1 million of loan loss provision specifically reserved on one loan in non-performing status as of March 31, 2019 and December 31, 2018 , respectively.
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: March 31, 2019 December 31, 2018 Risk Number Par Risk Number Par Rating of Loans Value Rating of Loans Value 1 — $ — 1 2 $ 23,250 2 89 2,073,715 2 87 1,965,186 3 9 239,500 3 9 202,400 4 1 11,265 4 1 14,300 5 1 16,800 5 1 16,800 100 $ 2,341,280 100 $ 2,221,936
Real Estate Notes Receivable Rollforward	For the three months ended March 31, 2019 and year ended December 31, 2018 , the activity in the Company's commercial mortgage loans, held-for-investment portfolio was as follows (dollars in thousands): Three Months Ended March 31, Year Ended December 31, 2019 2018 Balance at Beginning of Year $ 2,206,830 $ 1,402,046 Acquisitions and originations 311,333 1,608,512 Principal repayments (191,988 ) (778,520 ) Discount accretion and premium amortization 1,513 4,648 Loans transferred to commercial real estate loans, held-for-sale — (16,750 ) Net fees capitalized into carrying value of loans (429 ) (9,736 ) Loan loss recovery/(provision) (2,495 ) (3,370 ) Balance at End of Period $ 2,324,764 $ 2,206,830

Real Estate Securities (Tables)

Real Estate Securities (Tables)	3 Months Ended
	Mar. 31, 2019
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): Ending Balance, March 31, 2019 Type Interest Rate Maturity Par Value Fair Value CMBS 1 5.4% 5/15/2022 $13,250 $13,250 CMBS 2 4.6% 6/26/2025 13,442 13,442 CMBS 3 4.8% 2/15/2036 40,000 40,000 Ending Balance, December 31, 2018 Type Interest Rate Maturity Par Value Fair Value CMBS 1 5.4% 5/15/2022 $13,250 $13,164 CMBS 2 4.6% 6/26/2025 13,500 13,248
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 March 31, 2019 $ 67,006 $ — $ (314 ) $ 66,692 December 31, 2018 $ 26,871 $ — $ (459 ) $ 26,412 The following table provides information on the amounts of gains (losses) on the Company's real estate securities, CMBS, available-for-sale (dollars in thousands): Three Months Ended March 31, 2019 2018 Unrealized gain/(loss) available-for-sale securities $ 145 $ — Reclassification of net (gain)/loss on available-for-sale securities included in net income (loss) — — Unrealized gain/(loss) available-for-sale securities, net of reclassification adjustment $ 145 $ —

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of Repurchase Facilities and Agreements	The details of the Company's Repo Facilities at March 31, 2019 and December 31, 2018 are as follows (dollars in thousands): As of March 31, 2019 Ending Weighted Average Interest Rate Initial Term Maturity Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) JPM Repo Facility (2) $ 520,000 $ 172,965 $ 1,921 4.52 % 1/30/2020 USB Repo Facility (3) 100,000 8,518 149 4.23 % 6/15/2020 CS Repo Facility (4) 300,000 169,960 2,276 4.64 % 3/27/2020 WF Repo Facility (5) 175,000 19,446 378 4.60 % 11/21/2020 Barclays Revolver Facility (6) 100,000 — 303 6.24 % 9/19/2019 Barclays Repo Facility (7) 300,000 — 19 4.58 % 3/15/2022 Total $ 1,495,000 $ 370,889 $ 5,046 __________________________ (1) For the three months ended March 31, 2019 . Includes amortization of deferred financing costs. (2) Includes a one -year extension at the Company's option. (3) 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. (4) On March 26, 2019, the Company exercised the extension option upon the satisfaction of certain conditions, and extended the term maturity to March 27, 2020. (5) Includes three one -year extensions at the Company’s option, which may be exercised upon the satisfaction of certain conditions. (6) Includes a one -year extension at the Company's option. (7) Includes two one -year extensions at the Company's option. 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 $ 3,154 4.55 % 1/30/2020 GS Repo Facility (3) — — 185 N/A 12/27/2018 USB Repo Facility (4) 100,000 — 73 4.71 % 6/15/2020 CS Repo Facility (5) 300,000 76,534 662 4.69 % 6/19/2019 WF Repo Facility (6) 175,000 — — 4.71 % 11/21/2020 Barclays Revolver Facility (7) 100,000 — 138 6.24 % 9/19/2019 Total $ 1,195,000 $ 149,440 $ 4,212 _______________________ (1) For the three months ended March 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. Below is a summary of the Company's MRAs as of March 31, 2019 and December 31, 2018 (dollars in thousands): Weighted Average Counterparty Amount Outstanding Accrued Interest Collateral Pledged (1) Interest Rate Days to Maturity As of March 31, 2019 JP Morgan Securities LLC $ 22,078 $ 38 $ 26,750 3.65 % 12 Total/Weighted Average $ 22,078 $ 38 $ 26,750 3.65 % 12 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/Weighted Average $ 44,539 $ 74 $ 54,973 3.80 % 14.5 ________________________ 1 Includes $0.0 million and $28.2 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 March 31, 2019 and December 31, 2018 , respectively.
Schedule of Collateralized Loan Obligations by Tranche	The following table represents the terms of the notes issued by the 2017-FL1 Issuer, 2017-FL2 Issuer, 2018-FL3 Issuer and 2018-FL4 Issuer (the "CLOs), respectively (dollars in thousands): CLO Facility As of March 31, 2019 Par Value Issued Par Value Outstanding (1) Interest Rate Maturity Date 2017-FL1 Issuer Tranche A $ 223,600 $ — 1M LIBOR + 135 6/15/2027 2017-FL1 Issuer Tranche B 48,000 — 1M LIBOR + 240 6/15/2027 2017-FL1 Issuer Tranche C 67,900 45,647 1M LIBOR + 425 6/15/2027 2017-FL2 Issuer Tranche A 237,970 — 1M LIBOR + 82 10/15/2034 2017-FL2 Issuer Tranche A-S 36,357 31,527 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 $ 1,325,211 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 (1) Excludes $186.5 million and $186.5 million of CLO notes, held by the Company, which are eliminated within the collateralized loan obligation line of the consolidated balance sheets as of March 31, 2019 and December 31, 2018 .
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 March 31, 2019 and December 31, 2018 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) March 31, 2019 December 31, 2018 Cash (1) $ 30,466 $ 74,157 Commercial mortgage loans, held for investment, net (2) 1,764,541 1,921,428 Accrued interest receivable 5,469 6,353 Total Assets $ 1,800,476 $ 2,001,938 Liabilities Notes payable (3)(4) $ 1,491,663 $ 1,712,129 Accrued interest payable 2,542 3,163 Total Liabilities $ 1,494,205 $ 1,715,292 ________________________ (1) Includes $30.0 million and $73.7 million of cash held by the servicer related to CLO loan payoffs as of March 31, 2019 and December 31, 2018 . (2) The balance is presented net of allowance for loan loss of $0.8 million and $0.6 million as of March 31, 2019 and December 31, 2018 , respectively. (3) Includes $186.5 million and $186.5 million of CLO notes, held by the Company, which are eliminated within the collateralized loan obligation line of the consolidated balance sheets as of March 31, 2019 and December 31, 2018 . (4) The balance is presented net of deferred financing cost and discount of $20.0 million and $20.4 million as of March 31, 2019 and December 31, 2018 , respectively.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Summary of the Basic and Diluted Earnings Per Share	The Company uses the two-class method in calculating basic and diluted EPS. Net income is allocated between our common stock and other participating securities based on their participation rights. Additionally, during the periods in which we have net income, the diluted net income per share has been computed using the weighted average number of shares of common stock outstanding and other dilutive securities. The following table presents a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations and the calculation of basic and diluted earnings per share (in thousands, except share and per share data): Three Months Ended March 31, Numerator 2019 2018 Net income $ 19,890 $ 5,296 Less: Preferred stock dividends 3,320 — Less:Undistributed earnings allocated to preferred stock 462 — Net income attributable to common shareholders (for basic and diluted earnings per share) 16,108 5,296 Denominator Weighted-average common shares outstanding for basic earnings per share 39,798,215 31,670,518 Effect of dilutive shares: Unvested restricted shares 13,089 14,314 Weighted-average common shares outstanding for diluted earnings per share 39,811,304 31,684,832 Basic earnings per share $ 0.40 $ 0.17 Diluted earnings per share $ 0.40 $ 0.17

Stock Transactions (Tables)

Stock Transactions (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Schedule of Share Repurchases	The following table reflects the number of shares repurchased under the SRP cumulatively through March 31, 2019 : Number of Requests Number of Shares Repurchased Average Price per Share Cumulative as of December 31, 2018 3,845 2,800,414 $ 20.65 January 1 - January 31, 2019 (1) 845 387,530 18.60 February 1 - February 28, 2019 — — N/A March 1 - March 31, 2019 — — N/A Cumulative as of March 31, 2019 4,690 3,187,944 $ 20.42 _______________________ (1) Reflects shares repurchased in January 2019 pursuant to repurchase requests submitted for the fiscal semester ended December 31, 2018. 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 1,227,747 shares were not fulfilled. The following tables present the activity in the Company's Preferred Stock for the periods ended March 31, 2019 and March 31, 2018 , respectively (dollars in thousands, except share amounts): Shares Amount Balance, December 31, 2018 29,249 $ 145,786 Issuance of Preferred Stock 2,996 14,979 Amortization of offering costs — 25 Ending Balance, March 31, 2019 32,245 $ 160,790 Shares Amount Balance, December 31, 2017 — $ — Issuance of Preferred Stock — — Amortization of offering costs — — Ending Balance, March 31, 2018 — $ —

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Unfunded Commitments Under Commercial Mortgage Loans	As of March 31, 2019 and December 31, 2018 , the Company had the below unfunded commitments to the Company's borrowers (dollars in thousands): Funding Expiration March 31, 2019 December 31, 2018 2019 $ 27,225 $ 34,667 2020 148,323 176,760 2021 118,498 106,940 2022 2,244 — 2023 — — 2024 and beyond — — $ 296,290 $ 318,367

Related Party Transactions an_2

Related Party Transactions and Arrangements (Tables)	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services	The table below shows the costs incurred due to arrangements with our Advisor and its affiliates during the three months ended March 31, 2019 and March 31, 2018 and the associated payable as of March 31, 2019 and December 31, 2018 (dollars in thousands): Three Months Ended March 31, Payable as of 2019 2018 March 31, 2019 December 31, 2018 Acquisition expenses (1) $ 248 $ 65 $ 1 $ 1 Administrative services expenses 3,963 3,196 1,763 1,224 Asset management and subordinated performance fee 3,644 2,241 1,472 1,072 Other related party expenses (2) 265 199 70 932 Total related party fees and reimbursements $ 8,120 $ 5,701 $ 3,306 $ 3,229 ________________________ (1) Total acquisition expenses paid during the three months ended March 31, 2019 and March 31, 2018 were $1.8 million and $1.9 million respectively, of which $1.5 million and $ 1.9 million were capitalized within the commercial mortgage loans, held for investment and real estate securities, available for sale, at fair value lines of the consolidated balance sheets as of March 31, 2019 and December 31, 2018 . (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)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 and December 31, 2018 (dollars in thousands): Total Level I Level II Level III March 31, 2019 Real estate securities $ 66,692 $ — $ — $ 66,692 Commercial mortgage loans, held-for-sale, measured at fair value 102,339 — — 102,339 Credit default swaps 390 — 390 — Interest rate swaps 94 — 94 — Total assets, at fair value $ 169,515 $ — $ 484 $ 169,031 Liabilities, at fair value Interest rate swaps $ 1,342 $ — $ 1,342 $ — Treasury note futures 820 — 820 — Total liabilities, at fair value $ 2,162 $ — $ 2,162 $ — 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 $ — The following table presents additional information about the Company’s financial instruments which are measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018 for which the Company has used Level III inputs to determine fair value (dollars in thousands): March 31, 2019 Commercial Mortgage Loans, held-for-sale, measured at fair value Real Estate Securities Beginning balance, January 1, 2019 $ 76,863 $ 26,412 Transfers into Level III — — Total realized and unrealized gains (losses) included in earnings: Realized gains (losses) on sale of commercial mortgage loans held-for-sale 11,181 — Unrealized gains (losses) on commercial mortgage loans held-for-sale (336 ) — Net accretion — (8 ) Unrealized gains (losses) included in OCI (1) — 145 Purchases 197,925 40,200 Sales / paydowns (183,294 ) (57 ) Cash repayments/receipts — Transfers out of Level III — — Ending Balance, March 31, 2019 $ 102,339 $ 66,692 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 gain on sale of commercial mortgage loan 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 / paydown (580,635 ) (12,456 ) Cash repayments/receipts — — Transfers out of Level III — — Ending Balance, December 31, 2018 $ 76,863 $ 26,412 ________________________ (1) Unrealized gains included in Other comprehensive income ("OCI") are attributable to assets held at March 31, 2019 and December 31, 2018 .
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques	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 March 31, 2019 and December 31, 2018 (dollars in thousands). Asset Category Fair Value Valuation Methodologies Unobservable Inputs (1) Weighted Average (2) Range March 31, 2019 Commercial mortgage loans, held-for-sale, measured at fair value $102,339 Discounted Cash Flow Yield 5.5% 4.8% - 11.3% Real estate securities, available-for-sale, measured at fair value 66,692 Discounted Cash Flow Yield 4.5% 4.0% - 5.3% December 31, 2018 Commercial mortgage loans, held-for-sale, measured at fair value $76,863 Discounted Cash Flow Yield 6.30% 4.7% - 11.3% Real estate securities, available-for-sale, measured at fair value $26,412 Discounted Cash Flow Yield 5.50% 4.0% - 6.0% ________________________ (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 March 31, 2019 and December 31, 2018 (dollars in thousands): Level Carrying Amount Fair Value March 31, 2019 Commercial mortgage loans, held-for-investment (1) Asset III $ 2,332,095 $ 2,334,238 Collateralized loan obligation Liability III 1,305,171 1,321,644 Other financing and loan participation - commercial mortgage loans Liability III 9,910 10,000 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 ________________________ (1) The carrying value is gross of $7.3 million and $4.8 million of allowance for loan losses as of March 31, 2019 and December 31, 2018 , respectively.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Assets at Fair Value	The following derivative instruments were outstanding as of March 31, 2019 and December 31, 2018 (dollars in thousands): Fair Value Contract type Notional Assets Liabilities As of March 31, 2019 Credit default swaps $ 20,000 $ 390 $ — Interest rate swaps 52,908 94 1,342 Treasury note futures 46,000 — 820 Total $ 118,908 $ 484 $ 2,162 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
Schedule of Derivative Liabilities at Fair Value	The following derivative instruments were outstanding as of March 31, 2019 and December 31, 2018 (dollars in thousands): Fair Value Contract type Notional Assets Liabilities As of March 31, 2019 Credit default swaps $ 20,000 $ 390 $ — Interest rate swaps 52,908 94 1,342 Treasury note futures 46,000 — 820 Total $ 118,908 $ 484 $ 2,162 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
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 the three months ended March 31, 2019 and March 31, 2018 : Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Contract type Unrealized (Gain)/Loss Realized (Gain)/Loss Unrealized (Gain)/Loss Realized (Gain)/Loss Credit default swaps $ 112 $ 1,378 $ (376 ) $ 11 Interest rate swaps 1,197 (415 ) 287 (244 ) Treasury note futures (243 ) 350 286 (1,013 ) Options — 145 — — Total $ 1,066 $ 1,458 $ 197 $ (1,246 )

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 and December 31, 2018 (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 March 31, 2019 Derivative instruments, at fair value $ 484 $ — $ 484 $ — $ — $ 484 December 31, 2018 Derivative instruments, at fair value $ 846 $ — $ 846 $ — $ — $ 846
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 (1) Net Amount March 31, 2019 Repurchase agreements, commercial mortgage loans $ 370,889 $ — $ 370,889 $ 512,302 $ 5,010 $ — Repurchase agreements, real estate securities $ 22,078 $ — $ 22,078 $ 26,750 $ 357 $ — Derivative instruments, at fair value $ 2,162 $ — $ 2,162 $ — $ 11,141 $ — 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 $ — ________________________ (1) These cash collateral amounts are recorded within the Restricted cash balance on the consolidated balance sheets.

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table represents the Company's operations by segment for the three months ended March 31, 2019 and March 31, 2018 (dollars in thousands): Three Months Ended March 31, 2019 Total Real Estate Debt Real Estate Securities TRS Interest income $ 46,511 $ 43,634 $ 507 $ 2,370 Interest expense 20,366 18,743 498 1,125 Net income 19,890 14,725 9 5,156 Total assets as of March 31, 2019 2,640,240 2,458,542 66,847 114,851 Three Months Ended March 31, 2018 Interest income 29,408 28,515 — 893 Interest expense 18,674 17,761 161 752 Net income 5,296 3,981 (161 ) 1,476 Total assets as of December 31, 2018 2,606,078 2,492,440 26,474 87,164

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)segment$ / sharesshares	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)$ / shares
Equity, Class of Treasury Stock [Line Items]
Payments for origination of commercial loans held-for-sale	$ 202,950	$ 123,522
Commercial mortgage loans, held-for-sale, measured at fair value	102,339		$ 76,863
Gain on sale of commercial mortgage loans	$ 11,181	2,304
Minimum distribution percentage to qualify for REIT taxation status	90.00%
Income tax expense	$ 1,210	$ 263
Dividends declared per share (in dollars per share) | $ / shares	$ 1.44
Number of reportable segments | segment	3
Preferred stock, par value per share (in dollars per share) | $ / shares	$ 0.01		$ 0.01
Benefit Street Partners LLC | Affiliated Entity
Equity, Class of Treasury Stock [Line Items]
Real estate acquisition expense, percent	0.50%
Convertible Preferred Stock
Equity, Class of Treasury Stock [Line Items]
Preferred stock, par value per share (in dollars per share) | $ / shares	$ 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) | $ / shares	0.01
Dividend payment terms stock price per share (in usd per share) | $ / shares	$ 16.67
Conversion basis of preferred stock (in shares) | shares	299.2
Terms of liquidity event period	6 years
Portion at Other than Fair Value Measurement
Equity, Class of Treasury Stock [Line Items]
Payments for origination of commercial loans held-for-sale	$ 5,000
Proceeds from the sale of commercial loans held-for-sale	5,000
Fair Value
Equity, Class of Treasury Stock [Line Items]
Commercial mortgage loans	102,300
Commercial mortgage loans, held-for-sale, measured at fair value			$ 76,900
Carrying Amount
Equity, Class of Treasury Stock [Line Items]
Commercial mortgage loans	$ 102,900
Commercial mortgage loans, held-for-sale, measured at fair value			$ 77,100

Commercial Mortgage Loans - Loa

Commercial Mortgage Loans - Loans Receivable by Class (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Receivables [Abstract]
Senior loans	$ 2,296,067	$ 2,198,555
Mezzanine loans	36,028	13,111
Total gross carrying value of loans	2,332,095	2,211,666
Less: Allowance for loan losses (1)	7,331	4,836	$ 1,466
Total commercial mortgage loans, held-for-investment, net	$ 2,324,764	$ 2,206,830

Commercial Mortgage Loans - Pro

Commercial Mortgage Loans - Provision for Loan Losses (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019USD ($)loan	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)loan
Allowance for Loan and Lease Losses [Roll Forward]
Beginning of period	$ 4,836	$ 1,466	$ 1,466
Loan loss provision/(recovery)	2,495	$ 82	3,370
Ending allowance for loan losses	$ 7,331		$ 4,836
Commercial Mortgage Receivable, Held-For-Investment
Allowance for Loan and Lease Losses [Roll Forward]
Number of mezzanine loans funded | loan	100		100
Nonperforming Financial Instruments | Commercial Mortgage Receivable, Held-For-Investment
Allowance for Loan and Lease Losses [Roll Forward]
Number of mezzanine loans funded | loan			2

Commercial Mortgage Loans - Nar

Commercial Mortgage Loans - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019USD ($)ratingloan	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)ratingloan	Dec. 31, 2017USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	$ 7,331		$ 4,836	$ 1,466
Loan loss provision/(recovery)	$ 2,495	$ 82	$ 3,370
Initial risk rating | rating	2
Weighted average risk rating of loans | rating	2.1		2.1
Total gross carrying value of loans	$ 2,332,095		$ 2,211,666
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded | loan	100		100
Total gross carrying value of loans	$ 2,341,280		$ 2,221,936
Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded | loan	9		7
Total gross carrying value of loans	$ 102,912		$ 77,100
Nonperforming Financial Instruments | Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded | loan			2
Total gross carrying value of loans			$ 28,100
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
Nonperforming Financial Instruments | Commercial Mortgage Receivable, Held-For-Investment, Specifically Reserved
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	6,500		$ 4,100
Loan loss provision/(recovery)	$ 2,400
Number of mezzanine loans funded | loan	1		1
Total gross carrying value of loans	$ 16,800
Fair value of non-performing loans	$ 9,400

Commercial Mortgage Loans - Com

Commercial Mortgage Loans - Commercial Mortgage Loan Portfolio, Excluding Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 2,332,095	$ 2,211,666
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 2,341,280	$ 2,221,936
Percentage	100.00%	100.00%
Commercial Mortgage Receivable, Held-For-Investment | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 1,183,849	$ 1,001,540
Percentage	50.50%	45.20%
Commercial Mortgage Receivable, Held-For-Investment | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 336,765	$ 357,819
Percentage	14.40%	16.10%
Commercial Mortgage Receivable, Held-For-Investment | Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 191,393	$ 262,622
Percentage	8.20%	11.80%
Commercial Mortgage Receivable, Held-For-Investment | Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 360,162	$ 347,080
Percentage	15.40%	15.60%
Commercial Mortgage Receivable, Held-For-Investment | Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 57,013	$ 65,871
Percentage	2.40%	3.00%
Commercial Mortgage Receivable, Held-For-Investment | Mixed-Use
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 132,276	$ 120,647
Percentage	5.60%	5.40%
Commercial Mortgage Receivable, Held-For-Investment | Self-Storage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 55,066	$ 49,957
Percentage	2.40%	2.20%
Commercial Mortgage Receivable, Held-For-Investment | Land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 16,400	$ 16,400
Percentage	0.70%	0.70%
Commercial Mortgage Receivable, Held-For-Investment | Manufactured Housing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 8,356	$ 0
Percentage	0.40%	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	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 2,332,095		$ 2,211,666
Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 102,912		$ 77,100
Percentage	100.00%		100.00%
Commercial Mortgage Receivable, Held-For-Sale | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 51,112		$ 34,000
Percentage	49.70%		44.10%
Commercial Mortgage Receivable, Held-For-Sale | Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 35,500		$ 27,800
Percentage	34.50%		36.10%
Commercial Mortgage Receivable, Held-For-Sale | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 0		$ 15,300
Percentage	0.00%		19.80%
Commercial Mortgage Receivable, Held-For-Sale | Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 16,300		$ 0
Percentage	15.80%	0.00%

Commercial Mortgage Loans - All

Commercial Mortgage Loans - Allocation by Risk Rating (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 2,332,095	$ 2,211,666
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded | loan	100	100
Par Value	$ 2,341,280	$ 2,221,936
Commercial Mortgage Receivable, Held-For-Investment | 1
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded | loan	0	2
Par Value	$ 0	$ 23,250
Commercial Mortgage Receivable, Held-For-Investment | 2
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded | loan	89	87
Par Value	$ 2,073,715	$ 1,965,186
Commercial Mortgage Receivable, Held-For-Investment | 3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded | loan	9	9
Par Value	$ 239,500	$ 202,400
Commercial Mortgage Receivable, Held-For-Investment | 4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded | loan	1	1
Par Value	$ 11,265	$ 14,300
Commercial Mortgage Receivable, Held-For-Investment | 5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded | loan	1	1
Par Value	$ 16,800	$ 16,800

Commercial Mortgage Loans - C_3

Commercial Mortgage Loans - Commercial Mortgage Loan Portfolio, Held-For-Investment (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at Beginning of Year	$ 2,206,830	$ 1,402,046	$ 1,402,046
Acquisitions and originations	311,333		1,608,512
Principal repayments	(191,988)		(778,520)
Discount accretion and premium amortization	1,513		4,648
Loans transferred to commercial real estate loans, held-for-sale	0		(16,750)
Net fees capitalized into carrying value of loans	(429)		(9,736)
Loan loss recovery/(provision)	(2,495)	$ (82)	(3,370)
Balance at End of Period	$ 2,324,764		$ 2,206,830

Real Estate Securities - Narrat

Real Estate Securities - Narrative (Details) $ in Thousands	Mar. 31, 2019USD ($)investment	Dec. 31, 2018USD ($)investment
Schedule of Available-for-sale Securities [Line Items]
Aggregate carrying value		$ 26,871
CMBS
Schedule of Available-for-sale Securities [Line Items]
Number of investments | investment	3	2
Aggregate carrying value	$ 67,006	$ 26,871
Unrealized loss	$ (314)	$ (459)

Real Estate Securities - Summar

Real Estate Securities - Summary of Company's Real Estate Securities, CMBS (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018
Schedule of Available-for-sale Securities [Line Items]
Real estate securities, available for sale, at fair value	$ 66,692	$ 26,412
CMBS 1
Schedule of Available-for-sale Securities [Line Items]
Interest Rate	5.40%	5.40%
Par Value	$ 13,250	$ 13,250
Real estate securities, available for sale, at fair value	$ 13,250		$ 13,164
CMBS 2
Schedule of Available-for-sale Securities [Line Items]
Interest Rate	4.60%	4.60%
Par Value	$ 13,442		13,500
Real estate securities, available for sale, at fair value	$ 13,442		$ 13,248
CMBS 3
Schedule of Available-for-sale Securities [Line Items]
Interest Rate	4.80%
Par Value	$ 40,000
Real estate securities, available for sale, at fair value	$ 40,000

Real Estate Securities - Summ_2

Real Estate Securities - Summary of Changes in Fair Value of CMBS Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		$ 26,871
Fair Value	$ 66,692	26,412
CMBS
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	67,006	26,871
Unrealized Gains	0	0
Unrealized Losses	(314)	(459)
Fair Value	$ 66,692	$ 26,412

Real Estate Securities - Gains

Real Estate Securities - Gains (Losses) On Real Estate Securities (Details) - CMBS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Schedule of Available-for-sale Securities [Line Items]
Unrealized gain/(loss) available-for-sale securities	$ 145	$ 0
Reclassification of net (gain)/loss on available-for-sale securities included in net income (loss)	0	0
Unrealized gain/(loss) available-for-sale securities, net of reclassification adjustment	$ 145	$ 0

Debt - Narrative (Details)

Debt - Narrative (Details) $ / shares in Units, $ in Thousands	Dec. 11, 2018USD ($)	Mar. 31, 2019USD ($)loanmortgage_asset$ / sharesshares	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)mortgage_asset$ / sharesshares
Line of Credit Facility [Line Items]
Interest expense		$ 5,046		$ 4,212
Amortization of deferred financing costs		$ 1,106	$ 7,966
Preferred stock, shares issued (in shares) | shares		0		0
Preferred stock, par value per share (in dollars per share) | $ / shares		$ 0.01		$ 0.01
Number of CDO's | loan		4
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 | BSPRT 2017-FL1, BSPRT 2017-FL2 and BSPRT 2018-FL3
Line of Credit Facility [Line Items]
Collateral amount		$ 288,800
Collateral (mortgage asset) | mortgage_asset		4
Secured Debt | U.S. Bank National Association | Collateralized Loan Obligations Issued in 2017-FL1
Line of Credit Facility [Line Items]
Collateral amount		$ 101,000		$ 216,000
Collateral (mortgage asset) | mortgage_asset		8		15
Secured Debt | U.S. Bank National Association | Collateralized Loan Obligations Issued in 2017-FL2
Line of Credit Facility [Line Items]
Collateral amount		$ 195,000		$ 244,600
Collateral (mortgage asset) | mortgage_asset		15		12
Secured Debt | U.S. Bank National Association | Collateralized Loan Obligations Issued in 2018-FL3
Line of Credit Facility [Line Items]
Collateral amount		$ 607,800		$ 609,300
Collateral (mortgage asset) | mortgage_asset		42		41
Secured Debt | U.S. Bank National Association | Collateralized Loan Obligations Issued in 2018-FL4
Line of Credit Facility [Line Items]
Collateral amount		$ 867,300		$ 859,300
Collateral (mortgage asset) | mortgage_asset		40		41
City National Bank
Line of Credit Facility [Line Items]
Amount of interest in loan transferred	$ 10,000
Annual interest rate (percent)		4.60%
Interest expense		$ 100

Debt - Schedule of Repurchase F

Debt - Schedule of Repurchase Facilities (Details)	Jan. 30, 2018USD ($)	Mar. 31, 2019USD ($)extension	Dec. 31, 2018USD ($)extension	Dec. 26, 2018USD ($)	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		$ 1,495,000,000	$ 1,195,000,000
Amount Outstanding		370,889,000	149,440,000
Interest expense		$ 5,046,000	$ 4,212,000
JPM 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
WF Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Extension on initial maturity date		1 year	1 year
Number of extension options | extension		3	3
Barclays Facility
Assets Sold under Agreements to Repurchase [Line Items]
Extension on initial maturity date		1 year	1 year
Barclays Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Extension on initial maturity date		1 year
Number of extension options | extension		2
Secured Debt | Barclays Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		$ 300,000,000
Amount Outstanding		0
Interest expense		$ 19,000
Ending Weighted Average Interest Rate		4.58%
Revolving Credit Facility
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		$ 22,078,000	$ 44,539,000
Ending Weighted Average Interest Rate		3.65%	3.80%
Revolving Credit Facility | JPM Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	$ 520,000,000	$ 520,000,000	$ 520,000,000						$ 300,000,000
Amount Outstanding		172,965,000	72,906,000
Interest expense		$ 1,921,000	$ 3,154,000
Ending Weighted Average Interest Rate		4.52%	4.55%
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
Amount Outstanding			0
Interest expense			185,000
Revolving Credit Facility | USB Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		$ 100,000,000	100,000,000
Amount Outstanding		8,518,000	0
Interest expense		$ 149,000	$ 73,000
Ending Weighted Average Interest Rate		4.23%	4.71%
Revolving Credit Facility | CS Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		$ 300,000,000	$ 300,000,000				$ 300,000,000	$ 250,000,000
Amount Outstanding		169,960,000	76,534,000
Interest expense		$ 2,276,000	$ 662,000
Ending Weighted Average Interest Rate		4.64%	4.69%
Revolving Credit Facility | WF Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		$ 175,000,000	$ 175,000,000
Amount Outstanding		19,446,000	0
Interest expense		$ 378,000	$ 0
Ending Weighted Average Interest Rate		4.60%	4.71%
Revolving Credit Facility | Barclays Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing			$ 100,000,000
Amount Outstanding			0
Interest expense			$ 138,000
Ending Weighted Average Interest Rate			6.24%
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		$ 303,000
Ending Weighted Average Interest Rate		6.24%

Debt - Repurchase Agreements, R

Debt - Repurchase Agreements, Real Estate Securities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 370,889	$ 149,440
Accrued Interest	3,483	3,025
Real estate securities, available for sale, at fair value	66,692	26,412
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	0	28,200
Revolving Credit Facility
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	22,078	44,539
Accrued Interest	38	74
Collateral Pledged	$ 26,750	$ 54,973
Interest Rate	3.65%	3.80%
Days to Maturity	12 days	15 days
Revolving Credit Facility | JP Morgan Securities LLC
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 22,078	$ 21,961
Accrued Interest	38	27
Collateral Pledged	$ 26,750	$ 26,750
Interest Rate	3.65%	3.67%
Days to Maturity	12 days	18 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) - U.S. Bank National Association - Secured Debt - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Par Value Issued	$ 1,861,864	$ 1,861,864
Par Value Outstanding	1,325,211	1,525,636
Collateralized loan obligation excluded	186,500	186,500
Tranche A Notes - 2017-FL1 Issuer
Debt Instrument [Line Items]
Par Value Issued	223,600	223,600
Par Value Outstanding	0	48,557
Tranche B Notes - 2017-FL1 Issuer
Debt Instrument [Line Items]
Par Value Issued	48,000	48,000
Par Value Outstanding	0	48,000
Tranche C Notes - 2017-FL1 Issuer
Debt Instrument [Line Items]
Par Value Issued	67,900	67,900
Par Value Outstanding	45,647	67,900
Tranche A Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Par Value Issued	237,970	237,970
Par Value Outstanding	0	76,785
Tranche A-S Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Par Value Issued	36,357	36,357
Par Value Outstanding	31,527	36,357
Tranche B Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Par Value Issued	26,441	26,441
Par Value Outstanding	26,441	26,441
Tranche C Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Par Value Issued	25,339	25,339
Par Value Outstanding	25,339	25,339
Tranche D Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Par Value Issued	35,255	35,255
Par Value Outstanding	35,255	35,255
Tranche A Notes - 2018-FL3 Issuer
Debt Instrument [Line Items]
Par Value Issued	286,700	286,700
Par Value Outstanding	$ 286,700	286,700
Interest Rate	1.05%
Tranche A-S Notes - 2018-FL3 Issuer
Debt Instrument [Line Items]
Par Value Issued	$ 77,775	77,775
Par Value Outstanding	$ 77,775	77,775
Interest Rate	1.35%
Tranche B Notes - 2018-FL3 Issuer
Debt Instrument [Line Items]
Par Value Issued	$ 41,175	41,175
Par Value Outstanding	$ 41,175	41,175
Interest Rate	1.65%
Tranche C Notes - 2018-FL3 Issuer
Debt Instrument [Line Items]
Par Value Issued	$ 39,650	39,650
Par Value Outstanding	$ 39,650	39,650
Interest Rate	2.55%
Tranche D Notes - 2018-FL3 Issuer
Debt Instrument [Line Items]
Par Value Issued	$ 42,700	42,700
Par Value Outstanding	$ 42,700	42,700
Interest Rate	3.45%
Tranche A Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Par Value Issued	$ 416,827	416,827
Par Value Outstanding	$ 416,827	416,827
Interest Rate	1.05%
Tranche A-S Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Par Value Issued	$ 73,813	73,813
Par Value Outstanding	$ 73,813	73,813
Interest Rate	1.30%
Tranche B Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Par Value Issued	$ 56,446	56,446
Par Value Outstanding	$ 56,446	56,446
Interest Rate	1.60%
Tranche C Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Par Value Issued	$ 68,385	68,385
Par Value Outstanding	$ 68,385	68,385
Interest Rate	2.10%
Tranche D Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Par Value Issued	$ 57,531	57,531
Par Value Outstanding	$ 57,531	$ 57,531
Interest Rate	2.75%
1M LIBOR | Tranche A Notes - 2017-FL1 Issuer
Debt Instrument [Line Items]
Interest Rate	1.35%
1M LIBOR | Tranche B Notes - 2017-FL1 Issuer
Debt Instrument [Line Items]
Interest Rate	2.40%
1M LIBOR | Tranche C Notes - 2017-FL1 Issuer
Debt Instrument [Line Items]
Interest Rate	4.25%
1M LIBOR | Tranche A Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Interest Rate	0.82%
1M LIBOR | Tranche A-S Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Interest Rate	1.10%
1M LIBOR | Tranche B Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Interest Rate	1.40%
1M LIBOR | Tranche C Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Interest Rate	2.15%
1M LIBOR | Tranche D Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Interest Rate	3.45%

Debt - Collateralized Loan Ob_2

Debt - Collateralized Loan Obligation (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 79,698	$ 191,390	$ 57,670
Commercial mortgage loans	2,324,764	2,206,830
Accrued interest receivable	13,632	12,789
Total assets	2,640,240	2,606,078	2,606,078
Interest payable	3,483	3,025
Total liabilities	1,728,385	1,727,064
Restricted cash	16,987		$ 10,151
Less: Allowance for loan losses (1)	7,331	4,836		$ 1,466
Collaterized loan obligation
Variable Interest Entity [Line Items]
Cash and cash equivalents	30,466	74,157
Commercial mortgage loans	1,764,541	1,921,428
Accrued interest receivable	5,469	6,353
Total assets	1,800,476	2,001,938
Notes payable	1,491,663	1,712,129
Interest payable	2,542	3,163
Total liabilities	1,494,205	1,715,292
Restricted cash	30,000	73,700
Less: Allowance for loan losses (1)	800	600
Collateralized loan obligation excluded	186,500	186,500
Deferred financing cost and discount	$ 20,000	$ 20,400

Earnings Per Share - Summary of

Earnings Per Share - Summary of the Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Net income	$ 19,890	$ 5,296
Less: Preferred stock dividends	3,320	0
Less:Undistributed earnings allocated to preferred stock	462	0
Net income applicable to common stock	$ 16,108	$ 5,296
Weighted-average common shares outstanding for basic earnings per share (in shares)	39,798,215	31,670,518
Unvested restricted shares (in shares)	13,089	14,314
Weighted-average common shares outstanding for diluted earnings per share (in shares)	39,811,304	31,684,832
Basic earnings per share (in dollars per share)	$ 0.40	$ 0.17
Diluted earnings per share (in dollars per share)	$ 0.40	$ 0.17

Stock Transactions - Narrative

Stock Transactions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 10, 2017	Feb. 28, 2016	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)			0		0
Minimum distribution percentage to qualify for REIT taxation status			90.00%
Distribution percentage required to avoid paying federal income taxes			100.00%
Common stock, dividends, per share per annum, declared (in dollars per share)			$ 1.44
Distributions payable			$ 6,100		$ 5,834
Total distributions			14,000	$ 11,200
Cash distributions			10,600	7,700
Common stock issued under DRIP			$ 3,400	$ 3,600
Share repurchase program, period in force		1 year
Repurchase price percent of NAV per share year one	92.50%
Repurchase price percent of NAV per share year two	95.00%
Repurchase price percent of NAV per share year three	97.50%
Repurchase price percent of NAV per share year four	100.00%
NAV per share (in dollars per share)						$ 18.75
Common Stock, DRIP (in dollars per share)			$ 18.66
Repurchase limit percent per fiscal semester		2.50%
Repurchase limit percent per fiscal year		5.00%
Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)			32,245	0	29,249		0
Distributions payable			$ 1,200		$ 1,100
Common Stock
Class of Stock [Line Items]
Distributions payable			$ 4,900		$ 4,700
Common Stock
Class of Stock [Line Items]
Shares outstanding (in shares)			40,258,666	31,600,114	39,303,710		31,834,072

Stock Transactions - Share Tran

Stock Transactions - Share Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Class of Stock [Line Items]
Proceeds	$ 19,409	$ 0

Stock Transactions - Preferred

Stock Transactions - Preferred Stock Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	0
Beginning balance	$ 0
Ending balance (in shares)	0
Ending balance	$ 0
Convertible Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	29,249	0
Beginning balance	$ 145,786	$ 0
Issuance of common stock (in shares)	2,996	0
Issuance of Preferred Stock	$ 14,979	$ 0
Offering costs	$ (25)	$ 0
Ending balance (in shares)	32,245	0
Ending balance	$ 160,790	$ 0

Stock Transactions - Schedule o

Stock Transactions - Schedule of Shares Repurchased (Details) - Share Repurchase Program (SRP) - Common Stock	1 Months Ended			12 Months Ended
	Mar. 31, 2018share_repurchase_requestshares	Feb. 28, 2018share_repurchase_requestshares	Jan. 31, 2018share_repurchase_request$ / sharesshares	Dec. 31, 2018share_repurchase_request$ / sharesshares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Number of requests during period (share repurchase request) | share_repurchase_request	0	0	845
Ending balance, number of requests (share repurchase request) | share_repurchase_request				3,845
Number of shares repurchased during period (in shares)	0	0	387,530
Ending balance, number of shares repurchased (in shares)				2,800,414
Repurchases during period, average price per share (usd per share) | $ / shares			$ 18.60
Ending balance, average price per share (usd per share) | $ / shares				$ 20.65
Unfulfilled redemption requests (shares)				1,227,747

Commitments and Contingencies_2

Commitments and Contingencies (Details) - Unfunded Commitments Under Commercial Mortgage Loans - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Loss Contingencies [Line Items]
2019	$ 27,225	$ 34,667
2020	148,323	176,760
2021	118,498	106,940
2022	2,244	0
2023	0	0
2024 and beyond	0	0
Total	$ 296,290	$ 318,367

Related Party Transactions an_3

Related Party Transactions and Arrangements - Narrative (Details) - USD ($)	Apr. 18, 2018	Feb. 22, 2018	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Sep. 29, 2016
Related Party Transaction [Line Items]
Aggregate purchase price of commercial mortgage loans			$ 310,904,000	$ 374,657,000
Commercial mortgage loans, held-for-sale, measured at fair value			102,339,000		$ 76,863,000
Affiliated Entity | CMBS
Related Party Transaction [Line Items]
Aggregate purchase price of commercial mortgage loans		$ 27,800,000
Proceeds from CBMS sold into securitization	$ 23,300,000
Commercial mortgage loans, held-for-sale, measured at fair value			$ 4,500,000
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%
Subordinated performance fee, percent that total return exceeds per year			6.00%
Percent of excess total return			15.00%
Maximum annual subordinated performance fee payable percent of total return			10.00%
Affiliated Entity | Benefit Street Partners LLC | Fee to Acquire and Originate Real Estate Debt
Related Party Transaction [Line Items]
Transaction rate			0.50%
Investor | Convertible Preferred Stock | Convertible Preferred Stock Purchase Agreements
Related Party Transaction [Line Items]
Other commitments			$ 0
Investor | Common Stock | Convertible Preferred Stock Purchase Agreements
Related Party Transaction [Line Items]
Other commitments			$ 25,000

Related Party Transactions an_4

Related Party Transactions and Arrangements - Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Total expenses from transactions with related party	$ 3,963	$ 3,196
Payable to related party	3,323		$ 3,229
Affiliated Entity
Related Party Transaction [Line Items]
Total expenses from transactions with related party	8,120	5,701
Payable to related party	3,306		3,229
Affiliated Entity | Acquisition expenses | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	248	65
Payable to related party	1		1
Affiliated Entity | Administrative services expenses | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	3,963	3,196
Payable to related party	1,763		1,224
Affiliated Entity | Asset management and subordinated performance fee | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	3,644	2,241
Payable to related party	1,472		1,072
Affiliated Entity | Other related party expenses | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	265	199
Payable to related party	70		932
Affiliated Entity | Acquisition fees and expenses, including amount capitalized | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	1,800	$ 1,900
Affiliated Entity | Acquisition fees and expenses, amount capitalized | Nonrecurring Fees
Related Party Transaction [Line Items]
Payable to related party	$ 1,500		$ 1,900

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	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, available for sale, at fair value	$ 66,692	$ 26,412
Commercial mortgage loans, held-for-sale, measured at fair value	102,339	76,863
Derivative instruments, at fair value	484	846
Liabilities	2,162	1,319
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	102,339	76,863
Total assets, at fair value	169,515	104,121
Total liabilities, at fair value	2,162	1,319
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, measured at fair value	0	0
Total assets, at fair value	0	0
Total liabilities, at fair value	0	1,063
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, measured at fair value	0	0
Total assets, at fair value	484	846
Total liabilities, at fair value	2,162	256
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, measured at fair value	102,339	76,863
Total assets, at fair value	169,031	103,275
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	0
Liabilities	820	1,063
Treasury note futures | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	820	1,063
Treasury note futures | Level I | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	0	1,063
Treasury note futures | Level II | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	820	0
Treasury note futures | Level III | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	0	0
Credit default swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	390	640
Liabilities	0	0
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	390	640
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	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	390	640
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	0
Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	94	206
Liabilities	1,342	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	94	206
Liabilities	1,342	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	0
Liabilities	0	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	94	206
Liabilities	1,342	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	0
Liabilities	0	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	66,692	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	0
Real Estate Securities | Level II | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, available for sale, at fair value	0	0
Real Estate Securities | Level III | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, available for sale, at fair value	$ 66,692	$ 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	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-sale, measured at fair value	$ 102,339	$ 76,863
Real estate securities, available-for-sale, measured at fair value	66,692	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	102,339	76,863
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	102,339	76,863
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	$ 102,339	$ 76,863
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	5.50%	6.30%
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	4.80%	4.70%
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%	11.30%
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	4.50%	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%	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	5.30%	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	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net accretion	$ 1,506	$ 1,006
Cash repayments/receipts	(57)	0
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	26,412	0	$ 0
Transfers into Level III	0		0
Realized and unrealized gains (losses) included in earnings			(107)
Net accretion	(8)		(76)
Unrealized gains (losses) included in OCI	145		(459)
Purchases	40,200		39,510
Sales / paydown	(57)		(12,456)
Cash repayments/receipts			0
Transfers out of Level III	0		0
Ending balance	66,692		26,412
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	76,863	$ 28,531	28,531
Transfers into Level III	0		0
Unrealized gains (losses) on commercial mortgage loans held-for-sale	(336)		(237)
Net accretion	0		0
Unrealized gains (losses) included in OCI	0		0
Purchases	197,925		617,916
Sales / paydown	(183,294)		(580,635)
Cash repayments/receipts	0		0
Transfers out of Level III	0		0
Ending balance	102,339		76,863
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	$ 11,181
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			$ 11,288

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Allowance for loan losses	$ 7,331	$ 4,836	$ 1,466
Carrying Amount | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans, held-for-investment	2,332,095	2,211,666
Collateralized loan obligations	1,305,171
Other financing and loan participation - commercial mortgage loans	9,910	9,902
Allowance for loan losses	7,300	4,800
Carrying Amount | Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized loan obligations		1,505,279
Fair Value | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans, held-for-investment	2,334,238	2,213,650
Collateralized loan obligations	1,321,644
Other financing and loan participation - commercial mortgage loans	$ 10,000	9,902
Fair Value | Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized loan obligations		$ 1,518,127

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net premiums received on derivative instrument assets	$ 1.2

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Outstanding Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Notional	$ 118,908	$ 131,965
Assets	484	846
Liabilities	2,162	1,319
Credit default swaps
Derivative [Line Items]
Notional	20,000	45,000
Assets	390	640
Liabilities	0	0
Interest rate swaps
Derivative [Line Items]
Notional	52,908	37,965
Assets	94	206
Liabilities	1,342	256
Treasury note futures
Derivative [Line Items]
Notional	46,000	49,000
Assets	0	0
Liabilities	$ 820	$ 1,063

Derivative Instruments - Net Re

Derivative Instruments - Net Realized and Unrealized Losses on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	$ 1,066	$ 197
Realized (Gain)/Loss	1,458	(1,246)
Credit default swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	112	(376)
Realized (Gain)/Loss	1,378	11
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	1,197	287
Realized (Gain)/Loss	(415)	(244)
Treasury note futures
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	(243)	286
Realized (Gain)/Loss	350	(1,013)
Options
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	0	0
Realized (Gain)/Loss	$ 145	$ 0

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities - Offsetting Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Offsetting Derivative Assets [Abstract]
Gross Amounts of Recognized Assets	$ 484	$ 846
Gross Amounts Offset on the Balance Sheet	0	0
Net Amount of Assets Presented on the Balance Sheet	484	846
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	$ 484	$ 846

Offsetting Assets and Liabili_4

Offsetting Assets and Liabilities - Offsetting Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Offsetting Derivative Liabilities [Abstract]
Derivative instruments, at fair value, Gross Amounts Recognized	$ 2,162	$ 1,319
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	2,162	1,319
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	11,141	7,232
Derivative instruments, at fair value, Net Amount	0	0
Repurchase agreements, commercial mortgage loans
Offsetting Securities Sold under Agreements to Repurchase [Abstract]
Repurchase agreements, Gross Amounts of Recognized Liabilities	370,889	149,440
Repurchase agreements, Gross Amounts Offset on the Balance Sheet	0	0
Repurchase agreements, Net Amount of Liabilities Presented on the Balance Sheet	370,889	149,440
Repurchase agreements, Gross Amounts Not Offset on the Balance Sheet, Financial Instruments	512,302	203,846
Repurchase agreements, Gross Amounts Not Offset on the Balance Sheet, Cash Collateral Pledged	5,010	5,010
Repurchase agreements, Net Amount	0	0
Real Estate Securities
Offsetting Securities Sold under Agreements to Repurchase [Abstract]
Repurchase agreements, Gross Amounts of Recognized Liabilities	22,078	44,539
Repurchase agreements, Gross Amounts Offset on the Balance Sheet	0	0
Repurchase agreements, Net Amount of Liabilities Presented on the Balance Sheet	22,078	44,539
Repurchase agreements, Gross Amounts Not Offset on the Balance Sheet, Financial Instruments	26,750	54,973
Repurchase agreements, Gross Amounts Not Offset on the Balance Sheet, Cash Collateral Pledged	357	305
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
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Interest income	$ 46,511	$ 29,408
Interest expense	20,366	18,674
Net income	19,890	5,296
Total assets	2,640,240	2,606,078	$ 2,606,078
Real Estate Debt
Segment Reporting Information [Line Items]
Interest income	43,634	28,515
Interest expense	18,743	17,761
Net income	14,725	3,981
Total assets	2,458,542	2,492,440
Real Estate Securities
Segment Reporting Information [Line Items]
Interest income	507	0
Interest expense	498	161
Net income	9	(161)
Total assets	66,847	26,474
TRS
Segment Reporting Information [Line Items]
Interest income	2,370	893
Interest expense	1,125	752
Net income	5,156	1,476
Total assets	$ 114,851	$ 87,164

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - Subsequent Event $ / shares in Units, $ in Thousands	1 Months Ended
	May 15, 2019USD ($)$ / shares
Subsequent Event [Line Items]
Aggregate amount of shares committed for purchase | $	$ 25
Price per share of stock sold (in usd per share) | $ / shares	$ 16.71

Uncategorized Items - bsprt-201

Label	Element	Value
Common Stock [Member] | Share Repurchase Program (SRP) [Member]
Common Stock, Shares Repurchased, Cumulative	bsprt_CommonStockSharesRepurchasedCumulative	3,187,944
Stock Repurchase Program, Number of Share Repurchases, Cumulative	bsprt_StockRepurchaseProgramNumberofShareRepurchasesCumulative	4,690
Treasury Stock Acquired Average Cost Per Share, Cumulative	bsprt_TreasuryStockAcquiredAverageCostPerShareCumulative	$ 20.42