Franklin BSP Realty Trust (FBRT) 10-K 17 Mar 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Feb. 28, 2020	Jun. 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-K
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		44,385,162
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents		$ 87,246	$ 191,390
Restricted cash		21,876	13,029
Commercial mortgage loans, held for investment, net of allowance of $921 and $4,836		2,762,042	2,206,830
Commercial mortgage loans, held-for-sale, measured at fair value		112,562	76,863
Real estate securities, available for sale, measured at fair value		386,316	26,412
Derivative instruments, at fair value		1,119	846
Other real estate investments, measured at fair value		2,557	0
Receivable for loan repayment	[1]	89,317	73,684
Accrued interest receivable		16,308	12,789
Prepaid expenses and other assets		5,322	4,235
Intangible lease asset, net of amortization		14,377
Operating right of use asset, net of amortization		5,979
Real estate owned, net of depreciation		35,333	0
Receivable for unsettled trades		266	0
Total assets		3,540,620	2,606,078
LIABILITIES AND STOCKHOLDERS' EQUITY
Collateralized loan obligations		1,803,185	1,505,279
Mortgage note payable		29,167	0
Other financing and loan participation - commercial mortgage loans		0	9,902
Derivative instruments, at fair value		1,581	1,319
Interest payable		4,958	3,025
Distributions payable		6,912	5,834
Accounts payable and accrued expenses		10,925	4,497
Due to affiliates		4,789	3,229
Operating lease liability		6,136
Deferred rent revenue		150	0
Total liabilities		2,514,705	1,727,064
Commitment and contingencies (See Note 10)
Preferred stock		0	0
Common stock, $0.01 par value, 949,999,000 shares authorized, 43,916,815 and 39,303,710 shares issued and outstanding as of December 31, 2019 and December 31, 2018, respectively		441	395
Additional paid-in capital		903,310	827,558
Accumulated other comprehensive income (loss)		(978)	(459)
Accumulated deficit		(85,968)	(94,266)
Total stockholders' equity		816,805	733,228
Total liabilities, redeemable convertible preferred stock and stockholders' equity		3,540,620	2,606,078
CMBS
ASSETS
Other real estate investments, measured at fair value		386,316	26,412
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		252,543	149,440
Real Estate Securities
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		394,359	44,539
Series A Preferred Stock
LIABILITIES AND STOCKHOLDERS' EQUITY
Distributions payable		1,500	1,100
Preferred stock		202,144	145,786
Series C Preferred Stock
LIABILITIES AND STOCKHOLDERS' EQUITY
Distributions payable		100	0
Preferred stock		$ 6,966	$ 0
[1]	Includes $89.3 million and $73.7 million of cash held by the servicer related to CLO loan payoffs as of December 31, 2019 and December 31, 2018.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Restricted cash	$ 21,876	$ 13,029
Allowance for loan losses	$ 921	$ 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)	43,916,815	39,303,710
Common stock, shares outstanding (in shares)	43,916,815	39,303,710
Series A Preferred Stock
Preferred stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	60,000	60,000
Preferred stock, shares issued (in shares)	40,500	29,249
Preferred stock, shares outstanding (in shares)	40,500	29,249
Series C Preferred Stock
Preferred stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	20,000	20,000
Preferred stock, shares issued (in shares)	1,400	0
Preferred stock, shares outstanding (in shares)	1,400	0
Collaterized loan obligation
Restricted cash	$ 89,300	$ 73,700
Allowance for loan losses	$ 800	$ 600

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Interest income:
Interest income	$ 195,299	$ 152,288	$ 89,564
Interest expense	90,418	70,000	32,359
Net interest income	104,881	82,288	57,205
Total Income	108,050	82,288	57,205
Expenses:
Acquisition fees and acquisition expenses	900	452	4,197
Administrative services expenses	16,363	13,446	6,765
Professional fees	11,631	8,318	5,444
Depreciation and Amortization	507	0	0
Other expenses	3,771	4,887	3,837
Total expenses	52,200	37,402	29,516
Loan loss provision/(recovery)	3,007	3,370	(715)
Realized (gain)/loss on sale of real estate securities	0	107	(172)
Realized (gain)/loss on sale of commercial mortgage loan held-for-sale	25	9	(120)
Realized (gain)/loss on sale of commercial mortgage loan, held-for-sale, measured at fair value	(37,832)	(11,288)	(4,523)
Unrealized (gain)/loss on commercial mortgage loans held-for-sale	0	0	(247)
Unrealized (gain)/loss on commercial mortgage loans, held-for-sale, measured at fair value	(312)	237	0
Unrealized (gain)/loss on other real estate investments, measured at fair value	(47)	0	0
Unrealized (gain)/loss on derivatives	(1,722)	1,374	17
Realized (gain)/loss on derivatives	4,324	(1,827)	(555)
Total other (income)/loss	(32,557)	(8,018)	(6,315)
Income/(loss) before taxes	88,407	52,904	34,004
Provision/(benefit) for income tax	4,483	79	225
Net income	83,924	52,825	33,779
Net income applicable to common stock	$ 66,914	$ 49,181	$ 33,779
Basic net income per share (in dollars per share)	$ 1.60	$ 1.44	$ 1.06
Diluted net income per share (in dollars per share)	$ 1.60	$ 1.44	$ 1.06
Basic weighted average shares outstanding (in shares)	41,859,142	34,268,707	31,772,231
Diluted weighted average shares outstanding (in shares)	41,871,646	36,779,735	31,784,889
Asset management and subordinated performance fee
Expenses:
Total expenses	$ 16,226	$ 10,299	$ 9,273
Real estate owned
Interest income:
Total Income	3,169	0	0
Expenses:
Total expenses	$ 2,802	$ 0	$ 0

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 83,924	$ 52,825	$ 33,779
Unrealized gain/(loss) on available-for-sale securities	(978)	(459)	500
Comprehensive income attributable to Benefit Street Partners Realty Trust, Inc.	$ 82,946	$ 52,366	$ 34,279

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
Beginning balance (in shares) at Dec. 31, 2016		31,884,631
Beginning balance at Dec. 31, 2016	$ 633,650	$ 319	$ 704,500	$ (500)	$ (70,669)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchases (in shares)		(1,072,708)
Common stock repurchases	(20,546)	$ (11)	(20,535)
Common stock issued through distribution reinvestment plan (in shares)		1,016,165
Common stock issued through distribution reinvestment plan	20,051	$ 12	20,039
Share-based compensation (in shares)		5,984
Share-based compensation	97		97
Net income	33,779				33,779
Distributions declared	(57,192)				(57,192)
Other comprehensive income (loss)	500			500
Ending balance (in shares) at Dec. 31, 2017		31,834,072
Ending 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)		7,533,834
Issuance of common stock	124,335	$ 75	124,260
Common stock repurchases (in shares)		(809,023)
Common stock repurchases	(15,085)	$ (8)	(15,077)
Common stock issued through distribution reinvestment plan (in shares)		739,052
Common stock issued through distribution reinvestment plan	14,023	$ 8	14,015
Share-based compensation (in shares)		5,775
Share-based compensation	157		157
Offering costs	102		102
Net income	52,825				52,825
Distributions declared	(53,009)				(53,009)
Other comprehensive income (loss)	(459)			(459)
Ending balance (in shares) at Dec. 31, 2018		39,303,710
Ending 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)		4,601,904
Issuance of common stock	76,892	$ 46	76,846
Common stock repurchases (in shares)		(741,853)
Common stock repurchases	(13,813)	$ (7)	(13,806)
Common stock issued through distribution reinvestment plan (in shares)		746,654
Common stock issued through distribution reinvestment plan	13,910	$ 7	13,903
Share-based compensation (in shares)		6,400
Share-based compensation	156		156
Offering costs	(1,347)		(1,347)
Net income	83,924				83,924
Distributions declared	(75,626)				(75,626)
Other comprehensive income (loss)	(519)			(519)
Ending balance (in shares) at Dec. 31, 2019		43,916,815
Ending balance at Dec. 31, 2019	$ 816,805	$ 441	$ 903,310	$ (978)	$ (85,968)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net income	$ 83,924	$ 52,825	$ 33,779
Adjustments to reconcile net income to net cash provided by operating activities:
Premium amortization and (discount accretion), net	(6,144)	(4,572)	(2,554)
Accretion of deferred commitment fees	(2,754)	(1,577)	(1,372)
Amortization of deferred financing costs	9,584	12,681	4,650
Share-based compensation	156	157	97
Unrealized (gain)/loss on commercial mortgage loans held-for-sale	(359)	237	(247)
Unrealized (gain)/losses on derivative instruments	(1,722)	1,374	17
Loan loss (recovery)/provision	3,007	3,370	(715)
Realized (gain)/loss on sale of real estate securities	0	107	0
Impairment losses on real estate securities	0	0	0
Origination of commercial mortgage loans, held-for-sale	(1,020,702)	(621,597)	(156,101)
Proceeds from sale of commercial mortgage loans, held-for-sale	975,243	573,010	132,093
Changes in assets and liabilities:
Accrued interest receivable	(765)	(3,060)	(2,197)
Prepaid expenses and other assets	(4,020)	(4,133)	(5,441)
Accounts payable and accrued expenses	6,428	(13)	3,341
Due to affiliates	1,560	(3,192)	2,357
Interest payable	1,933	1,481	647
Net cash (used in)/provided by operating activities	45,369	7,098	8,354
Cash flows from investing activities:
Origination and purchase of commercial mortgage loans, held for investment	(1,321,644)	(1,598,786)	(836,961)
Purchase of real estate owned	(42,018)	0	0
Proceeds from sale of commercial mortgage loans, held for sale	0	16,910	121,658
Principal repayments received on commercial mortgage loans, held for investment	756,141	753,921	333,249
Purchase of real estate securities	(369,911)	(39,510)	0
Purchase of other real estate investments	(2,511)	0	0
Proceeds from sale of real estate securities	0	12,456	34,888
Principal repayments received on real estate securities	9,369	0	15,000
Proceeds from derivative instruments	1,333
Purchase of derivative instruments		(804)	(592)
Net cash (used in)/provided by investing activities	(969,241)	(855,813)	(332,758)
Cash flows from financing activities:
Proceeds from issuances of common stock	75,545	124,335	0
Proceeds from issuances of redeemable convertible preferred stock	63,197	146,245	0
Common stock repurchases	(13,813)	(15,085)	(20,546)
Reimbursements/(payments) of offering costs and fees related to stock issuances	0	(887)	0
Borrowings under collateralized loan obligation	639,899	1,161,002	700,862
Repayments of collateralized loan obligation	(343,191)	(478,177)	(143,086)
Borrowings on repurchase agreements - commercial mortgage loans	1,035,524	1,833,838	652,978
Repayments of repurchase agreements - commercial mortgage loans	(932,420)	(1,750,088)	(844,952)
Borrowings on repurchase agreements - real estate securities	1,570,331	280,837	499,290
Repayments of repurchase agreements - real estate securities	(1,220,511)	(275,332)	(526,894)
Proceeds from other financing and loan participation - commercial mortgage loans	0	10,000	36,200
Repayments on other financing and loan participation - commercial mortgage loans	(10,000)	(26,182)	(10,017)
Borrowing on mortgage note payable	29,167	0	0
Payments of deferred financing costs	(4,540)	(12,128)	(11,964)
Distributions paid	(60,613)	(36,952)	(38,828)
Net cash (used in)/provided by financing activities:	828,575	961,426	293,043
Net change in cash, cash equivalents and restricted cash	(95,297)	112,711	(31,361)
Cash, cash equivalents and restricted cash, beginning of period	204,419	91,708	123,069
Cash, cash equivalents and restricted cash, end of period	109,122	204,419	91,708
Supplemental disclosures of cash flow information:
Taxes paid	0	355	0
Interest paid	78,901	53,029	27,062
Supplemental disclosures of non-cash flow information:
Common stock issued through distribution reinvestment plan	13,903	14,023	20,051
Loans transferred to commercial real estate loans, held-for-sale, transferred at fair value	0	16,750	100,005
Commercial mortgage loans transferred from HFS to HFI	10,072	0	0
Cash, cash equivalents and restricted cash, end of period	$ 109,122	$ 204,419	$ 91,708

Organization and Business Opera

Organization and Business Operations	12 Months Ended
	Dec. 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	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Accounting The accompanying consolidated financial statements and related footnotes have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the requirements for reporting on Form 10-K and Regulation S-X, as appropriate. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. In the opinion of management, the annual data includes all adjustments, of a normal and recurring nature, necessary for a fair statement of the results for the periods presented. Certain prior period amounts have been reclassified to conform with current presentation. In the opinion of management, all normal recurring adjustments considered necessary for a fair statement of the results of the periods presented have been included. The current period’s results of operations will not necessarily be indicative of results in any subsequent reporting period. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members, as well as whether the entity is a variable interest entity ("VIE") for which the Company is the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company's assets and liabilities are held by the OP. The Company consolidates all entities that it controls through either majority ownership or voting rights. In addition, the Company consolidates all VIEs of which the Company is considered the primary beneficiary. VIEs are entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. The accompanying consolidated financial statements include the accounts of collateralized loan obligations ("CLOs") issued and securitized by wholly owned subsidiaries of the Company. The Company has determined the CLOs are VIEs of which the Company's subsidiary is the primary beneficiary. The assets and liabilities of the CLOs are consolidated in the accompanying consolidated balance sheet in accordance with ASC 810, Consolidation . Acquisition Fees and Acquisition Expenses The Company has historically incurred acquisition fees and acquisition expenses payable to the Advisor. The Company’s obligation to pay the Advisor acquisition fees terminated in September 2017. Prior to then, the Company paid the Advisor an acquisition fee based on the principal amount funded by the Company to originate or acquire commercial mortgage loan investments or on the anticipated net equity funded by the Company to acquire real estate securities. Acquisition fees and acquisition expenses paid to the Company's Advisor in connection with the origination and acquisition of commercial mortgage loan investments and acquisition of real estate securities were evaluated based on the nature of the expense to determine if they should be expensed in the period incurred or capitalized and amortized over the life of the investment. The Company capitalizes certain direct costs relating to the loan origination activities and the cost is amortized over the life of the loan. Pursuant to the Advisory Agreement, the Advisor is entitled to an acquisition fee of 1.0% of the principal amount funded by the Company to originate or acquire commercial mortgage loans (or anticipated net equity funded by the Company in the case of acquisition of real estate securities) until the aggregate purchase price for all investments acquired reaches $600,000,000 and reimbursement for insourced acquisition expenses of 0.5% . In September 2017, the Company's aggregate purchase price for all investments acquired reached $600,000,000 , which concurrently terminated the 1.0% acquisition fee payments to the Advisor for all investments subsequent to the limit being reached. Cash and Cash Equivalents Cash consists of amounts deposited with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company up to an insurance limit. Cash equivalents include short-term, liquid investments in money market funds with original maturities of 90 days or less when purchased. Cash equivalents includes a $10.3 million certificate of deposit. Restricted Cash Restricted cash primarily consists of cash pledged as margin on repurchase agreements and derivative transactions. The duration of this restricted cash generally matches the duration of the related repurchase agreements or derivative transaction. 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 operations. 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. For the year ended December 31, 2019 , the Company originated $5.0 million of commercial mortgage loans held-for-sale and sold these loans during the period for net proceeds of approximately $5.0 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. Real estate owned Real estate owned (“REO”) represents real estate acquired by the Company through foreclosure, deed in lieu of foreclosure, or purchase. For real estate acquired by the Company through foreclosure, REO assets are recorded at fair value at acquisition and are presented net of accumulated depreciation. For REO assets acquired through purchase, REO assets are recorded at cost at acquisition and are presented net of accumulated depreciation. Real estate assets are depreciated using the straight-line method over estimated useful lives of up to 40 years for buildings and improvements and up to 15 years for furniture, fixtures and equipment. Renovations and/or replacements that improve or extend the life of the real estate asset are capitalized and depreciated over their estimated useful lives. Leases Operating right of use assets "ROU" represent the Company’s right to use an underlying asset during the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the present value of fixed lease payments over the lease term. Leases will be classified as either a finance or operating lease, with such classification affecting the pattern and classification of expense recognition in the consolidated statements of operations. For leases greater than 12 months, the Company determines, at the inception of the contract, if the arrangement meets the classification criteria for an operating or finance lease. For leases that have extension options, which can be exercised at the Company's discretion, management uses judgment to determine if it is reasonably certain that such extension options will be elected. If the extension options are reasonably certain to occur, the Company includes the extended term's lease payments in the calculation of the respective lease liability. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The incremental borrowing rate used to discount the lease liability is determined at commencement of the lease, or upon modification of the lease, as the interest rate a lessee would have to pay to borrow on a fully collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The Company's incremental borrowing rate considers information at both the corporate and property level and analysis of current market conditions for obtaining new financings. All leases as of December 31, 2019 were operating leases. Separately, on October 15, 2019, the Company acquired certain real estate assets which had an existing in-place lease asset. This in-place lease asset is recorded as an Intangible lease asset on the consolidated balance sheet and amortized using the straight-line method over the contractual life of the lease. Allowance for Loan Losses The allowance for loan losses reflects management's estimate of loan losses inherent in the loan portfolio as of the balance sheet date. The reserve is increased or decreased through the loan loss provision or (recovery) on the Company's consolidated statements of operations and is decreased by charge-offs when losses are confirmed through the receipt of assets, such as cash in a pre-foreclosure sale or upon ownership control of the underlying collateral in full satisfaction of the loan upon foreclosure or when significant collection efforts have ceased. The Company uses a uniform process for determining its allowance for loan losses. The allowance for loan losses includes a general, formula-based component and an asset-specific component. General reserves are recorded when (i) available information as of each balance sheet date indicates that it is probable a loss has occurred in the portfolio and (ii) the amount of the loss can be reasonably estimated. The Company estimates loss rates based on historical realized losses experienced in the industry, given the fact the Company has not experienced significant losses, and takes into account current collateral and economic conditions affecting the probability and severity of losses when establishing the allowance for loan losses. The Company performs a comprehensive analysis of its loan portfolio and assigns risk ratings to loans that incorporate management's current judgments about their credit quality based on all known and relevant internal and external factors that may affect collectability. The Company considers, among other things, payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographic location as well as national and regional economic factors. This methodology results in loans being segmented by risk classification into risk rating categories that are associated with estimated probabilities of default and principal loss. Ratings range from "1" to "5" with "1" representing the lowest risk of loss and "5" representing the highest risk of loss. The asset-specific reserve component relates to reserves for losses on individual impaired loans. The Company considers a loan to be impaired when, based upon current information and events, it believes that it is probable that the Company will be unable to collect all amounts due under the contractual terms of the loan agreement. This assessment is made on an individual loan basis each quarter based on such factors as payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographical location as well as national and regional economic factors. A reserve is established for an impaired loan when the present value of payments expected to be received, observable market prices or the estimated fair value of the collateral (for loans that are dependent on the collateral for repayment) is lower than the carrying value of that loan. For collateral dependent impaired loans, impairment is measured using the estimated fair value of collateral less the estimated cost to sell. Valuations are performed or obtained at the time a loan is determined to be impaired and designated non-performing, and they are updated if circumstances indicate that a significant change in value has occurred. The Advisor generally will use either the income approach through internally developed valuation models to estimate the fair value of the collateral for such loans or obtain external "as is" appraisals for loan collateral. A loan is also considered impaired if its terms are modified in a troubled debt restructuring ("TDR"). A TDR occurs when a concession is granted and the debtor is experiencing financial difficulties. Impairments on TDR loans are generally measured based on the present value of expected future cash flows discounted at the effective interest rate of the original loans. The Company generally designates non-performing loans at such time as (i) loan payments become 90-days past due; (ii) the loan has a maturity default; or (iii) in the opinion of the Company, it is probable the Company will be unable to collect all amounts due according to the contractual terms of the loan. Income recognition will generally be suspended when a loan is designated non-performing unless the loan is well secured, and resumed only when the suspended loan becomes contractually current and performance is demonstrated to have resumed. A loan will be written off when it is no longer realizable and legally discharged. Real Estate Securities On the acquisition date, all of the Company’s commercial real estate securities were classified as available for sale and carried at fair value, and subsequently any unrealized gains or losses are recognized as a component of accumulated other comprehensive income or loss. The Company may elect the fair value option for its real estate securities, and as a result, any unrealized gains or losses on such real estate securities will be recorded in the Company’s consolidated statement of operations. No such election has been made to date. Related discounts, premiums and acquisition expenses on investments are amortized over the life of the investment using the effective interest method. Amortization is reflected as an adjustment to interest income in the Company’s consolidated statements of operations. Impairment Analysis of Real Estate Securities Commercial real estate securities for which the fair value option has not been elected are periodically evaluated for other-than-temporary impairment. If the fair value of a security is less than its amortized cost, the security is considered impaired. Impairment of a security is considered other-than-temporary when (i) the Company has the intent to sell the impaired security; (ii) it is more likely than not the Company will be required to sell the security; or (iii) the Company does not expect to recover the entire amortized cost of the security. If the Company determines that an other-than-temporary impairment exists and a sale is likely, the impairment charge is recognized as an impairment of assets on the Company's consolidated statement of operations. If a sale is not expected, the portion of the impairment charge related to credit factors is recorded as an impairment of assets on the Company's consolidated statement of operations with the remainder recorded as an unrealized gain or loss on investments reported as a component of accumulated other comprehensive income or loss. Repurchase Agreements Commercial mortgage loans and real estate securities sold under repurchase agreements have been treated as collateralized financing transactions because the Company maintains effective control over the transferred securities. Commercial mortgage loans and real estate securities financed through a repurchase agreement remain on the Company’s consolidated balance sheets as an asset and cash received from the purchaser is recorded as a liability. Interest paid in accordance with repurchase agreements is recorded in interest expense on the Company's consolidated statements of operations. Deferred Financing Costs The deferred financing costs related to the Company's various Master Repurchase Agreements as well as certain prepaid subscription costs are included in Prepaid expenses and other assets on the consolidated balance sheets. Deferred financing cost on the Company's collateralized debt obligations ("CLO") are netted against the Company's CLO payable in the Collateralized debt obligations on the consolidated balance sheets. Deferred financing costs are amortized over the terms of the respective financing agreement using the effective interest method and included in interest expense on the Company's consolidated statements of operations. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity. Share Repurchase Program The Company has a Share Repurchase Program (the "SRP"), which became effective as of February 28, 2016, that enables stockholders to sell their shares to the Company. Subject to certain conditions, stockholders that purchased shares of our common stock or received their shares from us (directly or indirectly) through one or more non-cash transactions and have held their shares for a period of at least one year may request that we repurchase their shares of common stock so long as the repurchase otherwise complies with the provisions of Maryland law. Repurchase requests made following the death or qualifying disability of a stockholder will not be subject to any minimum holding period. On August 10, 2017, our board of directors amended the SRP to provide that the repurchase price per share for requests will be equal to the lesser of (i) our most recent estimated per-share NAV, as approved by our board of directors from time to time, and (ii) our book value per share, computed in accordance with GAAP, multiplied by a percentage equal to (i) 92.5% , if the person seeking repurchase has held his or her shares for a period greater than one year and less than two years; (ii) 95% , if the person seeking repurchase has held his or her shares for a period greater than two years and less than three years; (iii) 97.5% , if the person seeking repurchase has held his or her shares for a period greater than three years and less than four years; or (iv) 100% , if the person seeking repurchase has held his or her shares for a period greater than four years or in the case of requests for death or disability. Repurchases pursuant to the SRP, when requested, generally will be made semiannually (each six -month period ending June 30 or December 31, a “fiscal semester”). Repurchases for any fiscal semester will be limited to a maximum of 2.5% of the weighted average number of shares of common stock outstanding during the previous fiscal year, with a maximum for any fiscal year of 5.0% of the weighted average number of shares of common stock outstanding during the previous fiscal year. Funding for repurchases pursuant to the SRP for any given fiscal semester will be limited to proceeds received during that same fiscal semester through the issuance of common stock pursuant to any Dividend Reinvestment Plan ("DRIP") in effect from time to time, provided that the board of directors has the power, in its sole discretion, to determine the amount of shares repurchased during any fiscal semester as well as the amount of funds to be used for that purpose. Due to these limitations, we cannot guarantee that we will be able to accommodate all repurchase requests made during any fiscal semester or fiscal year. However, a stockholder may withdraw its request at any time or ask that we honor the request when funds are available. Pending repurchase requests will be honored on a pro rata basis. We will generally pay repurchase proceeds, less any applicable tax or other withholding required by law, by the 31st day following the end of the fiscal semester during which the repurchase request was made. When a stockholder requests a redemption and the redemption is approved by the board of directors, 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. Offering and Related Costs The Company is currently offering shares of the Company’s common stock, Series A convertible preferred stock (“Series A Preferred Stock”) and Series C convertible preferred stock (the “Series C Preferred Stock,” and, together with the Series A Preferred stock, the “Preferred Stock”) in private placements exempt from the registration requirements of the Securities Act of 1933, as amended (the “Offering”). In connection with the Offering, the Company incurred various offering costs and will continue to incur these costs until the Offering is complete. These offering costs include but are not limited to legal, accounting, printing, mailing and filing fees, and diligence expenses of broker-dealers. Offering costs for the common stock are recorded in the Company’s stockholders’ equity, while the offering costs for the Preferred Stock are included within Redeemable convertible preferred stock Series A and Redeemable convertible preferred stock series C, respectively, on the Company’s consolidated balance sheets. Distribution Reinvestment Plan Pursuant to the DRIP, stockholders may elect to reinvest distributions by purchasing shares of common stock in lieu of receiving cash. No dealer manager fees or selling commissions are paid with respect to shares purchased pursuant to the DRIP. Participants purchasing shares pursuant to the DRIP have the same rights and are treated in the same manner as if such shares were issued pursuant to the Offering. The board of directors may designate that certain cash or other distributions be excluded from the DRIP. The Company has the right to amend any aspect of the DRIP or terminate the DRIP with ten days ’ notice to participants. Shares issued under the DRIP are recorded to equity in the consolidated balance sheets in the period distributions are declared. Share-Based Compensation The Company has a share-based incentive plan for certain of the Company's directors, officers and employees of the Advisor and its affiliates. Share-based awards are measured at the grant date fair value and is recognized as compensation expense on a on a straight line basis over the related vesting period of the award. See Note 12 - Share-Based Compensation . Income Taxes The Company has conducted its operations to qualify as a REIT for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2013 . As a REIT, if the Company meets certain organizational and operational requirements and distributes at least 90% of its "REIT taxable income" (determined before the deduction of dividends paid and excluding net capital gains) to its stockholders in a year, it will not be subject to U.S. federal income tax to the extent of the income that it distributes. However, even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on income in addition to U.S. federal income and excise taxes on its undistributed income. The Company, through its TRS, is indirectly subject to U.S. federal, state and local income taxes. The Company’s TRS is not consolidated for U.S. federal income tax purposes, but is instead taxed as a C corporation. For financial reporting purposes, the TRS is consolidated and a provision for current and deferred taxes is established for the portion of earnings recognized by the Company with respect to its interest in its TRS. Total income tax expense for the years ended December 31, 2019 , December 31, 2018 and December 31, 2017 were $4.5 million , $0.1 million and $0.2 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, 2016 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. Per Share Data The Company’s Preferred Stock is considered a participating security. As such, the Company is required to include the Preferred Stock in the calculation of basic earnings per share and calculate basic earnings per share using the two-class method. The Company’s dilutive earnings per share calculation is computed using the more dilutive result of the treasury stock method, assuming the participating security is a potential common share, or the two-class method, assuming the participating security is not converted. The Company calculates basic earnings per share by dividing net income applicable to common stock for the period by the weighted-average number of shares of common stock outstanding for that period. Diluted earnings per share reflects the potential dilution that could occur from shares outstanding if potential shares of common stock with a dilutive effect have been issued in connection with the restricted stock plan or upon conversion of the outstanding shares of the Company’s Preferred Stock, except when doing so would be anti-dilutive. Reportable Segments The Company has determined that it has four reportable segments based on how the chief operating decision maker reviews and manages the business. The four 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. • The real estate owned business represents real estate acquired by the Company through foreclosure, deed in lieu of foreclosure, or purchase. See Note 16 - 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 relating to each of the Series A Preferred Stock and the Series C Preferred Stock (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 Series A Preferred Stock shall convert into 299.2 shares of Common Stock, subject to anti-dilution adjustments (the “Conversion Rate”). Series C Preferred Stock will convert into shares of Common Stock at the same Conversion Rate on the one-year anniversary of a Liquidity Event, subject to the Company’s right to accelerate the conver

Commercial Mortgage Loans

Commercial Mortgage Loans	12 Months Ended
	Dec. 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): December 31, 2019 December 31, 2018 Senior loans $ 2,721,325 $ 2,198,555 Mezzanine loans 41,638 13,111 Total gross carrying value of loans 2,762,963 2,211,666 Less: Allowance for loan losses (1) 921 4,836 Total commercial mortgage loans, held-for-investment, net $ 2,762,042 $ 2,206,830 ________________________ (1) Includes $0.0 million and $4.1 million of loan loss provision specifically reserved on 1 loan in non-performing status as of December 31, 2019 and December 31, 2018, respectively. The following table presents the activity in the Company's allowance for loan losses (dollars in thousands): Year Ended December 31, 2019 2018 Beginning of period $ 4,836 $ 1,466 Loan loss provision/(recovery) 3,007 3,370 Charge-offs (6,922 ) — Ending allowance for loan losses $ 921 $ 4,836 As of December 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 122 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 investment (dollars in thousands). December 31, 2019 December 31, 2018 Loan Type Par Value Percentage Par Value Percentage Multifamily $ 1,491,971 53.9 % $ 1,001,540 45.2 % Office 414,772 15.0 % 357,819 16.1 % Hospitality 446,562 16.1 % 347,080 15.6 % Industrial 118,743 4.3 % 65,871 3.0 % Retail 111,620 4.0 % 262,622 11.8 % Mixed Use 58,808 2.1 % 120,647 5.4 % Self Storage 67,767 2.4 % 49,957 2.2 % Land 16,400 0.6 % 16,400 0.7 % Manufactured Housing 44,656 1.6 % — — % Total $ 2,771,299 100 % $ 2,221,936 100 % As of December 31, 2019 and December 31, 2018 , the Company's total commercial mortgage loans, held-for-sale, measured at fair value was comprised of 7 and 7 loans, respectively. As of December 31, 2019 and December 31, 2018 , the contractual principal outstanding of commercial mortgage loans, held-for-sale, measured at fair value was $112.5 million and $77.1 million , respectively. As of December 31, 2019 and December 31, 2018 , none of the Company's commercial mortgage loans, held-for-sale, measured at fair value were in default or greater than 90 days past due. The following table represents the composition by loan type of the Company's commercial mortgage loans, held-for-sale, measured at fair value (dollars in thousands): December 31, 2019 December 31, 2018 Loan Type Par Value Percentage Par Value Percentage Multifamily $ 78,250 69.6 % $ 34,000 44.1 % Industrial 23,625 21.0 % — — % Hospitality 8,000 7.1 % 27,800 36.1 % Retail 2,613 2.3 % — — % Office — — % 15,300 19.8 % Total $ 112,488 100.0 % $ 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 December 31, 2019 and December 31, 2018 , the weighted average risk ratings of loans were 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: December 31, 2019 December 31, 2018 Risk Rating Number of Loans Par Value Risk Rating Number of Loans Par Value 1 — $ — 1 2 23,250 2 113 2,452,330 2 87 1,965,186 3 8 298,994 3 9 202,400 4 1 19,975 4 1 14,300 5 — — 5 1 16,800 122 $ 2,771,299 100 $ 2,221,936 As of December 31, 2019 , the Company had 1 loan on non-accrual status with an unpaid principal balance of $57.1 million that had interest past due for greater than 90 days. As of December 31, 2018 , the Company had 1 loan on non-accrual status with an unpaid principal balance of $ 14.3 million that had interest past due for greater than 90 days. For the year ended December 31, 2019 and December 31, 2018 , the activity in the Company's commercial mortgage loans, held-for-investment portfolio was as follows (dollars in thousands): Year Ended December 31, 2019 2018 Balance at Beginning of Year $ 2,206,830 $ 1,402,046 Acquisitions and originations 1,326,983 1,608,512 Principal repayments (771,774 ) (778,520 ) Discount accretion/premium amortization 6,264 4,648 Loans transferred from/(to) commercial real estate loans, held-for-sale 10,100 (16,750 ) Net fees capitalized into carrying value of loans (5,339 ) (9,736 ) Loan Loss recovery/(provision) (3,007 ) (3,370 ) Charge-off from allowance 6,922 — Transfer on deed in lieu of foreclosure to real estate owned (14,937 ) — Balance at End of Period $ 2,762,042 $ 2,206,830 As of December 31, 2019 , the Company wrote off a commercial mortgage loan, held for investment, with a carrying value $14.9 million in exchange for the possession of a REO investment at a fair value of $8.1 million at the time of the transfer. The $8.1 million REO investment is comprised of $8.1 million of real property (building and improvements) and $0.0 million of personal property (furniture, fixture, and equipment). The transfer occurred when the Company took possession of the property by completing a deed-in-lieu of foreclosure transaction which resulted in a charge-off of $6.4 million that was taken through the loan loss provision in prior periods as well as $0.5 million of additional loan loss provision at the time of transfer. The Company accounted for the REO acquired during the period ended December 31, 2019 as an asset acquisition. The results of operations of the REO have been included in the Company’s consolidated statements of operations since the acquisition date.

Real Estate Securities

Real Estate Securities	12 Months Ended
	Dec. 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): December 31, 2019 Type Interest Rate Maturity Par Value Fair Value CMBS 1 4.7% 5/15/2028 $13,250 $13,274 CMBS 2 3.8% 6/15/2032 12,131 12,151 CMBS 3 4.1% 2/15/2036 40,000 40,186 CMBS 4 3.7% 5/15/2036 18,500 18,535 CMBS 5 3.1% 4/15/2034 15,000 15,019 CMBS 6 3.2% 5/15/2037 13,500 13,525 CMBS 7 3.4% 5/15/2037 15,000 15,028 CMBS 8 3.2% 6/15/2037 7,000 7,013 CMBS 9 3.6% 2/15/2036 9,600 9,641 CMBS 10 3.5% 8/15/2036 10,000 10,027 CMBS 11 3.6% 6/15/2037 8,000 8,015 CMBS 12 3.3% 7/15/2038 13,000 13,022 CMBS 13 3.3% 9/15/2037 32,000 32,074 CMBS 14 3.7% 9/15/2037 24,000 24,084 CMBS 15 3.3% 10/19/2038 50,000 50,094 CMBS 16 3.7% 10/19/2038 26,000 26,029 CMBS 17 3.2% 6/15/2034 15,000 15,022 CMBS 18 3.5% 6/15/2034 6,500 6,509 CMBS 19 3.9% 6/15/2034 12,000 12,022 CMBS 20 3.1% 12/15/2029 20,000 20,021 CMBS 21 3.4% 12/15/2029 25,000 25,025 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 December 31, 2019 and December 31, 2018 . These investments are reported at fair value in the consolidated balance sheets with changes in fair value recorded in accumulated other comprehensive income (loss). The following table shows the amortized cost, unrealized gain/(loss) and fair value of the Company's CMBS investments (dollars in thousands): Amortized Cost Unrealized Gain Unrealized Loss Fair Value December 31, 2019 $ 387,294 $ 1 $ (979 ) $ 386,316 December 31, 2018 $ 26,871 $ — (459 ) $ 26,412 As of December 31, 2019 the Company held 21 CMBS positions with an aggregate carrying value of $387.3 million and an unrealized loss of $1.0 million , of which 2 positions had an unrealized loss for a period greater than twelve months. As of December 31, 2018 , the Company held 2 CMBS positions with an aggregate carrying value of $26.9 million and an unrealized loss of $0.5 million of which no positions had an unrealized loss for a period greater than twelve months. The following table provides information on the amounts of gain/(loss) on the Company's real estate securities, CMBS, available-for-sale (dollars in thousands): Year Ended December 31, 2019 2018 2017 Unrealized gain/(loss) available-for-sale securities $ (978 ) $ (459 ) $ 19 Reclassification of net (gain)/loss on available-for-sale securities included in net income (loss) — — 481 Unrealized gain/(loss) available-for-sale securities, net of reclassification adjustment $ (978 ) $ (459 ) $ 500 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.

Real Estate Owned

Real Estate Owned	12 Months Ended
	Dec. 31, 2019
Banking and Thrift [Abstract]
Real Estate Owned	Real Estate Owned The following table summarizes the Company's real estate asset acquisitions for the twelve months ended December 31, 2019 (dollars in thousands): As of December 31, 2019 Acquisition Date Property Type Primary Location(s) Land Building and Improvements Furniture, Fixtures and Equipment Accumulated Depreciation Real Estate Owned, net August 2019 (1)(2) Hotel Chicago, IL $ — $ 8,110 $ — $ (86 ) $ 8,024 October 2019 (1) Office Jeffersonville, IN 1,887 25,554 — (133 ) 27,309 $ 1,887 $ 33,664 $ — $ (219 ) $ 35,333 ________________________ (1) Refer to Note 2 for the useful life of the above assets (2) Represents assets acquired by the Company by completing a deed-in-lieu of foreclosure transaction Depreciation expense for the twelve months ended December 31, 2019 totaled $0.2 million .

Leases

Leases	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Leases	Leases Operating Right of Use Asset The following table summarizes the Company's operating right of use asset recognized in the consolidated balance sheet for the twelve months ended December 31, 2019 (dollars in thousands): Acquisition Date Property Type Primary Location(s) Operating Right of Use Asset Gross Accumulated Amortization Operating Right of Use Asset, net of Amortization August 2019 Hotel Chicago, IL $ 6,109 $ (130 ) $ 5,979 $ 6,109 $ (130 ) $ 5,979 Operating Lease Liabilities On August 19, 2019, in conjunction with the deed-in-lieu of foreclosure transaction (see Note 3), the Company assumed a non-cancelable ground lease for the land on which the property is located and classified the lease as an operating lease. The ground lease requires monthly rental payments with annual increases of 3% . The initial term of the lease expires in 2067 and can be renewed for a sixty -year period. Rent expense for this operating lease for the twelve months ended December 31, 2019 totaled $0.3 million . The following table summarizes the Company's schedule of minimum future lease payments (dollars in thousands): Minimum Future Lease Payments December 31, 2019 2020 $ 398 2021 410 2022 422 2023 435 2024 448 2025 and beyond 39,438 Total undiscounted lease payments $ 41,551 Less: Amount representing interest (35,415 ) Present value of lease liability $ 6,136 The discount rate used to calculate the lease liability is 9% and the remaining lease term is 47.95 years. Intangible Lease Asset The following table summarizes the Company's intangible lease asset recognized in the consolidated balance sheet for the twelve months ended December 31, 2019 (dollars in thousands): Acquisition Date Property Type Primary Location(s) Intangible Lease Asset Gross Accumulated Amortization Intangible Lease Asset, net of Amortization October 2019 Office Jeffersonville, IN $ 14,509 $ (131 ) $ 14,377 $ 14,509 $ (131 ) $ 14,377 Rental Income On October 15, 2019, the Company purchased an existing triple net lease. The minimum rental amount due under the lease is subject to annual increases of 1.5% . The initial term of the lease expires in 2036 and contains renewal options for four consecutive five -year terms. The remaining lease term is 17.3 years . Rental income for this operating lease for the twelve months ended December 31, 2019 totaled $0.6 million . The following table summarizes the Company's schedule of future minimum rents to be received (dollars in thousands): Minimum Rent December 31, 2019 2020 $ 2,530 2021 2,568 2022 2,607 2023 2,646 2024 2,686 2025 and beyond 36,895 Total minimum rent $ 49,932 Amortization Expense Intangible lease assets are amortized using the straight-line method over the contractual life of the lease, of a period up to 20 years . The weighted average life of intangible assets as of December 31, 2019 is approximately 17.3 years . Amortization expense for the twelve months ended December 31, 2019 totaled $0.2 million . The following table summarizes the Company's expected amortization for intangible assets over the next five years, assuming no further acquisitions or dispositions (dollars in thousands): Amortization Expense December 31, 2019 2020 $ (825 ) 2021 (825 ) 2022 (825 ) 2023 (825 ) 2024 (825 )
Leases	Leases Operating Right of Use Asset The following table summarizes the Company's operating right of use asset recognized in the consolidated balance sheet for the twelve months ended December 31, 2019 (dollars in thousands): Acquisition Date Property Type Primary Location(s) Operating Right of Use Asset Gross Accumulated Amortization Operating Right of Use Asset, net of Amortization August 2019 Hotel Chicago, IL $ 6,109 $ (130 ) $ 5,979 $ 6,109 $ (130 ) $ 5,979 Operating Lease Liabilities On August 19, 2019, in conjunction with the deed-in-lieu of foreclosure transaction (see Note 3), the Company assumed a non-cancelable ground lease for the land on which the property is located and classified the lease as an operating lease. The ground lease requires monthly rental payments with annual increases of 3% . The initial term of the lease expires in 2067 and can be renewed for a sixty -year period. Rent expense for this operating lease for the twelve months ended December 31, 2019 totaled $0.3 million . The following table summarizes the Company's schedule of minimum future lease payments (dollars in thousands): Minimum Future Lease Payments December 31, 2019 2020 $ 398 2021 410 2022 422 2023 435 2024 448 2025 and beyond 39,438 Total undiscounted lease payments $ 41,551 Less: Amount representing interest (35,415 ) Present value of lease liability $ 6,136 The discount rate used to calculate the lease liability is 9% and the remaining lease term is 47.95 years. Intangible Lease Asset The following table summarizes the Company's intangible lease asset recognized in the consolidated balance sheet for the twelve months ended December 31, 2019 (dollars in thousands): Acquisition Date Property Type Primary Location(s) Intangible Lease Asset Gross Accumulated Amortization Intangible Lease Asset, net of Amortization October 2019 Office Jeffersonville, IN $ 14,509 $ (131 ) $ 14,377 $ 14,509 $ (131 ) $ 14,377 Rental Income On October 15, 2019, the Company purchased an existing triple net lease. The minimum rental amount due under the lease is subject to annual increases of 1.5% . The initial term of the lease expires in 2036 and contains renewal options for four consecutive five -year terms. The remaining lease term is 17.3 years . Rental income for this operating lease for the twelve months ended December 31, 2019 totaled $0.6 million . The following table summarizes the Company's schedule of future minimum rents to be received (dollars in thousands): Minimum Rent December 31, 2019 2020 $ 2,530 2021 2,568 2022 2,607 2023 2,646 2024 2,686 2025 and beyond 36,895 Total minimum rent $ 49,932 Amortization Expense Intangible lease assets are amortized using the straight-line method over the contractual life of the lease, of a period up to 20 years . The weighted average life of intangible assets as of December 31, 2019 is approximately 17.3 years . Amortization expense for the twelve months ended December 31, 2019 totaled $0.2 million . The following table summarizes the Company's expected amortization for intangible assets over the next five years, assuming no further acquisitions or dispositions (dollars in thousands): Amortization Expense December 31, 2019 2020 $ (825 ) 2021 (825 ) 2022 (825 ) 2023 (825 ) 2024 (825 )

Debt

Debt	12 Months Ended
	Dec. 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 December 31, 2019 and December 31, 2018 are as follows (dollars in thousands): As of December 31, 2019 Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate Initial Term Maturity JPM Repo Facility (2) $ 300,000 $ 107,526 $ 6,862 4.51 % 1/30/2021 USB Repo Facility (3) 100,000 — 622 N/A 6/15/2020 CS Repo Facility (4) 300,000 87,375 5,563 4.84 % 3/27/2020 WF Repo Facility (5) 175,000 24,942 1,333 3.65 % 11/21/2020 Barclays Revolver Facility (6) 100,000 — 976 N/A 9/20/2021 Barclays Repo Facility (7) 300,000 32,700 1,260 3.80 % 3/15/2022 Total $ 1,275,000 $ 252,543 $ 16,616 ________________________ (1) For the year ended December 31, 2019 . Includes amortization of deferred financing costs. (2) On September 3, 2019, the committed financing amount was downsized from $520 million to $300 million and the maturity date was amended to January 30, 2021. (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) On September 13, 2019, the Company exercised the extension option, and extended the term maturity to September 20, 2021. There is one more one -year extension option available at the Company's discretion. (7) Includes two one -year extensions at the Company's option. As of December 31, 2018 Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate Initial Term Maturity JPM Repo Facility (2) $ 520,000 $ 72,906 $ 7,838 4.55 % 1/30/2020 GS Repo Facility (3) — — 470 N/A 12/27/2018 USB Repo Facility (4) 100,000 — 594 4.71 % 6/15/2020 CS Repo Facility (5) 300,000 76,534 6,594 4.69 % 6/19/2019 WF Repo Facility (6) 175,000 — 86 4.71 % 11/21/2020 Barclays Facility (7) 100,000 — 1,445 6.24 % 9/19/2019 Total $ 1,195,000 $ 149,440 $ 17,027 ________________________ (1) For the year ended December 31, 2018. Includes amortization of deferred financing costs. (2) On January 30, 2018 the committed financing amount was upsized from $ 300 million to $ 520 million and the maturity date was amended to January 30, 2020 . Includes a one -year extension at the Company's option. (3) Matured on December 27, 2018. Committed balance was $250 million prior to maturity. (4) Includes two one -year extensions at the option of an indirect wholly-owned subsidiary of the Company, which may be exercised upon the satisfaction of certain conditions. (5) On July 19, 2018, the committed financing amount was upsized from $ 250 million to $ 300 million . On June 20, 2018, the Company exercised the extension option upon the satisfaction of certain conditions, and extended the term maturity to June 19, 2019. (6) Includes three one -year extensions at the Company’s option, which may be exercised upon the satisfaction of certain conditions. (7) On July 30, 2018, the committed financing amount was upsized from $ 75 million to $ 100 million . Includes a one -year extension at the Company's option. The Company expects to use the advances from the Repo Facilities to finance the acquisition or origination of eligible loans, including first mortgage loans, subordinated mortgage loans, mezzanine loans and participation interests therein. The Repo Facilities generally provide that in the event of a decrease in the value of the Company's collateral, the lenders can demand additional collateral. As of December 31, 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 December 31, 2019 , the City National Financing accrued interest at an annual rate of 4.6% The Company incurred $0.2 million of interest expense on the City National Financing for the year ended December 31, 2019 . On April 10, 2019, the Company terminated the participation agreement with City National Bank and paid off the $ 10.0 million under the participation agreement. Mortgage Note Payable On October 15, 2019, the Company obtained a commercial mortgage loan for $29.2 million related to the real estate owned portfolio. As of December 31, 2019 the loan accrued interest at an annual rate of 3.85% . The Company incurred $0.2 million of interest expense for the year ended December 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 December 31, 2019 and 2018 (dollars in thousands): As of December 31, 2019 Weighted Average Counterparty Amount Outstanding Accrued Interest Collateral Pledged (1) Interest Rate Days to Maturity JP Morgan Securities LLC 83,353 124 93,500 2.53 % 20 Wells Fargo Securities, LLC 178,304 1,199 209,873 2.94 % 11 Barclays Capital Inc. 40,720 221 47,475 2.81 % 23 Citigroup Global Markets, Inc. 91,982 413 103,453 2.69 % 19 Total/Weighted Average 394,359 1,957 454,301 2.79 % 16 As of December 31,2018 Weighted Average Counterparty Amount Outstanding Accrued Interest Collateral Pledged (1) Interest Rate Days to Maturity 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 % 15 ________________________ (1) Includes $68.5 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 as of December 31, 2019 and December 31, 2018 , respectively. Collateralized Loan Obligation On April 15, 2019 , the Company called all of the outstanding notes issued by BSPRT 2017-FL1 Issuer, Ltd., a wholly owned indirect subsidiary of the Company. The outstanding principal of the notes on the date of the call was $45.6 million . The Company recognized all the remaining unamortized deferred financing costs of $4.5 million recorded within the Interest expense line of the consolidated statements of operations, which was a non-cash charge. As of December 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 5 and 12 mortgage assets having a total principal balance of $100.8 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 December 31, 2019 and December 31, 2018 the notes issued by BSPRT 2018-FL3 Issuer, Ltd. and BSPRT 2018-FL3 Co-Issuer, LLC, wholly owned indirect subsidiaries of the Company, are collateralized by interests in a pool of 41 and 41 mortgage assets having a principal balance of $523.2 million and $609.3 million , respectively (the "2018-FL3 Mortgage Assets"). The sale of the 2018-FL3 Mortgage Assets to BSPRT 2018-FL3 Issuer, Ltd. is governed by a Mortgage Asset Purchase Agreement dated as of April 5, 2018, between the Company and BSPRT 2018-FL3 Issuer, Ltd. As of December 31, 2019 and December 31, 2018 the notes issued by BSPRT 2018-FL4 Issuer, Ltd. and BSPRT 2018-FL4 Co-Issuer, LLC, each wholly owned indirect subsidiaries of the Company, are collateralized by interests in a pool of 49 and 41 mortgage assets having a principal balance of $867.9 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 October 12, 2018, between the Company and BSPRT 2018-FL4 Issuer. On May 30, 2019, BSPRT 2019-FL5 Issuer, Ltd. (the “Issuer”) and BSPRT 2019-FL5 Co-Issuer, LLC (the “Co-Issuer”), both wholly owned indirect subsidiaries of the Company, collateralized by interests in a pool of 49 mortgage assets having a principal balance of $810.0 million (the "2019-FL5 Mortgage Assets") entered into an indenture with the OP, as advancing agent, U.S. Bank National Association as note administrator and U.S. Bank National Association as trustee, which governs the issuance of approximately $ 714.8 million principal balance secured floating rate notes (the “Notes”), of which $ 639.9 million were purchased by third party investors and $ 74.9 million purchased by a wholly owned subsidiary of the OP. In addition, concurrently with the issuance of the Notes, the Issuer also issued 95,177 Preferred Shares, par value of $0.001 per share and with an aggregate liquidation preference and notional amount equal to $1,000 per share (the “Preferred Shares”), which were not offered as part of closing the indenture. For U.S. federal income tax purposes, the Issuer and Co-Issuer are disregarded entities. As of December 31, 2019 , the notes issued by BSPRT 2019-FL5 Issuer, Ltd. and BSPRT 2019-FL5 Co-Issuer, LLC, each wholly owned indirect subsidiaries of the Company, are collateralized by interests in a pool of 48 mortgage assets having a principal balance of $ 809.4 million, respectively (the "2019-FL5 Mortgage Assets"). The sale of the 2019-FL5 Mortgage Assets to BSPRT 2019-FL5 Issuer is governed by a Mortgage Asset Purchase Agreement dated as of May 30, 2019, between the Company and BSPRT 2019-FL5 Issuer. The Company, through its wholly-owned subsidiaries, holds the preferred equity tranches of all four of the above CLOs of approximately $305.4 million and $288.8 million as of December 31, 2019 and December 31, 2018 , respectively. The following table represents the terms of the notes issued by the 2017-FL1 Issuer, 2017-FL2 Issuer, 2018-FL3 Issuer, 2018-FL4 Issuer, and 2019-FL5 Issuer (the "CLOs), respectively, as of December 31, 2019 (dollars in thousands): CLO Facility Tranche Par Value Issued Par Value Outstanding (1) Interest Rate Maturity Date 2017-FL2 Issuer Tranche A $ 237,970 $ — 1M LIBOR + 82 10/15/2034 2017-FL2 Issuer Tranche A-S 36,357 — 1M LIBOR + 110 10/15/2034 2017-FL2 Issuer Tranche B 26,441 — 1M LIBOR + 140 10/15/2034 2017-FL2 Issuer Tranche C 25,339 — 1M LIBOR + 215 10/15/2034 2017-FL2 Issuer Tranche D 35,255 21,444 1M LIBOR + 345 10/15/2034 2018-FL3 Issuer Tranche A 286,700 286,700 1M LIBOR + 105 10/15/2034 2018-FL3 Issuer Tranche A-S 77,775 77,775 1M LIBOR + 135 10/15/2034 2018-FL3 Issuer Tranche B 41,175 41,175 1M LIBOR + 165 10/15/2034 2018-FL3 Issuer Tranche C 39,650 39,650 1M LIBOR + 255 10/15/2034 2018-FL3 Issuer Tranche D 42,700 42,700 1M LIBOR + 345 10/15/2034 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 2019-FL5 Issuer Tranche A 407,025 407,025 1M LIBOR + 115 5/15/2029 2019-FL5 Issuer Tranche A-S 76,950 76,950 1M LIBOR + 148 5/15/2029 2019-FL5 Issuer Tranche B 50,000 50,000 1M LIBOR + 140 5/15/2029 2019-FL5 Issuer Tranche C 61,374 61,374 1M LIBOR + 200 5/15/2029 2019-FL5 Issuer Tranche D 48,600 24,300 1M LIBOR + 240 5/15/2029 2019-FL5 Issuer Tranche E 20,250 20,250 1M LIBOR + 285 5/15/2029 $ 2,186,563 $ 1,822,345 ________________________ (1) Excludes $261.4 million of CLO notes, held by the Company, which are eliminated within the collateralized loan obligation line of the consolidated balance sheets as of December 31, 2019 . 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, as of December 31, 2018 (dollars in thousands): CLO Facility Tranche 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 of CLO notes, held by the Company, which are eliminated within the collateralized loan obligation line of the consolidated balance sheets as of December 31, 2018 . The below table reflects the total assets and liabilities of the Company's four CLOs. The CLOs are considered VIEs and are consolidated into the Company's consolidated financial statements as of December 31, 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) December 31, 2019 December 31, 2018 Cash and cash equivalents (1) $ 89,946 $ 74,157 Commercial mortgage loans, held for investment, net (2) 2,294,663 1,921,428 Accrued interest receivable 6,254 6,353 Total Assets $ 2,390,863 $ 2,001,938 Liabilities Notes payable (3)(4) $ 2,064,601 $ 1,712,129 Accrued interest payable 2,576 3,163 Total Liabilities $ 2,067,177 $ 1,715,292 ________________________ (1) Includes $89.3 million and $73.7 million of cash held by the servicer related to CLO loan payoffs as of December 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 December 31, 2019 and December 31, 2018 , respectively. (3) Includes $261.4 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 December 31, 2019 and December 31, 2018 . (4) The balance is presented net of deferred financing cost and discount of $19.2 million and $20.4 million as of December 31, 2019 and December 31, 2018 , respectively.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The Company uses the two-class method in calculating basic and diluted earnings per share. Net income is allocated between our common stock and other participating securities based on their participation rights. 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 for the years ended December 31, 2019 , 2018 and 2017 , respectively (dollars in thousands, except share amounts): Year Ended December 31, Numerator 2019 2018 2017 Net income $ 83,924 $ 52,825 $ 33,779 Less: Preferred stock dividends 15,337 3,644 — Less: Undistributed earnings allocated to preferred stock 1,673 — — Net income attributable to common shareholders (for basic and diluted earnings per share) 66,914 49,181 33,779 Denominator Weighted-average common shares outstanding for basic earnings per share 41,859,142 34,268,707 31,772,231 Effect of dilutive shares: Unvested restricted shares 12,504 14,229 12,658 Weighted-average common shares outstanding for diluted earnings per share 41,871,646 36,779,735 31,784,889 Basic earnings per share $ 1.60 $ 1.44 $ 1.06 Diluted earnings per share $ 1.60 $ 1.44 $ 1.06

Stock Transactions

Stock Transactions	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Stock Transactions	Stock Transactions As of December 31, 2019 and December 31, 2018 , the Company had 43,916,815 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 December 31, 2019 , the Company had $10.7 million outstanding of binding purchase commitments for common stock. As of December 31, 2018 , the Company did not have any outstanding binding purchase commitments for common stock. As of December 31, 2019 and December 31, 2018 , the Company had 40,500 and 29,249 shares of Series A Preferred Stock outstanding, respectively and 1,400 and 0 shares of Series C Preferred Stock outstanding, respectively. As of December 31, 2019 and 2018, the Company did not have any outstanding of binding purchase commitments for Series A or Series C Preferred Stock. The following tables present the activity in the Company's Series A Preferred Stock for the periods ended December 31, 2019 and December 31, 2018 , respectively (dollars in thousands, except share amounts): Series A Preferred Stock Shares Amount Beginning Balance, December 31, 2018 29,249 $ 145,786 Issuance of Preferred Stock 11,247 56,233 Dividends paid in Preferred Stock 4 24 Offering costs — — Amortization of offering costs — 101 Ending Balance, December 31, 2019 40,500 $ 202,144 Shares Amount Beginning Balance, December 31, 2017 — $ — Issuance of Preferred Stock 29,249 146,245 Offering costs — (510 ) Amortization of offering costs — 51 Ending Balance, December 31, 2018 29,249 $ 145,786 The following tables present the activity in the Company's Series C Preferred Stock for the period ended December 31, 2019 , (dollars in thousands, except share amounts): Series C Preferred Stock Shares Amount Beginning Balance, December 31, 2018 — $ — Issuance of Preferred Stock 1,400 6,998 Dividends paid in Preferred Stock — — Offering costs — (33 ) Amortization of offering costs — 1 Ending Balance, December 31, 2019 1,400 $ 6,966 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 years ended December 31, 2019 and December 31, 2018 , the Company declared daily common stock distributions equivalent to 1.44 per annum per share, respectively. For the years ended December 31, 2019 and December 31, 2018 , 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. As of December 31, 2019 and December 31, 2018 , the Company had declared but unpaid common stock distributions of $5.4 million and $4.7 million , respectively. Additionally, as of December 31, 2019 and December 31, 2018 , the Company had declared but unpaid distributions of $1.5 million and $1.1 million for Series A Preferred Stock, respectively and $0.1 million and $0.0 million for Series C Preferred Stock, respectively. These amounts are included in Distributions payable on the Company’s consolidated balance sheets. The Company distributed $59.7 million during the year ended December 31, 2019 , comprised of $45.8 million in cash and $13.9 million in shares of common stock issued under the DRIP. The Company distributed $48.5 million during the year ended December 31, 2018 , comprised of $34.5 million in cash and $14.0 million in shares of common stock issued under the DRIP. 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 $18.57 , as determined by the board of directors, as of September 30, 2019. The Company’s GAAP book value per share as of December 31, 2019 is $18.60 . Repurchase requests related to death or a qualifying disability must satisfy certain conditions, each of which are assessed by and at the sole discretion of the Company, including the following conditions. In the case of death, the shareholder must be a natural person (or a revocable grantor trust) and the Company must receive a written notice from the estate of the shareholder, the recipient of the shares through bequest or inheritance, or the trustee in the case of a revocable grantor trust. In the case of a “qualifying disability”, the shareholder must be a natural person (or a revocable grantor trust) and the Company must receive a written notice from the shareholder, or the trustee in the case of a revocable grantor trust, that the condition was not pre-existing on the date the shares were acquired. In order for a disability to be considered a “qualifying disability”, the shareholder must receive and provide evidence (the shareholder application and the notice of final determination) of disability based upon a physical or mental condition or impairment made by a government agency responsible for reviewing and determining disability retirement benefits (e.g. the Social Security Administration). Repurchases pursuant to the SRP, when requested, generally will be made semiannually (each six-month period ending June 30 or December 31, a “fiscal semester”). Repurchases for any fiscal semester will be limited to a maximum of 2.5% of the weighted average number of shares of common stock outstanding during the previous fiscal year, with a maximum for any fiscal year of 5.0% of the weighted average number of shares of common stock outstanding during the previous fiscal year. Funding for repurchases pursuant to the SRP for any given fiscal semester will be limited to proceeds received during that same fiscal semester through the issuance of common stock pursuant to any DRIP in effect from time to time, provided that the Company's board of directors has the power, in its sole discretion, to determine the amount of shares repurchased during any fiscal semester as well as the amount of funds to be used for that purpose. Any repurchase requests received during such fiscal semester will be paid at the price, computed as described above on the last day of such fiscal semester. Due to these limitations, the Company cannot guarantee that the Company will be able to accommodate all repurchase requests made during any fiscal semester or fiscal year. However, a stockholder may withdraw its request at any time or ask that the Company honors the request when funds are available. Pending repurchase requests will be honored on a pro rata basis. The Company will generally pay repurchase proceeds, less any applicable tax or other withholding required by law, by the 31st day following the end of the fiscal semester during which the repurchase request was made. When a stockholder requests redemption and the redemption is approved, the Company will reclassify such obligation from equity to a liability based on the settlement value of the obligation. Shares repurchased under the SRP will have the status of authorized but unissued shares. The following table reflects the number of shares repurchased under the SRP cumulatively through December 31, 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 April 1 - April 30, 2019 — — N/A May 1 - May 31, 2019 — — N/A June 1 - June 30, 2019 — — N/A July 1 - July 31, 2019 (2) 1,188 354,323 18.65 August 1 - August 31, 2019 — — N/A September 1 - September 30, 2019 — — N/A October 1 - October 31, 2019 — — N/A November 1 - November 30, 2019 — — N/A December 1 - December 31, 2019 — — N/A Cumulative as of December 31, 2019 5,878 3,542,267 $ 20.23 ________________________ (1) Reflects shares repurchased in January 2019 pursuant to repurchase requests submitted for the fiscal semester ended December 31, 2018. (2) Reflects shares repurchased in July 2019 pursuant to repurchase requests submitted for the fiscal semester ended June 30, 2019. Pursuant to the terms of the SRP, the Board only authorized repurchases up to the amount of proceeds reinvested through our DRIP. As a result, redemption requests for this semester in the amount of 1,934,369 shares were not fulfilled.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Unfunded Commitments Under Commercial Mortgage Loans As of December 31, 2019 and 2018 , the Company had the below unfunded commitments to the Company's borrowers (dollars in thousands): Funding Expiration December 31, 2019 December 31, 2018 2019 — 34,667 2020 90,519 176,760 2021 100,861 106,940 2022 56,863 — 2023 8,637 — 2024 5,450 — 2025 and beyond — — 262,330 318,367 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	12 Months Ended
	Dec. 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 stockholders' 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 years ended December 31, 2019 , 2018 and 2017 and the associated payable as of December 31, 2019 and 2018 (dollars in thousands): Year Ended December 31, Payable as of December 31, 2019 2018 2017 2019 2018 Acquisition fees and acquisition expenses (1) $ 900 $ 452 $ 4,197 $ 225 $ 1 Administrative services expenses 16,363 13,446 6,765 1,238 1,224 Asset management and subordinated performance fee 16,226 10,299 9,273 3,326 1,072 Other related party expenses (2) 1,610 1,259 394 — 932 Total related party fees and reimbursements $ 35,099 $ 25,456 $ 20,629 $ 4,789 $ 3,229 ________________________ (1) Total acquisition fees and expenses paid during the years ended December 31, 2019 , 2018 and 2017 were $8.4 million , $ 8.1 million and $ 10.2 million respectively, of which $7.5 million , $ 7.6 million and $ 6.0 million were capitalized within the commercial mortgage loans, held for investment line of the consolidated balance sheets for years ended December 31, 2019 , 2018 and 2017 . (2) These are primarily related to reimbursable costs incurred related to the increase in loan origination activities. These amounts are included in Other expenses in the Company's consolidated statements of operations. The payables as of December 31, 2019 and 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 9 - 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”), as well as members of the Company's board of directors, have acquired common stock and Series A preferred stock in these private placements on substantially the same terms applying to purchases by third party accredited investors unaffiliated with the Company or the Advisor. The Manager Investors acquired an aggregate of $2.4 million of common stock in these private placements during the year ended December 31, 2019. During the year ended December 31, 2019, each independent member of the Company's board of directors acquired 5,984 shares of common stock in these private placements for an aggregate purchase price of $0.4 million . 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 principal, with carrying value of $3.9 million , of these commercial mortgage loans are recorded in commercial mortgage loans, held-for-investment, on the consolidated balance sheet as of December 31, 2019 .

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation Restricted Share Plan The Company has an employee and director incentive restricted share plan (the "RSP"), which provides the Company with the ability to grant awards of restricted shares to the Company’s directors, officers and employees (if the Company ever has employees), employees of the Advisor and its affiliates, employees of entities that provide services to the Company, directors of the Advisor or of entities that provide services to the Company, the Advisor and its affiliates. The total number of common shares granted under the RSP shall not exceed 5.0% of the Company’s authorized common shares pursuant to the Offering, and in any event, will not exceed 4.0 million shares (as such number may be adjusted for stock splits, stock distributions, combinations and similar events). Restricted share awards entitle the recipient to receive common shares from the Company under terms that provide for vesting over a specified period of time or upon attainment of pre-established performance objectives. Such awards would typically be forfeited with respect to the unvested shares upon the termination of the recipient’s employment or other relationship with the Company. Restricted shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. Holders of restricted shares may receive cash distributions prior to the time that the restrictions on the restricted shares have lapsed. Any distributions payable in common shares shall be subject to the same restrictions as the underlying restricted shares. The fair value of the restricted share awards are expensed over the vesting period. As of December 31, 2019 , the Company had granted 34,106 restricted shares to its independent directors, of which 5,333 were forfeited and 20,207 have vested, leaving a balance of 8,566 unvested restricted shares. As of December 31, 2018 , the Company had granted 31,970 restricted shares to its independent directors, of which 5,333 were forfeited and 12,935 have vested, leaving a balance of 13,702 unvested restricted shares. The compensation expense associated with the restricted share grants was $0.2 million , $0.2 million and $0.1 million , for the years ended December 31, 2019 , 2018 and 2017 , respectively and are included within Other expenses line on the consolidated statements of operations.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 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 is recorded in real estate securities, available for sale, measured at fair value on the consolidated balance sheets, are valued utilizing both observable and unobservable market inputs. These factors include projected future cash flows, ratings, subordination levels, vintage, remaining lives, credit issues, and recent trades of similar real estate securities. Depending upon the significance of the fair value inputs used in determining these fair values, these real estate securities are classified in either Level II or Level III of the fair value hierarchy. As of December 31, 2019 , the Company obtained third party pricing for determining the fair value of each CMBS investment, which resulted in a Level II classification. As of December 31, 2018 , the Company classified the real estate securities, available for sale, measured at fair value 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 six transfers out of Level III of the fair value hierarchy during the year ended December 31, 2019 . The following table presents the Company's financial instruments carried at fair value on a recurring basis in the consolidated balance sheets by its level in the fair value hierarchy as of December 31, 2019 and December 31, 2018 (dollars in thousands): Total Level I Level II Level III December 31, 2019 Assets, at fair value Real estate securities, available for sale, measured at fair value $ 386,316 $ — $ 386,316 $ — Commercial mortgage loans, held-for-sale, measured at fair value 112,562 — — 112,562 Other real estate investments, measured at fair value 2,557 — — 2,557 Credit default swaps 59 — 59 — Interest rate swaps 325 — 325 — Treasury note futures 735 735 — — Total assets, at fair value $ 502,554 $ 735 $ 386,700 $ 115,119 Liabilities at FV Credit default swaps $ 1,581 $ — $ 1,581 $ — Total liabilities, at fair value 1,581 — 1,581 — December 31, 2018 Assets, at fair value Real estate securities, available for sale, measured at fair value $ 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 December 31, 2019 and December 31, 2018 (dollars in thousands). Asset Category Fair Value Valuation Methodologies Unobservable Inputs (1) Weighted Average (2) Range December 31, 2019 Commercial mortgage loans, held-for-sale, measured at fair value $ 112,562 Discounted Cash Flow Yield 4.9% 4.7% - 5.2% Other real estate investments, measured at fair value 2,557 Discounted Cash Flow Yield 12.4% 11.4% - 13.4% December 31, 2018 Commercial mortgage loans, held-for-sale, measured at fair value $ 76,863 Discounted Cash Flow Yield 6.3% 4.7% - 11.3% Real estate securities, available for sale, measured at fair value 26,412 Broker Quotes Yield 5.5% 4.0% - 6.0% ________________________ (1) In determining certain inputs, the Company evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company specific developments including exit strategies and realization opportunities. The Company has determined that market participants would take these inputs into account when valuing the investments. (2) Inputs were weighted based on the fair value of the investments included in the range. Increases or decreases in any of the above unobservable inputs in isolation would result in a lower or higher fair value measurement for such assets. The following table presents additional information about the Company’s financial instruments which are measured at fair value on a recurring basis as of December 31, 2019 and December 31, 2018 for which the Company has used Level III inputs to determine fair value (dollars in thousands): December 31, 2019 Commercial mortgage loans, held-for-sale, measured at fair value Real estate securities, available for sale, measured at fair value Other real estate investments, measured at fair value Beginning balance, January 1, 2019 $ 76,863 $ 26,412 $ — Transfers into Level III — — — Total realized and unrealized gain (loss) included in earnings: Realized gain (loss) on sale of real estate securities — — — Realized gain (loss) on sale of commercial mortgage loan held-for-sale 37,832 — — Unrealized gain (loss) on commercial mortgage loans held-for-sale and other real estate investments 312 — 47 Net accretion — — — Unrealized gain (loss) included in OCI (1) — — — Purchases 1,015,677 — 2,510 Sales / paydowns (1,008,050 ) — — Cash repayments / receipts — — — Transfers out of Level III (10,072 ) (26,412 ) — December 31, 2019 balance $ 112,562 $ — $ 2,557 December 31, 2018 Commercial mortgage loans, held-for-sale, measured at fair value Real estate securities, available for sale, measured at fair value Other real estate investments, measured at fair value Beginning balance, January 1, 2018 $ 28,531 $ — $ — Transfers into Level III — — — Total realized and unrealized gain (loss) included in earnings: Realized gain (loss) on sale of real estate securities — (107 ) — Realized gain (loss) on sale of commercial mortgage loan held-for-sale 11,288 — — Unrealized gain (loss) on commercial mortgage loans held-for-sale and other real estate investments (237 ) — — Net Accretion — (76 ) — Unrealized gains (losses) included in OCI (1) — (459 ) — Purchases 617,916 39,510 — Sales / paydowns (580,635 ) (12,456 ) — Cash repayments / receipts — — — Transfers out of Level III — — — December 31, 2018 balance $ 76,863 $ 26,412 $ — ________________________ (1) Unrealized losses included in Other comprehensive income ("OCI") are attributable to assets held at December 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 December 31, 2019 and 2018 (dollars in thousands) Level Carrying Amount Fair Value December 31, 2019 Commercial mortgage loans, held-for-investment (1) Asset III $ 2,762,963 $ 2,784,650 Collateralized loan obligation Liability III 1,803,185 1,822,386 Mortgage note payable Liability III 29,167 29,167 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 $0.9 million and $4.8 million of allowance for loan losses as of December 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. At December 31, 2019 , the Mortgage note payable was initially recorded at transaction proceeds, which are considered to be the best initial estimate of fair value.

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 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 December 31, 2019 , the net premiums received on derivative instrument assets were $5.7 million . The following derivative instruments were outstanding as of December 31, 2019 and December 31, 2018 (dollars in thousands) Fair Value Contract type Notional Assets Liabilities As of December 31, 2019 Credit default swaps $ 94,300 $ 59 $ 1,581 Interest rate swaps 42,546 325 — Treasury note futures 74,000 735 — Total $ 210,846 $ 1,119 $ 1,581 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 gains and losses on derivatives, by primary underlying risk exposure, as included in loss on derivative instruments in the consolidated statements of operations for year ended December 31, 2019 and December 31, 2018 : Year Ended December 31, 2019 Year Ended December 31, 2018 Contract type Unrealized (Gain)/Loss Realized (Gain)/Loss Unrealized (Gain)/Loss Realized (Gain)/Loss Credit default swaps $ 456 $ 2,230 $ (139 ) $ (229 ) Interest rate swaps (380 ) (269 ) 351 136 Treasury note futures (1,798 ) 1,962 1,162 (1,734 ) Options — 401 — — Total $ (1,722 ) $ 4,324 $ 1,374 $ (1,827 )

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	12 Months Ended
	Dec. 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 December 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 (1) Net Amount December 31, 2019 Derivative instruments, at fair value $ 1,119 $ — $ 1,119 $ — $ 10,895 $ — 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 December 31, 2019 Repurchase agreements, commercial mortgage loans $ 252,543 $ — $ 252,543 $ 394,229 $ 5,011 $ — Repurchase agreements, real estate securities 394,359 — 394,359 455,301 1,657 — Derivative instruments, at fair value 1,581 — 1,581 — 3,679 — 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	12 Months Ended
	Dec. 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 real estate owned business represents real estate acquired by the Company through foreclosure, deed in lieu of foreclosure, or purchase. The following table represents the Company's operations by segment for the years ended December 31, 2019 , December 31, 2018 and December 31, 2017 (dollars in thousands): December 31, 2019 Total Real Estate Debt and Other Real Estate Real Estate Securities TRS Real Estate Owned Interest income $ 195,299 $ 181,434 $ 6,149 $ 7,716 $ — Revenue from real estate owned 3,169 — — — 3,169 Interest expense 90,418 83,597 2,911 3,670 240 Net income 83,924 61,936 3,238 19,130 (380 ) Total assets as of December 31, 2019 3,540,620 2,964,233 388,170 131,193 57,024 December 31, 2018 Interest income $ 152,288 $ 144,967 $ 717 $ 6,604 $ — Interest expense 70,000 65,521 770 3,709 — Net income 52,825 50,041 (160 ) 2,944 — Total assets as of December 31, 2018 2,606,078 2,492,440 26,474 87,164 — December 31, 2017 Interest income $ 89,564 $ 87,014 $ 1,351 $ 1,199 $ — Interest expense 32,359 30,407 1,254 698 — Net income 33,779 33,184 269 326 — Total assets as of December 31, 2017 1,583,661 1,517,021 389 66,251 — For the purposes of the table above, any expenses not associated with a specific segment have been allocated to the business segments using a percentage derived by using the sum of commercial mortgage loans originated during the year as the denominator and commercial mortgage loans, net and commercial mortgage loans, held-for-sale, measured at fair value as numerator.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company has conducted its operations to qualify as a REIT for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2013. As a REIT, if the Company meets certain organizational and operational requirements and distributes at least 90% of its "REIT taxable income" (determined before the deduction of dividends paid and excluding net capital gains) to its stockholders in a year, it will not be subject to U.S. federal income tax to the extent of the income that it distributes. However, even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on income in addition to U.S. federal income and excise taxes on its undistributed income. The Company, through its TRS, is indirectly subject to U.S. federal, state and local income taxes. The Company’s TRS is not consolidated for U.S. federal income tax purposes, but is instead taxed as a C corporation. For financial reporting purposes, the TRS is consolidated and a provision for current and deferred taxes is established for the portion of earnings recognized by the Company with respect to its interest in its TRS. Total income tax expense for the year ended December 31, 2019 , December 31, 2018 and December 31, 2017 were $4.5 million , $0.1 million and $0.2 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. Components of the provision for income taxes consist of the following (dollars in thousands): Years Ended December 31, 2019 2018 2017 Current expense (benefit) U.S. Federal $ 4,076 $ 68 $ 140 State and local 397 12 61 Total current expense (benefit) 4,473 80 201 Deferred expense (benefit) U.S. Federal $ 10 $ (1 ) $ 18 State and local — — 6 Total deferred expense (benefit) 10 (1 ) 24 Provision for income tax expense (benefit) $ 4,483 $ 79 $ 225 The tax characteristic of $1.44 distributions per common share declared during 2019 was $1.20 ordinary income and $0.24 return of capital. Of the $1.20 of ordinary income, $1.20 represents the amount of the ordinary dividend that may be eligible for the 20% deduction applicable to qualified REIT dividends under Internal Revenue Code Section 199A. The tax characteristics of $430.88 per share of Series A Preferred stock declared during 2019 was all ordinary income. Of the $430.88 of ordinary income, $430.88 represents the amount of the ordinary dividend that may be eligible for the 20% deduction applicable to qualified REIT dividends under Section 199A. The tax characteristics of $35.41 per share of Series C Preferred stock declared during 2019 was all ordinary income. Of the $35.41 of ordinary income, $35.41 represents the amount of the ordinary dividend that may be eligible for the 20% deduction applicable to qualified REIT dividends under Section 199A. The tax characteristics of the $1.44 distributions per common share declared during 2018 was $1.43 ordinary income and $0.01 return of capital. The tax characteristics of the $216.03 distributions per share of Series A Preferred stock declared during 2018 was all ordinary income. The Company utilizes the TRS to reduce the impact of the prohibited transaction tax and to avoid penalty for the holding of assets not qualifying as real estate assets for purposes of the REIT asset tests. Any income associated with a TRS is fully taxable because the TRS is subject to federal and state income taxes as a domestic C corporation based upon its net income. Enacted on December 22, 2017, the recently passed Tax Cuts and Jobs Act ("TCJA") made many significant changes to the U.S. federal income tax laws applicable to businesses and their owners, including REITs and their stockholders, and may lessen the relative competitive advantage of operating as a REIT rather than as a C corporation. Pursuant to this legislation, as of January 1, 2018, (1) the federal income tax rate applicable to corporations is reduced to 21% , (2) the highest marginal individual income tax rate is reduced to 37% (through taxable years ending in 2025), (3) the corporate alternative minimum tax is repealed, and (4) the backup withholding rate for U.S. stockholders is reduced to 24% . Generally, under the new interest expense limitation rules, the Company’s business interest expense deduction cannot exceed the sum of business interest income, 30% of adjusted taxable income (cannot be less than zero), and any floor plan financing interest expense for the taxable year. The Company completed its assessment of the income tax provisions of the sections of the TCJA that were effective for the year ended December 31, 2019 , and there were no material amounts recorded.

Summary of Quarterly Results of

Summary of Quarterly Results of Operations (Unaudited)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Summary of Quarterly Results of Operations (Unaudited)	Summary of Quarterly Results of Operations (Unaudited) The following is a summary of the unaudited quarterly results of operations for the years ended December 31, 2019 , 2018 and 2017 (dollars in thousands, except per share data): March 31 June 30 September 30 December 31 2019 Net interest income $ 26,145 $ 22,356 $ 29,349 $ 27,031 Net income applicable to common stock 16,108 11,036 20,460 19,310 Net income 19,890 14,526 25,913 23,595 Basic net income per share $ 0.40 $ 0.27 $ 0.48 $ 0.44 Diluted net income per share $ 0.40 $ 0.27 $ 0.48 $ 0.44 Basic weighted average shares outstanding 39,798,215 41,226,805 42,795,038 43,549,406 Diluted weighted average shares outstanding 39,811,304 41,239,548 42,807,773 43,560,937 2018 Net interest income $ 10,734 $ 19,738 $ 25,823 $ 25,993 Net income applicable to common stock 5,296 12,086 17,745 14,054 Net income 5,296 12,102 19,000 16,427 Basic net income per share $ 0.17 $ 0.38 $ 0.49 $ 0.37 Diluted net income per share $ 0.17 $ 0.38 $ 0.49 $ 0.37 Basic weighted average shares outstanding 31,670,518 31,762,199 35,468,648 38,088,364 Diluted weighted average shares outstanding 31,684,832 31,820,527 38,942,428 44,504,418 2017 Net interest income $ 13,451 $ 13,126 $ 13,350 $ 17,278 Net income applicable to common stock 6,049 6,281 6,975 14,474 Net income 6,049 6,281 6,975 14,474 Basic net income per share $ 0.19 $ 0.20 $ 0.22 $ 0.46 Diluted net income per share $ 0.19 $ 0.20 $ 0.22 $ 0.46 Basic weighted average shares outstanding 31,740,256 31,850,897 31,741,679 34,754,734 Diluted weighted average shares outstanding 31,750,045 31,860,444 31,756,503 31,769,048 Basic and diluted earnings per share are computed independently based on the weighted-average shares of common stock and restricted shares outstanding for each period. Accordingly, the sum of the quarterly earnings per share amounts may not agree to the total for the year.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K . Private Placements Subsequent to December 31, 2019 , the Company sold an additional $10.9 million of common stock at $16.71 per share and $0.1 million of Series A Preferred Stock at $5,000 per share plus accrued dividends to accredited investors.

Schedule IV - Mortgage Loans o

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE December 31, 2019 (Dollars in thousands) Description Property Type Face Amount Carrying Amount Interest Rate Payment Terms Maturity Date Senior Debt 1 Retail $ 9,450 $ 9,450 1 month LIBOR + 4.50% Interest Only 9/9/2020 Senior Debt 2 Office 10,699 10,699 1 month LIBOR + 4.65% Interest Only 6/9/2020 Senior Debt 3 Industrial 33,655 33,655 1 month LIBOR + 4.00% Interest Only 11/9/2020 Senior Debt 4 Mixed Use 12,952 12,952 1 month LIBOR + 5.00% Interest Only 4/9/2020 Senior Debt 5 Office 14,080 14,066 1 month LIBOR + 4.45% Interest Only 9/9/2020 Senior Debt 6 Office 10,533 10,533 1 month LIBOR + 6.00% Amortizing Balloon 10/9/2020 Senior Debt 7 Multifamily 38,248 38,249 1 month LIBOR + 3.35% Amortizing Balloon 1/9/2022 Senior Debt 8 Office 27,662 27,662 1 month LIBOR + 4.15% Amortizing Balloon 10/9/2020 Senior Debt 9 Multifamily 34,875 34,875 1 month LIBOR + 3.75% Interest Only 11/9/2020 Senior Debt 10 Hospitality 10,599 10,569 1 month LIBOR + 5.00% Interest Only 11/9/2020 Senior Debt 11 Hospitality 5,930 5,930 1 month LIBOR + 3.50% Amortizing Balloon 12/9/2021 Senior Debt 12 Multifamily 18,985 18,983 1 month LIBOR + 3.62% Interest Only 4/9/2020 Senior Debt 13 Hospitality 57,075 57,075 1 month LIBOR + 5.19% Interest Only 6/9/2019 Senior Debt 14 Multifamily 58,590 58,117 1 month LIBOR + 4.50% Interest Only 12/31/2021 Senior Debt 15 Hospitality 10,250 10,221 1 month LIBOR + 5.25% Interest Only 2/9/2021 Senior Debt 16 Hospitality 23,000 22,890 1 month LIBOR + 4.41% Interest Only 1/9/2021 Senior Debt 17 Multifamily 19,280 19,273 1 month LIBOR + 3.60% Interest Only 2/9/2020 Senior Debt 18 Multifamily 12,155 12,151 1 month LIBOR + 3.30% Interest Only 2/9/2020 Senior Debt 19 Office 24,426 24,429 1 month LIBOR + 4.65% Interest Only 2/9/2020 Senior Debt 20 Hospitality 21,000 20,951 1 month LIBOR + 4.00% Interest Only 2/9/2021 Senior Debt 21 Office 20,340 20,326 1 month LIBOR + 3.70% Interest Only 3/9/2020 Senior Debt 22 Multifamily 20,741 20,671 1 month LIBOR + 4.25% Interest Only 3/9/2021 Senior Debt 23 Multifamily 42,000 41,907 1 month LIBOR + 3.70% Interest Only 3/9/2021 Senior Debt 24 Hospitality 19,975 19,958 1 month LIBOR + 4.95% Interest Only 4/9/2020 Senior Debt 25 Hospitality 27,541 27,460 1 month LIBOR + 4.00% Interest Only 4/9/2021 Senior Debt 26 Hospitality 21,495 21,438 1 month LIBOR + 4.40% Interest Only 4/9/2021 Senior Debt 27 Multifamily 33,663 33,624 1 month LIBOR + 3.00% Interest Only 5/9/2021 Senior Debt 28 Self Storage 4,120 4,110 1 month LIBOR + 4.05% Interest Only 5/9/2021 Senior Debt 29 Self Storage 6,496 6,480 1 month LIBOR + 4.05% Interest Only 5/9/2021 Senior Debt 30 Self Storage 7,606 7,585 1 month LIBOR + 5.05% Interest Only 5/9/2021 Senior Debt 31 Multifamily 90,499 90,322 1 month LIBOR + 3.50% Interest Only 6/9/2020 Senior Debt 32 Self Storage 2,400 2,392 1 month LIBOR + 4.05% Interest Only 6/9/2021 Senior Debt 33 Self Storage 6,310 6,293 1 month LIBOR + 5.05% Interest Only 6/9/2021 Senior Debt 34 Multifamily 22,775 22,698 1 month LIBOR + 3.15% Interest Only 6/9/2021 Senior Debt 35 Multifamily 11,590 11,572 1 month LIBOR + 3.75% Interest Only 7/9/2020 Senior Debt 36 Multifamily 66,000 65,768 1 month LIBOR + 3.75% Interest Only 8/9/2020 Senior Debt 37 Multifamily 17,250 17,222 1 month LIBOR + 3.95% Interest Only 7/9/2020 Senior Debt 38 Hospitality 22,355 22,291 1 month LIBOR + 4.00% Interest Only 7/9/2021 Senior Debt 39 Hospitality 34,000 33,939 1 month LIBOR + 4.50% Interest Only 8/9/2020 Senior Debt 40 Mixed Use 45,856 45,874 1 month LIBOR + 4.87% Interest Only 7/9/2020 Description Property Type Face Amount Carrying Amount Interest Rate Payment Terms Maturity Date Senior Debt 41 Multifamily 12,007 11,994 1 month LIBOR + 3.50% Interest Only 8/9/2020 Senior Debt 42 Multifamily 18,000 17,965 1 month LIBOR + 3.30% Interest Only 9/9/2020 Senior Debt 43 Office 20,900 20,855 1 month LIBOR + 3.75% Interest Only 9/9/2020 Senior Debt 44 Office 50,000 49,984 1 month LIBOR + 4.23% Interest Only 3/9/2020 Senior Debt 45 Self Storage 6,600 6,592 1 month LIBOR + 6.00% Interest Only 9/9/2020 Senior Debt 46 Multifamily 7,250 7,237 1 month LIBOR + 4.00% Interest Only 9/9/2020 Senior Debt 47 Multifamily 115,069 114,809 1 month LIBOR + 3.10% Interest Only 9/9/2020 Senior Debt 48 Office 13,298 13,267 1 month LIBOR + 3.40% Amortizing Balloon 9/9/2020 Senior Debt 49 Retail 29,500 29,401 6.25% Interest Only 9/9/2023 Senior Debt 50 Multifamily 25,500 25,505 1 month LIBOR + 3.50% Interest Only 4/9/2020 Senior Debt 51 Self Storage 12,125 12,088 1 month LIBOR + 5.50% Interest Only 10/9/2020 Senior Debt 52 Office 37,550 37,464 1 month LIBOR + 3.74% Interest Only 10/9/2020 Senior Debt 53 Multifamily 15,045 15,016 1 month LIBOR + 3.15% Interest Only 11/9/2020 Senior Debt 54 Multifamily 21,276 21,227 1 month LIBOR + 3.40% Interest Only 11/9/2020 Senior Debt 55 Multifamily 29,900 29,834 1 month LIBOR + 3.35% Interest Only 11/9/2020 Senior Debt 56 Multifamily 38,928 38,821 1 month LIBOR + 3.10% Interest Only 12/9/2020 Senior Debt 57 Self Storage 17,400 17,358 1 month LIBOR + 4.00% Interest Only 11/9/2020 Senior Debt 58 Multifamily 10,020 9,986 1 month LIBOR + 3.45% Interest Only 12/9/2021 Senior Debt 59 Multifamily 73,620 73,322 1 month LIBOR + 3.45% Interest Only 12/9/2021 Senior Debt 60 Land 16,400 16,359 1 month LIBOR + 6.00% Interest Only 12/11/2020 Senior Debt 61 Hospitality 8,628 8,597 1 month LIBOR + 4.80% Amortizing Balloon 1/9/2022 Senior Debt 62 Retail 14,500 14,434 1 month LIBOR + 4.75% Interest Only 1/9/2021 Senior Debt 63 Industrial 11,358 11,312 1 month LIBOR + 3.95% Interest Only 1/9/2021 Senior Debt 64 Multifamily 87,700 88,002 1 month LIBOR + 2.99% Interest Only 1/9/2022 Senior Debt 65 Multifamily 48,500 48,388 1 month LIBOR + 3.75% Interest Only 1/9/2021 Senior Debt 66 Multifamily 31,906 31,844 1 month LIBOR + 3.25% Interest Only 2/9/2021 Senior Debt 67 Multifamily 52,031 51,773 1 month LIBOR + 5.20% Interest Only 8/9/2021 Senior Debt 68 Office 7,200 7,179 1 month LIBOR + 3.90% Interest Only 2/9/2021 Senior Debt 69 Hospitality 10,000 9,976 1 month LIBOR + 4.95% Interest Only 9/9/2020 Senior Debt 70 Manufactured Housing 8,356 8,307 1 month LIBOR + 3.90% Interest Only 3/9/2022 Senior Debt 71 Self Storage 4,710 4,703 1 month LIBOR + 5.00% Interest Only 4/9/2020 Senior Debt 72 Hospitality 7,620 7,552 1 month LIBOR + 3.44% Interest Only 4/9/2021 Senior Debt 73 Retail 14,250 14,294 1 month LIBOR + 3.95% Interest Only 4/9/2021 Senior Debt 74 Hospitality 21,000 20,928 1 month LIBOR + 4.14% Interest Only 5/9/2021 Senior Debt 75 Office 21,850 21,848 1 month LIBOR + 4.25% Interest Only 7/9/2020 Senior Debt 76 Multifamily 23,750 23,678 1 month LIBOR + 3.10% Interest Only 5/9/2022 Senior Debt 77 Multifamily 36,250 36,145 1 month LIBOR + 3.10% Interest Only 5/9/2022 Senior Debt 78 Retail 13,400 13,360 1 month LIBOR + 4.00% Interest Only 11/9/2020 Senior Debt 79 Office 41,293 41,104 1 month LIBOR + 3.50% Interest Only 5/9/2022 Senior Debt 80 Retail 8,500 8,473 1 month LIBOR + 5.00% Interest Only 12/9/2020 Senior Debt 81 Hospitality 8,180 8,126 1 month LIBOR + 4.50% Interest Only 6/9/2022 Senior Debt 82 Multifamily 18,100 18,091 1 month LIBOR + 3.40% Interest Only 6/9/2021 Senior Debt 83 Multifamily 28,250 28,236 1 month LIBOR + 3.40% Interest Only 6/9/2021 Senior Debt 84 Hospitality 19,900 19,817 1 month LIBOR + 3.48% Interest Only 6/9/2022 Senior Debt 85 Multifamily 18,553 18,469 1 month LIBOR + 3.10% Interest Only 6/9/2022 Description Property Type Face Amount Carrying Amount Interest Rate Payment Terms Maturity Date Senior Debt 86 Office 25,900 25,623 1 month LIBOR + 3.77% Interest Only 6/9/2022 Senior Debt 87 Hospitality 16,527 16,404 1 month LIBOR + 3.75% Interest Only 8/9/2022 Senior Debt 88 Hospitality 15,500 15,428 1 month LIBOR + 4.00% Interest Only 10/9/2022 Senior Debt 89 Hospitality 5,250 5,229 1 month LIBOR + 4.25% Interest Only 7/9/2021 Senior Debt 90 Hospitality 11,977 11,911 1 month LIBOR + 4.45% Interest Only 8/9/2022 Senior Debt 91 Multifamily 20,900 20,899 1 month LIBOR + 3.50% Interest Only 8/9/2020 Senior Debt 92 Hospitality 9,000 8,948 1 month LIBOR + 4.50% Interest Only 8/9/2021 Senior Debt 93 Multifamily 42,900 42,830 1 month LIBOR + 2.80% Interest Only 8/9/2021 Senior Debt 94 Retail 9,400 9,356 1 month LIBOR + 4.20% Interest Only 9/9/2022 Senior Debt 95 Manufactured Housing 12,200 12,142 1 month LIBOR + 3.65% Interest Only 10/9/2022 Senior Debt 96 Manufactured Housing 24,100 23,989 1 month LIBOR + 3.65% Interest Only 9/9/2022 Senior Debt 97 Multifamily 4,452 3,906 5.53% Amortizing Balloon 2/6/2027 Senior Debt 98 Multifamily 23,115 23,005 1 month LIBOR + 2.65% Interest Only 9/9/2021 Senior Debt 99 Office 29,750 29,643 1 month LIBOR + 3.35% Interest Only 9/9/2022 Senior Debt 100 Hospitality 34,914 34,752 1 month LIBOR + 3.99% Amortizing Balloon 11/9/2021 Senior Debt 101 Multifamily 11,490 11,413 1 month LIBOR + 2.65% Interest Only 11/9/2022 Senior Debt 102 Multifamily 34,733 34,604 1 month LIBOR + 2.75% Interest Only 11/9/2023 Senior Debt 103 Industrial 51,500 51,093 1 month LIBOR + 3.75% Interest Only 12/9/2021 Senior Debt 104 Office 21,825 21,682 1 month LIBOR + 3.50% Interest Only 12/9/2022 Senior Debt 105 Hospitality 7,100 7,064 1 month LIBOR + 4.00% Interest Only 12/9/2022 Senior Debt 106 Industrial 22,230 22,104 1 month LIBOR + 3.55% Interest Only 12/9/2023 Senior Debt 107 Multifamily 19,575 19,477 1 month LIBOR + 2.75% Interest Only 12/9/2022 Senior Debt 108 Multifamily 16,100 16,103 1 month LIBOR + 3.75% Interest Only 12/9/2020 Senior Debt 109 Multifamily 26,000 25,854 1 month LIBOR + 3.15% Interest Only 12/9/2022 Senior Debt 110 Retail 9,120 9,122 1 month LIBOR + 5.25% Interest Only 8/9/2020 Senior Debt 111 Multifamily 25,320 25,230 1 month LIBOR + 2.70% Interest Only 12/9/2022 Senior Debt 112 Multifamily 7,150 7,088 1 month LIBOR + 4.75% Interest Only 12/9/2022 Senior Debt 113 Multifamily 25,000 24,874 1 month LIBOR + 3.00% Interest Only 1/7/2022 Senior Debt 114 Multifamily 8,550 8,497 1 month LIBOR + 2.80% Interest Only 1/9/2023 Senior Debt 115 Office 27,500 27,308 1 month LIBOR + 5.50% Interest Only 1/9/2024 Senior Debt 116 Hospitality 17,746 17,367 5.75% Amortizing Balloon 10/6/2021 Mezzanine Loan 1 Multifamily 3,480 3,490 9.50% Interest Only 7/1/2024 Mezzanine Loan 2 Office 9,966 9,639 10.00% Amortizing Balloon 9/6/2024 Mezzanine Loan 3 Multifamily 22,800 22,880 1 month LIBOR + 8.01% Interest Only 1/9/2022 Mezzanine Loan 4 Retail 3,500 3,501 10.00% Interest Only 2/6/2029 Mezzanine Loan 5 Multifamily 1,100 1,122 11.01% Interest Only 12/6/2028 Mezzanine Loan 6 Multifamily 1,000 1,006 11.00% Interest Only 11/6/2028 $ 2,771,299 $ 2,762,963

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying consolidated financial statements and related footnotes have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the requirements for reporting on Form 10-K and Regulation S-X, as appropriate. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. In the opinion of management, the annual data includes all adjustments, of a normal and recurring nature, necessary for a fair statement of the results for the periods presented. Certain prior period amounts have been reclassified to conform with current presentation. In the opinion of management, all normal recurring adjustments considered necessary for a fair statement of the results of the periods presented have been included. The current period’s results of operations will not necessarily be indicative of results in any subsequent reporting period.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members, as well as whether the entity is a variable interest entity ("VIE") for which the Company is the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company's assets and liabilities are held by the OP. The Company consolidates all entities that it controls through either majority ownership or voting rights. In addition, the Company consolidates all VIEs of which the Company is considered the primary beneficiary. VIEs are entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. The accompanying consolidated financial statements include the accounts of collateralized loan obligations ("CLOs") issued and securitized by wholly owned subsidiaries of the Company. The Company has determined the CLOs are VIEs of which the Company's subsidiary is the primary beneficiary. The assets and liabilities of the CLOs are consolidated in the accompanying consolidated balance sheet in accordance with ASC 810, Consolidation .
Acquisition Fees and Acquisition Expenses	Acquisition Fees and Acquisition Expenses The Company has historically incurred acquisition fees and acquisition expenses payable to the Advisor. The Company’s obligation to pay the Advisor acquisition fees terminated in September 2017. Prior to then, the Company paid the Advisor an acquisition fee based on the principal amount funded by the Company to originate or acquire commercial mortgage loan investments or on the anticipated net equity funded by the Company to acquire real estate securities. Acquisition fees and acquisition expenses paid to the Company's Advisor in connection with the origination and acquisition of commercial mortgage loan investments and acquisition of real estate securities were evaluated based on the nature of the expense to determine if they should be expensed in the period incurred or capitalized and amortized over the life of the investment. The Company capitalizes certain direct costs relating to the loan origination activities and the cost is amortized over the life of the loan.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash consists of amounts deposited with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company up to an insurance limit. Cash equivalents include short-term, liquid investments in money market funds with original maturities of 90 days or less when purchased.
Restricted Cash	Restricted Cash Restricted cash primarily consists of cash pledged as margin on repurchase agreements and derivative transactions. The duration of this restricted cash generally matches the duration of the related repurchase agreements or derivative transaction.
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 operations. 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. For the year ended December 31, 2019 , the Company originated $5.0 million of commercial mortgage loans held-for-sale and sold these loans during the period for net proceeds of approximately $5.0 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. Real estate owned Real estate owned (“REO”) represents real estate acquired by the Company through foreclosure, deed in lieu of foreclosure, or purchase. For real estate acquired by the Company through foreclosure, REO assets are recorded at fair value at acquisition and are presented net of accumulated depreciation. For REO assets acquired through purchase, REO assets are recorded at cost at acquisition and are presented net of accumulated depreciation. Real estate assets are depreciated using the straight-line method over estimated useful lives of up to 40 years for buildings and improvements and up to 15 years for furniture, fixtures and equipment. Renovations and/or replacements that improve or extend the life of the real estate asset are capitalized and depreciated over their estimated useful lives. Leases Operating right of use assets "ROU" represent the Company’s right to use an underlying asset during the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the present value of fixed lease payments over the lease term. Leases will be classified as either a finance or operating lease, with such classification affecting the pattern and classification of expense recognition in the consolidated statements of operations. For leases greater than 12 months, the Company determines, at the inception of the contract, if the arrangement meets the classification criteria for an operating or finance lease. For leases that have extension options, which can be exercised at the Company's discretion, management uses judgment to determine if it is reasonably certain that such extension options will be elected. If the extension options are reasonably certain to occur, the Company includes the extended term's lease payments in the calculation of the respective lease liability. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The incremental borrowing rate used to discount the lease liability is determined at commencement of the lease, or upon modification of the lease, as the interest rate a lessee would have to pay to borrow on a fully collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The Company's incremental borrowing rate considers information at both the corporate and property level and analysis of current market conditions for obtaining new financings. All leases as of December 31, 2019 were operating leases. Separately, on October 15, 2019, the Company acquired certain real estate assets which had an existing in-place lease asset. This in-place lease asset is recorded as an Intangible lease asset on the consolidated balance sheet and amortized using the straight-line method over the contractual life of the lease. Allowance for Loan Losses The allowance for loan losses reflects management's estimate of loan losses inherent in the loan portfolio as of the balance sheet date. The reserve is increased or decreased through the loan loss provision or (recovery) on the Company's consolidated statements of operations and is decreased by charge-offs when losses are confirmed through the receipt of assets, such as cash in a pre-foreclosure sale or upon ownership control of the underlying collateral in full satisfaction of the loan upon foreclosure or when significant collection efforts have ceased. The Company uses a uniform process for determining its allowance for loan losses. The allowance for loan losses includes a general, formula-based component and an asset-specific component. General reserves are recorded when (i) available information as of each balance sheet date indicates that it is probable a loss has occurred in the portfolio and (ii) the amount of the loss can be reasonably estimated. The Company estimates loss rates based on historical realized losses experienced in the industry, given the fact the Company has not experienced significant losses, and takes into account current collateral and economic conditions affecting the probability and severity of losses when establishing the allowance for loan losses. The Company performs a comprehensive analysis of its loan portfolio and assigns risk ratings to loans that incorporate management's current judgments about their credit quality based on all known and relevant internal and external factors that may affect collectability. The Company considers, among other things, payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographic location as well as national and regional economic factors. This methodology results in loans being segmented by risk classification into risk rating categories that are associated with estimated probabilities of default and principal loss. Ratings range from "1" to "5" with "1" representing the lowest risk of loss and "5" representing the highest risk of loss. The asset-specific reserve component relates to reserves for losses on individual impaired loans. The Company considers a loan to be impaired when, based upon current information and events, it believes that it is probable that the Company will be unable to collect all amounts due under the contractual terms of the loan agreement. This assessment is made on an individual loan basis each quarter based on such factors as payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographical location as well as national and regional economic factors. A reserve is established for an impaired loan when the present value of payments expected to be received, observable market prices or the estimated fair value of the collateral (for loans that are dependent on the collateral for repayment) is lower than the carrying value of that loan. For collateral dependent impaired loans, impairment is measured using the estimated fair value of collateral less the estimated cost to sell. Valuations are performed or obtained at the time a loan is determined to be impaired and designated non-performing, and they are updated if circumstances indicate that a significant change in value has occurred. The Advisor generally will use either the income approach through internally developed valuation models to estimate the fair value of the collateral for such loans or obtain external "as is" appraisals for loan collateral. A loan is also considered impaired if its terms are modified in a troubled debt restructuring ("TDR"). A TDR occurs when a concession is granted and the debtor is experiencing financial difficulties. Impairments on TDR loans are generally measured based on the present value of expected future cash flows discounted at the effective interest rate of the original loans. The Company generally designates non-performing loans at such time as (i) loan payments become 90-days past due; (ii) the loan has a maturity default; or (iii) in the opinion of the Company, it is probable the Company will be unable to collect all amounts due according to the contractual terms of the loan. Income recognition will generally be suspended when a loan is designated non-performing unless the loan is well secured, and resumed only when the suspended loan becomes contractually current and performance is demonstrated to have resumed. A loan will be written off when it is no longer realizable and legally discharged.
Real Estate Securities	Real Estate Securities On the acquisition date, all of the Company’s commercial real estate securities were classified as available for sale and carried at fair value, and subsequently any unrealized gains or losses are recognized as a component of accumulated other comprehensive income or loss. The Company may elect the fair value option for its real estate securities, and as a result, any unrealized gains or losses on such real estate securities will be recorded in the Company’s consolidated statement of operations. No such election has been made to date. Related discounts, premiums and acquisition expenses on investments are amortized over the life of the investment using the effective interest method. Amortization is reflected as an adjustment to interest income in the Company’s consolidated statements of operations. Impairment Analysis of Real Estate Securities Commercial real estate securities for which the fair value option has not been elected are periodically evaluated for other-than-temporary impairment. If the fair value of a security is less than its amortized cost, the security is considered impaired. Impairment of a security is considered other-than-temporary when (i) the Company has the intent to sell the impaired security; (ii) it is more likely than not the Company will be required to sell the security; or (iii) the Company does not expect to recover the entire amortized cost of the security. If the Company determines that an other-than-temporary impairment exists and a sale is likely, the impairment charge is recognized as an impairment of assets on the Company's consolidated statement of operations. If a sale is not expected, the portion of the impairment charge related to credit factors is recorded as an impairment of assets on the Company's consolidated statement of operations with the remainder recorded as an unrealized gain or loss on investments reported as a component of accumulated other comprehensive income or loss.
Repurchase Agreements	Repurchase Agreements Commercial mortgage loans and real estate securities sold under repurchase agreements have been treated as collateralized financing transactions because the Company maintains effective control over the transferred securities. Commercial mortgage loans and real estate securities financed through a repurchase agreement remain on the Company’s consolidated balance sheets as an asset and cash received from the purchaser is recorded as a liability. Interest paid in accordance with repurchase agreements is recorded in interest expense on the Company's consolidated statements of operations. Share Repurchase Program The Company has a Share Repurchase Program (the "SRP"), which became effective as of February 28, 2016, that enables stockholders to sell their shares to the Company. Subject to certain conditions, stockholders that purchased shares of our common stock or received their shares from us (directly or indirectly) through one or more non-cash transactions and have held their shares for a period of at least one year may request that we repurchase their shares of common stock so long as the repurchase otherwise complies with the provisions of Maryland law. Repurchase requests made following the death or qualifying disability of a stockholder will not be subject to any minimum holding period. On August 10, 2017, our board of directors amended the SRP to provide that the repurchase price per share for requests will be equal to the lesser of (i) our most recent estimated per-share NAV, as approved by our board of directors from time to time, and (ii) our book value per share, computed in accordance with GAAP, multiplied by a percentage equal to (i) 92.5% , if the person seeking repurchase has held his or her shares for a period greater than one year and less than two years; (ii) 95% , if the person seeking repurchase has held his or her shares for a period greater than two years and less than three years; (iii) 97.5% , if the person seeking repurchase has held his or her shares for a period greater than three years and less than four years; or (iv) 100% , if the person seeking repurchase has held his or her shares for a period greater than four years or in the case of requests for death or disability. Repurchases pursuant to the SRP, when requested, generally will be made semiannually (each six -month period ending June 30 or December 31, a “fiscal semester”). Repurchases for any fiscal semester will be limited to a maximum of 2.5% of the weighted average number of shares of common stock outstanding during the previous fiscal year, with a maximum for any fiscal year of 5.0% of the weighted average number of shares of common stock outstanding during the previous fiscal year. Funding for repurchases pursuant to the SRP for any given fiscal semester will be limited to proceeds received during that same fiscal semester through the issuance of common stock pursuant to any Dividend Reinvestment Plan ("DRIP") in effect from time to time, provided that the board of directors has the power, in its sole discretion, to determine the amount of shares repurchased during any fiscal semester as well as the amount of funds to be used for that purpose. Due to these limitations, we cannot guarantee that we will be able to accommodate all repurchase requests made during any fiscal semester or fiscal year. However, a stockholder may withdraw its request at any time or ask that we honor the request when funds are available. Pending repurchase requests will be honored on a pro rata basis. We will generally pay repurchase proceeds, less any applicable tax or other withholding required by law, by the 31st day following the end of the fiscal semester during which the repurchase request was made. When a stockholder requests a redemption and the redemption is approved by the board of directors, 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.
Deferred Financing Costs	Deferred Financing Costs The deferred financing costs related to the Company's various Master Repurchase Agreements as well as certain prepaid subscription costs are included in Prepaid expenses and other assets on the consolidated balance sheets. Deferred financing cost on the Company's collateralized debt obligations ("CLO") are netted against the Company's CLO payable in the Collateralized debt obligations on the consolidated balance sheets. Deferred financing costs are amortized over the terms of the respective financing agreement using the effective interest method and included in interest expense on the Company's consolidated statements of operations. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity.
Share Repurchase Program	Repurchase Agreements Commercial mortgage loans and real estate securities sold under repurchase agreements have been treated as collateralized financing transactions because the Company maintains effective control over the transferred securities. Commercial mortgage loans and real estate securities financed through a repurchase agreement remain on the Company’s consolidated balance sheets as an asset and cash received from the purchaser is recorded as a liability. Interest paid in accordance with repurchase agreements is recorded in interest expense on the Company's consolidated statements of operations. Share Repurchase Program The Company has a Share Repurchase Program (the "SRP"), which became effective as of February 28, 2016, that enables stockholders to sell their shares to the Company. Subject to certain conditions, stockholders that purchased shares of our common stock or received their shares from us (directly or indirectly) through one or more non-cash transactions and have held their shares for a period of at least one year may request that we repurchase their shares of common stock so long as the repurchase otherwise complies with the provisions of Maryland law. Repurchase requests made following the death or qualifying disability of a stockholder will not be subject to any minimum holding period. On August 10, 2017, our board of directors amended the SRP to provide that the repurchase price per share for requests will be equal to the lesser of (i) our most recent estimated per-share NAV, as approved by our board of directors from time to time, and (ii) our book value per share, computed in accordance with GAAP, multiplied by a percentage equal to (i) 92.5% , if the person seeking repurchase has held his or her shares for a period greater than one year and less than two years; (ii) 95% , if the person seeking repurchase has held his or her shares for a period greater than two years and less than three years; (iii) 97.5% , if the person seeking repurchase has held his or her shares for a period greater than three years and less than four years; or (iv) 100% , if the person seeking repurchase has held his or her shares for a period greater than four years or in the case of requests for death or disability. Repurchases pursuant to the SRP, when requested, generally will be made semiannually (each six -month period ending June 30 or December 31, a “fiscal semester”). Repurchases for any fiscal semester will be limited to a maximum of 2.5% of the weighted average number of shares of common stock outstanding during the previous fiscal year, with a maximum for any fiscal year of 5.0% of the weighted average number of shares of common stock outstanding during the previous fiscal year. Funding for repurchases pursuant to the SRP for any given fiscal semester will be limited to proceeds received during that same fiscal semester through the issuance of common stock pursuant to any Dividend Reinvestment Plan ("DRIP") in effect from time to time, provided that the board of directors has the power, in its sole discretion, to determine the amount of shares repurchased during any fiscal semester as well as the amount of funds to be used for that purpose. Due to these limitations, we cannot guarantee that we will be able to accommodate all repurchase requests made during any fiscal semester or fiscal year. However, a stockholder may withdraw its request at any time or ask that we honor the request when funds are available. Pending repurchase requests will be honored on a pro rata basis. We will generally pay repurchase proceeds, less any applicable tax or other withholding required by law, by the 31st day following the end of the fiscal semester during which the repurchase request was made. When a stockholder requests a redemption and the redemption is approved by the board of directors, 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.
Offering and Related Costs	Offering and Related Costs The Company is currently offering shares of the Company’s common stock, Series A convertible preferred stock (“Series A Preferred Stock”) and Series C convertible preferred stock (the “Series C Preferred Stock,” and, together with the Series A Preferred stock, the “Preferred Stock”) in private placements exempt from the registration requirements of the Securities Act of 1933, as amended (the “Offering”). In connection with the Offering, the Company incurred various offering costs and will continue to incur these costs until the Offering is complete. These offering costs include but are not limited to legal, accounting, printing, mailing and filing fees, and diligence expenses of broker-dealers. Offering costs for the common stock are recorded in the Company’s stockholders’ equity, while the offering costs for the Preferred Stock are included within Redeemable convertible preferred stock Series A and Redeemable convertible preferred stock series C, respectively, on the Company’s consolidated balance sheets.
Distribution Reinvestment Plan	Distribution Reinvestment Plan Pursuant to the DRIP, stockholders may elect to reinvest distributions by purchasing shares of common stock in lieu of receiving cash. No dealer manager fees or selling commissions are paid with respect to shares purchased pursuant to the DRIP. Participants purchasing shares pursuant to the DRIP have the same rights and are treated in the same manner as if such shares were issued pursuant to the Offering. The board of directors may designate that certain cash or other distributions be excluded from the DRIP. The Company has the right to amend any aspect of the DRIP or terminate the DRIP with ten days ’ notice to participants. Shares issued under the DRIP are recorded to equity in the consolidated balance sheets in the period distributions are declared.
Share-Based Compensation	Share-Based Compensation The Company has a share-based incentive plan for certain of the Company's directors, officers and employees of the Advisor and its affiliates. Share-based awards are measured at the grant date fair value and is recognized as compensation expense on a on a straight line basis over the related vesting period of the award.
Income Taxes	Income Taxes The Company has conducted its operations to qualify as a REIT for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2013 . As a REIT, if the Company meets certain organizational and operational requirements and distributes at least 90% of its "REIT taxable income" (determined before the deduction of dividends paid and excluding net capital gains) to its stockholders in a year, it will not be subject to U.S. federal income tax to the extent of the income that it distributes. However, even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on income in addition to U.S. federal income and excise taxes on its undistributed income. The Company, through its TRS, is indirectly subject to U.S. federal, state and local income taxes. The Company’s TRS is not consolidated for U.S. federal income tax purposes, but is instead taxed as a C corporation. For financial reporting purposes, the TRS is consolidated and a provision for current and deferred taxes is established for the portion of earnings recognized by the Company with respect to its interest in its TRS. Total income tax expense for the years ended December 31, 2019 , December 31, 2018 and December 31, 2017 were $4.5 million , $0.1 million and $0.2 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, 2016 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	Per Share Data The Company’s Preferred Stock is considered a participating security. As such, the Company is required to include the Preferred Stock in the calculation of basic earnings per share and calculate basic earnings per share using the two-class method. The Company’s dilutive earnings per share calculation is computed using the more dilutive result of the treasury stock method, assuming the participating security is a potential common share, or the two-class method, assuming the participating security is not converted. The Company calculates basic earnings per share by dividing net income applicable to common stock for the period by the weighted-average number of shares of common stock outstanding for that period. Diluted earnings per share reflects the potential dilution that could occur from shares outstanding if potential shares of common stock with a dilutive effect have been issued in connection with the restricted stock plan or upon conversion of the outstanding shares of the Company’s Preferred Stock, except when doing so would be anti-dilutive.
Reportable Segments	Reportable Segments The Company has determined that it has four reportable segments based on how the chief operating decision maker reviews and manages the business. The four 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. • The real estate owned business represents real estate acquired by the Company through foreclosure, deed in lieu of foreclosure, or purchase.
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 relating to each of the Series A Preferred Stock and the Series C Preferred Stock (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 Series A Preferred Stock shall convert into 299.2 shares of Common Stock, subject to anti-dilution adjustments (the “Conversion Rate”). Series C Preferred Stock will convert into shares of Common Stock at the same Conversion Rate on the one-year anniversary of a Liquidity Event, subject to the Company’s right to accelerate the conversion to a date no earlier than six months after the Liquidity Event, upon at least ten days prior notice to the holders of the Series C Preferred Stock. A “Liquidity Event” is defined as (i) the listing of the Common Stock on a national securities exchange or quotation on an electronic inter-dealer quotation system; (ii) a merger or business combination involving the Company pursuant to which outstanding shares Common Stock are exchanged for securities of another company which are listed on a national securities exchange or quoted on an electronic inter-dealer quotation system; or (iii) any other transaction or series of transaction that results in all shares of Common Stock being transferred or exchange for cash or securities which are listed on a national securities exchange or quoted on an electronic inter-dealer quotation system. If there has not been a Liquidity Event within six years from the initial issuance of the Preferred Stock, each holder of Preferred Stock shall have the right to convert all, but not less than all, of the Preferred Stock held by such holder into Common Stock at the Conversion Rate. Each holder also has the option to convert its shares of Preferred Stock into Common Stock upon a change in control (as defined in the respective Articles Supplementary for the Series A Preferred Stock and Series C Preferred Stock) 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 respective 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 Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2016-02 ("ASC 842"), Leases, which replaced Topic 840, Leases, and requires lessees to recognize leases on the balance sheet and disclose key information about leasing arrangements ("ASU 2016-02"). ASC 842 was subsequently amended by ASU 2018-01, “Land Easement Practical Expedient for Transition to ASC 842” ("ASU 2018-01"); ASU 2018-10, Codification Improvements to ASC 842, Leases” ("ASU 2018-10"); and ASU 2018-11, “Targeted Improvements” ("ASU 2018-11"). The new standard establishes a right-of-use ("ROU") model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. The Company adopted ASC 842 on January 1, 2019. Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The standard and subsequent amendments, known as the Current Expected Credit Loss (“CECL”) model, significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. CECL amends the existing credit loss model to reflect a reporting entity's current estimate of all expected credit losses, not only based on historical experience and current conditions, but also by including reasonable and supportable forecasts incorporating forward-looking information. For available-for-sale (“AFS”) debt securities, unrealized credit losses will be recognized as allowances rather than reductions in amortized cost basis and elimination of the OTTI concept will result in more frequent estimation of credit losses. ASU No. 2016-13 is effective for fiscal years and interim periods beginning after December 15, 2019, and will be adopted through a cumulative-effect adjustment to accumulated deficit as of January 1, 2020. The CECL reserve required under ASU 2016-13 is a valuation account that is deducted from the amortized cost basis of the related loans and AFS debt securities on our consolidated balance sheets, which will reduce our stockholders’ equity. The initial CECL reserve recorded on January 1, 2020 will be reflected as a direct charge against retained earnings; however, future net changes to the CECL reserve will be recognized in net income on our consolidated statement of operations. ASU 2016-13 does not require use of a particular method for determining the CECL reserve, but it does specify the allowance should be based on relevant information about past events, including historical loss experience, composition of the current loan and AFS debt securities portfolio, current conditions, and reasonable and supportable forecasts for the expected term of each loan. We expect that recognition of credit losses will generally be accelerated under the CECL model. Additionally, but for a few narrow exceptions, ASU 2016-13 does not have a minimum threshold for recognition of impairment losses and requires that all financial instruments, including those for which there is a low risk of loss, incur some amount of valuation reserve to reflect the inherent risk of loss regardless of credit quality, amount of subordinate capital, or other risk mitigants. As part of the implementation process, we have utilized loan loss forecasting models and have implemented policies, systems and controls necessary for the implementation and ongoing measurement of the CECL reserve. We elected to utilize a widely-used analytical model incorporating a loss-given-default methodology and loan performance data for commercial real estate loans dating back to 1998. Our loans may include commitments to fund incremental proceeds to our borrowers over the life of the loan, which are also subject to the CECL model. The CECL reserve related to future loan funding will be recorded as a component of Other Liabilities on our balance sheet and be estimated using the same process as for our outstanding loan balances. Changes in this component of the CECL reserve will similarly impact our consolidated net income. Upon adoption of ASU 2016-13 on January 1, 2020, we expect to record a cumulative-effect adjustment to our accumulated deficit of $7.8 million , or $0.18 book value per share, which is 0.27% of the aggregate commitment amount of the Company’s loan portfolio at December 31, 2019. We do not expect the impact of CECL on our portfolio of AFS debt securities to be material. 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. The Company does not expect the adoption of ASU 2018-13 to have a material impact on its financial statements and related discourses.
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 is recorded in real estate securities, available for sale, measured at fair value on the consolidated balance sheets, are valued utilizing both observable and unobservable market inputs. These factors include projected future cash flows, ratings, subordination levels, vintage, remaining lives, credit issues, and recent trades of similar real estate securities. Depending upon the significance of the fair value inputs used in determining these fair values, these real estate securities are classified in either Level II or Level III of the fair value hierarchy. As of December 31, 2019 , the Company obtained third party pricing for determining the fair value of each CMBS investment, which resulted in a Level II classification. As of December 31, 2018 , the Company classified the real estate securities, available for sale, measured at fair value 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.

Commercial Mortgage Loans (Tabl

Commercial Mortgage Loans (Tables)	12 Months Ended
	Dec. 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, held-for-sale, measured at fair value (dollars in thousands): December 31, 2019 December 31, 2018 Loan Type Par Value Percentage Par Value Percentage Multifamily $ 78,250 69.6 % $ 34,000 44.1 % Industrial 23,625 21.0 % — — % Hospitality 8,000 7.1 % 27,800 36.1 % Retail 2,613 2.3 % — — % Office — — % 15,300 19.8 % Total $ 112,488 100.0 % $ 77,100 100.0 % The following table represents the composition by loan type of the Company's commercial mortgage loans portfolio, excluding commercial mortgage loans, held for investment (dollars in thousands). December 31, 2019 December 31, 2018 Loan Type Par Value Percentage Par Value Percentage Multifamily $ 1,491,971 53.9 % $ 1,001,540 45.2 % Office 414,772 15.0 % 357,819 16.1 % Hospitality 446,562 16.1 % 347,080 15.6 % Industrial 118,743 4.3 % 65,871 3.0 % Retail 111,620 4.0 % 262,622 11.8 % Mixed Use 58,808 2.1 % 120,647 5.4 % Self Storage 67,767 2.4 % 49,957 2.2 % Land 16,400 0.6 % 16,400 0.7 % Manufactured Housing 44,656 1.6 % — — % Total $ 2,771,299 100 % $ 2,221,936 100 % The following table presents the activity in the Company's allowance for loan losses (dollars in thousands): Year Ended December 31, 2019 2018 Beginning of period $ 4,836 $ 1,466 Loan loss provision/(recovery) 3,007 3,370 Charge-offs (6,922 ) — Ending allowance for loan losses $ 921 $ 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): December 31, 2019 December 31, 2018 Senior loans $ 2,721,325 $ 2,198,555 Mezzanine loans 41,638 13,111 Total gross carrying value of loans 2,762,963 2,211,666 Less: Allowance for loan losses (1) 921 4,836 Total commercial mortgage loans, held-for-investment, net $ 2,762,042 $ 2,206,830 ________________________ (1) Includes $0.0 million and $4.1 million of loan loss provision specifically reserved on 1 loan in non-performing status as of December 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: December 31, 2019 December 31, 2018 Risk Rating Number of Loans Par Value Risk Rating Number of Loans Par Value 1 — $ — 1 2 23,250 2 113 2,452,330 2 87 1,965,186 3 8 298,994 3 9 202,400 4 1 19,975 4 1 14,300 5 — — 5 1 16,800 122 $ 2,771,299 100 $ 2,221,936
Real Estate Notes Receivable Rollforward	For the year ended December 31, 2019 and December 31, 2018 , the activity in the Company's commercial mortgage loans, held-for-investment portfolio was as follows (dollars in thousands): Year Ended December 31, 2019 2018 Balance at Beginning of Year $ 2,206,830 $ 1,402,046 Acquisitions and originations 1,326,983 1,608,512 Principal repayments (771,774 ) (778,520 ) Discount accretion/premium amortization 6,264 4,648 Loans transferred from/(to) commercial real estate loans, held-for-sale 10,100 (16,750 ) Net fees capitalized into carrying value of loans (5,339 ) (9,736 ) Loan Loss recovery/(provision) (3,007 ) (3,370 ) Charge-off from allowance 6,922 — Transfer on deed in lieu of foreclosure to real estate owned (14,937 ) — Balance at End of Period $ 2,762,042 $ 2,206,830

Real Estate Securities (Tables)

Real Estate Securities (Tables)	12 Months Ended
	Dec. 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): December 31, 2019 Type Interest Rate Maturity Par Value Fair Value CMBS 1 4.7% 5/15/2028 $13,250 $13,274 CMBS 2 3.8% 6/15/2032 12,131 12,151 CMBS 3 4.1% 2/15/2036 40,000 40,186 CMBS 4 3.7% 5/15/2036 18,500 18,535 CMBS 5 3.1% 4/15/2034 15,000 15,019 CMBS 6 3.2% 5/15/2037 13,500 13,525 CMBS 7 3.4% 5/15/2037 15,000 15,028 CMBS 8 3.2% 6/15/2037 7,000 7,013 CMBS 9 3.6% 2/15/2036 9,600 9,641 CMBS 10 3.5% 8/15/2036 10,000 10,027 CMBS 11 3.6% 6/15/2037 8,000 8,015 CMBS 12 3.3% 7/15/2038 13,000 13,022 CMBS 13 3.3% 9/15/2037 32,000 32,074 CMBS 14 3.7% 9/15/2037 24,000 24,084 CMBS 15 3.3% 10/19/2038 50,000 50,094 CMBS 16 3.7% 10/19/2038 26,000 26,029 CMBS 17 3.2% 6/15/2034 15,000 15,022 CMBS 18 3.5% 6/15/2034 6,500 6,509 CMBS 19 3.9% 6/15/2034 12,000 12,022 CMBS 20 3.1% 12/15/2029 20,000 20,021 CMBS 21 3.4% 12/15/2029 25,000 25,025 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 provides information on the amounts of gain/(loss) on the Company's real estate securities, CMBS, available-for-sale (dollars in thousands): Year Ended December 31, 2019 2018 2017 Unrealized gain/(loss) available-for-sale securities $ (978 ) $ (459 ) $ 19 Reclassification of net (gain)/loss on available-for-sale securities included in net income (loss) — — 481 Unrealized gain/(loss) available-for-sale securities, net of reclassification adjustment $ (978 ) $ (459 ) $ 500 The following table shows the amortized cost, unrealized gain/(loss) and fair value of the Company's CMBS investments (dollars in thousands): Amortized Cost Unrealized Gain Unrealized Loss Fair Value December 31, 2019 $ 387,294 $ 1 $ (979 ) $ 386,316 December 31, 2018 $ 26,871 $ — (459 ) $ 26,412

Real Estate Owned (Tables)

Real Estate Owned (Tables)	12 Months Ended
	Dec. 31, 2019
Banking and Thrift [Abstract]
Real Estate Owned	The following table summarizes the Company's real estate asset acquisitions for the twelve months ended December 31, 2019 (dollars in thousands): As of December 31, 2019 Acquisition Date Property Type Primary Location(s) Land Building and Improvements Furniture, Fixtures and Equipment Accumulated Depreciation Real Estate Owned, net August 2019 (1)(2) Hotel Chicago, IL $ — $ 8,110 $ — $ (86 ) $ 8,024 October 2019 (1) Office Jeffersonville, IN 1,887 25,554 — (133 ) 27,309 $ 1,887 $ 33,664 $ — $ (219 ) $ 35,333 ________________________ (1) Refer to Note 2 for the useful life of the above assets (2) Represents assets acquired by the Company by completing a deed-in-lieu of foreclosure transaction

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Operating Lease Right of Use Assets	operating right of use asset recognized in the consolidated balance sheet for the twelve months ended December 31, 2019 (dollars in thousands): Acquisition Date Property Type Primary Location(s) Operating Right of Use Asset Gross Accumulated Amortization Operating Right of Use Asset, net of Amortization August 2019 Hotel Chicago, IL $ 6,109 $ (130 ) $ 5,979 $ 6,109 $ (130 ) $ 5,979
Maturity of Operating Lease Liability	schedule of minimum future lease payments (dollars in thousands): Minimum Future Lease Payments December 31, 2019 2020 $ 398 2021 410 2022 422 2023 435 2024 448 2025 and beyond 39,438 Total undiscounted lease payments $ 41,551 Less: Amount representing interest (35,415 ) Present value of lease liability $ 6,136
Schedule of Intangible Leased Assets	The following table summarizes the Company's intangible lease asset recognized in the consolidated balance sheet for the twelve months ended December 31, 2019 (dollars in thousands): Acquisition Date Property Type Primary Location(s) Intangible Lease Asset Gross Accumulated Amortization Intangible Lease Asset, net of Amortization October 2019 Office Jeffersonville, IN $ 14,509 $ (131 ) $ 14,377 $ 14,509 $ (131 ) $ 14,377
Schedule of Future Minimum Payments to be Received	The following table summarizes the Company's schedule of future minimum rents to be received (dollars in thousands): Minimum Rent December 31, 2019 2020 $ 2,530 2021 2,568 2022 2,607 2023 2,646 2024 2,686 2025 and beyond 36,895 Total minimum rent $ 49,932
Schedule of Expected Future Amortization Expense	The following table summarizes the Company's expected amortization for intangible assets over the next five years, assuming no further acquisitions or dispositions (dollars in thousands): Amortization Expense December 31, 2019 2020 $ (825 ) 2021 (825 ) 2022 (825 ) 2023 (825 ) 2024 (825 )

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Schedule of Repurchase Facilities and Agreements	The details of the Company's Repo Facilities at December 31, 2019 and December 31, 2018 are as follows (dollars in thousands): As of December 31, 2019 Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate Initial Term Maturity JPM Repo Facility (2) $ 300,000 $ 107,526 $ 6,862 4.51 % 1/30/2021 USB Repo Facility (3) 100,000 — 622 N/A 6/15/2020 CS Repo Facility (4) 300,000 87,375 5,563 4.84 % 3/27/2020 WF Repo Facility (5) 175,000 24,942 1,333 3.65 % 11/21/2020 Barclays Revolver Facility (6) 100,000 — 976 N/A 9/20/2021 Barclays Repo Facility (7) 300,000 32,700 1,260 3.80 % 3/15/2022 Total $ 1,275,000 $ 252,543 $ 16,616 ________________________ (1) For the year ended December 31, 2019 . Includes amortization of deferred financing costs. (2) On September 3, 2019, the committed financing amount was downsized from $520 million to $300 million and the maturity date was amended to January 30, 2021. (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) On September 13, 2019, the Company exercised the extension option, and extended the term maturity to September 20, 2021. There is one more one -year extension option available at the Company's discretion. (7) Includes two one -year extensions at the Company's option. As of December 31, 2018 Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate Initial Term Maturity JPM Repo Facility (2) $ 520,000 $ 72,906 $ 7,838 4.55 % 1/30/2020 GS Repo Facility (3) — — 470 N/A 12/27/2018 USB Repo Facility (4) 100,000 — 594 4.71 % 6/15/2020 CS Repo Facility (5) 300,000 76,534 6,594 4.69 % 6/19/2019 WF Repo Facility (6) 175,000 — 86 4.71 % 11/21/2020 Barclays Facility (7) 100,000 — 1,445 6.24 % 9/19/2019 Total $ 1,195,000 $ 149,440 $ 17,027 ________________________ (1) For the year ended December 31, 2018. Includes amortization of deferred financing costs. (2) On January 30, 2018 the committed financing amount was upsized from $ 300 million to $ 520 million and the maturity date was amended to January 30, 2020 . Includes a one -year extension at the Company's option. (3) Matured on December 27, 2018. Committed balance was $250 million prior to maturity. (4) Includes two one -year extensions at the option of an indirect wholly-owned subsidiary of the Company, which may be exercised upon the satisfaction of certain conditions. (5) On July 19, 2018, the committed financing amount was upsized from $ 250 million to $ 300 million . On June 20, 2018, the Company exercised the extension option upon the satisfaction of certain conditions, and extended the term maturity to June 19, 2019. (6) Includes three one -year extensions at the Company’s option, which may be exercised upon the satisfaction of certain conditions. (7) On July 30, 2018, the committed financing amount was upsized from $ 75 million to $ 100 million . Includes a one -year extension at the Company's option. Below is a summary of the Company's MRAs as of December 31, 2019 and 2018 (dollars in thousands): As of December 31, 2019 Weighted Average Counterparty Amount Outstanding Accrued Interest Collateral Pledged (1) Interest Rate Days to Maturity JP Morgan Securities LLC 83,353 124 93,500 2.53 % 20 Wells Fargo Securities, LLC 178,304 1,199 209,873 2.94 % 11 Barclays Capital Inc. 40,720 221 47,475 2.81 % 23 Citigroup Global Markets, Inc. 91,982 413 103,453 2.69 % 19 Total/Weighted Average 394,359 1,957 454,301 2.79 % 16 As of December 31,2018 Weighted Average Counterparty Amount Outstanding Accrued Interest Collateral Pledged (1) Interest Rate Days to Maturity 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 % 15 ________________________ (1) Includes $68.5 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 as of December 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, 2018-FL4 Issuer, and 2019-FL5 Issuer (the "CLOs), respectively, as of December 31, 2019 (dollars in thousands): CLO Facility Tranche Par Value Issued Par Value Outstanding (1) Interest Rate Maturity Date 2017-FL2 Issuer Tranche A $ 237,970 $ — 1M LIBOR + 82 10/15/2034 2017-FL2 Issuer Tranche A-S 36,357 — 1M LIBOR + 110 10/15/2034 2017-FL2 Issuer Tranche B 26,441 — 1M LIBOR + 140 10/15/2034 2017-FL2 Issuer Tranche C 25,339 — 1M LIBOR + 215 10/15/2034 2017-FL2 Issuer Tranche D 35,255 21,444 1M LIBOR + 345 10/15/2034 2018-FL3 Issuer Tranche A 286,700 286,700 1M LIBOR + 105 10/15/2034 2018-FL3 Issuer Tranche A-S 77,775 77,775 1M LIBOR + 135 10/15/2034 2018-FL3 Issuer Tranche B 41,175 41,175 1M LIBOR + 165 10/15/2034 2018-FL3 Issuer Tranche C 39,650 39,650 1M LIBOR + 255 10/15/2034 2018-FL3 Issuer Tranche D 42,700 42,700 1M LIBOR + 345 10/15/2034 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 2019-FL5 Issuer Tranche A 407,025 407,025 1M LIBOR + 115 5/15/2029 2019-FL5 Issuer Tranche A-S 76,950 76,950 1M LIBOR + 148 5/15/2029 2019-FL5 Issuer Tranche B 50,000 50,000 1M LIBOR + 140 5/15/2029 2019-FL5 Issuer Tranche C 61,374 61,374 1M LIBOR + 200 5/15/2029 2019-FL5 Issuer Tranche D 48,600 24,300 1M LIBOR + 240 5/15/2029 2019-FL5 Issuer Tranche E 20,250 20,250 1M LIBOR + 285 5/15/2029 $ 2,186,563 $ 1,822,345 ________________________ (1) Excludes $261.4 million of CLO notes, held by the Company, which are eliminated within the collateralized loan obligation line of the consolidated balance sheets as of December 31, 2019 . 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, as of December 31, 2018 (dollars in thousands): CLO Facility Tranche 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 of CLO notes, held by the Company, which are eliminated within the collateralized loan obligation line of the consolidated balance sheets as of December 31, 2018 .
Schedule of Collateralized Loan Obligations	The below table reflects the total assets and liabilities of the Company's four CLOs. The CLOs are considered VIEs and are consolidated into the Company's consolidated financial statements as of December 31, 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) December 31, 2019 December 31, 2018 Cash and cash equivalents (1) $ 89,946 $ 74,157 Commercial mortgage loans, held for investment, net (2) 2,294,663 1,921,428 Accrued interest receivable 6,254 6,353 Total Assets $ 2,390,863 $ 2,001,938 Liabilities Notes payable (3)(4) $ 2,064,601 $ 1,712,129 Accrued interest payable 2,576 3,163 Total Liabilities $ 2,067,177 $ 1,715,292 ________________________ (1) Includes $89.3 million and $73.7 million of cash held by the servicer related to CLO loan payoffs as of December 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 December 31, 2019 and December 31, 2018 , respectively. (3) Includes $261.4 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 December 31, 2019 and December 31, 2018 . (4) The balance is presented net of deferred financing cost and discount of $19.2 million and $20.4 million as of December 31, 2019 and December 31, 2018 , respectively.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Summary of the Basic and Diluted Earnings Per Share	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 for the years ended December 31, 2019 , 2018 and 2017 , respectively (dollars in thousands, except share amounts): Year Ended December 31, Numerator 2019 2018 2017 Net income $ 83,924 $ 52,825 $ 33,779 Less: Preferred stock dividends 15,337 3,644 — Less: Undistributed earnings allocated to preferred stock 1,673 — — Net income attributable to common shareholders (for basic and diluted earnings per share) 66,914 49,181 33,779 Denominator Weighted-average common shares outstanding for basic earnings per share 41,859,142 34,268,707 31,772,231 Effect of dilutive shares: Unvested restricted shares 12,504 14,229 12,658 Weighted-average common shares outstanding for diluted earnings per share 41,871,646 36,779,735 31,784,889 Basic earnings per share $ 1.60 $ 1.44 $ 1.06 Diluted earnings per share $ 1.60 $ 1.44 $ 1.06

Stock Transactions (Tables)

Stock Transactions (Tables)	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Schedule of Share Repurchases	The following tables present the activity in the Company's Series A Preferred Stock for the periods ended December 31, 2019 and December 31, 2018 , respectively (dollars in thousands, except share amounts): Series A Preferred Stock Shares Amount Beginning Balance, December 31, 2018 29,249 $ 145,786 Issuance of Preferred Stock 11,247 56,233 Dividends paid in Preferred Stock 4 24 Offering costs — — Amortization of offering costs — 101 Ending Balance, December 31, 2019 40,500 $ 202,144 Shares Amount Beginning Balance, December 31, 2017 — $ — Issuance of Preferred Stock 29,249 146,245 Offering costs — (510 ) Amortization of offering costs — 51 Ending Balance, December 31, 2018 29,249 $ 145,786 The following tables present the activity in the Company's Series C Preferred Stock for the period ended December 31, 2019 , (dollars in thousands, except share amounts): Series C Preferred Stock Shares Amount Beginning Balance, December 31, 2018 — $ — Issuance of Preferred Stock 1,400 6,998 Dividends paid in Preferred Stock — — Offering costs — (33 ) Amortization of offering costs — 1 Ending Balance, December 31, 2019 1,400 $ 6,966 The following table reflects the number of shares repurchased under the SRP cumulatively through December 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 April 1 - April 30, 2019 — — N/A May 1 - May 31, 2019 — — N/A June 1 - June 30, 2019 — — N/A July 1 - July 31, 2019 (2) 1,188 354,323 18.65 August 1 - August 31, 2019 — — N/A September 1 - September 30, 2019 — — N/A October 1 - October 31, 2019 — — N/A November 1 - November 30, 2019 — — N/A December 1 - December 31, 2019 — — N/A Cumulative as of December 31, 2019 5,878 3,542,267 $ 20.23 ________________________ (1) Reflects shares repurchased in January 2019 pursuant to repurchase requests submitted for the fiscal semester ended December 31, 2018. (2) Reflects shares repurchased in July 2019 pursuant to repurchase requests submitted for the fiscal semester ended June 30, 2019. Pursuant to the terms of the SRP, the Board only authorized repurchases up to the amount of proceeds reinvested through our DRIP. As a result, redemption requests for this semester in the amount of 1,934,369 shares were not fulfilled.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Unfunded Commitments Under Commercial Mortgage Loans	As of December 31, 2019 and 2018 , the Company had the below unfunded commitments to the Company's borrowers (dollars in thousands): Funding Expiration December 31, 2019 December 31, 2018 2019 — 34,667 2020 90,519 176,760 2021 100,861 106,940 2022 56,863 — 2023 8,637 — 2024 5,450 — 2025 and beyond — — 262,330 318,367

Related Party Transactions an_2

Related Party Transactions and Arrangements (Tables)	12 Months Ended
	Dec. 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 years ended December 31, 2019 , 2018 and 2017 and the associated payable as of December 31, 2019 and 2018 (dollars in thousands): Year Ended December 31, Payable as of December 31, 2019 2018 2017 2019 2018 Acquisition fees and acquisition expenses (1) $ 900 $ 452 $ 4,197 $ 225 $ 1 Administrative services expenses 16,363 13,446 6,765 1,238 1,224 Asset management and subordinated performance fee 16,226 10,299 9,273 3,326 1,072 Other related party expenses (2) 1,610 1,259 394 — 932 Total related party fees and reimbursements $ 35,099 $ 25,456 $ 20,629 $ 4,789 $ 3,229 ________________________ (1) Total acquisition fees and expenses paid during the years ended December 31, 2019 , 2018 and 2017 were $8.4 million , $ 8.1 million and $ 10.2 million respectively, of which $7.5 million , $ 7.6 million and $ 6.0 million were capitalized within the commercial mortgage loans, held for investment line of the consolidated balance sheets for years ended December 31, 2019 , 2018 and 2017 . (2) These are primarily related to reimbursable costs incurred related to the increase in loan origination activities. These amounts are included in Other expenses in the Company's consolidated statements of operations.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Financial instruments carried at fair value on a recurring basis	The following table presents additional information about the Company’s financial instruments which are measured at fair value on a recurring basis as of December 31, 2019 and December 31, 2018 for which the Company has used Level III inputs to determine fair value (dollars in thousands): December 31, 2019 Commercial mortgage loans, held-for-sale, measured at fair value Real estate securities, available for sale, measured at fair value Other real estate investments, measured at fair value Beginning balance, January 1, 2019 $ 76,863 $ 26,412 $ — Transfers into Level III — — — Total realized and unrealized gain (loss) included in earnings: Realized gain (loss) on sale of real estate securities — — — Realized gain (loss) on sale of commercial mortgage loan held-for-sale 37,832 — — Unrealized gain (loss) on commercial mortgage loans held-for-sale and other real estate investments 312 — 47 Net accretion — — — Unrealized gain (loss) included in OCI (1) — — — Purchases 1,015,677 — 2,510 Sales / paydowns (1,008,050 ) — — Cash repayments / receipts — — — Transfers out of Level III (10,072 ) (26,412 ) — December 31, 2019 balance $ 112,562 $ — $ 2,557 December 31, 2018 Commercial mortgage loans, held-for-sale, measured at fair value Real estate securities, available for sale, measured at fair value Other real estate investments, measured at fair value Beginning balance, January 1, 2018 $ 28,531 $ — $ — Transfers into Level III — — — Total realized and unrealized gain (loss) included in earnings: Realized gain (loss) on sale of real estate securities — (107 ) — Realized gain (loss) on sale of commercial mortgage loan held-for-sale 11,288 — — Unrealized gain (loss) on commercial mortgage loans held-for-sale and other real estate investments (237 ) — — Net Accretion — (76 ) — Unrealized gains (losses) included in OCI (1) — (459 ) — Purchases 617,916 39,510 — Sales / paydowns (580,635 ) (12,456 ) — Cash repayments / receipts — — — Transfers out of Level III — — — December 31, 2018 balance $ 76,863 $ 26,412 $ — ________________________ (1) Unrealized losses included in Other comprehensive income ("OCI") are attributable to assets held at December 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 December 31, 2019 and December 31, 2018 (dollars in thousands): Total Level I Level II Level III December 31, 2019 Assets, at fair value Real estate securities, available for sale, measured at fair value $ 386,316 $ — $ 386,316 $ — Commercial mortgage loans, held-for-sale, measured at fair value 112,562 — — 112,562 Other real estate investments, measured at fair value 2,557 — — 2,557 Credit default swaps 59 — 59 — Interest rate swaps 325 — 325 — Treasury note futures 735 735 — — Total assets, at fair value $ 502,554 $ 735 $ 386,700 $ 115,119 Liabilities at FV Credit default swaps $ 1,581 $ — $ 1,581 $ — Total liabilities, at fair value 1,581 — 1,581 — December 31, 2018 Assets, at fair value Real estate securities, available for sale, measured at fair value $ 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 $ —
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques	Both observable and unobservable inputs may be used to determine the fair value of positions that the Company has classified within the Level III category. As a result, the unrealized gains and losses for assets and liabilities within the Level III category may include changes in fair value that were attributable to both observable and unobservable inputs. The following table summarizes the valuation method and significant unobservable inputs used for the Company’s financial instruments that are categorized within Level III of the fair value hierarchy as of December 31, 2019 and December 31, 2018 (dollars in thousands). Asset Category Fair Value Valuation Methodologies Unobservable Inputs (1) Weighted Average (2) Range December 31, 2019 Commercial mortgage loans, held-for-sale, measured at fair value $ 112,562 Discounted Cash Flow Yield 4.9% 4.7% - 5.2% Other real estate investments, measured at fair value 2,557 Discounted Cash Flow Yield 12.4% 11.4% - 13.4% December 31, 2018 Commercial mortgage loans, held-for-sale, measured at fair value $ 76,863 Discounted Cash Flow Yield 6.3% 4.7% - 11.3% Real estate securities, available for sale, measured at fair value 26,412 Broker Quotes Yield 5.5% 4.0% - 6.0% ________________________ (1) In determining certain inputs, the Company evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company specific developments including exit strategies and realization opportunities. The Company has determined that market participants would take these inputs into account when valuing the investments. (2) Inputs were weighted based on the fair value of the investments included in the range.
Financial instruments not carried at fair value	The fair values of the Company's commercial mortgage loans, held-for-investment and collateralized loan obligations, which are not reported at fair value on the consolidated balance sheets are reported below as of December 31, 2019 and 2018 (dollars in thousands) Level Carrying Amount Fair Value December 31, 2019 Commercial mortgage loans, held-for-investment (1) Asset III $ 2,762,963 $ 2,784,650 Collateralized loan obligation Liability III 1,803,185 1,822,386 Mortgage note payable Liability III 29,167 29,167 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 $0.9 million and $4.8 million of allowance for loan losses as of December 31, 2019 and December 31, 2018 , respectively.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Assets at Fair Value	The following derivative instruments were outstanding as of December 31, 2019 and December 31, 2018 (dollars in thousands) Fair Value Contract type Notional Assets Liabilities As of December 31, 2019 Credit default swaps $ 94,300 $ 59 $ 1,581 Interest rate swaps 42,546 325 — Treasury note futures 74,000 735 — Total $ 210,846 $ 1,119 $ 1,581 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 December 31, 2019 and December 31, 2018 (dollars in thousands) Fair Value Contract type Notional Assets Liabilities As of December 31, 2019 Credit default swaps $ 94,300 $ 59 $ 1,581 Interest rate swaps 42,546 325 — Treasury note futures 74,000 735 — Total $ 210,846 $ 1,119 $ 1,581 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 gains and losses on derivatives, by primary underlying risk exposure, as included in loss on derivative instruments in the consolidated statements of operations for year ended December 31, 2019 and December 31, 2018 : Year Ended December 31, 2019 Year Ended December 31, 2018 Contract type Unrealized (Gain)/Loss Realized (Gain)/Loss Unrealized (Gain)/Loss Realized (Gain)/Loss Credit default swaps $ 456 $ 2,230 $ (139 ) $ (229 ) Interest rate swaps (380 ) (269 ) 351 136 Treasury note futures (1,798 ) 1,962 1,162 (1,734 ) Options — 401 — — Total $ (1,722 ) $ 4,324 $ 1,374 $ (1,827 )

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	12 Months Ended
	Dec. 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 December 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 (1) Net Amount December 31, 2019 Derivative instruments, at fair value $ 1,119 $ — $ 1,119 $ — $ 10,895 $ — 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 December 31, 2019 Repurchase agreements, commercial mortgage loans $ 252,543 $ — $ 252,543 $ 394,229 $ 5,011 $ — Repurchase agreements, real estate securities 394,359 — 394,359 455,301 1,657 — Derivative instruments, at fair value 1,581 — 1,581 — 3,679 — 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)	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table represents the Company's operations by segment for the years ended December 31, 2019 , December 31, 2018 and December 31, 2017 (dollars in thousands): December 31, 2019 Total Real Estate Debt and Other Real Estate Real Estate Securities TRS Real Estate Owned Interest income $ 195,299 $ 181,434 $ 6,149 $ 7,716 $ — Revenue from real estate owned 3,169 — — — 3,169 Interest expense 90,418 83,597 2,911 3,670 240 Net income 83,924 61,936 3,238 19,130 (380 ) Total assets as of December 31, 2019 3,540,620 2,964,233 388,170 131,193 57,024 December 31, 2018 Interest income $ 152,288 $ 144,967 $ 717 $ 6,604 $ — Interest expense 70,000 65,521 770 3,709 — Net income 52,825 50,041 (160 ) 2,944 — Total assets as of December 31, 2018 2,606,078 2,492,440 26,474 87,164 — December 31, 2017 Interest income $ 89,564 $ 87,014 $ 1,351 $ 1,199 $ — Interest expense 32,359 30,407 1,254 698 — Net income 33,779 33,184 269 326 — Total assets as of December 31, 2017 1,583,661 1,517,021 389 66,251 —

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	Components of the provision for income taxes consist of the following (dollars in thousands): Years Ended December 31, 2019 2018 2017 Current expense (benefit) U.S. Federal $ 4,076 $ 68 $ 140 State and local 397 12 61 Total current expense (benefit) 4,473 80 201 Deferred expense (benefit) U.S. Federal $ 10 $ (1 ) $ 18 State and local — — 6 Total deferred expense (benefit) 10 (1 ) 24 Provision for income tax expense (benefit) $ 4,483 $ 79 $ 225

Summary of Quarterly Results _2

Summary of Quarterly Results of Operations (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Summary of Quarterly Results of Operations (Unaudited)	The following is a summary of the unaudited quarterly results of operations for the years ended December 31, 2019 , 2018 and 2017 (dollars in thousands, except per share data): March 31 June 30 September 30 December 31 2019 Net interest income $ 26,145 $ 22,356 $ 29,349 $ 27,031 Net income applicable to common stock 16,108 11,036 20,460 19,310 Net income 19,890 14,526 25,913 23,595 Basic net income per share $ 0.40 $ 0.27 $ 0.48 $ 0.44 Diluted net income per share $ 0.40 $ 0.27 $ 0.48 $ 0.44 Basic weighted average shares outstanding 39,798,215 41,226,805 42,795,038 43,549,406 Diluted weighted average shares outstanding 39,811,304 41,239,548 42,807,773 43,560,937 2018 Net interest income $ 10,734 $ 19,738 $ 25,823 $ 25,993 Net income applicable to common stock 5,296 12,086 17,745 14,054 Net income 5,296 12,102 19,000 16,427 Basic net income per share $ 0.17 $ 0.38 $ 0.49 $ 0.37 Diluted net income per share $ 0.17 $ 0.38 $ 0.49 $ 0.37 Basic weighted average shares outstanding 31,670,518 31,762,199 35,468,648 38,088,364 Diluted weighted average shares outstanding 31,684,832 31,820,527 38,942,428 44,504,418 2017 Net interest income $ 13,451 $ 13,126 $ 13,350 $ 17,278 Net income applicable to common stock 6,049 6,281 6,975 14,474 Net income 6,049 6,281 6,975 14,474 Basic net income per share $ 0.19 $ 0.20 $ 0.22 $ 0.46 Diluted net income per share $ 0.19 $ 0.20 $ 0.22 $ 0.46 Basic weighted average shares outstanding 31,740,256 31,850,897 31,741,679 34,754,734 Diluted weighted average shares outstanding 31,750,045 31,860,444 31,756,503 31,769,048

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, $ in Thousands	Aug. 10, 2017	Feb. 28, 2016	Sep. 30, 2019	Dec. 31, 2019USD ($)segment$ / shares	Dec. 31, 2018USD ($)$ / shares	Dec. 31, 2017USD ($)	Jan. 01, 2020USD ($)$ / shares	May 30, 2019$ / shares	Sep. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Equity, Class of Treasury Stock [Line Items]
Real estate acquisition fee, percentage									1.00%	1.00%
Real estate acquisition expense, percent										0.50%
Investment amount									$ 600,000	$ 600,000
Certificates of deposit				$ 10,300
Origination of mortgage loans held-for-sale				1,020,702	$ 621,597	$ 156,101
Proceeds from sale of commercial mortgage loans, held for sale				$ 0	16,910	121,658
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%
Repurchase period				6 months
Repurchase limit percent per fiscal semester		2.50%		2.50%
Repurchase limit percent per fiscal year		5.00%		5.00%
DRIP amendment notice period				10 days
Minimum distribution percentage to qualify for REIT taxation status			90.00%	90.00%
Income tax expense				$ 4,483	$ 79	$ 225
Number of reportable segments | segment				4
Preferred stock, par value per share (in dollars per share) | $ / shares				$ 0.01	$ 0.01			$ 0.001
Convertible Preferred Stock
Equity, Class of Treasury Stock [Line Items]
Percentage of voters required to issue Preferred Stock				66.66%
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)				299.2
Terms of liquidity event period				6 years
Portion at Other than Fair Value Measurement
Equity, Class of Treasury Stock [Line Items]
Origination of mortgage loans held-for-sale				$ 5,000
Proceeds from sale of commercial mortgage loans, held for sale				$ 5,000
Building and Building Improvements
Equity, Class of Treasury Stock [Line Items]
Weighted average useful life				40 years
Furniture and Fixtures
Equity, Class of Treasury Stock [Line Items]
Weighted average useful life				15 years
Subsequent Event | Accounting Standards Update 2016-13
Equity, Class of Treasury Stock [Line Items]
Effect of adoption on EPS (in dollars per share) | $ / shares							$ (0.18)
Effect on loan portfolio							0.27%
Accumulated Deficit | Subsequent Event | Accounting Standards Update 2016-13
Equity, Class of Treasury Stock [Line Items]
Cumulative effect of adoption of new accounting principle							$ 7,800

Commercial Mortgage Loans - Loa

Commercial Mortgage Loans - Loans Receivable by Class (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Senior loans	$ 2,721,325	$ 2,198,555
Mezzanine loans	41,638	13,111
Total gross carrying value of loans	2,762,963	2,211,666
Allowance for loan losses	921	4,836	$ 1,466
Total commercial mortgage loans, held-for-investment, net	2,762,042	2,206,830
REO investment	$ 35,333	0
Commercial Mortgage Receivable, Held-For-Investment, Specifically Reserved | Nonperforming Financial Instruments
Financing Receivable, Credit Quality Indicator [Line Items]
Allowance for loan losses		$ 4,100
Number of mezzanine loans funded | loan	1
Furniture and Fixtures
Financing Receivable, Credit Quality Indicator [Line Items]
REO investment	$ 0

Commercial Mortgage Loans - Pro

Commercial Mortgage Loans - Provision for Loan Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Allowance for Loan and Lease Losses [Roll Forward]
Beginning of period	$ 4,836	$ 1,466
Loan loss provision/(recovery)	3,007	3,370	$ (715)
Charge-offs	(6,922)	0
Ending allowance for loan losses	$ 921	$ 4,836	$ 1,466

Commercial Mortgage Loans - Nar

Commercial Mortgage Loans - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)ratingloan	Dec. 31, 2018USD ($)ratingloan	Dec. 31, 2017USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 2,762,963	$ 2,211,666
Initial risk rating of loans | rating	2
Weighted average risk rating of loans | rating	2.1	2.1
Mortgage loans written-off	$ 14,937	$ 0
REO investment	35,333	0
Loan loss provision/(recovery)	3,007	$ 3,370	$ (715)
Real Estate Acquired in Satisfaction of Debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Losses previously expensed	6,400
Loan loss provision/(recovery)	500
Land, Buildings and Improvements
Accounts, Notes, Loans and Financing Receivable [Line Items]
REO investment	8,100
Furniture and Fixtures
Accounts, Notes, Loans and Financing Receivable [Line Items]
REO investment	$ 0
Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded | loan	7	7
Total gross carrying value of loans	$ 112,488	$ 77,100
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded | loan	122	100
Total gross carrying value of loans	$ 2,771,299	$ 2,221,936
Nonperforming Financial Instruments | Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded | loan	1	1
Nonperforming Financial Instruments | Commercial Mortgage Receivable, Held-For-Investment | Financial Asset, Equal to or Greater than 90 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross carrying value of loans	$ 57,100	$ 14,300

Commercial Mortgage Loans - Com

Commercial Mortgage Loans - Commercial Mortgage Loan Portfolio, Excluding Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 2,762,963	$ 2,211,666
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 2,771,299	$ 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	$ 1,491,971	$ 1,001,540
Percentage	53.90%	45.20%
Commercial Mortgage Receivable, Held-For-Investment | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 414,772	$ 357,819
Percentage	15.00%	16.10%
Commercial Mortgage Receivable, Held-For-Investment | Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 446,562	$ 347,080
Percentage	16.10%	15.60%
Commercial Mortgage Receivable, Held-For-Investment | Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 118,743	$ 65,871
Percentage	4.30%	3.00%
Commercial Mortgage Receivable, Held-For-Investment | Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 111,620	$ 262,622
Percentage	4.00%	11.80%
Commercial Mortgage Receivable, Held-For-Investment | Mixed Use
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 58,808	$ 120,647
Percentage	2.10%	5.40%
Commercial Mortgage Receivable, Held-For-Investment | Self Storage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 67,767	$ 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	0.60%	0.70%
Commercial Mortgage Receivable, Held-For-Investment | Manufactured Housing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 44,656	$ 0
Percentage	1.60%	0.00%

Commercial Mortgage Loans - C_2

Commercial Mortgage Loans - Commercial Mortgage Loan Portfolio, Held-For-Sale, Measured at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 2,762,963	$ 2,211,666
Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 112,488	$ 77,100
Percentage	100.00%	100.00%
Commercial Mortgage Receivable, Held-For-Sale | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 78,250	$ 34,000
Percentage	69.60%	44.10%
Commercial Mortgage Receivable, Held-For-Sale | Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 23,625	$ 0
Percentage	21.00%	0.00%
Commercial Mortgage Receivable, Held-For-Sale | Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 8,000	$ 27,800
Percentage	7.10%	36.10%
Commercial Mortgage Receivable, Held-For-Sale | Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 2,613	$ 0
Percentage	2.30%	0.00%
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 Loans - All

Commercial Mortgage Loans - Allocation by Risk Rating (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 2,762,963	$ 2,211,666
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded | loan	122	100
Par Value	$ 2,771,299	$ 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	113	87
Par Value	$ 2,452,330	$ 1,965,186
Commercial Mortgage Receivable, Held-For-Investment | 3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded | loan	8	9
Par Value	$ 298,994	$ 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	$ 19,975	$ 14,300
Commercial Mortgage Receivable, Held-For-Investment | 5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded | loan	0	1
Par Value	$ 0	$ 16,800

Commercial Mortgage Loans - C_3

Commercial Mortgage Loans - Commercial Mortgage Loan Portfolio, Held-For-Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at Beginning of Year	$ 2,206,830	$ 1,402,046
Acquisitions and originations	1,326,983	1,608,512
Principal repayments	(771,774)	(778,520)
Discount accretion/premium amortization	6,264	4,648
Loans transferred from/(to) commercial real estate loans, held-for-sale	10,100	(16,750)
Net fees capitalized into carrying value of loans	(5,339)	(9,736)
Loan Loss recovery/(provision)	(3,007)	(3,370)	$ 715
Charge-off from allowance	6,922	0
Transfer on deed in lieu of foreclosure to real estate owned	(14,937)	0
Balance at End of Period	$ 2,762,042	$ 2,206,830	$ 1,402,046

Real Estate Securities - Summar

Real Estate Securities - Summary of Company's Real Estate Securities, CMBS (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 2,557	$ 0
CMBS 1
Debt Securities, Available-for-sale [Line Items]
Interest Rate	4.70%	5.40%
Par Value	$ 13,250	$ 13,250
Fair Value	$ 13,274	$ 13,164
CMBS 2
Debt Securities, Available-for-sale [Line Items]
Interest Rate	3.80%	4.60%
Par Value	$ 12,131	$ 13,500
Fair Value	$ 12,151	$ 13,248
CMBS 3
Debt Securities, Available-for-sale [Line Items]
Interest Rate	4.10%
Par Value	$ 40,000
Fair Value	$ 40,186
CMBS 4
Debt Securities, Available-for-sale [Line Items]
Interest Rate	3.70%
Par Value	$ 18,500
Fair Value	$ 18,535
CMBS 5
Debt Securities, Available-for-sale [Line Items]
Interest Rate	3.10%
Par Value	$ 15,000
Fair Value	$ 15,019
CMBS 6
Debt Securities, Available-for-sale [Line Items]
Interest Rate	3.20%
Par Value	$ 13,500
Fair Value	$ 13,525
CMBS 7
Debt Securities, Available-for-sale [Line Items]
Interest Rate	3.40%
Par Value	$ 15,000
Fair Value	$ 15,028
CMBS 8
Debt Securities, Available-for-sale [Line Items]
Interest Rate	3.20%
Par Value	$ 7,000
Fair Value	$ 7,013
CMBS 9
Debt Securities, Available-for-sale [Line Items]
Interest Rate	3.60%
Par Value	$ 9,600
Fair Value	$ 9,641
CMBS 10
Debt Securities, Available-for-sale [Line Items]
Interest Rate	3.50%
Par Value	$ 10,000
Fair Value	$ 10,027
CMBS 11
Debt Securities, Available-for-sale [Line Items]
Interest Rate	3.60%
Par Value	$ 8,000
Fair Value	$ 8,015
CMBS 12
Debt Securities, Available-for-sale [Line Items]
Interest Rate	3.30%
Par Value	$ 13,000
Fair Value	$ 13,022
CMBS 13
Debt Securities, Available-for-sale [Line Items]
Interest Rate	3.30%
Par Value	$ 32,000
Fair Value	$ 32,074
CMBS 14
Debt Securities, Available-for-sale [Line Items]
Interest Rate	3.70%
Par Value	$ 24,000
Fair Value	$ 24,084
CMBS 15
Debt Securities, Available-for-sale [Line Items]
Interest Rate	3.30%
Par Value	$ 50,000
Fair Value	$ 50,094
CMBS 16
Debt Securities, Available-for-sale [Line Items]
Interest Rate	3.70%
Par Value	$ 26,000
Fair Value	$ 26,029
CMBS 17
Debt Securities, Available-for-sale [Line Items]
Interest Rate	3.20%
Par Value	$ 15,000
Fair Value	$ 15,022
CMBS 18
Debt Securities, Available-for-sale [Line Items]
Interest Rate	3.50%
Par Value	$ 6,500
Fair Value	$ 6,509
CMBS 19
Debt Securities, Available-for-sale [Line Items]
Interest Rate	3.90%
Par Value	$ 12,000
Fair Value	$ 12,022
CMBS 20
Debt Securities, Available-for-sale [Line Items]
Interest Rate	3.10%
Par Value	$ 20,000
Fair Value	$ 20,021
CMBS 21
Debt Securities, Available-for-sale [Line Items]
Interest Rate	3.40%
Par Value	$ 25,000
Fair Value	$ 25,025

Real Estate Securities - Summ_2

Real Estate Securities - Summary of Changes in Fair Value of CMBS Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 2,557	$ 0
CMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	387,294	26,871
Unrealized Gain	1	0
Unrealized Loss	(979)	(459)
Fair Value	$ 386,316	$ 26,412

Real Estate Securities - Narrat

Real Estate Securities - Narrative (Details) - CMBS $ in Thousands	Dec. 31, 2019USD ($)investment	Dec. 31, 2018USD ($)investment
Debt Securities, Available-for-sale [Line Items]
Number of Investments Held | investment	21	2
Aggregate carrying value | $	$ 387,294	$ 26,871
Unrealized loss | $	$ 979	$ 459
Nonperforming Financial Instruments
Debt Securities, Available-for-sale [Line Items]
Number of Investments Held | investment	2

Real Estate Securities - Gains

Real Estate Securities - Gains (Losses) On Real Estate Securities (Details) - CMBS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Unrealized gain/(loss) available-for-sale securities	$ (978)	$ (459)	$ 19
Reclassification of net (gain)/loss on available-for-sale securities included in net income (loss)	0	0	481
Unrealized gain/(loss) available-for-sale securities, net of reclassification adjustment	$ (978)	$ (459)	$ 500

Real Estate Owned (Details)

Real Estate Owned (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Real Estate [Line Items]
Accumulated Depreciation	$ (219)
Real Estate Owned, net	35,333	$ 0
Depreciation expense	200
Land
Real Estate [Line Items]
Real Estate Owned	1,887
Building and Building Improvements
Real Estate [Line Items]
Real Estate Owned	33,664
Furniture Fixtures and Equipment
Real Estate [Line Items]
Real Estate Owned	0
Hotel | Chicago, Illinois
Real Estate [Line Items]
Accumulated Depreciation	(86)
Real Estate Owned, net	8,024
Hotel | Chicago, Illinois | Land
Real Estate [Line Items]
Real Estate Owned	0
Hotel | Chicago, Illinois | Building and Building Improvements
Real Estate [Line Items]
Real Estate Owned	8,110
Hotel | Chicago, Illinois | Furniture Fixtures and Equipment
Real Estate [Line Items]
Real Estate Owned	0
Office | Jeffersonville, Indiana
Real Estate [Line Items]
Accumulated Depreciation	(133)
Real Estate Owned, net	27,309
Office | Jeffersonville, Indiana | Land
Real Estate [Line Items]
Real Estate Owned	1,887
Office | Jeffersonville, Indiana | Building and Building Improvements
Real Estate [Line Items]
Real Estate Owned	25,554
Office | Jeffersonville, Indiana | Furniture Fixtures and Equipment
Real Estate [Line Items]
Real Estate Owned	$ 0

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)	Oct. 15, 2019extension	Aug. 19, 2019
Leases [Abstract]
Percent of annual lease rate increase			3.00%
Lease renewal term	60 years
Operating lease rent expense	$ 0.3
Lease liability discount rate	9.00%
Remaining lease term	47 years 11 months 12 days
Operating lease minimal annual rate increase		1.50%
Number of options to extend operating lease | extension		4
Operating lease renewal term		5 years
Remaining term of operating lease	17 years 3 months 18 days
Rental income	$ 0.6
Intangible lease contractual life of lease	20 years
Weighted average life of intangible asset	17 years 3 months 18 days
Amortization	$ 0.2

Leases - Operating Lease Right

Leases - Operating Lease Right of Use Assets (Details) $ in Thousands	Dec. 31, 2019USD ($)
Operating Leased Assets [Line Items]
Operating Right of Use Asset Gross	$ 6,109
Accumulated Amortization	(130)
Operating Right of Use Asset, net of Amortization	5,979
Hotel | Chicago, Illinois
Operating Leased Assets [Line Items]
Operating Right of Use Asset Gross	6,109
Accumulated Amortization	(130)
Operating Right of Use Asset, net of Amortization	$ 5,979

Leases - Minimum Future Lease P

Leases - Minimum Future Lease Payments (Details) $ in Thousands	Dec. 31, 2019USD ($)
Leases [Abstract]
2020	$ 398
2021	410
2022	422
2023	435
2024	448
2025 and beyond	39,438
Total undiscounted lease payments	41,551
Less: Amount representing interest	(35,415)
Present value of lease liability	$ 6,136

Leases - Intangible Leased Asse

Leases - Intangible Leased Assets (Details) $ in Thousands	Dec. 31, 2019USD ($)
Finite-Lived Intangible Assets [Line Items]
Intangible Lease Asset Gross	$ 14,509
Accumulated Amortization	(131)
Intangible Lease Asset, net of Amortization	14,377
Office | Jeffersonville, Indiana
Finite-Lived Intangible Assets [Line Items]
Intangible Lease Asset Gross	14,509
Accumulated Amortization	(131)
Intangible Lease Asset, net of Amortization	$ 14,377

Leases - Future Minimum Payment

Leases - Future Minimum Payments to be Received (Details) $ in Thousands	Dec. 31, 2019USD ($)
Leases [Abstract]
2020	$ 2,530
2021	2,568
2022	2,607
2023	2,646
2024	2,686
2025 and beyond	36,895
Total minimum rent	$ 49,932

Leases - Schedule of Expected A

Leases - Schedule of Expected Amortization Expense (Details) $ in Thousands	Dec. 31, 2019USD ($)
Leases [Abstract]
2020	$ (825)
2021	(825)
2022	(825)
2023	(825)
2024	$ (825)

Debt - Narrative (Details)

Debt - Narrative (Details) $ / shares in Units, $ in Thousands	May 30, 2019USD ($)mortgage_asset$ / sharesshares	Apr. 10, 2019USD ($)	Dec. 11, 2018USD ($)	Dec. 31, 2019USD ($)loanmortgage_asset$ / sharesshares	Dec. 31, 2018USD ($)mortgage_asset$ / sharesshares	Dec. 31, 2017USD ($)	Oct. 15, 2019USD ($)	Apr. 15, 2019USD ($)
Line of Credit Facility [Line Items]
Interest expense				$ 16,616	$ 17,027
Borrowings under collateralized loan obligation				$ 639,899	$ 1,161,002	$ 700,862
Preferred stock, shares issued (in shares) | shares	95,177			0	0
Preferred stock, par value per share (in dollars per share) | $ / shares	$ 0.001			$ 0.01	$ 0.01
Aggregate liquidation preference (in usd per share) | $ / shares	$ 1,000
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
Mortgages
Line of Credit Facility [Line Items]
Annual interest rate (percent)				3.85%
Interest expense				$ 200
Face amount of debt							$ 29,200
Secured Debt | U.S. Bank National Association | Collateralized Loan Obligations Issued in 2017-FL1
Line of Credit Facility [Line Items]
Collateral amount								$ 45,600
Debt issuance costs								$ 4,500
Secured Debt | U.S. Bank National Association | Collateralized Loan Obligations Issued in 2017-FL2
Line of Credit Facility [Line Items]
Collateral amount				$ 100,800	$ 244,600
Collateral (mortgage asset) | mortgage_asset				5	12
Secured Debt | U.S. Bank National Association | Collateralized Loan Obligations Issued in 2018-FL3
Line of Credit Facility [Line Items]
Collateral amount				$ 523,200	$ 609,300
Collateral (mortgage asset) | mortgage_asset				41	41
Secured Debt | U.S. Bank National Association | Collateralized Loan Obligations Issued in 2018-FL4
Line of Credit Facility [Line Items]
Collateral amount				$ 867,900	$ 859,300
Collateral (mortgage asset) | mortgage_asset				49	41
Secured Debt | U.S. Bank National Association | Collateralized Loan Obligations Issued in 2019-FL5
Line of Credit Facility [Line Items]
Collateral amount	$ 810,000			$ 809,400
Collateral (mortgage asset) | mortgage_asset	49			48
Face amount of debt	$ 714,800
Borrowings under collateralized loan obligation	639,900
Proceeds from related party debt	$ 74,900
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				$ 305,400	$ 288,800
Collateral (mortgage asset) | mortgage_asset				4
City National Bank
Line of Credit Facility [Line Items]
Amount of interest in loan transferred		$ 10,000	$ 10,000
Annual interest rate (percent)				4.60%
Interest expense				$ 200

Debt - Schedule of Repurchase F

Debt - Schedule of Repurchase Facilities (Details)	Sep. 13, 2019extension	Jan. 30, 2018USD ($)	Dec. 31, 2019USD ($)extension	Dec. 31, 2018USD ($)extension	Sep. 03, 2019USD ($)	Sep. 02, 2019USD ($)	Dec. 27, 2018USD ($)	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			$ 1,275,000,000	$ 1,195,000,000
Amount Outstanding			252,543,000	149,440,000
Interest expense			$ 16,616,000	$ 17,027,000
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]
Ending Weighted Average Interest Rate				4.71%
Extension on initial maturity date	1 year		1 year	1 year
Number of extension options | extension	1		3	3
Barclays Revolver Facility
Assets Sold under Agreements to Repurchase [Line Items]
Extension on initial maturity date				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			32,700,000
Interest expense			$ 1,260,000
Ending Weighted Average Interest Rate			3.80%
Revolving Credit Facility
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding			$ 394,359,000	$ 44,539,000
Ending Weighted Average Interest Rate			2.79%	3.80%
Revolving Credit Facility | JPM Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		$ 520,000,000	$ 300,000,000	$ 520,000,000	$ 300,000,000	$ 520,000,000						$ 300,000,000
Amount Outstanding			107,526,000	72,906,000
Interest expense			$ 6,862,000	$ 7,838,000
Ending Weighted Average Interest Rate			4.51%	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				470,000
Revolving Credit Facility | USB Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing			$ 100,000,000	100,000,000
Amount Outstanding			0	0
Interest expense			622,000	$ 594,000
Ending Weighted Average Interest Rate				4.71%
Revolving Credit Facility | CS Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing			300,000,000	$ 300,000,000						$ 300,000,000	$ 250,000,000
Amount Outstanding			87,375,000	76,534,000
Interest expense			$ 5,563,000	$ 6,594,000
Ending Weighted Average Interest Rate			4.84%	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			24,942,000	0
Interest expense			$ 1,333,000	86,000
Ending Weighted Average Interest Rate			3.65%
Revolving Credit Facility | Secured Debt | Barclays Revolver Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing			$ 100,000,000	100,000,000				$ 100,000,000	$ 75,000,000
Amount Outstanding			0	0
Interest expense			$ 976,000	$ 1,445,000
Ending Weighted Average Interest Rate				6.24%

Debt - Repurchase Agreements, R

Debt - Repurchase Agreements, Real Estate Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 252,543	$ 149,440
Accrued Interest	4,958	3,025
Fair Value	2,557	0
Secured Debt | U.S. Bank National Association | Class C Notes
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value	68,500	28,200
Revolving Credit Facility
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	394,359	44,539
Accrued Interest	1,957	74
Collateral Pledged	$ 454,301	$ 54,973
Interest Rate	2.79%	3.80%
Days to Maturity	16 days	15 days
Revolving Credit Facility | JP Morgan Securities LLC
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 83,353	$ 21,961
Accrued Interest	124	27
Collateral Pledged	$ 93,500	$ 26,750
Interest Rate	2.53%	3.67%
Days to Maturity	20 days	18 days
Revolving Credit Facility | Wells Fargo Securities, LLC
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 178,304	$ 22,578
Accrued Interest	1,199	47
Collateral Pledged	$ 209,873	$ 28,223
Interest Rate	2.94%	3.93%
Days to Maturity	11 days	11 days
Revolving Credit Facility | Barclays Capital Inc
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 40,720
Accrued Interest	221
Collateral Pledged	$ 47,475
Interest Rate	2.81%
Days to Maturity	23 days
Revolving Credit Facility | Citigroup Global Markets Inc
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 91,982
Accrued Interest	413
Collateral Pledged	$ 103,453
Interest Rate	2.69%
Days to Maturity	19 days

Debt - Collateralized Loan Obli

Debt - Collateralized Loan Obligation by Tranche (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Par Value Issued	$ 29,167	$ 0
U.S. Bank National Association | Secured Debt
Debt Instrument [Line Items]
Par Value Issued	2,186,563	1,861,864
Par Value Outstanding	1,822,345	1,525,636
Collateralized loan obligation excluded	261,400	186,500
U.S. Bank National Association | Secured Debt | Tranche A Notes - 2017-FL1 Issuer
Debt Instrument [Line Items]
Par Value Issued		223,600
Par Value Outstanding		48,557
U.S. Bank National Association | Secured Debt | Tranche B Notes - 2017-FL1 Issuer
Debt Instrument [Line Items]
Par Value Issued		48,000
Par Value Outstanding		48,000
U.S. Bank National Association | Secured Debt | Tranche C Notes - 2017-FL1 Issuer
Debt Instrument [Line Items]
Par Value Issued		67,900
Par Value Outstanding		67,900
U.S. Bank National Association | Secured Debt | Tranche A Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Par Value Issued	237,970	237,970
Par Value Outstanding	0	76,785
U.S. Bank National Association | Secured Debt | Tranche A-S Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Par Value Issued	36,357	36,357
Par Value Outstanding	0	36,357
U.S. Bank National Association | Secured Debt | Tranche B Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Par Value Issued	26,441	26,441
Par Value Outstanding	0	26,441
U.S. Bank National Association | Secured Debt | Tranche C Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Par Value Issued	25,339	25,339
Par Value Outstanding	0	25,339
U.S. Bank National Association | Secured Debt | Tranche D Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Par Value Issued	35,255	35,255
Par Value Outstanding	21,444	35,255
U.S. Bank National Association | Secured Debt | Tranche A Notes - 2018-FL3 Issuer
Debt Instrument [Line Items]
Par Value Issued	286,700	286,700
Par Value Outstanding	286,700	286,700
U.S. Bank National Association | Secured Debt | 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
U.S. Bank National Association | Secured Debt | Tranche B Notes - 2018-FL3 Issuer
Debt Instrument [Line Items]
Par Value Issued	41,175	41,175
Par Value Outstanding	41,175	41,175
U.S. Bank National Association | Secured Debt | Tranche C Notes - 2018-FL3 Issuer
Debt Instrument [Line Items]
Par Value Issued	39,650	39,650
Par Value Outstanding	39,650	39,650
U.S. Bank National Association | Secured Debt | Tranche D Notes - 2018-FL3 Issuer
Debt Instrument [Line Items]
Par Value Issued	42,700	42,700
Par Value Outstanding	42,700	42,700
U.S. Bank National Association | Secured Debt | Tranche A Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Par Value Issued	416,827	416,827
Par Value Outstanding	416,827	416,827
U.S. Bank National Association | Secured Debt | 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
U.S. Bank National Association | Secured Debt | Tranche B Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Par Value Issued	56,446	56,446
Par Value Outstanding	56,446	56,446
U.S. Bank National Association | Secured Debt | Tranche C Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Par Value Issued	68,385	68,385
Par Value Outstanding	68,385	68,385
U.S. Bank National Association | Secured Debt | Tranche D Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Par Value Issued	57,531	57,531
Par Value Outstanding	57,531	$ 57,531
U.S. Bank National Association | Secured Debt | Tranche A Notes - 2019-FL5 Issuer
Debt Instrument [Line Items]
Par Value Issued	407,025
Par Value Outstanding	407,025
U.S. Bank National Association | Secured Debt | Tranche A-S Notes - 2019-FL5 Issuer
Debt Instrument [Line Items]
Par Value Issued	76,950
Par Value Outstanding	76,950
U.S. Bank National Association | Secured Debt | Tranche B Notes - 2019-FL5 Issuer
Debt Instrument [Line Items]
Par Value Issued	50,000
Par Value Outstanding	50,000
U.S. Bank National Association | Secured Debt | Tranche C Notes - 2019-FL5 Issuer
Debt Instrument [Line Items]
Par Value Issued	61,374
Par Value Outstanding	61,374
U.S. Bank National Association | Secured Debt | Tranche D Notes - 2019-FL5 Issuer
Debt Instrument [Line Items]
Par Value Issued	48,600
Par Value Outstanding	24,300
U.S. Bank National Association | Secured Debt | Tranche E Notes - 2019-FL5 Issuer
Debt Instrument [Line Items]
Par Value Issued	20,250
Par Value Outstanding	$ 20,250
1M LIBOR | U.S. Bank National Association | Secured Debt | Tranche A Notes - 2017-FL1 Issuer
Debt Instrument [Line Items]
Interest Rate		1.35%
1M LIBOR | U.S. Bank National Association | Secured Debt | Tranche B Notes - 2017-FL1 Issuer
Debt Instrument [Line Items]
Interest Rate		2.40%
1M LIBOR | U.S. Bank National Association | Secured Debt | Tranche C Notes - 2017-FL1 Issuer
Debt Instrument [Line Items]
Interest Rate		4.25%
1M LIBOR | U.S. Bank National Association | Secured Debt | Tranche A Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Interest Rate	0.82%	0.82%
1M LIBOR | U.S. Bank National Association | Secured Debt | Tranche A-S Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Interest Rate	1.10%	1.10%
1M LIBOR | U.S. Bank National Association | Secured Debt | Tranche B Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Interest Rate	1.40%	1.40%
1M LIBOR | U.S. Bank National Association | Secured Debt | Tranche C Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Interest Rate	2.15%	2.15%
1M LIBOR | U.S. Bank National Association | Secured Debt | Tranche D Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Interest Rate	3.45%	3.45%
1M LIBOR | U.S. Bank National Association | Secured Debt | Tranche A Notes - 2018-FL3 Issuer
Debt Instrument [Line Items]
Interest Rate	1.05%	1.05%
1M LIBOR | U.S. Bank National Association | Secured Debt | Tranche A-S Notes - 2018-FL3 Issuer
Debt Instrument [Line Items]
Interest Rate	1.35%	1.35%
1M LIBOR | U.S. Bank National Association | Secured Debt | Tranche B Notes - 2018-FL3 Issuer
Debt Instrument [Line Items]
Interest Rate	1.65%	1.65%
1M LIBOR | U.S. Bank National Association | Secured Debt | Tranche C Notes - 2018-FL3 Issuer
Debt Instrument [Line Items]
Interest Rate	2.55%	2.55%
1M LIBOR | U.S. Bank National Association | Secured Debt | Tranche D Notes - 2018-FL3 Issuer
Debt Instrument [Line Items]
Interest Rate	3.45%	3.45%
1M LIBOR | U.S. Bank National Association | Secured Debt | Tranche A Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Interest Rate	1.05%	1.05%
1M LIBOR | U.S. Bank National Association | Secured Debt | Tranche A-S Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Interest Rate	1.30%	1.30%
1M LIBOR | U.S. Bank National Association | Secured Debt | Tranche B Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Interest Rate	1.60%	1.60%
1M LIBOR | U.S. Bank National Association | Secured Debt | Tranche C Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Interest Rate	2.10%	2.10%
1M LIBOR | U.S. Bank National Association | Secured Debt | Tranche D Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Interest Rate	2.75%	2.75%
1M LIBOR | U.S. Bank National Association | Secured Debt | Tranche A Notes - 2019-FL5 Issuer
Debt Instrument [Line Items]
Interest Rate	1.15%
1M LIBOR | U.S. Bank National Association | Secured Debt | Tranche A-S Notes - 2019-FL5 Issuer
Debt Instrument [Line Items]
Interest Rate	1.48%
1M LIBOR | U.S. Bank National Association | Secured Debt | Tranche B Notes - 2019-FL5 Issuer
Debt Instrument [Line Items]
Interest Rate	1.40%
1M LIBOR | U.S. Bank National Association | Secured Debt | Tranche C Notes - 2019-FL5 Issuer
Debt Instrument [Line Items]
Interest Rate	2.00%
1M LIBOR | U.S. Bank National Association | Secured Debt | Tranche D Notes - 2019-FL5 Issuer
Debt Instrument [Line Items]
Interest Rate	2.40%
1M LIBOR | U.S. Bank National Association | Secured Debt | Tranche E Notes - 2019-FL5 Issuer
Debt Instrument [Line Items]
Interest Rate	2.85%

Debt - Collateralized Loan Ob_2

Debt - Collateralized Loan Obligation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 87,246	$ 191,390	$ 83,711
Commercial mortgage loans	2,762,042	2,206,830
Accrued interest receivable	16,308	12,789
Total assets	3,540,620	2,606,078	1,583,661
Notes payable	29,167	0
Interest payable	4,958	3,025
Total liabilities	2,514,705	1,727,064
Restricted cash	21,876	13,029	7,997
Allowance for loan losses	921	4,836	$ 1,466
Collaterized loan obligation
Variable Interest Entity [Line Items]
Cash and cash equivalents	89,946	74,157
Commercial mortgage loans	2,294,663	1,921,428
Accrued interest receivable	6,254	6,353
Total assets	2,390,863	2,001,938
Notes payable	2,064,601	1,712,129
Interest payable	2,576	3,163
Total liabilities	2,067,177	1,715,292
Restricted cash	89,300	73,700
Allowance for loan losses	800	600
Collateralized loan obligation excluded	261,400	186,500
Deferred financing cost and discount	$ 19,200	$ 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												12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Net income	$ 23,595	$ 25,913	$ 14,526	$ 19,890	$ 16,427	$ 19,000	$ 12,102	$ 5,296	$ 14,474	$ 6,975	$ 6,281	$ 6,049	$ 83,924	$ 52,825	$ 33,779
Less: Preferred stock dividends													15,337	3,644	0
Less: Undistributed earnings allocated to preferred stock													1,673	0	0
Net income applicable to common stock	$ 19,310	$ 20,460	$ 11,036	$ 16,108	$ 14,054	$ 17,745	$ 12,086	$ 5,296	$ 14,474	$ 6,975	$ 6,281	$ 6,049	$ 66,914	$ 49,181	$ 33,779
Weighted-average common shares outstanding for basic earnings per share (in shares)	43,549,406	42,795,038	41,226,805	39,798,215	38,088,364	35,468,648	31,762,199	31,670,518	34,754,734	31,741,679	31,850,897	31,740,256	41,859,142	34,268,707	31,772,231
Unvested restricted shares (in shares)													12,504	14,229	12,658
Weighted-average common shares outstanding for diluted earnings per share (in shares)	43,560,937	42,807,773	41,239,548	39,811,304	44,504,418	38,942,428	31,820,527	31,684,832	31,769,048	31,756,503	31,860,444	31,750,045	41,871,646	36,779,735	31,784,889
Basic earnings per share (in dollars per share)	$ 0.44	$ 0.48	$ 0.27	$ 0.40	$ 0.37	$ 0.49	$ 0.38	$ 0.17	$ 0.46	$ 0.22	$ 0.20	$ 0.19	$ 1.60	$ 1.44	$ 1.06
Diluted earnings per share (in dollars per share)	$ 0.44	$ 0.48	$ 0.27	$ 0.40	$ 0.37	$ 0.49	$ 0.38	$ 0.17	$ 0.46	$ 0.22	$ 0.20	$ 0.19	$ 1.60	$ 1.44	$ 1.06

Stock Transactions - Narrative

Stock Transactions - Narrative (Details) - USD ($)	Aug. 10, 2017	Feb. 28, 2016	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)				0	0
Minimum distribution percentage to qualify for REIT taxation status			90.00%	90.00%
Distribution percentage required to avoid paying federal income taxes			100.00%
Common stock, dividends, per share per annum, declared (in dollars per share)				$ 1.44	$ 1.44
Distributions payable				$ 6,912,000	$ 5,834,000	$ 3,917,000
Total distributions				59,700,000	48,500,000
Cash distributions				45,800,000	34,500,000
Common stock issued under DRIP				$ 13,900,000	$ 14,000,000
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)			$ 18.57
Common Stock, DRIP (in dollars per share)				$ 18.60
Repurchase limit percent per fiscal semester		2.50%		2.50%
Repurchase limit percent per fiscal year		5.00%		5.00%
Common Stock
Class of Stock [Line Items]
Shares outstanding (in shares)				43,916,815	39,303,710	31,834,072	31,884,631
Common Stock
Class of Stock [Line Items]
Shares outstanding (in shares)				43,916,815	39,303,710
Warrants and rights outstanding				$ 10,700,000	$ 0
Distributions payable				5,400,000	4,700,000
Series A Preferred Stock
Class of Stock [Line Items]
Warrants and rights outstanding				$ 0	$ 0
Preferred stock, shares outstanding (in shares)				40,500	29,249	0
Distributions payable				$ 1,500,000	$ 1,100,000
Series C Preferred Stock
Class of Stock [Line Items]
Warrants and rights outstanding				$ 0	$ 0
Preferred stock, shares outstanding (in shares)				1,400	0
Distributions payable				$ 100,000	$ 0

Stock Transactions - Preferred

Stock Transactions - Preferred Stock Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	0
Beginning balance	$ 0
Dividends paid in Preferred Stock	13,910	$ 14,023	$ 20,051
Offering costs	$ 0	$ (887)	$ 0
Ending balance (in shares)	0	0
Ending balance	$ 0	$ 0
Series A Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	29,249	0
Beginning balance	$ 145,786	$ 0
Issuance of preferred stock (in shares)	11,247	29,249
Issuance of preferred stock	$ 56,233	$ 146,245
Dividends paid in Preferred Stock (in shares)	4
Dividends paid in Preferred Stock	$ 24
Offering costs	0	(510)
Amortization of offering costs	$ 101	$ 51
Ending balance (in shares)	40,500	29,249	0
Ending balance	$ 202,144	$ 145,786	$ 0
Series C Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	0
Beginning balance	$ 0
Issuance of preferred stock (in shares)	1,400
Issuance of preferred stock	$ 6,998
Dividends paid in Preferred Stock (in shares)	0
Dividends paid in Preferred Stock	$ 0
Offering costs	(33)
Amortization of offering costs	$ 1
Ending balance (in shares)	1,400	0
Ending balance	$ 6,966	$ 0

Stock Transactions - Schedule o

Stock Transactions - Schedule of Shares Repurchased (Details) - Share Repurchase Program (SRP) - Common Stock	Apr. 01, 2019share_repurchase_requestshares	Dec. 31, 2019share_repurchase_request$ / sharesshares	Nov. 30, 2019share_repurchase_requestshares	Oct. 31, 2019share_repurchase_requestshares	Sep. 30, 2019share_repurchase_requestshares	Aug. 31, 2019share_repurchase_requestshares	Jul. 31, 2019share_repurchase_request$ / sharesshares	Jun. 30, 2019share_repurchase_requestshares	May 31, 2019share_repurchase_requestshares	Mar. 31, 2019share_repurchase_requestshares	Feb. 28, 2019share_repurchase_requestshares	Jan. 31, 2019share_repurchase_request$ / sharesshares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, number of requests (share repurchase request) | share_repurchase_request												3,845
Number of requests during period (share repurchase request) | share_repurchase_request	0	0	0	0	0	0	1,188	0	0	0	0	845
Ending balance, number of requests (share repurchase request) | share_repurchase_request		5,878
Beginning balance, number of shares repurchased (in shares)												2,800,414
Number of shares repurchased during period (in shares)	0	0	0	0	0	0	354,323	0	0	0	0	387,530
Ending balance, number of shares repurchased (in shares)		3,542,267
Beginning balance, average price per share (usd per share) | $ / shares												$ 20.65
Repurchases during period, average price per share (usd per share) | $ / shares							$ 18.65					$ 18.60
Ending balance, average price per share (usd per share) | $ / shares		$ 20.23
Unfulfilled redemption requests (shares)							1,934,369

Commitments and Contingencies_2

Commitments and Contingencies (Details) - Unfunded Commitments Under Commercial Mortgage Loans - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Loss Contingencies [Line Items]
Year One	$ 90,519	$ 34,667
Year Two	100,861	176,760
Year Three	56,863	106,940
Year Four	8,637	0
Year Five	5,450	0
Year Six and Thereafter	0	0
Total	$ 262,330	$ 318,367

Related Party Transactions an_3

Related Party Transactions and Arrangements - Narrative (Details) - USD ($) $ in Thousands	Apr. 18, 2018	Feb. 22, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Aggregate purchase price of commercial mortgage loans			$ 1,321,644	$ 1,598,786	$ 836,961
Commercial mortgage loans, held-for-sale, measured at fair value			112,562	76,863
Other real estate investments, measured at fair value			2,557	0
CMBS
Related Party Transaction [Line Items]
Other real estate investments, measured at fair value			386,316	$ 26,412
Affiliated Entity | CMBS
Related Party Transaction [Line Items]
Aggregate purchase price of commercial mortgage loans		$ 27,800
Proceeds from CBMS sold into securitization	$ 23,300
Commercial mortgage loans, held-for-sale, measured at fair value			4,500
Other real estate investments, measured at fair value			$ 3,900
Benefit Street Partners LLC | Affiliated Entity
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%
Benefit Street Partners LLC | Fee to Acquire and Originate Real Estate Debt | Affiliated Entity
Related Party Transaction [Line Items]
Transaction rate			0.50%
Common Stock and Series A Preferred Stock | Manager Investors
Related Party Transaction [Line Items]
Amounts of transaction			$ 2,400
Common Stock | Director
Related Party Transaction [Line Items]
Shares purchased during period, per board member (in shares)			5,984
Aggregate purchase price of shares			$ 400

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	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Payable to related party	$ 4,789	$ 3,229
Affiliated Entity
Related Party Transaction [Line Items]
Total expenses from transactions with related party	35,099	25,456	$ 20,629
Payable to related party	4,789	3,229
Affiliated Entity | Acquisition fees and acquisition expenses | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	900	452	4,197
Payable to related party	225	1
Affiliated Entity | Administrative services expenses | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	16,363	13,446	6,765
Payable to related party	1,238	1,224
Affiliated Entity | Asset management and subordinated performance fee | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	16,226	10,299	9,273
Payable to related party	3,326	1,072
Affiliated Entity | Other related party expenses | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	1,610	1,259	394
Payable to related party	0	932
Affiliated Entity | Acquisition fees and expenses, including amount capitalized | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	8,400	8,100	10,200
Affiliated Entity | Acquisition fees and expenses, amount capitalized | Nonrecurring Fees
Related Party Transaction [Line Items]
Payable to related party	$ 7,500	$ 7,600	$ 6,000

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restricted Shares and Unvested Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities excluded from computation (in shares)	34,106	31,970
Restricted Unvested Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities excluded from computation (in shares)	8,566	13,702
Forfeited Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities excluded from computation (in shares)	5,333	5,333
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities excluded from computation (in shares)	20,207	12,935
Restricted Share Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted under restricted share plan, maximum percentage of total shares allowed	5.00%
Maximum shares allowed to be granted under restricted share plan (in shares)	4,000,000
Restricted Share Plan | Restricted Common Stock | Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 0.2	$ 0.2	$ 0.1

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Financial Instruments Carried at Fair Value on a Recurring Basis (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)transfer	Dec. 31, 2018USD ($)
Fair Value Disclosures [Abstract]
Number of transfers out of Level III (in transfers) | transfer	6
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, available for sale, measured at fair value	$ 2,557	$ 0
Commercial mortgage loans, held-for-sale, measured at fair value	112,562	76,863
Derivative instruments, at fair value	1,119	846
Liabilities	1,581	1,319
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, available for sale, measured at fair value	386,316	26,412
Commercial mortgage loans, held-for-sale, measured at fair value	112,562	76,863
Other real estate investments, measured at fair value	2,557
Total assets, at fair value	502,554	104,121
Total liabilities, at fair value	1,581	1,319
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, measured at fair value	0	0
Commercial mortgage loans, held-for-sale, measured at fair value	0	0
Other real estate investments, measured at fair value	0
Total assets, at fair value	735	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]
Real estate securities, available for sale, measured at fair value	386,316	0
Commercial mortgage loans, held-for-sale, measured at fair value	0
Other real estate investments, measured at fair value	0
Total assets, at fair value	386,700	846
Total liabilities, at fair value	1,581	256
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, measured at fair value	0	26,412
Commercial mortgage loans, held-for-sale, measured at fair value	112,562	76,863
Other real estate investments, measured at fair value	2,557
Total assets, at fair value	115,119	103,275
Total liabilities, at fair value	0	0
Credit default swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	59	640
Liabilities	1,581	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	59	640
Liabilities	1,581
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
Liabilities	0
Credit default swaps | Level II | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	59	640
Liabilities	1,581
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
Liabilities	0
Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	325	206
Liabilities	0	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	325	206
Liabilities		256
Interest rate swaps | Level I | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	0	0
Liabilities		0
Interest rate swaps | Level II | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	325	206
Liabilities		256
Interest rate swaps | Level III | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	0	0
Liabilities		0
Treasury note futures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	735	0
Liabilities	0	1,063
Treasury note futures | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	735
Liabilities		1,063
Treasury note futures | Level I | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	735
Liabilities		1,063
Treasury note futures | Level II | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	0
Liabilities		0
Treasury note futures | Level III | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	$ 0
Liabilities		$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Valuation Method Of Level 3 Financial Instruments Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 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	$ 112,562	$ 76,863
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	112,562	76,863
Other real estate investments, measured at fair value	2,557
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	112,562	76,863
Other real estate investments, measured at fair value	2,557
Real estate securities, available for sale, measured at fair value		26,412
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]
Commercial mortgage loans, held-for-sale, measured at fair value	$ 112,562	$ 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	4.90%	6.30%
Income Approach Valuation Technique | Weighted Average | Other real estate investments, measured at fair value | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield	12.40%
Income Approach Valuation Technique | Minimum | Commercial mortgage loans, held-for-sale, measured at fair value | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield	4.70%	4.70%
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	5.20%	11.30%
Cost Approach Valuation Technique | Weighted Average | Real Estate Securities | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield		5.50%
Cost Approach Valuation Technique | Minimum | Other real estate investments, measured at fair value | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield		4.00%
Cost Approach Valuation Technique | Minimum | Real Estate Securities | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield	11.40%
Cost Approach Valuation Technique | Maximum | Other real estate investments, measured at fair value | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield		6.00%
Cost Approach Valuation Technique | Maximum | Real Estate Securities | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield	13.40%

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Changes in the Company's Financial Instruments Classified as Level III (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net Accretion	$ 6,144	$ 4,572	$ 2,554
Cash repayments / receipts	(9,369)	0	(15,000)
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
Transfers into Level III	0	0
Realized and unrealized gains (losses) included in earnings	37,832	11,288
Unrealized gain (loss) on commercial mortgage loans held-for-sale and other real estate investments	312	(237)
Net Accretion	0	0
Unrealized gain (losses) included in OCI	0	0
Purchases	1,015,677	617,916
Sales / paydowns	(1,008,050)	(580,635)
Cash repayments / receipts	0	0
Transfers out of Level III	(10,072)	0
Ending balance	112,562	76,863	28,531
Other real estate investments, measured at fair value | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0	0
Transfers into Level III	0	0
Realized and unrealized gains (losses) included in earnings	0	0
Unrealized gain (loss) on commercial mortgage loans held-for-sale and other real estate investments	47	0
Net Accretion	0	0
Unrealized gain (losses) included in OCI	0	0
Purchases	2,510	0
Sales / paydowns	0	0
Cash repayments / receipts	0	0
Transfers out of Level III	0	0
Ending balance	2,557	0	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
Transfers into Level III	0	0
Realized and unrealized gains (losses) included in earnings	0	(107)
Net Accretion	0	(76)
Unrealized gain (losses) included in OCI	0	(459)
Purchases	0	39,510
Sales / paydowns	0	(12,456)
Cash repayments / receipts	0	0
Transfers out of Level III	(26,412)	0
Ending balance	$ 0	$ 26,412	$ 0

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Allowance for loan losses	$ 921	$ 4,836	$ 1,466
Carrying Amount | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans, held-for-investment	2,762,963	2,211,666
Collateralized loan obligation	1,803,185	1,505,279
Mortgage note payable	29,167
Other financing and loan participation - commercial mortgage loans		9,902
Allowance for loan losses	900	4,800
Fair Value | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans, held-for-investment	2,784,650	2,213,650
Collateralized loan obligation	1,822,386	1,518,127
Mortgage note payable	$ 29,167
Other financing and loan participation - commercial mortgage loans		$ 9,902

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net premiums received on derivative instrument assets	$ 5.7

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Outstanding Derivatives (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Notional	$ 210,846	$ 131,965
Assets	1,119	846
Liabilities	1,581	1,319
Credit default swaps
Derivative [Line Items]
Notional	94,300	45,000
Assets	59	640
Liabilities	1,581	0
Interest rate swaps
Derivative [Line Items]
Notional	42,546	37,965
Assets	325	206
Liabilities	0	256
Treasury note futures
Derivative [Line Items]
Notional	74,000	49,000
Assets	735	0
Liabilities	$ 0	$ 1,063

Derivative Instruments - Net Re

Derivative Instruments - Net Realized and Unrealized Losses on Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	$ (1,722)	$ 1,374	$ 17
Realized (Gain)/Loss	4,324	(1,827)	$ (555)
Credit default swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	456	(139)
Realized (Gain)/Loss	2,230	(229)
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	(380)	351
Realized (Gain)/Loss	(269)	136
Treasury note futures
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	(1,798)	1,162
Realized (Gain)/Loss	1,962	(1,734)
Options
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	0	0
Realized (Gain)/Loss	$ 401	$ 0

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities - Offsetting Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Offsetting Derivative Assets [Abstract]
Gross Amounts of Recognized Assets	$ 1,119	$ 846
Gross Amounts Offset on the Balance Sheet	0	0
Net Amount of Assets Presented on the Balance Sheet	1,119	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	10,895	0
Net Amount	$ 0	$ 846

Offsetting Assets and Liabili_4

Offsetting Assets and Liabilities - Offsetting Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Offsetting Derivative Liabilities [Abstract]
Derivative instruments, at fair value, Gross Amounts Recognized	$ 1,581	$ 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	1,581	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	3,679	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	252,543	149,440
Repurchase agreements, Gross Amounts Offset on the Balance Sheet	0	0
Repurchase agreements, Net Amount of Liabilities Presented on the Balance Sheet	252,543	149,440
Repurchase agreements, Gross Amounts Not Offset on the Balance Sheet, Financial Instruments	394,229	203,846
Repurchase agreements, Gross Amounts Not Offset on the Balance Sheet, Cash Collateral Pledged	5,011	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	394,359	44,539
Repurchase agreements, Gross Amounts Offset on the Balance Sheet	0	0
Repurchase agreements, Net Amount of Liabilities Presented on the Balance Sheet	394,359	44,539
Repurchase agreements, Gross Amounts Not Offset on the Balance Sheet, Financial Instruments	455,301	54,973
Repurchase agreements, Gross Amounts Not Offset on the Balance Sheet, Cash Collateral Pledged	1,657	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												12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Interest income													$ 195,299	$ 152,288	$ 89,564
Revenue from real estate owned													3,169
Interest expense													90,418	70,000	32,359
Net income	$ 23,595	$ 25,913	$ 14,526	$ 19,890	$ 16,427	$ 19,000	$ 12,102	$ 5,296	$ 14,474	$ 6,975	$ 6,281	$ 6,049	83,924	52,825	33,779
Total assets	3,540,620				2,606,078				1,583,661				3,540,620	2,606,078	1,583,661
Real Estate Debt and Other Real Estate
Segment Reporting Information [Line Items]
Interest income													181,434	144,967	87,014
Revenue from real estate owned													0
Interest expense													83,597	65,521	30,407
Net income													61,936	50,041	33,184
Total assets	2,964,233				2,492,440				1,517,021				2,964,233	2,492,440	1,517,021
Real Estate Securities
Segment Reporting Information [Line Items]
Interest income													6,149	717	1,351
Revenue from real estate owned													0
Interest expense													2,911	770	1,254
Net income													3,238	(160)	269
Total assets	388,170				26,474				389				388,170	26,474	389
TRS
Segment Reporting Information [Line Items]
Interest income													7,716	6,604	1,199
Revenue from real estate owned													0
Interest expense													3,670	3,709	698
Net income													19,130	2,944	326
Total assets	131,193				87,164				66,251				131,193	87,164	66,251
Real Estate Owned
Segment Reporting Information [Line Items]
Interest income													0	0	0
Revenue from real estate owned													3,169
Interest expense													240	0	0
Net income													(380)	0	0
Total assets	$ 57,024				$ 0				$ 0				$ 57,024	$ 0	$ 0

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Examination [Line Items]
Income tax expense	$ 4,483	$ 79	$ 225
Common stock, dividends, per share per annum, declared (in dollars per share)	$ 1.44	$ 1.44
Ordinary income declared per share (in dollars per share)	1.20	1.43
Return of capital declared per share (in dollars per share)	0.24	0.01
Preferred stock dividends declared (in dollars per share)	430.88
Preferred stock qualified dividend declared (in dollars per share)	1.20
Preferred stock ordinary dividend declared (in dollars per share)	1.20
Series A Preferred Stock
Income Tax Examination [Line Items]
Preferred stock dividends declared (in dollars per share)		$ 216.03
Series C Preferred Stock
Income Tax Examination [Line Items]
Preferred stock dividends declared (in dollars per share)	35.41
Preferred stock qualified dividend declared (in dollars per share)	35.41
Preferred stock ordinary dividend declared (in dollars per share)	$ 35.41

Income Taxes - Provision for In

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current expense (benefit)
U.S. Federal	$ 4,076	$ 68	$ 140
State and local	397	12	61
Total current expense (benefit)	4,473	80	201
Deferred expense (benefit)
U.S. Federal	10	(1)	18
State and local	0	0	6
Total deferred expense (benefit)	10	(1)	24
Provision for income tax expense (benefit)	$ 4,483	$ 79	$ 225

Summary of Quarterly Results _3

Summary of Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Net interest income	$ 27,031	$ 29,349	$ 22,356	$ 26,145	$ 25,993	$ 25,823	$ 19,738	$ 10,734	$ 17,278	$ 13,350	$ 13,126	$ 13,451	$ 108,050	$ 82,288	$ 57,205
Net income applicable to common stock	19,310	20,460	11,036	16,108	14,054	17,745	12,086	5,296	14,474	6,975	6,281	6,049	66,914	49,181	33,779
Net income	$ 23,595	$ 25,913	$ 14,526	$ 19,890	$ 16,427	$ 19,000	$ 12,102	$ 5,296	$ 14,474	$ 6,975	$ 6,281	$ 6,049	$ 83,924	$ 52,825	$ 33,779
Basic net income per share (in dollars per share)	$ 0.44	$ 0.48	$ 0.27	$ 0.40	$ 0.37	$ 0.49	$ 0.38	$ 0.17	$ 0.46	$ 0.22	$ 0.20	$ 0.19	$ 1.60	$ 1.44	$ 1.06
Diluted net income per share (in dollars per share)	$ 0.44	$ 0.48	$ 0.27	$ 0.40	$ 0.37	$ 0.49	$ 0.38	$ 0.17	$ 0.46	$ 0.22	$ 0.20	$ 0.19	$ 1.60	$ 1.44	$ 1.06
Basic weighted average shares outstanding (in shares)	43,549,406	42,795,038	41,226,805	39,798,215	38,088,364	35,468,648	31,762,199	31,670,518	34,754,734	31,741,679	31,850,897	31,740,256	41,859,142	34,268,707	31,772,231
Diluted weighted average shares outstanding (in shares)	43,560,937	42,807,773	41,239,548	39,811,304	44,504,418	38,942,428	31,820,527	31,684,832	31,769,048	31,756,503	31,860,444	31,750,045	41,871,646	36,779,735	31,784,889

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - Private Placement - Subsequent Event $ / shares in Units, $ in Millions	2 Months Ended
	Mar. 13, 2020USD ($)$ / shares
Series A Preferred Stock
Subsequent Event [Line Items]
Aggregate amount of shares committed for purchase | $	$ 0.1
Price per share of stock sold (in usd per share) | $ / shares	$ 5,000
Common Stock
Subsequent Event [Line Items]
Aggregate amount of shares committed for purchase | $	$ 10.9
Price per share of stock sold (in usd per share) | $ / shares	$ 16.71

Schedule IV - Mortgage Loans_2

Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Par Value	$ 2,762,963	$ 2,211,666
First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	2,771,299
Par Value	2,762,963
First Mortgage | Senior 70
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	8,356
Par Value	$ 8,307
Interest Rate	3.90%
First Mortgage | Senior 103
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 51,500
Par Value	$ 51,093
Interest Rate	3.75%
First Mortgage | Retail | Senior 1
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 9,450
Par Value	$ 9,450
Interest Rate	4.50%
First Mortgage | Retail | Senior 49
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 29,500
Par Value	$ 29,401
Interest Rate	6.25%
First Mortgage | Retail | Senior 62
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 14,500
Par Value	$ 14,434
Interest Rate	4.75%
First Mortgage | Retail | Senior 73
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 14,250
Par Value	$ 14,294
Interest Rate	3.95%
First Mortgage | Retail | Senior 78
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 13,400
Par Value	$ 13,360
Interest Rate	4.00%
First Mortgage | Retail | Senior 80
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 8,500
Par Value	$ 8,473
Interest Rate	5.00%
First Mortgage | Retail | Senior 94
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 9,400
Par Value	$ 9,356
Interest Rate	4.20%
First Mortgage | Retail | Senior 110
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 9,120
Par Value	$ 9,122
Interest Rate	5.25%
First Mortgage | Retail | Mezzanine 4
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 3,500
Par Value	$ 3,501
Interest Rate	10.00%
First Mortgage | Office | Senior 2
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 10,699
Par Value	$ 10,699
Interest Rate	4.65%
First Mortgage | Office | Senior 5
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 14,080
Par Value	$ 14,066
Interest Rate	4.45%
First Mortgage | Office | Senior 6
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 10,533
Par Value	$ 10,533
Interest Rate	6.00%
First Mortgage | Office | Senior 8
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 27,662
Par Value	$ 27,662
Interest Rate	4.15%
First Mortgage | Office | Senior 19
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 24,426
Par Value	$ 24,429
Interest Rate	4.65%
First Mortgage | Office | Senior 21
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 20,340
Par Value	$ 20,326
Interest Rate	3.70%
First Mortgage | Office | Senior 43
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 20,900
Par Value	$ 20,855
Interest Rate	3.75%
First Mortgage | Office | Senior 44
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 50,000
Par Value	$ 49,984
Interest Rate	4.23%
First Mortgage | Office | Senior 48
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 13,298
Par Value	$ 13,267
Interest Rate	3.40%
First Mortgage | Office | Senior 52
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 37,550
Par Value	$ 37,464
Interest Rate	3.74%
First Mortgage | Office | Senior 68
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 7,200
Par Value	$ 7,179
Interest Rate	3.90%
First Mortgage | Office | Senior 75
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 21,850
Par Value	$ 21,848
Interest Rate	4.25%
First Mortgage | Office | Senior 79
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 41,293
Par Value	$ 41,104
Interest Rate	3.50%
First Mortgage | Office | Senior 86
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 25,900
Par Value	$ 25,623
Interest Rate	3.77%
First Mortgage | Office | Senior 99
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 29,750
Par Value	$ 29,643
Interest Rate	3.35%
First Mortgage | Office | Senior 104
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 21,825
Par Value	$ 21,682
Interest Rate	3.50%
First Mortgage | Office | Senior 115
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 27,500
Par Value	$ 27,308
Interest Rate	5.50%
First Mortgage | Office | Mezzanine 2
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 9,966
Par Value	$ 9,639
Interest Rate	10.00%
First Mortgage | Industrial | Senior 3
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 33,655
Par Value	$ 33,655
Interest Rate	4.00%
First Mortgage | Industrial | Senior 63
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 11,358
Par Value	$ 11,312
Interest Rate	3.95%
First Mortgage | Industrial | Senior 106
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 22,230
Par Value	$ 22,104
Interest Rate	3.55%
First Mortgage | Mixed Use | Senior 4
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 12,952
Par Value	$ 12,952
Interest Rate	5.00%
First Mortgage | Mixed Use | Senior 40
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 45,856
Par Value	$ 45,874
Interest Rate	4.87%
First Mortgage | Multifamily | Senior 7
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 38,248
Par Value	$ 38,249
Interest Rate	3.35%
First Mortgage | Multifamily | Senior 9
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 34,875
Par Value	$ 34,875
Interest Rate	3.75%
First Mortgage | Multifamily | Senior 12
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 18,985
Par Value	$ 18,983
Interest Rate	3.62%
First Mortgage | Multifamily | Senior 14
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 58,590
Par Value	$ 58,117
Interest Rate	4.50%
First Mortgage | Multifamily | Senior 17
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 19,280
Par Value	$ 19,273
Interest Rate	3.60%
First Mortgage | Multifamily | Senior 18
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 12,155
Par Value	$ 12,151
Interest Rate	3.30%
First Mortgage | Multifamily | Senior 22
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 20,741
Par Value	$ 20,671
Interest Rate	4.25%
First Mortgage | Multifamily | Senior 23
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 42,000
Par Value	$ 41,907
Interest Rate	3.70%
First Mortgage | Multifamily | Senior 27
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 33,663
Par Value	$ 33,624
Interest Rate	3.00%
First Mortgage | Multifamily | Senior 31
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 90,499
Par Value	$ 90,322
Interest Rate	3.50%
First Mortgage | Multifamily | Senior 34
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 22,775
Par Value	$ 22,698
Interest Rate	3.15%
First Mortgage | Multifamily | Senior 35
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 11,590
Par Value	$ 11,572
Interest Rate	3.75%
First Mortgage | Multifamily | Senior 36
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 66,000
Par Value	$ 65,768
Interest Rate	3.75%
First Mortgage | Multifamily | Senior 37
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 17,250
Par Value	$ 17,222
Interest Rate	3.95%
First Mortgage | Multifamily | Senior 41
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 12,007
Par Value	$ 11,994
Interest Rate	3.50%
First Mortgage | Multifamily | Senior 42
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 18,000
Par Value	$ 17,965
Interest Rate	3.30%
First Mortgage | Multifamily | Senior 46
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 7,250
Par Value	$ 7,237
Interest Rate	4.00%
First Mortgage | Multifamily | Senior 47
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 115,069
Par Value	$ 114,809
Interest Rate	3.10%
First Mortgage | Multifamily | Senior 50
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 25,500
Par Value	$ 25,505
Interest Rate	3.50%
First Mortgage | Multifamily | Senior 53
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 15,045
Par Value	$ 15,016
Interest Rate	3.15%
First Mortgage | Multifamily | Senior 54
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 21,276
Par Value	$ 21,227
Interest Rate	3.40%
First Mortgage | Multifamily | Senior 55
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 29,900
Par Value	$ 29,834
Interest Rate	3.35%
First Mortgage | Multifamily | Senior 56
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 38,928
Par Value	$ 38,821
Interest Rate	3.10%
First Mortgage | Multifamily | Senior 58
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 10,020
Par Value	$ 9,986
Interest Rate	3.45%
First Mortgage | Multifamily | Senior 59
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 73,620
Par Value	$ 73,322
Interest Rate	3.45%
First Mortgage | Multifamily | Senior 64
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 87,700
Par Value	$ 88,002
Interest Rate	2.99%
First Mortgage | Multifamily | Senior 65
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 48,500
Par Value	$ 48,388
Interest Rate	3.75%
First Mortgage | Multifamily | Senior 66
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 31,906
Par Value	$ 31,844
Interest Rate	3.25%
First Mortgage | Multifamily | Senior 67
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 52,031
Par Value	$ 51,773
Interest Rate	5.20%
First Mortgage | Multifamily | Senior 76
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 23,750
Par Value	$ 23,678
Interest Rate	3.10%
First Mortgage | Multifamily | Senior 77
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 36,250
Par Value	$ 36,145
Interest Rate	3.10%
First Mortgage | Multifamily | Senior 82
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 18,100
Par Value	$ 18,091
Interest Rate	3.40%
First Mortgage | Multifamily | Senior 83
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 28,250
Par Value	$ 28,236
Interest Rate	3.40%
First Mortgage | Multifamily | Senior 85
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 18,553
Par Value	$ 18,469
Interest Rate	3.10%
First Mortgage | Multifamily | Senior 91
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 20,900
Par Value	$ 20,899
Interest Rate	3.50%
First Mortgage | Multifamily | Senior 93
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 42,900
Par Value	$ 42,830
Interest Rate	2.80%
First Mortgage | Multifamily | Senior 97
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 4,452
Par Value	$ 3,906
Interest Rate	5.50%
First Mortgage | Multifamily | Senior 98
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 23,115
Par Value	$ 23,005
Interest Rate	2.65%
First Mortgage | Multifamily | Senior 101
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 11,490
Par Value	$ 11,413
Interest Rate	2.65%
First Mortgage | Multifamily | Senior 102
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 34,733
Par Value	$ 34,604
Interest Rate	2.75%
First Mortgage | Multifamily | Senior 107
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 19,575
Par Value	$ 19,477
Interest Rate	2.75%
First Mortgage | Multifamily | Senior 108
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 16,100
Par Value	$ 16,103
Interest Rate	3.75%
First Mortgage | Multifamily | Senior 109
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 26,000
Par Value	$ 25,854
Interest Rate	3.15%
First Mortgage | Multifamily | Senior 111
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 25,320
Par Value	$ 25,230
Interest Rate	2.70%
First Mortgage | Multifamily | Senior 112
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 7,150
Par Value	$ 7,088
Interest Rate	4.75%
First Mortgage | Multifamily | Senior 113
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 25,000
Par Value	$ 24,874
Interest Rate	3.00%
First Mortgage | Multifamily | Senior 114
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 8,550
Par Value	$ 8,497
Interest Rate	2.80%
First Mortgage | Multifamily | Mezzanine 1
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 3,480
Par Value	$ 3,490
Interest Rate	9.50%
First Mortgage | Multifamily | Mezzanine 3
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 22,800
Par Value	$ 22,880
Interest Rate	8.01%
First Mortgage | Multifamily | Mezzanine 5
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 1,100
Par Value	$ 1,122
Interest Rate	11.00%
First Mortgage | Multifamily | Mezzanine 6
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 1,000
Par Value	$ 1,006
Interest Rate	11.00%
First Mortgage | Hospitality | Senior 10
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 10,599
Par Value	$ 10,569
Interest Rate	5.00%
First Mortgage | Hospitality | Senior 11
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 5,930
Par Value	$ 5,930
Interest Rate	3.50%
First Mortgage | Hospitality | Senior 13
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 57,075
Par Value	$ 57,075
Interest Rate	5.19%
First Mortgage | Hospitality | Senior 15
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 10,250
Par Value	$ 10,221
Interest Rate	5.25%
First Mortgage | Hospitality | Senior 16
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 23,000
Par Value	$ 22,890
Interest Rate	4.41%
First Mortgage | Hospitality | Senior 20
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 21,000
Par Value	$ 20,951
Interest Rate	4.00%
First Mortgage | Hospitality | Senior 24
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 19,975
Par Value	$ 19,958
Interest Rate	4.95%
First Mortgage | Hospitality | Senior 25
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 27,541
Par Value	$ 27,460
Interest Rate	4.00%
First Mortgage | Hospitality | Senior 26
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 21,495
Par Value	$ 21,438
Interest Rate	4.40%
First Mortgage | Hospitality | Senior 38
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 22,355
Par Value	$ 22,291
Interest Rate	4.00%
First Mortgage | Hospitality | Senior 39
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 34,000
Par Value	$ 33,939
Interest Rate	4.50%
First Mortgage | Hospitality | Senior 61
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 8,628
Par Value	$ 8,597
Interest Rate	4.80%
First Mortgage | Hospitality | Senior 69
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 10,000
Par Value	$ 9,976
Interest Rate	4.95%
First Mortgage | Hospitality | Senior 72
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 7,620
Par Value	$ 7,552
Interest Rate	3.44%
First Mortgage | Hospitality | Senior 74
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 21,000
Par Value	$ 20,928
Interest Rate	4.14%
First Mortgage | Hospitality | Senior 81
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 8,180
Par Value	$ 8,126
Interest Rate	4.50%
First Mortgage | Hospitality | Senior 84
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 19,900
Par Value	$ 19,817
Interest Rate	3.48%
First Mortgage | Hospitality | Senior 87
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 16,527
Par Value	$ 16,404
Interest Rate	3.75%
First Mortgage | Hospitality | Senior 88
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 15,500
Par Value	$ 15,428
Interest Rate	4.00%
First Mortgage | Hospitality | Senior 89
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 5,250
Par Value	$ 5,229
Interest Rate	4.25%
First Mortgage | Hospitality | Senior 90
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 11,977
Par Value	$ 11,911
Interest Rate	4.45%
First Mortgage | Hospitality | Senior 92
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 9,000
Par Value	$ 8,948
Interest Rate	4.50%
First Mortgage | Hospitality | Senior 100
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 34,914
Par Value	$ 34,752
Interest Rate	3.99%
First Mortgage | Hospitality | Senior 105
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 7,100
Par Value	$ 7,064
Interest Rate	4.00%
First Mortgage | Hospitality | Senior 116
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 17,746
Par Value	$ 17,367
Interest Rate	5.80%
First Mortgage | Self Storage | Senior 28
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 4,120
Par Value	$ 4,110
Interest Rate	4.05%
First Mortgage | Self Storage | Senior 29
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 6,496
Par Value	$ 6,480
Interest Rate	4.05%
First Mortgage | Self Storage | Senior 30
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 7,606
Par Value	$ 7,585
Interest Rate	5.05%
First Mortgage | Self Storage | Senior 32
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 2,400
Par Value	$ 2,392
Interest Rate	4.05%
First Mortgage | Self Storage | Senior 33
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 6,310
Par Value	$ 6,293
Interest Rate	5.05%
First Mortgage | Self Storage | Senior 45
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 6,600
Par Value	$ 6,592
Interest Rate	6.00%
First Mortgage | Self Storage | Senior 51
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 12,125
Par Value	$ 12,088
Interest Rate	5.50%
First Mortgage | Self Storage | Senior 57
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 17,400
Par Value	$ 17,358
Interest Rate	4.00%
First Mortgage | Self Storage | Senior 71
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 4,710
Par Value	$ 4,703
Interest Rate	5.00%
First Mortgage | Land | Senior 60
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 16,400
Par Value	$ 16,359
Interest Rate	6.00%
First Mortgage | Manufactured Housing | Senior 95
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 12,200
Par Value	$ 12,142
Interest Rate	3.65%
First Mortgage | Manufactured Housing | Senior 96
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 24,100
Par Value	$ 23,989
Interest Rate	3.65%

Schedule IV - Mortgage Loans_3

Schedule IV - Mortgage Loans on Real Estate Phantom (Details) - First Mortgage	Dec. 31, 2019
Senior 70
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.90%
Senior 103
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.75%
Retail | Senior 1
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.50%
Retail | Senior 49
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.25%
Retail | Senior 62
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.75%
Retail | Senior 73
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.95%
Retail | Senior 78
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.00%
Retail | Senior 80
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.00%
Retail | Senior 94
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.20%
Retail | Senior 110
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.25%
Retail | Mezzanine 4
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	10.00%
Office | Senior 2
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.65%
Office | Senior 5
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.45%
Office | Senior 6
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.00%
Office | Senior 8
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.15%
Office | Senior 19
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.65%
Office | Senior 21
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.70%
Office | Senior 43
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.75%
Office | Senior 44
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.23%
Office | Senior 48
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.40%
Office | Senior 52
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.74%
Office | Senior 68
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.90%
Office | Senior 75
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.25%
Office | Senior 79
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.50%
Office | Senior 86
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.77%
Office | Senior 99
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.35%
Office | Senior 104
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.50%
Office | Senior 115
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.50%
Office | Mezzanine 2
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	10.00%
Industrial | Senior 3
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.00%
Industrial | Senior 63
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.95%
Industrial | Senior 106
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.55%
Mixed Use | Senior 4
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.00%
Mixed Use | Senior 40
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.87%
Multifamily | Senior 7
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.35%
Multifamily | Senior 9
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.75%
Multifamily | Senior 12
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.62%
Multifamily | Senior 14
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.50%
Multifamily | Senior 17
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.60%
Multifamily | Senior 18
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.30%
Multifamily | Senior 22
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.25%
Multifamily | Senior 23
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.70%
Multifamily | Senior 27
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.00%
Multifamily | Senior 31
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.50%
Multifamily | Senior 34
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.15%
Multifamily | Senior 35
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.75%
Multifamily | Senior 36
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.75%
Multifamily | Senior 37
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.95%
Multifamily | Senior 41
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.50%
Multifamily | Senior 42
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.30%
Multifamily | Senior 46
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.00%
Multifamily | Senior 47
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.10%
Multifamily | Senior 50
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.50%
Multifamily | Senior 53
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.15%
Multifamily | Senior 54
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.40%
Multifamily | Senior 55
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.35%
Multifamily | Senior 56
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.10%
Multifamily | Senior 58
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.45%
Multifamily | Senior 59
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.45%
Multifamily | Senior 64
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	2.99%
Multifamily | Senior 65
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.75%
Multifamily | Senior 66
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.25%
Multifamily | Senior 67
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.20%
Multifamily | Senior 76
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.10%
Multifamily | Senior 77
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.10%
Multifamily | Senior 82
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.40%
Multifamily | Senior 83
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.40%
Multifamily | Senior 85
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.10%
Multifamily | Senior 91
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.50%
Multifamily | Senior 93
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	2.80%
Multifamily | Senior 97
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.50%
Multifamily | Senior 98
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	2.65%
Multifamily | Senior 101
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	2.65%
Multifamily | Senior 102
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	2.75%
Multifamily | Senior 107
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	2.75%
Multifamily | Senior 108
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.75%
Multifamily | Senior 109
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.15%
Multifamily | Senior 111
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	2.70%
Multifamily | Senior 112
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.75%
Multifamily | Senior 113
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.00%
Multifamily | Senior 114
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	2.80%
Multifamily | Mezzanine 1
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	9.50%
Multifamily | Mezzanine 3
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	8.01%
Multifamily | Mezzanine 5
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	11.00%
Multifamily | Mezzanine 6
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	11.00%
Hospitality | Senior 10
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.00%
Hospitality | Senior 11
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.50%
Hospitality | Senior 13
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.19%
Hospitality | Senior 15
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.25%
Hospitality | Senior 16
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.41%
Hospitality | Senior 20
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.00%
Hospitality | Senior 24
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.95%
Hospitality | Senior 25
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.00%
Hospitality | Senior 26
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.40%
Hospitality | Senior 38
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.00%
Hospitality | Senior 39
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.50%
Hospitality | Senior 61
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.80%
Hospitality | Senior 69
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.95%
Hospitality | Senior 72
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.44%
Hospitality | Senior 74
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.14%
Hospitality | Senior 81
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.50%
Hospitality | Senior 84
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.48%
Hospitality | Senior 87
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.75%
Hospitality | Senior 88
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.00%
Hospitality | Senior 89
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.25%
Hospitality | Senior 90
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.45%
Hospitality | Senior 92
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.50%
Hospitality | Senior 100
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.99%
Hospitality | Senior 105
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.00%
Hospitality | Senior 116
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.80%
Self Storage | Senior 28
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.05%
Self Storage | Senior 29
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.05%
Self Storage | Senior 30
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.05%
Self Storage | Senior 32
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.05%
Self Storage | Senior 33
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.05%
Self Storage | Senior 45
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.00%
Self Storage | Senior 51
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.50%
Self Storage | Senior 57
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.00%
Self Storage | Senior 71
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.00%
Land | Senior 60
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.00%
Manufactured Housing | Senior 95
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.65%
Manufactured Housing | Senior 96
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.65%