Franklin BSP Realty Trust (FBRT) 10-Q 15 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
Document and Entity Information [Abstract]
Entity Registrant Name	Benefit Street Partners Realty Trust, Inc.
Entity Central Index Key	0001562528
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		44,373,856
Entity Current Reporting Status	Yes

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents		$ 88,960	$ 87,246
Restricted cash		90,229	21,876
Commercial mortgage loans, held for investment, net of allowance of $21,702 and $921 as of March 31, 2020 and December 31, 2019, respectively		2,640,979	2,762,042
Commercial mortgage loans, held-for-sale, measured at fair value		91,813	112,562
Commercial mortgage loans, held-for-sale		9,619	0
Real estate securities, available for sale, measured at fair value, amortized cost of $509,745 and $387,294 as of March 31, 2020 and December 31, 2019, respectively		441,160	386,316
Derivative instruments, at fair value		1,173	1,119
Other real estate investments, measured at fair value		2,496	2,557
Receivable for loan repayment	[1]	28,206	89,317
Accrued interest receivable		15,877	16,308
Prepaid expenses and other assets		10,848	5,322
Intangible lease asset, net of amortization		14,165	14,377
Operating right of use asset, net of amortization		5,902	5,979
Real estate owned, net of depreciation		49,306	35,333
Receivable for unsettled trades		11,152	266
Total assets		3,501,885	3,540,620
LIABILITIES AND STOCKHOLDERS' EQUITY
Collateralized loan obligations		1,739,009	1,803,185
Par Value Issued		40,167	29,167
Other financing and loan participation - commercial mortgage loans		15,190	0
Derivative instruments, at fair value		5,528	1,581
Interest payable		2,886	4,958
Distributions payable		6,956	6,912
Accounts payable and accrued expenses		10,008	10,925
Due to affiliates		14,038	4,789
Operating lease liabilities		6,176	6,136
Deferred rent revenue		61	150
Total liabilities		2,571,423	2,514,705
Commitment and contingencies (See Note 10)
Preferred stock, $0.01 par value, 50,000,000 authorized, none issued and outstanding as of March 31, 2020 and December 31, 2019		0	0
Common stock, $0.01 par value, 949,999,000 shares authorized, 44,396,346 and 43,916,815 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively		445	441
Additional paid-in capital		910,905	903,310
Accumulated other comprehensive income (loss)		(68,585)	(978)
Accumulated deficit		(121,500)	(85,968)
Total stockholders' equity		721,265	816,805
Total liabilities, redeemable convertible preferred stock and stockholders' equity		3,501,885	3,540,620
CMBS
ASSETS
Real estate securities, available for sale, measured at fair value, amortized cost of $509,745 and $387,294 as of March 31, 2020 and December 31, 2019, respectively		441,160	386,316
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		234,524	252,543
Real Estate Securities
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		496,880	394,359
Series A Convertible Preferred Stock
LIABILITIES AND STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value, 50,000,000 authorized, none issued and outstanding as of March 31, 2020 and December 31, 2019		202,235	202,144
Series C Convertible Preferred Stock
LIABILITIES AND STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value, 50,000,000 authorized, none issued and outstanding as of March 31, 2020 and December 31, 2019		$ 6,962	$ 6,966
[1]	Includes $28.2 million and $89.3 million of cash held by servicer related to loan payoffs pledged to the CLOs as of March 31, 2020 and December 31, 2019, respectively.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Restricted cash	$ 90,229	$ 21,876
Allowance for loan losses	21,702	921
Real estate securities amortized cost	$ 509,745	$ 387,294
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)	44,396,346	43,916,815
Common stock, shares outstanding (in shares)	44,396,346	43,916,815
Series A Convertible 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)	40,514	40,500
Preferred stock, shares outstanding (in shares)	40,514	40,500
Series C Convertible 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	1,400
Preferred stock, shares outstanding (in shares)	1,400	1,400
Primary Beneficiary
Restricted cash	$ 28,200	$ 89,300
Allowance for loan losses	$ 10,500	$ 800

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income:
Interest income	$ 47,854	$ 46,511
Less: Interest expense	24,492	20,366
Net interest income	23,362	26,145
Revenues	24,991	26,145
Expenses:
Acquisition expenses	142	248
Administrative services expenses	4,112	3,963
Professional fees	2,784	2,095
Depreciation and amortization	588	0
Other expenses	1,587	896
Total expenses	14,770	10,846
Loan loss increase/(decrease)	14,597	2,495
Impairment losses on real estate owned assets	398	0
Impairment losses on real estate owned assets	438	0
Realized (gain)/loss on sale of commercial mortgage loan held-for-sale	0	25
Realized (gain)/loss on sale of commercial mortgage loan, held-for-sale, measured at fair value	(9,404)	(11,181)
Unrealized (gain)/loss on commercial mortgage loans, held-for-sale, measured at fair value	1,934	336
Unrealized (gain)/loss on other real estate investments, measured at fair value	61	0
Unrealized (gain)/loss on derivatives	4,836	1,066
Realized (gain)/loss on derivatives	6,669	1,458
Total other (income)/loss	19,529	(5,801)
Income/(loss) before taxes	(9,308)	21,100
Provision/(benefit) for income tax	(1,908)	1,210
Net income/(loss)	(7,400)	19,890
Net income/(loss) applicable to common stock	$ (11,915)	$ 16,108
Basic earnings per share (in dollars per share)	$ (0.27)	$ 0.40
Diluted earnings per share (in dollars per share)	$ (0.27)	$ 0.40
Basic weighted average shares outstanding (in shares)	44,263,334	39,798,215
Diluted weighted average shares outstanding (in shares)	44,274,852	39,811,304
Revenue from real estate owned
Income:
Revenues	$ 1,629	$ 0
Expenses:
Total expenses	1,645	0
Asset management and subordinated performance fee
Expenses:
Total expenses	$ 3,912	$ 3,644

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ (7,400)	$ 19,890
Unrealized gain/(loss) on available-for-sale securities	(67,607)	145
Comprehensive income attributable to Benefit Street Partners Realty Trust, Inc.	$ (75,007)	$ 20,035

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, 2018		39,303,710
Beginning balance at Dec. 31, 2018	$ 733,228	$ 395	$ 827,558	$ (459)	$ (94,266)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		1,161,580
Issuance of common stock	19,409	$ 11	19,398
Common stock repurchases (in shares)		(387,530)
Common stock repurchases	(7,207)	$ (4)	(7,203)
Common stock issued through distribution reinvestment plan (in shares)		180,906
Common stock issued through distribution reinvestment plan	3,392	$ 2	3,390
Share-based compensation	39		39
Offering costs	(382)		(382)
Net income (loss)	19,890				19,890
Distributions declared	(17,449)				(17,449)
Other comprehensive income	145			145
Ending balance (in shares) at Mar. 31, 2019		40,258,666
Ending balance at Mar. 31, 2019	751,065	$ 404	842,800	(314)	(91,825)
Beginning balance (in shares) at Dec. 31, 2019		43,916,815
Beginning balance at Dec. 31, 2019	816,805	$ 441	903,310	(978)	(85,968)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		650,034
Issuance of common stock	10,862	$ 7	10,855
Common stock repurchases (in shares)		(361,829)
Common stock repurchases	(6,715)	$ (4)	(6,711)
Common stock issued through distribution reinvestment plan (in shares)		191,326
Common stock issued through distribution reinvestment plan	3,549	$ 1	3,548
Share-based compensation	39		39
Offering costs	(136)		(136)
Net income (loss)	(7,400)				(7,400)
Distributions declared	(20,371)				(20,371)
Other comprehensive income	(67,607)			(67,607)
Ending balance (in shares) at Mar. 31, 2020		44,396,346
Ending balance at Mar. 31, 2020	$ 721,265	$ 445	$ 910,905	$ (68,585)	$ (121,500)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ (7,400)	$ 19,890
Adjustments to reconcile net income (loss) to net cash (used in)/provided by operating activities:
Premium amortization and (discount accretion), net	(1,710)	(1,506)
Accretion of deferred commitment fees	(1,233)	(406)
Amortization of deferred financing costs	5,684	1,106
Share-based compensation	39	39
Realized (gain)/loss on sale of real estate securities	438	0
Unrealized (gain)/loss on commercial mortgage loans held-for-sale	1,934	336
Unrealized (gain)/loss on derivative instruments	4,836	1,066
Unrealized (gain)/loss on other real estate investments	61	0
Depreciation and amortization	588	0
Recognition of deferred rent revenue	(89)	0
Loan loss (recovery)/provision	14,597	2,495
Impairment losses on real estate owned assets	398	0
Origination of commercial mortgage loans, held-for-sale	(119,349)	(202,950)
Proceeds from sale of commercial mortgage loans, held-for-sale	138,164	177,138
Changes in assets and liabilities:
Accrued interest receivable	1,664	(437)
Prepaid expenses and other assets	(6,300)	(1,845)
Accounts payable and accrued expenses	(2,068)	772
Due to affiliates	9,249	94
Interest payable	(2,072)	458
Net cash (used in)/provided by operating activities	37,431	(3,750)
Cash flows from investing activities:
Origination and purchase of commercial mortgage loans, held for investment	(287,644)	(310,904)
Principal repayments received on commercial mortgage loans, held for investment	426,742	235,633
Purchase of other real estate investments	(624)	0
Purchase of real estate securities	(134,818)	(40,200)
Principal repayments received on real estate securities	643	57
Purchase of derivative instruments	(689)	(522)
Net cash (used in)/provided by investing activities	3,610	(115,936)
Cash flows from financing activities:
Proceeds from issuances of common stock	10,726	19,409
Proceeds from issuances of redeemable convertible preferred stock	70	14,979
Common stock repurchases	(6,716)	(7,207)
Repayments of collateralized loan obligation	(68,894)	(200,426)
Borrowings on repurchase agreements - commercial mortgage loans	65,413	490,189
Repayments of repurchase agreements - commercial mortgage loans	(83,432)	(268,740)
Borrowings on repurchase agreements - real estate securities	340,116	167,587
Repayments of repurchase agreements - real estate securities	(237,596)	(190,048)
Borrowing on other financing and loan participation - commercial mortgage loans	15,190	0
Borrowings on Mortgage Note Payable	11,000	0
Payments of deferred financing costs	(75)	0
Distributions paid	(16,776)	(13,791)
Net cash (used in)/provided by financing activities:	29,026	11,952
Net change in cash, cash equivalents and restricted cash	70,067	(107,734)
Cash, cash equivalents and restricted cash, beginning of period	109,122	204,419	$ 204,419
Cash, cash equivalents and restricted cash, end of period	179,189	96,685	109,122
Supplemental disclosures of cash flow information:
Taxes paid	0	0
Interest paid	20,880	18,802
Supplemental disclosures of non-cash flow information:
Distributions payable				$ 6,956	$ 6,912	$ 6,100
Common stock issued through distribution reinvestment plan	3,548	3,392
Commercial mortgage loans transferred from held for investment to held for sale	9,619	0
Real estate owned received in foreclosure	14,000	0
Cash and cash equivalents				88,960	87,246	79,698
Restricted cash				90,229	21,876	16,987
Cash, cash equivalents and restricted cash, end of period	$ 179,189	$ 96,685	$ 109,122	$ 179,189	$ 109,122	$ 96,685

Organization and Business Opera

Organization and Business Operations	3 Months Ended
	Mar. 31, 2020
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"). The Company also owns real estate, which represents real estate acquired by the Company through foreclosure, deed in lieu of foreclosure, or purchase.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Accounting The Company's unaudited consolidated financial statements and related footnotes have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America ("GAAP") for interim financial statements and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. Accordingly, the consolidated financial statements may not include all of the information and notes required by GAAP for annual consolidated financial statements. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of, and for the year ended December 31, 2019, which are included in the Company's Annual Report on Form 10-K/A filed with the SEC on March 19, 2020 . Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. In the opinion of management, the interim data includes all adjustments, of a normal and recurring nature, necessary for a fair statement of the results for the periods presented. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the entire year or any subsequent interim periods. In December 2019, a novel strain of coronavirus ("COVID-19") was reported to have surfaced in Wuhan, China. COVID-19 has since spread to over 200 countries and territories, including every state in the U.S and in cities and regions where our corporate headquarters and/or properties that secure our investments, or properties that we own, are located. On March 11, 2020, the World Health Organization declared COVID-19 a pandemic, and since then, numerous countries, including the U.S., have declared national emergencies with respect to COVID-19 and have instituted “stay-at-home” guidelines or orders to help prevent its spread. The disruptive economic effects of the COVID-19 pandemic have significantly impacted our estimates involving credit losses and fair values during the three months ended March 31, 2020, including introducing a significant degree of uncertainty underlying those estimates. 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 sheets in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation. Acquisition Expenses 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 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 credit 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. 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 sheets. 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. Acquisition expenses on originating these investments are expensed when incurred. Real estate owned Real estate owned (“REO”) represents real estate acquired by the Company through foreclosure, deed in lieu of foreclosure, or purchase. REO assets are carried at their estimated fair value at acquisition and are presented net of accumulated depreciation and impairment charges. The Company allocates the purchase price of acquired real estate assets based on the fair value of the acquired land, building, furniture, fixtures and equipment. 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 March 31, 2020 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 sheets and amortized using the straight-line method over the contractual life of the lease. Credit Losses In June 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments-Credit Losses, which amends the credit impairment model for financial instruments. The Company adopted ASU 2016-13 on January 1, 2020. Following our adoption of ASU 2016-13, our previous incurred loss model was replaced with a lifetime current expected credit loss (“CECL”) model for financial instruments carried at amortized cost and off-balance sheet credit exposures, such as loans, loan commitments, held-to-maturity (“HTM”) debt securities, financial guarantees, net investments in leases, reinsurance and trade receivables, which will generally result in earlier recognition of allowance for losses. For available for sale (“AFS”) debt securities, unrealized credit losses are recognized as allowances rather than reductions in amortized cost basis and elimination of the other than temporary impairment concept will result in more frequent estimation of credit losses. The accounting model for purchased credit impaired loans and debt securities has been simplified, including elimination of some of the asymmetrical treatment between credit losses and credit recoveries, to be consistent with the CECL model for originated and purchased non-credit impaired assets. The existing model for beneficial interests that are not of high credit quality was amended to conform to the new impairment models for HTM and AFS debt securities. Upon adoption of ASU 2016-13 on January 1, 2020, we recorded an additional allowance for credit losses for our outstanding loans and unfunded loan commitments of $7.8 million , or $0.18 per share, which was 0.27% of the aggregate commitment amount of the Company’s loan portfolio at December 31, 2019. Pre-adoption Transition Adjustment Post-adjustment Assets Commercial mortgage loans, held for investment, net of allowance 2,762,042 (7,211 ) 2,754,831 Liabilities Accounts payable and accrued expenses (1) 10,925 (550 ) 10,375 Equity — Accumulated deficit (85,968 ) (7,761 ) (93,729 ) ___________________ (1) Includes allowance associated with unfunded loan commitment. The following discussion highlights changes to the Company’s accounting policies as a result of this adoption. Allowance for credit losses The allowance for credit losses for the Company’s financial instruments carried at amortized cost and off-balance sheet credit exposures, such as loans held for investment and unfunded loan commitments represents a lifetime estimate of expected credit losses. Factors considered by the Company when determining the allowance for credit losses reserve include loan-specific characteristics such as loan-to-value (“LTV”) ratio, vintage year, loan term, property type, occupancy and geographic location, financial performance of the borrower, expected payments of principal and interest, as well as internal or external information relating to past events, current conditions and reasonable and supportable forecasts. The allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist for multiple financial instruments. If similar risk characteristics do not exist, the Company measures the allowance for credit losses on an individual instrument basis. The determination of whether a particular financial instrument should be included in a pool can change over time. If a financial asset’s risk characteristics change, the Company evaluates whether it is appropriate to continue to keep the financial instrument in its existing pool or evaluate it individually. In measuring the allowance for credit losses for financial instruments including our unfunded loan commitments that share similar risk characteristics, the Company primarily applies a probability of default (“PD”)/loss given default (“LGD”) model for instruments that are collectively assessed, whereby the allowance for credit losses is calculated as the product of PD, LGD and exposure at default (“EAD”). The Company’s model principally utilizes historical loss rates derived from a commercial mortgage backed securities database with historical losses from 1998 to 2020 provided by a reputable third party, forecasting the loss parameters using a scenario-based statistical approach over a reasonable and supportable forecast period of twelve months, followed by an immediate reversion to average historical losses. For financial instruments assessed on an individual basis, including when it is probable that the Company will be unable to collect the full payment of principal and interest on the instrument, the Company applies a discounted cash flow (“DCF”) methodology. For financial instruments where the borrower is experiencing financial difficulty based on the Company’s assessment at the reporting date and the repayment is expected to be provided substantially through the operation or sale of the collateral, the Company may elect to use as a practical expedient the fair value of the collateral at the reporting date when determining the allowance for credit losses. In developing the allowance for credit losses for its loans held for investment, 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, using similar factors as those in developing the allowance for credit losses. 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. Risk rating categories range from "1" to "5" with "1" representing the lowest risk of loss and "5" representing the highest risk of loss with the ratings updated quarterly. At the time of origination or purchase, loans held for investment are ranked as a “2” and will move accordingly going forward based on the ratings which are defined as follows: 1. Very Low Risk- Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable. 2. Low Risk- Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. 3. Average Risk- Performing investments requiring closer monitoring. Trends and risk factors show some deterioration. 4. High Risk/Delinquent/Potential for Loss- Underperforming investment with the potential of some interest loss but still expecting a positive return on investment. Trends and risk factors are negative. 5. Impaired/Defaulted/Loss Likely- Underperforming investment with expected loss of interest and some principal. The Company also considers qualitative and environmental factors, including, but not limited to, economic and business conditions, nature and volume of the loan portfolio, lending terms, volume and severity of past due loans, concentration of credit and changes in the level of such concentrations in its determination of the allowance for credit losses. Changes in the allowance for credit losses for the Company’s financial instruments are recorded in Increase/(decrease) for credit losses on the consolidated statements of operations with a corresponding offset to the financial instrument’s amortized cost recorded on the consolidated balance sheets, or as a component of Accounts payable and accrued expenses for unfunded loan commitments. The Company has elected to not measure an allowance for credit losses for accrued interest receivable as it is reversed against interest income when a loan or preferred equity investment is placed on nonaccrual status. Loans are charged off against the Increase/(decrease) for credit losses when all or a portion of the principal amount is determined to be uncollectible. Past due and nonaccrual status Loans are placed on nonaccrual status and considered non-performing when full payment of principal and interest is unpaid for 90 days or more or where reasonable doubt exists as to timely collection, unless the loan is both well secured and in the process of collection. Interest received on nonaccrual status loans are accounted for under the cost-recovery method, until qualifying for return to accrual. Upon restructuring the nonaccrual loan, the Company may return a loan to accrual status when repayment of principal and interest is reasonably assured. Troubled Debt Restructuring (“TDR”) The Company classifies an individual financial instrument as a TDR when it has a reasonable expectation that the financial instrument’s contractual terms will be modified in a manner that grants concession to the borrower who is experiencing financial difficulty. Concessions could include term extensions, payment deferrals, interest rate reductions, principal forgiveness, forbearance, or other actions designed to maximize the Company’s collection on the financial instrument. The Company determines the allowance for credit losses for financial instruments that are TDRs individually. 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 statements 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. AFS real estate securities which have experienced a decline in the fair value below their amortized cost basis (i.e., impairment) are evaluated each reporting period to determine whether the decline in fair value is due to credit-related factors. Any impairment that is not credit-related is recognized in other comprehensive income, while credit-related impairment is recognized as an allowance on the consolidated balance sheets with a corresponding adjustment on the consolidated statements of operations. If the Company intends to sell an impaired real estate security or more likely than not will be required to sell such a security before recovering its amortized cost basis, the entire impairment amount is recognized in the consolidated statements of operations with a corresponding adjustment to the security’s amortized cost basis. The Company analyzes the AFS security portfolio on a periodic basis for credit losses at the individual security level using the same criteria described above for those amortized cost financial assets subject to an allowance for credit losses including but not limited to; performance of the underlying assets in the security, borrower financial resources and investment in collateral, collateral type, credit ratings, project economics and geographic location as well as national and regional economic factors. The non-credit loss component of the unrealized loss within the Company’s AFS portfolio is recognized as an adjustment to the individual security’s asset balance with an offsetting entry to other comprehensive income in the consolidated balance sheets. 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. On March 26, 2020, the Company temporarily suspended the DRIP. Therefore amounts available to fund repurchases for the first fiscal semester of 2020 will be limited to DRIP proceeds from January and February 2020, and amounts available to fund repurchases for the second fiscal semester of 2020 will depend on the amount of dividends paid and the reactivation of the DRIP. 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. On March 26, 2020, the Company temporarily suspended the DRIP. Until the Company reactivates the DRIP, stockholder participants will receive any distributions paid by the Company in cash. 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 (benefit) expense for the three months ended March 31, 2020 and March 31, 2019 were $(1.9) million and $1.2 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 ga

Commercial Mortgage Loans

Commercial Mortgage Loans	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
Commercial Mortgage Loans	Commercial Mortgage Loans The following table is a summary of the Company's commercial mortgage loans, held for investment, carrying values by class (dollars in thousands): March 31, 2020 December 31, 2019 Senior loans $ 2,653,564 $ 2,721,325 Mezzanine loans 9,117 41,638 Total gross carrying value of loans 2,662,681 2,762,963 Less: Allowance for credit losses (1) 21,702 921 Total commercial mortgage loans, held for investment, net $ 2,640,979 $ 2,762,042 ___________________ (1) As of March 31, 2020 and December 31, 2019 , there have been no specific reserves for loans in non-performing status. As of March 31, 2020 and December 31, 2019 , the Company's total commercial mortgage loan portfolio, excluding commercial mortgage loans accounted for under the fair value option, was comprised of 118 and 122 loans, respectively. Allowance for Credit Losses The following table presents the activity in the Company's allowance for credit losses, excluding the unfunded loan commitments, for the three months ended March 31, 2020 (dollars in thousands): March 31, 2020 Multifamily Retail Office Industrial Mixed Use Hospitality Self Storage Mobile Housing Total Beginning Balance $ 322 $ 202 $ 249 $ 23 $ 4 $ 103 $ — $ 18 $ 921 Cumulative-effect adjustment upon adoption of ASU 2016-13 3,220 386 1,966 434 9 739 399 58 7,211 Current Period: Increase/(decrease) for credit losses 8,647 565 2,358 1,875 28 655 (123 ) (8 ) 13,997 Write-offs — — — — — (427 ) — — (427 ) Ending Balance $ 12,189 $ 1,153 $ 4,573 $ 2,332 $ 41 $ 1,070 $ 276 $ 68 $ 21,702 The increase in the provision for credit losses during the three months ended March 31, 2020 of $13,997 is primarily driven by the significant adverse change in the overall economic outlook due to the COVID-19 pandemic. These are allowance for credit losses on commercial mortgage loans, held-for-investment, as of March 31, 2020 and December 31, 2019 . The following table presents the activity in the Company's allowance for credit losses, for the unfunded loan commitments, for the three months ended March 31, 2020 (dollars in thousands): March 31, 2020 Multifamily Retail Office Industrial Mixed Use Hospitality Self Storage Mobile Housing Total Beginning Balance $ — $ — $ — $ — $ — $ — $ — $ — $ — Cumulative-effect adjustment upon adoption of ASU 2016-13 239 40 150 30 1 57 28 5 550 Current Period: Increase/(decrease) for credit losses 56 (40 ) 242 257 (1 ) 117 (28 ) (3 ) 600 Write-offs — — — — — — — — — Ending Balance $ 295 $ — $ 392 $ 287 $ — $ 174 $ — $ 2 $ 1,150 The following table represents the composition by loan type of the Company's commercial mortgage loans portfolio, excluding commercial mortgage loans, held-for-sale, measured at fair value (dollars in thousands): March 31, 2020 December 31, 2019 Loan Type Par Value Percentage Par Value Percentage Multifamily $ 1,395,956 52.3 % $ 1,491,971 53.9 % Office 430,870 16.1 % 414,772 15.0 % Hospitality 398,186 14.9 % 446,562 16.1 % Industrial 144,093 5.4 % 118,743 4.3 % Retail 111,620 4.2 % 111,620 4.0 % Mixed Use 65,040 2.4 % 58,808 2.1 % Self Storage 63,057 2.4 % 67,767 2.4 % Land 16,400 0.6 % 16,400 0.6 % Manufactured Housing 44,911 1.7 % 44,656 1.6 % Total $ 2,670,133 100.0 % $ 2,771,299 100.0 % As of March 31, 2020 and December 31, 2019 , the Company's total commercial mortgage loans, held-for-sale, measured at fair value comprised of 8 and 7 loans, respectively. As of March 31, 2020 and December 31, 2019 , the contractual principal outstanding of commercial mortgage loans, held-for-sale, measured at fair value was $93.7 million and $112.5 million , respectively. As of March 31, 2020 and December 31, 2019 , none of the Company's commercial mortgage loans, held-for-sale, measured at fair value were in default or greater than ninety 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): March 31, 2020 December 31, 2019 Loan Type Par Value Percentage Par Value Percentage Multifamily $ 41,000 43.8 % $ 78,250 69.6 % Industrial 23,625 25.2 % 23,625 21.0 % Retail 21,193 22.6 % 2,613 2.3 % Office 6,000 6.4 % — — % Manufactured Housing 1,850 2.0 % — — % Hospitality — — % 8,000 7.1 % Total $ 93,668 100.0 % $ 112,488 100.0 % Loan Credit Quality and Vintage The following tables present the amortized cost of our commercial mortgage loans, held for investment at March 31, 2020 , by loan type, the Company’s internal risk rating and year of origination. The risk ratings are updated as of March 31, 2020 . As of March 31, 2020 2020 2019 2018 2017 2016 2015 Prior Total Multifamily: Risk Rating: 1-2 internal grade $ 177,191 $ 456,036 $ 617,533 $ 34,875 $ — $ — $ 3,489 $ 1,289,124 3-4 internal grade — — 65,805 37,812 — — — 103,617 Total Multifamily Loans $ 177,191 $ 456,036 $ 683,338 $ 72,687 $ — $ — $ 3,489 $ 1,392,741 Retail: Risk Rating: 1-2 internal grade $ — $ 54,618 $ 16,319 $ — $ — $ — $ 9,450 $ 80,387 3-4 internal grade — 3,501 43,907 — — — — 47,408 Total Retail Loans $ — $ 58,119 $ 60,226 $ — $ — $ — $ 9,450 $ 127,795 Office: Risk Rating: 1-2 internal grade $ 49,163 $ 173,988 $ 97,936 $ 41,645 $ — $ 10,700 $ — $ 373,432 3-4 internal grade — — 45,259 10,506 — — — 55,765 Total Office Loans $ 49,163 $ 173,988 $ 143,195 $ 52,151 $ — $ 10,700 $ — $ 429,197 Industrial: Risk Rating: 1-2 internal grade $ 25,241 $ 84,576 $ — $ — $ — $ 33,655 $ — $ 143,472 3-4 internal grade — — — — — — — — Total Industrial Loans $ 25,241 $ 84,576 $ — $ — $ — $ 33,655 $ — $ 143,472 Mixed Use: Risk Rating: 1-2 internal grade $ — $ — $ 52,097 $ 12,953 $ — $ — $ — $ 65,050 3-4 internal grade — — — — — — — — Total Mixed Use Loans $ — $ — $ 52,097 $ 12,953 $ — $ — $ — $ 65,050 Hospitality: Risk Rating: 1-2 internal grade $ — $ 8,735 $ 20,962 $ — $ — $ — $ — $ 29,697 3-4 internal grade — 161,948 114,190 90,940 — — — 367,078 Total Hospitality Loans $ — $ 170,683 $ 135,152 $ 90,940 $ — $ — $ — $ 396,775 Self Storage: Risk Rating: 1-2 internal grade $ — $ — $ 62,937 $ — $ — $ — $ — $ 62,937 3-4 internal grade — — — — — — — — Total Self Storage Loans $ — $ — $ 62,937 $ — $ — $ — $ — $ 62,937 Manufactured Housing: Risk Rating: 1-2 internal grade $ — $ 44,714 $ — $ — $ — $ — $ — $ 44,714 3-4 internal grade — — — — — — — — Total Manufactured Housing Loans $ — $ 44,714 $ — $ — $ — $ — $ — $ 44,714 Total $ 251,595 $ 988,116 $ 1,136,945 $ 228,731 $ — $ 44,355 $ 12,939 $ 2,662,681 Past Due Status The following table presents an aging summary of the loans amortized cost basis at March 31, 2020 (dollars in thousands): Multifamily Retail Office Industrial Mixed Use Hospitality Self Storage Mobile Housing Total Status: Current $ 1,392,741 $ 127,795 $ 383,938 $ 143,472 $ 65,050 $ 339,700 $ 62,937 $ 44,714 $ 2,560,347 1-29 days past due (1) — — 45,259 — — — — — 45,259 30-59 days past due — — — — — — — — — 60-89 days past due — — — — — — — — — 90-119 days past due — — — — — — — — — 120+ days past due (2) — — — — — 57,075 — — 57,075 Total $ 1,392,741 $ 127,795 $ 429,197 $ 143,472 $ 65,050 $ 396,775 $ 62,937 $ 44,714 $ 2,662,681 __________________ (1) For the three months ended March 31, 2020 , interest income recognized on this loan was $0.6 million . (2) For the three months ended March 31, 2020 , interest income recognized on this loan was $0.0 million . As of March 31, 2020, the Company had two loans on non-accrual status with a cost basis of $57.1 million and $45.3 million . As of December 31, 2019, the Company had one loan on non-accrual status with a cost basis of $57.1 million . Credit Characteristics As part of the Company's process for monitoring the credit quality of its commercial mortgage loans, excluding those held-for-sale, measured at fair value, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its loans. The loans are scored on a scale of 1 to 5 as follows: Investment Rating Summary Description 1 Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable. 2 Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. 3 Performing investments requiring closer monitoring. Trends and risk factors show some deterioration. 4 Underperforming investment with the potential of some interest loss but still expecting a positive return on investment. Trends and risk factors are negative. 5 Underperforming investment with expected loss of interest and some principal. All commercial mortgage loans, excluding loans classified as commercial mortgage loans, held-for-sale, measured at fair value within the consolidated balance sheets, are assigned an initial risk rating of 2.0 . As of March 31, 2020 and December 31, 2019 , the weighted average risk rating of the loans was 2.3 and 2.1 , respectively. The following table represents the allocation by risk rating for the Company's commercial mortgage loans, held for investment (dollars in thousands): March 31, 2020 December 31, 2019 Risk Rating Number of Loans Par Value Risk Rating Number of Loans Par Value 1 — $ — 1 — $ — 2 90 2,094,654 2 113 2,452,330 3 27 518,404 3 8 298,994 4 1 57,075 4 1 19,975 5 — — 5 — — 118 $ 2,670,133 122 $ 2,771,299 For the three months ended March 31, 2020 and year ended December 31, 2019 , the activity in the Company's commercial mortgage loans, held for investment portfolio was as follows (dollars in thousands): Three Months Ended March 31, For the Year Ended December 31, 2020 2019 Balance at Beginning of Year $ 2,762,042 $ 2,206,830 Cumulative-effect adjustment upon adoption of ASU 2016-13 (7,211 ) — Acquisitions and originations 288,825 1,326,983 Principal repayments (366,058 ) (771,774 ) Discount accretion/premium amortization 1,751 6,264 Loans reclassified to held-for-sale (9,619 ) — Loans transferred from/(to) commercial real estate loans, held-for-sale — 10,100 Net fees capitalized into carrying value of loans (1,181 ) (5,339 ) Increase/(decrease) for credit losses (13,997 ) (3,007 ) Charge-off from allowance 427 6,922 Transfer on foreclosure to real estate owned (14,000 ) — Transfer on deed in lieu of foreclosure to real estate owned — (14,937 ) Balance at End of Period $ 2,640,979 $ 2,762,042 As of March 31, 2020 , the Company wrote off a commercial mortgage loan, held for investment, with a carrying value $14.4 million in exchange for the possession of a REO investment at a fair value of $14.0 million at the time of the transfer. The $14.0 million REO investment is comprised of $11.6 million of real property (land, building and improvements) and $2.4 million of personal property (furniture, fixture, and equipment) . The transfer occurred when the Company took possession of the property by completing a foreclosure transaction which resulted in $0.4 million impairment loss at the time of transfer. The Company accounted for the REO acquired during the three months ended March 31, 2020 as an asset acquisition. The results of operations of the REO have been included in the Company’s consolidated statements of operations and comprehensive income since the acquisition date.

Real Estate Securities

Real Estate Securities	3 Months Ended
	Mar. 31, 2020
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): March 31, 2020 Type Interest Rate Maturity Par Value Fair Value CMBS 1 3.7% 5/15/2022 $13,250 $10,408 CMBS 2 2.8% 6/26/2025 11,488 10,250 CMBS 3 3.1% 2/15/2036 40,000 34,728 CMBS 4 2.4% 5/15/2036 18,500 14,672 CMBS 5 2.1% 5/15/2036 15,000 14,259 CMBS 6 2.2% 5/15/2037 13,500 11,279 CMBS 7 2.4% 5/15/2037 15,000 12,538 CMBS 8 2.2% 6/15/2037 7,000 6,386 CMBS 9 2.6% 2/15/2036 9,600 8,695 CMBS 10 2.5% 8/15/2036 10,000 9,083 CMBS 11 2.6% 6/15/2037 8,000 7,330 CMBS 12 2.3% 7/15/2038 13,000 10,802 CMBS 13 2.3% 9/15/2037 32,000 27,563 CMBS 14 2.7% 9/15/2037 24,000 20,628 CMBS 15 2.3% 10/19/2038 50,000 42,408 CMBS 16 2.7% 10/19/2038 26,000 22,210 CMBS 17 2.2% 6/15/2034 15,000 13,332 CMBS 18 2.5% 6/15/2034 6,500 5,606 CMBS 19 2.9% 6/15/2034 12,000 10,417 CMBS 20 2.0% 12/15/2036 20,000 17,920 CMBS 21 2.3% 12/15/2036 25,000 22,221 CMBS 22 2.1% 2/15/2035 22,500 18,255 CMBS 23 2.5% 2/15/2035 16,000 13,166 CMBS 24 2.5% 2/15/2035 2,000 1,646 CMBS 25 2.1% 2/15/2035 2,200 1,785 CMBS 26 2.6% 3/15/2035 12,500 11,153 CMBS 27 3.0% 3/15/2035 25,665 23,056 CMBS 28 2.3% 3/15/2037 28,000 25,601 CMBS 29 2.6% 3/15/2037 15,000 13,763 December 31, 2019 Type Interest Rate Maturity Par Value Fair Value CMBS 1 4.7% 5/15/2022 $13,250 $13,274 CMBS 2 3.8% 6/26/2025 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% 5/15/2036 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% 12/15/2036 20,000 20,021 CMBS 21 3.4% 12/15/2036 25,000 25,025 The Company classified its CMBS investments as available for sale as of March 31, 2020 and December 31, 2019 . 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 weighted average contractual maturity for CLO investments included within the CMBS portfolio as of March 31, 2020 and December 31, 2019 was 16 and 17 years . The weighted average contractual maturity for single asset single borrower "SASB" investments as of March 31, 2020 and December 31, 2019 was 14 and 5 years . The following table shows the amortized cost, allowance for expected credit losses, unrealized gain/(loss) and fair value of the Company's CMBS investments by investment type (dollars in thousands): Amortized Cost Credit Loss Allowance Unrealized Gain Unrealized Loss Fair Value March 31, 2020 CLOs $ 411,234 $ — $ — $ (59,830 ) $ 351,404 SASB 98,511 — — (8,755 ) 89,756 Total $ 509,745 $ — $ — $ (68,585 ) $ 441,160 December 31, 2019 CLOs 330,000 $ — 1 (881 ) 329,120 SASB 57,294 — — (98 ) 57,196 Total $ 387,294 $ — $ 1 $ (979 ) $ 386,316 As of March 31, 2020 the Company held 29 CMBS positions with an aggregate carrying value of $510 million and an unrealized loss of $69 million , of which two positions had an unrealized loss for a period greater than twelve months. As of December 31, 2019 , the Company held 21 CMBS positions with an aggregate carrying value of $387 million and an unrealized loss of $1 million , of which two positions had an unrealized loss for a period greater than twelve months. The following table provides information on the unrealized losses and fair value on the Company's real estate securities, CMBS, available for sale that were in an unrealized loss position, and for which an allowance for credit losses has not been recorded as of March 31, 2020 and December 31, 2019 (amounts in thousands): Fair Value Unrealized Loss Securities with an unrealized loss less than 12 months Securities with an unrealized loss greater than 12 months Securities with an unrealized loss less than 12 months Securities with an unrealized loss greater than 12 months March 31, 2020 CLOs $ 341,003 $ 10,401 $ (56,944 ) $ (2,886 ) SASB 79,506 10,250 (7,468 ) (1,287 ) Total $ 420,509 $ 20,651 $ (64,412 ) $ (4,173 ) December 31, 2019 CLOs $ 315,845 $ 13,275 $ (863 ) $ (17 ) SASB 45,045 12,151 (67 ) (31 ) Total $ 360,890 $ 25,426 $ (930 ) $ (48 ) As of March 31, 2020 and December 31, 2019, there are two securities with unrealized losses reflected in the table above. After evaluating the securities, we concluded that the unrealized losses reflected above were noncredit-related and would be recovered from the securities’ estimated future cash flows. We considered a number of factors in reaching this conclusion, including that we did not intend to sell the securities, it was not considered more likely than not that we would be forced to sell the securities prior to recovering our amortized cost, and that there were no material credit events that would have caused us to otherwise conclude that we would not recover our cost. The allowance for credit losses is calculated using a discounted cash flow approach and is measured as the difference between the original cash flows expected to be collected to the revised cash flows expected to be collected discounted using the effective interest rate, limited by the amount that the fair value is less than the amortized cost basis. Significant judgment is used in projecting cash flows. As a result, actual income and/or credit losses could be materially different from what is currently projected and/or reported. 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): Three Months Ended March 31, 2020 2019 Unrealized gain/(loss) available-for-sale securities $ (67,607 ) $ 145 Reclassification of net (gain)/loss on available-for-sale securities included in net income (loss) from sales of securities — — Unrealized gain/(loss) available-for-sale securities, net of reclassification adjustment $ (67,607 ) $ 145 The amounts reclassified for net (gain)/loss on available for sale securities from sales of 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. The deterioration in fair value of real estate securities for both collateralized loan obligations and other securities as of March 31, 2020 can be attributed mainly to the market down-turn and volatility as a result of high unemployment and credit uncertainties related to the outbreak of COVID-19. Management currently does not have the intention to sell any of the real estate securities as of March 31, 2020.

Real Estate Owned

Real Estate Owned	3 Months Ended
	Mar. 31, 2020
Banking and Thrift [Abstract]
Real Estate Owned	Real Estate Owned The following table summarizes the Company's real estate owned assets as of March 31, 2020 (dollars in thousands): As of March 31, 2020 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 $ — $ 8,337 $ — $ (139 ) $ 8,198 October 2019 (1) Office Jeffersonville, IN 1,887 21,989 3,565 (333 ) 27,108 March 2020 (1)(3) Hotel Knoxville, TN 3,800 7,838 2,362 — 14,000 $ 5,687 $ 38,164 $ 5,927 $ (472 ) $ 49,306 ________________________ (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 (3) Represents assets acquired by the Company by completing a foreclosure transaction The following table summarizes the Company's real estate asset acquisitions for the year 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 three months ended March 31, 2020 and March 31, 2019 totaled $0.3 million and $0.0 million , respectively.

Leases

Leases	3 Months Ended
	Mar. 31, 2020
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 sheets as of March 31, 2020 (dollars in thousands): March 31, 2020 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 $ (207 ) $ 5,902 $ 6,109 $ (207 ) $ 5,902 The following table summarizes the Company's operating right of use asset recognized in the consolidated balance sheets as of December 31, 2019 (dollars in thousands): December 31, 2019 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, 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 three months ended March 31, 2020 and March 31, 2019 totaled $0.2 million and $0.0 million , respectively. The following table summarizes the Company's schedule of minimum future lease payments as of March 31, 2020 (dollars in thousands): Minimum Future Lease Payments March 31, 2020 2020 (April - December) $ 300 2021 410 2022 422 2023 435 2024 448 2025 and beyond 39,438 Total undiscounted lease payments $ 41,453 Less: Amount representing interest (35,277 ) Present value of lease liability $ 6,176 The following table summarizes the Company's schedule of minimum future lease payments as of December 31, 2019 (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 as of March 31, 2020 and December 31, 2019 is 9% . The remaining lease term is 47.70 years as of March 31, 2020 and 47.95 as of December 31, 2019 . Intangible Lease Asset The following table summarizes the Company's intangible lease asset recognized in the consolidated balance sheets as of March 31, 2020 (dollars in thousands): March 31, 2020 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 $ (344 ) $ 14,165 $ 14,509 $ (344 ) $ 14,165 The following table summarizes the Company's intangible lease asset recognized in the consolidated balance sheets as of December 31, 2019 (dollars in thousands): December 31, 2019 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 office building that was subject to 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 2037 and contains renewal options for four consecutive five-year terms . The remaining lease term is 17.1 years . Rental income for this operating lease for the three months ended March 31, 2020 and March 31, 2019 totaled $0.7 million and $0.0 million , respectively. The following table summarizes the Company's schedule of future minimum rents to be received under the lease (dollars in thousands): Minimum Rents March 31, 2020 2020 (April - December) $ 1,903 2021 2,568 2022 2,607 2023 2,646 2024 2,686 2025 and beyond 36,894 Total minimum rent $ 49,304 Amortization Expense Intangible lease assets are amortized using the straight-line method over the contractual life of the lease, of a period up to 20.0 years . The weighted average life of intangible assets as of March 31, 2020 is approximately 17.1 years . Amortization expense for the three months ended March 31, 2020 and March 31, 2019 totaled $0.2 million and $0.0 million , respectively. 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 March 31, 2020 2020 (April - December) $ (619 ) 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 sheets as of March 31, 2020 (dollars in thousands): March 31, 2020 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 $ (207 ) $ 5,902 $ 6,109 $ (207 ) $ 5,902 The following table summarizes the Company's operating right of use asset recognized in the consolidated balance sheets as of December 31, 2019 (dollars in thousands): December 31, 2019 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, 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 three months ended March 31, 2020 and March 31, 2019 totaled $0.2 million and $0.0 million , respectively. The following table summarizes the Company's schedule of minimum future lease payments as of March 31, 2020 (dollars in thousands): Minimum Future Lease Payments March 31, 2020 2020 (April - December) $ 300 2021 410 2022 422 2023 435 2024 448 2025 and beyond 39,438 Total undiscounted lease payments $ 41,453 Less: Amount representing interest (35,277 ) Present value of lease liability $ 6,176 The following table summarizes the Company's schedule of minimum future lease payments as of December 31, 2019 (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 as of March 31, 2020 and December 31, 2019 is 9% . The remaining lease term is 47.70 years as of March 31, 2020 and 47.95 as of December 31, 2019 . Intangible Lease Asset The following table summarizes the Company's intangible lease asset recognized in the consolidated balance sheets as of March 31, 2020 (dollars in thousands): March 31, 2020 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 $ (344 ) $ 14,165 $ 14,509 $ (344 ) $ 14,165 The following table summarizes the Company's intangible lease asset recognized in the consolidated balance sheets as of December 31, 2019 (dollars in thousands): December 31, 2019 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 office building that was subject to 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 2037 and contains renewal options for four consecutive five-year terms . The remaining lease term is 17.1 years . Rental income for this operating lease for the three months ended March 31, 2020 and March 31, 2019 totaled $0.7 million and $0.0 million , respectively. The following table summarizes the Company's schedule of future minimum rents to be received under the lease (dollars in thousands): Minimum Rents March 31, 2020 2020 (April - December) $ 1,903 2021 2,568 2022 2,607 2023 2,646 2024 2,686 2025 and beyond 36,894 Total minimum rent $ 49,304 Amortization Expense Intangible lease assets are amortized using the straight-line method over the contractual life of the lease, of a period up to 20.0 years . The weighted average life of intangible assets as of March 31, 2020 is approximately 17.1 years . Amortization expense for the three months ended March 31, 2020 and March 31, 2019 totaled $0.2 million and $0.0 million , respectively. 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 March 31, 2020 2020 (April - December) $ (619 ) 2021 (825 ) 2022 (825 ) 2023 (825 ) 2024 (825 )

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt Repurchase Agreements - Commercial Mortgage Loans The Company has 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 the JPM Repo Facility, USB Repo Facility, WF Repo Facility, Barclays Revolver Facility, and Barclays Repo Facility, the "Repo Facilities"). The Repo Facilities are financing sources through which the Company may pledge one or more mortgage loans to the financing entity in exchange for funds typically at an advance rate of between 65% to 80% of the principal amount of the mortgage loan being pledged. The details of the Company's Repo Facilities at March 31, 2020 and December 31, 2019 are as follows (dollars in thousands): As of March 31, 2020 Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate Maturity JPM Repo Facility (2) $ 300,000 $ 119,604 $ 1,362 3.83 % 1/30/2021 USB Repo Facility (3) 100,000 8,250 152 3.18 % 6/15/2020 CS Repo Facility (4) 200,000 71,740 1,349 4.06 % 9/27/2020 WF Repo Facility (5) 175,000 — 396 N/A 11/21/2020 Barclays Revolver Facility (6) 100,000 4,200 51 5.34 % 9/20/2021 Barclays Repo Facility (7) 300,000 30,730 332 3.24 % 3/15/2022 Total $ 1,175,000 $ 234,524 $ 3,642 __________________________ (1) For the three months ended March 31, 2020 . 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, 2020, the Company exercised the extension option upon the satisfaction of certain conditions, and extended the term maturity to September 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, 2019 Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate 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 twelve months ended December 31, 2019 . I ncludes 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. The Company expects to use the advances from the Repo Facilities to finance the acquisition or origination of eligible loans, including first mortgage loans, subordinated mortgage loans, mezzanine loans and participation interests therein. The Repo Facilities generally provide that in the event of a decrease in the value of the Company's collateral, the lenders can demand additional collateral. As of March 31, 2020 and December 31, 2019 , the Company is in compliance with all debt covenants. Other financing and loan participation - Commercial Mortgage Loans On March 23, 2020, the Company transferred $15.2 million of its interest in a term loan to Sterling National Bank ("SNB") via a participation agreement. The Company incurred $13.0 thousand of interest expense on SNB for the three months ended March 31, 2020 . Unsecured Debt On March 26, 2020, the Company and certain of its subsidiaries entered into a material amendment to an existing lending agreement with Security Benefit Life Insurance Company ("SBL"), secured by a pledge of equity interests in certain of the Company’s subsidiaries, for a total commitment of $100 million with a maturity of February 10, 2023 and a rate of one-month LIBOR + 4.5% . The amendment revised the terms of the existing SBL lending agreement, entered into in February 2020, to permit the Company to borrow under the agreement. The Company incurred $17.0 thousand of interest expense on the lending agreement with SBL for the three months ended March 31, 2020 . As of March 31, 2020 there was no outstanding balance. Repurchase Agreements - Real Estate Securities The Company has entered into various Master Repurchase Agreements (the "MRAs") that allow the Company to sell real estate securities while providing a fixed repurchase price for the same real estate securities in the future. The repurchase contracts on each security under an MRA generally mature in 30 - 90 days and terms are adjusted for current market rates as necessary. Below is a summary of the Company's MRAs as of March 31, 2020 and December 31, 2019 (dollars in thousands): Weighted Average Counterparty Amount Outstanding Accrued Interest Collateral Pledged (1) Interest Rate Days to Maturity As of March 31, 2020 JP Morgan Securities LLC $ 159,879 $ 595 $ 202,688 2.21 % 11 Wells Fargo Securities, LLC 159,924 955 190,623 2.32 % 12 Barclays Capital Inc. 79,047 365 106,965 2.28 % 17 Citigroup Global Markets, Inc. 98,030 653 109,500 2.60 % 16 Total/Weighted Average $ 496,880 $ 2,568 $ 609,776 2.33 % 13 As of December 31, 2019 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 ________________________ 1 Includes $89.1 million and $68.5 million of CLO notes, held by the Company, which are eliminated within the real estate securities, at fair value line in the consolidated balance sheets as of March 31, 2020 and December 31, 2019 , respectively. Collateralized Loan Obligations On January 15, 2020 , the Company called all of the outstanding notes issued by BSPRT 2017-FL2 Issuer, Ltd., a wholly owned indirect subsidiary of the Company. The outstanding principal of the notes on the date of the call was $21.0 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 March 31, 2020 and December 31, 2019 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 42 and 41 mortgage assets having a principal balance of $579.6 million and $523.2 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 March 31, 2020 and December 31, 2019 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 53 and 49 mortgage assets having a principal balance of $868.7 million and $867.9 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. As of March 31, 2020 and 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 53 and 48 mortgage assets having a principal balance of $803.4 million and $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 the above CLOs of approximately $256.9 million and $305.4 million as of March 31, 2020 and December 31, 2019 , respectively. The following table represents the terms of the notes issued by the 2018-FL3 Issuer, 2018-FL4 Issuer and 2019-FL5 Issuer (the "CLOs), respectively, as of March 31, 2020 (dollars in thousands): CLO Facility Tranche Par Value Issued Par Value Outstanding (1) Interest Rate Maturity Date 2018-FL3 Issuer Tranche A $ 286,700 $ 275,800 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 5,000 1M LIBOR + 240 5/15/2029 2019-FL5 Issuer Tranche E 20,250 3,000 1M LIBOR + 285 5/15/2029 $ 1,825,201 $ 1,753,451 ___________________ (1) Excludes $267.1 million of CLO notes, held by the Company, which are eliminated within the collateralized loan obligation line of the consolidated balance sheets as of March 31, 2020 . 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, 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 below table reflects the total assets and liabilities of the Company's outstanding CLOs. The CLOs are considered VIEs and are consolidated into the Company's consolidated financial statements as of March 31, 2020 and December 31, 2019 as the Company is the primary beneficiary of the VIE. The Company is the primary beneficiary of the CLOs because (i) the Company has the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIEs or the obligation to absorb losses of the VIEs that could be significant to the VIE. Assets (dollars in thousands) March 31, 2020 December 31, 2019 Cash (1) $ 28,680 $ 89,946 Commercial mortgage loans, held for investment, net (2) 2,235,406 2,294,663 Accrued interest receivable 10,522 6,254 Total Assets $ 2,274,608 $ 2,390,863 Liabilities Notes payable (3)(4) $ 2,006,137 $ 2,064,601 Accrued interest payable 1,659 2,576 Total Liabilities $ 2,007,796 $ 2,067,177 _______________________ (1) Includes $28.2 million and $89.3 million of cash held by the servicer related to CLO loan payoffs as of March 31, 2020 and December 31, 2019 , respectively. (2) The balance is presented net of allowance for credit loss of $10.5 million and $0.8 million as of March 31, 2020 and December 31, 2019 , respectively. (3) Includes $267.1 million and $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 March 31, 2020 and December 31, 2019 , respectively. (4) The balance is presented net of deferred financing cost and discount of $14.4 million and $19.2 million as of March 31, 2020 and December 31, 2019 , respectively.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2020
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/(loss) 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 three months ended March 31, 2020 and March 31, 2019 (in thousands, except share and per share data): Three Months Ended March 31, Numerator 2020 2019 Net income/(Loss) $ (7,400 ) $ 19,890 Less: Preferred stock dividends 4,515 3,320 Less: Undistributed earnings allocated to preferred stock — 462 Net income/(Loss) attributable to common shareholders (for basic and diluted earnings per share) (11,915 ) 16,108 Denominator Weighted-average common shares outstanding for basic earnings per share 44,263,334 39,798,215 Effect of dilutive shares: Unvested restricted shares 11,518 13,089 Weighted-average common shares outstanding for diluted earnings per share 44,274,852 39,811,304 Basic earnings per share $ (0.27 ) $ 0.40 Diluted earnings per share $ (0.27 ) $ 0.40

Stock Transactions

Stock Transactions	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Stock Transactions	Stock Transactions As of March 31, 2020 and December 31, 2019 , the Company had 44,396,346 and 43,916,815 shares of common stock outstanding, respectively, including shares issued pursuant to the Company's distribution reinvestment plan (the "DRIP"), share repurchases and unvested restricted shares. As of March 31, 2020 and December 31, 2019 , the Company had 40,514 and 40,500 shares of Series A Preferred Stock outstanding, respectively and 1,400 shares of Series C Preferred Stock outstanding. The following tables present the activity in the Company's Series A Preferred Stock for the periods ended March 31, 2020 and March 31, 2019 , respectively (dollars in thousands, except share amounts): Series A Preferred Stock Shares Amount Balance, December 31, 2019 40,500 $ 202,144 Issuance of Preferred Stock, net of offering cost 14 70 Dividends paid in Preferred Stock — 2 Offering Costs — (5 ) Amortization of offering costs — 24 Ending Balance, March 31, 2020 40,514 $ 202,235 Shares Amount Balance, December 31, 2018 29,249 $ 145,786 Issuance of Preferred Stock 2,996 14,979 Amortization of offering costs — 25 Ending Balance, March 31, 2019 32,245 $ 160,790 The following table presents the activity in the Company's Series C Preferred Stock for the period ended March 31, 2020 (dollars in thousands, except share amounts): Series C Preferred Stock Shares Amount Balance, December 31, 2019 1,400 $ 6,966 Issuance of Preferred Stock, net of offering cost — — Dividends paid in Preferred Stock — — Offering Costs — (5 ) Amortization of offering costs — 1 Ending Balance, March 31, 2020 1,400 $ 6,962 Distributions In order to maintain its election to qualify as a REIT, the Company must currently distribute, at a minimum, an amount equal to 90% of its taxable income, without regard to the deduction for distributions paid and excluding net capital gains. The Company must distribute 100% of its taxable income (including net capital gains) to avoid paying corporate U.S. federal income taxes. The Company's distributions are payable by the fifth day following each month end to stockholders of record at the close of business each day during the prior month. Distribution payments are dependent on the availability of funds. The Company's board of directors may reduce the amount of distributions paid or suspend distribution payments at any time, and therefore, distributions payments are not assured. For the three months ended March 31, 2020 and March 31, 2019 , the Company declared daily common stock distributions equivalent to $1.44 per annum per share. For the three months ended March 31, 2020 and March 31, 2019 , the Company declared monthly Preferred Stock dividends per share equivalent to the amount of common stock distributions that would be paid on a conversion of Preferred Stock into common stock. As of March 31, 2020 and December 31, 2019 , the Company had declared but unpaid common stock distributions of $5.4 million and $5.4 million , respectively. Additionally, as of March 31, 2020 and December 31, 2019 , the Company had declared but unpaid Series A Preferred Stock distributions of $1.5 million and $1.5 million , respectively, and $0.1 million and $0.1 million of Series C Preferred stock, respectively. These amounts are included in Distributions payable on the Company’s consolidated balance sheets. The Company distributed $15.8 million during the three months ended March 31, 2020 , comprised of $12.2 million in cash and $3.6 million in shares of common stock issued under the DRIP. The Company distributed $14.0 million during the three months ended March 31, 2019 , comprised of $10.6 million in cash and $3.4 million in shares of common stock issued under the DRIP. 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 March 31, 2020 is $16.25 . 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. On March 26, 2020, the Company temporarily suspended the DRIP. Therefore amounts available to fund repurchases for the first semester of 2020 will be limited to DRIP proceeds from January and February 2020, and amounts available to fund repurchases for the second semester of 2020 will depend on the amount of dividends paid and the reactivation of the DRIP. Due to these limitations, the Company cannot guarantee that the Company will be able to accommodate all repurchase requests made during any fiscal semester or fiscal year. However, a stockholder may withdraw its request at any time or ask that the Company honors the request when funds are available. Pending repurchase requests will be honored on a pro rata basis. The Company will generally pay repurchase proceeds, less any applicable tax or other withholding required by law, by the 31st day following the end of the fiscal semester during which the repurchase request was made. When a stockholder requests redemption and the redemption is approved, the Company will reclassify such obligation from equity to a liability based on the settlement value of the obligation. Shares repurchased under the SRP will have the status of authorized but unissued shares. The following table reflects the number of shares repurchased under the SRP cumulatively through March 31, 2020 : Number of Requests Number of Shares Repurchased Average Price per Share Cumulative as of December 31, 2019 5,878 3,542,267 $ 20.23 January 1 - January 31, 2020 (1) 1,170 361,829 18.56 February 1 - February 28, 2020 — — N/A March 1 - March 31, 2020 — — N/A Cumulative as of March 31, 2020 7,048 3,904,096 $ 20.08 _______________________ (1) Reflects shares repurchased in January 2020 pursuant to repurchase requests submitted for the second semester of 2019. Pursuant to the terms of the SRP, the Company is only authorized to repurchase up to the amount of proceeds reinvested through our DRIP during the applicable semester. As a result, redemption requests for 11,496 shares were not fulfilled for the second semester of 2019.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Unfunded Commitments Under Commercial Mortgage Loans As of March 31, 2020 and December 31, 2019 , the Company had the below unfunded commitments to the Company's borrowers (dollars in thousands): Funding Expiration March 31, 2020 December 31, 2019 2020 $ 62,515 $ 90,519 2021 78,497 100,861 2022 64,972 56,863 2023 68,664 8,637 2024 and beyond 5,450 5,450 $ 280,098 $ 262,330 The borrowers are required to meet or maintain certain metrics in order to qualify for the unfunded commitment amounts. Litigation and Regulatory Matters In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. The Company has no knowledge of material legal or regulatory proceedings pending or known to be contemplated against the Company at this time.

Related Party Transactions and

Related Party Transactions and Arrangements	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Related Party Transactions and Arrangements Advisory Agreement Fees and Reimbursements Pursuant to the Advisory Agreement, the Company makes or was required to make the following payments and reimbursements to the Advisor: • The Company reimburses the Advisor’s costs of providing services pursuant to the Advisory Agreement, except the salaries and benefits paid by the Advisor to the Company’s executive officers. • The Company pays the Advisor, or its affiliates, a monthly asset management fee equal to one-twelfth of 1.5% of stockholder’s equity as calculated pursuant to the Advisory Agreement. • The Company will pay the Advisor an annual subordinated performance fee calculated on the basis of total return to stockholders, payable monthly in arrears, such that for any year in which total return on stockholders’ capital exceeds 6.0% per annum, our Advisor will be entitled to 15.0% of the excess total return; provided that in no event will the annual subordinated performance fee payable to our Advisor exceed 10.0% of the aggregate total return for such year. • The Company reimburses the Advisor for insourced expenses incurred by the Advisor on the Company‘s behalf related to selecting, evaluating, originating and acquiring investments in an amount up to 0.5% of the principal amount funded by the Company to originate or acquire commercial mortgage loans and up to 0.5% of the anticipated net equity funded by the Company to acquire real estate securities investments. The table below shows the costs incurred due to arrangements with our Advisor and its affiliates during the three months ended March 31, 2020 and March 31, 2019 and the associated payable as of March 31, 2020 and December 31, 2019 (dollars in thousands): Three Months Ended March 31, Payable as of 2020 2019 March 31, 2020 December 31, 2019 Acquisition expenses (1) $ 142 $ 248 $ 1 $ 225 Administrative services expenses 4,112 3,963 4,392 1,238 Asset management and subordinated performance fee 3,912 3,644 5,901 3,326 Other related party expenses (2)(3) 582 265 3,744 — Total related party fees and reimbursements $ 8,748 $ 8,120 $ 14,038 $ 4,789 ________________________ (1) Total acquisition expenses paid during the three months ended March 31, 2020 and March 31, 2019 were $2.1 million and $1.8 million respectively, of which $2.0 million and $1.5 million were capitalized within the commercial mortgage loans, held for investment line of the consolidated balance sheets for the periods ended March 31, 2020 and 2019 . (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. (3) The related party payable includes $2.5 million of payments made by the Advisor to third party vendors on behalf of the Company and $0.7 million of capitalized acquisition expenses that are amortized over the life of the loan. The payables as of March 31, 2020 and December 31, 2019 in the table above are included in Due to affiliates on the Company's consolidated balance sheets. 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. There had been a full principal pay-down on the remaining $4.5 million of these commercial mortgage loans as of March 31, 2020 , which were previously recorded in commercial mortgage loans, held-for-investment, on the consolidated balance sheets. On March 26, 2020, the Company and certain of its subsidiaries entered into a material amendment to an existing lending agreement with SBL, an entity that also holds 14,950 of the Company’s outstanding shares of Series A Preferred Stock, secured by a pledge of equity interests in certain of the Company’s subsidiaries, for a total commitment of $100.0 million with a maturity of February 10, 2023 and a rate of one-month LIBOR + 4.5% . The amendment revised the terms of the existing SBL lending agreement, entered into in February 2020, to permit the Company to borrow under the agreement. The Company incurred $17 thousand of interest expense on the lending agreement with SBL for the three months ended March 31, 2020 . As of March 31, 2020 there was no outstanding balance.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments GAAP establishes a hierarchy of valuation techniques based on the observability of inputs used in measuring financial instruments at fair values. GAAP establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below: • Level I - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. • Level II - Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. • Level III - Unobservable inputs that reflect the entity's own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the above hierarchy requires significant judgment and factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. The Company has implemented valuation control processes to validate the fair value of the Company's financial instruments measured at fair value including those derived from pricing models. These control processes are designed to assure that the values used for financial reporting are based on observable inputs wherever possible. In the event that observable inputs are not available, the control processes are designed to assure that the valuation approach utilized is appropriate and consistently applied and the assumptions are reasonable. Financial Instruments Measured at Fair Value on a Recurring Basis CMBS, recorded in real estate securities, held-for-sale, measured at fair value on the consolidated balance 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 March 31, 2020 and December 31, 2019 the Company obtained third party pricing for determining the fair value of each CMBS investment, resulting in a Level II classification. 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. Other real estate investments, measured at fair value on the consolidated balance sheets are valued using unobservable inputs. The Company engaged the services of a third party independent valuation firm to determine fair value of certain investments, including preferred equity 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 other real estate investments, 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 or liabilities. The Company's policy with respect to transfers between levels of the fair value hierarchy is to recognize transfers into and out of each level as of the beginning of the reporting period. There were no material transfers between levels within fair value hierarchy during the quarter ended March 31, 2020 . The following table presents the Company's financial instruments carried at fair value on a recurring basis in the consolidated balance sheets by its level in the fair value hierarchy as of March 31, 2020 and December 31, 2019 (dollars in thousands): Total Level I Level II Level III March 31, 2020 Real estate securities, available for sale, measured at fair value $ 441,160 $ — $ 441,160 $ — Commercial mortgage loans, held-for-sale, measured at fair value 91,813 — — 91,813 Other real estate investments, measured at fair value 2,496 — — 2,496 Credit default swaps 1,173 — 1,173 — Interest rate swaps — — — — Total assets, at fair value $ 536,642 $ — $ 442,333 $ 94,309 Liabilities, at fair value Credit default swaps $ 4,016 $ — $ 4,016 $ — Interest rate swaps 1,512 — 1,512 — Treasury note futures — — — $ — Total liabilities, at fair value $ 5,528 $ — $ 5,528 $ — December 31, 2019 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 fair value Credit Default Swaps $ 1,581 $ — $ 1,581 $ — Total liabilities, at fair value $ 1,581 $ — $ 1,581 $ — Both observable and unobservable inputs may be used to determine the fair value of positions that the Company has classified within the Level III category. As a result, the unrealized gains and losses for assets and liabilities within the Level III category may include changes in fair value that were attributable to both observable and unobservable inputs. The following table summarizes the valuation method and significant unobservable inputs used for the Company’s financial instruments that are categorized within Level III of the fair value hierarchy as of March 31, 2020 and December 31, 2019 (dollars in thousands): Asset Category Fair Value Valuation Methodologies Unobservable Inputs (1) Weighted Average (2) Range March 31, 2020 Commercial mortgage loans, held-for-sale, measured at fair value $91,813 Discounted Cash Flow Yield 4.2% 2.4% - 5.6% Other real estate investments, measured at fair value 2,496 Discounted Cash Flow Yield 13.4% 12.4% - 14.4% 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% ________________________ (1) In determining certain of these inputs, the Company evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company specific developments including exit strategies and realization opportunities. The Company has determined that market participants would take these inputs into account when valuing the investments. (2) Inputs were weighted based on the fair value of the investments included in the range. Increases or decreases in any of the above unobservable inputs in isolation would result in a lower or higher fair value measurement for such assets. The following table presents additional information about the Company’s financial instruments which are measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 for which the Company has used Level III inputs to determine fair value (dollars in thousands): March 31, 2020 Commercial Mortgage Loans, held-for-sale, measured at fair value Other Real Estate Investments, measured at fair value Beginning balance, January 1, 2020 $ 112,562 $ 2,557 Transfers into Level III — — Total realized and unrealized gain (loss) included in earnings: Realized gain (loss) on sale of commercial mortgage loans held-for-sale 9,404 — Unrealized gain (loss) on commercial mortgage loans held-for-sale and other real estate investments (1,934 ) (61 ) Net accretion — — Purchases 119,349 — Sales / paydowns (147,568 ) — Cash repayments/receipts — — Transfers out of Level III — — Ending Balance, March 31, 2020 $ 91,813 $ 2,496 December 31, 2019 Commercial Mortgage Loans, held-for-sale, measured at fair value Other Real Estate Investments, measured at fair value Beginning balance, January 1, 2019 $ 76,863 $ — Transfers into Level III — — Total realized and unrealized gain (loss) included in earnings: Realized gain (loss) on sale of real estate securities 37,832 — Realized gain (loss) on sale of commercial mortgage loan held-for-sale — — Unrealized gain (loss) on commercial mortgage loans held-for-sale 312 47 Net accretion — — Purchases 1,015,677 2,510 Sales / paydowns (1,008,050 ) — Cash repayments/receipts — — Transfers out of Level III (10,072 ) — Ending Balance, December 31, 2019 $ 112,562 $ 2,557 The fair value of cash and cash equivalents and restricted cash are measured using observable quoted market prices, or Level I inputs and their carrying value approximates their fair value. The fair value of borrowings under repurchase agreements approximate their carrying value on the consolidated balance sheets due to their short-term nature, and are measured using Level II inputs. Financial Instruments Not Measured at Fair Value The fair values of the Company's commercial mortgage loans, held for investment and collateralized loan obligations, which are not reported at fair value on the consolidated balance sheets are reported below as of March 31, 2020 and December 31, 2019 (dollars in thousands): Level Carrying Amount (1)(2) Fair Value March 31, 2020 Commercial mortgage loans, held for investment Asset III $ 2,672,300 $ 2,673,611 Collateralized loan obligations Liability III 1,739,009 1,610,761 Mortgage Note Payable Liability III 40,167 40,167 December 31, 2019 Commercial mortgage loans, held for investment Asset III $ 2,762,963 $ 2,784,650 Collateralized loan obligations Liability III 1,803,185 1,822,386 Mortgage Note Payable Liability III 29,167 29,167 ________________________ (1) The carrying value is gross of $21.7 million and $0.9 million of allowance for credit losses as of March 31, 2020 and December 31, 2019 , respectively. (2) The carrying value is inclusive of $9.6 million of commercial mortgage loans, held-for-sale as of March 31, 2020 . The fair value of the commercial mortgage loans, held for investment is estimated using a discounted cash flow analysis, based on the Advisor's experience with similar types of investments. The Company estimates the fair value of the collateralized loan obligations using external broker quotes. The fair value of the other financing and loan participation-commercial mortgage loans is generally estimated using a discounted cash flow analysis.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The Company uses derivative instruments primarily to manage the fair value variability of fixed rate assets caused by interest rate fluctuations and overall portfolio market risk. As of March 31, 2020 , the net premiums received on derivative instrument assets were $0.7 million . The following derivative instruments were outstanding as of March 31, 2020 and December 31, 2019 (dollars in thousands): Fair Value Contract type Notional Assets Liabilities March 31, 2020 Credit default swaps $ 55,000 $ 1,173 $ — Interest rate swaps 67,489 — 4,016 Treasury note futures 30,000 — 1,512 Total $ 152,489 $ 1,173 $ 5,528 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 The following table indicates the net realized and unrealized losses on derivatives, by primary underlying risk exposure, as included in loss on derivative instruments in the consolidated statements of operations for the three months ended March 31, 2020 and March 31, 2019 : Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Contract type Unrealized (Gain)/Loss Realized (Gain)/Loss Unrealized (Gain)/Loss Realized (Gain)/Loss Credit default swaps $ (1,752 ) $ 61 $ 112 $ 1,378 Interest rate swaps 4,340 2,946 1,197 (415 ) Treasury note futures 2,248 3,627 (243 ) 350 Options — 35 145 Total $ 4,836 $ 6,669 $ 1,066 $ 1,458

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	3 Months Ended
	Mar. 31, 2020
Offsetting [Abstract]
Offsetting Assets and Liabilities	Offsetting Assets and Liabilities The Company's consolidated balance sheets used a gross presentation of repurchase agreements and collateral pledged. The table below provides a gross presentation, the effects of offsetting and a net presentation of the Company's derivative instruments and repurchase agreements within the scope of ASC 210-20, Balance Sheet—Offsetting , as of March 31, 2020 and December 31, 2019 (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 (1) Net Amount March 31, 2020 Derivative instruments, at fair value $ 1,173 $ — $ 1,173 $ — $ — $ 1,173 December 31, 2019 Derivative instruments, at fair value $ 1,119 $ — $ 1,119 $ — $ 10,895 $ — 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 (1) Net Amount March 31, 2020 Repurchase agreements - commercial mortgage loans $ 234,524 $ — $ 234,524 $ 370,760 $ 5,015 $ — Repurchase agreements - real estate securities $ 496,880 $ — $ 496,880 $ 609,776 $ 76,157 $ — Derivative instruments, at fair value $ 5,528 $ — $ 5,528 $ 8,584 $ — 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 $ — _______________________ (1) These cash collateral amounts are recorded within the Restricted cash balance on the consolidated balance sheets.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company conducts its business through the following reporting segments: • The real estate debt, real estate owned and other real estate investments business focuses on originating, acquiring and asset managing commercial real estate debt and equity investments, including first mortgage loans, subordinate mortgages, mezzanine loans and participations in such loans and other real estate investments. • 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 three months ended March 31, 2020 and March 31, 2019 (dollars in thousands): Three Months Ended March 31, 2020 Total Real Estate Debt and Other Real Estate Investments Real Estate Securities TRS Real Estate Owned Interest income $ 47,854 $ 43,369 $ 3,295 $ 1,190 $ — Revenue from real estate owned 1,629 — — — 1,629 Interest expense 24,492 21,708 1,807 693 284 Net income/(loss) (7,400 ) (1,183 ) 1,050 (5,982 ) (1,285 ) Total assets as of March 31, 2020 3,501,885 2,775,939 519,916 132,694 73,336 Three Months Ended March 31, 2019 Interest income $ 46,511 $ 43,634 $ 507 $ 2,370 $ — Revenue from real estate owned — — — — — Interest expense 20,366 18,743 498 1,125 — Net income/(loss) 19,890 14,725 9 5,156 — Total assets as of December 31, 2019 3,540,620 2,964,233 388,170 131,193 57,024 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, held for investment, net of allowance and commercial mortgage loans, held-for-sale, measured at fair value as numerator.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q . On April 22, 2020, the Company’s Board of Directors unanimously approved a transition in the timing of its dividend payments to holders of the Company’s common stock, Series A Convertible Preferred Stock and Series C Convertible Preferred Stock from a monthly to a quarterly basis, effective as of the date of the announcement. The Company’s Preferred Stock will continue to accrue dividends monthly in accordance with the terms of such Preferred Stock. Since December 2019, COVID-19 has spread globally, including to every state in the United States. In March 2020, the World Health Organization declared COVID-19 a pandemic, and subsequently, the United States declared a national emergency. The COVID-19 pandemic has had repercussions across domestic and global economies and financial markets. The global impact of the COVID-19 outbreak evolved rapidly and many governmental authorities, including state and local governments in regions in which our borrowers own properties, have reacted by instituting government restrictions, border closings, quarantines, “shelter-in-place” orders and “social distancing” guidelines which have forced many of our borrowers to suspend or significantly restrict their business activities, and has resulted in a dramatic increase in national unemployment. The COVID-19 pandemic has had an adverse effect on our operations and the operations of many of our lenders. The extent to which the COVID-19 pandemic impacts our future operating results will depend on future developments which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic and the direct and indirect economic effects of the pandemic and containment measures.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies - (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The Company's unaudited consolidated financial statements and related footnotes have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America ("GAAP") for interim financial statements and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. Accordingly, the consolidated financial statements may not include all of the information and notes required by GAAP for annual consolidated financial statements. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of, and for the year ended December 31, 2019, which are included in the Company's Annual Report on Form 10-K/A filed with the SEC on March 19, 2020 .
Use of Estimates	Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. In the opinion of management, the interim data includes all adjustments, of a normal and recurring nature, necessary for a fair statement of the results for the periods presented. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the entire year or any subsequent interim periods. In December 2019, a novel strain of coronavirus ("COVID-19") was reported to have surfaced in Wuhan, China. COVID-19 has since spread to over 200 countries and territories, including every state in the U.S and in cities and regions where our corporate headquarters and/or properties that secure our investments, or properties that we own, are located. On March 11, 2020, the World Health Organization declared COVID-19 a pandemic, and since then, numerous countries, including the U.S., have declared national emergencies with respect to COVID-19 and have instituted “stay-at-home” guidelines or orders to help prevent its spread. The disruptive economic effects of the COVID-19 pandemic have significantly impacted our estimates involving credit losses and fair values during the three months ended March 31, 2020, including introducing a significant degree of uncertainty underlying those estimates.
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 sheets in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation.
Acquisition Expenses	Acquisition Expenses 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 credit 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. 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 sheets. 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. Acquisition expenses on originating these investments are expensed when incurred.
Real estate owned	Real estate owned Real estate owned (“REO”) represents real estate acquired by the Company through foreclosure, deed in lieu of foreclosure, or purchase. REO assets are carried at their estimated fair value at acquisition and are presented net of accumulated depreciation and impairment charges. The Company allocates the purchase price of acquired real estate assets based on the fair value of the acquired land, building, furniture, fixtures and equipment. 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	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 March 31, 2020 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 sheets and amortized using the straight-line method over the contractual life of the lease.
Credit Losses	Credit Losses In June 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments-Credit Losses, which amends the credit impairment model for financial instruments. The Company adopted ASU 2016-13 on January 1, 2020. Following our adoption of ASU 2016-13, our previous incurred loss model was replaced with a lifetime current expected credit loss (“CECL”) model for financial instruments carried at amortized cost and off-balance sheet credit exposures, such as loans, loan commitments, held-to-maturity (“HTM”) debt securities, financial guarantees, net investments in leases, reinsurance and trade receivables, which will generally result in earlier recognition of allowance for losses. For available for sale (“AFS”) debt securities, unrealized credit losses are recognized as allowances rather than reductions in amortized cost basis and elimination of the other than temporary impairment concept will result in more frequent estimation of credit losses. The accounting model for purchased credit impaired loans and debt securities has been simplified, including elimination of some of the asymmetrical treatment between credit losses and credit recoveries, to be consistent with the CECL model for originated and purchased non-credit impaired assets. The existing model for beneficial interests that are not of high credit quality was amended to conform to the new impairment models for HTM and AFS debt securities. Upon adoption of ASU 2016-13 on January 1, 2020, we recorded an additional allowance for credit losses for our outstanding loans and unfunded loan commitments of $7.8 million , or $0.18 per share, which was 0.27% of the aggregate commitment amount of the Company’s loan portfolio at December 31, 2019. Pre-adoption Transition Adjustment Post-adjustment Assets Commercial mortgage loans, held for investment, net of allowance 2,762,042 (7,211 ) 2,754,831 Liabilities Accounts payable and accrued expenses (1) 10,925 (550 ) 10,375 Equity — Accumulated deficit (85,968 ) (7,761 ) (93,729 ) ___________________ (1) Includes allowance associated with unfunded loan commitment. The following discussion highlights changes to the Company’s accounting policies as a result of this adoption. Allowance for credit losses The allowance for credit losses for the Company’s financial instruments carried at amortized cost and off-balance sheet credit exposures, such as loans held for investment and unfunded loan commitments represents a lifetime estimate of expected credit losses. Factors considered by the Company when determining the allowance for credit losses reserve include loan-specific characteristics such as loan-to-value (“LTV”) ratio, vintage year, loan term, property type, occupancy and geographic location, financial performance of the borrower, expected payments of principal and interest, as well as internal or external information relating to past events, current conditions and reasonable and supportable forecasts. The allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist for multiple financial instruments. If similar risk characteristics do not exist, the Company measures the allowance for credit losses on an individual instrument basis. The determination of whether a particular financial instrument should be included in a pool can change over time. If a financial asset’s risk characteristics change, the Company evaluates whether it is appropriate to continue to keep the financial instrument in its existing pool or evaluate it individually. In measuring the allowance for credit losses for financial instruments including our unfunded loan commitments that share similar risk characteristics, the Company primarily applies a probability of default (“PD”)/loss given default (“LGD”) model for instruments that are collectively assessed, whereby the allowance for credit losses is calculated as the product of PD, LGD and exposure at default (“EAD”). The Company’s model principally utilizes historical loss rates derived from a commercial mortgage backed securities database with historical losses from 1998 to 2020 provided by a reputable third party, forecasting the loss parameters using a scenario-based statistical approach over a reasonable and supportable forecast period of twelve months, followed by an immediate reversion to average historical losses. For financial instruments assessed on an individual basis, including when it is probable that the Company will be unable to collect the full payment of principal and interest on the instrument, the Company applies a discounted cash flow (“DCF”) methodology. For financial instruments where the borrower is experiencing financial difficulty based on the Company’s assessment at the reporting date and the repayment is expected to be provided substantially through the operation or sale of the collateral, the Company may elect to use as a practical expedient the fair value of the collateral at the reporting date when determining the allowance for credit losses. In developing the allowance for credit losses for its loans held for investment, 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, using similar factors as those in developing the allowance for credit losses. 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. Risk rating categories range from "1" to "5" with "1" representing the lowest risk of loss and "5" representing the highest risk of loss with the ratings updated quarterly. At the time of origination or purchase, loans held for investment are ranked as a “2” and will move accordingly going forward based on the ratings which are defined as follows: 1. Very Low Risk- Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable. 2. Low Risk- Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. 3. Average Risk- Performing investments requiring closer monitoring. Trends and risk factors show some deterioration. 4. High Risk/Delinquent/Potential for Loss- Underperforming investment with the potential of some interest loss but still expecting a positive return on investment. Trends and risk factors are negative. 5. Impaired/Defaulted/Loss Likely- Underperforming investment with expected loss of interest and some principal. The Company also considers qualitative and environmental factors, including, but not limited to, economic and business conditions, nature and volume of the loan portfolio, lending terms, volume and severity of past due loans, concentration of credit and changes in the level of such concentrations in its determination of the allowance for credit losses. Changes in the allowance for credit losses for the Company’s financial instruments are recorded in Increase/(decrease) for credit losses on the consolidated statements of operations with a corresponding offset to the financial instrument’s amortized cost recorded on the consolidated balance sheets, or as a component of Accounts payable and accrued expenses for unfunded loan commitments. The Company has elected to not measure an allowance for credit losses for accrued interest receivable as it is reversed against interest income when a loan or preferred equity investment is placed on nonaccrual status. Loans are charged off against the Increase/(decrease) for credit losses when all or a portion of the principal amount is determined to be uncollectible. Past due and nonaccrual status Loans are placed on nonaccrual status and considered non-performing when full payment of principal and interest is unpaid for 90 days or more or where reasonable doubt exists as to timely collection, unless the loan is both well secured and in the process of collection. Interest received on nonaccrual status loans are accounted for under the cost-recovery method, until qualifying for return to accrual. Upon restructuring the nonaccrual loan, the Company may return a loan to accrual status when repayment of principal and interest is reasonably assured. Troubled Debt Restructuring (“TDR”) The Company classifies an individual financial instrument as a TDR when it has a reasonable expectation that the financial instrument’s contractual terms will be modified in a manner that grants concession to the borrower who is experiencing financial difficulty. Concessions could include term extensions, payment deferrals, interest rate reductions, principal forgiveness, forbearance, or other actions designed to maximize the Company’s collection on the financial instrument. The Company determines the allowance for credit losses for financial instruments that are TDRs individually.
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.
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	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. On March 26, 2020, the Company temporarily suspended the DRIP. Therefore amounts available to fund repurchases for the first fiscal semester of 2020 will be limited to DRIP proceeds from January and February 2020, and amounts available to fund repurchases for the second fiscal semester of 2020 will depend on the amount of dividends paid and the reactivation of the DRIP. 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. On March 26, 2020, the Company temporarily suspended the DRIP. Until the Company reactivates the DRIP, stockholder participants will receive any distributions paid by the Company in cash.
Income Taxes	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. On March 26, 2020, the Company temporarily suspended the DRIP. Until the Company reactivates the DRIP, stockholder participants will receive any distributions paid by the Company in cash. 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
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.
Fair Value of Financial Instruments	Fair Value of Financial Instruments GAAP establishes a hierarchy of valuation techniques based on the observability of inputs used in measuring financial instruments at fair values. GAAP establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below: • Level I - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. • Level II - Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. • Level III - Unobservable inputs that reflect the entity's own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the above hierarchy requires significant judgment and factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. The Company has implemented valuation control processes to validate the fair value of the Company's financial instruments measured at fair value including those derived from pricing models. These control processes are designed to assure that the values used for financial reporting are based on observable inputs wherever possible. In the event that observable inputs are not available, the control processes are designed to assure that the valuation approach utilized is appropriate and consistently applied and the assumptions are reasonable. Financial Instruments Measured at Fair Value on a Recurring Basis CMBS, recorded in real estate securities, held-for-sale, measured at fair value on the consolidated balance 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 March 31, 2020 and December 31, 2019 the Company obtained third party pricing for determining the fair value of each CMBS investment, resulting in a Level II classification. 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. Other real estate investments, measured at fair value on the consolidated balance sheets are valued using unobservable inputs. The Company engaged the services of a third party independent valuation firm to determine fair value of certain investments, including preferred equity 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 other real estate investments, 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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	Pre-adoption Transition Adjustment Post-adjustment Assets Commercial mortgage loans, held for investment, net of allowance 2,762,042 (7,211 ) 2,754,831 Liabilities Accounts payable and accrued expenses (1) 10,925 (550 ) 10,375 Equity — Accumulated deficit (85,968 ) (7,761 ) (93,729 ) ___________________ (1) Includes allowance associated with unfunded loan commitment.

Commercial Mortgage Loans (Tabl

Commercial Mortgage Loans (Tables)	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
Schedule 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): March 31, 2020 December 31, 2019 Loan Type Par Value Percentage Par Value Percentage Multifamily $ 41,000 43.8 % $ 78,250 69.6 % Industrial 23,625 25.2 % 23,625 21.0 % Retail 21,193 22.6 % 2,613 2.3 % Office 6,000 6.4 % — — % Manufactured Housing 1,850 2.0 % — — % Hospitality — — % 8,000 7.1 % Total $ 93,668 100.0 % $ 112,488 100.0 % The following table is a summary of the Company's commercial mortgage loans, held for investment, carrying values by class (dollars in thousands): March 31, 2020 December 31, 2019 Senior loans $ 2,653,564 $ 2,721,325 Mezzanine loans 9,117 41,638 Total gross carrying value of loans 2,662,681 2,762,963 Less: Allowance for credit losses (1) 21,702 921 Total commercial mortgage loans, held for investment, net $ 2,640,979 $ 2,762,042 ___________________ (1) As of March 31, 2020 and December 31, 2019 , there have been no specific reserves for loans in non-performing status. The following table represents the composition by loan type of the Company's commercial mortgage loans portfolio, excluding commercial mortgage loans, held-for-sale, measured at fair value (dollars in thousands): March 31, 2020 December 31, 2019 Loan Type Par Value Percentage Par Value Percentage Multifamily $ 1,395,956 52.3 % $ 1,491,971 53.9 % Office 430,870 16.1 % 414,772 15.0 % Hospitality 398,186 14.9 % 446,562 16.1 % Industrial 144,093 5.4 % 118,743 4.3 % Retail 111,620 4.2 % 111,620 4.0 % Mixed Use 65,040 2.4 % 58,808 2.1 % Self Storage 63,057 2.4 % 67,767 2.4 % Land 16,400 0.6 % 16,400 0.6 % Manufactured Housing 44,911 1.7 % 44,656 1.6 % Total $ 2,670,133 100.0 % $ 2,771,299 100.0 %
Schedule of loan portfolio assessment and risk ratings	The following table presents the activity in the Company's allowance for credit losses, excluding the unfunded loan commitments, for the three months ended March 31, 2020 (dollars in thousands): March 31, 2020 Multifamily Retail Office Industrial Mixed Use Hospitality Self Storage Mobile Housing Total Beginning Balance $ 322 $ 202 $ 249 $ 23 $ 4 $ 103 $ — $ 18 $ 921 Cumulative-effect adjustment upon adoption of ASU 2016-13 3,220 386 1,966 434 9 739 399 58 7,211 Current Period: Increase/(decrease) for credit losses 8,647 565 2,358 1,875 28 655 (123 ) (8 ) 13,997 Write-offs — — — — — (427 ) — — (427 ) Ending Balance $ 12,189 $ 1,153 $ 4,573 $ 2,332 $ 41 $ 1,070 $ 276 $ 68 $ 21,702 The following table presents the activity in the Company's allowance for credit losses, for the unfunded loan commitments, for the three months ended March 31, 2020 (dollars in thousands): March 31, 2020 Multifamily Retail Office Industrial Mixed Use Hospitality Self Storage Mobile Housing Total Beginning Balance $ — $ — $ — $ — $ — $ — $ — $ — $ — Cumulative-effect adjustment upon adoption of ASU 2016-13 239 40 150 30 1 57 28 5 550 Current Period: Increase/(decrease) for credit losses 56 (40 ) 242 257 (1 ) 117 (28 ) (3 ) 600 Write-offs — — — — — — — — — Ending Balance $ 295 $ — $ 392 $ 287 $ — $ 174 $ — $ 2 $ 1,150
Schedule of financing receivable past due	The following table presents an aging summary of the loans amortized cost basis at March 31, 2020 (dollars in thousands): Multifamily Retail Office Industrial Mixed Use Hospitality Self Storage Mobile Housing Total Status: Current $ 1,392,741 $ 127,795 $ 383,938 $ 143,472 $ 65,050 $ 339,700 $ 62,937 $ 44,714 $ 2,560,347 1-29 days past due (1) — — 45,259 — — — — — 45,259 30-59 days past due — — — — — — — — — 60-89 days past due — — — — — — — — — 90-119 days past due — — — — — — — — — 120+ days past due (2) — — — — — 57,075 — — 57,075 Total $ 1,392,741 $ 127,795 $ 429,197 $ 143,472 $ 65,050 $ 396,775 $ 62,937 $ 44,714 $ 2,662,681 __________________ (1) For the three months ended March 31, 2020 , interest income recognized on this loan was $0.6 million . (2) For the three months ended March 31, 2020 , interest income recognized on this loan was $0.0 million .
Schedule of allocation by risk rating	The following table represents the allocation by risk rating for the Company's commercial mortgage loans, held for investment (dollars in thousands): March 31, 2020 December 31, 2019 Risk Rating Number of Loans Par Value Risk Rating Number of Loans Par Value 1 — $ — 1 — $ — 2 90 2,094,654 2 113 2,452,330 3 27 518,404 3 8 298,994 4 1 57,075 4 1 19,975 5 — — 5 — — 118 $ 2,670,133 122 $ 2,771,299 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. The following tables present the amortized cost of our commercial mortgage loans, held for investment at March 31, 2020 , by loan type, the Company’s internal risk rating and year of origination. The risk ratings are updated as of March 31, 2020 . As of March 31, 2020 2020 2019 2018 2017 2016 2015 Prior Total Multifamily: Risk Rating: 1-2 internal grade $ 177,191 $ 456,036 $ 617,533 $ 34,875 $ — $ — $ 3,489 $ 1,289,124 3-4 internal grade — — 65,805 37,812 — — — 103,617 Total Multifamily Loans $ 177,191 $ 456,036 $ 683,338 $ 72,687 $ — $ — $ 3,489 $ 1,392,741 Retail: Risk Rating: 1-2 internal grade $ — $ 54,618 $ 16,319 $ — $ — $ — $ 9,450 $ 80,387 3-4 internal grade — 3,501 43,907 — — — — 47,408 Total Retail Loans $ — $ 58,119 $ 60,226 $ — $ — $ — $ 9,450 $ 127,795 Office: Risk Rating: 1-2 internal grade $ 49,163 $ 173,988 $ 97,936 $ 41,645 $ — $ 10,700 $ — $ 373,432 3-4 internal grade — — 45,259 10,506 — — — 55,765 Total Office Loans $ 49,163 $ 173,988 $ 143,195 $ 52,151 $ — $ 10,700 $ — $ 429,197 Industrial: Risk Rating: 1-2 internal grade $ 25,241 $ 84,576 $ — $ — $ — $ 33,655 $ — $ 143,472 3-4 internal grade — — — — — — — — Total Industrial Loans $ 25,241 $ 84,576 $ — $ — $ — $ 33,655 $ — $ 143,472 Mixed Use: Risk Rating: 1-2 internal grade $ — $ — $ 52,097 $ 12,953 $ — $ — $ — $ 65,050 3-4 internal grade — — — — — — — — Total Mixed Use Loans $ — $ — $ 52,097 $ 12,953 $ — $ — $ — $ 65,050 Hospitality: Risk Rating: 1-2 internal grade $ — $ 8,735 $ 20,962 $ — $ — $ — $ — $ 29,697 3-4 internal grade — 161,948 114,190 90,940 — — — 367,078 Total Hospitality Loans $ — $ 170,683 $ 135,152 $ 90,940 $ — $ — $ — $ 396,775 Self Storage: Risk Rating: 1-2 internal grade $ — $ — $ 62,937 $ — $ — $ — $ — $ 62,937 3-4 internal grade — — — — — — — — Total Self Storage Loans $ — $ — $ 62,937 $ — $ — $ — $ — $ 62,937 Manufactured Housing: Risk Rating: 1-2 internal grade $ — $ 44,714 $ — $ — $ — $ — $ — $ 44,714 3-4 internal grade — — — — — — — — Total Manufactured Housing Loans $ — $ 44,714 $ — $ — $ — $ — $ — $ 44,714 Total $ 251,595 $ 988,116 $ 1,136,945 $ 228,731 $ — $ 44,355 $ 12,939 $ 2,662,681
Schedule of real estate notes receivable rollforward	For the three months ended March 31, 2020 and year ended December 31, 2019 , the activity in the Company's commercial mortgage loans, held for investment portfolio was as follows (dollars in thousands): Three Months Ended March 31, For the Year Ended December 31, 2020 2019 Balance at Beginning of Year $ 2,762,042 $ 2,206,830 Cumulative-effect adjustment upon adoption of ASU 2016-13 (7,211 ) — Acquisitions and originations 288,825 1,326,983 Principal repayments (366,058 ) (771,774 ) Discount accretion/premium amortization 1,751 6,264 Loans reclassified to held-for-sale (9,619 ) — Loans transferred from/(to) commercial real estate loans, held-for-sale — 10,100 Net fees capitalized into carrying value of loans (1,181 ) (5,339 ) Increase/(decrease) for credit losses (13,997 ) (3,007 ) Charge-off from allowance 427 6,922 Transfer on foreclosure to real estate owned (14,000 ) — Transfer on deed in lieu of foreclosure to real estate owned — (14,937 ) Balance at End of Period $ 2,640,979 $ 2,762,042

Real Estate Securities (Tables)

Real Estate Securities (Tables)	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Schedule of real estate securities	The following is a summary of the Company's real estate securities, CMBS (dollars in thousands): March 31, 2020 Type Interest Rate Maturity Par Value Fair Value CMBS 1 3.7% 5/15/2022 $13,250 $10,408 CMBS 2 2.8% 6/26/2025 11,488 10,250 CMBS 3 3.1% 2/15/2036 40,000 34,728 CMBS 4 2.4% 5/15/2036 18,500 14,672 CMBS 5 2.1% 5/15/2036 15,000 14,259 CMBS 6 2.2% 5/15/2037 13,500 11,279 CMBS 7 2.4% 5/15/2037 15,000 12,538 CMBS 8 2.2% 6/15/2037 7,000 6,386 CMBS 9 2.6% 2/15/2036 9,600 8,695 CMBS 10 2.5% 8/15/2036 10,000 9,083 CMBS 11 2.6% 6/15/2037 8,000 7,330 CMBS 12 2.3% 7/15/2038 13,000 10,802 CMBS 13 2.3% 9/15/2037 32,000 27,563 CMBS 14 2.7% 9/15/2037 24,000 20,628 CMBS 15 2.3% 10/19/2038 50,000 42,408 CMBS 16 2.7% 10/19/2038 26,000 22,210 CMBS 17 2.2% 6/15/2034 15,000 13,332 CMBS 18 2.5% 6/15/2034 6,500 5,606 CMBS 19 2.9% 6/15/2034 12,000 10,417 CMBS 20 2.0% 12/15/2036 20,000 17,920 CMBS 21 2.3% 12/15/2036 25,000 22,221 CMBS 22 2.1% 2/15/2035 22,500 18,255 CMBS 23 2.5% 2/15/2035 16,000 13,166 CMBS 24 2.5% 2/15/2035 2,000 1,646 CMBS 25 2.1% 2/15/2035 2,200 1,785 CMBS 26 2.6% 3/15/2035 12,500 11,153 CMBS 27 3.0% 3/15/2035 25,665 23,056 CMBS 28 2.3% 3/15/2037 28,000 25,601 CMBS 29 2.6% 3/15/2037 15,000 13,763 December 31, 2019 Type Interest Rate Maturity Par Value Fair Value CMBS 1 4.7% 5/15/2022 $13,250 $13,274 CMBS 2 3.8% 6/26/2025 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% 5/15/2036 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% 12/15/2036 20,000 20,021 CMBS 21 3.4% 12/15/2036 25,000 25,025
Schedule of available-for-sale debt securities	The following table shows the amortized cost, allowance for expected credit losses, unrealized gain/(loss) and fair value of the Company's CMBS investments by investment type (dollars in thousands): Amortized Cost Credit Loss Allowance Unrealized Gain Unrealized Loss Fair Value March 31, 2020 CLOs $ 411,234 $ — $ — $ (59,830 ) $ 351,404 SASB 98,511 — — (8,755 ) 89,756 Total $ 509,745 $ — $ — $ (68,585 ) $ 441,160 December 31, 2019 CLOs 330,000 $ — 1 (881 ) 329,120 SASB 57,294 — — (98 ) 57,196 Total $ 387,294 $ — $ 1 $ (979 ) $ 386,316 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): Three Months Ended March 31, 2020 2019 Unrealized gain/(loss) available-for-sale securities $ (67,607 ) $ 145 Reclassification of net (gain)/loss on available-for-sale securities included in net income (loss) from sales of securities — — Unrealized gain/(loss) available-for-sale securities, net of reclassification adjustment $ (67,607 ) $ 145
Schedule of unrealized loss on investments	The following table provides information on the unrealized losses and fair value on the Company's real estate securities, CMBS, available for sale that were in an unrealized loss position, and for which an allowance for credit losses has not been recorded as of March 31, 2020 and December 31, 2019 (amounts in thousands): Fair Value Unrealized Loss Securities with an unrealized loss less than 12 months Securities with an unrealized loss greater than 12 months Securities with an unrealized loss less than 12 months Securities with an unrealized loss greater than 12 months March 31, 2020 CLOs $ 341,003 $ 10,401 $ (56,944 ) $ (2,886 ) SASB 79,506 10,250 (7,468 ) (1,287 ) Total $ 420,509 $ 20,651 $ (64,412 ) $ (4,173 ) December 31, 2019 CLOs $ 315,845 $ 13,275 $ (863 ) $ (17 ) SASB 45,045 12,151 (67 ) (31 ) Total $ 360,890 $ 25,426 $ (930 ) $ (48 )

Real Estate Owned (Tables)

Real Estate Owned (Tables)	3 Months Ended
	Mar. 31, 2020
Banking and Thrift [Abstract]
Real Estate Owned	The following table summarizes the Company's real estate owned assets as of March 31, 2020 (dollars in thousands): As of March 31, 2020 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 $ — $ 8,337 $ — $ (139 ) $ 8,198 October 2019 (1) Office Jeffersonville, IN 1,887 21,989 3,565 (333 ) 27,108 March 2020 (1)(3) Hotel Knoxville, TN 3,800 7,838 2,362 — 14,000 $ 5,687 $ 38,164 $ 5,927 $ (472 ) $ 49,306 ________________________ (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 (3) Represents assets acquired by the Company by completing a foreclosure transaction The following table summarizes the Company's real estate asset acquisitions for the year 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)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Operating Lease Right of Use Assets	The following table summarizes the Company's operating right of use asset recognized in the consolidated balance sheets as of March 31, 2020 (dollars in thousands): March 31, 2020 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 $ (207 ) $ 5,902 $ 6,109 $ (207 ) $ 5,902 The following table summarizes the Company's operating right of use asset recognized in the consolidated balance sheets as of December 31, 2019 (dollars in thousands): December 31, 2019 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	The following table summarizes the Company's schedule of minimum future lease payments as of March 31, 2020 (dollars in thousands): Minimum Future Lease Payments March 31, 2020 2020 (April - December) $ 300 2021 410 2022 422 2023 435 2024 448 2025 and beyond 39,438 Total undiscounted lease payments $ 41,453 Less: Amount representing interest (35,277 ) Present value of lease liability $ 6,176 The following table summarizes the Company's schedule of minimum future lease payments as of December 31, 2019 (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 sheets as of March 31, 2020 (dollars in thousands): March 31, 2020 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 $ (344 ) $ 14,165 $ 14,509 $ (344 ) $ 14,165 The following table summarizes the Company's intangible lease asset recognized in the consolidated balance sheets as of December 31, 2019 (dollars in thousands): December 31, 2019 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 under the lease (dollars in thousands): Minimum Rents March 31, 2020 2020 (April - December) $ 1,903 2021 2,568 2022 2,607 2023 2,646 2024 2,686 2025 and beyond 36,894 Total minimum rent $ 49,304
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 March 31, 2020 2020 (April - December) $ (619 ) 2021 (825 ) 2022 (825 ) 2023 (825 ) 2024 (825 )

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of repurchase facilities and agreements	Below is a summary of the Company's MRAs as of March 31, 2020 and December 31, 2019 (dollars in thousands): Weighted Average Counterparty Amount Outstanding Accrued Interest Collateral Pledged (1) Interest Rate Days to Maturity As of March 31, 2020 JP Morgan Securities LLC $ 159,879 $ 595 $ 202,688 2.21 % 11 Wells Fargo Securities, LLC 159,924 955 190,623 2.32 % 12 Barclays Capital Inc. 79,047 365 106,965 2.28 % 17 Citigroup Global Markets, Inc. 98,030 653 109,500 2.60 % 16 Total/Weighted Average $ 496,880 $ 2,568 $ 609,776 2.33 % 13 As of December 31, 2019 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 ________________________ 1 Includes $89.1 million and $68.5 million of CLO notes, held by the Company, which are eliminated within the real estate securities, at fair value line in the consolidated balance sheets as of March 31, 2020 and December 31, 2019 , respectively. The details of the Company's Repo Facilities at March 31, 2020 and December 31, 2019 are as follows (dollars in thousands): As of March 31, 2020 Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate Maturity JPM Repo Facility (2) $ 300,000 $ 119,604 $ 1,362 3.83 % 1/30/2021 USB Repo Facility (3) 100,000 8,250 152 3.18 % 6/15/2020 CS Repo Facility (4) 200,000 71,740 1,349 4.06 % 9/27/2020 WF Repo Facility (5) 175,000 — 396 N/A 11/21/2020 Barclays Revolver Facility (6) 100,000 4,200 51 5.34 % 9/20/2021 Barclays Repo Facility (7) 300,000 30,730 332 3.24 % 3/15/2022 Total $ 1,175,000 $ 234,524 $ 3,642 __________________________ (1) For the three months ended March 31, 2020 . 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, 2020, the Company exercised the extension option upon the satisfaction of certain conditions, and extended the term maturity to September 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, 2019 Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate 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 twelve months ended December 31, 2019 . I ncludes 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.
Schedule of collateralized loan obligations by tranche	The following table represents the terms of the notes issued by the 2018-FL3 Issuer, 2018-FL4 Issuer and 2019-FL5 Issuer (the "CLOs), respectively, as of March 31, 2020 (dollars in thousands): CLO Facility Tranche Par Value Issued Par Value Outstanding (1) Interest Rate Maturity Date 2018-FL3 Issuer Tranche A $ 286,700 $ 275,800 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 5,000 1M LIBOR + 240 5/15/2029 2019-FL5 Issuer Tranche E 20,250 3,000 1M LIBOR + 285 5/15/2029 $ 1,825,201 $ 1,753,451 ___________________ (1) Excludes $267.1 million of CLO notes, held by the Company, which are eliminated within the collateralized loan obligation line of the consolidated balance sheets as of March 31, 2020 . 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, 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 .
Schedule of collateralized loan obligations	The below table reflects the total assets and liabilities of the Company's outstanding CLOs. The CLOs are considered VIEs and are consolidated into the Company's consolidated financial statements as of March 31, 2020 and December 31, 2019 as the Company is the primary beneficiary of the VIE. The Company is the primary beneficiary of the CLOs because (i) the Company has the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIEs or the obligation to absorb losses of the VIEs that could be significant to the VIE. Assets (dollars in thousands) March 31, 2020 December 31, 2019 Cash (1) $ 28,680 $ 89,946 Commercial mortgage loans, held for investment, net (2) 2,235,406 2,294,663 Accrued interest receivable 10,522 6,254 Total Assets $ 2,274,608 $ 2,390,863 Liabilities Notes payable (3)(4) $ 2,006,137 $ 2,064,601 Accrued interest payable 1,659 2,576 Total Liabilities $ 2,007,796 $ 2,067,177 _______________________ (1) Includes $28.2 million and $89.3 million of cash held by the servicer related to CLO loan payoffs as of March 31, 2020 and December 31, 2019 , respectively. (2) The balance is presented net of allowance for credit loss of $10.5 million and $0.8 million as of March 31, 2020 and December 31, 2019 , respectively. (3) Includes $267.1 million and $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 March 31, 2020 and December 31, 2019 , respectively. (4) The balance is presented net of deferred financing cost and discount of $14.4 million and $19.2 million as of March 31, 2020 and December 31, 2019 , respectively.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule 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 three months ended March 31, 2020 and March 31, 2019 (in thousands, except share and per share data): Three Months Ended March 31, Numerator 2020 2019 Net income/(Loss) $ (7,400 ) $ 19,890 Less: Preferred stock dividends 4,515 3,320 Less: Undistributed earnings allocated to preferred stock — 462 Net income/(Loss) attributable to common shareholders (for basic and diluted earnings per share) (11,915 ) 16,108 Denominator Weighted-average common shares outstanding for basic earnings per share 44,263,334 39,798,215 Effect of dilutive shares: Unvested restricted shares 11,518 13,089 Weighted-average common shares outstanding for diluted earnings per share 44,274,852 39,811,304 Basic earnings per share $ (0.27 ) $ 0.40 Diluted earnings per share $ (0.27 ) $ 0.40

Stock Transactions (Tables)

Stock Transactions (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of share repurchases	The following table reflects the number of shares repurchased under the SRP cumulatively through March 31, 2020 : Number of Requests Number of Shares Repurchased Average Price per Share Cumulative as of December 31, 2019 5,878 3,542,267 $ 20.23 January 1 - January 31, 2020 (1) 1,170 361,829 18.56 February 1 - February 28, 2020 — — N/A March 1 - March 31, 2020 — — N/A Cumulative as of March 31, 2020 7,048 3,904,096 $ 20.08 _______________________ (1) Reflects shares repurchased in January 2020 pursuant to repurchase requests submitted for the second semester of 2019. Pursuant to the terms of the SRP, the Company is only authorized to repurchase up to the amount of proceeds reinvested through our DRIP during the applicable semester. As a result, redemption requests for 11,496 shares were not fulfilled for the second semester of 2019. The following tables present the activity in the Company's Series A Preferred Stock for the periods ended March 31, 2020 and March 31, 2019 , respectively (dollars in thousands, except share amounts): Series A Preferred Stock Shares Amount Balance, December 31, 2019 40,500 $ 202,144 Issuance of Preferred Stock, net of offering cost 14 70 Dividends paid in Preferred Stock — 2 Offering Costs — (5 ) Amortization of offering costs — 24 Ending Balance, March 31, 2020 40,514 $ 202,235 Shares Amount Balance, December 31, 2018 29,249 $ 145,786 Issuance of Preferred Stock 2,996 14,979 Amortization of offering costs — 25 Ending Balance, March 31, 2019 32,245 $ 160,790 The following table presents the activity in the Company's Series C Preferred Stock for the period ended March 31, 2020 (dollars in thousands, except share amounts): Series C Preferred Stock Shares Amount Balance, December 31, 2019 1,400 $ 6,966 Issuance of Preferred Stock, net of offering cost — — Dividends paid in Preferred Stock — — Offering Costs — (5 ) Amortization of offering costs — 1 Ending Balance, March 31, 2020 1,400 $ 6,962

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of unfunded commitments under commercial mortgage loans	As of March 31, 2020 and December 31, 2019 , the Company had the below unfunded commitments to the Company's borrowers (dollars in thousands): Funding Expiration March 31, 2020 December 31, 2019 2020 $ 62,515 $ 90,519 2021 78,497 100,861 2022 64,972 56,863 2023 68,664 8,637 2024 and beyond 5,450 5,450 $ 280,098 $ 262,330

Related Party Transactions an_2

Related Party Transactions and Arrangements (Tables)	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Schedule of amount contractually due and forgiven in connection with operation related services	The table below shows the costs incurred due to arrangements with our Advisor and its affiliates during the three months ended March 31, 2020 and March 31, 2019 and the associated payable as of March 31, 2020 and December 31, 2019 (dollars in thousands): Three Months Ended March 31, Payable as of 2020 2019 March 31, 2020 December 31, 2019 Acquisition expenses (1) $ 142 $ 248 $ 1 $ 225 Administrative services expenses 4,112 3,963 4,392 1,238 Asset management and subordinated performance fee 3,912 3,644 5,901 3,326 Other related party expenses (2)(3) 582 265 3,744 — Total related party fees and reimbursements $ 8,748 $ 8,120 $ 14,038 $ 4,789 ________________________ (1) Total acquisition expenses paid during the three months ended March 31, 2020 and March 31, 2019 were $2.1 million and $1.8 million respectively, of which $2.0 million and $1.5 million were capitalized within the commercial mortgage loans, held for investment line of the consolidated balance sheets for the periods ended March 31, 2020 and 2019 . (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. (3) The related party payable includes $2.5 million of payments made by the Advisor to third party vendors on behalf of the Company and $0.7 million of capitalized acquisition expenses that are amortized over the life of the loan.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of financial instruments carried at fair value on a recurring basis	The following table presents the Company's financial instruments carried at fair value on a recurring basis in the consolidated balance sheets by its level in the fair value hierarchy as of March 31, 2020 and December 31, 2019 (dollars in thousands): Total Level I Level II Level III March 31, 2020 Real estate securities, available for sale, measured at fair value $ 441,160 $ — $ 441,160 $ — Commercial mortgage loans, held-for-sale, measured at fair value 91,813 — — 91,813 Other real estate investments, measured at fair value 2,496 — — 2,496 Credit default swaps 1,173 — 1,173 — Interest rate swaps — — — — Total assets, at fair value $ 536,642 $ — $ 442,333 $ 94,309 Liabilities, at fair value Credit default swaps $ 4,016 $ — $ 4,016 $ — Interest rate swaps 1,512 — 1,512 — Treasury note futures — — — $ — Total liabilities, at fair value $ 5,528 $ — $ 5,528 $ — December 31, 2019 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 fair value Credit Default Swaps $ 1,581 $ — $ 1,581 $ — Total liabilities, at fair value $ 1,581 $ — $ 1,581 $ — The following table presents additional information about the Company’s financial instruments which are measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 for which the Company has used Level III inputs to determine fair value (dollars in thousands): March 31, 2020 Commercial Mortgage Loans, held-for-sale, measured at fair value Other Real Estate Investments, measured at fair value Beginning balance, January 1, 2020 $ 112,562 $ 2,557 Transfers into Level III — — Total realized and unrealized gain (loss) included in earnings: Realized gain (loss) on sale of commercial mortgage loans held-for-sale 9,404 — Unrealized gain (loss) on commercial mortgage loans held-for-sale and other real estate investments (1,934 ) (61 ) Net accretion — — Purchases 119,349 — Sales / paydowns (147,568 ) — Cash repayments/receipts — — Transfers out of Level III — — Ending Balance, March 31, 2020 $ 91,813 $ 2,496 December 31, 2019 Commercial Mortgage Loans, held-for-sale, measured at fair value Other Real Estate Investments, measured at fair value Beginning balance, January 1, 2019 $ 76,863 $ — Transfers into Level III — — Total realized and unrealized gain (loss) included in earnings: Realized gain (loss) on sale of real estate securities 37,832 — Realized gain (loss) on sale of commercial mortgage loan held-for-sale — — Unrealized gain (loss) on commercial mortgage loans held-for-sale 312 47 Net accretion — — Purchases 1,015,677 2,510 Sales / paydowns (1,008,050 ) — Cash repayments/receipts — — Transfers out of Level III (10,072 ) — Ending Balance, December 31, 2019 $ 112,562 $ 2,557
Schedule of fair value measurements, recurring and nonrecurring, valuation techniques	The following table summarizes the valuation method and significant unobservable inputs used for the Company’s financial instruments that are categorized within Level III of the fair value hierarchy as of March 31, 2020 and December 31, 2019 (dollars in thousands): Asset Category Fair Value Valuation Methodologies Unobservable Inputs (1) Weighted Average (2) Range March 31, 2020 Commercial mortgage loans, held-for-sale, measured at fair value $91,813 Discounted Cash Flow Yield 4.2% 2.4% - 5.6% Other real estate investments, measured at fair value 2,496 Discounted Cash Flow Yield 13.4% 12.4% - 14.4% 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% ________________________ (1) In determining certain of these inputs, the Company evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company specific developments including exit strategies and realization opportunities. The Company has determined that market participants would take these inputs into account when valuing the investments. (2) Inputs were weighted based on the fair value of the investments included in the range.
Schedule of financial instruments not carried at fair value	The fair values of the Company's commercial mortgage loans, held for investment and collateralized loan obligations, which are not reported at fair value on the consolidated balance sheets are reported below as of March 31, 2020 and December 31, 2019 (dollars in thousands): Level Carrying Amount (1)(2) Fair Value March 31, 2020 Commercial mortgage loans, held for investment Asset III $ 2,672,300 $ 2,673,611 Collateralized loan obligations Liability III 1,739,009 1,610,761 Mortgage Note Payable Liability III 40,167 40,167 December 31, 2019 Commercial mortgage loans, held for investment Asset III $ 2,762,963 $ 2,784,650 Collateralized loan obligations Liability III 1,803,185 1,822,386 Mortgage Note Payable Liability III 29,167 29,167 ________________________ (1) The carrying value is gross of $21.7 million and $0.9 million of allowance for credit losses as of March 31, 2020 and December 31, 2019 , respectively. (2) The carrying value is inclusive of $9.6 million of commercial mortgage loans, held-for-sale as of March 31, 2020 .

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative assets at fair value	The following derivative instruments were outstanding as of March 31, 2020 and December 31, 2019 (dollars in thousands): Fair Value Contract type Notional Assets Liabilities March 31, 2020 Credit default swaps $ 55,000 $ 1,173 $ — Interest rate swaps 67,489 — 4,016 Treasury note futures 30,000 — 1,512 Total $ 152,489 $ 1,173 $ 5,528 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
Schedule of derivative liabilities at fair value	The following derivative instruments were outstanding as of March 31, 2020 and December 31, 2019 (dollars in thousands): Fair Value Contract type Notional Assets Liabilities March 31, 2020 Credit default swaps $ 55,000 $ 1,173 $ — Interest rate swaps 67,489 — 4,016 Treasury note futures 30,000 — 1,512 Total $ 152,489 $ 1,173 $ 5,528 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
Schedule of derivative instruments, gain (loss)	The following table indicates the net realized and unrealized losses on derivatives, by primary underlying risk exposure, as included in loss on derivative instruments in the consolidated statements of operations for the three months ended March 31, 2020 and March 31, 2019 : Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Contract type Unrealized (Gain)/Loss Realized (Gain)/Loss Unrealized (Gain)/Loss Realized (Gain)/Loss Credit default swaps $ (1,752 ) $ 61 $ 112 $ 1,378 Interest rate swaps 4,340 2,946 1,197 (415 ) Treasury note futures 2,248 3,627 (243 ) 350 Options — 35 145 Total $ 4,836 $ 6,669 $ 1,066 $ 1,458

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
Offsetting [Abstract]
Schedule of offsetting assets	The table below provides a gross presentation, the effects of offsetting and a net presentation of the Company's derivative instruments and repurchase agreements within the scope of ASC 210-20, Balance Sheet—Offsetting , as of March 31, 2020 and December 31, 2019 (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 (1) Net Amount March 31, 2020 Derivative instruments, at fair value $ 1,173 $ — $ 1,173 $ — $ — $ 1,173 December 31, 2019 Derivative instruments, at fair value $ 1,119 $ — $ 1,119 $ — $ 10,895 $ —
Schedule of 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 (1) Net Amount March 31, 2020 Repurchase agreements - commercial mortgage loans $ 234,524 $ — $ 234,524 $ 370,760 $ 5,015 $ — Repurchase agreements - real estate securities $ 496,880 $ — $ 496,880 $ 609,776 $ 76,157 $ — Derivative instruments, at fair value $ 5,528 $ — $ 5,528 $ 8,584 $ — 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 $ — _______________________ (1) These cash collateral amounts are recorded within the Restricted cash balance on the consolidated balance sheets.

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule of segment reporting information, by segment	The following table represents the Company's operations by segment for the three months ended March 31, 2020 and March 31, 2019 (dollars in thousands): Three Months Ended March 31, 2020 Total Real Estate Debt and Other Real Estate Investments Real Estate Securities TRS Real Estate Owned Interest income $ 47,854 $ 43,369 $ 3,295 $ 1,190 $ — Revenue from real estate owned 1,629 — — — 1,629 Interest expense 24,492 21,708 1,807 693 284 Net income/(loss) (7,400 ) (1,183 ) 1,050 (5,982 ) (1,285 ) Total assets as of March 31, 2020 3,501,885 2,775,939 519,916 132,694 73,336 Three Months Ended March 31, 2019 Interest income $ 46,511 $ 43,634 $ 507 $ 2,370 $ — Revenue from real estate owned — — — — — Interest expense 20,366 18,743 498 1,125 — Net income/(loss) 19,890 14,725 9 5,156 — Total assets as of December 31, 2019 3,540,620 2,964,233 388,170 131,193 57,024

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, $ in Thousands	Aug. 10, 2017	Feb. 28, 2016	Mar. 31, 2020USD ($)segment$ / shares	Mar. 31, 2019USD ($)	Jan. 01, 2020USD ($)$ / shares	Dec. 31, 2019$ / shares
Equity, Class of Treasury Stock [Line Items]
Certificates of deposits			$ 10,300
Cumulative-effect adjustment upon adoption of ASU 2016-13 (Note 2)					$ (7,761)
Share repurchase program, period in force		1 year	1 year
Repurchase price percent of NAV per share year one	92.50%		92.50%
Repurchase price percent of NAV per share year two	95.00%		95.00%
Repurchase price percent of NAV per share year three	97.50%		97.50%
Repurchase price percent of NAV per share year four	100.00%		100.00%
Semi-annual period			6 months
Repurchase limit percent per fiscal semester		2.50%	2.50%
Repurchase limit percent per fiscal year		5.00%	5.00%
Amendment notice period			10 days
Minimum distribution percentage to qualify for REIT taxation status			90.00%
Income tax expense			$ (1,908)	$ 1,210
Number of reportable segments | segment			4
Preferred stock, par value per share (in dollars per share) | $ / shares			$ 0.01			$ 0.01
Series A Preferred Stock
Equity, Class of Treasury Stock [Line Items]
Percentage of voters required to issue a more senior security			66.66%
Series C Preferred Stock
Equity, Class of Treasury Stock [Line Items]
Mandatory conversion period after liquidity event			1 year
Notice period to accelerate mandatory conversion			10 days
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 dollars per share) | $ / shares			$ 16.67
Conversion basis of preferred stock (in shares)			299.2
Terms of liquidity event period			6 years
Building and Building Improvements
Equity, Class of Treasury Stock [Line Items]
Acquired intangible assets weighted average useful life			40 years
Furniture and Fixtures
Equity, Class of Treasury Stock [Line Items]
Acquired intangible assets weighted average useful life			15 years
Accumulated Deficit
Equity, Class of Treasury Stock [Line Items]
Cumulative-effect adjustment upon adoption of ASU 2016-13 (Note 2)					$ (7,761)
Accounting Standards Update 2016-13
Equity, Class of Treasury Stock [Line Items]
Cumulative effect of adjustment per share (in dollars per share) | $ / shares					$ 0.18
Cumulative effect of adjustment on total commitments					0.27%
Accounting Standards Update 2016-13 | Accumulated Deficit
Equity, Class of Treasury Stock [Line Items]
Cumulative-effect adjustment upon adoption of ASU 2016-13 (Note 2)					$ (7,800)

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Impact of Adoption of New Accounting Policy (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Commercial mortgage loans, held for investment, net	$ 2,640,979	$ 2,762,042	$ 2,762,042
Accounts payable and accrued expenses	10,008	10,925	10,925
Accumulated deficit	$ (121,500)	(85,968)	$ (85,968)
Transition Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Commercial mortgage loans, held for investment, net		(7,211)
Accounts payable and accrued expenses		(550)
Accumulated deficit		(7,761)
Post-adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Commercial mortgage loans, held for investment, net		2,754,831
Accounts payable and accrued expenses		10,375
Accumulated deficit		$ (93,729)

Commercial Mortgage Loans - Nar

Commercial Mortgage Loans - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	$ 21,702	$ 921
Initial risk rating	2
Weighted average risk rating of loans	2.3	2.1
Real estate owned, net of depreciation	$ 49,306	$ 35,333
Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded | loan	8	7
Par Value	$ 93,668	$ 112,488
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded | loan	118	122
Par Value	$ 2,670,133	$ 2,771,299
Real Estate Acquired in Satisfaction of Debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(recovery) for credit losses, net	400
Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(recovery) for credit losses, net	13,997
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage loans written-off	0	$ 14,937
Real estate owned, net of depreciation	14,000
Commercial Mortgage Receivable, Held-For-Investment | Land, Buildings and Improvements
Accounts, Notes, Loans and Financing Receivable [Line Items]
Real estate owned, net of depreciation	11,600
Commercial Mortgage Receivable, Held-For-Investment | Furniture and Fixtures
Accounts, Notes, Loans and Financing Receivable [Line Items]
Real estate owned, net of depreciation	2,400
Commercial Mortgage Receivable, Held-For-Investment | Real Estate Acquired in Satisfaction of Debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage loans written-off	14,400
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 2,662,681
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans funded | loan	2	1
Cost basis		$ 57,100
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | Loan One
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cost basis	$ 57,100
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | Loan Two
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cost basis	$ 45,300

Commercial Mortgage Loans - Loa

Commercial Mortgage Loans - Loans Receivable by Class (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)loan	Jan. 01, 2020USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Senior loans	$ 2,653,564	$ 2,721,325
Mezzanine loans	9,117	41,638
Total gross carrying value of loans	2,662,681	2,762,963
Allowance for loan losses	21,702	921
Total commercial mortgage loans, held for investment, net	$ 2,640,979	$ 2,762,042	$ 2,762,042
Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Number of mezzanine loans funded | loan	118	122

Commercial Mortgage Loans - All

Commercial Mortgage Loans - Allowance For Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Increase/(decrease) for credit losses	$ 14,597	$ 2,495
Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	921
Increase/(decrease) for credit losses	13,997
Write-offs	(427)
Ending balance	21,702
Commercial Portfolio Segment | Unfunded loan commitment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	0
Increase/(decrease) for credit losses	600
Write-offs	0
Ending balance	1,150
Transition Adjustment | Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	7,211
Transition Adjustment | Commercial Portfolio Segment | Unfunded loan commitment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	550
Multifamily | Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	322
Increase/(decrease) for credit losses	8,647
Write-offs	0
Ending balance	12,189
Multifamily | Commercial Portfolio Segment | Unfunded loan commitment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	0
Increase/(decrease) for credit losses	56
Write-offs	0
Ending balance	295
Multifamily | Transition Adjustment | Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	3,220
Multifamily | Transition Adjustment | Commercial Portfolio Segment | Unfunded loan commitment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	239
Retail | Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	202
Increase/(decrease) for credit losses	565
Write-offs	0
Ending balance	1,153
Retail | Commercial Portfolio Segment | Unfunded loan commitment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	0
Increase/(decrease) for credit losses	(40)
Write-offs	0
Ending balance	0
Retail | Transition Adjustment | Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	386
Retail | Transition Adjustment | Commercial Portfolio Segment | Unfunded loan commitment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	40
Office | Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	249
Increase/(decrease) for credit losses	2,358
Write-offs	0
Ending balance	4,573
Office | Commercial Portfolio Segment | Unfunded loan commitment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	0
Increase/(decrease) for credit losses	242
Write-offs	0
Ending balance	392
Office | Transition Adjustment | Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,966
Office | Transition Adjustment | Commercial Portfolio Segment | Unfunded loan commitment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	150
Industrial | Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	23
Increase/(decrease) for credit losses	1,875
Write-offs	0
Ending balance	2,332
Industrial | Commercial Portfolio Segment | Unfunded loan commitment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	0
Increase/(decrease) for credit losses	257
Write-offs	0
Ending balance	287
Industrial | Transition Adjustment | Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	434
Industrial | Transition Adjustment | Commercial Portfolio Segment | Unfunded loan commitment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	30
Mixed Use | Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	4
Increase/(decrease) for credit losses	28
Write-offs	0
Ending balance	41
Mixed Use | Commercial Portfolio Segment | Unfunded loan commitment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	0
Increase/(decrease) for credit losses	(1)
Write-offs	0
Ending balance	0
Mixed Use | Transition Adjustment | Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	9
Mixed Use | Transition Adjustment | Commercial Portfolio Segment | Unfunded loan commitment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1
Industrial | Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	103
Increase/(decrease) for credit losses	655
Write-offs	(427)
Ending balance	1,070
Industrial | Commercial Portfolio Segment | Unfunded loan commitment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	0
Increase/(decrease) for credit losses	117
Write-offs	0
Ending balance	174
Industrial | Transition Adjustment | Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	739
Industrial | Transition Adjustment | Commercial Portfolio Segment | Unfunded loan commitment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	57
Self Storage | Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	0
Increase/(decrease) for credit losses	(123)
Write-offs	0
Ending balance	276
Self Storage | Commercial Portfolio Segment | Unfunded loan commitment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	0
Increase/(decrease) for credit losses	(28)
Write-offs	0
Ending balance	0
Self Storage | Transition Adjustment | Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	399
Self Storage | Transition Adjustment | Commercial Portfolio Segment | Unfunded loan commitment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	28
Manufactured Housing | Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	18
Increase/(decrease) for credit losses	(8)
Write-offs	0
Ending balance	68
Manufactured Housing | Commercial Portfolio Segment | Unfunded loan commitment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	0
Increase/(decrease) for credit losses	(3)
Write-offs	0
Ending balance	2
Manufactured Housing | Transition Adjustment | Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	58
Manufactured Housing | Transition Adjustment | Commercial Portfolio Segment | Unfunded loan commitment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 5

Commercial Mortgage Loans - Com

Commercial Mortgage Loans - Commercial Mortgage Loan Portfolio, Excluding Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 2,670,133	$ 2,771,299
Percentage	100.00%	100.00%
Commercial Mortgage Receivable, Held-For-Investment | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 1,395,956	$ 1,491,971
Percentage	52.30%	53.90%
Commercial Mortgage Receivable, Held-For-Investment | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 430,870	$ 414,772
Percentage	16.10%	15.00%
Commercial Mortgage Receivable, Held-For-Investment | Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 398,186	$ 446,562
Percentage	14.90%	16.10%
Commercial Mortgage Receivable, Held-For-Investment | Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 144,093	$ 118,743
Percentage	5.40%	4.30%
Commercial Mortgage Receivable, Held-For-Investment | Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 111,620	$ 111,620
Percentage	4.20%	4.00%
Commercial Mortgage Receivable, Held-For-Investment | Mixed Use
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 65,040	$ 58,808
Percentage	2.40%	2.10%
Commercial Mortgage Receivable, Held-For-Investment | Self Storage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 63,057	$ 67,767
Percentage	2.40%	2.40%
Commercial Mortgage Receivable, Held-For-Investment | Land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 16,400	$ 16,400
Percentage	0.60%	0.60%
Commercial Mortgage Receivable, Held-For-Investment | Manufactured Housing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 44,911	$ 44,656
Percentage	1.70%	1.60%
Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 93,668	$ 112,488
Percentage	100.00%	100.00%
Commercial Mortgage Receivable, Held-For-Sale | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 41,000	$ 78,250
Percentage	43.80%	69.60%
Commercial Mortgage Receivable, Held-For-Sale | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 6,000	$ 0
Percentage	6.40%	0.00%
Commercial Mortgage Receivable, Held-For-Sale | Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 0	$ 8,000
Percentage	0.00%	7.10%
Commercial Mortgage Receivable, Held-For-Sale | Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 23,625	$ 23,625
Percentage	25.20%	21.00%
Commercial Mortgage Receivable, Held-For-Sale | Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 21,193	$ 2,613
Percentage	22.60%	2.30%
Commercial Mortgage Receivable, Held-For-Sale | Manufactured Housing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 1,850	$ 0
Percentage	2.00%	0.00%

Commercial Mortgage Loans - Int

Commercial Mortgage Loans - Internal Credit Qualities (Details) - Commercial Portfolio Segment - Commercial Mortgage Receivable, Held-For-Investment $ in Thousands	Mar. 31, 2020USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
2020	$ 251,595
2019	988,116
2018	1,136,945
2017	228,731
2016	0
2015	44,355
Prior	12,939
Total	2,662,681
Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
2020	177,191
2019	456,036
2018	683,338
2017	72,687
2016	0
2015	0
Prior	3,489
Total	1,392,741
Multifamily | 1-2 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
2020	177,191
2019	456,036
2018	617,533
2017	34,875
2016	0
2015	0
Prior	3,489
Total	1,289,124
Multifamily | 3-4 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	0
2018	65,805
2017	37,812
2016	0
2015	0
Prior	0
Total	103,617
Retail
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	58,119
2018	60,226
2017	0
2016	0
2015	0
Prior	9,450
Total	127,795
Retail | 1-2 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	54,618
2018	16,319
2017	0
2016	0
2015	0
Prior	9,450
Total	80,387
Retail | 3-4 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	3,501
2018	43,907
2017	0
2016	0
2015	0
Prior	0
Total	47,408
Office
Financing Receivable, Credit Quality Indicator [Line Items]
2020	49,163
2019	173,988
2018	143,195
2017	52,151
2016	0
2015	10,700
Prior	0
Total	429,197
Office | 1-2 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
2020	49,163
2019	173,988
2018	97,936
2017	41,645
2016	0
2015	10,700
Prior	0
Total	373,432
Office | 3-4 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	0
2018	45,259
2017	10,506
2016	0
2015	0
Prior	0
Total	55,765
Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
2020	25,241
2019	84,576
2018	0
2017	0
2016	0
2015	33,655
Prior	0
Total	143,472
Industrial | 1-2 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
2020	25,241
2019	84,576
2018	0
2017	0
2016	0
2015	33,655
Prior	0
Total	143,472
Industrial | 3-4 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	0
2018	0
2017	0
2016	0
2015	0
Prior	0
Total	0
Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	0
2018	52,097
2017	12,953
2016	0
2015	0
Prior	0
Total	65,050
Mixed Use | 1-2 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	0
2018	52,097
2017	12,953
2016	0
2015	0
Prior	0
Total	65,050
Mixed Use | 3-4 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	0
2018	0
2017	0
2016	0
2015	0
Prior	0
Total	0
Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	170,683
2018	135,152
2017	90,940
2016	0
2015	0
Prior	0
Total	396,775
Industrial | 1-2 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	8,735
2018	20,962
2017	0
2016	0
2015	0
Prior	0
Total	29,697
Industrial | 3-4 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	161,948
2018	114,190
2017	90,940
2016	0
2015	0
Prior	0
Total	367,078
Self Storage
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	0
2018	62,937
2017	0
2016	0
2015	0
Prior	0
Total	62,937
Self Storage | 1-2 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	0
2018	62,937
2017	0
2016	0
2015	0
Prior	0
Total	62,937
Self Storage | 3-4 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	0
2018	0
2017	0
2016	0
2015	0
Prior	0
Total	0
Manufactured Housing
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	44,714
2018	0
2017	0
2016	0
2015	0
Prior	0
Total	44,714
Manufactured Housing | 1-2 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	44,714
2018	0
2017	0
2016	0
2015	0
Prior	0
Total	44,714
Manufactured Housing | 3-4 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	0
2018	0
2017	0
2016	0
2015	0
Prior	0
Total	$ 0

Commercial Mortgage Loans - A_2

Commercial Mortgage Loans - Allowance Past Due (Details) - Commercial Portfolio Segment - Financing Receivable, Held-to-Maturity $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Financing Receivable, Past Due [Line Items]
Current	$ 2,560,347
Total	2,662,681
1-29 Days past due
Financing Receivable, Past Due [Line Items]
Past due	45,259
Interest income recognized	600
30-59 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
60-89 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
90-119 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
120 days past due
Financing Receivable, Past Due [Line Items]
Past due	57,075
Interest income recognized	0
Multifamily
Financing Receivable, Past Due [Line Items]
Current	1,392,741
Total	1,392,741
Multifamily | 1-29 Days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Multifamily | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Multifamily | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Multifamily | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Multifamily | 120 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Retail
Financing Receivable, Past Due [Line Items]
Current	127,795
Total	127,795
Retail | 1-29 Days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Retail | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Retail | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Retail | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Retail | 120 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Office
Financing Receivable, Past Due [Line Items]
Current	383,938
Total	429,197
Office | 1-29 Days past due
Financing Receivable, Past Due [Line Items]
Past due	45,259
Office | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Office | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Office | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Office | 120 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Industrial
Financing Receivable, Past Due [Line Items]
Current	143,472
Total	143,472
Industrial | 1-29 Days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Industrial | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Industrial | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Industrial | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Industrial | 120 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Mixed Use
Financing Receivable, Past Due [Line Items]
Current	65,050
Total	65,050
Mixed Use | 1-29 Days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Mixed Use | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Mixed Use | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Mixed Use | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Mixed Use | 120 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Industrial
Financing Receivable, Past Due [Line Items]
Current	339,700
Total	396,775
Industrial | 1-29 Days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Industrial | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Industrial | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Industrial | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Industrial | 120 days past due
Financing Receivable, Past Due [Line Items]
Past due	57,075
Self Storage
Financing Receivable, Past Due [Line Items]
Current	62,937
Total	62,937
Self Storage | 1-29 Days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Self Storage | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Self Storage | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Self Storage | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Self Storage | 120 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Manufactured Housing
Financing Receivable, Past Due [Line Items]
Current	44,714
Total	44,714
Manufactured Housing | 1-29 Days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Manufactured Housing | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Manufactured Housing | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Manufactured Housing | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Manufactured Housing | 120 days past due
Financing Receivable, Past Due [Line Items]
Past due	$ 0

Commercial Mortgage Loans - A_3

Commercial Mortgage Loans - Allocation by Risk Rating (Details) - Commercial Mortgage Receivable, Held-For-Investment $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	118	122
Par Value | $	$ 2,670,133	$ 2,771,299
1
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	0	0
Par Value | $	$ 0	$ 0
2
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	90	113
Par Value | $	$ 2,094,654	$ 2,452,330
3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	27	8
Par Value | $	$ 518,404	$ 298,994
4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	1	1
Par Value | $	$ 57,075	$ 19,975
5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	0	0
Par Value | $	$ 0	$ 0

Commercial Mortgage Loans - C_2

Commercial Mortgage Loans - Commercial Mortgage Loan Portfolio, Held-For-Investment (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Loan loss increase/(decrease)	$ (14,597)	$ (2,495)
Commercial Mortgage Receivable, Held-For-Investment
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at Beginning of Year	2,762,042	2,206,830	$ 2,206,830
Acquisitions and originations	288,825		1,326,983
Principal repayments	(366,058)		(771,774)
Discount accretion/premium amortization	1,751		6,264
Loans reclassified to held-for-sale	(9,619)		0
Loans transferred from/(to) commercial real estate loans, held-for-sale	0		10,100
Net fees capitalized into carrying value of loans	(1,181)		(5,339)
Loan loss increase/(decrease)	(13,997)		(3,007)
Loan loss increase/(decrease)	427		6,922
Transfer on foreclosure to real estate owned	(14,000)		0
Transfer on deed in lieu of foreclosure to real estate owned	0		(14,937)
Balance at End of Period	2,640,979		2,762,042
Commercial Mortgage Receivable, Held-For-Investment | Transition Adjustment
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at Beginning of Year	$ (7,211)	$ 0	0
Balance at End of Period			$ (7,211)

Real Estate Securities - Narrat

Real Estate Securities - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)securityinvestment	Dec. 31, 2019USD ($)securityinvestment
Debt Securities, Available-for-sale [Line Items]
Real estate securities amortized cost	$ 509,745	$ 387,294
Number of securities with unrealized loss | security	2	2
CMBS
Debt Securities, Available-for-sale [Line Items]
Number of investments held | investment	29	21
Real estate securities amortized cost	$ 509,745	$ 387,294
Unrealized loss	$ 68,585	$ 979
CMBS | Nonperforming Financial Instruments
Debt Securities, Available-for-sale [Line Items]
Number of investments held | investment	2	2
SASB
Debt Securities, Available-for-sale [Line Items]
Weighted average contractual maturity	14 years	5 years
Real estate securities amortized cost	$ 98,511	$ 57,294
Unrealized loss	$ 8,755	$ 98
CLOs
Debt Securities, Available-for-sale [Line Items]
Weighted average contractual maturity	16 years	17 years
Real estate securities amortized cost	$ 411,234	$ 330,000
Unrealized loss	$ 59,830	$ 881

Real Estate Securities - Summar

Real Estate Securities - Summary of Company's Real Estate Securities, CMBS (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 441,160	$ 386,316
CMBS 1
Debt Securities, Available-for-sale [Line Items]
Interest Rate	3.70%	4.70%
Par Value	$ 13,250	$ 13,250
Fair Value	$ 10,408	$ 13,274
CMBS 2
Debt Securities, Available-for-sale [Line Items]
Interest Rate	2.80%	3.80%
Par Value	$ 11,488	$ 12,131
Fair Value	$ 10,250	$ 12,151
CMBS 3
Debt Securities, Available-for-sale [Line Items]
Interest Rate	3.10%	4.10%
Par Value	$ 40,000	$ 40,000
Fair Value	$ 34,728	$ 40,186
CMBS 4
Debt Securities, Available-for-sale [Line Items]
Interest Rate	2.40%	3.70%
Par Value	$ 18,500	$ 18,500
Fair Value	$ 14,672	$ 18,535
CMBS 5
Debt Securities, Available-for-sale [Line Items]
Interest Rate	2.10%	3.10%
Par Value	$ 15,000	$ 15,000
Fair Value	$ 14,259	$ 15,019
CMBS 6
Debt Securities, Available-for-sale [Line Items]
Interest Rate	2.20%	3.20%
Par Value	$ 13,500	$ 13,500
Fair Value	$ 11,279	$ 13,525
CMBS 7
Debt Securities, Available-for-sale [Line Items]
Interest Rate	2.40%	3.40%
Par Value	$ 15,000	$ 15,000
Fair Value	$ 12,538	$ 15,028
CMBS 8
Debt Securities, Available-for-sale [Line Items]
Interest Rate	2.20%	3.20%
Par Value	$ 7,000	$ 7,000
Fair Value	$ 6,386	$ 7,013
CMBS 9
Debt Securities, Available-for-sale [Line Items]
Interest Rate	2.60%	3.60%
Par Value	$ 9,600	$ 9,600
Fair Value	$ 8,695	$ 9,641
CMBS 10
Debt Securities, Available-for-sale [Line Items]
Interest Rate	2.50%	3.50%
Par Value	$ 10,000	$ 10,000
Fair Value	$ 9,083	$ 10,027
CMBS 11
Debt Securities, Available-for-sale [Line Items]
Interest Rate	2.60%	3.60%
Par Value	$ 8,000	$ 8,000
Fair Value	$ 7,330	$ 8,015
CMBS 12
Debt Securities, Available-for-sale [Line Items]
Interest Rate	2.30%	3.30%
Par Value	$ 13,000	$ 13,000
Fair Value	$ 10,802	$ 13,022
CMBS 13
Debt Securities, Available-for-sale [Line Items]
Interest Rate	2.30%	3.30%
Par Value	$ 32,000	$ 32,000
Fair Value	$ 27,563	$ 32,074
CMBS 14
Debt Securities, Available-for-sale [Line Items]
Interest Rate	2.70%	3.70%
Par Value	$ 24,000	$ 24,000
Fair Value	$ 20,628	$ 24,084
CMBS 15
Debt Securities, Available-for-sale [Line Items]
Interest Rate	2.30%	3.30%
Par Value	$ 50,000	$ 50,000
Fair Value	$ 42,408	$ 50,094
CMBS 16
Debt Securities, Available-for-sale [Line Items]
Interest Rate	2.70%	3.70%
Par Value	$ 26,000	$ 26,000
Fair Value	$ 22,210	$ 26,029
CMBS 17
Debt Securities, Available-for-sale [Line Items]
Interest Rate	2.20%	3.20%
Par Value	$ 15,000	$ 15,000
Fair Value	$ 13,332	$ 15,022
CMBS 18
Debt Securities, Available-for-sale [Line Items]
Interest Rate	2.50%	3.50%
Par Value	$ 6,500	$ 6,500
Fair Value	$ 5,606	$ 6,509
CMBS 19
Debt Securities, Available-for-sale [Line Items]
Interest Rate	2.90%	3.90%
Par Value	$ 12,000	$ 12,000
Fair Value	$ 10,417	$ 12,022
CMBS 20
Debt Securities, Available-for-sale [Line Items]
Interest Rate	2.00%	3.10%
Par Value	$ 20,000	$ 20,000
Fair Value	$ 17,920	$ 20,021
CMBS 21
Debt Securities, Available-for-sale [Line Items]
Interest Rate	2.30%	3.40%
Par Value	$ 25,000	$ 25,000
Fair Value	$ 22,221	$ 25,025
CMBS 22
Debt Securities, Available-for-sale [Line Items]
Interest Rate	2.10%
Par Value	$ 22,500
Fair Value	$ 18,255
CMBS 23
Debt Securities, Available-for-sale [Line Items]
Interest Rate	2.50%
Par Value	$ 16,000
Fair Value	$ 13,166
CMBS 24
Debt Securities, Available-for-sale [Line Items]
Interest Rate	2.50%
Par Value	$ 2,000
Fair Value	$ 1,646
CMBS 25
Debt Securities, Available-for-sale [Line Items]
Interest Rate	2.10%
Par Value	$ 2,200
Fair Value	$ 1,785
CMBS 26
Debt Securities, Available-for-sale [Line Items]
Interest Rate	2.60%
Par Value	$ 12,500
Fair Value	$ 11,153
CMBS 27
Debt Securities, Available-for-sale [Line Items]
Interest Rate	3.00%
Par Value	$ 25,665
Fair Value	$ 23,056
CMBS 28
Debt Securities, Available-for-sale [Line Items]
Interest Rate	2.30%
Par Value	$ 28,000
Fair Value	$ 25,601
CMBS 29
Debt Securities, Available-for-sale [Line Items]
Interest Rate	2.60%
Par Value	$ 15,000
Fair Value	$ 13,763

Real Estate Securities - Summ_2

Real Estate Securities - Summary of Changes in Fair Value of CMBS Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 509,745	$ 387,294
Fair Value	441,160	386,316
CMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	509,745	387,294
Credit Loss Allowance	0	0
Unrealized Gain	0	1
Unrealized Loss	(68,585)	(979)
Fair Value	441,160	386,316
CLOs
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	411,234	330,000
Credit Loss Allowance	0	0
Unrealized Gain	0	1
Unrealized Loss	(59,830)	(881)
Fair Value	351,404	329,120
SASB
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	98,511	57,294
Credit Loss Allowance	0	0
Unrealized Gain	0	0
Unrealized Loss	(8,755)	(98)
Fair Value	$ 89,756	$ 57,196

Real Estate Securities - Unreal

Real Estate Securities - Unrealized Losses and Fair Value of Real Estate Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
CLOs
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Securities with an unrealized loss less than 12 months, Fair Value	$ 341,003	$ 315,845
Securities with an unrealized loss greater than 12 months, Fair Value	10,401	13,275
Securities with an unrealized loss less than 12 months, Unrealized Loss	(56,944)	(863)
Securities with an unrealized loss greater than 12 months, Unrealized Losses	(2,886)	(17)
SASB
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Securities with an unrealized loss less than 12 months, Fair Value	79,506	45,045
Securities with an unrealized loss greater than 12 months, Fair Value	10,250	12,151
Securities with an unrealized loss less than 12 months, Unrealized Loss	(7,468)	(67)
Securities with an unrealized loss greater than 12 months, Unrealized Losses	(1,287)	(31)
CMBS
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Securities with an unrealized loss less than 12 months, Fair Value	420,509	360,890
Securities with an unrealized loss greater than 12 months, Fair Value	20,651	25,426
Securities with an unrealized loss less than 12 months, Unrealized Loss	(64,412)	(930)
Securities with an unrealized loss greater than 12 months, Unrealized Losses	$ (4,173)	$ (48)

Real Estate Securities - Gains

Real Estate Securities - Gains (Losses) on Real Estate Securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Unrealized gain/(loss) available-for-sale securities	$ (67,607)	$ 145
Reclassification of net (gain)/loss on available-for-sale securities included in net income (loss) from sales of securities	0	0
Unrealized gain/(loss) available-for-sale securities, net of reclassification adjustment	$ (67,607)	$ 145

Real Estate Owned (Details)

Real Estate Owned (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Real Estate [Line Items]
Accumulated Depreciation	$ (472)		$ (219)
Real Estate Owned, net	49,306		35,333
Depreciation expense	300	$ 0
Land
Real Estate [Line Items]
Real Estate Owned	5,687		1,887
Building and Building Improvements
Real Estate [Line Items]
Real Estate Owned	38,164		33,664
Furniture Fixtures and Equipment
Real Estate [Line Items]
Real Estate Owned	5,927		0
Hospitality | Chicago, Illinois
Real Estate [Line Items]
Accumulated Depreciation	(139)		(86)
Real Estate Owned, net	8,198		8,024
Hospitality | Chicago, Illinois | Land
Real Estate [Line Items]
Real Estate Owned	0		0
Hospitality | Chicago, Illinois | Building and Building Improvements
Real Estate [Line Items]
Real Estate Owned	8,337		8,110
Hospitality | Chicago, Illinois | Furniture Fixtures and Equipment
Real Estate [Line Items]
Real Estate Owned	0		0
Hospitality | Knoxville, Tennessee
Real Estate [Line Items]
Accumulated Depreciation	0
Real Estate Owned, net	14,000
Hospitality | Knoxville, Tennessee | Land
Real Estate [Line Items]
Real Estate Owned	3,800
Hospitality | Knoxville, Tennessee | Building and Building Improvements
Real Estate [Line Items]
Real Estate Owned	7,838
Hospitality | Knoxville, Tennessee | Furniture Fixtures and Equipment
Real Estate [Line Items]
Real Estate Owned	2,362
Office | Jeffersonville, Indiana
Real Estate [Line Items]
Accumulated Depreciation	(333)		(133)
Real Estate Owned, net	27,108		27,309
Office | Jeffersonville, Indiana | Land
Real Estate [Line Items]
Real Estate Owned	1,887		1,887
Office | Jeffersonville, Indiana | Building and Building Improvements
Real Estate [Line Items]
Real Estate Owned	21,989		25,554
Office | Jeffersonville, Indiana | Furniture Fixtures and Equipment
Real Estate [Line Items]
Real Estate Owned	$ 3,565		$ 0

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Oct. 15, 2019	Aug. 19, 2019
Leases [Abstract]
Percent of annual lease rate increase					3.00%
Lease renewal term	60 years
Operating lease rent expense	$ 0.2	$ 0
Lease liability discount rate	9.00%		9.00%
Remaining lease term	47 years 8 months 12 days		47 years 11 months 12 days
Operating lease minimal annual rate increase				1.50%
Remaining term of operating lease	17 years 1 month 6 days
Rental income	$ 0.7	0
Intangible lease contractual life of lease	20 years
Weighted average life of intangible asset	17 years 1 month
Amortization	$ 0.2	$ 0

Leases - Operating Lease Right

Leases - Operating Lease Right of Use Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Operating Leased Assets [Line Items]
Operating Right of Use Asset Gross	$ 6,109	$ 6,109
Accumulated Amortization	(207)	(130)
Operating Right of Use Asset, net of Amortization	5,902	5,979
Hospitality | Chicago, Illinois
Operating Leased Assets [Line Items]
Operating Right of Use Asset Gross	6,109	6,109
Accumulated Amortization	(207)	(130)
Operating Right of Use Asset, net of Amortization	$ 5,902	$ 5,979

Leases - Minimum Future Lease P

Leases - Minimum Future Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
2020 (April - December)	$ 300
2020		$ 398
2021	410	410
2022	422	422
2023	435	435
2024	448	448
2025 and beyond	39,438	39,438
Total undiscounted lease payments	41,453	41,551
Less: Amount representing interest	(35,277)	(35,415)
Present value of lease liability	$ 6,176	$ 6,136

Leases - Intangible Leased Asse

Leases - Intangible Leased Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Intangible Lease Asset Gross	$ 14,509	$ 14,509
Accumulated Amortization	(344)	(131)
Intangible Lease Asset, net of Amortization	14,165	14,377
Office | Jeffersonville, Indiana
Finite-Lived Intangible Assets [Line Items]
Intangible Lease Asset Gross	14,509	14,509
Accumulated Amortization	(344)	(131)
Intangible Lease Asset, net of Amortization	$ 14,165	$ 14,377

Leases - Future Minimum Payment

Leases - Future Minimum Payments to be Received (Details) $ in Thousands	Mar. 31, 2020USD ($)
Leases [Abstract]
2020 (April - December)	$ 1,903
2021	2,568
2022	2,607
2023	2,646
2024	2,686
2025 and beyond	36,894
Total minimum rent	$ 49,304

Leases - Schedule of Expected A

Leases - Schedule of Expected Amortization Expense (Details) $ in Thousands	Mar. 31, 2020USD ($)
Leases [Abstract]
2020 (April - December)	$ (619)
2021	(825)
2022	(825)
2023	(825)
2024	$ (825)

Debt - Narrative (Details)

Debt - Narrative (Details)	Mar. 26, 2020USD ($)	Mar. 23, 2020USD ($)	Mar. 31, 2020USD ($)mortgage_asset	Dec. 31, 2019USD ($)mortgage_asset	Jan. 15, 2020USD ($)
Line of Credit Facility [Line Items]
Interest expense			$ 3,642,000	$ 16,616,000
Minimum
Line of Credit Facility [Line Items]
Advance rate of mortgage loan (percent)			65.00%
Master repurchase agreements maturity (days)			30 days
Maximum
Line of Credit Facility [Line Items]
Advance rate of mortgage loan (percent)			80.00%
Master repurchase agreements maturity (days)			90 days
Secured Debt | U.S. Bank National Association | Collateralized Loan Obligations Issued in 2017-FL2
Line of Credit Facility [Line Items]
Collateral amount					$ 21,000,000
Unamortized deferred financing costs					$ 4,500,000
Secured Debt | U.S. Bank National Association | Collateralized Loan Obligations Issued in 2018-FL3
Line of Credit Facility [Line Items]
Collateral amount			$ 579,600,000	$ 523,200,000
Collateral (mortgage asset) | mortgage_asset			42	41
Secured Debt | U.S. Bank National Association | Collateralized Loan Obligations Issued in 2018-FL4
Line of Credit Facility [Line Items]
Collateral amount			$ 868,700,000	$ 867,900,000
Collateral (mortgage asset) | mortgage_asset			53	49
Secured Debt | U.S. Bank National Association | Collateralized Loan Obligations Issued in 2019-FL5
Line of Credit Facility [Line Items]
Collateral amount			$ 803,400,000	$ 809,400,000
Collateral (mortgage asset) | mortgage_asset			53	48
Secured Debt | U.S. Bank National Association | BSPRT 2017-FL2, BSPRT 2018-FL3, BSPRT 2018-FL4 and BSPRT 2019-FL5
Line of Credit Facility [Line Items]
Collateral amount			$ 256,900,000	$ 305,400,000
Sterling National Bank
Line of Credit Facility [Line Items]
Amount of interest in loan transferred		$ 15,200,000
Interest expense			13,000
SBL | Unsecured Debt
Line of Credit Facility [Line Items]
Interest expense			$ 17,000
Total commitment	$ 100,000,000
LIBOR | SBL | Unsecured Debt
Line of Credit Facility [Line Items]
Interest Rate	4.50%

Debt - Schedule of Repurchase F

Debt - Schedule of Repurchase Facilities (Details)	Sep. 13, 2019extension	Mar. 31, 2020USD ($)extension	Dec. 31, 2019USD ($)extension	Sep. 03, 2019USD ($)	Sep. 02, 2019USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		$ 1,175,000,000	$ 1,275,000,000
Amount Outstanding		234,524,000	252,543,000
Interest expense		$ 3,642,000	$ 16,616,000
USB Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Number of extension options | extension		2	2
Extension on initial maturity date		1 year	1 year
WF Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Number of extension options | extension	1	3	3
Extension on initial maturity date	1 year	1 year	1 year
Barclays Revolver Facility
Assets Sold under Agreements to Repurchase [Line Items]
Number of extension options | extension	1
Extension on initial maturity date	1 year
Barclays Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Number of extension options | extension		2	2
Extension on initial maturity date		1 year	1 year
Secured Debt | Barclays Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		$ 300,000,000	$ 300,000,000
Amount Outstanding		30,730,000	32,700,000
Interest expense		$ 332,000	$ 1,260,000
Ending Weighted Average Interest Rate		3.24%	3.80%
Revolving Credit Facility
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		$ 496,880,000	$ 394,359,000
Ending Weighted Average Interest Rate		2.33%	2.79%
Revolving Credit Facility | JPM Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		$ 300,000,000	$ 300,000,000	$ 300,000,000	$ 520,000,000
Amount Outstanding		119,604,000	107,526,000
Interest expense		$ 1,362,000	$ 6,862,000
Ending Weighted Average Interest Rate		3.83%	4.51%
Revolving Credit Facility | USB Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		$ 100,000,000	$ 100,000,000
Amount Outstanding		8,250,000	0
Interest expense		$ 152,000	622,000
Ending Weighted Average Interest Rate		3.18%
Revolving Credit Facility | CS Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		$ 200,000,000	300,000,000
Amount Outstanding		71,740,000	87,375,000
Interest expense		$ 1,349,000	$ 5,563,000
Ending Weighted Average Interest Rate		4.06%	4.84%
Revolving Credit Facility | WF Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		$ 175,000,000	$ 175,000,000
Amount Outstanding		0	24,942,000
Interest expense		396,000	$ 1,333,000
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
Amount Outstanding		4,200,000	0
Interest expense		$ 51,000	$ 976,000
Ending Weighted Average Interest Rate		5.34%

Debt - Repurchase Agreements, R

Debt - Repurchase Agreements, Real Estate Securities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 234,524	$ 252,543
Accrued Interest	2,886	4,958
Real estate securities, available for sale, measured at fair value, amortized cost of $509,745 and $387,294 as of March 31, 2020 and December 31, 2019, respectively	441,160	386,316
Secured Debt | U.S. Bank National Association | Tranche C
Assets Sold under Agreements to Repurchase [Line Items]
Real estate securities, available for sale, measured at fair value, amortized cost of $509,745 and $387,294 as of March 31, 2020 and December 31, 2019, respectively	89,100	68,500
Revolving Credit Facility
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	496,880	394,359
Accrued Interest	2,568	1,957
Collateral Pledged	$ 609,776	$ 454,301
Interest Rate	2.33%	2.79%
Days to Maturity	13 days	16 days
Revolving Credit Facility | JP Morgan Securities LLC
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 159,879	$ 83,353
Accrued Interest	595	124
Collateral Pledged	$ 202,688	$ 93,500
Interest Rate	2.21%	2.53%
Days to Maturity	11 days	20 days
Revolving Credit Facility | Wells Fargo Securities, LLC
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 159,924	$ 178,304
Accrued Interest	955	1,199
Collateral Pledged	$ 190,623	$ 209,873
Interest Rate	2.32%	2.94%
Days to Maturity	12 days	11 days
Revolving Credit Facility | Barclays Capital Inc.
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 79,047	$ 40,720
Accrued Interest	365	221
Collateral Pledged	$ 106,965	$ 47,475
Interest Rate	2.28%	2.81%
Days to Maturity	17 days	23 days
Revolving Credit Facility | Citigroup Global Markets, Inc.
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 98,030	$ 91,982
Accrued Interest	653	413
Collateral Pledged	$ 109,500	$ 103,453
Interest Rate	2.60%	2.69%
Days to Maturity	16 days	19 days

Debt - Collateralized Loan Obli

Debt - Collateralized Loan Obligation by Tranche (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Par Value Issued	$ 40,167	$ 29,167
Collateralized loan obligations	1,739,009	1,803,185
U.S. Bank National Association | Secured Debt
Debt Instrument [Line Items]
Par Value Issued	1,825,201	2,186,563
Par Value Outstanding	1,753,451	1,822,345
Collateralized loan obligations	267,100	261,400
U.S. Bank National Association | Secured Debt | Tranche A Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Par Value Issued		237,970
Par Value Outstanding		0
U.S. Bank National Association | Secured Debt | Tranche A-S Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Par Value Issued		36,357
Par Value Outstanding		0
U.S. Bank National Association | Secured Debt | Tranche B Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Par Value Issued		26,441
Par Value Outstanding		0
U.S. Bank National Association | Secured Debt | Tranche C Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Par Value Issued		25,339
Par Value Outstanding		0
U.S. Bank National Association | Secured Debt | Tranche D Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Par Value Issued		35,255
Par Value Outstanding		21,444
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	275,800	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	407,025
Par Value Outstanding	407,025	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	76,950
Par Value Outstanding	76,950	76,950
U.S. Bank National Association | Secured Debt | Tranche B Notes - 2019-FL5 Issuer
Debt Instrument [Line Items]
Par Value Issued	50,000	50,000
Par Value Outstanding	50,000	50,000
U.S. Bank National Association | Secured Debt | Tranche C Notes - 2019-FL5 Issuer
Debt Instrument [Line Items]
Par Value Issued	61,374	61,374
Par Value Outstanding	61,374	61,374
U.S. Bank National Association | Secured Debt | Tranche D Notes - 2019-FL5 Issuer
Debt Instrument [Line Items]
Par Value Issued	48,600	48,600
Par Value Outstanding	5,000	24,300
U.S. Bank National Association | Secured Debt | Tranche E Notes - 2019-FL5 Issuer
Debt Instrument [Line Items]
Par Value Issued	20,250	20,250
Par Value Outstanding	$ 3,000	$ 20,250
1M LIBOR | U.S. Bank National Association | Secured Debt | Tranche A Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Interest Rate		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%
1M LIBOR | U.S. Bank National Association | Secured Debt | Tranche B Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Interest Rate		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%
1M LIBOR | U.S. Bank National Association | Secured Debt | Tranche D Notes - 2017-FL2 Issuer
Debt Instrument [Line Items]
Interest Rate		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%	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%	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%	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%	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%	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%	2.85%

Debt - Collateralized Loan Ob_2

Debt - Collateralized Loan Obligation (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Jan. 01, 2020	Mar. 31, 2019
Variable Interest Entity [Line Items]
Cash	$ 88,960	$ 87,246		$ 79,698
Commercial mortgage loans, held for investment, net	2,640,979	2,762,042	$ 2,762,042
Accrued interest receivable	15,877	16,308
Total assets	3,501,885	3,540,620		$ 3,540,620
Notes payable	40,167	29,167
Accrued interest payable	2,886	4,958
Total liabilities	2,571,423	2,514,705
Allowance for loan losses	21,702	921
Collateralized loan obligations	1,739,009	1,803,185
Collaterized loan obligation
Variable Interest Entity [Line Items]
Cash	28,680	89,946
Commercial mortgage loans, held for investment, net	2,235,406	2,294,663
Accrued interest receivable	10,522	6,254
Total assets	2,274,608	2,390,863
Notes payable	2,006,137	2,064,601
Accrued interest payable	1,659	2,576
Total liabilities	2,007,796	2,067,177
Restricted cash	28,200	89,300
Allowance for loan losses	10,500	800
Collateralized loan obligations	267,100	261,400
Deferred financing cost and discount	$ 14,400	$ 19,200

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net income (loss)	$ (7,400)	$ 19,890
Less: Preferred stock dividends	4,515	3,320
Less: Undistributed earnings allocated to preferred stock	0	462
Net income/(Loss) attributable to common shareholders (for basic and diluted earnings per share)	$ (11,915)	$ 16,108
Weighted-average common shares outstanding for basic earnings per share (in shares)	44,263,334	39,798,215
Unvested restricted shares (in shares)	11,518	13,089
Weighted-average common shares outstanding for diluted earnings per share (in shares)	44,274,852	39,811,304
Basic earnings per share (in dollars per share)	$ (0.27)	$ 0.40
Diluted earnings per share (in dollars per share)	$ (0.27)	$ 0.40

Stock Transactions - Narrative

Stock Transactions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 10, 2017	Feb. 28, 2016	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)			0		0
Minimum distribution percentage to qualify for REIT taxation status			90.00%
Distribution percentage required to avoid paying federal income taxes			100.00%
Common stock, dividends, per share per annum, declared (in dollars per share)			$ 1.44	$ 1.44
Distributions payable			$ 6,956	$ 6,100	$ 6,912
Total distributions			15,800	14,000
Cash distributions			12,200	10,600
Common stock issued under DRIP			$ 3,600	$ 3,400
Share repurchase program, period in force		1 year	1 year
Repurchase price percent of NAV per share year one	92.50%		92.50%
Repurchase price percent of NAV per share year two	95.00%		95.00%
Repurchase price percent of NAV per share year three	97.50%		97.50%
Repurchase price percent of NAV per share year four	100.00%		100.00%
NAV per share (in dollars per share)						$ 18.57
Book value (in dollars per share)			$ 16.25
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)			44,396,346		43,916,815
Distributions payable			$ 5,400		$ 5,400
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)			1,400		1,400
Distributions payable			$ 100		$ 100
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)			40,514	32,245	40,500		29,249
Distributions payable			$ 1,500		$ 1,500

Stock Transactions - Preferred

Stock Transactions - Preferred Stock Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	0
Beginning balance	$ 0
Dividends paid in Preferred Stock	$ 3,549	$ 3,392
Ending balance (in shares)	0
Ending balance	$ 0
Series A Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	40,500	29,249
Beginning balance	$ 202,144	$ 145,786
Issuance of Preferred Stock, net of offering cost (in shares)	14	2,996
Issuance of Preferred Stock, net of offering cost	$ 70	$ 14,979
Dividends paid in Preferred Stock (in shares)	0
Dividends paid in Preferred Stock	$ 2
Offering Costs	(5)
Amortization of offering costs	$ 24	$ 25
Ending balance (in shares)	40,514	32,245
Ending balance	$ 202,235	$ 160,790
Series C Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	1,400
Beginning balance	$ 6,966
Issuance of Preferred Stock, net of offering cost (in shares)	0
Issuance of Preferred Stock, net of offering cost	$ 0
Dividends paid in Preferred Stock (in shares)	0
Dividends paid in Preferred Stock	$ 0
Offering Costs	(5)
Amortization of offering costs	$ 1
Ending balance (in shares)	1,400
Ending balance	$ 6,962

Stock Transactions - Schedule o

Stock Transactions - Schedule of Shares Repurchased (Details) - Share Repurchase Program (SRP) - Common Stock	1 Months Ended
	Mar. 31, 2020share_repurchase_request$ / sharesshares	Feb. 28, 2020share_repurchase_requestshares	Jan. 31, 2020share_repurchase_request$ / sharesshares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, Number of Requests (share repurchase request) | share_repurchase_request			5,878
Number of Requests (share repurchase request) | share_repurchase_request	0	0	1,170
Ending balance, Number of Requests (share repurchase request) | share_repurchase_request	7,048
Beginning balance, Number of Shares Repurchased (in shares)			3,542,267
Number of Shares Repurchased (in shares)	0	0	361,829
Ending balance, Number of Shares Repurchased (in shares)	3,904,096
Beginning balance, Average Price per Share (in dollars per share) | $ / shares			$ 20.23
Average Price per Share (in dollars per share) | $ / shares			$ 18.56
Ending balance, Average Price per Share (in dollars per share) | $ / shares	$ 20.08
Unfulfilled redemption requests (in shares)			11,495.86

Commitments and Contingencies -

Commitments and Contingencies - Unfunded Commitments (Details) - Unfunded Commitments Under Commercial Mortgage Loans - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Loss Contingencies [Line Items]
2020	$ 62,515
2020		$ 90,519
2021	78,497	100,861
2022	64,972	56,863
2023	68,664	8,637
2024 and beyond	5,450	5,450
Total	$ 280,098	$ 262,330

Related Party Transactions an_3

Related Party Transactions and Arrangements - Narrative (Details) - USD ($)	Mar. 26, 2020	Apr. 18, 2018	Feb. 22, 2018	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Aggregate purchase price of commercial mortgage loans				$ 287,644,000	$ 310,904,000
Commercial mortgage loans, held-for-sale, measured at fair value				91,813,000		$ 112,562,000
Interest expense				3,642,000		$ 16,616,000
Affiliated Entity | CMBS
Related Party Transaction [Line Items]
Aggregate purchase price of commercial mortgage loans			$ 27,800,000
Proceeds from CBMS sold into securitization		$ 23,300,000
Commercial mortgage loans, held-for-sale, measured at fair value				$ 4,500,000
Affiliated Entity | Benefit Street Partners LLC
Related Party Transaction [Line Items]
Monthly asset management fee, percent of equity				0.125%
Annual asset management fee, percent of stockholder's equity				1.50%
Subordinated performance fee, percent that total return exceeds per year				6.00%
Percent of excess total return				15.00%
Maximum annual subordinated performance fee payable percent of total return				10.00%
Affiliated Entity | Benefit Street Partners LLC | Fee to Acquire and Originate Real Estate Debt
Related Party Transaction [Line Items]
Transaction rate				0.50%
SBL | Affiliated Entity
Related Party Transaction [Line Items]
Shares owned (in shares)	14,949.53
SBL | Unsecured Debt
Related Party Transaction [Line Items]
Total commitment	$ 100,000,000
Interest expense				$ 17,000
Outstanding balance				$ 0
LIBOR | SBL | Unsecured Debt
Related Party Transaction [Line Items]
Interest Rate	4.50%

Related Party Transactions an_4

Related Party Transactions and Arrangements - Amount Contractually Due and Forgiven (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Payable to related party	$ 14,038		$ 4,789
Affiliated Entity
Related Party Transaction [Line Items]
Total expenses from transactions with related party	8,748	$ 8,120
Payable to related party	14,038		4,789
Affiliated Entity | Acquisition expenses | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	142	248
Payable to related party	1		225
Affiliated Entity | Administrative services expenses | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	4,112	3,963
Payable to related party	4,392		1,238
Affiliated Entity | Asset management and subordinated performance fee | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	3,912	3,644
Payable to related party	5,901		3,326
Affiliated Entity | Other related party expenses | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	582	265
Payable to related party	3,744		$ 0
Affiliated Entity | Acquisition fees and expenses, including amount capitalized | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	2,100	1,800
Affiliated Entity | Acquisition fees and expenses, amount capitalized | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	2,000	1,500
Third Party Vendor | Affiliated Entity | Other related party expenses | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party		$ 700
Payable to related party	$ 2,500

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Financial Instruments Carried at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, available for sale, measured at fair value, amortized cost of $509,745 and $387,294 as of March 31, 2020 and December 31, 2019, respectively	$ 441,160	$ 386,316
Commercial mortgage loans, held-for-sale, measured at fair value	91,813	112,562
Derivative instruments, at fair value	1,173	1,119
Liabilities	5,528	1,581
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, amortized cost of $509,745 and $387,294 as of March 31, 2020 and December 31, 2019, respectively	441,160	386,316
Commercial mortgage loans, held-for-sale, measured at fair value	91,813	112,562
Other real estate investments, measured at fair value	2,496	2,557
Total assets, at fair value	536,642	502,554
Total liabilities, at fair value	5,528	1,581
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, amortized cost of $509,745 and $387,294 as of March 31, 2020 and December 31, 2019, respectively	0	0
Commercial mortgage loans, held-for-sale, measured at fair value	0	0
Other real estate investments, measured at fair value	0	0
Total assets, at fair value	0	735
Total liabilities, at fair value	0	0
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, amortized cost of $509,745 and $387,294 as of March 31, 2020 and December 31, 2019, respectively	441,160	386,316
Commercial mortgage loans, held-for-sale, measured at fair value	0	0
Other real estate investments, measured at fair value	0	0
Total assets, at fair value	442,333	386,700
Total liabilities, at fair value	5,528	1,581
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, amortized cost of $509,745 and $387,294 as of March 31, 2020 and December 31, 2019, respectively	0	0
Commercial mortgage loans, held-for-sale, measured at fair value	91,813	112,562
Other real estate investments, measured at fair value	2,496	2,557
Total assets, at fair value	94,309	115,119
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	1,173	59
Liabilities	0	1,581
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	1,173	59
Liabilities	4,016
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	1,173	59
Liabilities	4,016
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	0	325
Liabilities	4,016	0
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	0	325
Liabilities	1,512	1,581
Interest rate swaps | Level I | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	0	0
Liabilities	0	0
Interest rate swaps | Level II | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	0	325
Liabilities	1,512	1,581
Interest rate swaps | Level III | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	0	0
Liabilities	0	0
Treasury note futures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	0	735
Liabilities	1,512	0
Treasury note futures | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value		735
Liabilities	0
Treasury note futures | Level I | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value		735
Liabilities	0
Treasury note futures | Level II | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value		0
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	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-sale, measured at fair value	$ 91,813	$ 112,562
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	91,813	112,562
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	91,813	112,562
Other real estate investments, measured at fair value	2,496	2,557
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	$ 91,813	$ 112,562
Discounted Cash Flow | 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	4.20%	4.90%
Discounted Cash Flow | 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	13.40%	12.40%
Discounted Cash Flow | 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	2.40%	4.70%
Discounted Cash Flow | 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	12.40%	11.40%
Discounted Cash Flow | 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	5.60%	5.20%
Discounted Cash Flow | 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	14.40%	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	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net accretion	$ 1,710	$ 1,506
Cash repayments/receipts	(643)	(57)
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	112,562	76,863	$ 76,863
Transfers into Level III	0		0
Realized and unrealized gains (losses) included in earnings	9,404		37,832
Realized gain (loss) on sale of commercial mortgage loan held-for-sale			0
Unrealized gain (loss) on commercial mortgage loans held-for-sale and other real estate investments	(1,934)		312
Net accretion	0		0
Purchases	119,349		1,015,677
Sales / paydowns	(147,568)		(1,008,050)
Cash repayments/receipts	0		0
Transfers out of Level III	0		(10,072)
Ending balance	91,813		112,562
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	2,557	$ 0	0
Transfers into Level III	0		0
Realized and unrealized gains (losses) included in earnings	0		0
Realized gain (loss) on sale of commercial mortgage loan held-for-sale			0
Unrealized gain (loss) on commercial mortgage loans held-for-sale and other real estate investments	(61)		47
Net accretion	0		0
Purchases	0		2,510
Sales / paydowns	0		0
Cash repayments/receipts	0		0
Transfers out of Level III	0		0
Ending balance	$ 2,496		$ 2,557

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Allowance for loan losses	$ 21,702	$ 921
Commercial mortgage loans, held-for-sale	9,619	0
Carrying Amount | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans, held-for-investment	2,672,300	2,762,963
Collateralized loan obligations	1,739,009	1,803,185
Mortgage Note Payable	40,167	29,167
Allowance for loan losses	21,700	900
Commercial mortgage loans, held-for-sale	9,600
Fair Value | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans, held-for-investment	2,673,611	2,784,650
Collateralized loan obligations	1,610,761	1,822,386
Mortgage Note Payable	$ 40,167	$ 29,167

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net premiums received on derivative instrument assets	$ 0.7

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Outstanding Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Notional	$ 152,489	$ 210,846
Assets	1,173	1,119
Liabilities	5,528	1,581
Credit default swaps
Derivative [Line Items]
Notional	55,000	94,300
Assets	1,173	59
Liabilities	0	1,581
Interest rate swaps
Derivative [Line Items]
Notional	67,489	42,546
Assets	0	325
Liabilities	4,016	0
Treasury note futures
Derivative [Line Items]
Notional	30,000	74,000
Assets	0	735
Liabilities	$ 1,512	$ 0

Derivative Instruments - Net Re

Derivative Instruments - Net Realized and Unrealized Losses on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	$ 4,836	$ 1,066
Realized (Gain)/Loss	6,669	1,458
Credit default swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	(1,752)	112
Realized (Gain)/Loss	61	1,378
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	4,340	1,197
Realized (Gain)/Loss	2,946	(415)
Treasury note futures
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	2,248	(243)
Realized (Gain)/Loss	3,627	350
Options
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	0
Realized (Gain)/Loss	$ 35	$ 145

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities - Offsetting Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Offsetting Derivative Assets [Abstract]
Gross Amounts of Recognized Assets	$ 1,173	$ 1,119
Gross Amounts Offset on the Balance Sheet	0	0
Net Amount of Assets Presented on the Balance Sheet	1,173	1,119
Derivative instruments, at fair value, Gross Amounts Not Offset on the Balance Sheet, Financial Instruments	0	0
Derivative instruments, at fair value, Gross Amounts Not Offset on the Balance Sheet, Cash Collateral Pledged	0	10,895
Net Amount	$ 1,173	$ 0

Offsetting Assets and Liabili_4

Offsetting Assets and Liabilities - Offsetting Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Offsetting Derivative Liabilities [Abstract]
Derivative instruments, at fair value, Gross Amounts Recognized Liabilities	$ 5,528	$ 1,581
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	5,528	1,581
Derivative instruments, at fair value, Gross Amounts Not Offset on Balance Sheet, Financial Instruments		0
Derivative instruments, at fair value, Gross Amounts Not Offset on the Balance Sheet, Cash Collateral Pledged	8,584	3,679
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	234,524	252,543
Repurchase agreements, Gross Amounts Offset on the Balance Sheet	0	0
Repurchase agreements, Net Amount of Liabilities Presented on the Balance Sheet	234,524	252,543
Repurchase agreements, Gross Amounts Not Offset on the Balance Sheet, Financial Instruments	370,760	394,229
Repurchase agreements, Gross Amounts Not Offset on the Balance Sheet, Cash Collateral Pledged	5,015	5,011
Repurchase agreements, Net Amount	0	0
Repurchase agreements - real estate securities
Offsetting Securities Sold under Agreements to Repurchase [Abstract]
Repurchase agreements, Gross Amounts of Recognized Liabilities	496,880	394,359
Repurchase agreements, Gross Amounts Offset on the Balance Sheet	0	0
Repurchase agreements, Net Amount of Liabilities Presented on the Balance Sheet	496,880	394,359
Repurchase agreements, Gross Amounts Not Offset on the Balance Sheet, Financial Instruments	609,776	455,301
Repurchase agreements, Gross Amounts Not Offset on the Balance Sheet, Cash Collateral Pledged	76,157	1,657
Repurchase agreements, Net Amount	$ 0	$ 0

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Interest income	$ 47,854	$ 46,511
Revenues	24,991	26,145
Interest expense	24,492	20,366
Net income	(7,400)	19,890
Total assets	3,501,885	3,540,620	$ 3,540,620
Real Estate Debt and Other Real Estate Investments
Segment Reporting Information [Line Items]
Interest income	43,369	43,634
Interest expense	21,708	18,743
Net income	(1,183)	14,725
Total assets	2,775,939	2,964,233
Real Estate Securities
Segment Reporting Information [Line Items]
Interest income	3,295	507
Interest expense	1,807	498
Net income	1,050	9
Total assets	519,916	388,170
TRS
Segment Reporting Information [Line Items]
Interest income	1,190	2,370
Interest expense	693	1,125
Net income	(5,982)	5,156
Total assets	132,694	131,193
Real Estate Owned
Segment Reporting Information [Line Items]
Interest income	0	0
Interest expense	284	0
Net income	(1,285)	0
Total assets	73,336	57,024
Revenue from real estate owned
Segment Reporting Information [Line Items]
Revenues	1,629	0
Revenue from real estate owned | Real Estate Debt and Other Real Estate Investments
Segment Reporting Information [Line Items]
Revenues	0	0
Revenue from real estate owned | Real Estate Securities
Segment Reporting Information [Line Items]
Revenues	0	0
Revenue from real estate owned | TRS
Segment Reporting Information [Line Items]
Revenues	0	0
Revenue from real estate owned | Real Estate Owned
Segment Reporting Information [Line Items]
Revenues	$ 1,629	$ 0