Franklin BSP Realty Trust (FBRT) 10-Q 11 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	000-55188
Entity Registrant Name	BENEFIT STREET PARTNERS REALTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-1406086
Entity Address, Address Line One	9 West 57th Street
Entity Address, Address Line Two	Suite #4920
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	588-6770
Title of 12(b) Security	None
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		44,261,878
Entity Central Index Key	0001562528
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents		$ 99,099	$ 82,071
Restricted cash		11,808	10,070
Commercial mortgage loans, held for investment, net of allowance of $18,600 and $20,886 as of March 31, 2021 and December 31, 2020, respectively		3,010,098	2,693,848
Commercial mortgage loans, held for sale, measured at fair value		93,117	67,649
Real estate securities, available for sale, measured at fair value, amortized cost of $19,079 and $179,392 as of March 31, 2021 and December 31, 2020, respectively		18,865	171,136
Derivative instruments, measured at fair value		1,863	25
Other real estate investments, measured at fair value		2,528	2,522
Receivable for loan repayment	[1]	215,991	98,551
Accrued interest receivable		16,475	15,295
Prepaid expenses and other assets		5,676	8,538
Intangible lease asset, net of amortization		13,340	13,546
Real estate owned, net of depreciation		26,310	26,510
Real estate owned, held for sale		37,523	0
Total assets		3,552,693	3,189,761
LIABILITIES AND STOCKHOLDERS' EQUITY
Collateralized loan obligations		2,075,611	1,625,498
Mortgage note payable		29,167	29,167
Unsecured debt		100,000	0
Derivative instruments, measured at fair value		1,105	403
Interest payable		1,446	2,110
Distributions payable		14,585	15,688
Accounts payable and accrued expenses		6,361	5,125
Due to affiliates		10,477	9,525
Total liabilities		2,513,966	2,182,063
Commitment and contingencies (See Note 10)
Equity [Abstract]
Preferred stock, $0.01 par value, 50,000,000 authorized and none issued or outstanding as of March 31, 2021 and December 31, 2020, respectively		0	0
Common stock, $0.01 par value, 949,999,000 shares authorized, 44,135,659 and 44,510,051 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively		443	446
Additional paid-in capital		906,200	912,725
Accumulated other comprehensive income (loss)		(214)	(8,256)
Accumulated deficit		(91,969)	(106,471)
Total stockholders' equity		814,460	798,444
Total liabilities, redeemable convertible preferred stock and stockholders' equity		3,552,693	3,189,761
CMBS
ASSETS
Real estate securities, available for sale, measured at fair value, amortized cost of $19,079 and $179,392 as of March 31, 2021 and December 31, 2020, respectively		18,865	171,136
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		152,925	276,340
Other financing and loan participation - commercial mortgage loans		34,017	31,379
Real Estate Securities
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		88,272	186,828
Convertible Preferred Stock Series A
LIABILITIES AND STOCKHOLDERS' EQUITY
Convertible preferred stock, redeemable, issuer option, value		127,581	202,292
Convertible Preferred Stock Series C
LIABILITIES AND STOCKHOLDERS' EQUITY
Convertible preferred stock, redeemable, issuer option, value		6,964	6,962
Convertible Preferred Stock Series D
LIABILITIES AND STOCKHOLDERS' EQUITY
Convertible preferred stock, redeemable, issuer option, value		$ 89,722	$ 0
[1]	Includes $216.0 million and $98.6 million of cash held by servicer related to the CLOs as of March 31, 2021 and December 31, 2020, respectively.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Allowance for loan losses	$ 18,600,000	$ 20,886
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)	44,135,659	44,510,051
Common stock, shares outstanding (in shares)	44,135,659	44,510,051
Restricted cash	$ 11,808	$ 10,070
Commercial Mortgage Backed Securities [Member]
Aggregate carrying value	$ 19,079	$ 179,392
Convertible Preferred Stock Series A
Preferred stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	60,000	60,000
Preferred stock, shares issued (in shares)	25,566	40,515
Preferred stock, shares outstanding (in shares)	25,566	40,515
Convertible Preferred Stock Series C
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
Convertible Preferred Stock Series D
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)	17,950	0
Preferred stock, shares outstanding (in shares)	17,950	0
Collaterized loan obligation
Restricted cash	$ 216,000	$ 98,600

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income:
Interest income	$ 42,237	$ 47,854
Less: Interest expense	11,369	24,492
Net interest income	30,868	23,362
Revenues	31,584	24,991
Asset Management And Subordinated Performance Fees	5,416	3,912
Expenses:
Operating expenses	11,941	14,770
Acquisition expenses	153	142
Administrative services expenses	3,474	4,112
Professional fees	1,997	2,784
Operating Expense, Real Estate Owned	0	1,645
Depreciation and amortization	406	588
Other expenses	495	1,587
Other (income)/loss:
Provision/(benefit) for credit losses	(2,331)	14,597
Impairment losses on real estate owned assets	0	398
Realized (gain)/loss on sale of real estate securities	1,060	438
Realized (gain)/loss on sale of commercial mortgage loan, held for sale, measured at fair value	(6,630)	(9,404)
Unrealized (gain)/loss on commercial mortgage loans, held for sale, measured at fair value	(479)	1,934
Unrealized (gain)/loss on other real estate investments, measured at fair value	(6)	61
Unrealized (gain)/loss on derivatives	(2,109)	4,836
Realized (gain)/loss on derivatives	(1,978)	6,669
Total other (income)/loss	(12,473)	19,529
Income/(loss) before taxes	32,116	(9,308)
Provision/(benefit) for income tax	1,970	(1,908)
Net income/(loss)	30,146	(7,400)
Net income/(loss) applicable to common stock	$ 23,408	$ (11,915)
Basic earnings per share (in dollars per share)	$ 0.53	$ (0.27)
Diluted earnings per share (in dollars per share)	$ 0.53	$ (0.27)
Basic weighted average shares outstanding (in shares)	44,290,177	44,263,334
Diluted weighted average shares outstanding (in shares)	44,306,065	44,274,852
Revenue from real estate owned
Income:
Revenues	$ 716	$ 1,629

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income/(loss)	$ 30,146	$ (7,400)
Unrealized gain/(loss) on available for sale securities	8,042	(67,607)
Comprehensive income/(loss) attributable to Benefit Street Partners Realty Trust, Inc.	$ 38,188	$ (75,007)

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	Cumulative-effect adjustment upon adoption of ASU 2016-13 (Note 2)	Cumulative-effect adjustment upon adoption of ASU 2016-13 (Note 2)Accumulated Deficit
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)	$ (7,761)	$ (7,761)
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)
Beginning balance (in shares) at Dec. 31, 2020		44,510,051
Beginning balance at Dec. 31, 2020	798,444	$ 446	912,725	(8,256)	(106,471)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchases (in shares)		(521,796)
Common stock repurchases	(9,147)	$ (5)	(9,142)
Common stock issued through distribution reinvestment plan (in shares)		147,404
Common stock issued through distribution reinvestment plan	2,585	$ 2	2,583
Share-based compensation	55		55
Offering costs	(21)		(21)
Net income/(loss)	30,146				30,146
Distributions declared	(15,644)				(15,644)
Other comprehensive income	8,042			8,042
Ending balance (in shares) at Mar. 31, 2021		44,135,659
Ending balance at Mar. 31, 2021	$ 814,460	$ 443	$ 906,200	$ (214)	$ (91,969)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Cash flows from operating activities:
Net income/(loss)	$ 30,146	$ (7,400)
Adjustments to reconcile net income/(loss) to net cash (used in)/provided by operating activities:
Premium amortization and (discount accretion), net	(1,169)	(1,710)
Accretion of deferred commitment fees	(1,488)	(1,233)
Amortization of deferred financing costs	1,335	5,684
Share-based compensation	55	39
Realized (gain)/loss from sale of real estate securities	1,060	438
Unrealized (gain)/loss from commercial mortgage loans held for sale	(479)	1,934
Unrealized (gain)/loss from derivative instruments	(2,109)	4,836
Unrealized losses from other real estate investments	(6)	61
Depreciation and amortization	406	588
Recognition of deferred rent revenue	0	(89)
Provision/(benefit) for credit losses	(2,331)	14,597
Impairment losses on real estate owned assets	0	398
Origination of commercial mortgage loans, held for sale	(166,360)	(119,349)
Proceeds from sale of commercial mortgage loans, held for sale	141,372	138,164
Changes in assets and liabilities:
Accrued interest receivable	308	1,664
Prepaid expenses and other assets	1,850	(6,300)
Accounts payable and accrued expenses	1,570	(2,068)
Due to affiliates	952	9,249
Interest payable	(664)	(2,072)
Net cash (used in)/provided by operating activities	4,448	37,431
Cash flows from investing activities:
Origination and purchase of commercial mortgage loans, held for investment	(520,849)	(287,644)
Principal repayments received on commercial mortgage loans, held for investment	52,800	426,742
Purchase of other real estate investments	0	(624)
Purchase of real estate securities	0	(134,818)
Principal repayments received on real estate securities	0	643
Proceeds from sale/repayment of real estate securities	159,254	0
Purchase of derivative instruments	973	(689)
Net cash (used in)/provided by investing activities	(307,822)	3,610
Cash flows from financing activities:
Proceeds from issuances of common stock	0	10,726
Proceeds from issuances of redeemable convertible preferred stock	15,000	70
Common stock repurchases	(9,147)	(6,716)
Borrowings under collateralized loan obligation	573,125	0
Repayments of collateralized loan obligation	(119,425)	(68,894)
Borrowings on repurchase agreements - commercial mortgage loans	168,655	65,413
Repayments of repurchase agreements - commercial mortgage loans	(292,070)	(83,432)
Borrowings on repurchase agreements - real estate securities	168,550	340,116
Repayments of repurchase agreements - real estate securities	(267,106)	(237,596)
Proceeds from other financing and loan participation - commercial mortgage loans	2,638	15,190
Proceeds from unsecured debt	100,000	0
Borrowing on mortgage note payable	0	11,000
Payments of deferred financing costs	(3,944)	(75)
Distributions paid	(14,136)	(16,776)
Net cash (used in)/provided by financing activities:	322,140	29,026
Net change in cash, cash equivalents and restricted cash	18,766	70,067
Cash, cash equivalents and restricted cash, beginning of period	92,141	109,122	$ 109,122
Cash, cash equivalents and restricted cash, end of period	110,907	179,189	92,141
Supplemental disclosures of cash flow information:
Taxes paid	0	0
Interest paid	10,698	20,880
Supplemental disclosures of non - cash flow information:
Distributions payable				$ 14,585	$ 15,688	$ 6,956
Common stock issued through distribution reinvestment plan	2,585	3,548
Commercial mortgage loans transferred from held for sale to held for investment	0	9,619
Real estate owned received in foreclosure	37,523	14,000
Reconciliation of cash, cash equivalents and restricted cash at end of period:
Cash and cash equivalents				99,099	82,071	88,960
Restricted cash				11,808	10,070	90,229
Cash, cash equivalents and restricted cash, end of period	$ 110,907	$ 179,189	$ 109,122	$ 110,907	$ 92,141	$ 179,189

Organization and Business Opera

Organization and Business Operations	3 Months Ended
	Mar. 31, 2021
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. 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 acquired by the Company through foreclosure and deed in lieu of foreclosure, and purchased for investment, typically subject to triple net leases.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
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, 2020, which are included in the Company's Annual Report on Form 10-K filed with the SEC on March 11, 2021. 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 response to the global coronavirus (COVID-19) pandemic, numerous countries, including the U.S., have declared national emergencies with respect to COVID-19 and certain jurisdictions, including those where our corporate headquarters and/or properties that secure our investments, or properties that the Company owns, are located, have at times imposed “stay-at-home” guidelines or orders or other restrictions to help prevent its spread. The effects of COVID-19 may negatively and materially impact significant estimates and assumptions used by the Company including, but not limited to estimates of expected credit losses, valuation of our equity investments and the fair value estimates of the Company's assets and liabilities. Actual results could differ from 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 loan origination activities. The cost is amortized over the life of the loan and recognized in interest income in the Company's consolidated statements of operations. Acquisition expenses paid on future funding amounts are expensed within the acquisition expenses line in the Company's consolidated statements of operations. 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 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, 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 commitment 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 commitment 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, measured at fair value is recorded on the accrual basis of accounting and is included in interest income in the consolidated statements of operations. Costs to originate these investments are expensed when incurred. Real estate owned Real estate owned (“REO”) assets represent 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 assets such as land, building, furniture, fixtures and equipment. Asset acquisitions in which monetary consideration is given generally include the transaction costs of the asset acquisition. Acquiring assets in groups requires not only ascertaining the cost of the asset (or net asset) group but also allocating that cost to the individual assets (or individual assets and liabilities) that make up the group. The cost of a group of assets acquired in an asset acquisition shall be allocated to the individual assets acquired or liabilities assumed based on their relative fair values and shall not give rise to goodwill. Real estate owned 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 owned assets are capitalized and depreciated over their estimated useful lives. Real estate owned revenue is recognized when the Company satisfies a performance obligation by transferring a promised good or service to a customer. The Company is considered to have satisfied all performance obligations at a point in time. Real estate owned assets that are probable to be sold within one year are reported as held for sale. Real estate owned assets classified as held for sale shall be measured at the lower of its carrying amount or fair value less cost to sell. Real estate owned assets shall not be depreciated or amortized while it is classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale shall continue to be accrued. Upon the disposition of a real estate owned asset, the Company calculates realized gains and losses as net proceeds received less the carrying value of the real estate owned asset. Net proceeds received are net of direct selling costs associated with the disposition of the real estate owned asset. 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, 2021 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 adopted model for ASC 326 as it applies to HTM and AFS securities, encompassing the beneficial interest model for securities that are not of high credit quality, has been clarified to include the effective interest method as a basis for the projection of cash collections method in connection with the newly adopted impairment models for HTM and AFS debt securities under ASC 326 when securities are not of high credit quality. The allowance for credit losses required under ASU 2016-13 is deducted from the respective loans’ amortized cost basis on the Company’s consolidated balance sheets. The allowance for credit losses attributed to unfunded loan commitments is included in Accounts payable and accrued expenses on the consolidated balance sheets. The guidance also required a cumulative-effect adjustment to retained earnings as of the beginning of the reporting period of adoption. 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 Provision/(benefit) 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 timely, following three months time, reversed against interest income when a loan, real estate security or preferred equity investment is placed on nonaccrual status. The Company did not record reversals of accrued interest receivable during the three months ended March 31, 2021. Loans are charged off against the Provision/(benefit) 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. The Company uses the specific identification method in determining the cost relief for real estate securities sold. Realized gains and losses from the sale of real estate securities are included 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 accumulated 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 accumulated 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 loan obligations ("CLO") are netted against the Company's CLO payable in the Collateralized loan 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") that enables stockholders to sell their shares to the Company, subject to certain conditions. Refer to Note 9 - Stock Transactions for a description of the SRP. 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 Since 2018, the Company has from time to time offered, and may in the future offer, shares of the Company’s common stock or one or more series of its preferred stock (“Preferred Stock”), including its Series A convertible preferred stock (“Series A Preferred Stock”), Series C convertible preferred stock (the “Series C Preferred Stock,”) and Series D convertible preferred stock (the “Series D Preferred Stock,” and together with the Series A Preferred Stock and Series C Preferred Stock, the “Preferred Stock”) in private placements exempt from the registration requirements of the Securities Act of 1933, as amended. In connection with these offerings, the Company incurs various offering costs. 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 Series A Preferred Stock, Series C Preferred Stock and Series D Preferred Stock, respectively, on the Company’s consolidated balance sheets. Distribution Reinvestment Plan Pursuant to the Company's distribution reinvestment plan ("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. The purchase price for shares purchased through the DRIP is the lesser of (i) the Company’s most recent estimated per share net asset value ("NAV"), and (ii) the Company’s most recently disclosed GAAP book value per share. There is no market for our common stock. 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. 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 provision/(benefit) for the three months ended March 31, 2021 and March 31, 2020 was $2.0 million and $(1.9) 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, 2017 and concluded that there were no uncertainties to be recognized. The Company’s accounting policy with respect to interest and penalties related to tax uncertainties is to classify these amounts as provision for income taxes. The Company utilizes the TRS to reduce the impact of the prohibited transaction tax and to avoid penalty for the holding of assets not qualifying as real estate assets for purposes of the REIT asset tests. Any income associated with a TRS is fully taxable because the TRS is subject to federal and state income taxes as a domestic C corporation based upon its net income. Derivatives and Hedging Activities In the normal course of business, the Company is exposed to the effect of interest rate changes and may undertake a strategy to limit these risks through the use of derivatives. The Company uses derivatives primarily to economically hedge against interest rates, CMBS spreads and macro market risk in order to minimize volatility. The Company may use a variety of derivative instruments that are considered conventional, including but not limited to: Treasury note futures and credit derivatives on various indices including CMBX and CDX. The Company recognizes all derivatives on the consolidated balance sheets at fair value. The Company does not designate derivatives as hedges to qualify for hedge accounting for financial reporting purposes and therefore any net payments under, or fluctuations in the fair value of these derivatives have been recognized currently in unrealized (gain)/loss on derivative instruments in the accompanying consolidated statements of operations. The Company records derivative asset and liability positions on a gross basis with any collateral posted with or received from counterparties recorded separately within Restricted cash on the Company’s consolidated balance sheets. Certain derivatives that the Company has entered into are subject to master netting agreements with its counterparties, allowing for netting of the same transaction, in the same currency, on the same date. Per Share Data The Company’s Preferred Stock is considered a participating security and the Company calculates 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

Commercial Mortgage Loans

Commercial Mortgage Loans	3 Months Ended
	Mar. 31, 2021
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, 2021 December 31, 2020 Senior loans $ 3,009,785 $ 2,698,823 Mezzanine loans 18,913 15,911 Total gross carrying value of loans 3,028,698 2,714,734 Less: Allowance for credit losses (1) 18,600 20,886 Total commercial mortgage loans, held for investment, net $ 3,010,098 $ 2,693,848 ________________________ (1) As of March 31, 2021 and December 31, 2020, there have been no specific reserves for loans in non-performing status. As of March 31, 2021 and December 31, 2020, the Company's total commercial mortgage loan portfolio, excluding commercial mortgage loans accounted for under the fair value option, was comprised of 146 and 130 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, as of March 31, 2021 (dollars in thousands): Three Months Ended March 31, 2021 MultiFamily Retail Office Industrial Mixed Use Hospitality Self-Storage Manufactured Housing Total Beginning Balance $ 3,095 $ 404 $ 1,575 $ 3,795 $ 132 $ 11,646 $ 117 $ 122 $ 20,886 Current Period: Provision/(benefit) for credit losses 2,078 (2) (374) (3,187) 253 (773) 23 (15) (1,997) Write offs (289) — — — — — — — (289) Ending Balance $ 4,884 $ 402 $ 1,201 $ 608 $ 385 $ 10,873 $ 140 $ 107 $ 18,600 The Company recorded a decrease in its provision for credit losses during the three months ended March 31, 2021 of $2.0 million. The primary driver for the improvement in the reserve balance is the positive economic outlook since the end of the prior year. The following table presents the activity in the Company's allowance for credit losses, for the unfunded loan commitments, as of March 31, 2021 (dollars in thousands): Three Months Ended March 31, 2021 MultiFamily Retail Office Industrial Mixed Use Hospitality Self-Storage Manufactured Housing Total Beginning Balance $ 85 $ — $ 47 $ 418 $ 14 $ 101 $ — $ — $ 665 Current Period: Provision/(benefit) for credit losses 68 — (9) (317) (2) (74) — — (334) Ending Balance $ 153 $ — $ 38 $ 101 $ 12 $ 27 $ — $ — $ 331 The following tables represent the composition by loan type and region of the Company's commercial mortgage loans, held for investment portfolio (dollars in thousands): March 31, 2021 December 31, 2020 Loan Type Par Value Percentage Par Value Percentage Multifamily $ 1,515,787 49.9 % $ 1,202,694 44.2 % Office 547,100 18.0 % 517,464 19.0 % Hospitality 426,040 14.0 % 403,908 14.8 % Industrial 200,427 6.6 % 243,404 8.9 % Mixed Use 94,280 3.1 % 102,756 3.8 % Self-Storage 86,423 2.8 % 86,424 3.2 % Retail 78,550 2.6 % 78,550 2.9 % Manufactured Housing 72,539 2.5 % 71,263 2.6 % Land 16,400 0.5 % 16,400 0.6 % Total $ 3,037,546 100.0 % $ 2,722,863 100.0 % March 31, 2021 December 31, 2020 Loan Region Par Value Percentage Par Value Percentage Southwest $ 810,556 26.7 % $ 515,392 18.9 % Southeast 811,205 26.7 % 796,908 29.3 % Mideast 484,199 15.9 % 473,514 17.4 % Far West 422,785 13.9 % 415,173 15.2 % Great Lakes 186,423 6.1 % 199,203 7.3 % Various 104,200 3.4 % 136,855 5.0 % Plains 100,261 3.3 % 116,143 4.3 % New England 69,166 2.4 % 69,675 2.6 % Rocky Mountain 48,751 1.6 % — — % Total $ 3,037,546 100.0 % $ 2,722,863 100.0 % As of March 31, 2021 and December 31, 2020, the Company's total commercial mortgage loans, held for sale, measured at fair value were comprised of ten and three loans, respectively. As of March 31, 2021 and December 31, 2020, the contractual principal outstanding of commercial mortgage loans, held for sale, measured at fair value was $92.6 million and $67.6 million, respectively. As of March 31, 2021 and December 31, 2020, 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 tables represent the composition by loan type and region of the Company's commercial mortgage loans, held for sale, measured at fair value (dollars in thousands): March 31, 2021 December 31, 2020 Loan Type Par Value Percentage Par Value Percentage Office $ 30,500 32.9 % $ — — % Mixed Use 18,598 20.1 % — — % Multifamily 18,100 19.5 % 100 0.1 % Retail 13,970 15.1 % — — % Industrial 9,024 9.7 % 67,550 99.9 % Manufactured Housing 2,446 2.7 % — — % Hospitality — — % — — % Total $ 92,638 100.0 % $ 67,650 100.0 % March 31, 2021 December 31, 2020 Loan Region Par Value Percentage Par Value Percentage Southeast $ 39,256 42.4 % $ — — % Far West 18,000 19.4 % 58,500 86.5 % Mideast 15,973 17.2 % — — % Great Lakes 11,749 12.7 % 9,150 13.5 % Various 7,660 8.3 % — — % Total $ 92,638 100.0 % $ 67,650 100.0 % Loan Credit Quality and Vintage The following tables present the amortized cost of our commercial mortgage loans, held for investment as of March 31, 2021 and 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, 2021. As of March 31, 2021 2021 2020 2019 2018 2017 2016 Prior Total Multifamily: Risk Rating: 1-2 internal grade $ 420,073 $ 585,941 $ 291,648 $ 174,105 $ — $ — $ 3,488 $ 1,475,255 3-4 internal grade — — — 36,115 — — — 36,115 Total Multifamily Loans $ 420,073 $ 585,941 $ 291,648 $ 210,220 $ — $ — $ 3,488 $ 1,511,370 Retail: Risk Rating: 1-2 internal grade $ — $ 13,299 $ 22,751 $ 16,400 $ — $ — $ — $ 52,450 3-4 internal grade — — 12,876 29,432 — — — 42,308 Total Retail Loans $ — $ 13,299 $ 35,627 $ 45,832 $ — $ — $ — $ 94,758 Office: Risk Rating: 1-2 internal grade $ 48,466 $ 248,628 $ 160,784 $ 60,375 $ 26,724 $ — $ — $ 544,977 3-4 internal grade — — — — — — — — Total Office Loans $ 48,466 $ 248,628 $ 160,784 $ 60,375 $ 26,724 $ — $ — $ 544,977 Industrial: Risk Rating: 1-2 internal grade $ — $ 123,139 $ 76,490 $ — $ — $ — $ — $ 199,629 3-4 internal grade — — — — — — — — Total Industrial Loans $ — $ 123,139 $ 76,490 $ — $ — $ — $ — $ 199,629 Mixed Use: Risk Rating: 1-2 internal grade $ — $ 30,265 $ — $ 63,815 $ — $ — $ — $ 94,080 3-4 internal grade — — — — — — — — Total Mixed Use Loans $ — $ 30,265 $ — $ 63,815 $ — $ — $ — $ 94,080 Hospitality: Risk Rating: 1-2 internal grade $ 22,887 $ 26,889 $ 10,552 $ — $ — $ — $ — $ 60,328 3-4 internal grade — — 160,965 113,423 90,655 — — 365,043 Total Hospitality Loans $ 22,887 $ 26,889 $ 171,517 $ 113,423 $ 90,655 $ — $ — $ 425,371 Self-Storage: Risk Rating: 1-2 internal grade $ — $ 41,324 $ — $ 44,921 $ — $ — $ — $ 86,245 3-4 internal grade — — — — — — — — Total Self-Storage Loans $ — $ 41,324 $ — $ 44,921 $ — $ — $ — $ 86,245 Manufactured Housing: Risk Rating: 1-2 internal grade $ — $ 25,915 $ 46,353 $ — $ — $ — $ — $ 72,268 3-4 internal grade — — — — — — — — Total Manufactured Housing Loans $ — $ 25,915 $ 46,353 $ — $ — $ — $ — $ 72,268 Total $ 491,426 $ 1,095,400 $ 782,419 $ 538,586 $ 117,379 $ — $ 3,488 $ 3,028,698 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, 2021 (dollars in thousands): Multifamily Retail Office Industrial Mixed Use Hospitality Self-Storage Manufactured Housing Total Status: Current $ 1,511,370 $ 94,758 $ 544,977 $ 199,629 $ 94,080 $ 368,296 $ 86,245 $ 72,268 $ 2,971,623 1-29 days past due — — — — — — — — — 30-59 days past due — — — — — — — — — 60-89 days past due — — — — — — — — — 90-119 days past due — — — — — — — — — 120+ days past due (1) — — — — — 57,075 — — 57,075 Total $ 1,511,370 $ 94,758 $ 544,977 $ 199,629 $ 94,080 $ 425,371 $ 86,245 $ 72,268 $ 3,028,698 ________________________ (1) For the three months ended March 31, 2021, there was no interest income recognized on this loan. As of March 31, 2021 and December 31, 2020, the Company had one loan with a total cost basis of $57.1 million and two loans with a total cost basis of $94.9 million, respectively, on non-accrual status for which there was no related allowance for credit losses. 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, 2021 and December 31, 2020, the weighted average risk rating of the loans was 2.2. The following table represents the allocation by risk rating for the Company's commercial mortgage loans, held for investment (dollars in thousands): March 31, 2021 December 31, 2020 Risk Rating Number of Loans Par Value Risk Rating Number of Loans Par Value 1 — $ — 1 — $ — 2 122 2,593,571 2 104 2,232,045 3 22 383,400 3 22 384,040 4 2 60,575 4 4 106,778 5 — — 5 — — 146 $ 3,037,546 130 $ 2,722,863 For the three months ended March 31, 2021 and year ended December 31, 2020, the activity in the Company's commercial mortgage loans, held for investment portfolio was as follows (dollars in thousands): Three Months Ended March 31, Year Ended December 31, 2021 2020 Balance at Beginning of Year $ 2,693,848 $ 2,762,042 Cumulative-effect adjustment upon adoption of ASU 2016-13 — (7,211) Acquisitions and originations 522,735 1,287,720 Principal repayments (170,529) (1,223,490) Discount accretion/premium amortization 1,167 6,146 Loans transferred from/(to) commercial real estate loans, held for sale — (76,979) Net fees capitalized into carrying value of loans (1,886) (6,562) (Provision)/benefit for credit losses 1,997 (13,181) Charge-off from allowance 289 427 Transfer to real estate owned (37,523) (35,064) Balance at End of Period $ 3,010,098 $ 2,693,848 During the three months ended March 31, 2021, the Company wrote off a commercial mortgage loan, held for investment, with a carrying value of $37.8 million in exchange for the possession of a REO investment at a fair value of $37.5 million, comprised of $33.0 million of real property (land, building and improvements) and $4.5 million of personal property (furniture, fixture, and equipment) at the time of transfer. The transfer occurred when the Company took possession of the property by completing a foreclosure transaction in January 2021, resulting in a $0.3 million impairment loss at the time of transfer. Since the foreclosure was entered into due to the borrower experiencing financial difficulty and the recorded investment in the receivable was more than the fair value of the collateral collected, the transaction qualifies as a TDR. The Company accounted for the REO acquired during the three months ended March 31, 2021 as an asset acquisition and is designated as held for sale within the Company's consolidated balance sheets.

Real Estate Securities

Real Estate Securities	3 Months Ended
	Mar. 31, 2021
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, 2021 Type Interest Rate Maturity Par Value Fair Value CMBS 1 2.4% 2/15/2036 $19,000 $18,865 December 31, 2020 Type Interest Rate Maturity Par Value Fair Value CMBS 1 3.0% 5/15/2022 $13,250 $12,657 CMBS 2 2.2% 6/26/2025 10,800 10,335 CMBS 3 2.5% 2/15/2036 40,000 38,292 CMBS 4 1.9% 6/15/2037 8,000 7,892 CMBS 5 2.1% 9/15/2037 24,000 23,297 CMBS 6 2.3% 6/15/2034 12,000 11,580 CMBS 7 1.5% 12/15/2036 20,000 18,975 CMBS 8 1.8% 12/15/2036 25,000 23,268 CMBS 9 2.3% 3/15/2035 25,665 24,840 The Company classified its CMBS investments as available for sale as of March 31, 2021 and December 31, 2020. 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, 2021 and December 31, 2020 was 15 and 14 years. The weighted average contractual maturity for single asset single borrower "SASB" investments as of March 31, 2021 and December 31, 2020 was none and 14 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, 2021 CLOs $ 19,079 $ — $ — $ (214) $ 18,865 SASB — — — — — Total $ 19,079 $ — $ — $ (214) $ 18,865 December 31, 2020 CLOs $ 123,444 $ — $ — $ (4,888) $ 118,556 SASB 55,948 — — (3,368) 52,580 Total $ 179,392 $ — $ — $ (8,256) $ 171,136 As of March 31, 2021 the Company held 1 CMBS position with an amortized cost basis of $19.1 million and an unrealized loss of $0.2 million, which unrealized loss was for a period greater than twelve months. As of December 31, 2020, the Company held 9 CMBS positions with an amortized cost basis of $179.4 million and an unrealized loss of $8.3 million, of which 7 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, 2021 and December 31, 2020 (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, 2021 CLOs $ — $ 18,865 $ — $ (214) SASB — — — — Total $ — $ 18,865 $ — $ (214) December 31, 2020 CLOs $ 63,131 $ 55,425 $ (2,824) $ (2,065) SASB — 52,580 — (3,367) Total $ 63,131 $ 108,005 $ (2,824) $ (5,432) As of March 31, 2021 and December 31, 2020, there were 1 and 7 securities, respectively with unrealized losses for a period greater than twelve months reflected in the table above. After evaluating the securities, the Company concluded that the unrealized losses reflected above were noncredit-related and would be recovered from the securities’ estimated future cash flows. The Company considered a number of factors in reaching this conclusion, including that the Company 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, the portfolio is made up of investment grade securities of recent originations and higher tranches, and that there were no material credit events that would have caused us to otherwise conclude that the Company 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, 2021 2020 Unrealized gain/(loss) on available for sale securities $ 1,665 $ (67,607) Reclassification of net (gain)/loss on available for sale securities included in net income/(loss) 6,377 — Unrealized gain/(loss) on available for sale securities, net of reclassification adjustment $ 8,042 $ (67,607) The amounts reclassified for net (gain)/loss on available for sale securities are included in the realized (gain)/loss on sale of real estate securities in the Company's consolidated statements of operations. The Company's unrealized gain/(loss) on available for sale securities is net of tax. Due to the Company's designation as a REIT, there was no tax impact on unrealized gain/(loss) on available for sale securities.

Real Estate Owned

Real Estate Owned	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Real Estate Owned	Real Estate Owned The following table summarizes the Company's real estate owned assets as of March 31, 2021 (dollars in thousands): Acquisition Date Property Type Primary Location(s) Land Building and Improvements Furniture, Fixtures and Equipment Accumulated Depreciation Real Estate Owned, net October 2019 (1) Office Jeffersonville, IN $ 1,887 $ 21,989 $ 3,565 $ (1,131) $ 26,310 January 2021 (2) Multifamily Kansas City, MO 4,300 28,697 4,526 — 37,523 $ 6,187 $ 50,686 $ 8,091 $ (1,131) $ 63,833 ________________________ (1) Refer to Note 2 for the useful life of the above assets. (2) Represents assets acquired by the Company by completing a foreclosure transaction and is designated as held for sale within the Company's consolidated balance sheets. The following table summarizes the Company's real estate owned assets as of December 31, 2020 (dollars in thousands): Acquisition Date Property Type Primary Location(s) Land Building and Improvements Furniture, Fixtures and Equipment Accumulated Depreciation Real Estate Owned, net October 2019 (1) Office Jeffersonville, IN $ 1,887 $ 21,989 $ 3,565 $ (931) $ 26,510 $ 1,887 $ 21,989 $ 3,565 $ (931) $ 26,510 ________________________ (1) Refer to Note 2 for the useful life of the above assets. Depreciation expense for the three months ended March 31, 2021 and 2020 totaled $0.2 million and $0.3 million, respectively. Long-Lived Asset Classified as Held for Sale As of March 31, 2021, the Company has designated one property included within the real estate owned business segment as held for sale. The property is located in Kansas City, MO and is currently being marketed and sale is probable to occur within one year.

Leases

Leases	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Leases	Leases Intangible Lease Asset The following table summarizes the Company's intangible lease asset recognized in the consolidated balance sheets as of March 31, 2021 (dollars in thousands): Acquisition Date Property Type Primary Location(s) Intangible Lease Asset, Gross Accumulated Amortization Intangible Lease Asset, Net of Amortization October 2019 Office Jeffersonville, IN $ 14,509 $ (1,169) $ 13,340 $ 14,509 $ (1,169) $ 13,340 The following table summarizes the Company's intangible lease asset recognized in the consolidated balance sheets as of December 31, 2020 (dollars in thousands): Acquisition Date Property Type Primary Location(s) Intangible Lease Asset, Gross Accumulated Amortization Intangible Lease Asset, Net of Amortization October 2019 Office Jeffersonville, IN $ 14,509 $ (963) $ 13,546 $ 14,509 $ (963) $ 13,546 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 16.1 years. Rental income for this operating lease for each of the three months ended March 31, 2021 and March 31, 2020 totaled $0.7 million and is included in Revenue from real estate owned in the consolidated statements of operations. 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, 2021 2021 (April - December) $ 1,932 2022 2,607 2023 2,646 2024 2,686 2025 2,726 2026 and beyond 34,168 Total minimum rent $ 46,765 Amortization Expense Intangible lease assets are amortized using the straight-line method over the contractual life of the lease, of a period up to 20 years. The weighted average life of intangible assets as of March 31, 2021 is approximately 16.1 years. Amortization expense for the three months ended March 31, 2021 and 2020 totaled $0.2 million. The following table summarizes the Company's expected amortization for intangible assets over the next five years, assuming no further acquisitions or dispositions (dollars in thousands): Amortization Expense March 31, 2021 2021 (April - December) $ (619) 2022 (825) 2023 (825) 2024 (825) 2025 (825)

Debt

Debt	3 Months Ended
	Mar. 31, 2021
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 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, 2021 and December 31, 2020 are as follows (dollars in thousands): As of March 31, 2021 Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate Maturity JPM Repo Facility $ 300,000 $ 111,108 $ 989 2.41 % 10/6/2022 USB Repo Facility 100,000 — 93 N/A 6/15/2021 CS Repo Facility 200,000 10,000 980 4.50 % 8/19/2021 WF Repo Facility (2) 175,000 — 504 N/A 11/21/2021 Barclays Revolver Facility (3) 100,000 — 34 N/A 9/20/2021 Barclays Repo Facility (4) 300,000 31,817 486 1.96 % 3/15/2022 Total $ 1,175,000 $ 152,925 $ 3,086 ________________________ (1) For the three months ended March 31, 2021. Includes amortization of deferred financing costs. (2) There are two more one-year extension options available at the Company's discretion. (3) There is one one-year extension option available at the Company's discretion. (4) Includes one one-year extensions at the Company's option. As of December 31, 2020 Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate Maturity JPM Repo Facility (2) $ 300,000 $ 113,884 $ 5,020 2.54 % 10/6/2022 USB Repo Facility (3) 100,000 5,775 599 2.40 % 6/15/2021 CS Repo Facility (4) 200,000 106,971 3,539 2.84 % 8/19/2021 WF Repo Facility (5) 175,000 27,150 1,041 2.50 % 11/21/2021 Barclays Revolver Facility (6) 100,000 — 387 N/A 9/20/2021 Barclays Repo Facility (7) 300,000 22,560 1,046 2.51 % 3/15/2022 Total $ 1,175,000 $ 276,340 $ 11,632 ________________________ (1) For the year ended December 31, 2020. Includes amortization of deferred financing costs. (2) On October 6, 2020 the maturity date was amended to October 6, 2022. (3) On June 9, 2020, the Company exercised the extension option upon the satisfaction of certain conditions, and extended the term maturity to June 15, 2021. (4) On August 28, 2020, the Company exercised the extension option upon the satisfaction of certain conditions, and extended the term maturity to August 19, 2021. Additionally, in 2020 the committed financing amount was downsized from $300 million to $200 million. (5) On November 17, 2020, the Company exercised the extension option upon the satisfaction of certain conditions, and extended the term maturity to November 21, 2021. There are two more one-year extension options available at the Company's discretion. (6) There is one 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, 2021 and December 31, 2020, 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. Since inception, the Company's outstanding loan increased as a result of future fundings, leading to an increase in amount outstanding via the participation agreement. The Company incurred $0.2 million of interest expense on the SNB term loan for three months ended March 31, 2021. As of March 31, 2021 the outstanding participation balance was $34.0 million. The loan matures on February 9, 2023. Mortgage Note Payable On October 15, 2019, the Company obtained a commercial mortgage loan for $29.2 million related to the real estate owned portfolio. As of March 31, 2021 the loan accrued interest at an annual rate of 3.85% and matures on November 6, 2034. The Company incurred $0.3 million of interest expense for the three months ended March 31, 2021. Unsecured Debt Pursuant to a lending and security agreement with Security Benefit Life Insurance Company ("SBL"), which was entered into in February 2020 and amended in March and August 2020, the Company may borrow up to $100.0 million at a rate of one-month LIBOR + 4.5%. The facility has a maturity of February 10, 2023 and is secured by a pledge of equity interests in certain of the Company’s subsidiaries. The Company incurred $0.4 million of interest expense on the lending agreement with SBL for the three months ended March 31, 2021. As of March 31, 2021, there was an outstanding balance of $100.0 million. 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, 2021 and December 31, 2020 (dollars in thousands): Weighted Average Counterparty Amount Outstanding Accrued Interest Collateral Pledged (1) Interest Rate Days to Maturity As of March 31, 2021 JP Morgan Securities LLC $ 16,609 $ 89 $ 23,430 1.73 % 7 Wells Fargo Securities, LLC — — — N/A N/A Goldman Sachs International — 37 — N/A N/A Barclays Capital Inc. 71,663 246 91,060 1.35 % 45 Credit Suisse AG — — — N/A N/A Citigroup Global Markets, Inc. — 81 — N/A N/A Total/Weighted Average $ 88,272 $ 453 $ 114,490 1.43 % 37 As of December 31, 2020 JP Morgan Securities LLC $ 33,791 $ 1,668 $ 43,612 1.75 % 31 Wells Fargo Securities, LLC — 1,057 — N/A N/A Goldman Sachs International 22,440 455 30,794 1.68 % 16 Barclays Capital Inc. 76,809 2,102 97,244 1.71 % 33 Credit Suisse AG — 905 — N/A N/A Citigroup Global Markets, Inc. 53,788 2,532 71,723 1.70 % 29 Total/Weighted Average $ 186,828 $ 8,719 $ 243,373 1.71 % 33 ________________________ (1) Includes $95.6 million and $72.2 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, 2021 and December 31, 2020, respectively. Collateralized Loan Obligations As of March 31, 2021 and December 31, 2020 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 26 and 27 mortgage assets having a principal balance of $406.4 million and $417.9 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, 2021 and December 31, 2020 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 57 and 59 mortgage assets having a principal balance of $827.9 million and $852.1 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, 2021 and December 31, 2020, 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 59 and 54 mortgage assets having a principal balance of $788.9 million and $799.8 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. On March 25, 2021, BSPRT 2021-FL6 Issuer, Ltd. (the “Issuer”) and BSPRT 2021-FL6 Co-Issuer, LLC (the “Co-Issuer”), both wholly owned indirect subsidiaries of the Company entered into an indenture with the OP, as advancing agent and U.S. Bank National Association, as note administrator and trustee, which governs the issuance of approximately $645.8 million principal balance secured floating rate notes (the “Notes”), of which $573.1 million were purchased by third party investors and $72.6 million were purchased by a wholly owned subsidiary of the OP. In addition, concurrently with the issuance of the Notes, the Issuer also issued 54,250 Preferred Shares, par value of $0.001 per share and with an aggregate liquidation preference and notional amount equal to $1,000 per share (the “Preferred Shares”), which were not offered as part of closing the indenture. For U.S. federal income tax purposes, the Issuer and Co-Issuer are disregarded entities. As of March 31, 2021, the notes issued by BSPRT 2021-FL6 Issuer, Ltd. and BSPRT 2021-FL6 Co-Issuer, LLC, are collateralized by interests in a pool of 40 mortgage assets having a principal balance of $506.9 million (the "2021-FL6 Mortgage Assets"). The sale of the 2021-FL6 Mortgage Assets to BSPRT 2021-FL6 Issuer, Ltd. is governed by a Collateral Interest Purchase Agreement dated as of March 25, 2021, between the Company and BSPRT 2021-FL6 Issuer, Ltd. The Company, through its wholly-owned subsidiaries, holds the preferred equity tranches of the above CLOs of approximately $311.2 million and $256.9 million as of March 31, 2021 and December 31, 2020, respectively. The following table represents the terms of the notes issued by 2018-FL3 Issuer, 2018-FL4 Issuer, 2019-FL5 Issuer and 2021-FL6 Issuer (the "CLOs), respectively, as of March 31, 2021 (dollars in thousands): CLO Facility Tranche Par Value Issued Par Value Outstanding (1) Interest Rate Maturity Date 2018-FL3 Issuer Tranche A $ 286,700 $ 83,069 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 416,827 375,911 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 61,372 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 2021-FL6 Issuer Tranche A 367,500 367,500 1M LIBOR + 110 3/15/2036 2021-FL6 Issuer Tranche A-S 86,625 86,625 1M LIBOR + 130 3/15/2036 2021-FL6 Issuer Tranche B 33,250 33,250 1M LIBOR + 160 3/15/2036 2021-FL6 Issuer Tranche C 41,125 41,125 1M LIBOR + 205 3/15/2036 2021-FL6 Issuer Tranche D 44,625 44,625 1M LIBOR + 300 3/15/2036 2021-FL6 Issuer Tranche E 11,375 — 1M LIBOR + 350 3/15/2036 $ 2,409,701 $ 2,092,927 ________________________ (1) Excludes $339.7 million of CLO notes, held by the Company, which are eliminated within the collateralized loan obligation line in the consolidated balance sheets as of March 31, 2021. The following table represents the terms of the notes issued by 2018-FL3 Issuer, 2018-FL4 Issuer and 2019-FL5 Issuer, as of December 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 $ 161,745 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 416,827 416,659 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 61,373 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 $ 1,639,227 ________________________ (1) Excludes $267.1 million of CLO notes, held by the Company, which are eliminated within the collateralized loan obligation line in the consolidated balance sheets as of December 31, 2020. 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, 2021 and December 31, 2020 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. The VIE's are non-recourse to the Company. Assets (dollars in thousands) March 31, 2021 December 31, 2020 Cash (1) $ 216,615 $ 99,025 Commercial mortgage loans, held for investment, net (2) 2,505,938 2,044,956 Accrued interest receivable 6,700 5,626 Total Assets $ 2,729,253 $ 2,149,607 Liabilities Notes payable (3)(4) $ 2,415,354 $ 1,892,616 Accrued interest payable 1,266 1,240 Total Liabilities $ 2,416,620 $ 1,893,856 ________________________ (1) Includes $216.0 million and $98.6 million of cash held by the servicer related to CLO loan payoffs as of March 31, 2021 and December 31, 2020, respectively. (2) The balance is presented net of allowance for credit losses of $16.5 million and $19.4 million as of March 31, 2021 and December 31, 2020, respectively. (3) Includes $339.7 million and $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, 2021 and December 31, 2020, respectively.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
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, 2021 and March 31, 2020 (in thousands, except share and per share data): Three months ended March 31, Numerator 2021 2020 Net income/(loss) $ 30,146 $ (7,400) Less: Preferred stock dividends 3,511 4,515 Less: Undistributed earnings allocated to preferred stock 3,227 — Net income/(loss) attributable to common stockholders (for basic and diluted earnings per share) 23,408 (11,915) Denominator Weighted-average common shares outstanding for basic earnings per share 44,290,177 44,263,334 Effect of dilutive shares: Unvested restricted shares 15,888 11,518 Weighted-average common shares outstanding for diluted earnings per share 44,306,065 44,274,852 Basic earnings per share $ 0.53 $ (0.27) Diluted earnings per share $ 0.53 $ (0.27)

Stock Transactions

Stock Transactions	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Stock Transactions	Stock Transactions As of March 31, 2021 and December 31, 2020, the Company had 44,135,659 and 44,510,051 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, 2021 and December 31, 2020, the Company had 25,566 and 40,515 shares of Series A Preferred Stock outstanding, respectively and 1,400 shares of Series C Preferred Stock outstanding. Additionally, as of March 31, 2021 the Company had 17,950 shares of Series D Preferred Stock outstanding. On March 15, 2021, the Company and SBL entered into an agreement pursuant to which SBL agreed to (i) exchange the 14,949 shares of the Series A Preferred Stock it held for an equal amount of Series D Preferred Stock and (ii) purchase from the Company an additional 3,000 newly issued shares of Series D Preferred Stock for $15.0 million (with the proceeds reduced by the accrued and unpaid dividends on the exchanged Series A Preferred Stock). The transaction settled on March 18, 2021. The following tables present the activity in the Company's Series A Preferred Stock for the three months ended March 31, 2021 and March 31, 2020, respectively (dollars in thousands, except share amounts): Shares Amount Balance, December 31, 2020 40,515 $ 202,292 Exchanged for Series D Preferred Stock (14,950) (74,748) Dividends paid in Preferred Stock 1 2 Offering Costs — 13 Amortization of offering costs — 22 Ending Balance, March 31, 2021 25,566 $ 127,581 Shares Amount Balance, December 31, 2019 40,500 $ 202,144 Issuance of Preferred Stock 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 The following tables present the activity in the Company's Series C Preferred Stock for the three months ended March 31, 2021 and March 31, 2020 (dollars in thousands, except share amounts): Shares Amount Balance, December 31, 2020 1,400 $ 6,962 Issuance of Preferred Stock — — Dividends paid in Preferred Stock — — Offering Costs — — Amortization of offering costs — 2 Ending Balance, March 31, 2021 1,400 $ 6,964 Shares Amount Balance, December 31, 2019 1,400 $ 6,966 Issuance of Preferred Stock — — Dividends paid in Preferred Stock — — Offering Costs — (5) Amortization of offering costs — 1 Ending Balance, March 31, 2020 1,400 $ 6,962 The following table presents the activity in the Company's Series D Preferred Stock for the three months ended March 31, 2021 (dollars in thousands, except share amounts): Shares Amount Balance, December 31, 2020 — $ — Issuance of Preferred Stock 17,950 89,748 Dividends paid in Preferred Stock — — Offering Costs — (26) Amortization of offering costs — — Ending Balance, March 31, 2021 17,950 $ 89,722 As of March 31, 2020 the Company did not have any Series D Preferred Stock outstanding. 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. 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. In April 2020, the Company’s board of directors unanimously approved a transition in the timing of the dividend payments to holders of the Company’s common stock from a monthly payment with daily accruals to a quarterly payment and accrual basis. The first quarterly dividend was the second quarter 2020 dividend payable in July 2020. Similarly, the Company began paying accrued and unpaid dividends on Preferred Stock on a quarterly basis. The monthly distributions for the first quarter of 2020 were paid at a daily rate equivalent to $1.44 per annum, per share of common stock. Starting with the second quarter 2020 distribution, the 2020 quarterly distributions were paid at a quarterly rate of $0.275 per share of common stock (equivalent to $1.10 per annum). Distribution payments are dependent on the availability of funds. The board of directors may reduce the amount of distributions paid or suspend distribution payments at any time, and therefore, distribution payments are not assured. Dividends on the Company’s Preferred Stock, to the extent not declared by the board of directors quarterly, will accrue, and dividends may not be paid on the Company's common stock to the extent there are accrued and unpaid dividends on the Preferred Stock. The amount of dividends paid on the Company’s Preferred Stock are generally in an amount equal to the dividends a holder of Preferred Stock would have received if the Preferred Stock had been converted into common stock in accordance with its terms. The Company distributed $12.2 million of common stock dividends during the three months ended March 31, 2021, comprised of $9.7 million in cash and $2.6 million in shares of common stock issued under the DRIP. The DRIP was temporarily suspended for the March 2020 dividend due to COVID-19 related valuation volatility, but was reactivated for the second quarter 2020 dividend. The Company distributed $15.8 million of common stock dividends 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. As of March 31, 2021 and December 31, 2020, the Company had declared but unpaid common stock distributions of $12.1 million and $12.2 million, respectively. Additionally, as of March 31, 2021 and December 31, 2020, the Company had declared but unpaid Series A Preferred Stock distributions of $2.1 million and $3.3 million, respectively and $0.1 million and $0.1 million of Series C Preferred stock, respectively. Additionally, as of March 31, 2021 the Company had declared but unpaid common stock distributions of $0.2 million of Series D Preferred Stock. These amounts are included in Distributions payable on the Company’s consolidated balance sheets. 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. The repurchase price per share for SRP repurchases is equal to the lesser of (i) the Company’s most recent estimated per-share NAV, as approved by the Company’s board of directors from time to time, and (ii) the Company’s book value per share, computed in accordance with GAAP, multiplied by a percentage equal to (i) 92.5%, if the person seeking repurchase has held his or her shares for a period greater than one year and less than two years; (ii) 95%, if the person seeking repurchase has held his or her shares for a period greater than two years and less than three years; (iii) 97.5%, if the person seeking repurchase has held his or her shares for a period greater than three years and less than four years; or (iv) 100%, if the person seeking repurchase has held his or her shares for a period greater than four years or in the case of requests for death or disability. The Company’s estimated per-share NAV as of March 31, 2021, as determined by the board of directors, is $17.88. The Company’s GAAP book value per share as of March 31, 2021 is $18.45. Repurchase requests related to death or a qualifying disability must satisfy certain conditions, each of which are assessed by and at the sole discretion of the Company, including the following conditions. In the case of death, the shareholder must be a natural person (or a revocable grantor trust) and the Company must receive a written notice from the estate of the shareholder, the recipient of the shares through bequest or inheritance, or the trustee in the case of a revocable grantor trust. In the case of a “qualifying disability”, the shareholder must be a natural person (or a revocable grantor trust) and the Company must receive a written notice from the shareholder, or the trustee in the case of a revocable grantor trust, that the condition was not pre-existing on the date the shares were acquired. In order for a disability to be considered a “qualifying disability”, the shareholder must receive and provide evidence (the shareholder application and the notice of final determination) of disability based upon a physical or mental condition or impairment made by a government agency responsible for reviewing and determining disability retirement benefits (e.g. the Social Security Administration). Repurchases pursuant to the SRP, when requested, generally will be made semiannually (each six-month period ending June 30 or December 31, a “fiscal semester”). Repurchases for any fiscal semester will be limited to a maximum of 2.5% of the weighted average number of shares of common stock outstanding during the previous fiscal year, with a maximum for any fiscal year of 5.0% of the weighted average number of shares of common stock outstanding during the previous fiscal year. Funding for repurchases pursuant to the SRP for any given fiscal semester will be limited to proceeds received during that same fiscal semester through the issuance of common stock pursuant to any DRIP in effect from time to time, provided that the Company's board of directors has the power, in its sole discretion, to determine the amount of shares repurchased during any fiscal semester as well as the amount of funds to be used for that purpose. Any repurchase requests received during such fiscal semester will be paid at the price, computed as described above on the last day of such fiscal semester. Due to these limitations, the Company cannot guarantee that the Company will be able to accommodate all repurchase requests made during any fiscal semester or fiscal year. However, a stockholder may withdraw its request at any time or ask that the Company honors the request when funds are available. Pending repurchase requests will be honored on a pro rata basis. The Company will generally pay repurchase proceeds, less any applicable tax or other withholding required by law, by the 31st day following the end of the fiscal semester during which the repurchase request was made. The following table reflects the number of shares repurchased under the SRP cumulatively through March 31, 2021: Number of Requests Number of Shares Repurchased Average Price per Share Cumulative as of December 31, 2020 8,094 4,121,735 $ 19.88 January 1 - January 31, 2021 (1) 1,351 521,796 17.53 February 1 - February 28, 2021 — — N/A March 1 - March 31, 2021 (1) — — N/A Cumulative as of March 31, 2021 9,445 4,643,531 $ 19.62 ________________________ (1) Reflects shares repurchased pursuant to repurchase requests submitted for the second semester of 2020, including 15,772 shares which for administrative reasons were processed in March 2021. 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 in the amount of 1,885,340 shares were not fulfilled for the second semester of 2020.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Unfunded Commitments Under Commercial Mortgage Loans As of March 31, 2021 and December 31, 2020, the Company had the below unfunded commitments to the Company's borrowers (dollars in thousands): Funding Expiration March 31, 2021 December 31, 2020 2021 $ 45,331 $ 59,692 2022 83,246 91,420 2023 70,951 69,880 2024 54,770 7,700 2025 and beyond 15,355 — $ 269,653 $ 228,692 The borrowers are required to meet or maintain certain metrics in order to qualify for the unfunded commitment amounts. Litigation and Regulatory Matters The Company is not presently involved in any material litigation arising outside the ordinary course of business. However, the Company is involved in routine litigation arising in the ordinary course of business, none of which the Company believes, individually or in the aggregate, will have a material impact on the Company’s financial condition, operating results or cash flows.

Related Party Transactions and

Related Party Transactions and Arrangements	3 Months Ended
	Mar. 31, 2021
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 is required to make the following payments and reimbursements to the Advisor: • The Company reimburses the Advisor’s costs of providing services pursuant to the Advisory Agreement, except the salaries and benefits paid by the Advisor to the Company’s executive officers. • The Company pays the Advisor, or its affiliates, a monthly asset management fee equal to one-twelfth of 1.5% of stockholders' equity as calculated pursuant to the Advisory Agreement. • The Company will pay the Advisor an annual subordinated performance fee calculated on the basis of total return to stockholders, payable monthly in arrears, such that for any year in which total return on stockholders’ capital exceeds 6.0% per annum, our Advisor will be entitled to 15.0% of the excess total return; provided that in no event will the annual subordinated performance fee payable to our Advisor exceed 10.0% of the aggregate total return for such year. • The Company reimburses the Advisor for insourced expenses incurred by the Advisor on the Company‘s behalf related to selecting, evaluating, originating and acquiring investments in an amount up to 0.5% of the principal amount funded by the Company to originate or acquire commercial mortgage loans and up to 0.5% of the anticipated net equity funded by the Company to acquire real estate securities investments. The table below shows the costs incurred due to arrangements with our Advisor and its affiliates during the three months ended March 31, 2021 and 2020 and the associated payable as of March 31, 2021 and December 31, 2020 (dollars in thousands): Three Months Ended March 31, Payable as of 2021 2020 March 31, 2021 December 31, 2020 Acquisition expenses (1) $ 153 $ 142 $ — $ — Administrative services expenses 3,474 4,112 3,474 2,940 Asset management and subordinated performance fee 5,416 3,912 6,411 4,773 Other related party expenses (2)(3) 29 582 592 1,812 Total related party fees and reimbursements $ 9,072 $ 8,748 $ 10,477 $ 9,525 ________________________ (1) Total acquisition expenses paid during the three months ended March 31, 2021 and 2020 were $2.6 million and $2.1 million respectively, of which $2.4 million and $2.0 million were capitalized within the commercial mortgage loans, held for investment and real estate securities, available for sale, at fair value lines of the consolidated balance sheets for the periods ended March 31, 2021 and 2020. (2) These are related to reimbursable costs incurred related to the increase in loan origination activities and are included in Other expenses in the Company's consolidated statements of operations. (3) As of March 31, 2021 and December 31, 2020 the related party payables include $0.6 million and $1.8 million of payments made by the Advisor to third party vendors on behalf of the Company. The payables as of March 31, 2021 and December 31, 2020 in the table above are included in Due to affiliates on the Company's consolidated balance sheets. Other Transactions Pursuant to a lending and security agreement with SBL, which was entered into in February 2020 and amended in March and August 2020, the Company may borrow up to $100.0 million at a rate of one-month LIBOR + 4.5%. The facility has a maturity of February 10, 2023 and is secured by a pledge of equity interests in certain of the Company’s subsidiaries. The Company incurred $0.4 million interest expense on the lending agreement with SBL for the three months ended March 31, 2021. As of March 31, 2021 there was $100.0 million outstanding under the lending agreement. SBL also holds 17,950 shares of the Company's outstanding shares of Series D Preferred Stock of which, 14,950 shares were acquired in exchange for an equivalent number of shares of Series A Preferred Stock in March 2021. SBL also acquired an additional 3,000 shares of Series D Preferred Stock at the liquidation preference of $15.0 million (net of accrued and unpaid dividends on the exchanged Series A Preferred Stock) in such transaction.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2021
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, available for sale, measured at fair value on the consolidated balance sheets are valued utilizing both observable and unobservable market inputs. These factors include projected future cash flows, ratings, subordination levels, vintage, remaining lives, credit issues, and recent trades of similar real estate securities. Depending upon the significance of the fair value inputs used in determining these fair values, these real estate securities are classified in either Level II or Level III of the fair value hierarchy. As of March 31, 2021 and December 31, 2020, 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. Commercial mortgage loans, held for sale, measured at fair value that are originated in the last month of the reporting period are held and marked to the transaction proceeds. 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 the fair value hierarchy for the period ended March 31, 2021 and December 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, 2021 and December 31, 2020 (dollars in thousands): Total Level I Level II Level III March 31, 2021 Assets, at fair value Real estate securities, available for sale, measured at fair value $ 18,865 $ — $ 18,865 $ — Commercial mortgage loans, held for sale, measured at fair value 93,117 — — 93,117 Other real estate investments, measured at fair value 2,528 — — 2,528 Interest rate swaps 889 — 889 — Treasury note futures 974 974 — — Total assets, at fair value $ 116,373 $ 974 $ 19,754 $ 95,645 Liabilities, at fair value Credit default swaps $ 1,105 $ — $ 1,105 $ — Total liabilities, at fair value $ 1,105 $ — $ 1,105 $ — December 31, 2020 Assets, at fair value Real estate securities, available for sale, measured at fair value $ 171,136 $ — $ 171,136 $ — Commercial mortgage loans, held for sale, measured at fair value 67,649 — — 67,649 Other real estate investments, measured at fair value 2,522 — — 2,522 Interest rate swaps 25 — 25 — Total assets, at fair value $ 241,332 $ — $ 171,161 $ 70,171 Liabilities, at fair value Credit default swaps $ 297 $ — $ 297 $ — Treasury note futures 106 106 — — Total liabilities, at fair value $ 403 $ 106 $ 297 $ — 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, 2021 and December 31, 2020 (dollars in thousands): Asset Category Fair Value Valuation Methodologies Unobservable Inputs (1) Weighted Average (2) Range March 31, 2021 Commercial mortgage loans, held for sale, measured at fair value $ 93,117 Discounted Cash Flow Yield 3.8% 3.2% - 17.6% Other real estate investments, measured at fair value 2,528 Discounted Cash Flow Yield 13.2% 12.2% - 14.2% December 31, 2020 Commercial mortgage loans, held for sale, measured at fair value $ 67,649 Discounted Cash Flow Yield 16.6% 15.6% - 17.6% Other real estate investments, measured at fair value 2,522 Discounted Cash Flow Yield 13.2% 12.2% - 14.2% ________________________ (1) In determining certain inputs, the Company evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company specific developments including exit strategies and realization opportunities. The Company has determined that market participants would take these inputs into account when valuing the investments. (2) Inputs were weighted based on the fair value of the investments included in the range. Increases or decreases in any of the above unobservable inputs in isolation would result in a lower or higher fair value measurement for such assets. The following table presents additional information about the Company’s financial instruments which are measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020 for which the Company has used Level III inputs to determine fair value (dollars in thousands): March 31, 2021 Commercial Mortgage Loans, held for sale, measured at fair value Other Real Estate Investments, measured at fair value Beginning balance, January 1, 2021 $ 67,649 $ 2,522 Transfers into Level III (2) — — Total realized and unrealized gain/(loss) included in earnings: Realized gain/(loss) on sale of commercial mortgage loan, held for sale 6,630 — Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments 479 6 Net accretion — — Purchases 166,360 — Sales / paydowns (148,001) — Transfers out of Level III (2) — — Ending Balance, March 31, 2021 $ 93,117 $ 2,528 December 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 (2) 23,625 — Total realized and unrealized gain/(loss) included in earnings: Realized gain/(loss) on sale of commercial mortgage loan, held for sale 15,931 — Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments (75) (32) Net accretion — (3) Purchases (1) 267,552 — Sales / paydowns (1) (328,321) — Transfers out of Level III (2) (23,625) — Ending Balance, December 31, 2020 $ 67,649 $ 2,522 (1) Excluded from Purchases and Sales/paydowns are $679.1 million and $682.0 million, respectively, of loans that collateralize a CMBS investment required to be consolidated in connection with the Company's retention of the B tranche during the year ended December 31, 2020. Upon disposition of the B tranche during the year ended December 31, 2020, the Company recognized a gain of $2.8 million that is recorded in Realized gain/loss on sale of real estate securities on the consolidated statements of operations. (2) Transfers in and transfers out include transfers between Commercial mortgage loans, held-for-sale and Commercial mortgage loans, held for investment. 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, 2021 and December 31, 2020 (dollars in thousands): Level Carrying Amount (1) Fair Value March 31, 2021 Commercial mortgage loans, held for investment (1) Asset III $ 3,028,698 $ 3,050,417 Collateralized loan obligations Liability III 2,075,611 2,090,873 Mortgage note payable Liability III 29,167 29,167 Other financing and loan participation - commercial mortgage loans Liability III 34,017 34,017 December 31, 2020 Commercial mortgage loans, held for investment (1) Asset III $ 2,714,734 $ 2,724,039 Collateralized loan obligation Liability III 1,625,498 1,606,478 Mortgage note payable Liability III 29,167 29,167 Other financing and loan participation - commercial mortgage loans Liability III 31,379 31,379 ________________________ (1) The carrying value is gross of $18.6 million and $20.9 million of allowance for credit losses as of March 31, 2021 and December 31, 2020, respectively. The fair value of the commercial mortgage loans, held for investment is estimated using a discounted cash flow analysis, based on the Advisor's experience with similar types of investments. The Company estimates the fair value of the collateralized loan obligations using external broker quotes. The fair value of the other financing and loan participation-commercial mortgage loans is generally estimated using a discounted cash flow analysis. At March 31, 2021, the Mortgage note payable was initially recorded at transaction proceeds, which are considered to be the best initial estimate of fair value.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2021
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, 2021, the net premiums received on derivative instrument assets were $3.0 million. The following derivative instruments were outstanding as of March 31, 2021 and December 31, 2020 (dollars in thousands): Fair Value Contract type Notional Assets Liabilities March 31, 2021 Credit default swaps $ 92,000 $ — $ 1,105 Interest rate swaps 40,453 889 — Treasury note futures 53,000 974 — Total $ 185,453 $ 1,863 $ 1,105 December 31, 2020 Credit default swaps $ 46,000 $ — $ 297 Interest rate swaps 32,517 25 — Treasury note futures 43,500 — 106 Total $ 122,017 $ 25 $ 403 The following table indicates the net realized and unrealized gains and losses on derivatives, by primary underlying risk exposure, as included in loss on derivative instruments in the consolidated statements of operations for the three months ended March 31, 2021 and March 31, 2020: Three Months Ended March 31, 2021 Contract type Unrealized (Gain)/Loss Realized (Gain)/Loss Credit default swaps $ (163) $ 455 Interest rate swaps (865) (921) Treasury note futures (1,081) (1,512) Total $ (2,109) $ (1,978) Three Months Ended March 31, 2020 Contract type Unrealized (Gain)/Loss Realized (Gain)/Loss Credit default swaps $ (1,752) $ 61 Interest rate swaps 4,340 2,946 Treasury note futures 2,248 3,627 Options — 35 Total $ 4,836 $ 6,669

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	3 Months Ended
	Mar. 31, 2021
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, 2021 and December 31, 2020 (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, 2021 Derivative instruments, at fair value $ 1,863 $ — $ 1,863 $ — $ — $ 1,863 December 31, 2020 Derivative instruments, at fair value $ 25 $ — $ 25 $ — $ — $ 25 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, 2021 Repurchase agreements - commercial mortgage loans $ 152,925 $ — $ 152,925 $ 315,991 $ 5,016 $ — Repurchase agreements - real estate securities 88,272 — 88,272 114,490 — — Derivative instruments, at fair value 1,105 — 1,105 — 6,058 — December 31, 2020 Repurchase agreements - commercial mortgage loans $ 276,340 $ — $ 276,340 $ 496,030 $ 5,016 $ — Repurchase agreements - real estate securities 186,828 — 186,828 245,956 1,146 — Derivative instruments, at fair value 403 — 403 — 3,435 — ________________________

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company conducts its business through the following reporting segments: • The real estate debt business focuses on originating, acquiring and asset managing commercial real estate debt investments, including first mortgage loans, subordinate mortgages, mezzanine loans and participations in such loans. • The real estate securities business focuses on investing in and asset managing commercial real estate securities primarily consisting of CMBS and may include unsecured REIT debt, CDO notes and other securities. • The commercial real estate conduit business operated through the Company's TRS, which is focused on generating risk-adjusted returns by originating and subsequently selling fixed-rate commercial real estate loans into the CMBS securitization market at a profit. • The real estate owned business represents real estate acquired by the Company through foreclosure, deed in lieu of foreclosure, or purchase. The following table represents the Company's operations by segment for the three months ended March 31, 2021 and March 31, 2020 (dollars in thousands): Three months ended March 31, 2021 Total Real Estate Debt and Other Real Estate Investments Real Estate Securities TRS Real Estate Owned Interest income $ 42,237 $ 40,757 $ 424 $ 1,056 $ — Revenue from real estate owned 716 — — — 716 Interest expense 11,369 10,574 182 332 281 Net income/(loss) 30,146 23,033 (454) 7,538 29 Total assets as of March 31, 2021 3,552,693 3,346,477 19,259 106,782 80,175 Three Months Ended March 31, 2020 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 December 31, 2020 3,189,761 2,866,790 175,088 105,364 42,519 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, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
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.
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.
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 loan origination activities. The cost is amortized over the life of the loan and recognized in interest income in the Company's consolidated statements of operations. Acquisition expenses paid on future funding amounts are expensed within the acquisition expenses line in the Company's consolidated statements of operations.
Cash and Cash Equivalents	Cash and Cash EquivalentsCash 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, 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 commitment 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 commitment 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, measured at fair value is recorded on the accrual basis of accounting and is included in interest income in the consolidated statements of operations. Costs to originate these investments are expensed when incurred.
Real estate owned	Real estate owned Real estate owned (“REO”) assets represent 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 assets such as land, building, furniture, fixtures and equipment. Asset acquisitions in which monetary consideration is given generally include the transaction costs of the asset acquisition. Acquiring assets in groups requires not only ascertaining the cost of the asset (or net asset) group but also allocating that cost to the individual assets (or individual assets and liabilities) that make up the group. The cost of a group of assets acquired in an asset acquisition shall be allocated to the individual assets acquired or liabilities assumed based on their relative fair values and shall not give rise to goodwill. Real estate owned 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 owned assets are capitalized and depreciated over their estimated useful lives. Real estate owned revenue is recognized when the Company satisfies a performance obligation by transferring a promised good or service to a customer. The Company is considered to have satisfied all performance obligations at a point in time. Real estate owned assets that are probable to be sold within one year are reported as held for sale. Real estate owned assets classified as held for sale shall be measured at the lower of its carrying amount or fair value less cost to sell. Real estate owned assets shall not be depreciated or amortized while it is classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale shall continue to be accrued. Upon the disposition of a real estate owned asset, the Company calculates realized gains and losses as net proceeds received less the carrying value of the real estate owned asset. Net proceeds received are net of direct selling costs associated with the disposition of the real estate owned asset.
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, 2021 were operating leases.
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 adopted model for ASC 326 as it applies to HTM and AFS securities, encompassing the beneficial interest model for securities that are not of high credit quality, has been clarified to include the effective interest method as a basis for the projection of cash collections method in connection with the newly adopted impairment models for HTM and AFS debt securities under ASC 326 when securities are not of high credit quality. The allowance for credit losses required under ASU 2016-13 is deducted from the respective loans’ amortized cost basis on the Company’s consolidated balance sheets. The allowance for credit losses attributed to unfunded loan commitments is included in Accounts payable and accrued expenses on the consolidated balance sheets. The guidance also required a cumulative-effect adjustment to retained earnings as of the beginning of the reporting period of adoption. 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 Provision/(benefit) 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 timely, following three months time, reversed against interest income when a loan, real estate security or preferred equity investment is placed on nonaccrual status. The Company did not record reversals of accrued interest receivable during the three months ended March 31, 2021. Loans are charged off against the Provision/(benefit) 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	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. The Company uses the specific identification method in determining the cost relief for real estate securities sold. Realized gains and losses from the sale of real estate securities are included 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 accumulated 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 accumulated other comprehensive income in the consolidated balance sheets.
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 Cost	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 loan obligations ("CLO") are netted against the Company's CLO payable in the Collateralized loan 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") that enables stockholders to sell their shares to the Company, subject to certain conditions. Refer to Note 9 - Stock Transactions for a description of the SRP. 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 Since 2018, the Company has from time to time offered, and may in the future offer, shares of the Company’s common stock or one or more series of its preferred stock (“Preferred Stock”), including its Series A convertible preferred stock (“Series A Preferred Stock”), Series C convertible preferred stock (the “Series C Preferred Stock,”) and Series D convertible preferred stock (the “Series D Preferred Stock,” and together with the Series A Preferred Stock and Series C Preferred Stock, the “Preferred Stock”) in private placements exempt from the registration requirements of the Securities Act of 1933, as amended. In connection with these offerings, the Company incurs various offering costs. 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 Series A Preferred Stock, Series C Preferred Stock and Series D Preferred Stock, respectively, on the Company’s consolidated balance sheets.
Distribution Reinvestment Plan	Distribution Reinvestment PlanPursuant to the Company's distribution reinvestment plan ("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. The purchase price for shares purchased through the DRIP is the lesser of (i) the Company’s most recent estimated per share net asset value ("NAV"), and (ii) the Company’s most recently disclosed GAAP book value per share. There is no market for our common stock. 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.
Income Taxes	Income Taxes The Company has conducted its operations to qualify as a REIT for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2013. As a REIT, if the Company meets certain organizational and operational requirements and distributes at least 90% of its "REIT taxable income" (determined before the deduction of dividends paid and excluding net capital gains) to its stockholders in a year, it will not be subject to U.S. federal income tax to the extent of the income that it distributes. However, even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on income in addition to U.S. federal income and excise taxes on its undistributed income. The Company, through its TRS, is indirectly subject to U.S. federal, state and local income taxes. The Company’s TRS is not consolidated for U.S. federal income tax purposes, but is instead taxed as a C corporation. For financial reporting purposes, the TRS is consolidated and a provision for current and deferred taxes is established for the portion of earnings recognized by the Company with respect to its interest in its TRS. Total income tax provision/(benefit) for the three months ended March 31, 2021 and March 31, 2020 was $2.0 million and $(1.9) 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, 2017 and concluded that there were no uncertainties to be recognized. The Company’s accounting policy with respect to interest and penalties related to tax uncertainties is to classify these amounts as provision for income taxes. The Company utilizes the TRS to reduce the impact of the prohibited transaction tax and to avoid penalty for the holding of assets not qualifying as real estate assets for purposes of the REIT asset tests. Any income associated with a TRS is fully taxable because the TRS is subject to federal and state income taxes as a domestic C corporation based upon its net income.
Derivatives and Hedging Activities	Derivatives and Hedging Activities In the normal course of business, the Company is exposed to the effect of interest rate changes and may undertake a strategy to limit these risks through the use of derivatives. The Company uses derivatives primarily to economically hedge against interest rates, CMBS spreads and macro market risk in order to minimize volatility. The Company may use a variety of derivative instruments that are considered conventional, including but not limited to: Treasury note futures and credit derivatives on various indices including CMBX and CDX. The Company recognizes all derivatives on the consolidated balance sheets at fair value. The Company does not designate derivatives as hedges to qualify for hedge accounting for financial reporting purposes and therefore any net payments under, or fluctuations in the fair value of these derivatives have been recognized currently in unrealized (gain)/loss on derivative instruments in the accompanying consolidated statements of operations. The Company records derivative asset and liability positions on a gross basis with any collateral posted with or received from counterparties recorded separately within Restricted cash on the Company’s consolidated balance sheets. Certain derivatives that the Company has entered into are subject to master netting agreements with its counterparties, allowing for netting of the same transaction, in the same currency, on the same date.
Per Share Data	Per Share Data The Company’s Preferred Stock is considered a participating security and the Company calculates 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 outstanding Preferred Stock is classified outside of permanent equity in the consolidated balance sheets. Subject to certain conditions, the outstanding Preferred Stock is redeemable at the option of the holders of the Preferred Stock, outside of the control of the Company. Series A Preferred Stock The Series A Preferred Stock ranks senior to the Company’s common stock, par value $0.01 per share (“Common Stock”), and on parity with all other outstanding classes of preferred stock of the Company (including the Series C and Series D Preferred Stock) with respect to priority in dividends and in the distribution of assets in the event of the liquidation, dissolution or winding-up of the Company. The liquidation preference of each share of Series A Preferred Stock is the greater of (i) $5,000 plus accrued and unpaid dividends, and (ii) the amount that would be received upon a conversion of the Series A Preferred Stock into Common Stock. Dividends are on the Series A Preferred Stock, which are typically declared and paid quarterly, accrue at a rate equal to the greater of (i) an annual amount equal to 4.0% of the liquidation preference per share (subject to a 1.0% increase in the event of the ratings for the Series A Preferred Stock decreases below a certain threshold) and (ii) the dividends that would have been paid had such share of Series A Preferred Stock been converted into a share of Common Stock on the first day of such quarter, subject to proration in the event the share of Series A Preferred Stock is not outstanding for the full quarter. Dividends are paid in arrears. Dividends will accumulate and be cumulative from the most recent date to which dividends had been paid. 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 described in the Articles Supplementary (the “Conversion Rate”). A “Liquidity Event” is defined as (i) the listing of the Common Stock on a national securities exchange or quotation on an electronic inter-dealer quotation system; (ii) a merger or business combination involving the Company pursuant to which outstanding shares Common Stock are exchanged for securities of another company which are listed on a national securities exchange or quoted on an electronic inter-dealer quotation system; or (iii) any other transaction or series of transaction that results in all shares of Common Stock being transferred or exchange for cash or securities which are listed on a national securities exchange or quoted on an electronic inter-dealer quotation system. If there has not been a Liquidity Event by June 25, 2024 (six years from the initial issuance of the Series A Preferred Stock), each holder of Series A Preferred Stock shall have the right to require the Company to redeem its Series A Preferred Stock for cash at the liquidation preference, or such holder may convert all, but not less than all, of the Series A Preferred Stock held by such holder into Common Stock at the Conversion Rate. In the event of the sale of all or substantially all of the business or assets of the Company (by sale, merger, consolidation or otherwise) or the acquisition by any person of more than 50% of the total economic interests or voting power of all securities of the Company (a “Company Change of Control”), other than a Liquidity Event, each holder of Series A Preferred Stock will have the right, prior to consummation of such transaction, to convert its Series A Preferred Stock into Common Stock at the Conversion Rate. In addition, in the event of a change of control of the Advisor (as defined in the Articles Supplementary) or a Company Change of Control that is not a Liquidity Event and that is related to the removal of the Advisor, both the Company and the holder shall have the right, prior to consummation of the transaction, to require the redemption of the Series A Preferred Stock for the liquidation preference. Holders of the Series A Preferred Stock (voting as a single class with holders of Common Stock and other classes of voting 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. The number of votes applicable to a share of outstanding Series A Preferred Stock will be equal to the number of shares of Common Stock a share of Series A 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 Series A Preferred Stock is required to approve the issuance of any equity securities senior to the Series A Preferred Stock and to take certain actions materially adverse to the holders of the Series A Preferred Stock. Series C Preferred Stock The Series C Preferred Stock is on parity with the Series A Preferred Stock with respect to preference on liquidation and dividend rights. Except as set forth below, the terms of the Series C Preferred Stock are substantially the same as the terms of the Series A Preferred Stock: • The Series C Preferred Stock is not rated and its dividend rate is not impacted by changes in ratings. • The are no anti-dilution adjustments to the Conversion Price based on share issuances at below GAAP book value. • The Series C Preferred Stock will not immediately convert upon a Liquidation Event; the mandatory conversion will occur on the one-year anniversary of the Liquidity Event. The Company has the option to accelerate the mandatory conversion date to a date no earlier than six months after the Liquidity Event upon 10 days’ notice to the holders. • A Company Change of Control that is also a Liquidity Event will trigger the Change of Control redemption right. • The optional conversion and redemption provisions are effective on and after on October 18, 2025 (rather than June 25, 2024). • With respect to voting rights on issuance of any equity securities senior to the Series C Preferred Stock and certain other actions materially adverse to the holders of the Series C Preferred Stock, the Series C Preferred Stock holders will vote as a single class with other parity Preferred Stock (except the Series A Preferred Stock). Series D Preferred Stock The Series D Preferred Stock is on parity with the Series A Preferred Stock and Series C Preferred Stock with respect to preference on liquidation and dividend rights. The terms of the Series D Preferred Stock are substantially the same as the terms of the Series A Preferred Stock, except that the Series D Preferred Stock will not immediately convert upon a Liquidation Event; the mandatory conversion will occur on the one-year anniversary of the Liquidity Event. The holders have the option to accelerate the mandatory conversion date to a date no earlier than six months after the Liquidity Event.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted On March 12, 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional expedients and exceptions to the US GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. The guidance is effective upon issuance and generally can be applied through December 31, 2022. The Company has not adopted any of the optional expedients or exceptions through March 31, 2021, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve.
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, available for sale, measured at fair value on the consolidated balance sheets are valued utilizing both observable and unobservable market inputs. These factors include projected future cash flows, ratings, subordination levels, vintage, remaining lives, credit issues, and recent trades of similar real estate securities. Depending upon the significance of the fair value inputs used in determining these fair values, these real estate securities are classified in either Level II or Level III of the fair value hierarchy. As of March 31, 2021 and December 31, 2020, 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. Commercial mortgage loans, held for sale, measured at fair value that are originated in the last month of the reporting period are held and marked to the transaction proceeds. 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 the fair value hierarchy for the period ended March 31, 2021 and December 31, 2020.

Fair Value Measures and Disclos

Fair Value Measures and Disclosures (Policies)	3 Months Ended
	Mar. 31, 2021
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, available for sale, measured at fair value on the consolidated balance sheets are valued utilizing both observable and unobservable market inputs. These factors include projected future cash flows, ratings, subordination levels, vintage, remaining lives, credit issues, and recent trades of similar real estate securities. Depending upon the significance of the fair value inputs used in determining these fair values, these real estate securities are classified in either Level II or Level III of the fair value hierarchy. As of March 31, 2021 and December 31, 2020, 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. Commercial mortgage loans, held for sale, measured at fair value that are originated in the last month of the reporting period are held and marked to the transaction proceeds. 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 the fair value hierarchy for the period ended March 31, 2021 and December 31, 2020.

Commercial Mortgage Loans (Tabl

Commercial Mortgage Loans (Tables)	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Schedule of loans receivable by class	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, 2021 December 31, 2020 Senior loans $ 3,009,785 $ 2,698,823 Mezzanine loans 18,913 15,911 Total gross carrying value of loans 3,028,698 2,714,734 Less: Allowance for credit losses (1) 18,600 20,886 Total commercial mortgage loans, held for investment, net $ 3,010,098 $ 2,693,848 ________________________ (1) As of March 31, 2021 and December 31, 2020, there have been no specific reserves for loans in non-performing status. The following tables represent the composition by loan type and region of the Company's commercial mortgage loans, held for investment portfolio (dollars in thousands): March 31, 2021 December 31, 2020 Loan Type Par Value Percentage Par Value Percentage Multifamily $ 1,515,787 49.9 % $ 1,202,694 44.2 % Office 547,100 18.0 % 517,464 19.0 % Hospitality 426,040 14.0 % 403,908 14.8 % Industrial 200,427 6.6 % 243,404 8.9 % Mixed Use 94,280 3.1 % 102,756 3.8 % Self-Storage 86,423 2.8 % 86,424 3.2 % Retail 78,550 2.6 % 78,550 2.9 % Manufactured Housing 72,539 2.5 % 71,263 2.6 % Land 16,400 0.5 % 16,400 0.6 % Total $ 3,037,546 100.0 % $ 2,722,863 100.0 % March 31, 2021 December 31, 2020 Loan Region Par Value Percentage Par Value Percentage Southwest $ 810,556 26.7 % $ 515,392 18.9 % Southeast 811,205 26.7 % 796,908 29.3 % Mideast 484,199 15.9 % 473,514 17.4 % Far West 422,785 13.9 % 415,173 15.2 % Great Lakes 186,423 6.1 % 199,203 7.3 % Various 104,200 3.4 % 136,855 5.0 % Plains 100,261 3.3 % 116,143 4.3 % New England 69,166 2.4 % 69,675 2.6 % Rocky Mountain 48,751 1.6 % — — % Total $ 3,037,546 100.0 % $ 2,722,863 100.0 % The following tables represent the composition by loan type and region of the Company's commercial mortgage loans, held for sale, measured at fair value (dollars in thousands): March 31, 2021 December 31, 2020 Loan Type Par Value Percentage Par Value Percentage Office $ 30,500 32.9 % $ — — % Mixed Use 18,598 20.1 % — — % Multifamily 18,100 19.5 % 100 0.1 % Retail 13,970 15.1 % — — % Industrial 9,024 9.7 % 67,550 99.9 % Manufactured Housing 2,446 2.7 % — — % Hospitality — — % — — % Total $ 92,638 100.0 % $ 67,650 100.0 % March 31, 2021 December 31, 2020 Loan Region Par Value Percentage Par Value Percentage Southeast $ 39,256 42.4 % $ — — % Far West 18,000 19.4 % 58,500 86.5 % Mideast 15,973 17.2 % — — % Great Lakes 11,749 12.7 % 9,150 13.5 % Various 7,660 8.3 % — — % Total $ 92,638 100.0 % $ 67,650 100.0 %
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, as of March 31, 2021 (dollars in thousands): Three Months Ended March 31, 2021 MultiFamily Retail Office Industrial Mixed Use Hospitality Self-Storage Manufactured Housing Total Beginning Balance $ 3,095 $ 404 $ 1,575 $ 3,795 $ 132 $ 11,646 $ 117 $ 122 $ 20,886 Current Period: Provision/(benefit) for credit losses 2,078 (2) (374) (3,187) 253 (773) 23 (15) (1,997) Write offs (289) — — — — — — — (289) Ending Balance $ 4,884 $ 402 $ 1,201 $ 608 $ 385 $ 10,873 $ 140 $ 107 $ 18,600 Three Months Ended March 31, 2021 MultiFamily Retail Office Industrial Mixed Use Hospitality Self-Storage Manufactured Housing Total Beginning Balance $ 85 $ — $ 47 $ 418 $ 14 $ 101 $ — $ — $ 665 Current Period: Provision/(benefit) for credit losses 68 — (9) (317) (2) (74) — — (334) Ending Balance $ 153 $ — $ 38 $ 101 $ 12 $ 27 $ — $ — $ 331 As part of the Company's process for monitoring the credit quality of its commercial mortgage loans, excluding those held for sale, measured at fair value, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its loans. The loans are scored on a scale of 1 to 5 as follows: Investment Rating Summary Description 1 Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable. 2 Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. 3 Performing investments requiring closer monitoring. Trends and risk factors show some deterioration. 4 Underperforming investment with the potential of some interest loss but still expecting a positive return on investment. Trends and risk factors are negative. 5 Underperforming investment with expected loss of interest and some principal.
Schedule of allocation by risk rating	The following tables present the amortized cost of our commercial mortgage loans, held for investment as of March 31, 2021 and 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, 2021. As of March 31, 2021 2021 2020 2019 2018 2017 2016 Prior Total Multifamily: Risk Rating: 1-2 internal grade $ 420,073 $ 585,941 $ 291,648 $ 174,105 $ — $ — $ 3,488 $ 1,475,255 3-4 internal grade — — — 36,115 — — — 36,115 Total Multifamily Loans $ 420,073 $ 585,941 $ 291,648 $ 210,220 $ — $ — $ 3,488 $ 1,511,370 Retail: Risk Rating: 1-2 internal grade $ — $ 13,299 $ 22,751 $ 16,400 $ — $ — $ — $ 52,450 3-4 internal grade — — 12,876 29,432 — — — 42,308 Total Retail Loans $ — $ 13,299 $ 35,627 $ 45,832 $ — $ — $ — $ 94,758 Office: Risk Rating: 1-2 internal grade $ 48,466 $ 248,628 $ 160,784 $ 60,375 $ 26,724 $ — $ — $ 544,977 3-4 internal grade — — — — — — — — Total Office Loans $ 48,466 $ 248,628 $ 160,784 $ 60,375 $ 26,724 $ — $ — $ 544,977 Industrial: Risk Rating: 1-2 internal grade $ — $ 123,139 $ 76,490 $ — $ — $ — $ — $ 199,629 3-4 internal grade — — — — — — — — Total Industrial Loans $ — $ 123,139 $ 76,490 $ — $ — $ — $ — $ 199,629 Mixed Use: Risk Rating: 1-2 internal grade $ — $ 30,265 $ — $ 63,815 $ — $ — $ — $ 94,080 3-4 internal grade — — — — — — — — Total Mixed Use Loans $ — $ 30,265 $ — $ 63,815 $ — $ — $ — $ 94,080 Hospitality: Risk Rating: 1-2 internal grade $ 22,887 $ 26,889 $ 10,552 $ — $ — $ — $ — $ 60,328 3-4 internal grade — — 160,965 113,423 90,655 — — 365,043 Total Hospitality Loans $ 22,887 $ 26,889 $ 171,517 $ 113,423 $ 90,655 $ — $ — $ 425,371 Self-Storage: Risk Rating: 1-2 internal grade $ — $ 41,324 $ — $ 44,921 $ — $ — $ — $ 86,245 3-4 internal grade — — — — — — — — Total Self-Storage Loans $ — $ 41,324 $ — $ 44,921 $ — $ — $ — $ 86,245 Manufactured Housing: Risk Rating: 1-2 internal grade $ — $ 25,915 $ 46,353 $ — $ — $ — $ — $ 72,268 3-4 internal grade — — — — — — — — Total Manufactured Housing Loans $ — $ 25,915 $ 46,353 $ — $ — $ — $ — $ 72,268 Total $ 491,426 $ 1,095,400 $ 782,419 $ 538,586 $ 117,379 $ — $ 3,488 $ 3,028,698 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 The following table represents the allocation by risk rating for the Company's commercial mortgage loans, held for investment (dollars in thousands): March 31, 2021 December 31, 2020 Risk Rating Number of Loans Par Value Risk Rating Number of Loans Par Value 1 — $ — 1 — $ — 2 122 2,593,571 2 104 2,232,045 3 22 383,400 3 22 384,040 4 2 60,575 4 4 106,778 5 — — 5 — — 146 $ 3,037,546 130 $ 2,722,863
Schedule of financing receivable past due	The following table presents an aging summary of the loans amortized cost basis at March 31, 2021 (dollars in thousands): Multifamily Retail Office Industrial Mixed Use Hospitality Self-Storage Manufactured Housing Total Status: Current $ 1,511,370 $ 94,758 $ 544,977 $ 199,629 $ 94,080 $ 368,296 $ 86,245 $ 72,268 $ 2,971,623 1-29 days past due — — — — — — — — — 30-59 days past due — — — — — — — — — 60-89 days past due — — — — — — — — — 90-119 days past due — — — — — — — — — 120+ days past due (1) — — — — — 57,075 — — 57,075 Total $ 1,511,370 $ 94,758 $ 544,977 $ 199,629 $ 94,080 $ 425,371 $ 86,245 $ 72,268 $ 3,028,698 ________________________ (1) For the three months ended March 31, 2021, there was no interest income recognized on this loan.
Schedule of real estate notes receivable rollforward	For the three months ended March 31, 2021 and year ended December 31, 2020, the activity in the Company's commercial mortgage loans, held for investment portfolio was as follows (dollars in thousands): Three Months Ended March 31, Year Ended December 31, 2021 2020 Balance at Beginning of Year $ 2,693,848 $ 2,762,042 Cumulative-effect adjustment upon adoption of ASU 2016-13 — (7,211) Acquisitions and originations 522,735 1,287,720 Principal repayments (170,529) (1,223,490) Discount accretion/premium amortization 1,167 6,146 Loans transferred from/(to) commercial real estate loans, held for sale — (76,979) Net fees capitalized into carrying value of loans (1,886) (6,562) (Provision)/benefit for credit losses 1,997 (13,181) Charge-off from allowance 289 427 Transfer to real estate owned (37,523) (35,064) Balance at End of Period $ 3,010,098 $ 2,693,848

Real Estate Securities (Tables)

Real Estate Securities (Tables)	3 Months Ended
	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Summary of real estate securities	The following is a summary of the Company's real estate securities, CMBS (dollars in thousands): March 31, 2021 Type Interest Rate Maturity Par Value Fair Value CMBS 1 2.4% 2/15/2036 $19,000 $18,865 December 31, 2020 Type Interest Rate Maturity Par Value Fair Value CMBS 1 3.0% 5/15/2022 $13,250 $12,657 CMBS 2 2.2% 6/26/2025 10,800 10,335 CMBS 3 2.5% 2/15/2036 40,000 38,292 CMBS 4 1.9% 6/15/2037 8,000 7,892 CMBS 5 2.1% 9/15/2037 24,000 23,297 CMBS 6 2.3% 6/15/2034 12,000 11,580 CMBS 7 1.5% 12/15/2036 20,000 18,975 CMBS 8 1.8% 12/15/2036 25,000 23,268 CMBS 9 2.3% 3/15/2035 25,665 24,840
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, 2021 CLOs $ 19,079 $ — $ — $ (214) $ 18,865 SASB — — — — — Total $ 19,079 $ — $ — $ (214) $ 18,865 December 31, 2020 CLOs $ 123,444 $ — $ — $ (4,888) $ 118,556 SASB 55,948 — — (3,368) 52,580 Total $ 179,392 $ — $ — $ (8,256) $ 171,136 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, 2021 2020 Unrealized gain/(loss) on available for sale securities $ 1,665 $ (67,607) Reclassification of net (gain)/loss on available for sale securities included in net income/(loss) 6,377 — Unrealized gain/(loss) on available for sale securities, net of reclassification adjustment $ 8,042 $ (67,607)
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, 2021 and December 31, 2020 (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, 2021 CLOs $ — $ 18,865 $ — $ (214) SASB — — — — Total $ — $ 18,865 $ — $ (214) December 31, 2020 CLOs $ 63,131 $ 55,425 $ (2,824) $ (2,065) SASB — 52,580 — (3,367) Total $ 63,131 $ 108,005 $ (2,824) $ (5,432)

Real Estate Owned (Tables)

Real Estate Owned (Tables)	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Summary of real estate owned	The following table summarizes the Company's real estate owned assets as of March 31, 2021 (dollars in thousands): Acquisition Date Property Type Primary Location(s) Land Building and Improvements Furniture, Fixtures and Equipment Accumulated Depreciation Real Estate Owned, net October 2019 (1) Office Jeffersonville, IN $ 1,887 $ 21,989 $ 3,565 $ (1,131) $ 26,310 January 2021 (2) Multifamily Kansas City, MO 4,300 28,697 4,526 — 37,523 $ 6,187 $ 50,686 $ 8,091 $ (1,131) $ 63,833 ________________________ (1) Refer to Note 2 for the useful life of the above assets. (2) Represents assets acquired by the Company by completing a foreclosure transaction and is designated as held for sale within the Company's consolidated balance sheets. The following table summarizes the Company's real estate owned assets as of December 31, 2020 (dollars in thousands): Acquisition Date Property Type Primary Location(s) Land Building and Improvements Furniture, Fixtures and Equipment Accumulated Depreciation Real Estate Owned, net October 2019 (1) Office Jeffersonville, IN $ 1,887 $ 21,989 $ 3,565 $ (931) $ 26,510 $ 1,887 $ 21,989 $ 3,565 $ (931) $ 26,510 ________________________ (1) Refer to Note 2 for the useful life of the above assets.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
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, 2021 (dollars in thousands): Acquisition Date Property Type Primary Location(s) Intangible Lease Asset, Gross Accumulated Amortization Intangible Lease Asset, Net of Amortization October 2019 Office Jeffersonville, IN $ 14,509 $ (1,169) $ 13,340 $ 14,509 $ (1,169) $ 13,340 The following table summarizes the Company's intangible lease asset recognized in the consolidated balance sheets as of December 31, 2020 (dollars in thousands): Acquisition Date Property Type Primary Location(s) Intangible Lease Asset, Gross Accumulated Amortization Intangible Lease Asset, Net of Amortization October 2019 Office Jeffersonville, IN $ 14,509 $ (963) $ 13,546 $ 14,509 $ (963) $ 13,546
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, 2021 2021 (April - December) $ 1,932 2022 2,607 2023 2,646 2024 2,686 2025 2,726 2026 and beyond 34,168 Total minimum rent $ 46,765
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, 2021 2021 (April - December) $ (619) 2022 (825) 2023 (825) 2024 (825) 2025 (825)

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of repurchase facilities and agreements	The details of the Company's Repo Facilities at March 31, 2021 and December 31, 2020 are as follows (dollars in thousands): As of March 31, 2021 Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate Maturity JPM Repo Facility $ 300,000 $ 111,108 $ 989 2.41 % 10/6/2022 USB Repo Facility 100,000 — 93 N/A 6/15/2021 CS Repo Facility 200,000 10,000 980 4.50 % 8/19/2021 WF Repo Facility (2) 175,000 — 504 N/A 11/21/2021 Barclays Revolver Facility (3) 100,000 — 34 N/A 9/20/2021 Barclays Repo Facility (4) 300,000 31,817 486 1.96 % 3/15/2022 Total $ 1,175,000 $ 152,925 $ 3,086 ________________________ (1) For the three months ended March 31, 2021. Includes amortization of deferred financing costs. (2) There are two more one-year extension options available at the Company's discretion. (3) There is one one-year extension option available at the Company's discretion. (4) Includes one one-year extensions at the Company's option. As of December 31, 2020 Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate Maturity JPM Repo Facility (2) $ 300,000 $ 113,884 $ 5,020 2.54 % 10/6/2022 USB Repo Facility (3) 100,000 5,775 599 2.40 % 6/15/2021 CS Repo Facility (4) 200,000 106,971 3,539 2.84 % 8/19/2021 WF Repo Facility (5) 175,000 27,150 1,041 2.50 % 11/21/2021 Barclays Revolver Facility (6) 100,000 — 387 N/A 9/20/2021 Barclays Repo Facility (7) 300,000 22,560 1,046 2.51 % 3/15/2022 Total $ 1,175,000 $ 276,340 $ 11,632 ________________________ (1) For the year ended December 31, 2020. Includes amortization of deferred financing costs. (2) On October 6, 2020 the maturity date was amended to October 6, 2022. (3) On June 9, 2020, the Company exercised the extension option upon the satisfaction of certain conditions, and extended the term maturity to June 15, 2021. (4) On August 28, 2020, the Company exercised the extension option upon the satisfaction of certain conditions, and extended the term maturity to August 19, 2021. Additionally, in 2020 the committed financing amount was downsized from $300 million to $200 million. (5) On November 17, 2020, the Company exercised the extension option upon the satisfaction of certain conditions, and extended the term maturity to November 21, 2021. There are two more one-year extension options available at the Company's discretion. (6) There is one one-year extension option available at the Company's discretion. (7) Includes two one-year extensions at the Company's option. Below is a summary of the Company's MRAs as of March 31, 2021 and December 31, 2020 (dollars in thousands): Weighted Average Counterparty Amount Outstanding Accrued Interest Collateral Pledged (1) Interest Rate Days to Maturity As of March 31, 2021 JP Morgan Securities LLC $ 16,609 $ 89 $ 23,430 1.73 % 7 Wells Fargo Securities, LLC — — — N/A N/A Goldman Sachs International — 37 — N/A N/A Barclays Capital Inc. 71,663 246 91,060 1.35 % 45 Credit Suisse AG — — — N/A N/A Citigroup Global Markets, Inc. — 81 — N/A N/A Total/Weighted Average $ 88,272 $ 453 $ 114,490 1.43 % 37 As of December 31, 2020 JP Morgan Securities LLC $ 33,791 $ 1,668 $ 43,612 1.75 % 31 Wells Fargo Securities, LLC — 1,057 — N/A N/A Goldman Sachs International 22,440 455 30,794 1.68 % 16 Barclays Capital Inc. 76,809 2,102 97,244 1.71 % 33 Credit Suisse AG — 905 — N/A N/A Citigroup Global Markets, Inc. 53,788 2,532 71,723 1.70 % 29 Total/Weighted Average $ 186,828 $ 8,719 $ 243,373 1.71 % 33 ________________________ (1) Includes $95.6 million
Schedule of collateralized loan obligations by tranche	The following table represents the terms of the notes issued by 2018-FL3 Issuer, 2018-FL4 Issuer, 2019-FL5 Issuer and 2021-FL6 Issuer (the "CLOs), respectively, as of March 31, 2021 (dollars in thousands): CLO Facility Tranche Par Value Issued Par Value Outstanding (1) Interest Rate Maturity Date 2018-FL3 Issuer Tranche A $ 286,700 $ 83,069 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 416,827 375,911 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 61,372 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 2021-FL6 Issuer Tranche A 367,500 367,500 1M LIBOR + 110 3/15/2036 2021-FL6 Issuer Tranche A-S 86,625 86,625 1M LIBOR + 130 3/15/2036 2021-FL6 Issuer Tranche B 33,250 33,250 1M LIBOR + 160 3/15/2036 2021-FL6 Issuer Tranche C 41,125 41,125 1M LIBOR + 205 3/15/2036 2021-FL6 Issuer Tranche D 44,625 44,625 1M LIBOR + 300 3/15/2036 2021-FL6 Issuer Tranche E 11,375 — 1M LIBOR + 350 3/15/2036 $ 2,409,701 $ 2,092,927 ________________________ (1) Excludes $339.7 million of CLO notes, held by the Company, which are eliminated within the collateralized loan obligation line in the consolidated balance sheets as of March 31, 2021. The following table represents the terms of the notes issued by 2018-FL3 Issuer, 2018-FL4 Issuer and 2019-FL5 Issuer, as of December 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 $ 161,745 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 416,827 416,659 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 61,373 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 $ 1,639,227 ________________________ (1) Excludes $267.1 million of CLO notes, held by the Company, which are eliminated within the collateralized loan obligation line in the consolidated balance sheets as of December 31, 2020.
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, 2021 and December 31, 2020 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. The VIE's are non-recourse to the Company. Assets (dollars in thousands) March 31, 2021 December 31, 2020 Cash (1) $ 216,615 $ 99,025 Commercial mortgage loans, held for investment, net (2) 2,505,938 2,044,956 Accrued interest receivable 6,700 5,626 Total Assets $ 2,729,253 $ 2,149,607 Liabilities Notes payable (3)(4) $ 2,415,354 $ 1,892,616 Accrued interest payable 1,266 1,240 Total Liabilities $ 2,416,620 $ 1,893,856 ________________________ (1) Includes $216.0 million and $98.6 million of cash held by the servicer related to CLO loan payoffs as of March 31, 2021 and December 31, 2020, respectively. (2) The balance is presented net of allowance for credit losses of $16.5 million and $19.4 million as of March 31, 2021 and December 31, 2020, respectively. (3) Includes $339.7 million and $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, 2021 and December 31, 2020, respectively.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Summary of the basic and diluted earnings per share	The following table presents a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations and the calculation of basic and diluted earnings per share for the three months ended March 31, 2021 and March 31, 2020 (in thousands, except share and per share data): Three months ended March 31, Numerator 2021 2020 Net income/(loss) $ 30,146 $ (7,400) Less: Preferred stock dividends 3,511 4,515 Less: Undistributed earnings allocated to preferred stock 3,227 — Net income/(loss) attributable to common stockholders (for basic and diluted earnings per share) 23,408 (11,915) Denominator Weighted-average common shares outstanding for basic earnings per share 44,290,177 44,263,334 Effect of dilutive shares: Unvested restricted shares 15,888 11,518 Weighted-average common shares outstanding for diluted earnings per share 44,306,065 44,274,852 Basic earnings per share $ 0.53 $ (0.27) Diluted earnings per share $ 0.53 $ (0.27)

Stock Transactions (Tables)

Stock Transactions (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Schedule of share repurchases	The following tables present the activity in the Company's Series A Preferred Stock for the three months ended March 31, 2021 and March 31, 2020, respectively (dollars in thousands, except share amounts): Shares Amount Balance, December 31, 2020 40,515 $ 202,292 Exchanged for Series D Preferred Stock (14,950) (74,748) Dividends paid in Preferred Stock 1 2 Offering Costs — 13 Amortization of offering costs — 22 Ending Balance, March 31, 2021 25,566 $ 127,581 Shares Amount Balance, December 31, 2019 40,500 $ 202,144 Issuance of Preferred Stock 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 The following tables present the activity in the Company's Series C Preferred Stock for the three months ended March 31, 2021 and March 31, 2020 (dollars in thousands, except share amounts): Shares Amount Balance, December 31, 2020 1,400 $ 6,962 Issuance of Preferred Stock — — Dividends paid in Preferred Stock — — Offering Costs — — Amortization of offering costs — 2 Ending Balance, March 31, 2021 1,400 $ 6,964 Shares Amount Balance, December 31, 2019 1,400 $ 6,966 Issuance of Preferred Stock — — Dividends paid in Preferred Stock — — Offering Costs — (5) Amortization of offering costs — 1 Ending Balance, March 31, 2020 1,400 $ 6,962 The following table presents the activity in the Company's Series D Preferred Stock for the three months ended March 31, 2021 (dollars in thousands, except share amounts): Shares Amount Balance, December 31, 2020 — $ — Issuance of Preferred Stock 17,950 89,748 Dividends paid in Preferred Stock — — Offering Costs — (26) Amortization of offering costs — — Ending Balance, March 31, 2021 17,950 $ 89,722 The following table reflects the number of shares repurchased under the SRP cumulatively through March 31, 2021: Number of Requests Number of Shares Repurchased Average Price per Share Cumulative as of December 31, 2020 8,094 4,121,735 $ 19.88 January 1 - January 31, 2021 (1) 1,351 521,796 17.53 February 1 - February 28, 2021 — — N/A March 1 - March 31, 2021 (1) — — N/A Cumulative as of March 31, 2021 9,445 4,643,531 $ 19.62 ________________________ (1) Reflects shares repurchased pursuant to repurchase requests submitted for the second semester of 2020, including 15,772 shares which for administrative reasons were processed in March 2021. 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 in the amount of 1,885,340 shares were not fulfilled for the second semester of 2020.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Unfunded commitments under commercial mortgage loans	As of March 31, 2021 and December 31, 2020, the Company had the below unfunded commitments to the Company's borrowers (dollars in thousands): Funding Expiration March 31, 2021 December 31, 2020 2021 $ 45,331 $ 59,692 2022 83,246 91,420 2023 70,951 69,880 2024 54,770 7,700 2025 and beyond 15,355 — $ 269,653 $ 228,692

Related Party Transactions an_2

Related Party Transactions and Arrangements (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 and 2020 and the associated payable as of March 31, 2021 and December 31, 2020 (dollars in thousands): Three Months Ended March 31, Payable as of 2021 2020 March 31, 2021 December 31, 2020 Acquisition expenses (1) $ 153 $ 142 $ — $ — Administrative services expenses 3,474 4,112 3,474 2,940 Asset management and subordinated performance fee 5,416 3,912 6,411 4,773 Other related party expenses (2)(3) 29 582 592 1,812 Total related party fees and reimbursements $ 9,072 $ 8,748 $ 10,477 $ 9,525 ________________________ (1) Total acquisition expenses paid during the three months ended March 31, 2021 and 2020 were $2.6 million and $2.1 million respectively, of which $2.4 million and $2.0 million were capitalized within the commercial mortgage loans, held for investment and real estate securities, available for sale, at fair value lines of the consolidated balance sheets for the periods ended March 31, 2021 and 2020. (2) These are related to reimbursable costs incurred related to the increase in loan origination activities and are included in Other expenses in the Company's consolidated statements of operations. (3) As of March 31, 2021 and December 31, 2020 the related party payables include $0.6 million and $1.8 million of payments made by the Advisor to third party vendors on behalf of the Company.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Financial instruments carried at fair value on a recurring basis	The following table presents the Company's financial instruments carried at fair value on a recurring basis in the consolidated balance sheets by its level in the fair value hierarchy as of March 31, 2021 and December 31, 2020 (dollars in thousands): Total Level I Level II Level III March 31, 2021 Assets, at fair value Real estate securities, available for sale, measured at fair value $ 18,865 $ — $ 18,865 $ — Commercial mortgage loans, held for sale, measured at fair value 93,117 — — 93,117 Other real estate investments, measured at fair value 2,528 — — 2,528 Interest rate swaps 889 — 889 — Treasury note futures 974 974 — — Total assets, at fair value $ 116,373 $ 974 $ 19,754 $ 95,645 Liabilities, at fair value Credit default swaps $ 1,105 $ — $ 1,105 $ — Total liabilities, at fair value $ 1,105 $ — $ 1,105 $ — December 31, 2020 Assets, at fair value Real estate securities, available for sale, measured at fair value $ 171,136 $ — $ 171,136 $ — Commercial mortgage loans, held for sale, measured at fair value 67,649 — — 67,649 Other real estate investments, measured at fair value 2,522 — — 2,522 Interest rate swaps 25 — 25 — Total assets, at fair value $ 241,332 $ — $ 171,161 $ 70,171 Liabilities, at fair value Credit default swaps $ 297 $ — $ 297 $ — Treasury note futures 106 106 — — Total liabilities, at fair value $ 403 $ 106 $ 297 $ — 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, 2021 and December 31, 2020 for which the Company has used Level III inputs to determine fair value (dollars in thousands): March 31, 2021 Commercial Mortgage Loans, held for sale, measured at fair value Other Real Estate Investments, measured at fair value Beginning balance, January 1, 2021 $ 67,649 $ 2,522 Transfers into Level III (2) — — Total realized and unrealized gain/(loss) included in earnings: Realized gain/(loss) on sale of commercial mortgage loan, held for sale 6,630 — Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments 479 6 Net accretion — — Purchases 166,360 — Sales / paydowns (148,001) — Transfers out of Level III (2) — — Ending Balance, March 31, 2021 $ 93,117 $ 2,528 December 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 (2) 23,625 — Total realized and unrealized gain/(loss) included in earnings: Realized gain/(loss) on sale of commercial mortgage loan, held for sale 15,931 — Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments (75) (32) Net accretion — (3) Purchases (1) 267,552 — Sales / paydowns (1) (328,321) — Transfers out of Level III (2) (23,625) — Ending Balance, December 31, 2020 $ 67,649 $ 2,522 (1) Excluded from Purchases and Sales/paydowns are $679.1 million and $682.0 million, respectively, of loans that collateralize a CMBS investment required to be consolidated in connection with the Company's retention of the B tranche during the year ended December 31, 2020. Upon disposition of the B tranche during the year ended December 31, 2020, the Company recognized a gain of $2.8 million that is recorded in Realized gain/loss on sale of real estate securities on the consolidated statements of operations. (2) Transfers in and transfers out include transfers between Commercial mortgage loans, held-for-sale and Commercial mortgage loans, held for investment.
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, 2021 and December 31, 2020 (dollars in thousands): Asset Category Fair Value Valuation Methodologies Unobservable Inputs (1) Weighted Average (2) Range March 31, 2021 Commercial mortgage loans, held for sale, measured at fair value $ 93,117 Discounted Cash Flow Yield 3.8% 3.2% - 17.6% Other real estate investments, measured at fair value 2,528 Discounted Cash Flow Yield 13.2% 12.2% - 14.2% December 31, 2020 Commercial mortgage loans, held for sale, measured at fair value $ 67,649 Discounted Cash Flow Yield 16.6% 15.6% - 17.6% Other real estate investments, measured at fair value 2,522 Discounted Cash Flow Yield 13.2% 12.2% - 14.2% ________________________ (1) In determining certain inputs, the Company evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company specific developments including exit strategies and realization opportunities. The Company has determined that market participants would take these inputs into account when valuing the investments. (2) Inputs were weighted based on the fair value of the investments included in the range.
Financial instruments not carried at fair value	The fair values of the Company's commercial mortgage loans, held for investment and collateralized loan obligations, which are not reported at fair value on the consolidated balance sheets are reported below as of March 31, 2021 and December 31, 2020 (dollars in thousands): Level Carrying Amount (1) Fair Value March 31, 2021 Commercial mortgage loans, held for investment (1) Asset III $ 3,028,698 $ 3,050,417 Collateralized loan obligations Liability III 2,075,611 2,090,873 Mortgage note payable Liability III 29,167 29,167 Other financing and loan participation - commercial mortgage loans Liability III 34,017 34,017 December 31, 2020 Commercial mortgage loans, held for investment (1) Asset III $ 2,714,734 $ 2,724,039 Collateralized loan obligation Liability III 1,625,498 1,606,478 Mortgage note payable Liability III 29,167 29,167 Other financing and loan participation - commercial mortgage loans Liability III 31,379 31,379 ________________________ (1) The carrying value is gross of $18.6 million and $20.9 million of allowance for credit losses as of March 31, 2021 and December 31, 2020, respectively.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative assets at fair value	The following derivative instruments were outstanding as of March 31, 2021 and December 31, 2020 (dollars in thousands): Fair Value Contract type Notional Assets Liabilities March 31, 2021 Credit default swaps $ 92,000 $ — $ 1,105 Interest rate swaps 40,453 889 — Treasury note futures 53,000 974 — Total $ 185,453 $ 1,863 $ 1,105 December 31, 2020 Credit default swaps $ 46,000 $ — $ 297 Interest rate swaps 32,517 25 — Treasury note futures 43,500 — 106 Total $ 122,017 $ 25 $ 403
Schedule of derivative liabilities at fair value	The following derivative instruments were outstanding as of March 31, 2021 and December 31, 2020 (dollars in thousands): Fair Value Contract type Notional Assets Liabilities March 31, 2021 Credit default swaps $ 92,000 $ — $ 1,105 Interest rate swaps 40,453 889 — Treasury note futures 53,000 974 — Total $ 185,453 $ 1,863 $ 1,105 December 31, 2020 Credit default swaps $ 46,000 $ — $ 297 Interest rate swaps 32,517 25 — Treasury note futures 43,500 — 106 Total $ 122,017 $ 25 $ 403
Schedule of derivative instruments, gain (loss)	The following table indicates the net realized and unrealized gains and losses on derivatives, by primary underlying risk exposure, as included in loss on derivative instruments in the consolidated statements of operations for the three months ended March 31, 2021 and March 31, 2020: Three Months Ended March 31, 2021 Contract type Unrealized (Gain)/Loss Realized (Gain)/Loss Credit default swaps $ (163) $ 455 Interest rate swaps (865) (921) Treasury note futures (1,081) (1,512) Total $ (2,109) $ (1,978) Three Months Ended March 31, 2020 Contract type Unrealized (Gain)/Loss Realized (Gain)/Loss Credit default swaps $ (1,752) $ 61 Interest rate swaps 4,340 2,946 Treasury note futures 2,248 3,627 Options — 35 Total $ 4,836 $ 6,669

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
Offsetting [Abstract]
Offsetting assets	The table below provides a gross presentation, the effects of offsetting and a net presentation of the Company's derivative instruments and repurchase agreements within the scope of ASC 210-20, Balance Sheet—Offsetting , as of March 31, 2021 and December 31, 2020 (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, 2021 Derivative instruments, at fair value $ 1,863 $ — $ 1,863 $ — $ — $ 1,863 December 31, 2020 Derivative instruments, at fair value $ 25 $ — $ 25 $ — $ — $ 25
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, 2021 Repurchase agreements - commercial mortgage loans $ 152,925 $ — $ 152,925 $ 315,991 $ 5,016 $ — Repurchase agreements - real estate securities 88,272 — 88,272 114,490 — — Derivative instruments, at fair value 1,105 — 1,105 — 6,058 — December 31, 2020 Repurchase agreements - commercial mortgage loans $ 276,340 $ — $ 276,340 $ 496,030 $ 5,016 $ — Repurchase agreements - real estate securities 186,828 — 186,828 245,956 1,146 — Derivative instruments, at fair value 403 — 403 — 3,435 — ________________________

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 and March 31, 2020 (dollars in thousands): Three months ended March 31, 2021 Total Real Estate Debt and Other Real Estate Investments Real Estate Securities TRS Real Estate Owned Interest income $ 42,237 $ 40,757 $ 424 $ 1,056 $ — Revenue from real estate owned 716 — — — 716 Interest expense 11,369 10,574 182 332 281 Net income/(loss) 30,146 23,033 (454) 7,538 29 Total assets as of March 31, 2021 3,552,693 3,346,477 19,259 106,782 80,175 Three Months Ended March 31, 2020 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 December 31, 2020 3,189,761 2,866,790 175,088 105,364 42,519

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)segment$ / shares	Mar. 31, 2020USD ($)	Dec. 31, 2020$ / shares
Equity, Class of Treasury Stock [Line Items]
Minimum distribution percentage to qualify for REIT taxation status	90.00%
Income tax expense | $	$ 1,970	$ (1,908)
Number of reportable segments | segment	4
Common stock, par value per share (in dollars per share)	$ 0.01		$ 0.01
Convertible Preferred Stock Series A
Equity, Class of Treasury Stock [Line Items]
Liquidation preference (in dollars per share)	$ 5,000
Rate of dividend accrual (in percent)	4.00%
Dividend accrual increase contingent on rating (in percent)	1.00%
Convertible Preferred Stock Series C | Maximum
Equity, Class of Treasury Stock [Line Items]
Terms of liquidity event period	1 year
Convertible Preferred Stock Series C | Minimum
Equity, Class of Treasury Stock [Line Items]
Terms of liquidity event period	6 months
Convertible Preferred Stock Series D | Maximum
Equity, Class of Treasury Stock [Line Items]
Terms of liquidity event period	1 year
Convertible Preferred Stock Series D | Minimum
Equity, Class of Treasury Stock [Line Items]
Terms of liquidity event period	6 months
Convertible preferred stock purchase agreements | Convertible Preferred Stock Series A
Equity, Class of Treasury Stock [Line Items]
Conversion basis of preferred stock (in shares)	299.2
Building and Improvements
Equity, Class of Treasury Stock [Line Items]
Useful lives of property, plant, and equipment	40 years
Furniture and fixtures
Equity, Class of Treasury Stock [Line Items]
Useful lives of property, plant, and equipment	15 years

Commercial Mortgage Loans - Loa

Commercial Mortgage Loans - Loans Receivable by Class (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Loans, gross	$ 3,028,698	$ 2,714,734
Less: Allowance for credit losses	18,600	20,886
Total commercial mortgage loans, held for investment, net	3,010,098	2,693,848
Senior Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans, gross	3,009,785	2,698,823
Mezzanine Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans, gross	$ 18,913	$ 15,911

Commercial Mortgage Loans - Nar

Commercial Mortgage Loans - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended	12 Months Ended
	Jan. 31, 2021USD ($)	Mar. 31, 2021USD ($)ratingloan	Mar. 31, 2020USD ($)	Jun. 30, 2020loan	Dec. 31, 2020USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses		$ (2,331)	$ 14,597
Par Value		$ 3,028,698			$ 2,714,734
Initial risk rating | rating		2
Weighted average risk rating of loans		2.2			2.2
Real estate owned, net of depreciation		$ 26,310			$ 26,510
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan		146			130
Par Value		$ 3,037,546			$ 2,722,863
Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan		10		3
Par Value		$ 92,638			$ 67,650
Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses		(1,997)
Real Estate Acquired in Satisfaction of Debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impairment loss at time of transfer	$ 300
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value		$ 3,028,698	$ 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 Loans | loan		1			2
Nonaccrual loans		$ 57,100			$ 94,900
Commercial Mortgage Receivable, Held-For-Investment | Real Estate Acquired in Satisfaction of Debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Write-off of commercial mortgage loan		37,800
Real estate owned, net of depreciation		37,500
Land, buildings and improvements | Commercial Mortgage Receivable, Held-For-Investment | Real Estate Acquired in Satisfaction of Debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Real estate owned, net of depreciation		33,000
Furniture and fixtures | Commercial Mortgage Receivable, Held-For-Investment | Real Estate Acquired in Satisfaction of Debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Real estate owned, net of depreciation		$ 4,500

Commercial Mortgage Loans - All

Commercial Mortgage Loans - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	$ 20,886
Provision/(benefit) for credit losses	(2,331)	$ 14,597
Ending Balance	18,600
Commercial Portfolio Segment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	20,886
Provision/(benefit) for credit losses	(1,997)
Write offs	(289)
Ending Balance	18,600
Commercial Portfolio Segment | Multifamily
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	3,095
Provision/(benefit) for credit losses	2,078
Write offs	(289)
Ending Balance	4,884
Commercial Portfolio Segment | Retail
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	404
Provision/(benefit) for credit losses	(2)
Write offs	0
Ending Balance	402
Commercial Portfolio Segment | Office
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	1,575
Provision/(benefit) for credit losses	(374)
Write offs	0
Ending Balance	1,201
Commercial Portfolio Segment | Industrial
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	3,795
Provision/(benefit) for credit losses	(3,187)
Write offs	0
Ending Balance	608
Commercial Portfolio Segment | Mixed Use
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	132
Provision/(benefit) for credit losses	253
Write offs	0
Ending Balance	385
Commercial Portfolio Segment | Hospitality
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	11,646
Provision/(benefit) for credit losses	(773)
Write offs	0
Ending Balance	10,873
Commercial Portfolio Segment | Self-Storage
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	117
Provision/(benefit) for credit losses	23
Write offs	0
Ending Balance	140
Commercial Portfolio Segment | Manufactured Housing
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	122
Provision/(benefit) for credit losses	(15)
Write offs	0
Ending Balance	107
Unfunded Loan Commitment | Commercial Portfolio Segment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	665
Provision/(benefit) for credit losses	(334)
Ending Balance	331
Unfunded Loan Commitment | Commercial Portfolio Segment | Multifamily
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	85
Provision/(benefit) for credit losses	68
Ending Balance	153
Unfunded Loan Commitment | Commercial Portfolio Segment | Retail
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	0
Provision/(benefit) for credit losses	0
Ending Balance	0
Unfunded Loan Commitment | Commercial Portfolio Segment | Office
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	47
Provision/(benefit) for credit losses	(9)
Ending Balance	38
Unfunded Loan Commitment | Commercial Portfolio Segment | Industrial
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	418
Provision/(benefit) for credit losses	(317)
Ending Balance	101
Unfunded Loan Commitment | Commercial Portfolio Segment | Mixed Use
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	14
Provision/(benefit) for credit losses	(2)
Ending Balance	12
Unfunded Loan Commitment | Commercial Portfolio Segment | Hospitality
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	101
Provision/(benefit) for credit losses	(74)
Ending Balance	27
Unfunded Loan Commitment | Commercial Portfolio Segment | Self-Storage
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	0
Provision/(benefit) for credit losses	0
Ending Balance	0
Unfunded Loan Commitment | Commercial Portfolio Segment | Manufactured Housing
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	0
Provision/(benefit) for credit losses	0
Ending Balance	$ 0

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, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 3,028,698	$ 2,714,734
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 3,037,546	$ 2,722,863
Percentage	100.00%	100.00%
Commercial Mortgage Receivable, Held-For-Investment | Southwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 810,556	$ 515,392
Percentage	26.70%	18.90%
Commercial Mortgage Receivable, Held-For-Investment | Southeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 811,205	$ 796,908
Percentage	26.70%	29.30%
Commercial Mortgage Receivable, Held-For-Investment | Mideast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 484,199	$ 473,514
Percentage	15.90%	17.40%
Commercial Mortgage Receivable, Held-For-Investment | Far West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 422,785	$ 415,173
Percentage	13.90%	15.20%
Commercial Mortgage Receivable, Held-For-Investment | Great Lakes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 186,423	$ 199,203
Percentage	6.10%	7.30%
Commercial Mortgage Receivable, Held-For-Investment | Various
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 104,200	$ 136,855
Percentage	3.40%	5.00%
Commercial Mortgage Receivable, Held-For-Investment | Plains
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 100,261	$ 116,143
Percentage	3.30%	4.30%
Commercial Mortgage Receivable, Held-For-Investment | New England
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 69,166	$ 69,675
Percentage	2.40%	2.60%
Commercial Mortgage Receivable, Held-For-Investment | Rocky Mountain
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 48,751	$ 0
Percentage	1.60%	0.00%
Commercial Mortgage Receivable, Held-For-Investment | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 1,515,787	$ 1,202,694
Percentage	49.90%	44.20%
Commercial Mortgage Receivable, Held-For-Investment | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 547,100	$ 517,464
Percentage	18.00%	19.00%
Commercial Mortgage Receivable, Held-For-Investment | Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 426,040	$ 403,908
Percentage	14.00%	14.80%
Commercial Mortgage Receivable, Held-For-Investment | Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 200,427	$ 243,404
Percentage	6.60%	8.90%
Commercial Mortgage Receivable, Held-For-Investment | Mixed Use
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 94,280	$ 102,756
Percentage	3.10%	3.80%
Commercial Mortgage Receivable, Held-For-Investment | Self-Storage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 86,423	$ 86,424
Percentage	2.80%	3.20%
Commercial Mortgage Receivable, Held-For-Investment | Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 78,550	$ 78,550
Percentage	2.60%	2.90%
Commercial Mortgage Receivable, Held-For-Investment | Manufactured Housing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 72,539	$ 71,263
Percentage	2.50%	2.60%
Commercial Mortgage Receivable, Held-For-Investment | Land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 16,400	$ 16,400
Percentage	0.50%	0.60%
Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 92,638	$ 67,650
Percentage	100.00%	100.00%
Commercial Mortgage Receivable, Held-For-Sale | Southeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 39,256	$ 0
Percentage	42.40%	0.00%
Commercial Mortgage Receivable, Held-For-Sale | Mideast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 15,973	$ 0
Percentage	17.20%	0.00%
Commercial Mortgage Receivable, Held-For-Sale | Far West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 18,000	$ 58,500
Percentage	19.40%	86.50%
Commercial Mortgage Receivable, Held-For-Sale | Great Lakes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 11,749	$ 9,150
Percentage	12.70%	13.50%
Commercial Mortgage Receivable, Held-For-Sale | Various
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 7,660	$ 0
Percentage	8.30%	0.00%
Commercial Mortgage Receivable, Held-For-Sale | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 18,100	$ 100
Percentage	19.50%	0.10%
Commercial Mortgage Receivable, Held-For-Sale | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 30,500	$ 0
Percentage	32.90%	0.00%
Commercial Mortgage Receivable, Held-For-Sale | Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 0	$ 0
Percentage	0.00%	0.00%
Commercial Mortgage Receivable, Held-For-Sale | Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 9,024	$ 67,550
Percentage	9.70%	99.90%
Commercial Mortgage Receivable, Held-For-Sale | Mixed Use
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 18,598	$ 0
Percentage	20.10%	0.00%
Commercial Mortgage Receivable, Held-For-Sale | Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 13,970	$ 0
Percentage	15.10%	0.00%
Commercial Mortgage Receivable, Held-For-Sale | Manufactured Housing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 2,446	$ 0
Percentage	2.70%	0.00%

Commercial Mortgage Loans - Int

Commercial Mortgage Loans - Internal Credit Qualities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 3,028,698	$ 2,714,734
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	491,426		$ 251,595
Originated in prior fiscal year one	1,095,400		988,116
Originated in prior fiscal year two	782,419		1,136,945
Originated in prior fiscal year three	538,586		228,731
Originated in prior fiscal year four	117,379		0
Originated in prior fiscal year five	0		44,355
Originated before prior fiscal year five	3,488		12,939
Total	3,028,698		2,662,681
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	420,073		177,191
Originated in prior fiscal year one	585,941		456,036
Originated in prior fiscal year two	291,648		683,338
Originated in prior fiscal year three	210,220		72,687
Originated in prior fiscal year four	0		0
Originated in prior fiscal year five	0		0
Originated before prior fiscal year five	3,488		3,489
Total	1,511,370		1,392,741
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	0		0
Originated in prior fiscal year one	13,299		58,119
Originated in prior fiscal year two	35,627		60,226
Originated in prior fiscal year three	45,832		0
Originated in prior fiscal year four	0		0
Originated in prior fiscal year five	0		0
Originated before prior fiscal year five	0		9,450
Total	94,758		127,795
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Office
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	48,466		49,163
Originated in prior fiscal year one	248,628		173,988
Originated in prior fiscal year two	160,784		143,195
Originated in prior fiscal year three	60,375		52,151
Originated in prior fiscal year four	26,724		0
Originated in prior fiscal year five	0		10,700
Originated before prior fiscal year five	0		0
Total	544,977		429,197
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	0		25,241
Originated in prior fiscal year one	123,139		84,576
Originated in prior fiscal year two	76,490		0
Originated in prior fiscal year three	0		0
Originated in prior fiscal year four	0		0
Originated in prior fiscal year five	0		33,655
Originated before prior fiscal year five	0		0
Total	199,629		143,472
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	0		0
Originated in prior fiscal year one	30,265		0
Originated in prior fiscal year two	0		52,097
Originated in prior fiscal year three	63,815		12,953
Originated in prior fiscal year four	0		0
Originated in prior fiscal year five	0		0
Originated before prior fiscal year five	0		0
Total	94,080		65,050
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Hospitality
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	22,887		0
Originated in prior fiscal year one	26,889		170,683
Originated in prior fiscal year two	171,517		135,152
Originated in prior fiscal year three	113,423		90,940
Originated in prior fiscal year four	90,655		0
Originated in prior fiscal year five	0		0
Originated before prior fiscal year five	0		0
Total	425,371		396,775
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Self-Storage
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	0		0
Originated in prior fiscal year one	41,324		0
Originated in prior fiscal year two	0		62,937
Originated in prior fiscal year three	44,921		0
Originated in prior fiscal year four	0		0
Originated in prior fiscal year five	0		0
Originated before prior fiscal year five	0		0
Total	86,245		62,937
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Manufactured Housing
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	0		0
Originated in prior fiscal year one	25,915		44,714
Originated in prior fiscal year two	46,353		0
Originated in prior fiscal year three	0		0
Originated in prior fiscal year four	0		0
Originated in prior fiscal year five	0		0
Originated before prior fiscal year five	0		0
Total	72,268		44,714
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 1-2 internal grade | Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	420,073		177,191
Originated in prior fiscal year one	585,941		456,036
Originated in prior fiscal year two	291,648		617,533
Originated in prior fiscal year three	174,105		34,875
Originated in prior fiscal year four	0		0
Originated in prior fiscal year five	0		0
Originated before prior fiscal year five	3,488		3,489
Total	1,475,255		1,289,124
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 1-2 internal grade | Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	0		0
Originated in prior fiscal year one	13,299		54,618
Originated in prior fiscal year two	22,751		16,319
Originated in prior fiscal year three	16,400		0
Originated in prior fiscal year four	0		0
Originated in prior fiscal year five	0		0
Originated before prior fiscal year five	0		9,450
Total	52,450		80,387
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 1-2 internal grade | Office
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	48,466		49,163
Originated in prior fiscal year one	248,628		173,988
Originated in prior fiscal year two	160,784		97,936
Originated in prior fiscal year three	60,375		41,645
Originated in prior fiscal year four	26,724		0
Originated in prior fiscal year five	0		10,700
Originated before prior fiscal year five	0		0
Total	544,977		373,432
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 1-2 internal grade | Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	0		25,241
Originated in prior fiscal year one	123,139		84,576
Originated in prior fiscal year two	76,490		0
Originated in prior fiscal year three	0		0
Originated in prior fiscal year four	0		0
Originated in prior fiscal year five	0		33,655
Originated before prior fiscal year five	0		0
Total	199,629		143,472
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 1-2 internal grade | Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	0		0
Originated in prior fiscal year one	30,265		0
Originated in prior fiscal year two	0		52,097
Originated in prior fiscal year three	63,815		12,953
Originated in prior fiscal year four	0		0
Originated in prior fiscal year five	0		0
Originated before prior fiscal year five	0		0
Total	94,080		65,050
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 1-2 internal grade | Hospitality
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	22,887		0
Originated in prior fiscal year one	26,889		8,735
Originated in prior fiscal year two	10,552		20,962
Originated in prior fiscal year three	0		0
Originated in prior fiscal year four	0		0
Originated in prior fiscal year five	0		0
Originated before prior fiscal year five	0		0
Total	60,328		29,697
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 1-2 internal grade | Self-Storage
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	0		0
Originated in prior fiscal year one	41,324		0
Originated in prior fiscal year two	0		62,937
Originated in prior fiscal year three	44,921		0
Originated in prior fiscal year four	0		0
Originated in prior fiscal year five	0		0
Originated before prior fiscal year five	0		0
Total	86,245		62,937
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 1-2 internal grade | Manufactured Housing
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	0		0
Originated in prior fiscal year one	25,915		44,714
Originated in prior fiscal year two	46,353		0
Originated in prior fiscal year three	0		0
Originated in prior fiscal year four	0		0
Originated in prior fiscal year five	0		0
Originated before prior fiscal year five	0		0
Total	72,268		44,714
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 3-4 internal grade | Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	0		0
Originated in prior fiscal year one	0		0
Originated in prior fiscal year two	0		65,805
Originated in prior fiscal year three	36,115		37,812
Originated in prior fiscal year four	0		0
Originated in prior fiscal year five	0		0
Originated before prior fiscal year five	0		0
Total	36,115		103,617
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 3-4 internal grade | Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	0		0
Originated in prior fiscal year one	0		3,501
Originated in prior fiscal year two	12,876		43,907
Originated in prior fiscal year three	29,432		0
Originated in prior fiscal year four	0		0
Originated in prior fiscal year five	0		0
Originated before prior fiscal year five	0		0
Total	42,308		47,408
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 3-4 internal grade | Office
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	0		0
Originated in prior fiscal year one	0		0
Originated in prior fiscal year two	0		45,259
Originated in prior fiscal year three	0		10,506
Originated in prior fiscal year four	0		0
Originated in prior fiscal year five	0		0
Originated before prior fiscal year five	0		0
Total	0		55,765
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 3-4 internal grade | Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	0		0
Originated in prior fiscal year one	0		0
Originated in prior fiscal year two	0		0
Originated in prior fiscal year three	0		0
Originated in prior fiscal year four	0		0
Originated in prior fiscal year five	0		0
Originated before prior fiscal year five	0		0
Total	0		0
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 3-4 internal grade | Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	0		0
Originated in prior fiscal year one	0		0
Originated in prior fiscal year two	0		0
Originated in prior fiscal year three	0		0
Originated in prior fiscal year four	0		0
Originated in prior fiscal year five	0		0
Originated before prior fiscal year five	0		0
Total	0		0
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 3-4 internal grade | Hospitality
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	0		0
Originated in prior fiscal year one	0		161,948
Originated in prior fiscal year two	160,965		114,190
Originated in prior fiscal year three	113,423		90,940
Originated in prior fiscal year four	90,655		0
Originated in prior fiscal year five	0		0
Originated before prior fiscal year five	0		0
Total	365,043		367,078
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 3-4 internal grade | Self-Storage
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	0		0
Originated in prior fiscal year one	0		0
Originated in prior fiscal year two	0		0
Originated in prior fiscal year three	0		0
Originated in prior fiscal year four	0		0
Originated in prior fiscal year five	0		0
Originated before prior fiscal year five	0		0
Total	0		0
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 3-4 internal grade | Manufactured Housing
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	0		0
Originated in prior fiscal year one	0		0
Originated in prior fiscal year two	0		0
Originated in prior fiscal year three	0		0
Originated in prior fiscal year four	0		0
Originated in prior fiscal year five	0		0
Originated before prior fiscal year five	0		0
Total	$ 0		$ 0

Commercial Mortgage Loans - A_2

Commercial Mortgage Loans - Allowance Past Due (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Total	$ 3,028,698	$ 2,714,734
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment
Financing Receivable, Past Due [Line Items]
Current	2,971,623
Total	3,028,698
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | 120 days past due
Financing Receivable, Past Due [Line Items]
Past due	57,075
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Multifamily
Financing Receivable, Past Due [Line Items]
Current	1,511,370
Total	1,511,370
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Multifamily | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Multifamily | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Multifamily | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Multifamily | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Multifamily | 120 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Retail
Financing Receivable, Past Due [Line Items]
Current	94,758
Total	94,758
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Retail | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Retail | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Retail | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Retail | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Retail | 120 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Office
Financing Receivable, Past Due [Line Items]
Current	544,977
Total	544,977
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Office | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Office | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Office | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Office | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Office | 120 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Industrial
Financing Receivable, Past Due [Line Items]
Current	199,629
Total	199,629
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Industrial | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Industrial | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Industrial | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Industrial | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Industrial | 120 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Mixed Use
Financing Receivable, Past Due [Line Items]
Current	94,080
Total	94,080
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Mixed Use | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Mixed Use | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Mixed Use | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Mixed Use | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Mixed Use | 120 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Hospitality
Financing Receivable, Past Due [Line Items]
Current	368,296
Total	425,371
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Hospitality | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Hospitality | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Hospitality | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Hospitality | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Hospitality | 120 days past due
Financing Receivable, Past Due [Line Items]
Past due	57,075
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Self-Storage
Financing Receivable, Past Due [Line Items]
Current	86,245
Total	86,245
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Self-Storage | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Self-Storage | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Self-Storage | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Self-Storage | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Self-Storage | 120 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Manufactured Housing
Financing Receivable, Past Due [Line Items]
Current	72,268
Total	72,268
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Manufactured Housing | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Manufactured Housing | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Manufactured Housing | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Manufactured Housing | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Past due	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | 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) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 3,028,698	$ 2,714,734
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	146	130
Par Value	$ 3,037,546	$ 2,722,863
Commercial Mortgage Receivable, Held-For-Investment | 1
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	0	0
Par Value	$ 0	$ 0
Commercial Mortgage Receivable, Held-For-Investment | 2
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	122	104
Par Value	$ 2,593,571	$ 2,232,045
Commercial Mortgage Receivable, Held-For-Investment | 3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	22	22
Par Value	$ 383,400	$ 384,040
Commercial Mortgage Receivable, Held-For-Investment | 4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	2	4
Par Value	$ 60,575	$ 106,778
Commercial Mortgage Receivable, Held-For-Investment | 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) - Commercial Mortgage Receivable, Held-For-Investment - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at Beginning of Year	$ 2,693,848	$ 2,762,042
Acquisitions and originations	522,735	1,287,720
Principal repayments	(170,529)	(1,223,490)
Discount accretion/premium amortization	1,167	6,146
Loans transferred from/(to) commercial real estate loans, held for sale	0	(76,979)
Net fees capitalized into carrying value of loans	(1,886)	(6,562)
(Provision)/benefit for credit losses	1,997	(13,181)
Charge-off from allowance	289	427
Transfer to real estate owned	(37,523)	(35,064)
Balance at End of Period	$ 3,010,098	2,693,848
Cumulative-effect adjustment upon adoption of ASU 2016-13 (Note 2)
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)

Real Estate Securities - Summar

Real Estate Securities - Summary of Company's Real Estate Securities, CMBS (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 18,865	$ 171,136
CMBS 1
Debt Securities, Available-for-sale [Line Items]
Interest Rate	2.40%	3.00%
Par Value	$ 19,000	$ 13,250
Fair Value	$ 18,865	$ 12,657
CMBS 2
Debt Securities, Available-for-sale [Line Items]
Interest Rate		2.20%
Par Value		$ 10,800
Fair Value		$ 10,335
CMBS 3
Debt Securities, Available-for-sale [Line Items]
Interest Rate		2.50%
Par Value		$ 40,000
Fair Value		$ 38,292
CMBS 4
Debt Securities, Available-for-sale [Line Items]
Interest Rate		1.90%
Par Value		$ 8,000
Fair Value		$ 7,892
CMBS 5
Debt Securities, Available-for-sale [Line Items]
Interest Rate		2.10%
Par Value		$ 24,000
Fair Value		$ 23,297
CMBS 6
Debt Securities, Available-for-sale [Line Items]
Interest Rate		2.30%
Par Value		$ 12,000
Fair Value		$ 11,580
CMBS 7
Debt Securities, Available-for-sale [Line Items]
Interest Rate		1.50%
Par Value		$ 20,000
Fair Value		$ 18,975
CMBS 8
Debt Securities, Available-for-sale [Line Items]
Interest Rate		1.80%
Par Value		$ 25,000
Fair Value		$ 23,268
CMBS 9
Debt Securities, Available-for-sale [Line Items]
Interest Rate		2.30%
Par Value		$ 25,665
Fair Value		$ 24,840

Real Estate Securities - Narrat

Real Estate Securities - Narrative (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2021USD ($)investmentsecurity	Jun. 30, 2020	Dec. 31, 2020USD ($)securityinvestment
Debt Securities, Available-for-sale [Line Items]
Number of positions | security	1		7
CMBS
Debt Securities, Available-for-sale [Line Items]
Number of investments | investment	1		9
Aggregate carrying value	$ 19,079		$ 179,392
Unrealized loss	$ 214		8,256
CLOs
Debt Securities, Available-for-sale [Line Items]
Debt securities, weighted average contractual maturity	15 years	14 years
Aggregate carrying value	$ 19,079		123,444
Unrealized loss	214		4,888
SASB
Debt Securities, Available-for-sale [Line Items]
Debt securities, weighted average contractual maturity		14 years
Aggregate carrying value	0		55,948
Unrealized loss	$ 0		$ 3,368

Real Estate Securities - Summ_2

Real Estate Securities - Summary of Changes in Fair Value of CMBS Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 18,865	$ 171,136
CMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	19,079	179,392
Credit Loss Allowance	0	0
Unrealized Gain	0	0
Unrealized Loss	(214)	(8,256)
Fair Value	18,865	171,136
CLOs
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	19,079	123,444
Credit Loss Allowance	0	0
Unrealized Gain	0	0
Unrealized Loss	(214)	(4,888)
Fair Value	18,865	118,556
SASB
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	0	55,948
Credit Loss Allowance	0	0
Unrealized Gain	0	0
Unrealized Loss	0	(3,368)
Fair Value	$ 0	$ 52,580

Real Estate Securities - Gains

Real Estate Securities - Gains (Losses) On Real Estate Securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Unrealized gain/(loss) on available for sale securities	$ 1,665	$ (67,607)
Reclassification of net (gain)/loss on available for sale securities included in net income/(loss)	6,377	0
Unrealized gain/(loss) on available for sale securities	8,042	$ (67,607)
CMBS
Debt Securities, Available-for-sale [Line Items]
Securities with an unrealized loss less than 12 months	0		$ 63,131
Securities with an unrealized loss greater than 12 months	18,865		108,005
Securities with an unrealized loss less than 12 months	0		(2,824)
Securities with an unrealized loss greater than 12 months	(214)		(5,432)
CLOs
Debt Securities, Available-for-sale [Line Items]
Securities with an unrealized loss less than 12 months	0		63,131
Securities with an unrealized loss greater than 12 months	18,865		55,425
Securities with an unrealized loss less than 12 months	0		(2,824)
Securities with an unrealized loss greater than 12 months	(214)		(2,065)
SASB
Debt Securities, Available-for-sale [Line Items]
Securities with an unrealized loss less than 12 months	0		0
Securities with an unrealized loss greater than 12 months	0		52,580
Securities with an unrealized loss less than 12 months	0		0
Securities with an unrealized loss greater than 12 months	$ 0		$ (3,367)

Real Estate Owned (Details)

Real Estate Owned (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)property	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Real Estate [Line Items]
Real estate owned, net of depreciation	$ 26,310		$ 26,510
Real estate owned, held for sale	37,523		0
Accumulated depreciation	(1,131)		(931)
Real estate owned, net	63,833		26,510
Depreciation expense	$ 200	$ 300
Held-for-sale
Real Estate [Line Items]
Number of real estate properties | property	1
Land
Real Estate [Line Items]
Real estate owned, gross	$ 6,187		1,887
Building and Improvements
Real Estate [Line Items]
Real estate owned, gross	50,686		21,989
Furniture, Fixtures and Equipment
Real Estate [Line Items]
Real estate owned, gross	8,091		3,565
Office | Jeffersonville, IN
Real Estate [Line Items]
Accumulated Depreciation	(1,131)
Real estate owned, net of depreciation	26,310		26,510
Accumulated depreciation			(931)
Office | Jeffersonville, IN | Land
Real Estate [Line Items]
Real estate owned, acquired through foreclosure, gross	1,887		1,887
Office | Jeffersonville, IN | Building and Improvements
Real Estate [Line Items]
Real estate owned, acquired through foreclosure, gross	21,989		21,989
Office | Jeffersonville, IN | Furniture, Fixtures and Equipment
Real Estate [Line Items]
Real estate owned, acquired through foreclosure, gross	3,565		$ 3,565
Multifamily | Kansas City, MO
Real Estate [Line Items]
Real estate owned, held for sale	37,523
Multifamily | Kansas City, MO | Land
Real Estate [Line Items]
Real estate owned, held for sale	4,300
Multifamily | Kansas City, MO | Building and Improvements
Real Estate [Line Items]
Real estate owned, held for sale	28,697
Multifamily | Kansas City, MO | Furniture, Fixtures and Equipment
Real Estate [Line Items]
Real estate owned, held for sale	$ 4,526

Leases - Intangible Leased Asse

Leases - Intangible Leased Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Intangible Lease Asset, Gross	$ 14,509	$ 14,509
Accumulated Amortization	(1,169)	(963)
Intangible Lease Asset, Net of Amortization	13,340	13,546
Office | Jeffersonville, IN
Finite-Lived Intangible Assets [Line Items]
Intangible Lease Asset, Gross	14,509	14,509
Accumulated Amortization	(1,169)	(963)
Intangible Lease Asset, Net of Amortization	$ 13,340	$ 13,546

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Oct. 15, 2019
Leases [Abstract]
Operating lease minimal annual rate increase			1.50%
Remaining term of operating lease	16 years 1 month 6 days
Rental income	$ 0.7	$ 0.7
Intangible lease contractual life of lease	20 years
Weighted average life of intangible asset	16 years 1 month 6 days
Amortization	$ 0.2	$ 0.2

Leases - Future Minimum Payment

Leases - Future Minimum Payments to be Received (Details) $ in Thousands	Mar. 31, 2021USD ($)
Leases [Abstract]
2021 (April - December)	$ 1,932
2022	2,607
2023	2,646
2024	2,686
2025	2,726
2026 and beyond	34,168
Total minimum rent	$ 46,765

Leases - Schedule of Expected A

Leases - Schedule of Expected Amortization Expense (Details) $ in Thousands	Mar. 31, 2021USD ($)
Leases [Abstract]
2021 (April - December)	$ (619)
2022	(825)
2023	(825)
2024	(825)
2025	$ (825)

Debt - Narrative (Details)

Debt - Narrative (Details)	Mar. 26, 2020USD ($)	Mar. 23, 2020USD ($)	Aug. 31, 2020USD ($)	Mar. 31, 2021USD ($)mortgage_asset	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)mortgage_asset	Oct. 15, 2019USD ($)	May 30, 2019mortgage_asset
Line of Credit Facility [Line Items]
Interest expense				$ 3,086,000	$ 11,632,000
Outstanding balance				34,000,000
Unsecured debt				100,000,000		$ 0
Mortgages | October 2019 Mortgage Note Payable
Line of Credit Facility [Line Items]
Interest expense				$ 300,000
Debt instrument, face amount							$ 29,200,000
Stated interest rate				3.85%
Secured debt | U.S. Bank National Association | Collateralized Loan Obligations Issued in 2018-FL3
Line of Credit Facility [Line Items]
Collateral amount				$ 406,400,000		$ 417,900,000
Collateral (mortgage asset) | mortgage_asset				26		27
Secured debt | U.S. Bank National Association | Collateralized Loan Obligations Issued in 2018-FL4
Line of Credit Facility [Line Items]
Collateral amount				$ 827,900,000		$ 852,100,000
Collateral (mortgage asset) | mortgage_asset				57		59
Secured debt | U.S. Bank National Association | Collateralized Loan Obligations Issued in 2019-FL5
Line of Credit Facility [Line Items]
Collateral amount				$ 788,900,000		$ 799,800,000
Collateral (mortgage asset) | mortgage_asset						54		59
Secured debt | U.S. Bank National Association | Collateralized Loan Obligations Issued in 2021-FL6
Line of Credit Facility [Line Items]
Collateral amount				506,900,000
Collateral (mortgage asset) | mortgage_asset								40
Secured debt | U.S. Bank National Association | BSPRT 2021-FL6, BSPRT 2018-FL3, BSPRT 2018-FL4 and BSPRT 2019-FL5
Line of Credit Facility [Line Items]
Collateral amount				311,200,000		$ 256,900,000
Sterling National Bank
Line of Credit Facility [Line Items]
Amount of interest in loan transferred		$ 15,200,000
Interest expense				200,000
Security benefit life insurance company | Unsecured debt
Line of Credit Facility [Line Items]
Interest expense				400,000
Debt instrument, face amount	$ 100,000,000		$ 100,000,000
Unsecured debt				$ 100,000,000
LIBOR | Security benefit life insurance company | Unsecured debt
Line of Credit Facility [Line Items]
Interest Rate	4.50%		4.50%
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

Debt - Schedule of Repurchase F

Debt - Schedule of Repurchase Facilities (Details)	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)extension	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)extension	Dec. 31, 2019USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Committed financing	$ 1,175,000,000		$ 1,175,000,000
Amount outstanding	152,925,000		276,340,000
Interest expense	3,086,000	$ 11,632,000
Secured debt | Barclays Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed financing	300,000,000		300,000,000
Amount outstanding	31,817,000		$ 22,560,000
Interest expense	$ 486,000	1,046,000
Ending weighted average interest rate	1.96%		2.51%
Number of extension options | extension	1		2
Extension on initial maturity date	1 year		1 year
Revolving Credit Facility
Assets Sold under Agreements to Repurchase [Line Items]
Amount outstanding	$ 88,272,000		$ 186,828,000
Ending weighted average interest rate	1.43%		1.71%
Revolving Credit Facility | JPM Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed financing	$ 300,000,000		$ 300,000,000
Amount outstanding	111,108,000		$ 113,884,000
Interest expense	$ 989,000	5,020,000
Ending weighted average interest rate	2.41%		2.54%
Revolving Credit Facility | USB Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed financing	$ 100,000,000		$ 100,000,000
Amount outstanding	0		5,775,000
Interest expense	93,000	599,000
Revolving Credit Facility | CS Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed financing	200,000,000		200,000,000	$ 300,000,000
Amount outstanding	10,000,000		$ 106,971,000
Interest expense	$ 980,000	3,539,000
Ending weighted average interest rate	4.50%		2.84%
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		$ 27,150,000
Interest expense	$ 504,000	1,041,000
Ending weighted average interest rate			2.50%
Number of extension options | extension	2		2
Extension on initial maturity date	1 year		1 year
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	0		$ 0
Interest expense	$ 34,000	$ 387,000
Number of extension options | extension	1		1
Extension on initial maturity date	1 year		1 year

Debt - Repurchase Agreements, R

Debt - Repurchase Agreements, Real Estate Securities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Assets Sold under Agreements to Repurchase [Line Items]
Amount outstanding	$ 152,925	$ 276,340
Accrued interest	1,446	2,110
Fair Value	18,865	171,136
Secured debt | U.S. Bank National Association | Tranche C
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value	95,600	72,200
Revolving Credit Facility
Assets Sold under Agreements to Repurchase [Line Items]
Amount outstanding	88,272	186,828
Accrued interest	453	8,719
Collateral pledged	$ 114,490	$ 243,373
Interest rate	1.43%	1.71%
Days to maturity	37 days	33 days
Revolving Credit Facility | JP Morgan Securities LLC
Assets Sold under Agreements to Repurchase [Line Items]
Amount outstanding	$ 16,609	$ 33,791
Accrued interest	89	1,668
Collateral pledged	$ 23,430	$ 43,612
Interest rate	1.73%	1.75%
Days to maturity	7 days	31 days
Revolving Credit Facility | Wells Fargo Securities, LLC
Assets Sold under Agreements to Repurchase [Line Items]
Amount outstanding	$ 0	$ 0
Accrued interest	0	1,057
Collateral pledged	0	0
Revolving Credit Facility | Goldman Sachs International
Assets Sold under Agreements to Repurchase [Line Items]
Amount outstanding	0	22,440
Accrued interest	37	455
Collateral pledged	0	$ 30,794
Interest rate		1.68%
Days to maturity		16 days
Revolving Credit Facility | Barclays Capital Inc.
Assets Sold under Agreements to Repurchase [Line Items]
Amount outstanding	71,663	$ 76,809
Accrued interest	246	2,102
Collateral pledged	$ 91,060	$ 97,244
Interest rate	1.35%	1.71%
Days to maturity	45 days	33 days
Revolving Credit Facility | Credit Suisse AG
Assets Sold under Agreements to Repurchase [Line Items]
Amount outstanding	$ 0	$ 0
Accrued interest	0	905
Collateral pledged	0	0
Revolving Credit Facility | Citigroup Global Markets, Inc.
Assets Sold under Agreements to Repurchase [Line Items]
Amount outstanding	0	53,788
Accrued interest	81	2,532
Collateral pledged	$ 0	$ 71,723
Interest rate		1.70%
Days to maturity		29 days

Debt - Collateralized Loan Obli

Debt - Collateralized Loan Obligation by Tranche (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Par Value Issued	$ 29,167		$ 29,167
Collateralized loan obligations	2,075,611		1,625,498
U.S. Bank National Association | Secured debt
Debt Instrument [Line Items]
Par Value Issued	2,409,701		1,825,201
Par value outstanding	2,092,927		1,639,227
Collateralized loan obligations	339,700		267,100
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	83,069		161,745
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	375,911		416,659
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	61,372		61,373
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		5,000
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		3,000
U.S. Bank National Association | Secured debt | Class A Notes - 2021-FL6 Issuer
Debt Instrument [Line Items]
Par Value Issued	367,500
Par value outstanding	367,500
U.S. Bank National Association | Secured debt | Class A-S Notes - 2021-FL6 Issuer
Debt Instrument [Line Items]
Par Value Issued	86,625
Par value outstanding	86,625
U.S. Bank National Association | Secured debt | Class B Notes - 2021-FL6 Issuer
Debt Instrument [Line Items]
Par Value Issued	33,250
Par value outstanding	33,250
U.S. Bank National Association | Secured debt | Class C Notes - 2021-FL6 Issuer
Debt Instrument [Line Items]
Par Value Issued	41,125
Par value outstanding	41,125
U.S. Bank National Association | Secured debt | Class D Notes - 2021-FL6 Issuer
Debt Instrument [Line Items]
Par Value Issued	44,625
Par value outstanding	44,625
U.S. Bank National Association | Secured debt | Class E Notes - 2021-FL6 Issuer
Debt Instrument [Line Items]
Par Value Issued	11,375
Par value outstanding	$ 0
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%
1M LIBOR | U.S. Bank National Association | Secured debt | Class A Notes - 2021-FL6 Issuer
Debt Instrument [Line Items]
Interest Rate	1.10%
1M LIBOR | U.S. Bank National Association | Secured debt | Class A-S Notes - 2021-FL6 Issuer
Debt Instrument [Line Items]
Interest Rate	1.30%
1M LIBOR | U.S. Bank National Association | Secured debt | Class B Notes - 2021-FL6 Issuer
Debt Instrument [Line Items]
Interest Rate	1.60%
1M LIBOR | U.S. Bank National Association | Secured debt | Class C Notes - 2021-FL6 Issuer
Debt Instrument [Line Items]
Interest Rate	2.05%
1M LIBOR | U.S. Bank National Association | Secured debt | Class D Notes - 2021-FL6 Issuer
Debt Instrument [Line Items]
Interest Rate	3.00%
1M LIBOR | U.S. Bank National Association | Secured debt | Class E Notes - 2021-FL6 Issuer
Debt Instrument [Line Items]
Interest Rate	3.50%
Collaterized loan obligation
Debt Instrument [Line Items]
Par Value Issued	$ 2,415,354		$ 1,892,616

Debt - Collateralized Loan Ob_2

Debt - Collateralized Loan Obligation (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 99,099	$ 82,071	$ 88,960
Commercial mortgage loans, held for investment, net of allowance of $18,600 and $20,886 as of March 31, 2021 and December 31, 2020, respectively	3,010,098	2,693,848
Accrued interest receivable	16,475	15,295
Total assets	3,552,693	3,189,761
Notes payable	29,167	29,167
Interest payable	1,446	2,110
Total liabilities	2,513,966	2,182,063
Allowance for loan losses	18,600	20,886
Collaterized loan obligation
Variable Interest Entity [Line Items]
Cash and cash equivalents	216,615	99,025
Commercial mortgage loans, held for investment, net of allowance of $18,600 and $20,886 as of March 31, 2021 and December 31, 2020, respectively	2,505,938	2,044,956
Accrued interest receivable	6,700	5,626
Total assets	2,729,253	2,149,607
Notes payable	2,415,354	1,892,616
Interest payable	1,266	1,240
Total liabilities	2,416,620	1,893,856
Restricted cash	216,000	98,600
Allowance for loan losses	16,500	19,400
Collateralized loan obligation excluded	339,700	267,100
Deferred financing cost and discount	$ 17,300	$ 13,700

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator
Net income/(loss)	$ 30,146	$ (7,400)
Less: Preferred stock dividends	3,511	4,515
Less: Undistributed earnings allocated to preferred stock	3,227	0
Net income/(loss) attributable to common stockholders (for basic and diluted earnings per share)	$ 23,408	$ (11,915)
Denominator
Weighted-average common shares outstanding for basic earnings per share (in shares)	44,290,177	44,263,334
Unvested restricted shares (in shares)	15,888	11,518
Weighted-average common shares outstanding for diluted earnings per share (in shares)	44,306,065	44,274,852
Basic earnings per share (in dollars per share)	$ 0.53	$ (0.27)
Diluted earnings per share (in dollars per share)	$ 0.53	$ (0.27)

Stock Transactions - Narrative

Stock Transactions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 15, 2021	Aug. 10, 2017	Feb. 28, 2016	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Issuance of common stock (in shares)						650,034
Issuance of common stock						$ 10,862
Minimum distribution percentage to qualify for REIT taxation status				90.00%
Distribution percentage required to avoid paying federal income taxes				100.00%
Quarterly cash dividend (in dollars per share)					$ 0.275	$ 1.44
Common stock, dividends, per share per annum, declared (in dollars per share)					$ 1.10
Total distributions				$ 12,200		$ 15,800
Cash distributions				9,700		12,200
Common stock issued under DRIP				2,600		3,600
Distributions payable				$ 14,585		$ 6,956	$ 15,688
Stock repurchase program, period in force			1 year
Repurchase price percent of NAV per share year one		92.50%
Repurchase price percent of NAV per share year two		95.00%
Repurchase price percent of NAV per share year three		97.50%
Repurchase price percent of NAV per share year four		100.00%
NAV per share (in dollars per share)				$ 17.88
Common Stock, DRIP (in dollars per share)				$ 18.45
Repurchase limit percent per fiscal semester			2.50%
Repurchase limit percent per fiscal year			5.00%
Series A preferred stock
Class of Stock [Line Items]
Shares outstanding (in shares)				25,566			40,515
Issuance of common stock (in shares)				14,950		14
Distributions payable				$ 2,100			$ 3,300
Series C preferred stock
Class of Stock [Line Items]
Shares outstanding (in shares)				1,400			1,400
Issuance of common stock (in shares)				0		0
Distributions payable				$ 100			$ 100
Series D Preferred Stock
Class of Stock [Line Items]
Shares outstanding (in shares)				17,950
Stock exchanges for other series of preferred stock	14,949			14,950
Issuance of common stock (in shares)	3,000					17,950
Issuance of common stock	$ 15,000
Distributions payable				$ 200
Common Stock
Class of Stock [Line Items]
Shares outstanding (in shares)				44,135,659		44,396,346	44,510,051	43,916,815
Issuance of common stock						$ 7
Distributions payable				$ 12,100			$ 12,200

Stock Transactions - Preferred

Stock Transactions - Preferred Stock Activity (Details) - USD ($) $ in Thousands	Mar. 15, 2021	Mar. 31, 2021	Mar. 31, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		0
Beginning balance		$ 0
Issuance of Preferred stock (in shares)			650,034
Dividends paid in Preferred Stock		$ 2,585	$ 3,549
Ending balance (in shares)		0
Ending balance		$ 0
Series A preferred stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		40,515	40,500
Beginning balance		$ 202,292	$ 202,144
Issuance of Preferred stock (in shares)		14,950	14
Issuance of Preferred Stock		$ (74,748)	$ (70)
Dividends paid in Preferred Stock (in shares)		1	0
Dividends paid in Preferred Stock		$ 2	$ 2
Offering costs		13	(5)
Amortization of offering costs		$ 22	$ 24
Ending balance (in shares)		25,566	40,514
Ending balance		$ 127,581	$ 202,235
Series C preferred stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		1,400	1,400
Beginning balance		$ 6,962	$ 6,966
Issuance of Preferred stock (in shares)		0	0
Issuance of Preferred Stock		$ 0	$ 0
Dividends paid in Preferred Stock (in shares)		0	0
Dividends paid in Preferred Stock		$ 0	$ 0
Offering costs		0	(5)
Amortization of offering costs		$ 2	$ 1
Ending balance (in shares)		1,400	1,400
Ending balance		$ 6,964	$ 6,962
Series D Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			0
Beginning balance			$ 0
Issuance of Preferred stock (in shares)	3,000		17,950
Issuance of Preferred Stock			$ (89,748)
Dividends paid in Preferred Stock (in shares)			0
Dividends paid in Preferred Stock			$ 0
Offering costs			(26)
Amortization of offering costs			$ 0
Ending balance (in shares)			17,950
Ending balance			$ 89,722

Stock Transactions - Schedule o

Stock Transactions - Schedule of Shares Repurchased (Details)	1 Months Ended			6 Months Ended
	Mar. 31, 2021repurchaseRequest$ / sharesshares	Feb. 28, 2021repurchaseRequestshares	Jan. 31, 2021repurchaseRequest$ / sharesshares	Dec. 31, 2020repurchaseRequest$ / sharesshares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unfulfilled redemption requests (shares)				1,885,340
Share Repurchase Program (SRP) | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, number of requests (share repurchase request) | repurchaseRequest			8,094
Number of requests during period (share repurchase request) | repurchaseRequest	0	0	1,351
Ending balance, number of requests (share repurchase request) | repurchaseRequest	9,445			8,094
Beginning balance, number of shares repurchased (in shares)			4,121,735
Number of shares repurchased during period (in shares)	0	0	521,796
Ending balance, number of shares repurchased (in shares)	4,643,531			4,121,735
Beginning balance, average price per share (usd per share) | $ / shares			$ 19.88
Repurchases during period, average price per share (usd per share) | $ / shares			$ 17.53
Ending balance, average price per share (usd per share) | $ / shares	$ 19.62			$ 19.88
Unfulfilled redemption requests (shares)	15,772

Commitments and Contingencies_2

Commitments and Contingencies (Details) - Unfunded commitments under commercial mortgage loans - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Loss Contingencies [Line Items]
2021	$ 45,331	$ 59,692
2022	83,246	91,420
2023	70,951	69,880
2024	54,770	7,700
2025 and beyond	15,355	0
Total	$ 269,653	$ 228,692

Related Party Transactions an_3

Related Party Transactions and Arrangements - Narrative (Details) - USD ($)	Mar. 15, 2021	Mar. 26, 2020	Aug. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Sep. 29, 2016
Related Party Transaction [Line Items]
Aggregate purchase price of commercial mortgage loans				$ 520,849,000	$ 287,644,000
Commercial mortgage loans, held for sale, measured at fair value				93,117,000			$ 67,649,000
Interest expense				3,086,000		$ 11,632,000
Unsecured debt				$ 100,000,000			$ 0
Preferred stock, shares outstanding (in shares)				0			0
Issuance of common stock (in shares)					650,034
Issuance of common stock					$ 10,862,000
Series D Preferred Stock
Related Party Transaction [Line Items]
Preferred stock, shares outstanding (in shares)					17,950			0
Issuance of common stock (in shares)	3,000				17,950
Issuance of common stock	$ 15,000,000
Series C preferred stock
Related Party Transaction [Line Items]
Preferred stock, shares outstanding (in shares)				1,400	1,400		1,400	1,400
Issuance of common stock (in shares)				0	0
Unsecured debt | Security benefit life insurance company
Related Party Transaction [Line Items]
Debt instrument, face amount		$ 100,000,000	$ 100,000,000
Interest expense				$ 400,000
Unsecured debt				$ 100,000,000
LIBOR | Unsecured debt | Security benefit life insurance company
Related Party Transaction [Line Items]
Interest rate		4.50%	4.50%
Affiliated entity | Benefit Street Partners LLC
Related Party Transaction [Line Items]
Monthly asset management fee									0.125%
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%

Related Party Transactions an_4

Related Party Transactions and Arrangements - Amount Contractually Due and Forgiven (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Payable to related party	$ 10,477		$ 9,525
Affiliated entity
Related Party Transaction [Line Items]
Total expenses from transactions with related party	9,072	$ 8,748
Payable to related party	10,477		9,525
Affiliated entity | Acquisition expenses | Nonrecurring fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	153	142
Payable to related party	0		0
Affiliated entity | Administrative services expenses | Nonrecurring fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	3,474	4,112
Payable to related party	3,474		2,940
Affiliated entity | Asset management and subordinated performance fee | Nonrecurring fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	5,416	3,912
Payable to related party	6,411		4,773
Affiliated entity | Other related party expenses | Nonrecurring fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	29	582
Payable to related party	592		$ 1,812
Affiliated entity | Acquisition fees and expenses, including amount capitalized | Nonrecurring fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	2,600	2,100
Affiliated entity | Acquisition fees and expenses, amount capitalized | Nonrecurring fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	$ 2,400	$ 2,000

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, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 18,865	$ 171,136
Commercial mortgage loans, held for sale, measured at fair value	93,117	67,649
Derivative instruments, measured at fair value	1,863	25
Liabilities	1,105	403
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	18,865	171,136
Commercial mortgage loans, held for sale, measured at fair value	93,117	67,649
Other real estate investments, measured at fair value	2,528	2,522
Total assets, at fair value	116,373	241,332
Total liabilities, at fair value	1,105	403
Level I | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Commercial mortgage loans, held for sale, measured at fair value	0	0
Other real estate investments, measured at fair value	0	0
Total assets, at fair value	974	0
Total liabilities, at fair value	0	106
Level II | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	18,865	171,136
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	19,754	171,161
Total liabilities, at fair value	1,105	297
Level III | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Commercial mortgage loans, held for sale, measured at fair value	93,117	67,649
Other real estate investments, measured at fair value	2,528	2,522
Total assets, at fair value	95,645	70,171
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, measured at fair value	0	0
Liabilities	1,105	297
Credit default swaps | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	1,105	297
Credit default swaps | Level I | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	0	0
Credit default swaps | Level II | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	1,105	297
Credit default swaps | Level III | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	0	0
Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, measured at fair value	889	25
Liabilities	0	0
Interest rate swaps | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, measured at fair value	889	25
Interest rate swaps | Level I | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, measured at fair value	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, measured at fair value	889	25
Interest rate swaps | Level III | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, measured at fair value	0	0
Treasury note futures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, measured at fair value	974	0
Liabilities	0	106
Treasury note futures | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, measured at fair value	974
Liabilities		106
Treasury note futures | Level I | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, measured at fair value	974
Liabilities		106
Treasury note futures | Level II | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, measured 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, measured 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, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held for sale, measured at fair value	$ 93,117	$ 67,649
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	93,117	67,649
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	93,117	67,649
Real estate securities, available-for-sale, measured at fair value	2,528	2,522
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	$ 93,117	$ 67,649
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	3.80%	16.60%
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	13.20%	13.20%
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	3.20%	15.60%
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	12.20%	12.20%
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	5.00%	17.60%
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	14.20%	14.20%

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, 2021	Mar. 31, 2020	Dec. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net accretion	$ 1,169	$ 1,710
Gain on sale of real estate securities	(1,060)	(438)
Commercial Mortgage Loans, held for sale, measured at fair value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of asset purchases, collaterized amount	679,100
Fair value of asset sales, collaterized amount	682,000
Gain on sale of real estate securities	2,800
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	67,649	112,562	$ 112,562
Transfers Into Level III	0		23,625
Realized gain/(loss) on sale of commercial mortgage loan, held for sale	6,630		15,931
Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments	479		(75)
Net accretion	0		0
Purchases	166,360		267,552
Sales / paydowns	(148,001)		(328,321)
Transfers out of Level III	0		(23,625)
Ending balance	93,117		67,649
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	2,522	$ 2,557	2,557
Transfers Into Level III	0		0
Realized gain/(loss) on sale of commercial mortgage loan, held for sale	0		0
Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments	6		(32)
Net accretion	0		(3)
Purchases	0		0
Sales / paydowns	0		0
Transfers out of Level III	0		0
Ending balance	$ 2,528		$ 2,522

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Allowance for loan losses	$ 18,600	$ 20,886
Carrying Amount | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans, held for investment	3,028,698	2,714,734
Collateralized loan obligations	2,075,611	1,625,498
Mortgage note payable	29,167	29,167
Other financing and loan participation - commercial mortgage loans	34,017	31,379
Allowance for loan losses	18,600	20,900
Fair Value | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans, held for investment	3,050,417	2,724,039
Collateralized loan obligations	2,090,873	1,606,478
Mortgage note payable	29,167	29,167
Other financing and loan participation - commercial mortgage loans	$ 34,017	$ 31,379

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net premiums received on derivative instrument assets	$ 3

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Outstanding Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Notional	$ 185,453	$ 122,017
Assets	1,863	25
Liabilities	1,105	403
Credit default swaps
Derivative [Line Items]
Notional	92,000	46,000
Assets	0	0
Liabilities	1,105	297
Interest rate swaps
Derivative [Line Items]
Notional	40,453	32,517
Assets	889	25
Liabilities	0	0
Treasury note futures
Derivative [Line Items]
Notional	53,000	43,500
Assets	974	0
Liabilities	$ 0	$ 106

Derivative Instruments - Net Re

Derivative Instruments - Net Realized and Unrealized Losses on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	$ (2,109)	$ 4,836
Realized (Gain)/Loss	(1,978)	6,669
Credit default swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	(163)	(1,752)
Realized (Gain)/Loss	455	61
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	(865)	4,340
Realized (Gain)/Loss	(921)	2,946
Treasury note futures
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	(1,081)	2,248
Realized (Gain)/Loss	$ (1,512)	3,627
Options
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss		0
Realized (Gain)/Loss		$ 35

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities - Offsetting Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Offsetting Derivative Assets [Abstract]
Gross amounts of recognized assets	$ 1,863	$ 25
Gross amounts offset on the balance sheet	0	0
Net amount of assets presented on the balance sheet	1,863	25
Financial instruments	0	0
Cash collateral	0	0
Net amount	$ 1,863	$ 25

Offsetting Assets and Liabili_4

Offsetting Assets and Liabilities - Offsetting Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Offsetting Derivative Liabilities [Abstract]
Derivative instruments, at fair value, gross amounts recognized	$ 1,105	$ 403
Derivative instruments, at fair value, gross amounts offset on the balance sheet	0	0
Derivative instruments, at fair value, net amount of liabilities presented on the balance sheet	1,105	403
Derivative instruments, at fair value, gross amounts not offset on balance sheet, financial instruments	0	0
Derivative instruments, at fair value, gross amounts not offset on the balance sheet, cash collateral pledged	6,058	3,435
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	152,925	276,340
Repurchase agreements, gross amounts offset on the balance sheet	0	0
Repurchase agreements, net amount of liabilities presented on the balance sheet	152,925	276,340
Repurchase agreements, gross amounts not offset on the balance sheet, financial instruments	315,991	496,030
Repurchase agreements, gross amounts not offset on the balance sheet, cash collateral pledged	5,016	5,016
Repurchase agreements, net amount	0	0
Real Estate Securities
Offsetting Securities Sold under Agreements to Repurchase [Abstract]
Repurchase agreements, gross amounts of recognized liabilities	88,272	186,828
Repurchase agreements, gross amounts offset on the balance sheet	0	0
Repurchase agreements, net amount of liabilities presented on the balance sheet	88,272	186,828
Repurchase agreements, gross amounts not offset on the balance sheet, financial instruments	114,490	245,956
Repurchase agreements, gross amounts not offset on the balance sheet, cash collateral pledged	0	1,146
Repurchase agreements, net amount	$ 0	$ 0

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Interest income	$ 42,237	$ 47,854
Revenue from real estate owned	31,584	24,991
Interest expense	11,369	24,492
Net income/(loss)	30,146	(7,400)
Total assets	3,552,693		$ 3,189,761
Real Estate Debt and Other Real Estate Investments
Segment Reporting Information [Line Items]
Interest income	40,757	43,369
Interest expense	10,574	21,708
Net income/(loss)	23,033	(1,183)
Total assets	3,346,477		2,866,790
Real Estate Securities
Segment Reporting Information [Line Items]
Interest income	424	3,295
Interest expense	182	1,807
Net income/(loss)	(454)	1,050
Total assets	19,259		175,088
TRS
Segment Reporting Information [Line Items]
Interest income	1,056	1,190
Interest expense	332	693
Net income/(loss)	7,538	(5,982)
Total assets	106,782		105,364
Real Estate Owned
Segment Reporting Information [Line Items]
Interest income	0	0
Interest expense	281	284
Net income/(loss)	29	(1,285)
Total assets	80,175		$ 42,519
Revenue from real estate owned
Segment Reporting Information [Line Items]
Revenue from real estate owned	716	1,629
Revenue from real estate owned | Real Estate Debt and Other Real Estate Investments
Segment Reporting Information [Line Items]
Revenue from real estate owned	0	0
Revenue from real estate owned | Real Estate Securities
Segment Reporting Information [Line Items]
Revenue from real estate owned	0	0
Revenue from real estate owned | TRS
Segment Reporting Information [Line Items]
Revenue from real estate owned	0	0
Revenue from real estate owned | Real Estate Owned
Segment Reporting Information [Line Items]
Revenue from real estate owned	$ 716	$ 1,629

Uncategorized Items - bsprt-202

Label	Element	Value
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	us-gaap:AccountingStandardsUpdate201613Member