Franklin BSP Realty Trust (FBRT) 10-Q 12 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Oct. 31, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	000-55188
Entity Registrant Name	FRANKLIN BSP REALTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-1406086
Entity Address, Address Line One	1345 Avenue of the Americas
Entity Address, Address Line Two	Suite 32A
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10105
City Area Code	212
Local Phone Number	588-6770
Title of 12(b) Security	Common Stock, par value $0.01 per share
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		43,951,382
Entity Central Index Key	0001562528
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents		$ 91,374	$ 82,071
Restricted cash		9,531	10,070
Commercial mortgage loans, held for investment, net of allowance of $15,499 and $20,886 as of September 30, 2021 and December 31, 2020, respectively		3,247,646	2,693,848
Commercial mortgage loans, held for sale, measured at fair value		99	67,649
Real estate securities, available for sale, measured at fair value, amortized cost of $0 and $179,392 as of September 30, 2021 and December 31, 2020, respectively		0	171,136
Derivative instruments, measured at fair value		0	25
Other real estate investments, measured at fair value		2,547	2,522
Receivable for loan repayment	[1]	123,311	98,551
Accrued interest receivable		17,132	15,295
Prepaid expenses and other assets		4,023	8,538
Intangible lease asset, net of amortization		49,192	13,546
Real estate owned, net of depreciation		90,623	26,510
Total assets		3,635,478	3,189,761
LIABILITIES AND STOCKHOLDERS' EQUITY
Collateralized loan obligations		1,792,353	1,625,498
Mortgage note payable		23,998	29,167
Unsecured debt		60,000	0
Derivative instruments, measured at fair value		0	403
Interest payable		972	2,110
Distributions payable		20,447	15,688
Accounts payable and accrued expenses		9,318	5,125
Due to affiliates		17,140	9,525
Total liabilities		2,558,349	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 September 30, 2021 and December 31, 2020, respectively		0	0
Common stock, $0.01 par value, 949,999,000 shares authorized, 44,162,657 and 44,510,051 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively		443	446
Additional paid-in capital		906,517	912,725
Accumulated other comprehensive income (loss)		0	(8,256)
Accumulated deficit		(59,844)	(106,471)
Total stockholders' equity		847,116	798,444
Non-controlling interest		5,764	0
Total equity		852,880	798,444
Total liabilities, redeemable convertible preferred stock and equity		3,635,478	3,189,761
CMBS
ASSETS
Real estate securities, available for sale, measured at fair value, amortized cost of $0 and $179,392 as of September 30, 2021 and December 31, 2020, respectively			171,136
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		550,156	276,340
Other financing and loan participation - commercial mortgage loans		37,434	31,379
Real Estate Securities
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		46,531	186,828
Convertible Series A Preferred Stock
LIABILITIES AND STOCKHOLDERS' EQUITY
Convertible preferred stock, redeemable, issuer option, value		127,603	202,292
Convertible Series C Preferred Stock
LIABILITIES AND STOCKHOLDERS' EQUITY
Convertible preferred stock, redeemable, issuer option, value		6,969	6,962
Convertible Series D Preferred Stock
LIABILITIES AND STOCKHOLDERS' EQUITY
Convertible preferred stock, redeemable, issuer option, value		$ 89,677	$ 0
[1]	Includes $123.3 million and $98.6 million of cash held by servicer related to the CLOs as of September 30, 2021 and December 31, 2020, respectively.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Allowance for loan losses	$ 15,499	$ 20,886
Aggregate carrying value	$ 0	$ 179,392
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)	44,162,657	44,510,051
Common stock, shares outstanding (in shares)	44,162,657	44,510,051
Restricted cash	$ 9,531	$ 10,070
Convertible Series A Preferred Stock
Preferred stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	60,000	60,000
Preferred stock, shares issued (in shares)	25,567	40,515
Preferred stock, shares outstanding (in shares)	25,567	40,515
Convertible Series C Preferred Stock
Preferred stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	20,000	20,000
Preferred stock, shares issued (in shares)	1,400	1,400
Preferred stock, shares outstanding (in shares)	1,400	1,400
Convertible Series D Preferred Stock
Preferred stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	20,000	20,000
Preferred stock, shares issued (in shares)	17,950	0
Preferred stock, shares outstanding (in shares)	17,950	0
Collaterized loan obligation
Restricted cash	$ 123,300	$ 98,600

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income:
Interest income	$ 47,747	$ 44,414	$ 138,969	$ 135,509
Less: Interest expense	11,988	15,113	35,994	54,740
Net interest income	35,759	29,301	102,975	80,769
Revenue from real estate owned	1,015	1,017	2,447	3,474
Total income	36,774	30,318	105,422	84,243
Expenses:
Asset management and subordinated performance fee	8,265	3,749	19,682	11,399
Acquisition expenses	690	166	1,012	483
Administrative services expenses	2,980	3,128	9,532	10,180
Professional fees	2,488	2,470	7,262	8,476
Real estate owned operating expenses	0	509	0	3,250
Depreciation and amortization	0	591	812	1,765
Other expenses	709	571	2,115	3,213
Total expenses	15,132	11,184	40,415	38,766
Other (income)/loss:
Provision/(benefit) for credit losses	(1,613)	(3,710)	(5,452)	14,929
Impairment losses on real estate owned assets	0	0	0	398
Realized (gain)/loss on extinguishment of debt	0	0	0	(438)
Realized (gain)/loss on sale of real estate securities	0	4,390	1,375	10,137
Realized (gain)/loss on sale of commercial mortgage loans, held for sale	(206)	0	(206)	(252)
Realized (gain)/loss on sale of real estate owned assets, held for sale	(8,698)	(1,424)	(9,810)	(1,424)
Realized (gain)/loss on sale of commercial mortgage loans, held for sale, measured at fair value	(9,061)	(1,940)	(22,211)	(11,106)
Unrealized (gain)/loss on commercial mortgage loans, held for sale, measured at fair value	1,104	(263)	0	76
Unrealized (gain)/loss on other real estate investments, measured at fair value	(1)	(6)	(27)	37
Unrealized (gain)/loss on derivatives	(1,428)	(4,310)	(374)	625
Realized (gain)/loss on derivatives	1,902	4,722	(357)	13,050
Total other (income)/loss	(18,001)	(2,541)	(37,062)	26,032
Income before taxes	39,643	21,675	102,069	19,445
Provision/(benefit) for income tax	1,148	178	3,418	(2,466)
Net income	38,495	21,497	98,651	21,911
Net income applicable to common stock	$ 29,490	$ 16,739	$ 75,905	$ 10,466
Basic earnings per share (in dollars per share)	$ 0.67	$ 0.38	$ 1.72	$ 0.24
Diluted earnings per share (in dollars per share)	$ 0.67	$ 0.38	$ 1.71	$ 0.24
Basic weighted average shares outstanding (in shares)	44,185,241	44,405,196	44,245,733	44,348,282
Diluted weighted average shares outstanding (in shares)	44,200,564	44,421,084	44,261,470	44,361,739

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 38,495	$ 21,497	$ 98,651	$ 21,911
Unrealized gain/(loss) on available for sale securities, net of reclassification adjustment	0	18,656	8,256	(8,632)
Comprehensive income attributable to Franklin BSP Realty Trust, Inc.	$ 38,495	$ 40,153	$ 106,907	$ 13,279

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Parent	Noncontrolling Interest	Cumulative-effect adjustment upon adoption of ASU 2016-13 (Note 2)	Cumulative-effect adjustment upon adoption of ASU 2016-13 (Note 2)Accumulated Deficit	Cumulative-effect adjustment upon adoption of ASU 2016-13 (Note 2)Parent
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total equity	$ 816,805	$ 441	$ 903,310	$ (978)	$ (85,968)	$ 816,805		$ (7,761)	$ (7,761)	$ (7,761)
Beginning balance (in shares) at Dec. 31, 2019		43,916,815
Beginning balance, total equity at Dec. 31, 2019	$ 816,805	$ 441	903,310	(978)	(85,968)	816,805		(7,761)	(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			10,862
Common stock repurchases (in shares)		(361,829)
Common stock repurchases	(6,715)	$ (4)	(6,711)			(6,715)
Common stock issued through distribution reinvestment plan (in shares)		191,326
Common stock issued through distribution reinvestment plan	3,549	$ 1	3,548			3,549
Share-based compensation	39		39			39
Offering costs	(136)		(136)			(136)
Net income	(7,400)				(7,400)	(7,400)
Distributions declared	(20,371)				(20,371)	(20,371)
Other comprehensive income	(67,607)			(67,607)		(67,607)
Ending balance (in shares) at Mar. 31, 2020		44,396,346
Ending balance, total equity at Mar. 31, 2020	721,265	$ 445	910,905	(68,585)	(121,500)	721,265	$ 0
Beginning balance (in shares) at Dec. 31, 2019		43,916,815
Beginning balance, total equity at Dec. 31, 2019	816,805	$ 441	903,310	(978)	(85,968)	816,805		(7,761)	(7,761)	(7,761)
Ending balance (in shares) at Jun. 30, 2020		44,395,816
Ending balance, total equity at Jun. 30, 2020	$ 753,596	$ 445	910,706	(28,266)	(129,289)	753,596	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	Accounting Standards Update 2016-13 [Member]
Beginning balance (in shares) at Dec. 31, 2019		43,916,815
Beginning balance, total equity at Dec. 31, 2019	$ 816,805	$ 441	903,310	(978)	(85,968)	816,805		$ (7,761)	$ (7,761)	$ (7,761)
Ending balance (in shares) at Sep. 30, 2020		44,353,727
Ending balance, total equity at Sep. 30, 2020	777,415	$ 445	910,040	(9,610)	(123,460)	777,415	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total equity	721,265	$ 445	910,905	(68,585)	(121,500)	721,265	0
Beginning balance (in shares) at Mar. 31, 2020		44,396,346
Beginning balance, total equity at Mar. 31, 2020	721,265	$ 445	910,905	(68,585)	(121,500)	721,265	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	25		25			25
Common stock repurchases (in shares)		(11,306)
Common stock repurchases	(192)		(192)			(192)
Common stock issued through distribution reinvestment plan (in shares)		6
Common stock issued through distribution reinvestment plan	(57)		(57)			(57)
Share-based compensation (in shares)		10,770
Share-based compensation	57		57			57
Offering costs	(32)		(32)			(32)
Net income	7,814				7,814	7,814
Distributions declared	(15,603)				(15,603)	(15,603)
Other comprehensive income	40,319			40,319		40,319
Ending balance (in shares) at Jun. 30, 2020		44,395,816
Ending balance, total equity at Jun. 30, 2020	753,596	$ 445	910,706	(28,266)	(129,289)	753,596	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total equity	753,596	$ 445	910,706	(28,266)	(129,289)	753,596	0
Common stock repurchases (in shares)		(206,332)
Common stock repurchases	(3,352)	$ (2)	(3,350)			(3,352)
Common stock issued through distribution reinvestment plan (in shares)		164,243
Common stock issued through distribution reinvestment plan	2,669	$ 2	2,667			2,669
Share-based compensation	40		40			40
Offering costs	(23)		(23)			(23)
Net income	21,497				21,497	21,497
Distributions declared	(15,668)				(15,668)	(15,668)
Other comprehensive income	18,656			18,656		18,656
Ending balance (in shares) at Sep. 30, 2020		44,353,727
Ending balance, total equity at Sep. 30, 2020	777,415	$ 445	910,040	(9,610)	(123,460)	777,415	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total equity	777,415	445	910,040	(9,610)	(123,460)	777,415	0
Total equity	798,444	$ 446	912,725	(8,256)	(106,471)	798,444	0
Beginning balance (in shares) at Dec. 31, 2020		44,510,051
Beginning balance, total equity at Dec. 31, 2020	798,444	$ 446	912,725	(8,256)	(106,471)	798,444	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchases (in shares)		(521,796)
Common stock repurchases	(9,147)	$ (5)	(9,142)			(9,147)
Common stock issued through distribution reinvestment plan (in shares)		147,404
Common stock issued through distribution reinvestment plan	2,585	$ 2	2,583			2,585
Share-based compensation	55		55			55
Offering costs	(21)		(21)			(21)
Net income	30,146				30,146	30,146
Distributions declared	(15,644)				(15,644)	(15,644)
Other comprehensive income	8,042			8,042		8,042
Ending balance (in shares) at Mar. 31, 2021		44,135,659
Ending balance, total equity at Mar. 31, 2021	814,460	$ 443	906,200	(214)	(91,969)	814,460	0
Beginning balance (in shares) at Dec. 31, 2020		44,510,051
Beginning balance, total equity at Dec. 31, 2020	798,444	$ 446	912,725	(8,256)	(106,471)	798,444	0
Ending balance (in shares) at Sep. 30, 2021		44,162,657
Ending balance, total equity at Sep. 30, 2021	852,880	$ 443	906,517	0	(59,844)	847,116	5,764
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total equity	814,460	$ 443	906,200	(214)	(91,969)	814,460	0
Beginning balance (in shares) at Mar. 31, 2021		44,135,659
Beginning balance, total equity at Mar. 31, 2021	814,460	$ 443	906,200	(214)	(91,969)	814,460	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		504
Common stock repurchases (in shares)		(3,784)
Common stock repurchases	(66)		(66)			(66)
Common stock issued through distribution reinvestment plan (in shares)		141,270
Common stock issued through distribution reinvestment plan	2,524	$ 1	2,523			2,524
Share-based compensation (in shares)		11,184
Share-based compensation	53		53			53
Offering costs	(21)		(21)			(21)
Net income	30,010				30,010	30,010
Distributions declared	(15,898)				(15,898)	(15,898)
Other comprehensive income	214			214		214
Ending balance (in shares) at Jun. 30, 2021		44,284,833
Ending balance, total equity at Jun. 30, 2021	831,276	$ 444	908,689	0	(77,857)	831,276	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total equity	831,276	$ 444	908,689	0	(77,857)	831,276	0
Common stock repurchases (in shares)		(123,257)
Common stock repurchases	(2,204)	$ (1)	(2,203)			(2,204)
Common stock issued through distribution reinvestment plan (in shares)		1,081
Common stock issued through distribution reinvestment plan	1		1			1
Share-based compensation	52		52			52
Offering costs	(22)		(22)			(22)
Net income	38,495				38,495	38,495
Distributions declared	(20,482)				(20,482)	(20,482)
Other comprehensive income	0					0
Noncontrolling interest, increase from business combination	5,764						5,764
Ending balance (in shares) at Sep. 30, 2021		44,162,657
Ending balance, total equity at Sep. 30, 2021	852,880	$ 443	906,517	0	(59,844)	847,116	5,764
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total equity	$ 852,880	$ 443	$ 906,517	$ 0	$ (59,844)	$ 847,116	$ 5,764

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 38,495	$ 21,497	$ 98,651	$ 21,911
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:
Premium amortization and (discount accretion), net			(4,421)	(4,535)
Accretion of deferred commitment fees			(6,429)	(4,710)
Amortization of deferred financing costs			3,820	8,297
Share-based compensation			160	136
Realized (gain)/loss from sale of real estate securities			1,375	10,137
Realized (gain)/loss on sale of real estate owned assets, held for sale	(8,698)	(1,424)	(9,810)	(1,424)
Unrealized (gain)/loss from commercial mortgage loans, held for sale			0	76
Unrealized (gain)/loss from derivative instruments			(374)	625
Unrealized (gain)/loss from other real estate investments			(27)	37
Depreciation and amortization	0	591	812	1,765
Recognition of deferred rent revenue			0	(150)
Provision/(benefit) for credit losses	(1,613)	(3,710)	(5,452)	14,929
Impairment losses on real estate owned assets			0	398
Origination of commercial mortgage loans, held for sale			(321,278)	(122,043)
Proceeds from sale of commercial mortgage loans, held for sale			388,828	270,479
Changes in assets and liabilities:
Accrued interest receivable			4,593	6,280
Prepaid expenses and other assets			1,434	(5,173)
Accounts payable and accrued expenses			4,547	(3,114)
Due to affiliates			7,615	3,649
Interest payable			(1,005)	(2,175)
Net cash (used in)/provided by operating activities			163,039	195,395
Cash flows from investing activities:
Origination and purchase of commercial mortgage loans, held for investment			(1,388,777)	(851,524)
Principal repayments received on commercial mortgage loans, held for investment			771,878	880,067
Purchase of real estate owned and capital expenditures			(134,052)	(2,869)
Proceeds from sale of real estate owned, held for sale			29,914	15,424
Purchase of real estate securities			0	(148,580)
Proceeds from sale of commercial mortgage loans, held for sale			38,161	0
Proceeds from sale/repayment of real estate securities			178,017	346,200
Proceeds from (purchase)/sale of derivative instruments			(4)	(829)
Net cash (used in)/provided by investing activities			(504,863)	237,889
Cash flows from financing activities:
Proceeds from issuances of common stock			0	10,887
Proceeds from issuances of redeemable convertible preferred stock			15,000	70
Common stock repurchases			(11,417)	(10,259)
Borrowings on collateralized loan obligations			612,723	0
Repayments of collateralized loan obligations			(442,672)	(150,766)
Borrowings on repurchase agreements - commercial mortgage loans			812,528	195,182
Repayments of repurchase agreements - commercial mortgage loans			(538,712)	(263,482)
Borrowings on repurchase agreements - real estate securities			175,822	857,163
Repayments of repurchase agreements - real estate securities			(316,118)	(1,073,977)
Proceeds from other financing and loan participation - commercial mortgage loans			6,055	23,001
Borrowings on unsecured debt			160,000	0
Repayments of unsecured debt			(100,000)	0
Borrowing on mortgage note payable			23,940	11,456
Payments of deferred financing costs			(4,497)	(511)
Distributions paid			(42,064)	(36,666)
Net cash (used in)/provided by financing activities:			350,588	(437,902)
Net change in cash, cash equivalents and restricted cash			8,764	(4,618)
Cash, cash equivalents and restricted cash, beginning of period			92,141	109,122	$ 109,122
Cash, cash equivalents and restricted cash, end of period	100,905	104,504	100,905	104,504	92,141
Supplemental disclosures of cash flow information:
Taxes paid			80	4,400
Interest paid			33,312	48,618
Supplemental disclosures of non - cash flow information:
Distributions payable	20,447	15,645	20,447	15,645	15,688
Common stock issued through distribution reinvestment plan			5,110	6,161
Commercial mortgage loans transferred from held for sale to held for investment			0	23,625
Real estate owned received in foreclosure			0	35,411
Reconciliation of cash, cash equivalents and restricted cash at end of period:
Cash and cash equivalents	91,374	96,066	91,374	96,066	82,071
Restricted cash	9,531	8,438	9,531	8,438	10,070
Cash, cash equivalents and restricted cash, end of period	$ 100,905	$ 104,504	$ 100,905	$ 104,504	$ 92,141

Organization and Business Opera

Organization and Business Operations	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Operations	Organization and Business Operations Franklin BSP Realty Trust, Inc. (the "Company"), formerly known as Benefit Street Realty Trust, Inc., 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, as amended August 18, 2021 (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. On October 19, 2021, the Company completed a merger with Capstead Mortgage Corporation (“Capstead”) pursuant to which Capstead merged into a wholly-owned subsidiary of the Company, and the Company’s common stock commenced trading on the NYSE under the ticker “FBRT”. The Capstead assets acquired in the merger consist primarily of cash and residential adjustable-rate mortgage pass-through securities issued and guaranteed by government-sponsored enterprises or by an agency of the federal government. The Company intends to reinvest the cash and proceeds from dividends, interest, repayments and sales of the assets acquired in the merger into its own investment strategies (see Note 16 - Subsequent Events).

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 Securities and Exchange Commission ("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. The global coronavirus (COVID-19) pandemic has caused economic disruptions and changes to the real estate market. 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. Non-controlling interest represents the equity of a consolidated joint venture that is not owned by the Company. 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 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 The Company classifies its real estate owned as long-lived assets held for investment or as long-lived assets held for sale. Held for investment assets are stated at cost, as adjusted for any impairment loss, less accumulated depreciation. Held for sale assets are carried at the lower of depreciated cost or estimated fair value, less estimated costs to sell. The Company generally reclassifies assets as held for sale once a sales contract has been executed and earnest money has become non-refundable and the criteria under ASC 360 has been met. Amounts capitalized to real estate owned consist of the cost of acquisition or construction, any tenant improvements or major improvements, betterments that extend the useful life of the related asset, and transaction costs associated with the acquisition of an individual asset that does not qualify as a business combination. All repairs and maintenance are expensed as incurred. Additionally, the Company capitalizes interest while the development, or redevelopment, of a real estate owned asset is in progress. No development or redevelopments of real estate owned assets are in progress as of September 30, 2021. The Company’s real estate owned assets are depreciated or amortized using the straight-line method over the following useful lives: Buildings & Site Improvements 40 years Furniture, fixtures, and equipment 15 years Intangible lease assets Lease term The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of the real estate and related intangible assets of either operating properties or properties under construction in which the Company has an ownership interest, either directly or through investments in joint ventures, may not be recoverable. When indicators of potential impairment are present, management assesses whether the respective carrying values will be recovered from the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition for assets held for use, or from the estimated fair values, less costs to sell, for assets held for sale. In the event that the expected undiscounted future cash flows for assets held for use or the estimated fair value, less costs to sell, for assets held for sale do not exceed the respective asset carrying value, management adjusts such assets to the respective estimated fair values and recognizes an impairment loss. Estimated fair values are calculated based on the following information, depending upon availability, in order of preference: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of undiscounted cash flows, including estimated sales value (which is based on key assumptions such as estimated market rents, lease-up periods, estimated lease terms, and capitalization and discount rates) less estimated selling costs. Fair Value of Assets and Liabilities of Acquired Properties Upon the acquisition of real properties, the Company records the fair value of properties (plus any related acquisition costs) allocated based on relative fair value as tangible assets, consisting of land and building, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, based on their estimated fair values. Substantially all of the Company’s property acquisitions qualify as asset acquisitions under Accounting Standards Codification ("ASC") 805, Business Combinations. The estimated fair values of the tangible assets of an acquired property are determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and building based on management’s determination of the estimated fair value of these assets. Management relies on a sales comparison approach using closed land sales and listings in determining the land value, and determines the as-if-vacant estimated fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates the cost to execute similar leases including leasing commissions, legal, and other related costs. The estimated fair values of above-market and below-market in-place leases are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of market rates for the corresponding in-place leases, measured over a period equal to the remaining terms of the leases, taking into consideration the probability of renewals for any below-market leases. The capitalized above-market and below-market lease values are recorded as intangible lease assets or liabilities and amortized as an adjustment to rental revenues over the remaining terms of the respective leases. The estimated fair values of in-place leases include an estimate of the direct costs associated with obtaining the acquired or "in place" tenant and estimates of opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease. The amount capitalized as direct costs associated with obtaining a tenant include commissions, tenant improvements, and other direct costs and are estimated based on management’s consideration of current market costs to execute a similar lease. These direct lease origination costs are included in deferred lease costs in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. The value of opportunity costs is calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. These lease intangibles are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. 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. 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 nine months ended September 30, 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 ("AFS") 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 was made as of September 30, 2021. 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 reclassifies such obligation from equity to a liability based on the settlement value of the obligation. Shares repurchased under the SRP 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”) 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 Series A Preferred Stock, Series C Preferred Stock and Series D 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 has been 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. The DRIP was suspended during the second quarter of 2021 and was also suspended during the third quarter of 2021 in connection with the Capstead merger. 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 September 30, 2021 and September 30, 2020 was $1.1 million and $0.2 million, respectively. Total income tax provision/(benefit) for the nine months ended September 30, 2021 and September 30, 2020 was $3.4 million and $(2.5) 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 st

Commercial Mortgage Loans

Commercial Mortgage Loans	9 Months Ended
	Sep. 30, 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): September 30, 2021 December 31, 2020 Senior loans $ 3,239,207 $ 2,698,823 Mezzanine loans 23,938 15,911 Total gross carrying value of loans 3,263,145 2,714,734 Less: Allowance for credit losses (1) 15,499 20,886 Total commercial mortgage loans, held for investment, net $ 3,247,646 $ 2,693,848 ________________________ (1) As of September 30, 2021 and December 31, 2020, there have been no specific reserves for loans in non-performing status. As of September 30, 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 150 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 September 30, 2021 (dollars in thousands): Three Months Ended September 30, 2021 MultiFamily Retail Office Industrial Mixed Use Hospitality Self-Storage Manufactured Housing Total Beginning Balance $ 7,389 $ 103 $ 1,028 $ 199 $ 440 $ 7,715 $ 241 $ 77 $ 17,192 Current Period: Provision/(benefit) for credit losses (1,278) 261 509 136 34 (1,286) (89) 20 (1,693) Write offs — — — — — — — — — Ending Balance $ 6,111 $ 364 $ 1,537 $ 335 $ 474 $ 6,429 $ 152 $ 97 $ 15,499 Nine Months Ended September 30, 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 3,305 (40) (38) (3,460) 342 (5,217) 35 (25) (5,098) Write offs (289) — — — — — — — (289) Ending Balance $ 6,111 $ 364 $ 1,537 $ 335 $ 474 $ 6,429 $ 152 $ 97 $ 15,499 The Company recorded a decrease in its provision for credit losses during the three and nine months ended September 30, 2021 of $1.7 million and $5.1 million, respectively. 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 September 30, 2021 (dollars in thousands): Three Months Ended September 30, 2021 MultiFamily Retail Office Industrial Mixed Use Hospitality Self-Storage Manufactured Housing Total Beginning Balance $ 120 $ — $ 28 $ 10 $ 8 $ 65 $ — $ — $ 231 Current Period: Provision/(benefit) for credit losses 67 1 15 3 3 (9) — — 80 Ending Balance $ 187 $ 1 $ 43 $ 13 $ 11 $ 56 $ — $ — $ 311 Nine Months Ended September 30, 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 102 1 (4) (405) (3) (45) — — (354) Ending Balance $ 187 $ 1 $ 43 $ 13 $ 11 $ 56 $ — $ — $ 311 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): September 30, 2021 December 31, 2020 Loan Type Par Value Percentage Par Value Percentage Multifamily $ 1,856,441 56.7 % $ 1,202,694 44.2 % Office 527,371 16.1 % 517,464 19.0 % Hospitality 445,770 13.6 % 403,908 14.8 % Mixed Use 133,644 4.1 % 102,756 3.8 % Industrial 125,120 3.8 % 243,404 8.9 % Retail 75,961 2.3 % 78,550 2.9 % Self Storage 56,495 1.7 % 86,424 3.2 % Manufactured Housing 36,225 1.2 % 71,263 2.6 % Land 16,400 0.5 % 16,400 0.6 % Total $ 3,273,427 100.0 % $ 2,722,863 100.0 % September 30, 2021 December 31, 2020 Loan Region Par Value Percentage Par Value Percentage Southeast $ 1,030,591 31.5 % $ 796,908 29.3 % Southwest 1,027,246 31.4 % 515,392 18.9 % Mideast 431,104 13.2 % 473,514 17.4 % Far West 368,565 11.3 % 415,173 15.2 % Great Lakes 134,591 4.1 % 199,203 7.3 % Plains 94,292 2.9 % 116,143 4.3 % Various 70,118 2.1 % 136,855 5.0 % New England 68,169 2.0 % 69,675 2.6 % Rocky Mountain 48,751 1.5 % — — % Total $ 3,273,427 100.0 % $ 2,722,863 100.0 % As of September 30, 2021 and December 31, 2020, the Company's total commercial mortgage loans, held for sale, measured at fair value were comprised of one and three loans, respectively. As of September 30, 2021 and December 31, 2020, the contractual principal outstanding of commercial mortgage loans, held for sale, measured at fair value was $0.1 million and $67.6 million, respectively. As of September 30, 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): September 30, 2021 December 31, 2020 Loan Type Par Value Percentage Par Value Percentage Multifamily $ 100 100.0 % $ 100 0.1 % Industrial — — % 67,550 99.9 % Total $ 100 100.0 % $ 67,650 100.0 % September 30, 2021 December 31, 2020 Loan Region Par Value Percentage Par Value Percentage Great Lakes $ 100 100.0 % $ 9,150 13.5 % Far West — — % 58,500 86.5 % Total $ 100 100.0 % $ 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 September 30, 2021 and December 31, 2020, by loan type, the Company’s internal risk rating and year of origination. The risk ratings are updated as of September 30, 2021. As of September 30, 2021 2021 2020 2019 2018 2017 2016 Prior Total Multifamily: Risk Rating: 1-2 internal grade $ 1,059,072 $ 505,437 $ 116,286 $ 128,581 $ — $ — $ 3,487 $ 1,812,863 3-4 internal grade — — — 37,025 — — — 37,025 Total Multifamily Loans $ 1,059,072 $ 505,437 $ 116,286 $ 165,606 $ — $ — $ 3,487 $ 1,849,888 Retail: Risk Rating: 1-2 internal grade $ — $ 13,344 $ 20,162 $ 16,400 $ — $ — $ — $ 49,906 3-4 internal grade — — 12,884 29,445 — — — 42,329 Total Retail Loans $ — $ 13,344 $ 33,046 $ 45,845 $ — $ — $ — $ 92,235 Office: Risk Rating: 1-2 internal grade $ 55,283 $ 253,254 $ 131,380 $ 36,584 $ 26,549 $ — $ — $ 503,050 3-4 internal grade — — — 22,685 — — — 22,685 Total Office Loans $ 55,283 $ 253,254 $ 131,380 $ 59,269 $ 26,549 $ — $ — $ 525,735 Industrial: Risk Rating: 1-2 internal grade $ — $ 46,033 $ 78,833 $ — $ — $ — $ — $ 124,866 3-4 internal grade — — — — — — — — Total Industrial Loans $ — $ 46,033 $ 78,833 $ — $ — $ — $ — $ 124,866 Mixed Use: Risk Rating: 1-2 internal grade $ 32,378 $ 30,305 $ — $ 70,679 $ — $ — $ — $ 133,362 3-4 internal grade — — — — — — — — Total Mixed Use Loans $ 32,378 $ 30,305 $ — $ 70,679 $ — $ — $ — $ 133,362 Hospitality: Risk Rating: 1-2 internal grade $ 136,726 $ 26,910 $ 10,564 $ — $ — $ — $ — $ 174,200 3-4 internal grade — — 137,534 52,786 80,140 — — 270,460 Total Hospitality Loans $ 136,726 $ 26,910 $ 148,098 $ 52,786 $ 80,140 $ — $ — $ 444,660 Self-Storage: Risk Rating: 1-2 internal grade $ 14,939 $ 41,362 $ — $ — $ — $ — $ — $ 56,301 3-4 internal grade — — — — — — — — Total Self-Storage Loans $ 14,939 $ 41,362 $ — $ — $ — $ — $ — $ 56,301 Manufactured Housing: Risk Rating: 1-2 internal grade $ — $ 25,936 $ 10,162 $ — $ — $ — $ — $ 36,098 3-4 internal grade — — — — — — — — Total Manufactured Housing Loans $ — $ 25,936 $ 10,162 $ — $ — $ — $ — $ 36,098 Total $ 1,298,398 $ 942,581 $ 517,805 $ 394,185 $ 106,689 $ — $ 3,487 $ 3,263,145 December 31, 2020 2020 2019 2018 2017 2016 2015 Prior Total Multifamily: Risk Rating: 1-2 internal grade $ 583,550 $ 349,588 $ 188,975 $ — $ — $ — $ 3,488 $ 1,125,601 3-4 internal grade — — 35,887 37,812 — — — 73,699 Total Multifamily Loans $ 583,550 $ 349,588 $ 224,862 $ 37,812 $ — $ — $ 3,488 $ 1,199,300 Retail: Risk Rating: 1-2 internal grade $ 13,277 $ 22,760 $ 16,400 $ — $ — $ — $ — $ 52,437 3-4 internal grade — 12,872 29,425 — — — — 42,297 Total Retail Loans $ 13,277 $ 35,632 $ 45,825 $ — $ — $ — $ — $ 94,734 Office: Risk Rating: 1-2 internal grade $ 244,301 $ 160,709 $ 61,169 $ 40,846 $ — $ — $ — $ 507,025 3-4 internal grade — — — 8,392 — — — 8,392 Total Office Loans $ 244,301 $ 160,709 $ 61,169 $ 49,238 $ — $ — $ — $ 515,417 Industrial: Risk Rating: 1-2 internal grade $ 119,193 $ 89,590 $ — $ — $ — $ 33,655 $ — $ 242,438 3-4 internal grade — — — — — — — — Total Industrial Loans $ 119,193 $ 89,590 $ — $ — $ — $ 33,655 $ — $ 242,438 Mixed Use: Risk Rating: 1-2 internal grade $ 30,246 $ — $ 59,451 $ 12,839 $ — $ — $ — $ 102,536 3-4 internal grade — — — — — — — — Total Mixed Use Loans $ 30,246 $ — $ 59,451 $ 12,839 $ — $ — $ — $ 102,536 Hospitality: Risk Rating: 1-2 internal grade $ 26,878 $ 10,547 $ — $ — $ — $ — $ — $ 37,425 3-4 internal grade — 160,079 115,026 90,612 — — — 365,717 Total Hospitality Loans $ 26,878 $ 170,626 $ 115,026 $ 90,612 $ — $ — $ — $ 403,142 Self-Storage: Risk Rating: 1-2 internal grade $ 41,305 $ — $ 44,908 $ — $ — $ — $ — $ 86,213 3-4 internal grade — — — — — — — — Total Self-Storage Loans $ 41,305 $ — $ 44,908 $ — $ — $ — $ — $ 86,213 Manufactured Housing: Risk Rating: 1-2 internal grade $ 25,905 $ 45,049 $ — $ — $ — $ — $ — $ 70,954 3-4 internal grade — — — — — — — — Total Manufactured Housing Loans $ 25,905 $ 45,049 $ — $ — $ — $ — $ — $ 70,954 Total $ 1,084,655 $ 851,194 $ 551,241 $ 190,501 $ — $ 33,655 $ 3,488 $ 2,714,734 Past Due Status The following table presents an aging summary of the loans amortized cost basis at September 30, 2021 (dollars in thousands): Multifamily Retail Office Industrial Mixed Use Hospitality Self-Storage Manufactured Housing Total Status: Current $ 1,849,888 $ 92,235 $ 525,735 $ 124,866 $ 133,362 $ 387,585 $ 56,301 $ 36,098 $ 3,206,070 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 $ 1,849,888 $ 92,235 $ 525,735 $ 124,866 $ 133,362 $ 444,660 $ 56,301 $ 36,098 $ 3,263,145 ________________________ (1) For the three and nine months ended September 30, 2021, there was no interest income recognized on this loan. As of September 30, 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 September 30, 2021 the weighted average risk rating of the loans was 2.1. As of 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): September 30, 2021 December 31, 2020 Risk Rating Number of Loans Par Value Risk Rating Number of Loans Par Value 1 — $ — 1 — $ — 2 130 2,900,711 2 104 2,232,045 3 19 315,641 3 22 384,040 4 1 57,075 4 4 106,778 5 — — 5 — — 150 $ 3,273,427 130 $ 2,722,863 For the nine months ended September 30, 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): Nine Months Ended September 30, 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 1,395,556 1,287,720 Principal repayments (769,103) (1,223,490) Discount accretion/premium amortization 4,421 6,146 Loans transferred from/(to) commercial real estate loans, held for sale (38,161) (76,979) Net fees capitalized into carrying value of loans (6,779) (6,562) (Provision)/benefit for credit losses 5,098 (13,181) Charge-off from allowance 289 427 Transfer to real estate owned (37,523) (35,064) Balance at End of Period $ 3,247,646 $ 2,693,848 During the nine months ended September 30, 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 nine months ended September 30, 2021 as an asset acquisition. The Company subsequently sold this REO asset during the nine months ended September 30, 2021 for a $0.8 million gain, presented net of direct selling costs associated with the disposition of the asset, included within Realized gain/loss on sale of real estate owned assets, held for sale in the Company's consolidated statements of operations.

Real Estate Securities

Real Estate Securities	9 Months Ended
	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Real Estate Securities	Real Estate Securities As of September 30, 2021 the Company did not hold any real estate securities, CMBS. The following is a summary of the Company's real estate securities, CMBS, as of December 31, 2020 (dollars in thousands): 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 and reported them at fair value in the consolidated balance sheets with changes in fair value recorded in accumulated other comprehensive income/(loss) as of December 31, 2020. The weighted average contractual maturity for CLO investments included within the CMBS portfolio as of December 31, 2020 was 14 years. The weighted average contractual maturity for single asset single borrower "SASB" investments as of December 31, 2020 was 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 as of December 31, 2020 (dollars in thousands): Amortized Cost Credit Loss Allowance Unrealized Gain Unrealized Loss Fair Value 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 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. As of September 30, 2021 the Company did not hold any real estate securities, CMBS. 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, in each case as of 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 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 September 30, 2021 the Company did not hold any real estate securities, CMBS. As of December 31, 2020, there were 7 securities 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Unrealized gain/(loss) on available for sale securities $ — $ 4,199 $ 1,665 $ (9,380) Reclassification of net (gain)/loss on available for sale securities included in net income — 14,457 6,591 748 Unrealized gain/(loss) on available for sale securities, net of reclassification adjustment $ — $ 18,656 $ 8,256 $ (8,632)

Real Estate Owned

Real Estate Owned	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Real Estate Owned	Real Estate Owned The following table summarizes the Company's real estate owned asset as of September 30, 2021 (dollars in thousands): Acquisition Date Property Type Primary Location(s) Land Building and Site Improvements Furniture, Fixtures and Equipment Accumulated Depreciation Real Estate Owned, net September 2021 (1) Industrial Jeffersonville, GA $ 3,436 $ 87,187 $ — $ — $ 90,623 $ 3,436 $ 87,187 $ — $ — $ 90,623 ________________________ (1) See Note 2 - Summary of Significant Accounting Policies. The following table summarizes the Company's real estate owned asset as of December 31, 2020 (dollars in thousands): Acquisition Date Property Type Primary Location(s) Land Building and Site 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) See Note 2 - Summary of Significant Accounting Policies. Depreciation expense for the nine months ended September 30, 2021 totaled $0.4 million. There was no depreciation expense for the three months ended September 30, 2021. Depreciation expense for the three and nine months ended September 30, 2020 totaled $0.3 million and $0.8 million, respectively. During the nine months ended September 30, 2021, the Company sold the real estate owned asset in Jeffersonville, IN to a third party, resulting in a $8.6 million gain recognized within Realized gain/loss on sale of real estate owned assets, held for sale in the consolidated statements of operations. In August 2021 the Company and an affiliate of the Company entered into a joint venture agreement and formed a joint venture entity, Jeffersonville Member, LLC (the "Jeffersonville JV") to acquire a $139.5 million triple net lease property in Jeffersonville, GA. The Company has a 79% interest in the Jeffersonville JV, while the affiliate has a 21% interest. The Company invested a total of $109.8 million, made up of $88.7 million in debt and $21.1 million in equity, representing 79% of the ownership interest in the Jeffersonville JV. The affiliate made up the remaining $29.8 million composed of a $24.0 million mortgage note payable and $5.7 million in equity. The Company has control of Jeffersonville JV with 79% ownership and, therefore, consolidates Jeffersonville JV on its consolidated balance sheet. The Company's $88.7 million mortgage note payable to Jeffersonville JV is eliminated in consolidation (see Note 7 - Debt).

Leases

Leases	9 Months Ended
	Sep. 30, 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 September 30, 2021 (dollars in thousands): Acquisition Date Property Type Primary Location(s) Intangible Lease Asset, Gross Accumulated Amortization Intangible Lease Asset, Net of Amortization September 2021 Industrial Jeffersonville, GA $ 49,192 $ — $ 49,192 $ 49,192 $ — $ 49,192 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 September 17, 2021, the Company, through a joint venture, purchased an industrial facility that is subject to an existing triple net lease. The minimum rental amount due under the lease is subject to annual increases of 2.0%. The initial term of the lease expires in 2038 and contains renewal options for four consecutive five 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 was subject to annual increases of 1.5%. The initial term of the lease expires in 2037 and contained renewal options for four consecutive five The following table summarizes the Company's schedule of future minimum rents to be received under the industrial facility lease (dollars in thousands): Minimum Rents September 30, 2021 2021 (October - December) $ 1,953 2022 7,889 2023 8,046 2024 8,207 2025 8,372 2026 and beyond 123,520 Total minimum rent $ 157,987 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 the intangible asset as of September 30, 2021 is approximately 17.1 years. There had been no amortization expense for the three months ended September 30, 2021. Amortization expense for the nine months ended September 30, 2021 totaled $0.4 million. Amortization expense for the three and nine months ended September 30, 2020 totaled $0.2 million and $0.6 million, respectively. The following table summarizes the Company's expected amortization for intangible assets over the next five years, assuming no further acquisitions or dispositions (dollars in thousands): Amortization Expense September 30, 2021 2021 (October - December) $ (723) 2022 (2,894) 2023 (2,894) 2024 (2,894) 2025 (2,894)

Debt

Debt	9 Months Ended
	Sep. 30, 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 September 30, 2021 and December 31, 2020 are as follows (dollars in thousands): As of September 30, 2021 Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate Maturity JPM Repo Facility $ 400,000 $ 114,584 $ 2,821 2.14 % 10/6/2022 CS Repo Facility (2) 200,000 61,788 2,432 2.95 % 8/11/2022 WF Repo Facility (3) 175,000 102,368 924 1.75 % 11/22/2021 Barclays Revolver Facility (4) 100,000 75,000 223 8.25 % 9/20/2023 Barclays Repo Facility (5) 300,000 196,416 1,512 1.75 % 3/15/2022 Total $ 1,175,000 $ 550,156 $ 7,912 ________________________ (1) For the nine months ended September 30, 2021. Includes amortization of deferred financing costs. (2) On August 12, 2021, the Company exercised the extension option upon the satisfaction of certain conditions, and extended the term maturity to August 11, 2022. Additionally, on November 3, 2021 the committed financing amount was amended from $200 million to $300 million with the option to upsize to $400 million at the Company's discretion. (3) There are two more one (4) On September 8, 2021, the Company amended the maturity date to September 20, 2023. There is one one (5) There are two one 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 (6) There is one one (7) Includes two one 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 September 30, 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 and $0.7 million of interest expense on the SNB term loan for the three and nine months ended September 30, 2021. As of September 30, 2021 the outstanding participation balance was $37.4 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 September 30, 2021 the loan accrued interest at an annual rate of 3.85% and matures on November 6, 2034. The Company incurred $0.3 million and $0.9 million of interest expense for the three and nine months ended September 30, 2021. As of September 30, 2021 the loan has been assumed by the purchaser of the underlying asset and is no longer held by the Company (see Note 5 - Real Estate Owned). On September 17, 2021, the Company, in connection with the consolidating joint venture (as discussed in Note 5 - Real Estate Owned), originated a $112.7 million mortgage note payable, of which $88.7 million is eliminated in consolidation (see Note 5 - Real Estate Owned). The remaining mortgage note payable of $24.0 million is disclosed on the consolidated balance sheet. As of September 30, 2021, the loan accrued interest at an annual rate of 3.1% and matures on October 9, 2024. 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 and $1.2 million of interest expense on the lending agreement with SBL for the three and nine months ended September 30, 2021. As of September 30, 2021, the outstanding balance was $60.0 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 September 30, 2021 and December 31, 2020 (dollars in thousands): Weighted Average Counterparty Amount Outstanding Interest Expense Collateral Pledged (1) Interest Rate Days to Maturity As of September 30, 2021 JP Morgan Securities LLC $ 18,980 $ 205 $ 24,105 1.14 % 1 Goldman Sachs International — 37 — N/A N/A Barclays Capital Inc. 27,551 467 36,162 1.28 % 50 Citigroup Global Markets, Inc. — 81 — N/A N/A Total/Weighted Average $ 46,531 $ 790 $ 60,267 1.22 % 30 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 $60.3 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 September 30, 2021 and December 31, 2020, respectively. Collateralized Loan Obligations As of September 30, 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 15 and 27 mortgage assets having a principal balance of $230.2 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 September 30, 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 41 and 59 mortgage assets having a principal balance of $619.6 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 September 30, 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 56 and 54 mortgage assets having a principal balance of $754.5 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 September 30, 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 49 mortgage assets having a principal balance of $699.2 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 September 30, 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 September 30, 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 $ — 1M LIBOR + 105 10/15/2034 2018-FL3 Issuer Tranche A-S 77,775 65,176 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 416,827 185,596 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 2018-FL4 Issuer Tranche E 28,223 28,223 1M LIBOR + 305 9/15/2035 2019-FL5 Issuer Tranche A 407,025 369,761 1M LIBOR + 115 5/15/2029 2019-FL5 Issuer Tranche A-S 76,950 76,950 1M LIBOR + 148 5/15/2029 2019-FL5 Issuer Tranche B 50,000 50,000 1M LIBOR + 140 5/15/2029 2019-FL5 Issuer Tranche C 61,374 61,374 1M LIBOR + 200 5/15/2029 2019-FL5 Issuer Tranche D 48,600 5,000 1M LIBOR + 240 5/15/2029 2019-FL5 Issuer Tranche E 20,250 3,000 1M LIBOR + 285 5/15/2029 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 11,375 1M LIBOR + 350 3/15/2036 $ 2,437,924 $ 1,809,280 ________________________ (1) Excludes $300.1 million of CLO notes, held by the Company, which are eliminated within the collateralized loan obligations line in the consolidated balance sheets as of September 30, 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 obligations 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 September 30, 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) September 30, 2021 December 31, 2020 Cash (1) $ 123,940 $ 99,025 Commercial mortgage loans, held for investment, net (2) 2,288,676 2,044,956 Accrued interest receivable 5,540 5,626 Total Assets $ 2,418,156 $ 2,149,607 Liabilities Notes payable (3)(4) $ 2,092,498 $ 1,892,616 Accrued interest payable 1,220 1,240 Total Liabilities $ 2,093,718 $ 1,893,856 ________________________ (1) Includes $123.3 million and $98.6 million of cash held by the servicer related to CLO loan payoffs as of September 30, 2021 and December 31, 2020, respectively. (2) The balance is presented net of allowance for credit losses of $8.7 million and $19.4 million as of September 30, 2021 and December 31, 2020, respectively. (3) Includes $300.1 million and $267.1 million of CLO notes, held by the Company, which are eliminated within the collateralized loan obligations line of the consolidated balance sheets as of September 30, 2021 and December 31, 2020, respectively.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 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 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 and nine months ended September 30, 2021 and September 30, 2020 (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, Numerator 2021 2020 2021 2020 Net income $ 38,495 $ 21,497 $ 98,651 $ 21,911 Less: Preferred stock dividends 4,804 3,475 12,040 11,445 Less: Undistributed earnings allocated to preferred stock 4,201 1,283 10,706 — Net income attributable to common stockholders (for basic and diluted earnings per share) $ 29,490 $ 16,739 $ 75,905 $ 10,466 Denominator Weighted-average common shares outstanding for basic earnings per share 44,185,241 44,405,196 44,245,733 44,348,282 Effect of dilutive shares: Unvested restricted shares 15,323 15,888 15,737 13,457 Weighted-average common shares outstanding for diluted earnings per share 44,200,564 44,421,084 44,261,470 44,361,739 Basic earnings per share $ 0.67 $ 0.38 $ 1.72 $ 0.24 Diluted earnings per share $ 0.67 $ 0.38 $ 1.71 $ 0.24

Stock Transactions

Stock Transactions	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Stock Transactions	Stock Transactions As of September 30, 2021 and December 31, 2020, the Company had 44,162,657 and 44,510,051 shares of common stock outstanding, respectively, including shares issued pursuant to the Company's distribution reinvestment plan (the "DRIP") and unvested restricted shares. As of September 30, 2021 and December 31, 2020, the Company had 25,567 and 40,515 shares of Series A Preferred Stock outstanding, respectively and 1,400 shares of Series C Preferred Stock outstanding. Additionally, as of September 30, 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 period ended September 30, 2021 and September 30, 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 2 5 Offering costs — (14) Amortization of offering costs — 68 Ending Balance, September 30, 2021 25,567 $ 127,603 Shares Amount Balance, December 31, 2019 40,500 $ 202,144 Issuance of Preferred Stock 14 70 Dividends paid in Preferred Stock 1 4 Offering costs — (9) Amortization of offering costs — 71 Ending Balance, September 30, 2020 40,515 $ 202,280 The following tables present the activity in the Company's Series C Preferred Stock for the period ended September 30, 2021 and September 30, 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 — 7 Ending Balance, September 30, 2021 1,400 $ 6,969 Shares Amount Balance, December 31, 2019 1,400 $ 6,966 Issuance of Preferred Stock — — Dividends paid in Preferred Stock — — Offering costs — (11) Amortization of offering costs — 6 Ending Balance, September 30, 2020 1,400 $ 6,961 The following table presents the activity in the Company's Series D Preferred Stock for the period ended September 30, 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 — (83) Amortization of offering costs — 12 Ending Balance, September 30, 2021 17,950 $ 89,677 As of September 30, 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). In September 2021, the Company's board of directors declared the following third quarter 2021 dividends: (i) a quarterly cash dividend of $0.355 per share (equivalent to $1.42 per annum), an increase of $0.08 per share compared to the second quarter of 2021, which was paid in October 2021 to holders of record on September 30, 2021, and (ii) a third quarter dividend of $106.22 per share on the Company’s Series A Preferred Stock, Series C Preferred Stock and Series D Preferred Stock, which was paid in October 2021 to holders of record on September 30, 2021. 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 Series A Preferred Stock, Series C Preferred Stock and Series D Preferred Stock are generally in an amount equal to the dividends a holder of such preferred stock would have received if the preferred stock had been converted into common stock in accordance with its terms, except when the amount of common stock dividends are below the threshold stated in the terms of such preferred stock. The Company distributed $36.5 million of common stock dividends during the nine months ended September 30, 2021, comprised of $31.4 million in cash and $5.1 million in shares of common stock issued under the DRIP. On June 28, 2021, the Company temporarily suspended the DRIP and as a result, DRIP participants, along with all other holders of the Company’s equity securities, received their second and third quarter 2021 Company dividends in cash. The DRIP was also 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 $33.3 million of common stock dividends during the nine months ended September 30, 2020, comprised of $27.1 million in cash and $6.2 million in shares of common stock issued under the DRIP. As of September 30, 2021 and December 31, 2020, the Company had declared but unpaid common stock distributions of $15.7 million and $12.2 million, respectively. Additionally, as of September 30, 2021 and December 31, 2020, the Company had declared but unpaid Series A Preferred Stock distributions of $2.7 million and $3.3 million, respectively and $0.1 million and $0.1 million of declared but unpaid Series C Preferred stock distributions, respectively. Additionally, as of September 30, 2021 the Company had declared but unpaid Series D Preferred Stock distributions of $1.9 million. These amounts are included in Distributions payable on the Company’s consolidated balance sheets. Share Repurchase Program The Company's share repurchase program (the “SRP”) enabled stockholders to sell their shares to the Company for an amount 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. Repurchases pursuant to the SRP, when requested, were made semiannually (each six-month period ending June 30 or December 31, a “fiscal semester”). Repurchases for any fiscal semester were 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 was 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 were paid at the price, computed as described above on the last day of such fiscal semester. Repurchase requests were honored on a pro rata basis. The following table reflects the number of shares repurchased under the SRP cumulatively through September 30, 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) 1,355 525,580 17.53 February 1 - February 28, 2021 — — N/A March 1 - March 31, 2021 (1) — — N/A April 1 - April 30, 2021 — — N/A May 1 - May 31, 2021 (1) — — N/A June 1 - June 30, 2021 — — N/A July 1 - July 31, 2021 (2) 1,424 123,257 17.88 August 1 - August 31, 2021 — — N/A September 1 - September 30, 2021 (2) — — N/A Cumulative as of September 30, 2021 10,873 4,770,572 $ 19.57 ________________________ (1) Reflects shares repurchased pursuant to repurchase requests submitted for the second semester of 2020, including 15,772 and 3,784 shares which for administrative reasons were processed in March 2021 and May 2021, respectively. 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 1,881,556 shares were not fulfilled for the second semester of 2020. (2 ) Reflects shares repurchased pursuant to repurchase requests submitted for the first semester of 2021, including 1,776 shares which for administrative reasons were processed in September 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 761 shares were not fulfilled for the first semester of 2021.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Unfunded Commitments Under Commercial Mortgage Loans As of September 30, 2021 and December 31, 2020, the Company had the below unfunded commitments to the Company's borrowers (dollars in thousands): Funding Expiration September 30, 2021 December 31, 2020 2021 $ 26,989 $ 59,692 2022 41,917 91,420 2023 69,702 69,880 2024 265,295 7,700 2025 and beyond 25,501 — $ 429,404 $ 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. Capstead Merger Litigation Five lawsuits were filed by purported stockholders of Capstead with respect to the Capstead merger. The first suit, styled as Shiva Stein v. Capstead Mortgage Corporation, et al., No. 1:21-cv-7306 (the “Stein Lawsuit”), was filed in the United States District Court for the Southern District of New York on August 31, 2021, and asserts claims against Capstead, members of the Capstead board of directors (the “Capstead Board”) and the Company. The second suit, styled as Matthew Hopkins v. Capstead Mortgage Corporation, et al., No. 1:21-cv-07369 (the “Hopkins Lawsuit”), was filed in the United States District Court for the Southern District of New York on September 1, 2021, and asserts claims against Capstead, members of the Capstead Board, the Company and the Advisor. The third suit, styled as Bryan Harrington v. Capstead Mortgage Corporation, et al., No. 1:21-cv-05080 (the “Harrington Lawsuit”), was filed in the United States District Court for the Eastern District of New York on September 11, 2021, and asserts claims against Capstead and members of the Capstead Board. The fourth suit, styled as Randy Gill v. Capstead Mortgage Corporation, et al., No. 1:21-cv-07973 (the “Gill Lawsuit”), was filed in the United States District Court for the Southern District of New York on September 24, 2021, and asserts claims against Capstead and members of the Capstead Board. The fifth suit, styled as Jordan Wilson v. Capstead Mortgage Corporation, et al., No. 1:21-cv-08147-UA (the “Wilson Lawsuit”), was filed in the United States District Court for the Southern District of New York on October 1, 2021, and asserts claims against Capstead and members of the Capstead Board. Capstead also received demand letters from two purported stockholders, Brett Braafhart and Angelo Fisichella, threatening to assert claims against Capstead and members of the Capstead Board (such demand letters, together with the Stein Lawsuit, the Hopkins Lawsuit, the Harrington Lawsuit, the Gill Lawsuit and the Wilson Lawsuit, the “Lawsuits”). Each of the Lawsuits alleges that certain of the disclosures in the Capstead proxy statement related to the merger were deficient, and sought preliminary and injunctive relief. While Capstead believed that the disclosures set forth in the proxy statement complied fully with applicable law, in order to address certain disclosure claims in the Lawsuits, minimize the cost, risk and uncertainty inherent in litigation, avoid nuisance and preclude any efforts to delay the completion of the merger, Capstead voluntarily supplemented the proxy statement with certain supplemental disclosures. The Company, as successor to Capstead in the merger, believes the claims asserted in the Lawsuits are without merit and expressly denies all allegations in the Lawsuits, including that any additional disclosure was or is required.

Related Party Transactions and

Related Party Transactions and Arrangements	9 Months Ended
	Sep. 30, 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 (as defined in the Advisory Agreement) 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 and nine months ended September 30, 2021 and 2020 and the associated payable as of September 30, 2021 and December 31, 2020 (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, Payable as of 2021 2020 2021 2020 September 30, 2021 December 31, 2020 Acquisition expenses (1) $ 690 $ 166 $ 1,012 $ 483 $ — $ — Administrative services expenses 2,980 3,128 9,532 10,180 2,980 2,940 Asset management and subordinated performance fee 8,265 3,749 19,682 11,399 13,025 4,773 Other related party expenses (2)(3) 146 14 182 685 1,135 1,812 Total related party fees and reimbursements $ 12,081 $ 7,057 $ 30,408 $ 22,747 $ 17,140 $ 9,525 ________________________ (1) Total acquisition expenses paid during the three and nine months ended September 30, 2021 were $2.9 million and $7.5 million respectively, of which $2.2 million and $6.5 million were capitalized within the commercial mortgage loans, held for investment and real estate securities, available for sale, measured at fair value lines of the consolidated balance sheets. Total acquisition expenses paid during the three and nine months ended September 30, 2020 were $2.2 million and $5.0 million respectively, of which $2.0 million and $4.5 million were capitalized within the commercial mortgage loans, held for investment and real estate securities, available for sale, measured at fair value lines of the consolidated balance sheets. (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 September 30, 2021 and December 31, 2020 the related party payables include $1.1 million and $1.8 million of payments made by the Advisor to third party vendors on behalf of the Company. The payables as of September 30, 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 and $1.2 million in interest expense on the lending agreement with SBL for the three and nine months ended September 30, 2021, respectively. As of September 30, 2021 there was $60.0 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. In August 2021 the Company and an affiliate of the Company entered into a joint venture agreement and formed a joint venture entity, Jeffersonville Member, LLC (the "Jeffersonville JV") to acquire a $139.5 million triple net lease property in Jeffersonville, GA. The Company has a 79% interest in the Jeffersonville JV, while the affiliate has a 21% interest. The Company invested a total of $109.8 million, made up of $88.7 million in debt and $21.1 million in equity, representing 79% of the ownership interest in the Jeffersonville JV. The affiliate made up the remaining $29.8 million composed of a $24.0 million mortgage note payable and $5.7 million in equity. The Company has control of Jeffersonville JV with 79% ownership and, therefore, consolidates Jeffersonville JV on its consolidated balance sheet. The Company's $88.7 million mortgage note payable to Jeffersonville JV is eliminated in consolidation (see Note 7 - Debt).

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 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. The Company obtains third party pricing for determining the fair value of each CMBS investments, 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 September 30, 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 September 30, 2021 and December 31, 2020 (dollars in thousands): Total Level I Level II Level III September 30, 2021 Assets, at fair value Commercial mortgage loans, held for sale, measured at fair value $ 99 $ — $ — $ 99 Other real estate investments, measured at fair value 2,547 — — 2,547 Interest rate swaps — — — — Total assets, at fair value $ 2,646 $ — $ — $ 2,646 Liabilities, at fair value Credit default swaps $ — $ — $ — $ — Treasury note futures — — — — Total liabilities, at fair value $ — $ — $ — $ — 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 September 30, 2021 and December 31, 2020 (dollars in thousands): Asset Category Fair Value Valuation Methodologies Unobservable Inputs (1) Weighted Average (2) Range September 30, 2021 Commercial mortgage loans, held for sale, measured at fair value $ 99 Discounted Cash Flow Yield 16.6% 15.6% - 17.6% Other real estate investments, measured at fair value 2,547 Discounted Cash Flow Yield 11.4% 10.4% - 12.4% 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 September 30, 2021 and December 31, 2020 for which the Company has used Level III inputs to determine fair value (dollars in thousands): September 30, 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 loans, held for sale 22,211 — Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments — 27 Net accretion — (2) Purchases 321,278 — Sales / paydowns (411,039) — Transfers out of Level III (2) — — Ending Balance, September 30, 2021 $ 99 $ 2,547 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 loans, 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 September 30, 2021 and December 31, 2020 (dollars in thousands): Level Carrying Amount (1) Fair Value September 30, 2021 Commercial mortgage loans, held for investment (1) Asset III $ 3,263,145 $ 3,265,960 Collateralized loan obligations Liability III 1,792,353 1,811,509 Mortgage note payable Liability III 23,998 23,998 Other financing and loan participation - commercial mortgage loans Liability III 37,434 37,434 Unsecured debt Liability III 60,000 60,000 December 31, 2020 Commercial mortgage loans, held for investment (1) Asset III $ 2,714,734 $ 2,724,039 Collateralized loan obligations 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 $15.5 million and $20.9 million of allowance for credit losses as of September 30, 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 September 30, 2021, the Mortgage note payable and Unsecured debt was recorded at transaction proceeds, which are considered to be the best initial estimate of fair value.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 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 September 30, 2021, the net premiums received on derivative instrument assets were $4.8 million. The following derivative instruments were outstanding as of September 30, 2021 and December 31, 2020 (dollars in thousands): Fair Value Contract type Notional Assets Liabilities September 30, 2021 Credit default swaps $ — $ — $ — Interest rate swaps 17,335 — — Treasury note futures — — — Total $ 17,335 $ — $ — 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 and nine months ended September 30, 2021 and September 30, 2020: Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Contract type Unrealized (Gain)/Loss Realized (Gain)/Loss Unrealized (Gain)/Loss Realized (Gain)/Loss Credit default swaps $ (111) $ 32 $ (289) $ 675 Interest rate swaps (1,282) 1,692 22 414 Treasury note futures (35) 145 (107) (1,479) Options — 33 — 33 Total $ (1,428) $ 1,902 $ (374) $ (357) Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 Contract type Unrealized (Gain)/Loss Realized (Gain)/Loss Unrealized (Gain)/Loss Realized (Gain)/Loss Credit default swaps $ 101 $ 206 $ (433) $ 269 Interest rate swaps (4,411) 4,516 323 7,462 Treasury note futures — — 735 5,284 Options — — — 35 Total $ (4,310) $ 4,722 $ 625 $ 13,050

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2021 Derivative instruments, at fair value $ — $ — $ — $ — $ — $ — 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 September 30, 2021 Repurchase agreements - commercial mortgage loans $ 550,156 $ — $ 550,156 $ 858,613 $ 5,015 $ — Repurchase agreements - real estate securities 46,531 — 46,531 60,267 — — Derivative instruments, at fair value — — — — 3,886 — 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	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2021 and September 30, 2020 (dollars in thousands): Three Months Ended September 30, 2021 Total Real Estate Debt and Other Real Estate Investments Real Estate Securities TRS Real Estate Owned Interest income $ 47,747 $ 47,166 $ — $ 581 $ — Revenue from Real Estate Owned 1,015 — — — 1,015 Interest expense 11,988 11,263 148 232 345 Net income 38,495 25,056 (148) 3,984 9,603 Total assets as of September 30, 2021 3,635,478 3,436,065 814 57,437 141,162 Three Months Ended September 30, 2020 Interest income $ 44,414 $ 39,944 $ 3,996 $ 474 $ — Revenue from Real Estate Owned 1,017 — — — 1,017 Interest expense 15,113 10,194 3,393 494 1,032 Net income 21,497 25,158 (3,797) (162) 298 Total assets as of December 31, 2020 3,189,761 2,866,790 175,088 105,364 42,519 Nine Months Ended September 30, 2021 Total Real Estate Debt and Other Real Estate Investments Real Estate Securities TRS Real Estate Owned Interest income $ 138,969 $ 135,945 $ 461 $ 2,563 $ — Revenue from Real Estate Owned 2,447 — — — 2,447 Interest expense 35,994 34,887 720 812 1,014 Net income 98,651 74,745 (196) 13,434 10,667 Total assets as of September 30, 2021 3,635,478 3,436,065 814 57,437 141,162 Nine Months Ended September 30, 2020 Interest income $ 135,509 $ 123,284 $ 9,870 $ 2,355 $ — Revenue from Real Estate Owned 3,474 — — — 3,474 Interest expense 54,740 43,735 7,670 1,735 1,600 Net income 21,911 40,273 (7,947) (8,290) (2,125) 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	9 Months Ended
	Sep. 30, 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. Reverse Stock Split and Stock Dividend In accordance with the terms of the Merger Agreement (as defined below), on October 6, 2021, the Company filed Articles of Amendment to the Company’s Charter (the “Articles of Amendment”) with the State Department of Assessments and Taxation of Maryland (the “SDAT”) to effect (a) a Company name change and (b) a one-for-ten reverse stock split (the “Reverse Stock Split”). Pursuant to the Articles of Amendment, effective as of 9:00 a.m. eastern time on October 12, 2021, the Company’s name changed to “Franklin BSP Realty Trust, Inc.,” and effective as of the close of business on October 12, 2021, each outstanding share of the Company’s Common Stock, automatically combined into 1/10th of a share of Common Stock. Fractional shares that were created as a result of the Reverse Stock Split remained outstanding. As a result of the Reverse Stock Split, the number of outstanding shares of Common Stock of the Company as of the date of the Reverse Stock Split were reduced to approximately 4.5 million shares. In addition, also on October 6, 2021 the Company filed Articles Supplementary (the “Articles Supplementary”) to the Company’s charter with the SDAT, with an effective date of October 12, 2021. The Articles Supplementary (a) reclassified 50,000,000 shares of authorized but unissued shares of Common Stock as preferred stock, $0.01 par value per share, as a result of which the Company is authorized to issue 900,000,000 shares of Common Stock and 100,000,000 shares of preferred stock under the charter, and (b) designated and classified 40,000,000 shares of preferred stock as a new series of Series F Preferred Stock, with the rights, preferences and obligations set forth in the Articles Supplementary. Also in accordance with the terms of the Merger Agreement, on October 4, 2021, the Board declared a stock dividend (the “Stock Dividend”) on the outstanding shares of Common Stock, payable at a rate of nine shares of Series F Preferred Stock for each share of Common Stock issued and outstanding following the Reverse Stock Split on October 12, 2021. The record date used to determine the list of holders of Common Stock eligible to receive the Stock Dividend (following the Reverse Stock Split) was set by the Board as October 7, 2021. As a result of the Reverse Stock Split, holders of Common Stock collectively received 39,733,298 shares of Series F Preferred Stock. The Reverse Stock Split and Stock Dividend resulted in each stockholder of Common Stock having the same economic value of equity securities in the Company as such holder did prior to the Reverse Stock Split and Stock Dividend, except that each such holder now has 10% of their holdings in Common Stock and 90% of their holdings in Series F Preferred Stock. Each share (or fractional share) of Series F Preferred Stock will automatically convert into one share of Common Stock (or equivalent fractional share, as applicable) on April 19, 2022. Interim Common Stock Dividend On October 11, 2021, the Company’s board of directors declared an interim fourth quarter of 2021 dividend on the Common Stock and Series F Preferred Stock of $0.07 per share. The board of directors also declared an interim fourth quarter of 2021 dividend of $20.94 per share on the Company’s Series A Preferred Stock, Series C Preferred Stock and Series D Preferred Stock convertible preferred stock. The dividends were paid on or about October 18, 2021 to stockholders of record as of October 13, 2021. Merger with Capstead Mortgage Corporation On October 19, 2021 (the “Closing Date”), the Company consummated the transactions contemplated by that certain Agreement and Plan of Merger, dated as of July 25, 2021, as amended pursuant to that certain First Amendment to Agreement and Plan of Merger, dated as of September 22, 2021 (as amended, the “Merger Agreement”), by and among the Company, Rodeo Sub I, LLC (“Merger Sub”), Capstead Mortgage Corporation (“Capstead”) and, solely for the purposes set forth therein, the Advisor. Pursuant to the Merger Agreement, on the Closing Date, Capstead merged with and into Merger Sub, with Merger Sub continuing as the surviving company (the “Merger”). At the effective time of the merger (the "Effective Time"), each outstanding share of common stock, par value $0.01 per share, of Capstead (the “Capstead Common Stock”) (other than shares held by the Company or Merger Sub or by any wholly owned subsidiary of the Company or Merger Sub or any wholly owned subsidiary of Capstead immediately prior to the Effective Time, which were automatically canceled and retired and ceased to exist) was cancelled and converted into the right to receive: • from the Company, (A) 0.3288 newly-issued shares of the Company's Common Stock (the “Per Share Stock Consideration”); and (B) a cash amount equal to $0.21 per share (the “Per Share Cash Consideration” and together with the Per Share Stock Consideration, the “Per Common Share FBRT Consideration”); and • from the Advisor, a cash amount equal to $0.73 per share (the “Advisor Cash Consideration” and together with the Per Common Share FBRT Consideration, the “Total Per Common Share Consideration”). No fractional shares of Common Stock were issued in the Merger, and the value of any fractional interests to which a former holder of Capstead Common Stock is otherwise entitled will be paid in cash. Additionally, at the Effective Time, (i) each outstanding share of Capstead’s 7.50% Series E Cumulative Redeemable Preferred Stock, $0.10 par value per share (“Capstead Preferred Stock”), was cancelled and converted into the right to receive one newly-issued share of the Company's Series E Preferred Stock, which has the rights, preferences, and privileges and voting powers materially the same as those of the Capstead Preferred Stock.The Company filed Articles Supplementary to the Company’s charter with the SDAT, with an effective date of October 19, 2021, which designated and classified 10,329,039 shares of preferred stock as a new series of Series E Preferred Stock, with the rights, preferences and obligations set forth in the Articles Supplementary. Furthermore, effective immediately prior to the Effective Time, all outstanding restricted stock under Capstead’s Amended and Restated 2014 Flexible Incentive Plan (the “Capstead Plan”) automatically became fully vested and non-forfeitable, and all shares of Capstead Common Stock represented thereby became eligible to receive the Total Per Common Share Consideration. Also effective immediately prior to the Effective Time, all outstanding awards of performance units under the Capstead Plan automatically became earned and vested at the conversion rate of one share of Capstead Common Stock for each outstanding performance unit, and all shares of Capstead Common Stock represented thereby became eligible to receive the Total Per Common Share Consideration. Each outstanding dividend equivalent right under the Capstead Plan was automatically cancelled as of the Effective Time; provided that any accrued amounts that were not paid as of immediately prior to the Effective Time were paid to the holders thereof at the Effective Time (or will be as soon as practicable thereafter but in no event later than the first payroll date following the Effective Time). The issuances of shares of Common Stock and Series E Preferred Stock in connection with the Merger were registered under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to the Company’s registration statement on Form S-4 (Registration No. 333-258947), which was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on September 3, 2021 (as amended or supplemented, the “S-4 Registration Statement”). The proxy statement/prospectus included in the S-4 Registration Statement contains additional information regarding the Merger. Per the terms of the transactions described in the Merger Agreement, approximately 32.1 million shares of Common Stock were issued in connection with the Merger to former Capstead common stockholders, and the Company paid $20.5 million in cash consideration to former Capstead common stockholders. In addition, the Company issued 10.3 million shares of Series E Preferred Stock to former holders of Capstead Preferred Stock. In addition, both the Company’s Common Stock and Series E Preferred Stock were listed on the New York Stock Exchange (“NYSE”) on October 19, 2021, under the ticker symbols “FBRT” and “FBRT PRE,” respectively. In addition, in connection with the listing of the Common Stock on the NYSE, on October 19, 2021, each outstanding share of the Company’s Series A Preferred Stock converted into 299.2 shares of Common Stock, pursuant to the terms of the Series A Preferred Stock, resulting in the issuance of 7,649,632 shares of Common Stock. Each such holder remains subject to the lock-up agreement signed with the Advisor at the time of the investment in the Series A Preferred Stock, which will restrict sales of the Common Stock received upon conversion until April 17, 2022. 7.50% Series E cumulative redeemable preferred stock At the closing of the Capstead merger on October 19, 2021, the Company issued one share of the Company’s 7.50% Series E cumulative redeemable preferred stock (“Series E Preferred Stock”) for each outstanding share of Capstead’s 7.50% Series E preferred stock. Maturity The Series E Preferred Stock has no stated maturity and is not subject to any sinking fund or mandatory redemption. Shares of the Series E Preferred Stock will remain outstanding indefinitely unless the Company decides to redeem or otherwise repurchase them or they become convertible and are converted as described below under “—Change of Control Conversion Right.” The Company is not required to set apart for payment the funds to redeem the Series E Preferred Stock. Ranking The Series E Preferred Stock ranks, with respect to rights to the payment of dividends and the distribution of assets upon its liquidation, dissolution or winding up: 1. senior to all classes or series of our common stock, of Series F Preferred Stock and to all other equity securities issued by the Company other than equity securities referred to in clauses (2) and (3) below; 2. on a parity with all Series C Preferred Stock, Series D Preferred Stock and all other equity securities issued by the Company with terms specifically providing that those equity securities rank on a parity with the Series E Preferred Stock, with respect to rights to the payment of dividends and the distribution of assets upon our liquidation, dissolution or winding up; 3. junior to all equity securities issued by the Company with terms specifically providing that those equity securities rank senior to the Series E Preferred Stock with respect to rights to the payment of dividends and the distribution of assets upon its liquidation, dissolution or winding up (please see the section entitled “—Limited Voting Rights” below); and 4. effectively junior to all of the Company’s existing and future indebtedness (including indebtedness convertible to its common stock or preferred stock, if any) and to the indebtedness of its existing subsidiaries and any future subsidiaries. Dividends Holders of shares of the Series E Preferred Stock are entitled to receive, when, as and if authorized by our board of directors and declared by the Company, out of funds legally available for the payment of dividends, cumulative cash dividends at the rate of 7.50% of the $25.00 per share liquidation preference per annum (equivalent to $1.875 per annum per share). Dividends on the Series E Preferred Stock shall accumulate daily and be cumulative from, and including, October 15, 2021 and shall be payable quarterly in arrears on the 15th day of each January, April, July and October (each, a “dividend payment date”) with respect to the immediately preceding dividend period; provided that if any dividend payment date is not a business day, as defined in the Articles Supplementary for the Series E Preferred Stock, then the dividend which would otherwise have been payable on that dividend payment date may be paid on the next succeeding business day and no interest, additional dividends or other sums will accumulate on the amount so payable for the period from and after that dividend payment date to that next succeeding business day. Any dividend payable on the Series E Preferred Stock, including dividends payable for any partial dividend period, will be computed on the basis of a 360-day year consisting of twelve 30-day months. Dividends will be payable to holders of record as they appear in our stock records for the Series E Preferred Stock at the close of business on the applicable record date, which shall be the last day of the calendar quarter, whether or not a business day, immediately preceding the applicable dividend payment date (each, a “dividend record date”). No dividends on shares of the Series E Preferred Stock shall be authorized by our board of directors or paid or set apart for payment by the Company at any time when the terms and provisions of any agreement of the Company, including any agreement relating to its indebtedness, prohibit the authorization, payment or setting apart for payment thereof or provide that the authorization, payment or setting apart for payment thereof would constitute a breach of the agreement or a default under the agreement, or if the authorization, payment or setting apart for payment shall be restricted or prohibited by law. Notwithstanding the foregoing, dividends on the Series E Preferred Stock will accumulate whether or not the Company has earnings, whether or not there are funds legally available for the payment of those dividends and whether or not those dividends are declared. No interest, or sum in lieu of interest, will be payable in respect of any dividend payment or payments on the Series E Preferred Stock which may be in arrears, and holders of the Series E Preferred Stock will not be entitled to any dividends in excess of full cumulative dividends described above. Any dividend payment made on the Series E Preferred Stock shall first be credited against the earliest accumulated but unpaid dividend due with respect to those shares. Unless full cumulative dividends on the Series E Preferred Stock have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof is set apart for payment for all past dividend periods, no dividends (other than in shares of common stock or in shares of any series of preferred stock that the Company may issue ranking junior to the Series E Preferred Stock as to dividends and upon liquidation) shall be declared or paid or set apart for payment upon shares of the Company’s common stock or preferred stock that the Company may issue ranking junior to or on a parity with the Series E Preferred Stock as to dividends or upon liquidation. Nor shall any other distribution be declared or made upon shares of the Company’s common stock or preferred stock that the Company may issue ranking junior to or on a parity with the Series E Preferred Stock as to dividends or upon liquidation. In addition, any shares of the Company’s common stock or preferred stock that the Company may issue ranking junior to or on a parity with the Series E Preferred Stock as to dividends or upon liquidation shall not be redeemed, purchased or otherwise acquired for any consideration (or any moneys be paid to or made available for a sinking fund for the redemption of any such shares) by the Company (except by conversion into or exchange for the Company’s other capital stock that it may issue ranking junior to the Series E Preferred Stock as to dividends and upon liquidation and except for transfers made pursuant to the provisions of our Articles of Amendment and Restatement (the “Charter”) relating to restrictions on transfer and ownership of our capital stock). The foregoing shall not, however, prevent the purchase or acquisition by the Company of shares of any class or series of stock pursuant to the provision of Article V of the Charter relating to restrictions on transfer and ownership or pursuant to a purchase or exchange offer made on the same terms to holders of all outstanding shares of the Series E Preferred Stock and any preferred stock that the Company may issue ranking on parity with the Series E Preferred Stock as to dividends or upon liquidation. When dividends are not paid in full (or a sum sufficient for such full payment is not so set apart) upon the Series E Preferred Stock and the shares of any other series of preferred stock that the Company may issue ranking on a parity as to dividends with the Series E preferred stock, all dividends declared upon the Series E Preferred Stock and such other series of preferred stock shall be declared pro rata so that the amount of dividends declared per share of the Series E Preferred Stock and such other series of preferred stock shall in all cases bear to each other the same ratio that accumulated dividends per share on the Series E Preferred Stock and such other series of preferred stock (which shall not include any accrual in respect of unpaid dividends for prior dividend periods if such preferred stock does not have a cumulative dividend) bear to each other. No interest, or sum of money in lieu of interest, shall be payable in respect of any dividend payment or payments on the Series E Preferred Stock which may be in arrears. Liquidation Preference In the event of the Company’s voluntary or involuntary liquidation, dissolution or winding up, the holders of shares Series E Preferred Stock will be entitled to be paid out of the assets the Company has legally available for distribution to its stockholders, subject to the preferential rights of the holders of any class or series of its stock the Company may issue ranking senior to the Series E Preferred Stock with respect to the distribution of assets upon liquidation, dissolution or winding up, a liquidation preference of $25.00 per share, plus an amount equal to any accumulated and unpaid dividends to, but not including, the date of payment, before any distribution of assets is made to holders of the Common Stock or any other class or series of its stock the Company may issue that ranks junior to the Series E Preferred Stock as to liquidation rights. In the event that, upon any such voluntary or involuntary liquidation, dissolution or winding up, our available assets are insufficient to pay the amount of the liquidating distributions on all outstanding shares of the Series E Preferred Stock and the corresponding amounts payable on all shares of other classes or series of the Company’s capital stock that the Company may issue ranking on a parity with the Series E Preferred Stock in the distribution of assets, then the holders of the Series E Preferred Stock and all other such classes or series of capital stock shall share ratably in any such distribution of assets in proportion to the full liquidating distributions to which they would otherwise be respectively entitled. Holders of the Series E Preferred Stock will be entitled to written notice of any such liquidation no fewer than 30 days and no more than 60 days prior to the payment date. After payment of the full amount of the liquidating distributions to which they are entitled, the holders of the Series E Preferred Stock will have no right or claim to any of the Company’s remaining assets. The consolidation or merger of the Company with or into any other corporation, trust or entity or of any other entity with or into the Company, or the sale, lease, transfer or conveyance of all or substantially all of the Company’s property or business, shall not be deemed to constitute a liquidation, dissolution or winding up of the Company (although such events may give rise to the special optional redemption and contingent conversion rights described below). In determining whether a distribution (other than upon voluntary or involuntary liquidation), by dividend, redemption or other acquisition of shares of stock of the Company or otherwise, is permitted under Maryland law, amounts that would be needed, if the Company were to be dissolved at the time of distribution, to satisfy the preferential rights upon dissolution of holders of shares of the Series E Preferred Stock shall not be added to our total liabilities. Redemption As s provided in our Charter, the Company may purchase or redeem shares of the Series E Preferred Stock in order to preserve its qualification as a REIT. Please see the section entitled “Restrictions on Ownership and Transfer.” Optional Redemption. The Company may, at its option, upon not less than 30 nor more than 60 days’ written notice, redeem the Series E Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends thereon to, but not including, the date fixed for redemption. Special Optional Redemption Upon Change of Control. Upon the occurrence of a Change of Control, the Company may, at its option, upon not less than 30 nor more than 60 days’ written notice, redeem the Series E Preferred Stock, in whole or in part, within 120 days after the first date on which such Change of Control occurred, for cash at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends thereon to, but not including, the date fixed for redemption. If, prior to the Change of Control Conversion Date, the Company has provided notice of its election to redeem some or all of the shares of Series E Preferred Stock (whether pursuant to our optional redemption right described above under “—Optional Redemption” or this special optional redemption right), the holders of Series E Preferred Stock will not have the Change of Control Conversion Right (as defined below) described below under “—Change of Control Conversion Right” with respect to the shares called for redemption. A “Change of Control” is deemed to occur when, after the original issuance of the Series E Preferred Stock, the following have occurred and are continuing: • the acquisition by any person, including any syndicate or group deemed to be a “person” under Section 13(d)(3) of the Exchange Act, of beneficial ownership, directly or indirectly, through a purchase, merger or other acquisition transaction or series of purchases, mergers or other acquisition transactions of the Company’s stock entitling that person to exercise more than 50% of the total voting power of all our stock entitled to vote generally in the election of the Company’s directors (except that such person will be deemed to have beneficial ownership of all securities that such person has the right to acquire, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition); and • following the closing of any transaction referred to in the bullet point above, neither the Company nor the acquiring or surviving entity has a class of common securities (or American Depositary Receipts representing such securities) listed on the NYSE, the NYSE American or the Nasdaq, or listed or quoted on an exchange or quotation system that is a successor to the NYSE, the NYSE American or Nasdaq. Redemption Procedures. In the event the Company elects to redeem Series E Preferred Stock, the notice of redemption will be mailed to each holder of record of the Series E Preferred Stock called for redemption at such holder’s address as it appears on our stock transfer records and will state the following: • the redemption date; • the number of shares of the Series E Preferred Stock to be redeemed; • the redemption price; • the place or places where certificates (if any) for the Series E Preferred Stock are to be surrendered for payment of the redemption price; • that dividends on the shares to be redeemed will cease to accumulate on the redemption date; • whether such redemption is being made pursuant to the provisions described above under “—Optional Redemption” or “—Special Optional Redemption Upon Change of Control”; • if applicable, that such redemption is being made in connection with a Change of Control and, in that case, a brief description of the transaction or transactions constituting such Change of Control; and • if such redemption is being made in connection with a Change of Control, that the holders of the shares of the Series E Preferred Stock being so called for redemption will not be able to tender such shares of the Series E Preferred Stock for conversion in connection with the Change of Control and that each share of the Series E Preferred Stock tendered for conversion that is called, prior to the Change of Control Conversion Date (as defined below), for redemption will be redeemed on the related date of redemption instead of converted on the Change of Control Conversion Date. If less than all of the Series E Preferred Stock held by any holder is to be redeemed, the notice mailed to such holder shall also specify the number of shares of the Series E Preferred Stock held by such holder to be redeemed. No failure to give such notice or any defect thereto or in the mailing thereof shall affect the validity of the proceedings for the redemption of any shares of the Series E Preferred Stock, except as to the holder to whom notice was defective or not given. Holders of shares of the Series E Preferred Stock to be redeemed shall surrender the Series E Preferred Stock at the place designated in the notice of redemption and shall be entitled to the redemption price and any accumulated and unpaid dividends payable upon the redemption following the surrender. If notice of redemption of any shares of the Series E Preferred Stock has been given and if the Company has irrevocably set apart for payment the funds necessary for redemption in trust for the benefit of the holders of the shares of the Series E Preferred Stock so called for redemption, then from and after the redemption date (unless default shall be made by the Company in providing for the payment of the redemption price plus accumulated and unpaid dividends, if any), dividends will cease to accumulate on those shares of the Series E Preferred Stock, those shares of the Series E Preferred Stock shall no longer be deemed outstanding and all rights of the holders of those shares will terminate, except the right to receive the redemption price plus accumulated and unpaid dividends, if any, payable upon redemption. If any redemption date is not a business day, then the redemption price and accumulated and unpaid dividends, if any, payable upon redemption may be paid on the next business day and no interest, additional dividends or other sums will accumulate on the amount payable for the period from and after that redemption date to that next business day. If less than all of the outstanding Series E Preferred Stock is to be redeemed, the Series E Preferred Stock to be redeemed shall be selected pro rata (as nearly as may be practicable without creating fractional shares) or by any other equitable method the Company determines but that will not result in the automatic transfer of any shares of the Series E Preferred Stock to a trust as described under “—Restrictions on Ownership and Transfer.” Immediately prior to any redemption of the Series E Preferred Stock, the Company shall pay, in cash, any accumulated and unpaid dividends to, but not including, the redemption date, unless a redemption date falls after a dividend record date and prior to the corresponding dividend payment date, in which case each holder of the Series E Preferred Stock at the close of business on such dividend record date shall be entitled to the dividend payable on such shares on the corresponding dividend payment date notwithstanding the redemption of such shares before such dividend payment date. Except as provided above, the Company will make no payment or allowance for unpaid dividends, whether or not in arrears, on shares of the Series E Preferred Stock to be redeemed. Unless full cumulative dividends on all shares of the Series E Preferred Stock shall have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof has been or contemporaneously is set apart for payment for all past dividend periods, no shares of the Series E Preferred Stock shall be redeemed unless all outstanding shares of the Series E Preferred Stock are simultaneously redeemed, and the Company shall not purchase or otherwise acquire directly or indirectly any shares of the Series E Preferred Stock (except by exchanging it for our capital stock ranking junior to the Series E Preferred Stock as to dividends and upon liquidation); provided, however, that the foregoing shall not prevent the purchase or acquisition by the Company of shares of the Series E Preferred Stock to preserve its REIT status or pursuant to a purchase or exchange offer made on the same terms to holders of all outstanding shares of the Series E Preferred Stock. Subject to applicable law, the Company may purchase shares of the Series E Preferred Stock in the open market, by tender or by private agreement. Any shares of the Series E Preferred Stock that the Company acquires may be retired and re-classified as authorized but unissued shares of preferred stock, without designation as to class or series, and may thereafter be reissued as any class or series of preferred stock. Change of Control Conversion Right Upon the occurrence of a Change of Control, each holder of the Series E Preferred Stock will have the right (unless, prior to the Change of Control Conversion Date, the Company has provided notice of its election to redeem some or all of the shares of the Series E Preferred Stock held by such holder as described above under “—Redemption—Optional Redemption” or “—Redemption—Special Optional Redemption Upon Change of Control,” in which case such holder will have the right only with respect to shares of the Series E Preferred Stock that are not called for redemption) to convert some or all of the shares of the Series E Preferred Stock held by such holder (the “Change of Control Conversion Right”) on the Change of Control Conversion Date into a number of shares of the Company’s common stock per share of the Series E Preferred Stock (the “common stock Conversion Consideration”) equal to the lesser of: • the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference per share of the Series E Preferred Stock plus the amount of any accumulated and unpaid dividends thereon to, but not including, the Change of Control Conversion Date (unless the Change of Control Conversion Date is after a dividend record date and prior to the corresponding dividend payment date for the Series E Preferred Stock, in which case no additional amount for such accumulated and unpaid dividends will be included in this sum) by (ii) the Common Stock Price, as defined below (such quotient, the “Conversion Rate”); and • a number to be determined as of the effective time of the Merger (the “Share Cap”), equal to (A) 3.81388 multiplied by (B) a fraction in which (i) the numerator is equal to the sum of (x) the Per Share Cash Consideration, (y) Advisor Cash Consideration per share and (z) the product of (1) the Per Share Stock Consideration and (2) the most recently reported GAAP book value per share of common stock prior to the Closing, and (ii) the denominator is the most recently reported GAAP book value per share of common stock prior to the Closing, subject to certain adjustments as described below. Except as set forth in the Articles Supplementary for the Series E Preferred Stock and as otherwise required by law, the persons who are the holders of record of shares of the Series E Preferred Stock at the close of business on a dividend record date will be entitled to receive the dividend payable on the corresponding dividend payment date notwithstanding the conversion of those shares after such dividend record date and on or prior to such dividend payment date and, in such case, the full amount of such dividend shall be paid on such dividend payment date to the persons who were the holders of record at the close of business on such dividend record date. Except as provided above, the Company will make no allowance for unpaid dividends that are not in arrears on the shares of the Series E Preferred Stock to be converted. The Share Cap is subject to pro rata adjustments for

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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. The global coronavirus (COVID-19) pandemic has caused economic disruptions and changes to the real estate market. 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	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. Non-controlling interest represents the equity of a consolidated joint venture that is not owned by the Company. 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 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 The Company classifies its real estate owned as long-lived assets held for investment or as long-lived assets held for sale. Held for investment assets are stated at cost, as adjusted for any impairment loss, less accumulated depreciation. Held for sale assets are carried at the lower of depreciated cost or estimated fair value, less estimated costs to sell. The Company generally reclassifies assets as held for sale once a sales contract has been executed and earnest money has become non-refundable and the criteria under ASC 360 has been met. Amounts capitalized to real estate owned consist of the cost of acquisition or construction, any tenant improvements or major improvements, betterments that extend the useful life of the related asset, and transaction costs associated with the acquisition of an individual asset that does not qualify as a business combination. All repairs and maintenance are expensed as incurred. Additionally, the Company capitalizes interest while the development, or redevelopment, of a real estate owned asset is in progress. No development or redevelopments of real estate owned assets are in progress as of September 30, 2021. The Company’s real estate owned assets are depreciated or amortized using the straight-line method over the following useful lives: Buildings & Site Improvements 40 years Furniture, fixtures, and equipment 15 years Intangible lease assets Lease term The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of the real estate and related intangible assets of either operating properties or properties under construction in which the Company has an ownership interest, either directly or through investments in joint ventures, may not be recoverable. When indicators of potential impairment are present, management assesses whether the respective carrying values will be recovered from the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition for assets held for use, or from the estimated fair values, less costs to sell, for assets held for sale. In the event that the expected undiscounted future cash flows for assets held for use or the estimated fair value, less costs to sell, for assets held for sale do not exceed the respective asset carrying value, management adjusts such assets to the respective estimated fair values and recognizes an impairment loss. Estimated fair values are calculated based on the following information, depending upon availability, in order of preference: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of undiscounted cash flows, including estimated sales value (which is based on key assumptions such as estimated market rents, lease-up periods, estimated lease terms, and capitalization and discount rates) less estimated selling costs.
Leases	Fair Value of Assets and Liabilities of Acquired Properties Upon the acquisition of real properties, the Company records the fair value of properties (plus any related acquisition costs) allocated based on relative fair value as tangible assets, consisting of land and building, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, based on their estimated fair values. Substantially all of the Company’s property acquisitions qualify as asset acquisitions under Accounting Standards Codification ("ASC") 805, Business Combinations. The estimated fair values of the tangible assets of an acquired property are determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and building based on management’s determination of the estimated fair value of these assets. Management relies on a sales comparison approach using closed land sales and listings in determining the land value, and determines the as-if-vacant estimated fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates the cost to execute similar leases including leasing commissions, legal, and other related costs. The estimated fair values of above-market and below-market in-place leases are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of market rates for the corresponding in-place leases, measured over a period equal to the remaining terms of the leases, taking into consideration the probability of renewals for any below-market leases. The capitalized above-market and below-market lease values are recorded as intangible lease assets or liabilities and amortized as an adjustment to rental revenues over the remaining terms of the respective leases. The estimated fair values of in-place leases include an estimate of the direct costs associated with obtaining the acquired or "in place" tenant and estimates of opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease. The amount capitalized as direct costs associated with obtaining a tenant include commissions, tenant improvements, and other direct costs and are estimated based on management’s consideration of current market costs to execute a similar lease. These direct lease origination costs are included in deferred lease costs in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. The value of opportunity costs is calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. These lease intangibles are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective 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. 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 nine months ended September 30, 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 ("AFS") 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 was made as of September 30, 2021. 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 ProgramThe 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 reclassifies such obligation from equity to a liability based on the settlement value of the obligation. Shares repurchased under the SRP 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”) 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 Series A Preferred Stock, Series C Preferred Stock and Series D 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 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 has been 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. The DRIP was suspended during the second quarter of 2021 and was also suspended during the third quarter of 2021 in connection with the Capstead merger.
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 September 30, 2021 and September 30, 2020 was $1.1 million and $0.2 million, respectively. Total income tax provision/(benefit) for the nine months ended September 30, 2021 and September 30, 2020 was $3.4 million and $(2.5) 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.
Per Share Data	Per Share Data The Series A Preferred Stock, Series C Preferred Stock and Series D Preferred Stock are each 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 Series A Preferred Stock, Series C Preferred Stock and Series D 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	Preferred Stock The Company’s outstanding classes of preferred stock are classified outside of permanent equity in the consolidated balance sheets. Subject to certain conditions, the outstanding Series A Preferred Stock, Series C Preferred Stock and Series D 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 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 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. Series C Preferred Stock The Series C Preferred Stock ranks senior to the Common Stock and on parity with the 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 C 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 C Preferred Stock into the Common Stock. Dividends on the Series C 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 and (ii) the dividends that would have been paid had such share of Series C 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 C 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. Each outstanding share of Series C Preferred Stock shall convert into 299.2 shares of common stock (the “Conversion Rate”), subject to anti-dilution adjustments described in the Articles Supplementary for the Series C Preferred Stock, on October 19, 2022 or, upon the election of the Company upon 10 days’ notice to the holders, on or after April 19, 2022. 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 “ Change of Control”), in each case prior to the automatic conversion dates set forth above, each holder of Series C Preferred Stock will have the right, prior to consummation of such transaction, to convert its Series C Preferred Stock into common stock at the Conversion Rate. In addition, in the event of a change of control (as defined in the Articles Supplementary of the Series C Preferred Stock) of the Advisor or a 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 C Preferred Stock for the liquidation preference. 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 of Common Stock are exchanged for securities of another company which are listed on a national securities exchange or quoted on an electronic inter-dealer quotation system; or (iii) any other transaction or series of transaction that results in all shares of Common Stock being transferred or exchanged for cash or securities which are listed on a national securities exchange or quoted on an electronic inter-dealer quotation system. Holders of the Series C Preferred Stock (voting as a single class with holders of common 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 C Preferred Stock will be equal to the number of shares of common stock a share of Series C 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 C Preferred Stock, voting as a single class with other shares of parity preferred stock, is required to approve the issuance of any equity securities senior to the Series C Preferred Stock and to take certain actions materially adverse to the holders of the Series C Preferred Stock. Series D Preferred Stock The Series D Preferred Stock is on parity with the 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 C Preferred Stock, except that the holders of the Series D Preferred Stock have the option to accelerate the mandatory conversion date, which is October 19, 2022, to a date no earlier than April 19, 2022.
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 September 30, 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. The Company obtains third party pricing for determining the fair value of each CMBS investments, 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 September 30, 2021 and December 31, 2020.

Commercial Mortgage Loans (Tabl

Commercial Mortgage Loans (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2021 December 31, 2020 Senior loans $ 3,239,207 $ 2,698,823 Mezzanine loans 23,938 15,911 Total gross carrying value of loans 3,263,145 2,714,734 Less: Allowance for credit losses (1) 15,499 20,886 Total commercial mortgage loans, held for investment, net $ 3,247,646 $ 2,693,848 ________________________ (1) As of September 30, 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): September 30, 2021 December 31, 2020 Loan Type Par Value Percentage Par Value Percentage Multifamily $ 1,856,441 56.7 % $ 1,202,694 44.2 % Office 527,371 16.1 % 517,464 19.0 % Hospitality 445,770 13.6 % 403,908 14.8 % Mixed Use 133,644 4.1 % 102,756 3.8 % Industrial 125,120 3.8 % 243,404 8.9 % Retail 75,961 2.3 % 78,550 2.9 % Self Storage 56,495 1.7 % 86,424 3.2 % Manufactured Housing 36,225 1.2 % 71,263 2.6 % Land 16,400 0.5 % 16,400 0.6 % Total $ 3,273,427 100.0 % $ 2,722,863 100.0 % September 30, 2021 December 31, 2020 Loan Region Par Value Percentage Par Value Percentage Southeast $ 1,030,591 31.5 % $ 796,908 29.3 % Southwest 1,027,246 31.4 % 515,392 18.9 % Mideast 431,104 13.2 % 473,514 17.4 % Far West 368,565 11.3 % 415,173 15.2 % Great Lakes 134,591 4.1 % 199,203 7.3 % Plains 94,292 2.9 % 116,143 4.3 % Various 70,118 2.1 % 136,855 5.0 % New England 68,169 2.0 % 69,675 2.6 % Rocky Mountain 48,751 1.5 % — — % Total $ 3,273,427 100.0 % $ 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): September 30, 2021 December 31, 2020 Loan Type Par Value Percentage Par Value Percentage Multifamily $ 100 100.0 % $ 100 0.1 % Industrial — — % 67,550 99.9 % Total $ 100 100.0 % $ 67,650 100.0 % September 30, 2021 December 31, 2020 Loan Region Par Value Percentage Par Value Percentage Great Lakes $ 100 100.0 % $ 9,150 13.5 % Far West — — % 58,500 86.5 % Total $ 100 100.0 % $ 67,650 100.0 %
Schedule of 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 September 30, 2021 (dollars in thousands): Three Months Ended September 30, 2021 MultiFamily Retail Office Industrial Mixed Use Hospitality Self-Storage Manufactured Housing Total Beginning Balance $ 7,389 $ 103 $ 1,028 $ 199 $ 440 $ 7,715 $ 241 $ 77 $ 17,192 Current Period: Provision/(benefit) for credit losses (1,278) 261 509 136 34 (1,286) (89) 20 (1,693) Write offs — — — — — — — — — Ending Balance $ 6,111 $ 364 $ 1,537 $ 335 $ 474 $ 6,429 $ 152 $ 97 $ 15,499 Nine Months Ended September 30, 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 3,305 (40) (38) (3,460) 342 (5,217) 35 (25) (5,098) Write offs (289) — — — — — — — (289) Ending Balance $ 6,111 $ 364 $ 1,537 $ 335 $ 474 $ 6,429 $ 152 $ 97 $ 15,499 The following table presents the activity in the Company's allowance for credit losses, for the unfunded loan commitments, as of September 30, 2021 (dollars in thousands): Three Months Ended September 30, 2021 MultiFamily Retail Office Industrial Mixed Use Hospitality Self-Storage Manufactured Housing Total Beginning Balance $ 120 $ — $ 28 $ 10 $ 8 $ 65 $ — $ — $ 231 Current Period: Provision/(benefit) for credit losses 67 1 15 3 3 (9) — — 80 Ending Balance $ 187 $ 1 $ 43 $ 13 $ 11 $ 56 $ — $ — $ 311 Nine Months Ended September 30, 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 102 1 (4) (405) (3) (45) — — (354) Ending Balance $ 187 $ 1 $ 43 $ 13 $ 11 $ 56 $ — $ — $ 311 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 September 30, 2021 and December 31, 2020, by loan type, the Company’s internal risk rating and year of origination. The risk ratings are updated as of September 30, 2021. As of September 30, 2021 2021 2020 2019 2018 2017 2016 Prior Total Multifamily: Risk Rating: 1-2 internal grade $ 1,059,072 $ 505,437 $ 116,286 $ 128,581 $ — $ — $ 3,487 $ 1,812,863 3-4 internal grade — — — 37,025 — — — 37,025 Total Multifamily Loans $ 1,059,072 $ 505,437 $ 116,286 $ 165,606 $ — $ — $ 3,487 $ 1,849,888 Retail: Risk Rating: 1-2 internal grade $ — $ 13,344 $ 20,162 $ 16,400 $ — $ — $ — $ 49,906 3-4 internal grade — — 12,884 29,445 — — — 42,329 Total Retail Loans $ — $ 13,344 $ 33,046 $ 45,845 $ — $ — $ — $ 92,235 Office: Risk Rating: 1-2 internal grade $ 55,283 $ 253,254 $ 131,380 $ 36,584 $ 26,549 $ — $ — $ 503,050 3-4 internal grade — — — 22,685 — — — 22,685 Total Office Loans $ 55,283 $ 253,254 $ 131,380 $ 59,269 $ 26,549 $ — $ — $ 525,735 Industrial: Risk Rating: 1-2 internal grade $ — $ 46,033 $ 78,833 $ — $ — $ — $ — $ 124,866 3-4 internal grade — — — — — — — — Total Industrial Loans $ — $ 46,033 $ 78,833 $ — $ — $ — $ — $ 124,866 Mixed Use: Risk Rating: 1-2 internal grade $ 32,378 $ 30,305 $ — $ 70,679 $ — $ — $ — $ 133,362 3-4 internal grade — — — — — — — — Total Mixed Use Loans $ 32,378 $ 30,305 $ — $ 70,679 $ — $ — $ — $ 133,362 Hospitality: Risk Rating: 1-2 internal grade $ 136,726 $ 26,910 $ 10,564 $ — $ — $ — $ — $ 174,200 3-4 internal grade — — 137,534 52,786 80,140 — — 270,460 Total Hospitality Loans $ 136,726 $ 26,910 $ 148,098 $ 52,786 $ 80,140 $ — $ — $ 444,660 Self-Storage: Risk Rating: 1-2 internal grade $ 14,939 $ 41,362 $ — $ — $ — $ — $ — $ 56,301 3-4 internal grade — — — — — — — — Total Self-Storage Loans $ 14,939 $ 41,362 $ — $ — $ — $ — $ — $ 56,301 Manufactured Housing: Risk Rating: 1-2 internal grade $ — $ 25,936 $ 10,162 $ — $ — $ — $ — $ 36,098 3-4 internal grade — — — — — — — — Total Manufactured Housing Loans $ — $ 25,936 $ 10,162 $ — $ — $ — $ — $ 36,098 Total $ 1,298,398 $ 942,581 $ 517,805 $ 394,185 $ 106,689 $ — $ 3,487 $ 3,263,145 December 31, 2020 2020 2019 2018 2017 2016 2015 Prior Total Multifamily: Risk Rating: 1-2 internal grade $ 583,550 $ 349,588 $ 188,975 $ — $ — $ — $ 3,488 $ 1,125,601 3-4 internal grade — — 35,887 37,812 — — — 73,699 Total Multifamily Loans $ 583,550 $ 349,588 $ 224,862 $ 37,812 $ — $ — $ 3,488 $ 1,199,300 Retail: Risk Rating: 1-2 internal grade $ 13,277 $ 22,760 $ 16,400 $ — $ — $ — $ — $ 52,437 3-4 internal grade — 12,872 29,425 — — — — 42,297 Total Retail Loans $ 13,277 $ 35,632 $ 45,825 $ — $ — $ — $ — $ 94,734 Office: Risk Rating: 1-2 internal grade $ 244,301 $ 160,709 $ 61,169 $ 40,846 $ — $ — $ — $ 507,025 3-4 internal grade — — — 8,392 — — — 8,392 Total Office Loans $ 244,301 $ 160,709 $ 61,169 $ 49,238 $ — $ — $ — $ 515,417 Industrial: Risk Rating: 1-2 internal grade $ 119,193 $ 89,590 $ — $ — $ — $ 33,655 $ — $ 242,438 3-4 internal grade — — — — — — — — Total Industrial Loans $ 119,193 $ 89,590 $ — $ — $ — $ 33,655 $ — $ 242,438 Mixed Use: Risk Rating: 1-2 internal grade $ 30,246 $ — $ 59,451 $ 12,839 $ — $ — $ — $ 102,536 3-4 internal grade — — — — — — — — Total Mixed Use Loans $ 30,246 $ — $ 59,451 $ 12,839 $ — $ — $ — $ 102,536 Hospitality: Risk Rating: 1-2 internal grade $ 26,878 $ 10,547 $ — $ — $ — $ — $ — $ 37,425 3-4 internal grade — 160,079 115,026 90,612 — — — 365,717 Total Hospitality Loans $ 26,878 $ 170,626 $ 115,026 $ 90,612 $ — $ — $ — $ 403,142 Self-Storage: Risk Rating: 1-2 internal grade $ 41,305 $ — $ 44,908 $ — $ — $ — $ — $ 86,213 3-4 internal grade — — — — — — — — Total Self-Storage Loans $ 41,305 $ — $ 44,908 $ — $ — $ — $ — $ 86,213 Manufactured Housing: Risk Rating: 1-2 internal grade $ 25,905 $ 45,049 $ — $ — $ — $ — $ — $ 70,954 3-4 internal grade — — — — — — — — Total Manufactured Housing Loans $ 25,905 $ 45,049 $ — $ — $ — $ — $ — $ 70,954 Total $ 1,084,655 $ 851,194 $ 551,241 $ 190,501 $ — $ 33,655 $ 3,488 $ 2,714,734 The following table represents the allocation by risk rating for the Company's commercial mortgage loans, held for investment (dollars in thousands): September 30, 2021 December 31, 2020 Risk Rating Number of Loans Par Value Risk Rating Number of Loans Par Value 1 — $ — 1 — $ — 2 130 2,900,711 2 104 2,232,045 3 19 315,641 3 22 384,040 4 1 57,075 4 4 106,778 5 — — 5 — — 150 $ 3,273,427 130 $ 2,722,863
Schedule of financing receivable past due	The following table presents an aging summary of the loans amortized cost basis at September 30, 2021 (dollars in thousands): Multifamily Retail Office Industrial Mixed Use Hospitality Self-Storage Manufactured Housing Total Status: Current $ 1,849,888 $ 92,235 $ 525,735 $ 124,866 $ 133,362 $ 387,585 $ 56,301 $ 36,098 $ 3,206,070 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 $ 1,849,888 $ 92,235 $ 525,735 $ 124,866 $ 133,362 $ 444,660 $ 56,301 $ 36,098 $ 3,263,145 ________________________ (1) For the three and nine months ended September 30, 2021, there was no interest income recognized on this loan.
Schedule of real estate notes receivable rollforward	For the nine months ended September 30, 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): Nine Months Ended September 30, 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 1,395,556 1,287,720 Principal repayments (769,103) (1,223,490) Discount accretion/premium amortization 4,421 6,146 Loans transferred from/(to) commercial real estate loans, held for sale (38,161) (76,979) Net fees capitalized into carrying value of loans (6,779) (6,562) (Provision)/benefit for credit losses 5,098 (13,181) Charge-off from allowance 289 427 Transfer to real estate owned (37,523) (35,064) Balance at End of Period $ 3,247,646 $ 2,693,848

Real Estate Securities (Tables)

Real Estate Securities (Tables)	9 Months Ended
	Sep. 30, 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, as of December 31, 2020 (dollars in thousands): 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 as of December 31, 2020 (dollars in thousands): Amortized Cost Credit Loss Allowance Unrealized Gain Unrealized Loss Fair Value 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Unrealized gain/(loss) on available for sale securities $ — $ 4,199 $ 1,665 $ (9,380) Reclassification of net (gain)/loss on available for sale securities included in net income — 14,457 6,591 748 Unrealized gain/(loss) on available for sale securities, net of reclassification adjustment $ — $ 18,656 $ 8,256 $ (8,632)
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, in each case as of 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 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)	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Summary of real estate owned	The following table summarizes the Company's real estate owned asset as of September 30, 2021 (dollars in thousands): Acquisition Date Property Type Primary Location(s) Land Building and Site Improvements Furniture, Fixtures and Equipment Accumulated Depreciation Real Estate Owned, net September 2021 (1) Industrial Jeffersonville, GA $ 3,436 $ 87,187 $ — $ — $ 90,623 $ 3,436 $ 87,187 $ — $ — $ 90,623 ________________________ (1) See Note 2 - Summary of Significant Accounting Policies. The following table summarizes the Company's real estate owned asset as of December 31, 2020 (dollars in thousands): Acquisition Date Property Type Primary Location(s) Land Building and Site 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) See Note 2 - Summary of Significant Accounting Policies.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2021 (dollars in thousands): Acquisition Date Property Type Primary Location(s) Intangible Lease Asset, Gross Accumulated Amortization Intangible Lease Asset, Net of Amortization September 2021 Industrial Jeffersonville, GA $ 49,192 $ — $ 49,192 $ 49,192 $ — $ 49,192 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 industrial facility lease (dollars in thousands): Minimum Rents September 30, 2021 2021 (October - December) $ 1,953 2022 7,889 2023 8,046 2024 8,207 2025 8,372 2026 and beyond 123,520 Total minimum rent $ 157,987
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 September 30, 2021 2021 (October - December) $ (723) 2022 (2,894) 2023 (2,894) 2024 (2,894) 2025 (2,894)

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of repurchase facilities and agreements	The details of the Company's Repo Facilities at September 30, 2021 and December 31, 2020 are as follows (dollars in thousands): As of September 30, 2021 Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate Maturity JPM Repo Facility $ 400,000 $ 114,584 $ 2,821 2.14 % 10/6/2022 CS Repo Facility (2) 200,000 61,788 2,432 2.95 % 8/11/2022 WF Repo Facility (3) 175,000 102,368 924 1.75 % 11/22/2021 Barclays Revolver Facility (4) 100,000 75,000 223 8.25 % 9/20/2023 Barclays Repo Facility (5) 300,000 196,416 1,512 1.75 % 3/15/2022 Total $ 1,175,000 $ 550,156 $ 7,912 ________________________ (1) For the nine months ended September 30, 2021. Includes amortization of deferred financing costs. (2) On August 12, 2021, the Company exercised the extension option upon the satisfaction of certain conditions, and extended the term maturity to August 11, 2022. Additionally, on November 3, 2021 the committed financing amount was amended from $200 million to $300 million with the option to upsize to $400 million at the Company's discretion. (3) There are two more one (4) On September 8, 2021, the Company amended the maturity date to September 20, 2023. There is one one (5) There are two one 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 (6) There is one one (7) Includes two one Below is a summary of the Company's MRAs as of September 30, 2021 and December 31, 2020 (dollars in thousands): Weighted Average Counterparty Amount Outstanding Interest Expense Collateral Pledged (1) Interest Rate Days to Maturity As of September 30, 2021 JP Morgan Securities LLC $ 18,980 $ 205 $ 24,105 1.14 % 1 Goldman Sachs International — 37 — N/A N/A Barclays Capital Inc. 27,551 467 36,162 1.28 % 50 Citigroup Global Markets, Inc. — 81 — N/A N/A Total/Weighted Average $ 46,531 $ 790 $ 60,267 1.22 % 30 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 $60.3 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 September 30, 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 $ — 1M LIBOR + 105 10/15/2034 2018-FL3 Issuer Tranche A-S 77,775 65,176 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 416,827 185,596 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 2018-FL4 Issuer Tranche E 28,223 28,223 1M LIBOR + 305 9/15/2035 2019-FL5 Issuer Tranche A 407,025 369,761 1M LIBOR + 115 5/15/2029 2019-FL5 Issuer Tranche A-S 76,950 76,950 1M LIBOR + 148 5/15/2029 2019-FL5 Issuer Tranche B 50,000 50,000 1M LIBOR + 140 5/15/2029 2019-FL5 Issuer Tranche C 61,374 61,374 1M LIBOR + 200 5/15/2029 2019-FL5 Issuer Tranche D 48,600 5,000 1M LIBOR + 240 5/15/2029 2019-FL5 Issuer Tranche E 20,250 3,000 1M LIBOR + 285 5/15/2029 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 11,375 1M LIBOR + 350 3/15/2036 $ 2,437,924 $ 1,809,280 ________________________ (1) Excludes $300.1 million of CLO notes, held by the Company, which are eliminated within the collateralized loan obligations line in the consolidated balance sheets as of September 30, 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 obligations 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 September 30, 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) September 30, 2021 December 31, 2020 Cash (1) $ 123,940 $ 99,025 Commercial mortgage loans, held for investment, net (2) 2,288,676 2,044,956 Accrued interest receivable 5,540 5,626 Total Assets $ 2,418,156 $ 2,149,607 Liabilities Notes payable (3)(4) $ 2,092,498 $ 1,892,616 Accrued interest payable 1,220 1,240 Total Liabilities $ 2,093,718 $ 1,893,856 ________________________ (1) Includes $123.3 million and $98.6 million of cash held by the servicer related to CLO loan payoffs as of September 30, 2021 and December 31, 2020, respectively. (2) The balance is presented net of allowance for credit losses of $8.7 million and $19.4 million as of September 30, 2021 and December 31, 2020, respectively. (3) Includes $300.1 million and $267.1 million of CLO notes, held by the Company, which are eliminated within the collateralized loan obligations line of the consolidated balance sheets as of September 30, 2021 and December 31, 2020, respectively.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2021 and September 30, 2020 (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, Numerator 2021 2020 2021 2020 Net income $ 38,495 $ 21,497 $ 98,651 $ 21,911 Less: Preferred stock dividends 4,804 3,475 12,040 11,445 Less: Undistributed earnings allocated to preferred stock 4,201 1,283 10,706 — Net income attributable to common stockholders (for basic and diluted earnings per share) $ 29,490 $ 16,739 $ 75,905 $ 10,466 Denominator Weighted-average common shares outstanding for basic earnings per share 44,185,241 44,405,196 44,245,733 44,348,282 Effect of dilutive shares: Unvested restricted shares 15,323 15,888 15,737 13,457 Weighted-average common shares outstanding for diluted earnings per share 44,200,564 44,421,084 44,261,470 44,361,739 Basic earnings per share $ 0.67 $ 0.38 $ 1.72 $ 0.24 Diluted earnings per share $ 0.67 $ 0.38 $ 1.71 $ 0.24

Stock Transactions (Tables)

Stock Transactions (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of share repurchases	The following tables present the activity in the Company's Series A Preferred Stock for the period ended September 30, 2021 and September 30, 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 2 5 Offering costs — (14) Amortization of offering costs — 68 Ending Balance, September 30, 2021 25,567 $ 127,603 Shares Amount Balance, December 31, 2019 40,500 $ 202,144 Issuance of Preferred Stock 14 70 Dividends paid in Preferred Stock 1 4 Offering costs — (9) Amortization of offering costs — 71 Ending Balance, September 30, 2020 40,515 $ 202,280 The following tables present the activity in the Company's Series C Preferred Stock for the period ended September 30, 2021 and September 30, 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 — 7 Ending Balance, September 30, 2021 1,400 $ 6,969 Shares Amount Balance, December 31, 2019 1,400 $ 6,966 Issuance of Preferred Stock — — Dividends paid in Preferred Stock — — Offering costs — (11) Amortization of offering costs — 6 Ending Balance, September 30, 2020 1,400 $ 6,961 The following table presents the activity in the Company's Series D Preferred Stock for the period ended September 30, 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 — (83) Amortization of offering costs — 12 Ending Balance, September 30, 2021 17,950 $ 89,677 The following table reflects the number of shares repurchased under the SRP cumulatively through September 30, 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) 1,355 525,580 17.53 February 1 - February 28, 2021 — — N/A March 1 - March 31, 2021 (1) — — N/A April 1 - April 30, 2021 — — N/A May 1 - May 31, 2021 (1) — — N/A June 1 - June 30, 2021 — — N/A July 1 - July 31, 2021 (2) 1,424 123,257 17.88 August 1 - August 31, 2021 — — N/A September 1 - September 30, 2021 (2) — — N/A Cumulative as of September 30, 2021 10,873 4,770,572 $ 19.57 ________________________ (1) Reflects shares repurchased pursuant to repurchase requests submitted for the second semester of 2020, including 15,772 and 3,784 shares which for administrative reasons were processed in March 2021 and May 2021, respectively. 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 1,881,556 shares were not fulfilled for the second semester of 2020. (2 ) Reflects shares repurchased pursuant to repurchase requests submitted for the first semester of 2021, including 1,776 shares which for administrative reasons were processed in September 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 761 shares were not fulfilled for the first semester of 2021.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Unfunded commitments under commercial mortgage loans	As of September 30, 2021 and December 31, 2020, the Company had the below unfunded commitments to the Company's borrowers (dollars in thousands): Funding Expiration September 30, 2021 December 31, 2020 2021 $ 26,989 $ 59,692 2022 41,917 91,420 2023 69,702 69,880 2024 265,295 7,700 2025 and beyond 25,501 — $ 429,404 $ 228,692

Related Party Transactions an_2

Related Party Transactions and Arrangements (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2021 and 2020 and the associated payable as of September 30, 2021 and December 31, 2020 (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, Payable as of 2021 2020 2021 2020 September 30, 2021 December 31, 2020 Acquisition expenses (1) $ 690 $ 166 $ 1,012 $ 483 $ — $ — Administrative services expenses 2,980 3,128 9,532 10,180 2,980 2,940 Asset management and subordinated performance fee 8,265 3,749 19,682 11,399 13,025 4,773 Other related party expenses (2)(3) 146 14 182 685 1,135 1,812 Total related party fees and reimbursements $ 12,081 $ 7,057 $ 30,408 $ 22,747 $ 17,140 $ 9,525 ________________________ (1) Total acquisition expenses paid during the three and nine months ended September 30, 2021 were $2.9 million and $7.5 million respectively, of which $2.2 million and $6.5 million were capitalized within the commercial mortgage loans, held for investment and real estate securities, available for sale, measured at fair value lines of the consolidated balance sheets. Total acquisition expenses paid during the three and nine months ended September 30, 2020 were $2.2 million and $5.0 million respectively, of which $2.0 million and $4.5 million were capitalized within the commercial mortgage loans, held for investment and real estate securities, available for sale, measured at fair value lines of the consolidated balance sheets. (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 September 30, 2021 and December 31, 2020 the related party payables include $1.1 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)	9 Months Ended
	Sep. 30, 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 September 30, 2021 and December 31, 2020 (dollars in thousands): Total Level I Level II Level III September 30, 2021 Assets, at fair value Commercial mortgage loans, held for sale, measured at fair value $ 99 $ — $ — $ 99 Other real estate investments, measured at fair value 2,547 — — 2,547 Interest rate swaps — — — — Total assets, at fair value $ 2,646 $ — $ — $ 2,646 Liabilities, at fair value Credit default swaps $ — $ — $ — $ — Treasury note futures — — — — Total liabilities, at fair value $ — $ — $ — $ — 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 September 30, 2021 and December 31, 2020 for which the Company has used Level III inputs to determine fair value (dollars in thousands): September 30, 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 loans, held for sale 22,211 — Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments — 27 Net accretion — (2) Purchases 321,278 — Sales / paydowns (411,039) — Transfers out of Level III (2) — — Ending Balance, September 30, 2021 $ 99 $ 2,547 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 loans, 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 September 30, 2021 and December 31, 2020 (dollars in thousands): Asset Category Fair Value Valuation Methodologies Unobservable Inputs (1) Weighted Average (2) Range September 30, 2021 Commercial mortgage loans, held for sale, measured at fair value $ 99 Discounted Cash Flow Yield 16.6% 15.6% - 17.6% Other real estate investments, measured at fair value 2,547 Discounted Cash Flow Yield 11.4% 10.4% - 12.4% 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 September 30, 2021 and December 31, 2020 (dollars in thousands): Level Carrying Amount (1) Fair Value September 30, 2021 Commercial mortgage loans, held for investment (1) Asset III $ 3,263,145 $ 3,265,960 Collateralized loan obligations Liability III 1,792,353 1,811,509 Mortgage note payable Liability III 23,998 23,998 Other financing and loan participation - commercial mortgage loans Liability III 37,434 37,434 Unsecured debt Liability III 60,000 60,000 December 31, 2020 Commercial mortgage loans, held for investment (1) Asset III $ 2,714,734 $ 2,724,039 Collateralized loan obligations 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 $15.5 million and $20.9 million of allowance for credit losses as of September 30, 2021 and December 31, 2020, respectively.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative assets at fair value	The following derivative instruments were outstanding as of September 30, 2021 and December 31, 2020 (dollars in thousands): Fair Value Contract type Notional Assets Liabilities September 30, 2021 Credit default swaps $ — $ — $ — Interest rate swaps 17,335 — — Treasury note futures — — — Total $ 17,335 $ — $ — 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 September 30, 2021 and December 31, 2020 (dollars in thousands): Fair Value Contract type Notional Assets Liabilities September 30, 2021 Credit default swaps $ — $ — $ — Interest rate swaps 17,335 — — Treasury note futures — — — Total $ 17,335 $ — $ — 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 and nine months ended September 30, 2021 and September 30, 2020: Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Contract type Unrealized (Gain)/Loss Realized (Gain)/Loss Unrealized (Gain)/Loss Realized (Gain)/Loss Credit default swaps $ (111) $ 32 $ (289) $ 675 Interest rate swaps (1,282) 1,692 22 414 Treasury note futures (35) 145 (107) (1,479) Options — 33 — 33 Total $ (1,428) $ 1,902 $ (374) $ (357) Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 Contract type Unrealized (Gain)/Loss Realized (Gain)/Loss Unrealized (Gain)/Loss Realized (Gain)/Loss Credit default swaps $ 101 $ 206 $ (433) $ 269 Interest rate swaps (4,411) 4,516 323 7,462 Treasury note futures — — 735 5,284 Options — — — 35 Total $ (4,310) $ 4,722 $ 625 $ 13,050

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2021 Derivative instruments, at fair value $ — $ — $ — $ — $ — $ — 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 September 30, 2021 Repurchase agreements - commercial mortgage loans $ 550,156 $ — $ 550,156 $ 858,613 $ 5,015 $ — Repurchase agreements - real estate securities 46,531 — 46,531 60,267 — — Derivative instruments, at fair value — — — — 3,886 — 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)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Schedule of segment reporting information, by segment	The following table represents the Company's operations by segment for the three and nine months ended September 30, 2021 and September 30, 2020 (dollars in thousands): Three Months Ended September 30, 2021 Total Real Estate Debt and Other Real Estate Investments Real Estate Securities TRS Real Estate Owned Interest income $ 47,747 $ 47,166 $ — $ 581 $ — Revenue from Real Estate Owned 1,015 — — — 1,015 Interest expense 11,988 11,263 148 232 345 Net income 38,495 25,056 (148) 3,984 9,603 Total assets as of September 30, 2021 3,635,478 3,436,065 814 57,437 141,162 Three Months Ended September 30, 2020 Interest income $ 44,414 $ 39,944 $ 3,996 $ 474 $ — Revenue from Real Estate Owned 1,017 — — — 1,017 Interest expense 15,113 10,194 3,393 494 1,032 Net income 21,497 25,158 (3,797) (162) 298 Total assets as of December 31, 2020 3,189,761 2,866,790 175,088 105,364 42,519 Nine Months Ended September 30, 2021 Total Real Estate Debt and Other Real Estate Investments Real Estate Securities TRS Real Estate Owned Interest income $ 138,969 $ 135,945 $ 461 $ 2,563 $ — Revenue from Real Estate Owned 2,447 — — — 2,447 Interest expense 35,994 34,887 720 812 1,014 Net income 98,651 74,745 (196) 13,434 10,667 Total assets as of September 30, 2021 3,635,478 3,436,065 814 57,437 141,162 Nine Months Ended September 30, 2020 Interest income $ 135,509 $ 123,284 $ 9,870 $ 2,355 $ — Revenue from Real Estate Owned 3,474 — — — 3,474 Interest expense 54,740 43,735 7,670 1,735 1,600 Net income 21,911 40,273 (7,947) (8,290) (2,125) 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 Thousands, $ in Thousands	Oct. 19, 2022shares	Sep. 30, 2021USD ($)$ / shares	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)segment$ / shares	Sep. 30, 2020USD ($)
Equity, Class of Treasury Stock [Line Items]
Minimum distribution percentage to qualify for REIT taxation status				90.00%
Income tax expense | $		$ 1,148	$ 178	$ 3,418	$ (2,466)
Number of reportable segments | segment				4
Forecast
Equity, Class of Treasury Stock [Line Items]
Conversion of stock, preferred stock to common stock, notice period	10 days
Convertible preferred stock purchase agreements | Forecast
Equity, Class of Treasury Stock [Line Items]
Preferred stock converted to common stock, per share stock consideration | shares	299.2
Convertible Series A Preferred Stock
Equity, Class of Treasury Stock [Line Items]
Liquidation preference (in dollars per share)		$ 5		$ 5
Rate of dividend accrual (in percent)				4.00%
Dividend accrual increase contingent on rating (in percent)				1.00%
Convertible Series C Preferred Stock
Equity, Class of Treasury Stock [Line Items]
Liquidation preference (in dollars per share)		$ 5		$ 5
Rate of dividend accrual (in percent)				4.00%
Percentage of total economic interests needed to convert preferred stock to common stock		50.00%		50.00%
Preferred stock, percentage of vote required for adverse actions to stockholders		67.00%		67.00%
Buildings & Site Improvements
Equity, Class of Treasury Stock [Line Items]
Useful lives of property, plant, and equipment (up to)				40 years
Furniture, fixtures, and equipment
Equity, Class of Treasury Stock [Line Items]
Useful lives of property, plant, and equipment (up to)				15 years

Commercial Mortgage Loans - Loa

Commercial Mortgage Loans - Loans Receivable by Class (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Loans, gross	$ 3,263,145	$ 2,714,734
Less: Allowance for credit losses	15,499	20,886
Total commercial mortgage loans, held for investment, net	3,247,646	2,693,848
Senior loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans, gross	3,239,207	2,698,823
Mezzanine loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans, gross	$ 23,938	$ 15,911

Commercial Mortgage Loans - Nar

Commercial Mortgage Loans - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 31, 2021USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)ratingloan	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)ratingloan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses		$ (1,613)	$ (3,710)	$ (5,452)	$ 14,929
Par value		3,263,145		$ 3,263,145		$ 2,714,734
Initial risk rating | rating				2
Weighted average risk rating of loans | rating				2.1		2.2
Real estate owned, net of depreciation		90,623		$ 90,623		$ 26,510
Gain on sale of REO				800
Real Estate Acquired in Satisfaction of Debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impairment loss at time of transfer	$ 300
Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses		(1,693)		$ (5,098)
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan				150		130
Par value		3,273,427		$ 3,273,427		$ 2,722,863
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		37,500
Commercial Mortgage Receivable, Held-For-Investment | Real Estate Acquired in Satisfaction of Debt | Land, buildings and improvements
Accounts, Notes, Loans and Financing Receivable [Line Items]
Real estate owned, net of depreciation		33,000		33,000
Commercial Mortgage Receivable, Held-For-Investment | Real Estate Acquired in Satisfaction of Debt | Furniture and fixtures
Accounts, Notes, Loans and Financing Receivable [Line Items]
Real estate owned, net of depreciation		4,500		4,500
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par value		3,263,145		$ 3,263,145		$ 2,714,734
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		$ 57,100		$ 94,900
Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan				1		3
Par value		$ 100		$ 100		$ 67,650

Commercial Mortgage Loans - All

Commercial Mortgage Loans - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance			$ 20,886
Provision/(benefit) for credit losses	$ (1,613)	$ (3,710)	(5,452)	$ 14,929
Ending Balance	15,499		15,499
Commercial Portfolio Segment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	17,192		20,886
Provision/(benefit) for credit losses	(1,693)		(5,098)
Write offs	0		(289)
Ending Balance	15,499		15,499
Commercial Portfolio Segment | Multifamily
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	7,389		3,095
Provision/(benefit) for credit losses	(1,278)		3,305
Write offs	0		(289)
Ending Balance	6,111		6,111
Commercial Portfolio Segment | Retail
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	103		404
Provision/(benefit) for credit losses	261		(40)
Write offs	0		0
Ending Balance	364		364
Commercial Portfolio Segment | Office
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	1,028		1,575
Provision/(benefit) for credit losses	509		(38)
Write offs	0		0
Ending Balance	1,537		1,537
Commercial Portfolio Segment | Industrial
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	199		3,795
Provision/(benefit) for credit losses	136		(3,460)
Write offs	0		0
Ending Balance	335		335
Commercial Portfolio Segment | Mixed Use
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	440		132
Provision/(benefit) for credit losses	34		342
Write offs	0		0
Ending Balance	474		474
Commercial Portfolio Segment | Hospitality
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	7,715		11,646
Provision/(benefit) for credit losses	(1,286)		(5,217)
Write offs	0		0
Ending Balance	6,429		6,429
Commercial Portfolio Segment | Self Storage
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	241		117
Provision/(benefit) for credit losses	(89)		35
Write offs	0		0
Ending Balance	152		152
Commercial Portfolio Segment | Manufactured Housing
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	77		122
Provision/(benefit) for credit losses	20		(25)
Write offs	0		0
Ending Balance	97		97
Commercial Portfolio Segment | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	231		665
Provision/(benefit) for credit losses	80		(354)
Ending Balance	311		311
Commercial Portfolio Segment | Unfunded Loan Commitment | Multifamily
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	120		85
Provision/(benefit) for credit losses	67		102
Ending Balance	187		187
Commercial Portfolio Segment | Unfunded Loan Commitment | Retail
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	0		0
Provision/(benefit) for credit losses	1		1
Ending Balance	1		1
Commercial Portfolio Segment | Unfunded Loan Commitment | Office
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	28		47
Provision/(benefit) for credit losses	15		(4)
Ending Balance	43		43
Commercial Portfolio Segment | Unfunded Loan Commitment | Industrial
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	10		418
Provision/(benefit) for credit losses	3		(405)
Ending Balance	13		13
Commercial Portfolio Segment | Unfunded Loan Commitment | Mixed Use
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	8		14
Provision/(benefit) for credit losses	3		(3)
Ending Balance	11		11
Commercial Portfolio Segment | Unfunded Loan Commitment | Hospitality
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	65		101
Provision/(benefit) for credit losses	(9)		(45)
Ending Balance	56		56
Commercial Portfolio Segment | Unfunded Loan Commitment | Self Storage
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	0		0
Provision/(benefit) for credit losses	0		0
Ending Balance	0		0
Commercial Portfolio Segment | Unfunded Loan Commitment | Manufactured Housing
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	0		0
Provision/(benefit) for credit losses	0		0
Ending Balance	$ 0		$ 0

Commercial Mortgage Loans - Com

Commercial Mortgage Loans - Commercial Mortgage Loan Portfolio, Excluding Fair Value (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par value	$ 3,263,145	$ 2,714,734
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par value	$ 3,273,427	$ 2,722,863
Commercial Mortgage Receivable, Held-For-Investment | Customer Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	100.00%	100.00%
Commercial Mortgage Receivable, Held-For-Investment | Geographic Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	100.00%	100.00%
Commercial Mortgage Receivable, Held-For-Investment | Southeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par value	$ 1,030,591	$ 796,908
Commercial Mortgage Receivable, Held-For-Investment | Southeast | Geographic Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	31.50%	29.30%
Commercial Mortgage Receivable, Held-For-Investment | Southwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par value	$ 1,027,246	$ 515,392
Commercial Mortgage Receivable, Held-For-Investment | Southwest | Geographic Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	31.40%	18.90%
Commercial Mortgage Receivable, Held-For-Investment | Mideast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par value	$ 431,104	$ 473,514
Commercial Mortgage Receivable, Held-For-Investment | Mideast | Geographic Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	13.20%	17.40%
Commercial Mortgage Receivable, Held-For-Investment | Far West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par value	$ 368,565	$ 415,173
Commercial Mortgage Receivable, Held-For-Investment | Far West | Geographic Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	11.30%	15.20%
Commercial Mortgage Receivable, Held-For-Investment | Great Lakes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par value	$ 134,591	$ 199,203
Commercial Mortgage Receivable, Held-For-Investment | Great Lakes | Geographic Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	4.10%	7.30%
Commercial Mortgage Receivable, Held-For-Investment | Plains
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par value	$ 94,292	$ 116,143
Commercial Mortgage Receivable, Held-For-Investment | Plains | Geographic Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	2.90%	4.30%
Commercial Mortgage Receivable, Held-For-Investment | Various
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par value	$ 70,118	$ 136,855
Commercial Mortgage Receivable, Held-For-Investment | Various | Geographic Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	2.10%	5.00%
Commercial Mortgage Receivable, Held-For-Investment | New England
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par value	$ 68,169	$ 69,675
Commercial Mortgage Receivable, Held-For-Investment | New England | Geographic Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	2.00%	2.60%
Commercial Mortgage Receivable, Held-For-Investment | Rocky Mountain
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par value	$ 48,751	$ 0
Commercial Mortgage Receivable, Held-For-Investment | Rocky Mountain | Geographic Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	1.50%	0.00%
Commercial Mortgage Receivable, Held-For-Investment | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par value	$ 1,856,441	$ 1,202,694
Commercial Mortgage Receivable, Held-For-Investment | Multifamily | Customer Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	56.70%	44.20%
Commercial Mortgage Receivable, Held-For-Investment | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par value	$ 527,371	$ 517,464
Commercial Mortgage Receivable, Held-For-Investment | Office | Customer Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	16.10%	19.00%
Commercial Mortgage Receivable, Held-For-Investment | Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par value	$ 445,770	$ 403,908
Commercial Mortgage Receivable, Held-For-Investment | Hospitality | Customer Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	13.60%	14.80%
Commercial Mortgage Receivable, Held-For-Investment | Mixed Use
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par value	$ 133,644	$ 102,756
Commercial Mortgage Receivable, Held-For-Investment | Mixed Use | Customer Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	4.10%	3.80%
Commercial Mortgage Receivable, Held-For-Investment | Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par value	$ 125,120	$ 243,404
Commercial Mortgage Receivable, Held-For-Investment | Industrial | Customer Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	3.80%	8.90%
Commercial Mortgage Receivable, Held-For-Investment | Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par value	$ 75,961	$ 78,550
Commercial Mortgage Receivable, Held-For-Investment | Retail | Customer Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	2.30%	2.90%
Commercial Mortgage Receivable, Held-For-Investment | Self Storage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par value	$ 56,495	$ 86,424
Commercial Mortgage Receivable, Held-For-Investment | Self Storage | Customer Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	1.70%	3.20%
Commercial Mortgage Receivable, Held-For-Investment | Manufactured Housing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par value	$ 36,225	$ 71,263
Commercial Mortgage Receivable, Held-For-Investment | Manufactured Housing | Customer Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	1.20%	2.60%
Commercial Mortgage Receivable, Held-For-Investment | Land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par value	$ 16,400	$ 16,400
Commercial Mortgage Receivable, Held-For-Investment | Land | Customer Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	0.50%	0.60%
Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par value	$ 100	$ 67,650
Commercial Mortgage Receivable, Held-For-Sale | Customer Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	100.00%	100.00%
Commercial Mortgage Receivable, Held-For-Sale | Geographic Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	100.00%	100.00%
Commercial Mortgage Receivable, Held-For-Sale | Far West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par value	$ 0	$ 58,500
Commercial Mortgage Receivable, Held-For-Sale | Far West | Geographic Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	0.00%	86.50%
Commercial Mortgage Receivable, Held-For-Sale | Great Lakes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par value	$ 100	$ 9,150
Commercial Mortgage Receivable, Held-For-Sale | Great Lakes | Geographic Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	100.00%	13.50%
Commercial Mortgage Receivable, Held-For-Sale | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par value	$ 100	$ 100
Commercial Mortgage Receivable, Held-For-Sale | Multifamily | Customer Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	100.00%	0.10%
Commercial Mortgage Receivable, Held-For-Sale | Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par value	$ 0	$ 67,550
Commercial Mortgage Receivable, Held-For-Sale | Industrial | Customer Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	0.00%	99.90%

Commercial Mortgage Loans - Int

Commercial Mortgage Loans - Internal Credit Qualities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 3,263,145	$ 2,714,734
Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Total	3,273,427	2,722,863
Commercial Mortgage Receivable, Held-For-Investment | Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Total	1,856,441	1,202,694
Commercial Mortgage Receivable, Held-For-Investment | Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Total	75,961	78,550
Commercial Mortgage Receivable, Held-For-Investment | Office
Financing Receivable, Credit Quality Indicator [Line Items]
Total	527,371	517,464
Commercial Mortgage Receivable, Held-For-Investment | Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Total	125,120	243,404
Commercial Mortgage Receivable, Held-For-Investment | Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Total	133,644	102,756
Commercial Mortgage Receivable, Held-For-Investment | Hospitality
Financing Receivable, Credit Quality Indicator [Line Items]
Total	445,770	403,908
Commercial Mortgage Receivable, Held-For-Investment | Self Storage
Financing Receivable, Credit Quality Indicator [Line Items]
Total	56,495	86,424
Commercial Mortgage Receivable, Held-For-Investment | Manufactured Housing
Financing Receivable, Credit Quality Indicator [Line Items]
Total	36,225	71,263
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	1,298,398	1,084,655
Originated in prior fiscal year one	942,581	851,194
Originated in prior fiscal year two	517,805	551,241
Originated in prior fiscal year three	394,185	190,501
Originated in prior fiscal year four	106,689	0
Originated in prior fiscal year five	0	33,655
Originated before prior fiscal year five	3,487	3,488
Total	3,263,145	2,714,734
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	1,059,072	583,550
Originated in prior fiscal year one	505,437	349,588
Originated in prior fiscal year two	116,286	224,862
Originated in prior fiscal year three	165,606	37,812
Originated in prior fiscal year four	0	0
Originated in prior fiscal year five	0	0
Originated before prior fiscal year five	3,487	3,488
Total	1,849,888	1,199,300
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	0	13,277
Originated in prior fiscal year one	13,344	35,632
Originated in prior fiscal year two	33,046	45,825
Originated in prior fiscal year three	45,845	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	92,235	94,734
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Office
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	55,283	244,301
Originated in prior fiscal year one	253,254	160,709
Originated in prior fiscal year two	131,380	61,169
Originated in prior fiscal year three	59,269	49,238
Originated in prior fiscal year four	26,549	0
Originated in prior fiscal year five	0	0
Originated before prior fiscal year five	0	0
Total	525,735	515,417
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	0	119,193
Originated in prior fiscal year one	46,033	89,590
Originated in prior fiscal year two	78,833	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	124,866	242,438
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	32,378	30,246
Originated in prior fiscal year one	30,305	0
Originated in prior fiscal year two	0	59,451
Originated in prior fiscal year three	70,679	12,839
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	133,362	102,536
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Hospitality
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	136,726	26,878
Originated in prior fiscal year one	26,910	170,626
Originated in prior fiscal year two	148,098	115,026
Originated in prior fiscal year three	52,786	90,612
Originated in prior fiscal year four	80,140	0
Originated in prior fiscal year five	0	0
Originated before prior fiscal year five	0	0
Total	444,660	403,142
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Self Storage
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	14,939	41,305
Originated in prior fiscal year one	41,362	0
Originated in prior fiscal year two	0	44,908
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	56,301	86,213
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Manufactured Housing
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	0	25,905
Originated in prior fiscal year one	25,936	45,049
Originated in prior fiscal year two	10,162	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	36,098	70,954
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	1,059,072	583,550
Originated in prior fiscal year one	505,437	349,588
Originated in prior fiscal year two	116,286	188,975
Originated in prior fiscal year three	128,581	0
Originated in prior fiscal year four	0	0
Originated in prior fiscal year five	0	0
Originated before prior fiscal year five	3,487	3,488
Total	1,812,863	1,125,601
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	13,277
Originated in prior fiscal year one	13,344	22,760
Originated in prior fiscal year two	20,162	16,400
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	0
Total	49,906	52,437
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	55,283	244,301
Originated in prior fiscal year one	253,254	160,709
Originated in prior fiscal year two	131,380	61,169
Originated in prior fiscal year three	36,584	40,846
Originated in prior fiscal year four	26,549	0
Originated in prior fiscal year five	0	0
Originated before prior fiscal year five	0	0
Total	503,050	507,025
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	119,193
Originated in prior fiscal year one	46,033	89,590
Originated in prior fiscal year two	78,833	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	124,866	242,438
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	32,378	30,246
Originated in prior fiscal year one	30,305	0
Originated in prior fiscal year two	0	59,451
Originated in prior fiscal year three	70,679	12,839
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	133,362	102,536
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	136,726	26,878
Originated in prior fiscal year one	26,910	10,547
Originated in prior fiscal year two	10,564	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	174,200	37,425
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	14,939	41,305
Originated in prior fiscal year one	41,362	0
Originated in prior fiscal year two	0	44,908
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	56,301	86,213
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	25,905
Originated in prior fiscal year one	25,936	45,049
Originated in prior fiscal year two	10,162	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	36,098	70,954
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	35,887
Originated in prior fiscal year three	37,025	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	37,025	73,699
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	12,872
Originated in prior fiscal year two	12,884	29,425
Originated in prior fiscal year three	29,445	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	42,329	42,297
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	0
Originated in prior fiscal year three	22,685	8,392
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	22,685	8,392
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	160,079
Originated in prior fiscal year two	137,534	115,026
Originated in prior fiscal year three	52,786	90,612
Originated in prior fiscal year four	80,140	0
Originated in prior fiscal year five	0	0
Originated before prior fiscal year five	0	0
Total	270,460	365,717
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	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Loans, gross	$ 3,263,145	$ 2,714,734
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment
Financing Receivable, Past Due [Line Items]
Loans, gross	3,263,145
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Current
Financing Receivable, Past Due [Line Items]
Loans, gross	3,206,070
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | 120+ days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	57,075
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Multifamily
Financing Receivable, Past Due [Line Items]
Loans, gross	1,849,888
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Multifamily | Current
Financing Receivable, Past Due [Line Items]
Loans, gross	1,849,888
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Multifamily | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Multifamily | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Multifamily | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Multifamily | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Multifamily | 120+ days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Retail
Financing Receivable, Past Due [Line Items]
Loans, gross	92,235
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Retail | Current
Financing Receivable, Past Due [Line Items]
Loans, gross	92,235
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Retail | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Retail | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Retail | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Retail | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Retail | 120+ days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Office
Financing Receivable, Past Due [Line Items]
Loans, gross	525,735
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Office | Current
Financing Receivable, Past Due [Line Items]
Loans, gross	525,735
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Office | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Office | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Office | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Office | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Office | 120+ days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Industrial
Financing Receivable, Past Due [Line Items]
Loans, gross	124,866
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Industrial | Current
Financing Receivable, Past Due [Line Items]
Loans, gross	124,866
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Industrial | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Industrial | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Industrial | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Industrial | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Industrial | 120+ days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Mixed Use
Financing Receivable, Past Due [Line Items]
Loans, gross	133,362
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Mixed Use | Current
Financing Receivable, Past Due [Line Items]
Loans, gross	133,362
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Mixed Use | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Mixed Use | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Mixed Use | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Mixed Use | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Mixed Use | 120+ days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Hospitality
Financing Receivable, Past Due [Line Items]
Loans, gross	444,660
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Hospitality | Current
Financing Receivable, Past Due [Line Items]
Loans, gross	387,585
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Hospitality | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Hospitality | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Hospitality | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Hospitality | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Hospitality | 120+ days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	57,075
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Self Storage
Financing Receivable, Past Due [Line Items]
Loans, gross	56,301
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Self Storage | Current
Financing Receivable, Past Due [Line Items]
Loans, gross	56,301
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Self Storage | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Self Storage | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Self Storage | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Self Storage | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Self Storage | 120+ days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Manufactured Housing
Financing Receivable, Past Due [Line Items]
Loans, gross	36,098
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Manufactured Housing | Current
Financing Receivable, Past Due [Line Items]
Loans, gross	36,098
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Manufactured Housing | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Manufactured Housing | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Manufactured Housing | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Manufactured Housing | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Manufactured Housing | 120+ days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	$ 0

Commercial Mortgage Loans - A_3

Commercial Mortgage Loans - Allocation by Risk Rating (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)loan	Dec. 31, 2020USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par value	$ 3,263,145	$ 2,714,734
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	150	130
Par value	$ 3,273,427	$ 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	130	104
Par value	$ 2,900,711	$ 2,232,045
Commercial Mortgage Receivable, Held-For-Investment | 3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	19	22
Par value	$ 315,641	$ 384,040
Commercial Mortgage Receivable, Held-For-Investment | 4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	1	4
Par value	$ 57,075	$ 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	9 Months Ended	12 Months Ended
	Sep. 30, 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	1,395,556	1,287,720
Principal repayments	(769,103)	(1,223,490)
Discount accretion/premium amortization	4,421	6,146
Loans transferred from/(to) commercial real estate loans, held for sale	(38,161)	(76,979)
Net fees capitalized into carrying value of loans	(6,779)	(6,562)
(Provision)/benefit for credit losses	5,098	(13,181)
Charge-off from allowance	289	427
Transfer to real estate owned	(37,523)	(35,064)
Balance at End of Period	$ 3,247,646	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	Sep. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 0	$ 171,136
CMBS 1
Debt Securities, Available-for-sale [Line Items]
Available For Sale Securities, Weighted Average Interest Rate		3.00%
Available For Sale Securities, Par Value Amount		$ 13,250
Fair Value		$ 12,657
CMBS 2
Debt Securities, Available-for-sale [Line Items]
Available For Sale Securities, Weighted Average Interest Rate		2.20%
Available For Sale Securities, Par Value Amount		$ 10,800
Fair Value		$ 10,335
CMBS 3
Debt Securities, Available-for-sale [Line Items]
Available For Sale Securities, Weighted Average Interest Rate		2.50%
Available For Sale Securities, Par Value Amount		$ 40,000
Fair Value		$ 38,292
CMBS 4
Debt Securities, Available-for-sale [Line Items]
Available For Sale Securities, Weighted Average Interest Rate		1.90%
Available For Sale Securities, Par Value Amount		$ 8,000
Fair Value		$ 7,892
CMBS 5
Debt Securities, Available-for-sale [Line Items]
Available For Sale Securities, Weighted Average Interest Rate		2.10%
Available For Sale Securities, Par Value Amount		$ 24,000
Fair Value		$ 23,297
CMBS 6
Debt Securities, Available-for-sale [Line Items]
Available For Sale Securities, Weighted Average Interest Rate		2.30%
Available For Sale Securities, Par Value Amount		$ 12,000
Fair Value		$ 11,580
CMBS 7
Debt Securities, Available-for-sale [Line Items]
Available For Sale Securities, Weighted Average Interest Rate		1.50%
Available For Sale Securities, Par Value Amount		$ 20,000
Fair Value		$ 18,975
CMBS 8
Debt Securities, Available-for-sale [Line Items]
Available For Sale Securities, Weighted Average Interest Rate		1.80%
Available For Sale Securities, Par Value Amount		$ 25,000
Fair Value		$ 23,268
CMBS 9
Debt Securities, Available-for-sale [Line Items]
Available For Sale Securities, Weighted Average Interest Rate		2.30%
Available For Sale Securities, Par Value Amount		$ 25,665
Fair Value		$ 24,840

Real Estate Securities - Narrat

Real Estate Securities - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)investmentsecurity	Sep. 30, 2021USD ($)
Debt Securities, Available-for-sale [Line Items]
Aggregate carrying value	$ 179,392	$ 0
Number of positions | security	7
CMBS
Debt Securities, Available-for-sale [Line Items]
Number of investments | investment	9
Aggregate carrying value	$ 179,392
Unrealized loss	$ 8,256
CLOs
Debt Securities, Available-for-sale [Line Items]
Debt securities, weighted average contractual maturity	14 years
Aggregate carrying value	$ 123,444
Unrealized loss	$ 4,888
SASB
Debt Securities, Available-for-sale [Line Items]
Debt securities, weighted average contractual maturity	14 years
Aggregate carrying value	$ 55,948
Unrealized loss	$ 3,368

Real Estate Securities - Summ_2

Real Estate Securities - Summary of Changes in Fair Value of CMBS Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 0	$ 179,392
Fair Value	$ 0	171,136
CMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		179,392
Credit Loss Allowance		0
Unrealized Gain		0
Unrealized Loss		(8,256)
Fair Value		171,136
CLOs
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		123,444
Credit Loss Allowance		0
Unrealized Gain		0
Unrealized Loss		(4,888)
Fair Value		118,556
SASB
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		55,948
Credit Loss Allowance		0
Unrealized Gain		0
Unrealized Loss		(3,368)
Fair Value		$ 52,580

Real Estate Securities - Gains

Real Estate Securities - Gains (Losses) On Real Estate Securities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Unrealized gain/(loss) on available for sale securities	$ 0	$ 4,199	$ 1,665	$ (9,380)
Reclassification of net (gain)/loss on available for sale securities included in net income	0	14,457	6,591	748
Unrealized gain/(loss) on available for sale securities, net of reclassification adjustment	$ 0	$ 18,656	$ 8,256	$ (8,632)
CMBS
Debt Securities, Available-for-sale [Line Items]
Securities with an unrealized loss less than 12 months					$ 63,131
Securities with an unrealized loss greater than 12 months					108,005
Securities with an unrealized loss less than 12 months					(2,824)
Securities with an unrealized loss greater than 12 months					(5,432)
CLOs
Debt Securities, Available-for-sale [Line Items]
Securities with an unrealized loss less than 12 months					63,131
Securities with an unrealized loss greater than 12 months					55,425
Securities with an unrealized loss less than 12 months					(2,824)
Securities with an unrealized loss greater than 12 months					(2,065)
SASB
Debt Securities, Available-for-sale [Line Items]
Securities with an unrealized loss less than 12 months					0
Securities with an unrealized loss greater than 12 months					52,580
Securities with an unrealized loss less than 12 months					0
Securities with an unrealized loss greater than 12 months					$ (3,367)

Real Estate Owned (Details)

Real Estate Owned (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Real Estate [Line Items]
Real estate owned, acquired through foreclosure, net of depreciation	$ 90,623	$ 26,510
Accumulated depreciation	0	(931)
Real estate owned, net	90,623	26,510
Land
Real Estate [Line Items]
Real estate owned, gross	3,436	1,887
Building and Site Improvements
Real Estate [Line Items]
Real estate owned, gross	87,187	21,989
Furniture, Fixtures and Equipment
Real Estate [Line Items]
Real estate owned, gross	0	3,565
Industrial | Jeffersonville, GA
Real Estate [Line Items]
Real estate owned, acquired through foreclosure, accumulated depreciation	0
Real estate owned, acquired through foreclosure, net of depreciation	90,623
Industrial | Jeffersonville, GA | Land
Real Estate [Line Items]
Real estate owned, acquired through foreclosure, gross	3,436
Industrial | Jeffersonville, GA | Building and Site Improvements
Real Estate [Line Items]
Real estate owned, acquired through foreclosure, gross	87,187
Industrial | Jeffersonville, GA | Furniture, Fixtures and Equipment
Real Estate [Line Items]
Real estate owned, acquired through foreclosure, gross	$ 0
Office | Jeffersonville, IN
Real Estate [Line Items]
Real estate owned, acquired through foreclosure, accumulated depreciation		(931)
Real estate owned, acquired through foreclosure, net of depreciation		26,510
Office | Jeffersonville, IN | Land
Real Estate [Line Items]
Real estate owned, acquired through foreclosure, gross		1,887
Office | Jeffersonville, IN | Building and Site Improvements
Real Estate [Line Items]
Real estate owned, acquired through foreclosure, gross		21,989
Office | Jeffersonville, IN | Furniture, Fixtures and Equipment
Real Estate [Line Items]
Real estate owned, acquired through foreclosure, gross		$ 3,565

Real Estate Owned - Narrative (

Real Estate Owned - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 17, 2021	Aug. 31, 2021
Real Estate [Line Items]
Depreciation expense	$ 0	$ 300,000	$ 400,000	$ 800,000
Office | Jeffersonville, IN | Held-for-sale
Real Estate [Line Items]
Gain (loss) on sale of properties			$ 8,600,000
Industrial | Jeffersonville, GA
Real Estate [Line Items]
Real estate investment property, net					$ 139,500,000
Industrial | Jeffersonville, GA | Franklin BSP Realty Trust, Inc
Real Estate [Line Items]
Noncontrolling interest, ownership percentage by parent						79.00%
Real estate investments, joint ventures						$ 109,800,000
Equity method investments						$ 21,100,000
Industrial | Jeffersonville, GA | JV Affiliate
Real Estate [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners						21.00%
Equity method investments						$ 5,700,000
Noncontrolling interest in joint ventures						29,800,000
Industrial | Jeffersonville, GA | Mortgages
Real Estate [Line Items]
Debt instrument, face amount					112,700,000
Industrial | Jeffersonville, GA | September 2021 Mortgage Note Payable, Eliminated in Consolidation | Mortgages | Franklin BSP Realty Trust, Inc
Real Estate [Line Items]
Debt instrument, face amount					88,700,000	88,700,000
Industrial | Jeffersonville, GA | September 2021 Mortgage Note Payable, Affiliate | Mortgages | JV Affiliate
Real Estate [Line Items]
Debt instrument, face amount					$ 24,000,000	$ 24,000,000

Leases - Intangible Leased Asse

Leases - Intangible Leased Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Intangible Lease Asset, Gross	$ 49,192	$ 14,509
Accumulated Amortization	0	(963)
Intangible Lease Asset, Net of Amortization	49,192	13,546
Industrial | Jeffersonville, GA
Finite-Lived Intangible Assets [Line Items]
Intangible Lease Asset, Gross	49,192
Accumulated Amortization	0
Intangible Lease Asset, Net of Amortization	$ 49,192
Office | Jeffersonville, IN
Finite-Lived Intangible Assets [Line Items]
Intangible Lease Asset, Gross		14,509
Accumulated Amortization		(963)
Intangible Lease Asset, Net of Amortization		$ 13,546

Leases - Narrative (Details)

Leases - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 17, 2021extension	Oct. 15, 2019extension
Finite-Lived Intangible Assets [Line Items]
Intangible lease contractual life of lease			20 years
Weighted average life of intangible asset			17 years 1 month 6 days
Amortization	$ 0	$ 200,000	$ 400,000	$ 600,000
Industrial | Jeffersonville, GA
Finite-Lived Intangible Assets [Line Items]
Operating lease minimal annual rate increase					2.00%
Number of lease renewal terms | extension					4
Lease renewal term					5 years
Remaining term of operating lease					17 years 1 month 6 days
Rental income	300,000		300,000
Office | Jeffersonville, IN
Finite-Lived Intangible Assets [Line Items]
Operating lease minimal annual rate increase						150.00%
Number of lease renewal terms | extension						4
Lease renewal term						5 years
Rental income	$ 700,000	$ 2,100,000	$ 700,000	$ 2,100,000

Leases - Future Minimum Payment

Leases - Future Minimum Payments to be Received (Details) $ in Thousands	Sep. 30, 2021USD ($)
Leases [Abstract]
2021 (October - December)	$ 1,953
2022	7,889
2023	8,046
2024	8,207
2025	8,372
2026 and beyond	123,520
Total minimum rent	$ 157,987

Leases - Schedule of Expected A

Leases - Schedule of Expected Amortization Expense (Details) $ in Thousands	Sep. 30, 2021USD ($)
Leases [Abstract]
2021 (October - December)	$ (723)
2022	(2,894)
2023	(2,894)
2024	(2,894)
2025	$ (2,894)

Debt - Narrative (Details)

Debt - Narrative (Details)	Mar. 25, 2021USD ($)$ / sharesshares	Mar. 23, 2020USD ($)	Aug. 31, 2020USD ($)	Sep. 30, 2021USD ($)mortgage_asset$ / shares	Mar. 31, 2020shares	Sep. 30, 2021USD ($)mortgage_asset$ / shares	Dec. 31, 2020USD ($)mortgage_asset$ / shares	Sep. 17, 2021USD ($)	Aug. 31, 2021USD ($)	Oct. 15, 2019USD ($)
Line of Credit Facility [Line Items]
Interest expense						$ 7,912,000	$ 11,632,000
Outstanding balance				$ 37,400,000		37,400,000
Unsecured debt				$ 60,000,000		$ 60,000,000	$ 0
Issuance of Preferred stock (in shares) | shares					650,034
Preferred stock, par value per share (in dollars per share) | $ / shares				$ 0.01		$ 0.01	$ 0.01
Preferred Stock
Line of Credit Facility [Line Items]
Issuance of Preferred stock (in shares) | shares	54,250,000
Preferred stock, par value per share (in dollars per share) | $ / shares	$ 0.001
Liquidation preference (in dollars per share) | $ / shares	$ 1,000
Mortgages | Industrial | Jeffersonville, GA
Line of Credit Facility [Line Items]
Debt instrument, face amount								$ 112,700,000
Mortgages | October 2019 Mortgage Note Payable
Line of Credit Facility [Line Items]
Interest expense				$ 300,000		$ 900,000
Debt instrument, face amount										$ 29,200,000
Stated interest rate				3.85%		3.85%
Mortgages | September 2021 Mortgage Note Payable, Affiliate
Line of Credit Facility [Line Items]
Stated interest rate				3.10%		3.10%
Mortgages | September 2021 Mortgage Note Payable, Affiliate | Industrial | Jeffersonville, GA | JV Affiliate
Line of Credit Facility [Line Items]
Debt instrument, face amount								24,000,000	$ 24,000,000
Mortgages | September 2021 Mortgage Note Payable, Eliminated in Consolidation | Industrial | Jeffersonville, GA | Franklin BSP Realty Trust, Inc
Line of Credit Facility [Line Items]
Debt instrument, face amount								$ 88,700,000	$ 88,700,000
Secured debt | BSPRT 2021-FL6
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 645,800,000
Secured debt | BSPRT 2021-FL6 | Subsidiaries
Line of Credit Facility [Line Items]
Debt instrument, face amount	72,600,000
Secured debt | U.S. Bank National Association | Collateralized Loan Obligations Issued in 2018-FL3
Line of Credit Facility [Line Items]
Collateral (mortgage asset) | mortgage_asset				15		15	27
Collateral amount				$ 230,200,000		$ 230,200,000	$ 417,900,000
Secured debt | U.S. Bank National Association | Collateralized Loan Obligations Issued in 2018-FL4
Line of Credit Facility [Line Items]
Collateral (mortgage asset) | mortgage_asset				41		41	59
Collateral amount				$ 619,600,000		$ 619,600,000	$ 852,100,000
Secured debt | U.S. Bank National Association | Collateralized Loan Obligations Issued in 2019-FL5
Line of Credit Facility [Line Items]
Collateral (mortgage asset) | mortgage_asset				56		56	54
Collateral amount				$ 754,500,000		$ 754,500,000	$ 799,800,000
Secured debt | U.S. Bank National Association | Collateralized Loan Obligations Issued in 2021-FL6
Line of Credit Facility [Line Items]
Collateral (mortgage asset) | mortgage_asset				49		49
Collateral amount				$ 699,200,000		$ 699,200,000
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		311,200,000	$ 256,900,000
Secured debt | Third Party Investors | BSPRT 2021-FL6
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 573,100,000
Sterling National Bank
Line of Credit Facility [Line Items]
Amount of interest in loan transferred		$ 15,200,000
Interest expense				200,000		700,000
Security benefit life insurance company | Unsecured debt
Line of Credit Facility [Line Items]
Interest expense				400,000		1,200,000
Debt instrument, face amount			$ 100,000,000
Unsecured debt				$ 60,000,000		$ 60,000,000
Security benefit life insurance company | Unsecured debt | LIBOR
Line of Credit Facility [Line Items]
Interest Rate			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)	9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)extension	Dec. 31, 2020USD ($)extension	Nov. 03, 2021USD ($)	Oct. 15, 2021USD ($)	Dec. 31, 2019USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Committed financing	$ 1,175,000,000	$ 1,175,000,000
Amount Outstanding	550,156,000	276,340,000
Interest expense	7,912,000	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	196,416,000	22,560,000
Interest expense	$ 1,512,000	$ 1,046,000
Ending weighted average interest rate	1.75%	2.51%
Number of extension options | extension		2
Extension on initial maturity date		1 year
Revolving Credit Facility
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 46,531,000	$ 186,828,000
Ending weighted average interest rate	1.22%	1.71%
Revolving Credit Facility | JPM Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed financing	$ 400,000,000	$ 300,000,000
Amount Outstanding	114,584,000	113,884,000
Interest expense	$ 2,821,000	$ 5,020,000
Ending weighted average interest rate	2.14%	2.54%
Revolving Credit Facility | USB Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed financing		$ 100,000,000
Amount Outstanding		5,775,000
Interest expense		$ 599,000
Ending weighted average interest rate		2.40%
Revolving Credit Facility | CS Repo Facility (2)
Assets Sold under Agreements to Repurchase [Line Items]
Committed financing	$ 200,000,000	$ 200,000,000			$ 300
Amount Outstanding	61,788,000	106,971,000
Interest expense	$ 2,432,000	$ 3,539,000
Ending weighted average interest rate	2.95%	2.84%
Downsized maximum line of credit borrowing capacity		$ 200
Revolving Credit Facility | CS Repo Facility (2) | Subsequent Event
Assets Sold under Agreements to Repurchase [Line Items]
Committed financing			$ 300,000,000
Maximum line of credit borrowing capacity at company discretion			$ 400,000,000
Revolving Credit Facility | WF Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed financing	$ 175,000,000	175,000,000
Amount Outstanding	102,368,000	27,150,000
Interest expense	$ 924,000	$ 1,041,000
Ending weighted average interest rate	1.75%	2.50%
Number of extension options | extension	2	2
Extension on initial maturity date	1 year	1 year
Revolving Credit Facility | WF Repo Facility | Subsequent Event
Assets Sold under Agreements to Repurchase [Line Items]
Committed financing				$ 275,000,000
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	75,000,000	0
Interest expense	$ 223,000	$ 387,000
Ending weighted average interest rate	8.25%
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	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 550,156	$ 276,340
Interest Expense	972	2,110
Fair Value	0	171,136
Secured debt | U.S. Bank National Association | Tranche C
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value	60,300	72,200
Revolving Credit Facility
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	46,531	186,828
Interest Expense	790	8,719
Collateral pledged	$ 60,267	$ 243,373
Interest Rate	1.22%	1.71%
Days to Maturity	30 days	33 days
Revolving Credit Facility | JP Morgan Securities LLC
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 18,980	$ 33,791
Interest Expense	205	1,668
Collateral pledged	$ 24,105	$ 43,612
Interest Rate	1.14%	1.75%
Days to Maturity	1 day	31 days
Revolving Credit Facility | Wells Fargo Securities, LLC
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		$ 0
Interest Expense		1,057
Collateral pledged		0
Revolving Credit Facility | Goldman Sachs International
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 0	22,440
Interest Expense	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	27,551	$ 76,809
Interest Expense	467	2,102
Collateral pledged	$ 36,162	$ 97,244
Interest Rate	1.28%	1.71%
Days to Maturity	50 days	33 days
Revolving Credit Facility | Credit Suisse AG
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		$ 0
Interest Expense		905
Collateral pledged		0
Revolving Credit Facility | Citigroup Global Markets, Inc.
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 0	53,788
Interest Expense	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	9 Months Ended
	Mar. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Par Value Issued		$ 23,998	$ 29,167
Collateralized loan obligations		1,792,353	1,625,498
U.S. Bank National Association | Secured debt
Debt Instrument [Line Items]
Par Value Issued		2,437,924	1,825,201
Par value outstanding		1,809,280	1,639,227
Collateralized loan obligations		300,100	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		0	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		65,176	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		185,596	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 E Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Par Value Issued		28,223
Par value outstanding		28,223
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		369,761	407,025
U.S. Bank National Association | Secured debt | Tranche A-S Notes - 2019-FL5 Issuer
Debt Instrument [Line Items]
Par Value Issued		76,950	76,950
Par value outstanding		76,950	76,950
U.S. Bank National Association | Secured debt | Tranche B Notes - 2019-FL5 Issuer
Debt Instrument [Line Items]
Par Value Issued		50,000	50,000
Par value outstanding		50,000	50,000
U.S. Bank National Association | Secured debt | Tranche C Notes - 2019-FL5 Issuer
Debt Instrument [Line Items]
Par Value Issued		61,374	61,374
Par value outstanding		61,374	61,373
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		$ 11,375
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 E Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Interest Rate	3.05%	3.05%
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		$ 2,092,498	$ 1,892,616

Debt - Collateralized Loan Ob_2

Debt - Collateralized Loan Obligation (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Variable Interest Entity [Line Items]
Cash		$ 91,374	$ 82,071	$ 96,066
Commercial mortgage loans, held for investment, net		3,247,646	2,693,848
Accrued interest receivable		17,132	15,295
Total assets		3,635,478	3,189,761
Notes payable		23,998	29,167
Interest payable		972	2,110
Total liabilities		2,558,349	2,182,063
Allowance for credit loss		15,499	20,886
Collaterized loan obligation
Variable Interest Entity [Line Items]
Cash		123,940	99,025
Commercial mortgage loans, held for investment, net		2,288,676	2,044,956
Accrued interest receivable		5,540	5,626
Total assets		2,418,156	2,149,607
Notes payable		2,092,498	1,892,616
Interest payable		1,220	1,240
Total liabilities		2,093,718	1,893,856
Restricted cash		123,300	98,600
Allowance for credit loss		8,700	19,400
Collateralized loan obligation excluded		300,100	$ 267,100
Deferred financing cost and discount	$ 13,700	$ 16,900

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator
Net income	$ 38,495	$ 21,497	$ 98,651	$ 21,911
Less: Preferred stock dividends	4,804	3,475	12,040	11,445
Less: Undistributed earnings allocated to preferred stock	4,201	1,283	10,706	0
Net income attributable to common stockholders, diluted	29,490	16,739	75,905	10,466
Net income attributable to common stockholders, basic	$ 29,490	$ 16,739	$ 75,905	$ 10,466
Denominator
Weighted-average common shares outstanding for basic earnings per share (in shares)	44,185,241	44,405,196	44,245,733	44,348,282
Unvested restricted shares (in shares)	15,323	15,888	15,737	13,457
Weighted-average common shares outstanding for diluted earnings per share (in shares)	44,200,564	44,421,084	44,261,470	44,361,739
Basic earnings per share (in dollars per share)	$ 0.67	$ 0.38	$ 1.72	$ 0.24
Diluted earnings per share (in dollars per share)	$ 0.67	$ 0.38	$ 1.71	$ 0.24

Stock Transactions - Narrative

Stock Transactions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 18, 2021	Oct. 11, 2021	Mar. 18, 2021	Mar. 15, 2021	Feb. 28, 2016	Oct. 31, 2021	Mar. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Issuance of common stock (in shares)											650,034
Issuance of common stock										$ 25	$ 10,862
Minimum distribution percentage to qualify for REIT taxation status												90.00%
Distribution percentage required to avoid paying federal income taxes												100.00%
Total distributions												$ 36,500	$ 33,300
Cash distributions												31,400	27,100
Common stock issued under DRIP												5,100	6,200
Distributions payable								$ 20,447				$ 20,447	$ 15,645	$ 15,688
Repurchase price percent of NAV per share year one					92.50%
Repurchase price percent of NAV per share year two					95.00%
Repurchase price percent of NAV per share year three					97.50%
Repurchase price percent of NAV per share year four					100.00%
Repurchase limit percent per fiscal semester					2.50%
Repurchase limit percent per fiscal year					5.00%
Subsequent Event
Class of Stock [Line Items]
Cash paid for common stock dividends (in dollars per share)	$ 0.07
Common stock dividends declared (in dollars per share)		$ 0.07
Series A preferred stock
Class of Stock [Line Items]
Shares outstanding (in shares)								25,567				25,567		40,515
Issuance of common stock (in shares)												14,950	14
Preferred stock dividends declared (in dollars per share)								$ 106.22
Distributions payable								$ 2,700				$ 2,700		$ 3,300
Series A preferred stock | Subsequent Event
Class of Stock [Line Items]
Cash paid for preferred stock dividends (in dollars per share)	20.94					$ 106.22
Preferred stock dividends declared (in dollars per share)		20.94
Series C preferred stock
Class of Stock [Line Items]
Shares outstanding (in shares)								1,400				1,400		1,400
Issuance of common stock (in shares)												0	0
Preferred stock dividends declared (in dollars per share)								$ 106.22
Distributions payable								$ 100				$ 100		$ 100
Series C preferred stock | Subsequent Event
Class of Stock [Line Items]
Cash paid for preferred stock dividends (in dollars per share)	20.94					106.22
Preferred stock dividends declared (in dollars per share)		20.94
Series D Preferred Stock
Class of Stock [Line Items]
Shares outstanding (in shares)								17,950				17,950
Stock exchanges for other series of preferred stock (in shares)				14,949			14,950
Issuance of common stock (in shares)			3,000									17,950
Issuance of common stock			$ 15,000
Preferred stock dividends declared (in dollars per share)								$ 106.22
Distributions payable								$ 1,900				$ 1,900
Series D Preferred Stock | Subsequent Event
Class of Stock [Line Items]
Cash paid for preferred stock dividends (in dollars per share)	$ 20.94					106.22
Preferred stock dividends declared (in dollars per share)		$ 20.94
Common Stock
Class of Stock [Line Items]
Shares outstanding (in shares)							44,135,659	44,162,657	44,284,833	44,395,816	44,396,346	44,162,657	44,353,727	44,510,051	43,916,815
Issuance of common stock (in shares)									504
Issuance of common stock											$ 7
Cash paid for common stock dividends (in dollars per share)										$ 0.275	$ 1.44
Cash paid for common stock dividends, per annum (in dollars per share)								$ 1.42		$ 1.10
Common stock dividends declared (in dollars per share)								0.355
Increase in common stock dividends declared (in dollars per share)								$ 0.08
Distributions payable								$ 15,700				$ 15,700		$ 12,200
Common Stock | Subsequent Event
Class of Stock [Line Items]
Cash paid for common stock dividends (in dollars per share)						$ 0.355

Stock Transactions - Preferred

Stock Transactions - Preferred Stock Activity (Details) - USD ($) $ in Thousands	Mar. 18, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)				0				0
Beginning balance				$ 0				$ 0
Issuance of Preferred stock (in shares)							650,034
Dividends paid in Preferred Stock		$ 1	$ 2,524	$ 2,585	$ 2,669	$ (57)	$ 3,549
Ending balance (in shares)		0						0
Ending balance		$ 0						$ 0
Series A preferred stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)				40,515			40,500	40,515	40,500
Beginning balance				$ 202,292			$ 202,144	$ 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)								2	1
Dividends paid in Preferred Stock								$ 5	$ 4
Offering costs								(14)	(9)
Amortization of offering costs								$ 68	$ 71
Ending balance (in shares)		25,567			40,515			25,567	40,515
Ending balance		$ 127,603			$ 202,280			$ 127,603	$ 202,280
Series C preferred stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)				1,400			1,400	1,400	1,400
Beginning balance				$ 6,962			$ 6,966	$ 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	(11)
Amortization of offering costs								$ 7	$ 6
Ending balance (in shares)		1,400			1,400			1,400	1,400
Ending balance		$ 6,969			$ 6,961			$ 6,969	$ 6,961
Series D Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)				0				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								(83)
Amortization of offering costs								$ 12
Ending balance (in shares)		17,950						17,950
Ending balance		$ 89,677			$ 0			$ 89,677	$ 0

Stock Transactions - Schedule o

Stock Transactions - Schedule of Shares Repurchased (Details)	1 Months Ended										6 Months Ended
	Sep. 30, 2021repurchaseRequest$ / sharesshares	Jun. 30, 2021repurchaseRequestshares	May 31, 2021repurchaseRequestshares	Apr. 30, 2021repurchaseRequestshares	Mar. 31, 2021repurchaseRequestshares	Feb. 28, 2021repurchaseRequestshares	Jan. 31, 2021repurchaseRequest$ / sharesshares	Sep. 30, 2020repurchaseRequestshares	Aug. 31, 2020repurchaseRequest	Jul. 31, 2020repurchaseRequest$ / sharesshares	Jun. 30, 2021repurchaseRequest$ / sharesshares	Dec. 31, 2020repurchaseRequest$ / sharesshares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unfulfilled redemption requests (shares)											761	1,881,556
Share Repurchase Program (SRP) | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, number of requests (share repurchase request) | repurchaseRequest							8,094				8,094
Number of requests during period (share repurchase request) | repurchaseRequest		0	0	0	0	0	1,355	0	0	1,424
Ending balance, number of requests (share repurchase request) | repurchaseRequest	10,873											8,094
Beginning balance, number of shares repurchased (in shares)							4,121,735				4,121,735
Number of shares repurchased during period (in shares)		0	0	0	0	0	525,580	0		123,257
Ending balance, number of shares repurchased (in shares)	4,770,572											4,121,735
Beginning balance, average price per share (usd per share) | $ / shares							$ 19.88				$ 19.88
Repurchases during period, average price per share (usd per share) | $ / shares							$ 17.53			$ 17.88
Ending balance, average price per share (usd per share) | $ / shares	$ 19.57											$ 19.88
Unfulfilled redemption requests (shares)	1,776		3,784		15,772

Commitments and Contingencies_2

Commitments and Contingencies (Details) - Unfunded commitments under commercial mortgage loans - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Loss Contingencies [Line Items]
2021	$ 26,989	$ 59,692
2022	41,917	91,420
2023	69,702	69,880
2024	265,295	7,700
2025 and beyond	25,501	0
Total	$ 429,404	$ 228,692

Related Party Transactions an_3

Related Party Transactions and Arrangements - Narrative (Details) - USD ($)	Mar. 18, 2021	Mar. 15, 2021	Mar. 31, 2021	Aug. 31, 2020	Sep. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Dec. 31, 2020	Sep. 17, 2021	Aug. 31, 2021	Sep. 29, 2016
Related Party Transaction [Line Items]
Interest expense								$ 7,912,000	$ 11,632,000
Unsecured debt					$ 60,000,000			$ 60,000,000	$ 0
Preferred stock, shares outstanding (in shares)					0			0	0
Issuance of common stock (in shares)							650,034
Issuance of common stock						$ 25,000	$ 10,862,000
Industrial | Jeffersonville, GA
Related Party Transaction [Line Items]
Real estate investment property, net										$ 139,500,000
Industrial | Jeffersonville, GA | Franklin BSP Realty Trust, Inc
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by parent											79.00%
Real estate investments, joint ventures											$ 109,800,000
Equity method investments											$ 21,100,000
Industrial | Jeffersonville, GA | JV Affiliate
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners											21.00%
Equity method investments											$ 5,700,000
Noncontrolling interest in joint ventures											29,800,000
Series D Preferred Stock
Related Party Transaction [Line Items]
Preferred stock, shares outstanding (in shares)					17,950			17,950	0
Stock exchanges for other series of preferred stock (in shares)		14,949	14,950
Issuance of common stock (in shares)	3,000							17,950
Issuance of common stock	$ 15,000,000
Unsecured debt | Security benefit life insurance company
Related Party Transaction [Line Items]
Debt instrument, face amount				$ 100,000,000
Interest expense					$ 400,000			$ 1,200,000
Unsecured debt					$ 60,000,000			$ 60,000,000
Mortgages | Industrial | Jeffersonville, GA
Related Party Transaction [Line Items]
Debt instrument, face amount										112,700,000
Mortgages | September 2021 Mortgage Note Payable, Affiliate | Industrial | Jeffersonville, GA | JV Affiliate
Related Party Transaction [Line Items]
Debt instrument, face amount										24,000,000	24,000,000
Mortgages | September 2021 Mortgage Note Payable, Eliminated in Consolidation | Industrial | Jeffersonville, GA | Franklin BSP Realty Trust, Inc
Related Party Transaction [Line Items]
Debt instrument, face amount										$ 88,700,000	$ 88,700,000
LIBOR | Unsecured debt | Security benefit life insurance company
Related Party Transaction [Line Items]
Interest rate				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%			6.00%
Percent of excess total return					15.00%			15.00%
Maximum annual subordinated performance fee payable percent of total return					10.00%			10.00%
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Payable to related party	$ 17,140		$ 17,140		$ 9,525
Affiliated entity
Related Party Transaction [Line Items]
Total expenses from transactions with related party	12,081	$ 7,057	30,408	$ 22,747
Payable to related party	17,140		17,140		9,525
Affiliated entity | Acquisition expenses | Nonrecurring fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	690	166	1,012	483
Payable to related party	0		0		0
Affiliated entity | Administrative services expenses | Nonrecurring fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	2,980	3,128	9,532	10,180
Payable to related party	2,980		2,980		2,940
Affiliated entity | Asset management and subordinated performance fee | Nonrecurring fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	8,265	3,749	19,682	11,399
Payable to related party	13,025		13,025		4,773
Affiliated entity | Other related party expenses | Nonrecurring fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	146	14	182	685
Payable to related party	1,135		1,135		$ 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	2,900	2,200	7,500	5,000
Affiliated entity | Acquisition fees and expenses, amount capitalized | Nonrecurring fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	$ 2,200	$ 2,000	$ 6,500	$ 4,500

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Financial Instruments Carried at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 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	$ 99	$ 67,649
Derivative instruments, measured at fair value	0	25
Fair Value	0	171,136
Liabilities	0	403
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	99	67,649
Other real estate investments, measured at fair value	2,547	2,522
Fair Value		171,136
Total assets, at fair value	2,646	241,332
Total liabilities, at fair value	0	403
Level I | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held for sale, measured at fair value	0	0
Other real estate investments, measured at fair value	0	0
Fair Value		0
Total assets, at fair value	0	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]
Commercial mortgage loans, held for sale, measured at fair value	0	0
Other real estate investments, measured at fair value	0	0
Fair Value		171,136
Total assets, at fair value	0	171,161
Total liabilities, at fair value	0	297
Level III | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held for sale, measured at fair value	99	67,649
Other real estate investments, measured at fair value	2,547	2,522
Fair Value		0
Total assets, at fair value	2,646	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	0	297
Credit default swaps | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	0	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	0	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	0	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	0	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	0	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	0	0
Liabilities	0	106
Treasury note futures | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	0	106
Treasury note futures | Level I | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	0	106
Treasury note futures | Level II | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	0	0
Treasury note futures | Level III | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	$ 0	$ 0

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	9 Months Ended	12 Months Ended
	Sep. 30, 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	$ 99	$ 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	99	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	99	67,649
Real estate securities, available-for-sale, measured at fair value	2,547	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	$ 99	$ 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	16.60%	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	11.40%	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	15.60%	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	10.40%	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	17.60%	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	12.40%	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		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net accretion			$ 4,421	$ 4,535
Gain on sale of real estate securities	$ 0	$ (4,390)	(1,375)	(10,137)
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, collateralized amount					$ 679,100
Fair value of asset sales, collateralized 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 loans, held for sale			22,211		15,931
Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments			0		(75)
Net accretion			0		0
Purchases			321,278		267,552
Sales / paydowns			(411,039)		(328,321)
Transfers out of Level III			0		(23,625)
Ending balance	99		99		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 loans, held for sale			0		0
Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments			27		(32)
Net accretion			(2)		(3)
Purchases			0		0
Sales / paydowns			0		0
Transfers out of Level III			0		0
Ending balance	$ 2,547		$ 2,547		$ 2,522

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Allowance for credit loss	$ 15,499	$ 20,886
Carrying Amount | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans, held for investment	3,263,145	2,714,734
Collateralized loan obligations	1,792,353	1,625,498
Mortgage note payable	23,998	29,167
Other financing and loan participation - commercial mortgage loans	37,434	31,379
Unsecured debt	60,000
Allowance for credit loss	15,500	20,900
Fair Value | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans, held for investment	3,265,960	2,724,039
Collateralized loan obligations	1,811,509	1,606,478
Mortgage note payable	23,998	29,167
Other financing and loan participation - commercial mortgage loans	37,434	$ 31,379
Unsecured debt	$ 60,000

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net premiums received on derivative instrument assets	$ 4.8

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Outstanding Derivatives (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Notional	$ 17,335	$ 122,017
Assets	0	25
Liabilities	0	403
Credit default swaps
Derivative [Line Items]
Notional	0	46,000
Assets	0	0
Liabilities	0	297
Interest rate swaps
Derivative [Line Items]
Notional	17,335	32,517
Assets	0	25
Liabilities	0	0
Treasury note futures
Derivative [Line Items]
Notional	0	43,500
Assets	0	0
Liabilities	$ 0	$ 106

Derivative Instruments - Net Re

Derivative Instruments - Net Realized and Unrealized Losses on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	$ (1,428)	$ (4,310)	$ (374)	$ 625
Realized (Gain)/Loss	1,902	4,722	(357)	13,050
Credit default swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	(111)	101	(289)	(433)
Realized (Gain)/Loss	32	206	675	269
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	(1,282)	(4,411)	22	323
Realized (Gain)/Loss	1,692	4,516	414	7,462
Treasury note futures
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	(35)	0	(107)	735
Realized (Gain)/Loss	$ 145	0	(1,479)	5,284
Options
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss		0	0	0
Realized (Gain)/Loss		$ 0	$ 33	$ 35

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities - Offsetting Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Offsetting Derivative Assets [Abstract]
Gross amounts of recognized assets	$ 0	$ 25
Gross amounts offset on the balance sheet	0	0
Net amount of assets presented on the balance sheet	0	25
Financial instruments	0	0
Cash collateral	0	0
Net amount	$ 0	$ 25

Offsetting Assets and Liabili_4

Offsetting Assets and Liabilities - Offsetting Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Offsetting Derivative Liabilities [Abstract]
Derivative instruments, at fair value, gross amounts recognized	$ 0	$ 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	0	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	3,886	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	550,156	276,340
Repurchase agreements, gross amounts offset on the balance sheet	0	0
Repurchase agreements, net amount of liabilities presented on the balance sheet	550,156	276,340
Repurchase agreements, gross amounts not offset on the balance sheet, financial instruments	858,613	496,030
Repurchase agreements, gross amounts not offset on the balance sheet, cash collateral pledged	5,015	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	46,531	186,828
Repurchase agreements, gross amounts offset on the balance sheet	0	0
Repurchase agreements, net amount of liabilities presented on the balance sheet	46,531	186,828
Repurchase agreements, gross amounts not offset on the balance sheet, financial instruments	60,267	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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Interest income	$ 47,747	$ 44,414	$ 138,969	$ 135,509
Interest expense	11,988	15,113	35,994	54,740
Net income, attributable to parent	38,495	21,497	98,651	21,911
Total assets	3,635,478		3,635,478		$ 3,189,761
Revenue from real estate owned	1,015	1,017	2,447	3,474
Real Estate Debt and Other Real Estate Investments
Segment Reporting Information [Line Items]
Interest income	47,166	39,944	135,945	123,284
Interest expense	11,263	10,194	34,887	43,735
Net income, attributable to parent	25,056	25,158	74,745	40,273
Total assets	3,436,065		3,436,065		2,866,790
Revenue from real estate owned	0	0	0	0
Real Estate Securities
Segment Reporting Information [Line Items]
Interest income	0	3,996	461	9,870
Interest expense	148	3,393	720	7,670
Net income, attributable to parent	(148)	(3,797)	(196)	(7,947)
Total assets	814		814		175,088
Revenue from real estate owned	0	0	0	0
TRS
Segment Reporting Information [Line Items]
Interest income	581	474	2,563	2,355
Interest expense	232	494	812	1,735
Net income, attributable to parent	3,984	(162)	13,434	(8,290)
Total assets	57,437		57,437		105,364
Revenue from real estate owned	0	0	0	0
Real Estate Owned
Segment Reporting Information [Line Items]
Interest income	0	0	0	0
Interest expense	345	1,032	1,014	1,600
Net income, attributable to parent	9,603	298	10,667	(2,125)
Total assets	141,162		141,162		$ 42,519
Revenue from real estate owned	$ 1,015	$ 1,017	$ 2,447	$ 3,474

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Millions	Oct. 19, 2021USD ($)conversionRateboardDirectorconsiderationType$ / sharesshares	Oct. 18, 2021$ / shares	Oct. 12, 2021$ / sharesshares	Oct. 11, 2021$ / shares	Oct. 31, 2021$ / shares	Sep. 30, 2021$ / sharesshares	Dec. 31, 2020$ / sharesshares
Subsequent Event [Line Items]
Common stock, shares outstanding (in shares) | shares						44,162,657	44,510,051
Preferred stock, par value per share (in dollars per share)						$ 0.01	$ 0.01
Common stock, shares authorized (in shares) | shares						949,999,000	949,999,000
Preferred stock, shares authorized (in shares) | shares						50,000,000	50,000,000
Common stock, par value per share (in dollars per share)						$ 0.01	$ 0.01
Series A preferred stock
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)						106.22
Series C preferred stock
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)						106.22
Series D Preferred Stock
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)						$ 106.22
Subsequent Event
Subsequent Event [Line Items]
Common stock, shares outstanding (in shares) | shares			4,500,000
Authorized common stock shares reclassified as preferred stock | shares			50,000,000
Preferred stock, par value per share (in dollars per share)			$ 0.01
Common stock, shares authorized (in shares) | shares			900,000,000
Preferred stock, shares authorized (in shares) | shares			100,000,000
Stockholders' percentage of common stock holding after merger closing and recapitalization			10.00%
Cash paid for common stock dividends (in dollars per share)		$ 0.07
Common stock dividends declared (in dollars per share)				$ 0.07
Conversion of stock, common stock shares issued per share, merger (in shares) | shares	0.3288
Conversion of stock, common stock, per share cash consideration, merger (in dollars per share)	$ 0.21
Conversion of stock, common stock, per share advisor cash consideration, merger (in dollars per share)	$ 0.73
Preferred stock converted to common stock, per share stock consideration, merger | shares	299.2
Common stock, shares, issued, merger, conversion of preferred stock (in shares) | shares	7,649,632
Common stock, change of control, consideration options | considerationType	2
Reverse stock split conversion ratio			0.10
Subsequent Event | Minimum
Subsequent Event [Line Items]
Liquidation of stock, notice period	30 days
Subsequent Event | Maximum
Subsequent Event [Line Items]
Liquidation of stock, notice period	60 days
Subsequent Event | Capstead Mortgage Corporation
Subsequent Event [Line Items]
Common stock, par value per share (in dollars per share)	$ 0.01
Conversion of stock, common stock shares issued per share, merger (in shares) | shares	1
Number of shares issued in connection with merger | shares	32,100,000
Payments to acquire businesses, gross | $	$ 20.5
Subsequent Event | Series F Preferred Stock
Subsequent Event [Line Items]
Preferred stock, shares authorized (in shares) | shares			40,000,000
Preferred stock dividends, per share stock consideration | shares			9
Stock issued during period, shares, reverse stock splits (in shares) | shares			39,733,298
Stockholders' percentage of preferred stock holding after merger closing and recapitalization			90.00%
Per share consideration of preferred stock converted to common stock | shares	1
Cash paid for preferred stock dividends (in dollars per share)		0.07
Preferred stock dividends declared (in dollars per share)				0.07
Conversion of stock, common stock shares issued per share, merger (in shares) | shares	1
Liquidation preference (in dollars per share)			$ 2
Conversion of stock, preferred stock to common stock, conversion period	3 days
Preferred stock, percentage of vote required for adverse actions to stockholders	67.00%
Subsequent Event | Series A preferred stock
Subsequent Event [Line Items]
Cash paid for preferred stock dividends (in dollars per share)		20.94			$ 106.22
Preferred stock dividends declared (in dollars per share)				20.94
Subsequent Event | Series C preferred stock
Subsequent Event [Line Items]
Cash paid for preferred stock dividends (in dollars per share)		20.94			106.22
Preferred stock dividends declared (in dollars per share)				20.94
Subsequent Event | Series D Preferred Stock
Subsequent Event [Line Items]
Cash paid for preferred stock dividends (in dollars per share)		$ 20.94			$ 106.22
Preferred stock dividends declared (in dollars per share)				$ 20.94
Subsequent Event | Convertible Series E Preferred Stock | Capstead Mortgage Corporation
Subsequent Event [Line Items]
Preferred stock, par value per share (in dollars per share)	$ 0.10
Preferred stock rate, as a percentage	7.50%
Subsequent Event | Series E Preferred Stock
Subsequent Event [Line Items]
Preferred stock rate, as a percentage	7.50%
Conversion of stock, preferred stock, per share stock consideration, merger (in shares) | shares	1
Preferred stock, shares reclassified | shares	10,329,039
Liquidation preference (in dollars per share)	$ 25
Preferred stock, liquidation preference per share, per annum (in dollars per share)	1.875
Preferred stock, redemption price per share (in dollars per share)	$ 25
Preferred stock, redemption of stock for cash, change of control, notice period limitation	120 days
Percentage of total economic interests needed to convert preferred stock to common stock	50.00%
Conversion of stock, preferred stock converted to common stock, conversion rate | conversionRate	3.81388
Preferred stock, change of control, notice period	15 days
Preferred stock, dividends in arrears, increase in number of board directors | boardDirector	2
Preferred stock, dividends in arrears, percentage of holders of outstanding stock required to call board meeting	25.00%
Preferred stock, dividends in arrears, boarding meeting call period limitation	90 days
Preferred stock, dividends in arrears, board meeting call period	30 days
Preferred stock, annual and quarterly reports, information distribution period	15 days
Preferred stock, percentage of vote required to amend charter and authorize or issue additional preferred stock	67.00%
Subsequent Event | Series E Preferred Stock | Minimum
Subsequent Event [Line Items]
Preferred stock, redemption of stock, notice period	30 days
Preferred stock, redemption of stock for cash, change of control, notice period	30 days
Preferred stock, change of control, conversion date period limitation	20 days
Subsequent Event | Series E Preferred Stock | Maximum
Subsequent Event [Line Items]
Preferred stock, redemption of stock, notice period	60 days
Preferred stock, redemption of stock for cash, change of control, notice period	60 days
Preferred stock, change of control, conversion date period limitation	35 days
Subsequent Event | Series E Preferred Stock | Capstead Mortgage Corporation
Subsequent Event [Line Items]
Number of shares issued in connection with merger | shares	10,300,000