Franklin BSP Realty Trust (FBRT) 10-K 25 Feb 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2021	Feb. 17, 2022	Jun. 30, 2021
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
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(g) Security	Series F Convertible Preferred Stock, par value $0.01 per share
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		43,957,363
Documents Incorporated by Reference	None.
Entity Central Index Key	0001562528
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	FBRT
Security Exchange Name	NYSE
Series E Preferred Stock
Title of 12(b) Security	7.50% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	FBRT PRE
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	New York, New York

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)		Dec. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents		$ 154,929,000	$ 82,071,000
Restricted cash		13,270,000	10,070,000
Commercial mortgage loans, held for investment, net of allowance of $15,827 and $20,886 as of December 31, 2021 and December 31, 2020, respectively		4,211,061,000	2,693,848,000
Commercial mortgage loans, held for sale, measured at fair value		34,718,000	67,649,000
Real estate securities, trading, measured at fair value		4,566,871,000	0
Real estate securities, available for sale, measured at fair value		0	171,136,000
Derivative instruments, measured at fair value		436,000	25,000
Other real estate investments, measured at fair value		2,074,000	2,522,000
Receivable for loan repayment	[1]	252,351,000	98,551,000
Accrued interest receivable		30,109,000	15,295,000
Prepaid expenses and other assets		13,595,000	8,538,000
Intangible lease asset, net of amortization		48,472,000	13,546,000
Real estate owned, net of depreciation		90,048,000	26,510,000
Cash collateral receivable from derivative counterparties		56,767,000	0
Total assets		9,474,701,000	3,189,761,000
LIABILITIES AND STOCKHOLDERS' EQUITY
Collateralized loan obligations		2,162,190,000	1,625,498,000
Mortgage note payable		23,998,000	29,167,000
Unsecured debt		148,594,000	0
Derivative instruments, measured at fair value		32,295,000	403,000
Interest payable		2,692,000	2,110,000
Distributions payable		30,346,000	15,688,000
Accounts payable and accrued expenses		12,705,000	5,125,000
Due to affiliates		17,538,000	9,525,000
Total liabilities		7,666,645,000	2,182,063,000
Equity:
Common stock, $0.01 par value, 900,000,000 shares authorized, 43,965,928 and 44,510,051 issued and outstanding as of December 31, 2021 and December 31, 2020, respectively		441,000	446,000
Additional paid-in capital		903,264,000	912,725,000
Accumulated other comprehensive income (loss)		(62,000)	(8,256,000)
Accumulated deficit		(167,179,000)	(106,471,000)
Total stockholders' equity		1,705,637,000	798,444,000
Non-controlling interest		5,764,000	0
Total equity		1,711,401,000	798,444,000
Total liabilities, redeemable convertible preferred stock and equity		9,474,701,000	3,189,761,000
CMBS
ASSETS
Real estate securities, available for sale, measured at fair value			171,136,000
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		1,019,600,000	276,340,000
Other financing and loan participation - commercial mortgage loans		37,903,000	31,379,000
Real Estate Securities
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		4,178,784,000	186,828,000
Series A Preferred Stock
LIABILITIES AND STOCKHOLDERS' EQUITY
Redeemable convertible preferred stock		$ 0	$ 202,292,000
Equity:
Preferred Stock, Shares Issued		0	40,515
Preferred stock, shares outstanding (in shares)		0	40,515
Series C Preferred Stock
LIABILITIES AND STOCKHOLDERS' EQUITY
Redeemable convertible preferred stock		$ 6,971,000	$ 6,962,000
Equity:
Preferred Stock, Shares Issued			1,400
Preferred stock, shares outstanding (in shares)		1,400	1,400
Series D Preferred Stock
LIABILITIES AND STOCKHOLDERS' EQUITY
Redeemable convertible preferred stock		$ 89,684,000	$ 0
Equity:
Preferred Stock, Shares Issued		17,950	0
Preferred stock, shares outstanding (in shares)		17,950	0
Preferred Stock
Equity:
Preferred stock		$ 0	$ 0
Preferred Stock, Shares Issued		0	0
Preferred stock, shares outstanding (in shares)		0	0
Series E Preferred Stock
Equity:
Preferred stock		$ 258,742,000	$ 0
Preferred Stock, Shares Issued		10,329,039	0
Preferred stock, shares outstanding (in shares)		10,329,039	0
Series F Preferred Stock
Equity:
Preferred stock		$ 710,431,000	$ 0
Preferred Stock, Shares Issued		39,733,299	0
Preferred stock, shares outstanding (in shares)		39,733,299	0
[1]	Includes $187.0 million and $98.6 million of cash held by the servicer related to CLO loan payoffs as of December 31, 2021 and December 31, 2020, as well as $65.3 million of RMBS principal paydowns receivable as of December 31, 2021.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Allowance for loan losses	$ 15,827	$ 20,886
Amortized cost basis	$ 0	$ 179,392
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	900,000,000	900,000,000
Common stock, shares issued (in shares)	43,965,928	44,510,051
Common stock, shares outstanding (in shares)	43,965,928	44,510,051
RMBS principal paydowns receivable	$ 65,300
Commercial Mortgage Backed Securities
Amortized cost basis		$ 179,392
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)	0	40,515
Preferred stock, shares outstanding (in shares)	0	40,515
Redeemable convertible preferred stock	$ 0	$ 202,292
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
Preferred stock, shares outstanding (in shares)	1,400	1,400
Redeemable convertible preferred stock	$ 6,971	$ 6,962
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
Redeemable convertible preferred stock	$ 89,684	$ 0
Preferred Stock
Preferred stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Series E Preferred Stock
Preferred stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	10,329,039	0
Preferred stock, shares outstanding (in shares)	10,329,039	0
Preferred stock dividend rate percentage	7.50%	7.50%
Series F Preferred Stock
Preferred stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	40,000,000	40,000,000
Preferred stock, shares issued (in shares)	39,733,299	0
Preferred stock, shares outstanding (in shares)	39,733,299	0
Collaterized loan obligation
Allowance for loan losses	$ 8,700	$ 19,400
Restricted cash	$ 187,000	$ 98,600

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Interest Income:
Interest income	$ 216,890	$ 179,872	$ 195,299
Less: Interest expense	60,835	66,556	90,418
Net interest income	156,055	113,316	104,881
Revenue from real estate owned	4,759	4,299	3,169
Revenues	160,814	117,615	108,050
Expenses:
Asset management and subordinated performance fee	28,110	15,178	16,226
Acquisition expenses	1,203	696	900
Administrative services expenses	7,658	13,120	16,363
Impairment of acquired assets	88,282	0	0
Professional fees	11,650	10,964	11,631
Real estate owned operating expenses	0	3,653	2,802
Depreciation and amortization	2,107	2,233	507
Other expenses	3,946	3,312	3,771
Total expenses	142,956	49,156	52,200
Other (income)/loss:
Provision/(benefit) for credit losses	(5,192)	13,296	3,007
Impairment losses on real estate owned assets	0	398	0
Realized (gain)/loss on extinguishment of debt	0	(3,678)	0
Realized (gain)/loss on sale of real estate securities	1,376	10,137	0
Realized (gain)/loss on sale of commercial mortgage loans, held for sale	(26)	(184)	25
Realized (gain)/loss on sale of real estate owned assets, held for sale	(9,809)	(1,851)	0
Realized (gain)/loss on sale of commercial mortgage loans, held for sale, measured at fair value	(24,208)	(15,931)	(37,832)
Unrealized (gain)/loss on commercial mortgage loans, held for sale, measured at fair value	(469)	75	(312)
Unrealized (gain)/loss on other real estate investments, measured at fair value	19	32	(47)
Trading (gain)/loss	34,752	0	0
Unrealized (gain)/loss on derivatives	(7,402)	995	(1,722)
Realized (gain)/loss on derivatives	(484)	12,486	4,324
Total other (income)/loss	(11,443)	15,775	(32,557)
Income before taxes	29,301	52,684	88,407
Provision/(benefit) for income tax	3,599	(2,062)	4,483
Net income	25,702	54,746	83,924
Net Income (Loss) Available to Common Stockholders, Basic, Total	$ (7,885)	$ 39,826	$ 66,914
Basic net income per share (in dollars per share)	$ (0.18)	$ 0.90	$ 1.60
Diluted net income per share (in dollars per share)	$ (0.18)	$ 0.90	$ 1.60
Basic weighted average shares outstanding (in shares)	43,419,209	44,384,813	41,859,142
Diluted weighted average shares outstanding (in shares)	43,434,731	44,398,879	41,871,646

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 25,702	$ 54,746	$ 83,924
Unrealized gain/(loss) on available for sale securities	8,256	(7,278)	(978)
Change in net unrealized gain or loss	(852)	0	0
Reclassification adjustment for amounts included in net income/(loss)	790	0	0
Total unrealized gain (loss)	8,194	(7,278)	(978)
Comprehensive income attributable to Franklin BSP Realty Trust, Inc.	$ 33,896	$ 47,468	$ 82,946

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred Stock	Series E Preferred Stock	Series F Preferred Stock	Common Stock	Cumulative Effect, Period of Adoption, Adjustment	Parent	ParentPreferred Stock	ParentCommon Stock	ParentCumulative Effect, Period of Adoption, Adjustment	Common Stock	Common StockCommon Stock	Additional Paid-In Capital	Additional Paid-In CapitalCommon Stock	Accumulated Other Comprehensive Loss	Accumulated Deficit	Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment	Preferred StockSeries E Preferred Stock	Preferred StockSeries F Preferred Stock	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2018											39,303,710
Beginning balance at Dec. 31, 2018	$ 733,228						$ 733,228				$ 395		$ 827,558		$ (459)	$ (94,266)		$ 0	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of new stock (in shares)	4,601,904
Issuance of new stock	$ 76,892						76,892				$ 46		76,846
Common stock repurchases (in shares)											(741,853)
Common stock repurchases	(13,813)						(13,813)				$ (7)		(13,806)
Common stock issued through distribution reinvestment plan (in shares)											746,654
Common stock issued through distribution reinvestment plan	13,910						13,910				$ 7		13,903
Share-based compensation (in shares)											6,400
Share-based compensation	156						156						156
Offering costs	(1,347)						(1,347)						(1,347)
Net income	83,924						83,924									83,924
Distributions declared	$ (75,626)						(75,626)									(75,626)
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-13 [Member]
Other comprehensive income	$ (519)						(519)								(519)
Ending balance (in shares) at Dec. 31, 2019											43,916,815
Ending balance at Dec. 31, 2019	$ 816,805					$ (7,761)	816,805			$ (7,761)	$ 441		903,310		(978)	(85,968)	$ (7,761)	0	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of new stock (in shares)	650,034
Issuance of new stock	$ 10,886						10,886				$ 6		10,880
Common stock repurchases (in shares)											(579,467)
Common stock repurchases	(10,259)						(10,259)				$ (6)		(10,253)
Common stock issued through distribution reinvestment plan (in shares)											511,899
Common stock issued through distribution reinvestment plan	8,814						8,814				$ 5		8,809
Share-based compensation (in shares)											10,770
Share-based compensation	193						193						193
Offering costs	(214)						(214)						(214)
Net income	54,746						54,746									54,746
Distributions declared	(67,488)						(67,488)									(67,488)
Other comprehensive income	(7,278)						(7,278)								(7,278)
Ending balance (in shares) at Dec. 31, 2020			0	0							44,510,051
Ending balance at Dec. 31, 2020	798,444						798,444				$ 446		912,725		(8,256)	(106,471)		0	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of new stock (in shares)												31,887,442
Issuance of new stock		$ 969,173			$ 579,526			$ 969,173	$ 579,526			$ 319		$ 579,207				258,742	710,431
Common stock repurchases (in shares)											(648,837)
Common stock repurchases	(11,417)						(11,417)				$ (6)		(11,411)
Common stock issued through distribution reinvestment plan (in shares)											289,755
Common stock issued through distribution reinvestment plan	5,110						5,110				$ 3		5,107
Share-based compensation (in shares)											11,184
Share-based compensation	211						211						211
Offering costs	(68)						(68)						(68)
Exchanged for series F preferred stock (in shares)											(39,733,299)
Exchanged for series F preferred stock	(710,431)						(710,431)				$ (397)		(710,034)
Preferred A conversion to common stock (in shares)											7,649,632
Preferred A conversion to common stock	127,603						127,603				$ 76		127,527
Net income	25,702						25,702									25,702
Distributions declared	(86,410)						(86,410)									(86,410)
Other comprehensive income	8,194						8,194								8,194
Non-controlling interest	5,764																			5,764
Ending balance (in shares) at Dec. 31, 2021			10,329,039	39,733,299							43,965,928
Ending balance at Dec. 31, 2021	$ 1,711,401						$ 1,705,637				$ 441		$ 903,264		$ (62)	$ (167,179)		$ 258,742	$ 710,431	$ 5,764

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 25,702	$ 54,746	$ 83,924
Adjustments to reconcile net income to net cash provided by operating activities:
Premium amortization and (discount accretion), net	(7,035)	(5,999)	(6,144)
Accretion of deferred commitment fees	(10,139)	(6,410)	(2,754)
Amortization of deferred financing costs	9,203	9,585	9,584
Share-based compensation	211	193	156
Realized (gain)/loss from sale of real estate securities	1,376	10,137	0
Realized (gain)/loss from sale of real estate owned, held for sale	(9,809)	(1,851)	0
Realized (gain)/loss on extinguishment of debt	0	(3,678)	0
Realized (gain)/loss on swap terminations	(616)	0	0
Unrealized (gain)/loss on commercial mortgage loans held for sale	(469)	75	(359)
Unrealized (gain)/losses on derivative instruments	(7,402)	995	(1,722)
Unrealized loss on other real estate securities	19	32	0
Realized and unrealized gain/loss on real estate securities, trading	34,752	0	0
Depreciation and amortization	2,107	2,233	0
Recognition of deferred rent revenue	0	(150)	0
Increase/(decrease) for credit losses	(5,192)	13,296	3,007
Impairment losses on real estate owned assets	0	398	0
Origination of commercial mortgage loans, held for sale	(420,673)	(267,553)	(1,020,702)
Proceeds from sale of commercial mortgage loans, held for sale	454,073	312,206	975,243
Severance and deferred compensation	(22,168)	0	0
Changes in assets and liabilities:
Accrued interest receivable	(4,675)	7,423	(765)
Prepaid expenses and other assets	94,864	(7,079)	(4,020)
Accounts payable and accrued expenses	3,640	(5,837)	6,428
Due to affiliates	8,013	4,736	1,560
Interest payable	715	(2,164)	1,933
Net cash (used in)/provided by operating activities	146,497	115,334	45,369
Cash flows from investing activities:
Cash acquired through merger	174,083	0	0
Origination and purchase of commercial mortgage loans, held for investment	(2,881,852)	(1,281,158)	(1,321,644)
Principal repayments received on commercial mortgage loans, held for investment	1,225,645	1,228,225	756,141
Repayment of other real estate investments	426
Purchase of other real estate investments		0	(2,511)
Purchase of real estate owned and capital expenditures	(134,052)	(2,824)	(42,018)
Proceeds from sale of real estate owned, held for sale	29,912	22,472	0
Proceeds from sale of commercial mortgage loans, held for sale	52,615	77,164	0
Purchase of real estate securities	0	(148,580)	(369,911)
Principal repayments received on real estate securities		0	0
Proceeds from sale/repayment of real estate securities	2,059,418	346,201	9,369
Principal collateral on mortgage investments	541,313	0	0
Proceeds from derivative instruments	1,239		1,333
Purchase of derivative instruments		(813)
Net cash (used in)/provided by investing activities	1,068,747	240,687	(969,241)
Cash flows from financing activities:
Cash consideration paid in merger	(20,485)	0	0
Proceeds from issuance of common stock	0	10,672	75,545
Proceeds from issuances of convertible preferred stock	15,000	47	63,197
Common stock repurchases	(11,417)	(10,259)	(13,813)
Borrowings under collateralized loan obligation	1,410,173	0	639,899
Repayments of collateralized loan obligation	(869,887)	(182,680)	(343,191)
Borrowings on repurchase agreements - commercial mortgage loans	1,874,694	682,970	1,035,524
Repayments of repurchase agreements - commercial mortgage loans	(1,131,434)	(659,173)	(932,420)
Borrowings on repurchase agreements - real estate securities	13,553,886	2,675,218	1,570,331
Repayments of repurchase agreements - real estate securities	(15,983,193)	(2,882,749)	(1,220,511)
Proceeds from other financing and loan participation - commercial mortgage loans	6,524	31,379	0
Repayments on other financing and loan participation - commercial mortgage loans	0	0	(10,000)
Borrowings on unsecured debt	210,000	0	0
Repayments on unsecured debt	(160,000)	0	0
Borrowing on mortgage note payable	23,940	11,712	29,167
Payments of deferred financing costs	(9,285)	(349)	(4,540)
Cash collateral received on interest rate swaps	11,138	0	0
Proceeds from interest rate swap settlements	9,115	0	0
Distributions paid	(67,955)	(49,790)	(60,613)
Net cash (used in)/provided by financing activities:	(1,139,186)	(373,002)	828,575
Net change in cash, cash equivalents and restricted cash	76,058	(16,981)	(95,297)
Cash, cash equivalents and restricted cash, beginning of period	92,141	109,122	204,419
Cash, cash equivalents and restricted cash, end of period	168,199	92,141	109,122
Supplemental disclosures of cash flow information:
Taxes paid	140	4,400	0
Interest paid	51,050	59,819	78,901
Supplemental disclosures of non-cash flow information:
Common stock issued through distribution reinvestment plan	5,110	8,814	13,903
Commercial mortgage loans transferred from held for investment to held for sale	52,615	76,979	0
Distribution payable	30,346	15,688	6,912
Commercial mortgage loans transferred from held for sale to held for investment	0	0	10,072
Real estate owned received in foreclosure	0	35,411	8,110
Issuances of common stock due to merger	579,526	0	0
Issuances of Series E preferred stock due to merger	258,742	0	0
Unsecured debt assumed due to merger	98,574	0	0
Exchanged for Series F preferred stock	710,431	0	0
Conversion of Preferred A stock to common stock	(127,603)	0	0
Cash and cash equivalents	154,929	82,071	87,246
Restricted cash	13,270	10,070	21,876
Cash, cash equivalents and restricted cash, end of period	$ 168,199	$ 92,141	$ 109,122

Organization and Business Opera

Organization and Business Operations	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Operations	Note 1 - Organization and Business Operations Franklin BSP Realty Trust, Inc., formerly known as Benefit Street Partners Realty Trust, Inc., (the "Company") is a real estate finance company that primarily originates, acquires and manages a diversified portfolio of commercial real estate debt investments secured by properties located within and outside the United States. The Company is a Maryland corporation and has made tax elections to be treated as a real estate investment trust (a "REIT") for U.S. federal income tax purposes since 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. Substantially all 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. In addition, the Company, through one or more subsidiaries which are treated as a taxable REIT subsidiary (a “TRS”), is indirectly subject to U.S. federal, state and local income taxes. The Company has no employees. Benefit Street Partners L.L.C. serves as the Company's advisor (the "Advisor") pursuant to an advisory agreement, as amended on August 18, 2021 (the "Advisory Agreement"). The Advisor, an investment adviser registered with the 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 fees and reimbursements for services related to the investment and management of the Company's assets and the operations of the Company. The advisor is a wholly-owned subsidiary of Franklin Resources, Inc., which together with its various subsidiaries operates as "Franklin Templeton”. 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") securitization transactions. Historically this business has focused primarily on CMBS, unsecured REIT debt, collateralized debt obligations ("CDOs") and other securities. As a result of the October 2021 acquisition of Capstead, the Company acquired and continues to hold a significant portfolio of Residential Mortgage Backed Securities (“RMBS”) in the form of the ARM Agency Securities. 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 ("ARM Agency 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. Refer to Note 18 - Merger with Capstead for additional information.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 - Summary of Significant Accounting Policies Basis of Accounting The Company's consolidated financial statements and related footnotes have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the requirements for reporting on Form 10-K and Regulation S-X, as appropriate. 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 response to the global coronavirus (COVID-19) pandemic, numerous countries, including the U.S., have declared national emergencies with respect to COVID-19 and certain jurisdictions, including those where our corporate headquarters and/or properties that secure our investments, or properties that the Company owns, are located, have at times imposed “stay-at-home” guidelines or orders or other restrictions to help prevent its spread. The effects of COVID-19 may negatively and materially impact significant estimates and assumptions used by the Company including, but not limited to estimates of expected credit losses, valuation of our equity method investments and the fair value estimates of the Company’s assets and liabilities. Actual results could materially differ from those estimates. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members, as well as whether the entity is a variable interest entity ("VIE") for which the Company is the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company's assets and liabilities are held by the OP. The Company consolidates all entities that it controls through either majority ownership or voting rights. In addition, the Company consolidates all VIEs of which the Company is considered the primary beneficiary. VIEs are entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. The accompanying consolidated financial statements include the accounts of collateralized loan obligations ("CLOs") issued and securitized by wholly owned subsidiaries of the Company. The Company has determined the CLOs are VIEs of which the Company's subsidiary is the primary beneficiary. The assets and liabilities of the CLOs are consolidated in the accompanying consolidated balance sheets in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation. Acquisition Expenses The Company capitalizes certain direct costs relating to loan origination activities. The cost is amortized over the life of the loan and recognized in interest income in the Company's consolidated statements of operations. Acquisition expenses paid on future funding amounts are expensed within the acquisition expenses line in the Company's consolidated statements of operations. Cash and Cash Equivalents Cash consists of amounts deposited with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company up to an insurance limit. Cash equivalents include short-term, liquid investments in money market funds with original maturities of 90 days or less when purchased. Restricted Cash Restricted cash primarily consists of cash pledged as margin on repurchase agreements and derivative transactions. The duration of this restricted cash generally matches the duration of the related repurchase agreements or derivative transaction. Commercial Mortgage Loans Held for Investment - Commercial mortgage loans that are held for investment purposes and are anticipated to be held until maturity, are carried at cost, net of unamortized acquisition expenses, discounts or premiums and unfunded commitments. Commercial mortgage loans, held for investment purposes, are carried at amortized cost less a specific allowance for credit losses. Interest income is recorded on the accrual basis and related discounts, premiums and acquisition expenses on investments are amortized over the life of the investment using the effective interest method. Amortization or accretion 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 irrevocably 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. Real estate owned is classified as held for sale in the period in which the six criteria under ASC Topic 360, "Property, Plant, and Equipment" are met: (1) we commit to a plan and have the authority to sell the asset; (2) the asset is available for sale in its current condition; (3) we have initiated an active marketing plan to locate a buyer for the asset; (4) the sale of the asset is both probable and expected to qualify for full sales recognition within a period of 12 months; (5) the asset is being actively marketed for sale at a price that is reflective of its current fair value; and (6) we do not anticipate changes to our plan to sell the asset. Held for sale assets are carried at the lower of depreciated cost or estimated fair value, less estimated costs to sell. 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 December 31, 2021. The Company’s real estate owned assets are depreciated or amortized using the straight-line method over the following useful lives: Building 40 years Furniture, fixtures, and equipment 15 years Site Improvements 5 - 25 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. Real estate owned assets that are probable to be sold within one year are reported as held for sale. Real estate owned assets classified as held for sale are measured at the lower of its carrying amount or fair value less cost to sell. Real estate owned assets are not depreciated or amortized while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be accrued. Upon the disposition of a real estate owned asset, the Company calculates realized gains and losses as net proceeds received less the carrying value of the real estate owned asset. Net proceeds received are net of direct selling costs associated with the disposition of the real estate owned asset. 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. As reflected in the consolidated statements of changes in stockholders' equity and Note 3 - Commercial Mortgage Loans, 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. The modeled results are then evaluated to determine if adjustments are needed for certain qualitative factors. 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 year ended December 31, 2020. 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 Available For Sale On the acquisition date, all of the Company’s commercial real estate securities were classified as available for sale and carried at fair value, and subsequently any unrealized gains or losses are recognized as a component of accumulated other comprehensive income or loss. The Company may elect the fair value option for its real estate securities, and as a result, any unrealized gains or losses on such real estate securities will be recorded in the Company’s consolidated statements of operations. No such election has been made to date. Related discounts, premiums and acquisition expenses on investments are amortized or accreted over the life of the investment using the effective interest method. Amortization and accretion 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 real estate securities 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. Trading In the merger with Capstead, the Company acquired a portfolio of ARM Agency Securities classified as trading and recorded at fair value on the balance sheet with trading gains and losses on the paydowns and sales of these securities recorded in the Company's consolidated statements of operations. Fair values fluctuate with current and projected changes in interest rates, prepayment expectations and other factors such as market liquidity conditions and the perceived credit quality of agency securities. Judgment is required to interpret market data and develop estimated fair values, particularly in circumstances of deteriorating credit quality and market liquidity. 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 Until the merger with Capstead, the Company had a Share Repurchase Program (the "SRP") that enabled stockholders to sell their shares to the Company, subject to certain conditions. Refer to Note 9 - Stock Transactions for a description of the SRP. Under the SRP, when a stockholder requested a redemption and the redemption was approved by the board of directors, the Company reclassified 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, 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 ("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 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 terms of the Company's distribution reinvestment plan ("DRIP") in effect until December 17, 2021, stockholders had the option to elect to reinvest distributions by purchasing shares of common stock in lieu of receiving cash. No dealer manager fees or selling commissions were paid with respect to shares purchased pursuant to the DRIP. The purchase price for shares purchased through the DRIP was the lesser of (i) the Company’s most recent estimated per share NAV, and (ii) the Company’s GAAP book value per share. The Company had the right to amend any aspect of the DRIP or terminate the DRIP with ten days’ notice to participants. Shares issued under the DRIP were recorded to equity in the consolidated balance sheets in the period distributions are declared. On December 17, 2021, the Company amended and restated the DRIP (the “Amended DRIP”) in recognition of the listing of the Company’s common stock on the New York Stock Exchange (“NYSE”). Shares of common stock purchased through the Amended DRIP for dividend reinvestments will be supplied either directly by the Company as newly issued shares or via purchases by the Amended DRIP administrator of shares of common stock on the open market, at the Company’s option. If the shares are purchased in the open market, the purchase price will be the average price per share of shares purchased; if the shares are purchased directly from the Company, the purchase price will generally be the average of the daily high and low sales prices for a share of common stock reported by the NYSE on the dividend payment date authorized by the Company’s board of directors. The Company may suspend, modify or terminate the Amended DRIP at any time in its sole discretion. Share-Based Compensation The Company has share-based incentive plans for certain of the Company's directors, officers and employees of the Advisor and its affiliates. Share-based awards are measured at the grant date fair value and are recognized as compensation expense on a on a straight line basis over the related vesting period of the award. See Note 12 - Share-Based Compensation. Income Taxes The Company has conducted its operations to qualify as a REIT for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2013. As a REIT, if the Company meets certain organizational and operational requirements and distributes at least 90% of its "REIT taxable income" (determined before the deduction of dividends paid and excluding net capital gains) to its stockholders in a year, it will not be subject to U.S. federal income tax to the extent of the income that it distributes. However, even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on income in addition to U.S. federal income and excise taxes on its undistributed income. The Company, through its TRSs, is indirectly subject to U.S. federal, state and local income taxes. The Company’s TRSs are not consolidated for U.S. federal income tax purposes, but is instead taxed as a C corporations. For financial reporting purposes, the TRSs are consolidated and a provision for current and deferred taxes is established fo

Commercial Mortgage Loans

Commercial Mortgage Loans	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
Commercial Mortgage Loans	Note 3 - Commercial Mortgage Loans The following table is a summary of the Company's commercial mortgage loans, held for investment, carrying values by class (dollars in thousands): December 31, 2021 December 31, 2020 Senior loans $ 4,204,464 $ 2,698,823 Mezzanine loans 22,424 15,911 Total gross carrying value of loans 4,226,888 2,714,734 Less: Allowance for credit losses (1) 15,827 20,886 Total commercial mortgage loans, held for investment, net $ 4,211,061 $ 2,693,848 ________________________ (1) As of December 31, 2021 and 2020, there have been no specific reserves for loans in non-performing status. As of December 31, 2021 and December 31, 2020, the Company's total commercial mortgage loan portfolio, excluding commercial mortgage loans accounted for under the fair value option, was comprised of 165 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 December 31, 2021 and 2020 (dollars in thousands): Year Ended December 31, 2021 MultiFamily Retail Office Industrial Mixed Use Hospitality Self Storage Manufactured Housing Total Beginning Balance $ 3,095 $ 404 $ 1,575 $ 3,795 $ 132 $ 11,646 $ 117 $ 122 $ 20,886 Current Period: Provision/(benefit) for credit losses 6,875 (116) (799) (3,709) 37 (7,049) 35 (44) (4,770) Write offs (289) — — — — — — — (289) Ending Balance $ 9,681 $ 288 $ 776 $ 86 $ 169 $ 4,597 $ 152 $ 78 $ 15,827 Year Ended December 31, 2020 MultiFamily Retail Office Industrial Mixed Use Hospitality Self Storage Manufactured Housing Total Beginning Balance $ 322 $ 202 $ 249 $ 23 $ 4 $ 103 $ — $ 18 $ 921 Cumulative-effect adjustment upon adoption of ASU 2016-13 3,220 386 1,966 434 9 739 399 58 7,211 Current Period: Provision/(benefit) for credit losses (447) (184) (640) 3,338 119 11,231 (282) 46 13,181 Write offs — — — — — (427) — — (427) Ending Balance $ 3,095 $ 404 $ 1,575 $ 3,795 $ 132 $ 11,646 $ 117 $ 122 $ 20,886 The Company recorded a decrease in its allowance for credit losses during the year ended December 31, 2021 of $4.8 million. The primary driver for the improvement in the reserve balance is the positive economic outlook since the end of the prior year. The following table presents the activity in the Company's allowance for credit losses for the unfunded loan commitments, which is presented in accounts payable and accrued expenses in the consolidated balance sheets as of December 31, 2021 and 2020 (dollars in thousands): Year Ended December 31, 2021 MultiFamily Retail Office Industrial Mixed Use Hospitality Self Storage Manufactured Housing Total Beginning Balance $ 85 $ — $ 47 $ 418 $ 14 $ 101 $ — $ — $ 665 Current Period: Provision/(benefit) for credit losses 52 1 (34) (415) (4) (22) — — (422) Ending Balance $ 137 $ 1 $ 13 $ 3 $ 10 $ 79 $ — $ — $ 243 Year Ended December 31, 2020 MultiFamily Retail Office Industrial Mixed Use Hospitality Self Storage Manufactured Housing Total Beginning Balance $ — $ — $ — $ — $ — $ — $ — $ — $ — Cumulative-effect adjustment upon adoption of ASU 2016-13 239 40 150 30 1 57 28 5 550 Current Period: Provision/(benefit) for credit losses (154) (40) (103) 388 13 44 (28) (5) 115 Ending Balance $ 85 $ — $ 47 $ 418 $ 14 $ 101 $ — $ — $ 665 The following table represents the composition by loan type of the Company's commercial mortgage loans portfolio, excluding commercial mortgage loans, held for investment (dollars in thousands): December 31, 2021 December 31, 2020 Loan Type Par Value Percentage Par Value Percentage Multifamily $ 2,953,938 69.6 % $ 1,202,694 44.2 % Office 485,575 11.4 % 517,464 19.0 % Hospitality 460,884 10.9 % 403,908 14.8 % Retail 104,990 2.5 % 78,550 2.9 % Industrial 88,956 2.1 % 243,404 8.9 % Mixed Use 62,965 1.5 % 102,756 3.8 % Self Storage 56,495 1.3 % 86,424 3.2 % Manufactured Housing 29,159 0.7 % 71,263 2.6 % Land — — % 16,400 0.6 % Total $ 4,242,962 100.0 % $ 2,722,863 100.0 % December 31, 2021 December 31, 2020 Loan Region Par Value Percentage Par Value Percentage Southwest $ 1,764,905 41.6 % $ 515,392 18.9 % Southeast 1,106,439 26.2 % 796,908 29.3 % Mideast 646,125 15.2 % 473,514 17.4 % Far West 301,040 7.1 % 415,173 15.2 % Great Lakes 183,930 4.3 % 199,203 7.3 % Various 68,896 1.6 % 136,855 5.0 % New England 67,651 1.6 % 69,675 2.6 % Plains 60,225 1.4 % 116,143 4.3 % Rocky Mountain 43,751 1.0 % — — % Total $ 4,242,962 100.0 % $ 2,722,863 100.0 % As of December 31, 2021 and 2020, the Company's total commercial mortgage loans, held for sale, measured at fair value was comprised of one and three loans, respectively. As of December 31, 2021 and 2020, the contractual principal outstanding of commercial mortgage loans, held for sale, measured at fair value was $34.3 million and $67.6 million, respectively. As of December 31, 2021 and 2020, none of the Company's commercial mortgage loans, held for sale, measured at fair value were in default or greater than 90 days past due. The following table represents the composition by loan type of the Company's commercial mortgage loans, held for sale, measured at fair value (dollars in thousands): December 31, 2021 December 31, 2020 Loan Type Par Value Percentage Par Value Percentage Office $ 34,250 100.0 % $ — — % Industrial — — % 67,550 99.9 % Multifamily — — % 100 0.1 % Total $ 34,250 100.0 % $ 67,650 100.0 % December 31, 2021 December 31, 2020 Loan Region Par Value Percentage Par Value Percentage Southeast $ 34,250 100.0 % $ — — % Far West — — % 58,500 86.5 % Great Lakes — — % 9,150 13.5 % Total $ 34,250 100.0 % $ 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 December 31, 2021 and 2020, by loan type, year of origination and the Company’s internal risk rating at the corresponding balance sheet date. 2021 2020 2019 2018 2017 Prior Total Multifamily: Risk Rating: 1-2 internal grade $ 2,438,376 $ 270,953 $ 103,989 $ 90,877 $ — $ — $ 2,904,195 3-4 internal grade — — — 37,025 — — 37,025 Total Multifamily Loans $ 2,438,376 $ 270,953 $ 103,989 $ 127,902 $ — $ — $ 2,941,220 Retail: Risk Rating: 1-2 internal grade $ 33,830 $ 11,928 $ 29,515 $ 29,452 $ — $ — $ 104,725 3-4 internal grade — — — — — — — Total Retail Loans $ 33,830 $ 11,928 $ 29,515 $ 29,452 $ — $ — $ 104,725 Office: Risk Rating: 1-2 internal grade $ 50,291 $ 253,759 $ 136,800 $ 43,308 $ — $ — $ 484,158 3-4 internal grade — — — — — — — Total Office Loans $ 50,291 $ 253,759 $ 136,800 $ 43,308 $ — $ — $ 484,158 Industrial: Risk Rating: 1-2 internal grade $ — $ 31,906 $ — $ — $ — $ — $ 31,906 3-4 internal grade — — 56,933 — — — 56,933 Total Industrial Loans $ — $ 31,906 $ 56,933 $ — $ — $ — $ 88,839 Mixed Use: Risk Rating: 1-2 internal grade $ 32,395 $ 30,325 $ — $ — $ — $ — $ 62,720 3-4 internal grade — — — — — — — Total Mixed Use Loans $ 32,395 $ 30,325 $ — $ — $ — $ — $ 62,720 Hospitality: Risk Rating: 1-2 internal grade $ 153,032 $ 26,920 $ 34,054 $ — $ — $ — $ 214,006 3-4 internal grade — — 113,961 52,790 79,102 — 245,853 Total Hospitality Loans $ 153,032 $ 26,920 $ 148,015 $ 52,790 $ 79,102 $ — $ 459,859 Self Storage: Risk Rating: 1-2 internal grade $ 14,948 $ 41,382 $ — $ — $ — $ — $ 56,330 3-4 internal grade — — — — — — — Total Self Storage Loans $ 14,948 $ 41,382 $ — $ — $ — $ — $ 56,330 Manufactured Housing: Risk Rating: 1-2 internal grade $ 6,665 $ 22,372 $ — $ — $ — $ — $ 29,037 3-4 internal grade — — — — — — — Total Manufactured Housing Loans $ 6,665 $ 22,372 $ — $ — $ — $ — $ 29,037 Total $ 2,729,537 $ 689,545 $ 475,252 $ 253,452 $ 79,102 $ — $ 4,226,888 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 December 31, 2021 (dollars in thousands): Multifamily Retail Office Industrial Mixed Use Hospitality Self Storage Manufactured Housing Total Status: Current $ 2,941,220 $ 104,725 $ 484,158 $ 31,906 $ 62,720 $ 402,784 $ 56,330 $ 29,037 $ 4,112,880 1-29 days past due (1) — — — 56,933 — — — — 56,933 30-59 days past due — — — — — — — — — 60-89 days past due — — — — — — — — — 90-119 days past due — — — — — — — — — 120+ days past due (2) — — — — — 57,075 — — 57,075 Total $ 2,941,220 $ 104,725 $ 484,158 $ 88,839 $ 62,720 $ 459,859 $ 56,330 $ 29,037 $ 4,226,888 ________________________ (1) For the year ended December 31, 2021, interest income recognized on this loan was $3.1 million. (2) For the year ended December 31, 2021, there was no interest income recognized on this loan. As of December 31, 2021, the Company had one loan on non-accrual status with a total cost basis of $57.1 million for which there was no related allowance for credit losses. As of December 31, 2020, the Company had two loans on non-accrual status with a total cost basis of $94.9 million 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 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. 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. As of December 31, 2021 and 2020, the weighted average risk ratings of loans were 2.1 and 2.2, respectively. The following table represents the allocation by risk rating for the Company's commercial mortgage loans, held for investment, (dollars in thousands): December 31, 2021 December 31, 2020 Risk Rating Number of Loans Par Value Risk Rating Number of Loans Par Value 1 — $ — 1 — $ — 2 148 3,903,047 2 104 2,232,045 3 16 282,840 3 22 384,040 4 1 57,075 4 4 106,778 5 — — 5 — — 165 $ 4,242,962 130 $ 2,722,863 For the years ended December 31, 2021 and December 31, 2020, the activity in the Company's commercial mortgage loans, held for investment portfolio, net of allowance, was as follows (dollars in thousands): 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 2,897,002 1,287,720 Principal repayments (1,286,598) (1,223,490) Discount accretion/premium amortization 7,038 6,146 Loans transferred from/(to) commercial real estate loans, held for sale (52,615) (76,979) Net fees capitalized into carrying value of loans (15,150) (6,562) (Provision)/benefit for credit losses 4,770 (13,181) Charge-off from allowance 289 427 Transfer to real estate owned (37,523) (35,064) Balance at End of Year $ 4,211,061 $ 2,693,848 During the year ended December 31, 2021, the Company wrote off a commercial mortgage loan, held for investment, with a carrying value of $37.8 million in exchange for the possession of a REO investment at a fair value of $37.5 million, comprised of $33.0 million of real property (land, building and improvements) and $4.5 million of personal property (furniture, fixture, and equipment) at the time of transfer. The transfer occurred when the Company took possession of the property by completing a foreclosure transaction in January 2021, resulting in a $0.3 million impairment loss at the time of transfer. Since the foreclosure was entered into due to the borrower experiencing financial difficulty and the recorded investment in the receivable was more than the fair value for the collateral collected, the transaction qualifies as a TDR. The Company accounted for the REO acquired during the year ended December 31, 2021 as an asset acquisition. The Company subsequently sold this REO asset during the year ended December 31, 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	12 Months Ended
	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Real Estate Securities	Note 4 - Real Estate Securities As of December 31, 2021 the Company did not hold any real estate securities, available for sale, measured at fair value. The following is a summary of the Company's real estate securities, available for sale, measures at fair value 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 CLO $ 123,444 $ — $ — (4,888) $ 118,556 SASB 55,948 — — (3,368) 52,580 Total $ 179,392 $ — $ — $ (8,256) $ 171,136 As of December 31, 2021 the Company did not hold any real estate securities, CMBS. As of December 31, 2020, the Company held 9 CMBS positions with an amortized cost basis of $179.4 million and an unrealized loss of $8.3 million of which 7 positions had an unrealized loss for a period greater than twelve months. The following table provides information on the unrealized losses and fair value on the Company's real estate securities, CMBS, available for sale that were in an unrealized loss position, and for which an allowance for credit losses has not been recorded, 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) $ (2,064) SASB — 52,580 — (3,368) Total $ 63,131 $ 108,005 $ (2,824) $ (5,432) As of December 31, 2021 the Company did not hold any real estate securities, CMBS. As of December 31, 2020, there were seven securities, respectively with unrealized losses for a period greater than twelve months reflected in the table above. After evaluating the securities, the Company concluded that the unrealized losses reflected above were noncredit-related and would be recovered from the securities’ estimated future cash flows. The Company considered a number of factors in reaching this conclusion, including that the Company did not intend to sell the securities, it was not considered more likely than not that we would be forced to sell the securities prior to recovering our amortized cost, the portfolio is made up of investment grade securities of recent originations and higher tranches, and that there were no material credit events that would have caused us to otherwise conclude that the Company would not recover our cost. The allowance for credit losses is calculated using a discounted cash flow approach and is measured as the difference between the original cash flows expected to be collected to the revised cash flows expected to be collected discounted using the effective interest rate, limited by the amount that the fair value is less than the amortized cost basis. Significant judgment is used in projecting cash flows. As a result, actual income and/or credit losses could be materially different from what is currently projected and/or reported. The following table provides information on the amounts of gain/(loss) on the Company's real estate securities, CMBS, available for sale, recorded in other comprehensive income (dollars in thousands): Year Ended December 31, 2021 2020 2019 Unrealized gain/(loss) available for sale securities $ — $ (8,026) $ (978) Reclassification of net (gain)/loss on available for sale securities included in net income (loss) 8,256 748 — Unrealized gain/(loss) available for sale securities, net of reclassification adjustment $ 8,256 $ (7,278) $ (978) The amounts reclassified for net (gain)/loss on available for sale securities are included in the realized (gain)/loss on sale of real estate securities in the Company's consolidated statements of operations. The Company's unrealized gain/(loss) on available for sale securities is net of tax. Due to the Company's designation as a REIT, there was no tax impact on unrealized gain/(loss) on available for sale securities. The deterioration in fair value of real estate securities for both collateralized loan obligations and other securities as of December 31, 2020 can be attributed mainly to the market down-turn and volatility as a result of high unemployment and credit uncertainties related to the outbreak of COVID-19. Real Estate Securities Classified As Trading The following is a summary of the Company's real estate mortgage backed securities ("RMBS") classified by collateral type and interest rate characteristics (dollars in thousands): Carrying Average Yield (1) December 31, 2021 Agency Securities: Fannie Mae/Freddie Mac ARMs $ 4,246,803 2.23 % Ginnie Mae ARMs 320,068 2.72 % $ 4,566,871 2.26 % December 31, 2020 Agency Securities: Fannie Mae/Freddie Mac ARMs $ — — % Ginnie Mae ARMs — — % $ — — % ________________________ (1) Average yield is presented for the year then ended, and is based on the cash component of interest income expressed as a percentage on average cost basis (the “cash yield”). On October 19, 2021, the Company completed the Capstead merger pursuant to which the Company acquired a portfolio of adjustable-rate mortgage ("ARM") securities issued and guaranteed by government sponsored enterprises, either Fannie Mae or Freddie Mac, or by an agency of the federal government, Ginnie Mae. Together, these securities are referred to as “Agency Securities,” and are considered to have limited, if any, credit risk because the timely payment of principal and interest is guaranteed. The maturity of Agency Securities is directly affected by prepayments of principal on the underlying mortgage loans. Consequently, actual maturities will be significantly shorter than the portfolio’s weighted average contractual maturity of 310 months. The Company's ARM Agency Securities are backed by residential mortgage loans that have coupon interest rates that adjust at least annually to more current interest rates or begin doing so after an initial fixed-rate period. After the initial fixed-rate period, if applicable, mortgage loans underlying ARM securities typically either (i) adjust annually based on specified margins over the one-year London interbank offered rate (“LIBOR”) or the one-year Constant Maturity U.S. Treasury Note Rate (“CMT”), (ii) adjust semiannually based on specified margins over six-month LIBOR or the six-month Secured Overnight Financing Rate (“SOFR”), or (iii) adjust monthly based on specified margins over indices such as one-month LIBOR, the Eleventh District Federal Reserve Bank Cost of Funds Index, or over a rolling twelve month average of the one-year CMT index, usually subject to periodic and lifetime limits, or caps, on the amount of such adjustments during any single interest rate adjustment period and over the contractual term of the underlying loans.

Real Estate Owned

Real Estate Owned	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Real Estate Owned	Note 5 - Real Estate Owned The following table summarizes the Company's real estate owned assets as of December 31, 2021 (dollars in thousands): As of December 31, 2021 Acquisition Date Property Type Primary Location(s) Land Building and Improvements Furniture, Fixtures and Equipment Accumulated Depreciation Real Estate Owned, net September 2021 (1) Industrial Jeffersonville, GA $ 3,436 $ 84,259 $ 2,928 $ (575) $ 90,048 $ 3,436 $ 84,259 $ 2,928 $ (575) $ 90,048 ________________________ (1) Refer to Note 2 for the useful life of the above asset. The following table summarizes the Company's real estate owned assets as of December 31, 2020 (dollars in thousands): As of December 31, 2020 Acquisition Date Property Type Primary Location(s) Land Building and Improvements Furniture, Fixtures and Equipment Accumulated Depreciation Real Estate Owned, net October 2019 (1) Office Jeffersonville, IN $ 1,887 $ 21,989 $ 3,565 $ (931) $ 26,510 $ 1,887 $ 21,989 $ 3,565 $ (931) $ 26,510 ________________________ (1) Refer to Note 2 for the useful life of the above asset. Depreciation expense for the years ended December 31, 2021 and 2020 totaled $1.0 million. During the year ended December 31, 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 investment fund managed by the Advisor 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 affiliated fund 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 affiliated fund 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	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Leases	Note 6 - Leases Intangible Lease Asset The following table summarizes the Company's intangible lease asset recognized in the consolidated balance sheets as of December 31, 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 $ (720) $ 48,472 $ 49,192 $ (720) $ 48,472 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 purchased an industrial facility that was 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 lease (dollars in thousands): Minimum Rents December 31, 2021 2022 $ 9,248 2023 9,248 2024 9,248 2025 9,248 2026 and beyond 118,683 Total minimum rent $ 155,675 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 December 31, 2021 is approximately 16.8 years. Amortization expense for the years ended December 31, 2021 and 2020 totaled $1.1 million and $0.8 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): December 31, 2021 2022 $ (2,880) 2023 (2,880) 2024 (2,880) 2025 (2,880) 2026 (2,880)

Debt

Debt	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt	Note 7 - Debt Repurchase Agreements - Commercial Mortgage Loans The Company has entered into repurchase facilities with JPMorgan Chase Bank, National Association (the "JPM Repo Facility"), Barclays Bank PLC (the "Barclays Revolver Facility" and the "Barclays Repo Facility"), Wells Fargo Bank, National Association (the "WF Repo Facility"), and Credit Suisse AG (the "CS Repo Facility" and together with JPM Repo Facility, USB Repo Facility, WF Repo Facility, Barclays Revolver Facility, and Barclays Repo Facility, the "Repo Facilities"). The Repo Facilities are financing sources through which the Company may pledge one or more mortgage loans to the financing entity in exchange for funds typically at an advance rate of between 65% to 80% of the principal amount of the mortgage loan being pledged. The details of the Company's Repo Facilities at December 31, 2021 and December 31, 2020 are as follows (dollars in thousands): As of December 31, 2021 Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate Term Maturity JPM Repo Facility $ 400,000 $ 136,470 $ 5,178 2.13 % 10/6/2022 CS Repo Facility (2) 300,000 137,364 3,446 2.43 % 9/30/2022 WF Repo Facility (3) 450,000 186,734 2,090 1.64 % 11/21/2023 Barclays Revolver Facility (4) 250,000 166,700 1,976 6.12 % 9/20/2023 Barclays Repo Facility (5) 500,000 392,332 4,057 1.76 % 3/14/2025 Total $ 1,900,000 $ 1,019,600 $ 16,747 ________________________ (1) For the year ended December 31, 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 September 30, 2022. Additionally, on November 3, 2021 the committed financing amount was amended from $200 million to $300 million with the option to increase to $400 million at the Company's discretion. (3) On November 19, 2021 the committed financing amount was increased from $275 million to $450 million. There are three more one (4) On September 8, 2021, the Company amended the maturity date to September 20, 2023. On December 1, 2021 the committed financing amount was increased from $100 million to $250 million. The Company may increase the total commitment amount by an amount between $100 million and $150 million for three (5) On December 3, 2021 the Company amended the maturity date to March 14, 2025 and the committed financing amount was increased from $300 million to $500 million. There are two one As of December 31, 2020 Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate Term 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 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 December 31, 2021 and December 31, 2020, the Company is in compliance with all debt covenants. Other financing and loan participation - Commercial Mortgage Loans On March 23, 2020, the Company transferred $15.2 million of its interest in a term loan to Sterling National Bank ("SNB") via a participation agreement. Since origination, the Company's outstanding loan increased resultant of future fundings, leading to an increase in amount outstanding via the participation agreement. The Company incurred $0.9 million of interest expense on SNB for the year ended December 31, 2021. As of December 31, 2021 and December 31, 2020 the outstanding participation balance was $37.9 million and $31.4 million, respectively. 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. The Company incurred $0.9 million of interest expense for the twelve months ended December 31, 2021. As of December 31, 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). As of December 31, 2021 the Company incurred $0.2 million of interest expense, of which $0.2 million is eliminated in consolidation, for the twelve months ended December 31, 2021. The remaining mortgage note payable of $24 million is included in the consolidated balance sheets under the caption Mortgage note payable. As of December 31, 2021 , the loan accrued interest at an annual rate of 3.1% and matures on October 9, 2024. Unsecured Debt In the merger with Capstead, we acquired 30-year junior subordinated notes issued in 2005 and 2006 and maturing in 2035 and 2036, with a total face amount of $100 million. Note balances net of deferred issuance costs, and related weighted average interest rates as of the indicated dates (calculated including issuance cost amortization and adjusted for the effects of related derivatives held as cash flow hedges) were as follows (dollars in thousands): December 31, 2021 December 31, 2020 Borrowings Average Borrowings Average Junior subordinated notes maturing in: October 2035 ($35,000 face amount) $ 34,470 7.86 % $ — — % December 2035 ($40,000 face amount) 39,474 7.63 % — — % September 2036 ($25,000 face amount) 24,650 7.67 % — — % $ 98,594 7.72 % $ — — % The notes are currently redeemable, in whole or in part, without penalty, at the Company’s option. 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 $2.0 million of interest expense on the lending agreement with SBL for the twelve months ended December 31, 2021. As of December 31, 2021 the outstanding balance was $50.0 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 December 31, 2021 and 2020 (dollars in thousands): Weighted Average Counterparty Amount Outstanding Accrued Interest Collateral Pledged (1) Interest Rate Days to Maturity As of December 31, 2021 JP Morgan Securities LLC $ 19,025 $ 261 $ 24,087 1.14 % 10 Wells Fargo Securities, LLC — — — N/A N/A Goldman Sachs International — 37 — N/A N/A Barclays Capital Inc. 15,286 526 19,131 1.21 % 14 Credit Suisse AG — — — N/A N/A Citigroup Global Markets, Inc. — 81 — N/A N/A Total/Weighted Average $ 34,311 $ 905 $ 43,218 1.17 % 12 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 — 29 Total/Weighted Average $ 186,828 $ 8,719 $ 243,373 1.71 % 33 ________________________ (1) Includes $43.2 million and $72.2 million of CLO notes, held by the Company, which is eliminated within the Real estate securities, at fair value line of the consolidated balance sheets as of as of December 31, 2021 and December 31, 2020, respectively. Repurchase Agreements - Real Estate Securities Classified As Trading In the merger with Capstead, we acquired repurchase agreements - real estate securities classified as trading. The Company pledges its Real estate securities classified as trading as collateral for repurchase agreements with commercial banks and other financial institutions. Repurchase arrangements entered into by the Company involve the sale and a simultaneous agreement to repurchase the transferred assets at a future date and are accounted for as financings. The Company maintains the beneficial interest in the specific securities pledged during the term of each repurchase arrangement and receives the related principal and interest payments. The terms and conditions of repurchase agreements are negotiated on a transaction-by-transaction basis when each such agreement is initiated or renewed. The amount borrowed is generally equal to the fair value of the securities pledged, as determined by the lending counterparty, less an agreed-upon discount, referred to as a “haircut.” Interest rates are generally fixed based on prevailing rates corresponding to the terms of the borrowings. Interest may be paid monthly or at the termination of an agreement at which time the Company may enter into a new agreement at prevailing haircuts and rates with the same lending counterparty or repay that counterparty and negotiate financing with a different lending counterparty. None of the Company’s lending counterparties are obligated to renew or otherwise enter into new agreements at the conclusion of existing agreements. In response to declines in fair value of pledged securities due to changes in market conditions or the publishing of monthly security pay-down factors, lending counterparties typically require the Company to post additional securities as collateral, pay down borrowings or fund cash margin accounts with the counterparties in order to re-establish the agreed-upon collateral requirements. These actions are referred to as margin calls. Conversely, in response to increases in fair value of pledged securities, the Company routinely margin calls its lending counterparties in order to have previously pledged collateral returned. Repurchase agreements (and related pledged collateral, including accrued interest receivable), classified by collateral type and remaining maturities, and related weighted average borrowing rates as of the indicated dates were as follows (dollars in thousands): Collateral Type Collateral Accrued Borrowings Average December 31, 2021 Repurchase arrangements secured by Agency securities with maturities of 30 days or less $ 4,327,020 $ 8,908 $ 4,144,473 0.13 % $ 4,327,020 $ 8,908 $ 4,144,473 0.13 % December 31, 2020 Repurchase arrangements secured by Agency securities with maturities of 30 days or less $ — $ — $ — — % $ — $ — $ — — Average repurchase agreements outstanding were $3.97 billion in 2021. Average repurchase agreements outstanding differed from respective year-end balances during the indicated periods primarily due to changes in portfolio levels and differences in the timing of portfolio acquisitions relative to portfolio runoff and asset sales. Collateralized Loan Obligation On December 14, 2021, the Company called all of the outstanding notes issued by BSPRT 2018-FL3 Issuer, Ltd., a wholly owned indirect subsidiary of the Company. The outstanding principal of the notes on the date of the call was $99.3 million. The Company recognized all the remaining unamortized deferred financing costs of $4.6 million recorded within the Interest expense line of the consolidated statements of operations, which was a non-cash charge. As of December 31, 2021 and December 31, 2020 the notes issued by BSPRT 2018-FL4 Issuer, Ltd. and BSPRT 2018-FL4 Co-Issuer, LLC, each wholly owned indirect subsidiaries of the Company, are collateralized by interests in a pool of 31 and 59 mortgage assets having a principal balance of $503.3 million and $852.09 million, respectively (the "2018-FL4 Mortgage Assets"). The sale of the 2018-FL4 Mortgage Assets to BSPRT 2018-FL4 Issuer, Ltd. is governed by a Mortgage Asset Purchase Agreement dated as of October 12, 2018, between the Company and BSPRT 2018-FL4 Issuer, Ltd. As of December 31, 2021 and December 31, 2020, the notes issued by BSPRT 2019-FL5 Issuer, Ltd. and BSPRT 2019-FL5 Co-Issuer, LLC, each wholly owned indirect subsidiaries of the Company, are collateralized by interests in a pool of 48 and 54 mortgage assets having a principal balance of $589.0 million and $799.77 million respectively (the "2019-FL5 Mortgage Assets"). The sale of the 2019-FL5 Mortgage Assets to BSPRT 2019-FL5 Issuer, Ltd. is governed by a Mortgage Asset Purchase Agreement dated as of May 30, 2019, between the Company and BSPRT 2019-FL5 Issuer, Ltd. On March 25, 2021, BSPRT 2021-FL6 Issuer, Ltd. and BSPRT 2021-FL6 Co-Issuer, LLC, 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, 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 these notes, BSPRT 2021-FL6 Issuer, Ltd. 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, which were not offered as part of closing the indenture. For U.S. federal income tax purposes, BSPRT 2021-FL6 Issuer, Ltd. and BSPRT 2021-FL6 Co-Issuer, LLC are disregarded entities. As of December 31, 2021, the notes issued by BSPRT 2021-FL6 Issuer, Ltd. and BSPRT 2021-FL6 Co-Issuer, LLC, are collateralized by interests in a pool of 44 mortgage assets having a principal balance of $682.3 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. On December 21, 2021, BSPRT 2021-FL7 Issuer, Ltd. and BSPRT 2021-FL7 Co-Issuer, LLC, 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 $817.9 million principal balance secured floating rate notes, of which $722.3 million were purchased by third party investors and $95.6 million were purchased by a wholly owned subsidiary of the OP. In addition, concurrently with the issuance of the notes, BSPRT 2021-FL7 Issuer, Ltd. also issued 82,125 Preferred Shares, par value of $0.001 per share and with an aggregate liquidation preference and notional amount equal to $1,000 per share, which were not offered as part of closing the indenture. For U.S. federal income tax purposes, BSPRT 2021-FL7 Issuer, Ltd. and BSPRT 2021-FL7 Co-Issuer, LLC are disregarded entities. As of December 31, 2021, the notes issued by BSPRT 2021-FL7 Issuer, Ltd. and BSPRT 2021-FL7 Co-Issuer, LLC, are collateralized by interests in a pool of 47 mortgage assets having a principal balance of $871.4 million (the "2021-FL7 Mortgage Assets"). The sale of the 2021-FL7 Mortgage Assets to BSPRT 2021-FL7 Issuer, Ltd. is governed by a Collateral Interest Purchase Agreement dated as of December 21, 2021, between the Company and BSPRT 2021-FL7 Issuer, Ltd. The Company, through its wholly-owned subsidiaries, holds the preferred equity tranches of the above CLOs of approximately $329.2 million and $256.9 million as of December 31, 2021 and December 31, 2020, respectively. The following table represents the terms of the notes issued by 2018-FL4 Issuer, 2019-FL5 Issuer, 2021-FL6 Issuer, and 2021-FL7 Issuer (the "CLOs), respectively, as of December 31, 2021 (dollars in thousands): CLO Facility Tranche Par Value Issued Par Value Outstanding (1) Interest Rate Maturity Date 2018-FL4 Issuer Tranche A $ 416,827 $ 75,263 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 407,025 299,529 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 20,250 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 2021-FL7 Issuer Tranche A 508,500 508,500 1M LIBOR + 132 12/21/2038 2021-FL7 Issuer Tranche A-S 13,500 13,500 1M LIBOR + 165 12/21/2038 2021-FL7 Issuer Tranche B 52,875 52,875 1M LIBOR + 205 12/21/2038 2021-FL7 Issuer Tranche C 66,375 66,375 1M LIBOR + 230 12/21/2038 2021-FL7 Issuer Tranche D 67,500 67,500 1M LIBOR + 275 12/21/2038 2021-FL7 Issuer Tranche E 13,500 13,500 1M LIBOR + 340 12/21/2038 $ 2,672,174 $ 2,179,514 ________________________ (1) Excludes $320.6 million of CLO notes, held by the Company, which are eliminated within the collateralized loan obligation line of the consolidated balance sheets as of December 31, 2021. The following table represents the terms of the notes issued by the 2017-FL1 Issuer, 2017-FL2 Issuer, 2018-FL3 Issuer, 2018-FL4 Issuer, and 2019-FL5 Issuer (the "CLOs), respectively, as of December 31, 2020 (dollars in thousands): CLO Facility Tranche Par Value Issued Par Value Outstanding (1) Interest Rate Maturity Date 2018-FL3 Issuer Tranche A 286,700 161,745 1M LIBOR + 105 10/15/2034 2018-FL3 Issuer Tranche A-S 77,775 77,775 1M LIBOR + 135 10/15/2034 2018-FL3 Issuer Tranche B 41,175 41,175 1M LIBOR + 165 10/15/2034 2018-FL3 Issuer Tranche C 39,650 39,650 1M LIBOR + 255 10/15/2034 2018-FL3 Issuer Tranche D 42,700 42,700 1M LIBOR + 345 10/15/2034 2018-FL4 Issuer Tranche A 416,827 416,659 1M LIBOR + 105 9/15/2035 2018-FL4 Issuer Tranche A-S 73,813 73,813 1M LIBOR + 130 9/15/2035 2018-FL4 Issuer Tranche B 56,446 56,446 1M LIBOR + 160 9/15/2035 2018-FL4 Issuer Tranche C 68,385 68,385 1M LIBOR + 210 9/15/2035 2018-FL4 Issuer Tranche D 57,531 57,531 1M LIBOR + 275 9/15/2035 2019-FL5 Issuer Tranche A 407,025 407,025 1M LIBOR + 115 5/15/2029 2019-FL5 Issuer Tranche A-S 76,950 76,950 1M LIBOR + 148 5/15/2029 2019-FL5 Issuer Tranche B 50,000 50,000 1M LIBOR + 140 5/15/2029 2019-FL5 Issuer Tranche C 61,374 61,373 1M LIBOR + 200 5/15/2029 2019-FL5 Issuer Tranche D 48,600 5,000 1M LIBOR + 240 5/15/2029 2019-FL5 Issuer Tranche E 20,250 3,000 1M LIBOR + 285 5/15/2029 $ 1,825,201 $ 1,639,227 ________________________ (1) Excludes $267.1 million of CLO notes, held by the Company, which are eliminated within the collateralized loan obligation line of 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 December 31, 2021 and December 31, 2020 as the Company is the primary beneficiary of the VIE. The Company is the primary beneficiary of the CLOs because (i) the Company has the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIEs or the obligation to absorb losses of the VIEs that could be significant to the VIE. The VIE’s are non-recourse to the Company. Assets (dollars in thousands) December 31, 2021 December 31, 2020 Cash and cash equivalents (1) $ 187,668 $ 99,025 Commercial mortgage loans, held for investment, net (2) 2,629,431 2,044,956 Accrued interest receivable 5,918 5,626 Total Assets $ 2,823,017 $ 2,149,607 Liabilities Notes payable (3)(4) $ 2,482,762 $ 1,892,616 Accrued interest payable 1,598 1,240 Total Liabilities $ 2,484,360 $ 1,893,856 ________________________ (1) Includes $187.0 million and $98.6 million of cash held by the servicer related to CLO loan payoffs as of December 31, 2021 and December 31, 2020. (2) The balance is presented net of allowance for credit losses of $8.7 million and $19.4 million as of December 31, 2021 and December 31, 2020, respectively. (3) Includes $320.6 million and $267.1 million of CLO notes, held by the Company, which are eliminated within the collateralized loan obligation line of the consolidated balance sheets as of December 31, 2021 and December 31, 2020.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Note 8 - Earnings Per Share The Company uses the two-class method in calculating basic and diluted earnings per share. Net income is allocated between our common stock and other participating securities based on their participation rights. Diluted net income per share has been computed using the weighted average number of shares of common stock outstanding and other dilutive securities. The following table presents a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations and the calculation of basic and diluted earnings per share for the years ended December 31, 2021, 2020 and 2019, respectively (dollars in thousands, except share amounts): Year Ended December 31, Numerator 2021 2020 2019 Net income $ 25,702 $ 54,746 $ 83,924 Less: Preferred stock dividends 33,587 14,920 15,337 Less: Undistributed earnings allocated to preferred stock — — 1,673 Net income/(loss) attributable to common shareholders (for basic and diluted earnings per share) $ (7,885) $ 39,826 $ 66,914 Denominator Weighted-average common shares outstanding for basic earnings per share 43,419,209 44,384,813 41,859,142 Effect of dilutive shares: Unvested restricted shares 15,521 14,066 12,504 Weighted-average common shares outstanding for diluted earnings per share 43,434,731 44,398,879 41,871,646 Basic earnings per share $ (0.18) $ 0.90 $ 1.60 Diluted earnings per share $ (0.18) $ 0.90 $ 1.60

Stock Transactions

Stock Transactions	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Stock Transactions	Note 9 - Stock Transactions As of December 31, 2021 and December 31, 2020, the Company had 43,965,928 and 44,510,051 shares of common stock outstanding, respectively, including shares issued pursuant to the Company's distribution reinvestment plan (the "DRIP"), share repurchases and unvested restricted shares. As of each of December 31, 2021 and December 31, 2020, the Company had 1,400 shares of Series C Preferred Stock outstanding. Additionally, as of December 31, 2021, the Company had 17,950 shares of Series D Preferred Stock, 39,733,299 shares of Series F Preferred Stock and 10,329,039 shares of Series E Preferred Stock outstanding. As of December 31, 2020 the Company had 0 shares of Series D Preferred Stock, Series F Preferred Stock, and Series E Preferred Stock outstanding. As of December 31, 2021 the Company had 0 shares of Series A Preferred Stock outstanding. The following tables present the activity in the Company's Series A Preferred Stock for the periods ended December 31, 2021 and December 31, 2020, (dollars in thousands, except share amounts). In March 2021, we exchanged 14,949 shares of Series A Preferred Stock for an equivalent amount of shares of Series D Preferred Stock and sold 3,000 new shares of Series D Preferred Stock for total proceeds of $14.0 million, representing the $15.0 million aggregate liquidation preference per share of the 3,000 shares of Series D Preferred Stock sold less the accrued and unpaid dividends on the surrendered shares of Series A Preferred Stock: Series A Preferred Stock Shares Amount Beginning Balance, December 31, 2020 40,515 $ 202,292 Surrender of Series A Preferred Stock in exchange for Series D Preferred Stock (14,950) (74,748) Conversion of Preferred Stock (1) (25,567) (127,603) Dividends paid in Preferred Stock 2 5 Offering costs — (14) Amortization of offering costs — 68 Ending Balance, December 31, 2021 — $ — ________________________ (1) In connection with the listing of the Common Stock on the NYSE, on October 19, 2021 immediately prior to the closing of the Capstead merger, each outstanding share of Series A Preferred Stock automatically 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. Series A Preferred Stock Shares Amount Beginning Balance, December 31, 2019 40,500 $ 202,144 Issuance of Preferred Stock 14 70 Dividends paid in Preferred Stock 1 7 Offering costs — (23) Amortization of offering costs — 94 Ending Balance, December 31, 2020 40,515 $ 202,292 The following tables present the activity in the Company's Series C Preferred Stock for the periods ended December 31, 2021 and December 31, 2020, (dollars in thousands, except share amounts): Series C Preferred Stock Shares Amount Beginning Balance, December 31, 2020 1,400 $ 6,962 Issuance of Preferred Stock — — Dividends paid in Preferred Stock — — Offering costs — — Amortization of offering costs — 9 Ending Balance, December 31, 2021 1,400 $ 6,971 Series C Preferred Stock Shares Amount Beginning Balance, December 31, 2019 1,400 $ 6,966 Issuance of Preferred Stock — — Dividends paid in Preferred Stock — — Offering costs — (11) Amortization of offering costs — 7 Ending Balance, December 31, 2020 1,400 $ 6,962 The following table presents the activity in the Company's Series D Preferred Stock for the period ended December 31, 2021 (dollars in thousands, except share amounts): Series D Preferred Stock Shares Amount Balance, December 31, 2020 — $ — Issuance of Preferred Stock 17,950 89,748 Dividends paid in Preferred Stock — — Offering Costs — (82) Amortization of offering costs — 18 Ending Balance, December 31, 2021 17,950 $ 89,684 As of December 31, 2020 the Company did not have any Series D Preferred Stock outstanding. Common Stock and Series F Preferred Stock Recapitalization 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. Issuance of Common Stock and Series E Preferred Stock in the 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 Payment”); and (B) a cash amount equal to $0.21 per share (the “Per Share Cash Payment” and together with the Per Share Stock Payment, the “Per Common Share FBRT Payment”); and • from the Advisor, a cash amount equal to $0.73 per share (the “Advisor Cash Payment” and together with the Per Common Share FBRT Payment, the “Total Per Common Share Payment”). 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 Payment. 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 Payment. 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 31.9 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 payments 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. 7.50% Series E cumulative redeemable preferred stock The Series E Preferred Stock has no stated maturity and is not subject to any sinking fund or mandatory redemption. 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, senior to the Common Stock and Series F Preferred Stock and on a parity with the Series C Preferred Stock and Series D Preferred Stock. The liquidation preference is $25.00 per share, plus an amount equal to any accumulated and unpaid 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 are cumulative and payable quarterly in arrears. 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. 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. Upon a change of control of the Company, in the event the Company does not redeem the Series E Preferred Stock, a holder of Series E Preferred Stock will have the right to convert to Common Stock upon the terms set forth in the applicable Articles Supplementary. The Series E Preferred Stock is listed on the New York Stock Exchange under the symbol “FBRT PRE”. Share Repurchase Program Prior to the listing of the Common Stock on the NYSE on October 19, 2021, the Company maintained a share repurchase program (the “SRP”) that enabled stockholders to sell their shares to the Company. The following table reflects the number of shares repurchased under the SRP cumulatively through December 31, 2021: Number of Requests Number of Shares Repurchased Average Price per Share Cumulative as of December 31, 2020 8,094 4,121,735 $ 19.88 January 1 - January 31, 2021 (1) 1,355 525,580 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 October 1 - October 31, 2021 — — N/A November 1 - November 30, 2021 — — N/A December 1 - December 31, 2021 — — N/A Cumulative as of December 31, 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. The Company’s board of directors has authorized a $65 million share repurchase program that will become operative following the conclusion of the $35 million open market share purchase program the Advisor agreed to implement in connection with the Capstead acquisition. The Company’s share repurchase program authorizes share repurchases at prices below the most recently reported book value per share as determined in accordance with GAAP. Purchases made under the Company’s program may be made through open market, block, and privately negotiated transactions, including Rule 10b5-1 plans, as permitted by securities laws and other legal requirements. The timing, manner, price and amount of any purchases by the Company and the Advisor will be determined by the respective teams responsible at the Company and the Advisor, as applicable, in their reasonable business judgment and consistent with the exercise of their legal duties and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The Company share repurchase program does not obligate the Company to acquire any particular amount of common stock. The Company’s and the Advisor’s share purchase programs will remain open until at least November 2022 or until the capital committed to the applicable repurchase program has been exhausted, whichever is sooner. Repurchases under the Company’s share repurchase program may be suspended from time to time at the Company’s discretion without prior notice.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 10 - Commitments and Contingencies Unfunded Commitments Under Commercial Mortgage Loans As of December 31, 2021 and 2020, the Company had the below unfunded commitments to the Company's borrowers (dollars in thousands): Funding Expiration December 31, 2021 December 31, 2020 2021 $ — $ 59,692 2022 25,864 91,420 2023 123,860 69,880 2024 271,056 7,700 2025 and beyond 37,325 — $ 458,105 $ 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 asserted 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 asserted 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 asserted 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 asserted 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 asserted 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 alleged 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. Subsequent to the completion of the Capstead merger, each of the Stein Lawsuit, the Hopkins Lawsuit, the Harrington Lawsuit, the Gill Lawsuit and the Wilson Lawsuit was voluntarily dismissed without prejudice.

Related Party Transactions and

Related Party Transactions and Arrangements	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Note 11 - Related Party Transactions and Arrangements Advisory Agreement Fees and Reimbursements Pursuant to the Advisory Agreement, the Company is required to make the following payments and reimbursements to the Advisor: • The Company reimburses the Advisor’s costs of providing services pursuant to the Advisory Agreement, except the salaries and benefits paid by the Advisor to the Company’s executive officers. • The Company pays the Advisor, or its affiliates, a monthly asset management fee equal to one-twelfth of 1.5% of stockholders' equity as calculated pursuant to the Advisory Agreement. • The Company will pay the Advisor an annual subordinated performance fee calculated on the basis of total return to stockholders, payable monthly in arrears, such that for any year in which total return on stockholders’ capital exceeds 6.0% per annum, our Advisor will be entitled to 15.0% of the excess total return; provided that in no event will the annual subordinated performance fee payable to our Advisor exceed 10.0% of the aggregate total return for such year. • The Company reimburses the Advisor for insourced expenses incurred by the Advisor on the Company's behalf related to selecting, evaluating, originating and acquiring investments in an amount up to 0.5% of the principal amount funded by the Company to originate or acquire commercial mortgage loans and up to 0.5% of the anticipated net equity funded by the Company to acquire real estate securities investments. The table below shows the costs incurred due to arrangements with our Advisor and its affiliates during the years ended December 31, 2021, 2020 and 2019 and the associated payable as of December 31, 2021 and 2020 (dollars in thousands): Year Ended December 31, Payable as of December 31, 2021 2020 2019 2021 2020 Acquisition expenses (1) $ 1,203 $ 696 $ 900 $ — $ — Administrative services expenses 7,658 13,120 16,363 — 2,940 Asset management and subordinated performance fee 28,110 15,178 16,226 15,595 4,773 Other related party expenses (2)(3) 355 703 1,610 1,943 1,812 Total related party fees and reimbursements $ 37,326 $ 29,697 $ 35,099 $ 17,538 $ 9,525 ________________________ (1) Total acquisition fees and expenses paid during the years ended December 31, 2021, 2020 and 2019 were $15.0 million, $7.1 million and $8.4 million respectively, of which $13.8 million, $6.4 million and $7.5 million were capitalized within the commercial mortgage loans, held for investment line of the consolidated balance sheets for the years ended December 31, 2021, 2020 and 2019. (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) The related party payable includes $1.9 million and $1.8 million, respectively, of payments made by the Advisor to third party vendors on behalf of the Company. The payables as of December 31, 2021 and 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 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 $2.0 million and $0.2 million of interest expense on the lending agreement with SBL for the years ended December 31, 2021 and 2020, respectively. As of December 31, 2021 there was a $50.0 million outstanding balance under the lending agreement. SBL is an entity that also holds 17,950 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.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Note 12 - Share-Based Compensation Share Plan The Company maintains the Franklin BSP Realty Trust, Inc. 2021 Equity Incentive Plan (the “2021 Incentive Plan”), pursuant to which the Company may, from time to time, grant equity awards to the Company’s directors, officers and employees (if it ever has employees), employees of the Advisor and its affiliates, or certain of the Company’s consultants, advisors or other service providers to the Company or an affiliate of the Company. The 2021 Incentive Plan, which is administered by the Compensation Committee of the Board of Directors, provides for the grant of awards of share options, share appreciation rights, restricted shares, restricted share units, deferred share units, unrestricted shares, dividend equivalent rights, performance shares and other performance-based awards, other equity-based awards, LTIP units and cash bonus awards. The maximum number of shares of common stock available for issuance under the 2021 Incentive Plan is 5,500,000 shares. No awards had been made under the 2021 Incentive Plan as of December 31, 2021 . The Board may amend, suspend or terminate the 2021 Incentive Plan at any time; provided that no amendment, suspension or termination may impair rights or obligations under any outstanding award without the participant’s consent or violate the 2021 Incentive Plan’s prohibition on repricing. The Company also has an employee and director incentive restricted share plan (the "RSP"), which provides the Company with the ability to grant awards of restricted shares to the Company’s directors, officers and employees (if the Company ever has employees), employees of the Advisor and its affiliates, employees of entities that provide services to the Company, directors of the Advisor or of entities that provide services to the Company, the Advisor and its affiliates. The total number of common shares granted under the RSP shall not exceed 5.0% of the Company’s authorized common shares pursuant to the Offering, and in any event, will not exceed 4.0 million shares (as such number may be adjusted for stock splits, stock distributions, combinations and similar events). The RSP will expire on February 7, 2023. Restricted share awards entitle the recipient to receive common shares from the Company under terms that provide for vesting over a specified period of time or upon attainment of pre-established performance objectives. Such awards would typically be forfeited with respect to the unvested shares upon the termination of the recipient’s employment or other relationship with the Company. Restricted shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. Holders of restricted shares may receive cash distributions prior to the time that the restrictions on the restricted shares have lapsed. Any distributions payable in common shares shall be subject to the same restrictions as the underlying restricted shares. The fair value of the restricted share awards are expensed over the vesting period. As of December 31, 2021, the Company had granted 56,060 restricted shares to its independent directors, of which 5,333 were forfeited and 39,543 have vested, leaving a balance of 11,184 unvested restricted shares. As of December 31, 2020, the Company had granted 44,876 restricted shares to its independent directors, of which 5,333 were forfeited and 27,823 had vested, leaving a balance of 11,720 unvested restricted shares. The compensation expense associated with the restricted share grants was $0.2 million, $0.2 million and $0.2 million, for the years ended December 31, 2021, 2020 and 2019, respectively and are included within Other expenses line on the consolidated statements of operations.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 13 - Fair Value of Financial Instruments GAAP establishes a hierarchy of valuation techniques based on the observability of inputs used in measuring financial instruments at fair values. GAAP establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below: • Level I - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. • Level II - Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. • Level III - Unobservable inputs that reflect the entity's own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the above hierarchy requires significant judgment and factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. The Company has implemented valuation control processes to validate the fair value of the Company's financial instruments measured at fair value including those derived from pricing models. These control processes are designed to assure that the values used for financial reporting are based on observable inputs wherever possible. In the event that observable inputs are not available, the control processes are designed to assure that the valuation approach utilized is appropriate and consistently applied and the assumptions are reasonable. Financial Instruments Measured at Fair Value on a Recurring Basis CMBS recorded in real estate securities, available for sale, measured at fair value on the consolidated balance sheets are valued utilizing both observable and unobservable market inputs. These factors include projected future cash flows, ratings, subordination levels, vintage, remaining lives, credit issues, and recent trades of similar real estate securities. Depending upon the significance of the fair value inputs used in determining these fair values, these real estate securities are classified in either Level II or Level III of the fair value hierarchy. As of December 31, 2020, the Company obtained third party pricing for determining the fair value of each CMBS investment, resulting in a Level II classification. Real estate securities classified as trading, RMBS, are measured at fair value by utilizing a third party pricing service to obtain a current estimated liquid price of the securities. The RMBS are classified in Level II of the fair value hierarchy. 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 some 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. The fair value of exchange-traded swap agreements hedging RMBS repurchase agreements are calculated using the net discounted future fixed cash payments and the discounted future variable cash receipts which are based on expected future interest rates derived from observable market interest rate curves. The Company also incorporates both its own nonperformance risk and its counterparties’ nonperformance risk in determining fair value. In considering the effect of nonperformance risk, the Company considered the impact of netting and credit enhancements, such as collateral postings and guarantees, and has concluded that counterparty risk is not significant to the overall valuation. Interest rate swap agreements hedging the Company's RMBS repurchase agreements are measured at fair value on a recurring basis primarily using Level II inputs. The fair value of these derivatives are calculated including accrued interest and net of variation margin amounts received or paid through the exchange, resulting in separately presenting on the balance sheet a significantly reduced fair value amount representing the unsettled fair value of these derivatives. 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 during the years ended December 31, 2021 and December 31, 2020. The following table presents the Company's financial instruments carried at fair value on a recurring basis in the consolidated balance sheets by its level in the fair value hierarchy as of December 31, 2021 and December 31, 2020 (dollars in thousands): December 31, 2021 Total Level I Level II Level III Assets, at fair value Real estate securities, available for sale, measured at fair value $ — $ — $ — $ — Real estate securities, trading, measured at fair value 4,566,871 — 4,566,871 — Commercial mortgage loans, held for sale, measured at fair value 34,718 — — 34,718 Other real estate investments, measured at fair value 2,074 — — 2,074 Treasury note futures 124 — 124 — Interest rate swaps 312 — 312 — Total assets, at fair value $ 4,604,099 $ — $ 4,567,307 $ 36,792 Liabilities, at fair value Credit default swaps $ 1,142 $ — $ 1,142 $ — Treasury note futures — — — — Unsecured debt-related interest rate swap agreements 31,153 — 31,153 — Total liabilities, at fair value $ 32,295 $ — $ 32,295 $ — December 31, 2020 Assets, at fair value Real estate securities, available for sale, measured at fair value $ 171,136 $ — $ 171,136 $ — Real estate securities. trading, measured at fair value — — — — 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 — — Unsecured debt-related interest rate swap agreements — — — — 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 December 31, 2021 and December 31, 2020 (dollars in thousands). Asset Category Fair Value Valuation Methodologies Unobservable Inputs (1) Weighted Average (2) Range December 31, 2021 Commercial mortgage loans, held for sale, measured at fair value $ 34,718 Discounted Cash Flow Yield 3.4% 3.2% - 4.2% Other real estate investments, measured at fair value 2,074 Discounted Cash Flow Yield 10.9% 9.9% - 11.9% 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 Broker Quotes 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 December 31, 2021 and December 31, 2020 for which the Company has used Level III inputs to determine fair value (dollars in thousands): December 31, 2021 Commercial mortgage loans, held for sale, measured at fair value Other real estate investments, measured at fair value Beginning balance, January 1, 2021 $ 67,649 $ 2,522 Transfers into Level III (2) — — Total realized and unrealized gain/(loss) included in earnings: Realized gain/(loss) on sale of commercial mortgage loan, held for sale 24,208 — Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments 469 (19) Net accretion — (3) Purchases 420,673 — Sales / paydowns (478,281) (426) Cash repayments/receipts — — Transfers out of Level III (2) — — Ending Balance, December 31, 2021 $ 34,718 $ 2,074 December 31, 2020 Commercial mortgage loans, held for sale, measured at fair value Other real estate investments, measured at fair value Beginning balance, January 1, 2020 $ 112,562 $ 2,557 Transfers into Level III (2) 23,625 — Total realized and unrealized gain/(loss) included in earnings: Realized gain/(loss) on sale of commercial mortgage loan, held for sale 15,931 — Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments (75) (32) Net accretion — (3) Purchases (1) 267,552 — Sales / paydowns (1) (328,321) — Cash repayments/receipts — — Transfers out of Level III (2) (23,625) — December 31, 2020 balance (2) $ 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 repurchase agreements approximate their carrying value on the consolidated balance sheets due to their short-term nature, and are measured using Level II inputs. Financial Instruments Not Measured at Fair Value The fair values of the Company's commercial mortgage loans, held for investment and collateralized loan obligations, which are not reported at fair value on the consolidated balance sheets are reported below as of December 31, 2021 and 2020 (dollars in thousands): Level Carrying Amount Fair Value December 31, 2021 Commercial mortgage loans, held for investment (1) Asset III $ 4,226,888 $ 4,249,118 Collateralized loan obligations Liability III 2,162,190 2,181,571 Mortgage note payable Liability III 23,998 23,998 Other financing and loan participation - commercial mortgage loans Liability III 37,903 37,903 Unsecured debt Liability III 148,594 125,400 December 31, 2020 Commercial mortgage loans, held for investment (1) Asset III $ 2,714,734 $ 2,724,039 Collateralized loan obligation Liability III 1,625,498 1,606,478 Mortgage Note Payable Liability III 29,167 29,167 Other financing and loan participation - commercial mortgage loans Liability III 31,379 31,379 ________________________ (1) The carrying value is gross of $15.8 million and $20.9 million of allowance for credit losses as of December 31, 2021 and December 31, 2020, respectively. The fair value of the commercial mortgage loans, held for investment is estimated using a discounted cash flow analysis, based on the Advisor's experience with similar types of investments. The Company estimates the fair value of the collateralized loan obligations using external broker quotes. The fair value of the other financing and loan participation-commercial mortgage loans is generally estimated using a discounted cash flow analysis. At December 31, 2021, the Mortgage note payable was initially recorded at transaction proceeds, which are considered to be the best initial estimate of fair value. The fair value of the unsecured borrowings is based on discounted cash flows using Company estimates for market yields on similarly structured debt instruments.

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 14 - Derivative Instruments The Company uses derivative instruments primarily to manage the fair value variability of fixed rate assets caused by interest rate fluctuations and overall portfolio market risk. As of December 31, 2021, the net premiums received on derivative instrument assets were $6.5 million. The following derivative instruments were outstanding as of December 31, 2021 and December 31, 2020 (dollars in thousands): Fair Value Contract type Notional Assets Liabilities As of December 31, 2021 Credit default swaps $ 47,000 $ — $ 1,142 Interest rate swaps 3,649,500 312 — Interest rate swaps on unsecured debt 100,000 — 31,153 Treasury note futures 360 124 — Total $ 3,796,860 $ 436 $ 32,295 As of 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 year ended December 31, 2021 and December 31, 2020: Year Ended December 31, 2021 Year Ended December 31, 2020 Contract type Unrealized Realized Unrealized Realized Credit default swaps $ (101) $ 650 $ (143) $ 323 Interest rate swaps (7,070) 70 296 7,463 Treasury note futures (231) (1,478) 842 4,665 Options — 274 — 35 Total $ (7,402) $ (484) $ 995 $ 12,486 The following table includes disclosures regarding components of unsecured debt-related effects on interest expense and other comprehensive income for the year ended December 31, 2021 and December 31, 2020: Year Ended December 31, 2021 Year Ended December 31, 2020 Related to the statement of operations Amount of loss reclassified from other comprehensive income (1) $ (790) $ — Related to other comprehensive income Amount of gain/(loss) recognized in other comprehensive income $ (852) $ — ________________________ (1) Included in interest expense in the consolidated statements of operations The merger with Capstead has expanded the Company's portfolio of derivatives to additionally hedge the variability of the underlying benchmark interest rate of current and forecasted 30- to 90-day repurchase agreements. The Company attempts to mitigate exposure to higher interest rates primarily by entering into pay-fixed, receive-variable, interest rate swap agreements for terms between eighteen months and three years. From an economic perspective, this hedge relationship establishes a relatively stable fixed rate on related debt because the variable-rate payments received on the swap agreements offset a significant portion of the interest accruing on the debt, leaving the fixed-rate swap payments as the Company’s effective borrowing rate. Additionally, changes in fair value of these derivatives tend to offset opposing changes in fair value of the Company’s residential mortgage investments that can occur in response to changes in market interest rates. Subsequent to the completion of the merger through December 31, 2021, the Company did not enter into any additional swap agreements and no swaps had matured. In the fourth quarter of 2021, the Company terminated $600 million notional amount of swaps related to the ARM portfolio requiring fixed-rate interest payments averaging 0.3%. Subsequent to December 31, 2021, the Company entered into swap agreements with notional amounts totaling $1 billion requiring fixed-rate interest payments averaging 0.98% and terminated $2.90 billion notional amount of swaps requiring fixed-rate interest payments averaging 0.28%. At December 31, 2021, the Company’s trading securities portfolio financing-related swap positions, all of which were either SOFR or OIS-indexed, had the following characteristics (dollars in thousands): Period of Contract Expiration Swap Notional Average Fixed Rates Second quarter 2022 $ 400,000 0.02 % Third quarter 2022 1,200,000 0.01 % Fourth quarter 2022 800,000 0.07 % First quarter 2023 50,000 0.13 % Second quarter 2023 350,000 0.20 % Third quarter 2023 100,000 0.03 % Fourth quarter 2023 374,500 0.09 % First quarter 2024 150,000 0.28 % Second quarter 2024 225,000 0.32 % $ 3,649,500 The Company has three-month LIBOR-indexed, pay-fixed, receive-variable, interest rate swap agreements with notional amounts totaling $100 million and average fixed rates of 4.09% with 20-year payment terms coinciding with the floating-rate terms of the Company’s unsecured debt that mature in 2035 and 2036. These derivatives, which are designated as cash flow hedges for accounting purposes, hedge the variability of the underlying benchmark interest rate associated with the floating-rate terms of these long-term borrowings. Subsequent to year-end, the Company terminated the entirety of its $100 million notional amount of unsecured debt-related swap agreements. Interest rate swap agreements are measured at fair value on a recurring basis primarily using Level Two Inputs in accordance with ASU 2010-06, Fair Value Measurements and Disclosures (Topic 820). In determining fair value estimates for swaps, The Company utilizes the standard methodology of netting the discounted future fixed cash payments and the discounted future variable cash receipts which are based on expected future interest rates derived from observable market interest rate curves. The Company also incorporates both its own nonperformance risk and its counterparties’ nonperformance risk in determining fair value. In considering the effect of nonperformance risk, the Company considered the impact of netting and credit enhancements, such as collateral postings and guarantees, and has concluded that counterparty risk is not significant to the overall valuation. The fair value of exchange-traded swap agreements hedging repurchase agreements is calculated including accrued interest and net of variation margin amounts received or paid through the exchange, resulting in separately presenting on the balance sheet a fair value amount representing the unsettled fair value of these derivatives. Non-exchange traded swap agreements held as cash flow hedges of unsecured debt are reported at fair value calculated excluding accrued interest. At December 31, 2021, Cash collateral receivable from derivative counterparties includes initial margin for all derivatives and variation margin for non-exchange traded derivatives. Accrued interest for non-exchange traded swap agreements is included in accounts payable and accrued expenses.

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	12 Months Ended
	Dec. 31, 2021
Offsetting [Abstract]
Offsetting Assets and Liabilities	Note 15 - Offsetting Assets and Liabilities The Company's consolidated balance sheets used a gross presentation of repurchase agreements and collateral pledged. The table below provides a gross presentation, the effects of offsetting and a net presentation of the Company's derivative instruments and repurchase agreements within the scope of ASC 210-20, Balance Sheet—Offsetting , as of December 31, 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 December 31, 2021 Derivative instruments, at fair value $ 436 $ — $ 436 $ — $ — $ 436 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 Assets Presented on the Balance Sheet Financial Instruments Cash Collateral (1) Net Amount December 31, 2021 Repurchase agreements, commercial mortgage loans $ 1,019,600 $ — $ 1,019,600 $ 1,460,317 $ 5,015 $ — Repurchase agreements, real estate securities 4,178,784 — 4,178,784 4,370,239 — — Derivative instruments, at fair value 32,295 — 32,295 — 64,393 — 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 — ________________________ (1) These cash collateral amounts are recorded within the Restricted cash, Accounts payable and accrued expenses and Cash collateral receivable from derivative counterparties balances on the consolidated balance sheets.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Segment Reporting	Note 16 - 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 real estate securities. Historically this business has focused primarily on CMBS, unsecured REIT debt, CDO notes and other securities. As a result of the October 2021 acquisition of Capstead, the Company acquired and continues to hold a significant portfolio of Residential Mortgage Backed Securities (“RMBS”) in the form of the ARM Agency Securities. As of December 31, 2021, all of the real estate securities in this segment were ARM Agency Securities acquired in the Capstead acquisition. • The commercial real estate conduit business operated through the Company's TRS, which is focused on generating risk-adjusted returns by originating and subsequently selling fixed-rate commercial real estate loans into the CMBS securitization market at a profit. • The real estate owned business represents real estate acquired by the Company through foreclosure, deed in lieu of foreclosure, or purchase. The following table represents the Company's operations by segment for the years ended December 31, 2021, December 31, 2020 and December 31, 2019 (dollars in thousands): December 31, 2021 Total Real Estate Debt and Other Real Estate Real Estate Securities TRS Real Estate Owned Interest income $ 216,890 $ 189,090 $ 24,740 $ 3,060 $ — Revenue from real estate owned 4,759 — — — 4,759 Interest expense 60,835 54,774 3,682 992 1,387 Net income/(loss) 25,702 86,863 (85,381) 13,149 11,071 Total assets as of December 31, 2021 9,474,701 4,205,883 5,054,394 72,840 141,584 December 31, 2020 Interest income $ 179,872 $ 165,907 $ 10,854 $ 3,111 $ — Revenue from real estate owned 4,299 — — — 4,299 Interest expense 66,556 54,480 7,914 2,185 1,977 Net income/(loss) 54,746 66,383 (7,207) (5,559) 1,129 Total assets as of December 31, 2020 3,189,761 2,866,790 175,088 105,364 42,519 December 31, 2019 Interest income $ 195,299 $ 181,434 $ 6,149 $ 7,716 $ — Revenue from real estate owned 3,169 — — — 3,169 Interest expense 90,418 83,597 2,911 3,670 240 Net income/(loss) 83,924 61,936 3,238 19,130 (380) Total assets as of December 31, 2019 3,540,620 2,964,233 388,170 131,193 57,024 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.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 17 - 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 TRSs, is indirectly subject to U.S. federal, state and local income taxes. The Company’s TRSs are not consolidated for U.S. federal income tax purposes, but is instead taxed as a C corporations. For financial reporting purposes, the TRSs are 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 TRSs. Total income tax expense (benefit) for the years ended December 31, 2021, December 31, 2020 and December 31, 2019 were $3.6 million, $(2.1) million and $4.5 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, 2018 and concluded that there were no uncertainties to be recognized. The Company’s accounting policy with respect to interest and penalties related to tax uncertainties is to classify these amounts as provision for income taxes. Components of the provision for income taxes consist of the following (dollars in thousands): Year Ended December 31, 2021 2020 2019 Current expense/(benefit) U.S. Federal $ 3,093 $ (2,086) $ 4,076 State and local 349 370 397 Total current expense/(benefit) $ 3,442 $ (1,716) $ 4,473 Deferred expense/(benefit) U.S. Federal $ (1) $ — $ 10 State and local 158 (346) — Total deferred expense/(benefit) $ 157 $ (346) $ 10 Provision for income tax expense/(benefit) $ 3,599 $ (2,062) $ 4,483 The tax characteristics of $1.26 distributions per common share declared during 2021 was $1.22 ordinary income and $0.04 capital gain. The tax characteristics of the $353.08 distributions per share of Series A Preferred stock declared during 2021 was $343.03 ordinary income and $10.05 capital gain. The tax characteristics of the $377.02 per share of Series C Preferred Stock and Series D Preferred stock declared during 2021 was $366.29 ordinary income and $10.73 capital gain. The tax characteristics of the $0.35 distributions per share of Series F Preferred stock declared during 2021 was $0.34 ordinary income and $0.01 capital gain. The tax characteristics of the $0.47 distributions per share of Series E Preferred stock declared during 2021 was $0.46 ordinary income and $0.01 capital gain. The ordinary income per share of each stockholder represents the amount of ordinary dividends that may be eligible for the 20% deduction applicable to qualified REIT dividends under Section 199A. The tax characteristics of the $1.30 distributions per common share declared during 2020 was $1.24 ordinary income and $0.06 capital gain. Of the $1.24 of ordinary income, $1.24 represents the amount of the ordinary dividend that may be eligible for the 20% deduction applicable to qualified REIT dividends under Internal Revenue Code Section 199A. The tax characteristics of the $390.48 distributions per share of Series A Preferred Stock and Series C Preferred Stock declared during 2020 was $370.93 ordinary income and $19.55 capital gain. Of the $370.93 of ordinary income, $370.93 represents the amount of the ordinary dividend that may be eligible for the 20% deduction applicable to qualified REIT dividends under Section 199A. The Company utilizes the TRSs 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.

Merger with Capstead

Merger with Capstead	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Merger with Capstead	Note 18 - Merger with Capstead On October 19, 2021, the Company, Rodeo Sub I, LLC, a wholly-owned subsidiary of the Company (“Merger Sub”), Capstead Mortgage Corporation (“Capstead”), and the Advisor completed the Merger pursuant to the terms of the Merger Agreement. On the Closing Date, Capstead merged with and into Merger Sub, with Merger Sub continuing as the surviving company. Asset Acquisition The Company accounted for the acquisition of Capstead in accordance with Accounting Standards Codification Topic 805, “Business Combinations,” which is referred to as ASC 805. The Company determined the transaction did not meet the definition of a business combination under ASC 805 and was accounted for as an asset acquisition since substantially all of the fair value of the gross assets acquired was concentrated in a group of similar identifiable assets, a portfolio of agency mortgage-backed securities, which Capstead previously recognized as available for sale. In an asset acquisition, goodwill is not recognized, and any excess consideration transferred over the fair value of the net identifiable assets acquired is allocated on a relative fair value basis to the acquired assets. The Company measured the cost of the net identifiable assets acquired on the basis of the fair value of the consideration given, inclusive of transaction costs, which was determined to be more reliably measurable. The fair value of the consideration paid of $870.1 million was comprised of $579.5 million of Common Stock, $258.7 million of Series E Preferred Stock, $20.5 million of Per Share Cash Payment, and $11.3 million of transaction costs. As the cost of the acquisition exceeded the fair value of the net identifiable assets acquired, the Company allocated the difference on the basis of relative fair values to certain assets which were not carried at fair value. The amount of excess consideration, including the Company's transaction costs, was capitalized on the balance sheet as a long-lived asset at the time of acquisition. In the fourth quarter of 2021, the Company concluded the long-lived asset had no potential value to the generation of future cash flows and fully impaired the asset, recognizing an expense totaling $88.3 million in the consolidated statements of operations with an associated reduction in stockholders' equity. Included in the expense was $15.9 million of consideration associated with change-in-control severance payments and accelerated equity award vesting paid to former Capstead employees upon the completion of the merger. The allocation of the purchase price to assets acquired and liabilities assumed is as follows (amounts in thousands): Assets Acquired As of October 19, 2021 Cash and cash equivalents $ 174,083 Real estate securities, trading, measured at fair value 6,841,482 Prepaid expenses and other assets 275,127 Cash collateral receivable from derivative counterparties 68,969 Liabilities Assumed Repurchase agreements and secured borrowings - real estate securities 6,421,262 Unsecured borrowings 98,574 Derivative instruments, measured at fair value 31,091 Distributions payable 1,345 Accounts payable and accrued expenses 25,606 Net Assets Acquired 781,783

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 19 - Subsequent Events The Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K.

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE December 31, 2021 (Dollars in thousands) Description Property Type Face Amount Carrying Amount Interest Payment Maturity Date Senior Debt 1 Hospitality $ 4,858 $ 4,858 1 month LIBOR + 4.00% Amortizing Balloon 12/9/2023 Senior Debt 2 Hospitality 57,075 57,075 1 month LIBOR + 5.19% Interest Only 6/9/2019 Senior Debt 3 Multifamily 26,568 26,568 1 month LIBOR + 4.50% Interest Only 12/31/2022 Senior Debt 4 Hospitality 22,150 22,150 1 month LIBOR + 6.00% Interest Only 1/9/2023 Senior Debt 5 Office 6,901 6,901 1 month LIBOR + 5.15% Interest Only 3/9/2022 Senior Debt 6 Multifamily 36,822 36,822 1 month LIBOR + 3.00% Interest Only 3/9/2022 Senior Debt 7 Multifamily 37,025 37,025 1 month LIBOR + 3.00% Interest Only 11/9/2022 Senior Debt 8 Hospitality 22,355 22,355 1 month LIBOR + 3.50% Interest Only 3/9/2023 Senior Debt 9 Office 20,685 20,685 1 month LIBOR + 3.75% Interest Only 9/9/2022 Senior Debt 10 Office 15,722 15,722 1 month LIBOR + 3.40% Amortizing Balloon 9/9/2022 Senior Debt 11 Retail 29,500 29,452 6.50% Interest Only 9/9/2023 Senior Debt 12 Multifamily 27,488 27,488 1 month LIBOR + 3.35% Interest Only 11/9/2022 Senior Debt 13 Hospitality 8,285 8,285 1 month LIBOR + 4.85% Amortizing Balloon 1/9/2023 Senior Debt 14 Office 7,125 7,125 1 month LIBOR + 3.90% Interest Only 2/9/2022 Senior Debt 15 Hospitality 13,972 13,972 1 month LIBOR + 4.47% Interest Only 4/9/2022 Senior Debt 16 Retail 11,924 11,924 1 month LIBOR + 3.95% Interest Only 4/9/2022 Senior Debt 17 Office 42,631 42,601 1 month LIBOR + 3.50% Interest Only 5/9/2022 Senior Debt 18 Retail 8,203 8,203 1 month LIBOR + 8.00% Interest Only 9/9/2022 Senior Debt 19 Hospitality 10,580 10,570 1 month LIBOR + 4.50% Interest Only 6/9/2022 Senior Debt 20 Hospitality 19,900 19,884 1 month LIBOR + 4.15% Interest Only 6/9/2022 Senior Debt 21 Office 39,650 39,597 1 month LIBOR + 4.01% Interest Only 6/9/2022 Senior Debt 22 Hospitality 20,930 20,900 1 month LIBOR + 3.75% Interest Only 8/9/2022 Senior Debt 23 Hospitality 13,000 12,982 1 month LIBOR + 2.94% Interest Only 10/9/2022 Senior Debt 24 Hospitality 4,987 4,988 1 month LIBOR + 4.25% Interest Only 7/9/2023 Senior Debt 25 Hospitality 12,750 12,734 1 month LIBOR + 4.45% Interest Only 8/9/2022 Senior Debt 26 Hospitality 10,845 10,845 1 month LIBOR + 4.50% Interest Only 2/9/2022 Senior Debt 27 Retail 9,400 9,388 1 month LIBOR + 4.20% Interest Only 9/9/2022 Senior Debt 28 Hospitality 34,053 34,053 1 month LIBOR + 3.99% Amortizing Balloon 11/9/2022 Senior Debt 29 Industrial 56,933 56,933 1 month LIBOR + 3.75% Interest Only 12/9/2021 Senior Debt 30 Office 21,825 21,777 1 month LIBOR + 3.50% Interest Only 12/9/2022 Senior Debt 31 Hospitality 7,100 7,088 1 month LIBOR + 4.00% Interest Only 12/9/2022 Senior Debt 32 Multifamily 15,342 15,309 1 month LIBOR + 2.75% Interest Only 12/9/2022 Senior Debt 33 Multifamily 27,650 27,601 1 month LIBOR + 3.15% Interest Only 12/9/2022 Senior Debt 34 Multifamily 27,094 27,064 1 month LIBOR + 2.70% Interest Only 12/9/2022 Senior Debt 35 Multifamily 9,016 9,016 1 month LIBOR + 3.95% Interest Only 12/9/2022 Senior Debt 36 Multifamily 25,000 24,999 1 month LIBOR + 3.30% Interest Only 1/9/2023 Senior Debt 37 Office 25,802 25,699 1 month LIBOR + 4.35% Interest Only 1/9/2024 Senior Debt 38 Multifamily 15,150 15,128 1 month LIBOR + 3.10% Interest Only 2/9/2023 Senior Debt 39 Office 58,714 58,491 1 month LIBOR + 3.70% Interest Only 2/9/2023 Senior Debt 40 Multifamily 11,739 11,723 1 month LIBOR + 3.15% Interest Only 8/9/2022 Senior Debt 41 Office 28,083 28,025 1 month LIBOR + 2.70% Interest Only 2/9/2023 Senior Debt 42 Manufactured Housing 1,359 1,359 5.50% Interest Only 5/9/2025 Description Property Type Face Amount Carrying Amount Interest Payment Maturity Date Senior Debt 43 Multifamily 7,060 7,054 1 month LIBOR + 4.75% Interest Only 5/9/2022 Senior Debt 44 Industrial 17,038 16,983 1 month LIBOR + 6.25% Interest Only 7/9/2023 Senior Debt 45 Multifamily 4,300 4,289 1 month LIBOR + 5.50% Interest Only 2/9/2023 Senior Debt 46 Manufactured Housing 7,680 7,658 1 month LIBOR + 4.50% Interest Only 8/9/2023 Senior Debt 47 Mixed Use 30,465 30,326 1 month LIBOR + 5.15% Interest Only 8/9/2023 Senior Debt 48 Hospitality 27,000 26,921 1 month LIBOR + 6.50% Interest Only 9/9/2023 Senior Debt 49 Multifamily 50,000 49,911 1 month LIBOR + 6.69% Interest Only 9/9/2022 Senior Debt 50 Self Storage 29,895 29,807 1 month LIBOR + 5.00% Interest Only 9/9/2023 Senior Debt 51 Multifamily 14,183 14,150 1 month LIBOR + 4.75% Interest Only 9/9/2022 Senior Debt 52 Manufactured Housing 3,400 3,393 1 month LIBOR + 5.00% Interest Only 9/9/2022 Senior Debt 53 Multifamily 27,550 27,500 1 month LIBOR + 5.75% Interest Only 9/9/2022 Senior Debt 54 Manufactured Housing 5,020 5,004 1 month LIBOR + 5.25% Interest Only 10/9/2023 Senior Debt 55 Office 18,603 18,542 1 month LIBOR + 4.50% Interest Only 10/9/2023 Senior Debt 56 Office 67,651 67,384 5.15% Interest Only 10/9/2025 Senior Debt 57 Office 30,900 30,748 1 month LIBOR + 5.20% Interest Only 10/9/2023 Senior Debt 58 Self Storage 11,600 11,574 1 month LIBOR + 4.76% Interest Only 11/9/2022 Senior Debt 59 Manufactured Housing 5,000 4,957 1 month LIBOR + 5.90% Interest Only 5/9/2023 Senior Debt 60 Office 12,750 12,705 1 month LIBOR + 5.00% Interest Only 11/9/2023 Senior Debt 61 Multifamily 43,320 43,151 1 month LIBOR + 4.35% Interest Only 11/9/2023 Senior Debt 62 Multifamily 37,674 37,539 1 month LIBOR + 4.45% Interest Only 11/9/2023 Senior Debt 63 Multifamily 8,763 8,730 1 month LIBOR + 5.50% Interest Only 11/9/2023 Senior Debt 64 Retail 11,963 11,928 1 month LIBOR + 4.87% Interest Only 5/9/2022 Senior Debt 65 Multifamily 5,730 5,712 1 month LIBOR + 5.00% Interest Only 6/9/2023 Senior Debt 66 Multifamily 18,800 18,658 1 month LIBOR + 4.00% Interest Only 12/9/2024 Senior Debt 67 Industrial 14,985 14,923 1 month LIBOR + 4.50% Interest Only 12/9/2023 Senior Debt 68 Office 11,981 11,932 1 month LIBOR + 5.50% Interest Only 1/9/2024 Senior Debt 69 Multifamily 11,820 11,769 1 month LIBOR + 4.55% Interest Only 2/9/2024 Senior Debt 70 Multifamily 21,000 20,920 1 month LIBOR + 4.60% Interest Only 1/9/2024 Senior Debt 71 Office 26,000 25,932 1 month LIBOR + 5.00% Interest Only 1/9/2023 Senior Debt 72 Multifamily 54,500 54,422 1 month LIBOR + 3.80% Interest Only 2/9/2023 Senior Debt 73 Multifamily 11,672 11,620 1 month LIBOR + 3.50% Interest Only 2/9/2024 Senior Debt 74 Multifamily 21,000 20,956 1 month LIBOR + 4.95% Interest Only 8/9/2022 Senior Debt 75 Office 43,751 43,518 1 month LIBOR + 3.94% Interest Only 3/9/2024 Senior Debt 76 (3) Multifamily — — 1 month LIBOR + 7.25% Interest Only 2/9/2024 Senior Debt 77 Multifamily 5,400 5,384 1 month LIBOR + 5.25% Interest Only 2/9/2023 Senior Debt 78 Hospitality 23,000 22,914 1 month LIBOR + 5.79% Interest Only 3/9/2024 Senior Debt 79 Multifamily 32,856 32,742 1 month LIBOR + 6.75% Interest Only 3/9/2023 Senior Debt 80 Multifamily 12,325 12,278 1 month LIBOR + 4.50% Interest Only 3/9/2024 Senior Debt 81 Multifamily 6,300 6,262 1 month LIBOR + 5.35% Interest Only 9/9/2023 Senior Debt 82 Multifamily 31,023 30,955 1 month LIBOR + 3.00% Interest Only 4/9/2024 Senior Debt 83 Multifamily 11,936 11,881 1 month LIBOR + 4.25% Interest Only 4/9/2024 Senior Debt 84 Multifamily 5,575 5,556 1 month LIBOR + 4.50% Interest Only 4/9/2023 Senior Debt 85 Multifamily 53,178 53,081 1 month LIBOR + 3.00% Interest Only 4/9/2023 Senior Debt 86 Multifamily 14,045 14,012 1 month LIBOR + 3.39% Interest Only 4/9/2024 Senior Debt 87 Multifamily 8,301 8,263 1 month LIBOR + 3.80% Interest Only 4/9/2024 Description Property Type Face Amount Carrying Amount Interest Payment Maturity Date Senior Debt 88 Multifamily 13,582 13,533 1 month LIBOR + 4.50% Interest Only 10/9/2023 Senior Debt 89 Multifamily 18,277 18,200 1 month LIBOR + 5.25% Interest Only 4/9/2024 Senior Debt 90 Multifamily 17,985 17,938 1 month LIBOR + 3.60% Interest Only 4/9/2024 Senior Debt 91 Multifamily 41,823 41,808 1 month LIBOR + 2.95% Interest Only 4/9/2026 Senior Debt 92 Hospitality 25,785 25,686 1 month LIBOR + 5.60% Interest Only 5/9/2023 Senior Debt 93 Mixed Use 32,500 32,395 1 month LIBOR + 3.70% Interest Only 7/9/2023 Senior Debt 94 Multifamily 12,688 12,636 1 month LIBOR + 3.75% Interest Only 4/9/2023 Senior Debt 95 Multifamily 70,620 70,570 1 month LIBOR + 2.95% Interest Only 4/9/2026 Senior Debt 96 Multifamily 20,321 20,168 1 month LIBOR + 3.35% Interest Only 5/9/2024 Senior Debt 97 Multifamily 28,318 28,299 1 month LIBOR + 2.95% Interest Only 4/9/2026 Senior Debt 98 Multifamily 34,998 34,984 1 month LIBOR + 2.95% Interest Only 4/9/2026 Senior Debt 99 Multifamily 32,557 32,546 1 month LIBOR + 2.95% Interest Only 4/9/2026 Senior Debt 100 Hospitality 25,771 25,563 1 month LIBOR + 9.00% Interest Only 5/9/2024 Senior Debt 101 Self Storage 15,000 14,948 1 month LIBOR + 4.26% Interest Only 5/9/2023 Senior Debt 102 Multifamily 24,248 24,142 1 month LIBOR + 3.25% Interest Only 6/9/2023 Senior Debt 103 Office 6,800 6,774 1 month LIBOR + 5.25% Interest Only 11/9/2023 Senior Debt 104 Multifamily 12,792 11,546 1 month LIBOR + 6.50% Interest Only 6/9/2024 Senior Debt 105 Multifamily 10,391 10,339 1 month LIBOR + 3.15% Interest Only 7/9/2024 Senior Debt 106 Hospitality 17,449 17,346 1 month LIBOR + 5.35% Interest Only 6/9/2023 Senior Debt 107 Hospitality 28,000 27,807 1 month LIBOR + 6.25% Interest Only 6/9/2024 Senior Debt 108 Multifamily 31,900 31,716 1 month LIBOR + 3.15% Interest Only 7/9/2026 Senior Debt 109 Multifamily 37,260 37,164 1 month LIBOR + 3.40% Interest Only 6/9/2024 Senior Debt 110 (4) Multifamily — — 1 month LIBOR + 8.00% Interest Only 8/9/2024 Senior Debt 111 Multifamily 29,500 29,370 1 month LIBOR + 2.88% Interest Only 8/9/2024 Senior Debt 112 Multifamily 10,050 10,009 1 month LIBOR + 4.50% Interest Only 8/9/2023 Senior Debt 113 Multifamily 13,259 13,168 1 month LIBOR + 3.75% Interest Only 10/9/2023 Senior Debt 114 Multifamily 29,250 29,103 1 month LIBOR + 3.00% Interest Only 9/9/2024 Senior Debt 115 Multifamily 34,077 33,789 1 month LIBOR + 3.15% Interest Only 10/9/2024 Senior Debt 116 Multifamily 42,850 42,677 1 month LIBOR + 3.40% Interest Only 9/9/2023 Senior Debt 117 Multifamily 35,020 34,859 1 month LIBOR + 3.64% Interest Only 10/9/2024 Senior Debt 118 Multifamily 8,500 8,460 1 month LIBOR + 3.75% Interest Only 9/9/2024 Senior Debt 119 Multifamily 14,200 14,130 1 month LIBOR + 3.15% Interest Only 9/9/2023 Senior Debt 120 Multifamily 13,350 13,284 1 month LIBOR + 3.75% Interest Only 10/9/2023 Senior Debt 121 Multifamily 66,650 66,002 1 month LIBOR + 3.25% Interest Only 10/9/2024 Senior Debt 122 Multifamily 18,750 18,688 1 month LIBOR + 2.95% Interest Only 10/9/2024 Senior Debt 123 Multifamily 9,099 9,036 1 month LIBOR + 3.75% Interest Only 10/9/2024 Senior Debt 124 Multifamily 26,160 26,024 1 month LIBOR + 3.20% Interest Only 10/9/2024 Senior Debt 125 Hospitality 17,370 17,292 1 month LIBOR + 5.25% Interest Only 10/9/2023 Senior Debt 126 Hospitality 16,500 16,423 1 month LIBOR + 7.10% Interest Only 11/9/2023 Senior Debt 127 Multifamily 13,168 13,097 1 month LIBOR + 3.40% Interest Only 10/9/2023 Senior Debt 128 Multifamily 88,500 88,499 1 month LIBOR + 2.75% Interest Only 10/9/2024 Senior Debt 129 Multifamily 56,150 55,878 1 month LIBOR + 3.10% Interest Only 10/9/2024 Senior Debt 130 Multifamily 36,750 36,540 1 month LIBOR + 2.90% Interest Only 11/9/2026 Senior Debt 131 Multifamily 52,192 51,872 1 month LIBOR + 3.10% Interest Only 12/9/2023 Senior Debt 132 Multifamily 37,100 36,940 1 month LIBOR + 2.90% Interest Only 12/9/2024 Description Property Type Face Amount Carrying Amount Interest Payment Maturity Date Senior Debt 133 Multifamily 60,267 60,005 1 month LIBOR + 2.85% Interest Only 11/9/2023 Senior Debt 134 Multifamily 30,600 30,543 1 month LIBOR + 2.65% Interest Only 11/9/2023 Senior Debt 135 Multifamily 30,650 30,476 1 month LIBOR + 3.25% Interest Only 12/9/2024 Senior Debt 136 Multifamily 62,850 62,556 1 month LIBOR + 3.35% Interest Only 12/9/2023 Senior Debt 137 Multifamily 42,474 42,231 1 month LIBOR + 3.00% Interest Only 12/9/2023 Senior Debt 138 Multifamily 46,080 45,821 1 month LIBOR + 2.75% Interest Only 11/9/2025 Senior Debt 139 Multifamily 28,880 28,745 1 month LIBOR + 2.90% Interest Only 12/9/2024 Senior Debt 140 Manufactured Housing 6,700 6,666 1 month LIBOR + 4.50% Interest Only 12/9/2024 Senior Debt 141 Multifamily 58,680 58,393 1 month LIBOR + 3.45% Interest Only 1/9/2024 Senior Debt 142 Multifamily 26,600 26,459 1 month LIBOR + 2.90% Interest Only 12/9/2023 Senior Debt 143 Multifamily 12,478 12,393 1 month LIBOR + 3.20% Interest Only 12/9/2024 Senior Debt 144 Multifamily 35,996 35,801 1 month LIBOR + 3.00% Interest Only 12/9/2024 Senior Debt 145 Multifamily 32,250 32,068 1 month LIBOR + 3.20% Interest Only 12/9/2023 Senior Debt 146 Multifamily 38,631 38,394 1 month LIBOR + 2.90% Interest Only 12/9/2023 Senior Debt 147 Multifamily 64,281 63,917 1 month LIBOR + 2.88% Interest Only 12/9/2023 Senior Debt 148 Multifamily 62,003 61,654 1 month LIBOR + 2.88% Interest Only 12/9/2023 Senior Debt 149 Multifamily 16,570 16,467 1 month SOFR + 3.50% Interest Only 1/9/2024 Senior Debt 150 Multifamily 56,930 56,757 1 month LIBOR + 2.75% Interest Only 12/9/2024 Senior Debt 151 Multifamily 65,000 64,592 1 month SOFR + 5.14% Interest Only 7/9/2023 Senior Debt 152 Multifamily 22,240 22,122 1 month SOFR + 2.96% Interest Only 1/9/2024 Senior Debt 153 Multifamily 25,573 25,441 1 month SOFR + 2.96% Interest Only 1/9/2025 Senior Debt 154 Multifamily 31,678 31,383 1 month SOFR + 3.20% Interest Only 1/9/2024 Senior Debt 155 Multifamily 78,050 77,650 1 month SOFR + 3.45% Interest Only 1/9/2027 Senior Debt 156 Multifamily 77,870 77,632 1 month LIBOR + 3.21% Interest Only 1/9/2025 Senior Debt 157 Multifamily 24,000 23,881 1 month SOFR + 3.11% Interest Only 1/9/2024 Senior Debt 158 Retail 31,000 30,845 1 month SOFR + 3.29% Interest Only 1/9/2025 Senior Debt 159 Multifamily 47,444 47,208 1 month SOFR + 2.86% Interest Only 1/9/2024 Senior Debt 160 Multifamily 36,824 36,639 1 month SOFR + 2.86% Interest Only 1/9/2024 Senior Debt 161 Hospitality 17,169 17,169 5.99% Amortizing Balloon 10/6/2023 Mezzanine Loan 1 Multifamily 6,500 6,488 1 month LIBOR + 10.25% Interest Only 9/9/2022 Mezzanine Loan 2 Multifamily 3,000 3,000 1 month LIBOR + 9.20% Interest Only 3/9/2022 Mezzanine Loan 3 Multifamily 10,000 9,951 1 month SOFR + 15.29% Interest Only 7/9/2023 Mezzanine Loan 4 Retail 3,000 2,985 1 month SOFR + 12.00% Interest Only 1/9/2025 $ 4,242,962 $ 4,226,888

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The Company's consolidated financial statements and related footnotes have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the requirements for reporting on Form 10-K and Regulation S-X, as appropriate.
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.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members, as well as whether the entity is a variable interest entity ("VIE") for which the Company is the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company's assets and liabilities are held by the OP. The Company consolidates all entities that it controls through either majority ownership or voting rights. In addition, the Company consolidates all VIEs of which the Company is considered the primary beneficiary. VIEs are entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. The accompanying consolidated financial statements include the accounts of collateralized loan obligations ("CLOs") issued and securitized by wholly owned subsidiaries of the Company. The Company has determined the CLOs are VIEs of which the Company's subsidiary is the primary beneficiary. The assets and liabilities of the CLOs are consolidated in the accompanying consolidated balance sheets in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation.
Acquisition Expenses	Acquisition Expenses The Company capitalizes certain direct costs relating to loan origination activities. The cost is amortized over the life of the loan and recognized in interest income in the Company's consolidated statements of operations. Acquisition expenses paid on future funding amounts are expensed within the acquisition expenses line in the Company's consolidated statements of operations.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash consists of amounts deposited with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company up to an insurance limit. Cash equivalents include short-term, liquid investments in money market funds with original maturities of 90 days or less when purchased.
Restricted Cash	Restricted Cash Restricted cash primarily consists of cash pledged as margin on repurchase agreements and derivative transactions. The duration of this restricted cash generally matches the duration of the related repurchase agreements or derivative transaction.
Commercial Mortgage Loans	Commercial Mortgage Loans Held for Investment - Commercial mortgage loans that are held for investment purposes and are anticipated to be held until maturity, are carried at cost, net of unamortized acquisition expenses, discounts or premiums and unfunded commitments. Commercial mortgage loans, held for investment purposes, are carried at amortized cost less a specific allowance for credit losses. Interest income is recorded on the accrual basis and related discounts, premiums and acquisition expenses on investments are amortized over the life of the investment using the effective interest method. Amortization or accretion 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 irrevocably 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. Real estate owned is classified as held for sale in the period in which the six criteria under ASC Topic 360, "Property, Plant, and Equipment" are met: (1) we commit to a plan and have the authority to sell the asset; (2) the asset is available for sale in its current condition; (3) we have initiated an active marketing plan to locate a buyer for the asset; (4) the sale of the asset is both probable and expected to qualify for full sales recognition within a period of 12 months; (5) the asset is being actively marketed for sale at a price that is reflective of its current fair value; and (6) we do not anticipate changes to our plan to sell the asset. Held for sale assets are carried at the lower of depreciated cost or estimated fair value, less estimated costs to sell. 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 December 31, 2021. The Company’s real estate owned assets are depreciated or amortized using the straight-line method over the following useful lives: Building 40 years Furniture, fixtures, and equipment 15 years Site Improvements 5 - 25 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. Real estate owned assets that are probable to be sold within one year are reported as held for sale. Real estate owned assets classified as held for sale are measured at the lower of its carrying amount or fair value less cost to sell. Real estate owned assets are not depreciated or amortized while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be accrued. Upon the disposition of a real estate owned asset, the Company calculates realized gains and losses as net proceeds received less the carrying value of the real estate owned asset. Net proceeds received are net of direct selling costs associated with the disposition of the real estate owned asset. 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. As reflected in the consolidated statements of changes in stockholders' equity and Note 3 - Commercial Mortgage Loans, 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. The modeled results are then evaluated to determine if adjustments are needed for certain qualitative factors. 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 year ended December 31, 2020. 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 Available For Sale On the acquisition date, all of the Company’s commercial real estate securities were classified as available for sale and carried at fair value, and subsequently any unrealized gains or losses are recognized as a component of accumulated other comprehensive income or loss. The Company may elect the fair value option for its real estate securities, and as a result, any unrealized gains or losses on such real estate securities will be recorded in the Company’s consolidated statements of operations. No such election has been made to date. Related discounts, premiums and acquisition expenses on investments are amortized or accreted over the life of the investment using the effective interest method. Amortization and accretion 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 real estate securities 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. Trading In the merger with Capstead, the Company acquired a portfolio of ARM Agency Securities classified as trading and recorded at fair value on the balance sheet with trading gains and losses on the paydowns and sales of these securities recorded in the Company's consolidated statements of operations. Fair values fluctuate with current and projected changes in interest rates, prepayment expectations and other factors such as market liquidity conditions and the perceived credit quality of agency securities. Judgment is required to interpret market data and develop estimated fair values, particularly in circumstances of deteriorating credit quality and market liquidity.
Repurchase Agreements	Repurchase Agreements Commercial mortgage loans and real estate securities sold under repurchase agreements have been treated as collateralized financing transactions because the Company maintains effective control over the transferred securities. Commercial mortgage loans and real estate securities financed through a repurchase agreement remain on the Company’s consolidated balance sheets as an asset and cash received from the purchaser is recorded as a liability. Interest paid in accordance with repurchase agreements is recorded in interest expense on the Company's consolidated statements of operations. Share Repurchase Program Until the merger with Capstead, the Company had a Share Repurchase Program (the "SRP") that enabled stockholders to sell their shares to the Company, subject to certain conditions. Refer to Note 9 - Stock Transactions for a description of the SRP. Under the SRP, when a stockholder requested a redemption and the redemption was approved by the board of directors, the Company reclassified 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.
Deferred Financing Costs	Deferred Financing Costs The deferred financing costs related to the Company's various Master Repurchase Agreements as well as certain prepaid subscription costs are included in Prepaid expenses and other assets on the consolidated balance sheets. Deferred financing cost on the Company's collateralized 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	Repurchase Agreements Commercial mortgage loans and real estate securities sold under repurchase agreements have been treated as collateralized financing transactions because the Company maintains effective control over the transferred securities. Commercial mortgage loans and real estate securities financed through a repurchase agreement remain on the Company’s consolidated balance sheets as an asset and cash received from the purchaser is recorded as a liability. Interest paid in accordance with repurchase agreements is recorded in interest expense on the Company's consolidated statements of operations. Share Repurchase Program Until the merger with Capstead, the Company had a Share Repurchase Program (the "SRP") that enabled stockholders to sell their shares to the Company, subject to certain conditions. Refer to Note 9 - Stock Transactions for a description of the SRP. Under the SRP, when a stockholder requested a redemption and the redemption was approved by the board of directors, the Company reclassified 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, 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 ("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 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 terms of the Company's distribution reinvestment plan ("DRIP") in effect until December 17, 2021, stockholders had the option to elect to reinvest distributions by purchasing shares of common stock in lieu of receiving cash. No dealer manager fees or selling commissions were paid with respect to shares purchased pursuant to the DRIP. The purchase price for shares purchased through the DRIP was the lesser of (i) the Company’s most recent estimated per share NAV, and (ii) the Company’s GAAP book value per share. The Company had the right to amend any aspect of the DRIP or terminate the DRIP with ten days’ notice to participants. Shares issued under the DRIP were recorded to equity in the consolidated balance sheets in the period distributions are declared.
Share-Based Compensation	Share-Based Compensation The Company has share-based incentive plans for certain of the Company's directors, officers and employees of the Advisor and its affiliates. Share-based awards are measured at the grant date fair value and are recognized as compensation expense on a on a straight line basis over the related vesting period of the award.
Income Taxes	Income Taxes The Company has conducted its operations to qualify as a REIT for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2013. As a REIT, if the Company meets certain organizational and operational requirements and distributes at least 90% of its "REIT taxable income" (determined before the deduction of dividends paid and excluding net capital gains) to its stockholders in a year, it will not be subject to U.S. federal income tax to the extent of the income that it distributes. However, even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on income in addition to U.S. federal income and excise taxes on its undistributed income. The Company, through its TRSs, is indirectly subject to U.S. federal, state and local income taxes. The Company’s TRSs are not consolidated for U.S. federal income tax purposes, but is instead taxed as a C corporations. For financial reporting purposes, the TRSs are 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 TRSs. Total income tax provision/(benefit) for the years ended December 31, 2021, December 31, 2020 and December 31, 2019 were $3.6 million, $(2.1) million and $4.5 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 TRSs to reduce the impact of the prohibited transaction tax and to avoid penalty for the holding of assets not qualifying as real estate assets for purposes of the REIT asset tests. Any income associated with a TRS is fully taxable because the TRS is subject to federal and state income taxes as a domestic C corporation based upon its net income.
Derivatives and Hedging Activities	Derivatives and Hedging Activities In the normal course of business, the Company is exposed to the effect of interest rate changes and may undertake a strategy to limit these risks through the use of derivatives. The Company uses derivatives primarily to economically hedge against interest rates, CMBS spreads and macro market risk in order to minimize volatility. The Company may use a variety of derivative instruments that are considered conventional, including but not limited to: Treasury note futures and credit derivatives on various indices including CMBX and CDX. The Company recognizes all derivatives on the consolidated balance sheets at fair value. With the exception of the Company’s unsecured debt-related interest rate swap agreements, the Company does not designate its derivatives as hedges to qualify for hedge accounting for financial reporting purposes and therefore any net payments under, or fluctuations in the fair value of these derivatives have been recognized currently in unrealized (gain)/loss on derivative instruments in the accompanying consolidated statements of operations. For the derivatives that are designated as an accounting hedge, the Company must document at inception that the hedge relationship is highly effective and must continue to monitor ongoing effectiveness on at least a quarterly basis. As long as the hedge relationship remains highly effective, changes in fair value are recorded in accumulated other comprehensive income. The Company records derivative asset and liability positions on a gross basis with any collateral posted with or received from counterparties recorded separately within Restricted cash and cash collateral receivable from derivative counterparties on the Company’s consolidated balance sheets. The Company's interest rate swaps hedging repurchase agreements acquired in the merger with Capstead are recorded net of variation margin and accrued interest per the legal definition of these cleared swaps as settling on a daily basis. Certain derivatives that the Company has entered into are subject to master netting agreements with its counterparties, allowing for netting of the same transaction, in the same currency, on the same date.
Per Share Data	Per Share Data The Company’s 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 the Company’s 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 focuses on investing in and asset managing real estate securities. Historically this business has focused primarily on CMBS, unsecured REIT debt, CDO notes and other securities. As a result of the October 2021 acquisition of Capstead, the Company acquired and continues to hold a significant portfolio of Residential Mortgage Backed Securities (“RMBS”) in the form of the ARM Agency Securities. The Company intends to reinvest the cash and proceeds from dividends, interest, repayments and sales of these assets into its other segments and does not intend to continue to invest in ARM Agency Securities or RMBS in general. As of December 31, 2021, all of the real estate securities in this segment were ARM Agency Securities acquired in the Capstead acquisition. • 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.
Convertible Preferred Stock	Redeemable Convertible Preferred Stock The Company’s outstanding classes of redeemable convertible preferred stock are classified outside of permanent equity in the consolidated balance sheets. Series A Preferred Stock The Series A Preferred Stock ranked senior to the Common Stock and the Company’s Series F Convertible Preferred Stock (“Series F Preferred 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 was 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 were typically declared and paid quarterly, accrued 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. On October 19, 2021, each share of Series A Preferred Stock converted into 299.2 shares of common stock, pursuant to the terms of the Articles Supplementary for the Series A Preferred Stock, and no shares of Series A Preferred Stock were outstanding as of December 31, 2021. Series C Preferred Stock The Series C Preferred Stock ranks senior to the Common Stock and Series F Preferred Stock and on parity with the Series D Preferred Stock and the Company’s 7.50% Series E Cumulative Redeemable Preferred Stock (“Series E 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 will convert into 299.2 shares of common stock, 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 and Series E 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. Convertible Preferred Stock Series F Preferred Stock On October 12, 2021, as contemplated by the Merger Agreement with Capstead, the Company completed its previously-announced stock dividend on the outstanding shares of Common Stock, which stock dividend was paid at a rate of nine shares of the Company’s newly issued Series F Convertible Preferred Stock (“Series F Preferred Stock”) for each share of Common Stock issued and outstanding. The Series F Preferred Stock ranks junior to all other outstanding classes of the Company’s 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 F Preferred Stock is $2.00. Dividends on the Series F Preferred Stock are equal to, and will be paid at the same time as, dividends that are authorized and declared on the Company’s common stock. The Series F Preferred Stock ranks senior to the Company’s Common Stock with respect to the distribution of assets upon any liquidation, dissolution or winding up of the Company (other than a liquidation, dissolution or winding up of the Company that results in the automatic conversion of such Series F Preferred Stock into Common Stock). Each share (or fractional share) of Series F Preferred Stock shall automatically convert into one share of Common Stock (or equivalent fractional share, as applicable) upon the earlier of (i) April 19, 2022, (ii) three The Series F Preferred Stock has no stated maturity and is not redeemable. Holders of Series F Preferred Stock (voting as a single class with holders of Common Stock and other series of Company equity securities entitled to vote with the common stockholders) 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 F Preferred Stock will be equal to the number of shares of Common Stock a share of Series F 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 F Preferred Stock is required to take certain actions materially adverse to the holders of the Series F Preferred Stock. The complete terms of the Series A Preferred Stock, Series C Preferred Stock, Series D Preferred Stock, Series E Preferred Stock and Series F Preferred Stock are set forth in the Articles Supplementary applicable to each class, which have been filed as exhibits to the Company’s periodic reports filed pursuant to the Securities Exchange Act of 1934, as amended. The below table summarizes the timing of the conversion of the Company’s outstanding classes of convertible preferred stock into common stock: Series/Shares Outstanding at 12/31/21 Conversion Date Conversion Amount Per One Share of Preferred* Redeemable Convertible Series C Preferred Stock / 1,400 shares outstanding October 19, 2022, subject to the Company’s right to accelerate the conversion to April 19, 2022 299.2 shares of Common Stock Redeemable Convertible Series D Preferred Stock / 17,950 shares outstanding October 19, 2022, subject to the holder’s right to accelerate the conversion to April 19, 2022 299.2 shares of Common Stock Series F Preferred Stock/ 39,733,299 shares outstanding April 19, 2022 1 share of Common Stock *Subject to anti-dilution adjustments as set forth in Articles Supplementary.
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 December 31, 2021, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve.
Fair Value of Financial Instruments	GAAP establishes a hierarchy of valuation techniques based on the observability of inputs used in measuring financial instruments at fair values. GAAP establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below: • Level I - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. • Level II - Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. • Level III - Unobservable inputs that reflect the entity's own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the above hierarchy requires significant judgment and factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. The Company has implemented valuation control processes to validate the fair value of the Company's financial instruments measured at fair value including those derived from pricing models. These control processes are designed to assure that the values used for financial reporting are based on observable inputs wherever possible. In the event that observable inputs are not available, the control processes are designed to assure that the valuation approach utilized is appropriate and consistently applied and the assumptions are reasonable. Financial Instruments Measured at Fair Value on a Recurring Basis CMBS recorded in real estate securities, available for sale, measured at fair value on the consolidated balance sheets are valued utilizing both observable and unobservable market inputs. These factors include projected future cash flows, ratings, subordination levels, vintage, remaining lives, credit issues, and recent trades of similar real estate securities. Depending upon the significance of the fair value inputs used in determining these fair values, these real estate securities are classified in either Level II or Level III of the fair value hierarchy. As of December 31, 2020, the Company obtained third party pricing for determining the fair value of each CMBS investment, resulting in a Level II classification. Real estate securities classified as trading, RMBS, are measured at fair value by utilizing a third party pricing service to obtain a current estimated liquid price of the securities. The RMBS are classified in Level II of the fair value hierarchy. 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 some 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. The fair value of exchange-traded swap agreements hedging RMBS repurchase agreements are calculated using the net discounted future fixed cash payments and the discounted future variable cash receipts which are based on expected future interest rates derived from observable market interest rate curves. The Company also incorporates both its own nonperformance risk and its counterparties’ nonperformance risk in determining fair value. In considering the effect of nonperformance risk, the Company considered the impact of netting and credit enhancements, such as collateral postings and guarantees, and has concluded that counterparty risk is not significant to the overall valuation. Interest rate swap agreements hedging the Company's RMBS repurchase agreements are measured at fair value on a recurring basis primarily using Level II inputs. The fair value of these derivatives are calculated including accrued interest and net of variation margin amounts received or paid through the exchange, resulting in separately presenting on the balance sheet a significantly reduced fair value amount representing the unsettled fair value of these derivatives.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Property, Plant and Equipment	The Company’s real estate owned assets are depreciated or amortized using the straight-line method over the following useful lives: Building 40 years Furniture, fixtures, and equipment 15 years Site Improvements 5 - 25 years Intangible Lease Assets Lease Term
Schedule of Conversions of Stock	The below table summarizes the timing of the conversion of the Company’s outstanding classes of convertible preferred stock into common stock: Series/Shares Outstanding at 12/31/21 Conversion Date Conversion Amount Per One Share of Preferred* Redeemable Convertible Series C Preferred Stock / 1,400 shares outstanding October 19, 2022, subject to the Company’s right to accelerate the conversion to April 19, 2022 299.2 shares of Common Stock Redeemable Convertible Series D Preferred Stock / 17,950 shares outstanding October 19, 2022, subject to the holder’s right to accelerate the conversion to April 19, 2022 299.2 shares of Common Stock Series F Preferred Stock/ 39,733,299 shares outstanding April 19, 2022 1 share of Common Stock *Subject to anti-dilution adjustments as set forth in Articles Supplementary.

Commercial Mortgage Loans (Tabl

Commercial Mortgage Loans (Tables)	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
Summary 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): December 31, 2021 December 31, 2020 Senior loans $ 4,204,464 $ 2,698,823 Mezzanine loans 22,424 15,911 Total gross carrying value of loans 4,226,888 2,714,734 Less: Allowance for credit losses (1) 15,827 20,886 Total commercial mortgage loans, held for investment, net $ 4,211,061 $ 2,693,848 ________________________ (1) As of December 31, 2021 and 2020, there have been no specific reserves for loans in non-performing status. The following table represents the composition by loan type of the Company's commercial mortgage loans portfolio, excluding commercial mortgage loans, held for investment (dollars in thousands): December 31, 2021 December 31, 2020 Loan Type Par Value Percentage Par Value Percentage Multifamily $ 2,953,938 69.6 % $ 1,202,694 44.2 % Office 485,575 11.4 % 517,464 19.0 % Hospitality 460,884 10.9 % 403,908 14.8 % Retail 104,990 2.5 % 78,550 2.9 % Industrial 88,956 2.1 % 243,404 8.9 % Mixed Use 62,965 1.5 % 102,756 3.8 % Self Storage 56,495 1.3 % 86,424 3.2 % Manufactured Housing 29,159 0.7 % 71,263 2.6 % Land — — % 16,400 0.6 % Total $ 4,242,962 100.0 % $ 2,722,863 100.0 % December 31, 2021 December 31, 2020 Loan Region Par Value Percentage Par Value Percentage Southwest $ 1,764,905 41.6 % $ 515,392 18.9 % Southeast 1,106,439 26.2 % 796,908 29.3 % Mideast 646,125 15.2 % 473,514 17.4 % Far West 301,040 7.1 % 415,173 15.2 % Great Lakes 183,930 4.3 % 199,203 7.3 % Various 68,896 1.6 % 136,855 5.0 % New England 67,651 1.6 % 69,675 2.6 % Plains 60,225 1.4 % 116,143 4.3 % Rocky Mountain 43,751 1.0 % — — % Total $ 4,242,962 100.0 % $ 2,722,863 100.0 % The following table represents the composition by loan type of the Company's commercial mortgage loans, held for sale, measured at fair value (dollars in thousands): December 31, 2021 December 31, 2020 Loan Type Par Value Percentage Par Value Percentage Office $ 34,250 100.0 % $ — — % Industrial — — % 67,550 99.9 % Multifamily — — % 100 0.1 % Total $ 34,250 100.0 % $ 67,650 100.0 % December 31, 2021 December 31, 2020 Loan Region Par Value Percentage Par Value Percentage Southeast $ 34,250 100.0 % $ — — % Far West — — % 58,500 86.5 % Great Lakes — — % 9,150 13.5 % Total $ 34,250 100.0 % $ 67,650 100.0 %
Loan Portfolio Assessment and Risk Ratings	The following table presents the activity in the Company's allowance for credit losses, excluding the unfunded loan commitments, as of December 31, 2021 and 2020 (dollars in thousands): Year Ended December 31, 2021 MultiFamily Retail Office Industrial Mixed Use Hospitality Self Storage Manufactured Housing Total Beginning Balance $ 3,095 $ 404 $ 1,575 $ 3,795 $ 132 $ 11,646 $ 117 $ 122 $ 20,886 Current Period: Provision/(benefit) for credit losses 6,875 (116) (799) (3,709) 37 (7,049) 35 (44) (4,770) Write offs (289) — — — — — — — (289) Ending Balance $ 9,681 $ 288 $ 776 $ 86 $ 169 $ 4,597 $ 152 $ 78 $ 15,827 Year Ended December 31, 2020 MultiFamily Retail Office Industrial Mixed Use Hospitality Self Storage Manufactured Housing Total Beginning Balance $ 322 $ 202 $ 249 $ 23 $ 4 $ 103 $ — $ 18 $ 921 Cumulative-effect adjustment upon adoption of ASU 2016-13 3,220 386 1,966 434 9 739 399 58 7,211 Current Period: Provision/(benefit) for credit losses (447) (184) (640) 3,338 119 11,231 (282) 46 13,181 Write offs — — — — — (427) — — (427) Ending Balance $ 3,095 $ 404 $ 1,575 $ 3,795 $ 132 $ 11,646 $ 117 $ 122 $ 20,886 The following table presents the activity in the Company's allowance for credit losses for the unfunded loan commitments, which is presented in accounts payable and accrued expenses in the consolidated balance sheets as of December 31, 2021 and 2020 (dollars in thousands): Year Ended December 31, 2021 MultiFamily Retail Office Industrial Mixed Use Hospitality Self Storage Manufactured Housing Total Beginning Balance $ 85 $ — $ 47 $ 418 $ 14 $ 101 $ — $ — $ 665 Current Period: Provision/(benefit) for credit losses 52 1 (34) (415) (4) (22) — — (422) Ending Balance $ 137 $ 1 $ 13 $ 3 $ 10 $ 79 $ — $ — $ 243 Year Ended December 31, 2020 MultiFamily Retail Office Industrial Mixed Use Hospitality Self Storage Manufactured Housing Total Beginning Balance $ — $ — $ — $ — $ — $ — $ — $ — $ — Cumulative-effect adjustment upon adoption of ASU 2016-13 239 40 150 30 1 57 28 5 550 Current Period: Provision/(benefit) for credit losses (154) (40) (103) 388 13 44 (28) (5) 115 Ending Balance $ 85 $ — $ 47 $ 418 $ 14 $ 101 $ — $ — $ 665 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 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.
Allocation by Risk Rating	The following tables present the amortized cost of our commercial mortgage loans, held for investment as of December 31, 2021 and 2020, by loan type, year of origination and the Company’s internal risk rating at the corresponding balance sheet date. 2021 2020 2019 2018 2017 Prior Total Multifamily: Risk Rating: 1-2 internal grade $ 2,438,376 $ 270,953 $ 103,989 $ 90,877 $ — $ — $ 2,904,195 3-4 internal grade — — — 37,025 — — 37,025 Total Multifamily Loans $ 2,438,376 $ 270,953 $ 103,989 $ 127,902 $ — $ — $ 2,941,220 Retail: Risk Rating: 1-2 internal grade $ 33,830 $ 11,928 $ 29,515 $ 29,452 $ — $ — $ 104,725 3-4 internal grade — — — — — — — Total Retail Loans $ 33,830 $ 11,928 $ 29,515 $ 29,452 $ — $ — $ 104,725 Office: Risk Rating: 1-2 internal grade $ 50,291 $ 253,759 $ 136,800 $ 43,308 $ — $ — $ 484,158 3-4 internal grade — — — — — — — Total Office Loans $ 50,291 $ 253,759 $ 136,800 $ 43,308 $ — $ — $ 484,158 Industrial: Risk Rating: 1-2 internal grade $ — $ 31,906 $ — $ — $ — $ — $ 31,906 3-4 internal grade — — 56,933 — — — 56,933 Total Industrial Loans $ — $ 31,906 $ 56,933 $ — $ — $ — $ 88,839 Mixed Use: Risk Rating: 1-2 internal grade $ 32,395 $ 30,325 $ — $ — $ — $ — $ 62,720 3-4 internal grade — — — — — — — Total Mixed Use Loans $ 32,395 $ 30,325 $ — $ — $ — $ — $ 62,720 Hospitality: Risk Rating: 1-2 internal grade $ 153,032 $ 26,920 $ 34,054 $ — $ — $ — $ 214,006 3-4 internal grade — — 113,961 52,790 79,102 — 245,853 Total Hospitality Loans $ 153,032 $ 26,920 $ 148,015 $ 52,790 $ 79,102 $ — $ 459,859 Self Storage: Risk Rating: 1-2 internal grade $ 14,948 $ 41,382 $ — $ — $ — $ — $ 56,330 3-4 internal grade — — — — — — — Total Self Storage Loans $ 14,948 $ 41,382 $ — $ — $ — $ — $ 56,330 Manufactured Housing: Risk Rating: 1-2 internal grade $ 6,665 $ 22,372 $ — $ — $ — $ — $ 29,037 3-4 internal grade — — — — — — — Total Manufactured Housing Loans $ 6,665 $ 22,372 $ — $ — $ — $ — $ 29,037 Total $ 2,729,537 $ 689,545 $ 475,252 $ 253,452 $ 79,102 $ — $ 4,226,888 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): December 31, 2021 December 31, 2020 Risk Rating Number of Loans Par Value Risk Rating Number of Loans Par Value 1 — $ — 1 — $ — 2 148 3,903,047 2 104 2,232,045 3 16 282,840 3 22 384,040 4 1 57,075 4 4 106,778 5 — — 5 — — 165 $ 4,242,962 130 $ 2,722,863
Financing Receivable, Past Due	The following table presents an aging summary of the loans amortized cost basis at December 31, 2021 (dollars in thousands): Multifamily Retail Office Industrial Mixed Use Hospitality Self Storage Manufactured Housing Total Status: Current $ 2,941,220 $ 104,725 $ 484,158 $ 31,906 $ 62,720 $ 402,784 $ 56,330 $ 29,037 $ 4,112,880 1-29 days past due (1) — — — 56,933 — — — — 56,933 30-59 days past due — — — — — — — — — 60-89 days past due — — — — — — — — — 90-119 days past due — — — — — — — — — 120+ days past due (2) — — — — — 57,075 — — 57,075 Total $ 2,941,220 $ 104,725 $ 484,158 $ 88,839 $ 62,720 $ 459,859 $ 56,330 $ 29,037 $ 4,226,888 ________________________ (1) For the year ended December 31, 2021, interest income recognized on this loan was $3.1 million. (2) For the year ended December 31, 2021, there was no interest income recognized on this loan.
Real Estate Notes Receivable Rollforward	For the years ended December 31, 2021 and December 31, 2020, the activity in the Company's commercial mortgage loans, held for investment portfolio, net of allowance, was as follows (dollars in thousands): 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 2,897,002 1,287,720 Principal repayments (1,286,598) (1,223,490) Discount accretion/premium amortization 7,038 6,146 Loans transferred from/(to) commercial real estate loans, held for sale (52,615) (76,979) Net fees capitalized into carrying value of loans (15,150) (6,562) (Provision)/benefit for credit losses 4,770 (13,181) Charge-off from allowance 289 427 Transfer to real estate owned (37,523) (35,064) Balance at End of Year $ 4,211,061 $ 2,693,848

Real Estate Securities (Tables)

Real Estate Securities (Tables)	12 Months Ended
	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Summary of Real Estate Securities	The following is a summary of the Company's real estate securities, available for sale, measures at fair value 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 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 CLO $ 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, recorded in other comprehensive income (dollars in thousands): Year Ended December 31, 2021 2020 2019 Unrealized gain/(loss) available for sale securities $ — $ (8,026) $ (978) Reclassification of net (gain)/loss on available for sale securities included in net income (loss) 8,256 748 — Unrealized gain/(loss) available for sale securities, net of reclassification adjustment $ 8,256 $ (7,278) $ (978)
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) $ (2,064) SASB — 52,580 — (3,368) Total $ 63,131 $ 108,005 $ (2,824) $ (5,432)
Debt Securities, Trading, and Equity Securities, FV-NI	The following is a summary of the Company's real estate mortgage backed securities ("RMBS") classified by collateral type and interest rate characteristics (dollars in thousands): Carrying Average Yield (1) December 31, 2021 Agency Securities: Fannie Mae/Freddie Mac ARMs $ 4,246,803 2.23 % Ginnie Mae ARMs 320,068 2.72 % $ 4,566,871 2.26 % December 31, 2020 Agency Securities: Fannie Mae/Freddie Mac ARMs $ — — % Ginnie Mae ARMs — — % $ — — % ________________________ (1) Average yield is presented for the year then ended, and is based on the cash component of interest income expressed as a percentage on average cost basis (the “cash yield”).

Real Estate Owned (Tables)

Real Estate Owned (Tables)	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Real Estate Owned	The following table summarizes the Company's real estate owned assets as of December 31, 2021 (dollars in thousands): As of December 31, 2021 Acquisition Date Property Type Primary Location(s) Land Building and Improvements Furniture, Fixtures and Equipment Accumulated Depreciation Real Estate Owned, net September 2021 (1) Industrial Jeffersonville, GA $ 3,436 $ 84,259 $ 2,928 $ (575) $ 90,048 $ 3,436 $ 84,259 $ 2,928 $ (575) $ 90,048 ________________________ (1) Refer to Note 2 for the useful life of the above asset. The following table summarizes the Company's real estate owned assets as of December 31, 2020 (dollars in thousands): As of December 31, 2020 Acquisition Date Property Type Primary Location(s) Land Building and Improvements Furniture, Fixtures and Equipment Accumulated Depreciation Real Estate Owned, net October 2019 (1) Office Jeffersonville, IN $ 1,887 $ 21,989 $ 3,565 $ (931) $ 26,510 $ 1,887 $ 21,989 $ 3,565 $ (931) $ 26,510 ________________________ (1) Refer to Note 2 for the useful life of the above asset.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Schedule of Intangible Leased Assets	The following table summarizes the Company's intangible lease asset recognized in the consolidated balance sheets as of December 31, 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 $ (720) $ 48,472 $ 49,192 $ (720) $ 48,472 The following table summarizes the Company's intangible lease asset recognized in the consolidated balance sheets as of December 31, 2020 (dollars in thousands): Acquisition Date Property Type Primary Location(s) Intangible Lease Asset, Gross Accumulated Amortization Intangible Lease Asset, Net of Amortization October 2019 Office Jeffersonville, IN $ 14,509 $ (963) $ 13,546 $ 14,509 $ (963) $ 13,546
Schedule of Future Minimum Payments to be Received	The following table summarizes the Company's schedule of future minimum rents to be received under the lease (dollars in thousands): Minimum Rents December 31, 2021 2022 $ 9,248 2023 9,248 2024 9,248 2025 9,248 2026 and beyond 118,683 Total minimum rent $ 155,675
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): December 31, 2021 2022 $ (2,880) 2023 (2,880) 2024 (2,880) 2025 (2,880) 2026 (2,880)

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Repurchase Facilities and Agreements	The details of the Company's Repo Facilities at December 31, 2021 and December 31, 2020 are as follows (dollars in thousands): As of December 31, 2021 Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate Term Maturity JPM Repo Facility $ 400,000 $ 136,470 $ 5,178 2.13 % 10/6/2022 CS Repo Facility (2) 300,000 137,364 3,446 2.43 % 9/30/2022 WF Repo Facility (3) 450,000 186,734 2,090 1.64 % 11/21/2023 Barclays Revolver Facility (4) 250,000 166,700 1,976 6.12 % 9/20/2023 Barclays Repo Facility (5) 500,000 392,332 4,057 1.76 % 3/14/2025 Total $ 1,900,000 $ 1,019,600 $ 16,747 ________________________ (1) For the year ended December 31, 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 September 30, 2022. Additionally, on November 3, 2021 the committed financing amount was amended from $200 million to $300 million with the option to increase to $400 million at the Company's discretion. (3) On November 19, 2021 the committed financing amount was increased from $275 million to $450 million. There are three more one (4) On September 8, 2021, the Company amended the maturity date to September 20, 2023. On December 1, 2021 the committed financing amount was increased from $100 million to $250 million. The Company may increase the total commitment amount by an amount between $100 million and $150 million for three (5) On December 3, 2021 the Company amended the maturity date to March 14, 2025 and the committed financing amount was increased from $300 million to $500 million. There are two one As of December 31, 2020 Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate Term 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 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 December 31, 2021 and 2020 (dollars in thousands): Weighted Average Counterparty Amount Outstanding Accrued Interest Collateral Pledged (1) Interest Rate Days to Maturity As of December 31, 2021 JP Morgan Securities LLC $ 19,025 $ 261 $ 24,087 1.14 % 10 Wells Fargo Securities, LLC — — — N/A N/A Goldman Sachs International — 37 — N/A N/A Barclays Capital Inc. 15,286 526 19,131 1.21 % 14 Credit Suisse AG — — — N/A N/A Citigroup Global Markets, Inc. — 81 — N/A N/A Total/Weighted Average $ 34,311 $ 905 $ 43,218 1.17 % 12 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 — 29 Total/Weighted Average $ 186,828 $ 8,719 $ 243,373 1.71 % 33 Repurchase agreements (and related pledged collateral, including accrued interest receivable), classified by collateral type and remaining maturities, and related weighted average borrowing rates as of the indicated dates were as follows (dollars in thousands): Collateral Type Collateral Accrued Borrowings Average December 31, 2021 Repurchase arrangements secured by Agency securities with maturities of 30 days or less $ 4,327,020 $ 8,908 $ 4,144,473 0.13 % $ 4,327,020 $ 8,908 $ 4,144,473 0.13 % December 31, 2020 Repurchase arrangements secured by Agency securities with maturities of 30 days or less $ — $ — $ — — % $ — $ — $ — —
Schedule of Collateralized Loan Obligations by Tranche	Note balances net of deferred issuance costs, and related weighted average interest rates as of the indicated dates (calculated including issuance cost amortization and adjusted for the effects of related derivatives held as cash flow hedges) were as follows (dollars in thousands): December 31, 2021 December 31, 2020 Borrowings Average Borrowings Average Junior subordinated notes maturing in: October 2035 ($35,000 face amount) $ 34,470 7.86 % $ — — % December 2035 ($40,000 face amount) 39,474 7.63 % — — % September 2036 ($25,000 face amount) 24,650 7.67 % — — % $ 98,594 7.72 % $ — — % CLO Facility Tranche Par Value Issued Par Value Outstanding (1) Interest Rate Maturity Date 2018-FL4 Issuer Tranche A $ 416,827 $ 75,263 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 407,025 299,529 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 20,250 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 2021-FL7 Issuer Tranche A 508,500 508,500 1M LIBOR + 132 12/21/2038 2021-FL7 Issuer Tranche A-S 13,500 13,500 1M LIBOR + 165 12/21/2038 2021-FL7 Issuer Tranche B 52,875 52,875 1M LIBOR + 205 12/21/2038 2021-FL7 Issuer Tranche C 66,375 66,375 1M LIBOR + 230 12/21/2038 2021-FL7 Issuer Tranche D 67,500 67,500 1M LIBOR + 275 12/21/2038 2021-FL7 Issuer Tranche E 13,500 13,500 1M LIBOR + 340 12/21/2038 $ 2,672,174 $ 2,179,514 ________________________ (1) Excludes $320.6 million of CLO notes, held by the Company, which are eliminated within the collateralized loan obligation line of the consolidated balance sheets as of December 31, 2021. The following table represents the terms of the notes issued by the 2017-FL1 Issuer, 2017-FL2 Issuer, 2018-FL3 Issuer, 2018-FL4 Issuer, and 2019-FL5 Issuer (the "CLOs), respectively, as of December 31, 2020 (dollars in thousands): CLO Facility Tranche Par Value Issued Par Value Outstanding (1) Interest Rate Maturity Date 2018-FL3 Issuer Tranche A 286,700 161,745 1M LIBOR + 105 10/15/2034 2018-FL3 Issuer Tranche A-S 77,775 77,775 1M LIBOR + 135 10/15/2034 2018-FL3 Issuer Tranche B 41,175 41,175 1M LIBOR + 165 10/15/2034 2018-FL3 Issuer Tranche C 39,650 39,650 1M LIBOR + 255 10/15/2034 2018-FL3 Issuer Tranche D 42,700 42,700 1M LIBOR + 345 10/15/2034 2018-FL4 Issuer Tranche A 416,827 416,659 1M LIBOR + 105 9/15/2035 2018-FL4 Issuer Tranche A-S 73,813 73,813 1M LIBOR + 130 9/15/2035 2018-FL4 Issuer Tranche B 56,446 56,446 1M LIBOR + 160 9/15/2035 2018-FL4 Issuer Tranche C 68,385 68,385 1M LIBOR + 210 9/15/2035 2018-FL4 Issuer Tranche D 57,531 57,531 1M LIBOR + 275 9/15/2035 2019-FL5 Issuer Tranche A 407,025 407,025 1M LIBOR + 115 5/15/2029 2019-FL5 Issuer Tranche A-S 76,950 76,950 1M LIBOR + 148 5/15/2029 2019-FL5 Issuer Tranche B 50,000 50,000 1M LIBOR + 140 5/15/2029 2019-FL5 Issuer Tranche C 61,374 61,373 1M LIBOR + 200 5/15/2029 2019-FL5 Issuer Tranche D 48,600 5,000 1M LIBOR + 240 5/15/2029 2019-FL5 Issuer Tranche E 20,250 3,000 1M LIBOR + 285 5/15/2029 $ 1,825,201 $ 1,639,227 ________________________ (1) Excludes $267.1 million of CLO notes, held by the Company, which are eliminated within the collateralized loan obligation line of 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 December 31, 2021 and December 31, 2020 as the Company is the primary beneficiary of the VIE. The Company is the primary beneficiary of the CLOs because (i) the Company has the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIEs or the obligation to absorb losses of the VIEs that could be significant to the VIE. The VIE’s are non-recourse to the Company. Assets (dollars in thousands) December 31, 2021 December 31, 2020 Cash and cash equivalents (1) $ 187,668 $ 99,025 Commercial mortgage loans, held for investment, net (2) 2,629,431 2,044,956 Accrued interest receivable 5,918 5,626 Total Assets $ 2,823,017 $ 2,149,607 Liabilities Notes payable (3)(4) $ 2,482,762 $ 1,892,616 Accrued interest payable 1,598 1,240 Total Liabilities $ 2,484,360 $ 1,893,856 ________________________ (1) Includes $187.0 million and $98.6 million of cash held by the servicer related to CLO loan payoffs as of December 31, 2021 and December 31, 2020. (2) The balance is presented net of allowance for credit losses of $8.7 million and $19.4 million as of December 31, 2021 and December 31, 2020, respectively. (3) Includes $320.6 million and $267.1 million of CLO notes, held by the Company, which are eliminated within the collateralized loan obligation line of the consolidated balance sheets as of December 31, 2021 and December 31, 2020.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Summary of the Basic and Diluted Earnings Per Share	The following table presents a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations and the calculation of basic and diluted earnings per share for the years ended December 31, 2021, 2020 and 2019, respectively (dollars in thousands, except share amounts): Year Ended December 31, Numerator 2021 2020 2019 Net income $ 25,702 $ 54,746 $ 83,924 Less: Preferred stock dividends 33,587 14,920 15,337 Less: Undistributed earnings allocated to preferred stock — — 1,673 Net income/(loss) attributable to common shareholders (for basic and diluted earnings per share) $ (7,885) $ 39,826 $ 66,914 Denominator Weighted-average common shares outstanding for basic earnings per share 43,419,209 44,384,813 41,859,142 Effect of dilutive shares: Unvested restricted shares 15,521 14,066 12,504 Weighted-average common shares outstanding for diluted earnings per share 43,434,731 44,398,879 41,871,646 Basic earnings per share $ (0.18) $ 0.90 $ 1.60 Diluted earnings per share $ (0.18) $ 0.90 $ 1.60

Stock Transactions (Tables)

Stock Transactions (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Schedule of Share Repurchases	The following tables present the activity in the Company's Series A Preferred Stock for the periods ended December 31, 2021 and December 31, 2020, (dollars in thousands, except share amounts). In March 2021, we exchanged 14,949 shares of Series A Preferred Stock for an equivalent amount of shares of Series D Preferred Stock and sold 3,000 new shares of Series D Preferred Stock for total proceeds of $14.0 million, representing the $15.0 million aggregate liquidation preference per share of the 3,000 shares of Series D Preferred Stock sold less the accrued and unpaid dividends on the surrendered shares of Series A Preferred Stock: Series A Preferred Stock Shares Amount Beginning Balance, December 31, 2020 40,515 $ 202,292 Surrender of Series A Preferred Stock in exchange for Series D Preferred Stock (14,950) (74,748) Conversion of Preferred Stock (1) (25,567) (127,603) Dividends paid in Preferred Stock 2 5 Offering costs — (14) Amortization of offering costs — 68 Ending Balance, December 31, 2021 — $ — ________________________ (1) In connection with the listing of the Common Stock on the NYSE, on October 19, 2021 immediately prior to the closing of the Capstead merger, each outstanding share of Series A Preferred Stock automatically 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. Series A Preferred Stock Shares Amount Beginning Balance, December 31, 2019 40,500 $ 202,144 Issuance of Preferred Stock 14 70 Dividends paid in Preferred Stock 1 7 Offering costs — (23) Amortization of offering costs — 94 Ending Balance, December 31, 2020 40,515 $ 202,292 The following tables present the activity in the Company's Series C Preferred Stock for the periods ended December 31, 2021 and December 31, 2020, (dollars in thousands, except share amounts): Series C Preferred Stock Shares Amount Beginning Balance, December 31, 2020 1,400 $ 6,962 Issuance of Preferred Stock — — Dividends paid in Preferred Stock — — Offering costs — — Amortization of offering costs — 9 Ending Balance, December 31, 2021 1,400 $ 6,971 Series C Preferred Stock Shares Amount Beginning Balance, December 31, 2019 1,400 $ 6,966 Issuance of Preferred Stock — — Dividends paid in Preferred Stock — — Offering costs — (11) Amortization of offering costs — 7 Ending Balance, December 31, 2020 1,400 $ 6,962 The following table presents the activity in the Company's Series D Preferred Stock for the period ended December 31, 2021 (dollars in thousands, except share amounts): Series D Preferred Stock Shares Amount Balance, December 31, 2020 — $ — Issuance of Preferred Stock 17,950 89,748 Dividends paid in Preferred Stock — — Offering Costs — (82) Amortization of offering costs — 18 Ending Balance, December 31, 2021 17,950 $ 89,684 The following table reflects the number of shares repurchased under the SRP cumulatively through December 31, 2021: Number of Requests Number of Shares Repurchased Average Price per Share Cumulative as of December 31, 2020 8,094 4,121,735 $ 19.88 January 1 - January 31, 2021 (1) 1,355 525,580 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 October 1 - October 31, 2021 — — N/A November 1 - November 30, 2021 — — N/A December 1 - December 31, 2021 — — N/A Cumulative as of December 31, 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)	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Unfunded Commitments Under Commercial Mortgage Loans	As of December 31, 2021 and 2020, the Company had the below unfunded commitments to the Company's borrowers (dollars in thousands): Funding Expiration December 31, 2021 December 31, 2020 2021 $ — $ 59,692 2022 25,864 91,420 2023 123,860 69,880 2024 271,056 7,700 2025 and beyond 37,325 — $ 458,105 $ 228,692

Related Party Transactions an_2

Related Party Transactions and Arrangements (Tables)	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services	The table below shows the costs incurred due to arrangements with our Advisor and its affiliates during the years ended December 31, 2021, 2020 and 2019 and the associated payable as of December 31, 2021 and 2020 (dollars in thousands): Year Ended December 31, Payable as of December 31, 2021 2020 2019 2021 2020 Acquisition expenses (1) $ 1,203 $ 696 $ 900 $ — $ — Administrative services expenses 7,658 13,120 16,363 — 2,940 Asset management and subordinated performance fee 28,110 15,178 16,226 15,595 4,773 Other related party expenses (2)(3) 355 703 1,610 1,943 1,812 Total related party fees and reimbursements $ 37,326 $ 29,697 $ 35,099 $ 17,538 $ 9,525 ________________________ (1) Total acquisition fees and expenses paid during the years ended December 31, 2021, 2020 and 2019 were $15.0 million, $7.1 million and $8.4 million respectively, of which $13.8 million, $6.4 million and $7.5 million were capitalized within the commercial mortgage loans, held for investment line of the consolidated balance sheets for the years ended December 31, 2021, 2020 and 2019. (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) The related party payable includes $1.9 million and $1.8 million, respectively, 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)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Financial instruments carried at fair value on a recurring basis	The following table presents the Company's financial instruments carried at fair value on a recurring basis in the consolidated balance sheets by its level in the fair value hierarchy as of December 31, 2021 and December 31, 2020 (dollars in thousands): December 31, 2021 Total Level I Level II Level III Assets, at fair value Real estate securities, available for sale, measured at fair value $ — $ — $ — $ — Real estate securities, trading, measured at fair value 4,566,871 — 4,566,871 — Commercial mortgage loans, held for sale, measured at fair value 34,718 — — 34,718 Other real estate investments, measured at fair value 2,074 — — 2,074 Treasury note futures 124 — 124 — Interest rate swaps 312 — 312 — Total assets, at fair value $ 4,604,099 $ — $ 4,567,307 $ 36,792 Liabilities, at fair value Credit default swaps $ 1,142 $ — $ 1,142 $ — Treasury note futures — — — — Unsecured debt-related interest rate swap agreements 31,153 — 31,153 — Total liabilities, at fair value $ 32,295 $ — $ 32,295 $ — December 31, 2020 Assets, at fair value Real estate securities, available for sale, measured at fair value $ 171,136 $ — $ 171,136 $ — Real estate securities. trading, measured at fair value — — — — 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 — — Unsecured debt-related interest rate swap agreements — — — — Total liabilities, at fair value $ 403 $ 106 $ 297 $ — December 31, 2021 Commercial mortgage loans, held for sale, measured at fair value Other real estate investments, measured at fair value Beginning balance, January 1, 2021 $ 67,649 $ 2,522 Transfers into Level III (2) — — Total realized and unrealized gain/(loss) included in earnings: Realized gain/(loss) on sale of commercial mortgage loan, held for sale 24,208 — Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments 469 (19) Net accretion — (3) Purchases 420,673 — Sales / paydowns (478,281) (426) Cash repayments/receipts — — Transfers out of Level III (2) — — Ending Balance, December 31, 2021 $ 34,718 $ 2,074 December 31, 2020 Commercial mortgage loans, held for sale, measured at fair value Other real estate investments, measured at fair value Beginning balance, January 1, 2020 $ 112,562 $ 2,557 Transfers into Level III (2) 23,625 — Total realized and unrealized gain/(loss) included in earnings: Realized gain/(loss) on sale of commercial mortgage loan, held for sale 15,931 — Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments (75) (32) Net accretion — (3) Purchases (1) 267,552 — Sales / paydowns (1) (328,321) — Cash repayments/receipts — — Transfers out of Level III (2) (23,625) — December 31, 2020 balance (2) $ 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	Both observable and unobservable inputs may be used to determine the fair value of positions that the Company has classified within the Level III category. As a result, the unrealized gains and losses for assets and liabilities within the Level III category may include changes in fair value that were attributable to both observable and unobservable inputs. The following table summarizes the valuation method and significant unobservable inputs used for the Company’s financial instruments that are categorized within Level III of the fair value hierarchy as of December 31, 2021 and December 31, 2020 (dollars in thousands). Asset Category Fair Value Valuation Methodologies Unobservable Inputs (1) Weighted Average (2) Range December 31, 2021 Commercial mortgage loans, held for sale, measured at fair value $ 34,718 Discounted Cash Flow Yield 3.4% 3.2% - 4.2% Other real estate investments, measured at fair value 2,074 Discounted Cash Flow Yield 10.9% 9.9% - 11.9% 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 Broker Quotes 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 December 31, 2021 and 2020 (dollars in thousands): Level Carrying Amount Fair Value December 31, 2021 Commercial mortgage loans, held for investment (1) Asset III $ 4,226,888 $ 4,249,118 Collateralized loan obligations Liability III 2,162,190 2,181,571 Mortgage note payable Liability III 23,998 23,998 Other financing and loan participation - commercial mortgage loans Liability III 37,903 37,903 Unsecured debt Liability III 148,594 125,400 December 31, 2020 Commercial mortgage loans, held for investment (1) Asset III $ 2,714,734 $ 2,724,039 Collateralized loan obligation Liability III 1,625,498 1,606,478 Mortgage Note Payable Liability III 29,167 29,167 Other financing and loan participation - commercial mortgage loans Liability III 31,379 31,379 ________________________ (1) The carrying value is gross of $15.8 million and $20.9 million of allowance for credit losses as of December 31, 2021 and December 31, 2020, respectively.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Assets at Fair Value	The following derivative instruments were outstanding as of December 31, 2021 and December 31, 2020 (dollars in thousands): Fair Value Contract type Notional Assets Liabilities As of December 31, 2021 Credit default swaps $ 47,000 $ — $ 1,142 Interest rate swaps 3,649,500 312 — Interest rate swaps on unsecured debt 100,000 — 31,153 Treasury note futures 360 124 — Total $ 3,796,860 $ 436 $ 32,295 As of 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 December 31, 2021 and December 31, 2020 (dollars in thousands): Fair Value Contract type Notional Assets Liabilities As of December 31, 2021 Credit default swaps $ 47,000 $ — $ 1,142 Interest rate swaps 3,649,500 312 — Interest rate swaps on unsecured debt 100,000 — 31,153 Treasury note futures 360 124 — Total $ 3,796,860 $ 436 $ 32,295 As of 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
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 year ended December 31, 2021 and December 31, 2020: Year Ended December 31, 2021 Year Ended December 31, 2020 Contract type Unrealized Realized Unrealized Realized Credit default swaps $ (101) $ 650 $ (143) $ 323 Interest rate swaps (7,070) 70 296 7,463 Treasury note futures (231) (1,478) 842 4,665 Options — 274 — 35 Total $ (7,402) $ (484) $ 995 $ 12,486
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)	The following table includes disclosures regarding components of unsecured debt-related effects on interest expense and other comprehensive income for the year ended December 31, 2021 and December 31, 2020: Year Ended December 31, 2021 Year Ended December 31, 2020 Related to the statement of operations Amount of loss reclassified from other comprehensive income (1) $ (790) $ — Related to other comprehensive income Amount of gain/(loss) recognized in other comprehensive income $ (852) $ — ________________________ (1) Included in interest expense in the consolidated statements of operations
Schedule of Derivative Instruments	At December 31, 2021, the Company’s trading securities portfolio financing-related swap positions, all of which were either SOFR or OIS-indexed, had the following characteristics (dollars in thousands): Period of Contract Expiration Swap Notional Average Fixed Rates Second quarter 2022 $ 400,000 0.02 % Third quarter 2022 1,200,000 0.01 % Fourth quarter 2022 800,000 0.07 % First quarter 2023 50,000 0.13 % Second quarter 2023 350,000 0.20 % Third quarter 2023 100,000 0.03 % Fourth quarter 2023 374,500 0.09 % First quarter 2024 150,000 0.28 % Second quarter 2024 225,000 0.32 % $ 3,649,500

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Offsetting [Abstract]
Offsetting Assets	The table below provides a gross presentation, the effects of offsetting and a net presentation of the Company's derivative instruments and repurchase agreements within the scope of ASC 210-20, Balance Sheet—Offsetting , as of December 31, 2021 and December 31, 2020 (dollars in thousands): Gross Amounts Not Offset on the Balance Sheet Assets Gross Amounts of Recognized Assets Gross Amounts Offset on the Balance Sheet Net Amount of Assets Presented on the Balance Sheet Financial Instruments Cash Collateral (1) Net Amount December 31, 2021 Derivative instruments, at fair value $ 436 $ — $ 436 $ — $ — $ 436 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 Assets Presented on the Balance Sheet Financial Instruments Cash Collateral (1) Net Amount December 31, 2021 Repurchase agreements, commercial mortgage loans $ 1,019,600 $ — $ 1,019,600 $ 1,460,317 $ 5,015 $ — Repurchase agreements, real estate securities 4,178,784 — 4,178,784 4,370,239 — — Derivative instruments, at fair value 32,295 — 32,295 — 64,393 — 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 — ________________________ (1) These cash collateral amounts are recorded within the Restricted cash, Accounts payable and accrued expenses and Cash collateral receivable from derivative counterparties balances on the consolidated balance sheets.

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table represents the Company's operations by segment for the years ended December 31, 2021, December 31, 2020 and December 31, 2019 (dollars in thousands): December 31, 2021 Total Real Estate Debt and Other Real Estate Real Estate Securities TRS Real Estate Owned Interest income $ 216,890 $ 189,090 $ 24,740 $ 3,060 $ — Revenue from real estate owned 4,759 — — — 4,759 Interest expense 60,835 54,774 3,682 992 1,387 Net income/(loss) 25,702 86,863 (85,381) 13,149 11,071 Total assets as of December 31, 2021 9,474,701 4,205,883 5,054,394 72,840 141,584 December 31, 2020 Interest income $ 179,872 $ 165,907 $ 10,854 $ 3,111 $ — Revenue from real estate owned 4,299 — — — 4,299 Interest expense 66,556 54,480 7,914 2,185 1,977 Net income/(loss) 54,746 66,383 (7,207) (5,559) 1,129 Total assets as of December 31, 2020 3,189,761 2,866,790 175,088 105,364 42,519 December 31, 2019 Interest income $ 195,299 $ 181,434 $ 6,149 $ 7,716 $ — Revenue from real estate owned 3,169 — — — 3,169 Interest expense 90,418 83,597 2,911 3,670 240 Net income/(loss) 83,924 61,936 3,238 19,130 (380) Total assets as of December 31, 2019 3,540,620 2,964,233 388,170 131,193 57,024

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	Components of the provision for income taxes consist of the following (dollars in thousands): Year Ended December 31, 2021 2020 2019 Current expense/(benefit) U.S. Federal $ 3,093 $ (2,086) $ 4,076 State and local 349 370 397 Total current expense/(benefit) $ 3,442 $ (1,716) $ 4,473 Deferred expense/(benefit) U.S. Federal $ (1) $ — $ 10 State and local 158 (346) — Total deferred expense/(benefit) $ 157 $ (346) $ 10 Provision for income tax expense/(benefit) $ 3,599 $ (2,062) $ 4,483

Merger with Capstead (Tables)

Merger with Capstead (Tables)	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Asset Acquisition	The allocation of the purchase price to assets acquired and liabilities assumed is as follows (amounts in thousands): Assets Acquired As of October 19, 2021 Cash and cash equivalents $ 174,083 Real estate securities, trading, measured at fair value 6,841,482 Prepaid expenses and other assets 275,127 Cash collateral receivable from derivative counterparties 68,969 Liabilities Assumed Repurchase agreements and secured borrowings - real estate securities 6,421,262 Unsecured borrowings 98,574 Derivative instruments, measured at fair value 31,091 Distributions payable 1,345 Accounts payable and accrued expenses 25,606 Net Assets Acquired 781,783

Organization and Business Ope_2

Organization and Business Operations (Details)	Oct. 12, 2021shares	Dec. 31, 2021shares	Dec. 31, 2020shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common stock, shares outstanding (in shares)	4,500,000	43,965,928	44,510,051
Stockholders' equity note, stock split, conversion ratio	0.10

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands	Oct. 19, 2021$ / sharesshares	Dec. 31, 2021USD ($)segment$ / sharesshares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)shares	Oct. 12, 2021$ / sharesshares
Equity, Class of Treasury Stock [Line Items]
Minimum distribution percentage to qualify for REIT taxation status		90.00%
Income tax expense | $		$ 3,599	$ (2,062)	$ 4,483
Number of reportable segments | segment		4
Conversion of stock, preferred stock converted to common stock, per share stock consideration	299.2
Conversion of stock, preferred stock to common stock, notice period	10 days
Convertible Preferred Stock Purchase Agreements
Equity, Class of Treasury Stock [Line Items]
Conversion of stock, preferred stock converted to common stock, per share stock consideration	299.2
Series A Preferred Stock
Equity, Class of Treasury Stock [Line Items]
Aggregate liquidation preference (in usd per share) | $ / shares		$ 5,000
Preferred stock dividend, rate of accrual		4.00%
Preferred stock dividend, rate of accrual, increase contingent on rating		1.00%
Preferred stock, shares outstanding (in shares)		0	40,515	40,500
Series C Preferred Stock
Equity, Class of Treasury Stock [Line Items]
Aggregate liquidation preference (in usd per share) | $ / shares		$ 5,000
Preferred stock, affirmative voting percentage		66.67%
Preferred stock dividend, rate of accrual		4.00%
Conversion of stock, preferred stock converted to common stock, per share stock consideration		299.2
Percentage of total economic interests needed to convert preferred stock to common stock		50.00%
Preferred stock, shares outstanding (in shares)		1,400	1,400	1,400
Series D Preferred Stock
Equity, Class of Treasury Stock [Line Items]
Conversion of stock, preferred stock converted to common stock, per share stock consideration		299.2
Preferred stock, shares outstanding (in shares)		17,950	0
Series E Preferred Stock
Equity, Class of Treasury Stock [Line Items]
Aggregate liquidation preference (in usd per share) | $ / shares	$ 25
Preferred stock dividend rate percentage	7.50%	7.50%	7.50%
Preferred stock, shares outstanding (in shares)		10,329,039	0
Series F Preferred Stock
Equity, Class of Treasury Stock [Line Items]
Stock dividend, number of shares of newly issued convertible preferred stock for each share of common stock issued and outstanding					9
Aggregate liquidation preference (in usd per share) | $ / shares					$ 2
Conversion ratio		1
Number of business days prior to liquidation, dissolution, or winding up of the Company		3 days
Preferred stock, affirmative voting percentage		66.67%
Conversion of stock, preferred stock converted to common stock, per share stock consideration		1
Preferred stock, shares outstanding (in shares)		39,733,299	0
Building
Equity, Class of Treasury Stock [Line Items]
Useful life		40 years
Furniture, fixtures, and equipment
Equity, Class of Treasury Stock [Line Items]
Useful life		15 years
Site Improvements | Minimum
Equity, Class of Treasury Stock [Line Items]
Useful life		5 years
Site Improvements | Maximum
Equity, Class of Treasury Stock [Line Items]
Useful life		25 years

Commercial Mortgage Loans - Loa

Commercial Mortgage Loans - Loans Receivable by Class (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Par Value	$ 4,226,888	$ 2,714,734
Less: Allowance for credit losses	15,827	20,886
Total commercial mortgage loans, held for investment, net	4,211,061	2,693,848
Senior Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Par Value	4,204,464	2,698,823
Mezzanine Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Par Value	$ 22,424	$ 15,911

Commercial Mortgage Loans - Nar

Commercial Mortgage Loans - Narrative (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2021USD ($)	Dec. 31, 2021USD ($)ratingloan	Dec. 31, 2020USD ($)ratingloan	Dec. 31, 2019USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase/(decrease) for credit losses		$ (5,192)	$ 13,296	$ 3,007
Par Value		$ 4,226,888	$ 2,714,734
Initial risk rating of loans | rating		2	2
Weighted average risk rating of loans | rating		2.1	2.2
REO investment		$ 90,048	$ 26,510
Gains (losses) on sales of investment real estate		9,809	1,851	$ 0
Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase/(decrease) for credit losses		$ (4,770)	$ 13,181
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan		165	130
Par Value		$ 4,242,962	$ 2,722,863
Gains (losses) on sales of investment real estate		800
Commercial Mortgage Receivable, Held-For-Investment | Real Estate Acquired in Satisfaction of Debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage loans written-off		37,800
REO investment		37,500
Impairment loss at time of transfer	$ 300
Commercial Mortgage Receivable, Held-For-Investment | Land, Buildings and Improvements | Real Estate Acquired in Satisfaction of Debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
REO investment		33,000
Commercial Mortgage Receivable, Held-For-Investment | Furniture, fixtures, and equipment | Real Estate Acquired in Satisfaction of Debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
REO investment		4,500
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value		$ 4,226,888	$ 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
Financing receivable, nonaccrual		$ 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		$ 34,250	$ 67,650

Commercial Mortgage Loans - All

Commercial Mortgage Loans - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	$ 20,886
Provision/(benefit) for credit losses	(5,192)	$ 13,296	$ 3,007
Ending balance	15,827	20,886
Commercial Portfolio Segment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	20,886	921
Provision/(benefit) for credit losses	(4,770)	13,181
Write offs	(289)	(427)
Ending balance	15,827	20,886	921
Commercial Portfolio Segment | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	665	0
Provision/(benefit) for credit losses	(422)	115
Ending balance	243	665	0
Commercial Portfolio Segment | Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance		7,211
Ending balance			7,211
Commercial Portfolio Segment | Cumulative Effect, Period of Adoption, Adjustment | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance		550
Ending balance			550
Multifamily | Commercial Portfolio Segment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	3,095	322
Provision/(benefit) for credit losses	6,875	(447)
Write offs	(289)	0
Ending balance	9,681	3,095	322
Multifamily | Commercial Portfolio Segment | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	85	0
Provision/(benefit) for credit losses	52	(154)
Ending balance	137	85	0
Multifamily | Commercial Portfolio Segment | Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance		3,220
Ending balance			3,220
Multifamily | Commercial Portfolio Segment | Cumulative Effect, Period of Adoption, Adjustment | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance		239
Ending balance			239
Retail | Commercial Portfolio Segment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	404	202
Provision/(benefit) for credit losses	(116)	(184)
Write offs	0	0
Ending balance	288	404	202
Retail | Commercial Portfolio Segment | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	0	0
Provision/(benefit) for credit losses	1	(40)
Ending balance	1	0	0
Retail | Commercial Portfolio Segment | Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance		386
Ending balance			386
Retail | Commercial Portfolio Segment | Cumulative Effect, Period of Adoption, Adjustment | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance		40
Ending balance			40
Office | Commercial Portfolio Segment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	1,575	249
Provision/(benefit) for credit losses	(799)	(640)
Write offs	0	0
Ending balance	776	1,575	249
Office | Commercial Portfolio Segment | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	47	0
Provision/(benefit) for credit losses	(34)	(103)
Ending balance	13	47	0
Office | Commercial Portfolio Segment | Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance		1,966
Ending balance			1,966
Office | Commercial Portfolio Segment | Cumulative Effect, Period of Adoption, Adjustment | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance		150
Ending balance			150
Industrial | Commercial Portfolio Segment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	3,795	23
Provision/(benefit) for credit losses	(3,709)	3,338
Write offs	0	0
Ending balance	86	3,795	23
Industrial | Commercial Portfolio Segment | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	418	0
Provision/(benefit) for credit losses	(415)	388
Ending balance	3	418	0
Industrial | Commercial Portfolio Segment | Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance		434
Ending balance			434
Industrial | Commercial Portfolio Segment | Cumulative Effect, Period of Adoption, Adjustment | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance		30
Ending balance			30
Mixed Use | Commercial Portfolio Segment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	132	4
Provision/(benefit) for credit losses	37	119
Write offs	0	0
Ending balance	169	132	4
Mixed Use | Commercial Portfolio Segment | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	14	0
Provision/(benefit) for credit losses	(4)	13
Ending balance	10	14	0
Mixed Use | Commercial Portfolio Segment | Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance		9
Ending balance			9
Mixed Use | Commercial Portfolio Segment | Cumulative Effect, Period of Adoption, Adjustment | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance		1
Ending balance			1
Hospitality | Commercial Portfolio Segment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	11,646	103
Provision/(benefit) for credit losses	(7,049)	11,231
Write offs	0	(427)
Ending balance	4,597	11,646	103
Hospitality | Commercial Portfolio Segment | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	101	0
Provision/(benefit) for credit losses	(22)	44
Ending balance	79	101	0
Hospitality | Commercial Portfolio Segment | Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance		739
Ending balance			739
Hospitality | Commercial Portfolio Segment | Cumulative Effect, Period of Adoption, Adjustment | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance		57
Ending balance			57
Self Storage | Commercial Portfolio Segment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	117	0
Provision/(benefit) for credit losses	35	(282)
Write offs	0	0
Ending balance	152	117	0
Self Storage | Commercial Portfolio Segment | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	0	0
Provision/(benefit) for credit losses	0	(28)
Ending balance	0	0	0
Self Storage | Commercial Portfolio Segment | Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance		399
Ending balance			399
Self Storage | Commercial Portfolio Segment | Cumulative Effect, Period of Adoption, Adjustment | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance		28
Ending balance			28
Manufactured Housing | Commercial Portfolio Segment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	122	18
Provision/(benefit) for credit losses	(44)	46
Write offs	0	0
Ending balance	78	122	18
Manufactured Housing | Commercial Portfolio Segment | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	0	0
Provision/(benefit) for credit losses	0	(5)
Ending balance	$ 0	0	0
Manufactured Housing | Commercial Portfolio Segment | Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance		58
Ending balance			58
Manufactured Housing | Commercial Portfolio Segment | Cumulative Effect, Period of Adoption, Adjustment | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance		$ 5
Ending balance			$ 5

Commercial Mortgage Loans - Com

Commercial Mortgage Loans - Commercial Mortgage Loan Portfolio, Excluding Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 4,226,888	$ 2,714,734
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 4,242,962	$ 2,722,863
Commercial Mortgage Receivable, Held-For-Investment | Commercial mortgage loans, held for sale, measured at fair value | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	100.00%	100.00%
Commercial Mortgage Receivable, Held-For-Investment | Commercial mortgage loans, held for sale, measured at fair value | Geographic Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	100.00%	100.00%
Southwest | Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 1,764,905	$ 515,392
Southwest | Commercial Mortgage Receivable, Held-For-Investment | Commercial mortgage loans, held for sale, measured at fair value | Geographic Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	41.60%	18.90%
Southeast | Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 1,106,439	$ 796,908
Southeast | Commercial Mortgage Receivable, Held-For-Investment | Commercial mortgage loans, held for sale, measured at fair value | Geographic Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	26.20%	29.30%
Mideast | Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 646,125	$ 473,514
Mideast | Commercial Mortgage Receivable, Held-For-Investment | Commercial mortgage loans, held for sale, measured at fair value | Geographic Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	15.20%	17.40%
Far West | Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 301,040	$ 415,173
Far West | Commercial Mortgage Receivable, Held-For-Investment | Commercial mortgage loans, held for sale, measured at fair value | Geographic Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	7.10%	15.20%
Great Lakes | Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 183,930	$ 199,203
Great Lakes | Commercial Mortgage Receivable, Held-For-Investment | Commercial mortgage loans, held for sale, measured at fair value | Geographic Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	4.30%	7.30%
Various | Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 68,896	$ 136,855
Various | Commercial Mortgage Receivable, Held-For-Investment | Commercial mortgage loans, held for sale, measured at fair value | Geographic Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	1.60%	5.00%
New England | Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 67,651	$ 69,675
New England | Commercial Mortgage Receivable, Held-For-Investment | Commercial mortgage loans, held for sale, measured at fair value | Geographic Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	1.60%	2.60%
Plains | Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 60,225	$ 116,143
Plains | Commercial Mortgage Receivable, Held-For-Investment | Commercial mortgage loans, held for sale, measured at fair value | Geographic Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	1.40%	4.30%
Rocky Mountain | Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 43,751	$ 0
Rocky Mountain | Commercial Mortgage Receivable, Held-For-Investment | Commercial mortgage loans, held for sale, measured at fair value | Geographic Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	1.00%	0.00%
Multifamily | Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 2,953,938	$ 1,202,694
Multifamily | Commercial Mortgage Receivable, Held-For-Investment | Commercial mortgage loans, held for sale, measured at fair value | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	69.60%	44.20%
Office | Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 485,575	$ 517,464
Office | Commercial Mortgage Receivable, Held-For-Investment | Commercial mortgage loans, held for sale, measured at fair value | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	11.40%	19.00%
Hospitality | Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 460,884	$ 403,908
Hospitality | Commercial Mortgage Receivable, Held-For-Investment | Commercial mortgage loans, held for sale, measured at fair value | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	10.90%	14.80%
Retail | Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 104,990	$ 78,550
Retail | Commercial Mortgage Receivable, Held-For-Investment | Commercial mortgage loans, held for sale, measured at fair value | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	2.50%	2.90%
Industrial | Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 88,956	$ 243,404
Industrial | Commercial Mortgage Receivable, Held-For-Investment | Commercial mortgage loans, held for sale, measured at fair value | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	2.10%	8.90%
Mixed Use | Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 62,965	$ 102,756
Mixed Use | Commercial Mortgage Receivable, Held-For-Investment | Commercial mortgage loans, held for sale, measured at fair value | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	1.50%	3.80%
Self Storage | Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 56,495	$ 86,424
Self Storage | Commercial Mortgage Receivable, Held-For-Investment | Commercial mortgage loans, held for sale, measured at fair value | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	1.30%	3.20%
Manufactured Housing | Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 29,159	$ 71,263
Manufactured Housing | Commercial Mortgage Receivable, Held-For-Investment | Commercial mortgage loans, held for sale, measured at fair value | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	0.70%	2.60%
Land | Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 0	$ 16,400
Land | Commercial Mortgage Receivable, Held-For-Investment | Commercial mortgage loans, held for sale, measured at fair value | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	0.00%	0.60%

Commercial Mortgage Loans - C_2

Commercial Mortgage Loans - Commercial Mortgage Loan Portfolio, Held-For-Sale, Measured at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 4,226,888	$ 2,714,734
Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 34,250	$ 67,650
Commercial Mortgage Receivable, Held-For-Sale | Commercial mortgage loans, held for sale, measured at fair value | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	100.00%	100.00%
Southeast | Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 34,250	$ 0
Southeast | Commercial Mortgage Receivable, Held-For-Sale | Commercial mortgage loans, held for sale, measured at fair value | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	100.00%	0.00%
Far West | Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 0	$ 58,500
Far West | Commercial Mortgage Receivable, Held-For-Sale | Commercial mortgage loans, held for sale, measured at fair value | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	0.00%	86.50%
Great Lakes | Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 0	$ 9,150
Great Lakes | Commercial Mortgage Receivable, Held-For-Sale | Commercial mortgage loans, held for sale, measured at fair value | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	0.00%	13.50%
Office | Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 34,250	$ 0
Office | Commercial Mortgage Receivable, Held-For-Sale | Commercial mortgage loans, held for sale, measured at fair value | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	100.00%	0.00%
Industrial | Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 0	$ 67,550
Industrial | Commercial Mortgage Receivable, Held-For-Sale | Commercial mortgage loans, held for sale, measured at fair value | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	0.00%	99.90%
Multifamily | Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 0	$ 100
Multifamily | Commercial Mortgage Receivable, Held-For-Sale | Commercial mortgage loans, held for sale, measured at fair value | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	0.00%	0.10%

Commercial Mortgage Loans - Int

Commercial Mortgage Loans - Internal Credit Qualities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 4,226,888	$ 2,714,734
Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Total	4,242,962	2,722,863
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	2,729,537	1,084,655
Year two, originated fiscal year before current fiscal year	689,545	851,194
Year three, originated two years before current fiscal year	475,252	551,241
Year four, originated three years before current fiscal year	253,452	190,501
Year five, originated four years before current fiscal year	79,102	0
Five or more years before current fiscal year	0
Year six, originated five years before current fiscal year		33,655
Originated six or more years before current fiscal year		3,488
Total	4,226,888	2,714,734
Multifamily | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Total	2,953,938	1,202,694
Multifamily | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	2,438,376	583,550
Year two, originated fiscal year before current fiscal year	270,953	349,588
Year three, originated two years before current fiscal year	103,989	224,862
Year four, originated three years before current fiscal year	127,902	37,812
Year five, originated four years before current fiscal year	0	0
Five or more years before current fiscal year	0
Year six, originated five years before current fiscal year		0
Originated six or more years before current fiscal year		3,488
Total	2,941,220	1,199,300
Multifamily | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | One - Two Internal Credit Rating
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	2,438,376	583,550
Year two, originated fiscal year before current fiscal year	270,953	349,588
Year three, originated two years before current fiscal year	103,989	188,975
Year four, originated three years before current fiscal year	90,877	0
Year five, originated four years before current fiscal year	0	0
Five or more years before current fiscal year	0
Year six, originated five years before current fiscal year		0
Originated six or more years before current fiscal year		3,488
Total	2,904,195	1,125,601
Multifamily | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Three - Four Internal Credit Assessment
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	0	0
Year two, originated fiscal year before current fiscal year	0	0
Year three, originated two years before current fiscal year	0	35,887
Year four, originated three years before current fiscal year	37,025	37,812
Year five, originated four years before current fiscal year	0	0
Five or more years before current fiscal year	0
Year six, originated five years before current fiscal year		0
Originated six or more years before current fiscal year		0
Total	37,025	73,699
Retail | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Total	104,990	78,550
Retail | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	33,830	13,277
Year two, originated fiscal year before current fiscal year	11,928	35,632
Year three, originated two years before current fiscal year	29,515	45,825
Year four, originated three years before current fiscal year	29,452	0
Year five, originated four years before current fiscal year	0	0
Five or more years before current fiscal year	0
Year six, originated five years before current fiscal year		0
Originated six or more years before current fiscal year		0
Total	104,725	94,734
Retail | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | One - Two Internal Credit Rating
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	33,830	13,277
Year two, originated fiscal year before current fiscal year	11,928	22,760
Year three, originated two years before current fiscal year	29,515	16,400
Year four, originated three years before current fiscal year	29,452	0
Year five, originated four years before current fiscal year	0	0
Five or more years before current fiscal year	0
Year six, originated five years before current fiscal year		0
Originated six or more years before current fiscal year		0
Total	104,725	52,437
Retail | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Three - Four Internal Credit Assessment
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	0	0
Year two, originated fiscal year before current fiscal year	0	12,872
Year three, originated two years before current fiscal year	0	29,425
Year four, originated three years before current fiscal year	0	0
Year five, originated four years before current fiscal year	0	0
Five or more years before current fiscal year	0
Year six, originated five years before current fiscal year		0
Originated six or more years before current fiscal year		0
Total	0	42,297
Office | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Total	485,575	517,464
Office | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	50,291	244,301
Year two, originated fiscal year before current fiscal year	253,759	160,709
Year three, originated two years before current fiscal year	136,800	61,169
Year four, originated three years before current fiscal year	43,308	49,238
Year five, originated four years before current fiscal year	0	0
Five or more years before current fiscal year	0
Year six, originated five years before current fiscal year		0
Originated six or more years before current fiscal year		0
Total	484,158	515,417
Office | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | One - Two Internal Credit Rating
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	50,291	244,301
Year two, originated fiscal year before current fiscal year	253,759	160,709
Year three, originated two years before current fiscal year	136,800	61,169
Year four, originated three years before current fiscal year	43,308	40,846
Year five, originated four years before current fiscal year	0	0
Five or more years before current fiscal year	0
Year six, originated five years before current fiscal year		0
Originated six or more years before current fiscal year		0
Total	484,158	507,025
Office | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Three - Four Internal Credit Assessment
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	0	0
Year two, originated fiscal year before current fiscal year	0	0
Year three, originated two years before current fiscal year	0	0
Year four, originated three years before current fiscal year	0	8,392
Year five, originated four years before current fiscal year	0	0
Five or more years before current fiscal year	0
Year six, originated five years before current fiscal year		0
Originated six or more years before current fiscal year		0
Total	0	8,392
Industrial | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Total	88,956	243,404
Industrial | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	0	119,193
Year two, originated fiscal year before current fiscal year	31,906	89,590
Year three, originated two years before current fiscal year	56,933	0
Year four, originated three years before current fiscal year	0	0
Year five, originated four years before current fiscal year	0	0
Five or more years before current fiscal year	0
Year six, originated five years before current fiscal year		33,655
Originated six or more years before current fiscal year		0
Total	88,839	242,438
Industrial | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | One - Two Internal Credit Rating
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	0	119,193
Year two, originated fiscal year before current fiscal year	31,906	89,590
Year three, originated two years before current fiscal year	0	0
Year four, originated three years before current fiscal year	0	0
Year five, originated four years before current fiscal year	0	0
Five or more years before current fiscal year	0
Year six, originated five years before current fiscal year		33,655
Originated six or more years before current fiscal year		0
Total	31,906	242,438
Industrial | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Three - Four Internal Credit Assessment
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	0	0
Year two, originated fiscal year before current fiscal year	0	0
Year three, originated two years before current fiscal year	56,933	0
Year four, originated three years before current fiscal year	0	0
Year five, originated four years before current fiscal year	0	0
Five or more years before current fiscal year	0
Year six, originated five years before current fiscal year		0
Originated six or more years before current fiscal year		0
Total	56,933	0
Mixed Use | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Total	62,965	102,756
Mixed Use | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	32,395	30,246
Year two, originated fiscal year before current fiscal year	30,325	0
Year three, originated two years before current fiscal year	0	59,451
Year four, originated three years before current fiscal year	0	12,839
Year five, originated four years before current fiscal year	0	0
Five or more years before current fiscal year	0
Year six, originated five years before current fiscal year		0
Originated six or more years before current fiscal year		0
Total	62,720	102,536
Mixed Use | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | One - Two Internal Credit Rating
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	32,395	30,246
Year two, originated fiscal year before current fiscal year	30,325	0
Year three, originated two years before current fiscal year	0	59,451
Year four, originated three years before current fiscal year	0	12,839
Year five, originated four years before current fiscal year	0	0
Five or more years before current fiscal year	0
Year six, originated five years before current fiscal year		0
Originated six or more years before current fiscal year		0
Total	62,720	102,536
Mixed Use | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Three - Four Internal Credit Assessment
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	0	0
Year two, originated fiscal year before current fiscal year	0	0
Year three, originated two years before current fiscal year	0	0
Year four, originated three years before current fiscal year	0	0
Year five, originated four years before current fiscal year	0	0
Five or more years before current fiscal year	0
Year six, originated five years before current fiscal year		0
Originated six or more years before current fiscal year		0
Total	0	0
Hospitality | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Total	460,884	403,908
Hospitality | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	153,032	26,878
Year two, originated fiscal year before current fiscal year	26,920	170,626
Year three, originated two years before current fiscal year	148,015	115,026
Year four, originated three years before current fiscal year	52,790	90,612
Year five, originated four years before current fiscal year	79,102	0
Five or more years before current fiscal year	0
Year six, originated five years before current fiscal year		0
Originated six or more years before current fiscal year		0
Total	459,859	403,142
Hospitality | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | One - Two Internal Credit Rating
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	153,032	26,878
Year two, originated fiscal year before current fiscal year	26,920	10,547
Year three, originated two years before current fiscal year	34,054	0
Year four, originated three years before current fiscal year	0	0
Year five, originated four years before current fiscal year	0	0
Five or more years before current fiscal year	0
Year six, originated five years before current fiscal year		0
Originated six or more years before current fiscal year		0
Total	214,006	37,425
Hospitality | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Three - Four Internal Credit Assessment
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	0	0
Year two, originated fiscal year before current fiscal year	0	160,079
Year three, originated two years before current fiscal year	113,961	115,026
Year four, originated three years before current fiscal year	52,790	90,612
Year five, originated four years before current fiscal year	79,102	0
Five or more years before current fiscal year	0
Year six, originated five years before current fiscal year		0
Originated six or more years before current fiscal year		0
Total	245,853	365,717
Self Storage | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Total	56,495	86,424
Self Storage | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	14,948	41,305
Year two, originated fiscal year before current fiscal year	41,382	0
Year three, originated two years before current fiscal year	0	44,908
Year four, originated three years before current fiscal year	0	0
Year five, originated four years before current fiscal year	0	0
Five or more years before current fiscal year	0
Year six, originated five years before current fiscal year		0
Originated six or more years before current fiscal year		0
Total	56,330	86,213
Self Storage | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | One - Two Internal Credit Rating
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	14,948	41,305
Year two, originated fiscal year before current fiscal year	41,382	0
Year three, originated two years before current fiscal year	0	44,908
Year four, originated three years before current fiscal year	0	0
Year five, originated four years before current fiscal year	0	0
Five or more years before current fiscal year	0
Year six, originated five years before current fiscal year		0
Originated six or more years before current fiscal year		0
Total	56,330	86,213
Self Storage | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Three - Four Internal Credit Assessment
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	0	0
Year two, originated fiscal year before current fiscal year	0	0
Year three, originated two years before current fiscal year	0	0
Year four, originated three years before current fiscal year	0	0
Year five, originated four years before current fiscal year	0	0
Five or more years before current fiscal year	0
Year six, originated five years before current fiscal year		0
Originated six or more years before current fiscal year		0
Total	0	0
Manufactured Housing | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Total	29,159	71,263
Manufactured Housing | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	6,665	25,905
Year two, originated fiscal year before current fiscal year	22,372	45,049
Year three, originated two years before current fiscal year	0	0
Year four, originated three years before current fiscal year	0	0
Year five, originated four years before current fiscal year	0	0
Five or more years before current fiscal year	0
Year six, originated five years before current fiscal year		0
Originated six or more years before current fiscal year		0
Total	29,037	70,954
Manufactured Housing | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | One - Two Internal Credit Rating
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	6,665	25,905
Year two, originated fiscal year before current fiscal year	22,372	45,049
Year three, originated two years before current fiscal year	0	0
Year four, originated three years before current fiscal year	0	0
Year five, originated four years before current fiscal year	0	0
Five or more years before current fiscal year	0
Year six, originated five years before current fiscal year		0
Originated six or more years before current fiscal year		0
Total	29,037	70,954
Manufactured Housing | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Three - Four Internal Credit Assessment
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	0	0
Year two, originated fiscal year before current fiscal year	0	0
Year three, originated two years before current fiscal year	0	0
Year four, originated three years before current fiscal year	0	0
Year five, originated four years before current fiscal year	0	0
Five or more years before current fiscal year	0
Year six, originated five years before current fiscal year		0
Originated six or more years before current fiscal year		0
Total	$ 0	$ 0

Commercial Mortgage Loans - A_2

Commercial Mortgage Loans - Allowance Past Due (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Par Value	$ 4,226,888	$ 2,714,734
Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity
Financing Receivable, Past Due [Line Items]
Par Value	4,226,888
Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | Current
Financing Receivable, Past Due [Line Items]
Par Value	4,112,880
Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Par Value	56,933
Interest income recognized	3,100
Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 120+ days past due
Financing Receivable, Past Due [Line Items]
Par Value	57,075
Multifamily | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity
Financing Receivable, Past Due [Line Items]
Par Value	2,941,220
Multifamily | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | Current
Financing Receivable, Past Due [Line Items]
Par Value	2,941,220
Multifamily | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Multifamily | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Multifamily | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Multifamily | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Multifamily | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 120+ days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Retail | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity
Financing Receivable, Past Due [Line Items]
Par Value	104,725
Retail | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | Current
Financing Receivable, Past Due [Line Items]
Par Value	104,725
Retail | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Retail | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Retail | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Retail | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Retail | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 120+ days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Office | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity
Financing Receivable, Past Due [Line Items]
Par Value	484,158
Office | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | Current
Financing Receivable, Past Due [Line Items]
Par Value	484,158
Office | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Office | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Office | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Office | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Office | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 120+ days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Industrial | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity
Financing Receivable, Past Due [Line Items]
Par Value	88,839
Industrial | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | Current
Financing Receivable, Past Due [Line Items]
Par Value	31,906
Industrial | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Par Value	56,933
Industrial | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Industrial | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Industrial | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Industrial | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 120+ days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Mixed Use | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity
Financing Receivable, Past Due [Line Items]
Par Value	62,720
Mixed Use | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | Current
Financing Receivable, Past Due [Line Items]
Par Value	62,720
Mixed Use | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Mixed Use | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Mixed Use | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Mixed Use | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Mixed Use | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 120+ days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Hospitality | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity
Financing Receivable, Past Due [Line Items]
Par Value	459,859
Hospitality | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | Current
Financing Receivable, Past Due [Line Items]
Par Value	402,784
Hospitality | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Hospitality | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Hospitality | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Hospitality | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Hospitality | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 120+ days past due
Financing Receivable, Past Due [Line Items]
Par Value	57,075
Self Storage | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity
Financing Receivable, Past Due [Line Items]
Par Value	56,330
Self Storage | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | Current
Financing Receivable, Past Due [Line Items]
Par Value	56,330
Self Storage | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Self Storage | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Self Storage | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Self Storage | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Self Storage | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 120+ days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Manufactured Housing | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity
Financing Receivable, Past Due [Line Items]
Par Value	29,037
Manufactured Housing | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | Current
Financing Receivable, Past Due [Line Items]
Par Value	29,037
Manufactured Housing | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Manufactured Housing | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Manufactured Housing | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Manufactured Housing | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Manufactured Housing | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 120+ days past due
Financing Receivable, Past Due [Line Items]
Par Value	$ 0

Commercial Mortgage Loans - A_3

Commercial Mortgage Loans - Allocation by Risk Rating (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 4,226,888	$ 2,714,734
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	165	130
Par Value	$ 4,242,962	$ 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	148	104
Par Value	$ 3,903,047	$ 2,232,045
Commercial Mortgage Receivable, Held-For-Investment | 3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	16	22
Par Value	$ 282,840	$ 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_3

Commercial Mortgage Loans - Commercial Mortgage Loan Portfolio, Held-For-Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at Beginning of Year	$ 2,693,848	$ 2,762,042
Acquisitions and originations	2,897,002	1,287,720
Principal repayments	(1,286,598)	(1,223,490)
Discount accretion/premium amortization	7,038	6,146
Loans transferred from/(to) commercial real estate loans, held for sale	(52,615)	(76,979)
Net fees capitalized into carrying value of loans	(15,150)	(6,562)
(Provision)/benefit for credit losses	4,770	(13,181)
Charge-off from allowance	289	427
Balance at End of Year		2,693,848
Commercial Mortgage Receivable, Held-For-Investment
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at Beginning of Year	2,693,848
Transfer to real estate owned	(37,523)	(35,064)
Balance at End of Year	4,211,061	2,693,848
Cumulative Effect, Period of Adoption, Adjustment | Commercial Mortgage Receivable, Held-For-Investment
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at Beginning of Year	$ 0	(7,211)
Balance at End of Year		$ 0

Real Estate Securities - Summar

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

Real Estate Securities - Narrat

Real Estate Securities - Narrative (Details) $ in Thousands	2 Months Ended	12 Months Ended
	Feb. 25, 2022USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)securityinvestment
Debt Securities, Available-for-sale [Line Items]
Amortized cost basis		$ 0	$ 179,392
Weighted average portfolio contractual maturity		310 months
Proceeds from sale of trading securities		$ 1,900,000
Realized gain (loss) on sale of trading securities		$ 100
Subsequent Event
Debt Securities, Available-for-sale [Line Items]
Proceeds from sale of trading securities	$ 1,800,000
Realized gain (loss) on sale of trading securities	$ (12,000)
CMBS
Debt Securities, Available-for-sale [Line Items]
Number of investments | investment			9
Amortized cost basis			$ 179,392
Unrealized loss			$ 8,256
CLO
Debt Securities, Available-for-sale [Line Items]
Debt securities, weighted average contractual maturity			14 years
Amortized cost basis			$ 123,444
Unrealized loss			$ 4,888
SASB
Debt Securities, Available-for-sale [Line Items]
Debt securities, weighted average contractual maturity			14 years
Amortized cost basis			$ 55,948
Unrealized loss			$ 3,368
Nonperforming Financial Instruments | CMBS
Debt Securities, Available-for-sale [Line Items]
Number of positions | security			7

Real Estate Securities - Summ_2

Real Estate Securities - Summary of Changes in Fair Value of CMBS Investments (Details) - USD ($) $ in Thousands	Dec. 31, 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
CLO
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 - Real E

Real Estate Securities - Real Estate Securities In An Unrealized Loss Position (Details) $ in Thousands	Dec. 31, 2020USD ($)
CMBS
Debt Securities, Available-for-sale, Unrealized Loss Position [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)
CLO
Debt Securities, Available-for-sale, Unrealized Loss Position [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	(2,064)
SASB
Debt Securities, Available-for-sale, Unrealized Loss Position [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	$ (3,368)

Real Estate Securities - Gains

Real Estate Securities - Gains (Losses) On Real Estate Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Unrealized gain/(loss) available for sale securities	$ 0	$ (8,026)	$ (978)
Reclassification of net (gain)/loss on available for sale securities included in net income (loss)	8,256	748	0
Unrealized gain/(loss) available for sale securities, net of reclassification adjustment	8,256	(7,278)	(978)
Commercial Mortgage Backed Securities
Debt Securities, Available-for-sale [Line Items]
Unrealized gain/(loss) available for sale securities, net of reclassification adjustment	$ 8,256	$ (7,278)	$ (978)

Real Estate Securities - Reside

Real Estate Securities - Residential Mortgage-Backed Securities (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Marketable Securities [Line Items]
Real estate securities, trading, measured at fair value	$ 4,566,871,000	$ 0
Average Yield	2.26%	0.00%
Fannie Mae/Freddie Mac ARMs
Marketable Securities [Line Items]
Real estate securities, trading, measured at fair value	$ 4,246,803,000	$ 0
Average Yield	2.23%	0.00%
Ginnie Mae ARMs
Marketable Securities [Line Items]
Real estate securities, trading, measured at fair value	$ 320,068,000	$ 0
Average Yield	2.72%	0.00%

Real Estate Owned - Summary (De

Real Estate Owned - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real Estate [Line Items]
Real estate acquired through foreclosure, net	$ 90,048	$ 26,510
Accumulated Depreciation	(575)	(931)
Real Estate Owned, net	90,048	26,510
Land
Real Estate [Line Items]
Real estate owned, gross	3,436	1,887
Building and Improvements
Real Estate [Line Items]
Real estate owned, gross	84,259	21,989
Furniture, Fixtures and Equipment
Real Estate [Line Items]
Real estate owned, gross	2,928	3,565
Industrial | Jeffersonville, GA
Real Estate [Line Items]
Real estate owned, acquired through foreclosure, accumulated depreciation	(575)
Real estate acquired through foreclosure, net	90,048
Industrial | Jeffersonville, GA | Land
Real Estate [Line Items]
Real estate owned, acquired through foreclosure, gross	3,436
Industrial | Jeffersonville, GA | Building and Improvements
Real Estate [Line Items]
Real estate owned, acquired through foreclosure, gross	84,259
Industrial | Jeffersonville, GA | Furniture, Fixtures and Equipment
Real Estate [Line Items]
Real estate owned, acquired through foreclosure, gross	$ 2,928
Office | Jeffersonville, IN
Real Estate [Line Items]
Real estate owned, acquired through foreclosure, accumulated depreciation		(931)
Real estate acquired through foreclosure, net		26,510
Office | Jeffersonville, IN | Land
Real Estate [Line Items]
Real estate owned, acquired through foreclosure, gross		1,887
Office | Jeffersonville, IN | Building and 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 ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Sep. 17, 2021	Aug. 31, 2021
Real Estate [Line Items]
Depreciation expense	$ 1	$ 1
Office | Jeffersonville, IN | Held-for-sale
Real Estate [Line Items]
Gain (loss) on sale of properties	8.6
Industrial | Jeffersonville, GA
Real Estate [Line Items]
Real estate investment property, net			$ 139.5
Industrial | Jeffersonville, GA | Mortgages
Real Estate [Line Items]
Face amount of debt			112.7
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				$ 109.8
Equity method investments				21.1
Industrial | Jeffersonville, GA | Franklin BSP Realty Trust, Inc | September 2021 Mortgage Note Payable, Eliminated in Consolidation | Mortgages
Real Estate [Line Items]
Face amount of debt			$ 88.7	$ 88.7
Industrial | Jeffersonville, GA | JV Affiliate
Real Estate [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners				21.00%
Equity method investments				$ 5.7
Noncontrolling interest in joint ventures				29.8
Industrial | Jeffersonville, GA | JV Affiliate | September 2021 Mortgage Note Payable, Affiliate | Mortgages
Real Estate [Line Items]
Face amount of debt	$ 24			$ 24

Leases - Intangible Leased Asse

Leases - Intangible Leased Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Intangible Lease Asset, Gross	$ 49,192	$ 14,509
Accumulated Amortization	(720)	(963)
Intangible Lease Asset, Net of Amortization	48,472	13,546
Industrial | Jeffersonville, GA
Finite-Lived Intangible Assets [Line Items]
Intangible Lease Asset, Gross	49,192
Accumulated Amortization	(720)
Intangible Lease Asset, Net of Amortization	$ 48,472
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) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	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	16 years 9 months 18 days
Amortization	$ 1.1	$ 0.8
Industrial | Jeffersonville, GA
Finite-Lived Intangible Assets [Line Items]
Operating lease minimal annual rate increase			2.00%
Number of lease renewal terms | extension			4
Operating lease renewal term			5 years
Remaining term of operating lease			16 years 9 months 18 days
Rental income	2.6
Office | Jeffersonville, IN
Finite-Lived Intangible Assets [Line Items]
Operating lease minimal annual rate increase				1.50%
Number of lease renewal terms | extension				4
Operating lease renewal term				5 years
Rental income	$ 2.1	$ 2.9

Leases - Future Minimum Payment

Leases - Future Minimum Payments to be Received (Details) $ in Thousands	Dec. 31, 2021USD ($)
Leases [Abstract]
2022	$ 9,248
2023	9,248
2024	9,248
2025	9,248
2026 and beyond	118,683
Total minimum rent	$ 155,675

Leases - Schedule of Expected A

Leases - Schedule of Expected Amortization Expense (Details) $ in Thousands	Dec. 31, 2021USD ($)
Leases [Abstract]
2022	$ (2,880)
2023	(2,880)
2024	(2,880)
2025	(2,880)
2026	$ (2,880)

Debt - Narrative (Details)

Debt - Narrative (Details)

Dec. 21, 2021USD ($)$ / sharesshares

Dec. 14, 2021USD ($)

Mar. 25, 2021USD ($)$ / sharesshares

Mar. 23, 2020USD ($)

Aug. 31, 2020USD ($)

Dec. 31, 2021USD ($)mortgage_assetrepurchaseRequest

Dec. 31, 2020USD ($)mortgage_assetshares

Dec. 31, 2019USD ($)shares

Oct. 12, 2021$ / shares

Sep. 17, 2021USD ($)

Aug. 31, 2021USD ($)

Oct. 15, 2019USD ($)

Line of Credit Facility [Line Items]

Interest expense

$ 16,747,000

$ 11,632,000

Outstanding balance

37,900,000

31,400,000

Unsecured debt

148,594,000

0

Average repurchase agreements outstanding

3,970,000,000

Amortization of deferred financing costs

9,203,000

$ 9,585,000

$ 9,584,000

Issuance of common stock (in shares) | shares

650,034

4,601,904

Preferred stock, par value per share (in dollars per share) | $ / shares

$ 0.01

Collateralized Loan Obligations Issued in 2021-FL6 | Preferred Stock

Line of Credit Facility [Line Items]

Issuance of common stock (in shares) | shares

54,250,000

Preferred stock, par value per share (in dollars per share) | $ / shares

$ 0.001

Aggregate liquidation preference (in usd per share) | $ / shares

$ 1,000

Collateralized Loan Obligations Issued in 2021-FL7 | Preferred Stock

Line of Credit Facility [Line Items]

Issuance of common stock (in shares) | shares

82,125,000

Preferred stock, par value per share (in dollars per share) | $ / shares

$ 0.001

Aggregate liquidation preference (in usd per share) | $ / shares

$ 1,000

Junior Subordinated Debt

Line of Credit Facility [Line Items]

Outstanding principal of notes on call date

98,594,000

$ 0

Junior Subordinated Debt | Capstead

Line of Credit Facility [Line Items]

Face amount of debt

$ 100,000,000

Junior subordinated notes maturity term

30 years

Mortgages | Industrial | Jeffersonville, GA

Line of Credit Facility [Line Items]

Interest expense

$ 200,000

Face amount of debt

$ 112,700,000

Mortgages | October 2019 Mortgage Note Payable | Office | Jeffersonville, IN

Line of Credit Facility [Line Items]

Interest expense

900,000

Face amount of debt

$ 29,200,000

Mortgages | September 2021 Mortgage Note Payable, Eliminated in Consolidation | Industrial | Jeffersonville, GA

Line of Credit Facility [Line Items]

Interest expense

$ 200,000

Mortgages | September 2021 Mortgage Note Payable, Eliminated in Consolidation | Industrial | Jeffersonville, GA | Franklin BSP Realty Trust, Inc

Line of Credit Facility [Line Items]

Face amount of debt

$ 88,700,000

$ 88,700,000

Mortgages | September 2021 Mortgage Note Payable, Affiliate

Line of Credit Facility [Line Items]

Annual interest rate (percent)

3.10%

Mortgages | September 2021 Mortgage Note Payable, Affiliate | Industrial | Jeffersonville, GA | JV Affiliate

Line of Credit Facility [Line Items]

Face amount of debt

$ 24,000,000

$ 24,000,000

Secured Debt | Collateralized Loan Obligations Issued in 2018-FL3

Line of Credit Facility [Line Items]

Outstanding principal of notes on call date

$ 99,300,000

Amortization of deferred financing costs

$ 4,600,000

Secured Debt | Collateralized Loan Obligations Issued in 2021-FL6

Line of Credit Facility [Line Items]

Face amount of debt

$ 645,800,000

Secured Debt | Collateralized Loan Obligations Issued in 2021-FL6 | Subsidiaries

Line of Credit Facility [Line Items]

Face amount of debt

72,600,000

Secured Debt | Collateralized Loan Obligations Issued in 2021-FL7

Line of Credit Facility [Line Items]

Face amount of debt

$ 817,900,000

Secured Debt | Collateralized Loan Obligations Issued in 2021-FL7 | Subsidiaries

Line of Credit Facility [Line Items]

Face amount of debt

95,600,000

Secured Debt | U.S. Bank National Association

Line of Credit Facility [Line Items]

Outstanding principal of notes on call date

2,179,514,000

1,639,227,000

Secured Debt | U.S. Bank National Association | Collateralized Loan Obligations Issued in 2018-FL4

Line of Credit Facility [Line Items]

Collateral Carrying Amount

$ 503,300,000

$ 852,090,000

Collateral (mortgage asset) | mortgage_asset

31

59

Secured Debt | U.S. Bank National Association | Collateralized Loan Obligations Issued in 2019-FL5

Line of Credit Facility [Line Items]

Collateral Carrying Amount

$ 589,000,000

$ 799,770,000

Collateral (mortgage asset) | mortgage_asset

48

54

Secured Debt | U.S. Bank National Association | Collateralized Loan Obligations Issued in 2021-FL6

Line of Credit Facility [Line Items]

Collateral Carrying Amount

$ 682,300,000

Collateral (mortgage asset) | repurchaseRequest

44

Secured Debt | U.S. Bank National Association | Collateralized Loan Obligations Issued in 2021-FL7

Line of Credit Facility [Line Items]

Collateral Carrying Amount

$ 871,400,000

Collateral (mortgage asset) | repurchaseRequest

47

Secured Debt | U.S. Bank National Association | CLO 2021-FL7, 2021-FL6, 2019-FL5, and 2018-FL4

Line of Credit Facility [Line Items]

Collateral Carrying Amount

$ 329,200,000

$ 256,900,000

Secured Debt | Third Party Investors | Collateralized Loan Obligations Issued in 2021-FL6

Line of Credit Facility [Line Items]

Face amount of debt

$ 573,100,000

Secured Debt | Third Party Investors | Collateralized Loan Obligations Issued in 2021-FL7

Line of Credit Facility [Line Items]

Face amount of debt

$ 722,300,000

Sterling National Bank

Line of Credit Facility [Line Items]

Amount of interest in loan transferred

$ 15,200,000

Interest expense

900,000

Security Benefit Life Insurance Company | Unsecured Debt

Line of Credit Facility [Line Items]

Interest expense

2,000,000

$ 200,000

Face amount of debt

$ 100,000,000

Unsecured debt

$ 50,000,000

Security Benefit Life Insurance Company | Unsecured Debt | London Interbank Offered Rate (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)	Dec. 01, 2021USD ($)	Dec. 31, 2021USD ($)extension	Dec. 31, 2020USD ($)extension	Dec. 03, 2021USD ($)	Dec. 02, 2021USD ($)	Nov. 30, 2021USD ($)	Nov. 19, 2021USD ($)	Nov. 18, 2021USD ($)	Nov. 03, 2021USD ($)	Dec. 31, 2019USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		$ 1,900,000,000	$ 1,175,000,000
Amount Outstanding		1,019,600,000	276,340,000
Interest expense		16,747,000	11,632,000
Secured Debt | Barclays Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		500,000,000	300,000,000	$ 500,000,000	$ 300,000,000
Amount Outstanding		392,332,000	22,560,000
Interest expense		$ 4,057,000	$ 1,046,000
Ending Weighted Average Interest Rate		1.76%	2.51%
Number of extension options | extension		2	2
Extension on initial maturity date		1 year	1 year
Revolving Credit Facility
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		$ 34,311,000	$ 186,828,000
Ending Weighted Average Interest Rate		1.17%	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		136,470,000	113,884,000
Interest expense		$ 5,178,000	$ 5,020,000
Ending Weighted Average Interest Rate		2.13%	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
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		$ 300,000,000	$ 200,000,000						$ 200,000,000	$ 300,000,000
Amount Outstanding		137,364,000	106,971,000
Interest expense		$ 3,446,000	$ 3,539,000
Ending Weighted Average Interest Rate		2.43%	2.84%
Line of credit facility, maximum borrowing capacity at company discretion		$ 400,000,000
Revolving Credit Facility | WF Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		450,000,000	$ 175,000,000				$ 450,000,000	$ 275,000,000
Amount Outstanding		186,734,000	27,150,000
Interest expense		$ 2,090,000	$ 1,041,000
Ending Weighted Average Interest Rate		1.64%	2.50%
Number of extension options | extension		3	2
Extension on initial maturity date		1 year	1 year
Revolving Credit Facility | Secured Debt | Barclays Revolver Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	$ 250,000,000	$ 250,000,000	$ 100,000,000			$ 100,000,000
Amount Outstanding		166,700,000	0
Interest expense		$ 1,976,000	$ 387,000
Ending Weighted Average Interest Rate		6.12%
Number of extension options | extension			1
Extension on initial maturity date			1 year
Line of credit facility interval period	3 months
Revolving Credit Facility | Secured Debt | Barclays Revolver Facility | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Authorized increase in total commitment amount	$ 100,000,000
Revolving Credit Facility | Secured Debt | Barclays Revolver Facility | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Authorized increase in total commitment amount	$ 150,000,000

Debt - Junior Subordinated Note

Debt - Junior Subordinated Notes (Details) - Junior Subordinated Debt - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Borrowings Outstanding	$ 98,594,000	$ 0
Average Borrowing Rates	7.72%	0.00%
Capstead
Debt Instrument [Line Items]
Face amount of debt	$ 100,000,000
October 2035 ($35,000 face amount)
Debt Instrument [Line Items]
Borrowings Outstanding	$ 34,470,000	$ 0
Average Borrowing Rates	7.86%	0.00%
October 2035 ($35,000 face amount) | Capstead
Debt Instrument [Line Items]
Face amount of debt	$ 35,000,000
December 2035 ($40,000 face amount)
Debt Instrument [Line Items]
Borrowings Outstanding	$ 39,474,000	$ 0
Average Borrowing Rates	7.63%	0.00%
December 2035 ($40,000 face amount) | Capstead
Debt Instrument [Line Items]
Face amount of debt	$ 40,000,000
September 2036 ($25,000 face amount)
Debt Instrument [Line Items]
Borrowings Outstanding	$ 24,650,000	$ 0
Average Borrowing Rates	7.67%	0.00%
September 2036 ($25,000 face amount) | Capstead
Debt Instrument [Line Items]
Face amount of debt	$ 25,000,000

Debt - Repurchase Agreements, R

Debt - Repurchase Agreements, Real Estate Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 1,019,600	$ 276,340
Accrued Interest	2,692	2,110
Real estate securities, available for sale, measured at fair value	0	171,136
Secured Debt | U.S. Bank National Association | Class C Notes
Assets Sold under Agreements to Repurchase [Line Items]
Real estate securities, available for sale, measured at fair value	43,200	72,200
Revolving Credit Facility
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	34,311	186,828
Accrued Interest	905	8,719
Collateral Pledged	$ 43,218	$ 243,373
Interest Rate	1.17%	1.71%
Days to Maturity	12 days	33 days
Revolving Credit Facility | JP Morgan Securities LLC
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 19,025	$ 33,791
Accrued Interest	261	1,668
Collateral Pledged	$ 24,087	$ 43,612
Interest Rate	1.14%	1.75%
Days to Maturity	10 days	31 days
Revolving Credit Facility | Wells Fargo Securities, LLC
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 0	$ 0
Accrued Interest	0	1,057
Collateral Pledged	0	0
Revolving Credit Facility | Goldman Sachs International
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	0	22,440
Accrued Interest	37	455
Collateral Pledged	0	$ 30,794
Interest Rate		1.68%
Days to Maturity		16 days
Revolving Credit Facility | Barclays Capital Inc.
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	15,286	$ 76,809
Accrued Interest	526	2,102
Collateral Pledged	$ 19,131	$ 97,244
Interest Rate	1.21%	1.71%
Days to Maturity	14 days	33 days
Revolving Credit Facility | Credit Suisse AG
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 0	$ 0
Accrued Interest	0	905
Collateral Pledged	0	0
Revolving Credit Facility | Citigroup Global Markets, Inc.
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	0	53,788
Accrued Interest	81	2,532
Collateral Pledged	$ 0	$ 71,723
Interest Rate		0.00%
Days to Maturity		29 days

Debt - Repurchase Agreements, C

Debt - Repurchase Agreements, Collateral Type (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Net Investment Income [Line Items]
Accrued Interest Receivable	$ 30,109	$ 15,295
Repurchase Agreements
Net Investment Income [Line Items]
Collateral Carrying Amount	4,327,020	0
Accrued Interest Receivable	8,908	0
Borrowings Outstanding	$ 4,144,473	$ 0
Average Borrowing Rates	0.13%	0.00%
Repurchase arrangements secured by Agency securities with maturities of 30 days or less
Net Investment Income [Line Items]
Collateral Carrying Amount	$ 4,327,020	$ 0
Accrued Interest Receivable	8,908	0
Borrowings Outstanding	$ 4,144,473	$ 0
Average Borrowing Rates	0.13%	0.00%

Debt - Collateralized Loan Obli

Debt - Collateralized Loan Obligation by Tranche (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Par Value Issued	$ 23,998	$ 29,167
Secured Debt | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	2,672,174	1,825,201
Borrowings Outstanding	2,179,514	1,639,227
Collateralized loan obligation excluded	320,600	267,100
Secured Debt | Tranche A Notes - 2018-FL3 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued		286,700
Borrowings Outstanding		161,745
Secured Debt | Tranche A-S Notes - 2018-FL3 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued		77,775
Borrowings Outstanding		77,775
Secured Debt | Tranche B Notes - 2018-FL3 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued		41,175
Borrowings Outstanding		41,175
Secured Debt | Tranche C Notes - 2018-FL3 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued		39,650
Borrowings Outstanding		39,650
Secured Debt | Tranche D Notes - 2018-FL3 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued		42,700
Borrowings Outstanding		42,700
Secured Debt | Tranche A Notes - 2018-FL4 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	416,827	416,827
Borrowings Outstanding	75,263	416,659
Secured Debt | Tranche A-S Notes - 2018-FL4 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	73,813	73,813
Borrowings Outstanding	73,813	73,813
Secured Debt | Tranche B Notes - 2018-FL4 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	56,446	56,446
Borrowings Outstanding	56,446	56,446
Secured Debt | Tranche C Notes - 2018-FL4 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	68,385	68,385
Borrowings Outstanding	68,385	68,385
Secured Debt | Tranche D Notes - 2018-FL4 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	57,531	57,531
Borrowings Outstanding	57,531	57,531
Secured Debt | Tranche E Notes - 2018-FL4 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	28,223
Borrowings Outstanding	28,223
Secured Debt | Tranche A Notes - 2019-FL5 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	407,025	407,025
Borrowings Outstanding	299,529	407,025
Secured Debt | Tranche A-S Notes - 2019-FL5 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	76,950	76,950
Borrowings Outstanding	76,950	76,950
Secured Debt | Tranche B Notes - 2019-FL5 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	50,000	50,000
Borrowings Outstanding	50,000	50,000
Secured Debt | Tranche C Notes - 2019-FL5 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	61,374	61,374
Borrowings Outstanding	61,374	61,373
Secured Debt | Tranche D Notes - 2019-FL5 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	48,600	48,600
Borrowings Outstanding	5,000	5,000
Secured Debt | Tranche E Notes - 2019-FL5 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	20,250	20,250
Borrowings Outstanding	20,250	$ 3,000
Secured Debt | Tranche A Notes - 2021-FL6 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	367,500
Borrowings Outstanding	367,500
Secured Debt | Tranche A-S Notes - 2021-FL6 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	86,625
Borrowings Outstanding	86,625
Secured Debt | Tranche B Notes - 2021-FL6 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	33,250
Borrowings Outstanding	33,250
Secured Debt | Tranche C Notes - 2021-FL6 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	41,125
Borrowings Outstanding	41,125
Secured Debt | Tranche D Notes - 2021-FL6 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	44,625
Borrowings Outstanding	44,625
Secured Debt | Tranche E Notes - 2021-FL6 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	11,375
Borrowings Outstanding	11,375
Secured Debt | Tranche A Notes - 2021-FL7 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	508,500
Borrowings Outstanding	508,500
Secured Debt | Tranche A-S Notes - 2021-FL7 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	13,500
Borrowings Outstanding	13,500
Secured Debt | Tranche B Notes - 2021-FL7 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	52,875
Borrowings Outstanding	52,875
Secured Debt | Tranche C Notes - 2021-FL7 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	66,375
Borrowings Outstanding	66,375
Secured Debt | Tranche D Notes - 2021-FL7 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	67,500
Borrowings Outstanding	67,500
Secured Debt | Tranche E Notes - 2021-FL7 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	13,500
Borrowings Outstanding	$ 13,500
1M LIBOR | Secured Debt | Tranche A Notes - 2018-FL3 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Interest Rate		1.05%
1M LIBOR | Secured Debt | Tranche A-S Notes - 2018-FL3 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Interest Rate		1.35%
1M LIBOR | Secured Debt | Tranche B Notes - 2018-FL3 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Interest Rate		1.65%
1M LIBOR | Secured Debt | Tranche C Notes - 2018-FL3 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Interest Rate		2.55%
1M LIBOR | Secured Debt | Tranche D Notes - 2018-FL3 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Interest Rate		3.45%
1M LIBOR | Secured Debt | Tranche A Notes - 2018-FL4 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Interest Rate	1.05%	1.05%
1M LIBOR | Secured Debt | Tranche A-S Notes - 2018-FL4 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Interest Rate	1.30%	1.30%
1M LIBOR | Secured Debt | Tranche B Notes - 2018-FL4 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Interest Rate	1.60%	1.60%
1M LIBOR | Secured Debt | Tranche C Notes - 2018-FL4 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Interest Rate	2.10%	2.10%
1M LIBOR | Secured Debt | Tranche D Notes - 2018-FL4 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Interest Rate	2.75%	2.75%
1M LIBOR | Secured Debt | Tranche E Notes - 2018-FL4 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Interest Rate	3.05%
1M LIBOR | Secured Debt | Tranche A Notes - 2019-FL5 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Interest Rate	1.15%	1.15%
1M LIBOR | Secured Debt | Tranche A-S Notes - 2019-FL5 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Interest Rate	1.48%	1.48%
1M LIBOR | Secured Debt | Tranche B Notes - 2019-FL5 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Interest Rate	1.40%	1.40%
1M LIBOR | Secured Debt | Tranche C Notes - 2019-FL5 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Interest Rate	2.00%	2.00%
1M LIBOR | Secured Debt | Tranche D Notes - 2019-FL5 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Interest Rate	2.40%	2.40%
1M LIBOR | Secured Debt | Tranche E Notes - 2019-FL5 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Interest Rate	2.85%	2.85%
1M LIBOR | Secured Debt | Tranche A Notes - 2021-FL6 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Interest Rate	1.10%
1M LIBOR | Secured Debt | Tranche A-S Notes - 2021-FL6 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Interest Rate	1.30%
1M LIBOR | Secured Debt | Tranche B Notes - 2021-FL6 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Interest Rate	1.60%
1M LIBOR | Secured Debt | Tranche C Notes - 2021-FL6 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Interest Rate	2.05%
1M LIBOR | Secured Debt | Tranche D Notes - 2021-FL6 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Interest Rate	3.00%
1M LIBOR | Secured Debt | Tranche E Notes - 2021-FL6 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Interest Rate	3.50%
1M LIBOR | Secured Debt | Tranche A Notes - 2021-FL7 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Interest Rate	1.32%
1M LIBOR | Secured Debt | Tranche A-S Notes - 2021-FL7 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Interest Rate	1.65%
1M LIBOR | Secured Debt | Tranche B Notes - 2021-FL7 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Interest Rate	2.05%
1M LIBOR | Secured Debt | Tranche C Notes - 2021-FL7 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Interest Rate	2.30%
1M LIBOR | Secured Debt | Tranche D Notes - 2021-FL7 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Interest Rate	2.75%
1M LIBOR | Secured Debt | Tranche E Notes - 2021-FL7 Issuer | U.S. Bank National Association
Debt Instrument [Line Items]
Interest Rate	3.40%

Debt - Collateralized Loan Ob_2

Debt - Collateralized Loan Obligation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 154,929	$ 82,071	$ 87,246
Commercial mortgage loans, held for investment, net	4,211,061	2,693,848
Accrued interest receivable	30,109	15,295
Total assets	9,474,701	3,189,761	$ 3,540,620
Liabilities
Notes payable	23,998	29,167
Interest payable	2,692	2,110
Total liabilities	7,666,645	2,182,063
Allowance for loan losses	15,827	20,886
Collaterized loan obligation
ASSETS
Cash and cash equivalents	187,668	99,025
Commercial mortgage loans, held for investment, net	2,629,431	2,044,956
Accrued interest receivable	5,918	5,626
Total assets	2,823,017	2,149,607
Liabilities
Notes payable	2,482,762	1,892,616
Interest payable	1,598	1,240
Total liabilities	2,484,360	1,893,856
Restricted cash	187,000	98,600
Allowance for loan losses	8,700	19,400
Collateralized loan obligation excluded	320,600	267,100
Deferred financing cost and discount	$ 17,300	$ 13,700

Earnings Per Share - Summary of

Earnings Per Share - Summary of the Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net income	$ 25,702	$ 54,746	$ 83,924
Less: Preferred stock dividends	33,587	14,920	15,337
Less: Undistributed earnings allocated to preferred stock	0	0	1,673
Net Income (Loss) Available to Common Stockholders, Basic, Total	(7,885)	39,826	66,914
Net Income (Loss) Available to Common Stockholders, Diluted, Total	$ (7,885)	$ 39,826	$ 66,914
Weighted-average common shares outstanding for basic earnings per share (in shares)	43,419,209	44,384,813	41,859,142
Unvested restricted shares (in shares)	15,521	14,066	12,504
Weighted-average common shares outstanding for diluted earnings per share (in shares)	43,434,731	44,398,879	41,871,646
Basic earnings per share (in dollars per share)	$ (0.18)	$ 0.90	$ 1.60
Diluted earnings per share (in dollars per share)	$ (0.18)	$ 0.90	$ 1.60

Stock Transactions - Narrative

Stock Transactions - Narrative (Details) $ / shares in Units, $ in Thousands	Oct. 19, 2021USD ($)$ / sharesshares	Oct. 12, 2021$ / sharesshares	Mar. 31, 2021USD ($)shares	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018shares
Class of Stock [Line Items]
Issuance of common stock (in shares)					650,034	4,601,904
Issuance of new stock | $					$ 10,886	$ 76,892
Stockholders' equity note, stock split, conversion ratio		0.10
Common stock, shares outstanding (in shares)		4,500,000		43,965,928	44,510,051
Preferred stock, authorized common stock shares reclassified (in shares)		50,000,000
Preferred stock, par value per share (in dollars per share) | $ / shares		$ 0.01
Common stock, shares authorized (in shares)		900,000,000		900,000,000	900,000,000
Preferred stock, shares authorized (in shares)		100,000,000
Common stock, par value per share (in dollars per share) | $ / shares				$ 0.01	$ 0.01
Conversion of stock, common stock, per share stock consideration, merger (in shares)	0.3288
Conversion of stock, common stock, per share cash consideration, merger (in usd per share) | $ / shares	$ 0.21
Conversion of stock, common stock, per share advisor cash consideration, merger (in usd per share) | $ / shares	$ 0.73
Share repurchase program, authorized amount | $	$ 35,000			$ 65,000
Capstead
Class of Stock [Line Items]
Common stock, par value per share (in dollars per share) | $ / shares	$ 0.01
Conversion of stock, common stock, per share stock consideration, merger (in shares)	1
Business acquisition, equity interest issued or issuable (in shares)	31,900,000
Cash consideration paid in merger | $	$ 20,500
Common Stock
Class of Stock [Line Items]
Shares outstanding (in shares)				43,965,928	44,510,051	43,916,815	39,303,710
Issuance of new stock | $					$ 6	$ 46
Stock issued during period, reverse stock splits (in shares)				39,733,299
Common Stock
Class of Stock [Line Items]
Issuance of new stock | $				$ 579,526
Recapitalization, percent of common stock holdings		10.00%
Common Stock | Common Stock
Class of Stock [Line Items]
Issuance of common stock (in shares)				31,887,442
Issuance of new stock | $				$ 319
Series C Preferred Stock
Class of Stock [Line Items]
Shares outstanding (in shares)				1,400	1,400
Issuance of common stock (in shares)				0	0
Preferred stock, par value per share (in dollars per share) | $ / shares				$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)				20,000	20,000
Aggregate liquidation preference (in usd per share) | $ / shares				$ 5,000
Series D Preferred Stock
Class of Stock [Line Items]
Shares outstanding (in shares)				17,950	0
Stock exchange for other preferred stock (in shares)			14,950
Issuance of common stock (in shares)			3,000	17,950
Stock issued during period, value, new issues, less accrued and unpaid dividends | $			$ 14,000
Issuance of new stock | $			$ 15,000
Preferred stock, par value per share (in dollars per share) | $ / shares				$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)				20,000	20,000
Series F Preferred Stock
Class of Stock [Line Items]
Shares outstanding (in shares)				39,733,299	0
Preferred stock, par value per share (in dollars per share) | $ / shares				$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)		40,000,000		40,000,000	40,000,000
Stock dividends, preferred stock, per share stock consideration (in shares)		9
Stock issued during period, reverse stock splits (in shares)		39,733,298
Recapitalization, percent of preferred stock holdings		90.00%
Conversion of stock, common stock, per share stock consideration, reverse stock splits (in shares)		1
Aggregate liquidation preference (in usd per share) | $ / shares		$ 2
Series E Preferred Stock
Class of Stock [Line Items]
Shares outstanding (in shares)				10,329,039	0
Preferred stock, par value per share (in dollars per share) | $ / shares				$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)				100,000,000	100,000,000
Preferred stock dividend rate percentage	7.50%			7.50%	7.50%
Conversion of stock, preferred stock, per share stock consideration, merger (in shares)	1
Preferred stock, shares reclassified (in shares)	10,329,039
Aggregate liquidation preference (in usd per share) | $ / shares	$ 25
Preferred stock, liquidation preference per share, per annum (in usd per share) | $ / shares	1.875
Preferred stock, redemption price per share (in usd per share) | $ / shares	$ 25
Series E Preferred Stock | Minimum
Class of Stock [Line Items]
Preferred stock, redemption of stock for cash, notice period	30 days
Series E Preferred Stock | Maximum
Class of Stock [Line Items]
Preferred stock, redemption of stock for cash, notice period	60 days
Series E Preferred Stock | Capstead
Class of Stock [Line Items]
Business acquisition, equity interest issued or issuable (in shares)	10,300,000
Series A Preferred Stock
Class of Stock [Line Items]
Shares outstanding (in shares)				0
Stock exchange for other preferred stock (in shares)			14,949
Issuance of common stock (in shares)					14
Preferred stock, par value per share (in dollars per share) | $ / shares				$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)				60,000	60,000
Aggregate liquidation preference (in usd per share) | $ / shares				$ 5,000
Series E Cumulative Redeemable Preferred Stock | Capstead
Class of Stock [Line Items]
Preferred stock, par value per share (in dollars per share) | $ / shares	$ 0.10
Preferred stock dividend rate percentage	7.50%

Stock Transactions - Preferred

Stock Transactions - Preferred Stock Activity (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Oct. 19, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Preferred Stock		$ 127,603
Issuance of Preferred Stock (in shares)			650,034	4,601,904
Dividends paid in Preferred Stock		$ 5,110	$ 8,814	$ 13,910
Conversion of stock, preferred stock converted to common stock, per share stock consideration (in shares)					299.2
Common stock, shares, issued, merger, conversion of preferred stock (in shares)					7,649,632
Series A Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		40,515	40,500
Beginning balance		$ 202,292	$ 202,144
Surrender of Series A Preferred Stock in exchange for Series D Preferred Stock (in shares)		(14,950)
Surrender of Series A Preferred Stock in exchange for Series D Preferred Stock		$ (74,748)
Conversion of Preferred Stock (in shares)		(25,567)
Conversion of Preferred Stock		$ (127,603)
Issuance of Preferred Stock (in shares)			14
Issuance of Preferred Stock			$ 70
Dividends paid in Preferred Stock (in shares)		2	1
Dividends paid in Preferred Stock		$ 5	$ 7
Offering costs		(14)	(23)
Amortization of offering costs		$ 68	$ 94
Ending balance (in shares)		0	40,515	40,500
Ending balance		$ 0	$ 202,292	$ 202,144
Series C Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		1,400	1,400
Beginning balance		$ 6,962	$ 6,966
Issuance of Preferred Stock (in shares)		0	0
Issuance of Preferred Stock		$ 0	$ 0
Dividends paid in Preferred Stock (in shares)		0	0
Dividends paid in Preferred Stock		$ 0	$ 0
Offering costs		0	(11)
Amortization of offering costs		$ 9	$ 7
Ending balance (in shares)		1,400	1,400	1,400
Ending balance		$ 6,971	$ 6,962	$ 6,966
Conversion of stock, preferred stock converted to common stock, per share stock consideration (in shares)		299.2
Series D Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		0
Beginning balance		$ 0
Issuance of Preferred Stock (in shares)	3,000	17,950
Issuance of Preferred Stock		$ 89,748
Dividends paid in Preferred Stock (in shares)		0
Dividends paid in Preferred Stock		$ 0
Offering costs		(82)
Amortization of offering costs		$ 18
Ending balance (in shares)		17,950	0
Ending balance		$ 89,684	$ 0
Conversion of stock, preferred stock converted to common stock, per share stock consideration (in shares)		299.2

Stock Transactions - Schedule o

Stock Transactions - Schedule of Shares Repurchased (Details)	1 Months Ended												6 Months Ended
	Dec. 31, 2021repurchaseRequest$ / sharesshares	Nov. 30, 2021repurchaseRequestshares	Oct. 31, 2021repurchaseRequestshares	Sep. 30, 2021repurchaseRequestshares	Aug. 31, 2021repurchaseRequestshares	Jul. 31, 2021repurchaseRequest$ / sharesshares	Jun. 30, 2021repurchaseRequestshares	May 31, 2021repurchaseRequestshares	Apr. 30, 2021repurchaseRequestshares	Mar. 31, 2021repurchaseRequestshares	Feb. 28, 2021repurchaseRequestshares	Jan. 31, 2021repurchaseRequest$ / sharesshares	Jun. 30, 2021repurchaseRequest$ / sharesshares	Dec. 31, 2020repurchaseRequest$ / sharesshares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unfulfilled redemption requests (in 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	1,424	0	0	0	0	0	1,355
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	123,257	0	0	0	0	0	525,580
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						$ 17.88						$ 17.53
Ending balance, average price per share (usd per share) | $ / shares	$ 19.57													$ 19.88
Unfulfilled redemption requests (in shares)				1,776				3,784		15,772

Commitments and Contingencies_2

Commitments and Contingencies (Details) - Unfunded Commitments Under Commercial Mortgage Loans - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Loss Contingencies [Line Items]
2021		$ 59,692
2022	$ 25,864	91,420
2023	123,860	69,880
2024	271,056	7,700
2025 and beyond	37,325	0
Total	$ 458,105	$ 228,692

Commitment and Contingencies -

Commitment and Contingencies - Narrative (Details) - Capstead	12 Months Ended
	Dec. 31, 2021lawsuit	Oct. 01, 2021stockholder
Loss Contingencies [Line Items]
Number of lawsuits filed by purported stockholders of Capstead with respect to the Capstead merger | lawsuit	5
Number of demand letters received from purported Capstead stockholders | stockholder		2

Related Party Transactions an_3

Related Party Transactions and Arrangements - Narrative (Details) - USD ($)	1 Months Ended		12 Months Ended
	Mar. 31, 2021	Aug. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 17, 2021	Aug. 31, 2021
Related Party Transaction [Line Items]
Interest expense			$ 16,747,000	$ 11,632,000
Unsecured debt			$ 148,594,000	$ 0
Issuance of common stock (in shares)				650,034	4,601,904
Stock Issued During Period, Value, New Issues				$ 10,886,000	$ 76,892,000
Industrial | Jeffersonville, GA
Related Party Transaction [Line Items]
Real estate investment property, net						$ 139,500,000
Industrial | Franklin BSP Realty Trust, Inc | Jeffersonville, GA
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 | JV Affiliate | Jeffersonville, GA
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	0
Stock exchange for other preferred stock (in shares)	14,950
Issuance of common stock (in shares)	3,000		17,950
Stock Issued During Period, Value, New Issues	$ 15,000,000
Mortgages | Industrial | Jeffersonville, GA
Related Party Transaction [Line Items]
Face amount of debt						112,700,000
Interest expense			$ 200,000
Mortgages | Industrial | Jeffersonville, GA | September 2021 Mortgage Note Payable, Eliminated in Consolidation
Related Party Transaction [Line Items]
Interest expense			200,000
Mortgages | Industrial | Franklin BSP Realty Trust, Inc | Jeffersonville, GA | September 2021 Mortgage Note Payable, Eliminated in Consolidation
Related Party Transaction [Line Items]
Face amount of debt						$ 88,700,000	88,700,000
Mortgages | Industrial | JV Affiliate | Jeffersonville, GA | September 2021 Mortgage Note Payable, Affiliate
Related Party Transaction [Line Items]
Face amount of debt			24,000,000				$ 24,000,000
Security Benefit Life Insurance Company | Unsecured Debt
Related Party Transaction [Line Items]
Face amount of debt		$ 100,000,000
Interest expense			2,000,000	$ 200,000
Unsecured debt			$ 50,000,000
Security Benefit Life Insurance Company | Unsecured Debt | London Interbank Offered Rate (LIBOR)
Related Party Transaction [Line Items]
Interest rate		4.50%
Benefit Street Partners LLC | Affiliated Entity
Related Party Transaction [Line Items]
Monthly asset management fee, percent of equity			0.125%
Subordinated performance fee, percent that total return exceeds per year			6.00%
Percent of excess total return			15.00%
Maximum annual subordinated performance fee payable percent of total return			10.00%
Benefit Street Partners LLC | Fee to Acquire and Originate Real Estate Debt | Affiliated Entity
Related Party Transaction [Line Items]
Transaction rate			0.50%

Related Party Transactions an_4

Related Party Transactions and Arrangements - Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Payable to related party	$ 17,538	$ 9,525
Affiliated Entity
Related Party Transaction [Line Items]
Total expenses from transactions with related party	37,326	29,697	$ 35,099
Payable to related party	17,538	9,525
Affiliated Entity | Acquisition expenses | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	1,203	696	900
Payable to related party	0	0
Affiliated Entity | Administrative services expenses | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	7,658	13,120	16,363
Payable to related party	0	2,940
Affiliated Entity | Asset management and subordinated performance fee | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	28,110	15,178	16,226
Payable to related party	15,595	4,773
Affiliated Entity | Other related party expenses | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	355	703	1,610
Payable to related party	1,943	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	15,000	7,100	8,400
Affiliated Entity | Acquisition fees and expenses, amount capitalized | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	$ 13,800	$ 6,400	$ 7,500

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Shares and Unvested Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities excluded from computation (in shares)	56,060	44,876
Restricted Unvested Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities excluded from computation (in shares)	11,184	11,720
Forfeited Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities excluded from computation (in shares)	5,333	5,333
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities excluded from computation (in shares)	39,543	27,823
2021 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum common stock shares available for issuance (in shares)	5,500,000
Restricted Share Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted under restricted share plan, maximum percentage of total shares allowed (in shares)	5.00%
Maximum shares allowed to be granted under restricted share plan (in shares)	4,000,000
Restricted Share Plan | Restricted Common Stock | Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 0.2	$ 0.2	$ 0.2

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Financial Instruments Carried at Fair Value on a Recurring Basis (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Assets, at fair value
Real estate securities, available for sale, measured at fair value	$ 0	$ 171,136,000
Real estate securities, trading, measured at fair value	4,566,871,000	0
Commercial mortgage loans, held for sale, measured at fair value	34,718,000	67,649,000
Derivative assets	436,000	25,000
Liabilities, at fair value
Liabilities	32,295,000	403,000
Fair Value, Measurements, Recurring
Assets, at fair value
Real estate securities, available for sale, measured at fair value	0	171,136,000
Real estate securities, trading, measured at fair value	4,566,871,000	0
Commercial mortgage loans, held for sale, measured at fair value	34,718,000	67,649,000
Other real estate investments, measured at fair value	2,074,000	2,522,000
Total assets, at fair value	4,604,099,000	241,332,000
Liabilities, at fair value
Total liabilities, at fair value	32,295,000	403,000
Level I | Fair Value, Measurements, Recurring
Assets, at fair value
Real estate securities, available for sale, measured at fair value	0	0
Real estate securities, trading, measured at fair value	0	0
Commercial mortgage loans, held for sale, measured at fair value	0	0
Other real estate investments, measured at fair value	0	0
Total assets, at fair value	0	0
Liabilities, at fair value
Total liabilities, at fair value	0	106,000
Level II | Fair Value, Measurements, Recurring
Assets, at fair value
Real estate securities, available for sale, measured at fair value	0	171,136,000
Real estate securities, trading, measured at fair value	4,566,871,000	0
Commercial mortgage loans, held for sale, measured at fair value	0	0
Other real estate investments, measured at fair value	0	0
Total assets, at fair value	4,567,307,000	171,161,000
Liabilities, at fair value
Total liabilities, at fair value	32,295,000	297,000
Level III | Fair Value, Measurements, Recurring
Assets, at fair value
Real estate securities, available for sale, measured at fair value	0	0
Real estate securities, trading, measured at fair value	0	0
Commercial mortgage loans, held for sale, measured at fair value	34,718,000	67,649,000
Other real estate investments, measured at fair value	2,074,000	2,522,000
Total assets, at fair value	36,792,000	70,171,000
Liabilities, at fair value
Total liabilities, at fair value	0	0
Interest rate swaps
Assets, at fair value
Derivative assets	312,000	25,000
Liabilities, at fair value
Liabilities	0	0
Interest rate swaps | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative assets	312,000	25,000
Interest rate swaps | Level I | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative assets	0	0
Interest rate swaps | Level II | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative assets	312,000	25,000
Interest rate swaps | Level III | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative assets	0	0
Credit default swaps
Assets, at fair value
Derivative assets	0	0
Liabilities, at fair value
Liabilities	1,142,000	297,000
Credit default swaps | Fair Value, Measurements, Recurring
Liabilities, at fair value
Liabilities	1,142,000	297,000
Credit default swaps | Level I | Fair Value, Measurements, Recurring
Liabilities, at fair value
Liabilities	0	0
Credit default swaps | Level II | Fair Value, Measurements, Recurring
Liabilities, at fair value
Liabilities	1,142,000	297,000
Credit default swaps | Level III | Fair Value, Measurements, Recurring
Liabilities, at fair value
Liabilities	0	0
Treasury note futures
Assets, at fair value
Derivative assets	124,000	0
Liabilities, at fair value
Liabilities	0	106,000
Treasury note futures | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative assets	124,000
Liabilities, at fair value
Liabilities	0	106,000
Treasury note futures | Level I | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative assets	0
Liabilities, at fair value
Liabilities	0	106,000
Treasury note futures | Level II | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative assets	124,000
Liabilities, at fair value
Liabilities	0	0
Treasury note futures | Level III | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative assets	0
Liabilities, at fair value
Liabilities	0	0
Unsecured debt-related interest rate swap agreements | Fair Value, Measurements, Recurring
Liabilities, at fair value
Liabilities	31,153,000	0
Unsecured debt-related interest rate swap agreements | Level I | Fair Value, Measurements, Recurring
Liabilities, at fair value
Liabilities	0	0
Unsecured debt-related interest rate swap agreements | Level II | Fair Value, Measurements, Recurring
Liabilities, at fair value
Liabilities	31,153,000	0
Unsecured debt-related interest rate swap agreements | Level III | Fair Value, Measurements, Recurring
Liabilities, at fair value
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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held for sale, measured at fair value	$ 34,718	$ 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	34,718	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	34,718	67,649
Commercial mortgage loans, held for sale, measured at fair value | Fair Value, Measurements, Recurring | Level III | Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held for sale, measured at fair value	$ 34,718	$ 67,649
Commercial mortgage loans, held for sale, measured at fair value | Fair Value, Measurements, Recurring | Level III | Minimum | Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield (percentage)	3.20%	15.60%
Commercial mortgage loans, held for sale, measured at fair value | Fair Value, Measurements, Recurring | Level III | Maximum | Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield (percentage)	4.20%	17.60%
Commercial mortgage loans, held for sale, measured at fair value | Fair Value, Measurements, Recurring | Level III | Weighted Average | Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield (percentage)	3.40%	16.60%
Real Estate Securities | Fair Value, Measurements, Recurring | Level III | Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other real estate investments, measured at fair value	$ 2,074
Real Estate Securities | Fair Value, Measurements, Recurring | Level III | Valuation Technique, Broker Quotes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other real estate investments, measured at fair value		$ 2,522
Real Estate Securities | Fair Value, Measurements, Recurring | Level III | Minimum | Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield (percentage)	9.90%
Real Estate Securities | Fair Value, Measurements, Recurring | Level III | Minimum | Valuation Technique, Broker Quotes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield (percentage)		12.20%
Real Estate Securities | Fair Value, Measurements, Recurring | Level III | Maximum | Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield (percentage)	11.90%
Real Estate Securities | Fair Value, Measurements, Recurring | Level III | Maximum | Valuation Technique, Broker Quotes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield (percentage)		14.20%
Real Estate Securities | Fair Value, Measurements, Recurring | Level III | Weighted Average | Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield (percentage)	10.90%
Real Estate Securities | Fair Value, Measurements, Recurring | Level III | Weighted Average | Valuation Technique, Broker Quotes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield (percentage)		13.20%

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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net accretion	$ 7,035	$ 5,999	$ 6,144
Realized (gain)/loss on sale of real estate securities	(1,376)	(10,137)	0
Commercial mortgage loans, held for sale, measured at fair value | Class B Notes
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Realized (gain)/loss 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
Transfers into Level III	0	23,625
Realized gain/(loss) on sale of commercial mortgage loan, held for sale	24,208	15,931
Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments	469	(75)
Net accretion	0	0
Purchases	420,673	267,552
Sales / paydowns	(478,281)	(328,321)
Cash repayments/receipts	0	0
Transfers out of Level III	0	(23,625)
Ending balance	34,718	67,649	112,562
Commercial mortgage loans, held for sale, measured at fair value | Fair Value, Measurements, Recurring | Level III | Class B Notes
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset, purchases, collateralized amount	679,100	682,000
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
Transfers into Level III	0	0
Realized gain/(loss) on sale of commercial mortgage loan, held for sale	0	0
Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments	(19)	(32)
Net accretion	(3)	(3)
Purchases	0	0
Sales / paydowns	(426)	0
Cash repayments/receipts	0	0
Transfers out of Level III	0	0
Ending balance	$ 2,074	$ 2,522	$ 2,557

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Allowance for loan losses	$ 15,827	$ 20,886
Carrying Amount | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans, held-for-investment	4,226,888	2,714,734
Collateralized loan obligations	2,162,190	1,625,498
Mortgage note payable	23,998	29,167
Other financing and loan participation - commercial mortgage loans	37,903	31,379
Unsecured debt	148,594
Allowance for loan losses	15,800	20,900
Fair Value | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans, held-for-investment	4,249,118	2,724,039
Collateralized loan obligations	2,181,571	1,606,478
Mortgage note payable	23,998	29,167
Other financing and loan participation - commercial mortgage loans	37,903	$ 31,379
Unsecured debt	$ 125,400

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Feb. 23, 2022	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net premiums received on derivative instrument assets	$ 6,500
Notional amount of derivatives	3,796,860		$ 122,017
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivatives	$ 3,649,500		$ 32,517
Interest rate swaps | Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Term of derivative contract	18 months
Interest rate swaps | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Term of derivative contract	3 years
Interest Rate Swap, ARM Portfolio
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of terminated derivatives	$ 600,000
Average fixed interest rate	0.30%
Interest Rate Swap, 0.98% Fixed Rate | Subsequent Event
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Average fixed interest rate		0.98%
Notional amount of derivatives		$ 1,000,000
Interest Rate Swap. 0.10% Fixed Rate | Subsequent Event
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of terminated derivatives		$ 2,900,000
Average fixed interest rate		0.28%
Interest rate swaps on unsecured debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of terminated derivatives	$ 100,000
Average fixed interest rate	4.09%
Notional amount of derivatives	$ 100,000
Term of derivative contract	20 years

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Outstanding Derivatives (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Notional	$ 3,796,860	$ 122,017
Assets	436	25
Liabilities	32,295	403
Credit default swaps
Derivative [Line Items]
Notional	47,000	46,000
Assets	0	0
Liabilities	1,142	297
Interest rate swaps
Derivative [Line Items]
Notional	3,649,500	32,517
Assets	312	25
Liabilities	0	0
Interest rate swaps on unsecured debt
Derivative [Line Items]
Notional	100,000
Assets	0
Liabilities	31,153
Treasury note futures
Derivative [Line Items]
Notional	360	43,500
Assets	124	0
Liabilities	$ 0	$ 106

Derivative Instruments - Net Re

Derivative Instruments - Net Realized and Unrealized Losses on Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	$ (7,402)	$ 995	$ (1,722)
Realized (Gain)/Loss	(484)	12,486	$ 4,324
Credit default swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	(101)	(143)
Realized (Gain)/Loss	650	323
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	(7,070)	296
Realized (Gain)/Loss	70	7,463
Treasury note futures
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	(231)	842
Realized (Gain)/Loss	(1,478)	4,665
Options
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	0	0
Realized (Gain)/Loss	$ 274	$ 35

Derivative Instruments - Summar

Derivative Instruments - Summary of Unsecured Debt-Related Effects On Interest Expense And Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of loss reclassified from other comprehensive income	$ (790)	$ 0	$ 0
Amount of gain/(loss) recognized in other comprehensive income	(852)	0	$ 0
Other Comprehensive Income (Loss)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain/(loss) recognized in other comprehensive income	(852)	0
Interest Expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of loss reclassified from other comprehensive income	$ 790	$ 0

Derivative Instruments - Sche_2

Derivative Instruments - Schedule Of Trading Securities Portfolio Financing-Related Swap Positions (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Swap Notional Amounts	$ 3,796,860	$ 122,017
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Swap Notional Amounts	3,649,500	$ 32,517
Second quarter 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Swap Notional Amounts	$ 400,000
Average Fixed Rates	0.02%
Third quarter 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Swap Notional Amounts	$ 1,200,000
Average Fixed Rates	0.01%
Fourth quarter 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Swap Notional Amounts	$ 800,000
Average Fixed Rates	0.07%
First quarter 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Swap Notional Amounts	$ 50,000
Average Fixed Rates	0.13%
Second quarter 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Swap Notional Amounts	$ 350,000
Average Fixed Rates	0.20%
Third quarter 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Swap Notional Amounts	$ 100,000
Average Fixed Rates	0.03%
Fourth quarter 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Swap Notional Amounts	$ 374,500
Average Fixed Rates	0.09%
First quarter 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Swap Notional Amounts	$ 150,000
Average Fixed Rates	0.28%
Second quarter 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Swap Notional Amounts	$ 225,000
Average Fixed Rates	0.32%

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities - Offsetting Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Offsetting Derivative Assets [Abstract]
Gross Amounts of Recognized Assets	$ 436	$ 25
Gross Amounts Offset on the Balance Sheet	0	0
Net Amount of Assets Presented on the Balance Sheet	436	25
Financial Instruments	0	0
Cash Collateral	0	0
Net Amount	$ 436	$ 25

Offsetting Assets and Liabili_4

Offsetting Assets and Liabilities - Offsetting Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Offsetting Derivative Liabilities [Abstract]
Derivative instruments, at fair value, gross amounts recognized	$ 32,295	$ 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	32,295	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	64,393	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	1,019,600	276,340
Repurchase agreements, gross amounts offset on the balance sheet	0	0
Repurchase agreements, net amount of liabilities presented on the balance sheet	1,019,600	276,340
Repurchase agreements, gross amounts not offset on the balance sheet, financial instruments	1,460,317	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
Repurchase agreements, real estate securities
Offsetting Securities Sold under Agreements to Repurchase [Abstract]
Repurchase agreements, gross amounts of recognized liabilities	4,178,784	186,828
Repurchase agreements, gross amounts offset on the balance sheet	0	0
Repurchase agreements, net amount of liabilities presented on the balance sheet	4,178,784	186,828
Repurchase agreements, gross amounts not offset on the balance sheet, financial instruments	4,370,239	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 - Schedule of

Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Interest income	$ 216,890	$ 179,872	$ 195,299
Revenue from real estate owned	4,759	4,299	3,169
Interest expense	60,835	66,556	90,418
Net income/(loss)	25,702	54,746	83,924
Total assets	9,474,701	3,189,761	3,540,620
Real Estate Debt and Other Real Estate
Segment Reporting Information [Line Items]
Interest income	189,090	165,907	181,434
Revenue from real estate owned	0	0	0
Interest expense	54,774	54,480	83,597
Net income/(loss)	86,863	66,383	61,936
Total assets	4,205,883	2,866,790	2,964,233
Real Estate Securities
Segment Reporting Information [Line Items]
Interest income	24,740	10,854	6,149
Revenue from real estate owned	0	0	0
Interest expense	3,682	7,914	2,911
Net income/(loss)	(85,381)	(7,207)	3,238
Total assets	5,054,394	175,088	388,170
TRS
Segment Reporting Information [Line Items]
Interest income	3,060	3,111	7,716
Revenue from real estate owned	0	0	0
Interest expense	992	2,185	3,670
Net income/(loss)	13,149	(5,559)	19,130
Total assets	72,840	105,364	131,193
Real Estate Owned
Segment Reporting Information [Line Items]
Interest income	0	0	0
Revenue from real estate owned	4,759	4,299	3,169
Interest expense	1,387	1,977	240
Net income/(loss)	11,071	1,129	(380)
Total assets	$ 141,584	$ 42,519	$ 57,024

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Examination [Line Items]
Income tax expense	$ 3,599	$ (2,062)	$ 4,483
Common stock, dividends, per share per annum, declared (in dollars per share)	$ 1.26	$ 1.30
Ordinary income declared per share (in dollars per share)	1.22	1.24
Return of capital declared per share (in dollars per share)	0.04	0.06
Series A Preferred Stock
Income Tax Examination [Line Items]
Preferred stock dividends declared (in dollars per share)	353.08	390.48
Preferred stock qualified dividend declared (in dollars per share)	343.03	370.93
Preferred stock, return of capital declared per share (in dollars per share)	10.05	19.55
Series C Preferred Stock
Income Tax Examination [Line Items]
Preferred stock dividends declared (in dollars per share)	377.02	390.48
Preferred stock qualified dividend declared (in dollars per share)	366.29	370.93
Preferred stock, return of capital declared per share (in dollars per share)	10.73	$ 19.55
Series D Preferred Stock
Income Tax Examination [Line Items]
Preferred stock dividends declared (in dollars per share)	377.02
Preferred stock qualified dividend declared (in dollars per share)	366.29
Preferred stock, return of capital declared per share (in dollars per share)	10.73
Series F Preferred Stock
Income Tax Examination [Line Items]
Preferred stock dividends declared (in dollars per share)	0.35
Preferred stock qualified dividend declared (in dollars per share)	0.34
Preferred stock, return of capital declared per share (in dollars per share)	0.01
Series E Preferred Stock
Income Tax Examination [Line Items]
Preferred stock dividends declared (in dollars per share)	0.47
Preferred stock qualified dividend declared (in dollars per share)	0.46
Preferred stock, return of capital declared per share (in dollars per share)	$ 0.01

Income Taxes - Provision for In

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current expense/(benefit)
U.S. Federal	$ 3,093	$ (2,086)	$ 4,076
State and local	349	370	397
Total current expense/(benefit)	3,442	(1,716)	4,473
Deferred expense/(benefit)
U.S. Federal	(1)	0	10
State and local	158	(346)	0
Total deferred expense/(benefit)	157	(346)	10
Provision for income tax expense/(benefit)	$ 3,599	$ (2,062)	$ 4,483

Merger with Capstead - Narrativ

Merger with Capstead - Narrative (Details) - USD ($) $ in Thousands	Oct. 19, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Asset Acquisition [Line Items]
Impairment of acquired assets			$ 88,282	$ 0	$ 0
Capstead
Asset Acquisition [Line Items]
Consideration paid	$ 870,100
Consideration paid, common stock	579,500
Consideration paid, total per share cash consideration	20,500
Consideration paid, transaction costs	11,300
Impairment of acquired assets		$ 88,300
Costs associated with change-in-control severance payments and accelerated equity award vesting paid to former Capstead employees upon completion of merger		$ 15,900
Capstead | Series E Preferred Stock
Asset Acquisition [Line Items]
Consideration paid, series E preferred stock	$ 258,700

Merger with Capstead - Net Asse

Merger with Capstead - Net Assets Acquired (Details) - Capstead $ in Thousands	Oct. 19, 2021USD ($)
Assets Acquired
Cash and cash equivalents	$ 174,083
Real estate securities, trading, measured at fair value	6,841,482
Prepaid expenses and other assets	275,127
Cash collateral receivable from derivative counterparties	68,969
Liabilities Assumed
Repurchase agreements and secured borrowings - real estate securities	6,421,262
Unsecured borrowings	98,574
Derivative instruments, measured at fair value	31,091
Distributions payable	1,345
Accounts payable and accrued expenses	25,606
Net Assets Acquired	$ 781,783

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Par Value	$ 4,226,888	$ 2,714,734
First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	4,242,962
Par Value	4,226,888
First Mortgage | Hospitality | Senior 1
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	4,858
Par Value	$ 4,858
Interest Rate	4.00%
First Mortgage | Hospitality | Senior 2
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 57,075
Par Value	$ 57,075
Interest Rate	5.19%
First Mortgage | Hospitality | Senior 4
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 22,150
Par Value	$ 22,150
Interest Rate	6.00%
First Mortgage | Hospitality | Senior 8
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 22,355
Par Value	$ 22,355
Interest Rate	3.50%
First Mortgage | Hospitality | Senior 13
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 8,285
Par Value	$ 8,285
Interest Rate	4.85%
First Mortgage | Hospitality | Senior 15
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 13,972
Par Value	$ 13,972
Interest Rate	4.47%
First Mortgage | Hospitality | Senior 19
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 10,580
Par Value	$ 10,570
Interest Rate	4.50%
First Mortgage | Hospitality | Senior 20
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 19,900
Par Value	$ 19,884
Interest Rate	4.15%
First Mortgage | Hospitality | Senior 22
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 20,930
Par Value	$ 20,900
Interest Rate	3.75%
First Mortgage | Hospitality | Senior 23
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 13,000
Par Value	$ 12,982
Interest Rate	2.94%
First Mortgage | Hospitality | Senior 24
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 4,987
Par Value	$ 4,988
Interest Rate	4.25%
First Mortgage | Hospitality | Senior 25
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 12,750
Par Value	$ 12,734
Interest Rate	4.45%
First Mortgage | Hospitality | Senior 26
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 10,845
Par Value	$ 10,845
Interest Rate	4.50%
First Mortgage | Hospitality | Senior 28
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 34,053
Par Value	$ 34,053
Interest Rate	3.99%
First Mortgage | Hospitality | Senior 31
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 7,100
Par Value	$ 7,088
Interest Rate	4.00%
First Mortgage | Hospitality | Senior 48
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 27,000
Par Value	$ 26,921
Interest Rate	6.50%
First Mortgage | Hospitality | Senior 78
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 23,000
Par Value	$ 22,914
Interest Rate	5.79%
First Mortgage | Hospitality | Senior 92
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 25,785
Par Value	$ 25,686
Interest Rate	5.60%
First Mortgage | Hospitality | Senior 100
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 25,771
Par Value	$ 25,563
Interest Rate	9.00%
First Mortgage | Hospitality | Senior 106
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 17,449
Par Value	$ 17,346
Interest Rate	5.35%
First Mortgage | Hospitality | Senior 107
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 28,000
Par Value	$ 27,807
Interest Rate	6.25%
First Mortgage | Hospitality | Senior 125
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 17,370
Par Value	$ 17,292
Interest Rate	5.25%
First Mortgage | Hospitality | Senior 126
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 16,500
Par Value	$ 16,423
Interest Rate	7.10%
First Mortgage | Hospitality | Senior 161
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 17,169
Par Value	$ 17,169
Interest Rate	5.99%
First Mortgage | Multifamily | Senior 3
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 26,568
Par Value	$ 26,568
Interest Rate	4.50%
First Mortgage | Multifamily | Senior 6
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 36,822
Par Value	$ 36,822
Interest Rate	3.00%
First Mortgage | Multifamily | Senior 7
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 37,025
Par Value	$ 37,025
Interest Rate	3.00%
First Mortgage | Multifamily | Senior 12
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 27,488
Par Value	$ 27,488
Interest Rate	3.35%
First Mortgage | Multifamily | Senior 32
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 15,342
Par Value	$ 15,309
Interest Rate	2.75%
First Mortgage | Multifamily | Senior 33
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 27,650
Par Value	$ 27,601
Interest Rate	3.15%
First Mortgage | Multifamily | Senior 34
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 27,094
Par Value	$ 27,064
Interest Rate	2.70%
First Mortgage | Multifamily | Senior 35
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 9,016
Par Value	$ 9,016
Interest Rate	3.95%
First Mortgage | Multifamily | Senior 36
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 25,000
Par Value	$ 24,999
Interest Rate	3.30%
First Mortgage | Multifamily | Senior 38
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 15,150
Par Value	$ 15,128
Interest Rate	3.10%
First Mortgage | Multifamily | Senior 40
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 11,739
Par Value	$ 11,723
Interest Rate	3.15%
First Mortgage | Multifamily | Senior 43
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 7,060
Par Value	$ 7,054
Interest Rate	4.75%
First Mortgage | Multifamily | Senior 45
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 4,300
Par Value	$ 4,289
Interest Rate	5.50%
First Mortgage | Multifamily | Senior 49
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 50,000
Par Value	$ 49,911
Interest Rate	6.69%
First Mortgage | Multifamily | Senior 51
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 14,183
Par Value	$ 14,150
Interest Rate	4.75%
First Mortgage | Multifamily | Senior 53
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 27,550
Par Value	$ 27,500
Interest Rate	5.75%
First Mortgage | Multifamily | Senior 61
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 43,320
Par Value	$ 43,151
Interest Rate	4.35%
First Mortgage | Multifamily | Senior 62
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 37,674
Par Value	$ 37,539
Interest Rate	4.45%
First Mortgage | Multifamily | Senior 63
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 8,763
Par Value	$ 8,730
Interest Rate	5.50%
First Mortgage | Multifamily | Senior 65
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 5,730
Par Value	$ 5,712
Interest Rate	5.00%
First Mortgage | Multifamily | Senior 66
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 18,800
Par Value	$ 18,658
Interest Rate	4.00%
First Mortgage | Multifamily | Senior 69
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 11,820
Par Value	$ 11,769
Interest Rate	4.55%
First Mortgage | Multifamily | Senior 70
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 21,000
Par Value	$ 20,920
Interest Rate	4.60%
First Mortgage | Multifamily | Senior 72
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 54,500
Par Value	$ 54,422
Interest Rate	3.80%
First Mortgage | Multifamily | Senior 73
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 11,672
Par Value	$ 11,620
Interest Rate	3.50%
First Mortgage | Multifamily | Senior 74
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 21,000
Par Value	$ 20,956
Interest Rate	4.95%
First Mortgage | Multifamily | Senior 76
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 0
Par Value	$ 0
Interest Rate	7.25%
First Mortgage | Multifamily | Senior 77
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 5,400
Par Value	$ 5,384
Interest Rate	5.25%
First Mortgage | Multifamily | Senior 79
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 32,856
Par Value	$ 32,742
Interest Rate	6.75%
First Mortgage | Multifamily | Senior 80
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 12,325
Par Value	$ 12,278
Interest Rate	4.50%
First Mortgage | Multifamily | Senior 81
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 6,300
Par Value	$ 6,262
Interest Rate	5.35%
First Mortgage | Multifamily | Senior 82
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 31,023
Par Value	$ 30,955
Interest Rate	3.00%
First Mortgage | Multifamily | Senior 83
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 11,936
Par Value	$ 11,881
Interest Rate	4.25%
First Mortgage | Multifamily | Senior 84
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 5,575
Par Value	$ 5,556
Interest Rate	4.50%
First Mortgage | Multifamily | Senior 85
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 53,178
Par Value	$ 53,081
Interest Rate	3.00%
First Mortgage | Multifamily | Senior 86
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 14,045
Par Value	$ 14,012
Interest Rate	3.39%
First Mortgage | Multifamily | Senior 87
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 8,301
Par Value	$ 8,263
Interest Rate	3.80%
First Mortgage | Multifamily | Senior 88
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 13,582
Par Value	$ 13,533
Interest Rate	4.50%
First Mortgage | Multifamily | Senior 89
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 18,277
Par Value	$ 18,200
Interest Rate	5.25%
First Mortgage | Multifamily | Senior 90
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 17,985
Par Value	$ 17,938
Interest Rate	3.60%
First Mortgage | Multifamily | Senior 91
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 41,823
Par Value	$ 41,808
Interest Rate	2.95%
First Mortgage | Multifamily | Senior 94
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 12,688
Par Value	$ 12,636
Interest Rate	3.75%
First Mortgage | Multifamily | Senior 95
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 70,620
Par Value	$ 70,570
Interest Rate	2.95%
First Mortgage | Multifamily | Senior 96
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 20,321
Par Value	$ 20,168
Interest Rate	3.35%
First Mortgage | Multifamily | Senior 97
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 28,318
Par Value	$ 28,299
Interest Rate	2.95%
First Mortgage | Multifamily | Senior 98
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 34,998
Par Value	$ 34,984
Interest Rate	2.95%
First Mortgage | Multifamily | Senior 99
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 32,557
Par Value	$ 32,546
Interest Rate	2.95%
First Mortgage | Multifamily | Senior 102
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 24,248
Par Value	$ 24,142
Interest Rate	3.25%
First Mortgage | Multifamily | Senior 104
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 12,792
Par Value	$ 11,546
Interest Rate	6.50%
First Mortgage | Multifamily | Senior 105
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 10,391
Par Value	$ 10,339
Interest Rate	3.15%
First Mortgage | Multifamily | Senior 108
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 31,900
Par Value	$ 31,716
Interest Rate	3.15%
First Mortgage | Multifamily | Senior 109
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 37,260
Par Value	$ 37,164
Interest Rate	3.40%
First Mortgage | Multifamily | Senior 110
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 0
Par Value	$ 0
Interest Rate	8.00%
First Mortgage | Multifamily | Senior 111
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 29,500
Par Value	$ 29,370
Interest Rate	2.88%
First Mortgage | Multifamily | Senior 112
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 10,050
Par Value	$ 10,009
Interest Rate	4.50%
First Mortgage | Multifamily | Senior 113
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 13,259
Par Value	$ 13,168
Interest Rate	3.75%
First Mortgage | Multifamily | Senior 114
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 29,250
Par Value	$ 29,103
Interest Rate	3.00%
First Mortgage | Multifamily | Senior 115
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 34,077
Par Value	$ 33,789
Interest Rate	3.15%
First Mortgage | Multifamily | Senior 116
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 42,850
Par Value	$ 42,677
Interest Rate	3.40%
First Mortgage | Multifamily | Senior 117
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 35,020
Par Value	$ 34,859
Interest Rate	3.64%
First Mortgage | Multifamily | Senior 118
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 8,500
Par Value	$ 8,460
Interest Rate	3.75%
First Mortgage | Multifamily | Senior 119
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 14,200
Par Value	$ 14,130
Interest Rate	3.15%
First Mortgage | Multifamily | Senior 120
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 13,350
Par Value	$ 13,284
Interest Rate	3.75%
First Mortgage | Multifamily | Senior 121
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 66,650
Par Value	$ 66,002
Interest Rate	3.25%
First Mortgage | Multifamily | Senior 122
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 18,750
Par Value	$ 18,688
Interest Rate	2.95%
First Mortgage | Multifamily | Senior 123
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 9,099
Par Value	$ 9,036
Interest Rate	3.75%
First Mortgage | Multifamily | Senior 124
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 26,160
Par Value	$ 26,024
Interest Rate	3.20%
First Mortgage | Multifamily | Senior 127
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 13,168
Par Value	$ 13,097
Interest Rate	3.40%
First Mortgage | Multifamily | Senior 128
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 88,500
Par Value	$ 88,499
Interest Rate	2.75%
First Mortgage | Multifamily | Senior 129
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 56,150
Par Value	$ 55,878
Interest Rate	3.10%
First Mortgage | Multifamily | Senior 130
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 36,750
Par Value	$ 36,540
Interest Rate	2.90%
First Mortgage | Multifamily | Senior 131
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 52,192
Par Value	$ 51,872
Interest Rate	3.10%
First Mortgage | Multifamily | Senior 132
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 37,100
Par Value	$ 36,940
Interest Rate	2.90%
First Mortgage | Multifamily | Senior 133
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 60,267
Par Value	$ 60,005
Interest Rate	2.85%
First Mortgage | Multifamily | Senior 134
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 30,600
Par Value	$ 30,543
Interest Rate	2.65%
First Mortgage | Multifamily | Senior 135
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 30,650
Par Value	$ 30,476
Interest Rate	3.25%
First Mortgage | Multifamily | Senior 136
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 62,850
Par Value	$ 62,556
Interest Rate	3.35%
First Mortgage | Multifamily | Senior 137
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 42,474
Par Value	$ 42,231
Interest Rate	3.00%
First Mortgage | Multifamily | Senior 138
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 46,080
Par Value	$ 45,821
Interest Rate	2.75%
First Mortgage | Multifamily | Senior 139
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 28,880
Par Value	$ 28,745
Interest Rate	2.90%
First Mortgage | Multifamily | Senior 141
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 58,680
Par Value	$ 58,393
Interest Rate	3.45%
First Mortgage | Multifamily | Senior 142
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 26,600
Par Value	$ 26,459
Interest Rate	2.90%
First Mortgage | Multifamily | Senior 143
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 12,478
Par Value	$ 12,393
Interest Rate	3.20%
First Mortgage | Multifamily | Senior 144
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 35,996
Par Value	$ 35,801
Interest Rate	3.00%
First Mortgage | Multifamily | Senior 145
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 32,250
Par Value	$ 32,068
Interest Rate	3.20%
First Mortgage | Multifamily | Senior 146
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 38,631
Par Value	$ 38,394
Interest Rate	2.90%
First Mortgage | Multifamily | Senior 147
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 64,281
Par Value	$ 63,917
Interest Rate	2.88%
First Mortgage | Multifamily | Senior 148
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 62,003
Par Value	$ 61,654
Interest Rate	2.88%
First Mortgage | Multifamily | Senior 149
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 16,570
Par Value	$ 16,467
Interest Rate	3.50%
First Mortgage | Multifamily | Senior 150
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 56,930
Par Value	$ 56,757
Interest Rate	2.75%
First Mortgage | Multifamily | Senior 151
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 65,000
Par Value	$ 64,592
Interest Rate	5.14%
First Mortgage | Multifamily | Senior 152
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 22,240
Par Value	$ 22,122
Interest Rate	2.96%
First Mortgage | Multifamily | Senior 153
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 25,573
Par Value	$ 25,441
Interest Rate	2.96%
First Mortgage | Multifamily | Senior 154
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 31,678
Par Value	$ 31,383
Interest Rate	3.20%
First Mortgage | Multifamily | Senior 155
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 78,050
Par Value	$ 77,650
Interest Rate	3.45%
First Mortgage | Multifamily | Senior 156
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 77,870
Par Value	$ 77,632
Interest Rate	3.21%
First Mortgage | Multifamily | Senior 157
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 24,000
Par Value	$ 23,881
Interest Rate	3.11%
First Mortgage | Multifamily | Senior 159
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 47,444
Par Value	$ 47,208
Interest Rate	2.86%
First Mortgage | Multifamily | Senior 160
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 36,824
Par Value	$ 36,639
Interest Rate	2.86%
First Mortgage | Multifamily | Mezzanine 1
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 6,500
Par Value	$ 6,488
Interest Rate	10.25%
First Mortgage | Multifamily | Mezzanine 2
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 3,000
Par Value	$ 3,000
Interest Rate	9.20%
First Mortgage | Multifamily | Mezzanine 3
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 10,000
Par Value	$ 9,951
Interest Rate	15.29%
First Mortgage | Office | Senior 5
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 6,901
Par Value	$ 6,901
Interest Rate	5.15%
First Mortgage | Office | Senior 9
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 20,685
Par Value	$ 20,685
Interest Rate	3.75%
First Mortgage | Office | Senior 10
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 15,722
Par Value	$ 15,722
Interest Rate	3.40%
First Mortgage | Office | Senior 14
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 7,125
Par Value	$ 7,125
Interest Rate	3.90%
First Mortgage | Office | Senior 17
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 42,631
Par Value	$ 42,601
Interest Rate	3.50%
First Mortgage | Office | Senior 21
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 39,650
Par Value	$ 39,597
Interest Rate	4.01%
First Mortgage | Office | Senior 30
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 21,825
Par Value	$ 21,777
Interest Rate	3.50%
First Mortgage | Office | Senior 37
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 25,802
Par Value	$ 25,699
Interest Rate	4.35%
First Mortgage | Office | Senior 39
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 58,714
Par Value	$ 58,491
Interest Rate	3.70%
First Mortgage | Office | Senior 41
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 28,083
Par Value	$ 28,025
Interest Rate	2.70%
First Mortgage | Office | Senior 55
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 18,603
Par Value	$ 18,542
Interest Rate	4.50%
First Mortgage | Office | Senior 56
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 67,651
Par Value	$ 67,384
Interest Rate	5.15%
First Mortgage | Office | Senior 57
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 30,900
Par Value	$ 30,748
Interest Rate	5.20%
First Mortgage | Office | Senior 60
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 12,750
Par Value	$ 12,705
Interest Rate	5.00%
First Mortgage | Office | Senior 68
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 11,981
Par Value	$ 11,932
Interest Rate	5.50%
First Mortgage | Office | Senior 71
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 26,000
Par Value	$ 25,932
Interest Rate	5.00%
First Mortgage | Office | Senior 75
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 43,751
Par Value	$ 43,518
Interest Rate	3.94%
First Mortgage | Office | Senior 103
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 6,800
Par Value	$ 6,774
Interest Rate	5.25%
First Mortgage | Retail | Senior 11
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 29,500
Par Value	$ 29,452
Interest Rate	6.50%
First Mortgage | Retail | Senior 16
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 11,924
Par Value	$ 11,924
Interest Rate	3.95%
First Mortgage | Retail | Senior 18
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 8,203
Par Value	$ 8,203
Interest Rate	8.00%
First Mortgage | Retail | Senior 27
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 9,400
Par Value	$ 9,388
Interest Rate	4.20%
First Mortgage | Retail | Senior 64
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 11,963
Par Value	$ 11,928
Interest Rate	4.87%
First Mortgage | Retail | Senior 158
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 31,000
Par Value	$ 30,845
Interest Rate	3.29%
First Mortgage | Retail | Mezzanine 4
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 3,000
Par Value	$ 2,985
Interest Rate	12.00%
First Mortgage | Industrial | Senior 29
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 56,933
Par Value	$ 56,933
Interest Rate	3.75%
First Mortgage | Industrial | Senior 44
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 17,038
Par Value	$ 16,983
Interest Rate	6.25%
First Mortgage | Industrial | Senior 67
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 14,985
Par Value	$ 14,923
Interest Rate	4.50%
First Mortgage | Manufactured Housing | Senior 42
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 1,359
Par Value	$ 1,359
Interest Rate	5.50%
First Mortgage | Manufactured Housing | Senior 46
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 7,680
Par Value	$ 7,658
Interest Rate	4.50%
First Mortgage | Manufactured Housing | Senior 52
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 3,400
Par Value	$ 3,393
Interest Rate	5.00%
First Mortgage | Manufactured Housing | Senior 54
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 5,020
Par Value	$ 5,004
Interest Rate	5.25%
First Mortgage | Manufactured Housing | Senior 59
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 5,000
Par Value	$ 4,957
Interest Rate	5.90%
First Mortgage | Manufactured Housing | Senior 140
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 6,700
Par Value	$ 6,666
Interest Rate	4.50%
First Mortgage | Mixed Use | Senior 47
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 30,465
Par Value	$ 30,326
Interest Rate	5.15%
First Mortgage | Mixed Use | Senior 93
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 32,500
Par Value	$ 32,395
Interest Rate	3.70%
First Mortgage | Self Storage | Senior 50
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 29,895
Par Value	$ 29,807
Interest Rate	5.00%
First Mortgage | Self Storage | Senior 58
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 11,600
Par Value	$ 11,574
Interest Rate	4.76%
First Mortgage | Self Storage | Senior 101
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 15,000
Par Value	$ 14,948
Interest Rate	4.26%