Franklin BSP Realty Trust (FBRT) 10-Q 4 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		83,691,399
Entity Central Index Key	0001562528
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	FBRT
Security Exchange Name	NYSE
Series E Preferred Stock
Document Information [Line Items]
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

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents		$ 117,064	$ 154,929
Restricted cash		12,467	13,270
Commercial mortgage loans, held for investment, net of allowance of $14,933 and $15,827 as of March 31, 2022 and December 31, 2021, respectively		4,530,451	4,211,061
Commercial mortgage loans, held for sale, measured at fair value		107,978	34,718
Real estate securities, trading, measured at fair value		1,949,336	4,566,871
Derivative instruments, measured at fair value		478	436
Other real estate investments, measured at fair value		0	2,074
Receivable for loan repayment	[1]	204,833	252,351
Accrued interest receivable		24,787	30,109
Prepaid expenses and other assets		18,430	13,595
Intangible lease asset, net of amortization		47,752	48,472
Real estate owned, net of depreciation		89,473	90,048
Cash collateral receivable from derivative counterparties		9,106	56,767
Total assets		7,112,155	9,474,701
LIABILITIES AND STOCKHOLDERS' EQUITY
Collateralized loan obligations		2,883,887	2,162,190
Mortgage note payable		23,998	23,998
Unsecured debt		98,620	148,594
Derivative instruments, measured at fair value		3,753	32,295
Interest payable		3,309	2,692
Distributions payable		36,735	30,346
Accounts payable and accrued expenses		12,857	12,705
Due to affiliates		21,898	17,538
Total liabilities		5,362,687	7,666,645
Commitment and contingencies (See Note 10)
Equity:
Common stock, $0.01 par value, 900,000,000 shares authorized, 44,471,127 and 43,965,928 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively		441	441
Additional paid-in capital		903,855	903,264
Accumulated other comprehensive income (loss)		0	(62)
Accumulated deficit		(226,429)	(167,179)
Total stockholders' equity		1,647,040	1,705,637
Non-controlling interest		5,764	5,764
Total equity		1,652,804	1,711,401
Total liabilities, redeemable convertible preferred stock and equity		7,112,155	9,474,701
Series C preferred stock
LIABILITIES AND STOCKHOLDERS' EQUITY
Redeemable convertible preferred stock		6,973	6,971
Series D Preferred Stock
LIABILITIES AND STOCKHOLDERS' EQUITY
Redeemable convertible preferred stock		89,691	89,684
Preferred Stock, Series Undefined
Equity:
Preferred stock, value, issued			0
Series E Preferred Stock
Equity:
Preferred stock, value, issued		258,742	258,742
Series F Preferred Stock
Equity:
Preferred stock, value, issued		710,431	710,431
Commercial Mortgage Backed Securities
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		522,890	1,019,600
Other financing and loan participation - commercial mortgage loans		40,199	37,903
Real Estate Securities
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		$ 1,714,541	$ 4,178,784
[1]	Includes $177.4 million and $187.0 million of cash held by servicer related to the CLOs as of March 31, 2022 and December 31, 2021, respectively, as well as $27.4 million and $65.3 million of RMBS principal paydowns receivable as of March 31, 2022 and December 31, 2021, respectively.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Allowance for loan losses	$ 14,933	$ 15,827
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 outstanding (in shares)	44,471,127	43,965,928
Common stock, shares issued (in shares)	44,471,127	43,965,928
Residential mortgage backed securities, principal paydowns, receivable	$ 27,400	$ 65,300
Collaterized loan obligation
Restricted cash	$ 177,400	$ 187,000
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 outstanding (in shares)	1,400	1,400
Preferred stock, shares issued (in shares)	1,400	1,400
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 outstanding (in shares)	17,950	17,950
Preferred stock, shares issued (in shares)	17,950	17,950
Preferred Stock, Series Undefined
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 outstanding (in shares)	0	0
Preferred stock, shares issued (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 outstanding (in shares)	10,329,039	10,329,039
Preferred stock, shares issued (in shares)	10,329,039	10,329,039
Preferred stock rate, as a percentage	0.075%	0.075%
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 outstanding (in shares)	39,733,299	39,733,299
Preferred stock, shares issued (in shares)	39,733,299	39,733,299

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income:
Interest income	$ 75,258	$ 42,237
Less: Interest expense	22,480	11,369
Net interest income	52,778	30,868
Revenue from real estate owned	2,312	716
Total income	55,090	31,584
Expenses:
Asset management and subordinated performance fee	6,745	5,416
Acquisition expenses	315	153
Administrative services expenses	3,353	3,474
Professional fees	6,659	1,997
Depreciation and amortization	1,295	406
Other expenses	1,762	495
Total expenses	20,129	11,941
Other (income)/loss:
Provision/(benefit) for credit losses	(955)	(2,331)
Realized (gain)/loss on sale of real estate securities	0	1,060
Realized (gain)/loss on sale of commercial mortgage loans, held for sale, measured at fair value	(1,889)	(6,630)
Realized (gain)/loss on other real estate investments, measured at fair value	33	0
Unrealized (gain)/loss on commercial mortgage loans, held for sale, measured at fair value	939	(479)
Unrealized (gain)/loss on other real estate investments, measured at fair value	(4)	(6)
Trading (gain)/loss	88,435	0
Unrealized (gain)/loss on derivatives	4,963	(2,109)
Realized (gain)/loss on derivatives	(34,030)	(1,978)
Total other (income)/loss	57,492	(12,473)
Income before taxes	(22,531)	32,116
Provision/(benefit) for income tax	(24)	1,970
Net income/(loss)	(22,507)	30,146
Net income/(loss) applicable to common stock	$ (43,518)	$ 23,408
Basic earnings per share (in dollars per share)	$ (0.99)	$ 0.53
Diluted earnings per share (in dollars per share)	$ (0.99)	$ 0.53
Basic weighted average shares outstanding (in shares)	43,956,965	44,290,177
Diluted weighted average shares outstanding (in shares)	43,956,965	44,306,065

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income/(loss)	$ (22,507)	$ 30,146
Unrealized gain/(loss) on available for sale securities	0	8,042
Amounts related to cash flow hedges:
Change in net unrealized gain/(loss)	(220)	0
Reclassification adjustment for amounts included in net income/(loss)	282	0
Total unrealized gain (loss)	62	0
Comprehensive income/(loss) attributable to Franklin BSP Realty Trust, Inc.	$ (22,445)	$ 38,188

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Series E Preferred Stock	Series F Preferred Stock	Total Stockholders' Equity	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Preferred StockSeries E Preferred Stock	Preferred StockSeries F Preferred Stock	Non-Controlling Interest
Beginning balance (in shares) at Dec. 31, 2020					44,510,051
Beginning balance, total equity 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 common stock	0			0
Common stock repurchases (in shares)					(521,796)
Common stock repurchases	(9,147)			(9,147)	$ (5)	(9,142)
Common stock issued through distribution reinvestment plan (in shares)					147,404
Common stock issued through distribution reinvestment plan	2,585			2,585	$ 2	2,583
Share-based compensation	55			55		55
Offering costs	(21)			(21)		(21)
Net income/(loss)	30,146			30,146				30,146
Distributions declared	(15,644)			(15,644)				(15,644)
Other comprehensive income	8,042			8,042			8,042
Ending balance (in shares) at Mar. 31, 2021					44,135,659
Ending balance, total equity at Mar. 31, 2021	814,460			814,460	$ 443	906,200	(214)	(91,969)	0	0	0
Beginning balance (in shares) at Dec. 31, 2021		10,329,039	39,733,299		43,965,928
Beginning balance, total equity at Dec. 31, 2021	1,711,401			1,705,637	$ 441	903,264	(62)	(167,179)	258,742	710,431	5,764
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	0			0
Common stock repurchases	0			0
Common stock issued through distribution reinvestment plan (in shares)		0	0		5,982
Common stock issued through distribution reinvestment plan	91	$ 0	$ 0	91		91
Share-based compensation (in shares)					499,217
Share-based compensation	500			500		500
Offering costs	0			0
Net income/(loss)	(22,507)			(22,507)				(22,507)
Distributions declared	(36,743)			(36,743)				(36,743)
Other comprehensive income	62			62			62
Ending balance (in shares) at Mar. 31, 2022		10,329,039	39,733,299		44,471,127
Ending balance, total equity at Mar. 31, 2022	$ 1,652,804			$ 1,647,040	$ 441	$ 903,855	$ 0	$ (226,429)	$ 258,742	$ 710,431	$ 5,764

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Cash flows from operating activities:
Net income/(loss)	$ (22,507)	$ 30,146
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:
Premium amortization and (discount accretion), net	(2,542)	(1,169)
Accretion of deferred commitment fees	(2,219)	(1,488)
Amortization of deferred financing costs	1,403	1,335
Share-based compensation	500	55
Realized (gain)/loss from sale of real estate securities	0	1,060
Realized (gain)/loss from sale of other real estate investments	33	0
Realized (gain)/loss on swap terminations	(34,378)	0
Realized and unrealized gain/loss on real estate securities, trading	88,435	0
Unrealized (gain)/loss from commercial mortgage loans, held for sale	939	(479)
Unrealized (gain)/loss from derivative instruments	4,963	(2,109)
Unrealized (gain)/loss from other real estate investments	(4)	(6)
Depreciation and amortization	1,295	406
Provision/(benefit) for credit losses	(955)	(2,331)
Origination of commercial mortgage loans, held for sale	(150,300)	(166,360)
Proceeds from sale of commercial mortgage loans, held for sale	76,100	141,372
Changes in assets and liabilities:
Accrued interest receivable	7,542	308
Prepaid expenses and other assets	(5,807)	1,850
Accounts payable and accrued expenses	239	1,570
Due to affiliates	4,360	952
Interest payable	617	(664)
Net cash (used in)/provided by operating activities	(32,286)	4,448
Cash flows from investing activities:
Origination and purchase of commercial mortgage loans, held for investment	(636,465)	(520,849)
Principal repayments received on commercial mortgage loans, held for investment	330,130	52,800
Proceeds from (purchase)/sale of other real estate investments	2,045	0
Proceeds from sale/repayment of real estate securities	2,190,143	159,254
Principal collateral on mortgage investments	376,857	0
Proceeds from (purchase)/sale of derivative instruments	148	973
Net cash (used in)/provided by investing activities	2,262,858	(307,822)
Cash flows from financing activities:
Proceeds from issuances of redeemable convertible preferred stock	0	15,000
Common stock repurchases	0	(9,147)
Borrowings on collateralized loan obligations	960,000	573,125
Repayments of collateralized loan obligations	(235,139)	(119,425)
Borrowings on repurchase agreements - commercial mortgage loans	474,466	168,655
Repayments of repurchase agreements - commercial mortgage loans	(971,176)	(292,070)
Borrowings on repurchase agreements - real estate securities	11,937,334	168,550
Repayments of repurchase agreements - real estate securities	(14,401,577)	(267,106)
Proceeds from other financing and loan participation - commercial mortgage loans	2,296	2,638
Borrowings on unsecured debt	0	100,000
Repayments of unsecured debt	(50,000)	0
Payments of deferred financing costs	(3,595)	(3,944)
Cash collateral received on interest rate swaps	47,661	0
Proceeds from interest rate swap settlements	744	0
Distributions paid	(30,254)	(14,136)
Net cash (used in)/provided by financing activities:	(2,269,240)	322,140
Net change in cash, cash equivalents and restricted cash	(38,668)	18,766
Cash, cash equivalents and restricted cash, beginning of period	168,199	92,141	$ 92,141
Cash, cash equivalents and restricted cash, end of period	129,531	110,907	168,199
Supplemental disclosures of cash flow information:
Taxes paid	0	0
Interest paid	20,460	10,698
Supplemental disclosures of non - cash flow information:
Distributions payable	36,735	14,585	30,346
Common stock issued through distribution reinvestment plan	91	2,585
Real estate owned received in foreclosure	0	37,523
Reconciliation of cash, cash equivalents and restricted cash at end of period:
Cash and cash equivalents	117,064	99,099	154,929
Restricted cash	12,467	11,808	13,270
Cash, cash equivalents and restricted cash, end of period	$ 129,531	$ 110,907	$ 168,199

Organization and Business Opera

Organization and Business Operations	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Operations	Organization and Business Operations Franklin BSP 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 Mortgage Corporation ("Capstead"), the Company acquired and continues to hold a significant portfolio of residential mortgage backed securities (“RMBS”) in the form of 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 also owns real estate acquired by the Company through foreclosure and deed in lieu of foreclosure, and purchased for investment, typically subject to triple net leases.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Accounting The Company's unaudited consolidated financial statements and related footnotes have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America ("GAAP") for interim financial statements and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. Accordingly, the consolidated financial statements may not include all of the information and notes required by GAAP for annual consolidated financial statements. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of, and for the year ended December 31, 2021, which are included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 25, 2022. Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. In the opinion of management, the interim data includes all adjustments, of a normal and recurring nature, necessary for a fair statement of the results for the periods presented. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the entire year or any subsequent interim periods. The global coronavirus (COVID-19) pandemic has caused economic disruptions and changes to the real estate market. Certain jurisdictions, including those where our corporate headquarters and/or properties that secure our investments, or properties that the Company owns, are located, have at times imposed “stay-at-home” guidelines or orders or other restrictions to help prevent its spread. The effects of COVID-19 may negatively and materially impact significant estimates and assumptions used by the Company including, but not limited to estimates of expected credit losses, valuation of our equity investments and the fair value estimates of the Company's assets and liabilities. Actual results could differ from those estimates. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members, as well as whether the entity is a variable interest entity ("VIE") for which the Company is the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company's assets and liabilities are held by the OP. The Company consolidates all entities that it controls through either majority ownership or voting rights. In addition, the Company consolidates all VIEs of which the Company is considered the primary beneficiary. VIEs are entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. Non-controlling interest represents the equity of a consolidated joint venture that is not owned by the Company. The accompanying consolidated financial statements include the accounts of collateralized loan obligations ("CLOs") issued and securitized by wholly owned subsidiaries of the Company. The Company has determined the CLOs are VIEs of which the Company's subsidiary is the primary beneficiary. The assets and liabilities of the CLOs are consolidated in the accompanying consolidated balance sheets in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation. Acquisition Expenses The Company capitalizes certain direct costs relating to loan origination activities. The cost is amortized over the life of the loan and recognized in interest income in the Company's consolidated statements of operations. Acquisition expenses paid on future funding amounts are expensed within the acquisition expenses line in the Company's consolidated statements of operations. Cash and Cash Equivalents Cash consists of amounts deposited with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company up to an insurance limit. Cash equivalents include short-term, liquid investments in money market funds with original maturities of 90 days or less when purchased. Restricted Cash Restricted cash primarily consists of cash pledged as margin on repurchase agreements and derivative transactions. The duration of this restricted cash generally matches the duration of the related repurchase agreements or derivative transaction. Commercial Mortgage Loans Held for Investment - Commercial mortgage loans that are held for investment purposes and are anticipated to be held until maturity, are carried at cost, net of unamortized acquisition expenses, discounts or premiums and unfunded commitments. Commercial mortgage loans, held for investment purposes, are carried at amortized cost less allowance for credit losses. Interest income is recorded on the accrual basis and related discounts, premiums and acquisition expenses on investments are amortized over the life of the investment using the effective interest method. Amortization is reflected as an adjustment to interest income in the Company’s consolidated statements of operations. Guaranteed loan commitment fees payable by the borrower upon maturity are accreted over the life of the investment using the effective interest method. The accretion of guaranteed loan commitment fees is recognized in interest income in the Company's consolidated statements of operations. Held for Sale - Commercial mortgage loans that are intended to be sold in the foreseeable future are reported as held for sale and are transferred at fair value and recorded at the lower of cost or fair value with changes recorded through the statements of operations. Unamortized loan origination costs for commercial mortgage loans held for sale that are carried at the lower of cost or fair value are capitalized as part of the carrying value of the loans and recognized upon the sale of such loans. Amortization of origination costs ceases upon transfer of commercial mortgage loans to held for sale. Held for Sale, Accounted for Under the Fair Value Option - The fair value option provides an option to elect fair value as an alternative measurement for selected financial assets, financial liabilities, and written loan commitments. The Company has elected to measure commercial mortgage loans held for sale in the Company's TRS under the fair value option. These commercial mortgage loans are included in the Commercial mortgage loans, held for sale, measured at fair value in the consolidated balance sheets. Interest income received on commercial mortgage loans, held for sale, measured at fair value is recorded on the accrual basis of accounting and is included in interest income in the consolidated statements of operations. Costs to originate these investments are expensed when incurred. Real estate owned The Company classifies its real estate owned as long-lived assets held for investment or as long-lived assets held for sale. Held for investment assets are stated at cost, as adjusted for any impairment loss, less accumulated depreciation. 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 March 31, 2022. The Company’s real estate owned assets are depreciated or amortized using the straight-line method over the following useful lives: Buildings 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 The allowance for credit losses required under Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments Credit Losses, 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. 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 2021 provided by a reputable third party, forecasting the loss parameters using a scenario-based statistical approach over a reasonable and supportable forecast period of twelve months, followed by an immediate reversion to average historical losses. For financial instruments assessed on an individual basis, including when it is probable that the Company will be unable to collect the full payment of principal and interest on the instrument, the Company applies a discounted cash flow (“DCF”) methodology. For financial instruments where the borrower is experiencing financial difficulty based on the Company’s assessment at the reporting date and the repayment is expected to be provided substantially through the operation or sale of the collateral, the Company may elect to use as a practical expedient the fair value of the collateral at the reporting date when determining the allowance for credit losses. In developing the allowance for credit losses for its loans held for investment, the Company performs a comprehensive analysis of its loan portfolio and assigns risk ratings to loans that incorporate management's current judgments about their credit quality based on all known and relevant internal and external factors that may affect collectability, using similar factors as those in developing the allowance for credit losses. This methodology results in loans being segmented by risk classification into risk rating categories that are associated with estimated probabilities of default and principal loss. Risk rating categories range from "1" to "5" with "1" representing the lowest risk of loss and "5" representing the highest risk of loss with the ratings updated quarterly. At the time of origination or purchase, loans held for investment are ranked as a “2” and will move accordingly going forward based on the ratings which are defined as follows: 1. Very Low Risk- Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable. 2. Low Risk- Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. 3. Average Risk- Performing investments requiring closer monitoring. Trends and risk factors show some deterioration. 4. High Risk/Delinquent/Potential for Loss- Underperforming investment with the potential of some interest loss but still expecting a positive return on investment. Trends and risk factors are negative. 5. Impaired/Defaulted/Loss Likely- Underperforming investment with expected loss of interest and some principal. The Company also considers qualitative and environmental factors, including, but not limited to, economic and business conditions, nature and volume of the loan portfolio, lending terms, volume and severity of past due loans, concentration of credit and changes in the level of such concentrations in its determination of the allowance for credit losses. Changes in the allowance for credit losses for the Company’s financial instruments are recorded in Provision/(benefit) for credit losses on the consolidated statements of operations with a corresponding offset to the financial instrument’s amortized cost recorded on the consolidated balance sheets, or as a component of Accounts payable and accrued expenses for unfunded loan commitments. The Company has elected to not measure an allowance for credit losses for accrued interest receivable as it is timely, following three months' time, reversed against interest income when a loan, real estate security or preferred equity investment is placed on nonaccrual status. The Company did not record reversals of accrued interest receivable during the three months ended March 31, 2022. 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 ("AFS") and carried at fair value, and subsequently any unrealized gains or losses are recognized as a component of accumulated other comprehensive income or loss. The Company may elect the fair value option for its real estate securities, and as a result, any unrealized gains or losses on such real estate securities will be recorded in the Company’s consolidated statements of operations. No such election was made as of March 31, 2022. Related discounts, premiums and acquisition expenses on investments are amortized over the life of the investment using the effective interest method. Amortization is reflected as an adjustment to interest income in the Company’s consolidated statements of operations. The Company uses the specific identification method in determining the cost relief for real estate securities sold. Realized gains and losses from the sale of real estate securities are included in the Company’s consolidated statements of operations. AFS real estate securities which have experienced a decline in the fair value below their amortized cost basis (i.e., impairment) are evaluated each reporting period to determine whether the decline in fair value is due to credit-related factors. Any impairment that is not credit-related is recognized in accumulated other comprehensive income, while credit-related impairment is recognized as an allowance on the consolidated balance sheets with a corresponding adjustment on the consolidated statements of operations. If the Company intends to sell an impaired real estate security or more likely than not will be required to sell such a security before recovering its amortized cost basis, the entire impairment amount is recognized in the consolidated statements of operations with a corresponding adjustment to the security’s amortized cost basis. The Company analyzes the AFS security portfolio on a periodic basis for credit losses at the individual security level using the same criteria described above for those amortized cost financial assets subject to an allowance for credit losses including but not limited to; performance of the underlying assets in the security, borrower financial resources and investment in collateral, collateral type, credit ratings, project economics and geographic location as well as national and regional economic factors. The non-credit loss component of the unrealized loss within the Company’s AFS portfolio is recognized as an adjustment to the individual security’s asset balance with an offsetting entry to accumulated other comprehensive income in the consolidated balance sheets. Trading In the merger with Capstead, the Company acquired a portfolio of residential mortgage pass-through securities consisting primarily of adjustable-rate mortgage ("ARM") securities issued and guaranteed by government-sponsored enterprises, either Fannie Mae, Freddie Mac, or by an agency of the federal government, Ginnie Mae. Together these securities are referred to as "ARM Agency Securities" and are classified as "trading". ARM Agency Securities are 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. 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 C convertible preferred stock (the “Series C Preferred Stock,”) and Series D convertible preferred stock (the “Series D Preferred Stock”) in private placements exempt from the registration requirements of the Securities Act of 1933, as amended. In connection with these offerings, the Company incurs various offering costs. These offering costs include but are not limited to legal, accounting, printing, mailing and filing fees, and diligence expenses of broker-dealers. Offering costs for the common stock are recorded in the Company’s stockholders’ equity, while the offering costs for the Series C Preferred Stock and Series D Preferred Stock are included within Series C Preferred Stock and Series D Preferred Stock, respectively, on the Company’s consolidated balance sheets. Equity Incentive 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. In January 2022, the Company began issuing awards of restricted stock units ("RSUs") to its officers and certain other personnel of the Advisor who provide services to the Company. These awards are service-based and vest in equal annual installments beginning on the anniversary of the date of grant over a period of three years, subject to continuing service. One share of the Company’s common stock will be issued for each unit that vests. These awards also grant non-forfeitable dividend equivalent rights equal to the cash dividend paid in the ordinary course on a common share to the Company's common shareholders. Upon termination for any reason, all unvested RSUs will be forfeited by the grantee, who will be given no further rights to such RSUs. Restricted Share Plan The Company also has an Amended and Restated 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% of the Company’s authorized common shares, 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

Commercial Mortgage Loans

Commercial Mortgage Loans	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Commercial Mortgage Loans	Commercial Mortgage Loans The following table is a summary of the Company's commercial mortgage loans, held for investment, carrying values by class (dollars in thousands): March 31, 2022 December 31, 2021 Senior loans $ 4,517,879 $ 4,204,464 Mezzanine loans 27,505 22,424 Total gross carrying value of loans 4,545,384 4,226,888 Less: Allowance for credit losses (1) 14,933 15,827 Total commercial mortgage loans, held for investment, net $ 4,530,451 $ 4,211,061 ________________________ (1) As of March 31, 2022 and December 31, 2021, there have been no specific reserves for loans in non-performing status. As of March 31, 2022 and December 31, 2021, the Company's total commercial mortgage loan portfolio, excluding commercial mortgage loans accounted for under the fair value option, was comprised of 166 and 165 loans, respectively. Allowance for Credit Losses The following table presents the activity in the Company's allowance for credit losses, excluding the unfunded loan commitments, as of March 31, 2022 (dollars in thousands): Three Months Ended March 31, 2022 MultiFamily Retail Office Industrial Mixed Use Hospitality Self-Storage Manufactured Housing Total Beginning Balance $ 9,681 $ 288 $ 776 $ 86 $ 169 $ 4,597 $ 152 $ 78 $ 15,827 Current Period: Provision/(benefit) for credit losses 32 234 (103) 15 (108) (807) (110) (47) (894) Write offs — — — — — — — — — Ending Balance $ 9,713 $ 522 $ 673 $ 101 $ 61 $ 3,790 $ 42 $ 31 $ 14,933 The Company recorded a decrease in its provision for credit losses during the three months ended March 31, 2022 of $0.9 million. The primary driver for the improvement in the reserve balance is the positive economic outlook since the end of the prior year. The following table presents the activity in the Company's allowance for credit losses, for the unfunded loan commitments, as of March 31, 2022 (dollars in thousands): Three Months Ended March 31, 2022 MultiFamily Retail Office Industrial Mixed Use Hospitality Self-Storage Manufactured Housing Total Beginning Balance $ 137 $ 1 $ 13 $ 3 $ 10 $ 79 $ — $ — $ 243 Current Period: Provision/(benefit) for credit losses (32) 15 (4) (2) (10) (28) — — (61) Ending Balance $ 105 $ 16 $ 9 $ 1 $ — $ 51 $ — $ — $ 182 The following tables represent the composition by loan type and region of the Company's commercial mortgage loans, held for investment portfolio (dollars in thousands): March 31, 2022 December 31, 2021 Loan Type Par Value Percentage Par Value Percentage Multifamily $ 3,264,959 71.6 % $ 2,953,938 69.6 % Hospitality 542,171 11.9 % 460,884 10.9 % Office 479,607 10.5 % 485,575 11.4 % Retail 84,215 1.8 % 104,990 2.5 % Industrial 69,985 1.5 % 88,956 2.1 % Mixed Use 52,500 1.2 % 62,965 1.5 % Self Storage 44,895 1.0 % 56,495 1.3 % Manufactured Housing 24,152 0.5 % 29,159 0.7 % Total $ 4,562,484 100.0 % $ 4,242,962 100.0 % March 31, 2022 December 31, 2021 Loan Region Par Value Percentage Par Value Percentage Southwest $ 1,784,211 39.1 % $ 1,764,905 41.6 % Southeast 1,380,246 30.1 % 1,106,439 26.2 % Mideast 784,182 17.2 % 646,125 15.2 % Far West 262,728 5.8 % 301,040 7.1 % Great Lakes 168,114 3.7 % 183,930 4.3 % New England 67,117 1.5 % 67,651 1.6 % Plains 60,172 1.3 % 60,225 1.4 % Rocky Mountain 43,751 1.0 % 43,751 1.0 % Various 11,963 0.3 % 68,896 1.6 % Total $ 4,562,484 100.0 % $ 4,242,962 100.0 % As of March 31, 2022 and December 31, 2021, the Company's total commercial mortgage loans, held for sale, measured at fair value were comprised of nine loans and one loan, respectively. As of March 31, 2022 and December 31, 2021, the contractual principal outstanding of commercial mortgage loans, held for sale, measured at fair value was $108.5 million and $34.3 million, respectively. As of March 31, 2022 and December 31, 2021, none of the Company's commercial mortgage loans, held for sale, measured at fair value were in default or greater than ninety days past due. The following tables represent the composition by loan type and region of the Company's commercial mortgage loans, held for sale, measured at fair value (dollars in thousands): March 31, 2022 December 31, 2021 Loan Type Par Value Percentage Par Value Percentage Retail $ 54,550 50.3 % $ — — % Hospitality 32,457 30.0 % — — % Office 12,193 11.2 % 34,250 100.0 % Multifamily 6,500 6.0 % — — % Mixed Use 2,750 2.5 % — — % Total $ 108,450 100.0 % $ 34,250 100.0 % March 31, 2022 December 31, 2021 Loan Region Par Value Percentage Par Value Percentage Far West $ 47,300 43.6 % $ — — % Southeast 44,750 41.3 % 34,250 100.0 % Great Lakes 10,000 9.2 % — — % Rocky Mountain 6,400 5.9 % — — % Total $ 108,450 100.0 % $ 34,250 100.0 % Loan Credit Quality and Vintage The following tables present the amortized cost of our commercial mortgage loans, held for investment as of March 31, 2022 and December 31, 2021, by loan type, the Company’s internal risk rating and year of origination. The risk ratings are updated as of March 31, 2022. As of March 31, 2022 2022 2021 2020 2019 2018 2017 Total Multifamily: Risk Rating: 1-2 internal grade $ 388,347 $ 2,426,914 $ 229,560 $ 67,567 $ 83,619 $ — $ 3,196,007 3-4 internal grade — — 18,669 37,025 — 55,694 Total Multifamily Loans $ 388,347 $ 2,426,914 $ 248,229 $ 67,567 $ 120,644 $ — $ 3,251,701 Retail: Risk Rating: 1-2 internal grade $ 20,480 $ 33,843 $ 11,952 $ 17,596 $ — $ — $ 83,871 3-4 internal grade — — — — — Total Retail Loans $ 20,480 $ 33,843 $ 11,952 $ 17,596 $ — $ — $ 83,871 Office: Risk Rating: 1-2 internal grade $ — $ 50,320 $ 254,583 $ 137,233 $ 36,291 $ — $ 478,427 3-4 internal grade — — — — — — Total Office Loans $ — $ 50,320 $ 254,583 $ 137,233 $ 36,291 $ — $ 478,427 Industrial: Risk Rating: 1-2 internal grade $ 54,730 $ — $ 14,931 $ — $ — $ — $ 69,661 3-4 internal grade — — — — — — Total Industrial Loans $ 54,730 $ — $ 14,931 $ — $ — $ — $ 69,661 Mixed Use: Risk Rating: 1-2 internal grade $ 19,902 $ 32,411 $ — $ — $ — $ — $ 52,313 3-4 internal grade — — — — — — — Total Mixed Use Loans $ 19,902 $ 32,411 $ — $ — $ — $ — $ 52,313 Hospitality: Risk Rating: 1-2 internal grade $ 90,726 $ 154,543 $ 26,932 $ 33,945 $ — $ — $ 306,146 3-4 internal grade — — — 103,130 52,234 79,041 234,405 Total Hospitality Loans $ 90,726 $ 154,543 $ 26,932 $ 137,075 $ 52,234 $ 79,041 $ 540,551 Self-Storage: Risk Rating: 1-2 internal grade $ — $ 14,957 $ 29,820 $ — $ — $ — $ 44,777 3-4 internal grade — — — — — — — Total Self-Storage Loans $ — $ 14,957 $ 29,820 $ — $ — $ — $ 44,777 Manufactured Housing: Risk Rating: 1-2 internal grade $ — $ 6,668 $ 17,415 $ — $ — $ — $ 24,083 3-4 internal grade — — — — — — — Total Manufactured Housing Loans $ — $ 6,668 $ 17,415 $ — $ — $ — $ 24,083 Total $ 574,185 $ 2,719,656 $ 603,862 $ 359,471 $ 209,169 $ 79,041 $ 4,545,384 December 31, 2021 2021 2020 2019 2018 2017 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 Past Due Status The following table presents an aging summary of the loans amortized cost basis at March 31, 2022 (dollars in thousands): Multifamily Retail Office Industrial Mixed Use Hospitality Self-Storage Manufactured Housing Total Status: Current $ 3,251,701 $ 83,871 $ 478,427 $ 69,661 $ 52,313 $ 483,476 $ 44,777 $ 24,083 $ 4,488,309 1-29 days past due — — — — — — — — 30-59 days past due — — — — — — — — — 60-89 days past due — — — — — — — — — 90-119 days past due — — — — — — — — — 120+ days past due (1) — — — — — 57,075 — — 57,075 Total $ 3,251,701 $ 83,871 $ 478,427 $ 69,661 $ 52,313 $ 540,551 $ 44,777 $ 24,083 $ 4,545,384 ________________________ (1) For the three months ended March 31, 2022, there was no interest income recognized on this loan. As of March 31, 2022 and December 31, 2021, the Company had one loan with a total cost basis of $57.1 million on non-accrual status for which there was no related allowance for credit losses. Credit Characteristics As part of the Company's process for monitoring the credit quality of its commercial mortgage loans, excluding those held for sale, measured at fair value, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its loans. The loans are scored on a scale of 1 to 5 as follows: Investment Rating Summary Description 1 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 2.0. As of March 31, 2022 and December 31, 2021, the weighted average risk rating of the loans was 2.1. The following table represents the allocation by risk rating for the Company's commercial mortgage loans, held for investment (dollars in thousands): March 31, 2022 December 31, 2021 Risk Rating Number of Loans Par Value Risk Rating Number of Loans Par Value 1 — $ — 1 — $ — 2 150 4,272,194 2 148 3,903,047 3 15 233,215 3 16 282,840 4 1 57,075 4 1 57,075 5 — — 5 — — 166 $ 4,562,484 165 $ 4,242,962 For the three months ended March 31, 2022 and year ended December 31, 2021, the activity in the Company's commercial mortgage loans, held for investment portfolio was as follows (dollars in thousands): Three Months Ended March 31, Year Ended December 31, 2022 2021 Balance at Beginning of Year $ 4,211,061 $ 2,693,848 Acquisitions and originations 640,033 2,897,002 Principal repayments (320,511) (1,286,598) Discount accretion/premium amortization 2,542 7,038 Loans transferred from/(to) commercial real estate loans, held for sale — (52,615) Net fees capitalized into carrying value of loans (3,568) (15,150) (Provision)/benefit for credit losses 894 4,770 Charge-off from allowance — 289 Transfer to real estate owned — (37,523) Balance at End of Period $ 4,530,451 $ 4,211,061

Real Estate Securities

Real Estate Securities	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Real Estate Securities	Real Estate Securities Real Estate Securities Classified As Trading The following is a summary of the Company's RMBS classified by collateral type and interest rate characteristics (dollars in thousands): Carrying Average Yield (1) March 31, 2022 Agency Securities: Fannie Mae/Freddie Mac ARMs $ 1,678,297 2.34 % Ginnie Mae ARMs 271,039 2.68 % $ 1,949,336 2.37 % 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 % ________________________ (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”). The maturity of the Company's ARM 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 278 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	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Real Estate Owned	Real Estate Owned The following table summarizes the Company's real estate owned asset, held for investment, as of March 31, 2022 (dollars in thousands): 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 $ (1,150) $ 89,473 $ 3,436 $ 84,259 $ 2,928 $ (1,150) $ 89,473 ________________________ (1) See Note 2 - Summary of Significant Accounting Policies. The following table summarizes the Company's real estate owned asset, held for investment, as of December 31, 2021 (dollars in thousands): Acquisition Date Property Type Primary Location(s) Land Building and Improvements Furniture, Fixtures and Equipment Accumulated Depreciation Real Estate Owned, net 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) See Note 2 - Summary of Significant Accounting Policies. Depreciation expense for the three months ended March 31, 2022 and March 31, 2021 totaled $0.6 million and $0.2 million, respectively. In August 2021 the Company and an affiliate of the Company entered into a joint venture agreement and formed a joint venture entity, Jeffersonville Member, LLC (the "Jeffersonville JV") to acquire a $139.5 million triple net lease property in Jeffersonville, GA. The Company has a 79% interest in the Jeffersonville JV, while the affiliate has a 21% interest. The Company invested a total of $109.8 million, made up of $88.7 million in debt and $21.1 million in equity, representing 79% of the ownership interest in the Jeffersonville JV. The affiliate made up the remaining $29.8 million composed of a $24.0 million mortgage note payable and $5.7 million in equity. The Company has control of Jeffersonville JV with 79% ownership and, therefore, consolidates Jeffersonville JV on its consolidated balance sheet. The Company's $88.7 million mortgage note payable to Jeffersonville JV is eliminated in consolidation (see Note 7 - Debt).

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	Leases Intangible Lease Asset The following table summarizes the Company's intangible lease asset recognized in the consolidated balance sheets as of March 31, 2022 (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 $ (1,440) $ 47,752 $ 49,192 $ (1,440) $ 47,752 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 Rental Income On September 17, 2021, the Company, through a joint venture, purchased an industrial facility that is subject to an existing triple net lease. The minimum rental amount due under the lease is subject to annual increases of 2.0%. The initial term of the lease expires in 2038 and contains renewal options for four consecutive five The following table summarizes the Company's schedule of future minimum rents to be received under the industrial facility lease (dollars in thousands): Minimum Rents March 31, 2022 2022 (April - December) $ 5,923 2023 8,046 2024 8,207 2025 8,372 2026 8,539 2027 and beyond 114,981 Total minimum rent $ 154,068 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 March 31, 2022 is approximately 16.5 years. Amortization expense for the three months ended March 31, 2022 totaled $0.7 million. Amortization expense for the three months ended March 31, 2021 totaled $0.2 million. The following table summarizes the Company's expected amortization for intangible assets over the next five years, assuming no further acquisitions or dispositions (dollars in thousands): Amortization Expense March 31, 2022 2022 (April - December) $ (2,160) 2023 (2,880) 2024 (2,880) 2025 (2,880) 2026 (2,880)
Leases	Leases Intangible Lease Asset The following table summarizes the Company's intangible lease asset recognized in the consolidated balance sheets as of March 31, 2022 (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 $ (1,440) $ 47,752 $ 49,192 $ (1,440) $ 47,752 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 Rental Income On September 17, 2021, the Company, through a joint venture, purchased an industrial facility that is subject to an existing triple net lease. The minimum rental amount due under the lease is subject to annual increases of 2.0%. The initial term of the lease expires in 2038 and contains renewal options for four consecutive five The following table summarizes the Company's schedule of future minimum rents to be received under the industrial facility lease (dollars in thousands): Minimum Rents March 31, 2022 2022 (April - December) $ 5,923 2023 8,046 2024 8,207 2025 8,372 2026 8,539 2027 and beyond 114,981 Total minimum rent $ 154,068 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 March 31, 2022 is approximately 16.5 years. Amortization expense for the three months ended March 31, 2022 totaled $0.7 million. Amortization expense for the three months ended March 31, 2021 totaled $0.2 million. The following table summarizes the Company's expected amortization for intangible assets over the next five years, assuming no further acquisitions or dispositions (dollars in thousands): Amortization Expense March 31, 2022 2022 (April - December) $ (2,160) 2023 (2,880) 2024 (2,880) 2025 (2,880) 2026 (2,880)

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt Repurchase Agreements - Commercial Mortgage Loans The Company has entered into repurchase facilities with JPMorgan Chase Bank, National Association (the "JPM Repo Facility"), 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, WF Repo Facility, Barclays Revolver Facility, and Barclays Repo Facility, the "Repo Facilities"). The Repo Facilities are financing sources through which the Company may pledge one or more mortgage loans to the financing entity in exchange for funds typically at an advance rate of between 65% to 80% of the principal amount of the mortgage loan being pledged. The details of the Company's Repo Facilities at March 31, 2022 and December 31, 2021 are as follows (dollars in thousands): As of March 31, 2022 Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate Term Maturity JPM Repo Facility $ 400,000 $ 69,757 $ 1,474 2.80 % 10/6/2022 CS Repo Facility (2) 300,000 123,259 1,138 3.01 % 9/30/2022 WF Repo Facility (3) 450,000 201,812 1,248 2.08 % 11/21/2023 Barclays Revolver Facility (4) 250,000 — 2,027 N/A 9/20/2023 Barclays Repo Facility (5) 500,000 128,062 1,490 2.08 % 3/14/2025 Total $ 1,900,000 $ 522,890 $ 7,377 ________________________ (1) For the three months ended March 31, 2022. 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, 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, 2020. 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 The Company expects to use the advances from the Repo Facilities to finance the acquisition or origination of eligible loans, including first mortgage loans, subordinated mortgage loans, mezzanine loans and participation interests therein. The Repo Facilities generally provide that in the event of a decrease in the value of the Company's collateral, the lenders can demand additional collateral. As of March 31, 2022 and December 31, 2021, the Company is in compliance with all debt covenants. Other financing and loan participation - Commercial Mortgage Loans On March 23, 2020, the Company transferred $15.2 million of its interest in a term loan to Sterling National Bank ("SNB") via a participation agreement. Since inception, the Company's outstanding loan increased as a result of future fundings, leading to an increase in amount outstanding via the participation agreement. The Company incurred $0.2 million of interest expense on the SNB term loan for the three months ended March 31, 2022. As of March 31, 2022 and December 31, 2021 the outstanding participation balance was $37.9 million. The loan accrued interest at an annual rate of one-month LIBOR +2.20% and matures on February 9, 2023. On February 10, 2022, the Company transferred $38.0 million of its interest in a term loan to Customers Bank via a participation agreement. Since inception, the Company's outstanding loan increased as a result of future fundings, leading to an increase in amount outstanding via the participation agreement. The Company incurred $5,000 of interest expense on the Customers Bank term loan for the three months ended March 31, 2022. As of March 31, 2022 the outstanding participation balance was $2.3 million. The loan accrued interest at an annual rate of one-month SOFR + 4.01% and matures on May 1, 2025. Mortgage Note Payable On September 17, 2021, the Company, in connection with the consolidating joint venture (as discussed in Note 5 - Real Estate Owned), originated a $112.7 million mortgage note payable, of which $88.7 million is eliminated in consolidation (see Note 5 - Real Estate Owned). The remaining mortgage note payable of $24.0 million is recorded on the consolidated balance sheet. As of March 31, 2022, the loan accrued interest at an annual rate of 3.1% and matures on October 9, 2024. Unsecured Debt As of March 31, 2022, the Company held 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 prior to termination) were as follows (dollars in thousands): As of March 31, 2022 As of December 31, 2021 Borrowings Average Borrowings Average Junior subordinated notes maturing in: October 2035 ($35,000 face amount) $ 34,479 5.34 % $ 34,470 7.86 % December 2035 ($40,000 face amount) 39,484 5.25 % 39,474 7.63 % September 2036 ($25,000 face amount) 24,657 5.29 % 24,650 7.67 % $ 98,620 5.29 % $ 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 million at a rate of one-month LIBOR + 4.5%. The facility has a maturity of February 10, 2023 and is secured by a pledge of equity interests in certain of the Company’s subsidiaries. The Company incurred $0.3 million of interest expense on the lending agreement with SBL for the three months ended March 31, 2022. As of March 31, 2022 there was no outstanding balance. Repurchase Agreements - Real Estate Securities The Company has entered into various Master Repurchase Agreements (the "MRAs") that allow the Company to sell real estate securities while providing a fixed repurchase price for the same real estate securities in the future. The repurchase contracts on each security under an MRA generally mature in 30-90 days and terms are adjusted for current market rates as necessary. Below is a summary of the Company's MRAs as of March 31, 2022 and December 31, 2021 (dollars in thousands): Weighted Average Counterparty Amount Outstanding Interest Expense Collateral Pledged (1) Interest Rate Days to Maturity As of March 31, 2022 JP Morgan Securities LLC $ 19,283 $ 55 $ 23,995 1.27 % 14 Goldman Sachs International — — — N/A N/A Barclays Capital Inc. 35,327 75 44,284 1.40 % 7 Citigroup Global Markets, Inc. — — — N/A N/A Total/Weighted Average $ 54,610 $ 130 $ 68,279 1.35 % 9 As of December 31, 2021 JP Morgan Securities LLC $ 19,025 $ 261 $ 24,087 1.14 % 10 Goldman Sachs International — 37 — N/A N/A Barclays Capital Inc. 15,286 526 19,131 1.21 % 14 Citigroup Global Markets, Inc. — 81 — N/A N/A Total/Weighted Average $ 34,311 $ 905 $ 43,218 1.71 % 12 ________________________ (1) Includes $68.3 million and $43.2 million of CLO notes, held by the Company, which are eliminated within the real estate securities, at fair value line in the consolidated balance sheets as of March 31, 2022 and December 31, 2021, respectively. 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 As of March 31, 2022 Repurchase arrangements secured by Agency securities with maturities of 30 days or less $ 1,733,101 $ 3,726 $ 1,659,931 0.39 % $ 1,733,101 $ 3,726 $ 1,659,931 0.39 % As of 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 % Average repurchase agreements outstanding were $3.06 billion and $3.97 billion during the quarters ended March 31, 2022 and December 31, 2021. Average repurchase agreements outstanding differed from respective quarter-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 Obligations As of March 31, 2022 and December 31, 2021 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 24 and 31 mortgage assets having a principal balance of $338.0 million and $503.3 million, respectively (the "2018-FL4 Mortgage Assets"). The sale of the 2018-FL4 Mortgage Assets to BSPRT 2018-FL4 Issuer is governed by a Mortgage Asset Purchase Agreement dated as of October 12, 2018, between the Company and BSPRT 2018-FL4 Issuer. As of March 31, 2022 and December 31, 2021, 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 40 and 48 mortgage assets having a principal balance of $546.4 million and $589.0 million respectively (the "2019-FL5 Mortgage Assets"). The sale of the 2019-FL5 Mortgage Assets to BSPRT 2019-FL5 Issuer is governed by a Mortgage Asset Purchase Agreement dated as of May 30, 2019, between the Company and BSPRT 2019-FL5 Issuer. As of March 31, 2022 and December 31, 2021 , the notes issued by BSPRT 2021-FL6 Issuer, Ltd. and BSPRT 2021-FL6 Co-Issuer, LLC, each wholly owned indirect subsidiaries of the Company , are collateralized by interests in a pool of 38 and 44 mortgage assets having a principal balance of $636.9 million and $682.32 million respectively (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. As of March 31, 2022 and December 31, 2021 , the notes issued by BSPRT 2021-FL7 Issuer, Ltd. and BSPRT 2021-FL7 Co-Issuer, LLC, each wholly owned indirect subsidiaries of the Company , are collateralized by interests in a pool of 45 and 47 mortgage assets having a principal balance of $899.1 million and $871.44 million respectively (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 March 25, 2021, between the Company and BSPRT 2021-FL7 Issuer, Ltd. On February 15, 2022, BSPRT 2022-FL8 Issuer, Ltd. and BSPRT 2022-FL8 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 $1.1 billion principal balance secured floating rate notes, of which $960 million were purchased by third party investors and $132 million were purchased by a wholly owned subsidiary of the OP. In addition, concurrently with the issuance of the notes, BSPRT 2022-FL8 Issuer, Ltd. also issued 108,000 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 2022-FL8 Issuer, Ltd. and BSPRT 2022-FL8 Co-Issuer, LLC are disregarded entities. As of March 31, 2022 , the notes issued by BSPRT 2022-FL8 Issuer, Ltd. and BSPRT 2022-FL8 Co-Issuer, LLC, are collateralized by interests in a pool of 32 mortgage assets having a principal balance of $1.2 billion (the "2022-FL8 Mortgage Assets"). The sale of the 2022-FL8 Mortgage Assets to BSPRT 2022-FL8 Issuer, Ltd. is governed by a Collateral Interest Purchase Agreement dated as of December 21, 2021, between the Company and BSPRT 2022-FL8 Issuer, Ltd. The Company, through its wholly-owned subsidiaries, holds the preferred equity tranches of the above CLOs of approximately $437.2 million and $329.2 million as of March 31, 2022 and December 31, 2021, respectively. The following table represents the terms of the notes issued by 2018-FL4 Issuer, 2019-FL5 Issuer 2021-FL6 Issuer, 2021-FL7 Issuer and 2022-FL8 Issuer (the "CLOs"), respectively, as of March 31, 2022 (dollars in thousands): CLO Facility Tranche Par Value Issued Par Value Outstanding (1) Interest Rate Maturity Date 2018-FL4 Issuer Tranche A $ 416,827 $ — 1M LIBOR + 105 9/15/2035 2018-FL4 Issuer Tranche A-S 73,813 42,998 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 407,025 170,467 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 2022-FL8 Issuer Tranche A 690,000 690,000 1M LIBOR + 150 2/15/2037 2022-FL8 Issuer Tranche A-S 66,000 66,000 1M LIBOR + 185 2/15/2037 2022-FL8 Issuer Tranche B 55,500 55,500 1M LIBOR + 205 2/15/2037 2022-FL8 Issuer Tranche C 67,500 67,500 1M LIBOR + 230 2/15/2037 2022-FL8 Issuer Tranche D 81,000 81,000 1M LIBOR + 350 2/15/2037 2022-FL8 Issuer Tranche E 25,500 — 1M LIBOR + 350 2/15/2037 $ 3,657,674 $ 2,904,374 ________________________ (1) Excludes $452.6 million of CLO notes, held by the Company, which are eliminated within the collateralized loan obligations line in the consolidated balance sheets as of March 31, 2022. The following table represents the terms of the notes issued by 2018-FL4 Issuer, 2019-FL5 Issuer, 2021-FL6 Issuer and 2021-FL7 Issuer, 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 obligations line in the consolidated balance sheets as of December 31, 2021. The below table reflects the total assets and liabilities of the Company's outstanding CLOs. The CLOs are considered VIEs and are consolidated into the Company's consolidated financial statements as of March 31, 2022 and December 31, 2021 as the Company is the primary beneficiary of the VIE. The Company is the primary beneficiary of the CLOs because (i) the Company has the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIEs or the obligation to absorb losses of the VIEs that could be significant to the VIE. The VIE's are non-recourse to the Company. Assets (dollars in thousands) March 31, 2022 December 31, 2021 Cash (1) $ 178,313 $ 187,668 Commercial mortgage loans, held for investment, net (2) 3,600,351 2,629,431 Accrued interest receivable 7,833 5,918 Total Assets $ 3,786,497 $ 2,823,017 Liabilities Notes payable (3)(4) $ 3,336,459 $ 2,482,762 Accrued interest payable 2,495 1,598 Total Liabilities $ 3,338,954 $ 2,484,360 ________________________ (1) Includes $177.4 million and $187.0 million of cash held by the servicer related to CLO loan payoffs as of March 31, 2022 and December 31, 2021, respectively. (2) The balance is presented net of allowance for credit losses of $8.5 million and $8.7 million as of March 31, 2022 and December 31, 2021, respectively. (3) Includes $452.6 million and $320.6 million of CLO notes, held by the Company, which are eliminated within the collateralized loan obligations line of the consolidated balance sheets as of March 31, 2022 and December 31, 2021, respectively. (4) The balance is presented net of deferred financing cost and discount of $20.5 million and $17.3 million as of March 31, 2022 and December 31, 2021, respectively.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The Company uses the two-class method in calculating basic and diluted earnings per share. Net income/(loss) is allocated between our common stock and other participating securities based on their participation rights. Diluted net income per share has been computed using the weighted average number of shares of common stock outstanding and other dilutive securities. The following table presents a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations and the calculation of basic and diluted earnings per share for the three months ended March 31, 2022 and March 31, 2021 (in thousands, except share and per share data): Three Months Ended March 31, Numerator 2022 2021 Net income/(loss) $ (22,507) $ 30,146 Less: Preferred stock dividends 21,011 3,511 Less: Undistributed earnings allocated to preferred stock — 3,227 Net income/(loss) attributable to common stockholders (for basic and diluted earnings per share) $ (43,518) $ 23,408 Denominator Weighted-average common shares outstanding for basic earnings per share 43,956,965 44,290,177 Effect of dilutive shares (1) : Unvested restricted shares — 15,888 Weighted-average common shares outstanding for diluted earnings per share 43,956,965 44,306,065 Basic earnings per share $ (0.99) $ 0.53 Diluted earnings per share $ (0.99) $ 0.53 ________________________ (1) The effect of dilutive shares excluded an aggregate of 368,257 weighted average restricted stock units for the three months ended March 31, 2022 as their effect was anti-dilutive.

Stock Transactions

Stock Transactions	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Stock Transactions	Stock Transactions As of March 31, 2022 and December 31, 2021, the Company had 44,471,127 and 43,965,928 shares of common stock outstanding, respectively, including shares issued pursuant to the Company's distribution reinvestment plan (the "DRIP") and unvested restricted shares. As of each of March 31, 2022 and December 31, 2021, the Company had 1,400 shares of Series C Preferred Stock outstanding, 17,950 shares of Series D Preferred Stock outstanding, 10,329,039 shares of Series E Preferred Stock outstanding and 39,733,299 shares of Series F Preferred Stock outstanding. The following tables present the activity in the Company's Series C Preferred Stock for the period ended March 31, 2022 and March 31, 2021 (dollars in thousands, except share amounts): Shares Amount Balance, December 31, 2021 1,400 $ 6,971 Issuance of Preferred Stock — — Dividends paid in Preferred Stock — — Offering costs — — Amortization of offering costs — 2 Ending Balance, March 31, 2022 1,400 $ 6,973 Shares Amount Balance, December 31, 2020 1,400 $ 6,962 Issuance of Preferred Stock — — Dividends paid in Preferred Stock — — Offering costs — — Amortization of offering costs — 2 Ending Balance, March 31, 2021 1,400 $ 6,964 The following table presents the activity in the Company's Series D Preferred Stock for the period ended March 31, 2022 and March 31, 2021 (dollars in thousands, except share amounts): Shares Amount Balance, December 31, 2021 17,950 $ 89,684 Issuance of Preferred Stock — — Dividends paid in Preferred Stock — — Offering costs — — Amortization of offering costs — 7 Balance, March 31, 2022 17,950 $ 89,691 Shares Amount Balance, December 31, 2020 — $ — Issuance of Preferred Stock 17,950 89,748 Dividends paid in Preferred Stock — — Offering costs — (26) Amortization of offering costs — — Ending Balance, March 31, 2021 17,950 $ 89,722 The following table presents the activity in the Company's Series E Preferred Stock for the period ended March 31, 2022 (dollars in thousands, except share amounts): Shares Amount Balance, December 31, 2021 10,329,039 $ 258,742 Issuance of Preferred Stock — — Dividends paid in Preferred Stock — — Offering costs — — Amortization of offering costs — — Balance, March 31, 2022 10,329,039 $ 258,742 As of March 31, 2021 the Company did not have any Series E Preferred Stock outstanding. The following table presents the activity in the Company's Series F Preferred Stock for the period ended March 31, 2022 (dollars in thousands, except share amounts): Shares Amount Balance, December 31, 2021 39,733,299 $ 710,431 Issuance of Preferred Stock — — Dividends paid in Preferred Stock — — Offering costs — — Amortization of offering costs — — Balance, March 31, 2022 39,733,299 $ 710,431 As of March 31, 2021 the Company did not have any Series F Preferred Stock outstanding. On April 19, 2022, all 39,733,299 shares of Series F Preferred Stock converted to common stock on a one for one ratio. Distributions In order to maintain its election to qualify as a REIT, the Company must currently distribute, at a minimum, an amount equal to 90% of its taxable income, without regard to the deduction for distributions paid and excluding net capital gains. The Company must distribute 100% of its taxable income (including net capital gains) to avoid paying corporate U.S. federal income taxes. Distribution payments are dependent on the availability of funds. The Company's board of directors may reduce the amount of distributions paid or suspend distribution payments at any time, and therefore, distributions payments are not assured. Quarterly distributions are paid at a quarterly rate of $0.355 per share of common stock (equivalent to $1.42 per annum). In March 2022, the Company's board of directors declared the following first quarter 2022 dividends: (i) a quarterly cash dividend of $0.355 per share on the Company's common stock and Series F Preferred Stock (equivalent to $1.42 per annum), (ii) a first quarter 2022 dividend of $106.22 per share on the Company’s Series C Preferred Stock and Series D Preferred Stock, and (iii) a first quarter 2022 dividend of $0.46875 per share on the Company’s Series E Preferred Stock, all which were paid in April 2022 to holders of record on March 31, 2021. Distribution payments are dependent on the availability of funds. The board of directors may reduce the amount of distributions paid or suspend distribution payments at any time, and therefore, distribution payments are not assured. Dividends on the Company’s preferred stock, to the extent not declared by the board of directors quarterly, will accrue, and dividends may not be paid on the Company's common stock to the extent there are accrued and unpaid dividends on the preferred stock. The amount of dividends paid on the Company’s Series C Preferred Stock and Series D Preferred Stock are generally in an amount equal to the dividends a holder of such preferred stock would have received if the preferred stock had been converted into common stock in accordance with its terms, except when the amount of common stock dividends are below the threshold stated in the terms of such preferred stock. The Company distributed $12.5 million of common stock dividends during the three months ended March 31, 2022, comprised of $12.4 million in cash and $0.1 million in shares of common stock issued under the DRIP. The Company distributed $12.2 million of common stock dividends during the three months ended March 31, 2021, comprised of $9.7 million in cash and $2.6 million in shares of common stock issued under the DRIP.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Unfunded Commitments Under Commercial Mortgage Loans As of March 31, 2022 and December 31, 2021, the Company had the below unfunded commitments to the Company's borrowers (dollars in thousands): Funding Expiration March 31, 2022 December 31, 2021 2022 $ 17,538 $ 25,864 2023 102,288 123,860 2024 245,726 271,056 2025 and beyond 35,126 37,325 $ 400,678 $ 458,105 The borrowers are required to meet or maintain certain metrics in order to qualify for the unfunded commitment amounts. Litigation and Regulatory Matters The Company is not presently involved in any material litigation arising outside the ordinary course of business. However, the Company is involved in routine litigation arising in the ordinary course of business, none of which the Company believes, individually or in the aggregate, will have a material impact on the Company’s financial condition, operating results or cash flows.

Related Party Transactions and

Related Party Transactions and Arrangements	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Related Party Transactions and Arrangements Advisory Agreement Fees and Reimbursements Pursuant to the Advisory Agreement, the Company is required to make the following payments and reimbursements to the Advisor: • The Company reimburses the Advisor’s costs of providing services pursuant to the Advisory Agreement, except the salaries and benefits paid by the Advisor to the Company’s executive officers. • The Company pays the Advisor, or its affiliates, a monthly asset management fee equal to one-twelfth of 1.5% of stockholders' equity as calculated pursuant to the Advisory Agreement. • The Company will pay the Advisor an annual subordinated performance fee calculated on the basis of total return to stockholders, payable monthly in arrears, such that for any year in which total return on stockholders’ capital (as defined in the Advisory Agreement) exceeds 6.0% per annum, our Advisor will be entitled to 15.0% of the excess total return; provided that in no event will the annual subordinated performance fee payable to our Advisor exceed 10.0% of the aggregate total return for such year. • The Company reimburses the Advisor for insourced expenses incurred by the Advisor on the Company‘s behalf related to selecting, evaluating, originating and acquiring investments in an amount up to 0.5% of the principal amount funded by the Company to originate or acquire commercial mortgage loans and up to 0.5% of the anticipated net equity funded by the Company to acquire real estate securities investments. The table below shows the costs incurred due to arrangements with our Advisor and its affiliates during the three months ended March 31, 2022 and 2021 and the associated payable as of March 31, 2022 and December 31, 2021 (dollars in thousands): Three Months Ended March 31, Payable as of 2022 2021 March 31, 2022 December 31, 2021 Acquisition expenses (1) $ 315 $ 153 $ — $ — Administrative services expenses 3,353 3,474 3,353 — Asset management and subordinated performance fee 6,745 5,416 17,586 15,595 Other related party expenses (2)(3) 253 29 959 1,943 Total related party fees and reimbursements $ 10,666 $ 9,072 $ 21,898 $ 17,538 ________________________ (1) Total acquisition expenses paid during the three months ended March 31, 2022 were $3.2 million, of which $2.9 million was capitalized within the commercial mortgage loans, held for investment line of the consolidated balance sheets. Total acquisition expenses paid during the three months ended March 31, 2021 were $2.6 million, of which $2.4 million was capitalized within the commercial mortgage loans, held for investment line of the consolidated balance sheets. (2) These are related to reimbursable costs incurred related to the increase in loan origination activities and are included in Other expenses in the Company's consolidated statements of operations. (3) As of March 31, 2022 and December 31, 2021 the related party payables include $1.0 million and $1.9 million of payments made by the Advisor to third party vendors on behalf of the Company. The payables as of March 31, 2022 and December 31, 2021 in the table above are included in Due to affiliates on the Company's consolidated balance sheets. Other Transactions Pursuant to a lending and security agreement with SBL, which was entered into in February 2020 and amended in March and August 2020, the Company may borrow up to $100.0 million at a rate of one-month LIBOR + 4.5%. The facility has a maturity of February 10, 2023 and is secured by a pledge of equity interests in certain of the Company’s subsidiaries. The Company incurred $0.3 million in interest expense on the lending agreement with SBL for the three months ended March 31, 2022. As of March 31, 2022 there were no amounts outstanding under the lending agreement. SBL also holds 17,950 shares of the Company's outstanding shares of Series D Preferred Stock of which, 14,950 shares were acquired in exchange for an equivalent number of shares of Series A Preferred Stock in March 2021. SBL also acquired an additional 3,000 shares of Series D Preferred Stock at the liquidation preference of $15.0 million (net of accrued and unpaid dividends on the exchanged Series A Preferred Stock) in such transaction. In August 2021 the Company and an affiliate of the Company entered into a joint venture agreement and formed a joint venture entity, Jeffersonville Member, LLC (the "Jeffersonville JV") to acquire a $139.5 million triple net lease property in Jeffersonville, GA. The Company has a 79% interest in the Jeffersonville JV, while the affiliate has a 21% interest. The Company invested a total of $109.8 million, made up of $88.7 million in debt and $21.1 million in equity, representing 79% of the ownership interest in the Jeffersonville JV. The affiliate made up the remaining $29.8 million composed of a $24.0 million mortgage note payable and $5.7 million in equity. The Company has control of Jeffersonville JV with 79% ownership and, therefore, consolidates Jeffersonville JV on its consolidated balance sheet. The Company's $88.7 million mortgage note payable to Jeffersonville JV is eliminated in consolidation (see Note 7 - Debt). As discussed below, in the first quarter of 2022, pursuant to the 2021 Incentive Plan, the Company issued awards of restricted stock units to its officers and certain other personnel of the Advisor who provide services to the Company under the Advisory Agreement (see Note 12 - Share-based Compensation).

Share-based Compensation

Share-based Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Share-based Compensation	Share-based Compensation Share Plan The Company's equity incentive plans provide the Company with the ability to grant equity-based awards to its directors, officers and employees (if the Company ever has employees), employees of the Advisor and its affiliates, or certain of the Company's consultants, 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. Under the Company's RSP, the total number of common shares granted shall not exceed 5% of the Company’s authorized common shares, 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. At March 31, 2022, there were 5,007,893 shares of common stock remaining available for issuance under the Company's 2021 Incentive Plan. 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. Service-based Restricted Stock Units In the first quarter of 2022, in accordance with the 2021 Incentive Plan, the Company issued awards of RSUs to its officers and certain other personnel of the Advisor who provide services to the Company under the Advisory Agreement. RSU activity issued under the 2021 Incentive Plan for the quarter ended March 31, 2022 is summarized below: Number of shares Weighted Avg Grant Date Fair Value Unvested RSU awards outstanding at December 31, 2021 — $ — Grants 492,107 14.34 Forfeitures — — Vested — — Unvested RSU awards outstanding at March 31, 2022 492,107 $ 14.34 During the quarter ended March 31, 2022, the company recognized compensation expense associated with the RSUs of $412,000, which is included in Other expenses on the consolidated statements of operations. Unrecognized estimated compensation expense for these awards totaled $4.5 million at March 31, 2022, to be expensed over a weighted average period of 1.8 years.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments GAAP establishes a hierarchy of valuation techniques based on the observability of inputs used in measuring financial instruments at fair values. GAAP establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below: • Level I - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. • Level II - Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. • Level III - Unobservable inputs that reflect the entity's own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the above hierarchy requires significant judgment and factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. The Company has implemented valuation control processes to validate the fair value of the Company's financial instruments measured at fair value including those derived from pricing models. These control processes are designed to assure that the values used for financial reporting are based on observable inputs wherever possible. In the event that observable inputs are not available, the control processes are designed to assure that the valuation approach utilized is appropriate and consistently applied and the assumptions are reasonable. Financial Instruments Measured at Fair Value on a Recurring Basis 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 II of the fair value hierarchy. The fair value for credit default swaps and interest rate swaps contracts are derived using pricing models that are widely accepted by marketplace participants. Credit default swaps and interest rate swaps are traded in the OTC market. The pricing models take into account multiple inputs including specific contract terms, interest rate yield curves, interest rates, credit curves, recovery rates, and/or current credit spreads obtained from swap counterparties and other market participants. Most inputs into the models are not subjective as they are observable in the marketplace or set per the contract. Valuation is primarily determined by the difference between the contract spread and the current market spread. The contract spread (or rate) is generally fixed and the market spread is determined by the credit risk of the underlying debt or reference entity. If the underlying indices are liquid and the OTC market for the current spread is active, credit default swaps and interest rate swaps are categorized in Level II of the fair value hierarchy. If the underlying indices are illiquid and the OTC market for the current spread is not active, credit default swaps are categorized in Level III of the fair value hierarchy. The credit default swaps and interest rate swaps are generally categorized in Level II of the fair value hierarchy. 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 for the period ended March 31, 2022 and December 31, 2021. The following table presents the Company's financial instruments carried at fair value on a recurring basis in the consolidated balance sheets by its level in the fair value hierarchy as of March 31, 2022 and December 31, 2021 (dollars in thousands): Total Level I Level II Level III March 31, 2022 Assets, at fair value Real estate securities, trading, measured at fair value $ 1,949,336 $ — $ 1,949,336 $ — Commercial mortgage loans, held for sale, measured at fair value 107,978 — — 107,978 Other real estate investments, measured at fair value — — — — Credit default swaps 104 — 104 — Interest rate swaps 374 — 374 — Total assets, at fair value $ 2,057,792 $ — $ 1,949,814 $ 107,978 Liabilities, at fair value Credit default swaps $ 1,493 $ — $ 1,493 $ — Interest rate swaps 2,260 — 2,260 — Total liabilities, at fair value $ 3,753 $ — $ 3,753 $ — December 31, 2021 Assets, 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 Interest rate swaps 312 — 312 — Treasury note futures 124 — 124 — Total assets, at fair value $ 4,604,099 $ — $ 4,567,307 $ 36,792 Liabilities, at fair value Credit default swaps $ 1,142 $ — $ 1,142 $ — Unsecured debt-related interest rate swap agreements 31,153 — 31,153 — Total liabilities, at fair value $ 32,295 $ — $ 32,295 $ — Both observable and unobservable inputs may be used to determine the fair value of positions that the Company has classified within the Level III category. As a result, the unrealized gains and losses for assets and liabilities within the Level III category may include changes in fair value that were attributable to both observable and unobservable inputs. The following table summarizes the valuation method and significant unobservable inputs used for the Company’s financial instruments that are categorized within Level III of the fair value hierarchy as of March 31, 2022 and December 31, 2021 (dollars in thousands): Asset Category Fair Value Valuation Methodologies Unobservable Inputs (1) Weighted Average (2) Range March 31, 2022 Commercial mortgage loans, held for sale, measured at fair value $ 107,978 Discounted Cash Flow Yield 2.3% 1.6% - 5.6% 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% ________________________ (1) In determining certain inputs, the Company evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company specific developments including exit strategies and realization opportunities. The Company has determined that market participants would take these inputs into account when valuing the investments. (2) Inputs were weighted based on the fair value of the investments included in the range. Increases or decreases in any of the above unobservable inputs in isolation would result in a lower or higher fair value measurement for such assets. The following table presents additional information about the Company’s financial instruments which are measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 for which the Company has used Level III inputs to determine fair value (dollars in thousands): March 31, 2022 Commercial Mortgage Loans, held for sale, measured at fair value Other Real Estate Investments, measured at fair value Beginning balance, January 1, 2022 $ 34,718 $ 2,074 Transfers into Level III (1) — — Total realized and unrealized gain/(loss) included in earnings: Realized gain/(loss) on sale of commercial mortgage loans, held for sale, and other real estate investments 1,889 (33) Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments (939) 4 Net accretion — — Purchases 150,300 — Sales / paydowns (77,990) (2,045) Transfers out of Level III (1) — — Ending Balance, March 31, 2022 $ 107,978 $ — 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 (1) — — Total realized and unrealized gain/(loss) included in earnings: Realized gain/(loss) on sale of commercial mortgage loans, 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) Transfers out of Level III (1) — — Ending Balance, December 31, 2021 $ 34,718 $ 2,074 (1) Transfers in and transfers out include transfers between Commercial mortgage loans, held for sale and Commercial mortgage loans, held for investment. The fair value of cash and cash equivalents and restricted cash are measured using observable quoted market prices, or Level I inputs and their carrying value approximates their fair value. The fair value of borrowings under repurchase agreements approximate their carrying value on the consolidated balance sheets due to their short-term nature, and are measured using Level II inputs. Financial Instruments Not Measured at Fair Value The fair values of the Company's commercial mortgage loans, held for investment and collateralized loan obligations, which are not reported at fair value on the consolidated balance sheets are reported below as of March 31, 2022 and December 31, 2021 (dollars in thousands): Level Carrying Amount (1) Fair Value March 31, 2022 Commercial mortgage loans, held for investment Asset III $ 4,545,384 $ 4,568,380 Collateralized loan obligations Liability III 2,883,887 2,879,415 Mortgage note payable Liability III 23,998 23,998 Other financing and loan participation - commercial mortgage loans Liability III 40,199 40,199 Unsecured debt Liability III 98,620 79,000 December 31, 2021 Commercial mortgage loans, held for investment Asset III $ 4,226,888 $ 4,249,118 Collateralized loan obligation 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 ________________________ (1) The carrying value is gross of $14.9 million and $15.8 million of allowance for credit losses as of March 31, 2022 and December 31, 2021, respectively. The fair value of the commercial mortgage loans, held for investment is estimated using a discounted cash flow analysis, based on the Advisor's experience with similar types of investments. The Company estimates the fair value of the collateralized loan obligations using external broker quotes. The fair value of the other financing and loan participation-commercial mortgage loans is generally estimated using a discounted cash flow analysis. At March 31, 2022, the Mortgage note payable was recorded at transaction proceeds, which are considered to be the best initial estimate of fair value. The fair value of the unsecured debt is based on discounted cash flows using Company estimates for market yields on similarly structured debt instruments.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The Company uses derivative instruments primarily to manage the fair value variability of fixed rate assets caused by interest rate fluctuations and overall portfolio market risk. As of March 31, 2022, the net premiums received on derivative instrument assets were $0.8 million. The following derivative instruments were outstanding as of March 31, 2022 and December 31, 2021 (dollars in thousands): Fair Value Contract type Notional Assets Liabilities March 31, 2022 Credit default swaps $ 98,000 $ 104 $ 1,493 Interest rate swaps (1) 1,588,000 374 2,260 Interest rate swaps on unsecured debt — — — Treasury note futures — — — Total $ 1,686,000 $ 478 $ 3,753 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 ________________________ (1) As of March 31, 2022, asset vs. liability notional breakout for interest rate swaps assets was $1,499.5 million and $88.5 million, respectively. The following table indicates the net realized and unrealized gains and losses on derivatives, by primary underlying risk exposure, as included in loss on derivative instruments in the consolidated statements of operations for the three months ended March 31, 2022 and March 31, 2021: Three Months Ended March 31, 2022 Contract type Unrealized (Gain)/Loss Realized (Gain)/Loss Credit default swaps $ 99 $ (104) Interest rate swaps 4,740 (32,987) Treasury note futures 124 (939) Total $ 4,963 $ (34,030) Three Months Ended March 31, 2021 Contract type Unrealized (Gain)/Loss Realized (Gain)/Loss Credit default swaps $ (163) $ 455 Interest rate swaps (865) (921) Treasury note futures (1,081) (1,512) Total $ (2,109) $ (1,978) The following table includes information regarding components of unsecured debt-related effects on interest expense and other comprehensive income for the three months ended March 31, 2022 and March 31, 2021: Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Related to the statement of operations Amount of net loss reclassified from other comprehensive income (1) $ (282) $ — Related to other comprehensive income Amount of gain/(loss) recognized in other comprehensive income $ (220) $ — ________________________ (1) Included in interest expense in the consolidated statements of operations The Company's portfolio of derivatives additionally hedges 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. During the first quarter of 2022, the Company entered into swap agreements with notional amounts totaling $1.1 billion requiring fixed-rate interest payments averaging 1.10%. No swaps had matured during this time. In the first quarter of 2022, the Company terminated $3.3 billion notional amount of swaps related to the ARM portfolio requiring fixed-rate interest payments averaging 0.25%. Subsequent to March 31, 2022, the Company terminated $0.8 billion notional amount of swaps requiring fixed-rate interest payments averaging 0.28%. At March 31, 2022, 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 Third quarter 2022 $ 300,000 0.03 % Fourth quarter 2022 400,000 0.07 % First quarter 2023 525,000 0.77 % Fourth quarter 2023 174,500 0.11 % First quarter 2024 100,000 2.28 % $ 1,499,500 In January 2022, the Company terminated the entirety of its 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. 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.

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	3 Months Ended
	Mar. 31, 2022
Offsetting [Abstract]
Offsetting Assets and Liabilities	Offsetting Assets and Liabilities The Company's consolidated balance sheets used a gross presentation of repurchase agreements and collateral pledged. The table below provides a gross presentation, the effects of offsetting and a net presentation of the Company's derivative instruments and repurchase agreements within the scope of ASC 210-20, Balance Sheet—Offsetting , as of March 31, 2022 and December 31, 2021 (dollars in thousands): Gross Amounts Not Offset on the Balance Sheet Assets Gross Amounts of Recognized Assets Gross Amounts Offset on the Balance Sheet Net Amount of Assets Presented on the Balance Sheet Financial Instruments Cash Collateral (1) Net Amount March 31, 2022 Derivative instruments, at fair value $ 478 $ — $ 478 $ — $ — $ 478 December 31, 2021 Derivative instruments, at fair value $ 436 $ — $ 436 $ — $ — $ 436 Gross Amounts Not Offset on the Balance Sheet Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Balance Sheet Net Amount of Liabilities Presented on the Balance Sheet Financial Instruments Cash Collateral (1) Net Amount March 31, 2022 Repurchase agreements - commercial mortgage loans $ 522,890 $ — $ 522,890 $ 813,303 $ 5,010 $ — Repurchase agreements - real estate securities 1,714,541 — 1,714,541 1,801,381 — — Derivative instruments, at fair value 3,753 — 3,753 — 7,069 — 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 — ________________________

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company conducts its business through the following reporting segments: • The real estate debt business focuses on originating, acquiring and asset managing commercial real estate debt investments, including first mortgage loans, subordinate mortgages, mezzanine loans and participations in such loans. • The real estate securities business focuses on investing in and asset managing 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 ARM Agency Securities. As of March 31, 2022, 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 three and three months ended March 31, 2022 and March 31, 2021 (dollars in thousands): Three Months Ended March 31, 2022 Total Real Estate Debt and Other Real Estate Investments Real Estate Securities TRS Real Estate Owned Interest income $ 75,258 $ 55,687 $ 18,885 $ 686 $ — Revenue from real estate owned 2,312 — — — 2,312 Interest expense 22,480 19,464 2,616 206 194 Net income/(loss) (22,507) 22,092 (45,311) (107) 819 Total assets as of March 31, 2022 7,112,155 4,346,668 2,496,732 127,392 141,363 Three Months Ended March 31, 2021 Interest income $ 42,237 $ 40,757 $ 424 $ 1,056 $ — Revenue from real estate owned 716 — — — 716 Interest expense 11,369 10,574 182 332 281 Net income/(loss) 30,146 23,033 (454) 7,538 29 Total assets as of December 31, 2021 9,474,701 4,205,883 5,054,394 72,840 141,584 For the purposes of the table above, any expenses not associated with a specific segment have been allocated to the business segments using a percentage derived by using the sum of commercial mortgage loans originated during the year as the denominator and commercial mortgage loans, held for investment, net of allowance and commercial mortgage loans, held for sale, measured at fair value as numerator.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q. On April 19, 2022, all of the 39,733,299 outstanding shares of the Company’s Series F Preferred Stock automatically converted on a one-for-one basis into an equal amount of shares of common stock, pursuant to the terms of the Articles Supplementary of the Series F Preferred Stock. The shares of common stock issued upon conversion of the Series F Preferred Stock are freely tradable by the holders on the New York Stock Exchange. There are no shares of Series F Preferred Stock outstanding following the conversion.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The Company's unaudited consolidated financial statements and related footnotes have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America ("GAAP") for interim financial statements and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. Accordingly, the consolidated financial statements may not include all of the information and notes required by GAAP for annual consolidated financial statements.
Use of Estimates	Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. In the opinion of management, the interim data includes all adjustments, of a normal and recurring nature, necessary for a fair statement of the results for the periods presented. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the entire year or any subsequent interim periods.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members, as well as whether the entity is a variable interest entity ("VIE") for which the Company is the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company's assets and liabilities are held by the OP. The Company consolidates all entities that it controls through either majority ownership or voting rights. In addition, the Company consolidates all VIEs of which the Company is considered the primary beneficiary. VIEs are entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. Non-controlling interest represents the equity of a consolidated joint venture that is not owned by the Company. The accompanying consolidated financial statements include the accounts of collateralized loan obligations ("CLOs") issued and securitized by wholly owned subsidiaries of the Company. The Company has determined the CLOs are VIEs of which the Company's subsidiary is the primary beneficiary. The assets and liabilities of the CLOs are consolidated in the accompanying consolidated balance sheets in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation.
Acquisition Expenses	Acquisition Expenses The Company capitalizes certain direct costs relating to loan origination activities. The cost is amortized over the life of the loan and recognized in interest income in the Company's consolidated statements of operations. Acquisition expenses paid on future funding amounts are expensed within the acquisition expenses line in the Company's consolidated statements of operations.
Cash and Cash Equivalents	Cash and Cash EquivalentsCash consists of amounts deposited with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company up to an insurance limit. Cash equivalents include short-term, liquid investments in money market funds with original maturities of 90 days or less when purchased.
Restricted Cash	Restricted Cash Restricted cash primarily consists of cash pledged as margin on repurchase agreements and derivative transactions. The duration of this restricted cash generally matches the duration of the related repurchase agreements or derivative transaction.
Commercial Mortgage Loans	Commercial Mortgage Loans Held for Investment - Commercial mortgage loans that are held for investment purposes and are anticipated to be held until maturity, are carried at cost, net of unamortized acquisition expenses, discounts or premiums and unfunded commitments. Commercial mortgage loans, held for investment purposes, are carried at amortized cost less allowance for credit losses. Interest income is recorded on the accrual basis and related discounts, premiums and acquisition expenses on investments are amortized over the life of the investment using the effective interest method. Amortization is reflected as an adjustment to interest income in the Company’s consolidated statements of operations. Guaranteed loan commitment fees payable by the borrower upon maturity are accreted over the life of the investment using the effective interest method. The accretion of guaranteed loan commitment fees is recognized in interest income in the Company's consolidated statements of operations. Held for Sale - Commercial mortgage loans that are intended to be sold in the foreseeable future are reported as held for sale and are transferred at fair value and recorded at the lower of cost or fair value with changes recorded through the statements of operations. Unamortized loan origination costs for commercial mortgage loans held for sale that are carried at the lower of cost or fair value are capitalized as part of the carrying value of the loans and recognized upon the sale of such loans. Amortization of origination costs ceases upon transfer of commercial mortgage loans to held for sale. Held for Sale, Accounted for Under the Fair Value Option - The fair value option provides an option to elect fair value as an alternative measurement for selected financial assets, financial liabilities, and written loan commitments. The Company has elected to measure commercial mortgage loans held for sale in the Company's TRS under the fair value option. These commercial mortgage loans are included in the Commercial mortgage loans, held for sale, measured at fair value in the consolidated balance sheets. Interest income received on commercial mortgage loans, held for sale, measured at fair value is recorded on the accrual basis of accounting and is included in interest income in the consolidated statements of operations. Costs to originate these investments are expensed when incurred. Real estate owned 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 March 31, 2022. The Company’s real estate owned assets are depreciated or amortized using the straight-line method over the following useful lives: Buildings 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 The allowance for credit losses required under Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments Credit Losses, 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. 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 2021 provided by a reputable third party, forecasting the loss parameters using a scenario-based statistical approach over a reasonable and supportable forecast period of twelve months, followed by an immediate reversion to average historical losses. For financial instruments assessed on an individual basis, including when it is probable that the Company will be unable to collect the full payment of principal and interest on the instrument, the Company applies a discounted cash flow (“DCF”) methodology. For financial instruments where the borrower is experiencing financial difficulty based on the Company’s assessment at the reporting date and the repayment is expected to be provided substantially through the operation or sale of the collateral, the Company may elect to use as a practical expedient the fair value of the collateral at the reporting date when determining the allowance for credit losses. In developing the allowance for credit losses for its loans held for investment, the Company performs a comprehensive analysis of its loan portfolio and assigns risk ratings to loans that incorporate management's current judgments about their credit quality based on all known and relevant internal and external factors that may affect collectability, using similar factors as those in developing the allowance for credit losses. This methodology results in loans being segmented by risk classification into risk rating categories that are associated with estimated probabilities of default and principal loss. Risk rating categories range from "1" to "5" with "1" representing the lowest risk of loss and "5" representing the highest risk of loss with the ratings updated quarterly. At the time of origination or purchase, loans held for investment are ranked as a “2” and will move accordingly going forward based on the ratings which are defined as follows: 1. Very Low Risk- Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable. 2. Low Risk- Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. 3. Average Risk- Performing investments requiring closer monitoring. Trends and risk factors show some deterioration. 4. High Risk/Delinquent/Potential for Loss- Underperforming investment with the potential of some interest loss but still expecting a positive return on investment. Trends and risk factors are negative. 5. Impaired/Defaulted/Loss Likely- Underperforming investment with expected loss of interest and some principal. The Company also considers qualitative and environmental factors, including, but not limited to, economic and business conditions, nature and volume of the loan portfolio, lending terms, volume and severity of past due loans, concentration of credit and changes in the level of such concentrations in its determination of the allowance for credit losses. Changes in the allowance for credit losses for the Company’s financial instruments are recorded in Provision/(benefit) for credit losses on the consolidated statements of operations with a corresponding offset to the financial instrument’s amortized cost recorded on the consolidated balance sheets, or as a component of Accounts payable and accrued expenses for unfunded loan commitments. The Company has elected to not measure an allowance for credit losses for accrued interest receivable as it is timely, following three months' time, reversed against interest income when a loan, real estate security or preferred equity investment is placed on nonaccrual status. The Company did not record reversals of accrued interest receivable during the three months ended March 31, 2022. 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 ("AFS") and carried at fair value, and subsequently any unrealized gains or losses are recognized as a component of accumulated other comprehensive income or loss. The Company may elect the fair value option for its real estate securities, and as a result, any unrealized gains or losses on such real estate securities will be recorded in the Company’s consolidated statements of operations. No such election was made as of March 31, 2022. Related discounts, premiums and acquisition expenses on investments are amortized over the life of the investment using the effective interest method. Amortization is reflected as an adjustment to interest income in the Company’s consolidated statements of operations. The Company uses the specific identification method in determining the cost relief for real estate securities sold. Realized gains and losses from the sale of real estate securities are included in the Company’s consolidated statements of operations. AFS real estate securities which have experienced a decline in the fair value below their amortized cost basis (i.e., impairment) are evaluated each reporting period to determine whether the decline in fair value is due to credit-related factors. Any impairment that is not credit-related is recognized in accumulated other comprehensive income, while credit-related impairment is recognized as an allowance on the consolidated balance sheets with a corresponding adjustment on the consolidated statements of operations. If the Company intends to sell an impaired real estate security or more likely than not will be required to sell such a security before recovering its amortized cost basis, the entire impairment amount is recognized in the consolidated statements of operations with a corresponding adjustment to the security’s amortized cost basis. The Company analyzes the AFS security portfolio on a periodic basis for credit losses at the individual security level using the same criteria described above for those amortized cost financial assets subject to an allowance for credit losses including but not limited to; performance of the underlying assets in the security, borrower financial resources and investment in collateral, collateral type, credit ratings, project economics and geographic location as well as national and regional economic factors. The non-credit loss component of the unrealized loss within the Company’s AFS portfolio is recognized as an adjustment to the individual security’s asset balance with an offsetting entry to accumulated other comprehensive income in the consolidated balance sheets. Trading In the merger with Capstead, the Company acquired a portfolio of residential mortgage pass-through securities consisting primarily of adjustable-rate mortgage ("ARM") securities issued and guaranteed by government-sponsored enterprises, either Fannie Mae, Freddie Mac, or by an agency of the federal government, Ginnie Mae. Together these securities are referred to as "ARM Agency Securities" and are classified as "trading". ARM Agency Securities are 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.
Deferred Financing Cost	Deferred Financing Costs The deferred financing costs related to the Company's various Master Repurchase Agreements as well as certain prepaid subscription costs are included in Prepaid expenses and other assets on the consolidated balance sheets. Deferred financing cost on the Company's collateralized loan obligations ("CLO") are netted against the Company's CLO payable in the Collateralized loan obligations on the consolidated balance sheets. Deferred financing costs are amortized over the terms of the respective financing agreement using the effective interest method and included in interest expense on the Company's consolidated statements of operations. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity.
Share Repurchase Program	Share Repurchase Program 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. 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 C convertible preferred stock (the “Series C Preferred Stock,”) and Series D convertible preferred stock (the “Series D Preferred Stock”) in private placements exempt from the registration requirements of the Securities Act of 1933, as amended. In connection with these offerings, the Company incurs various offering costs. These offering costs include but are not limited to legal, accounting, printing, mailing and filing fees, and diligence expenses of broker-dealers. Offering costs for the common stock are recorded in the Company’s stockholders’ equity, while the offering costs for the Series C Preferred Stock and Series D Preferred Stock are included within Series C Preferred Stock and Series D Preferred Stock, respectively, on the Company’s consolidated balance sheets.
Equity Incentive Plan and Restricted Share Plan	Equity Incentive 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. In January 2022, the Company began issuing awards of restricted stock units ("RSUs") to its officers and certain other personnel of the Advisor who provide services to the Company. These awards are service-based and vest in equal annual installments beginning on the anniversary of the date of grant over a period of three years, subject to continuing service. One share of the Company’s common stock will be issued for each unit that vests. These awards also grant non-forfeitable dividend equivalent rights equal to the cash dividend paid in the ordinary course on a common share to the Company's common shareholders. Upon termination for any reason, all unvested RSUs will be forfeited by the grantee, who will be given no further rights to such RSUs. Restricted Share Plan The Company also has an Amended and Restated 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% of the Company’s authorized common shares, 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.
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. 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 are supplied either directly by the Company as newly issued shares or via purchases by the 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.
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 are instead taxed as 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 three months ended March 31, 2022 and March 31, 2021 was $(24) thousand and $2.0 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. The Company does not designate derivatives as hedges to qualify for hedge accounting for financial reporting purposes and therefore any net payments under, or fluctuations in the fair value of these derivatives have been recognized currently in unrealized (gain)/loss on derivative instruments in the accompanying consolidated statements of operations. The Company records derivative asset and liability positions on a gross basis with any collateral posted with or received from counterparties recorded separately within Restricted cash on the Company’s consolidated balance sheets. Certain derivatives that the Company has entered into are subject to master netting agreements with its counterparties, allowing for netting of the same transaction, in the same currency, on the same date.
Per Share Data	Per Share Data The Series C Preferred Stock, Series D Preferred Stock and Series F Preferred Stock are each considered a participating security and the Company calculates basic earnings per share using the two-class method. The Company’s dilutive earnings per share calculation is computed using the more dilutive result of the treasury stock method, assuming the participating security is a potential common share, or the two-class method, assuming the participating security is not converted. The Company calculates basic earnings per share by dividing net income applicable to common stock for the period by the weighted-average number of shares of common stock outstanding for that period. Diluted earnings per share reflects the potential dilution that could occur from shares outstanding if potential shares of common stock with a dilutive effect have been issued in connection with the restricted stock plan or upon conversion of the outstanding shares of Series 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 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 March 31, 2022, 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.
Redeemable Convertible Preferred Stock	Redeemable Convertible Preferred Stock The Company’s outstanding Series C and Series D classes of preferred stock are classified outside of permanent equity in the consolidated balance sheets. Series C Preferred Stock The Series C Preferred Stock ranks senior to the Common Stock and while it was outstanding, ranked senior to the Company's Series F Convertible Preferred Stock ("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 shall convert into 299.2 shares of common stock (the “Conversion Rate”), subject to anti-dilution adjustments described in the Articles Supplementary for the Series C Preferred Stock, on October 19, 2022 or at any time before then upon the election of the Company with 10 days’ prior notice to the holders. 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. Automatically Convertible Preferred Stock - Series F Preferred Stock The Series F Preferred Stock ranked 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 was $2.00. Dividends on the Series F Preferred Stock were equal to, and were paid at the same time as, dividends that were authorized and declared on the Company’s common stock. The Series F Preferred Stock ranked 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 automatically converted into one share of Common Stock (or equivalent fractional share, as applicable) on April 19, 2022, in accordance with the terms of the Series F Preferred Stock. Following the conversion, there were no shares of Series F Preferred Stock issued or outstanding. The Series F Preferred Stock had no stated maturity and was 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) were 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 would have been 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 would have been required to take certain actions materially adverse to the holders of the Series F Preferred Stock. Perpetual Preferred Stock—Series E 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”. Summary of Preferred Stock Conversion Terms The complete terms of the 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 3/31/22 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 starting 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 starting 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 In March 2022, the FASB issued ASU 2022-02 "Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures," or ASU 2022-02. ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings and requires disclosure of current-period gross write-offs by year of loan origination. Additionally, ASU 2022-02 updates the accounting for credit losses under ASC 326 and adds enhanced disclosures with respect to loan refinancing and restructuring in the form of principal forgiveness, interest rate concessions, other-than-insignificant payment delays, or term extensions when the borrower is experiencing financial difficulties. ASU 2022-02 is effective for fiscal years beginning after December 15, 2022, and early adoption is permitted. The amendments should be applied prospectively, however for the recognition and measurement of troubled debt restructurings, the entity has the option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. We are currently evaluating what impact, if any ASU 2022-02 will have on our consolidated financial statements.
Fair Value of Financial Instruments	Fair Value of Financial Instruments GAAP establishes a hierarchy of valuation techniques based on the observability of inputs used in measuring financial instruments at fair values. GAAP establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below: • Level I - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. • Level II - Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. • Level III - Unobservable inputs that reflect the entity's own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the above hierarchy requires significant judgment and factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. The Company has implemented valuation control processes to validate the fair value of the Company's financial instruments measured at fair value including those derived from pricing models. These control processes are designed to assure that the values used for financial reporting are based on observable inputs wherever possible. In the event that observable inputs are not available, the control processes are designed to assure that the valuation approach utilized is appropriate and consistently applied and the assumptions are reasonable. Financial Instruments Measured at Fair Value on a Recurring Basis 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 II of the fair value hierarchy. The fair value for credit default swaps and interest rate swaps contracts are derived using pricing models that are widely accepted by marketplace participants. Credit default swaps and interest rate swaps are traded in the OTC market. The pricing models take into account multiple inputs including specific contract terms, interest rate yield curves, interest rates, credit curves, recovery rates, and/or current credit spreads obtained from swap counterparties and other market participants. Most inputs into the models are not subjective as they are observable in the marketplace or set per the contract. Valuation is primarily determined by the difference between the contract spread and the current market spread. The contract spread (or rate) is generally fixed and the market spread is determined by the credit risk of the underlying debt or reference entity. If the underlying indices are liquid and the OTC market for the current spread is active, credit default swaps and interest rate swaps are categorized in Level II of the fair value hierarchy. If the underlying indices are illiquid and the OTC market for the current spread is not active, credit default swaps are categorized in Level III of the fair value hierarchy. The credit default swaps and interest rate swaps are generally categorized in Level II of the fair value hierarchy. 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 for the period ended March 31, 2022 and December 31, 2021.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
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: Buildings 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 3/31/22 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 starting 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 starting 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)	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Schedule of loans receivable by class	The following table is a summary of the Company's commercial mortgage loans, held for investment, carrying values by class (dollars in thousands): March 31, 2022 December 31, 2021 Senior loans $ 4,517,879 $ 4,204,464 Mezzanine loans 27,505 22,424 Total gross carrying value of loans 4,545,384 4,226,888 Less: Allowance for credit losses (1) 14,933 15,827 Total commercial mortgage loans, held for investment, net $ 4,530,451 $ 4,211,061 ________________________ (1) As of March 31, 2022 and December 31, 2021, there have been no specific reserves for loans in non-performing status. The following tables represent the composition by loan type and region of the Company's commercial mortgage loans, held for investment portfolio (dollars in thousands): March 31, 2022 December 31, 2021 Loan Type Par Value Percentage Par Value Percentage Multifamily $ 3,264,959 71.6 % $ 2,953,938 69.6 % Hospitality 542,171 11.9 % 460,884 10.9 % Office 479,607 10.5 % 485,575 11.4 % Retail 84,215 1.8 % 104,990 2.5 % Industrial 69,985 1.5 % 88,956 2.1 % Mixed Use 52,500 1.2 % 62,965 1.5 % Self Storage 44,895 1.0 % 56,495 1.3 % Manufactured Housing 24,152 0.5 % 29,159 0.7 % Total $ 4,562,484 100.0 % $ 4,242,962 100.0 % March 31, 2022 December 31, 2021 Loan Region Par Value Percentage Par Value Percentage Southwest $ 1,784,211 39.1 % $ 1,764,905 41.6 % Southeast 1,380,246 30.1 % 1,106,439 26.2 % Mideast 784,182 17.2 % 646,125 15.2 % Far West 262,728 5.8 % 301,040 7.1 % Great Lakes 168,114 3.7 % 183,930 4.3 % New England 67,117 1.5 % 67,651 1.6 % Plains 60,172 1.3 % 60,225 1.4 % Rocky Mountain 43,751 1.0 % 43,751 1.0 % Various 11,963 0.3 % 68,896 1.6 % Total $ 4,562,484 100.0 % $ 4,242,962 100.0 % The following tables represent the composition by loan type and region of the Company's commercial mortgage loans, held for sale, measured at fair value (dollars in thousands): March 31, 2022 December 31, 2021 Loan Type Par Value Percentage Par Value Percentage Retail $ 54,550 50.3 % $ — — % Hospitality 32,457 30.0 % — — % Office 12,193 11.2 % 34,250 100.0 % Multifamily 6,500 6.0 % — — % Mixed Use 2,750 2.5 % — — % Total $ 108,450 100.0 % $ 34,250 100.0 % March 31, 2022 December 31, 2021 Loan Region Par Value Percentage Par Value Percentage Far West $ 47,300 43.6 % $ — — % Southeast 44,750 41.3 % 34,250 100.0 % Great Lakes 10,000 9.2 % — — % Rocky Mountain 6,400 5.9 % — — % Total $ 108,450 100.0 % $ 34,250 100.0 %
Schedule of allowance for credit losses	The following table presents the activity in the Company's allowance for credit losses, excluding the unfunded loan commitments, as of March 31, 2022 (dollars in thousands): Three Months Ended March 31, 2022 MultiFamily Retail Office Industrial Mixed Use Hospitality Self-Storage Manufactured Housing Total Beginning Balance $ 9,681 $ 288 $ 776 $ 86 $ 169 $ 4,597 $ 152 $ 78 $ 15,827 Current Period: Provision/(benefit) for credit losses 32 234 (103) 15 (108) (807) (110) (47) (894) Write offs — — — — — — — — — Ending Balance $ 9,713 $ 522 $ 673 $ 101 $ 61 $ 3,790 $ 42 $ 31 $ 14,933 The following table presents the activity in the Company's allowance for credit losses, for the unfunded loan commitments, as of March 31, 2022 (dollars in thousands): Three Months Ended March 31, 2022 MultiFamily Retail Office Industrial Mixed Use Hospitality Self-Storage Manufactured Housing Total Beginning Balance $ 137 $ 1 $ 13 $ 3 $ 10 $ 79 $ — $ — $ 243 Current Period: Provision/(benefit) for credit losses (32) 15 (4) (2) (10) (28) — — (61) Ending Balance $ 105 $ 16 $ 9 $ 1 $ — $ 51 $ — $ — $ 182 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.
Schedule of allocation by risk rating	The following tables present the amortized cost of our commercial mortgage loans, held for investment as of March 31, 2022 and December 31, 2021, by loan type, the Company’s internal risk rating and year of origination. The risk ratings are updated as of March 31, 2022. As of March 31, 2022 2022 2021 2020 2019 2018 2017 Total Multifamily: Risk Rating: 1-2 internal grade $ 388,347 $ 2,426,914 $ 229,560 $ 67,567 $ 83,619 $ — $ 3,196,007 3-4 internal grade — — 18,669 37,025 — 55,694 Total Multifamily Loans $ 388,347 $ 2,426,914 $ 248,229 $ 67,567 $ 120,644 $ — $ 3,251,701 Retail: Risk Rating: 1-2 internal grade $ 20,480 $ 33,843 $ 11,952 $ 17,596 $ — $ — $ 83,871 3-4 internal grade — — — — — Total Retail Loans $ 20,480 $ 33,843 $ 11,952 $ 17,596 $ — $ — $ 83,871 Office: Risk Rating: 1-2 internal grade $ — $ 50,320 $ 254,583 $ 137,233 $ 36,291 $ — $ 478,427 3-4 internal grade — — — — — — Total Office Loans $ — $ 50,320 $ 254,583 $ 137,233 $ 36,291 $ — $ 478,427 Industrial: Risk Rating: 1-2 internal grade $ 54,730 $ — $ 14,931 $ — $ — $ — $ 69,661 3-4 internal grade — — — — — — Total Industrial Loans $ 54,730 $ — $ 14,931 $ — $ — $ — $ 69,661 Mixed Use: Risk Rating: 1-2 internal grade $ 19,902 $ 32,411 $ — $ — $ — $ — $ 52,313 3-4 internal grade — — — — — — — Total Mixed Use Loans $ 19,902 $ 32,411 $ — $ — $ — $ — $ 52,313 Hospitality: Risk Rating: 1-2 internal grade $ 90,726 $ 154,543 $ 26,932 $ 33,945 $ — $ — $ 306,146 3-4 internal grade — — — 103,130 52,234 79,041 234,405 Total Hospitality Loans $ 90,726 $ 154,543 $ 26,932 $ 137,075 $ 52,234 $ 79,041 $ 540,551 Self-Storage: Risk Rating: 1-2 internal grade $ — $ 14,957 $ 29,820 $ — $ — $ — $ 44,777 3-4 internal grade — — — — — — — Total Self-Storage Loans $ — $ 14,957 $ 29,820 $ — $ — $ — $ 44,777 Manufactured Housing: Risk Rating: 1-2 internal grade $ — $ 6,668 $ 17,415 $ — $ — $ — $ 24,083 3-4 internal grade — — — — — — — Total Manufactured Housing Loans $ — $ 6,668 $ 17,415 $ — $ — $ — $ 24,083 Total $ 574,185 $ 2,719,656 $ 603,862 $ 359,471 $ 209,169 $ 79,041 $ 4,545,384 December 31, 2021 2021 2020 2019 2018 2017 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 The following table represents the allocation by risk rating for the Company's commercial mortgage loans, held for investment (dollars in thousands): March 31, 2022 December 31, 2021 Risk Rating Number of Loans Par Value Risk Rating Number of Loans Par Value 1 — $ — 1 — $ — 2 150 4,272,194 2 148 3,903,047 3 15 233,215 3 16 282,840 4 1 57,075 4 1 57,075 5 — — 5 — — 166 $ 4,562,484 165 $ 4,242,962
Schedule of financing receivable past due	The following table presents an aging summary of the loans amortized cost basis at March 31, 2022 (dollars in thousands): Multifamily Retail Office Industrial Mixed Use Hospitality Self-Storage Manufactured Housing Total Status: Current $ 3,251,701 $ 83,871 $ 478,427 $ 69,661 $ 52,313 $ 483,476 $ 44,777 $ 24,083 $ 4,488,309 1-29 days past due — — — — — — — — 30-59 days past due — — — — — — — — — 60-89 days past due — — — — — — — — — 90-119 days past due — — — — — — — — — 120+ days past due (1) — — — — — 57,075 — — 57,075 Total $ 3,251,701 $ 83,871 $ 478,427 $ 69,661 $ 52,313 $ 540,551 $ 44,777 $ 24,083 $ 4,545,384 ________________________ (1) For the three months ended March 31, 2022, there was no interest income recognized on this loan.
Schedule of real estate notes receivable rollforward	For the three months ended March 31, 2022 and year ended December 31, 2021, the activity in the Company's commercial mortgage loans, held for investment portfolio was as follows (dollars in thousands): Three Months Ended March 31, Year Ended December 31, 2022 2021 Balance at Beginning of Year $ 4,211,061 $ 2,693,848 Acquisitions and originations 640,033 2,897,002 Principal repayments (320,511) (1,286,598) Discount accretion/premium amortization 2,542 7,038 Loans transferred from/(to) commercial real estate loans, held for sale — (52,615) Net fees capitalized into carrying value of loans (3,568) (15,150) (Provision)/benefit for credit losses 894 4,770 Charge-off from allowance — 289 Transfer to real estate owned — (37,523) Balance at End of Period $ 4,530,451 $ 4,211,061

Real Estate Securities (Tables)

Real Estate Securities (Tables)	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Debt Securities, Trading, and Equity Securities, FV-NI	The following is a summary of the Company's RMBS classified by collateral type and interest rate characteristics (dollars in thousands): Carrying Average Yield (1) March 31, 2022 Agency Securities: Fannie Mae/Freddie Mac ARMs $ 1,678,297 2.34 % Ginnie Mae ARMs 271,039 2.68 % $ 1,949,336 2.37 % 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 % ________________________ (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)	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Summary of real estate owned	The following table summarizes the Company's real estate owned asset, held for investment, as of March 31, 2022 (dollars in thousands): 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 $ (1,150) $ 89,473 $ 3,436 $ 84,259 $ 2,928 $ (1,150) $ 89,473 ________________________ (1) See Note 2 - Summary of Significant Accounting Policies. The following table summarizes the Company's real estate owned asset, held for investment, as of December 31, 2021 (dollars in thousands): Acquisition Date Property Type Primary Location(s) Land Building and Improvements Furniture, Fixtures and Equipment Accumulated Depreciation Real Estate Owned, net 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) See Note 2 - Summary of Significant Accounting Policies.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Schedule of intangible leased assets	The following table summarizes the Company's intangible lease asset recognized in the consolidated balance sheets as of March 31, 2022 (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 $ (1,440) $ 47,752 $ 49,192 $ (1,440) $ 47,752 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
Schedule of future minimum payments to be received	The following table summarizes the Company's schedule of future minimum rents to be received under the industrial facility lease (dollars in thousands): Minimum Rents March 31, 2022 2022 (April - December) $ 5,923 2023 8,046 2024 8,207 2025 8,372 2026 8,539 2027 and beyond 114,981 Total minimum rent $ 154,068
Schedule of expected future amortization expense	The following table summarizes the Company's expected amortization for intangible assets over the next five years, assuming no further acquisitions or dispositions (dollars in thousands): Amortization Expense March 31, 2022 2022 (April - December) $ (2,160) 2023 (2,880) 2024 (2,880) 2025 (2,880) 2026 (2,880)

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of repurchase facilities and agreements	The details of the Company's Repo Facilities at March 31, 2022 and December 31, 2021 are as follows (dollars in thousands): As of March 31, 2022 Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate Term Maturity JPM Repo Facility $ 400,000 $ 69,757 $ 1,474 2.80 % 10/6/2022 CS Repo Facility (2) 300,000 123,259 1,138 3.01 % 9/30/2022 WF Repo Facility (3) 450,000 201,812 1,248 2.08 % 11/21/2023 Barclays Revolver Facility (4) 250,000 — 2,027 N/A 9/20/2023 Barclays Repo Facility (5) 500,000 128,062 1,490 2.08 % 3/14/2025 Total $ 1,900,000 $ 522,890 $ 7,377 ________________________ (1) For the three months ended March 31, 2022. 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, 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, 2020. 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 Below is a summary of the Company's MRAs as of March 31, 2022 and December 31, 2021 (dollars in thousands): Weighted Average Counterparty Amount Outstanding Interest Expense Collateral Pledged (1) Interest Rate Days to Maturity As of March 31, 2022 JP Morgan Securities LLC $ 19,283 $ 55 $ 23,995 1.27 % 14 Goldman Sachs International — — — N/A N/A Barclays Capital Inc. 35,327 75 44,284 1.40 % 7 Citigroup Global Markets, Inc. — — — N/A N/A Total/Weighted Average $ 54,610 $ 130 $ 68,279 1.35 % 9 As of December 31, 2021 JP Morgan Securities LLC $ 19,025 $ 261 $ 24,087 1.14 % 10 Goldman Sachs International — 37 — N/A N/A Barclays Capital Inc. 15,286 526 19,131 1.21 % 14 Citigroup Global Markets, Inc. — 81 — N/A N/A Total/Weighted Average $ 34,311 $ 905 $ 43,218 1.71 % 12 ________________________ (1) Includes $68.3 million 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 As of March 31, 2022 Repurchase arrangements secured by Agency securities with maturities of 30 days or less $ 1,733,101 $ 3,726 $ 1,659,931 0.39 % $ 1,733,101 $ 3,726 $ 1,659,931 0.39 % As of 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 %
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 prior to termination) were as follows (dollars in thousands): As of March 31, 2022 As of December 31, 2021 Borrowings Average Borrowings Average Junior subordinated notes maturing in: October 2035 ($35,000 face amount) $ 34,479 5.34 % $ 34,470 7.86 % December 2035 ($40,000 face amount) 39,484 5.25 % 39,474 7.63 % September 2036 ($25,000 face amount) 24,657 5.29 % 24,650 7.67 % $ 98,620 5.29 % $ 98,594 7.72 % 2018-FL4 Issuer, 2019-FL5 Issuer 2021-FL6 Issuer, 2021-FL7 Issuer and 2022-FL8 Issuer (the "CLOs"), respectively, as of March 31, 2022 (dollars in thousands): CLO Facility Tranche Par Value Issued Par Value Outstanding (1) Interest Rate Maturity Date 2018-FL4 Issuer Tranche A $ 416,827 $ — 1M LIBOR + 105 9/15/2035 2018-FL4 Issuer Tranche A-S 73,813 42,998 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 407,025 170,467 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 2022-FL8 Issuer Tranche A 690,000 690,000 1M LIBOR + 150 2/15/2037 2022-FL8 Issuer Tranche A-S 66,000 66,000 1M LIBOR + 185 2/15/2037 2022-FL8 Issuer Tranche B 55,500 55,500 1M LIBOR + 205 2/15/2037 2022-FL8 Issuer Tranche C 67,500 67,500 1M LIBOR + 230 2/15/2037 2022-FL8 Issuer Tranche D 81,000 81,000 1M LIBOR + 350 2/15/2037 2022-FL8 Issuer Tranche E 25,500 — 1M LIBOR + 350 2/15/2037 $ 3,657,674 $ 2,904,374 ________________________ (1) Excludes $452.6 million of CLO notes, held by the Company, which are eliminated within the collateralized loan obligations line in the consolidated balance sheets as of March 31, 2022. The following table represents the terms of the notes issued by 2018-FL4 Issuer, 2019-FL5 Issuer, 2021-FL6 Issuer and 2021-FL7 Issuer, 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 obligations line in the consolidated balance sheets as of December 31, 2021.
Schedule of collateralized loan obligations	The below table reflects the total assets and liabilities of the Company's outstanding CLOs. The CLOs are considered VIEs and are consolidated into the Company's consolidated financial statements as of March 31, 2022 and December 31, 2021 as the Company is the primary beneficiary of the VIE. The Company is the primary beneficiary of the CLOs because (i) the Company has the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIEs or the obligation to absorb losses of the VIEs that could be significant to the VIE. The VIE's are non-recourse to the Company. Assets (dollars in thousands) March 31, 2022 December 31, 2021 Cash (1) $ 178,313 $ 187,668 Commercial mortgage loans, held for investment, net (2) 3,600,351 2,629,431 Accrued interest receivable 7,833 5,918 Total Assets $ 3,786,497 $ 2,823,017 Liabilities Notes payable (3)(4) $ 3,336,459 $ 2,482,762 Accrued interest payable 2,495 1,598 Total Liabilities $ 3,338,954 $ 2,484,360 ________________________ (1) Includes $177.4 million and $187.0 million of cash held by the servicer related to CLO loan payoffs as of March 31, 2022 and December 31, 2021, respectively. (2) The balance is presented net of allowance for credit losses of $8.5 million and $8.7 million as of March 31, 2022 and December 31, 2021, respectively. (3) Includes $452.6 million and $320.6 million of CLO notes, held by the Company, which are eliminated within the collateralized loan obligations line of the consolidated balance sheets as of March 31, 2022 and December 31, 2021, respectively. (4) The balance is presented net of deferred financing cost and discount of $20.5 million and $17.3 million as of March 31, 2022 and December 31, 2021, respectively.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Summary of the basic and diluted earnings per share	The following table presents a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations and the calculation of basic and diluted earnings per share for the three months ended March 31, 2022 and March 31, 2021 (in thousands, except share and per share data): Three Months Ended March 31, Numerator 2022 2021 Net income/(loss) $ (22,507) $ 30,146 Less: Preferred stock dividends 21,011 3,511 Less: Undistributed earnings allocated to preferred stock — 3,227 Net income/(loss) attributable to common stockholders (for basic and diluted earnings per share) $ (43,518) $ 23,408 Denominator Weighted-average common shares outstanding for basic earnings per share 43,956,965 44,290,177 Effect of dilutive shares (1) : Unvested restricted shares — 15,888 Weighted-average common shares outstanding for diluted earnings per share 43,956,965 44,306,065 Basic earnings per share $ (0.99) $ 0.53 Diluted earnings per share $ (0.99) $ 0.53 ________________________ (1) The effect of dilutive shares excluded an aggregate of 368,257 weighted average restricted stock units for the three months ended March 31, 2022 as their effect was anti-dilutive.

Stock Transactions (Tables)

Stock Transactions (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of share repurchases	The following tables present the activity in the Company's Series C Preferred Stock for the period ended March 31, 2022 and March 31, 2021 (dollars in thousands, except share amounts): Shares Amount Balance, December 31, 2021 1,400 $ 6,971 Issuance of Preferred Stock — — Dividends paid in Preferred Stock — — Offering costs — — Amortization of offering costs — 2 Ending Balance, March 31, 2022 1,400 $ 6,973 Shares Amount Balance, December 31, 2020 1,400 $ 6,962 Issuance of Preferred Stock — — Dividends paid in Preferred Stock — — Offering costs — — Amortization of offering costs — 2 Ending Balance, March 31, 2021 1,400 $ 6,964 The following table presents the activity in the Company's Series D Preferred Stock for the period ended March 31, 2022 and March 31, 2021 (dollars in thousands, except share amounts): Shares Amount Balance, December 31, 2021 17,950 $ 89,684 Issuance of Preferred Stock — — Dividends paid in Preferred Stock — — Offering costs — — Amortization of offering costs — 7 Balance, March 31, 2022 17,950 $ 89,691 Shares Amount Balance, December 31, 2020 — $ — Issuance of Preferred Stock 17,950 89,748 Dividends paid in Preferred Stock — — Offering costs — (26) Amortization of offering costs — — Ending Balance, March 31, 2021 17,950 $ 89,722 The following table presents the activity in the Company's Series E Preferred Stock for the period ended March 31, 2022 (dollars in thousands, except share amounts): Shares Amount Balance, December 31, 2021 10,329,039 $ 258,742 Issuance of Preferred Stock — — Dividends paid in Preferred Stock — — Offering costs — — Amortization of offering costs — — Balance, March 31, 2022 10,329,039 $ 258,742 As of March 31, 2021 the Company did not have any Series E Preferred Stock outstanding. The following table presents the activity in the Company's Series F Preferred Stock for the period ended March 31, 2022 (dollars in thousands, except share amounts): Shares Amount Balance, December 31, 2021 39,733,299 $ 710,431 Issuance of Preferred Stock — — Dividends paid in Preferred Stock — — Offering costs — — Amortization of offering costs — — Balance, March 31, 2022 39,733,299 $ 710,431

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Unfunded commitments under commercial mortgage loans	As of March 31, 2022 and December 31, 2021, the Company had the below unfunded commitments to the Company's borrowers (dollars in thousands): Funding Expiration March 31, 2022 December 31, 2021 2022 $ 17,538 $ 25,864 2023 102,288 123,860 2024 245,726 271,056 2025 and beyond 35,126 37,325 $ 400,678 $ 458,105

Related Party Transactions an_2

Related Party Transactions and Arrangements (Tables)	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Schedule of amount contractually due and forgiven in connection with operation related services	The table below shows the costs incurred due to arrangements with our Advisor and its affiliates during the three months ended March 31, 2022 and 2021 and the associated payable as of March 31, 2022 and December 31, 2021 (dollars in thousands): Three Months Ended March 31, Payable as of 2022 2021 March 31, 2022 December 31, 2021 Acquisition expenses (1) $ 315 $ 153 $ — $ — Administrative services expenses 3,353 3,474 3,353 — Asset management and subordinated performance fee 6,745 5,416 17,586 15,595 Other related party expenses (2)(3) 253 29 959 1,943 Total related party fees and reimbursements $ 10,666 $ 9,072 $ 21,898 $ 17,538 ________________________ (1) Total acquisition expenses paid during the three months ended March 31, 2022 were $3.2 million, of which $2.9 million was capitalized within the commercial mortgage loans, held for investment line of the consolidated balance sheets. Total acquisition expenses paid during the three months ended March 31, 2021 were $2.6 million, of which $2.4 million was capitalized within the commercial mortgage loans, held for investment line of the consolidated balance sheets. (2) These are related to reimbursable costs incurred related to the increase in loan origination activities and are included in Other expenses in the Company's consolidated statements of operations. (3) As of March 31, 2022 and December 31, 2021 the related party payables include $1.0 million and $1.9 million of payments made by the Advisor to third party vendors on behalf of the Company.

Share-based Compensation (Table

Share-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Schedule of Unvested Restricted Stock Units Roll Forward	RSU activity issued under the 2021 Incentive Plan for the quarter ended March 31, 2022 is summarized below: Number of shares Weighted Avg Grant Date Fair Value Unvested RSU awards outstanding at December 31, 2021 — $ — Grants 492,107 14.34 Forfeitures — — Vested — — Unvested RSU awards outstanding at March 31, 2022 492,107 $ 14.34

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Financial instruments carried at fair value on a recurring basis	The following table presents the Company's financial instruments carried at fair value on a recurring basis in the consolidated balance sheets by its level in the fair value hierarchy as of March 31, 2022 and December 31, 2021 (dollars in thousands): Total Level I Level II Level III March 31, 2022 Assets, at fair value Real estate securities, trading, measured at fair value $ 1,949,336 $ — $ 1,949,336 $ — Commercial mortgage loans, held for sale, measured at fair value 107,978 — — 107,978 Other real estate investments, measured at fair value — — — — Credit default swaps 104 — 104 — Interest rate swaps 374 — 374 — Total assets, at fair value $ 2,057,792 $ — $ 1,949,814 $ 107,978 Liabilities, at fair value Credit default swaps $ 1,493 $ — $ 1,493 $ — Interest rate swaps 2,260 — 2,260 — Total liabilities, at fair value $ 3,753 $ — $ 3,753 $ — December 31, 2021 Assets, 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 Interest rate swaps 312 — 312 — Treasury note futures 124 — 124 — Total assets, at fair value $ 4,604,099 $ — $ 4,567,307 $ 36,792 Liabilities, at fair value Credit default swaps $ 1,142 $ — $ 1,142 $ — Unsecured debt-related interest rate swap agreements 31,153 — 31,153 — Total liabilities, at fair value $ 32,295 $ — $ 32,295 $ — March 31, 2022 Commercial Mortgage Loans, held for sale, measured at fair value Other Real Estate Investments, measured at fair value Beginning balance, January 1, 2022 $ 34,718 $ 2,074 Transfers into Level III (1) — — Total realized and unrealized gain/(loss) included in earnings: Realized gain/(loss) on sale of commercial mortgage loans, held for sale, and other real estate investments 1,889 (33) Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments (939) 4 Net accretion — — Purchases 150,300 — Sales / paydowns (77,990) (2,045) Transfers out of Level III (1) — — Ending Balance, March 31, 2022 $ 107,978 $ — 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 (1) — — Total realized and unrealized gain/(loss) included in earnings: Realized gain/(loss) on sale of commercial mortgage loans, 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) Transfers out of Level III (1) — — Ending Balance, December 31, 2021 $ 34,718 $ 2,074 (1) Transfers in and transfers out include transfers between Commercial mortgage loans, held for sale and Commercial mortgage loans, held for investment.
Fair value measurements, recurring and nonrecurring, valuation techniques	The following table summarizes the valuation method and significant unobservable inputs used for the Company’s financial instruments that are categorized within Level III of the fair value hierarchy as of March 31, 2022 and December 31, 2021 (dollars in thousands): Asset Category Fair Value Valuation Methodologies Unobservable Inputs (1) Weighted Average (2) Range March 31, 2022 Commercial mortgage loans, held for sale, measured at fair value $ 107,978 Discounted Cash Flow Yield 2.3% 1.6% - 5.6% 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% ________________________ (1) In determining certain inputs, the Company evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company specific developments including exit strategies and realization opportunities. The Company has determined that market participants would take these inputs into account when valuing the investments. (2) Inputs were weighted based on the fair value of the investments included in the range.
Financial instruments not carried at fair value	The fair values of the Company's commercial mortgage loans, held for investment and collateralized loan obligations, which are not reported at fair value on the consolidated balance sheets are reported below as of March 31, 2022 and December 31, 2021 (dollars in thousands): Level Carrying Amount (1) Fair Value March 31, 2022 Commercial mortgage loans, held for investment Asset III $ 4,545,384 $ 4,568,380 Collateralized loan obligations Liability III 2,883,887 2,879,415 Mortgage note payable Liability III 23,998 23,998 Other financing and loan participation - commercial mortgage loans Liability III 40,199 40,199 Unsecured debt Liability III 98,620 79,000 December 31, 2021 Commercial mortgage loans, held for investment Asset III $ 4,226,888 $ 4,249,118 Collateralized loan obligation 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 ________________________ (1) The carrying value is gross of $14.9 million and $15.8 million of allowance for credit losses as of March 31, 2022 and December 31, 2021, respectively.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Assets at Fair Value	The following derivative instruments were outstanding as of March 31, 2022 and December 31, 2021 (dollars in thousands): Fair Value Contract type Notional Assets Liabilities March 31, 2022 Credit default swaps $ 98,000 $ 104 $ 1,493 Interest rate swaps (1) 1,588,000 374 2,260 Interest rate swaps on unsecured debt — — — Treasury note futures — — — Total $ 1,686,000 $ 478 $ 3,753 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 ________________________
Schedule of Derivative Liabilities at Fair Value	The following derivative instruments were outstanding as of March 31, 2022 and December 31, 2021 (dollars in thousands): Fair Value Contract type Notional Assets Liabilities March 31, 2022 Credit default swaps $ 98,000 $ 104 $ 1,493 Interest rate swaps (1) 1,588,000 374 2,260 Interest rate swaps on unsecured debt — — — Treasury note futures — — — Total $ 1,686,000 $ 478 $ 3,753 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 ________________________
Schedule of Derivative Instruments, Gain (Loss)	The following table indicates the net realized and unrealized gains and losses on derivatives, by primary underlying risk exposure, as included in loss on derivative instruments in the consolidated statements of operations for the three months ended March 31, 2022 and March 31, 2021: Three Months Ended March 31, 2022 Contract type Unrealized (Gain)/Loss Realized (Gain)/Loss Credit default swaps $ 99 $ (104) Interest rate swaps 4,740 (32,987) Treasury note futures 124 (939) Total $ 4,963 $ (34,030) Three Months Ended March 31, 2021 Contract type Unrealized (Gain)/Loss Realized (Gain)/Loss Credit default swaps $ (163) $ 455 Interest rate swaps (865) (921) Treasury note futures (1,081) (1,512) Total $ (2,109) $ (1,978)
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)	The following table includes information regarding components of unsecured debt-related effects on interest expense and other comprehensive income for the three months ended March 31, 2022 and March 31, 2021: Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Related to the statement of operations Amount of net loss reclassified from other comprehensive income (1) $ (282) $ — Related to other comprehensive income Amount of gain/(loss) recognized in other comprehensive income $ (220) $ — ________________________ (1) Included in interest expense in the consolidated statements of operations
Schedule of Derivative Instruments	At March 31, 2022, 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 Third quarter 2022 $ 300,000 0.03 % Fourth quarter 2022 400,000 0.07 % First quarter 2023 525,000 0.77 % Fourth quarter 2023 174,500 0.11 % First quarter 2024 100,000 2.28 % $ 1,499,500

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Offsetting [Abstract]
Offsetting assets	The table below provides a gross presentation, the effects of offsetting and a net presentation of the Company's derivative instruments and repurchase agreements within the scope of ASC 210-20, Balance Sheet—Offsetting , as of March 31, 2022 and December 31, 2021 (dollars in thousands): Gross Amounts Not Offset on the Balance Sheet Assets Gross Amounts of Recognized Assets Gross Amounts Offset on the Balance Sheet Net Amount of Assets Presented on the Balance Sheet Financial Instruments Cash Collateral (1) Net Amount March 31, 2022 Derivative instruments, at fair value $ 478 $ — $ 478 $ — $ — $ 478 December 31, 2021 Derivative instruments, at fair value $ 436 $ — $ 436 $ — $ — $ 436
Offsetting liabilities	Gross Amounts Not Offset on the Balance Sheet Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Balance Sheet Net Amount of Liabilities Presented on the Balance Sheet Financial Instruments Cash Collateral (1) Net Amount March 31, 2022 Repurchase agreements - commercial mortgage loans $ 522,890 $ — $ 522,890 $ 813,303 $ 5,010 $ — Repurchase agreements - real estate securities 1,714,541 — 1,714,541 1,801,381 — — Derivative instruments, at fair value 3,753 — 3,753 — 7,069 — 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 — ________________________

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of segment reporting information, by segment	The following table represents the Company's operations by segment for the three and three months ended March 31, 2022 and March 31, 2021 (dollars in thousands): Three Months Ended March 31, 2022 Total Real Estate Debt and Other Real Estate Investments Real Estate Securities TRS Real Estate Owned Interest income $ 75,258 $ 55,687 $ 18,885 $ 686 $ — Revenue from real estate owned 2,312 — — — 2,312 Interest expense 22,480 19,464 2,616 206 194 Net income/(loss) (22,507) 22,092 (45,311) (107) 819 Total assets as of March 31, 2022 7,112,155 4,346,668 2,496,732 127,392 141,363 Three Months Ended March 31, 2021 Interest income $ 42,237 $ 40,757 $ 424 $ 1,056 $ — Revenue from real estate owned 716 — — — 716 Interest expense 11,369 10,574 182 332 281 Net income/(loss) 30,146 23,033 (454) 7,538 29 Total assets as of December 31, 2021 9,474,701 4,205,883 5,054,394 72,840 141,584

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands	Oct. 19, 2022shares	Oct. 19, 2021$ / shares	Mar. 31, 2022USD ($)segment$ / sharesshares	Mar. 31, 2021USD ($)shares	Dec. 31, 2021shares	Oct. 12, 2021$ / shares	Dec. 31, 2020shares
Equity, Class of Treasury Stock [Line Items]
Minimum distribution percentage to qualify for REIT taxation status			90.00%
Income tax expense (benefit) | $			$ (24)	$ 1,970
Number of reportable segments | segment			4
Restricted Share Plan
Equity, Class of Treasury Stock [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
2021 Incentive Plan | Restricted Stock Units (RSUs)
Equity, Class of Treasury Stock [Line Items]
Award vesting period			3 years
Series E Preferred Stock
Equity, Class of Treasury Stock [Line Items]
Preferred stock rate, as a percentage		7.50%	0.075%		0.075%
Liquidation preference (in dollars per share) | $ / shares		$ 25
Preferred stock, shares outstanding (in shares)			10,329,039		10,329,039
Preferred stock, liquidation preference per share, per annum (in dollars per share) | $ / shares		$ 1.875
Series C preferred stock
Equity, Class of Treasury Stock [Line Items]
Liquidation preference (in dollars per share) | $ / shares			$ 5,000
Rate of dividend accrual (in percent)			4.00%
Preferred stock converted to common stock, per share stock consideration, merger (in shares)			299.2
Percentage of total economic interests needed to convert preferred stock to common stock			50.00%
Percentage of holders of preferred stock			66.67%
Preferred stock, shares outstanding (in shares)			1,400	1,400	1,400		1,400
Series C preferred stock | Forecast
Equity, Class of Treasury Stock [Line Items]
Conversion of stock, preferred stock to common stock, notice period	10 days
Series C preferred stock | Convertible preferred stock purchase agreements | Forecast
Equity, Class of Treasury Stock [Line Items]
Preferred stock converted to common stock, per share stock consideration, merger (in shares)	299.2
Series F Preferred Stock
Equity, Class of Treasury Stock [Line Items]
Liquidation preference (in dollars per share) | $ / shares						$ 2
Preferred stock converted to common stock, per share stock consideration, merger (in shares)			1
Percentage of holders of preferred stock			66.67%
Conversion ratio of convertible preferred stock (in shares)			1
Preferred stock, shares outstanding (in shares)			39,733,299		39,733,299
Series D Preferred Stock
Equity, Class of Treasury Stock [Line Items]
Preferred stock converted to common stock, per share stock consideration, merger (in shares)			299.2
Preferred stock, shares outstanding (in shares)			17,950	17,950	17,950		0
Minimum | Series E Preferred Stock
Equity, Class of Treasury Stock [Line Items]
Preferred stock, redemption of stock, notice period		30 days
Maximum | Series E Preferred Stock
Equity, Class of Treasury Stock [Line Items]
Preferred stock, redemption of stock, notice period		60 days
Buildings
Equity, Class of Treasury Stock [Line Items]
Useful lives of property, plant, and equipment (up to)			40 years
Furniture, fixtures, and equipment
Equity, Class of Treasury Stock [Line Items]
Useful lives of property, plant, and equipment (up to)			15 years
Site Improvements | Minimum
Equity, Class of Treasury Stock [Line Items]
Useful lives of property, plant, and equipment (up to)			5 years
Site Improvements | Maximum
Equity, Class of Treasury Stock [Line Items]
Useful lives of property, plant, and equipment (up to)			25 years

Commercial Mortgage Loans - Loa

Commercial Mortgage Loans - Loans Receivable by Class (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Loans, gross	$ 4,545,384	$ 4,226,888
Less: Allowance for credit losses	14,933	15,827
Total commercial mortgage loans, held for investment, net	4,530,451	4,211,061
Senior loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans, gross	4,517,879	4,204,464
Mezzanine loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans, gross	$ 27,505	$ 22,424

Commercial Mortgage Loans - Nar

Commercial Mortgage Loans - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022USD ($)ratingloan	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)ratingloan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses	$ (955)	$ (2,331)
Par Value	$ 4,545,384		$ 4,226,888
Initial risk rating | rating	2
Weighted average risk rating of loans | rating	2.1		2.1
Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses	$ (894)
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	166		165
Par Value	$ 4,562,484		$ 4,242,962
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 4,545,384		$ 4,226,888
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		1
Nonaccrual loans	$ 57,100		$ 57,100
Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	9		1
Par Value	$ 108,450		$ 34,250

Commercial Mortgage Loans - All

Commercial Mortgage Loans - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	$ 15,827
Provision/(benefit) for credit losses	(955)	$ (2,331)
Ending Balance	14,933
Commercial Portfolio Segment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	15,827
Provision/(benefit) for credit losses	(894)
Write offs	0
Ending Balance	14,933
Commercial Portfolio Segment | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	243
Provision/(benefit) for credit losses	(61)
Ending Balance	182
Commercial Portfolio Segment | Multifamily
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	9,681
Provision/(benefit) for credit losses	32
Write offs	0
Ending Balance	9,713
Commercial Portfolio Segment | Multifamily | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	137
Provision/(benefit) for credit losses	(32)
Ending Balance	105
Commercial Portfolio Segment | Retail
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	288
Provision/(benefit) for credit losses	234
Write offs	0
Ending Balance	522
Commercial Portfolio Segment | Retail | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	1
Provision/(benefit) for credit losses	15
Ending Balance	16
Commercial Portfolio Segment | Office
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	776
Provision/(benefit) for credit losses	(103)
Write offs	0
Ending Balance	673
Commercial Portfolio Segment | Office | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	13
Provision/(benefit) for credit losses	(4)
Ending Balance	9
Commercial Portfolio Segment | Industrial
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	86
Provision/(benefit) for credit losses	15
Write offs	0
Ending Balance	101
Commercial Portfolio Segment | Industrial | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	3
Provision/(benefit) for credit losses	(2)
Ending Balance	1
Commercial Portfolio Segment | Mixed Use
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	169
Provision/(benefit) for credit losses	(108)
Write offs	0
Ending Balance	61
Commercial Portfolio Segment | Mixed Use | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	10
Provision/(benefit) for credit losses	(10)
Ending Balance	0
Commercial Portfolio Segment | Hospitality
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	4,597
Provision/(benefit) for credit losses	(807)
Write offs	0
Ending Balance	3,790
Commercial Portfolio Segment | Hospitality | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	79
Provision/(benefit) for credit losses	(28)
Ending Balance	51
Commercial Portfolio Segment | Self Storage
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	152
Provision/(benefit) for credit losses	(110)
Write offs	0
Ending Balance	42
Commercial Portfolio Segment | Self Storage | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	0
Provision/(benefit) for credit losses	0
Ending Balance	0
Commercial Portfolio Segment | Manufactured Housing
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	78
Provision/(benefit) for credit losses	(47)
Write offs	0
Ending Balance	31
Commercial Portfolio Segment | Manufactured Housing | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	0
Provision/(benefit) for credit losses	0
Ending Balance	$ 0

Commercial Mortgage Loans - Com

Commercial Mortgage Loans - Commercial Mortgage Loan Portfolio, Excluding Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 4,545,384	$ 4,226,888
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 4,562,484	$ 4,242,962
Commercial Mortgage Receivable, Held-For-Investment | Customer Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	100.00%	100.00%
Commercial Mortgage Receivable, Held-For-Investment | Geographic Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	100.00%	100.00%
Commercial Mortgage Receivable, Held-For-Investment | Southwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 1,784,211	$ 1,764,905
Commercial Mortgage Receivable, Held-For-Investment | Southwest | Geographic Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	39.10%	41.60%
Commercial Mortgage Receivable, Held-For-Investment | Southeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 1,380,246	$ 1,106,439
Commercial Mortgage Receivable, Held-For-Investment | Southeast | Geographic Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	30.10%	26.20%
Commercial Mortgage Receivable, Held-For-Investment | Mideast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 784,182	$ 646,125
Commercial Mortgage Receivable, Held-For-Investment | Mideast | Geographic Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	17.20%	15.20%
Commercial Mortgage Receivable, Held-For-Investment | Far West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 262,728	$ 301,040
Commercial Mortgage Receivable, Held-For-Investment | Far West | Geographic Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	5.80%	7.10%
Commercial Mortgage Receivable, Held-For-Investment | Great Lakes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 168,114	$ 183,930
Commercial Mortgage Receivable, Held-For-Investment | Great Lakes | Geographic Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	3.70%	4.30%
Commercial Mortgage Receivable, Held-For-Investment | New England
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 67,117	$ 67,651
Commercial Mortgage Receivable, Held-For-Investment | New England | Geographic Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	1.50%	1.60%
Commercial Mortgage Receivable, Held-For-Investment | Plains
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 60,172	$ 60,225
Commercial Mortgage Receivable, Held-For-Investment | Plains | Geographic Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	1.30%	1.40%
Commercial Mortgage Receivable, Held-For-Investment | Rocky Mountain
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 43,751	$ 43,751
Commercial Mortgage Receivable, Held-For-Investment | Rocky Mountain | Geographic Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	1.00%	1.00%
Commercial Mortgage Receivable, Held-For-Investment | Various
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 11,963	$ 68,896
Commercial Mortgage Receivable, Held-For-Investment | Various | Geographic Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	0.30%	1.60%
Commercial Mortgage Receivable, Held-For-Investment | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 3,264,959	$ 2,953,938
Commercial Mortgage Receivable, Held-For-Investment | Multifamily | Customer Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	71.60%	69.60%
Commercial Mortgage Receivable, Held-For-Investment | Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 542,171	$ 460,884
Commercial Mortgage Receivable, Held-For-Investment | Hospitality | Customer Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	11.90%	10.90%
Commercial Mortgage Receivable, Held-For-Investment | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 479,607	$ 485,575
Commercial Mortgage Receivable, Held-For-Investment | Office | Customer Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	10.50%	11.40%
Commercial Mortgage Receivable, Held-For-Investment | Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 84,215	$ 104,990
Commercial Mortgage Receivable, Held-For-Investment | Retail | Customer Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	1.80%	2.50%
Commercial Mortgage Receivable, Held-For-Investment | Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 69,985	$ 88,956
Commercial Mortgage Receivable, Held-For-Investment | Industrial | Customer Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	1.50%	2.10%
Commercial Mortgage Receivable, Held-For-Investment | Mixed Use
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 52,500	$ 62,965
Commercial Mortgage Receivable, Held-For-Investment | Mixed Use | Customer Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	1.20%	1.50%
Commercial Mortgage Receivable, Held-For-Investment | Self Storage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 44,895	$ 56,495
Commercial Mortgage Receivable, Held-For-Investment | Self Storage | Customer Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	1.00%	1.30%
Commercial Mortgage Receivable, Held-For-Investment | Manufactured Housing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 24,152	$ 29,159
Commercial Mortgage Receivable, Held-For-Investment | Manufactured Housing | Customer Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	0.50%	0.70%
Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 108,450	$ 34,250
Commercial Mortgage Receivable, Held-For-Sale | Customer Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	100.00%	100.00%
Commercial Mortgage Receivable, Held-For-Sale | Geographic Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	100.00%	100.00%
Commercial Mortgage Receivable, Held-For-Sale | Southeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 44,750	$ 34,250
Commercial Mortgage Receivable, Held-For-Sale | Southeast | Geographic Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	41.30%	100.00%
Commercial Mortgage Receivable, Held-For-Sale | Far West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 47,300	$ 0
Commercial Mortgage Receivable, Held-For-Sale | Far West | Geographic Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	43.60%	0.00%
Commercial Mortgage Receivable, Held-For-Sale | Great Lakes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 10,000	$ 0
Commercial Mortgage Receivable, Held-For-Sale | Great Lakes | Geographic Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	9.20%	0.00%
Commercial Mortgage Receivable, Held-For-Sale | Rocky Mountain
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 6,400	$ 0
Commercial Mortgage Receivable, Held-For-Sale | Rocky Mountain | Geographic Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	5.90%	0.00%
Commercial Mortgage Receivable, Held-For-Sale | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 6,500	$ 0
Commercial Mortgage Receivable, Held-For-Sale | Multifamily | Customer Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	6.00%	0.00%
Commercial Mortgage Receivable, Held-For-Sale | Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 32,457	$ 0
Commercial Mortgage Receivable, Held-For-Sale | Hospitality | Customer Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	30.00%	0.00%
Commercial Mortgage Receivable, Held-For-Sale | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 12,193	$ 34,250
Commercial Mortgage Receivable, Held-For-Sale | Office | Customer Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	11.20%	100.00%
Commercial Mortgage Receivable, Held-For-Sale | Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 54,550	$ 0
Commercial Mortgage Receivable, Held-For-Sale | Retail | Customer Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	50.30%	0.00%
Commercial Mortgage Receivable, Held-For-Sale | Mixed Use
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 2,750	$ 0
Commercial Mortgage Receivable, Held-For-Sale | Mixed Use | Customer Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	2.50%	0.00%

Commercial Mortgage Loans - Int

Commercial Mortgage Loans - Internal Credit Qualities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 4,545,384	$ 4,226,888
Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Total	4,562,484	4,242,962
Commercial Mortgage Receivable, Held-For-Investment | Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Total	3,264,959	2,953,938
Commercial Mortgage Receivable, Held-For-Investment | Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Total	84,215	104,990
Commercial Mortgage Receivable, Held-For-Investment | Office
Financing Receivable, Credit Quality Indicator [Line Items]
Total	479,607	485,575
Commercial Mortgage Receivable, Held-For-Investment | Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Total	69,985	88,956
Commercial Mortgage Receivable, Held-For-Investment | Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Total	52,500	62,965
Commercial Mortgage Receivable, Held-For-Investment | Hospitality
Financing Receivable, Credit Quality Indicator [Line Items]
Total	542,171	460,884
Commercial Mortgage Receivable, Held-For-Investment | Self Storage
Financing Receivable, Credit Quality Indicator [Line Items]
Total	44,895	56,495
Commercial Mortgage Receivable, Held-For-Investment | Manufactured Housing
Financing Receivable, Credit Quality Indicator [Line Items]
Total	24,152	29,159
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated in current fiscal year	574,185	2,729,537
Year two, originated in prior fiscal year one	2,719,656	689,545
Year three, originated in prior fiscal year two	603,862	475,252
Year four, originated in prior fiscal year three	359,471	253,452
Year five, original in prior fiscal year four	209,169	79,102
Year six, originated in prior fiscal year five	79,041
Total	4,545,384	4,226,888
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated in current fiscal year	388,347	2,438,376
Year two, originated in prior fiscal year one	2,426,914	270,953
Year three, originated in prior fiscal year two	248,229	103,989
Year four, originated in prior fiscal year three	67,567	127,902
Year five, original in prior fiscal year four	120,644	0
Year six, originated in prior fiscal year five	0
Total	3,251,701	2,941,220
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated in current fiscal year	20,480	33,830
Year two, originated in prior fiscal year one	33,843	11,928
Year three, originated in prior fiscal year two	11,952	29,515
Year four, originated in prior fiscal year three	17,596	29,452
Year five, original in prior fiscal year four	0	0
Year six, originated in prior fiscal year five	0
Total	83,871	104,725
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Office
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated in current fiscal year	0	50,291
Year two, originated in prior fiscal year one	50,320	253,759
Year three, originated in prior fiscal year two	254,583	136,800
Year four, originated in prior fiscal year three	137,233	43,308
Year five, original in prior fiscal year four	36,291	0
Year six, originated in prior fiscal year five	0
Total	478,427	484,158
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated in current fiscal year	54,730	0
Year two, originated in prior fiscal year one	0	31,906
Year three, originated in prior fiscal year two	14,931	56,933
Year four, originated in prior fiscal year three	0	0
Year five, original in prior fiscal year four	0	0
Year six, originated in prior fiscal year five	0
Total	69,661	88,839
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated in current fiscal year	19,902	32,395
Year two, originated in prior fiscal year one	32,411	30,325
Year three, originated in prior fiscal year two	0	0
Year four, originated in prior fiscal year three	0	0
Year five, original in prior fiscal year four	0	0
Year six, originated in prior fiscal year five	0
Total	52,313	62,720
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Hospitality
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated in current fiscal year	90,726	153,032
Year two, originated in prior fiscal year one	154,543	26,920
Year three, originated in prior fiscal year two	26,932	148,015
Year four, originated in prior fiscal year three	137,075	52,790
Year five, original in prior fiscal year four	52,234	79,102
Year six, originated in prior fiscal year five	79,041
Total	540,551	459,859
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Self Storage
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated in current fiscal year	0	14,948
Year two, originated in prior fiscal year one	14,957	41,382
Year three, originated in prior fiscal year two	29,820	0
Year four, originated in prior fiscal year three	0	0
Year five, original in prior fiscal year four	0	0
Year six, originated in prior fiscal year five	0
Total	44,777	56,330
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Manufactured Housing
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated in current fiscal year	0	6,665
Year two, originated in prior fiscal year one	6,668	22,372
Year three, originated in prior fiscal year two	17,415	0
Year four, originated in prior fiscal year three	0	0
Year five, original in prior fiscal year four	0	0
Year six, originated in prior fiscal year five	0
Total	24,083	29,037
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 1-2 internal grade | Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated in current fiscal year	388,347	2,438,376
Year two, originated in prior fiscal year one	2,426,914	270,953
Year three, originated in prior fiscal year two	229,560	103,989
Year four, originated in prior fiscal year three	67,567	90,877
Year five, original in prior fiscal year four	83,619	0
Year six, originated in prior fiscal year five	0
Total	3,196,007	2,904,195
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 1-2 internal grade | Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated in current fiscal year	20,480	33,830
Year two, originated in prior fiscal year one	33,843	11,928
Year three, originated in prior fiscal year two	11,952	29,515
Year four, originated in prior fiscal year three	17,596	29,452
Year five, original in prior fiscal year four	0	0
Year six, originated in prior fiscal year five	0
Total	83,871	104,725
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 1-2 internal grade | Office
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated in current fiscal year	0	50,291
Year two, originated in prior fiscal year one	50,320	253,759
Year three, originated in prior fiscal year two	254,583	136,800
Year four, originated in prior fiscal year three	137,233	43,308
Year five, original in prior fiscal year four	36,291	0
Year six, originated in prior fiscal year five	0
Total	478,427	484,158
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 1-2 internal grade | Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated in current fiscal year	54,730	0
Year two, originated in prior fiscal year one	0	31,906
Year three, originated in prior fiscal year two	14,931	0
Year four, originated in prior fiscal year three	0	0
Year five, original in prior fiscal year four	0	0
Year six, originated in prior fiscal year five	0
Total	69,661	31,906
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 1-2 internal grade | Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated in current fiscal year	19,902	32,395
Year two, originated in prior fiscal year one	32,411	30,325
Year three, originated in prior fiscal year two	0	0
Year four, originated in prior fiscal year three	0	0
Year five, original in prior fiscal year four	0	0
Year six, originated in prior fiscal year five	0
Total	52,313	62,720
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 1-2 internal grade | Hospitality
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated in current fiscal year	90,726	153,032
Year two, originated in prior fiscal year one	154,543	26,920
Year three, originated in prior fiscal year two	26,932	34,054
Year four, originated in prior fiscal year three	33,945	0
Year five, original in prior fiscal year four	0	0
Year six, originated in prior fiscal year five	0
Total	306,146	214,006
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 1-2 internal grade | Self Storage
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated in current fiscal year	0	14,948
Year two, originated in prior fiscal year one	14,957	41,382
Year three, originated in prior fiscal year two	29,820	0
Year four, originated in prior fiscal year three	0	0
Year five, original in prior fiscal year four	0	0
Year six, originated in prior fiscal year five	0
Total	44,777	56,330
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 1-2 internal grade | Manufactured Housing
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated in current fiscal year	0	6,665
Year two, originated in prior fiscal year one	6,668	22,372
Year three, originated in prior fiscal year two	17,415	0
Year four, originated in prior fiscal year three	0	0
Year five, original in prior fiscal year four	0	0
Year six, originated in prior fiscal year five	0
Total	24,083	29,037
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 3-4 internal grade | Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated in current fiscal year	0	0
Year two, originated in prior fiscal year one	0	0
Year three, originated in prior fiscal year two	18,669	0
Year four, originated in prior fiscal year three		37,025
Year five, original in prior fiscal year four	37,025	0
Year six, originated in prior fiscal year five	0
Total	55,694	37,025
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 3-4 internal grade | Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated in current fiscal year	0	0
Year two, originated in prior fiscal year one	0	0
Year three, originated in prior fiscal year two		0
Year four, originated in prior fiscal year three		0
Year five, original in prior fiscal year four	0	0
Year six, originated in prior fiscal year five	0
Total	0	0
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 3-4 internal grade | Office
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated in current fiscal year	0	0
Year two, originated in prior fiscal year one	0	0
Year three, originated in prior fiscal year two	0	0
Year four, originated in prior fiscal year three		0
Year five, original in prior fiscal year four	0	0
Year six, originated in prior fiscal year five	0
Total	0	0
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 3-4 internal grade | Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated in current fiscal year	0	0
Year two, originated in prior fiscal year one	0	0
Year three, originated in prior fiscal year two		56,933
Year four, originated in prior fiscal year three	0	0
Year five, original in prior fiscal year four	0	0
Year six, originated in prior fiscal year five	0
Total	0	56,933
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 3-4 internal grade | Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated in current fiscal year	0	0
Year two, originated in prior fiscal year one	0	0
Year three, originated in prior fiscal year two	0	0
Year four, originated in prior fiscal year three	0	0
Year five, original in prior fiscal year four	0	0
Year six, originated in prior fiscal year five	0
Total	0	0
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 3-4 internal grade | Hospitality
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated in current fiscal year	0	0
Year two, originated in prior fiscal year one	0	0
Year three, originated in prior fiscal year two	0	113,961
Year four, originated in prior fiscal year three	103,130	52,790
Year five, original in prior fiscal year four	52,234	79,102
Year six, originated in prior fiscal year five	79,041
Total	234,405	245,853
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 3-4 internal grade | Self Storage
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated in current fiscal year	0	0
Year two, originated in prior fiscal year one	0	0
Year three, originated in prior fiscal year two	0	0
Year four, originated in prior fiscal year three	0	0
Year five, original in prior fiscal year four	0	0
Year six, originated in prior fiscal year five	0
Total	0	0
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 3-4 internal grade | Manufactured Housing
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated in current fiscal year	0	0
Year two, originated in prior fiscal year one	0	0
Year three, originated in prior fiscal year two	0	0
Year four, originated in prior fiscal year three	0	0
Year five, original in prior fiscal year four	0	0
Year six, originated in prior fiscal year five	0
Total	$ 0	$ 0

Commercial Mortgage Loans - A_2

Commercial Mortgage Loans - Allowance Past Due (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Loans, gross	$ 4,545,384	$ 4,226,888
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment
Financing Receivable, Past Due [Line Items]
Loans, gross	4,545,384
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Current
Financing Receivable, Past Due [Line Items]
Loans, gross	4,488,309
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | 120+ days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	57,075
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Multifamily
Financing Receivable, Past Due [Line Items]
Loans, gross	3,251,701
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Multifamily | Current
Financing Receivable, Past Due [Line Items]
Loans, gross	3,251,701
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Multifamily | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Multifamily | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Multifamily | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Multifamily | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Multifamily | 120+ days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Retail
Financing Receivable, Past Due [Line Items]
Loans, gross	83,871
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Retail | Current
Financing Receivable, Past Due [Line Items]
Loans, gross	83,871
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Retail | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Retail | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Retail | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Retail | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Retail | 120+ days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Office
Financing Receivable, Past Due [Line Items]
Loans, gross	478,427
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Office | Current
Financing Receivable, Past Due [Line Items]
Loans, gross	478,427
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Office | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Office | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Office | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Office | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Office | 120+ days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Industrial
Financing Receivable, Past Due [Line Items]
Loans, gross	69,661
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Industrial | Current
Financing Receivable, Past Due [Line Items]
Loans, gross	69,661
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Industrial | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Industrial | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Industrial | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Industrial | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Industrial | 120+ days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Mixed Use
Financing Receivable, Past Due [Line Items]
Loans, gross	52,313
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Mixed Use | Current
Financing Receivable, Past Due [Line Items]
Loans, gross	52,313
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Mixed Use | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Mixed Use | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Mixed Use | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Mixed Use | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Mixed Use | 120+ days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Hospitality
Financing Receivable, Past Due [Line Items]
Loans, gross	540,551
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Hospitality | Current
Financing Receivable, Past Due [Line Items]
Loans, gross	483,476
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Hospitality | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Hospitality | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Hospitality | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Hospitality | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Hospitality | 120+ days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	57,075
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Self Storage
Financing Receivable, Past Due [Line Items]
Loans, gross	44,777
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Self Storage | Current
Financing Receivable, Past Due [Line Items]
Loans, gross	44,777
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Self Storage | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Self Storage | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Self Storage | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Self Storage | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Self Storage | 120+ days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Manufactured Housing
Financing Receivable, Past Due [Line Items]
Loans, gross	24,083
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Manufactured Housing | Current
Financing Receivable, Past Due [Line Items]
Loans, gross	24,083
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Manufactured Housing | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Manufactured Housing | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Manufactured Housing | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Manufactured Housing | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	0
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Manufactured Housing | 120+ days past due
Financing Receivable, Past Due [Line Items]
Loans, gross	$ 0

Commercial Mortgage Loans - A_3

Commercial Mortgage Loans - Allocation by Risk Rating (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022USD ($)loan	Dec. 31, 2021USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 4,545,384	$ 4,226,888
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	166	165
Par Value	$ 4,562,484	$ 4,242,962
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	150	148
Par Value	$ 4,272,194	$ 3,903,047
Commercial Mortgage Receivable, Held-For-Investment | 3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	15	16
Par Value	$ 233,215	$ 282,840
Commercial Mortgage Receivable, Held-For-Investment | 4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	1	1
Par Value	$ 57,075	$ 57,075
Commercial Mortgage Receivable, Held-For-Investment | 5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	0	0
Par Value	$ 0	$ 0

Commercial Mortgage Loans - C_2

Commercial Mortgage Loans - Commercial Mortgage Loan Portfolio, Held-For-Investment (Details) - Commercial Mortgage Receivable, Held-For-Investment - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at Beginning of Year	$ 4,211,061	$ 2,693,848
Acquisitions and originations	640,033	2,897,002
Principal repayments	(320,511)	(1,286,598)
Discount accretion/premium amortization	2,542	7,038
Loans transferred from/(to) commercial real estate loans, held for sale	0	(52,615)
Net fees capitalized into carrying value of loans	(3,568)	(15,150)
(Provision)/benefit for credit losses	894	4,770
Charge-off from allowance	0	289
Transfer to real estate owned	0	(37,523)
Balance at End of Period	$ 4,530,451	$ 4,211,061

Real Estate Securities - Summar

Real Estate Securities - Summary of RMBS (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Marketable Securities [Line Items]
Carrying Amount	$ 1,949,336	$ 4,566,871
Average Yield	2.37%	2.26%
Fannie Mae/Freddie Mac ARMs
Marketable Securities [Line Items]
Carrying Amount	$ 1,678,297	$ 4,246,803
Average Yield	2.34%	2.23%
Ginnie Mae ARMs
Marketable Securities [Line Items]
Carrying Amount	$ 271,039	$ 320,068
Average Yield	2.68%	2.72%

Real Estate Securities - Narrat

Real Estate Securities - Narrative (Details) - USD ($) $ in Billions	1 Months Ended	3 Months Ended
	May 04, 2022	Mar. 31, 2022
Marketable Securities [Line Items]
Maturity term		278 months
Proceeds from sale of debt securities, trading		$ 2.2
Subsequent Event
Marketable Securities [Line Items]
Proceeds from sale of debt securities, trading	$ 1.2

Real Estate Owned (Details)

Real Estate Owned (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Real Estate [Line Items]
Real estate owned, net of depreciation	$ 89,473	$ 90,048
Accumulated Depreciation	(1,150)	(575)
Real Estate Owned, net	89,473	90,048
Land [Member]
Real Estate [Line Items]
Real estate owned, gross	3,436	3,436
Building and Improvements
Real Estate [Line Items]
Real estate owned, gross	84,259	84,259
Furniture, Fixtures and Equipment
Real Estate [Line Items]
Real estate owned, gross	2,928	2,928
Industrial | Jeffersonville, GA
Real Estate [Line Items]
Real estate owned, acquired through foreclosure, accumulated depreciation	(1,150)	(575)
Real estate owned, net of depreciation	89,473	90,048
Industrial | Jeffersonville, GA | Land [Member]
Real Estate [Line Items]
Real estate owned, acquired through foreclosure, gross	3,436	3,436
Industrial | Jeffersonville, GA | Building and Improvements
Real Estate [Line Items]
Real estate owned, acquired through foreclosure, gross	84,259	84,259
Industrial | Jeffersonville, GA | Furniture, Fixtures and Equipment
Real Estate [Line Items]
Real estate owned, acquired through foreclosure, gross	$ 2,928	$ 2,928

Real Estate Owned - Narrative (

Real Estate Owned - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Sep. 17, 2021	Aug. 31, 2021
Real Estate [Line Items]
Depreciation expense	$ 0.6	$ 0.2
Industrial | Jeffersonville, GA
Real Estate [Line Items]
Real estate investment property, net			$ 139.5
Industrial | Jeffersonville, GA | Mortgages
Real Estate [Line Items]
Debt instrument, face amount			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]
Debt instrument, face amount			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]
Debt instrument, face amount			$ 24	$ 24

Leases - Intangible Leased Asse

Leases - Intangible Leased Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Intangible Lease Asset, Gross	$ 49,192	$ 49,192
Accumulated Amortization	(1,440)	(720)
Intangible Lease Asset, Net of Amortization	47,752	48,472
Industrial | Jeffersonville, GA
Finite-Lived Intangible Assets [Line Items]
Intangible Lease Asset, Gross	49,192	49,192
Accumulated Amortization	(1,440)	(720)
Intangible Lease Asset, Net of Amortization	$ 47,752	$ 48,472

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Sep. 17, 2021extension
Finite-Lived Intangible Assets [Line Items]
Intangible lease contractual life of lease	20 years
Weighted average life of intangible asset	16 years 6 months
Amortization	$ 0.7	$ 0.2
Industrial | Jeffersonville, GA
Finite-Lived Intangible Assets [Line Items]
Operating lease minimal annual rate increase			2.00%
Number of lease renewal terms | extension			4
Lease renewal term			5 years
Remaining term of operating lease			16 years 6 months
Rental income	$ 2.3

Leases - Future Minimum Payment

Leases - Future Minimum Payments to be Received (Details) $ in Thousands	Mar. 31, 2022USD ($)
Leases [Abstract]
2022 (April - December)	$ 5,923
2023	8,046
2024	8,207
2025	8,372
2026	8,539
2027 and beyond	114,981
Total minimum rent	$ 154,068

Leases - Schedule of Expected A

Leases - Schedule of Expected Amortization Expense (Details) $ in Thousands	Mar. 31, 2022USD ($)
Leases [Abstract]
2022 (April - December)	$ (2,160)
2023	(2,880)
2024	(2,880)
2025	(2,880)
2026	$ (2,880)

Debt - Narrative (Details)

Debt - Narrative (Details)	Feb. 15, 2022USD ($)$ / sharesshares	Feb. 10, 2022USD ($)	Mar. 23, 2020USD ($)	Aug. 31, 2020USD ($)	Mar. 31, 2022USD ($)mortgage_assetrepurchaseRequest	Dec. 31, 2021USD ($)mortgage_asset	Dec. 31, 2021USD ($)mortgage_asset	Sep. 17, 2021USD ($)	Aug. 31, 2021USD ($)
Line of Credit Facility [Line Items]
Interest expense					$ 7,377,000		$ 16,747,000
Unsecured debt					98,620,000	$ 148,594,000	$ 148,594,000
Secured debt, repurchase agreements, average outstanding amount					$ 3,060,000,000	$ 3,970,000,000
Collateralized Loan Obligations Issued in 2021-FL7 | Preferred Stock
Line of Credit Facility [Line Items]
Preferred stock, par value per share (in dollars per share) | $ / shares	$ 0.001
Collateralized Loan Obligations Issued In 2022-FL8 | Preferred Stock
Line of Credit Facility [Line Items]
Issuance of common stock (in shares) | shares	108,000
Liquidation preference (in dollars per share) | $ / shares	$ 1,000
Mortgages | September 2021 Mortgage Note Payable, Affiliate
Line of Credit Facility [Line Items]
Stated interest rate					3.10%
Junior Subordinated Debt | Capstead Mortgage Corporation
Line of Credit Facility [Line Items]
Debt instrument, face amount					$ 100,000,000
Long-term debt, term					30 years
Secured debt | Collateralized Loan Obligations Issued in 2018-FL4 | U.S. Bank National Association
Line of Credit Facility [Line Items]
Collateral (mortgage asset) | mortgage_asset					24	31	31
Collateral Carrying Amount					$ 338,000,000	$ 503,300,000	$ 503,300,000
Secured debt | Collateralized Loan Obligations Issued in 2019-FL5 | U.S. Bank National Association
Line of Credit Facility [Line Items]
Collateral (mortgage asset) | mortgage_asset					40	48	48
Collateral Carrying Amount					$ 546,400,000	$ 589,000,000	$ 589,000,000
Secured debt | Collateralized Loan Obligations Issued in 2021-FL6 | U.S. Bank National Association
Line of Credit Facility [Line Items]
Collateral (mortgage asset) | mortgage_asset					38	44	44
Collateral Carrying Amount					$ 636,900,000	$ 682,320,000	$ 682,320,000
Secured debt | Collateralized Loan Obligations Issued in 2021-FL7 | U.S. Bank National Association
Line of Credit Facility [Line Items]
Collateral (mortgage asset) | mortgage_asset					45	47	47
Collateral Carrying Amount					$ 899,100,000	$ 871,440,000	$ 871,440,000
Secured debt | Collateralized Loan Obligations Issued In 2022-FL8
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 1,100,000,000
Secured debt | Collateralized Loan Obligations Issued In 2022-FL8 | Subsidiaries
Line of Credit Facility [Line Items]
Debt instrument, face amount	132,000,000
Secured debt | Collateralized Loan Obligations Issued In 2022-FL8 | U.S. Bank National Association
Line of Credit Facility [Line Items]
Collateral (mortgage asset) | repurchaseRequest					32
Collateral Carrying Amount					$ 1,200,000,000
Secured debt | Collateralized Loan Obligations Issued In 2022-FL8 | Third Party Investors
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 960,000,000
Secured debt | BSPRT 2018-FL4, BSPRT 2019-FL5, BSPRT 2021-FL6, BSPRT 2021-FL7, and BSPRT 2022-FL8 | U.S. Bank National Association
Line of Credit Facility [Line Items]
Collateral Carrying Amount					437,200,000	329,200,000	329,200,000
Industrial | Jeffersonville, GA | Mortgages
Line of Credit Facility [Line Items]
Debt instrument, face amount								$ 112,700,000
Industrial | Jeffersonville, GA | Mortgages | Franklin BSP Realty Trust, Inc | September 2021 Mortgage Note Payable, Eliminated in Consolidation
Line of Credit Facility [Line Items]
Debt instrument, face amount								88,700,000	$ 88,700,000
Industrial | Jeffersonville, GA | Mortgages | JV Affiliate | September 2021 Mortgage Note Payable, Affiliate
Line of Credit Facility [Line Items]
Debt instrument, face amount								$ 24,000,000	$ 24,000,000
Sterling National Bank
Line of Credit Facility [Line Items]
Amount of interest in loan transferred			$ 15,200,000
Interest expense					200,000
Outstanding balance					$ 37,900,000	$ 37,900,000	$ 37,900,000
Sterling National Bank | LIBOR
Line of Credit Facility [Line Items]
Interest Rate					2.20%
Customers Bank
Line of Credit Facility [Line Items]
Amount of interest in loan transferred		$ 38,000,000
Interest expense					$ 5,000
Outstanding balance					$ 2,300,000
Customers Bank | SOFR
Line of Credit Facility [Line Items]
Interest Rate					4.01%
Security benefit life insurance company | Unsecured debt
Line of Credit Facility [Line Items]
Interest expense					$ 300,000
Debt instrument, face amount				$ 100,000,000
Unsecured debt					$ 0
Security benefit life insurance company | Unsecured debt | LIBOR
Line of Credit Facility [Line Items]
Interest Rate				4.50%
Minimum
Line of Credit Facility [Line Items]
Advance rate of mortgage loan (percent)					65.00%
Master repurchase agreements maturity (days)					30 days
Maximum
Line of Credit Facility [Line Items]
Advance rate of mortgage loan (percent)					80.00%
Master repurchase agreements maturity (days)					90 days

Debt - Schedule of Repurchase F

Debt - Schedule of Repurchase Facilities (Details)	Dec. 01, 2021USD ($)	Mar. 31, 2022USD ($)extension	Dec. 31, 2021USD ($)extension	Dec. 03, 2021USD ($)	Dec. 02, 2021USD ($)	Nov. 30, 2021USD ($)	Nov. 19, 2021USD ($)	Nov. 18, 2021USD ($)	Nov. 03, 2021USD ($)	Nov. 02, 2021USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		$ 1,900,000,000	$ 1,900,000,000
Amount Outstanding		522,890,000	1,019,600,000
Interest Expense		7,377,000	16,747,000
Secured debt | Barclays Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		500,000,000	500,000,000	$ 500,000,000	$ 300,000,000
Amount Outstanding		128,062,000	392,332,000
Interest Expense		$ 1,490,000	$ 4,057,000
Ending Weighted Average Interest Rate		2.08%	1.76%
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		$ 54,610,000	$ 34,311,000
Ending Weighted Average Interest Rate		1.35%	1.71%
Revolving Credit Facility | JPM Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		$ 400,000,000	$ 400,000,000
Amount Outstanding		69,757,000	136,470,000
Interest Expense		$ 1,474,000	$ 5,178,000
Ending Weighted Average Interest Rate		2.80%	2.13%
Revolving Credit Facility | CS Repo Facility (2)
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		$ 300,000,000	$ 300,000,000						$ 300,000,000	$ 200,000,000
Amount Outstanding		123,259,000	137,364,000
Interest Expense		$ 1,138,000	$ 3,446,000
Ending Weighted Average Interest Rate		3.01%	2.43%
Maximum line of credit borrowing capacity at company discretion			$ 400,000,000
Revolving Credit Facility | WF Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		$ 450,000,000	450,000,000				$ 450,000,000	$ 275,000,000
Amount Outstanding		201,812,000	186,734,000
Interest Expense		$ 1,248,000	$ 2,090,000
Ending Weighted Average Interest Rate		2.08%	1.64%
Number of extension options | extension			3
Extension on initial maturity date			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	$ 250,000,000			$ 100,000,000
Amount Outstanding		0	166,700,000
Interest Expense		$ 2,027,000	$ 1,976,000
Ending Weighted Average Interest Rate			6.12%
Line of credit facility interval period	3 months		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 ($)	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Borrowings Outstanding	$ 98,620,000	$ 98,594,000
Average Rate	5.29%	7.72%
Junior Subordinated Notes, Maturing October 2035
Debt Instrument [Line Items]
Borrowings Outstanding	$ 34,479,000	$ 34,470,000
Average Rate	5.34%	7.86%
Junior Subordinated Notes, Maturing December 2035
Debt Instrument [Line Items]
Borrowings Outstanding	$ 39,484,000	$ 39,474,000
Average Rate	5.25%	7.63%
Junior Subordinated Notes, Maturing September 2036
Debt Instrument [Line Items]
Borrowings Outstanding	$ 24,657,000	$ 24,650,000
Average Rate	5.29%	7.67%
Capstead Mortgage Corporation
Debt Instrument [Line Items]
Debt instrument, face amount	$ 100,000,000
Capstead Mortgage Corporation | Junior Subordinated Notes, Maturing October 2035
Debt Instrument [Line Items]
Debt instrument, face amount	35,000,000
Capstead Mortgage Corporation | Junior Subordinated Notes, Maturing December 2035
Debt Instrument [Line Items]
Debt instrument, face amount	40,000,000
Capstead Mortgage Corporation | Junior Subordinated Notes, Maturing September 2036
Debt Instrument [Line Items]
Debt instrument, face amount	$ 25,000,000

Debt - Repurchase Agreements, R

Debt - Repurchase Agreements, Real Estate Securities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 522,890	$ 1,019,600
Interest Expense	3,309	2,692
Secured debt | U.S. Bank National Association | Tranche C
Assets Sold under Agreements to Repurchase [Line Items]
Real estate securities, available for sale, measured at fair value	68,300	43,200
Revolving Credit Facility
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	54,610	34,311
Interest Expense	130	905
Collateral pledged	$ 68,279	$ 43,218
Interest Rate	1.35%	1.71%
Days to Maturity	9 days	12 days
Revolving Credit Facility | JP Morgan Securities LLC
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 19,283	$ 19,025
Interest Expense	55	261
Collateral pledged	$ 23,995	$ 24,087
Interest Rate	1.27%	1.14%
Days to Maturity	14 days	10 days
Revolving Credit Facility | Goldman Sachs International
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 0	$ 0
Interest Expense	0	37
Collateral pledged	0	0
Revolving Credit Facility | Barclays Capital Inc.
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	35,327	15,286
Interest Expense	75	526
Collateral pledged	$ 44,284	$ 19,131
Interest Rate	1.40%	1.21%
Days to Maturity	7 days	14 days
Revolving Credit Facility | Citigroup Global Markets, Inc.
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 0	$ 0
Interest Expense	0	81
Collateral pledged	$ 0	$ 0

Debt - Repurchase Agreements, C

Debt - Repurchase Agreements, Collateral Type (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Net Investment Income [Line Items]
Accrued Interest Receivable	$ 24,787	$ 30,109
Repurchase Agreements
Net Investment Income [Line Items]
Collateral Carrying Amount	1,733,101	4,327,020
Accrued Interest Receivable	3,726	8,908
Borrowings Outstanding	$ 1,659,931	$ 4,144,473
Average Rate	0.39%	0.13%
Repurchase Arrangements Secured by Agency Securities, Maturities of 30 Days or Less
Net Investment Income [Line Items]
Collateral Carrying Amount	$ 1,733,101	$ 4,327,020
Accrued Interest Receivable	3,726	8,908
Borrowings Outstanding	$ 1,659,931	$ 4,144,473
Average Rate	0.39%	0.13%

Debt - Collateralized Loan Obli

Debt - Collateralized Loan Obligation by Tranche (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Par Value Issued	$ 23,998	$ 23,998
U.S. Bank National Association | Secured debt
Debt Instrument [Line Items]
Par Value Issued	3,657,674	2,672,174
Par Value Outstanding	2,904,374	2,179,514
Collateralized loan obligation excluded	452,600	320,600
U.S. Bank National Association | Secured debt | Tranche A Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Par Value Issued	416,827	416,827
Par Value Outstanding	0	75,263
U.S. Bank National Association | Secured debt | Tranche A-S Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Par Value Issued	73,813	73,813
Par Value Outstanding	42,998	73,813
U.S. Bank National Association | Secured debt | Tranche B Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Par Value Issued	56,446	56,446
Par Value Outstanding	56,446	56,446
U.S. Bank National Association | Secured debt | Tranche C Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Par Value Issued	68,385	68,385
Par Value Outstanding	68,385	68,385
U.S. Bank National Association | Secured debt | Tranche D Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Par Value Issued	57,531	57,531
Par Value Outstanding	57,531	57,531
U.S. Bank National Association | Secured debt | Tranche E Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Par Value Issued	28,223	28,223
Par Value Outstanding	28,223	28,223
U.S. Bank National Association | Secured debt | Tranche A Notes - 2019-FL5 Issuer
Debt Instrument [Line Items]
Par Value Issued	407,025	407,025
Par Value Outstanding	170,467	299,529
U.S. Bank National Association | Secured debt | Tranche A-S Notes - 2019-FL5 Issuer
Debt Instrument [Line Items]
Par Value Issued	76,950	76,950
Par Value Outstanding	76,950	76,950
U.S. Bank National Association | Secured debt | Tranche B Notes - 2019-FL5 Issuer
Debt Instrument [Line Items]
Par Value Issued	50,000	50,000
Par Value Outstanding	50,000	50,000
U.S. Bank National Association | Secured debt | Tranche C Notes - 2019-FL5 Issuer
Debt Instrument [Line Items]
Par Value Issued	61,374	61,374
Par Value Outstanding	61,374	61,374
U.S. Bank National Association | Secured debt | Tranche D Notes - 2019-FL5 Issuer
Debt Instrument [Line Items]
Par Value Issued	48,600	48,600
Par Value Outstanding	5,000	5,000
U.S. Bank National Association | Secured debt | Tranche E Notes - 2019-FL5 Issuer
Debt Instrument [Line Items]
Par Value Issued	20,250	20,250
Par Value Outstanding	20,250	20,250
U.S. Bank National Association | Secured debt | Class A Notes - 2021-FL6 Issuer
Debt Instrument [Line Items]
Par Value Issued	367,500	367,500
Par Value Outstanding	367,500	367,500
U.S. Bank National Association | Secured debt | Class A-S Notes - 2021-FL6 Issuer
Debt Instrument [Line Items]
Par Value Issued	86,625	86,625
Par Value Outstanding	86,625	86,625
U.S. Bank National Association | Secured debt | Class B Notes - 2021-FL6 Issuer
Debt Instrument [Line Items]
Par Value Issued	33,250	33,250
Par Value Outstanding	33,250	33,250
U.S. Bank National Association | Secured debt | Class C Notes - 2021-FL6 Issuer
Debt Instrument [Line Items]
Par Value Issued	41,125	41,125
Par Value Outstanding	41,125	41,125
U.S. Bank National Association | Secured debt | Class D Notes - 2021-FL6 Issuer
Debt Instrument [Line Items]
Par Value Issued	44,625	44,625
Par Value Outstanding	44,625	44,625
U.S. Bank National Association | Secured debt | Class E Notes - 2021-FL6 Issuer
Debt Instrument [Line Items]
Par Value Issued	11,375	11,375
Par Value Outstanding	11,375	11,375
U.S. Bank National Association | Secured debt | Class A Notes - 2021-FL7 Issuer
Debt Instrument [Line Items]
Par Value Issued	508,500	508,500
Par Value Outstanding	508,500	508,500
U.S. Bank National Association | Secured debt | Class A-S Notes - 2021-FL7 Issuer
Debt Instrument [Line Items]
Par Value Issued	13,500	13,500
Par Value Outstanding	13,500	13,500
U.S. Bank National Association | Secured debt | Class B Notes - 2021-FL7 Issuer
Debt Instrument [Line Items]
Par Value Issued	52,875	52,875
Par Value Outstanding	52,875	52,875
U.S. Bank National Association | Secured debt | Class C Notes - 2021-FL7 Issuer
Debt Instrument [Line Items]
Par Value Issued	66,375	66,375
Par Value Outstanding	66,375	66,375
U.S. Bank National Association | Secured debt | Class D Notes - 2021-FL7 Issuer
Debt Instrument [Line Items]
Par Value Issued	67,500	67,500
Par Value Outstanding	67,500	67,500
U.S. Bank National Association | Secured debt | Class E Notes - 2021-FL7 Issuer
Debt Instrument [Line Items]
Par Value Issued	13,500	13,500
Par Value Outstanding	13,500	$ 13,500
U.S. Bank National Association | Secured debt | Class A Notes - 2022-FL8 Issuer
Debt Instrument [Line Items]
Par Value Issued	690,000
Par Value Outstanding	$ 690,000
Interest Rate	1.50%
U.S. Bank National Association | Secured debt | Class A-S Notes - 2022-FL8 Issuer
Debt Instrument [Line Items]
Par Value Issued	$ 66,000
Par Value Outstanding	$ 66,000
Interest Rate	1.85%
U.S. Bank National Association | Secured debt | Class B Notes - 2022-FL8 Issuer
Debt Instrument [Line Items]
Par Value Issued	$ 55,500
Par Value Outstanding	$ 55,500
Interest Rate	2.05%
U.S. Bank National Association | Secured debt | Class C Notes - 2022-FL8 Issuer
Debt Instrument [Line Items]
Par Value Issued	$ 67,500
Par Value Outstanding	$ 67,500
Interest Rate	2.30%
U.S. Bank National Association | Secured debt | Class D Notes - 2022-FL8 Issuer
Debt Instrument [Line Items]
Par Value Issued	$ 81,000
Par Value Outstanding	$ 81,000
Interest Rate	3.50%
U.S. Bank National Association | Secured debt | Class E Notes - 2022-FL8 Issuer
Debt Instrument [Line Items]
Par Value Issued	$ 25,500
Par Value Outstanding	$ 0
Interest Rate	3.50%
1M LIBOR | U.S. Bank National Association | Secured debt | Tranche A Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Interest Rate	1.05%	1.05%
1M LIBOR | U.S. Bank National Association | Secured debt | Tranche A-S Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Interest Rate	1.30%	1.30%
1M LIBOR | U.S. Bank National Association | Secured debt | Tranche B Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Interest Rate	1.60%	1.60%
1M LIBOR | U.S. Bank National Association | Secured debt | Tranche C Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Interest Rate	2.10%	2.10%
1M LIBOR | U.S. Bank National Association | Secured debt | Tranche D Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Interest Rate	2.75%	2.75%
1M LIBOR | U.S. Bank National Association | Secured debt | Tranche E Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Interest Rate	3.05%	3.05%
1M LIBOR | U.S. Bank National Association | Secured debt | Tranche A Notes - 2019-FL5 Issuer
Debt Instrument [Line Items]
Interest Rate	1.15%	1.15%
1M LIBOR | U.S. Bank National Association | Secured debt | Tranche A-S Notes - 2019-FL5 Issuer
Debt Instrument [Line Items]
Interest Rate	1.48%	1.48%
1M LIBOR | U.S. Bank National Association | Secured debt | Tranche B Notes - 2019-FL5 Issuer
Debt Instrument [Line Items]
Interest Rate	1.40%	1.40%
1M LIBOR | U.S. Bank National Association | Secured debt | Tranche C Notes - 2019-FL5 Issuer
Debt Instrument [Line Items]
Interest Rate	2.00%	2.00%
1M LIBOR | U.S. Bank National Association | Secured debt | Tranche D Notes - 2019-FL5 Issuer
Debt Instrument [Line Items]
Interest Rate	2.40%	2.40%
1M LIBOR | U.S. Bank National Association | Secured debt | Tranche E Notes - 2019-FL5 Issuer
Debt Instrument [Line Items]
Interest Rate	2.85%	2.85%
1M LIBOR | U.S. Bank National Association | Secured debt | Class A Notes - 2021-FL6 Issuer
Debt Instrument [Line Items]
Interest Rate	1.10%	1.10%
1M LIBOR | U.S. Bank National Association | Secured debt | Class A-S Notes - 2021-FL6 Issuer
Debt Instrument [Line Items]
Interest Rate	1.30%	1.30%
1M LIBOR | U.S. Bank National Association | Secured debt | Class B Notes - 2021-FL6 Issuer
Debt Instrument [Line Items]
Interest Rate	1.60%	1.60%
1M LIBOR | U.S. Bank National Association | Secured debt | Class C Notes - 2021-FL6 Issuer
Debt Instrument [Line Items]
Interest Rate	2.05%	2.05%
1M LIBOR | U.S. Bank National Association | Secured debt | Class D Notes - 2021-FL6 Issuer
Debt Instrument [Line Items]
Interest Rate	3.00%	3.00%
1M LIBOR | U.S. Bank National Association | Secured debt | Class E Notes - 2021-FL6 Issuer
Debt Instrument [Line Items]
Interest Rate	3.50%	3.50%
1M LIBOR | U.S. Bank National Association | Secured debt | Class A Notes - 2021-FL7 Issuer
Debt Instrument [Line Items]
Interest Rate	1.32%	1.32%
1M LIBOR | U.S. Bank National Association | Secured debt | Class A-S Notes - 2021-FL7 Issuer
Debt Instrument [Line Items]
Interest Rate	1.65%	1.65%
1M LIBOR | U.S. Bank National Association | Secured debt | Class B Notes - 2021-FL7 Issuer
Debt Instrument [Line Items]
Interest Rate	2.05%	2.05%
1M LIBOR | U.S. Bank National Association | Secured debt | Class C Notes - 2021-FL7 Issuer
Debt Instrument [Line Items]
Interest Rate	2.30%	2.30%
1M LIBOR | U.S. Bank National Association | Secured debt | Class D Notes - 2021-FL7 Issuer
Debt Instrument [Line Items]
Interest Rate	2.75%	2.75%
1M LIBOR | U.S. Bank National Association | Secured debt | Class E Notes - 2021-FL7 Issuer
Debt Instrument [Line Items]
Interest Rate	3.40%	3.40%

Debt - Collateralized Loan Ob_2

Debt - Collateralized Loan Obligation (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Variable Interest Entity [Line Items]
Cash	$ 117,064	$ 154,929	$ 99,099
Commercial mortgage loans, held for investment, net	4,530,451	4,211,061
Accrued interest receivable	24,787	30,109
Total assets	7,112,155	9,474,701
Notes payable	23,998	23,998
Accrued interest payable	3,309	2,692
Total liabilities	5,362,687	7,666,645
Allowance for credit loss	14,933	15,827
Collaterized loan obligation
Variable Interest Entity [Line Items]
Cash	178,313	187,668
Commercial mortgage loans, held for investment, net	3,600,351	2,629,431
Accrued interest receivable	7,833	5,918
Total assets	3,786,497	2,823,017
Notes payable	3,336,459	2,482,762
Accrued interest payable	2,495	1,598
Total liabilities	3,338,954	2,484,360
Restricted cash	177,400	187,000
Allowance for credit loss	8,500	8,700
Collateralized loan obligation excluded	452,600	320,600
Deferred financing cost and discount	$ 20,500	$ 17,300

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator
Net income/(loss)	$ (22,507)	$ 30,146
Less: Preferred stock dividends	21,011	3,511
Less: Undistributed earnings allocated to preferred stock	0	3,227
Net income attributable to common stockholders, diluted	(43,518)	23,408
Net income attributable to common stockholders, basic	$ (43,518)	$ 23,408
Denominator
Weighted-average common shares outstanding for basic earnings per share (in shares)	43,956,965	44,290,177
Unvested restricted shares (in shares)	0	15,888
Weighted-average common shares outstanding for diluted earnings per share (in shares)	43,956,965	44,306,065
Basic earnings per share (in dollars per share)	$ (0.99)	$ 0.53
Diluted earnings per share (in dollars per share)	$ (0.99)	$ 0.53
Restricted Stock
Denominator
Antidilutive securities excluded from computation of earnings per share (in shares)	368,257

Stock Transactions - Narrative

Stock Transactions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 19, 2022	Apr. 30, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Minimum distribution percentage to qualify for REIT taxation status			90.00%
Distribution percentage required to avoid paying federal income taxes			100.00%
Total distributions			$ 12,500	$ 12,200
Cash distributions			12,400	9,700
Common stock issued under DRIP			100	2,600
Distributions payable			$ 36,735	$ 14,585	$ 30,346
Common Stock
Class of Stock [Line Items]
Shares outstanding (in shares)			44,471,127	44,135,659	43,965,928	44,510,051
Common stock dividends declared (in dollars per share)			$ 0.355
Cash paid for common stock dividends (in dollars per share)			0.355
Cash paid for common stock dividends, per annum (in dollars per share)			$ 1.42
Distributions payable			$ 15,700		$ 12,500
Series C preferred stock
Class of Stock [Line Items]
Shares outstanding (in shares)			1,400		1,400
Preferred stock dividends declared (in dollars per share)			$ 106.22
Series C preferred stock | Preferred Stock
Class of Stock [Line Items]
Distributions payable			$ 200		$ 100
Series C preferred stock | Subsequent Event
Class of Stock [Line Items]
Cash paid for preferred stock dividends (in dollars per share)		$ 106.22
Series D Preferred Stock
Class of Stock [Line Items]
Shares outstanding (in shares)			17,950		17,950
Preferred stock dividends declared (in dollars per share)			$ 106.22
Series D Preferred Stock | Preferred Stock
Class of Stock [Line Items]
Distributions payable			$ 1,900		$ 1,500
Series D Preferred Stock | Subsequent Event
Class of Stock [Line Items]
Cash paid for preferred stock dividends (in dollars per share)		106.22
Series E Preferred Stock
Class of Stock [Line Items]
Shares outstanding (in shares)			10,329,039		10,329,039
Preferred stock dividends declared (in dollars per share)			$ 0.46875
Series E Preferred Stock | Preferred Stock
Class of Stock [Line Items]
Distributions payable			$ 4,800		$ 4,800
Series E Preferred Stock | Subsequent Event
Class of Stock [Line Items]
Cash paid for preferred stock dividends (in dollars per share)		$ 0.46875
Series F Preferred Stock
Class of Stock [Line Items]
Shares outstanding (in shares)			39,733,299		39,733,299
Series F Preferred Stock | Preferred Stock
Class of Stock [Line Items]
Distributions payable			$ 14,100		$ 11,300
Series F Preferred Stock | Subsequent Event
Class of Stock [Line Items]
Outstanding preferred stock converted to common stock (in shares)	39,733,299

Stock Transactions - Preferred

Stock Transactions - Preferred Stock Activity (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends paid in Preferred Stock		$ 91	$ 2,585
Series C preferred stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		1,400	1,400
Beginning balance		$ 6,971	$ 6,962
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	0
Amortization of offering costs		$ 2	$ 2
Ending balance (in shares)	1,400	1,400	1,400
Ending balance	$ 6,964	$ 6,973	$ 6,964
Series D Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		17,950	0
Beginning balance		$ 89,684	$ 0
Issuance of Preferred Stock (in shares)	3,000	0	17,950
Issuance of Preferred Stock		$ 0	$ 89,748
Dividends paid in Preferred Stock (in shares)		0	0
Dividends paid in Preferred Stock		$ 0	$ 0
Offering costs		0	(26)
Amortization of offering costs		$ 7	$ 0
Ending balance (in shares)	17,950	17,950	17,950
Ending balance	$ 89,722	$ 89,691	$ 89,722
Series E Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		10,329,039
Beginning balance		$ 258,742
Issuance of Preferred Stock (in shares)		0
Issuance of Preferred Stock		$ 0
Dividends paid in Preferred Stock (in shares)		0
Dividends paid in Preferred Stock		$ 0
Offering costs		0
Amortization of offering costs		$ 0
Ending balance (in shares)		10,329,039
Ending balance		$ 258,742
Series F Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		39,733,299
Beginning balance		$ 710,431
Issuance of Preferred Stock (in shares)		0
Issuance of Preferred Stock		$ 0
Dividends paid in Preferred Stock (in shares)		0
Dividends paid in Preferred Stock		$ 0
Offering costs		0
Amortization of offering costs		$ 0
Ending balance (in shares)		39,733,299
Ending balance		$ 710,431

Commitments and Contingencies -

Commitments and Contingencies - Unfunded Commitments (Details) - Unfunded commitments under commercial mortgage loans - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
2022	$ 17,538	$ 25,864
2023	102,288	123,860
2024	245,726	271,056
2025 and beyond	35,126	37,325
Total	$ 400,678	$ 458,105

Related Party Transactions an_3

Related Party Transactions and Arrangements - Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended		12 Months Ended
	Mar. 31, 2021	Aug. 31, 2020	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Sep. 17, 2021	Aug. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Interest Expense			$ 7,377,000		$ 16,747,000
Unsecured debt			98,620,000		$ 148,594,000
Issuance of common stock			$ 0	$ 0
Series D Preferred Stock
Related Party Transaction [Line Items]
Preferred stock, shares outstanding (in shares)	17,950		17,950	17,950	17,950			0
Stock exchanges for other series of preferred stock (in shares)	14,950
Issuance of common stock (in shares)	3,000		0	17,950
Issuance of common stock	$ 15,000,000
Unsecured debt | Security benefit life insurance company
Related Party Transaction [Line Items]
Debt instrument, face amount		$ 100,000,000
Interest Expense			$ 300,000
Unsecured debt			$ 0
Unsecured debt | Security benefit life insurance company | LIBOR
Related Party Transaction [Line Items]
Interest Rate		4.50%
Industrial | Jeffersonville, GA
Related Party Transaction [Line Items]
Real estate investment property, net						$ 139,500,000
Industrial | Jeffersonville, GA | Mortgages
Related Party Transaction [Line Items]
Debt instrument, face amount						112,700,000
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 | Franklin BSP Realty Trust, Inc | Jeffersonville, GA | September 2021 Mortgage Note Payable, Eliminated in Consolidation | Mortgages
Related Party Transaction [Line Items]
Debt instrument, face amount						88,700,000	$ 88,700,000
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
Industrial | JV Affiliate | Jeffersonville, GA | September 2021 Mortgage Note Payable, Affiliate | Mortgages
Related Party Transaction [Line Items]
Debt instrument, face amount						$ 24,000,000	$ 24,000,000
Benefit Street Partners LLC | Affiliated entity
Related Party Transaction [Line Items]
Monthly asset management fee			0.125%
Subordinated performance fee, percent that total return exceeds per year			6.00%
Percent of excess total return			15.00%
Maximum annual subordinated performance fee payable percent of total return			10.00%
Benefit Street Partners LLC | Affiliated entity | Fee to acquire and originate real estate debt
Related Party Transaction [Line Items]
Transaction rate			0.50%

Related Party Transactions an_4

Related Party Transactions and Arrangements - Amount Contractually Due and Forgiven (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Payable to related party	$ 21,898		$ 17,538
Affiliated entity
Related Party Transaction [Line Items]
Total expenses from transactions with related party	10,666	$ 9,072
Payable to related party	21,898		17,538
Affiliated entity | Acquisition expenses | Nonrecurring fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	315	153
Payable to related party	0		0
Affiliated entity | Administrative services expenses | Nonrecurring fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	3,353	3,474
Payable to related party	3,353		0
Affiliated entity | Asset management and subordinated performance fee | Nonrecurring fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	6,745	5,416
Payable to related party	17,586		15,595
Affiliated entity | Other related party expenses | Nonrecurring fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	253	29
Payable to related party	959		$ 1,943
Affiliated entity | Acquisition fees and expenses, including amount capitalized | Nonrecurring fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	3,200	2,600
Affiliated entity | Acquisition fees and expenses, amount capitalized | Nonrecurring fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	$ 2,900	$ 2,400

Share-based Compensation - Narr

Share-based Compensation - Narrative (Details)	3 Months Ended
	Mar. 31, 2022USD ($)shares
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) | shares	4,000,000
2021 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares remaining available for issuance (in shares) | shares	5,007,893
Restricted Stock Units (RSUs) | 2021 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense associated with RSUs | $	$ 412,000
Unrecognized estimated compensation expense | $	$ 4,500,000
Weighted average period for recognition	1 year 9 months 18 days

Share-based Compensation - Unve

Share-based Compensation - Unvested Restricted Stock Units (Details) - Restricted Stock Units (RSUs) - 2021 Incentive Plan	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Number of shares
Beginning balance (in shares) | shares	0
Grants (in shares) | shares	492,107
Forfeitures (in shares) | shares	0
Vested (in shares) | shares	0
Ending balance (in shares) | shares	492,107
Weighted Avg Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 0
Grants (in dollars per share) | $ / shares	14.34
Forfeitures (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	0
Ending balance (in dollars per share) | $ / shares	$ 14.34

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Financial Instruments Carried at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets, at fair value
Real estate securities, trading, measured at fair value	$ 1,949,336	$ 4,566,871
Commercial mortgage loans, held for sale, measured at fair value	107,978	34,718
Derivative instruments, measured at fair value	478	436
Liabilities, at fair value
Liabilities	3,753	32,295
Fair Value, Measurements, Recurring
Assets, at fair value
Real estate securities, trading, measured at fair value	1,949,336	4,566,871
Commercial mortgage loans, held for sale, measured at fair value	107,978	34,718
Other real estate investments, measured at fair value	0	2,074
Total assets, at fair value	2,057,792	4,604,099
Liabilities, at fair value
Total liabilities, at fair value	3,753	32,295
Level I | Fair Value, Measurements, Recurring
Assets, at fair value
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	0
Level II | Fair Value, Measurements, Recurring
Assets, at fair value
Real estate securities, trading, measured at fair value	1,949,336	4,566,871
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	1,949,814	4,567,307
Liabilities, at fair value
Total liabilities, at fair value	3,753	32,295
Level III | Fair Value, Measurements, Recurring
Assets, at fair value
Real estate securities, trading, measured at fair value	0	0
Commercial mortgage loans, held for sale, measured at fair value	107,978	34,718
Other real estate investments, measured at fair value	0	2,074
Total assets, at fair value	107,978	36,792
Liabilities, at fair value
Total liabilities, at fair value	0	0
Credit default swaps
Assets, at fair value
Derivative instruments, measured at fair value	104	0
Liabilities, at fair value
Liabilities	1,493	1,142
Credit default swaps | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative instruments, measured at fair value	104
Liabilities, at fair value
Liabilities	1,493	1,142
Credit default swaps | Level I | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative instruments, measured at fair value	0
Liabilities, at fair value
Liabilities	0	0
Credit default swaps | Level II | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative instruments, measured at fair value	104
Liabilities, at fair value
Liabilities	1,493	1,142
Credit default swaps | Level III | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative instruments, measured at fair value	0
Liabilities, at fair value
Liabilities	0	0
Interest rate swaps
Assets, at fair value
Derivative instruments, measured at fair value	374	312
Liabilities, at fair value
Liabilities	2,260	0
Interest rate swaps | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative instruments, measured at fair value	374	312
Liabilities, at fair value
Liabilities	2,260
Interest rate swaps | Level I | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative instruments, measured at fair value	0	0
Liabilities, at fair value
Liabilities	0
Interest rate swaps | Level II | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative instruments, measured at fair value	374	312
Liabilities, at fair value
Liabilities	2,260
Interest rate swaps | Level III | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative instruments, measured at fair value	0	0
Liabilities, at fair value
Liabilities	0
Treasury note futures
Assets, at fair value
Derivative instruments, measured at fair value	0	124
Liabilities, at fair value
Liabilities	$ 0	0
Treasury note futures | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative instruments, measured at fair value		124
Treasury note futures | Level I | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative instruments, measured at fair value		0
Treasury note futures | Level II | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative instruments, measured at fair value		124
Treasury note futures | Level III | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative instruments, measured at fair value		0
Unsecured debt-related interest rate swap agreements | Fair Value, Measurements, Recurring
Liabilities, at fair value
Liabilities		31,153
Unsecured debt-related interest rate swap agreements | Level I | Fair Value, Measurements, Recurring
Liabilities, at fair value
Liabilities		0
Unsecured debt-related interest rate swap agreements | Level II | Fair Value, Measurements, Recurring
Liabilities, at fair value
Liabilities		31,153
Unsecured debt-related interest rate swap agreements | Level III | Fair Value, Measurements, Recurring
Liabilities, at fair value
Liabilities		$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Valuation Method Of Level 3 Financial Instruments Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held for sale, measured at fair value	$ 107,978	$ 34,718
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	107,978	34,718
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	107,978	34,718
Discounted Cash Flow | Commercial mortgage loans, held for sale, measured at fair value | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held for sale, measured at fair value	$ 107,978	34,718
Discounted Cash Flow | Other real estate investments, measured at fair value | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, available-for-sale, measured at fair value		$ 2,074
Discounted Cash Flow | Weighted Average | Commercial mortgage loans, held for sale, measured at fair value | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield	2.30%	3.40%
Discounted Cash Flow | Weighted Average | Other real estate investments, measured at fair value | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield		10.90%
Discounted Cash Flow | Minimum | Commercial mortgage loans, held for sale, measured at fair value | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield	1.60%	3.20%
Discounted Cash Flow | Minimum | Other real estate investments, measured at fair value | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield		9.90%
Discounted Cash Flow | Maximum | Commercial mortgage loans, held for sale, measured at fair value | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield	5.60%	4.20%
Discounted Cash Flow | Maximum | Other real estate investments, measured at fair value | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield		11.90%

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Changes in the Company's Financial Instruments Classified as Level III (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net accretion	$ 2,542	$ 1,169
Commercial Mortgage Loans, held for sale, measured at fair value | Level III | Fair Value, Measurements, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	34,718	67,649	$ 67,649
Transfers Into Level III	0		0
Realized gain/(loss) on sale of commercial mortgage loans, held for sale, and other real estate investments	1,889		24,208
Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments	(939)		469
Net accretion	0		0
Purchases	150,300		420,673
Sales / paydowns	(77,990)		(478,281)
Transfers out of Level III	0		0
Ending balance	107,978		34,718
Other Real Estate Investments, measured at fair value | Level III | Fair Value, Measurements, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	2,074	$ 2,522	2,522
Transfers Into Level III	0		0
Realized gain/(loss) on sale of commercial mortgage loans, held for sale, and other real estate investments	(33)		0
Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments	4		(19)
Net accretion	0		(3)
Purchases	0		0
Sales / paydowns	(2,045)		(426)
Transfers out of Level III	0		0
Ending balance	$ 0		$ 2,074

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Allowance for credit loss	$ 14,933	$ 15,827
Carrying Amount | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans, held for investment	4,545,384	4,226,888
Collateralized loan obligations	2,883,887	2,162,190
Mortgage note payable	23,998	23,998
Other financing and loan participation - commercial mortgage loans	40,199	37,903
Unsecured debt	98,620	148,594
Allowance for credit loss	14,900	15,800
Fair Value | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans, held for investment	4,568,380	4,249,118
Collateralized loan obligations	2,879,415	2,181,571
Mortgage note payable	23,998	23,998
Other financing and loan participation - commercial mortgage loans	40,199	37,903
Unsecured debt	$ 79,000	$ 125,400

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	May 04, 2022	Jan. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net premiums received on derivative instrument assets	$ 0.8
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount, additions	$ 1,100
Derivative, average fixed interest rate	1.10%
Interest rate swaps on unsecured debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, term of contract	20 years
Derivative, average fixed interest rate			4.09%
Interest Rate Swap, ARM Portfolio
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, average fixed interest rate	0.25%
Derivative, notional amount, terminated	$ 3,300
Interest Rate Swap, ARM Portfolio | Subsequent Event
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, average fixed interest rate		0.28%
Derivative, notional amount, terminated		$ 800
Minimum | Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, term of contract	18 months
Maximum | Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, term of contract	3 years

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Outstanding Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jan. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional	$ 1,686,000		$ 3,796,860
Assets	478		436
Liabilities	3,753		32,295
Credit default swaps
Derivative [Line Items]
Notional	98,000		47,000
Assets	104		0
Liabilities	1,493		1,142
Interest rate swaps
Derivative [Line Items]
Notional	1,588,000		3,649,500
Assets	374		312
Liabilities	2,260		0
Interest rate swaps | CMO
Derivative [Line Items]
Notional	1,499,500
Interest rate swaps | TRS
Derivative [Line Items]
Notional	88,500
Interest rate swaps on unsecured debt
Derivative [Line Items]
Notional	0	$ 100,000	100,000
Assets	0		0
Liabilities	0		31,153
Treasury note futures
Derivative [Line Items]
Notional	0		360
Assets	0		124
Liabilities	$ 0		$ 0

Derivative Instruments - Net Re

Derivative Instruments - Net Realized and Unrealized Losses on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	$ 4,963	$ (2,109)
Realized (Gain)/Loss	(34,030)	(1,978)
Credit default swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	99	(163)
Realized (Gain)/Loss	(104)	455
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	4,740	(865)
Realized (Gain)/Loss	(32,987)	(921)
Treasury note futures
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	124	(1,081)
Realized (Gain)/Loss	$ (939)	$ (1,512)

Derivative Instruments - Summar

Derivative Instruments - Summary of Unsecured Debt-Related Effects On Interest Expense And Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of loss reclassified from other comprehensive income	$ 282	$ 0
Amount of gain/(loss) recognized in other comprehensive income	(220)	0
Other Comprehensive Income (Loss)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain/(loss) recognized in other comprehensive income	(220)	0
Interest Expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of loss reclassified from other comprehensive income	$ (282)	$ 0

Derivative Instruments - Sche_2

Derivative Instruments - Schedule Of Trading Securities Portfolio Financing-Related Swap Positions (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Swap Notional Amounts	$ 1,686,000	$ 3,796,860
Third quarter 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Swap Notional Amounts	$ 300,000
Average Fixed Rates	0.03%
Fourth quarter 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Swap Notional Amounts	$ 400,000
Average Fixed Rates	0.07%
First quarter 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Swap Notional Amounts	$ 525,000
Average Fixed Rates	0.77%
Fourth quarter 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Swap Notional Amounts	$ 174,500
Average Fixed Rates	0.11%
First quarter 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Swap Notional Amounts	$ 100,000
Average Fixed Rates	2.28%
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Swap Notional Amounts	$ 1,588,000	$ 3,649,500
Average Fixed Rates	1.10%
Interest rate swaps | CMO
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Swap Notional Amounts	$ 1,499,500

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities - Offsetting Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Offsetting Derivative Assets [Abstract]
Gross Amounts of Recognized Assets	$ 478	$ 436
Gross Amounts Offset on the Balance Sheet	0	0
Net Amount of Assets Presented on the Balance Sheet	478	436
Financial Instruments	0	0
Cash Collateral	0	0
Net Amount	$ 478	$ 436

Offsetting Assets and Liabili_4

Offsetting Assets and Liabilities - Offsetting Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Offsetting Derivative Liabilities [Abstract]
Derivative instruments, at fair value, gross amounts recognized	$ 3,753	$ 32,295
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	3,753	32,295
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	7,069	64,393
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	522,890	1,019,600
Repurchase agreements, gross amounts offset on the balance sheet	0	0
Repurchase agreements, net amount of liabilities presented on the balance sheet	522,890	1,019,600
Repurchase agreements, gross amounts not offset on the balance sheet, financial instruments	813,303	1,460,317
Repurchase agreements, gross amounts not offset on the balance sheet, cash collateral pledged	5,010	5,015
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	1,714,541	4,178,784
Repurchase agreements, gross amounts offset on the balance sheet	0	0
Repurchase agreements, net amount of liabilities presented on the balance sheet	1,714,541	4,178,784
Repurchase agreements, gross amounts not offset on the balance sheet, financial instruments	1,801,381	4,370,239
Repurchase agreements, gross amounts not offset on the balance sheet, cash collateral pledged	0	0
Repurchase agreements, net amount	$ 0	$ 0

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Interest income	$ 75,258	$ 42,237
Revenue from real estate owned	2,312	716
Interest expense	22,480	11,369
Net income/(loss)	(22,507)	30,146
Assets	7,112,155		$ 9,474,701
Real Estate Debt and Other Real Estate Investments
Segment Reporting Information [Line Items]
Interest income	55,687	40,757
Revenue from real estate owned	0	0
Interest expense	19,464	10,574
Net income/(loss)	22,092	23,033
Assets	4,346,668		4,205,883
Real Estate Securities
Segment Reporting Information [Line Items]
Interest income	18,885	424
Revenue from real estate owned	0	0
Interest expense	2,616	182
Net income/(loss)	(45,311)	(454)
Assets	2,496,732		5,054,394
TRS
Segment Reporting Information [Line Items]
Interest income	686	1,056
Revenue from real estate owned	0	0
Interest expense	206	332
Net income/(loss)	(107)	7,538
Assets	127,392		72,840
Real Estate Owned
Segment Reporting Information [Line Items]
Interest income	0	0
Revenue from real estate owned	2,312	716
Interest expense	194	281
Net income/(loss)	819	$ 29
Assets	$ 141,363		$ 141,584

Subsequent Events (Details)

Subsequent Events (Details)	Apr. 19, 2022shares
Subsequent Event | Series F Preferred Stock
Subsequent Event [Line Items]
Outstanding preferred stock converted to common stock (in shares)	39,733,299