Franklin BSP Realty Trust (FBRT) 10-Q 9 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Oct. 31, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-40923
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		82,479,743
Entity Central Index Key	0001562528
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
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		Sep. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents		$ 216,985	$ 154,929
Restricted cash		45,013	13,270
Commercial mortgage loans, held for investment, net of allowance of $46,815 and $15,827 as of September 30, 2022 and December 31, 2021, respectively		5,281,458	4,211,061
Commercial mortgage loans, held for sale, measured at fair value		41,342	34,718
Real estate securities, trading, measured at fair value		252,491	4,566,871
Real estate securities, available for sale, measured at fair value, amortized cost of $74,998 as of September 30, 2022		74,625	0
Derivative instruments, measured at fair value		3,546	436
Other real estate investments, measured at fair value		0	2,074
Receivable for loan repayment	[1]	87,356	252,351
Accrued interest receivable		26,287	30,109
Prepaid expenses and other assets		14,383	13,595
Intangible lease asset, net of amortization		46,313	48,472
Real estate owned, net of depreciation		88,322	90,048
Cash collateral receivable from derivative counterparties		0	56,767
Total assets		6,178,121	9,474,701
LIABILITIES AND STOCKHOLDERS' EQUITY
Collateralized loan obligations		3,174,530	2,162,190
Mortgage note payable		23,998	23,998
Unsecured debt		98,670	148,594
Derivative instruments, measured at fair value		12	32,295
Interest payable		8,472	2,692
Distributions payable		36,546	30,346
Accounts payable and accrued expenses		52,731	12,705
Due to affiliates		16,444	17,538
Total liabilities		4,501,591	7,666,645
Commitment and contingencies (See Note 10)
Redeemable Convertible Preferred Stock		96,724	96,655
Equity:
Common stock, $0.01 par value, 900,000,000 shares authorized, 83,362,351 and 43,965,928 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively		830	441
Additional paid-in capital		1,605,120	903,264
Accumulated other comprehensive income (loss)		(373)	(62)
Accumulated deficit		(290,277)	(167,179)
Total stockholders' equity		1,574,042	1,705,637
Non-controlling interest		5,764	5,764
Total equity		1,579,806	1,711,401
Total liabilities, redeemable convertible preferred stock and equity		6,178,121	9,474,701
Series C Preferred Stock
LIABILITIES AND STOCKHOLDERS' EQUITY
Redeemable Convertible Preferred Stock		6,976	6,971
Series D Preferred Stock
LIABILITIES AND STOCKHOLDERS' EQUITY
Redeemable Convertible Preferred Stock		0	89,684
Series H Preferred Stock
LIABILITIES AND STOCKHOLDERS' EQUITY
Redeemable Convertible Preferred Stock		89,748	0
Series E Preferred Stock
Equity:
Preferred stock, value, issued		258,742	258,742
Series F Preferred Stock
Equity:
Preferred stock, value, issued		0	710,431
CMBS
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		699,408	1,019,600
Other financing and loan participation - commercial mortgage loans		53,167	37,903
Real Estate Securities
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		$ 337,613	$ 4,178,784
[1]Includes $86.9 million and $187.0 million of cash held by servicer related to the CLOs as of September 30, 2022 and December 31, 2021, respectively, as well as $0.4 million and $65.3 million of RMBS principal paydowns receivable as of September 30, 2022 and December 31, 2021, respectively.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Allowance for loan losses	$ 46,815	$ 15,827
Amortized cost	$ 74,998
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 - at par value, shares outstanding (in shares)	83,362,351	43,965,928
Common stock, shares issued (in shares)	83,362,351	43,965,928
Residential mortgage backed securities, principal paydowns, receivable	$ 400	$ 65,300
Collaterized loan obligation
Restricted cash	$ 86,900	$ 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)	0	20,000
Preferred stock, shares outstanding (in shares)	0	17,950
Preferred stock, shares issued (in shares)		17,950
Series H Preferred Stock
Preferred stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	20,000	0
Preferred stock, shares outstanding (in shares)	17,950	0
Preferred stock, shares issued (in shares)	17,950
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	7.50%	7.50%
Series F Preferred Stock
Preferred stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	0	40,000,000
Preferred stock, shares outstanding (in shares)	0	39,733,299
Preferred stock, shares issued (in shares)		39,733,299

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income:
Interest income	$ 94,131	$ 47,747	$ 239,602	$ 138,969
Less: Interest expense	46,157	11,988	101,444	35,994
Net interest income	47,974	35,759	138,158	102,975
Revenue from real estate owned	2,312	1,015	6,936	2,447
Total income	50,286	36,774	145,094	105,422
Expenses:
Asset management and subordinated performance fee	6,430	8,265	19,776	19,682
Acquisition expenses	362	690	996	1,012
Administrative services expenses	3,001	2,980	9,402	9,532
Professional fees	4,743	2,488	20,138	7,262
Depreciation and amortization	1,295	0	3,886	812
Other expenses	1,424	709	4,849	2,115
Total expenses	17,255	15,132	59,047	40,415
Other (income)/loss:
Provision/(benefit) for credit losses	(599)	(1,613)	30,976	(5,452)
Realized (gain)/loss on extinguishment of debt	0	0	(15)	0
Realized (gain)/loss on sale of commercial mortgage loans, held for sale	(9)	(206)	(48)	(206)
Realized (gain)/loss on sale of real estate owned assets, held for sale	0	(8,698)	0	(9,810)
Realized (gain)/loss on sale of commercial mortgage loans, held for sale, measured at fair value	(4,782)	(9,061)	(4,838)	(22,211)
Realized (gain)/loss on other real estate investments, measured at fair value	0	0	33	0
Unrealized (gain)/loss on commercial mortgage loans, held for sale, measured at fair value	(58)	1,104	3,678	0
Unrealized (gain)/loss on other real estate investments, measured at fair value	0	(1)	(4)	(27)
Trading (gain)/loss	2,744	0	113,717	1,375
Unrealized (gain)/loss on derivatives	(1,566)	(1,428)	12,824	(374)
Realized (gain)/loss on derivatives	1,624	1,902	(57,599)	(357)
Total other (income)/loss	(2,646)	(18,001)	98,724	(37,062)
Income/(loss) before taxes	35,677	39,643	(12,677)	102,069
Provision/(benefit) for income tax	419	1,148	281	3,418
Net income/(loss)	35,258	38,495	(12,958)	98,651
Net income/(loss) applicable to common stock, basic	28,359	29,490	(47,823)	75,905
Net income/(loss) applicable to common stock, diluted	$ 28,359	$ 29,490	$ (47,823)	$ 75,905
Basic earnings per share (in dollars per share)	$ 0.34	$ 0.67	$ (0.70)	$ 1.72
Diluted earnings per share (in dollars per share)	$ 0.34	$ 0.67	$ (0.70)	$ 1.71
Basic weighted average shares outstanding (in shares)	83,665,250	44,185,241	67,965,397	44,245,733
Diluted weighted average shares outstanding (in shares)	83,665,250	44,200,564	67,965,397	44,261,470

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income/(loss)	$ 35,258	$ 38,495	$ (12,958)	$ 98,651
Unrealized gain/(loss) on available for sale securities	(373)	0	(373)	8,256
Amounts related to cash flow hedges:
Change in net unrealized gain/(loss)	0	0	(220)	0
Reclassification adjustment for amounts included in net income/(loss)	0	0	282	0
Total unrealized gain (loss)	0	0	62	0
Comprehensive income/(loss) attributable to Franklin BSP Realty Trust, Inc.	$ 34,885	$ 38,495	$ (13,269)	$ 106,907

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Series F Preferred Stock	Total Stockholders' Equity	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income/(Loss)	Accumulated Deficit	Preferred Stock Series E Preferred Stock	Preferred Stock Series 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]
Common stock shares repurchased (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/(loss)	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, 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]
Preferred F exchanged for common stock (in shares)		0
Preferred F exchanged for common stock		$ 0
Net income/(loss)	98,651
Ending balance (in shares) at Sep. 30, 2021				44,162,657
Ending balance, total equity at Sep. 30, 2021	852,880		847,116	$ 443	906,517	0	(59,844)	0	0	5,764
Beginning balance (in shares) at Mar. 31, 2021				44,135,659
Beginning balance, total equity at Mar. 31, 2021	814,460		814,460	$ 443	906,200	(214)	(91,969)	0	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				504
Common stock shares repurchased (in shares)				(3,784)
Common stock repurchases	(66)		(66)		(66)
Common stock issued through distribution reinvestment plan (in shares)				141,270
Common stock issued through distribution reinvestment plan	2,524		2,524	$ 1	2,523
Share-based compensation (in shares)				11,184
Share-based compensation	53		53		53
Offering costs	(21)		(21)		(21)
Net income/(loss)	30,010		30,010				30,010
Distributions declared	(15,898)		(15,898)				(15,898)
Other comprehensive income/(loss)	214		214			214
Ending balance (in shares) at Jun. 30, 2021				44,284,833
Ending balance, total equity at Jun. 30, 2021	831,276		831,276	$ 444	908,689	0	(77,857)	0	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock shares repurchased (in shares)				(123,257)
Common stock repurchases	(2,204)		(2,204)	$ (1)	(2,203)
Common stock issued through distribution reinvestment plan (in shares)				1,081
Common stock issued through distribution reinvestment plan	1		1		1
Share-based compensation	52		52		52
Offering costs	(22)		(22)		(22)
Net income/(loss)	38,495		38,495				38,495
Distributions declared	(20,482)		(20,482)				(20,482)
Non-controlling interest	5,764									5,764
Ending balance (in shares) at Sep. 30, 2021				44,162,657
Ending balance, total equity at Sep. 30, 2021	$ 852,880		847,116	$ 443	906,517	0	(59,844)	0	0	5,764
Beginning balance (in shares) at Dec. 31, 2021	43,965,928			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]
Common stock issued through distribution reinvestment plan (in shares)				5,982
Common stock issued through distribution reinvestment plan	91		91		91
Share-based compensation (in shares)				499,217
Share-based compensation	500		500		500
Net income/(loss)	(22,507)		(22,507)				(22,507)
Distributions declared	(36,743)		(36,743)				(36,743)
Other comprehensive income/(loss)	62		62			62
Ending balance (in shares) at Mar. 31, 2022				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
Beginning balance (in shares) at Dec. 31, 2021	43,965,928			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]
Common stock shares repurchased (in shares)	(931,053)
Common stock repurchases	$ (11,000)
Preferred F exchanged for common stock (in shares)		39,733,299
Preferred F exchanged for common stock		$ 710,431
Net income/(loss)	$ (12,958)
Ending balance (in shares) at Sep. 30, 2022	83,362,351			83,362,351
Ending balance, total equity at Sep. 30, 2022	$ 1,579,806		1,574,042	$ 830	1,605,120	(373)	(290,277)	258,742	0	5,764
Beginning balance (in shares) at Mar. 31, 2022				44,471,127
Beginning 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock shares repurchased (in shares)				743
Share-based compensation (in shares)				21,459
Share-based compensation	721		721		721
Preferred F exchanged for common stock (in shares)				39,733,299
Preferred F exchanged for common stock	0		0	$ 397	710,034				(710,431)
Net income/(loss)	(25,709)		(25,709)				(25,709)
Distributions declared	(36,848)		(36,848)				(36,848)
Ending balance (in shares) at Jun. 30, 2022				84,226,628
Ending balance, total equity at Jun. 30, 2022	1,590,968		1,585,204	$ 838	1,614,610	0	(288,986)	258,742	0	5,764
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock shares repurchased (in shares)				(931,053)
Common stock repurchases	(11,035)		(11,035)	$ (9)	(11,026)
Common stock issued through distribution reinvestment plan (in shares)				66,776
Common stock issued through distribution reinvestment plan	907		907	$ 1	906
Share-based compensation	630		630		630
Net income/(loss)	35,258		35,258				35,258
Distributions declared	(36,549)		(36,549)				(36,549)
Other comprehensive income/(loss)	$ (373)		(373)			(373)
Ending balance (in shares) at Sep. 30, 2022	83,362,351			83,362,351
Ending balance, total equity at Sep. 30, 2022	$ 1,579,806		$ 1,574,042	$ 830	$ 1,605,120	$ (373)	$ (290,277)	$ 258,742	$ 0	$ 5,764

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Cash flows from operating activities:
Net income/(loss)	$ 35,258	$ (22,507)	$ 38,495	$ 30,146	$ (12,958)	$ 98,651
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:
Premium amortization and (discount accretion), net					(8,780)	(4,421)
Accretion of deferred commitment fees					(6,795)	(6,429)
Amortization of deferred financing costs					9,737	3,820
Share-based compensation					1,850	160
Realized (gain)/loss from sale of real estate owned, held for sale					0	(9,810)
Realized (gain)/loss from sale of other real estate investments					33	0
Realized (gain)/loss on extinguishment of debt	0		0		(15)	0
Realized (gain)/loss on swap terminations					(55,301)	0
Trading (gain)/loss					113,717	1,375
Unrealized (gain)/loss from commercial mortgage loans, held for sale					3,678	0
Unrealized (gain)/loss from derivative instruments					12,824	(374)
Unrealized (gain)/loss from other real estate investments					(4)	(27)
Depreciation and amortization					3,886	812
Provision/(benefit) for credit losses	(599)		(1,613)		30,976	(5,452)
Origination of commercial mortgage loans, held for sale, measured at fair value					(343,096)	(321,278)
Proceeds from sale of commercial mortgage loans, held for sale, measured at fair value					332,794	388,828
Changes in assets and liabilities:
Accrued interest receivable					7,336	4,593
Prepaid expenses and other assets					(4,047)	1,434
Accounts payable and accrued expenses					40,114	4,547
Due to affiliates					(1,094)	7,615
Interest payable					5,780	(1,005)
Net cash (used in)/provided by operating activities					130,635	163,039
Cash flows from investing activities:
Origination and purchase of commercial mortgage loans, held for investment					(1,964,212)	(1,388,777)
Principal repayments received on commercial mortgage loans, held for investment					965,681	771,878
Proceeds from (purchase)/sale of other real estate investments					2,045	0
Purchase of real estate owned and capital expenditures					0	(134,052)
Proceeds from sale of real estate owned, held for sale					0	29,914
Purchase of real estate securities, available for sale					(74,998)	0
Proceeds from sale of commercial mortgage loans, held for sale					9,296	38,161
Proceeds from sale/(repayment) of real estate securities					3,731,716	178,017
Principal collateral on mortgage investments					533,852	0
Payments of derivative instruments					(1,333)	(4)
Net cash (used in)/provided by investing activities					3,202,047	(504,863)
Cash flows from financing activities:
Proceeds from issuances of redeemable convertible preferred stock					0	15,000
Payments for common stock repurchases					(11,035)	(11,417)
Borrowings on collateralized loan obligations					1,630,639	612,723
Repayments of collateralized loan obligations					(609,530)	(442,672)
Borrowings on repurchase agreements - commercial mortgage loans					1,791,951	812,528
Repayments of repurchase agreements - commercial mortgage loans					(2,112,143)	(538,712)
Borrowings on repurchase agreements - real estate securities					17,711,125	175,822
Repayments of repurchase agreements - real estate securities					(21,552,296)	(316,118)
Proceeds from other financing and loan participation - commercial mortgage loans					15,264	6,055
Borrowings on unsecured debt					0	160,000
Repayments of unsecured debt					(50,000)	(100,000)
Borrowing on mortgage note payable					0	23,940
Payments of deferred financing costs					(15,163)	(4,497)
Cash collateral received on interest rate swaps					56,767	0
Proceeds from interest rate swap settlements					8,479	0
Distributions paid					(102,941)	(42,064)
Net cash (used in)/provided by financing activities:					(3,238,883)	350,588
Net change in cash, cash equivalents and restricted cash					93,799	8,764
Cash, cash equivalents and restricted cash, beginning of period		$ 168,199		$ 92,141	168,199	92,141	$ 92,141
Cash, cash equivalents and restricted cash, end of period	261,998		100,905		261,998	100,905	168,199
Supplemental disclosures of cash flow information:
Cash payments for income taxes					1,199	80
Cash payments for interest					85,927	33,312
Supplemental disclosures of non - cash flow information:
Distribution payable	36,546		20,447		36,546	20,447	30,346
Common stock issued through distribution reinvestment plan					998	5,110
Loans transferred to commercial real estate loans, held for sale					9,296	0
Reconciliation of cash, cash equivalents and restricted cash at end of period:
Cash and cash equivalents	216,985		91,374		216,985	91,374	154,929
Restricted cash	45,013		9,531		45,013	9,531	13,270
Cash, cash equivalents and restricted cash, end of period	$ 261,998		$ 100,905		261,998	100,905	$ 168,199
Conversion of Series F Preferred Stock to Common Stock
Conversion of stock					710,431	0
Conversion of Series D Preferred Stock to Series H Preferred Stock
Conversion of stock					$ 89,748	$ 0

Organization and Business Opera

Organization and Business Operations	9 Months Ended
	Sep. 30, 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, commercial real estate collateralized loan obligation bonds ("CRE CLO bonds"), 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 a 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. Although the Company continues to hold a small portion of this portfolio it does not intend to do so long-term and intends to reinvest proceeds from this portfolio in its other businesses . The Company also owns real estate that was either acquired by the Company through foreclosure or deed in lieu of foreclosure, or that was purchased for investment, typically subject to triple net leases.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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. 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 September 30, 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 allowances for credit losses required under Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments Credit Losses, are 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. General allowance for credit losses The general 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 general 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 general 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 general 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 general 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 2022 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. Specific allowance for credit losses For financial instruments where, based on the Company’s assessment at the reporting date, 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 as of the reporting date when determining a specific allowance for credit losses. For financial instruments which the Company identifies reasonable doubt as to whether the collection of contractual components can be satisfied, a loan specific allowance analysis is performed. Determining whether a specific allowance for a loan is required entails significant judgment from management and is based on several factors including (i) the underlying collateral performance, (ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact the borrower’s ability to pay the contractual amounts due under the terms of the loan. If a loan is determined to have a specific allowance, the specific allowance is recorded as a component of our Current Expected Credit Loss ("CECL") reserve by applying the practical expedient for collateral dependent loans. The CECL reserve is assessed on an individual basis for such loans by comparing the estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plans, loan sponsorship, actions of other lenders, and other factors deemed relevant by the Company. Actual losses, if any, could ultimately differ materially from these estimates. The Company only expects to write-off specific allowances if and when such amounts are deemed non-recoverable. Non-recoverability is generally determined at the time a loan is settled, or in the case of foreclosure, when the underlying asset is sold. Non-recoverability may also be concluded if, in the Company's determination, it is deemed certain that all amounts due will not be collected. If a loan is determined to be impaired based on the above considerations, management records a write-off through a charge to the "Specific allowance for credit losses" and the respective loan balance. Risk Rating In developing the allowances 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/Defaulted/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/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 allowances 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 balances are written off in a timely manner when loans, real estate securities or preferred equity investments are designated as non-performing and placed on non-accrual or cost recovery status within 90 days of becoming past due. Non-performing status The Company designates loans as non-performing when (i) full payment of principal and coupon interest components become 90-days past due ("non-accrual status"); or (ii) the Company has reasonable doubt as to whether the collection of contractual components can be satisfied ("cost recovery status"). When a loan is designated as non-performing and placed on non-accrual status, interest is only recognized as income when payment has been received. Loans designated as non-performing and placed on non-accrual status are removed from their non-performing designation when collection of principal and coupon interest components have been satisfied. When a loan is designated as non-performing and placed on cost recovery status, the cost-recovery method is applied to which receipt of principal or coupon interest is recorded as a reduction to the amortized cost until collection of all contractual components are 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 focuses on investing in and asset managing real estate securities. Historically this business has focused primarily on CMBS, CRE CLO bonds, unsecured REIT debt, CDO notes and other securities. 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 ARM Agency Securities issued and guaranteed by government-sponsored enterprises, either Fannie Mae, Freddie Mac, or by an agency of the federal government, Ginnie Mae. 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. 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,”), former Series D convertible preferred stock (the “Series D Preferred Stock”), and Series H convertible preferred stock (the “Series H 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. Offering costs for the Series H Preferred Stock were expensed to the Company's consolidated statement of operations. 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 issued for the first time under the 2021 Incentive Plan 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 R

Commercial Mortgage Loans

Commercial Mortgage Loans	9 Months Ended
	Sep. 30, 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): September 30, 2022 December 31, 2021 Senior loans $ 5,311,315 $ 4,204,464 Mezzanine loans 16,958 22,424 Total amortized cost of loans 5,328,273 4,226,888 General allowance for credit losses 19,195 15,827 Specific allowance for credit losses (1) 27,620 — Less: Total Allowance for Credit Losses 46,815 15,827 Total commercial mortgage loans, held for investment, net $ 5,281,458 $ 4,211,061 _________________________________________________________ (1) As of September 30, 2022, the Company recorded a specific reserve with respect to a retail loan designated as non-performing. As of September 30, 2022 and December 31, 2021, the Company's total commercial mortgage loan portfolio, held for investment, 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 September 30, 2022 (dollars in thousands): MultiFamily Retail Office Industrial Mixed Use Hospitality Self-Storage Manufactured Housing Total December 31, 2021 $ 9,681 $ 288 $ 776 $ 86 $ 169 $ 4,597 $ 152 $ 78 $ 15,827 Changes: General provision/(benefit) for credit losses 32 234 (103) 15 (108) (807) (110) (47) (894) March 31, 2022 $ 9,713 $ 522 $ 673 $ 101 $ 61 $ 3,790 $ 42 $ 31 $ 14,933 Changes: General provision/(benefit) for credit losses 4,595 (128) (48) (18) (22) (687) (23) (8) 3,661 Specific provision/(benefit) for credit losses — 28,431 — — — — — — 28,431 June 30, 2022 $ 14,308 $ 28,825 $ 625 $ 83 $ 39 $ 3,103 $ 19 $ 23 $ 47,025 Changes: General provision/(benefit) for credit losses (41) (25) (181) 49 6 793 (13) 13 601 Specific provision/(benefit) for credit losses — (811) — — — — — — (811) September 30, 2022 $ 14,267 $ 27,989 $ 444 $ 132 $ 45 $ 3,896 $ 6 $ 36 $ 46,815 The Company recorded an increase in its general provision for credit losses during the three and nine months ended September 30, 2022 of $0.6 million and $3.4 million, respectively. The primary driver for the higher reserve balance is the change in economic outlook since the end of the prior year. During the nine months ended September 30, 2022, the Company identified a commercial mortgage loan, held for investment secured by a portfolio of 24 retail properties, that was assigned a risk rating of “5” due to certain conditions that negatively impacted the underlying collateral property’s cash flows. Since the loan was considered a collateral-dependent asset under GAAP, as of September 30, 2022 a specific allowance for credit losses of $27.6 million was recorded based on the difference between the Company’s estimation of the fair value of the underlying collateral property, less costs to sell, and the loan’s amortized cost basis. As of September 30, 2022, the loan has a fully funded outstanding principal balance of $109.2 million, and carrying value of $77.9 million. The significant unobservable inputs to the discounted cash flow model used to estimate the fair value of the loan included a capitalization rate, which ranged from 4.75%-6.50%. The following table presents the activity in the Company's allowance for credit losses, for the unfunded loan commitments, as of September 30, 2022 (dollars in thousands): MultiFamily Retail Office Industrial Mixed Use Hospitality Self-Storage Manufactured Housing Total December 31, 2021 $ 137 $ 1 $ 13 $ 3 $ 10 $ 79 $ — $ — $ 243 Changes: General provision/(benefit) for credit losses (32) 15 (4) (2) (10) (28) — — (61) March 31, 2022 $ 105 $ 16 $ 9 $ 1 $ — $ 51 $ — $ — $ 182 Changes: General provision/(benefit) for credit losses 443 (1) 1 (1) — (4) — — 438 June 30, 2022 $ 548 $ 15 $ 10 $ — $ — $ 47 $ — $ — $ 620 Changes: General provision/(benefit) for credit losses (403) — (1) 2 — 11 — 2 (389) September 30, 2022 $ 145 $ 15 $ 9 $ 2 $ — $ 58 $ — $ 2 $ 231 The following tables represent the composition by loan collateral type and region of the Company's commercial mortgage loans, held for investment portfolio (dollars in thousands): September 30, 2022 December 31, 2021 Loan Collateral Type Par Value Percentage Par Value Percentage Multifamily $ 3,992,990 74.7 % $ 2,953,938 69.6 % Hospitality 503,251 9.4 % 460,884 10.9 % Office 456,866 8.6 % 485,575 11.4 % Retail 172,503 3.2 % 104,990 2.5 % Industrial 93,035 1.7 % 88,956 2.1 % Mixed Use 52,500 1.0 % 62,965 1.5 % Self Storage 44,895 0.8 % 56,495 1.3 % Manufactured Housing 34,688 0.6 % 29,159 0.7 % Total $ 5,350,728 100.0 % $ 4,242,962 100.0 % September 30, 2022 December 31, 2021 Loan Region Par Value Percentage Par Value Percentage Southeast $ 2,158,660 40.4 % $ 1,106,439 26.2 % Southwest 1,757,121 32.9 % 1,764,905 41.6 % Mideast 781,379 14.6 % 646,125 15.2 % Far West 232,734 4.3 % 301,040 7.1 % Great Lakes 169,191 3.2 % 183,930 4.3 % Various 109,230 2.0 % 68,896 1.6 % New England 66,065 1.2 % 67,651 1.6 % Rocky Mountain 43,751 0.8 % 43,751 1.0 % Plains 32,597 0.6 % 60,225 1.4 % Total $ 5,350,728 100.0 % $ 4,242,962 100.0 % As of September 30, 2022 and December 31, 2021, the Company's total commercial mortgage loans, held for sale, measured at fair value were comprised of three loans and one loan, respectively. As of September 30, 2022 and December 31, 2021, the contractual principal outstanding of commercial mortgage loans, held for sale, measured at fair value was $44.5 million and $34.3 million, respectively. As of September 30, 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 collateral type and region of the Company's commercial mortgage loans, held for sale, measured at fair value (dollars in thousands): September 30, 2022 December 31, 2021 Loan Collateral Type Par Value Percentage Par Value Percentage Retail $ 25,000 56.1 % $ — — % Hospitality 19,546 43.9 % — — % Office — — % 34,250 100.0 % Total $ 44,546 100.0 % $ 34,250 100.0 % September 30, 2022 December 31, 2021 Loan Region Par Value Percentage Par Value Percentage Southeast $ 37,996 85.3 % $ 34,250 100.0 % Mideast 6,550 14.7 % — — % Total $ 44,546 100.0 % $ 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 September 30, 2022 and December 31, 2021, by loan collateral type, the Company’s internal risk rating and year of origination. The risk ratings are updated as of September 30, 2022. As of September 30, 2022 2022 2021 2020 2019 2018 2017 Total Multifamily: Risk Rating: 1-2 internal grade $ 1,402,934 $ 2,276,836 $ 92,829 $ — $ 37,851 $ — $ 3,810,450 3-4 internal grade — 95,036 10,852 24,058 37,025 — 166,971 Total Multifamily Loans $ 1,402,934 $ 2,371,872 $ 103,681 $ 24,058 $ 74,876 $ — $ 3,977,421 Retail: Risk Rating: 1-2 internal grade $ 20,941 $ 33,870 $ — $ 8,203 $ — $ — $ 63,014 3-4 internal grade — — — — — — — 5 internal grade 105,498 — — — — — 105,498 Total Retail Loans $ 126,439 $ 33,870 $ — $ 8,203 $ — $ — $ 168,512 Office: Risk Rating: 1-2 internal grade $ — $ 50,343 $ 203,840 $ 108,152 $ 18,746 $ — $ 381,081 3-4 internal grade — — 36,343 25,736 12,977 — 75,056 Total Office Loans $ — $ 50,343 $ 240,183 $ 133,888 $ 31,723 $ — $ 456,137 Industrial: Risk Rating: 1-2 internal grade $ 77,712 $ — $ 14,946 $ — $ — $ — $ 92,658 3-4 internal grade — — — — — — — Total Industrial Loans $ 77,712 $ — $ 14,946 $ — $ — $ — $ 92,658 Mixed Use: Risk Rating: 1-2 internal grade $ 19,926 $ 32,446 $ — $ — $ — $ — $ 52,372 3-4 internal grade — — — — — — — Total Mixed Use Loans $ 19,926 $ 32,446 $ — $ — $ — $ — $ 52,372 Hospitality: Risk Rating: 1-2 internal grade $ 129,645 $ 155,287 $ 26,956 $ 58,814 $ 22,195 $ — $ 392,897 3-4 internal grade — — — 29,966 — 78,928 108,894 Total Hospitality Loans $ 129,645 $ 155,287 $ 26,956 $ 88,780 $ 22,195 $ 78,928 $ 501,791 Self-Storage: Risk Rating: 1-2 internal grade $ — $ 14,976 $ 29,846 $ — $ — $ — $ 44,822 3-4 internal grade — — — — — — — Total Self-Storage Loans $ — $ 14,976 $ 29,846 $ — $ — $ — $ 44,822 Manufactured Housing: Risk Rating: 1-2 internal grade $ 10,469 $ 6,674 $ 17,417 $ — $ — $ — $ 34,560 3-4 internal grade — — — — — — — Total Manufactured Housing Loans $ 10,469 $ 6,674 $ 17,417 $ — $ — $ — $ 34,560 Total $ 1,767,125 $ 2,665,468 $ 433,029 $ 254,929 $ 128,794 $ 78,928 $ 5,328,273 As of 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 as of September 30, 2022 (dollars in thousands): Multifamily Retail Office Industrial Mixed Use Hospitality Self-Storage Manufactured Housing Total Status: Current $ 3,977,421 $ 63,014 $ 456,137 $ 92,658 $ 52,372 $ 444,716 $ 44,822 $ 34,560 $ 5,165,700 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) — 105,498 — — — 57,075 — — 162,573 Total $ 3,977,421 $ 168,512 $ 456,137 $ 92,658 $ 52,372 $ 501,791 $ 44,822 $ 34,560 $ 5,328,273 _________________________________________________________ (1) For the three and nine months ended September 30, 2022, there was no interest income recognized on these loans. Non-performing Status The following table presents the amortized cost basis of the loans on nonaccrual status as of September 30, 2022 and December 31, 2021 (dollars in thousands): September 30, 2022 December 31, 2021 Non-performing loan amortized cost at beginning of year, January 1 $ 57,075 $ 94,887 Addition of non-performing loan amortized cost 105,498 — Less: Removal of non-performing loan amortized cost — 37,812 Non-performing loan amortized cost at end of period $ 162,573 $ 57,075 As of September 30, 2022, the Company had two loans with a total amortized cost basis of $162.6 million designated as non-performing status. One loan is for a hotel property located in New York, NY, which was placed on non-accrual status in 2019 and had an amortized cost basis of $57.1 million as of September 30, 2022. No specific allowance for credit losses has been recorded on the loan. The Company did not recognize any interest income on the non-accrual loan during the three and nine months ended September 30, 2022. The second loan relates to a commercial mortgage loan with a fully funded outstanding principal balance of $109.2 million collateralized by a portfolio of retail properties in various locations throughout the United States. The loan has been assigned a risk rating of “5” and concurrently, the Company elected to apply a practical expedient for collateral dependent assets in which the allowance for credit losses is calculated as the difference between the estimated fair value of the underlying collateral, less estimated cost to sell, and the amortized cost basis of the individual loan. As of September 30, 2022, the Company has recorded a specific allowance for credit losses of $27.6 million on this loan. Further, the Company has designated the loan as non-performing and placed the loan on cost recovery status by ceasing the recognition of interest income. Any contractual amounts received are accounted for under the cost-recovery method, until the loan qualifies for return to accrual status. As of September 30, 2022, the Company has received $6.4 million in cost recovery proceeds, which reduced the amortized cost of the loan. As of December 31, 2021, the Company had one loan, the hotel property in New York City, with a carrying value of $57.1 million, designated as non-performing, which had no specific 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/Defaulted/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/Loss Likely - Underperforming investment with expected loss of interest and some principal. All commercial mortgage loans, excluding loans classified as commercial mortgage loans, held for sale, measured at fair value within the consolidated balance sheets, are assigned an initial risk rating of 2. As of September 30, 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): September 30, 2022 December 31, 2021 Risk Rating Number of Loans Par Value Risk Rating Number of Loans Par Value 1 — $ — 1 — $ — 2 148 4,890,312 2 148 3,903,047 3 14 244,109 3 16 282,840 4 3 107,077 4 1 57,075 5 1 109,230 5 — — 166 $ 5,350,728 165 $ 4,242,962 For the nine months ended September 30, 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): Nine Months Ended September 30, 2022 Year Ended December 31, 2021 Balance at Beginning of Year $ 4,211,061 $ 2,693,848 Acquisitions and originations 1,980,296 2,897,002 Principal repayments (863,186) (1,286,598) Discount accretion/premium amortization 8,780 7,038 Loans transferred from/(to) commercial real estate loans, held for sale (9,296) (52,615) Net fees capitalized into carrying value of loans (12,803) (15,150) General (provision)/benefit for credit losses (3,368) 4,770 Specific (provision)/benefit for credit losses (27,620) — Cost recovery (2,406) — Charge-off from allowance — 289 Transfer to real estate owned — (37,523) Balance at End of Period $ 5,281,458 $ 4,211,061

Real Estate Securities

Real Estate Securities	9 Months Ended
	Sep. 30, 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 Amount Average Yield (1) September 30, 2022 Agency Securities: Fannie Mae/Freddie Mac ARMs $ 252,491 2.48 % 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 period 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 may be significantly shorter than the portfolio’s September 30, 2022 weighted average contractual maturity of 184 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. No trading securities were sold during the three months ended September 30, 2022. During the nine months ended September 30, 2022, the Company sold trading securities using the specific identification method for proceeds totaling $3.8 billion, respectively. Real Estate Securities Classified As Available For Sale The following is a summary of the Company's real estate securities, CRE CLO bonds, as of September 30, 2022 (in thousands): September 30, 2022 Type Interest Rate Maturity Par Value Fair Value CRE CLO bond 1 5.8% 8/19/2035 $ 40,000 $ 39,800 CRE CLO bond 2 6.3% 8/19/2035 25,000 24,875 CRE CLO bond 3 7.1% 8/19/2035 10,000 9,950 $ 75,000 $ 74,625 The Company classified its CRE CLO bonds as available for sale and reported them at fair value in the consolidated balance sheets with changes in fair value recorded in accumulated other comprehensive income/(loss) as of September 30, 2022. The weighted average contractual maturity for CLO investments included within the CRE CLO bonds portfolio as of September 30, 2022 was 13 years. As of December 31, 2021, the Company did not hold any Real Estate Securities classified as Available for Sale. The following table shows the amortized cost, allowance for expected credit losses, unrealized gain/(loss) and fair value of the Company's CRE CLO bonds by investment type as of September 30, 2022 (dollars in thousands): Amortized Cost Credit Loss Allowance Unrealized Gain Unrealized Loss Fair Value September 30, 2022 CLOs $ 74,998 $ — $ — $ (373) $ 74,625

Real Estate Owned

Real Estate Owned	9 Months Ended
	Sep. 30, 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 September 30, 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 Industrial Jeffersonville, GA $ 3,436 $ 84,259 $ 2,928 $ (2,301) $ 88,322 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 Industrial Jeffersonville, GA $ 3,436 $ 84,259 $ 2,928 $ (575) $ 90,048 Depreciation expense for the three and nine months ended September 30, 2022 totaled $0.6 million and $1.7 million, respectively. Depreciation expense for the nine months ended September 30, 2021, totaled $0.4 million. There was no depreciation expense for the three months ended September 30, 2021. In August 2021 the Company and an affiliate of the Company entered into a joint venture agreement and formed a joint venture entity, Jeffersonville Member, LLC (the "Jeffersonville JV") to acquire a $139.5 million triple net lease property in Jeffersonville, GA. The Company has a 79% interest in the Jeffersonville JV, while the affiliate has a 21% interest. The Company invested a total of $109.8 million, made up of $88.7 million in debt and $21.1 million in equity, representing 79% of the ownership interest in the Jeffersonville JV. The affiliate made up the remaining $29.8 million composed of a $24.0 million mortgage note payable and $5.7 million in equity. The Company has control of Jeffersonville JV with 79% ownership and, therefore, consolidates Jeffersonville JV on its consolidated balance sheet. The Company's $88.7 million mortgage note payable to Jeffersonville JV is eliminated in consolidation (see Note 7 - Debt).

Leases

Leases	9 Months Ended
	Sep. 30, 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 September 30, 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 $ (2,879) $ 46,313 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 Rental Income On September 17, 2021, the Company, through the joint venture described in Note 5 - Real Estate Owned, 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-year terms. The remaining lease term is 16.1 years. Rental income for this lease totaled $2.3 million and $0.3 million for the three months ended September 30, 2022 and 2021, respectively, and $6.9 million and $0.3 million for the nine months ended September 30, 2022 and 2021, respectively. Rental income is included in Revenue from real estate owned in the consolidated statements of operations. On October 15, 2019, the Company purchased an office building that was subject to an existing triple net lease. The minimum rental amount due under the lease was subject to annual increases of 1.5%. The initial term of the lease expires in 2037 and contained renewal options for four consecutive five-year terms. The Company sold the real estate owned asset during the three months ended September 30, 2021. Rental income for this lease for each of the three and nine months ended September 30, 2021 totaled $0.7 million and $2.1 million, respectively. Rental income is included in Revenue from real estate owned in the consolidated statements of operations. The following table summarizes the Company's schedule of future minimum rents to be received under the lease as described above (dollars in thousands): Future Minimum Rents September 30, 2022 2022 (October - December) $ 1,992 2023 8,046 2024 8,207 2025 8,372 2026 8,539 2027 and beyond 114,981 Total future minimum rent $ 150,137 Amortization Expense Intangible lease assets are amortized using the straight-line method over the shorter of the contractual life of the lease and 20 years. The weighted average life of the intangible asset as of September 30, 2022 is approximately 16.1 years. Amortization expense totaled $0.7 million for the three months ended September 30, 2022. There was no amortization expense incurred during the three months ended September 30, 2021. Amortization expense totaled $2.2 million and $0.4 million for the nine months ended September 30, 2022 and 2021, respectively. Amortization expense is included within Depreciation and amortization expense in the consolidated statements of operations. The following table summarizes the Company's expected amortization for intangible assets over the next five years, assuming no further acquisitions or dispositions (dollars in thousands): Amortization Expense September 30, 2022 2022 (October - December) $ (720) 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 September 30, 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 $ (2,879) $ 46,313 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 Rental Income On September 17, 2021, the Company, through the joint venture described in Note 5 - Real Estate Owned, 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-year terms. The remaining lease term is 16.1 years. Rental income for this lease totaled $2.3 million and $0.3 million for the three months ended September 30, 2022 and 2021, respectively, and $6.9 million and $0.3 million for the nine months ended September 30, 2022 and 2021, respectively. Rental income is included in Revenue from real estate owned in the consolidated statements of operations. On October 15, 2019, the Company purchased an office building that was subject to an existing triple net lease. The minimum rental amount due under the lease was subject to annual increases of 1.5%. The initial term of the lease expires in 2037 and contained renewal options for four consecutive five-year terms. The Company sold the real estate owned asset during the three months ended September 30, 2021. Rental income for this lease for each of the three and nine months ended September 30, 2021 totaled $0.7 million and $2.1 million, respectively. Rental income is included in Revenue from real estate owned in the consolidated statements of operations. The following table summarizes the Company's schedule of future minimum rents to be received under the lease as described above (dollars in thousands): Future Minimum Rents September 30, 2022 2022 (October - December) $ 1,992 2023 8,046 2024 8,207 2025 8,372 2026 8,539 2027 and beyond 114,981 Total future minimum rent $ 150,137 Amortization Expense Intangible lease assets are amortized using the straight-line method over the shorter of the contractual life of the lease and 20 years. The weighted average life of the intangible asset as of September 30, 2022 is approximately 16.1 years. Amortization expense totaled $0.7 million for the three months ended September 30, 2022. There was no amortization expense incurred during the three months ended September 30, 2021. Amortization expense totaled $2.2 million and $0.4 million for the nine months ended September 30, 2022 and 2021, respectively. Amortization expense is included within Depreciation and amortization expense in the consolidated statements of operations. The following table summarizes the Company's expected amortization for intangible assets over the next five years, assuming no further acquisitions or dispositions (dollars in thousands): Amortization Expense September 30, 2022 2022 (October - December) $ (720) 2023 (2,880) 2024 (2,880) 2025 (2,880) 2026 (2,880)

Debt

Debt	9 Months Ended
	Sep. 30, 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 75% of the principal amount of the mortgage loan being pledged. The details of the Company's Repo Facilities as of September 30, 2022 and December 31, 2021 are as follows (dollars in thousands): As of September 30, 2022 Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate Term Maturity JPM Repo Facility (2) $ 500,000 $ 235,548 $ 6,857 5.78 % 10/6/2023 CS Repo Facility (3) 600,000 265,801 5,048 5.61 % 7/11/2023 WF Repo Facility (4) 500,000 40,476 6,027 5.17 % 11/21/2023 Barclays Revolver Facility (5) 250,000 — 1,109 N/A 9/20/2023 Barclays Repo Facility (6) 500,000 157,583 6,102 5.19 % 3/14/2025 Total $ 2,350,000 $ 699,408 $ 25,143 ________________________________________________________ (1) For the nine months ended September 30, 2022. Includes amortization of deferred financing costs. (2) With one-year extension option available at the Company's discretion. On July 7, 2022, the committed financing was increased from $400 million to $500 million . Additionally, on September 29, 2022, the Company extended the maturity date to October 6, 2023 (3) O n July 12, 2022, the maturity date was extended to July 11, 2023 and the committed financing was increased from $300 million to $600 million . (4) On May 12, 2022, the committed financing amount was increased from $450 million to $500 million. There are three more one-year extension options available at the Company's discretion. (5) The Company may increase the total commitment amount by an amount between $100 million and $150 million for three month intervals, on an unlimited basis prior to maturity. (6) There are two one-year extension options available at the Company's discretion. 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 300,000 137,364 3,446 2.43 % 9/30/2022 WF Repo Facility 450,000 186,734 2,090 1.64 % 11/21/2023 Barclays Revolver Facility 250,000 166,700 1,976 6.12 % 9/20/2023 Barclays Repo Facility 500,000 392,332 4,057 1.76 % 3/14/2025 Total $ 1,900,000 $ 1,019,600 $ 16,747 ________________________________________________________ (1) For the year ended December 31, 2021. Includes amortization of deferred financing costs. The Company expects to use the advances from the Repo Facilities to finance the acquisition or origination of eligible loans, including first mortgage loans, subordinated mortgage loans, mezzanine loans and participation interests therein. The Repo Facilities generally provide that in the event of a decrease in the value of the Company's collateral, the lenders can demand additional collateral. As of September 30, 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 Webster Bank (formerly Sterling National 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 $0.5 million and $1.0 million of interest expense on the Webster Bank term loan for the three and nine months ended September 30, 2022, respectively. As of September 30, 2022 the outstanding participation balance was $40.7 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 a regional 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 $0.1 million and $0.2 million of interest expense on the regional bank term loan for the three and nine months ended September 30, 2022, respectively. As of September 30, 2022 the outstanding participation balance was $12.5 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 consolidated 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 September 30, 2022, the loan accrued interest at an annual rate of 3.1% and matures on October 9, 2024. Unsecured Debt As of September 30, 2022, the Company had outstanding 30-year junior subordinated notes issued in 2005 and 2006 and maturing in 2035 and 2036, respectively, with a total face amount of $100.0 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 September 30, 2022 As of December 31, 2021 Borrowings Weighted Average Borrowings Weighted Average Junior subordinated notes maturing in: October 2035 ($35,000 face amount) $ 34,499 3.72 % $ 34,470 7.86 % December 2035 ($40,000 face amount) 39,503 3.49 % 39,474 7.63 % September 2036 ($25,000 face amount) 24,668 3.49 % 24,650 7.67 % $ 98,670 3.57 % $ 98,594 7.72 % The notes are currently redeemable, in whole or in part, without penalty, at the Company’s option. Pursuant to a lending and security agreement with Security Benefit Life Insurance Company ("SBL"), which was entered into in February 2020 and amended in March and August 2020, the Company may borrow up to $100.0 million at a rate of one-month LIBOR + 4.5%. The facility has a maturity of February 10, 2023 and is secured by a pledge of equity interests in certain of the Company’s subsidiaries. The Company incurred $0.2 million and $0.7 million of interest expense on the lending agreement with SBL for the three and nine months ended September 30, 2022, respectively. As of September 30, 2022, there was no outstanding balance. As of December 31, 2021, the outstanding balance was $50.0 million. Repurchase Agreements - Real Estate Securities The Company has entered into various Master Repurchase Agreements (the "MRAs") that allow the Company to sell real estate securities while providing a fixed repurchase price for the same real estate securities in the future. The repurchase contracts on each security under an MRA generally mature in 30-90 days and terms are adjusted for current market rates as necessary. Below is a summary of the Company's MRAs as of September 30, 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 September 30, 2022 JP Morgan Securities LLC $ 48,817 $ 301 $ 57,468 3.95 % 27 Goldman Sachs International — — — N/A N/A Barclays Capital Inc. 63,796 513 80,331 3.78 % 19 Citigroup Global Markets, Inc. — — — N/A N/A Total/Weighted Average $ 112,613 $ 814 $ 137,799 3.85 % 23 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 $62.9 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 September 30, 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 remaining maturities, and related weighted average borrowing rates as of the indicated dates were as follows (dollars in thousands): Collateral Accrued Borrowings Weighted Average As of September 30, 2022 Repurchase arrangements secured by Agency securities with maturities of 30 days or less $ 235,563 $ 528 $ 225,000 3.16 % 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 % Average repurchase agreements outstanding were $230.0 million and $4.0 billion during the three months ended September 30, 2022 and December 31, 2021, respectively. 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 On May 13, 2022, the Company called all of the outstanding notes issued by BSPRT 2018-FL4 Issuer, Ltd., a wholly owned indirect subsidiary of the Company. The outstanding principal of the notes on the date of the call was $69.5 million. The Company recognized all the remaining unamortized deferred financing costs of $5.2 million recorded within the Interest expense line of the consolidated statements of operations, which was a non-cash charge. As of September 30, 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 30 and 48 mortgage assets having a principal balance of $452.2 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 September 30, 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 58 and 44 mortgage assets having a principal balance of $695.8 million and $682.3 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 September 30, 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 38 and 47 mortgage assets having a principal balance of $859.6 million and $871.4 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 $960.0 million were purchased by third party investors and $132.0 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 September 30, 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 31 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. On June 29, 2022, BSPRT 2022-FL9 Issuer, LLC, a wholly-owned indirect subsidiary of the Company, entered into an indenture with the OP, as advancing agent, U.S. Bank Trust Company, National Association, as trustee and note administrator, and U.S. Bank National Association, as custodian and in other capacities, which governs the issuance of approximately $740.9 million principal balance secured floating rate notes, of which $670.6 million were purchased by third party investors and $70.3 million were purchased by a wholly-owned subsidiary of the OP. In addition, concurrently with the issuance of the notes, BSPRT 2022-FL9 Issuer, LLC also issued 62,246 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-FL9 Issuer, LLC is a disregarded entity. As of September 30, 2022, the notes issued by BSPRT 2022-FL9 Issuer, LLC are collateralized by interests in a pool of 34 mortgage assets having a principal balance of $767.8 million (the "2022-FL9 Mortgage Assets"). The sale of the 2022-FL9 Mortgage Assets to BSPRT 2022-FL9 Issuer, LLC is governed by a Collateral Interest Purchase Agreement, dated as of June 29, 2022, by and among FBRT Sub REIT, BSPRT 2022-FL9 Issuer, LLC, the OP, and BSPRT 2022-FL9 Seller, LLC. The Company, through its wholly-owned subsidiaries, holds the preferred equity tranches of the above CLOs of approximately $401.8 million and $329.2 million as of September 30, 2022 and December 31, 2021, respectively. The following table represents the terms of the notes issued by 2019-FL5 Issuer 2021-FL6 Issuer, 2021-FL7 Issuer, 2022-FL8 Issuer and 2022-FL9 Issuer (the "CLOs"), respectively, as of September 30, 2022 (dollars in thousands): CLO Facility Tranche Par Value Issued Par Value Outstanding (1) Interest Rate Maturity Date 2019-FL5 Issuer Tranche A $ 407,025 $ 49,645 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-FL9 Issuer Tranche A 423,667 423,667 1M LIBOR + 255 5/15/2039 2022-FL9 Issuer Tranche A-S 96,380 96,380 1M LIBOR + 310 5/15/2039 2022-FL9 Issuer Tranche B 42,166 42,166 1M LIBOR + 360 5/15/2039 2022-FL9 Issuer Tranche C 48,189 48,189 1M LIBOR + 415 5/15/2039 2022-FL9 Issuer Tranche D 49,194 49,194 1M LIBOR + 505 5/15/2039 2022-FL9 Issuer Tranche E 11,041 11,041 1M LIBOR + 565 5/15/2039 $ 3,601,586 $ 3,200,606 ________________________________________________________ (1) Excludes $453.4 million of CLO notes, held by the Company, which are eliminated within the collateralized loan obligations line in the consolidated balance sheet as of September 30, 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 sheet 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 September 30, 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) September 30, 2022 December 31, 2021 Cash (1) $ 87,747 $ 187,668 Commercial mortgage loans, held for investment, net (2) 3,954,397 2,629,431 Accrued interest receivable 11,253 5,918 Total Assets $ 4,053,397 $ 2,823,017 Liabilities (dollars in thousands) Notes payable (3)(4) $ 3,634,459 $ 2,482,762 Accrued interest payable 8,357 1,598 Total Liabilities $ 3,642,816 $ 2,484,360 ________________________________________________________ (1) Includes $86.9 million and $187.0 million of cash held by the servicer related to CLO loans as of September 30, 2022 and December 31, 2021, respectively. (2) The balance is presented net of allowance for credit losses of $7.4 million and $8.7 million as of September 30, 2022 and December 31, 2021, respectively. (3) Includes $453.4 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 September 30, 2022 and December 31, 2021, respectively. (4) The balance is presented net of deferred financing cost and discount of $19.5 million and $17.3 million as of September 30, 2022 and December 31, 2021, respectively.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2022 and September 30, 2021 (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator Net income/(loss) $ 35,258 $ 38,495 $ (12,958) $ 98,651 Less: Preferred stock dividends 6,899 4,804 34,865 12,040 Less: Undistributed earnings allocated to preferred stock — 4,201 — 10,706 Net income/(loss) attributable to common stockholders (basic and diluted earnings per share) $ 28,359 $ 29,490 $ (47,823) $ 75,905 Denominator Weighted-average common shares outstanding for basic earnings per share 83,665,250 44,185,241 67,965,397 44,245,733 Effect of dilutive shares (1) : Unvested restricted shares — 15,323 — 15,737 Weighted-average common shares outstanding for diluted earnings per share 83,665,250 44,200,564 67,965,397 44,261,470 Basic earnings per share $ 0.34 $ 0.67 $ (0.70) $ 1.72 Diluted earnings per share $ 0.34 $ 0.67 $ (0.70) $ 1.71 _______________________ (1) The effect of dilutive shares excluded an aggregate of 516,830 and 465,237 weighted average restricted stock units for the three and nine months ended September 30, 2022, respectively, as their effect was anti-dilutive. Additionally, the effect of dilutive shares excluded an aggregate of 5,789,378 and 21,508,045 weighted average common equivalent of convertible preferred shares for the three and nine months ended September 30, 2022, respectively, as the effect was anti-dilutive.

Equity Transactions

Equity Transactions	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Equity Transactions	Note 9 - Equity Transactions The following table presents the summary of the Company's outstanding shares of Common Stock and Preferred Stock as of September 30, 2022 and December 31, 2021 (dollars in thousands, except share amounts): Balance as of Shares Outstanding as of Third Quarter Dividend/Distribution Per Share (6) September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Common Stock - at par value (1)(2) $ 830 $ 441 83,362,351 43,965,928 $ 0.355 Redeemable Convertible Preferred Stock Series C Preferred Stock (3) $ 6,976 $ 6,971 1,400 1,400 $ 106.22 Series D Preferred Stock (4) $ — $ 89,684 — 17,950 n/a Series H Preferred Stock (4) $ 89,748 $ — 17,950 — $ 106.22 Perpetual Preferred Stock Series E Preferred Stock $ 258,742 $ 258,742 10,329,039 10,329,039 $ 0.46875 Automatically Convertible Preferred Stock Series F Preferred Stock (5) $ — $ 710,431 — 39,733,299 n/a _________________________________________________________ (1) Common Stock shares include shares issued pursuant to the Company's distribution reinvestment plan (the "DRIP") and unvested restricted shares. (2) During the nine months ended September 30, 2022, the Company repurchased 931,053 shares of Common Stock at an average price of $11.85 per share, for a total of $11.0 million. All of these shares were retired upon settlement, reducing the total outstanding shares as of September 30, 2022. See discussion in the "Stock Repurchases" section below. (3) On October 19, 2022, 400 shares of the Company's Series C Preferred Stock each automatically converted into 299.2 shares of Common Stock, pursuant to the terms of the Series C Preferred Stock, resulting in the issuance of 119,538 shares of Common Stock. The remaining 1,000 outstanding shares of Series C Preferred Stock were exchanged by the holder for an equal number of the Company's newly created Series I Preferred Stock. (4) 17,950 shares of Series D Preferred Stock were issued in March 2021, all of which were exchanged for an equal number of shares of Series H Preferred Stock in June 2022. (5) 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. (6) As declared by the Company's board of directors. 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. 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 outstanding shares of 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 H 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 $58.1 million of common stock dividends during the nine months ended September 30, 2022, comprised of $57.0 million in cash and $1.1 million in shares of common stock issued under the DRIP. The Company distributed $36.5 million of common stock dividends during the nine months ended September 30, 2021, comprised of $31.4 million in cash and $5.1 million in shares of common stock issued under the DRIP. As of September 30, 2022 and December 31, 2021, the Company had declared but unpaid common stock distributions of $29.6 million and $12.5 million, respectively, declared but unpaid Series C Preferred Stock distributions of $0.2 million and $0.1 million, respectively, and $4.8 million of declared but unpaid Series E Preferred Stock distributions. Additionally, as of September 30, 2022 the Company had declared but unpaid Series H Preferred stock distributions of $1.9 million. As of December 31, 2021, the Company had $1.5 million of declared but unpaid Series D Preferred Stock distributions and $11.3 million of declared but unpaid Series F Preferred Stock distributions. These amounts are included in Distributions payable on the Company’s consolidated balance sheets. Preferred Stock The following tables present the activity in the Company's Series C Preferred Stock for the nine-month periods ended September 30, 2022 and 2021 (dollars in thousands, except share amounts): For the Nine Months Ended September 30, 2022 September 30, 2021 Shares Amount Shares Amount Balance at Beginning of Period 1,400 $ 6,971 1,400 $ 6,962 Amortization of offering costs — 5 — 7 Balance at End of Period 1,400 $ 6,976 1,400 $ 6,969 The following table presents the activity in the Company's Series D Preferred Stock for the nine-month periods ended September 30, 2022 and 2021 (dollars in thousands, except share amounts): For the Nine Months Ended September 30, 2022 September 30, 2021 Shares Amount Shares Amount Balance at Beginning of Period 17,950 $ 89,684 — $ — Issuance of Preferred Stock — — 17,950 89,748 Exchanged for Series H Preferred Stock (17,950) (89,748) — — Offering costs — — — (83) Amortization of offering costs — 64 — 12 Balance at End of Period — $ — 17,950 $ 89,677 The following table presents the activity in the Company's Series E Preferred Stock for the nine-month period ended September 30, 2022 (dollars in thousands, except share amounts): For the Nine Months Ended September 30, 2022 September 30, 2021 Shares Amount Shares Amount Balance at Beginning of Period 10,329,039 $ 258,742 — $ — Balance at End of Period 10,329,039 $ 258,742 — $ — The following table presents the activity in the Company's Series F Preferred Stock for the nine-month period ended September 30, 2022 (dollars in thousands, except share amounts): For the Nine Months Ended September 30, 2022 September 30, 2021 Shares Amount Shares Amount Balance at Beginning of Period 39,733,299 $ 710,431 — $ — Automatically converted into Common Stock (39,733,299) (710,431) — — Balance at End of Period — $ — — $ — The following table presents the activity in the Company's Series H Preferred Stock for the nine-month period ended September 30, 2022 (dollars in thousands, except share amounts): For the Nine Months Ended September 30, 2022 September 30, 2021 Shares Amount Shares Amount Balance at Beginning of Period — $ — — $ — Issuance of Series H Preferred Stock in exchange for Series D Preferred Stock 17,950 89,748 — — Balance at End of Period 17,950 $ 89,748 — $ — Stock Repurchases The Company’s board of directors has authorized a $65 million share repurchase program of the Company’s common stock. The Company’s share repurchase program authorizes share repurchases at prices below the most recently reported book value per share as determined in accordance with GAAP. Purchases made under the program may be made through open market, block, and privately negotiated transactions, including Rule 10b5-1 plans, as permitted by securities laws and other legal requirements. The timing, manner, price and amount of any purchases by the Company will be determined by the Company in its reasonable business judgment and consistent with the exercise of its legal duties and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The share repurchase program does not obligate the Company to acquire any particular amount of common stock. The Company share repurchase program will remain open until at least December 31, 2023 or until the capital committed to the applicable repurchase program has been exhausted, whichever is sooner. Repurchases under the Company’s share repurchase program may be suspended from time to time at the Company’s discretion without prior notice. The following table is a summary of the Company’s repurchase activity of its common stock during the three and nine months ended September 30, 2022: For the Three and Nine Months Ended September 30, 2022 Shares Amount (2) Authorized repurchase amount (1) — $ 65,000 Repurchases paid 774,653 (9,359) Repurchases unsettled (3) 156,400 (1,677) Remaining as of September 30, 2022 $ 53,964 _________________________________________________________ (1) Amount includes commissions paid associated with share repurchases . (2) For the period ended September 30, 2022, the average purchase price was $11.85 per share. (3) Represents repurchases for which an order had been placed before the end of the quarter but had not yet settled by September 30, 2022. As of September 30, 2022, the Company had $54.0 million remaining under the share repurchase program. Accumulated Other Comprehensive Income/(Loss) The following tables set forth the changes in accumulated other comprehensive income/(loss) by component. (dollars in thousands) Total Available for Sale Securities Cash Flow Hedges For the Three Months Ended September 30, 2022: Balance as of June 30, 2022 $ — $ — $ — Other comprehensive (loss) income (373) (373) — Balance as of September 30, 2022 $ (373) $ (373) $ — For the Three Months Ended September 30, 2021: Balance as of June 30, 2021 $ — $ — $ — Other comprehensive (loss) income — — — Balance as of September 30, 2021 $ — $ — $ — For the Nine Months Ended September 30, 2022: Balance as of December 31, 2021 $ (62) $ — $ (62) Other comprehensive (loss) income (593) (373) (220) Reclassification adjustment for amounts included in net income/(loss) 282 — 282 Balance as of September 30, 2022 $ (373) $ (373) $ — For the Nine Months Ended September 30, 2021: Balance as of December 31, 2020 $ (8,256) $ (8,256) $ — Other comprehensive (loss) income 8,256 8,256 — Balance as of September 30, 2021 $ — $ — $ —

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Unfunded Commitments Under Commercial Mortgage Loans As of September 30, 2022 and December 31, 2021, the Company had the below unfunded commitments to the Company's borrowers (dollars in thousands): Funding Expiration September 30, 2022 December 31, 2021 2022 $ 8,000 $ 25,864 2023 90,093 123,860 2024 359,735 271,056 2025 and beyond 74,755 37,325 $ 532,583 $ 458,105 The borrowers are generally 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	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2022 and 2021 and the associated payable as of September 30, 2022 and December 31, 2021 (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, Payable as of 2022 2021 2022 2021 September 30, 2022 December 31, 2021 Acquisition expenses (1) $ 362 $ 690 $ 996 $ 1,012 $ 373 $ — Administrative services expenses 3,001 2,980 9,402 9,532 3,001 — Asset management and subordinated performance fee 6,430 8,265 19,776 19,682 11,353 15,595 Other related party expenses (2)(3) 226 146 706 182 1,717 1,943 Total related party fees and reimbursements $ 10,019 $ 12,081 $ 30,880 $ 30,408 $ 16,444 $ 17,538 _________________________________________________________ (1) Total acquisition expenses paid during the three months ended September 30, 2022 and 2021 were $2.5 million and $2.9 million, respectively, of which $2.1 million and $2.2 million were capitalized within the commercial mortgage loans, held for investment and real estate securities, available for sale, measured at fair value lines of the consolidated balance sheets. Total acquisition expenses paid during the nine months ended September 30, 2022 and 2021 were $9.7 million and $7.5 million, respectively, of which $8.7 million and $6.5 million were capitalized within the commercial mortgage loans, held for investment and real estate securities, available for sale, measured at fair value lines of the consolidated balance sheets. (2) These are related to reimbursable costs incurred related to the increase in loan origination activities and are included in Other expenses in the Company's consolidated statements of operations. (3) As of September 30, 2022 and December 31, 2021, the related party payables include $1.7 million and $1.9 million of payments made by the Advisor to third party vendors on behalf of the Company. The payables as of September 30, 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 $0.2 million and $0.7 million in interest expense on the lending agreement with SBL for the three and nine months ended September 30, 2022, respectively. As of September 30, 2022 there were no amounts outstanding under the lending agreement. As of December 31, 2021 the outstanding balance was $50.0 million. As of the beginning of 2022, SBL held 17,950 shares of the Company's outstanding shares of Series D Preferred Stock. On June 24, 2022, all 17,950 outstanding shares of Series D Preferred Stock were exchanged for an equal amount of shares of Series H Preferred Stock for no consideration (see Note 2 - Summary of Significant Accounting Policies). 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 sheets. 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). As of September 30, 2022, our commercial mortgage loans, held for investment, includes an aggregate of $122.5 million carrying value of loans to affiliates of our Advisor. The Company recognized $1.6 million and $3.4 million of interest income from these loans for the three and nine months ended September 30, 2022, respectively, in the Company’s consolidated statements of operations.

Share-based Compensation

Share-based Compensation	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Share-based Compensation	Share-based Compensation Share Plans 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. Under the Company's 2021 Incentive Plan, as of September 30, 2022, there were 5,007,893 shares of common stock remaining available for issuance. 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 and Restricted Stock Units During the nine months ended September 30, 2022 , in accordance with the Company's RSP, the Company issued awards of restricted stock to its non-employee directors, and 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. Restricted Stock and RSU activity issued under the RSP and 2021 Incentive Plan for the nine months ended September 30, 2022 is summarized below: Shares Outstanding RSP 2021 Incentive Plan Weighted Average Grant Date Fair Value Unvested equity awards outstanding as of December 31, 2021 11,184 — $ 17.88 Grants 28,245 492,107 14.05 Forfeitures — — — Vested (18,393) — 16.14 Unvested equity awards outstanding as of September 30, 2022 21,036 492,107 $ 14.06 During the three and nine months ended September 30, 2022, the Company recognized compensation expense associated with the equity awards of $0.7 and $1.9 million, respectively, which is included in Other expenses on the consolidated statements of operations. Unrecognized estimated compensation expense for these awards totaled $6.4 million as of September 30, 2022, to be expensed over a weighted average period of 1.6 years.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 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 CRE CLO bonds, recorded in real estate securities, available for sale, measured at fair value on the consolidated balance sheets are valued utilizing both observable and unobservable market inputs. These factors include projected future cash flows, ratings, subordination levels, vintage, remaining lives, credit issues, and recent trades of similar real estate securities. Depending upon the significance of the fair value inputs used in determining these fair values, these real estate securities are classified in either Level II or Level III of the fair value hierarchy. The Company utilizes a third party pricing service to obtain a current estimated liquid price of the securities, resulting in a Level II classification. Real estate securities classified as trading, RMBS, are measured at fair value by utilizing a third party pricing service to obtain a current estimated liquid price of the securities. The RMBS are classified in Level II of the fair value hierarchy. Commercial mortgage loans, held for sale, measured at fair value in the Company's TRS are initially recorded at transaction proceeds, which are considered to be the best initial estimate of fair value. The Company engaged the services of a third party independent valuation firm to determine fair value of certain investments held by the Company. Fair value is determined using a discounted cash flow model that primarily considers changes in interest rates and credit spreads, weighted average life and current performance of the underlying collateral. Commercial mortgage loans, held for sale, measured at fair value that are originated in the last month of the reporting period are held and marked to the transaction proceeds. The Company classified the commercial mortgage loans, held for sale, measured at fair value as Level III. Other real estate investments, measured at fair value on the consolidated balance sheets are valued using unobservable inputs. The Company engaged the services of a third party independent valuation firm to determine fair value of certain investments, including preferred equity investments, held by the Company. Fair value is determined using a discounted cash flow model that primarily considers changes in interest rates and credit spreads, weighted average life and current performance of the underlying collateral. The Company classified the other real estate investments, measured at fair value as Level III. The fair value for Treasury note futures is derived using market prices. Treasury note futures trade on the Chicago Mercantile Exchange (“CME”). The instruments are a variety of recently issued 10-year U.S. Treasury notes. The future contracts are liquid and are centrally cleared through the CME. Treasury note futures are generally categorized in Level 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 periods ended September 30, 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 September 30, 2022 and December 31, 2021 (dollars in thousands): Total Level I Level II Level III September 30, 2022 Assets, at fair value Real estate securities, available for sale, measured at fair value $ 74,625 $ — $ 74,625 $ — Real estate securities, trading, measured at fair value 252,491 — $ 252,491 $ — Commercial mortgage loans, held for sale, measured at fair value 41,342 — — 41,342 Derivatives instruments, measured at fair value: Credit default swaps — — — — Interest rate swaps 3,546 — 3,546 — Total assets, at fair value $ 372,004 $ — $ 330,662 $ 41,342 Liabilities, at fair value Derivatives instruments, measured at fair value: Interest rate swaps $ 8 $ — $ 8 $ — Credit default swaps $ 4 $ — $ 4 $ — Total liabilities, at fair value $ 12 $ — $ 12 $ — 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 Derivatives instruments, measured at fair value: 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 Derivatives instruments, measured 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 $ — The following table contains the Level 3 inputs used to value assets and liabilities on a recurring and nonrecurring basis or where the Company discloses fair value as of September 30, 2022: Asset Category Fair Value Valuation Methodologies Unobservable Inputs (1) Weighted Average (2) Range September 30, 2022 Commercial mortgage loans, held for sale, measured at fair value $ 41,342 Discounted Cash Flow Yield 3.4% 3.1% - 7.3% 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 September 30, 2022 and December 31, 2021 for which the Company has used Level III inputs to determine fair value (dollars in thousands): September 30, 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 4,838 (33) Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments (3,678) 4 Net accretion — — Purchases 343,096 — Sales / paydowns (337,632) (2,045) Transfers out of Level III (1) — — Ending Balance, September 30, 2022 $ 41,342 $ — 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 September 30, 2022 and December 31, 2021 (dollars in thousands): September 30, 2022 December 31, 2021 Level Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value Commercial mortgage loans, held for investment Asset III $ 5,328,273 $ 5,331,258 $ 4,226,888 $ 4,249,118 Collateralized loan obligations Liability III 3,174,530 3,097,531 2,162,190 2,181,571 Mortgage note payable Liability III 23,998 23,998 23,998 23,998 Other financing and loan participation - commercial mortgage loans Liability III 53,167 53,167 37,903 37,903 Unsecured debt Liability III 98,670 73,700 148,594 125,400 ________________________________________________________ (1) The carrying value is gross of $46.8 million and $15.8 million of allowance for credit losses as of September 30, 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. As of September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 2022, the net premiums received on derivative instrument assets were $0.5 million. The following derivative instruments were outstanding as of September 30, 2022 and December 31, 2021 (dollars in thousands): September 30, 2022 December 31, 2021 Fair Value Fair Value Contract type Notional Assets Liabilities Notional Assets Liabilities Credit default swaps $ 44,750 $ 710 $ 4 $ 47,000 $ — $ 1,142 Interest rate swaps (1) 37,000 2,836 8 3,649,500 312 — Interest rate swaps on unsecured debt — — — 100,000 — 31,153 Treasury note futures — — — 360 124 — Total $ 81,750 $ 3,546 $ 12 $ 3,796,860 $ 436 $ 32,295 ________________________________________________________ (1) As of September 30, 2022, asset vs. liability notional breakout for interest rate swaps assets was $35.2 million and $1.8 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 and nine months ended September 30, 2022 and September 30, 2021: Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Contract type Unrealized (Gain)/Loss Realized (Gain)/Loss Unrealized (Gain)/Loss Realized (Gain)/Loss Credit default swaps $ 40 $ 254 $ (111) $ 32 Interest rate swaps (1,606) 1,370 (1,282) 1,692 Treasury note futures — — (35) 145 Options — — — 33 Total $ (1,566) $ 1,624 $ (1,428) $ 1,902 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Contract type Unrealized (Gain)/Loss Realized (Gain)/Loss Unrealized (Gain)/Loss Realized (Gain)/Loss Credit default swaps $ (515) $ 301 $ (289) $ 675 Interest rate swaps 13,215 (56,961) 22 414 Treasury note futures 124 (939) (107) (1,479) Options — — — 33 Total $ 12,824 $ (57,599) $ (374) $ (357) The Company did not hold any unsecured-debt related swaps at quarter-end September 30, 2022. 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. The Company did not trade any new ARM portfolio-related swaps during the three months ended September 30, 2022. During the nine months ended September 30, 2022, the Company traded swap agreements with notional amounts totaling $1.3 billion, respectively, requiring fixed-rate interest payments averaging 1.36%. During the three and nine months ended September 30, 2022, the Company terminated $100 million and $5.5 billion notional amount of derivatives related to the ARM portfolio, respectively, requiring fixed-rate interest payments averaging 3.08% and 0.62%. As of September 30, 2022, the Company did not hold any trading securities portfolio financing-related swap positions. Interest rate swap agreements are measured at fair value on a recurring basis primarily using Level Two Inputs in accordance with ASU 2010-06, Fair Value Measurements and Disclosures (Topic 820). In determining fair value estimates for swaps, The Company utilizes the standard methodology of netting the discounted future fixed cash payments and the discounted future variable cash receipts which are based on expected future interest rates derived from observable market interest rate curves. The Company also incorporates both its own nonperformance risk and its counterparties’ nonperformance risk in determining fair value. In considering the effect of nonperformance risk, the Company considered the impact of netting and credit enhancements, such as collateral postings and guarantees, and has concluded that counterparty risk is not significant to the overall valuation. The fair value of exchange-traded swap agreements hedging repurchase agreements is calculated including accrued interest and net of variation margin amounts received or paid through the exchange, resulting in separately presenting on the balance sheet a fair value amount representing the unsettled fair value of these derivatives. Non-exchange traded swap agreements held as cash flow hedges of unsecured debt are reported at fair value calculated excluding accrued interest. As of September 30, 2022, cash collateral receivable from derivative counterparties includes initial margin for all derivatives and variation margin for non-exchange traded derivatives. Accrued interest for non-exchange traded swap agreements is included in accounts payable and accrued expenses in the Company's consolidated balance sheets.

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	9 Months Ended
	Sep. 30, 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 September 30, 2022 and December 31, 2021 (dollars in thousands): Gross Amounts of Gross Amounts Offset on the Net Amount of Assets Presented on the Gross Amounts Not Offset on the Balance Sheet Assets Recognized Assets Balance Sheet Balance Sheet Financial Instruments Cash Collateral (1) Net Amount September 30, 2022 Derivative instruments, at fair value $ 3,546 $ — $ 3,546 $ — $ — $ 3,546 December 31, 2021 Derivative instruments, at fair value $ 436 $ — $ 436 $ — $ — $ 436 Gross Amounts of Gross Amounts Offset on the Net Amount of Liabilities Presented on the Gross Amounts Not Offset on the Balance Sheet Liabilities Recognized Liabilities Balance Sheet Balance Sheet Financial Instruments Cash Collateral (1) Net Amount September 30, 2022 Repurchase agreements - commercial mortgage loans $ 699,408 $ — $ 699,408 $ 707,900 $ 5,010 $ — Repurchase agreements - real estate securities 337,613 — 337,613 373,363 — — Derivative instruments, at fair value 12 — 12 — 68 — 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 — _________________________________________________________ (1) Included in Restricted cash in the Company's consolidated balance sheets.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 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, CRE CLO bonds, unsecured REIT debt, CDO notes and other securities. As a result of the October 2021 acquisition of Capstead, the Company acquired a portfolio of ARM Agency Securities. • The commercial real estate conduit business operated through the Company's TRS, which is focused on generating risk-adjusted returns by originating and subsequently selling fixed-rate commercial real estate loans into the CMBS securitization market at a profit. • The real estate owned business represents real estate acquired by the Company through foreclosure, deed in lieu of foreclosure, or purchase. The following table represents the Company's operations by segment for the three and nine months ended September 30, 2022 and September 30, 2021 (dollars in thousands): Three Months Ended September 30, 2022 Total Real Estate Debt and Other Real Estate Investments Real Estate Securities TRS Real Estate Owned Interest income $ 94,131 $ 91,097 $ 1,648 $ 1,386 $ — Revenue from real estate owned 2,312 — — — 2,312 Interest expense 46,157 43,260 1,779 786 332 Net income/(loss) 35,258 35,778 (3,309) 2,107 682 Total assets as of September 30, 2022 6,178,121 5,551,679 398,684 87,825 139,933 Three Months Ended September 30, 2021 Interest income $ 47,747 $ 47,166 $ — $ 581 $ — Revenue from real estate owned 1,015 — — — 1,015 Interest expense 11,988 11,263 148 232 345 Net income/(loss) 38,495 25,056 (148) 3,984 9,603 Total assets as of December 31, 2021 9,474,701 4,205,883 5,054,394 72,840 141,584 Nine Months Ended September 30, 2022 Total Real Estate Debt and Other Real Estate Investments Real Estate Securities TRS Real Estate Owned Interest income $ 239,602 $ 209,585 $ 25,424 $ 4,593 $ — Revenue from real estate owned 6,936 — — — 6,936 Interest expense 101,444 92,704 6,853 1,123 764 Net income/(loss) (12,958) 46,306 (63,533) 1,995 2,274 Total assets as of September 30, 2022 6,178,121 5,551,679 398,684 87,825 139,933 Nine Months Ended September 30, 2021 Interest income $ 138,969 $ 135,945 $ 461 $ 2,563 $ — Revenue from real estate owned 2,447 — — — 2,447 Interest expense 35,994 34,887 (720) 812 1,014 Net income/(loss) 98,651 74,745 (196) 13,434 10,667 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, management fees have been allocated to the business segments using an agreed upon percentage of each respective segment's prior period equity. Administrative fees have been allocated to the business segments using a percentage derived from taking the respective business segment's prior period equity as a percent of consolidated equity and multiplying it by the Company's total administrative fee.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent to the quarter ended September 30, 2022, the following events took place: Realization on Collateral - On September 6, 2018, the Company originated a $17.9 million committed first mortgage collateralized by an office property in St. Louis, MO. As of September 30, 2022, $13.0 million was outstanding and the loan was in maturity default. On October 7, 2022, the Company took ownership of the property through a voluntary conveyance from the borrower, subject to the loan from the Company. The Company intends to sell the office property and is currently evaluating the impact of this transaction on our consolidated financial statements in the fourth quarter of 2022. Foreclosure - We are engaged in ongoing litigation relating to a loan secured by 24 Walgreens properties located throughout the United States, as more fully described in Part II, Item 1 "Legal Proceedings". Subsequent to the end of the quarter, we foreclosed on and took ownership of a total of seven properties. The Company is currently evaluating the impact of this transaction on our consolidated financial statements in the fourth quarter of 2022.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 September 30, 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 allowances for credit losses required under Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments Credit Losses, are 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. General allowance for credit losses The general 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 general 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 general 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 general 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 general 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 2022 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. Specific allowance for credit losses For financial instruments where, based on the Company’s assessment at the reporting date, 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 as of the reporting date when determining a specific allowance for credit losses. For financial instruments which the Company identifies reasonable doubt as to whether the collection of contractual components can be satisfied, a loan specific allowance analysis is performed. Determining whether a specific allowance for a loan is required entails significant judgment from management and is based on several factors including (i) the underlying collateral performance, (ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact the borrower’s ability to pay the contractual amounts due under the terms of the loan. If a loan is determined to have a specific allowance, the specific allowance is recorded as a component of our Current Expected Credit Loss ("CECL") reserve by applying the practical expedient for collateral dependent loans. The CECL reserve is assessed on an individual basis for such loans by comparing the estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plans, loan sponsorship, actions of other lenders, and other factors deemed relevant by the Company. Actual losses, if any, could ultimately differ materially from these estimates. The Company only expects to write-off specific allowances if and when such amounts are deemed non-recoverable. Non-recoverability is generally determined at the time a loan is settled, or in the case of foreclosure, when the underlying asset is sold. Non-recoverability may also be concluded if, in the Company's determination, it is deemed certain that all amounts due will not be collected. If a loan is determined to be impaired based on the above considerations, management records a write-off through a charge to the "Specific allowance for credit losses" and the respective loan balance. Risk Rating In developing the allowances 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/Defaulted/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/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 allowances 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 balances are written off in a timely manner when loans, real estate securities or preferred equity investments are designated as non-performing and placed on non-accrual or cost recovery status within 90 days of becoming past due. Non-performing status The Company designates loans as non-performing when (i) full payment of principal and coupon interest components become 90-days past due ("non-accrual status"); or (ii) the Company has reasonable doubt as to whether the collection of contractual components can be satisfied ("cost recovery status"). When a loan is designated as non-performing and placed on non-accrual status, interest is only recognized as income when payment has been received. Loans designated as non-performing and placed on non-accrual status are removed from their non-performing designation when collection of principal and coupon interest components have been satisfied. When a loan is designated as non-performing and placed on cost recovery status, the cost-recovery method is applied to which receipt of principal or coupon interest is recorded as a reduction to the amortized cost until collection of all contractual components are 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 focuses on investing in and asset managing real estate securities. Historically this business has focused primarily on CMBS, CRE CLO bonds, unsecured REIT debt, CDO notes and other securities. 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 ARM Agency Securities issued and guaranteed by government-sponsored enterprises, either Fannie Mae, Freddie Mac, or by an agency of the federal government, Ginnie Mae. 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.
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,”), former Series D convertible preferred stock (the “Series D Preferred Stock”), and Series H convertible preferred stock (the “Series H 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. Offering costs for the Series H Preferred Stock were expensed to the Company's consolidated statement of operations.
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 issued for the first time under the 2021 Incentive Plan 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 is the average price per share of shares purchased; if the shares are purchased directly from the Company, the purchase price is generally 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 (benefit)/provision for the three months ended September 30, 2022 and September 30, 2021 was $0.4 million and $1.1 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 (when it was outstanding), and Series H 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, Series D Preferred Stock (when it was outstanding) and Series H 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, CRE CLO bonds, 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 portfolio of RMBS in the form of the ARM Agency Securities. The Company has, and 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. • 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 H 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 on parity with the Series H 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. Pursuant to the terms of the Series C Preferred Stock, 400 outstanding shares of Series C Preferred Stock each converted into 299.2 shares of common stock on October 19, 2022, while 1,000 shares of Series C Preferred Stock were exchanged for an equal number of shares of the Company’s newly created Series I Convertible Preferred Stock, $0.01 par value per share (the “Series I Preferred Stock”), on October 20, 2022. 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 All of the shares of the Series D Preferred Stock were exchanged for an equivalent number of shares of Series H Preferred Stock on June 24, 2022. Series H Preferred Stock On June 24, 2022, the Company issued 17,950 shares of Series H Preferred Stock to the holder of the Series D Preferred Stock in exchange for an equal amount of shares of Series D Preferred Stock. The exchange was undertaken to accommodate the holder’s request to extend the mandatory conversion date set forth in the terms of the Series D Preferred Stock, which was set to occur on October 19, 2022, to January 19, 2023. There are no other material differences between the terms of the Series D Preferred Stock and Series H Preferred Stock. The Company received no consideration for the exchange. The Series H 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 H Preferred Stock are substantially the same as the Series C Preferred Stock, except that the holders of the Series H Preferred Stock have the option to accelerate the mandatory conversion date, which is January 23, 2022, upon at least 10 days' written notice. Automatically Convertible Preferred Stock - Series F Preferred Stock 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. There are no shares of Series F Preferred Stock outstanding. 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 on a parity with the Series C Preferred Stock and Series H 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”.
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. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional expedients and exceptions to the US GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. The guidance is effective upon issuance and generally can be applied through December 31, 2022. The Company has not adopted any of the optional expedients or exceptions through September 30, 2022, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve.
Fair Value of Financial Instruments	Fair Value of Financial Instruments GAAP establishes a hierarchy of valuation techniques based on the observability of inputs used in measuring financial instruments at fair values. GAAP establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below: • Level I - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. • Level II - Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. • Level III - Unobservable inputs that reflect the entity's own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the above hierarchy requires significant judgment and factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. The Company has implemented valuation control processes to validate the fair value of the Company's financial instruments measured at fair value including those derived from pricing models. These control processes are designed to assure that the values used for financial reporting are based on observable inputs wherever possible. In the event that observable inputs are not available, the control processes are designed to assure that the valuation approach utilized is appropriate and consistently applied and the assumptions are reasonable. Financial Instruments Measured at Fair Value on a Recurring Basis CRE CLO bonds, recorded in real estate securities, available for sale, measured at fair value on the consolidated balance sheets are valued utilizing both observable and unobservable market inputs. These factors include projected future cash flows, ratings, subordination levels, vintage, remaining lives, credit issues, and recent trades of similar real estate securities. Depending upon the significance of the fair value inputs used in determining these fair values, these real estate securities are classified in either Level II or Level III of the fair value hierarchy. The Company utilizes a third party pricing service to obtain a current estimated liquid price of the securities, resulting in a Level II classification. Real estate securities classified as trading, RMBS, are measured at fair value by utilizing a third party pricing service to obtain a current estimated liquid price of the securities. The RMBS are classified in Level II of the fair value hierarchy. Commercial mortgage loans, held for sale, measured at fair value in the Company's TRS are initially recorded at transaction proceeds, which are considered to be the best initial estimate of fair value. The Company engaged the services of a third party independent valuation firm to determine fair value of certain investments held by the Company. Fair value is determined using a discounted cash flow model that primarily considers changes in interest rates and credit spreads, weighted average life and current performance of the underlying collateral. Commercial mortgage loans, held for sale, measured at fair value that are originated in the last month of the reporting period are held and marked to the transaction proceeds. The Company classified the commercial mortgage loans, held for sale, measured at fair value as Level III. Other real estate investments, measured at fair value on the consolidated balance sheets are valued using unobservable inputs. The Company engaged the services of a third party independent valuation firm to determine fair value of certain investments, including preferred equity investments, held by the Company. Fair value is determined using a discounted cash flow model that primarily considers changes in interest rates and credit spreads, weighted average life and current performance of the underlying collateral. The Company classified the other real estate investments, measured at fair value as Level III. The fair value for Treasury note futures is derived using market prices. Treasury note futures trade on the Chicago Mercantile Exchange (“CME”). The instruments are a variety of recently issued 10-year U.S. Treasury notes. The future contracts are liquid and are centrally cleared through the CME. Treasury note futures are generally categorized in Level 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 periods ended September 30, 2022 and December 31, 2021.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 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

Commercial Mortgage Loans (Tabl

Commercial Mortgage Loans (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2022 December 31, 2021 Senior loans $ 5,311,315 $ 4,204,464 Mezzanine loans 16,958 22,424 Total amortized cost of loans 5,328,273 4,226,888 General allowance for credit losses 19,195 15,827 Specific allowance for credit losses (1) 27,620 — Less: Total Allowance for Credit Losses 46,815 15,827 Total commercial mortgage loans, held for investment, net $ 5,281,458 $ 4,211,061 _________________________________________________________ (1) As of September 30, 2022, the Company recorded a specific reserve with respect to a retail loan designated as non-performing. The following tables represent the composition by loan collateral type and region of the Company's commercial mortgage loans, held for investment portfolio (dollars in thousands): September 30, 2022 December 31, 2021 Loan Collateral Type Par Value Percentage Par Value Percentage Multifamily $ 3,992,990 74.7 % $ 2,953,938 69.6 % Hospitality 503,251 9.4 % 460,884 10.9 % Office 456,866 8.6 % 485,575 11.4 % Retail 172,503 3.2 % 104,990 2.5 % Industrial 93,035 1.7 % 88,956 2.1 % Mixed Use 52,500 1.0 % 62,965 1.5 % Self Storage 44,895 0.8 % 56,495 1.3 % Manufactured Housing 34,688 0.6 % 29,159 0.7 % Total $ 5,350,728 100.0 % $ 4,242,962 100.0 % September 30, 2022 December 31, 2021 Loan Region Par Value Percentage Par Value Percentage Southeast $ 2,158,660 40.4 % $ 1,106,439 26.2 % Southwest 1,757,121 32.9 % 1,764,905 41.6 % Mideast 781,379 14.6 % 646,125 15.2 % Far West 232,734 4.3 % 301,040 7.1 % Great Lakes 169,191 3.2 % 183,930 4.3 % Various 109,230 2.0 % 68,896 1.6 % New England 66,065 1.2 % 67,651 1.6 % Rocky Mountain 43,751 0.8 % 43,751 1.0 % Plains 32,597 0.6 % 60,225 1.4 % Total $ 5,350,728 100.0 % $ 4,242,962 100.0 % The following tables represent the composition by loan collateral type and region of the Company's commercial mortgage loans, held for sale, measured at fair value (dollars in thousands): September 30, 2022 December 31, 2021 Loan Collateral Type Par Value Percentage Par Value Percentage Retail $ 25,000 56.1 % $ — — % Hospitality 19,546 43.9 % — — % Office — — % 34,250 100.0 % Total $ 44,546 100.0 % $ 34,250 100.0 % September 30, 2022 December 31, 2021 Loan Region Par Value Percentage Par Value Percentage Southeast $ 37,996 85.3 % $ 34,250 100.0 % Mideast 6,550 14.7 % — — % Total $ 44,546 100.0 % $ 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 September 30, 2022 (dollars in thousands): MultiFamily Retail Office Industrial Mixed Use Hospitality Self-Storage Manufactured Housing Total December 31, 2021 $ 9,681 $ 288 $ 776 $ 86 $ 169 $ 4,597 $ 152 $ 78 $ 15,827 Changes: General provision/(benefit) for credit losses 32 234 (103) 15 (108) (807) (110) (47) (894) March 31, 2022 $ 9,713 $ 522 $ 673 $ 101 $ 61 $ 3,790 $ 42 $ 31 $ 14,933 Changes: General provision/(benefit) for credit losses 4,595 (128) (48) (18) (22) (687) (23) (8) 3,661 Specific provision/(benefit) for credit losses — 28,431 — — — — — — 28,431 June 30, 2022 $ 14,308 $ 28,825 $ 625 $ 83 $ 39 $ 3,103 $ 19 $ 23 $ 47,025 Changes: General provision/(benefit) for credit losses (41) (25) (181) 49 6 793 (13) 13 601 Specific provision/(benefit) for credit losses — (811) — — — — — — (811) September 30, 2022 $ 14,267 $ 27,989 $ 444 $ 132 $ 45 $ 3,896 $ 6 $ 36 $ 46,815 The following table presents the activity in the Company's allowance for credit losses, for the unfunded loan commitments, as of September 30, 2022 (dollars in thousands): MultiFamily Retail Office Industrial Mixed Use Hospitality Self-Storage Manufactured Housing Total December 31, 2021 $ 137 $ 1 $ 13 $ 3 $ 10 $ 79 $ — $ — $ 243 Changes: General provision/(benefit) for credit losses (32) 15 (4) (2) (10) (28) — — (61) March 31, 2022 $ 105 $ 16 $ 9 $ 1 $ — $ 51 $ — $ — $ 182 Changes: General provision/(benefit) for credit losses 443 (1) 1 (1) — (4) — — 438 June 30, 2022 $ 548 $ 15 $ 10 $ — $ — $ 47 $ — $ — $ 620 Changes: General provision/(benefit) for credit losses (403) — (1) 2 — 11 — 2 (389) September 30, 2022 $ 145 $ 15 $ 9 $ 2 $ — $ 58 $ — $ 2 $ 231 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/Defaulted/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/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 September 30, 2022 and December 31, 2021, by loan collateral type, the Company’s internal risk rating and year of origination. The risk ratings are updated as of September 30, 2022. As of September 30, 2022 2022 2021 2020 2019 2018 2017 Total Multifamily: Risk Rating: 1-2 internal grade $ 1,402,934 $ 2,276,836 $ 92,829 $ — $ 37,851 $ — $ 3,810,450 3-4 internal grade — 95,036 10,852 24,058 37,025 — 166,971 Total Multifamily Loans $ 1,402,934 $ 2,371,872 $ 103,681 $ 24,058 $ 74,876 $ — $ 3,977,421 Retail: Risk Rating: 1-2 internal grade $ 20,941 $ 33,870 $ — $ 8,203 $ — $ — $ 63,014 3-4 internal grade — — — — — — — 5 internal grade 105,498 — — — — — 105,498 Total Retail Loans $ 126,439 $ 33,870 $ — $ 8,203 $ — $ — $ 168,512 Office: Risk Rating: 1-2 internal grade $ — $ 50,343 $ 203,840 $ 108,152 $ 18,746 $ — $ 381,081 3-4 internal grade — — 36,343 25,736 12,977 — 75,056 Total Office Loans $ — $ 50,343 $ 240,183 $ 133,888 $ 31,723 $ — $ 456,137 Industrial: Risk Rating: 1-2 internal grade $ 77,712 $ — $ 14,946 $ — $ — $ — $ 92,658 3-4 internal grade — — — — — — — Total Industrial Loans $ 77,712 $ — $ 14,946 $ — $ — $ — $ 92,658 Mixed Use: Risk Rating: 1-2 internal grade $ 19,926 $ 32,446 $ — $ — $ — $ — $ 52,372 3-4 internal grade — — — — — — — Total Mixed Use Loans $ 19,926 $ 32,446 $ — $ — $ — $ — $ 52,372 Hospitality: Risk Rating: 1-2 internal grade $ 129,645 $ 155,287 $ 26,956 $ 58,814 $ 22,195 $ — $ 392,897 3-4 internal grade — — — 29,966 — 78,928 108,894 Total Hospitality Loans $ 129,645 $ 155,287 $ 26,956 $ 88,780 $ 22,195 $ 78,928 $ 501,791 Self-Storage: Risk Rating: 1-2 internal grade $ — $ 14,976 $ 29,846 $ — $ — $ — $ 44,822 3-4 internal grade — — — — — — — Total Self-Storage Loans $ — $ 14,976 $ 29,846 $ — $ — $ — $ 44,822 Manufactured Housing: Risk Rating: 1-2 internal grade $ 10,469 $ 6,674 $ 17,417 $ — $ — $ — $ 34,560 3-4 internal grade — — — — — — — Total Manufactured Housing Loans $ 10,469 $ 6,674 $ 17,417 $ — $ — $ — $ 34,560 Total $ 1,767,125 $ 2,665,468 $ 433,029 $ 254,929 $ 128,794 $ 78,928 $ 5,328,273 As of 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): September 30, 2022 December 31, 2021 Risk Rating Number of Loans Par Value Risk Rating Number of Loans Par Value 1 — $ — 1 — $ — 2 148 4,890,312 2 148 3,903,047 3 14 244,109 3 16 282,840 4 3 107,077 4 1 57,075 5 1 109,230 5 — — 166 $ 5,350,728 165 $ 4,242,962
Schedule of financing receivable past due	The following table presents an aging summary of the loans amortized cost basis as of September 30, 2022 (dollars in thousands): Multifamily Retail Office Industrial Mixed Use Hospitality Self-Storage Manufactured Housing Total Status: Current $ 3,977,421 $ 63,014 $ 456,137 $ 92,658 $ 52,372 $ 444,716 $ 44,822 $ 34,560 $ 5,165,700 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) — 105,498 — — — 57,075 — — 162,573 Total $ 3,977,421 $ 168,512 $ 456,137 $ 92,658 $ 52,372 $ 501,791 $ 44,822 $ 34,560 $ 5,328,273 _________________________________________________________ (1) For the three and nine months ended September 30, 2022, there was no interest income recognized on these loans.
Financing Receivable, Nonaccrual	The following table presents the amortized cost basis of the loans on nonaccrual status as of September 30, 2022 and December 31, 2021 (dollars in thousands): September 30, 2022 December 31, 2021 Non-performing loan amortized cost at beginning of year, January 1 $ 57,075 $ 94,887 Addition of non-performing loan amortized cost 105,498 — Less: Removal of non-performing loan amortized cost — 37,812 Non-performing loan amortized cost at end of period $ 162,573 $ 57,075
Schedule of real estate notes receivable rollforward	For the nine months ended September 30, 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): Nine Months Ended September 30, 2022 Year Ended December 31, 2021 Balance at Beginning of Year $ 4,211,061 $ 2,693,848 Acquisitions and originations 1,980,296 2,897,002 Principal repayments (863,186) (1,286,598) Discount accretion/premium amortization 8,780 7,038 Loans transferred from/(to) commercial real estate loans, held for sale (9,296) (52,615) Net fees capitalized into carrying value of loans (12,803) (15,150) General (provision)/benefit for credit losses (3,368) 4,770 Specific (provision)/benefit for credit losses (27,620) — Cost recovery (2,406) — Charge-off from allowance — 289 Transfer to real estate owned — (37,523) Balance at End of Period $ 5,281,458 $ 4,211,061

Real Estate Securities (Tables)

Real Estate Securities (Tables)	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
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 Amount Average Yield (1) September 30, 2022 Agency Securities: Fannie Mae/Freddie Mac ARMs $ 252,491 2.48 % 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 period 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 Securities Classified As Available For Sale	The following is a summary of the Company's real estate securities, CRE CLO bonds, as of September 30, 2022 (in thousands): September 30, 2022 Type Interest Rate Maturity Par Value Fair Value CRE CLO bond 1 5.8% 8/19/2035 $ 40,000 $ 39,800 CRE CLO bond 2 6.3% 8/19/2035 25,000 24,875 CRE CLO bond 3 7.1% 8/19/2035 10,000 9,950 $ 75,000 $ 74,625 The following table shows the amortized cost, allowance for expected credit losses, unrealized gain/(loss) and fair value of the Company's CRE CLO bonds by investment type as of September 30, 2022 (dollars in thousands): Amortized Cost Credit Loss Allowance Unrealized Gain Unrealized Loss Fair Value September 30, 2022 CLOs $ 74,998 $ — $ — $ (373) $ 74,625

Real Estate Owned (Tables)

Real Estate Owned (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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 Industrial Jeffersonville, GA $ 3,436 $ 84,259 $ 2,928 $ (2,301) $ 88,322 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 Industrial Jeffersonville, GA $ 3,436 $ 84,259 $ 2,928 $ (575) $ 90,048

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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 $ (2,879) $ 46,313 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
Schedule of future minimum payments to be received	The following table summarizes the Company's schedule of future minimum rents to be received under the lease as described above (dollars in thousands): Future Minimum Rents September 30, 2022 2022 (October - December) $ 1,992 2023 8,046 2024 8,207 2025 8,372 2026 8,539 2027 and beyond 114,981 Total future minimum rent $ 150,137
Schedule of expected future amortization expense	The following table summarizes the Company's expected amortization for intangible assets over the next five years, assuming no further acquisitions or dispositions (dollars in thousands): Amortization Expense September 30, 2022 2022 (October - December) $ (720) 2023 (2,880) 2024 (2,880) 2025 (2,880) 2026 (2,880)

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of repurchase facilities and agreements	The details of the Company's Repo Facilities as of September 30, 2022 and December 31, 2021 are as follows (dollars in thousands): As of September 30, 2022 Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate Term Maturity JPM Repo Facility (2) $ 500,000 $ 235,548 $ 6,857 5.78 % 10/6/2023 CS Repo Facility (3) 600,000 265,801 5,048 5.61 % 7/11/2023 WF Repo Facility (4) 500,000 40,476 6,027 5.17 % 11/21/2023 Barclays Revolver Facility (5) 250,000 — 1,109 N/A 9/20/2023 Barclays Repo Facility (6) 500,000 157,583 6,102 5.19 % 3/14/2025 Total $ 2,350,000 $ 699,408 $ 25,143 ________________________________________________________ (1) For the nine months ended September 30, 2022. Includes amortization of deferred financing costs. (2) With one-year extension option available at the Company's discretion. On July 7, 2022, the committed financing was increased from $400 million to $500 million . Additionally, on September 29, 2022, the Company extended the maturity date to October 6, 2023 (3) O n July 12, 2022, the maturity date was extended to July 11, 2023 and the committed financing was increased from $300 million to $600 million . (4) On May 12, 2022, the committed financing amount was increased from $450 million to $500 million. There are three more one-year extension options available at the Company's discretion. (5) The Company may increase the total commitment amount by an amount between $100 million and $150 million for three month intervals, on an unlimited basis prior to maturity. (6) There are two one-year extension options available at the Company's discretion. 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 300,000 137,364 3,446 2.43 % 9/30/2022 WF Repo Facility 450,000 186,734 2,090 1.64 % 11/21/2023 Barclays Revolver Facility 250,000 166,700 1,976 6.12 % 9/20/2023 Barclays Repo Facility 500,000 392,332 4,057 1.76 % 3/14/2025 Total $ 1,900,000 $ 1,019,600 $ 16,747 ________________________________________________________ (1) For the year ended December 31, 2021. Includes amortization of deferred financing costs. Below is a summary of the Company's MRAs as of September 30, 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 September 30, 2022 JP Morgan Securities LLC $ 48,817 $ 301 $ 57,468 3.95 % 27 Goldman Sachs International — — — N/A N/A Barclays Capital Inc. 63,796 513 80,331 3.78 % 19 Citigroup Global Markets, Inc. — — — N/A N/A Total/Weighted Average $ 112,613 $ 814 $ 137,799 3.85 % 23 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 $62.9 million Repurchase agreements (and related pledged collateral, including accrued interest receivable), classified by remaining maturities, and related weighted average borrowing rates as of the indicated dates were as follows (dollars in thousands): Collateral Accrued Borrowings Weighted Average As of September 30, 2022 Repurchase arrangements secured by Agency securities with maturities of 30 days or less $ 235,563 $ 528 $ 225,000 3.16 % 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 %
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 September 30, 2022 As of December 31, 2021 Borrowings Weighted Average Borrowings Weighted Average Junior subordinated notes maturing in: October 2035 ($35,000 face amount) $ 34,499 3.72 % $ 34,470 7.86 % December 2035 ($40,000 face amount) 39,503 3.49 % 39,474 7.63 % September 2036 ($25,000 face amount) 24,668 3.49 % 24,650 7.67 % $ 98,670 3.57 % $ 98,594 7.72 % 2019-FL5 Issuer 2021-FL6 Issuer, 2021-FL7 Issuer, 2022-FL8 Issuer and 2022-FL9 Issuer (the "CLOs"), respectively, as of September 30, 2022 (dollars in thousands): CLO Facility Tranche Par Value Issued Par Value Outstanding (1) Interest Rate Maturity Date 2019-FL5 Issuer Tranche A $ 407,025 $ 49,645 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-FL9 Issuer Tranche A 423,667 423,667 1M LIBOR + 255 5/15/2039 2022-FL9 Issuer Tranche A-S 96,380 96,380 1M LIBOR + 310 5/15/2039 2022-FL9 Issuer Tranche B 42,166 42,166 1M LIBOR + 360 5/15/2039 2022-FL9 Issuer Tranche C 48,189 48,189 1M LIBOR + 415 5/15/2039 2022-FL9 Issuer Tranche D 49,194 49,194 1M LIBOR + 505 5/15/2039 2022-FL9 Issuer Tranche E 11,041 11,041 1M LIBOR + 565 5/15/2039 $ 3,601,586 $ 3,200,606 ________________________________________________________ (1) Excludes $453.4 million of CLO notes, held by the Company, which are eliminated within the collateralized loan obligations line in the consolidated balance sheet as of September 30, 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 sheet 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 September 30, 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) September 30, 2022 December 31, 2021 Cash (1) $ 87,747 $ 187,668 Commercial mortgage loans, held for investment, net (2) 3,954,397 2,629,431 Accrued interest receivable 11,253 5,918 Total Assets $ 4,053,397 $ 2,823,017 Liabilities (dollars in thousands) Notes payable (3)(4) $ 3,634,459 $ 2,482,762 Accrued interest payable 8,357 1,598 Total Liabilities $ 3,642,816 $ 2,484,360 ________________________________________________________ (1) Includes $86.9 million and $187.0 million of cash held by the servicer related to CLO loans as of September 30, 2022 and December 31, 2021, respectively. (2) The balance is presented net of allowance for credit losses of $7.4 million and $8.7 million as of September 30, 2022 and December 31, 2021, respectively. (3) Includes $453.4 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 September 30, 2022 and December 31, 2021, respectively. (4) The balance is presented net of deferred financing cost and discount of $19.5 million and $17.3 million as of September 30, 2022 and December 31, 2021, respectively.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2022 and September 30, 2021 (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator Net income/(loss) $ 35,258 $ 38,495 $ (12,958) $ 98,651 Less: Preferred stock dividends 6,899 4,804 34,865 12,040 Less: Undistributed earnings allocated to preferred stock — 4,201 — 10,706 Net income/(loss) attributable to common stockholders (basic and diluted earnings per share) $ 28,359 $ 29,490 $ (47,823) $ 75,905 Denominator Weighted-average common shares outstanding for basic earnings per share 83,665,250 44,185,241 67,965,397 44,245,733 Effect of dilutive shares (1) : Unvested restricted shares — 15,323 — 15,737 Weighted-average common shares outstanding for diluted earnings per share 83,665,250 44,200,564 67,965,397 44,261,470 Basic earnings per share $ 0.34 $ 0.67 $ (0.70) $ 1.72 Diluted earnings per share $ 0.34 $ 0.67 $ (0.70) $ 1.71 _______________________ (1) The effect of dilutive shares excluded an aggregate of 516,830 and 465,237 weighted average restricted stock units for the three and nine months ended September 30, 2022, respectively, as their effect was anti-dilutive. Additionally, the effect of dilutive shares excluded an aggregate of 5,789,378 and 21,508,045 weighted average common equivalent of convertible preferred shares for the three and nine months ended September 30, 2022, respectively, as the effect was anti-dilutive.

Equity Transactions (Tables)

Equity Transactions (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Summary of Shares Outstanding	The following table presents the summary of the Company's outstanding shares of Common Stock and Preferred Stock as of September 30, 2022 and December 31, 2021 (dollars in thousands, except share amounts): Balance as of Shares Outstanding as of Third Quarter Dividend/Distribution Per Share (6) September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Common Stock - at par value (1)(2) $ 830 $ 441 83,362,351 43,965,928 $ 0.355 Redeemable Convertible Preferred Stock Series C Preferred Stock (3) $ 6,976 $ 6,971 1,400 1,400 $ 106.22 Series D Preferred Stock (4) $ — $ 89,684 — 17,950 n/a Series H Preferred Stock (4) $ 89,748 $ — 17,950 — $ 106.22 Perpetual Preferred Stock Series E Preferred Stock $ 258,742 $ 258,742 10,329,039 10,329,039 $ 0.46875 Automatically Convertible Preferred Stock Series F Preferred Stock (5) $ — $ 710,431 — 39,733,299 n/a _________________________________________________________ (1) Common Stock shares include shares issued pursuant to the Company's distribution reinvestment plan (the "DRIP") and unvested restricted shares. (2) During the nine months ended September 30, 2022, the Company repurchased 931,053 shares of Common Stock at an average price of $11.85 per share, for a total of $11.0 million. All of these shares were retired upon settlement, reducing the total outstanding shares as of September 30, 2022. See discussion in the "Stock Repurchases" section below. (3) On October 19, 2022, 400 shares of the Company's Series C Preferred Stock each automatically converted into 299.2 shares of Common Stock, pursuant to the terms of the Series C Preferred Stock, resulting in the issuance of 119,538 shares of Common Stock. The remaining 1,000 outstanding shares of Series C Preferred Stock were exchanged by the holder for an equal number of the Company's newly created Series I Preferred Stock. (4) 17,950 shares of Series D Preferred Stock were issued in March 2021, all of which were exchanged for an equal number of shares of Series H Preferred Stock in June 2022. (5) 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. (6) As declared by the Company's board of directors. The following tables present the activity in the Company's Series C Preferred Stock for the nine-month periods ended September 30, 2022 and 2021 (dollars in thousands, except share amounts): For the Nine Months Ended September 30, 2022 September 30, 2021 Shares Amount Shares Amount Balance at Beginning of Period 1,400 $ 6,971 1,400 $ 6,962 Amortization of offering costs — 5 — 7 Balance at End of Period 1,400 $ 6,976 1,400 $ 6,969 The following table presents the activity in the Company's Series D Preferred Stock for the nine-month periods ended September 30, 2022 and 2021 (dollars in thousands, except share amounts): For the Nine Months Ended September 30, 2022 September 30, 2021 Shares Amount Shares Amount Balance at Beginning of Period 17,950 $ 89,684 — $ — Issuance of Preferred Stock — — 17,950 89,748 Exchanged for Series H Preferred Stock (17,950) (89,748) — — Offering costs — — — (83) Amortization of offering costs — 64 — 12 Balance at End of Period — $ — 17,950 $ 89,677 The following table presents the activity in the Company's Series E Preferred Stock for the nine-month period ended September 30, 2022 (dollars in thousands, except share amounts): For the Nine Months Ended September 30, 2022 September 30, 2021 Shares Amount Shares Amount Balance at Beginning of Period 10,329,039 $ 258,742 — $ — Balance at End of Period 10,329,039 $ 258,742 — $ — The following table presents the activity in the Company's Series F Preferred Stock for the nine-month period ended September 30, 2022 (dollars in thousands, except share amounts): For the Nine Months Ended September 30, 2022 September 30, 2021 Shares Amount Shares Amount Balance at Beginning of Period 39,733,299 $ 710,431 — $ — Automatically converted into Common Stock (39,733,299) (710,431) — — Balance at End of Period — $ — — $ — The following table presents the activity in the Company's Series H Preferred Stock for the nine-month period ended September 30, 2022 (dollars in thousands, except share amounts): For the Nine Months Ended September 30, 2022 September 30, 2021 Shares Amount Shares Amount Balance at Beginning of Period — $ — — $ — Issuance of Series H Preferred Stock in exchange for Series D Preferred Stock 17,950 89,748 — — Balance at End of Period 17,950 $ 89,748 — $ —
Summary of Repurchases	The following table is a summary of the Company’s repurchase activity of its common stock during the three and nine months ended September 30, 2022: For the Three and Nine Months Ended September 30, 2022 Shares Amount (2) Authorized repurchase amount (1) — $ 65,000 Repurchases paid 774,653 (9,359) Repurchases unsettled (3) 156,400 (1,677) Remaining as of September 30, 2022 $ 53,964 _________________________________________________________ (1) Amount includes commissions paid associated with share repurchases . (2) For the period ended September 30, 2022, the average purchase price was $11.85 per share.
Changes in Accumulated Other Comprehensive Income (Loss)	The following tables set forth the changes in accumulated other comprehensive income/(loss) by component. (dollars in thousands) Total Available for Sale Securities Cash Flow Hedges For the Three Months Ended September 30, 2022: Balance as of June 30, 2022 $ — $ — $ — Other comprehensive (loss) income (373) (373) — Balance as of September 30, 2022 $ (373) $ (373) $ — For the Three Months Ended September 30, 2021: Balance as of June 30, 2021 $ — $ — $ — Other comprehensive (loss) income — — — Balance as of September 30, 2021 $ — $ — $ — For the Nine Months Ended September 30, 2022: Balance as of December 31, 2021 $ (62) $ — $ (62) Other comprehensive (loss) income (593) (373) (220) Reclassification adjustment for amounts included in net income/(loss) 282 — 282 Balance as of September 30, 2022 $ (373) $ (373) $ — For the Nine Months Ended September 30, 2021: Balance as of December 31, 2020 $ (8,256) $ (8,256) $ — Other comprehensive (loss) income 8,256 8,256 — Balance as of September 30, 2021 $ — $ — $ —

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Unfunded commitments under commercial mortgage loans	As of September 30, 2022 and December 31, 2021, the Company had the below unfunded commitments to the Company's borrowers (dollars in thousands): Funding Expiration September 30, 2022 December 31, 2021 2022 $ 8,000 $ 25,864 2023 90,093 123,860 2024 359,735 271,056 2025 and beyond 74,755 37,325 $ 532,583 $ 458,105

Related Party Transactions an_2

Related Party Transactions and Arrangements (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2022 and 2021 and the associated payable as of September 30, 2022 and December 31, 2021 (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, Payable as of 2022 2021 2022 2021 September 30, 2022 December 31, 2021 Acquisition expenses (1) $ 362 $ 690 $ 996 $ 1,012 $ 373 $ — Administrative services expenses 3,001 2,980 9,402 9,532 3,001 — Asset management and subordinated performance fee 6,430 8,265 19,776 19,682 11,353 15,595 Other related party expenses (2)(3) 226 146 706 182 1,717 1,943 Total related party fees and reimbursements $ 10,019 $ 12,081 $ 30,880 $ 30,408 $ 16,444 $ 17,538 _________________________________________________________ (1) Total acquisition expenses paid during the three months ended September 30, 2022 and 2021 were $2.5 million and $2.9 million, respectively, of which $2.1 million and $2.2 million were capitalized within the commercial mortgage loans, held for investment and real estate securities, available for sale, measured at fair value lines of the consolidated balance sheets. Total acquisition expenses paid during the nine months ended September 30, 2022 and 2021 were $9.7 million and $7.5 million, respectively, of which $8.7 million and $6.5 million were capitalized within the commercial mortgage loans, held for investment and real estate securities, available for sale, measured at fair value lines of the consolidated balance sheets. (2) These are related to reimbursable costs incurred related to the increase in loan origination activities and are included in Other expenses in the Company's consolidated statements of operations. (3) As of September 30, 2022 and December 31, 2021, the related party payables include $1.7 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)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Unvested Restricted Stock Units Roll Forward	Restricted Stock and RSU activity issued under the RSP and 2021 Incentive Plan for the nine months ended September 30, 2022 is summarized below: Shares Outstanding RSP 2021 Incentive Plan Weighted Average Grant Date Fair Value Unvested equity awards outstanding as of December 31, 2021 11,184 — $ 17.88 Grants 28,245 492,107 14.05 Forfeitures — — — Vested (18,393) — 16.14 Unvested equity awards outstanding as of September 30, 2022 21,036 492,107 $ 14.06

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2022 and December 31, 2021 (dollars in thousands): Total Level I Level II Level III September 30, 2022 Assets, at fair value Real estate securities, available for sale, measured at fair value $ 74,625 $ — $ 74,625 $ — Real estate securities, trading, measured at fair value 252,491 — $ 252,491 $ — Commercial mortgage loans, held for sale, measured at fair value 41,342 — — 41,342 Derivatives instruments, measured at fair value: Credit default swaps — — — — Interest rate swaps 3,546 — 3,546 — Total assets, at fair value $ 372,004 $ — $ 330,662 $ 41,342 Liabilities, at fair value Derivatives instruments, measured at fair value: Interest rate swaps $ 8 $ — $ 8 $ — Credit default swaps $ 4 $ — $ 4 $ — Total liabilities, at fair value $ 12 $ — $ 12 $ — 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 Derivatives instruments, measured at fair value: 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 Derivatives instruments, measured 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 $ — September 30, 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 4,838 (33) Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments (3,678) 4 Net accretion — — Purchases 343,096 — Sales / paydowns (337,632) (2,045) Transfers out of Level III (1) — — Ending Balance, September 30, 2022 $ 41,342 $ — 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 contains the Level 3 inputs used to value assets and liabilities on a recurring and nonrecurring basis or where the Company discloses fair value as of September 30, 2022: Asset Category Fair Value Valuation Methodologies Unobservable Inputs (1) Weighted Average (2) Range September 30, 2022 Commercial mortgage loans, held for sale, measured at fair value $ 41,342 Discounted Cash Flow Yield 3.4% 3.1% - 7.3% 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 September 30, 2022 and December 31, 2021 (dollars in thousands): September 30, 2022 December 31, 2021 Level Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value Commercial mortgage loans, held for investment Asset III $ 5,328,273 $ 5,331,258 $ 4,226,888 $ 4,249,118 Collateralized loan obligations Liability III 3,174,530 3,097,531 2,162,190 2,181,571 Mortgage note payable Liability III 23,998 23,998 23,998 23,998 Other financing and loan participation - commercial mortgage loans Liability III 53,167 53,167 37,903 37,903 Unsecured debt Liability III 98,670 73,700 148,594 125,400 ________________________________________________________ (1) The carrying value is gross of $46.8 million and $15.8 million of allowance for credit losses as of September 30, 2022 and December 31, 2021, respectively.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Assets at Fair Value	The following derivative instruments were outstanding as of September 30, 2022 and December 31, 2021 (dollars in thousands): September 30, 2022 December 31, 2021 Fair Value Fair Value Contract type Notional Assets Liabilities Notional Assets Liabilities Credit default swaps $ 44,750 $ 710 $ 4 $ 47,000 $ — $ 1,142 Interest rate swaps (1) 37,000 2,836 8 3,649,500 312 — Interest rate swaps on unsecured debt — — — 100,000 — 31,153 Treasury note futures — — — 360 124 — Total $ 81,750 $ 3,546 $ 12 $ 3,796,860 $ 436 $ 32,295 ________________________________________________________
Schedule of Derivative Liabilities at Fair Value	The following derivative instruments were outstanding as of September 30, 2022 and December 31, 2021 (dollars in thousands): September 30, 2022 December 31, 2021 Fair Value Fair Value Contract type Notional Assets Liabilities Notional Assets Liabilities Credit default swaps $ 44,750 $ 710 $ 4 $ 47,000 $ — $ 1,142 Interest rate swaps (1) 37,000 2,836 8 3,649,500 312 — Interest rate swaps on unsecured debt — — — 100,000 — 31,153 Treasury note futures — — — 360 124 — Total $ 81,750 $ 3,546 $ 12 $ 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 and nine months ended September 30, 2022 and September 30, 2021: Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Contract type Unrealized (Gain)/Loss Realized (Gain)/Loss Unrealized (Gain)/Loss Realized (Gain)/Loss Credit default swaps $ 40 $ 254 $ (111) $ 32 Interest rate swaps (1,606) 1,370 (1,282) 1,692 Treasury note futures — — (35) 145 Options — — — 33 Total $ (1,566) $ 1,624 $ (1,428) $ 1,902 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Contract type Unrealized (Gain)/Loss Realized (Gain)/Loss Unrealized (Gain)/Loss Realized (Gain)/Loss Credit default swaps $ (515) $ 301 $ (289) $ 675 Interest rate swaps 13,215 (56,961) 22 414 Treasury note futures 124 (939) (107) (1,479) Options — — — 33 Total $ 12,824 $ (57,599) $ (374) $ (357)

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2022 and December 31, 2021 (dollars in thousands): Gross Amounts of Gross Amounts Offset on the Net Amount of Assets Presented on the Gross Amounts Not Offset on the Balance Sheet Assets Recognized Assets Balance Sheet Balance Sheet Financial Instruments Cash Collateral (1) Net Amount September 30, 2022 Derivative instruments, at fair value $ 3,546 $ — $ 3,546 $ — $ — $ 3,546 December 31, 2021 Derivative instruments, at fair value $ 436 $ — $ 436 $ — $ — $ 436
Offsetting liabilities	Gross Amounts of Gross Amounts Offset on the Net Amount of Liabilities Presented on the Gross Amounts Not Offset on the Balance Sheet Liabilities Recognized Liabilities Balance Sheet Balance Sheet Financial Instruments Cash Collateral (1) Net Amount September 30, 2022 Repurchase agreements - commercial mortgage loans $ 699,408 $ — $ 699,408 $ 707,900 $ 5,010 $ — Repurchase agreements - real estate securities 337,613 — 337,613 373,363 — — Derivative instruments, at fair value 12 — 12 — 68 — 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 — _________________________________________________________ (1) Included in Restricted cash in the Company's consolidated balance sheets.

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2022 and September 30, 2021 (dollars in thousands): Three Months Ended September 30, 2022 Total Real Estate Debt and Other Real Estate Investments Real Estate Securities TRS Real Estate Owned Interest income $ 94,131 $ 91,097 $ 1,648 $ 1,386 $ — Revenue from real estate owned 2,312 — — — 2,312 Interest expense 46,157 43,260 1,779 786 332 Net income/(loss) 35,258 35,778 (3,309) 2,107 682 Total assets as of September 30, 2022 6,178,121 5,551,679 398,684 87,825 139,933 Three Months Ended September 30, 2021 Interest income $ 47,747 $ 47,166 $ — $ 581 $ — Revenue from real estate owned 1,015 — — — 1,015 Interest expense 11,988 11,263 148 232 345 Net income/(loss) 38,495 25,056 (148) 3,984 9,603 Total assets as of December 31, 2021 9,474,701 4,205,883 5,054,394 72,840 141,584 Nine Months Ended September 30, 2022 Total Real Estate Debt and Other Real Estate Investments Real Estate Securities TRS Real Estate Owned Interest income $ 239,602 $ 209,585 $ 25,424 $ 4,593 $ — Revenue from real estate owned 6,936 — — — 6,936 Interest expense 101,444 92,704 6,853 1,123 764 Net income/(loss) (12,958) 46,306 (63,533) 1,995 2,274 Total assets as of September 30, 2022 6,178,121 5,551,679 398,684 87,825 139,933 Nine Months Ended September 30, 2021 Interest income $ 138,969 $ 135,945 $ 461 $ 2,563 $ — Revenue from real estate owned 2,447 — — — 2,447 Interest expense 35,994 34,887 (720) 812 1,014 Net income/(loss) 98,651 74,745 (196) 13,434 10,667 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					3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 20, 2022 $ / shares shares	Oct. 19, 2022 shares	Jun. 24, 2022 shares	Apr. 19, 2022 shares	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($) shares	Sep. 30, 2022 USD ($) segment $ / shares shares	Sep. 30, 2021 USD ($) shares	Dec. 31, 2021 $ / shares shares	Dec. 31, 2020 shares
Equity, Class of Treasury Stock [Line Items]
Minimum distribution percentage to qualify for REIT taxation status							90%
Income tax expense (benefit) | $					$ 419	$ 1,148	$ 281	$ 3,418
Number of reportable segments | segment							4
RSP
Equity, Class of Treasury Stock [Line Items]
Shares granted under restricted share plan, maximum percentage of total shares allowed (in shares)							5%
Maximum shares allowed to be granted under restricted share plan (in shares)							4,000,000
Restricted Stock Units (RSUs) | 2021 Incentive Plan
Equity, Class of Treasury Stock [Line Items]
Award vesting period							3 years
Series C Preferred Stock
Equity, Class of Treasury Stock [Line Items]
Liquidation preference (in dollars per share) | $ / shares					$ 5,000		$ 5,000
Rate of dividend accrual (in percent)							4%
Preferred stock, par value per share (in dollars per share) | $ / shares					$ 0.01		$ 0.01		$ 0.01
Percentage of holders of preferred stock					66.67%		66.67%
Preferred stock, shares outstanding (in shares)					1,400	1,400	1,400	1,400	1,400	1,400
Series C Preferred Stock | Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Automatically converted into common stock (in shares)		(400)
Preferred stock converted to common stock, per share stock consideration (in shares)		299.2
Preferred stock exchanged (in shares)	(1,000)
Series E Preferred Stock
Equity, Class of Treasury Stock [Line Items]
Preferred stock rate, as a percentage							7.50%		7.50%
Liquidation preference (in dollars per share) | $ / shares					$ 25		$ 25
Preferred stock, par value per share (in dollars per share) | $ / shares					$ 0.01		$ 0.01		$ 0.01
Preferred stock, shares outstanding (in shares)					10,329,039	0	10,329,039	0	10,329,039	0
Preferred stock, liquidation preference per share, per annum (in dollars per share) | $ / shares					$ 1.875		$ 1.875
Series F Preferred Stock
Equity, Class of Treasury Stock [Line Items]
Automatically converted into common stock (in shares)				39,733,299			39,733,299	0
Preferred stock, par value per share (in dollars per share) | $ / shares					$ 0.01		$ 0.01		$ 0.01
Percentage of holders of preferred stock					66.67%		66.67%
Conversion ratio of convertible preferred stock (in shares)				1
Preferred stock, shares outstanding (in shares)				0	0	0	0	0	39,733,299	0
Series H Preferred Stock
Equity, Class of Treasury Stock [Line Items]
Preferred stock exchanged (in shares)			17,950				17,950	0
Preferred stock, par value per share (in dollars per share) | $ / shares					$ 0.01		$ 0.01		$ 0.01
Option to accelerate mandatory conversion date, period of required written notice			10 days
Preferred stock, shares outstanding (in shares)					17,950	0	17,950	0	0	0
Series I Preferred Stock | Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Preferred stock, par value per share (in dollars per share) | $ / shares	$ 0.01
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	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost of loans	$ 5,328,273	$ 4,226,888
Less: Allowance for credit losses	46,815	15,827
Total commercial mortgage loans, held for investment, net	5,281,458	4,211,061
General allowance for credit losses
Financing Receivable, Credit Quality Indicator [Line Items]
Less: Allowance for credit losses	19,195	15,827
Specific allowance for credit losses
Financing Receivable, Credit Quality Indicator [Line Items]
Less: Allowance for credit losses	27,620	0
Senior loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost of loans	5,311,315	4,204,464
Mezzanine loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost of loans	$ 16,958	$ 22,424

Commercial Mortgage Loans - Nar

Commercial Mortgage Loans - Narrative (Details) $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) rating loan property	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) rating loan	Dec. 31, 2020 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses	$ (599)			$ (1,613)	$ 30,976	$ (5,452)
Par Value	5,328,273				$ 5,328,273		$ 4,226,888
Initial risk rating | rating					2
Weighted average risk rating of loans | rating					2.1		2.1
Commercial Portfolio Segment | General allowance for credit losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses	601	$ 3,661	$ (894)		$ 3,400
Commercial Portfolio Segment | General allowance for credit losses | Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses	(25)	(128)	234
Commercial Portfolio Segment | General allowance for credit losses | Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses	793	(687)	$ (807)
Commercial Portfolio Segment | Specific allowance for credit losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses	(811)	28,431
Commercial Portfolio Segment | Specific allowance for credit losses | Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses	(811)	28,431
Number of properties securing loan | property					24
Commercial Portfolio Segment | Specific allowance for credit losses | Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses	0	$ 0
Commercial Portfolio Segment | Nonperforming Financial Instruments | Specific allowance for credit losses | Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses					$ 27,600
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan					166		165
Par Value	5,350,728				$ 5,350,728		$ 4,242,962
Cost recovery					2,406		0
Commercial Mortgage Receivable, Held-For-Investment | Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	172,503				172,503		104,990
Commercial Mortgage Receivable, Held-For-Investment | Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	503,251				503,251		460,884
Commercial Mortgage Receivable, Held-For-Investment | General allowance for credit losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses					3,368		(4,770)
Commercial Mortgage Receivable, Held-For-Investment | Specific allowance for credit losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses					27,620		0
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	5,328,273				5,328,273		4,226,888
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	168,512				168,512		104,725
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | Retail | 5 internal grade
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	105,498				105,498
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | Retail | 5 internal grade | Discounted Cash Flow
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 77,900				$ 77,900
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | Retail | 5 internal grade | Discounted Cash Flow | Minimum | Measurement Input, Cap Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Measurement input	0.0475				0.0475
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | Retail | 5 internal grade | Discounted Cash Flow | Maximum | Measurement Input, Cap Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Measurement input	0.0650				0.0650
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 501,791				$ 501,791		$ 459,859
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan					2		1
Nonaccrual loan	162,573				$ 162,573		$ 57,075	$ 94,887
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | Nonperforming Financial Instruments | Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cost recovery					6,400
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | Nonperforming Financial Instruments | Retail | 5 internal grade
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fully funded outstanding principal balance	109,200				109,200
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | Nonperforming Financial Instruments | Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loan	57,100				57,100
Interest income	0				0
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | Nonperforming Financial Instruments | Specific allowance for credit losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses							$ 0
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | Nonperforming Financial Instruments | Specific allowance for credit losses | Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses					$ 0
Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan					3		1
Par Value	44,546				$ 44,546		$ 34,250
Commercial Mortgage Receivable, Held-For-Sale | Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	25,000				25,000		0
Commercial Mortgage Receivable, Held-For-Sale | Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 19,546				$ 19,546		$ 0

Commercial Mortgage Loans - All

Commercial Mortgage Loans - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance			$ 15,827		$ 15,827
Provision/(benefit) for credit losses	$ (599)			$ (1,613)	30,976	$ (5,452)
Ending balance	46,815				46,815
General provision/(benefit) for credit losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance			15,827		15,827
Ending balance	19,195				19,195
Specific provision/(benefit) for credit losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance			0		0
Ending balance	27,620				27,620
Commercial Portfolio Segment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	47,025	$ 14,933	15,827		15,827
Ending balance	46,815	47,025	14,933		46,815
Commercial Portfolio Segment | General provision/(benefit) for credit losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Provision/(benefit) for credit losses	601	3,661	(894)		3,400
Commercial Portfolio Segment | Specific provision/(benefit) for credit losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Provision/(benefit) for credit losses	(811)	28,431
Commercial Portfolio Segment | Unfunded Loan Commitment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	620	182	243		243
Ending balance	231	620	182		231
Commercial Portfolio Segment | Unfunded Loan Commitment | General provision/(benefit) for credit losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Provision/(benefit) for credit losses	(389)	438	(61)
Commercial Portfolio Segment | Multifamily
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	14,308	9,713	9,681		9,681
Ending balance	14,267	14,308	9,713		14,267
Commercial Portfolio Segment | Multifamily | General provision/(benefit) for credit losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Provision/(benefit) for credit losses	(41)	4,595	32
Commercial Portfolio Segment | Multifamily | Specific provision/(benefit) for credit losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Provision/(benefit) for credit losses	0	0
Commercial Portfolio Segment | Multifamily | Unfunded Loan Commitment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	548	105	137		137
Ending balance	145	548	105		145
Commercial Portfolio Segment | Multifamily | Unfunded Loan Commitment | General provision/(benefit) for credit losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Provision/(benefit) for credit losses	(403)	443	(32)
Commercial Portfolio Segment | Retail
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	28,825	522	288		288
Ending balance	27,989	28,825	522		27,989
Commercial Portfolio Segment | Retail | General provision/(benefit) for credit losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Provision/(benefit) for credit losses	(25)	(128)	234
Commercial Portfolio Segment | Retail | Specific provision/(benefit) for credit losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Provision/(benefit) for credit losses	(811)	28,431
Commercial Portfolio Segment | Retail | Unfunded Loan Commitment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	15	16	1		1
Ending balance	15	15	16		15
Commercial Portfolio Segment | Retail | Unfunded Loan Commitment | General provision/(benefit) for credit losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Provision/(benefit) for credit losses	0	(1)	15
Commercial Portfolio Segment | Office
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	625	673	776		776
Ending balance	444	625	673		444
Commercial Portfolio Segment | Office | General provision/(benefit) for credit losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Provision/(benefit) for credit losses	(181)	(48)	(103)
Commercial Portfolio Segment | Office | Specific provision/(benefit) for credit losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Provision/(benefit) for credit losses	0	0
Commercial Portfolio Segment | Office | Unfunded Loan Commitment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	10	9	13		13
Ending balance	9	10	9		9
Commercial Portfolio Segment | Office | Unfunded Loan Commitment | General provision/(benefit) for credit losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Provision/(benefit) for credit losses	(1)	1	(4)
Commercial Portfolio Segment | Industrial
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	83	101	86		86
Ending balance	132	83	101		132
Commercial Portfolio Segment | Industrial | General provision/(benefit) for credit losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Provision/(benefit) for credit losses	49	(18)	15
Commercial Portfolio Segment | Industrial | Specific provision/(benefit) for credit losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Provision/(benefit) for credit losses	0	0
Commercial Portfolio Segment | Industrial | Unfunded Loan Commitment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	0	1	3		3
Ending balance	2	0	1		2
Commercial Portfolio Segment | Industrial | Unfunded Loan Commitment | General provision/(benefit) for credit losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Provision/(benefit) for credit losses	2	(1)	(2)
Commercial Portfolio Segment | Mixed Use
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	39	61	169		169
Ending balance	45	39	61		45
Commercial Portfolio Segment | Mixed Use | General provision/(benefit) for credit losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Provision/(benefit) for credit losses	6	(22)	(108)
Commercial Portfolio Segment | Mixed Use | Specific provision/(benefit) for credit losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Provision/(benefit) for credit losses	0	0
Commercial Portfolio Segment | Mixed Use | Unfunded Loan Commitment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	0	0	10		10
Ending balance	0	0	0		0
Commercial Portfolio Segment | Mixed Use | Unfunded Loan Commitment | General provision/(benefit) for credit losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Provision/(benefit) for credit losses	0	0	(10)
Commercial Portfolio Segment | Hospitality
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	3,103	3,790	4,597		4,597
Ending balance	3,896	3,103	3,790		3,896
Commercial Portfolio Segment | Hospitality | General provision/(benefit) for credit losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Provision/(benefit) for credit losses	793	(687)	(807)
Commercial Portfolio Segment | Hospitality | Specific provision/(benefit) for credit losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Provision/(benefit) for credit losses	0	0
Commercial Portfolio Segment | Hospitality | Unfunded Loan Commitment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	47	51	79		79
Ending balance	58	47	51		58
Commercial Portfolio Segment | Hospitality | Unfunded Loan Commitment | General provision/(benefit) for credit losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Provision/(benefit) for credit losses	11	(4)	(28)
Commercial Portfolio Segment | Self Storage
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	19	42	152		152
Ending balance	6	19	42		6
Commercial Portfolio Segment | Self Storage | General provision/(benefit) for credit losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Provision/(benefit) for credit losses	(13)	(23)	(110)
Commercial Portfolio Segment | Self Storage | Specific provision/(benefit) for credit losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Provision/(benefit) for credit losses	0	0
Commercial Portfolio Segment | Self Storage | Unfunded Loan Commitment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	0	0	0		0
Ending balance	0	0	0		0
Commercial Portfolio Segment | Self Storage | Unfunded Loan Commitment | General provision/(benefit) for credit losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Provision/(benefit) for credit losses	0	0	0
Commercial Portfolio Segment | Manufactured Housing
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	23	31	78		78
Ending balance	36	23	31		36
Commercial Portfolio Segment | Manufactured Housing | General provision/(benefit) for credit losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Provision/(benefit) for credit losses	13	(8)	(47)
Commercial Portfolio Segment | Manufactured Housing | Specific provision/(benefit) for credit losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Provision/(benefit) for credit losses	0	0
Commercial Portfolio Segment | Manufactured Housing | Unfunded Loan Commitment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	0	0	0		0
Ending balance	2	0	0		$ 2
Commercial Portfolio Segment | Manufactured Housing | Unfunded Loan Commitment | General provision/(benefit) for credit losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Provision/(benefit) for credit losses	$ 2	$ 0	$ 0

Commercial Mortgage Loans - Com

Commercial Mortgage Loans - Commercial Mortgage Loan Portfolio, Excluding Fair Value (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 5,328,273	$ 4,226,888
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 5,350,728	$ 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%	100%
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%	100%
Commercial Mortgage Receivable, Held-For-Investment | Southeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 2,158,660	$ 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	40.40%	26.20%
Commercial Mortgage Receivable, Held-For-Investment | Southwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 1,757,121	$ 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	32.90%	41.60%
Commercial Mortgage Receivable, Held-For-Investment | Mideast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 781,379	$ 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	14.60%	15.20%
Commercial Mortgage Receivable, Held-For-Investment | Far West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 232,734	$ 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	4.30%	7.10%
Commercial Mortgage Receivable, Held-For-Investment | Great Lakes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 169,191	$ 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	3.20%	4.30%
Commercial Mortgage Receivable, Held-For-Investment | Various
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 109,230	$ 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	2%	1.60%
Commercial Mortgage Receivable, Held-For-Investment | New England
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 66,065	$ 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	1.20%	1.60%
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	0.80%	1%
Commercial Mortgage Receivable, Held-For-Investment | Plains
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 32,597	$ 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	0.60%	1.40%
Commercial Mortgage Receivable, Held-For-Investment | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 3,992,990	$ 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	74.70%	69.60%
Commercial Mortgage Receivable, Held-For-Investment | Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 503,251	$ 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	9.40%	10.90%
Commercial Mortgage Receivable, Held-For-Investment | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 456,866	$ 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	8.60%	11.40%
Commercial Mortgage Receivable, Held-For-Investment | Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 172,503	$ 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	3.20%	2.50%
Commercial Mortgage Receivable, Held-For-Investment | Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 93,035	$ 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	1.70%	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%	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	0.80%	1.30%
Commercial Mortgage Receivable, Held-For-Investment | Manufactured Housing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 34,688	$ 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	0.60%	0.70%
Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 44,546	$ 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%	100%
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%	100%
Commercial Mortgage Receivable, Held-For-Sale | Southeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 37,996	$ 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	85.30%	100%
Commercial Mortgage Receivable, Held-For-Sale | Mideast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 6,550	$ 0
Commercial Mortgage Receivable, Held-For-Sale | Mideast | Geographic Concentration Risk | Commercial Mortgage Loans, held for sale, measured at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	14.70%	0%
Commercial Mortgage Receivable, Held-For-Sale | Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 19,546	$ 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	43.90%	0%
Commercial Mortgage Receivable, Held-For-Sale | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 0	$ 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	0%	100%
Commercial Mortgage Receivable, Held-For-Sale | Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 25,000	$ 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	56.10%	0%

Commercial Mortgage Loans - Int

Commercial Mortgage Loans - Internal Credit Qualities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 5,328,273	$ 4,226,888
Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Total	5,350,728	4,242,962
Commercial Mortgage Receivable, Held-For-Investment | Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Total	3,992,990	2,953,938
Commercial Mortgage Receivable, Held-For-Investment | Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Total	172,503	104,990
Commercial Mortgage Receivable, Held-For-Investment | Office
Financing Receivable, Credit Quality Indicator [Line Items]
Total	456,866	485,575
Commercial Mortgage Receivable, Held-For-Investment | Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Total	93,035	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	503,251	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	34,688	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	1,767,125	2,729,537
Year two, originated in prior fiscal year one	2,665,468	689,545
Year three, originated in prior fiscal year two	433,029	475,252
Year four, originated in prior fiscal year three	254,929	253,452
Year five, original in prior fiscal year four	128,794	79,102
Year six, originated in prior fiscal year five	78,928
Total	5,328,273	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	1,402,934	2,438,376
Year two, originated in prior fiscal year one	2,371,872	270,953
Year three, originated in prior fiscal year two	103,681	103,989
Year four, originated in prior fiscal year three	24,058	127,902
Year five, original in prior fiscal year four	74,876	0
Year six, originated in prior fiscal year five	0
Total	3,977,421	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	126,439	33,830
Year two, originated in prior fiscal year one	33,870	11,928
Year three, originated in prior fiscal year two	0	29,515
Year four, originated in prior fiscal year three	8,203	29,452
Year five, original in prior fiscal year four	0	0
Year six, originated in prior fiscal year five	0
Total	168,512	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	50,343	253,759
Year three, originated in prior fiscal year two	240,183	136,800
Year four, originated in prior fiscal year three	133,888	43,308
Year five, original in prior fiscal year four	31,723	0
Year six, originated in prior fiscal year five	0
Total	456,137	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	77,712	0
Year two, originated in prior fiscal year one	0	31,906
Year three, originated in prior fiscal year two	14,946	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	92,658	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	19,926	32,395
Year two, originated in prior fiscal year one	32,446	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	52,372	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	129,645	153,032
Year two, originated in prior fiscal year one	155,287	26,920
Year three, originated in prior fiscal year two	26,956	148,015
Year four, originated in prior fiscal year three	88,780	52,790
Year five, original in prior fiscal year four	22,195	79,102
Year six, originated in prior fiscal year five	78,928
Total	501,791	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	14,976	41,382
Year three, originated in prior fiscal year two	29,846	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	44,822	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	10,469	6,665
Year two, originated in prior fiscal year one	6,674	22,372
Year three, originated in prior fiscal year two	17,417	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	34,560	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	1,402,934	2,438,376
Year two, originated in prior fiscal year one	2,276,836	270,953
Year three, originated in prior fiscal year two	92,829	103,989
Year four, originated in prior fiscal year three	0	90,877
Year five, original in prior fiscal year four	37,851	0
Year six, originated in prior fiscal year five	0
Total	3,810,450	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	20,941	33,830
Year two, originated in prior fiscal year one	33,870	11,928
Year three, originated in prior fiscal year two	0	29,515
Year four, originated in prior fiscal year three	8,203	29,452
Year five, original in prior fiscal year four	0	0
Year six, originated in prior fiscal year five	0
Total	63,014	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	50,343	253,759
Year three, originated in prior fiscal year two	203,840	136,800
Year four, originated in prior fiscal year three	108,152	43,308
Year five, original in prior fiscal year four	18,746	0
Year six, originated in prior fiscal year five	0
Total	381,081	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	77,712	0
Year two, originated in prior fiscal year one	0	31,906
Year three, originated in prior fiscal year two	14,946	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	92,658	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	19,926	32,395
Year two, originated in prior fiscal year one	32,446	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	52,372	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	129,645	153,032
Year two, originated in prior fiscal year one	155,287	26,920
Year three, originated in prior fiscal year two	26,956	34,054
Year four, originated in prior fiscal year three	58,814	0
Year five, original in prior fiscal year four	22,195	0
Year six, originated in prior fiscal year five	0
Total	392,897	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	14,976	41,382
Year three, originated in prior fiscal year two	29,846	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	44,822	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	10,469	6,665
Year two, originated in prior fiscal year one	6,674	22,372
Year three, originated in prior fiscal year two	17,417	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	34,560	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	95,036	0
Year three, originated in prior fiscal year two	10,852	0
Year four, originated in prior fiscal year three	24,058	37,025
Year five, original in prior fiscal year four	37,025	0
Year six, originated in prior fiscal year five	0
Total	166,971	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	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 | 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	36,343	0
Year four, originated in prior fiscal year three	25,736	0
Year five, original in prior fiscal year four	12,977	0
Year six, originated in prior fiscal year five	0
Total	75,056	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	0	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	29,966	52,790
Year five, original in prior fiscal year four	0	79,102
Year six, originated in prior fiscal year five	78,928
Total	108,894	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 Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 5 internal grade | Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated in current fiscal year	105,498
Year two, originated in prior fiscal year one	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
Year six, originated in prior fiscal year five	0
Total	$ 105,498

Commercial Mortgage Loans - A_2

Commercial Mortgage Loans - Allowance Past Due (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Loans, gross	$ 5,328,273	$ 4,226,888
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment
Financing Receivable, Past Due [Line Items]
Loans, gross	5,328,273
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Current
Financing Receivable, Past Due [Line Items]
Loans, gross	5,165,700
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	162,573
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Multifamily
Financing Receivable, Past Due [Line Items]
Loans, gross	3,977,421
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Multifamily | Current
Financing Receivable, Past Due [Line Items]
Loans, gross	3,977,421
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	168,512
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Retail | Current
Financing Receivable, Past Due [Line Items]
Loans, gross	63,014
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	105,498
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Office
Financing Receivable, Past Due [Line Items]
Loans, gross	456,137
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Office | Current
Financing Receivable, Past Due [Line Items]
Loans, gross	456,137
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	92,658
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Industrial | Current
Financing Receivable, Past Due [Line Items]
Loans, gross	92,658
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	52,372
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Mixed Use | Current
Financing Receivable, Past Due [Line Items]
Loans, gross	52,372
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	501,791
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Hospitality | Current
Financing Receivable, Past Due [Line Items]
Loans, gross	444,716
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	44,822
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Self Storage | Current
Financing Receivable, Past Due [Line Items]
Loans, gross	44,822
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	34,560
Financing Receivable, Held-to-Maturity | Commercial Portfolio Segment | Manufactured Housing | Current
Financing Receivable, Past Due [Line Items]
Loans, gross	34,560
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 - Non

Commercial Mortgage Loans - Non-Performing Status (Details) - Commercial Mortgage Receivable, Held-For-Investment - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Non-Performing Financial Instruments [Roll Forward]
Addition of non-performing loan amortized cost	$ 105,498	$ 0
Less: Removal of non-performing loan amortized cost	0	37,812
Nonperforming Financial Instruments | Commercial Portfolio Segment
Non-Performing Financial Instruments [Roll Forward]
Non-performing loan amortized cost at beginning of year, January 1	57,075	94,887
Non-performing loan amortized cost at end of period	$ 162,573	$ 57,075

Commercial Mortgage Loans - A_3

Commercial Mortgage Loans - Allocation by Risk Rating (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 5,328,273	$ 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	$ 5,350,728	$ 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	148	148
Par Value	$ 4,890,312	$ 3,903,047
Commercial Mortgage Receivable, Held-For-Investment | 3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	14	16
Par Value	$ 244,109	$ 282,840
Commercial Mortgage Receivable, Held-For-Investment | 4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	3	1
Par Value	$ 107,077	$ 57,075
Commercial Mortgage Receivable, Held-For-Investment | 5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	1	0
Par Value	$ 109,230	$ 0

Commercial Mortgage Loans - C_2

Commercial Mortgage Loans - Commercial Mortgage Loan Portfolio, Held-For-Investment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Provision/(benefit) for credit losses	$ 599	$ 1,613	$ (30,976)	$ 5,452
Commercial Mortgage Receivable, Held-For-Investment
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at Beginning of Year			4,211,061	$ 2,693,848	$ 2,693,848
Acquisitions and originations			1,980,296		2,897,002
Principal repayments			(863,186)		(1,286,598)
Discount accretion/premium amortization			8,780		7,038
Loans transferred from/(to) commercial real estate loans, held for sale			(9,296)		(52,615)
Net fees capitalized into carrying value of loans			(12,803)		(15,150)
Cost recovery			(2,406)		0
Charge-off from allowance			0		289
Transfer to real estate owned			0		(37,523)
Balance at End of Period	$ 5,281,458		$ 5,281,458		$ 4,211,061

Real Estate Securities - Summar

Real Estate Securities - Summary of RMBS (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Marketable Securities [Line Items]
Carrying Amount	$ 252,491	$ 4,566,871
Average Yield		2.26%
Fannie Mae/Freddie Mac ARMs
Marketable Securities [Line Items]
Carrying Amount	$ 252,491	$ 4,246,803
Average Yield	2.48%	2.23%
Ginnie Mae ARMs
Marketable Securities [Line Items]
Carrying Amount		$ 320,068
Average Yield		2.72%

Real Estate Securities - Narrat

Real Estate Securities - Narrative (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($) numberOfPositions	Sep. 30, 2022 USD ($) numberOfPositions	Dec. 31, 2021 USD ($)
Debt Securities, Available-for-sale [Line Items]
Maturity term		184 months
Proceeds from sale of debt securities, trading	$ 0	$ 3,800,000
Fair Value	$ 74,625	$ 74,625	$ 0
CRE CLO Bonds
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-Sale, Weighted Average Contractual Maturity		13 years
Number of positions | numberOfPositions	3	3
Amortized Cost	$ 74,998	$ 74,998
Unrealized Loss	$ 373	$ 373
Number of positions in unrealized loss position 12 months or longer | numberOfPositions	0	0
Fair Value	$ 74,625	$ 74,625

Real Estate Securities - Summ_2

Real Estate Securities - Summary of CLO Bonds (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 74,625	$ 0
CRE CLO Bonds
Debt Securities, Available-for-sale [Line Items]
Par Value	75,000
Fair Value	$ 74,625
CRE CLO bond 1
Debt Securities, Available-for-sale [Line Items]
Interest Rate	5.80%
Par Value	$ 40,000
Fair Value	$ 39,800
CRE CLO bond 2
Debt Securities, Available-for-sale [Line Items]
Interest Rate	6.30%
Par Value	$ 25,000
Fair Value	$ 24,875
CRE CLO bond 3
Debt Securities, Available-for-sale [Line Items]
Interest Rate	7.10%
Par Value	$ 10,000
Fair Value	$ 9,950

Real Estate Securities - Amorti

Real Estate Securities - Amortized Cost and Fair Value of CLO Bonds (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 74,625	$ 0
CRE CLO Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	74,998
Credit Loss Allowance	0
Unrealized Gain	0
Unrealized Loss	(373)
Fair Value	$ 74,625

Real Estate Owned (Details)

Real Estate Owned (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Real Estate [Line Items]
Real estate owned, net of depreciation	$ 88,322	$ 90,048
Industrial | Jeffersonville, GA
Real Estate [Line Items]
Real estate owned, acquired through foreclosure, accumulated depreciation	(2,301)	(575)
Real estate owned, net of depreciation	88,322	90,048
Industrial | Jeffersonville, GA | Land
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 17, 2021	Aug. 31, 2021
Real Estate [Line Items]
Depreciation expense	$ 0.6	$ 0	$ 1.7	$ 0.4
Industrial | Jeffersonville, GA
Real Estate [Line Items]
Real estate investment property, net					$ 139.5
Industrial | Jeffersonville, GA | Mortgages
Real Estate [Line Items]
Par Value					112.7
Industrial | Jeffersonville, GA | Franklin BSP Realty Trust, Inc
Real Estate [Line Items]
Noncontrolling interest, ownership percentage by parent						79%
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]
Par Value					88.7	$ 88.7
Industrial | Jeffersonville, GA | JV Affiliate
Real Estate [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners						21%
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]
Par Value					$ 24	$ 24

Leases - Intangible Leased Asse

Leases - Intangible Leased Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Intangible Lease Asset, Net of Amortization	$ 46,313	$ 48,472
Industrial | Jeffersonville, GA
Finite-Lived Intangible Assets [Line Items]
Intangible Lease Asset, Gross	49,192	49,192
Accumulated Amortization	(2,879)	(720)
Intangible Lease Asset, Net of Amortization	$ 46,313	$ 48,472

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 17, 2021 extension	Oct. 15, 2019 extension
Finite-Lived Intangible Assets [Line Items]
Intangible lease contractual life of lease			20 years
Weighted average life of intangible asset			16 years 1 month 6 days
Amortization	$ 0.7	$ 0	$ 2.2	$ 0.4
Industrial | Jeffersonville, GA
Finite-Lived Intangible Assets [Line Items]
Operating lease minimal annual rate increase					2%
Number of lease renewal terms | extension					4
Lease renewal term					5 years
Remaining term of operating lease					16 years 1 month 6 days
Rental income	$ 2.3	0.3	$ 6.9	0.3
Office | Jeffersonville, Indiana
Finite-Lived Intangible Assets [Line Items]
Operating lease minimal annual rate increase						1.50%
Number of lease renewal terms | extension						4
Lease renewal term						5 years
Rental income		$ 0.7		$ 2.1

Leases - Future Minimum Payment

Leases - Future Minimum Payments to be Received (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Leases [Abstract]
2022 (October - December)	$ 1,992
2023	8,046
2024	8,207
2025	8,372
2026	8,539
2027 and beyond	114,981
Total future minimum rent	$ 150,137

Leases - Schedule of Expected A

Leases - Schedule of Expected Amortization Expense (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Leases [Abstract]
2022 (October - December)	$ (720)
2023	(2,880)
2024	(2,880)
2025	(2,880)
2026	$ (2,880)

Debt - Narrative (Details)

Debt - Narrative (Details)						1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 29, 2022 USD ($) $ / shares shares	May 13, 2022 USD ($)	Feb. 15, 2022 USD ($) $ / shares shares	Feb. 10, 2022 USD ($)	Mar. 23, 2020 USD ($)	Aug. 31, 2020 USD ($)	Sep. 30, 2022 USD ($) mortgage_asset repurchaseRequest	Dec. 31, 2021 USD ($) mortgage_asset	Sep. 30, 2022 USD ($) mortgage_asset repurchaseRequest	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) mortgage_asset	Sep. 17, 2021 USD ($)	Aug. 31, 2021 USD ($)
Line of Credit Facility [Line Items]
Interest expense									$ 25,143,000		$ 16,747,000
Unsecured debt							$ 98,670,000	$ 148,594,000	98,670,000		148,594,000
Secured debt, repurchase agreements, average outstanding amount							$ 230,000,000	4,000,000,000
Amortization of deferred financing costs									$ 9,737,000	$ 3,820,000
Collateralized Loan Obligations Issued In 2022-FL8 | Preferred Stock
Line of Credit Facility [Line Items]
Issuance of common stock (in shares) | shares			108,000
Preferred stock, par value per share (in dollars per share) | $ / shares			$ 0.001
Liquidation preference (in dollars per share) | $ / shares			$ 1,000
Collateralized Loan Obligations Issued 2022-FL9 | Preferred Stock
Line of Credit Facility [Line Items]
Issuance of common stock (in shares) | shares	62,246
Preferred stock, par value per share (in dollars per share) | $ / shares	$ 0.001
Liquidation preference (in dollars per share) | $ / shares	$ 1,000
Mortgages | September 2021 Mortgage Note Payable, Affiliate
Line of Credit Facility [Line Items]
Interest Rate							3.10%		3.10%
Junior Subordinated Debt
Line of Credit Facility [Line Items]
Borrowings Outstanding							$ 98,670,000	98,594,000	$ 98,670,000		98,594,000
Junior Subordinated Debt | Capstead Mortgage Corporation
Line of Credit Facility [Line Items]
Par Value							$ 100,000,000		$ 100,000,000
Long-term debt, term							30 years		30 years
Secured debt | U.S. Bank National Association
Line of Credit Facility [Line Items]
Borrowings Outstanding							$ 3,200,606,000	$ 2,179,514,000	$ 3,200,606,000		$ 2,179,514,000
Secured debt | Collateralized Loan Obligations Issued in 2018-FL4
Line of Credit Facility [Line Items]
Borrowings Outstanding		$ 69,500,000
Amortization of deferred financing costs		$ 5,200,000
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							30	48	30		48
Collateral Carrying Amount							$ 452,200,000	$ 589,000,000	$ 452,200,000		$ 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							58	44	58		44
Collateral Carrying Amount							$ 695,800,000	$ 682,300,000	$ 695,800,000		$ 682,300,000
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							38	47	38		47
Collateral Carrying Amount							$ 859,600,000	$ 871,400,000	$ 859,600,000		$ 871,400,000
Secured debt | Collateralized Loan Obligations Issued In 2022-FL8
Line of Credit Facility [Line Items]
Par Value			$ 1,100,000,000
Secured debt | Collateralized Loan Obligations Issued In 2022-FL8 | Subsidiaries
Line of Credit Facility [Line Items]
Par Value			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							31		31
Collateral Carrying Amount							$ 1,200,000,000		$ 1,200,000,000
Secured debt | Collateralized Loan Obligations Issued In 2022-FL8 | Third Party Investors
Line of Credit Facility [Line Items]
Par Value			$ 960,000,000
Secured debt | Collateralized Loan Obligations Issued 2022-FL9
Line of Credit Facility [Line Items]
Par Value	$ 740,900,000
Secured debt | Collateralized Loan Obligations Issued 2022-FL9 | Subsidiaries
Line of Credit Facility [Line Items]
Par Value	70,300,000
Secured debt | Collateralized Loan Obligations Issued 2022-FL9 | U.S. Bank National Association
Line of Credit Facility [Line Items]
Collateral (mortgage asset) | repurchaseRequest							34		34
Collateral Carrying Amount							$ 767,800,000		$ 767,800,000
Secured debt | Collateralized Loan Obligations Issued 2022-FL9 | Third Party Investors
Line of Credit Facility [Line Items]
Par Value	$ 670,600,000
Secured debt | BSPRT 2019-FL5, BSPRT 2021-FL6, BSPRT 2021-FL7, BSPRT 2022-FL8, and BSPRT 2022-FL9 | U.S. Bank National Association
Line of Credit Facility [Line Items]
Collateral Carrying Amount							401,800,000	329,200,000	401,800,000		329,200,000
Industrial | Jeffersonville, GA | Mortgages
Line of Credit Facility [Line Items]
Par Value												$ 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]
Par Value												88,700,000	$ 88,700,000
Industrial | Jeffersonville, GA | Mortgages | JV Affiliate | September 2021 Mortgage Note Payable, Affiliate
Line of Credit Facility [Line Items]
Par Value												$ 24,000,000	$ 24,000,000
Webster Bank
Line of Credit Facility [Line Items]
Amount of interest in loan transferred					$ 15,200,000
Interest expense							500,000		1,000,000
Outstanding balance							40,700,000	40,700,000	$ 40,700,000		40,700,000
Webster Bank | LIBOR
Line of Credit Facility [Line Items]
Interest Rate									2.20%
Regional Bank
Line of Credit Facility [Line Items]
Amount of interest in loan transferred				$ 38,000,000
Interest expense							100,000		$ 200,000
Outstanding balance							12,500,000		$ 12,500,000
Regional 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							200,000		$ 700,000
Par Value						$ 100,000,000
Unsecured debt							$ 0	$ 50,000,000	$ 0		$ 50,000,000
Security benefit life insurance company | Unsecured debt | LIBOR
Line of Credit Facility [Line Items]
Interest Rate						4.50%
Minimum
Line of Credit Facility [Line Items]
Advance rate of mortgage loan (percent)									65%
Master repurchase agreements maturity (days)									30 days
Maximum
Line of Credit Facility [Line Items]
Advance rate of mortgage loan (percent)									75%
Master repurchase agreements maturity (days)									90 days

Debt - Schedule of Repurchase F

Debt - Schedule of Repurchase Facilities (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) extension	Dec. 31, 2021 USD ($)	Jul. 11, 2022 USD ($)	Jul. 10, 2022 USD ($)	Jul. 07, 2022 USD ($)	Jul. 06, 2022 USD ($)	May 12, 2022 USD ($)	May 11, 2022 USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	$ 2,350,000,000	$ 1,900,000,000
Amount Outstanding	699,408,000	1,019,600,000
Interest Expense	25,143,000	16,747,000
Secured debt | Barclays Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	500,000,000	500,000,000
Amount Outstanding	157,583,000	392,332,000
Interest Expense	$ 6,102,000	$ 4,057,000
Ending Weighted Average Interest Rate	5.19%	1.76%
Extension on initial maturity date	1 year
Number of extension options | extension	2
Revolving Credit Facility
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 112,613,000	$ 34,311,000
Ending Weighted Average Interest Rate	3.85%	1.71%
Revolving Credit Facility | JPM Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	$ 500,000,000	$ 400,000,000			$ 500,000,000	$ 400,000,000
Amount Outstanding	235,548,000	136,470,000
Interest Expense	$ 6,857,000	$ 5,178,000
Ending Weighted Average Interest Rate	5.78%	2.13%
Extension on initial maturity date	1 year
Revolving Credit Facility | CS Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	$ 600,000,000	$ 300,000,000	$ 600,000,000	$ 300,000,000
Amount Outstanding	265,801,000	137,364,000
Interest Expense	$ 5,048,000	$ 3,446,000
Ending Weighted Average Interest Rate	5.61%	2.43%
Revolving Credit Facility | WF Repo Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	$ 500,000,000	$ 450,000,000					$ 500,000,000	$ 450,000,000
Amount Outstanding	40,476,000	186,734,000
Interest Expense	$ 6,027,000	$ 2,090,000
Ending Weighted Average Interest Rate	5.17%	1.64%
Extension on initial maturity date	1 year
Number of extension options | extension	3
Revolving Credit Facility | Secured debt | Barclays Revolver Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	$ 250,000,000	$ 250,000,000
Amount Outstanding	0	166,700,000
Interest Expense	$ 1,109,000	$ 1,976,000
Ending Weighted Average Interest Rate		6.12%
Line of credit facility interval period	3 months
Revolving Credit Facility | Secured debt | Barclays Revolver Facility | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Authorized increase in total commitment amount	$ 100,000,000
Revolving Credit Facility | Secured debt | Barclays Revolver Facility | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Authorized increase in total commitment amount	$ 150,000,000

Debt - Junior Subordinated Note

Debt - Junior Subordinated Notes (Details) - Junior Subordinated Debt - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Borrowings Outstanding	$ 98,670,000	$ 98,594,000
Weighted Average Borrowing Rates	3.57%	7.72%
Junior Subordinated Notes, Maturing October 2035
Debt Instrument [Line Items]
Borrowings Outstanding	$ 34,499,000	$ 34,470,000
Weighted Average Borrowing Rates	3.72%	7.86%
Junior Subordinated Notes, Maturing December 2035
Debt Instrument [Line Items]
Borrowings Outstanding	$ 39,503,000	$ 39,474,000
Weighted Average Borrowing Rates	3.49%	7.63%
Junior Subordinated Notes, Maturing September 2036
Debt Instrument [Line Items]
Borrowings Outstanding	$ 24,668,000	$ 24,650,000
Weighted Average Borrowing Rates	3.49%	7.67%
Capstead Mortgage Corporation
Debt Instrument [Line Items]
Par Value	$ 100,000,000
Capstead Mortgage Corporation | Junior Subordinated Notes, Maturing October 2035
Debt Instrument [Line Items]
Par Value	35,000,000
Capstead Mortgage Corporation | Junior Subordinated Notes, Maturing December 2035
Debt Instrument [Line Items]
Par Value	40,000,000
Capstead Mortgage Corporation | Junior Subordinated Notes, Maturing September 2036
Debt Instrument [Line Items]
Par Value	$ 25,000,000

Debt - Repurchase Agreements, R

Debt - Repurchase Agreements, Real Estate Securities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 699,408	$ 1,019,600
Interest Expense	8,472	2,692
Real estate securities, available for sale, measured at fair value	74,625	0
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	62,900	43,200
Revolving Credit Facility
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	112,613	34,311
Interest Expense	$ 814	$ 905
Interest Rate	3.85%	1.71%
Days to Maturity	23 days	12 days
Revolving Credit Facility | Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral
Assets Sold under Agreements to Repurchase [Line Items]
Collateral pledged	$ 137,799	$ 43,218
Revolving Credit Facility | JP Morgan Securities LLC
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	48,817	19,025
Interest Expense	$ 301	$ 261
Interest Rate	3.95%	1.14%
Days to Maturity	27 days	10 days
Revolving Credit Facility | JP Morgan Securities LLC | Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral
Assets Sold under Agreements to Repurchase [Line Items]
Collateral pledged	$ 57,468	$ 24,087
Revolving Credit Facility | Goldman Sachs International
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	0	0
Interest Expense	0	37
Revolving Credit Facility | Goldman Sachs International | Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral
Assets Sold under Agreements to Repurchase [Line Items]
Collateral pledged	0	0
Revolving Credit Facility | Barclays Capital Inc.
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	63,796	15,286
Interest Expense	$ 513	$ 526
Interest Rate	3.78%	1.21%
Days to Maturity	19 days	14 days
Revolving Credit Facility | Barclays Capital Inc. | Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral
Assets Sold under Agreements to Repurchase [Line Items]
Collateral pledged	$ 80,331	$ 19,131
Revolving Credit Facility | Citigroup Global Markets, Inc.
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	0	0
Interest Expense	0	81
Revolving Credit Facility | Citigroup Global Markets, Inc. | Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral
Assets Sold under Agreements to Repurchase [Line Items]
Collateral pledged	$ 0	$ 0

Debt - Repurchase Agreements, C

Debt - Repurchase Agreements, Collateral Type (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Net Investment Income [Line Items]
Accrued Interest Receivable	$ 26,287	$ 30,109
Repurchase Arrangements Secured by Agency Securities, Maturities of 30 Days or Less
Net Investment Income [Line Items]
Collateral Carrying Amount	235,563	4,327,020
Accrued Interest Receivable	528	8,908
Borrowings Outstanding	$ 225,000	$ 4,144,473
Weighted Average Borrowing Rates	3.16%	0.13%

Debt - Collateralized Loan Obli

Debt - Collateralized Loan Obligation by Tranche (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 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	3,601,586	2,672,174
Par Value Outstanding	3,200,606	2,179,514
Collateralized loan obligation excluded		320,600
U.S. Bank National Association | Secured debt | Tranche A Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Par Value Issued		416,827
Par Value Outstanding		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
Par Value Outstanding		73,813
U.S. Bank National Association | Secured debt | Tranche B Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Par Value Issued		56,446
Par Value Outstanding		56,446
U.S. Bank National Association | Secured debt | Tranche C Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Par Value Issued		68,385
Par Value Outstanding		68,385
U.S. Bank National Association | Secured debt | Tranche D Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Par Value Issued		57,531
Par Value Outstanding		57,531
U.S. Bank National Association | Secured debt | Tranche E Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Par Value Issued		28,223
Par Value Outstanding		28,223
U.S. Bank National Association | Secured debt | Tranche A Notes - 2019-FL5 Issuer
Debt Instrument [Line Items]
Par Value Issued	407,025	407,025
Par Value Outstanding	49,645	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
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
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
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
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
U.S. Bank National Association | Secured debt | Class A Notes - 2022-FL9 Issuer
Debt Instrument [Line Items]
Par Value Issued	423,667
Par Value Outstanding	423,667
U.S. Bank National Association | Secured debt | Class A-S Notes - 2022-FL9 Issuer
Debt Instrument [Line Items]
Par Value Issued	96,380
Par Value Outstanding	96,380
U.S. Bank National Association | Secured debt | Class B Notes - 2022-FL9 Issuer
Debt Instrument [Line Items]
Par Value Issued	42,166
Par Value Outstanding	42,166
U.S. Bank National Association | Secured debt | Class C Notes - 2022-FL9 Issuer
Debt Instrument [Line Items]
Par Value Issued	48,189
Par Value Outstanding	48,189
U.S. Bank National Association | Secured debt | Class D Notes - 2022-FL9 Issuer
Debt Instrument [Line Items]
Par Value Issued	49,194
Par Value Outstanding	49,194
U.S. Bank National Association | Secured debt | Class E Notes - 2022-FL9 Issuer
Debt Instrument [Line Items]
Par Value Issued	11,041
Par Value Outstanding	$ 11,041
1M LIBOR | U.S. Bank National Association | Secured debt | Tranche A Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Interest Rate		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%
1M LIBOR | U.S. Bank National Association | Secured debt | Tranche B Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Interest Rate		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%
1M LIBOR | U.S. Bank National Association | Secured debt | Tranche D Notes - 2018-FL4 Issuer
Debt Instrument [Line Items]
Interest Rate		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%
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%	2%
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%	3%
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%
1M LIBOR | U.S. Bank National Association | Secured debt | Class A Notes - 2022-FL8 Issuer
Debt Instrument [Line Items]
Interest Rate	1.50%
1M LIBOR | U.S. Bank National Association | Secured debt | Class A-S Notes - 2022-FL8 Issuer
Debt Instrument [Line Items]
Interest Rate	1.85%
1M LIBOR | U.S. Bank National Association | Secured debt | Class B Notes - 2022-FL8 Issuer
Debt Instrument [Line Items]
Interest Rate	2.05%
1M LIBOR | U.S. Bank National Association | Secured debt | Class C Notes - 2022-FL8 Issuer
Debt Instrument [Line Items]
Interest Rate	2.30%
1M LIBOR | U.S. Bank National Association | Secured debt | Class D Notes - 2022-FL8 Issuer
Debt Instrument [Line Items]
Interest Rate	3.50%
1M LIBOR | U.S. Bank National Association | Secured debt | Class A Notes - 2022-FL9 Issuer
Debt Instrument [Line Items]
Interest Rate	2.55%
1M LIBOR | U.S. Bank National Association | Secured debt | Class A-S Notes - 2022-FL9 Issuer
Debt Instrument [Line Items]
Interest Rate	3.10%
1M LIBOR | U.S. Bank National Association | Secured debt | Class B Notes - 2022-FL9 Issuer
Debt Instrument [Line Items]
Interest Rate	3.60%
1M LIBOR | U.S. Bank National Association | Secured debt | Class C Notes - 2022-FL9 Issuer
Debt Instrument [Line Items]
Interest Rate	4.15%
1M LIBOR | U.S. Bank National Association | Secured debt | Class D Notes - 2022-FL9 Issuer
Debt Instrument [Line Items]
Interest Rate	5.05%
1M LIBOR | U.S. Bank National Association | Secured debt | Class E Notes - 2022-FL9 Issuer
Debt Instrument [Line Items]
Interest Rate	5.65%

Debt - Collateralized Loan Ob_2

Debt - Collateralized Loan Obligation (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Assets
Cash	$ 216,985	$ 154,929	$ 91,374
Commercial mortgage loans, held for investment, net	5,281,458	4,211,061
Accrued interest receivable	26,287	30,109
Total assets	6,178,121	9,474,701
Liabilities
Notes payable	23,998	23,998
Accrued interest payable	8,472	2,692
Total liabilities	4,501,591	7,666,645
Allowance for credit loss	46,815	15,827
Collaterized loan obligation
Assets
Cash	87,747	187,668
Commercial mortgage loans, held for investment, net	3,954,397	2,629,431
Accrued interest receivable	11,253	5,918
Total assets	4,053,397	2,823,017
Liabilities
Notes payable	3,634,459	2,482,762
Accrued interest payable	8,357	1,598
Total liabilities	3,642,816	2,484,360
Restricted cash	86,900	187,000
Allowance for credit loss	7,400	8,700
Collateralized loan obligation excluded	453,400	320,600
Deferred financing cost and discount	$ 19,500	$ 17,300

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator
Net income/(loss)	$ 35,258	$ (25,709)	$ (22,507)	$ 38,495	$ 30,010	$ 30,146	$ (12,958)	$ 98,651
Less: Preferred stock dividends	6,899			4,804			34,865	12,040
Less: Undistributed earnings allocated to preferred stock	0			4,201			0	10,706
Net income/(loss) attributable to common stockholders, basic	28,359			29,490			(47,823)	75,905
Net income/(loss) attributable to common stockholders, diluted	$ 28,359			$ 29,490			$ (47,823)	$ 75,905
Denominator
Weighted-average common shares outstanding for basic earnings per share (in shares)	83,665,250			44,185,241			67,965,397	44,245,733
Unvested restricted shares (in shares)	0			15,323			0	15,737
Weighted-average common shares outstanding for diluted earnings per share (in shares)	83,665,250			44,200,564			67,965,397	44,261,470
Basic earnings per share (in dollars per share)	$ 0.34			$ 0.67			$ (0.70)	$ 1.72
Diluted earnings per share (in dollars per share)	$ 0.34			$ 0.67			$ (0.70)	$ 1.71
Restricted Stock
Denominator
Antidilutive securities excluded from computation of earnings per share (in shares)	516,830						465,237
Convertible Preferred Stock
Denominator
Antidilutive securities excluded from computation of earnings per share (in shares)	5,789,378						21,508,045

Equity Transactions - Summary o

Equity Transactions - Summary of Shares Outstanding (Details) $ / shares in Units, $ in Thousands					1 Months Ended	3 Months Ended					9 Months Ended
	Oct. 20, 2022 shares	Oct. 19, 2022 shares	Jun. 24, 2022 shares	Apr. 19, 2022 shares	Jun. 30, 2022 shares	Sep. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2022 shares	Sep. 30, 2021 USD ($) shares	Jun. 30, 2021 USD ($) shares	Mar. 31, 2021 USD ($) shares	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($) shares	Mar. 31, 2022 shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares
Class of Stock [Line Items]
Common stock - at par value, shares outstanding (in shares)						83,362,351					83,362,351			43,965,928
Redeemable Convertible Preferred Stock | $						$ 96,724					$ 96,724			$ 96,655
Common stock shares repurchased (in shares)											931,053
Common stock shares repurchased, average price per share (in dollars per share) | $ / shares											$ 11.85
Common stock shares repurchased | $						$ 11,035		$ 2,204	$ 66	$ 9,147	$ 11,000
Common stock, shares issued (in shares)						83,362,351					83,362,351			43,965,928
Subsequent Event
Class of Stock [Line Items]
Common stock, shares issued (in shares)		119,538
Series C Preferred Stock
Class of Stock [Line Items]
Redeemable Convertible Preferred Stock | $						$ 6,976		$ 6,969			$ 6,976	$ 6,969		$ 6,971	$ 6,962
Preferred stock, shares outstanding (in shares)						1,400		1,400			1,400	1,400		1,400	1,400
Preferred stock dividends declared (in dollars per share) | $ / shares						$ 106.22
Series C Preferred Stock | Subsequent Event
Class of Stock [Line Items]
Shares converted (in shares)		400
Preferred stock converted to common stock, per share stock consideration (in shares)		299.2
Preferred stock exchanged (in shares)	1,000
Series D Preferred Stock
Class of Stock [Line Items]
Redeemable Convertible Preferred Stock | $						$ 0		$ 89,677			$ 0	$ 89,677		$ 89,684	$ 0
Preferred stock, shares outstanding (in shares)						0		17,950			0	17,950		17,950	0
Preferred stock exchanged (in shares)					17,950						(17,950)	0
Series H Preferred Stock
Class of Stock [Line Items]
Redeemable Convertible Preferred Stock | $						$ 89,748		$ 0			$ 89,748	$ 0		$ 0	$ 0
Preferred stock, shares outstanding (in shares)						17,950		0			17,950	0		0	0
Preferred stock dividends declared (in dollars per share) | $ / shares						$ 106.22
Preferred stock exchanged (in shares)			(17,950)								(17,950)	0
Series E Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)						10,329,039		0			10,329,039	0		10,329,039	0
Preferred stock dividends declared (in dollars per share) | $ / shares						$ 0.46875
Perpetual preferred stock and automatically convertible preferred stock | $						$ 258,742		$ 0			$ 258,742	$ 0		$ 258,742	$ 0
Series F Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)				0		0		0			0	0		39,733,299	0
Perpetual preferred stock and automatically convertible preferred stock | $						$ 0		$ 0			$ 0	$ 0		$ 710,431	$ 0
Shares converted (in shares)				(39,733,299)							(39,733,299)	0
Conversion ratio of convertible preferred stock (in shares)				1
Common Stock
Class of Stock [Line Items]
Common stock - at par value | $						$ 830					$ 830			$ 441
Common stock - at par value, shares outstanding (in shares)					84,226,628	83,362,351	84,226,628	44,162,657	44,284,833	44,135,659	83,362,351	44,162,657	44,471,127	43,965,928	44,510,051
Common stock dividends declared (in dollars per share) | $ / shares						$ 0.355
Common stock shares repurchased (in shares)						931,053	(743)	123,257	3,784	521,796
Common stock shares repurchased | $						$ 9		$ 1		$ 5
Shares converted (in shares)							(39,733,299)

Equity Transactions - Narrative

Equity Transactions - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Class of Stock [Line Items]
Minimum distribution percentage to qualify for REIT taxation status	90%
Distribution percentage required to avoid paying federal income taxes	100%
Total distributions	$ 58,100	$ 36,500
Cash distributions	57,000	31,400
Common stock issued under DRIP	1,100	5,100
Distributions payable	36,546	$ 20,447	$ 30,346
Stock repurchase program, authorized amount	65,000
Stock repurchase program, remaining authorized repurchase amount	53,964
Common Stock
Class of Stock [Line Items]
Distributions payable	29,600		12,500
Preferred Stock | Series C Preferred Stock
Class of Stock [Line Items]
Distributions payable	200		100
Preferred Stock | Series E Preferred Stock
Class of Stock [Line Items]
Distributions payable	4,800		4,800
Preferred Stock | Series H Preferred Stock
Class of Stock [Line Items]
Distributions payable	$ 1,900
Preferred Stock | Series D Preferred Stock
Class of Stock [Line Items]
Distributions payable			1,500
Preferred Stock | Series F Preferred Stock
Class of Stock [Line Items]
Distributions payable			$ 11,300

Equity Transactions - Preferred

Equity Transactions - Preferred Stock Activity (Details) - USD ($) $ in Thousands			1 Months Ended	3 Months Ended	9 Months Ended
	Jun. 24, 2022	Apr. 19, 2022	Jun. 30, 2022	Jun. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance					$ 96,655
Automatically converted into Common Stock				$ 0
Ending balance					$ 96,724
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
Amortization of offering costs					$ 5	$ 7
Ending balance (in shares)					1,400	1,400
Ending balance					$ 6,976	$ 6,969
Series D Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)					17,950	0
Beginning balance					$ 89,684	$ 0
Amortization of offering costs					$ 64	$ 12
Issuance of Preferred Stock (in shares)					0	17,950
Issuance of Preferred Stock					$ 0	$ 89,748
Exchanged for Series H Preferred Stock / Issuance of Series H Preferred Stock in exchange for Series D Preferred Stock (in shares)			17,950		(17,950)	0
Exchanged for Series H Preferred Stock / Issuance of Series H Preferred Stock in exchange for Series D Preferred Stock					$ (89,748)	$ 0
Offering costs					$ 0	$ (83)
Ending balance (in shares)					0	17,950
Ending balance					$ 0	$ 89,677
Series E Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)					10,329,039	0
Beginning balance					$ 258,742	$ 0
Ending balance (in shares)					10,329,039	0
Ending balance					$ 258,742	$ 0
Series F Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)					39,733,299	0
Beginning balance					$ 710,431	$ 0
Automatically converted into Common Stock (in shares)		(39,733,299)			(39,733,299)	0
Automatically converted into Common Stock					$ (710,431)	$ 0
Ending balance (in shares)		0			0	0
Ending balance					$ 0	$ 0
Series H Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)					0	0
Beginning balance					$ 0	$ 0
Exchanged for Series H Preferred Stock / Issuance of Series H Preferred Stock in exchange for Series D Preferred Stock (in shares)	(17,950)				(17,950)	0
Exchanged for Series H Preferred Stock / Issuance of Series H Preferred Stock in exchange for Series D Preferred Stock					$ (89,748)	$ 0
Ending balance (in shares)					17,950	0
Ending balance					$ 89,748	$ 0

Equity Transactions - Repurchas

Equity Transactions - Repurchases (Details) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($) shares	Sep. 30, 2022 USD ($) $ / shares shares
Equity [Abstract]
Authorized repurchase amount	$ 65,000	$ 65,000
Repurchases paid (in shares) | shares	774,653	774,653
Repurchases paid	$ (9,359)	$ (9,359)
Repurchases unsettled (in shares) | shares	156,400	156,400
Repurchases unsettled	$ (1,677)	$ (1,677)
Remaining as of September 30, 2022	$ 53,964	$ 53,964
Common stock shares repurchased, average price per share (in dollars per share) | $ / shares		$ 11.85

Equity Transactions - Changes i

Equity Transactions - Changes in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 0	$ 0	$ (62)	$ (8,256)
Other comprehensive (loss) income	(373)	0	(593)	8,256
Reclassification adjustment for amounts included in net income/(loss)			282
Ending balance	(373)	0	(373)	0
Available for Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0	0	0	(8,256)
Other comprehensive (loss) income	(373)	0	(373)	8,256
Reclassification adjustment for amounts included in net income/(loss)			0
Ending balance	(373)	0	(373)	0
Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0	0	(62)	0
Other comprehensive (loss) income	0	0	(220)	0
Reclassification adjustment for amounts included in net income/(loss)			282
Ending balance	$ 0	$ 0	$ 0	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Unfunded Commitments (Details) - Unfunded commitments under commercial mortgage loans - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
2022	$ 8,000	$ 25,864
2023	90,093	123,860
2024	359,735	271,056
2025 and beyond	74,755	37,325
Total	$ 532,583	$ 458,105

Related Party Transactions an_3

Related Party Transactions and Arrangements - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 31, 2020	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Sep. 17, 2021	Aug. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Interest Expense				$ 25,143,000		$ 16,747,000
Unsecured debt		$ 98,670,000		98,670,000		148,594,000
Commercial mortgage loans, held for investment, net		5,281,458,000		5,281,458,000		$ 4,211,061,000
Interest income		$ 94,131,000	$ 47,747,000	$ 239,602,000	$ 138,969,000
Series D Preferred Stock
Related Party Transaction [Line Items]
Preferred stock, shares outstanding (in shares)		0	17,950	0	17,950	17,950			0
Unsecured debt | Security benefit life insurance company
Related Party Transaction [Line Items]
Par Value	$ 100,000,000
Interest Expense		$ 200,000		$ 700,000
Unsecured debt		0		0		$ 50,000,000
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]
Par Value							112,700,000
Industrial | Franklin BSP Realty Trust, Inc | Jeffersonville, GA
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by parent								79%
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]
Par Value							88,700,000	$ 88,700,000
Industrial | JV Affiliate | Jeffersonville, GA
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners								21%
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]
Par Value							$ 24,000,000	$ 24,000,000
Affiliated entity
Related Party Transaction [Line Items]
Commercial mortgage loans, held for investment, net		122,500,000		122,500,000
Interest income		$ 1,600,000		$ 3,400,000
Benefit Street Partners LLC | Affiliated entity
Related Party Transaction [Line Items]
Monthly asset management fee		0.125%		0.125%
Subordinated performance fee, percent that total return exceeds per year		6%		6%
Percent of excess total return		15%		15%
Maximum annual subordinated performance fee payable percent of total return		10%		10%
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) - Affiliated entity - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Total expenses from transactions with related party	$ 10,019	$ 12,081	$ 30,880	$ 30,408
Payable to related party	16,444		16,444		$ 17,538
Acquisition expenses | Nonrecurring fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	362	690	996	1,012
Payable to related party	373		373		0
Administrative services expenses | Nonrecurring fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	3,001	2,980	9,402	9,532
Payable to related party	3,001		3,001		0
Asset management and subordinated performance fee | Nonrecurring fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	6,430	8,265	19,776	19,682
Payable to related party	11,353		11,353		15,595
Other related party expenses | Nonrecurring fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	226	146	706	182
Payable to related party	1,717		1,717		1,943
Related party payables	1,700		1,700		$ 1,900
Acquisition fees and expenses, including amount capitalized | Nonrecurring fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	2,500	2,900	9,700	7,500
Acquisition fees and expenses, amount capitalized | Nonrecurring fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	$ 2,100	$ 2,200	$ 8,700	$ 6,500

Share-based Compensation - Narr

Share-based Compensation - Narrative (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($) shares	Sep. 30, 2022 USD ($) shares
RSP
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%
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	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 | $	$ 0.7	$ 1.9
Unrecognized estimated compensation expense | $	$ 6.4	$ 6.4
Weighted average period for recognition		1 year 7 months 6 days

Share-based Compensation - Unve

Share-based Compensation - Unvested Restricted Stock Units (Details) - Restricted Stock Units (RSUs)	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 17.88
Grants (in dollars per share) | $ / shares	14.05
Forfeitures (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	16.14
Ending balance (in dollars per share) | $ / shares	$ 14.06
RSP
Share Plan
Beginning balance (in shares)	11,184
Grants (in shares)	28,245
Forfeitures (in shares)	0
Vested (in shares)	(18,393)
Ending balance (in shares)	21,036
2021 Incentive Plan
Share Plan
Beginning balance (in shares)	0
Grants (in shares)	492,107
Forfeitures (in shares)	0
Vested (in shares)	0
Ending balance (in shares)	492,107

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Financial Instruments Carried at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets, at fair value
Real estate securities, available for sale, measured at fair value	$ 74,625	$ 0
Real estate securities, trading, measured at fair value	252,491	4,566,871
Commercial mortgage loans, held for sale, measured at fair value	41,342	34,718
Derivative instruments, measured at fair value	3,546	436
Liabilities, at fair value
Liabilities	12	32,295
Fair Value, Measurements, Recurring
Assets, at fair value
Real estate securities, available for sale, measured at fair value	74,625
Real estate securities, trading, measured at fair value	252,491	4,566,871
Commercial mortgage loans, held for sale, measured at fair value	41,342	34,718
Other real estate investments, measured at fair value		2,074
Total assets, at fair value	372,004	4,604,099
Liabilities, at fair value
Total liabilities, at fair value	12	32,295
Level I | Fair Value, Measurements, Recurring
Assets, at fair value
Real estate securities, available for sale, measured at fair value	0
Real estate securities, trading, measured at fair value	0	0
Commercial mortgage loans, held for sale, measured at fair value	0	0
Other real estate investments, measured at fair value		0
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, available for sale, measured at fair value	74,625
Real estate securities, trading, measured at fair value	252,491	4,566,871
Commercial mortgage loans, held for sale, measured at fair value	0	0
Other real estate investments, measured at fair value		0
Total assets, at fair value	330,662	4,567,307
Liabilities, at fair value
Total liabilities, at fair value	12	32,295
Level III | Fair Value, Measurements, Recurring
Assets, at fair value
Real estate securities, available for sale, measured at fair value	0
Real estate securities, trading, measured at fair value	0	0
Commercial mortgage loans, held for sale, measured at fair value	41,342	34,718
Other real estate investments, measured at fair value		2,074
Total assets, at fair value	41,342	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	710	0
Liabilities, at fair value
Liabilities	4	1,142
Credit default swaps | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative instruments, measured at fair value	0
Liabilities, at fair value
Liabilities	4	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	0
Liabilities, at fair value
Liabilities	4	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	2,836	312
Liabilities, at fair value
Liabilities	8	0
Interest rate swaps | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative instruments, measured at fair value	3,546	312
Liabilities, at fair value
Liabilities	8
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	3,546	312
Liabilities, at fair value
Liabilities	8
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	9 Months Ended	12 Months Ended
	Sep. 30, 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	$ 41,342	$ 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	41,342	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	41,342	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	$ 41,342	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]
Other real estate investments, 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	3.40%	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	3.10%	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	7.30%	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	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Total realized and unrealized gain/(loss) included in earnings:
Net accretion	$ 8,780	$ 4,421
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
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	4,838		24,208
Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments	(3,678)		469
Net accretion	0		0
Purchases	343,096		420,673
Sales / paydowns	(337,632)		(478,281)
Transfers out of Level III	0		0
Ending balance	41,342		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
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	(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	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Allowance for credit loss	$ 46,815	$ 15,827
Carrying Amount | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans, held for investment	5,328,273	4,226,888
Collateralized loan obligations	3,174,530	2,162,190
Mortgage note payable	23,998	23,998
Other financing and loan participation - commercial mortgage loans	53,167	37,903
Unsecured debt	98,670	148,594
Allowance for credit loss	46,800	15,800
Fair Value | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans, held for investment	5,331,258	4,249,118
Collateralized loan obligations	3,097,531	2,181,571
Mortgage note payable	23,998	23,998
Other financing and loan participation - commercial mortgage loans	53,167	37,903
Unsecured debt	$ 73,700	$ 125,400

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net premiums received on derivative instrument assets		$ 0.5
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount, additions		$ 1,300
Derivative, average fixed interest rate during period		1.36%
Interest Rate Swap, ARM Portfolio
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, average fixed interest rate during period	3.08%	0.62%
Derivative, notional amount, terminated	$ 100	$ 5,500
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	Sep. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional	$ 81,750	$ 3,796,860
Assets	3,546	436
Liabilities	12	32,295
Credit default swaps
Derivative [Line Items]
Notional	44,750	47,000
Assets	710	0
Liabilities	4	1,142
Interest rate swaps
Derivative [Line Items]
Notional	37,000	3,649,500
Assets	2,836	312
Liabilities	8	0
Notional, asset	35,200
Notional, liability	1,800
Interest rate swaps on unsecured debt
Derivative [Line Items]
Notional	0	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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	$ (1,566)	$ (1,428)	$ 12,824	$ (374)
Realized (Gain)/Loss	1,624	1,902	(57,599)	(357)
Credit default swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	40	(111)	(515)	(289)
Realized (Gain)/Loss	254	32	301	675
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	(1,606)	(1,282)	13,215	22
Realized (Gain)/Loss	1,370	1,692	(56,961)	414
Treasury note futures
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	0	(35)	124	(107)
Realized (Gain)/Loss	0	145	(939)	(1,479)
Options
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	0	0	0	0
Realized (Gain)/Loss	$ 0	$ 33	$ 0	$ 33

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities - Offsetting Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Offsetting Derivative Assets [Abstract]
Gross Amounts of Recognized Assets	$ 3,546	$ 436
Gross Amounts Offset on the Balance Sheet	0	0
Net Amount of Assets Presented on the Balance Sheet	3,546	436
Financial Instruments	0	0
Cash Collateral	0	0
Net Amount	$ 3,546	$ 436

Offsetting Assets and Liabili_4

Offsetting Assets and Liabilities - Offsetting Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Offsetting Derivative Liabilities [Abstract]
Derivative instruments, at fair value, gross amounts of recognized liabilities	$ 12	$ 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	12	32,295
Derivative instruments, at fair value, gross amounts not offset on the balance sheet, financial instruments	0	0
Derivative instruments, at fair value, gross amounts not offset on the balance sheet, cash collateral	68	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	699,408	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	699,408	1,019,600
Repurchase agreements, gross amounts not offset on the balance sheet, financial instruments	707,900	1,460,317
Repurchase agreements, gross amounts not offset on the balance sheet, cash collateral	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	337,613	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	337,613	4,178,784
Repurchase agreements, gross amounts not offset on the balance sheet, financial instruments	373,363	4,370,239
Repurchase agreements, gross amounts not offset on the balance sheet, cash collateral	0	0
Repurchase agreements, net amount	$ 0	$ 0

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Interest income	$ 94,131			$ 47,747			$ 239,602	$ 138,969
Revenue from real estate owned	2,312			1,015			6,936	2,447
Interest expense	46,157			11,988			101,444	35,994
Net income/(loss)	35,258	$ (25,709)	$ (22,507)	38,495	$ 30,010	$ 30,146	(12,958)	98,651
Total assets	6,178,121						6,178,121		$ 9,474,701
Real Estate Debt and Other Real Estate Investments
Segment Reporting Information [Line Items]
Interest income	91,097			47,166			209,585	135,945
Revenue from real estate owned	0			0			0	0
Interest expense	43,260			11,263			92,704	34,887
Net income/(loss)	35,778			25,056			46,306	74,745
Total assets	5,551,679						5,551,679		4,205,883
Real Estate Securities
Segment Reporting Information [Line Items]
Interest income	1,648			0			25,424	461
Revenue from real estate owned	0			0			0	0
Interest expense	1,779			148			6,853	(720)
Net income/(loss)	(3,309)			(148)			(63,533)	(196)
Total assets	398,684						398,684		5,054,394
TRS
Segment Reporting Information [Line Items]
Interest income	1,386			581			4,593	2,563
Revenue from real estate owned	0			0			0	0
Interest expense	786			232			1,123	812
Net income/(loss)	2,107			3,984			1,995	13,434
Total assets	87,825						87,825		72,840
Real Estate Owned
Segment Reporting Information [Line Items]
Interest income	0			0			0	0
Revenue from real estate owned	2,312			1,015			6,936	2,447
Interest expense	332			345			764	1,014
Net income/(loss)	682			$ 9,603			2,274	$ 10,667
Total assets	$ 139,933						$ 139,933		$ 141,584

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands		1 Months Ended
	Oct. 07, 2022 property	Nov. 09, 2022 property	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 06, 2018 USD ($)
Subsequent Event [Line Items]
Commercial mortgage loans, held for investment, net			$ 5,281,458	$ 4,211,061
Office | Collateralized Mortgage-Backed Securities
Subsequent Event [Line Items]
Commercial mortgage loans, held for investment, net					$ 17,900
Office | Collateralized Mortgage-Backed Securities | Borrower
Subsequent Event [Line Items]
Outstanding loan in maturity default			$ 13,000
Subsequent Event
Subsequent Event [Line Items]
Number of properties securing loan | property	24
Number of properties foreclosed and acquired through litigation | property		7