Franklin BSP Realty Trust (FBRT) 10-K 16 Mar 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Mar. 01, 2023	Jun. 30, 2022
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1,123.9
Entity Common Stock, Shares Outstanding		82,885,961
Documents Incorporated by Reference	Portions of the definitive proxy statement to be filed by Franklin BSP Realty Trust, Inc. with the Securities and Exchange Commission pursuant to Regulation 14A relating to the registrant’s Annual Meeting of Stockholders to be held on May 31, 2023 will be incorporated by reference in this Form 10-K in response to Items 10, 11, 12, 13 and 14 of Part III. The definitive proxy statement will be filed with the SEC not later than 120 days after the registrant’s fiscal year ended December 31, 2022.
Entity Central Index Key	0001562528
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	FBRT
Security Exchange Name	NYSE
Series E Preferred Stock
Title of 12(b) Security	7.50% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	FBRT PRE
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	New York, New York

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents		$ 179,314	$ 154,929
Restricted cash		11,173	13,270
Commercial mortgage loans, held for investment, net of allowance for credit losses of $40,848 and $15,827 as of December 31, 2022 and December 31, 2021, respectively		5,228,928	4,211,061
Commercial mortgage loans, held for sale, measured at fair value		15,559	34,718
Real estate securities, trading, measured at fair value		235,728	4,566,871
Real estate securities, available for sale, measured at fair value, amortized cost of $220,635 as of December 31, 2022		221,025	0
Derivative instruments, measured at fair value		415	436
Other real estate investments, measured at fair value		0	2,074
Receivable for loan repayment	[1]	42,557	252,351
Accrued interest receivable		34,007	30,109
Prepaid expenses and other assets		15,795	13,595
Intangible lease asset, net of amortization		54,831	48,472
Real estate owned, net of depreciation		127,772	90,048
Real estate owned, held for sale		36,497	0
Cash collateral receivable from derivative counterparties		0	56,767
Total assets		6,203,601	9,474,701
LIABILITIES AND STOCKHOLDERS' EQUITY
Collateralized loan obligations		3,121,983	2,162,190
Mortgage note payable		23,998	23,998
Unsecured debt		98,695	148,594
Derivative instruments, measured at fair value		64	32,295
Interest payable		12,715	2,692
Distributions payable		36,317	30,346
Accounts payable and accrued expenses		17,668	12,705
Due to affiliates		15,429	17,538
Intangible lease liability, net of depreciation		6,428	0
Total liabilities		4,530,465	7,666,645
Total redeemable convertible preferred stock		94,748	96,655
Equity:
Common stock, $0.01 par value, 900,000,000 shares authorized, 82,992,784 and 43,965,928 issued and outstanding as of December 31, 2022 and 2021, respectively		826	441
Additional paid-in capital		1,602,247	903,264
Accumulated other comprehensive income (loss)		390	(62)
Accumulated deficit		(299,225)	(167,179)
Total stockholders' equity		1,562,980	1,705,637
Noncontrolling interest		15,408	5,764
Total equity		1,578,388	1,711,401
Total liabilities, redeemable convertible preferred stock and equity		6,203,601	9,474,701
CMBS
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		680,859	1,019,600
Other financing and loan participation - commercial mortgage loans		76,301	37,903
Real Estate Securities
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		440,008	4,178,784
Series C Preferred Stock
LIABILITIES AND STOCKHOLDERS' EQUITY
Total redeemable convertible preferred stock		0	6,971
Series D Preferred Stock
LIABILITIES AND STOCKHOLDERS' EQUITY
Total redeemable convertible preferred stock		0	89,684
Series H Preferred Stock
LIABILITIES AND STOCKHOLDERS' EQUITY
Total redeemable convertible preferred stock		89,748	0
Series I Preferred Stock
LIABILITIES AND STOCKHOLDERS' EQUITY
Total redeemable convertible preferred stock		5,000	0
Series E Preferred Stock
Equity:
Preferred stock		258,742	258,742
Series F Preferred Stock
Equity:
Preferred stock		$ 0	$ 710,431
[1]Includes $42.5 million and $187.0 million of cash held by the servicer related to the CLOs as of December 31, 2022 and 2021, respectively, as well as $0.1 million and $65.3 million of RMBS principal paydowns receivable as of December 31, 2022 and 2021, respectively.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Allowance for loan losses	$ 40,848	$ 15,827
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	900,000,000	900,000,000
Common stock, shares issued (in shares)	82,992,784	43,965,928
Common stock, shares outstanding (in shares)	82,992,784	43,965,928
RMBS principal paydowns receivable	$ 100	$ 65,300
Series C Preferred Stock
Preferred stock, par value per share (in dollars per share)		$ 0.01
Preferred stock, shares authorized (in shares)		20,000
Preferred stock, shares issued (in shares)		1,400
Preferred stock, shares outstanding (in shares)	0	1,400
Series D Preferred Stock
Preferred stock, par value per share (in dollars per share)		$ 0.01
Preferred stock, shares authorized (in shares)		20,000
Preferred stock, shares issued (in shares)		17,950
Preferred stock, shares outstanding (in shares)	0	17,950
Series H Preferred Stock
Preferred stock, par value per share (in dollars per share)	$ 0.01
Preferred stock, shares authorized (in shares)	20,000
Preferred stock, shares issued (in shares)	17,950
Preferred stock, shares outstanding (in shares)	17,950	0
Series I Preferred Stock
Preferred stock, par value per share (in dollars per share)	$ 0.01
Preferred stock, shares authorized (in shares)	1,000
Preferred stock, shares issued (in shares)	1,000
Preferred stock, shares outstanding (in shares)	1,000	0
Series E Preferred Stock
Preferred stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	10,329,039	10,329,039
Preferred stock, shares outstanding (in shares)	10,329,039	10,329,039
Preferred stock dividend rate percentage	7.50%	7.50%
Series F Preferred Stock
Preferred stock, par value per share (in dollars per share)		$ 0.01
Preferred stock, shares authorized (in shares)		40,000,000
Preferred stock, shares issued (in shares)		39,733,299
Preferred stock, shares outstanding (in shares)	0	39,733,299
Collaterized loan obligation
Allowance for loan losses	$ 13,200	$ 8,700
CLO cash held by servicer	$ 42,500	$ 187,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest Income:
Interest income	$ 357,705	$ 216,890	$ 179,872
Less: Interest expense	165,708	60,835	66,556
Net interest income	191,997	156,055	113,316
Revenue from real estate owned	9,655	4,759	4,299
Total Income	201,652	160,814	117,615
Expenses:
Asset management and subordinated performance fee	26,157	28,110	15,178
Acquisition expenses	1,360	1,203	696
Administrative services expenses	12,928	7,658	13,120
Impairment of acquired assets	0	88,282	0
Professional fees	22,566	11,650	10,964
Share-based compensation expense	2,519	0	0
Real estate owned operating expenses	0	0	3,653
Depreciation and amortization	5,408	2,107	2,233
Other expenses	6,572	3,946	3,312
Total expenses	77,510	142,956	49,156
Other (income)/loss:
Provision/(benefit) for credit losses	36,115	(5,192)	13,296
Impairment losses on real estate owned assets	0	0	398
Realized (gain)/loss on extinguishment of debt	(15)	0	(3,678)
Realized (gain)/loss on sale of commercial mortgage loans, held for sale	354	(26)	(184)
Realized (gain)/loss on sale of real estate owned assets, held for sale	0	(9,809)	(1,851)
Realized (gain)/loss on sale of other real estate investments, measured at fair value	33	0	0
Realized (gain)/loss on sale of commercial mortgage loans, held for sale, measured at fair value	(2,358)	(24,208)	(15,931)
Unrealized (gain)/loss on commercial mortgage loans, held for sale, measured at fair value	511	(469)	75
Unrealized (gain)/loss on other real estate investments, measured at fair value	659	19	32
Trading (gain)/loss	119,220	36,128	10,137
Unrealized (gain)/loss on derivatives	15,840	(7,402)	995
Realized (gain)/loss on derivatives	(60,033)	(484)	12,486
Total other (income)/loss	110,326	(11,443)	15,775
Income/(loss) before taxes	13,816	29,301	52,684
Provision/(benefit) for income tax	(399)	3,599	(2,062)
Net income/(loss)	14,215	25,702	54,746
Net (income)/loss attributable to noncontrolling interest	216	0	0
Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.	14,431	25,702	54,746
Net income/(loss) attributable to common shareholders, basic	(27,310)	(7,885)	39,826
Net income/(loss) attributable to common shareholders, diluted	$ (27,310)	$ (7,885)	$ 39,826
Basic net income per share (in dollars per share)	$ (0.38)	$ (0.18)	$ 0.90
Diluted net income per share (in dollars per share)	$ (0.38)	$ (0.18)	$ 0.90
Basic weighted average shares outstanding (in shares)	71,628,365	43,419,209	44,384,813
Diluted weighted average shares outstanding (in shares)	71,628,365	43,434,731	44,398,879

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 14,215	$ 25,702	$ 54,746
Unrealized gain/(loss) on available for sale securities	390	8,256	(7,278)
Amounts related to cash flow hedges:
Change in net unrealized gain/(loss)	(220)	(852)	0
Reclassification adjustment for amounts included in net income/(loss)	282	790	0
Total unrealized gain (loss)	62	(62)	0
Comprehensive (income)/loss attributable to noncontrolling interest	216	0	0
Comprehensive income attributable to Franklin BSP Realty Trust, Inc.	$ 14,883	$ 33,896	$ 47,468

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Preferred Stock	Series A Preferred Stock	Series C Preferred Stock	Series E Preferred Stock	Series F Preferred Stock	Common Stock	Total Stockholders' Equity	Total Stockholders' Equity Cumulative Effect, Period of Adoption, Adjustment	Total Stockholders' Equity Preferred Stock	Total Stockholders' Equity Series A Preferred Stock	Total Stockholders' Equity Series C Preferred Stock	Total Stockholders' Equity Common Stock	Common Stock	Common Stock Series A Preferred Stock	Common Stock Series C Preferred Stock	Common Stock Series F Preferred Stock	Common Stock Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Series A Preferred Stock	Additional Paid-In Capital Series C Preferred Stock	Additional Paid-In Capital Series F Preferred Stock	Additional Paid-In Capital Common Stock	Accumulated Other Comprehensive Income/(Loss)	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Preferred Stock Series E Preferred Stock	Preferred Stock Series F Preferred Stock	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2019															43,916,815
Beginning balance at Dec. 31, 2019	$ 816,805	$ (7,761)							$ 816,805	$ (7,761)					$ 441					$ 903,310					$ (978)	$ (85,968)	$ (7,761)	$ 0	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of new stock (in shares)															650,034
Issuance of new stock	10,886								10,886						$ 6					10,880
Common stock repurchases (in shares)															(579,467)
Common stock repurchases	(10,259)								(10,259)						$ (6)					(10,253)
Common stock issued through distribution reinvestment plan (in shares)															511,899
Common stock issued through distribution reinvestment plan	8,814								8,814						$ 5					8,809
Share-based compensation (in shares)															10,770
Share-based compensation	193								193											193
Offering costs	(214)								(214)											(214)
Net income/(loss)	54,746								54,746																	54,746
Net (income)/loss attributable to noncontrolling interest	0
Distributions declared	(67,488)								(67,488)																	(67,488)
Other comprehensive income/(loss)	(7,278)								(7,278)																(7,278)
Ending balance (in shares) at Dec. 31, 2020															44,510,051
Ending balance at Dec. 31, 2020	798,444								798,444						$ 446					912,725					(8,256)	(106,471)		0	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of new stock (in shares)						10,329,039	39,733,299												31,887,442
Issuance of new stock			$ 969,173					$ 579,526			$ 969,173			$ 579,526					$ 319					$ 579,207				258,742	710,431
Common stock repurchases (in shares)															(648,837)
Common stock repurchases	(11,417)								(11,417)						$ (6)					(11,411)
Common stock issued through distribution reinvestment plan (in shares)															289,755
Common stock issued through distribution reinvestment plan	5,110								5,110						$ 3					5,107
Share-based compensation (in shares)															11,184
Share-based compensation	211								211											211
Offering costs	(68)								(68)											(68)
Common stock exchanged for series F preferred stock (in shares)															(39,733,299)
Common stock exchanged for series F preferred stock	(710,431)								(710,431)						$ (397)					(710,034)
Preferred stock conversion to common stock (in shares)					0		0									7,649,632
Preferred stock conversion to common stock				$ 127,603	$ 0		$ 0					$ 127,603				$ 76					$ 127,527
Net income/(loss)	25,702								25,702																	25,702
Net (income)/loss attributable to noncontrolling interest	0
Distributions declared	(86,410)								(86,410)																	(86,410)
Other comprehensive income/(loss)	8,194								8,194																8,194
Contributions in noncontrolling interest, net	$ 5,764																													5,764
Ending balance (in shares) at Dec. 31, 2021	43,965,928														43,965,928
Ending balance at Dec. 31, 2021	$ 1,711,401								1,705,637						$ 441					903,264					(62)	(167,179)		258,742	710,431	5,764
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of new stock (in shares)						0	0
Common stock repurchases (in shares)	(1,416,369)														(1,416,369)
Common stock repurchases	$ (16,579)								(16,579)						$ (14)					(16,565)
Common stock issued through distribution reinvestment plan (in shares)															73,501
Common stock issued through distribution reinvestment plan	1,000								1,000						$ 1					999
Share-based compensation (in shares)															516,887
Share-based compensation	2,519								2,519											2,519
Offering costs	(91)																									(91)
Preferred stock conversion to common stock (in shares)					400		(39,733,299)										119,538	39,733,299
Preferred stock conversion to common stock					$ 1,997		$ (710,431)						$ 1,997				$ 1	$ 397				$ 1,996	$ 710,034						(710,431)
Net income/(loss)	14,431								14,431																	14,431
Net (income)/loss attributable to noncontrolling interest	216																													216
Distributions declared	(146,386)								(146,386)																	(146,386)
Other comprehensive income/(loss)	452								452																452
Contributions in noncontrolling interest, net	$ 9,428																													9,428
Ending balance (in shares) at Dec. 31, 2022	82,992,784														82,992,784
Ending balance at Dec. 31, 2022	$ 1,578,388								$ 1,562,980						$ 826					$ 1,602,247					$ 390	$ (299,225)		$ 258,742	$ 0	$ 15,408

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income/(loss)	$ 14,215	$ 25,702	$ 54,746
Adjustments to reconcile net income to net cash provided by operating activities:
Premium amortization and (discount accretion), net	(12,619)	(7,035)	(5,999)
Accretion of deferred commitment fees	(9,450)	(10,139)	(6,410)
Amortization of deferred financing costs	11,490	9,203	9,585
Share-based compensation	2,519	211	193
Realized (gain)/loss from sale of real estate owned, held for sale	0	(9,809)	(1,851)
Realized (gain)/loss from sale of other real estate investments, measured at fair value	33	0	0
Realized (gain)/loss from extinguishment of debt	(15)	0	(3,678)
Realized (gain)/loss on swap terminations	(55,301)	(616)	0
Realized (gain)/loss on sale of commercial mortgage loans, held for sale	354	0	0
Trading (gain)/loss	119,220	36,128	10,137
Unrealized (gain)/loss on commercial mortgage loans held for sale, measured at fair value	511	(469)	75
Unrealized (gain)/losses on derivative instruments	15,840	(7,402)	995
Unrealized loss on other real estate investments, measured at fair value	659	19	32
Depreciation and amortization	5,329	2,107	2,233
Recognition of deferred rent revenue	0	0	(150)
Provision/(benefit) for credit losses	36,115	(5,192)	13,296
Impairment losses on real estate owned assets	0	0	398
Origination of commercial mortgage loans, held for sale, measured at fair value	(366,692)	(420,673)	(267,553)
Proceeds from sale of commercial mortgage loans, held for sale, measured at fair value	384,808	454,073	312,206
Severance and deferred compensation	0	(22,168)	0
Changes in assets and liabilities:
Accrued interest receivable	(563)	(4,675)	7,423
Prepaid expenses and other assets	(6,879)	94,864	(7,079)
Accounts payable and accrued expenses	5,027	3,640	(5,837)
Due to affiliates	(2,109)	8,013	4,736
Interest payable	10,023	715	(2,164)
Net cash (used in)/provided by operating activities	152,515	146,497	115,334
Cash flows from investing activities:
Cash acquired through merger	0	174,083	0
Origination and purchase of commercial mortgage loans, held for investment	(2,227,723)	(2,881,852)	(1,281,158)
Principal repayments received on commercial mortgage loans, held for investment	1,258,393	1,225,645	1,228,225
Principal repayments received on commercial mortgage loans, held for sale, measured at fair value	532	0	0
Proceeds from (purchase)/sale of other real estate investments	2,045	426	0
Purchase of real estate owned and capital expenditures	(663)	(134,052)	(2,824)
Proceeds from sale of real estate owned, held for sale	0	29,912	22,472
Proceeds from sale of commercial mortgage loans, held for sale	9,344	52,615	77,164
Purchase of real estate securities	(220,630)	0	(148,580)
Proceeds from sale/(repayment) of real estate securities	3,731,716	2,059,418	346,201
Principal collateral on mortgage investments	545,416	541,313	0
Proceeds from sale/(purchase) of derivative instruments	(1,165)	1,239	(813)
Net cash (used in)/provided by investing activities	3,097,265	1,068,747	240,687
Cash flows from financing activities:
Cash consideration paid in merger	0	(20,485)	0
Proceeds from issuance of common stock	0	0	10,672
Proceeds from issuances of redeemable convertible preferred stock	0	15,000	47
Payments for common stock repurchases	(16,579)	(11,417)	(10,259)
Borrowings on collateralized loan obligations	1,630,639	1,410,173	0
Repayments of collateralized loan obligations	(662,410)	(869,887)	(182,680)
Borrowings on repurchase agreements - commercial mortgage loans	1,918,631	1,874,694	682,970
Repayments of repurchase agreements - commercial mortgage loans	(2,257,372)	(1,131,434)	(659,173)
Borrowings on repurchase agreements - real estate securities	18,457,406	13,553,886	2,675,218
Repayments of repurchase agreements - real estate securities	(22,196,183)	(15,983,193)	(2,882,749)
Proceeds from other financing and loan participation - commercial mortgage loans	38,537	6,524	31,379
Repayments on other financing and loan participation - commercial mortgage loans	(139)	0	0
Borrowings on unsecured debt	0	210,000	0
Repayments of unsecured debt	(50,000)	(160,000)	0
Borrowing on mortgage note payable	0	23,940	11,712
Payments of deferred financing costs	(15,232)	(9,285)	(349)
Cash collateral received on interest rate swaps	56,767	11,138	0
Proceeds from interest rate swap settlements	8,478	9,115	0
Distributions to noncontrolling interest	(745)	0	0
Contributions from noncontrolling interest	125	0	0
Distributions paid	(139,415)	(67,955)	(49,790)
Net cash (used in)/provided by financing activities:	(3,227,492)	(1,139,186)	(373,002)
Net change in cash, cash equivalents and restricted cash	22,288	76,058	(16,981)
Cash, cash equivalents and restricted cash, beginning of period	168,199	92,141	109,122
Cash, cash equivalents and restricted cash, end of period	190,487	168,199	92,141
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period	154,929	82,071	87,246
Restricted cash, beginning of period	13,270	10,070	21,876
Cash and cash equivalents, end of period	179,314	154,929	82,071
Restricted cash, end of period	11,173	13,270	10,070
Cash, cash equivalents and restricted cash,	190,487	168,199	92,141
Supplemental disclosures of cash flow information:
Cash payments for income taxes	1,199	140	4,400
Cash payments for interest	144,195	51,050	59,819
Supplemental disclosures of non-cash flow information:
Common stock issued through distribution reinvestment plan	1,963	5,110	8,814
Commercial mortgage loans transferred from held for investment to held for sale	9,296	52,615	76,979
Distribution payable	36,317	30,346	15,688
Net assets acquired through foreclosure	79,481	0	35,411
Transfer of net assets to real estate owned, held for sale	36,497	0	0
Issuances of common stock due to merger	0	579,526	0
Unsecured debt assumed due to merger	0	98,574	0
Exchanged for Series F preferred stock	0	710,431	0
Conversion of Series A preferred stock to common stock
Supplemental disclosures of non-cash flow information:
Conversion of stock	0	(127,603)	0
Conversion of Series F preferred stock to common stock
Supplemental disclosures of non-cash flow information:
Conversion of stock	710,431	0
Conversion of Series D preferred stock to Series H preferred stock
Supplemental disclosures of non-cash flow information:
Conversion of stock	89,748	0	0
Partial conversion of Series C preferred stock to Series I preferred stock
Supplemental disclosures of non-cash flow information:
Conversion of stock	5,000	0	0
Partial conversion of Series C preferred stock to common stock
Supplemental disclosures of non-cash flow information:
Conversion of stock	1,997	0	0
Series E Preferred Stock
Supplemental disclosures of non-cash flow information:
Issuances of Series E preferred stock due to merger	$ 0	$ 258,742	$ 0

Organization and Business Opera

Organization and Business Operations	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Operations	Note 1 - 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"), 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" or "ARMs") 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, primarily subject to triple net leases. On October 19, 2021, the Company completed a merger with Capstead pursuant to which Capstead merged into a wholly-owned subsidiary of the Company, and the Company’s common stock commenced trading on the NYSE under the ticker “FBRT”. The Capstead assets acquired in the merger consisted primarily of cash and 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Accounting The Company's consolidated financial statements and related footnotes have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the requirements for reporting on Form 10-K and Regulation S-X, as appropriate. Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. 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 consolidated joint ventures that are 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. Certain prior year balances have been reclassified in order to conform to the current period presentation. For the years ended December 31, 2021 and 2020, Realized (gain)/loss on sale of real estate securities of $1.4 million and $10.1 million respectively, was reclassified to Trading (gain)/loss in our consolidated statements of operations. Acquisition Expenses The Company capitalizes certain direct costs relating to loan origination activities. The cost is amortized over the life of the loan and recognized in interest income in the Company's consolidated statements of operations. Acquisition expenses paid on future funding amounts are expensed within the acquisition expenses line in the Company's consolidated statements of operations. Cash and Cash Equivalents Cash consists of amounts deposited with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company up to an insurance limit. Cash equivalents include short-term, liquid investments in money market funds with original maturities of 90 days or less when purchased. Restricted Cash Restricted cash primarily consists of cash pledged as margin on repurchase agreements and derivative transactions. The duration of this restricted cash generally matches the duration of the related repurchase agreements or derivative transaction. Commercial Mortgage Loans Held for Investment - Commercial mortgage loans that are held for investment purposes and are anticipated to be held until maturity, are carried at cost, net of unamortized acquisition expenses, discounts or premiums and unfunded commitments. Commercial mortgage loans, held for investment purposes, are carried at amortized cost less a allowance for credit losses. Interest income is recorded on the accrual basis and related discounts, premiums and acquisition expenses on investments are amortized over the life of the investment using the effective interest method. Amortization or accretion is reflected as an adjustment to interest income in the Company’s consolidated statements of operations. Guaranteed loan commitment fees payable by the borrower upon maturity are accreted over the life of the investment using the effective interest method. The accretion of guaranteed loan commitment fees is recognized in interest income in the Company's consolidated statements of operations. Held for Sale - Commercial mortgage loans that are intended to be sold in the foreseeable future are reported as held for sale and are 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, Measured at Fair Value - The fair value option provides an option to irrevocably elect fair value as an alternative measurement for selected financial assets, financial liabilities, and written loan commitments. The Company has elected to measure commercial mortgage loans held for sale in the Company's TRS under the fair value option. These commercial mortgage loans are included in the Commercial mortgage loans, held for sale, measured at fair value in the consolidated balance sheets. Interest income received on commercial mortgage loans held for sale, measured at fair value is recorded on the accrual basis of accounting and is included in interest income in the consolidated statements of operations. Costs to originate these investments are expensed when incurred. Real estate owned The Company classifies its real estate owned as long-lived assets held for investment or as long-lived assets held for sale. Held for investment assets are stated at cost, as adjusted for any impairment loss, less accumulated depreciation. Real estate owned, held for investment - Amounts capitalized to real estate owned, held for investment consist of the cost of acquisition or construction, any tenant improvements or major improvements, betterments that extend the useful life of the related asset, and transaction costs associated with the acquisition of an individual asset that does not qualify as a business combination. All repairs and maintenance are expensed as incurred. Additionally, the Company capitalizes interest while the development, or redevelopment, of a real estate owned asset is in progress. No development or redevelopments of real estate owned assets are in progress as of December 31, 2022. The Company’s real estate owned, held for investment assets are depreciated or amortized using the straight-line method over the following useful lives: Building 40 years Furniture, fixtures, and equipment 15 years Site Improvements 5 - 25 years Intangible Lease Assets Lease Term The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of the real estate and related intangible assets of either operating properties or properties under construction in which the Company has an ownership interest, either directly or through investments in joint ventures, may not be recoverable. When indicators of potential impairment are present, management assesses whether the respective carrying values will be recovered from the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition for assets held for use, or from the estimated fair values, less costs to sell, for assets held for sale. In the event that the expected undiscounted future cash flows for assets held for use or the estimated fair value, less costs to sell, for assets held for sale do not exceed the respective asset carrying value, management adjusts such assets to the respective estimated fair values and recognizes an impairment loss. Estimated fair values are calculated based on the following information, depending upon availability, in order of preference: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of undiscounted cash flows, including estimated sales value (which is based on key assumptions such as estimated market rents, lease-up periods, estimated lease terms, and capitalization and discount rates) less estimated selling costs. Real estate owned, held for sale - 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. 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 ASC 805, Business Combinations. The estimated fair values of the tangible assets of an acquired property are determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and building based on management’s determination of the estimated fair value of these assets. Management relies on a sales comparison approach using closed land sales and listings in determining the land value, and determines the as-if-vacant estimated fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates the cost to execute similar leases including leasing commissions, legal, and other related costs. The estimated fair values of above-market and below-market in-place leases are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of market rates for the corresponding in-place leases, measured over a period equal to the remaining terms of the leases, taking into consideration the probability of renewals for any below-market leases. The capitalized above-market and below-market lease values are recorded as intangible lease assets or liabilities and amortized as an adjustment to rental revenues over the remaining terms of the respective leases. The estimated fair values of in-place leases include an estimate of the direct costs associated with obtaining the acquired or "in place" tenant and estimates of opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease. The amount capitalized as direct costs associated with obtaining a tenant include commissions, tenant improvements, and other direct costs and are estimated based on management’s consideration of current market costs to execute a similar lease. These direct lease origination costs are included in deferred lease costs in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. The value of opportunity costs is calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. These lease intangibles are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. Credit Losses The allowance for credit losses required under ASU 2016-13 is deducted from the respective loan's amortized cost basis on the Company’s 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 provision 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 provision 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 2018 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. Specific allowance for credit losses For financial instruments where the borrower is experiencing financial difficulty based on the Company’s assessment at the reporting date and the repayment is expected to be provided substantially through the operation or sale of the collateral, the Company may elect to use as a practical expedient the fair value of the collateral at the reporting date when determining the provision 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 for credit losses analysis is performed. Determining whether a specific allowance for credit losses 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 for credit losses, the specific allowance for credit losses 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 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 provisions 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 allowance for credit losses and the respective loan balance. Risk Rating In developing the provision 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 provision 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 provision for credit losses. Changes in the provision 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 a provision 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 provision 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 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 elected the fair value option for its real estate securities, available for sale, and as a result, any unrealized gains or losses on such real estate securities will be recorded in the Company’s consolidated statements of comprehensive income. Related discounts, premiums and acquisition expenses on investments are amortized or accreted over the life of the investment using the effective interest method. Amortization and accretion is reflected as an adjustment to interest income in the Company’s consolidated statements of operations. The Company uses the specific identification method in determining the cost relief for real estate securities sold. Realized gains and losses from the sale of real estate securities are included in the Company’s consolidated statements of operations. AFS real estate securities which have experienced a decline in the fair value below their amortized cost basis (i.e., impairment) are evaluated each reporting period to determine whether the decline in fair value is due to credit-related factors. Any impairment that is not credit-related is recognized in accumulated other comprehensive income, while credit-related impairment is recognized as an allowance on the consolidated balance sheets with a corresponding adjustment on the consolidated statements of operations. If the Company intends to sell an impaired real estate security or more likely than not will be required to sell such a security before recovering its amortized cost basis, the entire impairment amount is recognized in the consolidated statements of operations with a corresponding adjustment to the security’s amortized cost basis. The Company analyzes the AFS real estate securities portfolio on a periodic basis for credit losses at the individual security level using the same criteria described above for those amortized cost financial assets subject to an provision 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 sheets with trading gains and losses due to fair value changes and sales of these securities recorded in the Company's consolidated statements of operations. The Company calculates trading gains and losses on the sales of ARM Agency Securities based on the specific identification method. 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 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, shares of the Company’s common stock or one or more series of its preferred stock, including its former Series C convertible preferred stock (the “Series C Preferred Stock,”), former Series D convertible preferred stock (the “Series D Preferred Stock”), Series H convertible preferred stock (the “Series H Preferred Stock”) and former Series I convertible preferred stock (the “Series I 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 incurred 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 and Series I 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 has granted and may in the future, 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, long-term incentive plan 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. The fair value of the RSUs are expensed over the vesting period, which are included in share-based compensation expense on the consolidated statements of operations. Restricted Share Plan The Company also had an Amended and Restated Employee and Director Incentive Restricted Share Plan (the "RSP"), which provided 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 spli

Commercial Mortgage Loans

Commercial Mortgage Loans	12 Months Ended
	Dec. 31, 2022
Receivables [Abstract]
Commercial Mortgage Loans	Note 3 - Commercial Mortgage Loans The following table is a summary of the Company's commercial mortgage loans, held for investment, carrying values by class (dollars in thousands): December 31, 2022 December 31, 2021 Senior loans $ 5,251,464 $ 4,204,464 Mezzanine loans 18,312 22,424 Total gross carrying value of loans 5,269,776 4,226,888 General allowance for credit losses 26,624 15,827 Specific allowance for credit losses (1) 14,224 — Less: Allowance for credit losses 40,848 15,827 Total commercial mortgage loans, held for investment, net $ 5,228,928 $ 4,211,061 ________________________ (1) As of December 31, 2022, the Company recorded a specific reserve with respect to a retail loan designated as non-performing. As of December 31, 2022 and 2021, the Company's total commercial mortgage loan portfolio, held for investment, was composed of 161 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 December 31, 2022 and 2021 (dollars in thousands): Year Ended December 31, 2022 MultiFamily Retail Office Industrial Mixed Use Hospitality Self Storage Manufactured Housing Total Beginning Balance $ 9,681 $ 288 $ 776 $ 86 $ 169 $ 4,597 $ 152 $ 78 $ 15,827 Changes: General allowance/(benefit) for credit losses 11,485 89 (106) 173 (122) (533) (142) (47) 10,797 Specific allowance/(benefit) for credit losses — 25,281 — — — — — — 25,281 Write offs from specific allowance for credit losses — (11,057) — — — — — — (11,057) Ending Balance $ 21,166 $ 14,601 $ 670 $ 259 $ 47 $ 4,064 $ 10 $ 31 $ 40,848 Year Ended December 31, 2021 MultiFamily Retail Office Industrial Mixed Use Hospitality Self Storage Manufactured Housing Total Beginning Balance $ 3,095 $ 404 $ 1,575 $ 3,795 $ 132 $ 11,646 $ 117 $ 122 20,886 Changes: General allowance/(benefit) for credit losses 6,875 (116) (799) (3,709) 37 (7,049) 35 (44) (4,770) Write offs from general allowance for credit losses (289) — — — — — — — (289) Ending Balance $ 9,681 $ 288 $ 776 $ 86 $ 169 $ 4,597 $ 152 $ 78 $ 15,827 The Company recorded an increase in its general allowance for credit losses during the year ended December 31, 2022 of $10.8 million. The primary driver for the higher reserve balance is the change in economic outlook since the end of the prior year coupled with the increase in overall portfolio of commercial mortgage loans, held for investment as of December 31, 2022. As of December 31, 2022, the Company identified a commercial mortgage loan, held for investment secured by a portfolio of 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 December 31, 2022, a specific provision for credit losses of $14.2 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 December 31, 2022, the loan has a fully funded outstanding principal balance of $63.6 million, and carrying value of $46.1 million. The significant unobservable inputs to the discounted cash flow model used to estimate the fair value of the retail properties collateralizing 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, which is included in accounts payable and accrued expenses in the consolidated balance sheets as of December 31, 2022 and 2021 (dollars in thousands): Year Ended December 31, 2022 MultiFamily Retail Office Industrial Mixed Use Hospitality Self Storage Manufactured Housing Total Beginning Balance $ 137 $ 1 $ 13 $ 3 $ 10 $ 79 $ — $ — $ 243 Changes: General allowance/(benefit) for credit losses 28 (37) 73 — (10) (18) — 1 37 Ending Balance $ 165 $ (36) $ 86 $ 3 $ — $ 61 $ — $ 1 $ 280 Year Ended December 31, 2021 MultiFamily Retail Office Industrial Mixed Use Hospitality Self Storage Manufactured Housing Total Beginning Balance $ 85 $ — $ 47 $ 418 $ 14 $ 101 $ — $ — $ 665 Changes: General allowance/(benefit) for credit losses 52 1 (34) (415) (4) (22) — — (422) Ending Balance $ 137 $ 1 $ 13 $ 3 $ 10 $ 79 $ — $ — $ 243 The following table represents the composition by loan collateral type and region of the Company's commercial mortgage loans, held for investment portfolio (dollars in thousands): December 31, 2022 December 31, 2021 Loan Collateral Type Par Value Percentage Par Value Percentage Multifamily $ 4,030,975 76.1 % $ 2,953,938 69.6 % Hospitality 510,566 9.7 % 460,884 10.9 % Office 405,705 7.7 % 485,575 11.4 % Retail 120,017 2.3 % 104,990 2.5 % Industrial 93,035 1.8 % 88,956 2.1 % Other 128,676 2.4 % 148,619 3.5 % Total $ 5,288,974 100.0 % $ 4,242,962 100.0 % December 31, 2022 December 31, 2021 Loan Region Par Value Percentage Par Value Percentage Southeast $ 2,229,756 42.2 % $ 1,106,439 26.2 % Southwest 1,763,492 33.3 % 1,764,905 41.6 % Mideast 706,192 13.4 % 646,125 15.2 % Far West 234,891 4.4 % 301,040 7.1 % Great Lakes 162,162 3.1 % 183,930 4.3 % Various 192,481 3.6 % 240,523 5.6 % Total $ 5,288,974 100.0 % $ 4,242,962 100.0 % As of December 31, 2022 and 2021, the Company's total commercial mortgage loans, held for sale, measured at fair value was composed of two loans and one loan, respectively. As of December 31, 2022 and 2021, the contractual principal outstanding of commercial mortgage loans, held for sale, measured at fair value was $15.6 million and $34.3 million, respectively. As of December 31, 2022 and 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 table represents 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): December 31, 2022 December 31, 2021 Loan Collateral Type Par Value Percentage Par Value Percentage Retail $ 12,000 76.8 % $ — — % Office 3,625 23.2 % 34,250 100.0 % Total $ 15,625 100.0 % $ 34,250 100.0 % December 31, 2022 December 31, 2021 Loan Region Par Value Percentage Par Value Percentage Southeast $ 15,625 100.0 % $ 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 December 31, 2022 and 2021, by loan collateral type, the Company’s internal risk rating and year of origination. The risk ratings are updated as of December 31, 2022. As of December 31, 2022 2022 2021 2020 2019 2018 2017 Total Multifamily: Risk Rating: 1-2 internal grade $ 1,511,181 $ 2,184,362 $ 74,372 $ — $ 34,668 $ — $ 3,804,583 3-4 internal grade — 167,707 10,807 — 34,731 — 213,245 Total Multifamily Loans $ 1,511,181 $ 2,352,069 $ 85,179 $ — $ 69,399 $ — $ 4,017,828 Retail: Risk Rating: 1-2 internal grade $ 22,275 $ 33,884 $ — $ — $ — $ — $ 56,159 3-4 internal grade — — — — — — — 5 internal grade 60,304 — — — — — 60,304 Total Retail Loans $ 82,579 $ 33,884 $ — $ — $ — $ — $ 116,463 Office: Risk Rating: 1-2 internal grade $ — $ 50,351 $ 189,740 $ 66,110 $ 18,683 $ — $ 324,884 3-4 internal grade — — 54,533 25,748 — 80,281 Total Office Loans $ — $ 50,351 $ 244,273 $ 91,858 $ 18,683 $ — $ 405,165 Industrial: Risk Rating: 1-2 internal grade $ 77,762 $ — $ 14,955 $ — $ — $ — $ 92,717 3-4 internal grade — — — — — — — Total Industrial Loans $ 77,762 $ — $ 14,955 $ — $ — $ — $ 92,717 Mixed Use: Risk Rating: 1-2 internal grade $ 19,939 $ 32,463 $ — $ — $ — $ — $ 52,402 3-4 internal grade — — — — — — — Total Mixed Use Loans $ 19,939 $ 32,463 $ — $ — $ — $ — $ 52,402 Hospitality: Risk Rating: 1-2 internal grade $ 137,055 $ 160,397 $ — $ 49,564 $ 22,116 $ — $ 369,132 3-4 internal grade 32,305 — — 28,882 — 78,867 140,054 Total Hospitality Loans $ 169,360 $ 160,397 $ — $ 78,446 $ 22,116 $ 78,867 $ 509,186 Self Storage: Risk Rating: 1-2 internal grade $ — $ 14,986 $ 29,858 $ — $ — $ — $ 44,844 3-4 internal grade — — — — — — — Total Self Storage Loans $ — $ 14,986 $ 29,858 $ — $ — $ — $ 44,844 Manufactured Housing: Risk Rating: 1-2 internal grade $ 10,479 $ 6,677 $ 6,344 $ — $ — $ — $ 23,500 3-4 internal grade — — 7,671 — — — 7,671 Total Manufactured Housing Loans $ 10,479 $ 6,677 $ 14,015 $ — $ — $ — $ 31,171 Total $ 1,871,300 $ 2,650,827 $ 388,280 $ 170,304 $ 110,198 $ 78,867 $ 5,269,776 December 31, 2021 2021 2020 2019 2018 2017 2016 Total Multifamily: Risk Rating: 1-2 internal grade $ 2,438,376 $ 270,953 $ 103,989 $ 90,877 $ — $ — $ 2,904,195 3-4 internal grade — — — 37,025 — — 37,025 Total Multifamily Loans $ 2,438,376 $ 270,953 $ 103,989 $ 127,902 $ — $ — $ 2,941,220 Retail: Risk Rating: 1-2 internal grade $ 33,830 $ 11,928 $ 29,515 $ 29,452 $ — $ — $ 104,725 3-4 internal grade — — — — — — — Total Retail Loans $ 33,830 $ 11,928 $ 29,515 $ 29,452 $ — $ — $ 104,725 Office: Risk Rating: 1-2 internal grade $ 50,291 $ 253,759 $ 136,800 $ 43,308 $ — $ — $ 484,158 3-4 internal grade — — — — — — — Total Office Loans $ 50,291 $ 253,759 $ 136,800 $ 43,308 $ — $ — $ 484,158 Industrial: Risk Rating: 1-2 internal grade $ — $ 31,906 $ — $ — $ — $ — $ 31,906 3-4 internal grade — — 56,933 — — — 56,933 Total Industrial Loans $ — $ 31,906 $ 56,933 $ — $ — $ — $ 88,839 Mixed Use: Risk Rating: 1-2 internal grade $ 32,395 $ 30,325 $ — $ — $ — $ — $ 62,720 3-4 internal grade — — — — — — — Total Mixed Use Loans $ 32,395 $ 30,325 $ — $ — $ — $ — $ 62,720 Hospitality: Risk Rating: 1-2 internal grade $ 153,032 $ 26,920 $ 34,054 $ — $ — $ — $ 214,006 3-4 internal grade — — 113,961 52,790 79,102 — 245,853 Total Hospitality Loans $ 153,032 $ 26,920 $ 148,015 $ 52,790 $ 79,102 $ — $ 459,859 Self Storage: Risk Rating: 1-2 internal grade $ 14,948 $ 41,382 $ — $ — $ — $ — $ 56,330 3-4 internal grade — — — — — — — Total Self Storage Loans $ 14,948 $ 41,382 $ — $ — $ — $ — $ 56,330 Manufactured Housing: Risk Rating: 1-2 internal grade $ 6,665 $ 22,372 $ — $ — $ — $ — $ 29,037 3-4 internal grade — — — — — — — Total Manufactured Housing Loans $ 6,665 $ 22,372 $ — $ — $ — $ — $ 29,037 Total $ 2,729,537 $ 689,545 $ 475,252 $ 253,452 $ 79,102 $ — $ 4,226,888 Past Due Status The following table presents an aging summary of the loans amortized cost basis at December 31, 2022 (dollars in thousands): Multifamily Retail Office Industrial Mixed Use Hospitality Self Storage Manufactured Housing Total Status: Current $ 4,017,828 $ 56,159 $ 405,165 $ 92,717 $ 52,402 $ 452,111 $ 44,844 $ 31,171 $ 5,152,397 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) — 60,304 — — — 57,075 — — 117,379 Total $ 4,017,828 $ 116,463 $ 405,165 $ 92,717 $ 52,402 $ 509,186 $ 44,844 $ 31,171 $ 5,269,776 ________________________ (1) For the year ended December 31, 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 December 31, 2022 and December 31, 2021 (dollars in thousands): December 31, 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 60,304 — Less: Removal of non-performing loan amortized cost — 37,812 Non-performing loan amortized cost at end of period $ 117,379 $ 57,075 As of December 31, 2022, the Company had two loans with a total amortized cost basis of $117.4 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 December 31, 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 year ended December 31, 2022. The second loan relates to a commercial mortgage loan with a fully funded outstanding principal balance of $63.6 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. The loan was evaluated in accordance with ASC 310 - Receivables and was determined to be a TDR. As of December 31, 2022, the Company has recorded a specific allowance for credit losses of $14.2 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 December 31, 2022, the Company has received $8.0 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, NY, 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 December 31, 2022 and 2021, the weighted average risk ratings of loans were 2.2 and 2.1, respectively. The following table represents the allocation by risk rating for the Company's commercial mortgage loans, held for investment, (dollars in thousands): December 31, 2022 December 31, 2021 Risk Rating Number of Loans Par Value Risk Rating Number of Loans Par Value 1 — $ — 1 — $ — 2 141 4,783,568 2 148 3,903,047 3 15 281,071 3 16 282,840 4 4 160,695 4 1 57,075 5 1 63,640 5 — — 161 $ 5,288,974 165 $ 4,242,962 For the years ended December 31, 2022 and December 31, 2021, the activity in the Company's commercial mortgage loans, held for investment portfolio, net of provision for credit losses, was as follows (dollars in thousands): Year Ended December 31, 2022 2021 Amortized cost, Beginning of Year $ 4,226,888 $ 2,714,734 Acquisitions and originations 2,247,613 2,897,002 Principal repayments (1,109,769) (1,286,598) Discount accretion/premium amortization 12,614 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 (13,775) (15,150) Transfer to real estate owned (80,460) ' (1) (37,523) Cost recovery (4,039) — Amortized cost, End of Year $ 5,269,776 $ 4,226,888 Allowance for credit losses, Beginning of Year $ (15,827) $ (20,886) General (provision)/benefit for credit losses (10,797) 4,770 Specific (provision)/benefit for credit losses (25,281) — Write offs from specific allowance for credit losses 11,057 ' (1) — Write offs from general allowance for credit losses — 289 Allowance for credit losses, End of Year $ (40,848) $ (15,827) Balance at End of Year $ 5,228,928 $ 4,211,061 ________________________ (1) See Note 5 - Real Estate Owned for details.

Real Estate Securities

Real Estate Securities	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Real Estate Securities	Real Estate Securities Real Estate Securities Classified As Trading The following is a summary of the Company's RMBS classified by collateral type and interest rate characteristics as of December 31, 2022 (dollars in thousands): Carrying Amount Average Yield (1) December 31, 2022 Agency Securities: Fannie Mae/Freddie Mac ARMs $ 235,728 2.42 % December 31, 2021 Agency Securities: Fannie Mae/Freddie Mac ARMs $ 4,246,803 2.23 % Ginnie Mae ARMs 320,068 2.72 % $ 4,566,871 2.26 % ________________________ (1) Average yield is presented for the year then ended, and is based on the cash component of interest income expressed as a percentage on average cost basis (the “cash yield”). The maturity of 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 weighted average contractual maturity of 182 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 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. For the year ended December 31, 2022 and 2021, the Company sold trading securities totaling $3.8 billion and $1.9 billion. For the year ended December 31, 2022 and 2021, the Company recognized trading losses on ARM Agency Securities of $119.2 million and $34.8 million, respectively, due to principal paydowns, changes in market values, and sales of these securities, and were included in Trading (gain)/loss in the Company's consolidated statements of operations. The Company did not own any trading securities during 2020. Real Estate Securities Classified As Available For Sale The following is a summary of the Company's real estate securities, available for sale, measured at fair value as of December 31, 2022 (dollars in thousands): December 31, 2022 Type Interest Rate Maturity Par Value Fair Value CRE CLO bond 1 7.1% 8/19/2035 $ 40,000 $ 39,795 CRE CLO bond 2 7.6% 8/19/2035 25,000 25,010 CRE CLO bond 3 8.4% 8/19/2035 10,000 10,056 CRE CLO bond 4 7.4% 10/25/2039 36,700 36,990 CRE CLO bond 5 8.0% 10/25/2039 35,000 35,298 CRE CLO bond 6 8.6% 10/25/2039 14,300 14,221 CRE CLO bond 7 7.3% 10/19/2039 60,000 59,655 $ 221,000 $ 221,025 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 December 31, 2022. The weighted average contractual maturity for CRE CLO investments included within the CRE CLO bond portfolio as of December 31, 2022 was 15.4 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 December 31, 2022 (dollars in thousands): Amortized Cost Credit Loss Allowance Unrealized Gain Unrealized (Loss) Fair Value December 31, 2022 CLO $ 220,635 $ — $ 833 (443) $ 221,025 As of December 31, 2022, the Company held seven CRE CLO bonds with an amortized cost basis of $220.6 million and a net unrealized gain of $0.39 million, three of which were held in an unrealized loss position of $0.4 million. As of December 31, 2022, zero positions had an unrealized loss for a period greater than twelve months. As of December 31, 2022, the fair value of the Company's CRE CLO bonds that were in an unrealized loss position for less than twelve months, and for which an allowance for credit loss has not been recorded was $113.7 million.

Real Estate Owned

Real Estate Owned	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Real Estate Owned	Note 5 - Real Estate Owned Real Estate Owned, Held for Investment The following table summarizes the Company's real estate owned, held for investment assets as of December 31, 2022 (dollars in thousands): As of December 31, 2022 Acquisition Date (1) 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 $ (2,877) $ 87,746 Various (2) Retail Various 9,105 31,036 — (115) 40,026 $ 12,541 $ 115,295 $ 2,928 $ (2,992) $ 127,772 ________________________ (1) Refer to Note 2 for the useful life of the above assets. (2) As discussed below, ten retail properties associated with a loan secured by the Walgreen's Portfolio (defined below) were foreclosed upon during the quarter ended December 31, 2022. The properties are located throughout the country. The following table summarizes the Company's real estate owned assets as of December 31, 2021 (dollars in thousands): As of December 31, 2021 Acquisition Date (1) 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 ________________________ (1) Refer to Note 2 for the useful life of the above asset. Depreciation expense for the years ended December 31, 2022 and 2021 totaled $2.4 million and $1.0 million, respectively. In August 2021 the Company and an investment fund managed by the Advisor entered into a joint venture agreement and formed a joint venture entity, Jeffersonville Member, LLC (the "Jeffersonville JV") to acquire a $139.5 million triple net lease property in Jeffersonville, GA. The Company has a 79% interest in the Jeffersonville JV, while the affiliated fund has a 21% interest. The Company invested a total of $109.8 million, made up of $88.7 million in debt and $21.1 million in equity, representing 79% of the ownership interest in the Jeffersonville JV. The affiliated fund made up the remaining $29.8 million composed of a $24.0 million mortgage note payable and $5.7 million in non-controlling interest. The Company has control of Jeffersonville JV with 79% ownership and, therefore, consolidates Jeffersonville JV on its consolidated balance sheet. The Company's $88.7 million mortgage note payable to Jeffersonville JV is eliminated in consolidation (see Note 7 - Debt). As disclosed in Note 3 - Commercial Mortgage Loans in April 2022, the Company fully funded a $113.2 million first mortgage loan, collateralized by 24 retail properties with various locations throughout the United States (the "Walgreens Portfolio"). During the quarter ended December 31, 2022, through foreclosures, the Company acquired ten of the 24 properties and as a result recorded at fair value $40.1 million of real estate owned, held for investment. These properties are held through a joint venture entity, BSPRT Walgreens Portfolio, LLC (the "Walgreens JV"), formed by the Company and an affiliate of the Company. The Company has 75.618% ownership interest in the Walgreens Portfolio, while the affiliated fund has 24.242% interest. The Company has control of the Walgreens Portfolio as the majority owner in the joint venture and, therefore, consolidates the Walgreens Portfolio on its consolidated balance sheet. As of December 31, 2022, the Company recorded $10.5 million in non-controlling interest related to the Walgreens Portfolio on its consolidated balance sheets as of December 31, 2022. Subsequent to year ended December 31, 2022, the Walgreens JV obtained legal ownership of four additional properties. We are engaged in ongoing litigation relating to a loan secured by the retail properties located throughout the United States, as more fully described in "Part I, Item 3. Legal Proceedings". Real Estate Owned, Held for Sale During the year ended December 31, 2022, the Company entered into agreements with two borrowers to voluntarily transfer their assets in exchange for the removal of the borrowers' obligation to repay all of the associated commercial mortgage loans receivable with an amortized cost of $36.9 million, in aggregate, provided by the Company. One of the voluntary transfers collateralized by a multifamily portfolio was the result of the borrower experiencing financial difficulty and the recorded investment in the receivable was more than the fair value, less estimated costs to sell, for the collateral collected. Therefore, the voluntary transfer qualified as a TDR. The Company accounted for both voluntary transfers and the real estate owned acquired as asset acquisitions. The voluntary transfers resulted in a total realized loss of $0.4 million, in aggregate, and was recognized in Realized (gain)/loss on sale of commercial mortgage loan, held for sale in the consolidated statements of operations for the year ended December 31, 2022. As of December 31, 2022, the Company has designated the properties included within the real estate owned business segment as held for sale in accordance with ASC 360. The properties are currently being marketed and sales are probable to occur within one year. As of December 31, 2022, the Company recognized an unrealized loss of $0.7 million on real estate owned, held for sale assets resulting in a carrying value of $36.5 million, in aggregate.

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Leases	Note 6 - Leases Intangible Lease Asset The following table summarizes the Company's intangible lease asset recognized in the consolidated balance sheets as of December 31, 2022 and 2021 (dollars in thousands): Identified intangible assets: December 31, 2022 December 31, 2021 Gross amount 58,542 49,192 Accumulated amortization (3,711) (720) Total, net $ 54,831 $ 48,472 Identified intangible liabilities: Gross amount 6,507 $ — Accumulated amortization (79) — Total, net $ 6,428 $ — Rental Income On September 17, 2021, the Company 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 15.8 years. Rental income for this operating lease for the year ended December 31, 2022 and 2021 totaled $9.2 million and $2.6 million. Rental income is included in Revenue from real estate owned During the quarter ended December 31, 2022, the Company acquired ten retail properties through foreclosures that were each subject to triple net leases. The initial terms of the leases expire in March 2034 and contain renewal options for eleven consecutive five-year terms. The remaining lease term is 11.3 years. Rental income for these operating leases for the year ended December 31, 2022 totaled $0.4 million. The following table summarizes the Company's schedule of future minimum rents to be received under the lease (dollars in thousands): Future Minimum Rents December 31, 2022 2023 $ 10,494 2024 10,655 2025 10,820 2026 10,987 2027 and beyond 132,525 Total minimum rent $ 175,481 Amortization Expense Intangible lease assets are amortized using the straight-line method over the contractual life of the lease, of a period up to 20 years. The weighted average life of the intangible asset as of December 31, 2022 is approximately 15.1 years. Amortization expense for the years ended December 31, 2022 and 2021 totaled $3.0 million and $1.1 million, respectively. Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental revenues of $0.1 million for the year ended December 31, 2022. The following table summarizes the Company's expected acquired below (above) market leases, net amortization over the next five years, assuming no further acquisitions or dispositions (dollars in thousands): Amortization Expense - Acquired below (above) market leases, net December 31, 2022 2023 $ (576) 2024 (576) 2025 (576) 2026 (576) 2027 (576) The following table summarizes the Company's expected other identified intangible assets, net amortization over the next five years, assuming no further acquisitions or dispositions (dollars in thousands): Amortization Expense - Other identified intangible assets December 31, 2022 2023 $ 3,707 2024 3,707 2025 3,707 2026 3,707 2027 3,707
Leases	Note 6 - Leases Intangible Lease Asset The following table summarizes the Company's intangible lease asset recognized in the consolidated balance sheets as of December 31, 2022 and 2021 (dollars in thousands): Identified intangible assets: December 31, 2022 December 31, 2021 Gross amount 58,542 49,192 Accumulated amortization (3,711) (720) Total, net $ 54,831 $ 48,472 Identified intangible liabilities: Gross amount 6,507 $ — Accumulated amortization (79) — Total, net $ 6,428 $ — Rental Income On September 17, 2021, the Company 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 15.8 years. Rental income for this operating lease for the year ended December 31, 2022 and 2021 totaled $9.2 million and $2.6 million. Rental income is included in Revenue from real estate owned During the quarter ended December 31, 2022, the Company acquired ten retail properties through foreclosures that were each subject to triple net leases. The initial terms of the leases expire in March 2034 and contain renewal options for eleven consecutive five-year terms. The remaining lease term is 11.3 years. Rental income for these operating leases for the year ended December 31, 2022 totaled $0.4 million. The following table summarizes the Company's schedule of future minimum rents to be received under the lease (dollars in thousands): Future Minimum Rents December 31, 2022 2023 $ 10,494 2024 10,655 2025 10,820 2026 10,987 2027 and beyond 132,525 Total minimum rent $ 175,481 Amortization Expense Intangible lease assets are amortized using the straight-line method over the contractual life of the lease, of a period up to 20 years. The weighted average life of the intangible asset as of December 31, 2022 is approximately 15.1 years. Amortization expense for the years ended December 31, 2022 and 2021 totaled $3.0 million and $1.1 million, respectively. Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental revenues of $0.1 million for the year ended December 31, 2022. The following table summarizes the Company's expected acquired below (above) market leases, net amortization over the next five years, assuming no further acquisitions or dispositions (dollars in thousands): Amortization Expense - Acquired below (above) market leases, net December 31, 2022 2023 $ (576) 2024 (576) 2025 (576) 2026 (576) 2027 (576) The following table summarizes the Company's expected other identified intangible assets, net amortization over the next five years, assuming no further acquisitions or dispositions (dollars in thousands): Amortization Expense - Other identified intangible assets December 31, 2022 2023 $ 3,707 2024 3,707 2025 3,707 2026 3,707 2027 3,707

Debt

Debt	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt Repurchase Agreements - Commercial Mortgage Loans The Company has entered into repurchase facilities with JPMorgan Chase Bank, National Association (the "JPM Repo Facility"), Barclays Bank PLC (the "Barclays Revolver Facility" and the "Barclays Repo Facility"), Wells Fargo Bank, National Association (the "WF Repo Facility"), and Credit Suisse AG (the "CS Repo Facility" and together with JPM Repo Facility, WF Repo Facility, Barclays Revolver Facility, and Barclays Repo Facility, collectively, 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 at December 31, 2022 and 2021 are as follows (dollars in thousands): As of December 31, 2022 Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate Term Maturity JPM Repo Facility (2) $ 500,000 $ 275,423 $ 11,773 7.42 % 10/6/2024 CS Repo Facility (3) 600,000 168,046 8,676 7.12 % 10/31/2023 WF Repo Facility (4) 500,000 79,807 7,492 7.11 % 11/21/2023 Barclays Revolver Facility (5) 250,000 — 1,267 N/A 9/20/2023 Barclays Repo Facility (6) 500,000 157,583 8,997 6.75 % 3/14/2025 Total $ 2,350,000 $ 680,859 $ 38,205 ________________________ (1) For the year ended December 31, 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 December 12, 2022, the Company extended the maturity date to October 6, 2024. (3) On July 12, 2022, the committed financing was increased from $300 million to $600 million. Additionally, on November 1, 2022 the maturity date was extended to October 31, 2023. (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 Repo Facilities generally provide that in the event of a decrease in the value of the Company's collateral, the lenders can demand additional collateral. As of December 31, 2022 and 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 a regional bank via a participation agreement. Since inception, the Company's outstanding loan increased resultant of future fundings, leading to an increase in amount outstanding via the participation agreement. The Company incurred $1.7 million and $0.9 million of interest expense on the regional bank term loan for the year ended December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021 the outstanding participation balance was $59.2 million and $37.9 million, respectively. The loan accrued interest at an annual rate of one-month LIBOR +2.20% and matures on June 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 could increase as a result of future fundings, which could lead to an increase in amount outstanding via the participation agreement. The Company incurred $0.5 million of interest expense on the regional bank term loan for the year ended December 31, 2022. As of December 31, 2022, the outstanding participation balance was $17.1 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 our consolidated financial statements (see Note 5 - Real Estate Owned). As of December 31, 2022 and 2021, t he remaining outstanding mortgage note payable of $24.0 million is included in the consolidated balance sheet. As of December 31, 2022 , the loan accrued interest at an annual rate of Libor + 3.0%, which is eliminated in our consolidated financial statements, and matures on October 9, 2024. Unsecured Debt As of December 31, 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): December 31, 2022 December 31, 2021 Borrowings Weighted Average Borrowings Weighted Average Junior subordinated notes maturing in: October 2035 ($35,000 face amount) $ 34,508 8.25 % $ 34,470 7.86 % December 2035 ($40,000 face amount) 39,513 8.39 % 39,474 7.63 % September 2036 ($25,000 face amount) 24,674 8.39 % 24,650 7.67 % $ 98,695 8.34 % $ 98,594 7.72 % The notes are currently redeemable, in whole or in part, without penalty, at the Company’s option. Interest paid on unsecured debt, including related derivative cash flows, totaled $5.7 million and $0.6 million for the twelve months ended December 31, 2022 and 2021, respectively. The Company entered into a $100.0 million lending and security agreement with Security Benefit Life Insurance Company ("SBL") in February 2020, which was amended in March and August 2020. The Company incurred $1.0 million and $2.0 million of interest expense on the lending agreement with SBL for the twelve months ended December 31, 2022 and 2021 respectively. In November 2022, the lending and security agreement with SBL was terminated by the Company. As of December 31, 2021 the outstanding balance was $50.0 million. Repurchase Agreements - Real Estate Securities The Company has entered into various Master Repurchase Agreements (the "MRAs") that allow the Company to sell real estate securities while providing a fixed repurchase price for the same real estate securities in the future. The repurchase contracts on each security under an MRA generally mature in 30-90 days and terms are adjusted for current market rates as necessary. Below is a summary of the Company's MRAs as of December 31, 2022 and 2021 (dollars in thousands): Weighted Average Counterparty Amount Outstanding Accrued Interest Collateral Pledged (1) Interest Rate Days to Maturity As of December 31, 2022 JP Morgan Securities LLC $ 103,513 $ 1,281 $ 120,751 5.34 % 22 Barclays Capital Inc. 119,351 1,646 144,778 5.18 % 50 Total/Weighted Average $ 222,864 $ 2,927 $ 265,529 5.25 % 37 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 % 33 ___________________________________________________________________ (1) Includes $67.1 million and $43.2 million of CLO notes, held by the Company, which is eliminated within the Real estate securities, at fair value line of the consolidated balance sheets as of December 31, 2022 and 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): Amount Accrued Collateral Weighted Average December 31, 2022 Repurchase arrangements secured by Agency securities with maturities of 30 days or less $ 172,144 $ 544 $ 180,400 4.25 % Repurchase arrangements secured by Agency securities with maturities of 31 to 90 days 45,000 114 47,210 4.51 % $ 217,144 $ 658 $ 227,610 4.30 % December 31, 2021 Repurchase arrangements secured by Agency securities with maturities of 30 days or less $ 4,144,473 $ 8,908 $ 4,327,020 0.13 % Average repurchase agreements outstanding were $1.0 billion and $4.0 billion during the year ended December 31, 2022 and 2021, respectively. Average repurchase agreements outstanding differed from respective year-end balances during the indicated periods primarily due to changes in portfolio levels and differences in the timing of portfolio acquisitions relative to portfolio runoff and asset sales. Interest paid on repurchase agreements, including related derivative payments, totaled $8.5 million and $1.24 million during the twelve months ended December 31, 2022 and 2021, respectively. Collateralized Loan Obligation 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 December 31, 2022 and 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 25 and 48 mortgage assets having a principal balance of $378.8 million and $589.0 million, respectively, (the "2019-FL5 Mortgage Assets"). The sale of the 2019-FL5 Mortgage Assets to BSPRT 2019-FL5 Issuer, Ltd. is governed by a Mortgage Asset Purchase Agreement dated as of May 30, 2019, between the Company and BSPRT 2019-FL5 Issuer, Ltd. As of December 31, 2022 and 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 $691.1 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 December 31, 2022 and 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 39 and 47 mortgage assets having a principal balance of $899.7 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 December 31, 2022, the notes issued by BSPRT 2022-FL8 Issuer, Ltd. and BSPRT 2022-FL8 Co-Issuer, LLC, are collateralized by interests in a pool of 39 mortgage assets having a principal balance of $1.2 billion, respectively, (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 December 31, 2022, the notes issued by BSPRT 2022-FL9 Issuer, LLC are collateralized by interests in a pool of 50 mortgage assets having a principal balance of $797.5 million, respectively, (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 December 31, 2022 and 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 (collectively the "CLOs"), respectively, as of December 31, 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 $ — 1M LIBOR + 115 5/15/2029 2019-FL5 Issuer Tranche A-S 76,950 73,715 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 SOFR + 150 2/15/2037 2022-FL8 Issuer Tranche A-S 66,000 66,000 1M SOFR + 185 2/15/2037 2022-FL8 Issuer Tranche B 55,500 55,500 1M SOFR + 205 2/15/2037 2022-FL8 Issuer Tranche C 67,500 67,500 1M SOFR + 230 2/15/2037 2022-FL8 Issuer Tranche D 81,000 81,000 1M SOFR + 280 2/15/2037 2022-FL9 Issuer Tranche A 423,667 423,667 1M SOFR + 255 5/15/2039 2022-FL9 Issuer Tranche A-S 96,380 96,380 1M SOFR + 310 5/15/2039 2022-FL9 Issuer Tranche B 42,166 42,166 1M SOFR + 360 5/15/2039 2022-FL9 Issuer Tranche C 48,189 48,189 1M SOFR + 415 5/15/2039 2022-FL9 Issuer Tranche D 49,194 49,194 1M SOFR + 505 5/15/2039 2022-FL9 Issuer Tranche E 11,041 11,043 1M SOFR + 565 5/15/2039 $ 3,601,586 — $ 3,147,728 ________________________ (1) Excludes $453.4 million of CLO notes, held by the Company, which are eliminated within the collateralized loan obligation line of the consolidated balance sheets as of December 31, 2022. The following table represents the terms of the notes issued by the 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 obligation line of the consolidated balance sheets as of December 31, 2021. The below table reflects the total assets and liabilities of the Company's outstanding CLOs. The CLOs are considered VIEs and are consolidated into the Company's consolidated financial statements as of December 31, 2022 and 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) December 31, 2022 December 31, 2021 Cash and cash equivalents (1) $ 43,246 $ 187,668 Commercial mortgage loans, held for investment, net (2) 3,942,918 2,629,431 Accrued interest receivable 15,444 5,918 Total Assets $ 4,001,608 $ 2,823,017 Liabilities Notes payable (3)(4) $ 3,601,102 $ 2,482,762 Accrued interest payable 10,582 1,598 Total Liabilities $ 3,611,684 $ 2,484,360 ________________________ (1) Includes $42.5 million and $187.0 million of cash held by the servicer related to CLO loan payoffs as of December 31, 2022 and 2021, respectively. (2) The balance is presented net of allowance for credit losses of $13.2 million and $8.7 million as of December 31, 2022 and 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 obligation line of the consolidated balance sheets as of December 31, 2022 and 2021, respectively.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The Company uses the two-class method in calculating basic and diluted earnings per share. Net income is allocated between our common stock and other participating securities based on their participation rights. Diluted net income per share has been computed using the weighted average number of shares of common stock outstanding and other dilutive securities. The following table presents a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations and the calculation of basic and diluted earnings per share for the years ended December 31, 2022, 2021 and 2020, respectively (dollars in thousands, except share amounts): Year Ended December 31, Numerator 2022 2021 2020 Net income/(loss) $ 14,215 $ 25,702 $ 54,746 Net (income)/loss from noncontrolling interest 216 — — Less: Preferred stock dividends 41,741 33,587 14,920 Less: Undistributed earnings allocated to preferred stock — — — Net income/(loss) attributable to common shareholders (for basic and diluted earnings per share) $ (27,310) $ (7,885) $ 39,826 Denominator Weighted-average common shares outstanding for basic earnings per share 71,628,365 43,419,209 44,384,813 Effect of dilutive shares: Unvested restricted shares and stock units (1) — 15,521 14,066 Weighted-average common shares outstanding for diluted earnings per share 71,628,365 43,434,731 44,398,879 Basic earnings per share $ (0.38) $ (0.18) $ 0.90 Diluted earnings per share $ (0.38) $ (0.18) $ 0.90 _________________________________________________________ (1) The effect of dilutive shares excluded an aggregate of 476,653 weighted average restricted shares and stock units for year ended December 31, 2022, as the effect was anti-dilutive. Additionally, the effect of dilutive shares excluded an aggregate of 17,521,845 weighted average common equivalent of convertible preferred shares for the year ended December 31, 2022, as the effect was anti-dilutive.

Redeemable Convertible Preferre

Redeemable Convertible Preferred Stock and Equity Transactions	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Redeemable Convertible Preferred Stock and Equity Transactions	Redeemable Convertible Preferred Stock and Equity Transactions The following table presents the summary of the Company's outstanding shares of Redeemable Convertible Preferred Stock, Perpetual Preferred Stock, Automatically Convertible Preferred Stock and Common Stock as of December 31, 2022 and December 31, 2021 (dollars in thousands, except share amounts): Balance as of Shares Outstanding as of Fourth Quarter 2022 Dividend/Distribution Per Share (6) December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Redeemable Convertible Preferred Stock Series C Preferred Stock (1) $ — $ 6,971 — 1,400 n/a Series D Preferred Stock (2) $ — $ 89,684 — 17,950 n/a Series H Preferred Stock (2) $ 89,748 $ — 17,950 — $ 106.22 Series I Preferred Stock (1) $ 5,000 $ — 1,000 — $ 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 (3) $ — $ 710,431 — 39,733,299 n/a Common Stock Common Stock - at par value (4)(5) $ 826 $ 441 82,992,784 43,965,928 $ 0.355 _________________________________________________________ (1) 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, all of which automatically converted into 299.2 shares of Common Stock on January 19, 2023, pursuant to the terms of the Series I Preferred Stock, resulting in the issuance of 299,200 shares of Common Stock. (2) 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. Unless earlier converted by the holder, each share of the Series H Preferred Stock will automatically convert into 299.2 shares of Common Stock on January 19, 2024, pursuant to the terms of the Series H Preferred Stock. (3) 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. (4) Common Stock include shares issued pursuant to the Company's distribution reinvestment plan (the "DRIP") and unvested restricted shares. (5) During the year ended December 31, 2022, the Company repurchased 1,416,369 shares of Common Stock at an average price of $11.71 per share, for a total of $16.6 million. All of these shares were retired upon settlement, reducing the total outstanding shares as of December 31, 2022. See discussion in the "Stock Repurchases" section below. (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. 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 H Preferred Stock and Series I 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 $87.8 million of common stock dividends during the year ended December 31, 2022, composed of $85.8 million in cash and $2.0 million in shares of common stock issued under the DRIP. The Company distributed $53.1 million of common stock dividends during the year ended December 31, 2021, composed of $48.0 million in cash and $5.1 million in shares of common stock issued under the DRIP. As of December 31, 2022 and December 31, 2021, the Company had declared but unpaid common stock distributions of $29.5 million and $12.5 million, respectively, and $4.8 million of declared but unpaid Series E Preferred Stock distributions. Additionally, as of December 31, 2022 the Company had declared but unpaid Series H Preferred stock distributions of $1.9 million and declared but unpaid Series I Preferred stock distributions of $0.1 million. As of December 31, 2021, the Company had declared but unpaid Series C Preferred Stock distributions of $0.1 million, $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 years ended December 31, 2022 and 2021 (dollars in thousands, except share amounts): For the Years Ended December 31, 2022 December 31, 2021 Shares Amount Shares Amount Balance at Beginning of Period 1,400 $ 6,971 1,400 $ 6,962 Converted into Common Stock (400) (1,997) — — Exchanged for Series I Preferred Stock (1,000) (5,000) — — Amortization of offering costs — 26 — 9 Balance at End of Period — $ — 1,400 $ 6,971 The following table presents the activity in the Company's Series D Preferred Stock for the years ended December 31, 2022 and 2021 (dollars in thousands, except share amounts): For the Years Ended December 31, 2022 December 31, 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 — — — (82) Amortization of offering costs — 64 — 18 Balance at End of Period — $ — 17,950 $ 89,684 The following table presents the activity in the Company's Series E Preferred Stock for the years ended December 31, 2022 and 2021 (dollars in thousands, except share amounts): For the Years Ended December 31, 2022 December 31, 2021 Shares Amount Shares Amount Balance at Beginning of Period 10,329,039 $ 258,742 — $ — Issuance of Preferred Stock — — 10,329,039 258,742 Balance at End of Period 10,329,039 $ 258,742 10,329,039 $ 258,742 The following table presents the activity in the Company's Series F Preferred Stock for the years ended December 31, 2022 and 2021 (dollars in thousands, except share amounts): For the Years Ended December 31, 2022 December 31, 2021 Shares Amount Shares Amount Balance at Beginning of Period 39,733,299 $ 710,431 — $ — Issuance of Preferred Stock — — 39,733,299 710,431 Automatically converted into Common Stock (39,733,299) (710,431) — — Balance at End of Period — $ — 39,733,299 $ 710,431 The following table presents the activity in the Company's Series H Preferred Stock for the years ended December 31, 2022 and 2021 (dollars in thousands, except share amounts): For the Years Ended December 31, 2022 December 31, 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 — $ — The following table presents the activity in the Company's Series I Preferred Stock for the years ended December 31, 2022 and 2021 (dollars in thousands, except share amounts): For the Years Ended December 31, 2022 December 31, 2021 Shares Amount Shares Amount Balance at Beginning of Period — $ — — $ — Issuance of Series I Preferred Stock in exchange for Series C Preferred Stock 1,000 5,000 — — Balance at End of Period 1,000 $ 5,000 — $ — 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 year ended December 31, 2022: For the Year Ended December 31, 2022 Shares Amount Authorized repurchase amount — $ 65,000 Repurchases paid (1)(2) 1,416,369 (16,579) Remaining as of December 31, 2022 $ 48,421 _________________________________________________________ (1) Amount includes commissions paid associated with share repurchases . (2) For the year ended December 31, 2022, the average purchase price was $11.71 per share. As of December 31, 2022, the Company had $48.4 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): For the Years Ended December 31, 2022 December 31, 2021 December 31, 2020 Total Available for Sale Securities Cash Flow Hedges Total Available for Sale Securities Cash Flow Hedges Total Available for sale securities Cash Flow Hedges Balance at Beginning of Period $ (62) $ — $ (62) $ (8,256) $ (8,256) $ — $ (978) $ (978) $ — Other comprehensive income/(loss) 170 390 (220) 7,404 8,256 (852) (7,278) (7,278) — Reclassification adjustment for amounts included in net income/(loss) 282 — 282 790 — 790 — — — Balance at End of Period $ 390 $ 390 $ — $ (62) $ — $ (62) $ (8,256) $ (8,256) $ —

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Unfunded Commitments Under Commercial Mortgage Loans As of December 31, 2022 and 2021, the Company had the below unfunded commitments to the Company's borrowers (dollars in thousands): Funding Expiration December 31, 2022 December 31, 2021 2022 — 25,864 2023 73,921 123,860 2024 312,009 271,056 2025 70,429 12,808 2026 and beyond 9,629 24,517 $ 465,988 $ 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 named as a defendant 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	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Note 11 - Related Party Transactions and Arrangements Advisory Agreement Fees and Reimbursements Pursuant to the Advisory Agreement, the Company is required to make the following payments and reimbursements to the Advisor: • The Company reimburses the Advisor’s costs of providing services pursuant to the Advisory Agreement, except the salaries and benefits paid by the Advisor to the Company’s executive officers. • The Company pays the Advisor, or its affiliates, a monthly asset management fee equal to one-twelfth of 1.5% of stockholders' equity as calculated pursuant to the Advisory Agreement. • The Company will pay the Advisor an annual subordinated performance fee calculated on the basis of total return to stockholders, payable monthly in arrears, such that for any year in which total return on stockholders’ capital (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 years ended December 31, 2022, 2021 and 2020 and the associated payable as of December 31, 2022 and 2021 (dollars in thousands): Year Ended December 31, Payable as of December 31, 2022 2021 2020 2022 2021 Acquisition expenses (1) $ 1,360 $ 1,203 $ 696 $ — $ — Administrative services expenses 12,928 7,658 13,120 3,526 — Asset management and subordinated performance fee 26,157 28,110 15,178 8,843 15,595 Other related party expenses (2)(3) 875 355 703 3,060 1,943 Total related party fees and reimbursements $ 41,320 $ 37,326 $ 29,697 $ 15,429 $ 17,538 ________________________ (1) Total acquisition fees and expenses paid during the years ended December 31, 2022, 2021 and 2020 were $11.7 million, $15.0 million and $7.1 million respectively, of which $10.3 million, $13.8 million and $6.4 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 for the years ended December 31, 2022, 2021 and 2020. (2) These are related to reimbursable costs incurred related to the increase in loan origination activities and are included in Other expenses in the Company's consolidated statements of operations. (3) As of December 31, 2022 and December 31, 2021, the related party payables include $2.9 million and $1.9 million of payments made by the Advisor to third party vendors on behalf of the Company. The payables as of December 31, 2022 and 2021 in the table above are included in Due to affiliates on the Company's consolidated balance sheets. Other Transactions The Company entered into a $100.0 million lending and security agreement with Security Benefit Life Insurance Company ("SBL") in February 2020, which was amended in March and August 2020. The Company incurred $1.0 million and $2.0 million of interest expense on the lending agreement with SBL for the twelve months ended December 31, 2022 and 2021 respectively. In November 2022, the lending and security agreement with SBL was terminated by the Company. 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 affiliated fund has a 21% interest. The Company invested a total of $109.8 million, made up of $88.7 million in debt and $21.1 million in equity, representing 79% of the ownership interest in the Jeffersonville JV. The affiliate made up the remaining $29.8 million composed of a $24.0 million mortgage note payable and $5.7 million in equity. The Company has control of Jeffersonville JV with 79% ownership and, therefore, consolidates Jeffersonville JV on its consolidated balance sheet. The Company's $88.7 million mortgage note payable to Jeffersonville JV is eliminated in consolidation (see Note 7 - Debt). As discussed below, in the first quarter of 2022, pursuant to the 2021 Incentive Plan, the Company issued awards of restricted stock units to its officers and certain other personnel of the Advisor who provide services to the Company under the Advisory Agreement (see Note 12 - Share-Based Compensation). As of December 31, 2022, our commercial mortgage loans, held for investment, includes an aggregate of $122.9 million carrying value of loans to affiliates of our Advisor. The Company recognized $5.5 million interest income from these loans for the year ended December 31, 2022, in the Company’s consolidated statements of operations. As disclosed in Note 3 - Commercial Mortgage Loans in April 2022, the Company fully funded a $113.2 million first mortgage consisting of 24 retail properties with various locations throughout the United States. The Company entered into a joint venture agreement and formed a joint venture entity, BSPRT Walgreens Portfolio, LLC (the "Walgreens Portfolio") to acquire 75.618% ownership interest in the Walgreens Portfolio, while the affiliated fund has 24.242% interest (see Note 5 - Real Estate Owned).

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Note 12 - Share-Based Compensation Share Plan The Company's equity incentive plans provide the Company with the ability to grant equity-based awards to its directors, officers and employees (if the Company ever has employees), employees of the Advisor and its affiliates, or certain of the Company's consultants, employees of entities that provide services to the Company, directors of the Advisor or of entities that provide services to the Company, the Advisor and its affiliates. Under the Company's RSP, the total number of common shares granted shall not exceed 5% of the Company’s authorized common shares, and in any event, will not exceed 4.0 million shares (as such number may be adjusted for stock splits, stock distributions, combinations and similar events). The RSP expired on February 7, 2023. Under the Company's 2021 Incentive Plan, as of December 31, 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 year ended December 31, 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 year ended December 31, 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 28,143 492,107 14.10 Forfeitures — — — Vested (18,393) — 16.14 Unvested equity awards outstanding as of December 31, 2022 20,934 492,107 $ 14.11 During the year ended December 31, 2022, the Company recognized compensation expense associated with the equity awards of $2.5 million, which is included in share-based compensation expense on the consolidated statements of operations. Unrecognized estimated compensation expense for these awards totaled $5.8 million as of December 31, 2022, to be expensed over a weighted average period of 1.5 years.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments GAAP establishes a hierarchy of valuation techniques based on the observability of inputs used in measuring financial instruments at fair values. GAAP establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below: • Level I - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. • Level II - Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. • Level III - Unobservable inputs that reflect the entity's own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the above hierarchy requires significant judgment and factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. The Company has implemented valuation control processes to validate the fair value of the Company's financial instruments measured at fair value including those derived from pricing models. These control processes are designed to assure that the values used for financial reporting are based on observable inputs wherever possible. In the event that observable inputs are not available, the control processes are designed to assure that the valuation approach utilized is appropriate and consistently applied and the assumptions are reasonable. Financial Instruments Measured at Fair Value on a Recurring Basis 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 obtains third party pricing for determining the fair value of each CRE CLO investment, resulting in a Level II classification. Real estate securities classified as trading, RMBS, are measured at fair value by utilizing a third party pricing service to obtain a current estimated price of the securities. The third party pricing service utilizes relevant market information and interest rate movements and applies its internal pricing application to the evaluation to test against internal tolerances and parameters. The RMBS are classified in Level III 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 price, 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 price. The Company classified the commercial mortgage loans held for sale, measured at fair value as Level III. Other real estate investments, measured at fair value on the consolidated balance sheets are valued using unobservable inputs. The Company engaged the services of a third party independent valuation firm to determine fair value of certain investments, including preferred equity investments, held by the Company. Fair value is determined using a discounted cash flow model that primarily considers changes in interest rates and credit spreads, weighted average life and current performance of the underlying collateral. The Company classified the other real estate investments, measured at fair value as Level III. The fair value for Treasury note futures is derived using market prices. Treasury note futures trade on the Chicago Mercantile Exchange (“CME”). The instruments are a variety of recently issued 10-year U.S. Treasury notes. The future contracts are liquid and are centrally cleared through the CME. Treasury note futures are generally categorized in Level I of the fair value hierarchy. The fair value for credit default swaps and interest rate swaps contracts are derived using pricing models that are widely accepted by marketplace participants. Credit default swaps and some interest rate swaps are traded in the over the counter ("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 economically 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 economically 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 a significantly reduced fair value amount representing the unsettled fair value of these derivatives on the consolidated balance sheets. 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. Material transfers between levels within the fair value hierarchy during the year ended December 31, 2022 were specifically related to the transfer of ARM Agency Securities from Level II to Level III. There were no material transfers between levels within the fair value hierarchy during the year ended 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 December 31, 2022 and December 31, 2021 (dollars in thousands): December 31, 2022 Total Level I Level II Level III Assets, at fair value Real estate securities, available for sale, measured at fair value $ 221,025 $ — $ 221,025 $ — Real estate securities, trading, measured at fair value 235,728 — — 235,728 Commercial mortgage loans, held for sale, measured at fair value 15,559 — — 15,559 Other real estate investments, measured at fair value — — — — Treasury note futures 91 91 — — Interest rate swaps 90 — 90 — Credit default swaps 234 — 234 — Total assets, at fair value $ 472,727 $ 91 $ 221,349 $ 251,287 Liabilities, at fair value Credit default swaps $ 64 $ — $ 64 $ — Total liabilities, at fair value $ 64 $ — $ 64 $ — December 31, 2021 Assets, at fair value Real estate securities. trading, measured at fair value $ 4,566,871 $ — $ 4,566,871 $ — Commercial mortgage loans, held for sale, measured at fair value 34,718 — — 34,718 Other real estate investments, measured at fair value 2,074 — — 2,074 Interest rate swaps 312 — 312 — Treasury note futures 124 — 124 — Total assets, at fair value $ 4,604,099 $ — $ 4,567,307 $ 36,792 Liabilities, at fair value Credit default swaps $ 1,142 $ — $ 1,142 $ — Unsecured debt-related interest rate swap agreements 31,153 — 31,153 — Total liabilities, at fair value $ 32,295 $ — $ — $ — Both observable and unobservable inputs may be used to determine the fair value of positions that the Company has classified within the Level III category. As a result, the unrealized gains and losses for assets and liabilities within the Level III category may include changes in fair value that were attributable to both observable and unobservable inputs. The following table summarizes the valuation method and significant unobservable inputs used for the Company’s financial instruments that are categorized within Level III of the fair value hierarchy as of December 31, 2022 and December 31, 2021 (dollars in thousands). The following table contains the Level III inputs used to value assets and liabilities on a recurring and nonrecurring basis or where the Company discloses fair value as of December 31, 2022: Asset Category Fair Value Valuation Methodologies Unobservable Inputs (1) Weighted Average (2) Range December 31, 2022 Commercial mortgage loans, held for sale, measured at fair value $ 15,559 Discounted Cash Flow Yield 7.2% 6.3% - 7.7% Real estate securities, trading, measured at fair value 235,728 Discounted Cash Flow Yield 3.3% 2.0% - 6.5% Other real estate investments, measured at fair value — Discounted Cash Flow Yield N/A N/A 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. There were no assets measured at fair value on a nonrecurring basis on our consolidated balance sheets as of December 31, 2022. Increases or decreases in any of the above unobservable inputs in isolation would result in a lower or higher fair value measurement for such assets. The following table presents additional information about the Company’s financial instruments which are measured at fair value on a recurring basis as of December 31, 2022 and December 31, 2021 for which the Company has used Level III inputs to determine fair value (dollars in thousands): December 31, 2022 Commercial mortgage loans, held for sale, measured at fair value Real estate securities, trading, 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) — 4,566,871 — Total realized and unrealized gain/(loss) included in earnings: Realized gain/(loss) on sale of commercial mortgage loan, held for sale 2,358 — — Realized gain/(loss) on sale of real estate securities — — (33) Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments (511) — 4 Trading gain/(loss) — (119,220) — Net accretion — — — Purchases 366,692 — — Sales / paydowns (387,698) (4,211,923) (2,045) Cash repayments/receipts — — — Transfers out of Level III — — — Ending balance, December 31, 2022 $ 15,559 $ 235,728 $ — ________________________ (1) Transfers into Level III include transfers related to ARM Agency Securities transferred from Level II. There were no transfers out of Level III as of December 31, 2022. December 31, 2021 Commercial mortgage loans, held for sale, measured at fair value Real estate securities, trading, 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 loan, held for sale 24,208 — — Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments 469 — (19) Net accretion — — (3) Purchases 420,673 — — Sales / paydowns (478,281) — (426) Cash repayments/receipts — — — Transfers out of Level III (1) — — — Ending balance, December 31, 2021 $ 34,718 $ — $ 2,074 ________________________ (1) There were no transfers in or out of Level III as of December 31, 2021. The fair value of cash and cash equivalents and restricted cash are measured using observable quoted market prices, or Level I inputs and their carrying value approximates their fair value. The fair value of repurchase agreements approximate their carrying value on the consolidated balance sheets due to their short-term nature, and are measured using Level II inputs. Financial Instruments Not Measured at Fair Value The Company's financial assets and liabilities that are not reported at fair value on the consolidated balance sheets are reported below as of December 31, 2022 and 2021 (dollars in thousands): Level Carrying Amount Fair Value December 31, 2022 Commercial mortgage loans, held for investment (1) Asset III $ 5,269,776 $ 5,278,495 Collateralized loan obligations Liability III 3,121,983 3,055,810 Mortgage note payable Liability III 23,998 23,998 Other financing and loan participation - commercial mortgage loans Liability III 76,301 76,301 Unsecured debt Liability III 98,695 66,300 December 31, 2021 Commercial mortgage loans, held for investment (1) Asset III $ 4,226,888 $ 4,249,118 Collateralized loan obligation Liability III 2,162,190 2,181,571 Mortgage Note Payable Liability III 23,998 23,998 Other financing and loan participation - commercial mortgage loans Liability III 37,903 37,903 Unsecured Debt Liability III 148,594 125,400 ________________________ (1) The carrying value is gross of $40.8 million and $15.8 million of allowance for credit losses as of December 31, 2022 and December 31, 2021, respectively. Repurchase agreements - commercial mortgage loans of $680.9 million and $1.02 billion as of December 31, 2022 and 2021, respectively, and repurchase agreements - real estate securities of $440.0 million and $4.2 billion as of December 31, 2022 and 2021, respectively, are not carried at fair value and include accrued interest expense, which are presented in Note 7 – Debt. For these instruments, carrying value generally approximates fair value and are classified as Level III. The fair value of the commercial mortgage loans, held for investment is estimated using a discounted cash flow analysis, based on the Advisor's experience with similar types of investments. The Company estimates the fair value of the collateralized loan obligations using external broker quotes. The fair value of the other financing and loan participation-commercial mortgage loans is generally estimated using a discounted cash flow analysis. At December 31, 2022, the Mortgage note payable was initially recorded at transaction proceeds, which are considered to be the best initial estimate of fair value. The fair value of the unsecured borrowings is based on discounted cash flows using Company estimates for market yields on similarly structured debt instruments.

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 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. The following derivative instruments were outstanding as of December 31, 2022 and December 31, 2021 (dollars in thousands): Fair Value Contract type Notional Assets Liabilities As of December 31, 2022 Credit default swaps $ 18,000 $ 234 $ 64 Interest rate swaps 9,800 90 — Treasury note futures 3,500 91 — Total $ 31,300 $ 415 $ 64 As of December 31, 2021 Credit default swaps $ 47,000 $ — $ 1,142 Interest rate swaps 3,649,500 312 — Interest rate swaps on unsecured debt 100,000 — 31,153 Treasury note futures 360 124 — Total $ 3,796,860 $ 436 $ 32,295 The following table indicates the net realized and unrealized gains and losses on derivatives, by primary underlying risk exposure, as included in loss on derivative instruments in the consolidated statements of operations for the year ended December 31, 2022 and December 31, 2021: Year Ended December 31, 2022 Year Ended December 31, 2021 Contract type Unrealized Realized Unrealized Realized Credit default swaps $ (147) $ 405 $ (101) $ 650 Interest rate swaps 15,954 (59,499) (7,070) 70 Treasury note futures 33 (939) (231) (1,478) Options — — — 274 Total $ 15,840 $ (60,033) $ (7,402) $ (484) The Company may engage in residential mortgage investment-related derivative agreements that economically hedge the variability of the underlying benchmark interest rate of current and forecasted 30- to 90-day repurchase agreements. The Company may attempt to mitigate exposure to higher interest rates primarily by entering into pay-fixed, receive-variable, interest rate swap agreements for terms between eighteen months and three years. From an economic perspective, this hedge relationship establishes a relatively stable fixed rate on related debt because the variable-rate payments received on the swap agreements offset a significant portion of the interest accruing on the debt, leaving the fixed-rate swap payments as the Company’s effective borrowing rate. Additionally, changes in fair value of these derivatives tend to offset opposing changes in fair value of the Company’s residential mortgage investments that can occur in response to changes in market interest rates. During the year ended December 31, 2022, the Company paired out of the entirety of its ARM portfolio-related swap agreements and does not hold any derivative positions related to the trading securities as of December 31, 2022. Interest rate swap agreements are measured at fair value on a recurring basis primarily using Level II 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 economically hedging repurchase agreements is calculated including accrued interest and net of variation margin amounts received or paid through the exchange.

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	12 Months Ended
	Dec. 31, 2022
Offsetting [Abstract]
Offsetting Assets and Liabilities	Offsetting Assets and Liabilities The Company's consolidated balance sheets used a gross presentation of repurchase agreements and collateral pledged. The table below provides a gross presentation, the effects of offsetting and a net presentation of the Company's derivative instruments and repurchase agreements within the scope of ASC 210-20, Balance Sheet—Offsetting , as of December 31, 2022 and 2021 (dollars in thousands): Gross Amounts Not Offset on the Balance Sheet Assets Gross Amounts of Recognized Assets Gross Amounts Offset on the Balance Sheet Net Amount of Assets Presented on the Balance Sheet Financial Instruments Cash Collateral (1) Net Amount December 31, 2022 Derivative instruments, at fair value $ 415 $ — $ 415 $ — $ — $ 415 December 31, 2021 Derivative instruments, at fair value $ 436 $ — $ 436 $ — $ — $ 436 Gross Amounts Not Offset on the Balance Sheet Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Balance Sheet Net Amount of Assets Presented on the Balance Sheet Financial Instruments Cash Collateral (1) Net Amount December 31, 2022 Repurchase agreements, commercial mortgage loans $ 680,859 $ — $ 680,859 $ 961,528 $ 5,032 $ — Repurchase agreements, real estate securities 440,008 — 440,008 493,138 — — Derivative instruments, at fair value 64 — 64 — 729 — 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	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company conducts its business through the following segments: • The real estate debt business focuses on originating, acquiring and asset managing commercial real estate debt investments, including first mortgages, 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, 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 years ended December 31, 2022, 2021 and 2020 (dollars in thousands): December 31, 2022 Total Real Estate Debt and Other Real Estate Real Estate Securities TRS Real Estate Owned Interest income $ 357,705 $ 320,546 $ 30,203 $ 6,956 $ — Revenue from real estate owned 9,655 — — — 9,655 Interest expense 165,708 151,675 11,203 1,643 1,187 Net income/(loss) 14,215 78,252 (69,155) 2,736 2,382 Total assets as of December 31, 2022 6,203,601 5,444,152 474,231 63,307 221,911 December 31, 2021 Interest income $ 216,890 $ 189,090 $ 24,740 $ 3,060 $ — Revenue from real estate owned 4,759 — — — 4,759 Interest expense 60,835 54,774 3,682 992 1,387 Net income/(loss) 25,702 86,863 (85,381) 13,149 11,071 Total assets as of December 31, 2021 9,474,701 4,205,883 5,054,394 72,840 141,584 December 31, 2020 Interest income $ 179,872 $ 165,907 $ 10,854 $ 3,111 $ — Revenue from real estate owned 4,299 — — — 4,299 Interest expense 66,556 54,480 7,914 2,185 1,977 Net income/(loss) 54,746 66,383 (7,207) (5,559) 1,129 Total assets as of December 31, 2020 3,189,761 2,866,790 175,088 105,364 42,519 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.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 17 - Income Taxes The Company has conducted its operations to qualify as a REIT for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2013. As a REIT, if the Company meets certain organizational and operational requirements and distributes at least 90% of its "REIT taxable income" (determined before the deduction of dividends paid and excluding net capital gains) to its stockholders in a year, it will not be subject to U.S. federal income tax to the extent of the income that it distributes. However, even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on income in addition to U.S. federal income and excise taxes on its undistributed income. The Company, through its TRSs, is indirectly subject to U.S. federal, state and local income taxes. The Company’s TRSs are not consolidated for U.S. federal income tax purposes, but is instead taxed as a C corporations. For financial reporting purposes, the TRSs are consolidated and a provision for current and deferred taxes is established for the portion of earnings recognized by the Company with respect to its interest in its TRSs. Total income tax expense/(benefit) for the years ended December 31, 2022, December 31, 2021 and December 31, 2020 were $(0.4) million, $3.6 million and $(2.1) million, respectively. As of December 31, 2022, our taxable REIT subsidiaries have an estimated $0.4 million of federal net operating loss ("NOL") carryforwards and $4.0 million of state and local NOL carryforwards. The NOL carryforwards are subject to certain limitations. The Company uses a more-likely-than-not threshold for recognition and derecognition of tax positions taken or to be taken in a tax return. The Company has assessed its tax positions for all open tax years beginning with December 31, 2018 and concluded that there were no uncertainties to be recognized. The Company’s accounting policy with respect to interest and penalties related to tax uncertainties is to classify these amounts as provision for income taxes. Components of the provision for income taxes consist of the following (dollars in thousands): Year Ended December 31, 2022 2021 2020 Current expense/(benefit) U.S. Federal $ (65) $ 3,093 $ (2,086) State and local (167) 349 370 Total current expense/(benefit) $ (232) $ 3,442 $ (1,716) Deferred expense/(benefit) U.S. Federal $ (99) $ (1) $ — State and local (68) 158 (346) Total deferred expense/(benefit) $ (167) $ 157 $ (346) Provision for income tax expense/(benefit) $ (399) $ 3,599 $ (2,062) The tax characteristics of the $1.42 distributions per common share declared during 2022 was $1.42 ordinary income. The tax characteristics of the $318.66 distributions per share of Series C Preferred stock declared during 2022 was $318.66 ordinary income. The tax characteristics of the $106.22 per share of Series I Preferred Stock declared during 2022 was $106.22 ordinary income. The Series D Preferred Stock was exchanged for an equivalent number of shares of Series H Preferred Stock on June 24, 2022 and the tax characteristics of the $424.86 per share declared during 2022 was $424.86 ordinary income. The tax characteristics of the $0.355 distributions per share of Series F Preferred stock declared during 2022, prior to converting on a one-for-one basis into shares of Common Stock, was $0.355 ordinary income. The tax characteristics of the $1.875 distributions per share of Series E Preferred stock declared during 2022 was $1.875 ordinary income. The ordinary income per share of each stockholder represents the amount of ordinary dividends that may be eligible for the 20% deduction applicable to qualified REIT dividends under Section 199A. The tax characteristics of the $1.26 distributions per common share declared during 2021 was $1.22 ordinary income and $0.04 capital gain. The tax characteristics of the $353.08 distributions per share of Series A Preferred stock declared during 2021 was $343.03 ordinary income and $10.05 capital gain. The tax characteristics of the $377.02 per share of Series C Preferred Stock and Series D Preferred stock declared during 2021 was $366.29 ordinary income and $10.73 capital gain. The tax characteristics of the $0.35 distributions per share of Series F Preferred stock declared during 2021 was $0.34 ordinary income and $0.01 capital gain. The tax characteristics of the $0.47 distributions per share of Series E Preferred stock declared during 2021 was $0.46 ordinary income and $0.01 capital gain. The ordinary income per share of each stockholder represents the amount of ordinary dividends that may be eligible for the 20% deduction applicable to qualified REIT dividends under Section 199A. The 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. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, permits NOL carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. In addition, the CARES Act allows NOLs incurred in 2018, 2019, and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 18 - Subsequent Events The Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K.

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE December 31, 2022 (Dollars in thousands) Description Property Type Face Value Amortized Cost Index Spread Payment Maturity Date Senior Debt 1 Hospitality $ 4,822 $ 4,822 1 month LIBOR 4.00% Amortizing Balloon 12/9/2023 Senior Debt 2 Hospitality 57,075 57,075 1 month LIBOR 5.19% Interest Only 6/9/2019 Senior Debt 3 Multifamily 34,668 34,668 1 month SOFR 3.03% Interest Only 9/9/2023 Senior Debt 4 Multifamily 34,731 34,731 1 month LIBOR 3.00% Interest Only 2/9/2023 Senior Debt 5 Hospitality 22,116 22,116 1 month LIBOR 3.50% Interest Only 3/9/2023 Senior Debt 6 Office 18,683 18,683 1 month SOFR 4.75% Interest Only 9/9/2023 Senior Debt 7 Office 7,035 7,035 1 month LIBOR 3.90% Interest Only 2/9/2023 Senior Debt 8 Office 43,886 43,886 1 month SOFR 3.56% Interest Only 5/9/2023 Senior Debt 9 Hospitality 9,531 9,531 1 month SOFR 5.57% Interest Only 4/9/2023 Senior Debt 10 Hospitality 19,352 19,352 1 month SOFR 3.84% Interest Only 8/9/2023 Senior Debt 11 Hospitality 12,980 12,980 1 month SOFR 3.02% Interest Only 10/9/2023 Senior Debt 12 Hospitality 4,988 4,988 1 month LIBOR 4.25% Interest Only 7/9/2023 Senior Debt 13 Hospitality 31,597 31,597 1 month SOFR 5.25% Amortizing Balloon 11/9/2024 Senior Debt 14 Office 15,188 15,188 1 month SOFR 4.00% Interest Only 12/9/2023 Senior Debt 15 Office 25,802 25,748 1 month LIBOR 4.35% Interest Only 1/9/2024 Senior Debt 16 Office 63,811 63,789 1 month LIBOR 3.70% Interest Only 2/9/2023 Senior Debt 17 Multifamily 10,807 10,807 1 month SOFR 4.25% Interest Only 8/9/2023 Senior Debt 18 Office 36,362 36,356 1 month LIBOR 2.70% Interest Only 2/9/2023 Senior Debt 19 Manufactured Housing 1,331 1,331 5.50% Interest Only 5/9/2025 Senior Debt 20 Manufactured Housing 7,680 7,671 1 month LIBOR 4.50% Interest Only 8/9/2023 Senior Debt 21 Self Storage 29,895 29,858 1 month LIBOR 5.00% Interest Only 9/9/2023 Senior Debt 22 Multifamily 14,550 14,550 1 month SOFR 4.83% Interest Only 3/9/2023 Senior Debt 23 Manufactured Housing 5,020 5,013 1 month LIBOR 5.25% Interest Only 10/9/2023 Senior Debt 24 Office 18,203 18,176 1 month LIBOR 4.50% Interest Only 10/9/2023 Senior Debt 25 Office 65,519 65,321 5.15% Interest Only 10/9/2025 Senior Debt 26 Office 35,000 34,932 1 month LIBOR 5.21% Interest Only 10/9/2023 Senior Debt 27 Office 12,750 12,729 1 month LIBOR 5.00% Interest Only 11/9/2023 Senior Debt 28 Multifamily 38,927 38,864 1 month LIBOR 4.45% Interest Only 11/9/2023 Senior Debt 29 Industrial 14,985 14,955 1 month LIBOR 4.50% Interest Only 12/9/2023 Senior Debt 30 Multifamily 12,280 12,253 1 month LIBOR 4.55% Interest Only 2/9/2024 Senior Debt 31 Multifamily 21,000 20,959 1 month LIBOR 4.60% Interest Only 1/9/2024 Senior Debt 32 Office 12,971 12,969 1 month LIBOR 5.00% Interest Only 1/9/2023 Senior Debt 33 Office 43,751 43,622 1 month LIBOR 3.94% Interest Only 3/9/2024 Senior Debt 34 Multifamily 12,892 12,707 1 month LIBOR 7.25% Interest Only 2/9/2024 Senior Debt 35 Multifamily 5,400 5,398 1 month LIBOR 5.25% Interest Only 2/9/2023 Senior Debt 36 Hospitality 23,000 22,952 1 month LIBOR 5.79% Interest Only 3/9/2024 Senior Debt 37 Multifamily 34,750 34,732 1 month LIBOR 6.75% Interest Only 3/9/2023 Senior Debt 38 Multifamily 12,325 12,299 1 month LIBOR 4.50% Interest Only 3/9/2024 Senior Debt 39 Multifamily 5,575 5,571 1 month LIBOR 4.50% Interest Only 4/9/2023 Senior Debt 40 Multifamily 55,000 54,979 1 month LIBOR 3.00% Interest Only 4/9/2023 Senior Debt 41 Multifamily 14,465 14,446 1 month LIBOR 3.39% Interest Only 4/9/2024 Senior Debt 42 Multifamily 8,676 8,654 1 month LIBOR 3.80% Interest Only 4/9/2024 Senior Debt 43 Multifamily 13,582 13,560 1 month LIBOR 4.50% Interest Only 10/9/2023 Senior Debt 44 Multifamily 18,653 18,610 1 month LIBOR 6.25% Interest Only 12/9/2023 Senior Debt 45 Multifamily 19,536 19,510 1 month LIBOR 3.60% Interest Only 4/9/2024 Senior Debt 46 Multifamily 43,096 43,084 1 month LIBOR 2.95% Interest Only 4/9/2026 Senior Debt 47 Hospitality 25,785 25,759 1 month LIBOR 5.60% Interest Only 5/9/2023 Senior Debt 48 Mixed Use 32,500 32,463 1 month LIBOR 3.70% Interest Only 7/9/2023 Senior Debt 49 Multifamily 75,591 75,553 1 month LIBOR 2.95% Interest Only 4/9/2026 Senior Debt 50 Multifamily 20,960 20,871 1 month LIBOR 3.35% Interest Only 5/9/2024 Senior Debt 51 Multifamily 30,231 30,216 1 month LIBOR 2.95% Interest Only 4/9/2026 Senior Debt 52 Multifamily 35,466 35,455 1 month LIBOR 2.95% Interest Only 4/9/2026 Description Property Type Face Value Amortized Cost Index Spread Payment Maturity Date Senior Debt 53 Multifamily 33,588 33,579 1 month LIBOR 2.95% Interest Only 4/9/2026 Senior Debt 54 Hospitality 25,771 25,645 1 month LIBOR 9.00% Interest Only 5/9/2024 Senior Debt 55 Self Storage 15,000 14,986 1 month LIBOR 4.26% Interest Only 5/9/2023 Senior Debt 56 Multifamily 25,198 25,165 1 month LIBOR 3.25% Interest Only 6/9/2023 Senior Debt 57 Office 6,742 6,730 1 month LIBOR 5.25% Interest Only 11/9/2023 Senior Debt 58 Multifamily 111,226 110,462 1 month LIBOR 6.50% Interest Only 6/9/2024 Senior Debt 59 Multifamily 11,069 11,037 1 month LIBOR 3.15% Interest Only 7/9/2024 Senior Debt 60 Hospitality 19,640 19,608 1 month LIBOR 5.35% Interest Only 6/9/2023 Senior Debt 61 Hospitality 33,000 32,883 1 month LIBOR 6.25% Interest Only 6/9/2024 Senior Debt 62 Multifamily 27,202 26,944 1 month LIBOR 8.00% Interest Only 8/9/2024 Senior Debt 63 Multifamily 15,874 15,833 1 month LIBOR 3.75% Interest Only 10/9/2023 Senior Debt 64 Multifamily 30,420 30,326 1 month LIBOR 3.00% Interest Only 9/9/2024 Senior Debt 65 Multifamily 40,046 39,859 1 month LIBOR 3.15% Interest Only 10/9/2024 Senior Debt 66 Multifamily 42,850 42,778 1 month LIBOR 3.40% Interest Only 9/9/2023 Senior Debt 67 Multifamily 36,760 36,655 1 month LIBOR 3.64% Interest Only 10/9/2024 Senior Debt 68 Multifamily 8,500 8,475 1 month LIBOR 3.75% Interest Only 9/9/2024 Senior Debt 69 Multifamily 14,200 14,171 1 month LIBOR 3.15% Interest Only 9/9/2023 Senior Debt 70 Multifamily 13,667 13,639 1 month LIBOR 3.75% Interest Only 9/9/2023 Senior Debt 71 Multifamily 67,138 66,715 1 month LIBOR 3.25% Interest Only 10/9/2024 Senior Debt 72 Multifamily 10,268 10,226 1 month LIBOR 3.75% Interest Only 10/9/2024 Senior Debt 73 Hospitality 32,527 32,305 1 month SOFR 6.73% Interest Only 2/9/2024 Senior Debt 74 Multifamily 26,698 26,610 1 month LIBOR 3.20% Interest Only 10/9/2024 Senior Debt 75 Hospitality 17,122 17,088 1 month LIBOR 5.25% Interest Only 10/9/2023 Senior Debt 76 Hospitality 16,500 16,463 1 month LIBOR 7.10% Interest Only 11/9/2023 Senior Debt 77 Multifamily 88,500 88,500 1 month LIBOR 2.75% Interest Only 10/9/2024 Senior Debt 78 Multifamily 56,150 55,974 1 month LIBOR 3.10% Interest Only 10/9/2024 Senior Debt 79 Multifamily 37,882 37,714 1 month LIBOR 2.90% Interest Only 11/9/2026 Senior Debt 80 Multifamily 54,151 53,994 1 month LIBOR 3.10% Interest Only 12/9/2023 Senior Debt 81 Multifamily 37,886 37,779 1 month LIBOR 2.90% Interest Only 12/9/2024 Senior Debt 82 Multifamily 65,741 65,619 1 month LIBOR 2.85% Interest Only 11/9/2023 Senior Debt 83 Multifamily 30,600 30,573 1 month LIBOR 2.65% Interest Only 11/9/2023 Senior Debt 84 Multifamily 31,662 31,545 1 month LIBOR 3.25% Interest Only 12/9/2024 Senior Debt 85 Multifamily 62,850 62,712 1 month LIBOR 3.35% Interest Only 11/9/2023 Senior Debt 86 Multifamily 43,745 43,626 1 month LIBOR 3.00% Interest Only 12/9/2023 Senior Debt 87 Multifamily 46,221 46,027 1 month LIBOR 2.75% Interest Only 11/9/2025 Senior Debt 88 Multifamily 86,000 85,745 1 month SOFR 3.24% Interest Only 3/9/2024 Senior Debt 89 Multifamily 29,821 29,730 1 month LIBOR 2.90% Interest Only 12/9/2024 Senior Debt 90 Manufactured Housing 6,700 6,677 1 month LIBOR 4.50% Interest Only 12/9/2024 Senior Debt 91 Multifamily 58,680 58,532 1 month LIBOR 3.45% Interest Only 1/9/2024 Senior Debt 92 Multifamily 26,966 26,896 1 month LIBOR 2.90% Interest Only 12/9/2023 Senior Debt 93 Multifamily 13,535 13,478 1 month LIBOR 3.20% Interest Only 12/9/2024 Senior Debt 94 Multifamily 37,133 37,002 1 month LIBOR 3.00% Interest Only 12/9/2024 Senior Debt 95 Multifamily 33,581 33,491 1 month LIBOR 3.20% Interest Only 12/9/2023 Senior Debt 96 Multifamily 40,231 40,115 1 month LIBOR 2.90% Interest Only 12/9/2023 Senior Debt 97 Multifamily 66,202 66,024 1 month LIBOR 2.88% Interest Only 12/9/2023 Senior Debt 98 Multifamily 63,722 63,549 1 month LIBOR 2.88% Interest Only 12/9/2023 Senior Debt 99 Multifamily 16,909 16,855 1 month SOFR 3.50% Interest Only 1/9/2024 Senior Debt 100 Multifamily 57,660 57,544 1 month LIBOR 2.75% Interest Only 12/9/2024 Senior Debt 101 Multifamily 65,953 65,810 1 month SOFR 6.03% Interest Only 7/9/2023 Senior Debt 102 Multifamily 22,240 22,179 1 month SOFR 2.96% Interest Only 1/9/2024 Senior Debt 103 Multifamily 25,746 25,656 1 month SOFR 2.96% Interest Only 1/9/2025 Senior Debt 104 Multifamily 31,678 31,526 1 month SOFR 3.20% Interest Only 1/9/2024 Senior Debt 105 Multifamily 78,050 77,724 1 month SOFR 3.45% Interest Only 1/9/2027 Senior Debt 106 Multifamily 80,714 80,552 1 month SOFR 3.21% Interest Only 1/9/2025 Senior Debt 107 Multifamily 24,000 23,939 1 month SOFR 3.10% Interest Only 1/9/2024 Senior Debt 108 Retail 31,000 30,894 1 month SOFR 3.29% Interest Only 1/9/2025 Senior Debt 109 Multifamily 37,793 37,531 1 month SOFR 3.55% Interest Only 11/9/2023 Description Property Type Face Value Amortized Cost Index Spread Payment Maturity Date Senior Debt 110 Multifamily 22,965 22,891 1 month SOFR 2.95% Interest Only 2/9/2024 Senior Debt 111 Multifamily 10,669 10,637 1 month SOFR 3.30% Interest Only 2/9/2024 Senior Debt 112 Multifamily 47,444 47,323 1 month SOFR 2.86% Interest Only 1/9/2024 Senior Debt 113 Multifamily 36,824 36,729 1 month SOFR 2.86% Interest Only 1/9/2024 Senior Debt 114 Hospitality 10,493 10,452 1 month SOFR 5.30% Interest Only 2/9/2025 Senior Debt 115 Retail 22,377 22,268 1 month SOFR 4.95% Interest Only 4/9/2024 Senior Debt 116 Multifamily 82,000 81,884 1 month SOFR 3.20% Interest Only 2/9/2024 Senior Debt 117 Industrial 55,000 54,832 1 month SOFR 3.50% Interest Only 3/9/2024 Senior Debt 118 Multifamily 39,004 38,870 1 month SOFR 3.10% Interest Only 3/9/2024 Senior Debt 119 Multifamily 34,823 34,711 1 month SOFR 2.95% Interest Only 3/9/2024 Senior Debt 120 Mixed Use 19,000 18,942 1 month SOFR 3.42% Interest Only 3/9/2024 Senior Debt 121 Multifamily 85,500 85,373 1 month SOFR 3.15% Interest Only 3/9/2024 Senior Debt 122 Multifamily 31,282 31,228 1 month SOFR 3.30% Interest Only 4/9/2024 Senior Debt 123 Hospitality — — 1 month SOFR 7.05% Interest Only 6/9/2025 Senior Debt 124 Multifamily — — 1 month SOFR 6.75% Interest Only 8/9/2024 Senior Debt 125 Hospitality 43,344 43,265 1 month SOFR 4.90% Interest Only 4/9/2023 Senior Debt 126 Hospitality 11,250 11,152 1 month SOFR 5.22% Interest Only 11/9/2025 Senior Debt 127 Multifamily 5,132 4,699 1 month SOFR 7.02% Interest Only 6/9/2024 Senior Debt 128 Multifamily 27,722 27,595 1 month SOFR 6.05% Interest Only 6/9/2023 Senior Debt 129 Multifamily 56,616 56,384 1 month SOFR 3.95% Interest Only 5/9/2025 Senior Debt 130 Multifamily 28,650 28,465 1 month SOFR 4.00% Interest Only 11/9/2024 Senior Debt 131 Multifamily 50,137 49,812 1 month SOFR 6.70% Interest Only 3/9/2024 Senior Debt 132 Multifamily 12,242 12,192 1 month SOFR 3.55% Interest Only 5/9/2024 Senior Debt 133 Retail 63,640 60,304 1 month SOFR 4.50% Interest Only 5/9/2023 Senior Debt 134 Industrial 23,050 22,930 1 month SOFR 4.90% Interest Only 9/9/2024 Senior Debt 135 Multifamily 19,441 19,366 1 month SOFR 3.50% Interest Only 6/9/2024 Senior Debt 136 Multifamily 17,600 17,569 1 month SOFR 4.55% Interest Only 5/9/2023 Senior Debt 137 Multifamily 28,640 28,503 1 month SOFR 3.65% Interest Only 6/9/2024 Senior Debt 138 Multifamily 16,843 16,756 1 month SOFR 3.65% Interest Only 6/9/2024 Senior Debt 139 Multifamily 70,750 70,503 1 month SOFR 3.80% Interest Only 6/9/2024 Senior Debt 140 Multifamily 81,271 80,939 1 month SOFR 3.95% Interest Only 6/9/2024 Senior Debt 141 Multifamily 43,651 43,475 1 month SOFR 3.95% Interest Only 6/9/2024 Senior Debt 142 Multifamily 56,547 56,311 1 month SOFR 3.95% Interest Only 6/9/2024 Senior Debt 143 Multifamily 20,325 20,237 1 month SOFR 3.95% Interest Only 6/9/2024 Senior Debt 144 Multifamily 128,324 127,678 1 month SOFR 3.95% Interest Only 6/9/2024 Senior Debt 145 Multifamily 56,000 55,800 1 month SOFR 3.80% Interest Only 6/9/2024 Senior Debt 146 Multifamily 11,675 11,647 1 month SOFR 4.45% Interest Only 11/9/2024 Senior Debt 147 Multifamily 69,200 68,622 1 month SOFR 3.45% Interest Only 6/9/2024 Senior Debt 148 Multifamily 173,389 172,791 1 month SOFR 6.52% Interest Only 4/16/2023 Senior Debt 149 Hospitality 29,644 29,366 1 month SOFR 6.94% Interest Only 8/9/2025 Senior Debt 150 Hospitality 13,410 13,314 1 month SOFR 5.75% Interest Only 4/9/2024 Senior Debt 151 Manufactured Housing 10,550 10,479 1 month SOFR 4.75% Interest Only 9/9/2024 Senior Debt 152 Multifamily 47,293 47,142 1 month SOFR 4.20% Interest Only 1/9/2025 Senior Debt 153 Multifamily 51,000 50,753 1 month SOFR 3.75% Interest Only 12/9/2024 Senior Debt 154 Multifamily 15,150 15,074 1 month SOFR 4.25% Interest Only 1/9/2025 Senior Debt 155 Hospitality 28,300 28,163 1 month SOFR 5.25% Interest Only 1/9/2024 Senior Debt 156 Hospitality 16,970 16,970 5.99% Amortizing Balloon 10/6/2023 Mezzanine Loan 1 Multifamily 3,000 3,000 1 month SOFR 9.23% Interest Only 9/9/2023 Mezzanine Loan 2 Multifamily 10,000 9,982 1 month SOFR 16.29% Interest Only 7/9/2023 Mezzanine Loan 3 Retail 3,000 2,989 1 month SOFR 12.00% Interest Only 1/9/2025 Mezzanine Loan 4 Mixed Use 1,000 997 1 month SOFR 11.00% Interest Only 3/9/2024 Mezzanine Loan 5 Hospitality 1,350 1,344 1 month SOFR 9.25% Interest Only 11/9/2025 $ 5,288,974 $ 5,269,776

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The Company's consolidated financial statements and related footnotes have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the requirements for reporting on Form 10-K and Regulation S-X, as appropriate.
Use of Estimates	Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members, as well as whether the entity is a variable interest entity ("VIE") for which the Company is the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company's assets and liabilities are held by the OP. The Company consolidates all entities that it controls through either majority ownership or voting rights. In addition, the Company consolidates all VIEs of which the Company is considered the primary beneficiary. VIEs are entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. Non-controlling interest represents the equity of consolidated joint ventures that are 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. Certain prior year balances have been reclassified in order to conform to the current period presentation. For the years ended December 31, 2021 and 2020, Realized (gain)/loss on sale of real estate securities of $1.4 million and $10.1 million respectively, was reclassified to Trading (gain)/loss in our consolidated statements of operations.
Acquisition Expenses	Acquisition Expenses The Company capitalizes certain direct costs relating to loan origination activities. The cost is amortized over the life of the loan and recognized in interest income in the Company's consolidated statements of operations. Acquisition expenses paid on future funding amounts are expensed within the acquisition expenses line in the Company's consolidated statements of operations.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash consists of amounts deposited with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company up to an insurance limit. Cash equivalents include short-term, liquid investments in money market funds with original maturities of 90 days or less when purchased.
Restricted Cash	Restricted Cash Restricted cash primarily consists of cash pledged as margin on repurchase agreements and derivative transactions. The duration of this restricted cash generally matches the duration of the related repurchase agreements or derivative transaction.
Commercial Mortgage Loans	Commercial Mortgage Loans Held for Investment - Commercial mortgage loans that are held for investment purposes and are anticipated to be held until maturity, are carried at cost, net of unamortized acquisition expenses, discounts or premiums and unfunded commitments. Commercial mortgage loans, held for investment purposes, are carried at amortized cost less a allowance for credit losses. Interest income is recorded on the accrual basis and related discounts, premiums and acquisition expenses on investments are amortized over the life of the investment using the effective interest method. Amortization or accretion is reflected as an adjustment to interest income in the Company’s consolidated statements of operations. Guaranteed loan commitment fees payable by the borrower upon maturity are accreted over the life of the investment using the effective interest method. The accretion of guaranteed loan commitment fees is recognized in interest income in the Company's consolidated statements of operations. Held for Sale - Commercial mortgage loans that are intended to be sold in the foreseeable future are reported as held for sale and are 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, Measured at Fair Value - The fair value option provides an option to irrevocably elect fair value as an alternative measurement for selected financial assets, financial liabilities, and written loan commitments. The Company has elected to measure commercial mortgage loans held for sale in the Company's TRS under the fair value option. These commercial mortgage loans are included in the Commercial mortgage loans, held for sale, measured at fair value in the consolidated balance sheets. Interest income received on commercial mortgage loans held for sale, measured at fair value is recorded on the accrual basis of accounting and is included in interest income in the consolidated statements of operations. Costs to originate these investments are expensed when incurred. Real estate owned The Company classifies its real estate owned as long-lived assets held for investment or as long-lived assets held for sale. Held for investment assets are stated at cost, as adjusted for any impairment loss, less accumulated depreciation. Real estate owned, held for investment - Amounts capitalized to real estate owned, held for investment consist of the cost of acquisition or construction, any tenant improvements or major improvements, betterments that extend the useful life of the related asset, and transaction costs associated with the acquisition of an individual asset that does not qualify as a business combination. All repairs and maintenance are expensed as incurred. Additionally, the Company capitalizes interest while the development, or redevelopment, of a real estate owned asset is in progress. No development or redevelopments of real estate owned assets are in progress as of December 31, 2022. The Company’s real estate owned, held for investment assets are depreciated or amortized using the straight-line method over the following useful lives: Building 40 years Furniture, fixtures, and equipment 15 years Site Improvements 5 - 25 years Intangible Lease Assets Lease Term The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of the real estate and related intangible assets of either operating properties or properties under construction in which the Company has an ownership interest, either directly or through investments in joint ventures, may not be recoverable. When indicators of potential impairment are present, management assesses whether the respective carrying values will be recovered from the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition for assets held for use, or from the estimated fair values, less costs to sell, for assets held for sale. In the event that the expected undiscounted future cash flows for assets held for use or the estimated fair value, less costs to sell, for assets held for sale do not exceed the respective asset carrying value, management adjusts such assets to the respective estimated fair values and recognizes an impairment loss. Estimated fair values are calculated based on the following information, depending upon availability, in order of preference: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of undiscounted cash flows, including estimated sales value (which is based on key assumptions such as estimated market rents, lease-up periods, estimated lease terms, and capitalization and discount rates) less estimated selling costs. Real estate owned, held for sale - 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. 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 ASC 805, Business Combinations. The estimated fair values of the tangible assets of an acquired property are determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and building based on management’s determination of the estimated fair value of these assets. Management relies on a sales comparison approach using closed land sales and listings in determining the land value, and determines the as-if-vacant estimated fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates the cost to execute similar leases including leasing commissions, legal, and other related costs. The estimated fair values of above-market and below-market in-place leases are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of market rates for the corresponding in-place leases, measured over a period equal to the remaining terms of the leases, taking into consideration the probability of renewals for any below-market leases. The capitalized above-market and below-market lease values are recorded as intangible lease assets or liabilities and amortized as an adjustment to rental revenues over the remaining terms of the respective leases. The estimated fair values of in-place leases include an estimate of the direct costs associated with obtaining the acquired or "in place" tenant and estimates of opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease. The amount capitalized as direct costs associated with obtaining a tenant include commissions, tenant improvements, and other direct costs and are estimated based on management’s consideration of current market costs to execute a similar lease. These direct lease origination costs are included in deferred lease costs in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. The value of opportunity costs is calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. These lease intangibles are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases.
Credit Losses	Credit Losses The allowance for credit losses required under ASU 2016-13 is deducted from the respective loan's amortized cost basis on the Company’s 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 provision 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 provision 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 2018 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. Specific allowance for credit losses For financial instruments where the borrower is experiencing financial difficulty based on the Company’s assessment at the reporting date and the repayment is expected to be provided substantially through the operation or sale of the collateral, the Company may elect to use as a practical expedient the fair value of the collateral at the reporting date when determining the provision 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 for credit losses analysis is performed. Determining whether a specific allowance for credit losses 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 for credit losses, the specific allowance for credit losses 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 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 provisions 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 allowance for credit losses and the respective loan balance. Risk Rating In developing the provision 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 provision 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 provision for credit losses. Changes in the provision 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 a provision 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 provision 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 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 elected the fair value option for its real estate securities, available for sale, and as a result, any unrealized gains or losses on such real estate securities will be recorded in the Company’s consolidated statements of comprehensive income. Related discounts, premiums and acquisition expenses on investments are amortized or accreted over the life of the investment using the effective interest method. Amortization and accretion is reflected as an adjustment to interest income in the Company’s consolidated statements of operations. The Company uses the specific identification method in determining the cost relief for real estate securities sold. Realized gains and losses from the sale of real estate securities are included in the Company’s consolidated statements of operations. AFS real estate securities which have experienced a decline in the fair value below their amortized cost basis (i.e., impairment) are evaluated each reporting period to determine whether the decline in fair value is due to credit-related factors. Any impairment that is not credit-related is recognized in accumulated other comprehensive income, while credit-related impairment is recognized as an allowance on the consolidated balance sheets with a corresponding adjustment on the consolidated statements of operations. If the Company intends to sell an impaired real estate security or more likely than not will be required to sell such a security before recovering its amortized cost basis, the entire impairment amount is recognized in the consolidated statements of operations with a corresponding adjustment to the security’s amortized cost basis. The Company analyzes the AFS real estate securities portfolio on a periodic basis for credit losses at the individual security level using the same criteria described above for those amortized cost financial assets subject to an provision 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 sheets with trading gains and losses due to fair value changes and sales of these securities recorded in the Company's consolidated statements of operations. The Company calculates trading gains and losses on the sales of ARM Agency Securities based on the specific identification method. 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 Costs	Deferred Financing Costs The deferred financing costs related to the Company's various Master Repurchase Agreements as well as certain prepaid subscription costs are included in Prepaid expenses and other assets on the consolidated balance sheets. Deferred financing cost on the Company's 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, shares of the Company’s common stock or one or more series of its preferred stock, including its former Series C convertible preferred stock (the “Series C Preferred Stock,”), former Series D convertible preferred stock (the “Series D Preferred Stock”), Series H convertible preferred stock (the “Series H Preferred Stock”) and former Series I convertible preferred stock (the “Series I 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 incurred 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 and Series I 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 has granted and may in the future, 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, long-term incentive plan 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. The fair value of the RSUs are expensed over the vesting period, which are included in share-based compensation expense on the consolidated statements of operations. Restricted Share Plan The Company also had an Amended and Restated Employee and Director Incentive Restricted Share Plan (the "RSP"), which provided 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 expired on February 7, 2023. Restricted share awards entitle the recipient to receive common shares from the Company under terms that provide for vesting over a specified period of time or upon attainment of pre-established performance objectives. Such awards would typically be forfeited with respect to the unvested shares upon the termination of the recipient’s employment or other relationship with the Company. Restricted shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. Holders of restricted shares may receive cash distributions prior to the time that the restrictions on the shares have lapsed. Any distributions payable in common shares shall be subject to the same restrictions as the underlying restricted shares. The fair value of the restricted share awards are expensed over the vesting period, which are included in share-based compensation expense on the consolidated statements of operations.
Distribution Reinvestment Plan	Distribution Reinvestment Plan The Company maintains a dividend reinvestment plan ("DRIP") pursuant to which stockholders may reinvest dividends into shares of common stock. Shares of common stock purchased through the 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 DRIP at any time in its sole discretion.
Income Taxes	Income Taxes The Company has conducted its operations to qualify as a REIT for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2013. As a REIT, if the Company meets certain organizational and operational requirements and distributes at least 90% of its "REIT taxable income" (determined before the deduction of dividends paid and excluding net capital gains) to its stockholders in a year, it will not be subject to U.S. federal income tax to the extent of the income that it distributes. However, even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on income in addition to U.S. federal income and excise taxes on its undistributed income. The Company, through its TRSs, is indirectly subject to U.S. federal, state and local income taxes. The Company’s TRSs are not consolidated for U.S. federal income tax purposes, but are instead taxed as C corporations. For financial reporting purposes, the TRSs are consolidated and a provision for current and deferred taxes is established for the portion of earnings recognized by the Company with respect to its interest in its TRSs. Total income tax provision/(benefit) for the years ended December 31, 2022, December 31, 2021 and December 31, 2020 were $(0.4) million, $3.6 million and $(2.1) 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.
Per Share Data	Per Share Data The Company’s Series H Preferred Stock and Series I Preferred Stock are each considered a participating security and the Company calculates basic earnings per share using the two-class method. The Company’s dilutive earnings per share calculation is computed using the more dilutive result of the treasury stock method, assuming the participating security is a potential common share, or the two-class method, assuming the participating security is not converted. The Company calculates basic earnings per share by dividing net income applicable to common stock for the period by the weighted-average number of shares of common stock outstanding for that period. Diluted earnings per share reflects the potential dilution that could occur from shares outstanding if potential shares of common stock with a dilutive effect have been issued in connection with the restricted stock plan or upon conversion of the outstanding shares of the Company’s Series H Preferred Stock and Series I 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, 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.
Convertible Preferred Stock	Redeemable Convertible Preferred Stock The Company’s outstanding classes of redeemable convertible preferred stock are classified outside of permanent equity in the consolidated balance sheets. Series C Preferred Stock 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 Preferred Stock, $0.01 par value per share, on October 20, 2022. 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 The Series H Preferred Stock ranks senior to the Common Stock and on parity with the Series I Preferred Stock and the Company’s 7.50% 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 H 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 H Preferred Stock into the Common Stock. Dividends on the Series H 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 H 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 H 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. 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. The Company received no consideration for the exchange. On January 19, 2023, the Series H Preferred Stock was amended such that the mandatory conversion date was extended by one year, to January 19, 2024. The Series H Preferred Stock is on parity with the Series I Preferred Stock and Series E Preferred Stock with respect to preference on liquidation and dividend rights. Unless earlier converted, the Series H Preferred Stock will automatically convert into common stock at a rate of 299.2 shares of common stock per share of Series H Preferred Stock (subject to adjustments as described in the Articles Supplementary for the Series H Preferred Stock) on January 19, 2024. The holder of the Series H Preferred Stock has the right to convert up to 4,487 shares of Series H Preferred Stock one time in each calendar month through December 2023, upon 10 business days’ advance notice to the Company. Holders of the Series H 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 H Preferred Stock will be equal to the number of shares of common stock a share of Series H 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 H 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 H Preferred Stock and to take certain actions materially adverse to the holders of the Series H Preferred Stock. Series I Preferred Stock On October 20, 2022, 1,000 shares of Series C Preferred Stock were exchanged for an equal number of shares of the Company’s newly created Series I 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 C Preferred Stock, which was set to occur on October 19, 2022, to January 19, 2023. There were no other material differences between the terms of the Series C Preferred Stock and Series I Preferred Stock. The Company received no consideration for the exchange. The Series I Preferred Stock was parity with the Series H Preferred Stock and Series E Preferred Stock with respect to preference on liquidation and dividend rights. The terms of the Series I Preferred Stock were substantially the same as the Series H Preferred Stock, except that the holders of the Series I Preferred Stock have the option to accelerate the mandatory conversion date, which is January 19, 2023, upon at least 10 days' written notice. On January 19, 2023, all of the 1,000 outstanding shares of the Series I Preferred Stock converted by their terms into 299.2 shares of common stock per share of Series I Preferred Stock. 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, $0.01 par value, 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 I 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. 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 the London interbank offered rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The guidance is effective upon issuance and generally can be elected over time through December 31, 2024, as extended under ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 . The Company has not adopted any of the optional expedients or exceptions through December 31, 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	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 obtains third party pricing for determining the fair value of each CRE CLO investment, resulting in a Level II classification. Real estate securities classified as trading, RMBS, are measured at fair value by utilizing a third party pricing service to obtain a current estimated price of the securities. The third party pricing service utilizes relevant market information and interest rate movements and applies its internal pricing application to the evaluation to test against internal tolerances and parameters. The RMBS are classified in Level III 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 price, 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 price. The Company classified the commercial mortgage loans held for sale, measured at fair value as Level III. Other real estate investments, measured at fair value on the consolidated balance sheets are valued using unobservable inputs. The Company engaged the services of a third party independent valuation firm to determine fair value of certain investments, including preferred equity investments, held by the Company. Fair value is determined using a discounted cash flow model that primarily considers changes in interest rates and credit spreads, weighted average life and current performance of the underlying collateral. The Company classified the other real estate investments, measured at fair value as Level III. The fair value for Treasury note futures is derived using market prices. Treasury note futures trade on the Chicago Mercantile Exchange (“CME”). The instruments are a variety of recently issued 10-year U.S. Treasury notes. The future contracts are liquid and are centrally cleared through the CME. Treasury note futures are generally categorized in Level I of the fair value hierarchy. The fair value for credit default swaps and interest rate swaps contracts are derived using pricing models that are widely accepted by marketplace participants. Credit default swaps and some interest rate swaps are traded in the over the counter ("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 economically 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 economically 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 a significantly reduced fair value amount representing the unsettled fair value of these derivatives on the consolidated balance sheets.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Property, Plant and Equipment	The Company’s real estate owned, held for investment assets are depreciated or amortized using the straight-line method over the following useful lives: Building 40 years Furniture, fixtures, and equipment 15 years Site Improvements 5 - 25 years Intangible Lease Assets Lease Term

Commercial Mortgage Loans (Tabl

Commercial Mortgage Loans (Tables)	12 Months Ended
	Dec. 31, 2022
Receivables [Abstract]
Summary of Loans Receivable by Class	The following table is a summary of the Company's commercial mortgage loans, held for investment, carrying values by class (dollars in thousands): December 31, 2022 December 31, 2021 Senior loans $ 5,251,464 $ 4,204,464 Mezzanine loans 18,312 22,424 Total gross carrying value of loans 5,269,776 4,226,888 General allowance for credit losses 26,624 15,827 Specific allowance for credit losses (1) 14,224 — Less: Allowance for credit losses 40,848 15,827 Total commercial mortgage loans, held for investment, net $ 5,228,928 $ 4,211,061 ________________________ (1) As of December 31, 2022, the Company recorded a specific reserve with respect to a retail loan designated as non-performing. The following table represents the composition by loan collateral type and region of the Company's commercial mortgage loans, held for investment portfolio (dollars in thousands): December 31, 2022 December 31, 2021 Loan Collateral Type Par Value Percentage Par Value Percentage Multifamily $ 4,030,975 76.1 % $ 2,953,938 69.6 % Hospitality 510,566 9.7 % 460,884 10.9 % Office 405,705 7.7 % 485,575 11.4 % Retail 120,017 2.3 % 104,990 2.5 % Industrial 93,035 1.8 % 88,956 2.1 % Other 128,676 2.4 % 148,619 3.5 % Total $ 5,288,974 100.0 % $ 4,242,962 100.0 % December 31, 2022 December 31, 2021 Loan Region Par Value Percentage Par Value Percentage Southeast $ 2,229,756 42.2 % $ 1,106,439 26.2 % Southwest 1,763,492 33.3 % 1,764,905 41.6 % Mideast 706,192 13.4 % 646,125 15.2 % Far West 234,891 4.4 % 301,040 7.1 % Great Lakes 162,162 3.1 % 183,930 4.3 % Various 192,481 3.6 % 240,523 5.6 % Total $ 5,288,974 100.0 % $ 4,242,962 100.0 % The following table represents 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): December 31, 2022 December 31, 2021 Loan Collateral Type Par Value Percentage Par Value Percentage Retail $ 12,000 76.8 % $ — — % Office 3,625 23.2 % 34,250 100.0 % Total $ 15,625 100.0 % $ 34,250 100.0 % December 31, 2022 December 31, 2021 Loan Region Par Value Percentage Par Value Percentage Southeast $ 15,625 100.0 % $ 34,250 100.0 %
Loan Portfolio Assessment and Risk Ratings	The following table presents the activity in the Company's allowance for credit losses, excluding the unfunded loan commitments, as of December 31, 2022 and 2021 (dollars in thousands): Year Ended December 31, 2022 MultiFamily Retail Office Industrial Mixed Use Hospitality Self Storage Manufactured Housing Total Beginning Balance $ 9,681 $ 288 $ 776 $ 86 $ 169 $ 4,597 $ 152 $ 78 $ 15,827 Changes: General allowance/(benefit) for credit losses 11,485 89 (106) 173 (122) (533) (142) (47) 10,797 Specific allowance/(benefit) for credit losses — 25,281 — — — — — — 25,281 Write offs from specific allowance for credit losses — (11,057) — — — — — — (11,057) Ending Balance $ 21,166 $ 14,601 $ 670 $ 259 $ 47 $ 4,064 $ 10 $ 31 $ 40,848 Year Ended December 31, 2021 MultiFamily Retail Office Industrial Mixed Use Hospitality Self Storage Manufactured Housing Total Beginning Balance $ 3,095 $ 404 $ 1,575 $ 3,795 $ 132 $ 11,646 $ 117 $ 122 20,886 Changes: General allowance/(benefit) for credit losses 6,875 (116) (799) (3,709) 37 (7,049) 35 (44) (4,770) Write offs from general allowance for credit losses (289) — — — — — — — (289) Ending Balance $ 9,681 $ 288 $ 776 $ 86 $ 169 $ 4,597 $ 152 $ 78 $ 15,827 The following table presents the activity in the Company' s allowance for credit losses for the unfunded loan commitments, which is included in accounts payable and accrued expenses in the consolidated balance sheets as of December 31, 2022 and 2021 (dollars in thousands): Year Ended December 31, 2022 MultiFamily Retail Office Industrial Mixed Use Hospitality Self Storage Manufactured Housing Total Beginning Balance $ 137 $ 1 $ 13 $ 3 $ 10 $ 79 $ — $ — $ 243 Changes: General allowance/(benefit) for credit losses 28 (37) 73 — (10) (18) — 1 37 Ending Balance $ 165 $ (36) $ 86 $ 3 $ — $ 61 $ — $ 1 $ 280 Year Ended December 31, 2021 MultiFamily Retail Office Industrial Mixed Use Hospitality Self Storage Manufactured Housing Total Beginning Balance $ 85 $ — $ 47 $ 418 $ 14 $ 101 $ — $ — $ 665 Changes: General allowance/(benefit) for credit losses 52 1 (34) (415) (4) (22) — — (422) Ending Balance $ 137 $ 1 $ 13 $ 3 $ 10 $ 79 $ — $ — $ 243 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.
Allocation by Risk Rating	The following tables present the amortized cost of our commercial mortgage loans, held for investment as of December 31, 2022 and 2021, by loan collateral type, the Company’s internal risk rating and year of origination. The risk ratings are updated as of December 31, 2022. As of December 31, 2022 2022 2021 2020 2019 2018 2017 Total Multifamily: Risk Rating: 1-2 internal grade $ 1,511,181 $ 2,184,362 $ 74,372 $ — $ 34,668 $ — $ 3,804,583 3-4 internal grade — 167,707 10,807 — 34,731 — 213,245 Total Multifamily Loans $ 1,511,181 $ 2,352,069 $ 85,179 $ — $ 69,399 $ — $ 4,017,828 Retail: Risk Rating: 1-2 internal grade $ 22,275 $ 33,884 $ — $ — $ — $ — $ 56,159 3-4 internal grade — — — — — — — 5 internal grade 60,304 — — — — — 60,304 Total Retail Loans $ 82,579 $ 33,884 $ — $ — $ — $ — $ 116,463 Office: Risk Rating: 1-2 internal grade $ — $ 50,351 $ 189,740 $ 66,110 $ 18,683 $ — $ 324,884 3-4 internal grade — — 54,533 25,748 — 80,281 Total Office Loans $ — $ 50,351 $ 244,273 $ 91,858 $ 18,683 $ — $ 405,165 Industrial: Risk Rating: 1-2 internal grade $ 77,762 $ — $ 14,955 $ — $ — $ — $ 92,717 3-4 internal grade — — — — — — — Total Industrial Loans $ 77,762 $ — $ 14,955 $ — $ — $ — $ 92,717 Mixed Use: Risk Rating: 1-2 internal grade $ 19,939 $ 32,463 $ — $ — $ — $ — $ 52,402 3-4 internal grade — — — — — — — Total Mixed Use Loans $ 19,939 $ 32,463 $ — $ — $ — $ — $ 52,402 Hospitality: Risk Rating: 1-2 internal grade $ 137,055 $ 160,397 $ — $ 49,564 $ 22,116 $ — $ 369,132 3-4 internal grade 32,305 — — 28,882 — 78,867 140,054 Total Hospitality Loans $ 169,360 $ 160,397 $ — $ 78,446 $ 22,116 $ 78,867 $ 509,186 Self Storage: Risk Rating: 1-2 internal grade $ — $ 14,986 $ 29,858 $ — $ — $ — $ 44,844 3-4 internal grade — — — — — — — Total Self Storage Loans $ — $ 14,986 $ 29,858 $ — $ — $ — $ 44,844 Manufactured Housing: Risk Rating: 1-2 internal grade $ 10,479 $ 6,677 $ 6,344 $ — $ — $ — $ 23,500 3-4 internal grade — — 7,671 — — — 7,671 Total Manufactured Housing Loans $ 10,479 $ 6,677 $ 14,015 $ — $ — $ — $ 31,171 Total $ 1,871,300 $ 2,650,827 $ 388,280 $ 170,304 $ 110,198 $ 78,867 $ 5,269,776 December 31, 2021 2021 2020 2019 2018 2017 2016 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): December 31, 2022 December 31, 2021 Risk Rating Number of Loans Par Value Risk Rating Number of Loans Par Value 1 — $ — 1 — $ — 2 141 4,783,568 2 148 3,903,047 3 15 281,071 3 16 282,840 4 4 160,695 4 1 57,075 5 1 63,640 5 — — 161 $ 5,288,974 165 $ 4,242,962
Financing Receivable, Past Due	The following table presents an aging summary of the loans amortized cost basis at December 31, 2022 (dollars in thousands): Multifamily Retail Office Industrial Mixed Use Hospitality Self Storage Manufactured Housing Total Status: Current $ 4,017,828 $ 56,159 $ 405,165 $ 92,717 $ 52,402 $ 452,111 $ 44,844 $ 31,171 $ 5,152,397 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) — 60,304 — — — 57,075 — — 117,379 Total $ 4,017,828 $ 116,463 $ 405,165 $ 92,717 $ 52,402 $ 509,186 $ 44,844 $ 31,171 $ 5,269,776 ________________________ (1) For the year ended December 31, 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 December 31, 2022 and December 31, 2021 (dollars in thousands): December 31, 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 60,304 — Less: Removal of non-performing loan amortized cost — 37,812 Non-performing loan amortized cost at end of period $ 117,379 $ 57,075
Real Estate Notes Receivable Rollforward	For the years ended December 31, 2022 and December 31, 2021, the activity in the Company's commercial mortgage loans, held for investment portfolio, net of provision for credit losses, was as follows (dollars in thousands): Year Ended December 31, 2022 2021 Amortized cost, Beginning of Year $ 4,226,888 $ 2,714,734 Acquisitions and originations 2,247,613 2,897,002 Principal repayments (1,109,769) (1,286,598) Discount accretion/premium amortization 12,614 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 (13,775) (15,150) Transfer to real estate owned (80,460) ' (1) (37,523) Cost recovery (4,039) — Amortized cost, End of Year $ 5,269,776 $ 4,226,888 Allowance for credit losses, Beginning of Year $ (15,827) $ (20,886) General (provision)/benefit for credit losses (10,797) 4,770 Specific (provision)/benefit for credit losses (25,281) — Write offs from specific allowance for credit losses 11,057 ' (1) — Write offs from general allowance for credit losses — 289 Allowance for credit losses, End of Year $ (40,848) $ (15,827) Balance at End of Year $ 5,228,928 $ 4,211,061 ________________________ (1) See Note 5 - Real Estate Owned for details.

Real Estate Securities (Tables)

Real Estate Securities (Tables)	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Summary of RMBS by Collateral Type and Interest Rate Characteristics	The following is a summary of the Company's RMBS classified by collateral type and interest rate characteristics as of December 31, 2022 (dollars in thousands): Carrying Amount Average Yield (1) December 31, 2022 Agency Securities: Fannie Mae/Freddie Mac ARMs $ 235,728 2.42 % December 31, 2021 Agency Securities: Fannie Mae/Freddie Mac ARMs $ 4,246,803 2.23 % Ginnie Mae ARMs 320,068 2.72 % $ 4,566,871 2.26 % ________________________ (1) Average yield is presented for the year then ended, and is based on the cash component of interest income expressed as a percentage on average cost basis (the “cash yield”).
Available-for-Sale Securities	The following is a summary of the Company's real estate securities, available for sale, measured at fair value as of December 31, 2022 (dollars in thousands): December 31, 2022 Type Interest Rate Maturity Par Value Fair Value CRE CLO bond 1 7.1% 8/19/2035 $ 40,000 $ 39,795 CRE CLO bond 2 7.6% 8/19/2035 25,000 25,010 CRE CLO bond 3 8.4% 8/19/2035 10,000 10,056 CRE CLO bond 4 7.4% 10/25/2039 36,700 36,990 CRE CLO bond 5 8.0% 10/25/2039 35,000 35,298 CRE CLO bond 6 8.6% 10/25/2039 14,300 14,221 CRE CLO bond 7 7.3% 10/19/2039 60,000 59,655 $ 221,000 $ 221,025 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 December 31, 2022 (dollars in thousands): Amortized Cost Credit Loss Allowance Unrealized Gain Unrealized (Loss) Fair Value December 31, 2022 CLO $ 220,635 $ — $ 833 (443) $ 221,025

Real Estate Owned (Tables)

Real Estate Owned (Tables)	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Real Estate Owned	The following table summarizes the Company's real estate owned, held for investment assets as of December 31, 2022 (dollars in thousands): As of December 31, 2022 Acquisition Date (1) 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 $ (2,877) $ 87,746 Various (2) Retail Various 9,105 31,036 — (115) 40,026 $ 12,541 $ 115,295 $ 2,928 $ (2,992) $ 127,772 ________________________ (1) Refer to Note 2 for the useful life of the above assets. (2) As discussed below, ten retail properties associated with a loan secured by the Walgreen's Portfolio (defined below) were foreclosed upon during the quarter ended December 31, 2022. The properties are located throughout the country. The following table summarizes the Company's real estate owned assets as of December 31, 2021 (dollars in thousands): As of December 31, 2021 Acquisition Date (1) 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 ________________________ (1) Refer to Note 2 for the useful life of the above asset.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Schedule of Intangible Leased Assets	The following table summarizes the Company's intangible lease asset recognized in the consolidated balance sheets as of December 31, 2022 and 2021 (dollars in thousands): Identified intangible assets: December 31, 2022 December 31, 2021 Gross amount 58,542 49,192 Accumulated amortization (3,711) (720) Total, net $ 54,831 $ 48,472 Identified intangible liabilities: Gross amount 6,507 $ — Accumulated amortization (79) — Total, net $ 6,428 $ —
Schedule of Future Minimum Payments to be Received	The following table summarizes the Company's schedule of future minimum rents to be received under the lease (dollars in thousands): Future Minimum Rents December 31, 2022 2023 $ 10,494 2024 10,655 2025 10,820 2026 10,987 2027 and beyond 132,525 Total minimum rent $ 175,481
Schedule of Expected Future Amortization Expense	The following table summarizes the Company's expected acquired below (above) market leases, net amortization over the next five years, assuming no further acquisitions or dispositions (dollars in thousands): Amortization Expense - Acquired below (above) market leases, net December 31, 2022 2023 $ (576) 2024 (576) 2025 (576) 2026 (576) 2027 (576) The following table summarizes the Company's expected other identified intangible assets, net amortization over the next five years, assuming no further acquisitions or dispositions (dollars in thousands): Amortization Expense - Other identified intangible assets December 31, 2022 2023 $ 3,707 2024 3,707 2025 3,707 2026 3,707 2027 3,707

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Repurchase Facilities and Agreements	The details of the Company's Repo Facilities at December 31, 2022 and 2021 are as follows (dollars in thousands): As of December 31, 2022 Repurchase Facility Committed Financing Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate Term Maturity JPM Repo Facility (2) $ 500,000 $ 275,423 $ 11,773 7.42 % 10/6/2024 CS Repo Facility (3) 600,000 168,046 8,676 7.12 % 10/31/2023 WF Repo Facility (4) 500,000 79,807 7,492 7.11 % 11/21/2023 Barclays Revolver Facility (5) 250,000 — 1,267 N/A 9/20/2023 Barclays Repo Facility (6) 500,000 157,583 8,997 6.75 % 3/14/2025 Total $ 2,350,000 $ 680,859 $ 38,205 ________________________ (1) For the year ended December 31, 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 December 12, 2022, the Company extended the maturity date to October 6, 2024. (3) On July 12, 2022, the committed financing was increased from $300 million to $600 million. Additionally, on November 1, 2022 the maturity date was extended to October 31, 2023. (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 December 31, 2022 and 2021 (dollars in thousands): Weighted Average Counterparty Amount Outstanding Accrued Interest Collateral Pledged (1) Interest Rate Days to Maturity As of December 31, 2022 JP Morgan Securities LLC $ 103,513 $ 1,281 $ 120,751 5.34 % 22 Barclays Capital Inc. 119,351 1,646 144,778 5.18 % 50 Total/Weighted Average $ 222,864 $ 2,927 $ 265,529 5.25 % 37 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 % 33 ___________________________________________________________________ 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): Amount Accrued Collateral Weighted Average December 31, 2022 Repurchase arrangements secured by Agency securities with maturities of 30 days or less $ 172,144 $ 544 $ 180,400 4.25 % Repurchase arrangements secured by Agency securities with maturities of 31 to 90 days 45,000 114 47,210 4.51 % $ 217,144 $ 658 $ 227,610 4.30 % December 31, 2021 Repurchase arrangements secured by Agency securities with maturities of 30 days or less $ 4,144,473 $ 8,908 $ 4,327,020 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): December 31, 2022 December 31, 2021 Borrowings Weighted Average Borrowings Weighted Average Junior subordinated notes maturing in: October 2035 ($35,000 face amount) $ 34,508 8.25 % $ 34,470 7.86 % December 2035 ($40,000 face amount) 39,513 8.39 % 39,474 7.63 % September 2036 ($25,000 face amount) 24,674 8.39 % 24,650 7.67 % $ 98,695 8.34 % $ 98,594 7.72 % 2019-FL5 Issuer, 2021-FL6 Issuer, 2021-FL7 Issuer, 2022-FL8 Issuer and 2022-FL9 Issuer (collectively the "CLOs"), respectively, as of December 31, 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 $ — 1M LIBOR + 115 5/15/2029 2019-FL5 Issuer Tranche A-S 76,950 73,715 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 SOFR + 150 2/15/2037 2022-FL8 Issuer Tranche A-S 66,000 66,000 1M SOFR + 185 2/15/2037 2022-FL8 Issuer Tranche B 55,500 55,500 1M SOFR + 205 2/15/2037 2022-FL8 Issuer Tranche C 67,500 67,500 1M SOFR + 230 2/15/2037 2022-FL8 Issuer Tranche D 81,000 81,000 1M SOFR + 280 2/15/2037 2022-FL9 Issuer Tranche A 423,667 423,667 1M SOFR + 255 5/15/2039 2022-FL9 Issuer Tranche A-S 96,380 96,380 1M SOFR + 310 5/15/2039 2022-FL9 Issuer Tranche B 42,166 42,166 1M SOFR + 360 5/15/2039 2022-FL9 Issuer Tranche C 48,189 48,189 1M SOFR + 415 5/15/2039 2022-FL9 Issuer Tranche D 49,194 49,194 1M SOFR + 505 5/15/2039 2022-FL9 Issuer Tranche E 11,041 11,043 1M SOFR + 565 5/15/2039 $ 3,601,586 — $ 3,147,728 ________________________ (1) Excludes $453.4 million of CLO notes, held by the Company, which are eliminated within the collateralized loan obligation line of the consolidated balance sheets as of December 31, 2022. The following table represents the terms of the notes issued by the 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 obligation line of the consolidated balance sheets as of December 31, 2021.
Schedule of Collateralized Loan Obligations	The below table reflects the total assets and liabilities of the Company's outstanding CLOs. The CLOs are considered VIEs and are consolidated into the Company's consolidated financial statements as of December 31, 2022 and 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) December 31, 2022 December 31, 2021 Cash and cash equivalents (1) $ 43,246 $ 187,668 Commercial mortgage loans, held for investment, net (2) 3,942,918 2,629,431 Accrued interest receivable 15,444 5,918 Total Assets $ 4,001,608 $ 2,823,017 Liabilities Notes payable (3)(4) $ 3,601,102 $ 2,482,762 Accrued interest payable 10,582 1,598 Total Liabilities $ 3,611,684 $ 2,484,360 ________________________ (1) Includes $42.5 million and $187.0 million of cash held by the servicer related to CLO loan payoffs as of December 31, 2022 and 2021, respectively. (2) The balance is presented net of allowance for credit losses of $13.2 million and $8.7 million as of December 31, 2022 and 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 obligation line of the consolidated balance sheets as of December 31, 2022 and 2021, respectively.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Summary of the Basic and Diluted Earnings Per Share	The following table presents a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations and the calculation of basic and diluted earnings per share for the years ended December 31, 2022, 2021 and 2020, respectively (dollars in thousands, except share amounts): Year Ended December 31, Numerator 2022 2021 2020 Net income/(loss) $ 14,215 $ 25,702 $ 54,746 Net (income)/loss from noncontrolling interest 216 — — Less: Preferred stock dividends 41,741 33,587 14,920 Less: Undistributed earnings allocated to preferred stock — — — Net income/(loss) attributable to common shareholders (for basic and diluted earnings per share) $ (27,310) $ (7,885) $ 39,826 Denominator Weighted-average common shares outstanding for basic earnings per share 71,628,365 43,419,209 44,384,813 Effect of dilutive shares: Unvested restricted shares and stock units (1) — 15,521 14,066 Weighted-average common shares outstanding for diluted earnings per share 71,628,365 43,434,731 44,398,879 Basic earnings per share $ (0.38) $ (0.18) $ 0.90 Diluted earnings per share $ (0.38) $ (0.18) $ 0.90 _________________________________________________________ (1) The effect of dilutive shares excluded an aggregate of 476,653 weighted average restricted shares and stock units for year ended December 31, 2022, as the effect was anti-dilutive. Additionally, the effect of dilutive shares excluded an aggregate of 17,521,845 weighted average common equivalent of convertible preferred shares for the year ended December 31, 2022, as the effect was anti-dilutive.

Redeemable Convertible Prefer_2

Redeemable Convertible Preferred Stock and Equity Transactions (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Schedule of Share Repurchases	The following table presents the summary of the Company's outstanding shares of Redeemable Convertible Preferred Stock, Perpetual Preferred Stock, Automatically Convertible Preferred Stock and Common Stock as of December 31, 2022 and December 31, 2021 (dollars in thousands, except share amounts): Balance as of Shares Outstanding as of Fourth Quarter 2022 Dividend/Distribution Per Share (6) December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Redeemable Convertible Preferred Stock Series C Preferred Stock (1) $ — $ 6,971 — 1,400 n/a Series D Preferred Stock (2) $ — $ 89,684 — 17,950 n/a Series H Preferred Stock (2) $ 89,748 $ — 17,950 — $ 106.22 Series I Preferred Stock (1) $ 5,000 $ — 1,000 — $ 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 (3) $ — $ 710,431 — 39,733,299 n/a Common Stock Common Stock - at par value (4)(5) $ 826 $ 441 82,992,784 43,965,928 $ 0.355 _________________________________________________________ (1) 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, all of which automatically converted into 299.2 shares of Common Stock on January 19, 2023, pursuant to the terms of the Series I Preferred Stock, resulting in the issuance of 299,200 shares of Common Stock. (2) 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. Unless earlier converted by the holder, each share of the Series H Preferred Stock will automatically convert into 299.2 shares of Common Stock on January 19, 2024, pursuant to the terms of the Series H Preferred Stock. (3) 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. (4) Common Stock include shares issued pursuant to the Company's distribution reinvestment plan (the "DRIP") and unvested restricted shares. (5) During the year ended December 31, 2022, the Company repurchased 1,416,369 shares of Common Stock at an average price of $11.71 per share, for a total of $16.6 million. All of these shares were retired upon settlement, reducing the total outstanding shares as of December 31, 2022. See discussion in the "Stock Repurchases" section below. (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 years ended December 31, 2022 and 2021 (dollars in thousands, except share amounts): For the Years Ended December 31, 2022 December 31, 2021 Shares Amount Shares Amount Balance at Beginning of Period 1,400 $ 6,971 1,400 $ 6,962 Converted into Common Stock (400) (1,997) — — Exchanged for Series I Preferred Stock (1,000) (5,000) — — Amortization of offering costs — 26 — 9 Balance at End of Period — $ — 1,400 $ 6,971 The following table presents the activity in the Company's Series D Preferred Stock for the years ended December 31, 2022 and 2021 (dollars in thousands, except share amounts): For the Years Ended December 31, 2022 December 31, 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 — — — (82) Amortization of offering costs — 64 — 18 Balance at End of Period — $ — 17,950 $ 89,684 The following table presents the activity in the Company's Series E Preferred Stock for the years ended December 31, 2022 and 2021 (dollars in thousands, except share amounts): For the Years Ended December 31, 2022 December 31, 2021 Shares Amount Shares Amount Balance at Beginning of Period 10,329,039 $ 258,742 — $ — Issuance of Preferred Stock — — 10,329,039 258,742 Balance at End of Period 10,329,039 $ 258,742 10,329,039 $ 258,742 The following table presents the activity in the Company's Series F Preferred Stock for the years ended December 31, 2022 and 2021 (dollars in thousands, except share amounts): For the Years Ended December 31, 2022 December 31, 2021 Shares Amount Shares Amount Balance at Beginning of Period 39,733,299 $ 710,431 — $ — Issuance of Preferred Stock — — 39,733,299 710,431 Automatically converted into Common Stock (39,733,299) (710,431) — — Balance at End of Period — $ — 39,733,299 $ 710,431 The following table presents the activity in the Company's Series H Preferred Stock for the years ended December 31, 2022 and 2021 (dollars in thousands, except share amounts): For the Years Ended December 31, 2022 December 31, 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 — $ — The following table presents the activity in the Company's Series I Preferred Stock for the years ended December 31, 2022 and 2021 (dollars in thousands, except share amounts): For the Years Ended December 31, 2022 December 31, 2021 Shares Amount Shares Amount Balance at Beginning of Period — $ — — $ — Issuance of Series I Preferred Stock in exchange for Series C Preferred Stock 1,000 5,000 — — Balance at End of Period 1,000 $ 5,000 — $ —
Summary of Repurchases	The following table is a summary of the Company’s repurchase activity of its common stock during the year ended December 31, 2022: For the Year Ended December 31, 2022 Shares Amount Authorized repurchase amount — $ 65,000 Repurchases paid (1)(2) 1,416,369 (16,579) Remaining as of December 31, 2022 $ 48,421 _________________________________________________________ (1) Amount includes commissions paid associated with share repurchases . (2) For the year ended December 31, 2022, the average purchase price was $11.71 per share.
Schedule of Accumulated Other Comprehensive Income (Loss)	The following tables set forth the changes in accumulated other comprehensive income/(loss) by component (dollars in thousands): For the Years Ended December 31, 2022 December 31, 2021 December 31, 2020 Total Available for Sale Securities Cash Flow Hedges Total Available for Sale Securities Cash Flow Hedges Total Available for sale securities Cash Flow Hedges Balance at Beginning of Period $ (62) $ — $ (62) $ (8,256) $ (8,256) $ — $ (978) $ (978) $ — Other comprehensive income/(loss) 170 390 (220) 7,404 8,256 (852) (7,278) (7,278) — Reclassification adjustment for amounts included in net income/(loss) 282 — 282 790 — 790 — — — Balance at End of Period $ 390 $ 390 $ — $ (62) $ — $ (62) $ (8,256) $ (8,256) $ —

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Unfunded Commitments Under Commercial Mortgage Loans	As of December 31, 2022 and 2021, the Company had the below unfunded commitments to the Company's borrowers (dollars in thousands): Funding Expiration December 31, 2022 December 31, 2021 2022 — 25,864 2023 73,921 123,860 2024 312,009 271,056 2025 70,429 12,808 2026 and beyond 9,629 24,517 $ 465,988 $ 458,105

Related Party Transactions an_2

Related Party Transactions and Arrangements (Tables)	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services	The table below shows the costs incurred due to arrangements with our Advisor and its affiliates during the years ended December 31, 2022, 2021 and 2020 and the associated payable as of December 31, 2022 and 2021 (dollars in thousands): Year Ended December 31, Payable as of December 31, 2022 2021 2020 2022 2021 Acquisition expenses (1) $ 1,360 $ 1,203 $ 696 $ — $ — Administrative services expenses 12,928 7,658 13,120 3,526 — Asset management and subordinated performance fee 26,157 28,110 15,178 8,843 15,595 Other related party expenses (2)(3) 875 355 703 3,060 1,943 Total related party fees and reimbursements $ 41,320 $ 37,326 $ 29,697 $ 15,429 $ 17,538 ________________________ (1) Total acquisition fees and expenses paid during the years ended December 31, 2022, 2021 and 2020 were $11.7 million, $15.0 million and $7.1 million respectively, of which $10.3 million, $13.8 million and $6.4 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 for the years ended December 31, 2022, 2021 and 2020. (2) These are related to reimbursable costs incurred related to the increase in loan origination activities and are included in Other expenses in the Company's consolidated statements of operations. (3) As of December 31, 2022 and December 31, 2021, the related party payables include $2.9 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)	12 Months Ended
	Dec. 31, 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 year ended December 31, 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 28,143 492,107 14.10 Forfeitures — — — Vested (18,393) — 16.14 Unvested equity awards outstanding as of December 31, 2022 20,934 492,107 $ 14.11

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Financial instruments carried at fair value on a recurring basis	The following table presents the Company's financial instruments carried at fair value on a recurring basis in the consolidated balance sheets by its level in the fair value hierarchy as of December 31, 2022 and December 31, 2021 (dollars in thousands): December 31, 2022 Total Level I Level II Level III Assets, at fair value Real estate securities, available for sale, measured at fair value $ 221,025 $ — $ 221,025 $ — Real estate securities, trading, measured at fair value 235,728 — — 235,728 Commercial mortgage loans, held for sale, measured at fair value 15,559 — — 15,559 Other real estate investments, measured at fair value — — — — Treasury note futures 91 91 — — Interest rate swaps 90 — 90 — Credit default swaps 234 — 234 — Total assets, at fair value $ 472,727 $ 91 $ 221,349 $ 251,287 Liabilities, at fair value Credit default swaps $ 64 $ — $ 64 $ — Total liabilities, at fair value $ 64 $ — $ 64 $ — December 31, 2021 Assets, at fair value Real estate securities. trading, measured at fair value $ 4,566,871 $ — $ 4,566,871 $ — Commercial mortgage loans, held for sale, measured at fair value 34,718 — — 34,718 Other real estate investments, measured at fair value 2,074 — — 2,074 Interest rate swaps 312 — 312 — Treasury note futures 124 — 124 — Total assets, at fair value $ 4,604,099 $ — $ 4,567,307 $ 36,792 Liabilities, at fair value Credit default swaps $ 1,142 $ — $ 1,142 $ — Unsecured debt-related interest rate swap agreements 31,153 — 31,153 — Total liabilities, at fair value $ 32,295 $ — $ — $ — December 31, 2022 Commercial mortgage loans, held for sale, measured at fair value Real estate securities, trading, 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) — 4,566,871 — Total realized and unrealized gain/(loss) included in earnings: Realized gain/(loss) on sale of commercial mortgage loan, held for sale 2,358 — — Realized gain/(loss) on sale of real estate securities — — (33) Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments (511) — 4 Trading gain/(loss) — (119,220) — Net accretion — — — Purchases 366,692 — — Sales / paydowns (387,698) (4,211,923) (2,045) Cash repayments/receipts — — — Transfers out of Level III — — — Ending balance, December 31, 2022 $ 15,559 $ 235,728 $ — ________________________ (1) Transfers into Level III include transfers related to ARM Agency Securities transferred from Level II. There were no transfers out of Level III as of December 31, 2022. December 31, 2021 Commercial mortgage loans, held for sale, measured at fair value Real estate securities, trading, 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 loan, held for sale 24,208 — — Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments 469 — (19) Net accretion — — (3) Purchases 420,673 — — Sales / paydowns (478,281) — (426) Cash repayments/receipts — — — Transfers out of Level III (1) — — — Ending balance, December 31, 2021 $ 34,718 $ — $ 2,074 ________________________ (1) There were no transfers in or out of Level III as of December 31, 2021.
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques	The following table contains the Level III inputs used to value assets and liabilities on a recurring and nonrecurring basis or where the Company discloses fair value as of December 31, 2022: Asset Category Fair Value Valuation Methodologies Unobservable Inputs (1) Weighted Average (2) Range December 31, 2022 Commercial mortgage loans, held for sale, measured at fair value $ 15,559 Discounted Cash Flow Yield 7.2% 6.3% - 7.7% Real estate securities, trading, measured at fair value 235,728 Discounted Cash Flow Yield 3.3% 2.0% - 6.5% Other real estate investments, measured at fair value — Discounted Cash Flow Yield N/A N/A 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 Company's financial assets and liabilities that are not reported at fair value on the consolidated balance sheets are reported below as of December 31, 2022 and 2021 (dollars in thousands): Level Carrying Amount Fair Value December 31, 2022 Commercial mortgage loans, held for investment (1) Asset III $ 5,269,776 $ 5,278,495 Collateralized loan obligations Liability III 3,121,983 3,055,810 Mortgage note payable Liability III 23,998 23,998 Other financing and loan participation - commercial mortgage loans Liability III 76,301 76,301 Unsecured debt Liability III 98,695 66,300 December 31, 2021 Commercial mortgage loans, held for investment (1) Asset III $ 4,226,888 $ 4,249,118 Collateralized loan obligation Liability III 2,162,190 2,181,571 Mortgage Note Payable Liability III 23,998 23,998 Other financing and loan participation - commercial mortgage loans Liability III 37,903 37,903 Unsecured Debt Liability III 148,594 125,400 ________________________ (1) The carrying value is gross of $40.8 million and $15.8 million of allowance for credit losses as of December 31, 2022 and December 31, 2021, respectively.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Assets at Fair Value	The following derivative instruments were outstanding as of December 31, 2022 and December 31, 2021 (dollars in thousands): Fair Value Contract type Notional Assets Liabilities As of December 31, 2022 Credit default swaps $ 18,000 $ 234 $ 64 Interest rate swaps 9,800 90 — Treasury note futures 3,500 91 — Total $ 31,300 $ 415 $ 64 As of December 31, 2021 Credit default swaps $ 47,000 $ — $ 1,142 Interest rate swaps 3,649,500 312 — Interest rate swaps on unsecured debt 100,000 — 31,153 Treasury note futures 360 124 — Total $ 3,796,860 $ 436 $ 32,295
Schedule of Derivative Liabilities at Fair Value	The following derivative instruments were outstanding as of December 31, 2022 and December 31, 2021 (dollars in thousands): Fair Value Contract type Notional Assets Liabilities As of December 31, 2022 Credit default swaps $ 18,000 $ 234 $ 64 Interest rate swaps 9,800 90 — Treasury note futures 3,500 91 — Total $ 31,300 $ 415 $ 64 As of December 31, 2021 Credit default swaps $ 47,000 $ — $ 1,142 Interest rate swaps 3,649,500 312 — Interest rate swaps on unsecured debt 100,000 — 31,153 Treasury note futures 360 124 — Total $ 3,796,860 $ 436 $ 32,295
Derivative Instruments, Gain (Loss)	The following table indicates the net realized and unrealized gains and losses on derivatives, by primary underlying risk exposure, as included in loss on derivative instruments in the consolidated statements of operations for the year ended December 31, 2022 and December 31, 2021: Year Ended December 31, 2022 Year Ended December 31, 2021 Contract type Unrealized Realized Unrealized Realized Credit default swaps $ (147) $ 405 $ (101) $ 650 Interest rate swaps 15,954 (59,499) (7,070) 70 Treasury note futures 33 (939) (231) (1,478) Options — — — 274 Total $ 15,840 $ (60,033) $ (7,402) $ (484)

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2022
Offsetting [Abstract]
Offsetting Assets	The table below provides a gross presentation, the effects of offsetting and a net presentation of the Company's derivative instruments and repurchase agreements within the scope of ASC 210-20, Balance Sheet—Offsetting , as of December 31, 2022 and 2021 (dollars in thousands): Gross Amounts Not Offset on the Balance Sheet Assets Gross Amounts of Recognized Assets Gross Amounts Offset on the Balance Sheet Net Amount of Assets Presented on the Balance Sheet Financial Instruments Cash Collateral (1) Net Amount December 31, 2022 Derivative instruments, at fair value $ 415 $ — $ 415 $ — $ — $ 415 December 31, 2021 Derivative instruments, at fair value $ 436 $ — $ 436 $ — $ — $ 436
Offsetting Liabilities	Gross Amounts Not Offset on the Balance Sheet Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Balance Sheet Net Amount of Assets Presented on the Balance Sheet Financial Instruments Cash Collateral (1) Net Amount December 31, 2022 Repurchase agreements, commercial mortgage loans $ 680,859 $ — $ 680,859 $ 961,528 $ 5,032 $ — Repurchase agreements, real estate securities 440,008 — 440,008 493,138 — — Derivative instruments, at fair value 64 — 64 — 729 — 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)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table represents the Company's operations by segment for the years ended December 31, 2022, 2021 and 2020 (dollars in thousands): December 31, 2022 Total Real Estate Debt and Other Real Estate Real Estate Securities TRS Real Estate Owned Interest income $ 357,705 $ 320,546 $ 30,203 $ 6,956 $ — Revenue from real estate owned 9,655 — — — 9,655 Interest expense 165,708 151,675 11,203 1,643 1,187 Net income/(loss) 14,215 78,252 (69,155) 2,736 2,382 Total assets as of December 31, 2022 6,203,601 5,444,152 474,231 63,307 221,911 December 31, 2021 Interest income $ 216,890 $ 189,090 $ 24,740 $ 3,060 $ — Revenue from real estate owned 4,759 — — — 4,759 Interest expense 60,835 54,774 3,682 992 1,387 Net income/(loss) 25,702 86,863 (85,381) 13,149 11,071 Total assets as of December 31, 2021 9,474,701 4,205,883 5,054,394 72,840 141,584 December 31, 2020 Interest income $ 179,872 $ 165,907 $ 10,854 $ 3,111 $ — Revenue from real estate owned 4,299 — — — 4,299 Interest expense 66,556 54,480 7,914 2,185 1,977 Net income/(loss) 54,746 66,383 (7,207) (5,559) 1,129 Total assets as of December 31, 2020 3,189,761 2,866,790 175,088 105,364 42,519

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	Components of the provision for income taxes consist of the following (dollars in thousands): Year Ended December 31, 2022 2021 2020 Current expense/(benefit) U.S. Federal $ (65) $ 3,093 $ (2,086) State and local (167) 349 370 Total current expense/(benefit) $ (232) $ 3,442 $ (1,716) Deferred expense/(benefit) U.S. Federal $ (99) $ (1) $ — State and local (68) 158 (346) Total deferred expense/(benefit) $ (167) $ 157 $ (346) Provision for income tax expense/(benefit) $ (399) $ 3,599 $ (2,062)

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Useful Lives (Details)	12 Months Ended
	Dec. 31, 2022
Building
Property, Plant and Equipment [Line Items]
Useful life	40 years
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Useful life	15 years
Site Improvements | Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Site Improvements | Maximum
Property, Plant and Equipment [Line Items]
Useful life	25 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, $ in Thousands							12 Months Ended
	Jan. 19, 2024 shares	Jan. 19, 2023 shares	Oct. 20, 2022 $ / shares shares	Oct. 19, 2022 shares	Jun. 24, 2022 shares	Apr. 19, 2022 $ / shares shares	Dec. 31, 2023 shares	Dec. 31, 2022 USD ($) segment $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) shares
Class of Stock [Line Items]
Trading (gain)/loss | $								$ (119,220)	$ (36,128)	$ (10,137)
Minimum distribution percentage to qualify for REIT taxation status								90%
Provision/(benefit) for income tax | $								$ (399)	3,599	(2,062)
Number of reportable segments | segment								4
Revision of Prior Period, Reclassification, Adjustment
Class of Stock [Line Items]
Realized gain (loss) on sale of real estate securities reclassified as trading gain (loss) | $									1,400	10,100
Trading (gain)/loss | $									$ 1,400	$ 10,100
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock conversion to common stock (in shares)				(400)				400	0
Preferred stock converted to common stock, per share stock consideration (in shares)				299.2
Preferred stock exchanged (in shares)			(1,000)					1,000	0
Preferred stock, par value per share (in dollars per share) | $ / shares									$ 0.01
Preferred stock, shares outstanding (in shares)								0	1,400	1,400
Series I Preferred Stock
Class of Stock [Line Items]
Preferred stock exchanged (in shares)								1,000	0
Preferred stock, par value per share (in dollars per share) | $ / shares			$ 0.01					$ 0.01
Option to accelerate mandatory conversion date, period of required written notice			10 days
Preferred stock, shares outstanding (in shares)								1,000	0	0
Series I Preferred Stock | Subsequent Event
Class of Stock [Line Items]
Preferred stock converted to common stock, per share stock consideration (in shares)		299.2
Preferred stock exchanged (in shares)		(1,000)
Series H Preferred Stock
Class of 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
Aggregate liquidation preference (in dollars per share) | $ / shares								$ 5,000
Preferred stock dividend, rate of accrual								4%
Preferred stock, affirmative voting percentage								66.67%
Preferred stock, shares outstanding (in shares)								17,950	0	0
Series H Preferred Stock | Forecast
Class of Stock [Line Items]
Preferred stock converted to common stock, per share stock consideration (in shares)	299.2
Maximum allowable share conversions per month (in shares)							4,487
Conversion of stock, preferred stock to common stock, notice period	10 days
Series F Preferred Stock
Class of Stock [Line Items]
Preferred stock conversion to 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
Conversion ratio of convertible preferred stock (in shares)						1
Preferred stock, shares outstanding (in shares)						0		0	39,733,299	0
Series E Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value per share (in dollars per share) | $ / shares								$ 0.01	$ 0.01
Preferred stock dividend rate percentage								7.50%	7.50%
Aggregate liquidation preference (in dollars per share) | $ / shares								$ 25
Preferred stock, shares outstanding (in shares)								10,329,039	10,329,039	0
Preferred stock, liquidation preference per share, per annum (in usd per share) | $ / shares								$ 1.875
Series E Preferred Stock | Minimum
Class of Stock [Line Items]
Preferred stock, redemption of stock for cash, notice period								30 days
Series E Preferred Stock | Maximum
Class of Stock [Line Items]
Preferred stock, redemption of stock for cash, notice period								60 days
RSP
Class of 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
Class of Stock [Line Items]
Award vesting period								3 years

Commercial Mortgage Loans - Loa

Commercial Mortgage Loans - Loans Receivable by Class (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Total gross carrying value of loans	$ 5,269,776	$ 4,226,888
Less: Allowance for credit losses	40,848	15,827
Total commercial mortgage loans, held for investment, net	5,228,928	4,211,061
General allowance for credit losses
Financing Receivable, Credit Quality Indicator [Line Items]
Less: Allowance for credit losses	26,624	15,827
Specific allowance for credit losses
Financing Receivable, Credit Quality Indicator [Line Items]
Less: Allowance for credit losses	14,224	0
Senior loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total gross carrying value of loans	5,251,464	4,204,464
Mezzanine loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total gross carrying value of loans	$ 18,312	$ 22,424

Commercial Mortgage Loans - Nar

Commercial Mortgage Loans - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) rating loan	Dec. 31, 2021 USD ($) rating loan	Dec. 31, 2020 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses	$ 36,115	$ (5,192)	$ 13,296
Par Value	$ 5,269,776	$ 4,226,888
Initial risk rating of loans | rating	2	2
Weighted average risk rating of loans | rating	2.2	2.1
Specific allowance for credit losses | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses	$ 25,281
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	12,000	$ 0
Retail | Specific allowance for credit losses | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses	25,281
Retail | Specific allowance for credit losses | Commercial Portfolio Segment | Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses	14,200
Hospitality | Specific allowance for credit losses | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses	$ 0
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	161	165
Cost recovery	$ 4,039	$ 0
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 5,269,776	$ 4,226,888
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	2	1
Carrying value of non-performing loan	$ 117,379	$ 57,075	$ 94,887
Commercial Mortgage Receivable, Held-For-Investment | Specific allowance for credit losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses	25,281	0
Commercial Mortgage Receivable, Held-For-Investment | Specific allowance for credit losses | Commercial Portfolio Segment | Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses		0
Commercial Mortgage Receivable, Held-For-Investment | Retail | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	116,463	104,725
Commercial Mortgage Receivable, Held-For-Investment | Retail | Commercial Portfolio Segment | 5 internal grade
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	60,304
Commercial Mortgage Receivable, Held-For-Investment | Retail | Commercial Portfolio Segment | 5 internal grade | Discounted Cash Flow
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value of loan	$ 46,100
Commercial Mortgage Receivable, Held-For-Investment | Retail | Commercial Portfolio Segment | 5 internal grade | Discounted Cash Flow | Minimum | Measurement Input, Cap Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Capitalization rate	0.0475
Commercial Mortgage Receivable, Held-For-Investment | Retail | Commercial Portfolio Segment | 5 internal grade | Discounted Cash Flow | Maximum | Measurement Input, Cap Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Capitalization rate	0.0650
Commercial Mortgage Receivable, Held-For-Investment | Retail | Commercial Portfolio Segment | Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cost recovery	$ (8,000)
Commercial Mortgage Receivable, Held-For-Investment | Retail | Commercial Portfolio Segment | Nonperforming Financial Instruments | 5 internal grade
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding principal balance of loan	63,600
Commercial Mortgage Receivable, Held-For-Investment | Hospitality | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	509,186	$ 459,859
Commercial Mortgage Receivable, Held-For-Investment | Hospitality | Commercial Portfolio Segment | Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value of non-performing loan	57,100
Interest income	0
Commercial Mortgage Receivable, Held-For-Investment | Hospitality | Specific allowance for credit losses | Commercial Portfolio Segment | Nonperforming Financial Instruments
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	2	1
Par Value	$ 15,625	$ 34,250

Commercial Mortgage Loans - All

Commercial Mortgage Loans - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	$ 15,827
Provision/(benefit) for credit losses	36,115	$ (5,192)	$ 13,296
Ending balance	40,848	15,827
General allowance/(benefit) for credit losses
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	15,827
Ending balance	26,624	15,827
Specific allowance/(benefit) for credit losses
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	0
Ending balance	14,224	0
Commercial Portfolio Segment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	15,827	20,886
Write offs from provision for credit losses	(11,057)	(289)
Ending balance	40,848	15,827	20,886
Commercial Portfolio Segment | General allowance/(benefit) for credit losses
Allowance for Loan and Lease Losses [Roll Forward]
Provision/(benefit) for credit losses	10,797	(4,770)
Commercial Portfolio Segment | Specific allowance/(benefit) for credit losses
Allowance for Loan and Lease Losses [Roll Forward]
Provision/(benefit) for credit losses	25,281
Commercial Portfolio Segment | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	243	665
Ending balance	280	243	665
Commercial Portfolio Segment | Unfunded Loan Commitment | General allowance/(benefit) for credit losses
Allowance for Loan and Lease Losses [Roll Forward]
Provision/(benefit) for credit losses	37	(422)
Multifamily | Commercial Portfolio Segment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	9,681	3,095
Write offs from provision for credit losses	0	(289)
Ending balance	21,166	9,681	3,095
Multifamily | Commercial Portfolio Segment | General allowance/(benefit) for credit losses
Allowance for Loan and Lease Losses [Roll Forward]
Provision/(benefit) for credit losses	11,485	6,875
Multifamily | Commercial Portfolio Segment | Specific allowance/(benefit) for credit losses
Allowance for Loan and Lease Losses [Roll Forward]
Provision/(benefit) for credit losses	0
Multifamily | Commercial Portfolio Segment | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	137	85
Ending balance	165	137	85
Multifamily | Commercial Portfolio Segment | Unfunded Loan Commitment | General allowance/(benefit) for credit losses
Allowance for Loan and Lease Losses [Roll Forward]
Provision/(benefit) for credit losses	28	52
Retail | Commercial Portfolio Segment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	288	404
Write offs from provision for credit losses	(11,057)	0
Ending balance	14,601	288	404
Retail | Commercial Portfolio Segment | General allowance/(benefit) for credit losses
Allowance for Loan and Lease Losses [Roll Forward]
Provision/(benefit) for credit losses	89	(116)
Retail | Commercial Portfolio Segment | Specific allowance/(benefit) for credit losses
Allowance for Loan and Lease Losses [Roll Forward]
Provision/(benefit) for credit losses	25,281
Retail | Commercial Portfolio Segment | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	1	0
Ending balance	(36)	1	0
Retail | Commercial Portfolio Segment | Unfunded Loan Commitment | General allowance/(benefit) for credit losses
Allowance for Loan and Lease Losses [Roll Forward]
Provision/(benefit) for credit losses	(37)	1
Office | Commercial Portfolio Segment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	776	1,575
Write offs from provision for credit losses	0	0
Ending balance	670	776	1,575
Office | Commercial Portfolio Segment | General allowance/(benefit) for credit losses
Allowance for Loan and Lease Losses [Roll Forward]
Provision/(benefit) for credit losses	(106)	(799)
Office | Commercial Portfolio Segment | Specific allowance/(benefit) for credit losses
Allowance for Loan and Lease Losses [Roll Forward]
Provision/(benefit) for credit losses	0
Office | Commercial Portfolio Segment | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	13	47
Ending balance	86	13	47
Office | Commercial Portfolio Segment | Unfunded Loan Commitment | General allowance/(benefit) for credit losses
Allowance for Loan and Lease Losses [Roll Forward]
Provision/(benefit) for credit losses	73	(34)
Industrial | Commercial Portfolio Segment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	86	3,795
Write offs from provision for credit losses	0	0
Ending balance	259	86	3,795
Industrial | Commercial Portfolio Segment | General allowance/(benefit) for credit losses
Allowance for Loan and Lease Losses [Roll Forward]
Provision/(benefit) for credit losses	173	(3,709)
Industrial | Commercial Portfolio Segment | Specific allowance/(benefit) for credit losses
Allowance for Loan and Lease Losses [Roll Forward]
Provision/(benefit) for credit losses	0
Industrial | Commercial Portfolio Segment | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	3	418
Ending balance	3	3	418
Industrial | Commercial Portfolio Segment | Unfunded Loan Commitment | General allowance/(benefit) for credit losses
Allowance for Loan and Lease Losses [Roll Forward]
Provision/(benefit) for credit losses	0	(415)
Mixed Use | Commercial Portfolio Segment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	169	132
Write offs from provision for credit losses	0	0
Ending balance	47	169	132
Mixed Use | Commercial Portfolio Segment | General allowance/(benefit) for credit losses
Allowance for Loan and Lease Losses [Roll Forward]
Provision/(benefit) for credit losses	(122)	37
Mixed Use | Commercial Portfolio Segment | Specific allowance/(benefit) for credit losses
Allowance for Loan and Lease Losses [Roll Forward]
Provision/(benefit) for credit losses	0
Mixed Use | Commercial Portfolio Segment | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	10	14
Ending balance	0	10	14
Mixed Use | Commercial Portfolio Segment | Unfunded Loan Commitment | General allowance/(benefit) for credit losses
Allowance for Loan and Lease Losses [Roll Forward]
Provision/(benefit) for credit losses	(10)	(4)
Hospitality | Commercial Portfolio Segment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	4,597	11,646
Write offs from provision for credit losses	0	0
Ending balance	4,064	4,597	11,646
Hospitality | Commercial Portfolio Segment | General allowance/(benefit) for credit losses
Allowance for Loan and Lease Losses [Roll Forward]
Provision/(benefit) for credit losses	(533)	(7,049)
Hospitality | Commercial Portfolio Segment | Specific allowance/(benefit) for credit losses
Allowance for Loan and Lease Losses [Roll Forward]
Provision/(benefit) for credit losses	0
Hospitality | Commercial Portfolio Segment | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	79	101
Ending balance	61	79	101
Hospitality | Commercial Portfolio Segment | Unfunded Loan Commitment | General allowance/(benefit) for credit losses
Allowance for Loan and Lease Losses [Roll Forward]
Provision/(benefit) for credit losses	(18)	(22)
Self Storage | Commercial Portfolio Segment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	152	117
Write offs from provision for credit losses	0	0
Ending balance	10	152	117
Self Storage | Commercial Portfolio Segment | General allowance/(benefit) for credit losses
Allowance for Loan and Lease Losses [Roll Forward]
Provision/(benefit) for credit losses	(142)	35
Self Storage | Commercial Portfolio Segment | Specific allowance/(benefit) for credit losses
Allowance for Loan and Lease Losses [Roll Forward]
Provision/(benefit) for credit losses	0
Self Storage | Commercial Portfolio Segment | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	0	0
Ending balance	0	0	0
Self Storage | Commercial Portfolio Segment | Unfunded Loan Commitment | General allowance/(benefit) for credit losses
Allowance for Loan and Lease Losses [Roll Forward]
Provision/(benefit) for credit losses	0	0
Manufactured Housing | Commercial Portfolio Segment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	78	122
Write offs from provision for credit losses	0	0
Ending balance	31	78	122
Manufactured Housing | Commercial Portfolio Segment | General allowance/(benefit) for credit losses
Allowance for Loan and Lease Losses [Roll Forward]
Provision/(benefit) for credit losses	(47)	(44)
Manufactured Housing | Commercial Portfolio Segment | Specific allowance/(benefit) for credit losses
Allowance for Loan and Lease Losses [Roll Forward]
Provision/(benefit) for credit losses	0
Manufactured Housing | Commercial Portfolio Segment | Unfunded Loan Commitment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	0	0
Ending balance	1	0	$ 0
Manufactured Housing | Commercial Portfolio Segment | Unfunded Loan Commitment | General allowance/(benefit) for credit losses
Allowance for Loan and Lease Losses [Roll Forward]
Provision/(benefit) for credit losses	$ 1	$ 0

Commercial Mortgage Loans - Com

Commercial Mortgage Loans - Commercial Mortgage Loan Portfolio, Held-For-Investment, Excluding Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 5,288,974	$ 4,242,962
Commercial Mortgage Receivable, Held-For-Investment | Commercial mortgage loans, held for investment | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	100%	100%
Commercial Mortgage Receivable, Held-For-Investment | Commercial mortgage loans, held for investment | Geographic Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	100%	100%
Southeast | Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 2,229,756	$ 1,106,439
Southeast | Commercial Mortgage Receivable, Held-For-Investment | Commercial mortgage loans, held for investment | Geographic Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	42.20%	26.20%
Southwest | Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 1,763,492	$ 1,764,905
Southwest | Commercial Mortgage Receivable, Held-For-Investment | Commercial mortgage loans, held for investment | Geographic Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	33.30%	41.60%
Mideast | Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 706,192	$ 646,125
Mideast | Commercial Mortgage Receivable, Held-For-Investment | Commercial mortgage loans, held for investment | Geographic Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	13.40%	15.20%
Far West | Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 234,891	$ 301,040
Far West | Commercial Mortgage Receivable, Held-For-Investment | Commercial mortgage loans, held for investment | Geographic Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	4.40%	7.10%
Great Lakes | Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 162,162	$ 183,930
Great Lakes | Commercial Mortgage Receivable, Held-For-Investment | Commercial mortgage loans, held for investment | Geographic Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	3.10%	4.30%
Various | Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 192,481	$ 240,523
Various | Commercial Mortgage Receivable, Held-For-Investment | Commercial mortgage loans, held for investment | Geographic Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	3.60%	5.60%
Multifamily | Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 4,030,975	$ 2,953,938
Multifamily | Commercial Mortgage Receivable, Held-For-Investment | Commercial mortgage loans, held for investment | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	76.10%	69.60%
Hospitality | Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 510,566	$ 460,884
Hospitality | Commercial Mortgage Receivable, Held-For-Investment | Commercial mortgage loans, held for investment | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	9.70%	10.90%
Office | Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 405,705	$ 485,575
Office | Commercial Mortgage Receivable, Held-For-Investment | Commercial mortgage loans, held for investment | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	7.70%	11.40%
Retail | Commercial mortgage loans, held for investment | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	76.80%	0%
Retail | Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 120,017	$ 104,990
Retail | Commercial Mortgage Receivable, Held-For-Investment | Commercial mortgage loans, held for investment | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	2.30%	2.50%
Industrial | Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 93,035	$ 88,956
Industrial | Commercial Mortgage Receivable, Held-For-Investment | Commercial mortgage loans, held for investment | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	1.80%	2.10%
Other | Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 128,676	$ 148,619
Other | Commercial Mortgage Receivable, Held-For-Investment | Commercial mortgage loans, held for investment | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	2.40%	3.50%

Commercial Mortgage Loans - C_2

Commercial Mortgage Loans - Commercial Mortgage Loan Portfolio, Held-For-Sale, Measured at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 5,269,776	$ 4,226,888
Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 15,625	$ 34,250
Commercial Mortgage Receivable, Held-For-Sale | Commercial mortgage loans, held for sale, measured at fair value | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	100%	100%
Southeast | Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 15,625	$ 34,250
Southeast | Commercial Mortgage Receivable, Held-For-Sale | Commercial mortgage loans, held for sale, measured at fair value | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	100%	100%
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 12,000	$ 0
Retail | Commercial mortgage loans, held for sale, measured at fair value | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	76.80%	0%
Office | Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 3,625	$ 34,250
Office | Commercial Mortgage Receivable, Held-For-Sale | Commercial mortgage loans, held for sale, measured at fair value | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	23.20%	100%

Commercial Mortgage Loans - Int

Commercial Mortgage Loans - Internal Credit Qualities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 5,269,776	$ 4,226,888
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	1,871,300	2,729,537
Year two, originated fiscal year before current fiscal year	2,650,827	689,545
Year three, originated two years before current fiscal year	388,280	475,252
Year four, originated three years before current fiscal year	170,304	253,452
Year five, originated four years before current fiscal year	110,198	79,102
Year six, originated five years before current fiscal year	78,867	0
Total	5,269,776	4,226,888
Multifamily | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	1,511,181	2,438,376
Year two, originated fiscal year before current fiscal year	2,352,069	270,953
Year three, originated two years before current fiscal year	85,179	103,989
Year four, originated three years before current fiscal year	0	127,902
Year five, originated four years before current fiscal year	69,399	0
Year six, originated five years before current fiscal year	0	0
Total	4,017,828	2,941,220
Multifamily | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 1-2 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	1,511,181	2,438,376
Year two, originated fiscal year before current fiscal year	2,184,362	270,953
Year three, originated two years before current fiscal year	74,372	103,989
Year four, originated three years before current fiscal year	0	90,877
Year five, originated four years before current fiscal year	34,668	0
Year six, originated five years before current fiscal year	0	0
Total	3,804,583	2,904,195
Multifamily | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 3-4 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	0	0
Year two, originated fiscal year before current fiscal year	167,707	0
Year three, originated two years before current fiscal year	10,807	0
Year four, originated three years before current fiscal year	0	37,025
Year five, originated four years before current fiscal year	34,731	0
Year six, originated five years before current fiscal year	0	0
Total	213,245	37,025
Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Total	12,000	0
Retail | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	82,579	33,830
Year two, originated fiscal year before current fiscal year	33,884	11,928
Year three, originated two years before current fiscal year	0	29,515
Year four, originated three years before current fiscal year	0	29,452
Year five, originated four years before current fiscal year	0	0
Year six, originated five years before current fiscal year	0	0
Total	116,463	104,725
Retail | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 1-2 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	22,275	33,830
Year two, originated fiscal year before current fiscal year	33,884	11,928
Year three, originated two years before current fiscal year	0	29,515
Year four, originated three years before current fiscal year	0	29,452
Year five, originated four years before current fiscal year	0	0
Year six, originated five years before current fiscal year	0	0
Total	56,159	104,725
Retail | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 3-4 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	0	0
Year two, originated fiscal year before current fiscal year	0	0
Year three, originated two years before current fiscal year	0	0
Year four, originated three years before current fiscal year	0	0
Year five, originated four years before current fiscal year	0	0
Year six, originated five years before current fiscal year	0	0
Total	0	0
Retail | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 5 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	60,304
Year two, originated fiscal year before current fiscal year	0
Year three, originated two years before current fiscal year	0
Year four, originated three years before current fiscal year	0
Year five, originated four years before current fiscal year	0
Year six, originated five years before current fiscal year	0
Total	60,304
Office | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	0	50,291
Year two, originated fiscal year before current fiscal year	50,351	253,759
Year three, originated two years before current fiscal year	244,273	136,800
Year four, originated three years before current fiscal year	91,858	43,308
Year five, originated four years before current fiscal year	18,683	0
Year six, originated five years before current fiscal year	0	0
Total	405,165	484,158
Office | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 1-2 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	0	50,291
Year two, originated fiscal year before current fiscal year	50,351	253,759
Year three, originated two years before current fiscal year	189,740	136,800
Year four, originated three years before current fiscal year	66,110	43,308
Year five, originated four years before current fiscal year	18,683	0
Year six, originated five years before current fiscal year	0	0
Total	324,884	484,158
Office | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 3-4 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	0	0
Year two, originated fiscal year before current fiscal year	0	0
Year three, originated two years before current fiscal year	54,533	0
Year four, originated three years before current fiscal year	25,748	0
Year five, originated four years before current fiscal year		0
Year six, originated five years before current fiscal year	0	0
Total	80,281	0
Industrial | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	77,762	0
Year two, originated fiscal year before current fiscal year	0	31,906
Year three, originated two years before current fiscal year	14,955	56,933
Year four, originated three years before current fiscal year	0	0
Year five, originated four years before current fiscal year	0	0
Year six, originated five years before current fiscal year	0	0
Total	92,717	88,839
Industrial | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 1-2 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	77,762	0
Year two, originated fiscal year before current fiscal year	0	31,906
Year three, originated two years before current fiscal year	14,955	0
Year four, originated three years before current fiscal year	0	0
Year five, originated four years before current fiscal year	0	0
Year six, originated five years before current fiscal year	0	0
Total	92,717	31,906
Industrial | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 3-4 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	0	0
Year two, originated fiscal year before current fiscal year	0	0
Year three, originated two years before current fiscal year	0	56,933
Year four, originated three years before current fiscal year	0	0
Year five, originated four years before current fiscal year	0	0
Year six, originated five years before current fiscal year	0	0
Total	0	56,933
Mixed Use | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	19,939	32,395
Year two, originated fiscal year before current fiscal year	32,463	30,325
Year three, originated two years before current fiscal year	0	0
Year four, originated three years before current fiscal year	0	0
Year five, originated four years before current fiscal year	0	0
Year six, originated five years before current fiscal year	0	0
Total	52,402	62,720
Mixed Use | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 1-2 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	19,939	32,395
Year two, originated fiscal year before current fiscal year	32,463	30,325
Year three, originated two years before current fiscal year	0	0
Year four, originated three years before current fiscal year	0	0
Year five, originated four years before current fiscal year	0	0
Year six, originated five years before current fiscal year	0	0
Total	52,402	62,720
Mixed Use | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 3-4 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	0	0
Year two, originated fiscal year before current fiscal year	0	0
Year three, originated two years before current fiscal year	0	0
Year four, originated three years before current fiscal year	0	0
Year five, originated four years before current fiscal year	0	0
Year six, originated five years before current fiscal year	0	0
Total	0	0
Hospitality | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	169,360	153,032
Year two, originated fiscal year before current fiscal year	160,397	26,920
Year three, originated two years before current fiscal year	0	148,015
Year four, originated three years before current fiscal year	78,446	52,790
Year five, originated four years before current fiscal year	22,116	79,102
Year six, originated five years before current fiscal year	78,867	0
Total	509,186	459,859
Hospitality | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 1-2 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	137,055	153,032
Year two, originated fiscal year before current fiscal year	160,397	26,920
Year three, originated two years before current fiscal year	0	34,054
Year four, originated three years before current fiscal year	49,564	0
Year five, originated four years before current fiscal year	22,116	0
Year six, originated five years before current fiscal year	0	0
Total	369,132	214,006
Hospitality | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 3-4 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	32,305	0
Year two, originated fiscal year before current fiscal year	0	0
Year three, originated two years before current fiscal year	0	113,961
Year four, originated three years before current fiscal year	28,882	52,790
Year five, originated four years before current fiscal year	0	79,102
Year six, originated five years before current fiscal year	78,867	0
Total	140,054	245,853
Self Storage | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	0	14,948
Year two, originated fiscal year before current fiscal year	14,986	41,382
Year three, originated two years before current fiscal year	29,858	0
Year four, originated three years before current fiscal year	0	0
Year five, originated four years before current fiscal year	0	0
Year six, originated five years before current fiscal year	0	0
Total	44,844	56,330
Self Storage | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 1-2 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	0	14,948
Year two, originated fiscal year before current fiscal year	14,986	41,382
Year three, originated two years before current fiscal year	29,858	0
Year four, originated three years before current fiscal year	0	0
Year five, originated four years before current fiscal year	0	0
Year six, originated five years before current fiscal year	0	0
Total	44,844	56,330
Self Storage | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 3-4 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	0	0
Year two, originated fiscal year before current fiscal year	0	0
Year three, originated two years before current fiscal year	0	0
Year four, originated three years before current fiscal year	0	0
Year five, originated four years before current fiscal year	0	0
Year six, originated five years before current fiscal year	0	0
Total	0	0
Manufactured Housing | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	10,479	6,665
Year two, originated fiscal year before current fiscal year	6,677	22,372
Year three, originated two years before current fiscal year	14,015	0
Year four, originated three years before current fiscal year	0	0
Year five, originated four years before current fiscal year	0	0
Year six, originated five years before current fiscal year	0	0
Total	31,171	29,037
Manufactured Housing | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 1-2 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	10,479	6,665
Year two, originated fiscal year before current fiscal year	6,677	22,372
Year three, originated two years before current fiscal year	6,344	0
Year four, originated three years before current fiscal year	0	0
Year five, originated four years before current fiscal year	0	0
Year six, originated five years before current fiscal year	0	0
Total	23,500	29,037
Manufactured Housing | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 3-4 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, originated current fiscal year	0	0
Year two, originated fiscal year before current fiscal year	0	0
Year three, originated two years before current fiscal year	7,671	0
Year four, originated three years before current fiscal year	0	0
Year five, originated four years before current fiscal year	0	0
Year six, originated five years before current fiscal year	0	0
Total	$ 7,671	$ 0

Commercial Mortgage Loans - A_2

Commercial Mortgage Loans - Allowance Past Due (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Par Value	$ 5,269,776	$ 4,226,888
Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity
Financing Receivable, Past Due [Line Items]
Par Value	5,269,776
Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | Current
Financing Receivable, Past Due [Line Items]
Par Value	5,152,397
Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 120+ days past due
Financing Receivable, Past Due [Line Items]
Par Value	117,379
Interest income recognized	0
Multifamily | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity
Financing Receivable, Past Due [Line Items]
Par Value	4,017,828
Multifamily | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | Current
Financing Receivable, Past Due [Line Items]
Par Value	4,017,828
Multifamily | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Multifamily | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Multifamily | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Multifamily | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Multifamily | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 120+ days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Retail
Financing Receivable, Past Due [Line Items]
Par Value	12,000	$ 0
Retail | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity
Financing Receivable, Past Due [Line Items]
Par Value	116,463
Retail | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | Current
Financing Receivable, Past Due [Line Items]
Par Value	56,159
Retail | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Retail | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Retail | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Retail | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Retail | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 120+ days past due
Financing Receivable, Past Due [Line Items]
Par Value	60,304
Office | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity
Financing Receivable, Past Due [Line Items]
Par Value	405,165
Office | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | Current
Financing Receivable, Past Due [Line Items]
Par Value	405,165
Office | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Office | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Office | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Office | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Office | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 120+ days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Industrial | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity
Financing Receivable, Past Due [Line Items]
Par Value	92,717
Industrial | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | Current
Financing Receivable, Past Due [Line Items]
Par Value	92,717
Industrial | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Industrial | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Industrial | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Industrial | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Industrial | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 120+ days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Mixed Use | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity
Financing Receivable, Past Due [Line Items]
Par Value	52,402
Mixed Use | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | Current
Financing Receivable, Past Due [Line Items]
Par Value	52,402
Mixed Use | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Mixed Use | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Mixed Use | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Mixed Use | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Mixed Use | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 120+ days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Hospitality | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity
Financing Receivable, Past Due [Line Items]
Par Value	509,186
Hospitality | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | Current
Financing Receivable, Past Due [Line Items]
Par Value	452,111
Hospitality | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Hospitality | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Hospitality | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Hospitality | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Hospitality | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 120+ days past due
Financing Receivable, Past Due [Line Items]
Par Value	57,075
Self Storage | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity
Financing Receivable, Past Due [Line Items]
Par Value	44,844
Self Storage | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | Current
Financing Receivable, Past Due [Line Items]
Par Value	44,844
Self Storage | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Self Storage | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Self Storage | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Self Storage | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Self Storage | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 120+ days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Manufactured Housing | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity
Financing Receivable, Past Due [Line Items]
Par Value	31,171
Manufactured Housing | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | Current
Financing Receivable, Past Due [Line Items]
Par Value	31,171
Manufactured Housing | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 1-29 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Manufactured Housing | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Manufactured Housing | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Manufactured Housing | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 90-119 days past due
Financing Receivable, Past Due [Line Items]
Par Value	0
Manufactured Housing | Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 120+ days past due
Financing Receivable, Past Due [Line Items]
Par Value	$ 0

Commercial Mortgage Loans - Non

Commercial Mortgage Loans - Non-performing Status (Details) - Commercial Mortgage Receivable, Held-For-Investment - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Non-Performing Financial Instruments [Roll Forward]
Addition of non-performing loan amortized cost	$ 60,304	$ 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	$ 117,379	$ 57,075

Commercial Mortgage Loans - A_3

Commercial Mortgage Loans - Allocation by Risk Rating (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 5,269,776	$ 4,226,888
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	161	165
Par Value	$ 5,288,974	$ 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	141	148
Par Value	$ 4,783,568	$ 3,903,047
Commercial Mortgage Receivable, Held-For-Investment | 3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	15	16
Par Value	$ 281,071	$ 282,840
Commercial Mortgage Receivable, Held-For-Investment | 4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	4	1
Par Value	$ 160,695	$ 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	$ 63,640	$ 0

Commercial Mortgage Loans - C_3

Commercial Mortgage Loans - Commercial Mortgage Loan Portfolio, Held-For-Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Provision for Credit Losses
Beginning balance	$ (15,827)
Provision/(benefit) for credit losses	(36,115)	$ 5,192	$ (13,296)
Ending balance	(40,848)	(15,827)
Total commercial mortgage loans, held for investment, net	5,228,928	4,211,061
General allowance for credit losses
Provision for Credit Losses
Beginning balance	(15,827)
Ending balance	(26,624)	(15,827)
Specific allowance for credit losses
Provision for Credit Losses
Beginning balance	0
Ending balance	(14,224)	0
Commercial Mortgage Receivable, Held-For-Investment
Amortized Cost
Amortized cost, Beginning of Year	4,226,888	2,714,734
Acquisitions and originations	2,247,613	2,897,002
Principal repayments	(1,109,769)	(1,286,598)
Discount accretion/premium amortization	12,614	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	(13,775)	(15,150)
Transfer to real estate owned	(80,460)	(37,523)
Cost recovery	(4,039)	0
Amortized cost, End of Year	5,269,776	4,226,888	2,714,734
Provision for Credit Losses
Beginning balance	(15,827)	(20,886)
Ending balance	(40,848)	(15,827)	$ (20,886)
Total commercial mortgage loans, held for investment, net	5,228,928	4,211,061
Commercial Mortgage Receivable, Held-For-Investment | General allowance for credit losses
Provision for Credit Losses
Provision/(benefit) for credit losses	(10,797)	4,770
Write offs from allowance for credit losses	0	289
Commercial Mortgage Receivable, Held-For-Investment | Specific allowance for credit losses
Provision for Credit Losses
Provision/(benefit) for credit losses	(25,281)	0
Write offs from allowance for credit losses	$ 11,057	$ 0

Real Estate Securities - Securi

Real Estate Securities - Securities Classified As Trading (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Marketable Securities [Line Items]
Carrying Amount	$ 235,728	$ 4,566,871
Average Yield		2.26%
Fannie Mae/Freddie Mac ARMs
Marketable Securities [Line Items]
Carrying Amount	$ 235,728	$ 4,246,803
Average Yield	2.42%	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	12 Months Ended
	Dec. 31, 2022 USD ($) position	Dec. 31, 2021 USD ($)
Debt Securities, Available-for-sale [Line Items]
Weighted average portfolio contractual maturity	182 months
Proceeds from sale of trading securities	$ 3,800,000	$ 1,900,000
Realized gain (loss) on sale of trading securities	$ (119,200)	$ 34,800
CRE CLO
Debt Securities, Available-for-sale [Line Items]
Weighted average contractual maturity for CLO investments in the CMBS portfolio	15 years 4 months 24 days
Number of positions with unrealized gain period less than 12 months | position	7
Amortized cost basis	$ 220,635
Unrealized gain	$ 390
Number of positions with unrealized loss period less than 12 months | position	3
Unrealized loss	$ 443
Number of positions with unrealized loss period greater than 12 months | position	0
Bonds in unrealized loss position for less than twelve months with no credit loss recorded	$ 113,700

Real Estate Securities - Secu_2

Real Estate Securities - Securities Classified As Available For Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 221,025	$ 0
CRE CLO bond 1
Debt Securities, Available-for-sale [Line Items]
Interest Rate	7.10%
Par Value	$ 40,000
Fair Value	$ 39,795
CRE CLO bond 2
Debt Securities, Available-for-sale [Line Items]
Interest Rate	7.60%
Par Value	$ 25,000
Fair Value	$ 25,010
CRE CLO bond 3
Debt Securities, Available-for-sale [Line Items]
Interest Rate	8.40%
Par Value	$ 10,000
Fair Value	$ 10,056
CRE CLO bond 4
Debt Securities, Available-for-sale [Line Items]
Interest Rate	7.40%
Par Value	$ 36,700
Fair Value	$ 36,990
CRE CLO bond 5
Debt Securities, Available-for-sale [Line Items]
Interest Rate	8%
Par Value	$ 35,000
Fair Value	$ 35,298
CRE CLO bond 6
Debt Securities, Available-for-sale [Line Items]
Interest Rate	8.60%
Par Value	$ 14,300
Fair Value	$ 14,221
CRE CLO bond 7
Debt Securities, Available-for-sale [Line Items]
Interest Rate	7.30%
Par Value	$ 60,000
Fair Value	59,655
CRE CLO
Debt Securities, Available-for-sale [Line Items]
Par Value	221,000
Fair Value	$ 221,025

Real Estate Securities - Amorti

Real Estate Securities - Amortized Cost and Fair Value of CLO Bonds (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 221,025	$ 0
CRE CLO
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	220,635
Credit Loss Allowance	0
Unrealized Gain	833
Unrealized (Loss)	(443)
Fair Value	$ 221,025

Real Estate Owned - Summary (De

Real Estate Owned - Summary (Details) $ in Thousands	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)
Real Estate [Line Items]
Accumulated Depreciation	$ (2,992)
Real Estate Owned, net	127,772
Land
Real Estate [Line Items]
Real estate owned, gross	12,541
Building and Improvements
Real Estate [Line Items]
Real estate owned, gross	115,295
Furniture, Fixtures and Equipment
Real Estate [Line Items]
Real estate owned, gross	2,928
Industrial | Jeffersonville, GA
Real Estate [Line Items]
Accumulated Depreciation	(2,877)	$ (575)
Real Estate Owned, net	87,746	90,048
Industrial | Jeffersonville, GA | Land
Real Estate [Line Items]
Real estate owned, gross	3,436	3,436
Industrial | Jeffersonville, GA | Building and Improvements
Real Estate [Line Items]
Real estate owned, gross	84,259	84,259
Industrial | Jeffersonville, GA | Furniture, Fixtures and Equipment
Real Estate [Line Items]
Real estate owned, gross	2,928	$ 2,928
Retail | Various
Real Estate [Line Items]
Accumulated Depreciation	(115)
Real Estate Owned, net	$ 40,026
Number of lease properties acquired through foreclosures | property	10
Retail | Various | Franklin BSP Realty Trust, Inc
Real Estate [Line Items]
Number of lease properties acquired through foreclosures | property	10
Retail | Various | Land
Real Estate [Line Items]
Real estate owned, gross	$ 9,105
Retail | Various | Building and Improvements
Real Estate [Line Items]
Real estate owned, gross	31,036
Retail | Various | Furniture, Fixtures and Equipment
Real Estate [Line Items]
Real estate owned, gross	$ 0

Real Estate Owned - Narrative (

Real Estate Owned - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) agreement property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Mar. 16, 2023 property	Apr. 30, 2022 property	Sep. 17, 2021 USD ($)	Aug. 31, 2021 USD ($)
Real Estate [Line Items]
Depreciation expense	$ 2,400	$ 1,000
Par Value	5,269,776	4,226,888
Commercial mortgage loans, held for investment, net	5,228,928	4,211,061
Realized loss from voluntary transfers	(354)	26	$ 184
First Mortgage
Real Estate [Line Items]
Par Value	5,269,776
Commercial Mortgage Receivable, Held-For-Investment
Real Estate [Line Items]
Commercial mortgage loans, held for investment, net	5,228,928	4,211,061
Commercial Mortgage Receivable, Held-For-Sale
Real Estate [Line Items]
Par Value	15,625	34,250
Commercial Mortgage Receivable, Held-For-Sale | Voluntary Transfers
Real Estate [Line Items]
Par Value	36,900
Commercial mortgage loans, held for investment, net	$ 36,500
Number of voluntary transfer agreements | agreement	2
Number of agreements qualifying as TDR | agreement	1
Realized loss from voluntary transfers	$ (400)
Unrealized loss on real estate owned	(700)
Industrial | Jeffersonville, GA
Real Estate [Line Items]
Real estate investment property, net						$ 139,500
Industrial | Jeffersonville, GA | Mortgages
Real Estate [Line Items]
Face amount of debt						112,700
Industrial | Jeffersonville, GA | Franklin BSP Realty Trust, Inc
Real Estate [Line Items]
Noncontrolling interest, ownership percentage by parent							79%
Real estate investments, joint ventures							$ 109,800
Equity method investments							21,100
Industrial | Jeffersonville, GA | Franklin BSP Realty Trust, Inc | September 2021 Mortgage Note Payable, Eliminated in Consolidation | Mortgages
Real Estate [Line Items]
Face amount of debt						$ 88,700	$ 88,700
Industrial | Jeffersonville, GA | Jeffersonville JV, Affiliate
Real Estate [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners							21%
Equity method investments							$ 5,700
Noncontrolling interest in joint ventures							29,800
Industrial | Jeffersonville, GA | Jeffersonville JV, Affiliate | September 2021 Mortgage Note Payable, Affiliate | Mortgages
Real Estate [Line Items]
Face amount of debt	24,000	24,000					$ 24,000
Retail
Real Estate [Line Items]
Par Value	$ 12,000	$ 0
Retail | Various
Real Estate [Line Items]
Number of retail properties | property					24
Number of lease properties acquired through foreclosures | property	10
Retail | Various | First Mortgage
Real Estate [Line Items]
Par Value	$ 113,200
Retail | Various | Franklin BSP Realty Trust, Inc
Real Estate [Line Items]
Noncontrolling interest, ownership percentage by parent	75.618%
Number of lease properties acquired through foreclosures | property	10
Retail | Various | Franklin BSP Realty Trust, Inc | Commercial Mortgage Receivable, Held-For-Investment
Real Estate [Line Items]
Par Value	$ 40,100
Retail | Various | Walgreens JV, Affiliate
Real Estate [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners	24.242%
Retail | Various | Walgreens JV, Affiliate | Commercial Mortgage Receivable, Held-For-Investment
Real Estate [Line Items]
Commercial mortgage loans, held for investment, net	$ 10,500
Retail | Various | Walgreens JV, Affiliate | Subsequent Event
Real Estate [Line Items]
Number of lease properties acquired through foreclosures | property				4

Leases - Intangible Lease Asset

Leases - Intangible Lease Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Identified intangible assets:
Gross amount	$ 58,542	$ 49,192
Accumulated amortization	(3,711)	(720)
Total, net	54,831	48,472
Identified intangible liabilities:
Gross amount	6,507	0
Accumulated amortization	(79)	0
Total, net	$ 6,428	$ 0

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) extension property	Dec. 31, 2021 USD ($)	Sep. 17, 2021 extension
Finite-Lived Intangible Assets [Line Items]
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenue from real estate owned	Revenue from real estate owned
Intangible lease contractual life of lease	20 years
Weighted average life of intangible asset	15 years 1 month 6 days
Amortization	$ 3	$ 1.1
Increase in rental revenue from amortization of acquired below-market leases	0.1
Industrial | Jeffersonville, GA
Finite-Lived Intangible Assets [Line Items]
Operating lease minimal annual rate increase			2%
Number of lease renewal terms | extension			4
Operating lease renewal term			5 years
Remaining term of operating lease			15 years 9 months 18 days
Rental income	$ 9.2	$ 2.6
Retail | Various
Finite-Lived Intangible Assets [Line Items]
Number of lease renewal terms | extension	11
Operating lease renewal term	5 years
Remaining term of operating lease	11 years 3 months 18 days
Rental income	$ 0.4
Number of lease properties acquired through foreclosures | property	10

Leases - Future Minimum Payment

Leases - Future Minimum Payments to be Received (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 10,494
2024	10,655
2025	10,820
2026	10,987
2027 and beyond	132,525
Total minimum rent	$ 175,481

Leases - Schedule of Expected A

Leases - Schedule of Expected Amortization Expense (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Above Market Leases
Lessee, Lease, Description [Line Items]
2023	$ 576
2024	576
2025	576
2026	576
2027	576
Other Intangible Assets
Lessee, Lease, Description [Line Items]
2023	3,707
2024	3,707
2025	3,707
2026	3,707
2027	$ 3,707

Debt - Narrative (Details)

Debt - Narrative (Details)						12 Months Ended
	Jun. 29, 2022 USD ($) $ / shares shares	May 13, 2022 USD ($)	Feb. 15, 2022 USD ($) $ / shares shares	Feb. 10, 2022 USD ($)	Mar. 23, 2020 USD ($)	Dec. 31, 2022 USD ($) mortgage_asset repurchaseRequest	Dec. 31, 2021 USD ($) repurchaseRequest mortgage_asset	Dec. 31, 2020 USD ($)	Sep. 17, 2021 USD ($)	Aug. 31, 2021 USD ($)	Aug. 31, 2020 USD ($)
Line of Credit Facility [Line Items]
Interest expense						$ 38,205,000	$ 16,747,000
Unsecured debt						98,695,000	148,594,000
Average repurchase agreements outstanding						1,000,000,000	4,000,000,000
Interest paid						8,500,000	1,240,000
Amortization of deferred financing costs						$ 11,490,000	9,203,000	$ 9,585,000
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
Aggregate 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
Aggregate liquidation preference (in dollars per share) | $ / shares	$ 1,000
Mortgages | September 2021 Mortgage Note Payable, Affiliate
Line of Credit Facility [Line Items]
Annual interest rate (percent)						3%
Junior Subordinated Debt
Line of Credit Facility [Line Items]
Borrowings Outstanding						$ 98,695,000	98,594,000
Junior Subordinated Debt | Capstead
Line of Credit Facility [Line Items]
Face amount of debt						$ 100,000,000
Junior subordinated notes maturity term						30 years
Unsecured Debt
Line of Credit Facility [Line Items]
Interest expense						$ 5,700,000	600,000
Secured Debt | U.S. Bank National Association
Line of Credit Facility [Line Items]
Borrowings Outstanding						$ 3,147,728,000	$ 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						25	48
Collateral Pledged						$ 378,800,000	$ 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) | repurchaseRequest						58	44
Collateral Pledged						$ 691,100,000	$ 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) | repurchaseRequest						39	47
Collateral Pledged						$ 899,700,000	$ 871,400,000
Secured Debt | Collateralized Loan Obligations Issued In 2022-FL8
Line of Credit Facility [Line Items]
Face amount of debt			$ 1,100,000,000
Secured Debt | Collateralized Loan Obligations Issued In 2022-FL8 | Subsidiaries
Line of Credit Facility [Line Items]
Face amount of debt			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						39
Collateral Pledged						$ 1,200,000,000
Secured Debt | Collateralized Loan Obligations Issued In 2022-FL8 | Third Party Investors
Line of Credit Facility [Line Items]
Face amount of debt			$ 960,000,000
Secured Debt | Collateralized Loan Obligations Issued 2022-FL9
Line of Credit Facility [Line Items]
Face amount of debt	$ 740,900,000
Secured Debt | Collateralized Loan Obligations Issued 2022-FL9 | Subsidiaries
Line of Credit Facility [Line Items]
Face amount of debt	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						50
Collateral Pledged						$ 797,500,000
Secured Debt | Collateralized Loan Obligations Issued 2022-FL9 | Third Party Investors
Line of Credit Facility [Line Items]
Face amount of debt	$ 670,600,000
Secured Debt | CLO 2022-FL9, 2022-FL8, 2021-FL7, 2021-FL6, 2019-FL5, and 2018-FL4 | U.S. Bank National Association
Line of Credit Facility [Line Items]
Collateral Pledged						401,800,000	329,200,000
Industrial | Jeffersonville, GA | Mortgages
Line of Credit Facility [Line Items]
Face amount of debt									$ 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]
Face amount of debt									$ 88,700,000	$ 88,700,000
Industrial | Jeffersonville, GA | Mortgages | Jeffersonville JV, Affiliate | September 2021 Mortgage Note Payable, Affiliate
Line of Credit Facility [Line Items]
Face amount of debt						24,000,000	24,000,000			$ 24,000,000
Regional Bank, March 2020
Line of Credit Facility [Line Items]
Amount of interest in loan transferred					$ 15,200,000
Interest expense						1,700,000	900,000
Outstanding participation balance						$ 59,200,000	37,900,000
Regional Bank, March 2020 | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Interest Rate						2.20%
Regional Bank, February 2022
Line of Credit Facility [Line Items]
Interest expense						$ 500,000
Outstanding participation balance						$ 17,100,000
Term loan interest transferred to bank via participation agreement				$ 38,000,000
Regional Bank, February 2022 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
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						$ 1,000,000	2,000,000
Face amount of debt											$ 100,000,000
Unsecured debt							$ 50,000,000
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)	12 Months Ended
	Dec. 31, 2022 USD ($) extension	Dec. 31, 2021 USD ($)	Jul. 12, 2022 USD ($)	Jul. 11, 2022 USD ($)	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	680,859,000	1,019,600,000
Interest Expense	38,205,000	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	$ 8,997,000	$ 4,057,000
Ending Weighted Average Interest Rate	6.75%	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	$ 222,864,000	$ 34,311,000
Ending Weighted Average Interest Rate	5.25%	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	275,423,000	136,470,000
Interest Expense	$ 11,773,000	$ 5,178,000
Ending Weighted Average Interest Rate	7.42%	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	168,046,000	137,364,000
Interest Expense	$ 8,676,000	$ 3,446,000
Ending Weighted Average Interest Rate	7.12%	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	79,807,000	186,734,000
Interest Expense	$ 7,492,000	$ 2,090,000
Ending Weighted Average Interest Rate	7.11%	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	$ 1,267,000	$ 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 ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Borrowings Outstanding	$ 98,695	$ 98,594
Weighted Average Interest Rates	8.34%	7.72%
Capstead
Debt Instrument [Line Items]
Face amount of debt	$ 100,000
October 2035 ($35,000 face amount)
Debt Instrument [Line Items]
Borrowings Outstanding	$ 34,508	$ 34,470
Weighted Average Interest Rates	8.25%	7.86%
October 2035 ($35,000 face amount) | Capstead
Debt Instrument [Line Items]
Face amount of debt	$ 35,000
December 2035 ($40,000 face amount)
Debt Instrument [Line Items]
Borrowings Outstanding	$ 39,513	$ 39,474
Weighted Average Interest Rates	8.39%	7.63%
December 2035 ($40,000 face amount) | Capstead
Debt Instrument [Line Items]
Face amount of debt	$ 40,000
September 2036 ($25,000 face amount)
Debt Instrument [Line Items]
Borrowings Outstanding	$ 24,674	$ 24,650
Weighted Average Interest Rates	8.39%	7.67%
September 2036 ($25,000 face amount) | Capstead
Debt Instrument [Line Items]
Face amount of debt	$ 25,000

Debt - Repurchase Agreements, R

Debt - Repurchase Agreements, Real Estate Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 680,859	$ 1,019,600
Accrued Interest	12,715	2,692
Real estate securities, available for sale, measured at fair value	221,025	0
Secured Debt | U.S. Bank National Association | Class C Notes
Assets Sold under Agreements to Repurchase [Line Items]
Real estate securities, available for sale, measured at fair value	67,100	43,200
Revolving Credit Facility
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	222,864	34,311
Accrued Interest	$ 2,927	$ 905
Interest Rate	5.25%	1.71%
Days to Maturity	37 days	33 days
Revolving Credit Facility | Asset Pledged as Collateral | Securities Sold under Agreements to Repurchase
Assets Sold under Agreements to Repurchase [Line Items]
Collateral Pledged	$ 265,529	$ 43,218
Revolving Credit Facility | JP Morgan Securities LLC
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	103,513	19,025
Accrued Interest	$ 1,281	$ 261
Interest Rate	5.34%	1.14%
Days to Maturity	22 days	10 days
Revolving Credit Facility | JP Morgan Securities LLC | Asset Pledged as Collateral | Securities Sold under Agreements to Repurchase
Assets Sold under Agreements to Repurchase [Line Items]
Collateral Pledged	$ 120,751	$ 24,087
Revolving Credit Facility | Goldman Sachs International
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		0
Accrued Interest		37
Revolving Credit Facility | Goldman Sachs International | Asset Pledged as Collateral | Securities Sold under Agreements to Repurchase
Assets Sold under Agreements to Repurchase [Line Items]
Collateral Pledged		0
Revolving Credit Facility | Barclays Capital Inc.
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	119,351	15,286
Accrued Interest	$ 1,646	$ 526
Interest Rate	5.18%	1.21%
Days to Maturity	50 days	14 days
Revolving Credit Facility | Barclays Capital Inc. | Asset Pledged as Collateral | Securities Sold under Agreements to Repurchase
Assets Sold under Agreements to Repurchase [Line Items]
Collateral Pledged	$ 144,778	$ 19,131
Revolving Credit Facility | Citigroup Global Markets, Inc.
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		0
Accrued Interest		81
Revolving Credit Facility | Citigroup Global Markets, Inc. | Asset Pledged as Collateral | Securities Sold under Agreements to Repurchase
Assets Sold under Agreements to Repurchase [Line Items]
Collateral Pledged		$ 0

Debt - Repurchase Agreements, C

Debt - Repurchase Agreements, Collateral Type (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Net Investment Income [Line Items]
Accrued Interest	$ 34,007	$ 30,109
Repurchase arrangements secured by Agency securities with maturities of 30 days or less
Net Investment Income [Line Items]
Amount Outstanding	172,144	4,144,473
Collateral Pledged	180,400	4,327,020
Accrued Interest	$ 544	$ 8,908
Weighted Average Interest Rates	4.25%	0.13%
Repurchase arrangements secured by Agency securities with maturities of 31 to 90 days
Net Investment Income [Line Items]
Amount Outstanding	$ 45,000
Collateral Pledged	47,210
Accrued Interest	$ 114
Weighted Average Interest Rates	4.51%
Repurchase Arrangements Secured by Agency Securities
Net Investment Income [Line Items]
Amount Outstanding	$ 217,144
Collateral Pledged	227,610
Accrued Interest	$ 658
Weighted Average Interest Rates	4.30%

Debt - Collateralized Loan Obli

Debt - Collateralized Loan Obligation by Tranche (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Par Value Issued	$ 23,998	$ 23,998
Secured Debt | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	3,601,586	2,672,174
Borrowings Outstanding	3,147,728	2,179,514
Collateralized loan obligation excluded	453,400	320,600
Secured Debt | 2018-FL4 Issuer, Tranche A | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued		416,827
Borrowings Outstanding		$ 75,263
Interest Rate		1.05%
Secured Debt | 2018-FL4 Issuer, Tranche A-S | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued		$ 73,813
Borrowings Outstanding		$ 73,813
Interest Rate		1.30%
Secured Debt | 2018-FL4 Issuer, Tranche B | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued		$ 56,446
Borrowings Outstanding		$ 56,446
Interest Rate		1.60%
Secured Debt | 2018-FL4 Issuer, Tranche C | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued		$ 68,385
Borrowings Outstanding		$ 68,385
Interest Rate		2.10%
Secured Debt | 2018-FL4 Issuer, Tranche D | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued		$ 57,531
Borrowings Outstanding		$ 57,531
Interest Rate		2.75%
Secured Debt | 2018-FL4 Issuer, Tranche E | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued		$ 28,223
Borrowings Outstanding		$ 28,223
Interest Rate		3.05%
Secured Debt | 2019-FL5 Issuer, Tranche A | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	407,025	$ 407,025
Borrowings Outstanding	$ 0	$ 299,529
Interest Rate	1.15%	1.15%
Secured Debt | 2019-FL5 Issuer, Tranche A-S | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	$ 76,950	$ 76,950
Borrowings Outstanding	$ 73,715	$ 76,950
Interest Rate	1.48%	1.48%
Secured Debt | 2019-FL5 Issuer, Tranche B | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	$ 50,000	$ 50,000
Borrowings Outstanding	$ 50,000	$ 50,000
Interest Rate	1.40%	1.40%
Secured Debt | 2019-FL5 Issuer, Tranche C | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	$ 61,374	$ 61,374
Borrowings Outstanding	$ 61,374	$ 61,374
Interest Rate	2%	2%
Secured Debt | 2019-FL5 Issuer, Tranche D | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	$ 48,600	$ 48,600
Borrowings Outstanding	$ 5,000	$ 5,000
Interest Rate	2.40%	2.40%
Secured Debt | 2019-FL5 Issuer, Tranche E | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	$ 20,250	$ 20,250
Borrowings Outstanding	$ 20,250	$ 20,250
Interest Rate	2.85%	2.85%
Secured Debt | 2021-FL6 Issuer, Tranche A | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	$ 367,500	$ 367,500
Borrowings Outstanding	$ 367,500	$ 367,500
Interest Rate	1.10%	1.10%
Secured Debt | 2021-FL6 Issuer, Tranche A-S | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	$ 86,625	$ 86,625
Borrowings Outstanding	$ 86,625	$ 86,625
Interest Rate	1.30%	1.30%
Secured Debt | 2021-FL6 Issuer, Tranche B | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	$ 33,250	$ 33,250
Borrowings Outstanding	$ 33,250	$ 33,250
Interest Rate	1.60%	1.60%
Secured Debt | 2021-FL6 Issuer, Tranche C | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	$ 41,125	$ 41,125
Borrowings Outstanding	$ 41,125	$ 41,125
Interest Rate	2.05%	2.05%
Secured Debt | 2021-FL6 Issuer, Tranche D | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	$ 44,625	$ 44,625
Borrowings Outstanding	$ 44,625	$ 44,625
Interest Rate	3%	3%
Secured Debt | 2021-FL6 Issuer, Tranche E | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	$ 11,375	$ 11,375
Borrowings Outstanding	$ 11,375	$ 11,375
Interest Rate	3.50%	3.50%
Secured Debt | 2021-FL7 Issuer, Tranche A | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	$ 508,500	$ 508,500
Borrowings Outstanding	$ 508,500	$ 508,500
Interest Rate	1.32%	1.32%
Secured Debt | 2021-FL7 Issuer, Tranche A-S | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	$ 13,500	$ 13,500
Borrowings Outstanding	$ 13,500	$ 13,500
Interest Rate	1.65%	1.65%
Secured Debt | 2021-FL7 Issuer, Tranche B | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	$ 52,875	$ 52,875
Borrowings Outstanding	$ 52,875	$ 52,875
Interest Rate	2.05%	2.05%
Secured Debt | 2021-FL7 Issuer, Tranche C | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	$ 66,375	$ 66,375
Borrowings Outstanding	$ 66,375	$ 66,375
Interest Rate	2.30%	2.30%
Secured Debt | 2021-FL7 Issuer, Tranche D | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	$ 67,500	$ 67,500
Borrowings Outstanding	$ 67,500	$ 67,500
Interest Rate	2.75%	2.75%
Secured Debt | 2021-FL7 Issuer, Tranche E | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	$ 13,500	$ 13,500
Borrowings Outstanding	$ 13,500	$ 13,500
Interest Rate	3.40%	3.40%
Secured Debt | 2022-FL8 Issuer, Tranche A | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	$ 690,000
Borrowings Outstanding	$ 690,000
Interest Rate	1.50%
Secured Debt | 2022-FL8 Issuer, Tranche A-S | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	$ 66,000
Borrowings Outstanding	$ 66,000
Interest Rate	1.85%
Secured Debt | 2022-FL8 Issuer, Tranche B | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	$ 55,500
Borrowings Outstanding	$ 55,500
Interest Rate	2.05%
Secured Debt | 2022-FL8 Issuer, Tranche C | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	$ 67,500
Borrowings Outstanding	$ 67,500
Interest Rate	2.30%
Secured Debt | 2022-FL8 Issuer, Tranche D | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	$ 81,000
Borrowings Outstanding	$ 81,000
Interest Rate	2.80%
Secured Debt | 2022-FL9 Issuer, Tranche A | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	$ 423,667
Borrowings Outstanding	$ 423,667
Interest Rate	2.55%
Secured Debt | 2022-FL9 Issuer, Tranche A-S | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	$ 96,380
Borrowings Outstanding	$ 96,380
Interest Rate	3.10%
Secured Debt | 2022-FL9 Issuer, Tranche B | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	$ 42,166
Borrowings Outstanding	$ 42,166
Interest Rate	3.60%
Secured Debt | 2022-FL9 Issuer, Tranche C | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	$ 48,189
Borrowings Outstanding	$ 48,189
Interest Rate	4.15%
Secured Debt | 2022-FL9 Issuer, Tranche D | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	$ 49,194
Borrowings Outstanding	$ 49,194
Interest Rate	5.05%
Secured Debt | 2022-FL9 Issuer, Tranche E | U.S. Bank National Association
Debt Instrument [Line Items]
Par Value Issued	$ 11,041
Borrowings Outstanding	$ 11,043
Interest Rate	5.65%

Debt - Collateralized Loan Ob_2

Debt - Collateralized Loan Obligation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 179,314	$ 154,929	$ 82,071	$ 87,246
Commercial mortgage loans, held for investment, net	5,228,928	4,211,061
Accrued interest receivable	34,007	30,109
Total assets	6,203,601	9,474,701	$ 3,189,761
Liabilities
Notes payable	23,998	23,998
Accrued interest payable	12,715	2,692
Total liabilities	4,530,465	7,666,645
Allowance for loan losses	40,848	15,827
Collaterized loan obligation
ASSETS
Cash and cash equivalents	43,246	187,668
Commercial mortgage loans, held for investment, net	3,942,918	2,629,431
Accrued interest receivable	15,444	5,918
Total assets	4,001,608	2,823,017
Liabilities
Notes payable	3,601,102	2,482,762
Accrued interest payable	10,582	1,598
Total liabilities	3,611,684	2,484,360
Restricted cash	42,500	187,000
Allowance for loan losses	13,200	8,700
Collateralized loan obligation excluded	453,400	320,600
Deferred financing cost and discount	$ 19,200	$ 17,300

Earnings Per Share - Summary of

Earnings Per Share - Summary of the Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator
Net income/(loss)	$ 14,215	$ 25,702	$ 54,746
Net (income)/loss from noncontrolling interest	216	0	0
Less: Preferred stock dividends	41,741	33,587	14,920
Less: Undistributed earnings allocated to preferred stock	0	0	0
Net income/(loss) attributable to common shareholders, basic	(27,310)	(7,885)	39,826
Net income/(loss) attributable to common shareholders, diluted	$ (27,310)	$ (7,885)	$ 39,826
Denominator
Weighted-average common shares outstanding for basic earnings per share (in shares)	71,628,365	43,419,209	44,384,813
Unvested restricted shares and stock units (in shares)	0	15,521	14,066
Weighted-average common shares outstanding for diluted earnings per share (in shares)	71,628,365	43,434,731	44,398,879
Basic earnings per share (in dollars per share)	$ (0.38)	$ (0.18)	$ 0.90
Diluted earnings per share (in dollars per share)	$ (0.38)	$ (0.18)	$ 0.90
Restricted Shares And Stock Units
Denominator
Antidilutive securities excluded from computation (in shares)	476,653
Convertible Preferred Stock
Denominator
Antidilutive securities excluded from computation (in shares)	17,521,845

Redeemable Convertible Prefer_3

Redeemable Convertible Preferred Stock and Equity Transactions - Summary of Shares Outstanding (Details) $ / shares in Units, $ in Thousands						1 Months Ended	3 Months Ended	12 Months Ended
	Jan. 19, 2023 shares	Oct. 20, 2022 shares	Oct. 19, 2022 shares	Jun. 24, 2022 shares	Apr. 19, 2022 shares	Jun. 30, 2022 shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) shares	Jan. 19, 2024 shares	Dec. 31, 2019 shares
Class of Stock [Line Items]
Total redeemable convertible preferred stock | $							$ 94,748	$ 94,748	$ 96,655
Common stock - at par value, shares outstanding (in shares)							82,992,784	82,992,784	43,965,928
Common stock dividends declared (in dollars per share) | $ / shares								$ 1.42	$ 1.26
Common stock, shares issued (in shares)			119,538				82,992,784	82,992,784	43,965,928
Common stock shares repurchased (in shares)								1,416,369
Repurchases during period, average price per share (usd per share) | $ / shares								$ 11.71
Common stock shares repurchased | $								$ 16,579	$ 11,417	$ 10,259
Repurchases paid | $								16,579
Subsequent Event
Class of Stock [Line Items]
Common stock, shares issued (in shares)	299,200
Series C Preferred Stock
Class of Stock [Line Items]
Total redeemable convertible preferred stock | $							$ 0	$ 0	$ 6,971	$ 6,962
Preferred stock, shares outstanding (in shares)							0	0	1,400	1,400
Preferred stock dividends declared (in dollars per share) | $ / shares								$ 318.66	$ 377.02
Shares converted (in shares)			400					(400)	0
Preferred stock converted to common stock, per share stock consideration (in shares)			299.2
Preferred stock exchanged (in shares)		1,000						(1,000)	0
Series D Preferred Stock
Class of Stock [Line Items]
Total redeemable convertible preferred stock | $							$ 0	$ 0	$ 89,684	$ 0
Preferred stock, shares outstanding (in shares)							0	0	17,950	0
Preferred stock dividends declared (in dollars per share) | $ / shares									$ 377.02
Preferred stock exchanged (in shares)						17,950		(17,950)	0
Series H Preferred Stock
Class of Stock [Line Items]
Total redeemable convertible preferred stock | $							$ 89,748	$ 89,748	$ 0	$ 0
Preferred stock, shares outstanding (in shares)							17,950	17,950	0	0
Preferred stock dividends declared (in dollars per share) | $ / shares							$ 106.22	$ 424.86
Preferred stock exchanged (in shares)				(17,950)				(17,950)	0
Series H Preferred Stock | Forecast
Class of Stock [Line Items]
Preferred stock converted to common stock, per share stock consideration (in shares)											299.2
Series I Preferred Stock
Class of Stock [Line Items]
Total redeemable convertible preferred stock | $							$ 5,000	$ 5,000	$ 0	$ 0
Preferred stock, shares outstanding (in shares)							1,000	1,000	0	0
Preferred stock dividends declared (in dollars per share) | $ / shares							$ 106.22	$ 106.22
Preferred stock exchanged (in shares)								(1,000)	0
Series I Preferred Stock | Subsequent Event
Class of Stock [Line Items]
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
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)							10,329,039	10,329,039	10,329,039	0
Preferred stock dividends declared (in dollars per share) | $ / shares							$ 0.46875	$ 1.875	$ 0.47
Perpetual preferred stock and automatically convertible preferred stock | $							$ 258,742	$ 258,742	$ 258,742	$ 0
Series F Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)					0		0	0	39,733,299	0
Preferred stock dividends declared (in dollars per share) | $ / shares								$ 0.355	$ 0.35
Perpetual preferred stock and automatically convertible preferred stock | $							$ 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 | $							$ 826	$ 826	$ 441
Common stock - at par value, shares outstanding (in shares)							82,992,784	82,992,784	43,965,928	44,510,051		43,916,815
Common stock dividends declared (in dollars per share) | $ / shares							$ 0.355
Common stock shares repurchased (in shares)								1,416,369	648,837	579,467
Common stock shares repurchased | $								$ 14	$ 6	$ 6
Common Stock | Series C Preferred Stock
Class of Stock [Line Items]
Shares converted (in shares)								(119,538)
Common Stock | Series F Preferred Stock
Class of Stock [Line Items]
Shares converted (in shares)								(39,733,299)

Redeemable Convertible Prefer_4

Redeemable Convertible Preferred Stock and Equity Transactions - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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	$ 87,800	$ 53,100
Cash distributions	85,800	48,000
Common stock issued under DRIP	2,000	5,100
Distributions payable	36,317	30,346	$ 15,688
Share repurchase program, authorized amount	65,000
Remaining as of December 31, 2022	48,421
Common Stock
Class of Stock [Line Items]
Distributions payable	29,500	12,500
Preferred Stock | Series C Preferred Stock
Class of Stock [Line Items]
Distributions payable		100
Preferred Stock | Series D Preferred Stock
Class of Stock [Line Items]
Distributions payable		1,500
Preferred Stock | Series E Preferred Stock
Class of Stock [Line Items]
Distributions payable	4,800	4,800
Preferred Stock | Series F Preferred Stock
Class of Stock [Line Items]
Distributions payable		$ 11,300
Preferred Stock | Series H Preferred Stock
Class of Stock [Line Items]
Distributions payable	1,900
Preferred Stock | Series I Preferred Stock
Class of Stock [Line Items]
Distributions payable	$ 100

Redeemable Convertible Prefer_5

Redeemable Convertible Preferred Stock and Equity Transactions - Preferred Stock Activity (Details) - USD ($) $ in Thousands					1 Months Ended	12 Months Ended
	Oct. 20, 2022	Oct. 19, 2022	Jun. 24, 2022	Apr. 19, 2022	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance						$ 96,655
Ending balance						$ 94,748	$ 96,655
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
Automatically converted into Common Stock (in shares)		400				(400)	0
Converted into Common Stock						$ (1,997)	$ 0
Exchanged for Preferred Stock (in shares)	(1,000)					1,000	0
Exchanged for Preferred Stock (in shares)						$ 5,000	$ 0
Amortization of offering costs						$ 26	$ 9
Ending balance (in shares)						0	1,400
Ending balance						$ 0	$ 6,971
Series D Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)						17,950	0
Beginning balance						$ 89,684	$ 0
Issuance of Preferred Stock (in shares)						0	17,950
Issuance of Preferred Stock						$ 0	$ 89,748
Exchanged for Preferred Stock (in shares)					(17,950)	17,950	0
Exchanged for Preferred Stock (in shares)						$ 89,748	$ 0
Offering costs						0	(82)
Amortization of offering costs						$ 64	$ 18
Ending balance (in shares)						0	17,950
Ending balance						$ 0	$ 89,684
Series E Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)						10,329,039	0
Beginning balance						$ 258,742	$ 0
Issuance of Preferred Stock (in shares)						0	10,329,039
Issuance of Preferred Stock						$ 0	$ 258,742
Ending balance (in shares)						10,329,039	10,329,039
Ending balance						$ 258,742	$ 258,742
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
Converted into Common Stock						$ 710,431	$ 0
Issuance of Preferred Stock (in shares)						0	39,733,299
Issuance of Preferred Stock						$ 0	$ 710,431
Ending balance (in shares)				0		0	39,733,299
Ending balance						$ 0	$ 710,431
Series H Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)						0	0
Beginning balance						$ 0	$ 0
Exchanged for Preferred Stock (in shares)			17,950			17,950	0
Exchanged for Preferred Stock (in shares)						$ 89,748	$ 0
Ending balance (in shares)						17,950	0
Ending balance						$ 89,748	$ 0
Series I Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)						0	0
Beginning balance						$ 0	$ 0
Exchanged for Preferred Stock (in shares)						1,000	0
Exchanged for Preferred Stock (in shares)						$ 5,000	$ 0
Ending balance (in shares)						1,000	0
Ending balance						$ 5,000	$ 0

Redeemable Convertible Prefer_6

Redeemable Convertible Preferred Stock and Equity Transactions - Repurchases (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Equity [Abstract]
Authorized repurchase amount	$ 65,000
Repurchases paid (in shares) | shares	1,416,369
Repurchases paid	$ (16,579)
Remaining as of December 31, 2022	$ 48,421
Repurchases during period, average price per share (usd per share) | $ / shares	$ 11.71

Redeemable Convertible Prefer_7

Redeemable Convertible Preferred Stock and Equity Transactions - Changes in AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at Beginning of Period	$ (62)	$ (8,256)	$ (978)
Other comprehensive income/(loss)	170	7,404	(7,278)
Reclassification adjustment for amounts included in net income/(loss)	282	790	0
Balance at End of Period	390	(62)	(8,256)
Available for Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at Beginning of Period	0	(8,256)	(978)
Other comprehensive income/(loss)	390	8,256	(7,278)
Reclassification adjustment for amounts included in net income/(loss)	0	0	0
Balance at End of Period	390	0	(8,256)
Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at Beginning of Period	(62)	0	0
Other comprehensive income/(loss)	(220)	(852)	0
Reclassification adjustment for amounts included in net income/(loss)	282	790	0
Balance at End of Period	$ 0	$ (62)	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Unfunded Commitments (Details) - Unfunded Commitments Under Commercial Mortgage Loans - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
To be paid in year one	$ 73,921	$ 25,864
To be paid in year two	312,009	123,860
To be paid in year three	70,429	271,056
To be paid in year four	9,629	12,808
To be paid in year four and beyond		24,517
Total	$ 465,988	$ 458,105

Related Party Transactions an_3

Related Party Transactions and Arrangements - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Apr. 30, 2022 property	Sep. 17, 2021 USD ($)	Aug. 31, 2021 USD ($)	Aug. 31, 2020 USD ($)
Related Party Transaction [Line Items]
Interest expense	$ 38,205,000	$ 16,747,000
Unsecured debt	98,695,000	148,594,000
Commercial mortgage loans, held for investment, net	5,228,928,000	4,211,061,000
Interest income	357,705,000	216,890,000	$ 179,872,000
Par Value	5,269,776,000	4,226,888,000
First Mortgage
Related Party Transaction [Line Items]
Par Value	5,269,776,000
Industrial | Jeffersonville, GA
Related Party Transaction [Line Items]
Real estate investment property, net					$ 139,500,000
Industrial | Jeffersonville, GA | Franklin BSP Realty Trust, Inc
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by parent						79%
Real estate investments, joint ventures						$ 109,800,000
Equity method investments						$ 21,100,000
Industrial | Jeffersonville, GA | Jeffersonville JV, Affiliate
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
Retail
Related Party Transaction [Line Items]
Par Value	12,000,000	$ 0
Retail | Various
Related Party Transaction [Line Items]
Number of retail properties | property				24
Retail | Various | First Mortgage
Related Party Transaction [Line Items]
Par Value	$ 113,200,000
Retail | Various | Franklin BSP Realty Trust, Inc
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by parent	75.618%
Retail | Various | Walgreens JV, Affiliate
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners	24.242%
Series D Preferred Stock
Related Party Transaction [Line Items]
Preferred stock, shares outstanding (in shares) | shares	0	17,950	0
Unsecured Debt
Related Party Transaction [Line Items]
Interest expense	$ 5,700,000	$ 600,000
Mortgages | Industrial | Jeffersonville, GA
Related Party Transaction [Line Items]
Face amount of debt					112,700,000
Mortgages | Industrial | Jeffersonville, GA | Franklin BSP Realty Trust, Inc | September 2021 Mortgage Note Payable, Eliminated in Consolidation
Related Party Transaction [Line Items]
Face amount of debt					$ 88,700,000	88,700,000
Mortgages | Industrial | Jeffersonville, GA | Jeffersonville JV, Affiliate | September 2021 Mortgage Note Payable, Affiliate
Related Party Transaction [Line Items]
Face amount of debt	24,000,000	24,000,000				$ 24,000,000
Security Benefit Life Insurance Company | Unsecured Debt
Related Party Transaction [Line Items]
Face amount of debt							$ 100,000,000
Interest expense	1,000,000	2,000,000
Unsecured debt		$ 50,000,000
Affiliated Entity
Related Party Transaction [Line Items]
Commercial mortgage loans, held for investment, net	122,900,000
Interest income	$ 5,500,000
Benefit Street Partners LLC | Affiliated Entity
Related Party Transaction [Line Items]
Monthly asset management fee, percent of equity	0.125%
Subordinated performance fee, percent that total return exceeds per year	6%
Percent of excess total return	15%
Maximum annual subordinated performance fee payable percent of total return	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 - Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services (Details) - Affiliated Entity - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Total expenses from transactions with related party	$ 41,320	$ 37,326	$ 29,697
Payable to related party	15,429	17,538
Acquisition expenses | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	1,360	1,203	696
Payable to related party	0	0
Administrative services expenses | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	12,928	7,658	13,120
Payable to related party	3,526	0
Asset management and subordinated performance fee | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	26,157	28,110	15,178
Payable to related party	8,843	15,595
Other related party expenses | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	875	355	703
Payable to related party	3,060	1,943
Related party payables	2,900	1,900
Acquisition fees and expenses, including amount capitalized | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	11,700	15,000	7,100
Acquisition fees and expenses, amount capitalized | Nonrecurring Fees
Related Party Transaction [Line Items]
Total expenses from transactions with related party	$ 10,300	$ 13,800	$ 6,400

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 2,519	$ 0	$ 0
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)	4,000,000
2021 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum common stock shares available for issuance (in shares)	5,007,893
2021 Incentive Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 2,500
Unrecognized estimated compensation expense	$ 5,800
Weighted average period for recognition	1 year 6 months

Share-based Compensation - Unve

Share-based Compensation - Unvested Restricted Stock Units (Details) - Restricted Stock Units (RSUs)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 17.88
Grants (in dollars per share) | $ / shares	14.10
Forfeitures (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	16.14
Ending balance (in dollars per share) | $ / shares	$ 14.11
RSP
Shares Outstanding
Beginning balance (in shares)	11,184
Grants (in shares)	28,143
Forfeitures (in shares)	0
Vested (in shares)	(18,393)
Ending balance (in shares)	20,934
2021 Incentive Plan
Shares Outstanding
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	Dec. 31, 2022	Dec. 31, 2021
Assets, at fair value
Real estate securities, available for sale, measured at fair value	$ 221,025	$ 0
Real estate securities, trading, measured at fair value	235,728	4,566,871
Commercial mortgage loans, held for sale, measured at fair value	15,559	34,718
Derivative assets	415	436
Liabilities, at fair value
Liabilities	64	32,295
Fair Value, Measurements, Recurring
Assets, at fair value
Real estate securities, available for sale, measured at fair value	221,025
Real estate securities, trading, measured at fair value	235,728	4,566,871
Commercial mortgage loans, held for sale, measured at fair value	15,559	34,718
Other real estate investments, measured at fair value	0	2,074
Total assets, at fair value	472,727	4,604,099
Liabilities, at fair value
Total liabilities, at fair value	64	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	0
Total assets, at fair value	91	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	221,025
Real estate securities, trading, measured at fair value	0	4,566,871
Commercial mortgage loans, held for sale, measured at fair value	0	0
Other real estate investments, measured at fair value	0	0
Total assets, at fair value	221,349	4,567,307
Liabilities, at fair value
Total liabilities, at fair value	64	0
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	235,728	0
Commercial mortgage loans, held for sale, measured at fair value	15,559	34,718
Other real estate investments, measured at fair value	0	2,074
Total assets, at fair value	251,287	36,792
Liabilities, at fair value
Total liabilities, at fair value	0	0
Treasury note futures
Assets, at fair value
Derivative assets	91	124
Liabilities, at fair value
Liabilities	0	0
Treasury note futures | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative assets	91	124
Treasury note futures | Level I | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative assets	91	0
Treasury note futures | Level II | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative assets	0	124
Treasury note futures | Level III | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative assets	0	0
Interest rate swaps
Assets, at fair value
Derivative assets	90	312
Liabilities, at fair value
Liabilities	0	0
Interest rate swaps | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative assets	90	312
Interest rate swaps | Level I | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative assets	0	0
Interest rate swaps | Level II | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative assets	90	312
Interest rate swaps | Level III | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative assets	0	0
Credit default swaps
Assets, at fair value
Derivative assets	234	0
Liabilities, at fair value
Liabilities	64	1,142
Credit default swaps | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative assets	234
Liabilities, at fair value
Liabilities	64	1,142
Credit default swaps | Level I | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative assets	0
Liabilities, at fair value
Liabilities	0	0
Credit default swaps | Level II | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative assets	234
Liabilities, at fair value
Liabilities	64	1,142
Credit default swaps | Level III | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative assets	0
Liabilities, at fair value
Liabilities	$ 0	0
Unsecured debt-related interest rate swap agreements | Fair Value, Measurements, Recurring
Liabilities, at fair value
Liabilities		31,153
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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held for sale, measured at fair value	$ 15,559	$ 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	15,559	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	15,559	34,718
Commercial mortgage loans, held for sale, measured at fair value | Fair Value, Measurements, Recurring | Level III | Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held for sale, measured at fair value	$ 15,559	$ 34,718
Commercial mortgage loans, held for sale, measured at fair value | Fair Value, Measurements, Recurring | Level III | Minimum | Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield (percentage)	6.30%	3.20%
Commercial mortgage loans, held for sale, measured at fair value | Fair Value, Measurements, Recurring | Level III | Maximum | Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield (percentage)	7.70%	4.20%
Commercial mortgage loans, held for sale, measured at fair value | Fair Value, Measurements, Recurring | Level III | Weighted Average | Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield (percentage)	7.20%	3.40%
Real estate securities, trading, measured at fair value | Fair Value, Measurements, Recurring | Level III | Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, trading, measured at fair value	$ 235,728
Real estate securities, trading, measured at fair value | Fair Value, Measurements, Recurring | Level III | Minimum | Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield (percentage)	2%
Real estate securities, trading, measured at fair value | Fair Value, Measurements, Recurring | Level III | Maximum | Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield (percentage)	6.50%
Real estate securities, trading, measured at fair value | Fair Value, Measurements, Recurring | Level III | Weighted Average | Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield (percentage)	3.30%
Other real estate investments, measured at fair value | Fair Value, Measurements, Recurring | Level III | Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other real estate investments, measured at fair value		$ 2,074
Other real estate investments, measured at fair value | Fair Value, Measurements, Recurring | Level III | Minimum | Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield (percentage)		9.90%
Other real estate investments, measured at fair value | Fair Value, Measurements, Recurring | Level III | Maximum | Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield (percentage)		11.90%
Other real estate investments, measured at fair value | Fair Value, Measurements, Recurring | Level III | Weighted Average | Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield (percentage)		10.90%

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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Total realized and unrealized gain/(loss) included in earnings:
Net accretion	$ 12,619	$ 7,035	$ 5,999
Commercial mortgage loans, held for sale, measured at fair value | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	34,718	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 loan, held for sale	2,358	24,208
Realized gain/(loss) on sale of real estate securities	0
Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments	(511)	469
Trading gain/(loss)	0
Net accretion	0	0
Purchases	366,692	420,673
Sales / paydowns	(387,698)	(478,281)
Cash repayments/receipts	0	0
Transfers out of Level III	0	0
Ending balance	15,559	34,718	67,649
Real estate securities, trading, measured at fair value | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0	0
Transfers into Level III	4,566,871	0
Total realized and unrealized gain/(loss) included in earnings:
Realized gain/(loss) on sale of commercial mortgage loan, held for sale	0	0
Realized gain/(loss) on sale of real estate securities	0
Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments	0	0
Trading gain/(loss)	(119,220)
Net accretion	0	0
Purchases	0	0
Sales / paydowns	(4,211,923)	0
Cash repayments/receipts	0	0
Transfers out of Level III	0	0
Ending balance	235,728	0	0
Other real estate investments, measured at fair value | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	2,074	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 loan, held for sale	0	0
Realized gain/(loss) on sale of real estate securities	(33)
Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments	4	(19)
Trading gain/(loss)	0
Net accretion	0	(3)
Purchases	0	0
Sales / paydowns	(2,045)	(426)
Cash repayments/receipts	0	0
Transfers out of Level III	0	0
Ending balance	$ 0	$ 2,074	$ 2,522

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Allowance for loan losses	$ 40,848	$ 15,827
Carrying Amount | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans, held-for-investment		4,226,888
Collateralized loan obligations	3,121,983	2,162,190
Mortgage note payable	23,998	23,998
Other financing and loan participation - commercial mortgage loans	76,301	37,903
Unsecured debt	98,695	148,594
Allowance for loan losses	40,800	15,800
Fair Value | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans, held-for-investment	5,278,495	4,249,118
Collateralized loan obligations	3,055,810	2,181,571
Mortgage note payable	23,998	23,998
Other financing and loan participation - commercial mortgage loans	76,301	37,903
Unsecured debt	$ 66,300	$ 125,400

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Commercial Mortgage Backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Securities sold under agreements to repurchase	$ 680,859	$ 1,019,600
Real Estate Securities
Assets Sold under Agreements to Repurchase [Line Items]
Securities sold under agreements to repurchase	$ 440,008	$ 4,178,784

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - Interest rate swaps	12 Months Ended
	Dec. 31, 2022
Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Term of derivative contract	18 months
Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Term of derivative contract	3 years

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Outstanding Derivatives (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional	$ 31,300	$ 3,796,860
Assets	415	436
Liabilities	64	32,295
Credit default swaps
Derivative [Line Items]
Notional	18,000	47,000
Assets	234	0
Liabilities	64	1,142
Interest rate swaps
Derivative [Line Items]
Notional	9,800	3,649,500
Assets	90	312
Liabilities	0	0
Interest rate swaps on unsecured debt
Derivative [Line Items]
Notional		100,000
Assets		0
Liabilities		31,153
Treasury note futures
Derivative [Line Items]
Notional	3,500	360
Assets	91	124
Liabilities	$ 0	$ 0

Derivative Instruments - Net Re

Derivative Instruments - Net Realized and Unrealized Losses on Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	$ 15,840	$ (7,402)	$ 995
Realized (Gain)/Loss	(60,033)	(484)	$ 12,486
Credit default swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	(147)	(101)
Realized (Gain)/Loss	405	650
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	15,954	(7,070)
Realized (Gain)/Loss	(59,499)	70
Treasury note futures
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	33	(231)
Realized (Gain)/Loss	(939)	(1,478)
Options
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (Gain)/Loss	0	0
Realized (Gain)/Loss	$ 0	$ 274

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities - Offsetting Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Offsetting Derivative Assets [Abstract]
Gross Amounts of Recognized Assets	$ 415	$ 436
Gross Amounts Offset on the Balance Sheet	0	0
Net Amount of Assets Presented on the Balance Sheet	415	436
Financial Instruments	0	0
Cash Collateral	0	0
Net Amount	$ 415	$ 436

Offsetting Assets and Liabili_4

Offsetting Assets and Liabilities - Offsetting Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Offsetting Derivative Liabilities [Abstract]
Derivative instruments, at fair value, gross amounts recognized	$ 64	$ 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	64	32,295
Derivative instruments, at fair value, gross amounts not offset on balance sheet, financial instruments	0	0
Derivative instruments, at fair value, gross amounts not offset on the balance sheet, cash collateral pledged	729	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	680,859	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	680,859	1,019,600
Repurchase agreements, gross amounts not offset on the balance sheet, financial instruments	961,528	1,460,317
Repurchase agreements, gross amounts not offset on the balance sheet, cash collateral pledged	5,032	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	440,008	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	440,008	4,178,784
Repurchase agreements, gross amounts not offset on the balance sheet, financial instruments	493,138	4,370,239
Repurchase agreements, gross amounts not offset on the balance sheet, cash collateral pledged	0	0
Repurchase agreements, net amount	$ 0	$ 0

Segment Reporting - Schedule of

Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Interest income	$ 357,705	$ 216,890	$ 179,872
Revenue from real estate owned	9,655	4,759	4,299
Interest expense	165,708	60,835	66,556
Net income/(loss)	14,215	25,702	54,746
Total assets	6,203,601	9,474,701	3,189,761
Real Estate Debt and Other Real Estate
Segment Reporting Information [Line Items]
Interest income	320,546	189,090	165,907
Revenue from real estate owned	0	0	0
Interest expense	151,675	54,774	54,480
Net income/(loss)	78,252	86,863	66,383
Total assets	5,444,152	4,205,883	2,866,790
Real Estate Securities
Segment Reporting Information [Line Items]
Interest income	30,203	24,740	10,854
Revenue from real estate owned	0	0	0
Interest expense	11,203	3,682	7,914
Net income/(loss)	(69,155)	(85,381)	(7,207)
Total assets	474,231	5,054,394	175,088
TRS
Segment Reporting Information [Line Items]
Interest income	6,956	3,060	3,111
Revenue from real estate owned	0	0	0
Interest expense	1,643	992	2,185
Net income/(loss)	2,736	13,149	(5,559)
Total assets	63,307	72,840	105,364
Real Estate Owned
Segment Reporting Information [Line Items]
Interest income	0	0	0
Revenue from real estate owned	9,655	4,759	4,299
Interest expense	1,187	1,387	1,977
Net income/(loss)	2,382	11,071	1,129
Total assets	$ 221,911	$ 141,584	$ 42,519

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Examination [Line Items]
Income tax expense (benefit)		$ (399)	$ 3,599	$ (2,062)
Common stock, dividends, per share per annum, declared (in dollars per share)		$ 1.42	$ 1.26
Ordinary income declared per share (in dollars per share)		$ 1.42	1.22
Capital gain declared per share (in dollars per share)			0.04
Federal | TRS
Income Tax Examination [Line Items]
NOL carryforwards	$ 400	$ 400
State and Local | TRS
Income Tax Examination [Line Items]
NOL carryforwards	$ 4,000	$ 4,000
Series A Preferred Stock
Income Tax Examination [Line Items]
Preferred stock dividends declared (in dollars per share)			353.08
Preferred stock ordinary income declared (in dollars per share)			343.03
Preferred stock, capital gain declared per share (in dollars per share)			10.05
Series C Preferred Stock
Income Tax Examination [Line Items]
Preferred stock dividends declared (in dollars per share)		$ 318.66	377.02
Preferred stock ordinary income declared (in dollars per share)		318.66	366.29
Preferred stock, capital gain declared per share (in dollars per share)			10.73
Series D Preferred Stock
Income Tax Examination [Line Items]
Preferred stock dividends declared (in dollars per share)			377.02
Preferred stock ordinary income declared (in dollars per share)			366.29
Preferred stock, capital gain declared per share (in dollars per share)			10.73
Series E Preferred Stock
Income Tax Examination [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.46875	1.875	0.47
Preferred stock ordinary income declared (in dollars per share)		1.875	0.46
Preferred stock, capital gain declared per share (in dollars per share)			0.01
Series F Preferred Stock
Income Tax Examination [Line Items]
Preferred stock dividends declared (in dollars per share)		0.355	0.35
Preferred stock ordinary income declared (in dollars per share)		0.355	0.34
Preferred stock, capital gain declared per share (in dollars per share)			$ 0.01
Series H Preferred Stock
Income Tax Examination [Line Items]
Preferred stock dividends declared (in dollars per share)	106.22	424.86
Preferred stock ordinary income declared (in dollars per share)		424.86
Series I Preferred Stock
Income Tax Examination [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 106.22	106.22
Preferred stock ordinary income declared (in dollars per share)		$ 106.22

Income Taxes - Provision for In

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current expense/(benefit)
U.S. Federal	$ (65)	$ 3,093	$ (2,086)
State and local	(167)	349	370
Total current expense/(benefit)	(232)	3,442	(1,716)
Deferred expense/(benefit)
U.S. Federal	(99)	(1)	0
State and local	(68)	158	(346)
Total deferred expense/(benefit)	(167)	157	(346)
Provision for income tax expense/(benefit)	$ (399)	$ 3,599	$ (2,062)

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Amortized Cost	$ 5,269,776	$ 4,226,888
Retail
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Amortized Cost	12,000	$ 0
First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	5,288,974
Amortized Cost	5,269,776
First Mortgage | Hospitality | Senior 1
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	4,822
Amortized Cost	$ 4,822
Spread	4%
First Mortgage | Hospitality | Senior 2
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 57,075
Amortized Cost	$ 57,075
Spread	5.19%
First Mortgage | Hospitality | Senior 5
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 22,116
Amortized Cost	$ 22,116
Spread	3.50%
First Mortgage | Hospitality | Senior 9
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 9,531
Amortized Cost	$ 9,531
Spread	5.57%
First Mortgage | Hospitality | Senior 10
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 19,352
Amortized Cost	$ 19,352
Spread	3.84%
First Mortgage | Hospitality | Senior 11
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 12,980
Amortized Cost	$ 12,980
Spread	3.02%
First Mortgage | Hospitality | Senior 12
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 4,988
Amortized Cost	$ 4,988
Spread	4.25%
First Mortgage | Hospitality | Senior 13
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 31,597
Amortized Cost	$ 31,597
Spread	5.25%
First Mortgage | Hospitality | Senior 36
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 23,000
Amortized Cost	$ 22,952
Spread	5.79%
First Mortgage | Hospitality | Senior 47
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 25,785
Amortized Cost	$ 25,759
Spread	5.60%
First Mortgage | Hospitality | Senior 54
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 25,771
Amortized Cost	$ 25,645
Spread	9%
First Mortgage | Hospitality | Senior 60
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 19,640
Amortized Cost	$ 19,608
Spread	5.35%
First Mortgage | Hospitality | Senior 61
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 33,000
Amortized Cost	$ 32,883
Spread	6.25%
First Mortgage | Hospitality | Senior 73
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 32,527
Amortized Cost	$ 32,305
Spread	6.73%
First Mortgage | Hospitality | Senior 75
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 17,122
Amortized Cost	$ 17,088
Spread	5.25%
First Mortgage | Hospitality | Senior 76
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 16,500
Amortized Cost	$ 16,463
Spread	7.10%
First Mortgage | Hospitality | Senior 114
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 10,493
Amortized Cost	$ 10,452
Spread	5.30%
First Mortgage | Hospitality | Senior 123
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 0
Amortized Cost	$ 0
Spread	7.05%
First Mortgage | Hospitality | Senior 125
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 43,344
Amortized Cost	$ 43,265
Spread	4.90%
First Mortgage | Hospitality | Senior 126
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 11,250
Amortized Cost	$ 11,152
Spread	5.22%
First Mortgage | Hospitality | Senior 149
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 29,644
Amortized Cost	$ 29,366
Spread	6.94%
First Mortgage | Hospitality | Senior 150
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 13,410
Amortized Cost	$ 13,314
Spread	5.75%
First Mortgage | Hospitality | Senior 155
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 28,300
Amortized Cost	$ 28,163
Spread	5.25%
First Mortgage | Hospitality | Senior 156
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 16,970
Amortized Cost	$ 16,970
Spread	5.99%
First Mortgage | Hospitality | Mezzanine 5
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 1,350
Amortized Cost	$ 1,344
Spread	9.25%
First Mortgage | Multifamily | Senior 3
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 34,668
Amortized Cost	$ 34,668
Spread	3.03%
First Mortgage | Multifamily | Senior 4
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 34,731
Amortized Cost	$ 34,731
Spread	3%
First Mortgage | Multifamily | Senior 17
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 10,807
Amortized Cost	$ 10,807
Spread	4.25%
First Mortgage | Multifamily | Senior 22
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 14,550
Amortized Cost	$ 14,550
Spread	4.83%
First Mortgage | Multifamily | Senior 28
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 38,927
Amortized Cost	$ 38,864
Spread	4.45%
First Mortgage | Multifamily | Senior 30
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 12,280
Amortized Cost	$ 12,253
Spread	4.55%
First Mortgage | Multifamily | Senior 31
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 21,000
Amortized Cost	$ 20,959
Spread	4.60%
First Mortgage | Multifamily | Senior 34
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 12,892
Amortized Cost	$ 12,707
Spread	7.25%
First Mortgage | Multifamily | Senior 35
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 5,400
Amortized Cost	$ 5,398
Spread	5.25%
First Mortgage | Multifamily | Senior 37
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 34,750
Amortized Cost	$ 34,732
Spread	6.75%
First Mortgage | Multifamily | Senior 38
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 12,325
Amortized Cost	$ 12,299
Spread	4.50%
First Mortgage | Multifamily | Senior 39
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 5,575
Amortized Cost	$ 5,571
Spread	4.50%
First Mortgage | Multifamily | Senior 40
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 55,000
Amortized Cost	$ 54,979
Spread	3%
First Mortgage | Multifamily | Senior 41
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 14,465
Amortized Cost	$ 14,446
Spread	3.39%
First Mortgage | Multifamily | Senior 42
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 8,676
Amortized Cost	$ 8,654
Spread	3.80%
First Mortgage | Multifamily | Senior 43
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 13,582
Amortized Cost	$ 13,560
Spread	4.50%
First Mortgage | Multifamily | Senior 44
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 18,653
Amortized Cost	$ 18,610
Spread	6.25%
First Mortgage | Multifamily | Senior 45
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 19,536
Amortized Cost	$ 19,510
Spread	3.60%
First Mortgage | Multifamily | Senior 46
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 43,096
Amortized Cost	$ 43,084
Spread	2.95%
First Mortgage | Multifamily | Senior 49
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 75,591
Amortized Cost	$ 75,553
Spread	2.95%
First Mortgage | Multifamily | Senior 50
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 20,960
Amortized Cost	$ 20,871
Spread	3.35%
First Mortgage | Multifamily | Senior 51
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 30,231
Amortized Cost	$ 30,216
Spread	2.95%
First Mortgage | Multifamily | Senior 52
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 35,466
Amortized Cost	$ 35,455
Spread	2.95%
First Mortgage | Multifamily | Senior 53
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 33,588
Amortized Cost	$ 33,579
Spread	2.95%
First Mortgage | Multifamily | Senior 56
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 25,198
Amortized Cost	$ 25,165
Spread	3.25%
First Mortgage | Multifamily | Senior 58
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 111,226
Amortized Cost	$ 110,462
Spread	6.50%
First Mortgage | Multifamily | Senior 59
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 11,069
Amortized Cost	$ 11,037
Spread	3.15%
First Mortgage | Multifamily | Senior 62
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 27,202
Amortized Cost	$ 26,944
Spread	8%
First Mortgage | Multifamily | Senior 63
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 15,874
Amortized Cost	$ 15,833
Spread	3.75%
First Mortgage | Multifamily | Senior 64
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 30,420
Amortized Cost	$ 30,326
Spread	3%
First Mortgage | Multifamily | Senior 65
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 40,046
Amortized Cost	$ 39,859
Spread	3.15%
First Mortgage | Multifamily | Senior 66
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 42,850
Amortized Cost	$ 42,778
Spread	3.40%
First Mortgage | Multifamily | Senior 67
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 36,760
Amortized Cost	$ 36,655
Spread	3.64%
First Mortgage | Multifamily | Senior 68
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 8,500
Amortized Cost	$ 8,475
Spread	3.75%
First Mortgage | Multifamily | Senior 69
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 14,200
Amortized Cost	$ 14,171
Spread	3.15%
First Mortgage | Multifamily | Senior 70
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 13,667
Amortized Cost	$ 13,639
Spread	3.75%
First Mortgage | Multifamily | Senior 71
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 67,138
Amortized Cost	$ 66,715
Spread	3.25%
First Mortgage | Multifamily | Senior 72
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 10,268
Amortized Cost	$ 10,226
Spread	3.75%
First Mortgage | Multifamily | Senior 74
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 26,698
Amortized Cost	$ 26,610
Spread	3.20%
First Mortgage | Multifamily | Senior 77
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 88,500
Amortized Cost	$ 88,500
Spread	2.75%
First Mortgage | Multifamily | Senior 78
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 56,150
Amortized Cost	$ 55,974
Spread	3.10%
First Mortgage | Multifamily | Senior 79
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 37,882
Amortized Cost	$ 37,714
Spread	2.90%
First Mortgage | Multifamily | Senior 80
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 54,151
Amortized Cost	$ 53,994
Spread	3.10%
First Mortgage | Multifamily | Senior 81
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 37,886
Amortized Cost	$ 37,779
Spread	2.90%
First Mortgage | Multifamily | Senior 82
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 65,741
Amortized Cost	$ 65,619
Spread	2.85%
First Mortgage | Multifamily | Senior 83
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 30,600
Amortized Cost	$ 30,573
Spread	2.65%
First Mortgage | Multifamily | Senior 84
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 31,662
Amortized Cost	$ 31,545
Spread	3.25%
First Mortgage | Multifamily | Senior 85
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 62,850
Amortized Cost	$ 62,712
Spread	3.35%
First Mortgage | Multifamily | Senior 86
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 43,745
Amortized Cost	$ 43,626
Spread	3%
First Mortgage | Multifamily | Senior 87
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 46,221
Amortized Cost	$ 46,027
Spread	2.75%
First Mortgage | Multifamily | Senior 88
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 86,000
Amortized Cost	$ 85,745
Spread	3.24%
First Mortgage | Multifamily | Senior 89
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 29,821
Amortized Cost	$ 29,730
Spread	2.90%
First Mortgage | Multifamily | Senior 91
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 58,680
Amortized Cost	$ 58,532
Spread	3.45%
First Mortgage | Multifamily | Senior 92
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 26,966
Amortized Cost	$ 26,896
Spread	2.90%
First Mortgage | Multifamily | Senior 93
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 13,535
Amortized Cost	$ 13,478
Spread	3.20%
First Mortgage | Multifamily | Senior 94
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 37,133
Amortized Cost	$ 37,002
Spread	3%
First Mortgage | Multifamily | Senior 95
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 33,581
Amortized Cost	$ 33,491
Spread	3.20%
First Mortgage | Multifamily | Senior 96
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 40,231
Amortized Cost	$ 40,115
Spread	2.90%
First Mortgage | Multifamily | Senior 97
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 66,202
Amortized Cost	$ 66,024
Spread	2.88%
First Mortgage | Multifamily | Senior 98
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 63,722
Amortized Cost	$ 63,549
Spread	2.88%
First Mortgage | Multifamily | Senior 99
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 16,909
Amortized Cost	$ 16,855
Spread	3.50%
First Mortgage | Multifamily | Senior 100
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 57,660
Amortized Cost	$ 57,544
Spread	2.75%
First Mortgage | Multifamily | Senior 101
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 65,953
Amortized Cost	$ 65,810
Spread	6.03%
First Mortgage | Multifamily | Senior 102
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 22,240
Amortized Cost	$ 22,179
Spread	2.96%
First Mortgage | Multifamily | Senior 103
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 25,746
Amortized Cost	$ 25,656
Spread	2.96%
First Mortgage | Multifamily | Senior 104
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 31,678
Amortized Cost	$ 31,526
Spread	3.20%
First Mortgage | Multifamily | Senior 105
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 78,050
Amortized Cost	$ 77,724
Spread	3.45%
First Mortgage | Multifamily | Senior 106
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 80,714
Amortized Cost	$ 80,552
Spread	3.21%
First Mortgage | Multifamily | Senior 107
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 24,000
Amortized Cost	$ 23,939
Spread	3.10%
First Mortgage | Multifamily | Senior 109
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 37,793
Amortized Cost	$ 37,531
Spread	3.55%
First Mortgage | Multifamily | Senior 110
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 22,965
Amortized Cost	$ 22,891
Spread	2.95%
First Mortgage | Multifamily | Senior 111
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 10,669
Amortized Cost	$ 10,637
Spread	3.30%
First Mortgage | Multifamily | Senior 112
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 47,444
Amortized Cost	$ 47,323
Spread	2.86%
First Mortgage | Multifamily | Senior 113
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 36,824
Amortized Cost	$ 36,729
Spread	2.86%
First Mortgage | Multifamily | Senior 116
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 82,000
Amortized Cost	$ 81,884
Spread	3.20%
First Mortgage | Multifamily | Senior 118
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 39,004
Amortized Cost	$ 38,870
Spread	3.10%
First Mortgage | Multifamily | Senior 119
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 34,823
Amortized Cost	$ 34,711
Spread	2.95%
First Mortgage | Multifamily | Senior 121
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 85,500
Amortized Cost	$ 85,373
Spread	3.15%
First Mortgage | Multifamily | Senior 122
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 31,282
Amortized Cost	$ 31,228
Spread	3.30%
First Mortgage | Multifamily | Senior 124
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 0
Amortized Cost	$ 0
Spread	6.75%
First Mortgage | Multifamily | Senior 127
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 5,132
Amortized Cost	$ 4,699
Spread	7.02%
First Mortgage | Multifamily | Senior 128
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 27,722
Amortized Cost	$ 27,595
Spread	6.05%
First Mortgage | Multifamily | Senior 129
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 56,616
Amortized Cost	$ 56,384
Spread	3.95%
First Mortgage | Multifamily | Senior 130
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 28,650
Amortized Cost	$ 28,465
Spread	4%
First Mortgage | Multifamily | Senior 131
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 50,137
Amortized Cost	$ 49,812
Spread	6.70%
First Mortgage | Multifamily | Senior 132
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 12,242
Amortized Cost	$ 12,192
Spread	3.55%
First Mortgage | Multifamily | Senior 135
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 19,441
Amortized Cost	$ 19,366
Spread	3.50%
First Mortgage | Multifamily | Senior 136
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 17,600
Amortized Cost	$ 17,569
Spread	4.55%
First Mortgage | Multifamily | Senior 137
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 28,640
Amortized Cost	$ 28,503
Spread	3.65%
First Mortgage | Multifamily | Senior 138
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 16,843
Amortized Cost	$ 16,756
Spread	3.65%
First Mortgage | Multifamily | Senior 139
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 70,750
Amortized Cost	$ 70,503
Spread	3.80%
First Mortgage | Multifamily | Senior 140
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 81,271
Amortized Cost	$ 80,939
Spread	3.95%
First Mortgage | Multifamily | Senior 141
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 43,651
Amortized Cost	$ 43,475
Spread	3.95%
First Mortgage | Multifamily | Senior 142
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 56,547
Amortized Cost	$ 56,311
Spread	3.95%
First Mortgage | Multifamily | Senior 143
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 20,325
Amortized Cost	$ 20,237
Spread	3.95%
First Mortgage | Multifamily | Senior 144
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 128,324
Amortized Cost	$ 127,678
Spread	3.95%
First Mortgage | Multifamily | Senior 145
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 56,000
Amortized Cost	$ 55,800
Spread	3.80%
First Mortgage | Multifamily | Senior 146
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 11,675
Amortized Cost	$ 11,647
Spread	4.45%
First Mortgage | Multifamily | Senior 147
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 69,200
Amortized Cost	$ 68,622
Spread	3.45%
First Mortgage | Multifamily | Senior 148
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 173,389
Amortized Cost	$ 172,791
Spread	6.52%
First Mortgage | Multifamily | Senior 152
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 47,293
Amortized Cost	$ 47,142
Spread	4.20%
First Mortgage | Multifamily | Senior 153
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 51,000
Amortized Cost	$ 50,753
Spread	3.75%
First Mortgage | Multifamily | Senior 154
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 15,150
Amortized Cost	$ 15,074
Spread	4.25%
First Mortgage | Multifamily | Mezzanine 1
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 3,000
Amortized Cost	$ 3,000
Spread	9.23%
First Mortgage | Multifamily | Mezzanine 2
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 10,000
Amortized Cost	$ 9,982
Spread	16.29%
First Mortgage | Office | Senior 6
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 18,683
Amortized Cost	$ 18,683
Spread	4.75%
First Mortgage | Office | Senior 7
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 7,035
Amortized Cost	$ 7,035
Spread	3.90%
First Mortgage | Office | Senior 8
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 43,886
Amortized Cost	$ 43,886
Spread	3.56%
First Mortgage | Office | Senior 14
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 15,188
Amortized Cost	$ 15,188
Spread	4%
First Mortgage | Office | Senior 15
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 25,802
Amortized Cost	$ 25,748
Spread	4.35%
First Mortgage | Office | Senior 16
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 63,811
Amortized Cost	$ 63,789
Spread	3.70%
First Mortgage | Office | Senior 18
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 36,362
Amortized Cost	$ 36,356
Spread	2.70%
First Mortgage | Office | Senior 24
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 18,203
Amortized Cost	$ 18,176
Spread	4.50%
First Mortgage | Office | Senior 25
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 65,519
Amortized Cost	$ 65,321
Spread	5.15%
First Mortgage | Office | Senior 26
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 35,000
Amortized Cost	$ 34,932
Spread	5.21%
First Mortgage | Office | Senior 27
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 12,750
Amortized Cost	$ 12,729
Spread	5%
First Mortgage | Office | Senior 32
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 12,971
Amortized Cost	$ 12,969
Spread	5%
First Mortgage | Office | Senior 33
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 43,751
Amortized Cost	$ 43,622
Spread	3.94%
First Mortgage | Office | Senior 57
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 6,742
Amortized Cost	$ 6,730
Spread	5.25%
First Mortgage | Retail | Senior 108
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 31,000
Amortized Cost	$ 30,894
Spread	3.29%
First Mortgage | Retail | Senior 115
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 22,377
Amortized Cost	$ 22,268
Spread	4.95%
First Mortgage | Retail | Senior 133
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 63,640
Amortized Cost	$ 60,304
Spread	4.50%
First Mortgage | Retail | Mezzanine 3
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 3,000
Amortized Cost	$ 2,989
Spread	12%
First Mortgage | Industrial | Senior 29
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 14,985
Amortized Cost	$ 14,955
Spread	4.50%
First Mortgage | Industrial | Senior 117
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 55,000
Amortized Cost	$ 54,832
Spread	3.50%
First Mortgage | Industrial | Senior 134
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 23,050
Amortized Cost	$ 22,930
Spread	4.90%
First Mortgage | Manufactured Housing | Senior 19
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 1,331
Amortized Cost	$ 1,331
Spread	5.50%
First Mortgage | Manufactured Housing | Senior 20
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 7,680
Amortized Cost	$ 7,671
Spread	4.50%
First Mortgage | Manufactured Housing | Senior 23
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 5,020
Amortized Cost	$ 5,013
Spread	5.25%
First Mortgage | Manufactured Housing | Senior 90
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 6,700
Amortized Cost	$ 6,677
Spread	4.50%
First Mortgage | Manufactured Housing | Senior 151
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 10,550
Amortized Cost	$ 10,479
Spread	4.75%
First Mortgage | Mixed Use | Senior 48
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 32,500
Amortized Cost	$ 32,463
Spread	3.70%
First Mortgage | Mixed Use | Senior 120
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 19,000
Amortized Cost	$ 18,942
Spread	3.42%
First Mortgage | Mixed Use | Mezzanine 4
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 1,000
Amortized Cost	$ 997
Spread	11%
First Mortgage | Self Storage | Senior 21
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 29,895
Amortized Cost	$ 29,858
Spread	5%
First Mortgage | Self Storage | Senior 55
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value	$ 15,000
Amortized Cost	$ 14,986
Spread	4.26%

Uncategorized Items - bsprt-202

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]