Franklin BSP Realty Trust (FBRT) 10-Q 30 Oct 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Oct. 25, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-40923
Entity Registrant Name	FRANKLIN BSP REALTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-1406086
Entity Address, Address Line One	1345 Avenue of the Americas
Entity Address, Address Line Two	Suite 32A
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10105
City Area Code	212
Local Phone Number	588-6770
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		82,073,180
Entity Central Index Key	0001562528
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Filer Category	Large Accelerated Filer
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	FBRT
Security Exchange Name	NYSE
Series E Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	7.50% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	FBRT PRE
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents		$ 411,437	$ 179,314
Restricted cash		6,655	11,173
Commercial mortgage loans, held for investment, net of allowance for credit losses of $37,512 and $40,848 as of September 30, 2023 and December 31, 2022, respectively		4,913,644	5,228,928
Commercial mortgage loans, held for sale, measured at fair value		17,000	15,559
Real estate securities, trading, measured at fair value (includes pledged assets of $227,610 as of December 31, 2022)		0	235,728
Real estate securities, available for sale, measured at fair value, amortized cost of $194,171 and $220,635 as of September 30, 2023 and December 31, 2022, respectively (includes pledged assets of $153,648 and $198,429 as of September 30, 2023 and December 31, 2022, respectively)		193,072	221,025
Derivative instruments, measured at fair value		35	415
Receivable for loan repayment	[1]	25,937	42,557
Accrued interest receivable		38,297	34,007
Prepaid expenses and other assets		17,501	15,795
Intangible lease asset, net of amortization		43,604	54,831
Real estate owned, net of depreciation		104,616	127,772
Real estate owned, held for sale		103,657	36,497
Total assets		5,875,455	6,203,601
LIABILITIES AND STOCKHOLDERS' EQUITY
Collateralized loan obligations		3,477,444	3,121,983
Mortgage note payable		23,998	23,998
Unsecured debt		81,270	98,695
Derivative instruments, measured at fair value		258	64
Interest payable		11,504	12,715
Distributions payable		36,224	36,317
Accounts payable and accrued expenses		16,884	17,668
Intangible lease liability		12,297	6,428
Total liabilities		4,189,739	4,530,465
Commitments and Contingencies
Redeemable convertible preferred stock:		89,748	94,748
Equity:
Common stock, $0.01 par value, 900,000,000 shares authorized, 83,019,881 and 82,992,784 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively		822	826
Additional paid-in capital		1,601,282	1,602,247
Accumulated other comprehensive income (loss)		(1,099)	390
Accumulated deficit		(292,833)	(299,225)
Total stockholders' equity		1,566,914	1,562,980
Non-controlling interest		29,054	15,408
Total equity		1,595,968	1,578,388
Total liabilities, redeemable convertible preferred stock and equity		5,875,455	6,203,601
Related Party
LIABILITIES AND STOCKHOLDERS' EQUITY
Due to affiliates		16,836	15,429
Series H Preferred Stock
LIABILITIES AND STOCKHOLDERS' EQUITY
Redeemable convertible preferred stock:		89,748	89,748
Series I Preferred Stock
LIABILITIES AND STOCKHOLDERS' EQUITY
Redeemable convertible preferred stock:		0	5,000
Series E Preferred Stock
Equity:
Preferred stock, $0.01 par value; 100,000,000 shares authorized, 7.5% Cumulative Redeemable Preferred Stock, Series E, 10,329,039 shares issued and outstanding as of September 30, 2023 and December 31, 2022		258,742	258,742
CMBS
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		249,345	680,859
Other financings		23,669	76,301
Repurchase agreements - real estate securities
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		$ 240,010	$ 440,008
[1]Includes $25.9 million and $42.5 million of cash held by servicer related to the CLOs as of September 30, 2023 and December 31, 2022, respectively. The Company no longer holds a residential mortgage backed securities principal paydown receivable as of September 30, 2023. The Company held a residential mortgage backed securities principal paydown receivable of $0.1 million as of December 31, 2022.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Allowance for credit loss	$ 37,512	$ 40,848
Residential mortgage backed securities, principal paydowns, receivable	0	100
Repurchase arrangements secured by trading securities with maturities of 30 days or less
Pledged assets		180,400
Repurchase Agreements Collateralized by Real Estate Securities Classified as Trading
Pledged assets		227,610
Collaterized loan obligation
Allowance for credit loss	23,900	13,200
Restricted cash	$ 25,900	$ 42,500
Common Stock
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	900,000,000	900,000,000
Common stock, shares outstanding (in shares)	83,019,881	82,992,784
Common stock, shares issued (in shares)	83,019,881	82,992,784
Series H Preferred Stock
Preferred stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	20,000	20,000
Preferred stock, shares outstanding (in shares)	17,950	17,950
Preferred stock, shares issued (in shares)	17,950	17,950
Series I Preferred Stock
Preferred stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	0	1,000
Preferred stock, shares outstanding (in shares)	0	1,000
Preferred stock, shares issued (in shares)		1,000
Series E Preferred Stock
Preferred stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares outstanding (in shares)	10,329,039	10,329,039
Preferred stock, shares issued (in shares)	10,329,039	10,329,039
Preferred stock rate, as a percentage	7.50%	7.50%
CRE CLO Bonds
Pledged assets	$ 153,648	$ 198,429
Amortized Cost	$ 194,171	$ 220,635

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income
Interest income	$ 137,042	$ 94,131	$ 420,470	$ 239,602
Less: Interest expense	77,973	46,157	224,347	96,262
Net interest income	59,069	47,974	196,123	143,340
Revenue from real estate owned	3,317	2,312	13,067	6,936
Total income	62,386	50,286	209,190	150,276
Expenses
Asset management and subordinated performance fee	7,908	6,430	24,893	19,776
Acquisition expenses	316	362	977	996
Administrative services expenses	3,566	3,001	10,993	9,402
Professional fees	4,153	4,074	11,761	18,287
Share-based compensation	1,255	669	3,505	1,851
Depreciation and amortization	1,513	1,295	5,514	3,886
Other expenses	2,856	1,424	9,323	4,849
Total expenses	21,567	17,255	66,966	59,047
Other income/(loss)
(Provision)/benefit for credit losses	(2,379)	599	(28,363)	(30,976)
Realized gain/(loss) on extinguishment of debt	(2,836)	0	2,201	(5,167)
Realized gain/(loss) on sale of available for sale trading securities	(486)	0	110	0
Realized gain/(loss) on sale of commercial mortgage loans, held for sale	0	9	0	48
Realized gain/(loss) on sale of commercial mortgage loans, held for sale, measured at fair value	933	4,782	3,027	4,838
Unrealized gain/(loss) on commercial mortgage loans, held for sale, measured at fair value	0	58	44	(3,678)
Gain/(loss) on other real estate investments	(4,112)	0	(7,142)	(29)
Trading gain/(loss)	(2,627)	(2,744)	(605)	(113,717)
Unrealized gain/(loss) on derivatives	(183)	1,566	(110)	(12,824)
Realized gain/(loss) on derivatives	67	(1,624)	684	57,599
Total other income/(loss)	(11,623)	2,646	(30,154)	(103,906)
Income/(loss) before taxes	29,196	35,677	112,070	(12,677)
(Provision)/benefit for income tax	1,799	(419)	2,408	(281)
Net income/(loss)	30,995	35,258	114,478	(12,958)
Net (income)/loss attributable to non-controlling interest	772	0	722	0
Net income/(loss)	31,767	35,258	115,200	(12,958)
Less: Preferred stock dividends	6,748	6,899	20,245	34,865
Net income/(loss) applicable to common stock, basic	25,019	28,359	94,955	(47,823)
Net income/(loss) applicable to common stock, diluted	$ 25,019	$ 28,359	$ 94,955	$ (47,823)
Basic earnings per share (in dollars per share)	$ 0.30	$ 0.34	$ 1.14	$ (0.70)
Diluted earnings per share (in dollars per share)	$ 0.30	$ 0.34	$ 1.14	$ (0.70)
Basic weighted average shares outstanding (in shares)	82,210,624	83,665,250	82,410,725	67,965,397
Diluted weighted average shares outstanding (in shares)	82,210,624	83,665,250	82,410,725	67,965,397

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income/(loss)	$ 30,995	$ 35,258	$ 114,478	$ (12,958)
Amounts related to available for sale real estate securities:
Change in net unrealized gain/(loss)	448	(373)	(564)	(373)
Reclassification adjustment for amounts included in net income/(loss)	(248)	0	(925)	0
Total unrealized gain (loss)	200	(373)	(1,489)	(373)
Amounts related to cash flow hedges:
Change in net unrealized gain/(loss)	0	0	0	(220)
Reclassification adjustment for amounts included in net income/(loss)	0	0	0	282
Total unrealized gain (loss)	0	0	0	62
Comprehensive (income)/loss attributed to non-controlling interest	772	0	722	0
Comprehensive income/(loss) attributable to Franklin BSP Realty Trust, Inc.	$ 31,967	$ 34,885	$ 113,711	$ (13,269)

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Series F Preferred Stock	Series I Preferred Stock	Total Stockholders' Equity	Total Stockholders' Equity Series I Preferred Stock	Common Stock	Common Stock Series F Preferred Stock	Common Stock Series I Preferred Stock	Additional Paid-In Capital	Additional Paid-In Capital Series F Preferred Stock	Additional Paid-In Capital Series I Preferred Stock	Accumulated Other Comprehensive Income/(Loss)	Accumulated Deficit	Preferred Stock Series E Preferred Stock	Preferred Stock Series F Preferred Stock	Non-Controlling Interest
Beginning balance (in shares) at Dec. 31, 2021						43,965,928
Beginning 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]
Common stock issued through distribution reinvestment plan (in shares)						5,982
Common stock issued through distribution reinvestment plan	91			91					91
Share-based compensation (in shares)						499,217
Share-based compensation	500			500					500
Net income/(loss)	(22,507)			(22,507)									(22,507)
Distributions declared	(36,743)			(36,743)									(36,743)
Other comprehensive income/(loss)	62			62								62
Ending balance (in shares) at Mar. 31, 2022						44,471,127
Ending balance at Mar. 31, 2022	1,652,804			1,647,040		$ 441			903,855			0	(226,429)	258,742	710,431	5,764
Beginning balance (in shares) at Dec. 31, 2021						43,965,928
Beginning 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]
Net income/(loss)	(12,958)
Net income/(loss) attributable to non-controlling interest	0
Ending balance (in shares) at Sep. 30, 2022						83,362,351
Ending balance at Sep. 30, 2022	1,579,806			1,574,042		$ 830			1,605,120			(373)	(290,277)	258,742	0	5,764
Beginning balance (in shares) at Mar. 31, 2022						44,471,127
Beginning balance at Mar. 31, 2022	1,652,804			1,647,040		$ 441			903,855			0	(226,429)	258,742	710,431	5,764
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchases (in shares)						743
Share-based compensation (in shares)						21,459
Share-based compensation	721			721					721
Preferred stock converted into common stock (in shares)							39,733,299
Preferred stock converted into common stock		$ 0					$ 397			$ 710,034					(710,431)
Net income/(loss)	(25,709)			(25,709)									(25,709)
Distributions declared	(36,848)			(36,848)									(36,848)
Ending balance (in shares) at Jun. 30, 2022						84,226,628
Ending balance at Jun. 30, 2022	1,590,968			1,585,204		$ 838			1,614,610			0	(288,986)	258,742	0	5,764
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchases (in shares)						931,053
Common stock repurchases	(11,035)			(11,035)		$ (9)			(11,026)
Common stock issued through distribution reinvestment plan (in shares)						66,776
Common stock issued through distribution reinvestment plan	907			907		$ 1			906
Share-based compensation	630			630					630
Net income/(loss)	35,258			35,258									35,258
Net income/(loss) attributable to non-controlling interest	0
Distributions declared	(36,549)			(36,549)									(36,549)
Other comprehensive income/(loss)	(373)			(373)								(373)
Ending balance (in shares) at Sep. 30, 2022						83,362,351
Ending balance at Sep. 30, 2022	1,579,806			1,574,042		$ 830			1,605,120			(373)	(290,277)	258,742	$ 0	5,764
Beginning balance (in shares) at Dec. 31, 2022						82,992,784
Beginning balance at Dec. 31, 2022	1,578,388			1,562,980		$ 826			1,602,247			390	(299,225)	258,742		15,408
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchases (in shares)						313,411
Common stock repurchases	(3,667)			(3,667)		$ (3)			(3,664)
Share-based compensation (in shares)						442,419
Share-based compensation	1,022			1,022					1,022
Shares canceled for tax withholding on vested equity rewards (in shares)						(57,021)
Shares canceled for tax withholding on vested equity rewards	(812)			(812)					(812)
Preferred stock converted into common stock (in shares)								299,200
Preferred stock converted into common stock			$ 5,000		$ 5,000			$ 3			$ 4,997
Net income/(loss)	43,830			43,830									43,830
Net income/(loss) attributable to non-controlling interest	9															9
Distributions declared	(36,367)			(36,367)									(36,367)
Other comprehensive income/(loss)	(2,325)			(2,325)								(2,325)
Contributions/(distributions) in non-controlling interest, net	5,851															5,851
Ending balance (in shares) at Mar. 31, 2023						83,363,971
Ending balance at Mar. 31, 2023	1,590,929			1,569,661		$ 826			1,603,790			(1,935)	(291,762)	258,742		21,268
Beginning balance (in shares) at Dec. 31, 2022						82,992,784
Beginning balance at Dec. 31, 2022	1,578,388			1,562,980		$ 826			1,602,247			390	(299,225)	258,742		15,408
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchases (in shares)						758,137
Common stock repurchases						$ (9,200)
Net income/(loss)	115,200
Net income/(loss) attributable to non-controlling interest	(722)
Ending balance (in shares) at Sep. 30, 2023						83,019,881
Ending balance at Sep. 30, 2023	1,595,968			1,566,914		$ 822			1,601,282			(1,099)	(292,833)	258,742		29,054
Beginning balance (in shares) at Mar. 31, 2023						83,363,971
Beginning balance at Mar. 31, 2023	1,590,929			1,569,661		$ 826			1,603,790			(1,935)	(291,762)	258,742		21,268
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchases (in shares)						444,726
Common stock repurchases	(5,495)			(5,495)		$ (5)			(5,490)
Common stock issued through distribution reinvestment plan (in shares)						61,866
Common stock issued through distribution reinvestment plan	769			769		$ 1			768
Share-based compensation (in shares)						38,770
Share-based compensation	1,227			1,227					1,227
Offering costs	(259)			(259)					(259)
Net income/(loss)	39,603			39,603									39,603
Net income/(loss) attributable to non-controlling interest	41															41
Distributions declared	(36,221)			(36,221)									(36,221)
Other comprehensive income/(loss)	636			636								636
Contributions/(distributions) in non-controlling interest, net	8,521															8,521
Ending balance (in shares) at Jun. 30, 2023						83,019,881
Ending balance at Jun. 30, 2023	1,599,751			1,569,921		$ 822			1,600,036			(1,299)	(288,380)	258,742		29,830
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchases (in shares)						0
Share-based compensation	1,256			1,256					1,256
Offering costs	(10)			(10)					(10)
Net income/(loss)	31,767			31,767									31,767
Net income/(loss) attributable to non-controlling interest	(772)															(772)
Distributions declared	(36,220)			(36,220)									(36,220)
Other comprehensive income/(loss)	200			200								200
Contributions/(distributions) in non-controlling interest, net	(4)															(4)
Ending balance (in shares) at Sep. 30, 2023						83,019,881
Ending balance at Sep. 30, 2023	$ 1,595,968			$ 1,566,914		$ 822			$ 1,601,282			$ (1,099)	$ (292,833)	$ 258,742		$ 29,054

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Cash flows from operating activities:
Net income/(loss)	$ 30,995	$ 35,258	$ 114,478	$ (12,958)
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:
Premium amortization and (discount accretion), net			(10,102)	(8,780)
Accretion of deferred commitment fees			(6,836)	(6,795)
Amortization of deferred financing costs			5,968	4,555
Share-based compensation			3,505	1,850
Realized (gain)/loss on extinguishment of debt	2,836	0	(2,201)	5,167
Realized (gain)/loss on swap terminations			0	(55,301)
Realized (gain)/loss on sale of available for sale trading securities			(110)	0
Realized (gain)/loss on sale of commercial mortgage loans, held for sale, measured at fair value			(3,027)	0
Unrealized (gain)/loss from commercial mortgage loans, held for sale, measured at fair value			(44)	3,678
Unrealized (gain)/loss from derivative instruments			110	12,824
(Gain)/loss from other real estate investments			7,142	29
Trading (gain)/loss	2,600	2,700	605	113,717
Depreciation and amortization			6,454	3,886
Provision/(benefit) for credit losses	2,379	(599)	28,363	30,976
Origination of commercial mortgage loans, held for sale			(93,250)	(343,096)
Proceeds from sale or repayment of commercial mortgage loans, held for sale			94,880	332,794
Changes in assets and liabilities:
Accrued interest receivable			2,546	7,336
Prepaid expenses and other assets			(1,608)	(4,047)
Accounts payable and accrued expenses			(5,849)	40,114
Due to affiliates			1,407	(1,094)
Interest payable			(969)	5,780
Net cash (used in)/provided by operating activities			141,462	130,635
Cash flows from investing activities:
Origination and purchase of commercial mortgage loans, held for investment			(668,017)	(1,964,212)
Principal repayments received on commercial mortgage loans, held for investment			921,517	965,681
Proceeds from sale of other real estate investments			0	2,045
Proceeds from sale of real estate owned, held for sale			39,755	0
Purchase of real estate owned and capital expenditures			(912)	0
Purchase of real estate securities, available for sale			(160,267)	(74,998)
Proceeds from sale of commercial mortgage loans, held for sale			0	9,296
Proceeds from sale of real estate securities, available for sale, measured at fair value			187,042	3,731,716
Proceeds from sale of real estate securities, trading, at fair value			217,524	0
Principal collateral on mortgage investments			17,703	533,852
Proceeds from sale/(purchase) of derivative instruments			464	(1,333)
Net cash (used in)/provided by investing activities			554,809	3,202,047
Cash flows from financing activities:
Payments for common stock repurchases			(9,162)	(11,035)
Shares cancelled for tax withholding on vested equity rewards			(812)	0
Borrowings on collateralized loan obligations			573,794	1,630,639
Repayments of collateralized loan obligations			(216,185)	(609,530)
Borrowings on repurchase agreements and revolving credit facilities - commercial mortgage loans			532,751	1,791,951
Repayments of repurchase agreements and revolving credit facilities - commercial mortgage loans			(964,265)	(2,112,143)
Borrowings on repurchase agreements - real estate securities			829,682	17,711,125
Repayments of repurchase agreements - real estate securities			(1,029,679)	(21,552,296)
Borrowings on other financings			46,842	15,264
Repayments on other financings			(99,474)	0
Repayments of unsecured debt			(13,367)	(50,000)
Payments of deferred financing costs			(10,388)	(15,163)
Payments of offering costs			(269)	0
Cash collateral received on interest rate swaps			0	56,767
Proceeds from interest rate swap settlements			0	8,479
Distributions paid			(108,134)	(102,941)
Net cash (used in)/provided by financing activities:			(468,666)	(3,238,883)
Net change in cash, cash equivalents and restricted cash			227,605	93,799
Cash, cash equivalents and restricted cash, beginning of period			190,487	168,199	$ 168,199
Cash, cash equivalents and restricted cash, end of period	418,092	261,998	418,092	261,998	190,487
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period			179,314	154,929	154,929
Restricted cash, beginning of period			11,173	13,270	13,270
Cash and cash equivalents, end of period	411,437	216,985	411,437	216,985	179,314
Restricted cash, end of period	6,655	45,013	6,655	45,013	11,173
Cash, cash equivalents and restricted cash	418,092	261,998	418,092	261,998	190,487
Supplemental disclosures of cash flow information:
Cash payments for income taxes			323	1,199
Cash payments for interest			219,590	85,927
Supplemental disclosures of non - cash flow information:
Distribution payable	$ 36,224	$ 36,546	36,224	36,546	$ 36,317
Common stock issued through distribution reinvestment plan			769	998
Loans transferred to real estate owned			80,039	9,296
Reclassification of assets held for investment to held for sale			114,512	0
Reclassification of liabilities held for investment to held for sale			13,664	0
Conversion of Preferred Stock to Common Stock
Supplemental disclosures of non - cash flow information:
Conversion of stock			5,000	710,431
Exchange of Series D Preferred Stock for Series H Preferred Stock
Supplemental disclosures of non - cash flow information:
Conversion of stock			$ 0	$ 89,748

Organization and Business Opera

Organization and Business Operations	9 Months Ended
	Sep. 30, 2023
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. As of September 30, 2023, the Company has fully disposed of all of its ARM Agency Securities and is continuing to reinvest the proceeds from the sale of these securities 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 - Summary of Significant Accounting Policies Basis of Accounting The Company's unaudited consolidated financial statements and related footnotes have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America ("GAAP") for interim financial statements and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of, and for the year ended December 31, 2022, which are included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on March 16, 2023, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this report. Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. In the opinion of management, the interim data includes all adjustments, of a normal and recurring nature, necessary for a fair statement of the results for the periods presented. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the entire year or any subsequent interim periods. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members, as well as whether the entity is a variable interest entity ("VIE") for which the Company is the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company's assets and liabilities are held by the OP. The Company consolidates all entities that it controls through either majority ownership or voting rights. In addition, the Company consolidates all VIEs of which the Company is considered the primary beneficiary. VIEs are entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. Non-controlling interest represents the equity of 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. Reclassifications Certain prior year balances have been reclassified in order to conform to the current period presentation. Our share-based compensation expense of $0.7 million and $1.9 million for the three and nine months ended September 30, 2022, respectively, which was previously included as a component of Professional fees was reclassified to its own line item Share-based compensation on the consolidated statements of operations. For the nine months ended September 30, 2022, $5.2 million related to the remaining unamortized deferred financing costs on the redemption of BSPRT 2018-FL4 during the second quarter of 2022 was reclassified from Interest Expense to Realized gain/(loss) on extinguishment of debt on the consolidated statements of operations and the consolidated statement of cash flows, and ($4.0) thousand of Unrealized gain/(loss) on other real estate investments, measured at fair value and $33 thousand of Realized gain/(loss) on other real estate investments, measured at fair value were combined to be presented as a net result in Gain/(loss)on other real estate investments on the 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 and cash equivalent balances may, at a limited number of banks and financial institutions, exceed insurable amounts. The Company believes it mitigates risk by investing in or through major financial institutions and primarily in funds that are currently U.S. federal government insured up to applicable account limits. Recoverability of investments is dependent upon the performance of the issuers. Cash equivalents include short-term, liquid investments in money market funds with original maturities of 90 days or less when purchased. Recently Issued Accounting Pronouncements 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 ("TDR") 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. On January 1, 2023, the Company adopted ASU 2022-02 on a prospective basis and the adoption had no significant impact to the Company's 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

Commercial Mortgage Loans

Commercial Mortgage Loans	9 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
Commercial Mortgage Loans	Note 3 - Commercial Mortgage Loans Commercial Mortgage Loans, Held for Investment The following table is a summary of the Company's commercial mortgage loans, held for investment, carrying values by class (dollars in thousands): September 30, 2023 December 31, 2022 Senior loans $ 4,933,031 $ 5,251,464 Mezzanine loans 18,125 18,312 Total gross carrying value of loans 4,951,156 5,269,776 General allowance for credit losses 37,512 26,624 Specific allowance for credit losses — 14,224 Less: Allowance for credit losses 37,512 40,848 Total commercial mortgage loans, held for investment, net $ 4,913,644 $ 5,228,928 For the nine months ended September 30, 2023 and year ended December 31, 2022, the activity in the Company's commercial mortgage loans held for investment carrying values, was as follows (dollars in thousands): Nine Months Ended September 30, 2023 Year Ended Amortized cost, beginning of period $ 5,269,776 $ 4,226,888 Acquisitions and originations 671,927 2,247,613 Principal repayments (903,273) (1,109,769) Discount accretion/premium amortization 9,901 12,614 Loans transferred from/(to) commercial real estate loans, held for sale — (9,296) Net fees capitalized into carrying value of loans (3,910) (13,775) Transfer to real estate owned (80,039) (80,460) Principal charge-off (11,499) — Cost recovery (1,727) (4,039) Amortized cost, end of period $ 4,951,156 $ 5,269,776 Allowance for credit losses, beginning of period $ (40,848) $ (15,827) General (provision)/benefit for credit losses (10,888) (10,797) Specific (provision)/benefit for credit losses (12,334) (25,281) Write offs from specific allowance for credit losses 26,558 11,057 Allowance for credit losses, end of period $ (37,512) $ (40,848) Total commercial mortgage loans, held for investment, net $ 4,913,644 $ 5,228,928 As of September 30, 2023 and December 31, 2022, the Company's total commercial mortgage loan, held for investment portfolio, was comprised of 145 and 161 loans, respectively. Loan Portfolio by Collateral Type and Geographic Region The following tables represent the composition by loan collateral type and region of the Company's commercial mortgage loans, held for investment portfolio (dollars in thousands): September 30, 2023 December 31, 2022 Loan Collateral Type Par Value Percentage Par Value Percentage Multifamily $ 3,864,857 77.8 % $ 4,030,975 76.1 % Hospitality 573,075 11.6 % 510,566 9.7 % Office 288,057 5.8 % 405,705 7.7 % Retail 34,000 0.7 % 120,017 2.3 % Industrial 78,050 1.6 % 93,035 1.8 % Other 123,021 2.5 % 128,676 2.4 % Total $ 4,961,060 100.0 % $ 5,288,974 100.0 % September 30, 2023 December 31, 2022 Loan Region Par Value Percentage Par Value Percentage Southeast $ 2,129,301 43.0 % $ 2,229,756 42.2 % Southwest 1,877,084 37.8 % 1,763,492 33.3 % Mideast 447,339 9.0 % 706,192 13.4 % Far West 96,226 1.9 % 234,891 4.4 % Great Lakes 163,342 3.3 % 162,162 3.1 % Various 247,768 5.0 % 192,481 3.6 % Total $ 4,961,060 100.0 % $ 5,288,974 100.0 % Allowance for Credit Losses The allowance for credit losses required under ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments , is deducted from the respective loan's amortized cost basis on the Company's consolidated balance sheet. The following schedules present the quarterly changes in the Company's allowance for credit losses for the nine months ended September 30, 2023 (dollars in thousands): General Allowance for Credit Losses Specific Allowance for Credit Losses Funded Unfunded Total Total Allowance for Credit Losses December 31, 2022 $ 14,224 $ 26,624 $ 280 $ 26,904 $ 41,128 Changes: Provision/(Benefit) $ 835 (1) $ 2,127 $ 1,398 $ 3,525 $ 4,360 Write offs (15,059) (1) — — — (15,059) March 31, 2023 $ — $ 28,751 $ 1,678 $ 30,429 $ 30,429 Changes: Provision/(Benefit) $ 11,893 (2) $ 10,181 $ (450) $ 9,731 $ 21,624 Write offs (11,893) (2) — — — (11,893) June 30, 2023 $ — $ 38,932 $ 1,228 $ 40,160 $ 40,160 Changes: Provision/(Benefit) $ (394) (2) $ (1,420) $ 4,193 2,773 $ 2,379 Write offs $ 394 (2) — — — 394 September 30, 2023 $ — $ 37,512 $ 5,421 $ 42,933 $ 42,933 ________________________________________ (1) During the year ended December 31, 2022, the Company identified a commercial mortgage loan, held for investment secured by 24 retail properties (the "Walgreens Portfolio"), that was assigned a risk rating of “5” due to certain conditions that negatively impacted the underlying collateral property’s cash flows. The loan was evaluated in accordance with ASC 310 - Receivables and was determined to be a TDR. During the first quarter of 2023, the Company recorded an $0.8 million specific allowance for credit losses on the loan and wrote off the remaining $15.1 million specific allowance for credit losses for the Walgreens Portfolio, net of $0.7 million recoveries recorded. All remaining properties collateralized by the senior mortgage notes were assumed by the Company through foreclosures and deeds-in-lieu of foreclosure and correspondingly were transferred to Real estate owned, net of depreciation in the consolidated balance sheets. During the third quarter of 2023, the Walgreens Portfolio was actively marketed for sale and therefore, the Company classified the portfolio as Real estate owned, held for sale. See Note 5 - Real Estate Owned. (2) In February 2020, the Company originated a first mortgage loan secured by an office property in Portland, OR. In February 2023, the fully committed $37.3 million senior loan was restructured as a result of financial difficulty to a $25.0 million committed senior loan. In connection with the restructuring, the Company committed a $10.1 million mezzanine note. In accordance with the adoption of ASU 2022-02, the restructuring was classified as a continuation of an existing loan on the senior loan and new loan for the mezzanine note. During the second quarter of 2023, the Company assigned the senior and mezzanine notes a risk rating of "5" and placed the loan on cost recovery status. 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 loan. As a result, the Company recorded a specific allowance for credit losses of $11.9 million on this loan in the second quarter of 2023 and subsequently wrote off this specific allowance for credit losses in the same quarter. As of September 30, 2023, the Company recorded recoveries of $0.4 million and $1.1 million for the three and nine months ended September 30, 2023. During the third quarter of 2023, the Company foreclosed upon the mortgage notes through deed-in-lieu of foreclosure. The carrying value of the loan was $20.3 million. In connection therewith, the underlying collateral assets were reclassified to Real estate owned, net of depreciation in the consolidated balance sheets as a result of deed-in-lieu. The transfer was evaluated to be an asset acquisition in accordance with ASC 805. See Note 5 - Real Estate Owned. The Company recorded an increase in its general provision for credit losses during the three and nine months ended September 30, 2023 of $2.8 million and $16.0 million, respectively. The Company recorded an increase in its general provision for credit losses during the three and nine months ended September 30, 2022 of $0.2 million and $3.4 million, respectively. The primary driver for the increased reserve balance is the change in economic outlook since the end of the prior quarter and year offset slightly by the decrease in loan portfolio. Past Due Status The following table presents a summary of the loans amortized cost basis as of September 30, 2023 (dollars in thousands): Current Less than 90 days past due 90 or more days past due Total As of September 30, 2023 $ 4,865,233 $ 85,923 $ — $ 4,951,156 Non-performing Status The following table presents the amortized cost basis of our non-performing loans as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 December 31, 2022 Non-performing loan amortized cost at beginning of year, January 1 $ 117,379 $ 57,075 Addition of non-performing loan amortized cost 76,412 60,304 Less: Removal of non-performing loan amortized cost 137,763 — Non-performing loan amortized cost end of period (1) $ 56,028 $ 117,379 _________________________________________________________ (1) As of September 30, 2023, and December 31, 2022, the Company had three and two loans, respectively, designated as non-performing. No specific allowances for credit losses were determined for the 3 loans on non-performing status as of September 30, 2023. As of September 30, 2023, the three designated non-performing loans were all collateralized by multifamily properties. Subsequent to September 30, 2023, the Company foreclosed upon one of the multifamily properties located in Lubbock, TX. The loan had an amortized cost basis of $12.0 million as of September 30, 2023. Loan Credit Characteristics, Quality and Vintage As part of the Company's process for monitoring the credit quality of its commercial mortgage loans, excluding those held for sale, measured at fair value, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its loans. The loans are scored on a scale of 1 to 5 as follows: Investment Rating Summary Description 1 Very Low Risk - Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable. 2 Low Risk - Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. 3 Average Risk - Performing investments requiring closer monitoring. Trends and risk factors show some deterioration. 4 High Risk/Delinquent/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/Defaulted/Loss Likely - Underperforming investment with expected loss of interest and some principal. All commercial mortgage loans, excluding loans classified as commercial mortgage loans, held for sale, measured at fair value within the consolidated balance sheets, are assigned an initial risk rating of 2. As of September 30, 2023 and December 31, 2022, the weighted average risk rating of loans was 2.2 and 2.2, respectively. The following tables present the par value and amortized cost of our commercial mortgage loans, held for investment as of September 30, 2023 and December 31, 2022, by the Company’s internal risk rating and year of origination. September 30, 2023 Amortized Cost by Year of Origination Risk Rating Number of Loans Total Par Value 2023 2022 2021 2020 2019 Prior Total Amortized Cost % of Portfolio 1 — $ — $ — $ — $ — $ — $ — $ — $ — — % 2 115 4,081,231 475,495 1,460,281 1,917,162 109,700 73,896 35,876 4,072,410 82.3 % 3 27 797,143 1,140 185,400 451,001 82,796 19,176 56,620 796,133 16.0 % 4 3 82,686 — — 56,825 — 25,788 — 82,613 1.7 % 5 — — — — — — — — — — % Total 145 $ 4,961,060 $ 476,635 $ 1,645,681 $ 2,424,988 $ 192,496 $ 118,860 $ 92,496 $ 4,951,156 100.0 % Allowance for credit losses (37,512) Total carrying value, net $ 4,913,644 December 31, 2022 Amortized Cost by Year of Origination Risk Rating Number of Loans Total Par Value 2022 2021 2020 2019 2018 Prior Total Amortized Cost % of Portfolio 1 — $ — $ — $ — $ — $ — $ — $ — $ — — % 2 141 4,783,568 1,778,691 2,483,120 315,269 115,673 75,467 — 4,768,220 90.6 % 3 15 281,071 — 167,707 36,655 54,631 — 21,792 280,785 5.3 % 4 4 160,695 32,305 — 36,356 — 34,731 57,075 160,467 3.0 % 5 1 63,640 60,304 — — — — — 60,304 1.1 % Total 161 $ 5,288,974 $ 1,871,300 $ 2,650,827 $ 388,280 $ 170,304 $ 110,198 $ 78,867 $ 5,269,776 100.0 % Allowance for credit losses (40,848) Total carrying value, net $ 5,228,928 Commercial Mortgage Loans, Held for Sale, Measured at Fair Value As of September 30, 2023 and December 31, 2022, the contractual principal balance outstanding of commercial mortgage loans, held for sale, measured at fair value was $17.0 million and $15.6 million, respectively, which were comprised of one and two loans, respectively. As of September 30, 2023 and December 31, 2022, none of the Company's commercial mortgage loans, held for sale, measured at fair value were in default or greater than ninety days past due. The following tables represent the composition by loan collateral type and region of the Company's commercial mortgage loans, held for sale, measured at fair value (dollars in thousands): September 30, 2023 December 31, 2022 Loan Collateral Type Par Value Percentage Par Value Percentage Hospitality $ 17,000 100.0 % $ — — % Retail — — % 12,000 76.8 % Office — — % 3,625 23.2 % Total $ 17,000 100.0 % $ 15,625 100.0 % September 30, 2023 December 31, 2022 Loan Region Par Value Percentage Par Value Percentage Southeast $ 17,000 100.0 % $ 15,625 100.0 %

Real Estate Securities

Real Estate Securities	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Real Estate Securities	Note 4 - Real Estate Securities Real Estate Securities Classified As Trading As of September 30, 2023, the Company did not hold any real estate securities classified as trading. The following is a summary of the Company's ARMs 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 % ________________________________________________________ (1) Average yield is presented for the period then ended and is based on the cash component of interest income expressed as a percentage on average cost basis (the “cash yield”). During the three and nine months ended September 30, 2023, the carrying amount of the Company's ARMs portfolio declined due to (i) $2.6 million and $17.6 million of principal paydowns, respectively, (ii) $122.8 million and $218.2 million of sales, respectively, and (iii) $2.6 million and $0.6 million of net trading losses, respectively, related to principal paydowns, changes in market values and sales of these securities. During the three and nine months ended September 30, 2022, the carrying amount of the Company's ARMs portfolio declined due to (i) $15.1 million and $468.9 million of principal paydowns, respectively, (ii) zero and $3.8 billion of sales, respectively, and (iii) $2.7 million and $113.7 million of net trading losses, respectively, related to principal paydowns and changes in market values of these securities. The net trading gains/losses on ARM Agency Securities were included in Trading gain/(loss) in the Company's consolidated statements of operations. 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 September 30, 2023 and December 31, 2022 (dollars in thousands): CRE CLO Bonds Number of Bonds Benchmark Interest Rate Weighted Average Interest Rate Weighted Average Contractual Maturity (years) Par Value Fair Value September 30, 2023 6 1 Month SOFR 8.20% 11.6 $ 194,225 $ 193,072 December 31, 2022 7 1 Month SOFR 7.55% 15.4 $ 221,000 $ 221,025 The Company classified its CRE CLO bonds as available for sale and reports them at fair value in the consolidated balance sheets with changes in fair value recorded in accumulated other comprehensive income/(loss). The following table shows the amortized cost, allowance for expected credit losses, unrealized gain/(loss) and fair value of the Company's CRE CLO bonds by investment type as of September 30, 2023 and December 31, 2022 (dollars in thousands): Amortized Cost Credit Loss Allowance Unrealized Gain Unrealized (Loss) Fair Value September 30, 2023 $ 194,171 $ — $ 22 $ (1,121) $ 193,072 December 31, 2022 $ 220,635 $ — $ 833 $ (443) $ 221,025 As of September 30, 2023, the Company held six CRE CLO bonds with an amortized cost basis of $194.2 million and a net unrealized loss of $1.1 million, five of which were held in a gross unrealized loss position of $1.1 million. 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 a gross unrealized loss position of $0.40 million. As of September 30, 2023 and December 31, 2022, zero positions had an unrealized loss for a period greater than twelve months. As of September 30, 2023 and December 31, 2022, the fair value of the Company's CRE CLO bonds that were in an unrealized loss position for less than

Real Estate Owned

Real Estate Owned	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 and December 31, 2022 (dollars in thousands): As of September 30, 2023 Acquisition Date Property Type Primary Location(s) Land Building and Improvements Furniture, Fixtures and Equipment Accumulated Depreciation Real Estate Owned, net September 2021 (1) Industrial Jeffersonville, GA $ 3,436 $ 84,259 $ 2,928 $ (4,603) $ 86,020 August 2023 (2) Office Portland, OR 16,479 52 2,065 — 18,596 $ 19,915 $ 84,311 $ 4,993 $ (4,603) $ 104,616 ________________________ See notes below. As of December 31, 2022 Acquisition Date Property Type Primary Location(s) Land Building and Improvements Furniture, Fixtures and Equipment Accumulated Depreciation Real Estate Owned, net September 2021 (1) Industrial Jeffersonville, GA $ 3,436 $ 84,259 $ 2,928 $ (2,877) $ 87,746 Various (3) Retail Various 9,105 31,036 — (115) 40,026 $ 12,541 $ 115,295 $ 2,928 $ (2,992) $ 127,772 ________________________ (1) In the third quarter of 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 triple net lease property in Jeffersonville, GA. Refer to Note 11 - Related Party Transactions and Arrangements for details. (2) In August 2023, the Company obtained, through deed-in-lieu of foreclosure, an office property located in Portland, OR in exchange for relief of the associated loan. (3) Relates to ten retail properties associated with the loan secured by the Walgreens Portfolio that were foreclosed upon as of December 31, 2022. The properties are located throughout the United States of America. During the third quarter of 2023, we classified the Walgreens Portfolio consisting of 24 retail properties as Real estate owned, held for sale in the consolidated balance sheets as discussed in the paragraphs below. Refer to Note 11 - Related Party Transactions and Arrangements for details. Depreciation expense for the three and nine months ended September 30, 2023 totaled $0.6 million and $2.4 million, respectively. Depreciation expense for the three and nine months ended September 30, 2022 totaled $0.6 million and $1.7 million, respectively. Real Estate Owned, Held for Sale The following table summarizes the Company's Real estate owned, held for sale assets and liabilities as of September 30, 2023 and December 31, 2022 (dollars in thousands): As of September 30, 2023 Property Type Primary Location(s) Assets, Net Liabilities, Net Retail Various $ 103,657 $ 12,297 As of December 31, 2022 Property Type Primary Location(s) Assets, Net Liabilities, Net Multifamily New Rochelle, NY $ 23,520 $ — Office St. Louis, MO 12,977 — $ 36,497 $ — In June 2023, the Company sold the multifamily property located in New Rochelle, NY for $22.8 million. The transaction resulted in a loss of $1.2 million included in Gain/(loss) on other real estate investments in the Company's consolidated statements of operations for the nine months ended September 30, 2023. During the second quarter of 2023, the Company recorded an impairment loss of $1.9 million included in Gain/(loss) on other real estate investments in the Company's consolidated statements of operations for the St. Louis, MO office property. In August 2023, the Company sold the office property for $12.0 million resulting in an additional loss of $0.3 million included in Gain/(loss) on other real estate investments in the Company's consolidated statements of operations for the three and nine months ended September 30, 2023. In November 2022, the Company and an affiliate of the Company entered into a joint venture agreement and formed a joint venture entity, BSPRT Walgreens Portfolio, LLC (the "Walgreens JV") to assume the retail Walgreens Portfolio consisting of 24 retail properties with various locations throughout the United States. Refer to Note 11 - Related Party Transactions and Arrangements. As of December 31, 2022, through foreclosures, the Company had acquired ten of the 24 properties, and subsequently acquired the remaining 14 properties during the nine months ended September 30, 2023. During the three months ended September 30, 2023, the Company classified the real estate owned assets and liabilities as held for sale in accordance with ASC 360 - Property, Plant, and Equipment and recognized an impairment loss of $4.0 million included in Gain/(loss) on other real estate investments in the Company's consolidated statements of operations. Refer to Note 12 - Fair Value of Financial Instruments for discussion on the properties fair value measurement. In addition, the Company sold one of the retail properties in the portfolio in September 2023, resulting in a loss of $22 thousand included in Gain/(loss) on other real estate investments in the Company's consolidated statements of operations. As of September 30, 2023, the Company's real estate owned held for sale assets consisted of the remaining 23 retail properties in the Walgreens Portfolio.

Leases

Leases	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Leases	Note 6 - Leases Intangible Lease Assets and Liabilities The following table summarizes the Company's identified intangible lease assets (primarily in-place leases) and liabilities (primarily below-market leases) recognized in the consolidated balance sheets as of September 30, 2023 and December 31, 2022 (dollars in thousands): Identified intangible assets: September 30, 2023 December 31, 2022 Gross amount $ 49,363 $ 58,542 Accumulated amortization (5,759) (3,711) Total, net $ 43,604 $ 54,831 Identified intangible liabilities: Gross amount $ 12,813 $ 6,507 Accumulated amortization (516) (79) Total, net $ 12,297 $ 6,428 Rental Income Rental income for the three months ended September 30, 2023 and 2022 totaled $4.7 million and $2.3 million, respectively. Rental income for the nine months ended September 30, 2023 and 2022 totaled $14.0 million and $6.9 million, respectively. Rental income is included in Revenue from real estate owned in the consolidated statements of operations. The following table summarizes the Company's schedule of future minimum rents on its real estate owned, held for investment properties, with a remaining lease term of approximately 15.1 years, to be recognized (dollars in thousands): Future Minimum Rents September 30, 2023 2023 (October - December) $ 2,220 2024 8,207 2025 8,372 2026 8,539 2027 8,710 2028 and beyond 106,271 Total future minimum rent $ 142,319 Amortization Expense Intangible lease assets are amortized using the straight-line method over the remaining term of the lease. The weighted average life of the intangible assets as of September 30, 2023 is approximately 15.1 years. Amortization expense for the three and nine months ended September 30, 2023 totaled $0.9 million and $3.1 million, respectively. Amortization expense for the three and nine months ended September 30, 2022 totaled $0.7 million and $2.2 million, respectively. Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental revenues of $1.4 million and $1.0 million, respectively, for the three and nine months ended September 30, 2023. There was no amortization of acquired below-market leases for the three and nine months ended September 30, 2022. The following table summarizes the Company's expected acquired below (above) market leases, net amortization over the next five years, exclusive of intangible assets that are held for sale, assuming no further acquisitions or dispositions (dollars in thousands): Amortization Expense - Acquired below (above) market leases, net September 30, 2023 2023 (October - December) $ 90 2024 — 2025 — 2026 — 2027 — The following table summarizes the Company's expected other identified intangible assets, net amortization over the next five years, exclusive of intangible assets that are held for sale, assuming no further acquisitions or dispositions (dollars in thousands): Amortization Expense - Other identified intangible assets September 30, 2023 2023 (October - December) $ 981 2024 2,880 2025 2,880 2026 2,880 2027 2,880
Leases	Note 6 - Leases Intangible Lease Assets and Liabilities The following table summarizes the Company's identified intangible lease assets (primarily in-place leases) and liabilities (primarily below-market leases) recognized in the consolidated balance sheets as of September 30, 2023 and December 31, 2022 (dollars in thousands): Identified intangible assets: September 30, 2023 December 31, 2022 Gross amount $ 49,363 $ 58,542 Accumulated amortization (5,759) (3,711) Total, net $ 43,604 $ 54,831 Identified intangible liabilities: Gross amount $ 12,813 $ 6,507 Accumulated amortization (516) (79) Total, net $ 12,297 $ 6,428 Rental Income Rental income for the three months ended September 30, 2023 and 2022 totaled $4.7 million and $2.3 million, respectively. Rental income for the nine months ended September 30, 2023 and 2022 totaled $14.0 million and $6.9 million, respectively. Rental income is included in Revenue from real estate owned in the consolidated statements of operations. The following table summarizes the Company's schedule of future minimum rents on its real estate owned, held for investment properties, with a remaining lease term of approximately 15.1 years, to be recognized (dollars in thousands): Future Minimum Rents September 30, 2023 2023 (October - December) $ 2,220 2024 8,207 2025 8,372 2026 8,539 2027 8,710 2028 and beyond 106,271 Total future minimum rent $ 142,319 Amortization Expense Intangible lease assets are amortized using the straight-line method over the remaining term of the lease. The weighted average life of the intangible assets as of September 30, 2023 is approximately 15.1 years. Amortization expense for the three and nine months ended September 30, 2023 totaled $0.9 million and $3.1 million, respectively. Amortization expense for the three and nine months ended September 30, 2022 totaled $0.7 million and $2.2 million, respectively. Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental revenues of $1.4 million and $1.0 million, respectively, for the three and nine months ended September 30, 2023. There was no amortization of acquired below-market leases for the three and nine months ended September 30, 2022. The following table summarizes the Company's expected acquired below (above) market leases, net amortization over the next five years, exclusive of intangible assets that are held for sale, assuming no further acquisitions or dispositions (dollars in thousands): Amortization Expense - Acquired below (above) market leases, net September 30, 2023 2023 (October - December) $ 90 2024 — 2025 — 2026 — 2027 — The following table summarizes the Company's expected other identified intangible assets, net amortization over the next five years, exclusive of intangible assets that are held for sale, assuming no further acquisitions or dispositions (dollars in thousands): Amortization Expense - Other identified intangible assets September 30, 2023 2023 (October - December) $ 981 2024 2,880 2025 2,880 2026 2,880 2027 2,880

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Note 7 - Debt Below is a summary of the Company's Repurchase facilities and revolving credit facilities - commercial mortgage loans ("Repo and Revolving Credit Facilities"), Mortgage note payable, Other financing and Unsecured debt as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 Capacity Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate Term Maturity Repo and revolving credit facilities - commercial mortgage loans (2) : JPM Repo Facility (3) $ 500,000 $ 115,274 $ 19,796 7.95 % 07/2026 Atlas Repo Facility (4) 600,000 38,857 5,375 7.58 % 03/2024 WF Repo Facility (5) 500,000 28,675 8,822 7.58 % 11/2023 Barclays Revolver Facility (6) 250,000 — 823 N/A 09/2024 Barclays Repo Facility (7) 500,000 66,539 10,191 7.19 % 03/2025 Total/Weighted average $ 2,350,000 $ 249,345 $ 45,007 7.65 % Mortgage note payable: Debt related to our REO (8) N/A $ 23,998 $ 1,464 8.45 % 10/2024 Other financings: Other financings (9) N/A $ 23,669 $ 4,672 8.08 % Various (9) Unsecured debt (10) : Junior subordinated notes maturing in: October 2035 (11) N/A $ 17,037 $ 1,521 9.13 % 10/2035 December 2035 N/A 39,541 2,593 8.97 % 12/2035 September 2036 N/A 24,692 1,620 8.97 % 09/2036 Total/Weighted average N/A $ 81,270 $ 5,734 9.00 % ________________________________________________________ See notes below. December 31, 2022 Capacity Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate Term Maturity Repo and revolving credit facilities - commercial mortgage loans (2) : JPM Repo Facility (3) $ 500,000 $ 275,423 $ 11,773 7.42 % 10/2024 Atlas Repo Facility (4) 600,000 168,046 8,676 7.12 % 10/2023 WF Repo Facility (5) 500,000 79,807 7,492 7.11 % 11/2023 Barclays Revolver Facility (6) 250,000 — 1,267 N/A 09/2023 Barclays Repo Facility (7) 500,000 157,583 8,997 6.75 % 03/2025 Total/Weighted average $ 2,350,000 $ 680,859 $ 38,205 7.16 % Mortgage note payable: Debt related to our REO (8) N/A $ 23,998 $ 1,185 7.32 % 10/2024 Other financings: Other financings (9) N/A $ 76,301 $ 3,069 6.17 % Various (9) Unsecured debt (10) : Junior subordinated notes maturing in: October 2035 N/A $ 34,508 $ 2,046 8.25 % 10/2035 December 2035 N/A 39,513 2,202 8.39 % 12/2035 September 2036 N/A 24,674 1,375 8.39 % 09/2036 Total/Weighted average N/A $ 98,695 $ 5,623 8.34 % ________________________________________________________ (1) Represents year to date expense and includes amortization of deferred financing costs. (2) The Company may pledge one or more mortgage loans to the financing entity in exchange for funds typically at an advance rate of between 60% to 75% of the principal amount of the mortgage loan being pledged. These loans are all floating rate at the Secured Overnight Financing Rate ("SOFR") plus an applicable spread. Additionally, the Repo and Revolving Credit Facilities generally provide that in the event of a decrease in the value of the Company's collateral, the lenders can demand additional collateral. As of September 30, 2023 and December 31, 2022, the Company is in compliance with all debt covenants. (3) On July 27, 2023, the Company extended the maturity date from October 6, 2023 to July 26, 2026 with a one-year extension option available at the Company's discretion. (4) On March 17, 2023, the maturity date was extended to March 15, 2024. During the first quarter of 2023, this repurchase facility was transferred from Credit Suisse to Atlas SP Partners. (5) On October 25, 2023, the committed financing was decreased from $500 million to $400 million. Additionally, the maturity date was extended to November 21, 2025. There are two more one-year extension options available at the Company's discretion. (6) 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. Additionally, on April 24, 2023, the Company extended the maturity date to September 20, 2024. (7) There are two one-year extension options available at the Company's discretion. (8) Relates to a mortgage note payable in Jeffersonville JV, a consolidated joint venture. The loan has a principal amount of $112.7 million of which $88.7 million of the loan is owned by the Company and was eliminated in our consolidated financial statements (see Note 5 - Real Estate Owned). (9) Comprised of two note-on-note financings via participation agreements. From inception of the loan, the Company's outstanding loans could increase as a result of future fundings, leading to an increase in amount outstanding via the participation agreement. The weighted average contractual maturity of these loans is December 2023. (10) 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 $1.9 million and $5.8 million for the three and nine months ended September 30, 2023, respectively, compared to $1.3 million and $4.1 million for the three and nine months ended September 30, 2022, respectively. (11) During the nine months ended September 30, 2023 the Company had a realized a gain on extinguishment for debt in the amount of $4.4 million as a result of the repurchase of $17.5 million par value of the Company's unsecured debt during the first quarter of 2023 at a price equal to 75% of par value. 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 which were included in Repurchase agreements - real estate securities in the Company's consolidated balance sheets as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 Counterparty Amount Outstanding Interest Expense Collateral Pledged (1) Weighted Average Interest Rate Weighted Average Days to Maturity JP Morgan Securities LLC $ 179,221 $ 3,699 $ 203,463 6.32 % 23 Wells Fargo Securities, LLC 8,994 95 9,993 6.11 % 31 Barclays Capital Inc. 51,795 2,552 58,275 6.17 % 17 Total/Weighted Average $ 240,010 $ 6,346 $ 271,731 6.28 % 22 ________________________________________________________ See notes below. December 31, 2022 Counterparty Amount Outstanding Interest Expense Collateral Pledged (1) Weighted Average Interest Rate Weighted Average Days to Maturity 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 ________________________________________________________ (1) Includes $118.1 million and $67.1 million of CLO notes, held by the Company, which is eliminated within the Real estate securities, trading, at fair value line of the consolidated balance sheets as of September 30, 2023 and December 31, 2022, respectively. 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 financing agreements. 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 Company did not have any outstanding repurchase agreements collateralized by real estate securities classified as trading as of September 30, 2023. Below is a summary of the Company's repurchase agreements collateralized by real estate securities classified as trading included in Repurchase agreements - real estate securities in the Company's consolidated balance sheet as of December 31, 2022 (dollars in thousands): December 31, 2022 Amount Outstanding Accrued Collateral Weighted Average Repurchase arrangements secured by trading securities with maturities of 30 days or less $ 172,144 $ 544 $ 180,400 4.25 % Repurchase arrangements secured by trading securities with maturities of 31 to 90 days 45,000 114 47,210 4.51 % Total/Weighted Average $ 217,144 $ 658 $ 227,610 4.30 % Average repurchase agreements outstanding were $220.1 million for the three months ended December 31, 2022. Average repurchase agreements outstanding differed from respective quarter-end balances during the indicated periods primarily due to changes in portfolio levels and differences in the timing of portfolio acquisitions relative to portfolio runoff and asset sales. Interest paid on repurchase agreements totaled $0.8 million and $4.6 million for the three and nine months ended September 30, 2023, respectively, compared to $1.5 million and $7.0 million for the three and nine months ended September 30, 2022, respectively. Collateralized Loan Obligation The following table represents the terms of the notes issued by 2019-FL5 Issuer, 2019-FL6 Issuer, 2021-FL7 Issuer, 2022-FL8 Issuer, 2022-FL9 Issuer and 2023-FL10 Issuer (collectively the "CLOs"), as of September 30, 2023 and December 31, 2022: September 30, 2023 CLO Facility Number of Loans in pool (1) Benchmark Interest Rate (2) Weighted Average Spread Par Value Par Value Outstanding (3) Principal Balance of Collateralized Mortgage Assets Maturity Dates 2021-FL6 Issuer 60 Term SOFR 1.42 % $ 584,500 $ 583,078 $ 699,595 3/15/2036 2021-FL7 Issuer 36 Term SOFR 1.64 % 722,250 720,000 882,382 12/21/2038 2022-FL8 Issuer 46 AVG SOFR 1.78 % 960,000 960,000 1,197,872 2/15/2037 2022-FL9 Issuer 49 Term SOFR 3.04 % 670,637 670,639 798,766 5/15/2039 2023-FL10 Issuer 28 Term SOFR 2.52 % 573,794 573,794 896,554 9/15/2035 $ 3,511,181 $ 3,507,511 $ 4,475,169 December 31, 2022 CLO Facility Number of Loans in pool (1) Benchmark interest rate (2) Weighted Average Spread Par Value Par Value Outstanding (3) Principal Balance of Collateralized Mortgage Assets Maturity Dates 2019-FL5 Issuer 25 LIBOR 1.77 % $ 664,199 $ 210,339 $ 378,786 5/15/2029 2021-FL6 Issuer 58 LIBOR 1.42 % 584,500 584,500 691,148 3/15/2036 2021-FL7 Issuer 39 LIBOR 1.64 % 722,250 722,250 899,729 12/21/2038 2022-FL8 Issuer 39 AVG SOFR 1.72 % 960,000 960,000 1,198,477 2/15/2037 2022-FL9 Issuer 50 Term SOFR 3.04 % 670,637 670,639 797,545 5/15/2039 $ 3,601,586 $ 3,147,728 $ 3,965,685 ________________________________________________________ (1) Loan assets may be pledged towards one or multiple CLO pool. (2) On March 5, 2021, the Financial Conduct Authority of the U.K. (the “FCA”) announced that LIBOR tenors relevant to 2019-FL5 Issuer, 2021- FL6 Issuer, and 2021-FL7 Issuer would cease to be published or no longer be representative after June 30, 2023. The Alternative Reference Rates Committee (the “ARRC”) interpreted this announcement to constitute a benchmark transition event. The benchmark index of 1M LIBOR interest rate will convert from LIBOR to compounded SOFR, plus a benchmark adjustment of 11.448 basis points with a lookback period equal to the number of calendar days in the applicable interest accrual period plus two SOFR business days, conforming with the indenture agreement and recommendations from the ARRC. Compounded SOFR for any interest accrual period shall be the “30-Day Average SOFR” as published by the Federal Reserve Bank of New York on each benchmark determination date. On July 13, 2023, the Company converted the indices for 2021-FL6 Issuer and 2021-FL7 Issuer to 1M Term SOFR + 11.448 basis points and the applicable spreads remains unchanged. (3) Excludes $610.5 million and $453.4 million, respectively, of CLO notes, held by the Company, which are eliminated within the collateralized loan obligations line in the consolidated balance sheet as of September 30, 2023 and December 31, 2022, respectively. On July 17, 2023, the Company called all of the outstanding notes issued by BSPRT 2019-FL5 Issuer, Ltd., a wholly owned indirect subsidiary of the Company. The outstanding principal of the notes on the date of the call was $122.0 million. The Company recognized all the remaining unamortized deferred financing costs of $2.9 million recorded within the Realized gain/(loss) on extinguishment of debt line of the consolidated statements of operations, which was a non-cash charge. On September 28, 2023, BSPRT 2023-FL10 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 $896.6 million principal balance secured floating rate notes, of which $573.8 million were purchased by third party investors and $322.8 million were purchased by a wholly-owned subsidiary of the OP. In addition, concurrently with the issuance of the notes, BSPRT 2023-FL10 Issuer, LLC also issued 75,086 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 2023-FL10 Issuer, LLC is a disregarded entity. The below table reflects the total assets and liabilities of the Company's outstanding CLOs. The CLOs are considered VIEs and are consolidated into the Company's consolidated financial statements as of September 30, 2023 and December 31, 2022 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. September 30, 2023 December 31, 2022 Assets (dollars in thousands) Cash (1) $ 26,725 $ 43,246 Commercial mortgage loans, held for investment, net (2) 4,443,255 3,942,918 Accrued interest receivable 21,013 15,444 Total Assets $ 4,490,993 $ 4,001,608 Liabilities (dollars in thousands) Notes payable, net (3)(4) $ 4,118,009 $ 3,601,102 Accrued interest payable 11,811 10,582 Total Liabilities $ 4,129,820 $ 3,611,684 ________________________________________________________ (1) Includes $25.9 million and $42.5 million of cash held by the servicer related to CLO loan payoffs as of September 30, 2023 and December 31, 2022, respectively. (2) The balance is presented net of allowance for credit losses of $23.9 million and $13.2 million as of September 30, 2023 and December 31, 2022, respectively. (3) Includes $610.5 million and $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 September 30, 2023 and December 31, 2022, respectively. (4) The balance is presented net of deferred financing cost and discount of $30.1 million and $19.2 million as of September 30, 2023 and December 31, 2022, respectively.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Note 8 - Earnings Per Share The Company uses the two-class method in calculating basic and diluted earnings per share. Net income/(loss) is allocated between our common stock and other participating securities based on their participation rights. Diluted net income per share has been computed using the weighted average number of shares of common stock outstanding and other dilutive securities. The following table presents a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations and the calculation of basic and diluted earnings per share for the three and nine months ended September 30, 2023 and 2022 (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator Net income/(loss) $ 30,995 $ 35,258 $ 114,478 $ (12,958) Net (income)/loss from noncontrolling interest 772 — 722 — Less: Preferred stock dividends 6,748 6,899 20,245 34,865 Net income/(loss) applicable to common stock $ 25,019 $ 28,359 $ 94,955 $ (47,823) Less: Participating securities' share in earnings 287 — 1,300 — Net income/(loss) applicable to common stockholders (basic & diluted earnings per share) $ 24,732 $ 28,359 $ 93,655 $ (47,823) Denominator Weighted-average common shares outstanding for basic earnings per share 82,210,624 83,665,250 82,410,725 67,965,397 Weighted-average common shares outstanding for diluted earnings per share 82,210,624 83,665,250 82,410,725 67,965,397 Basic earnings per share $ 0.30 $ 0.34 $ 1.14 $ (0.70) Diluted earnings per share $ 0.30 $ 0.34 $ 1.14 $ (0.70) The effect of the weighted average dilutive shares excluded restricted shares and stock units as of the three months ended September 30, 2023 and 2022 of 809,257 and 516,830 respectively, as the effect was anti-dilutive. The effect of the weighted average dilutive shares excluded restricted shares and stock units for the nine months ended September 30, 2023 and 2022 of 772,945 and 465,237 respectively, as the effect was anti-dilutive. The effect of the dilutive shares excluded the weighted average common equivalent of convertible preferred shares for the three and nine months ended September 30, 2023 of 5,370,498 as the effect was anti-dilutive. The effect of dilutive shares excluded the weighted average common equivalent of convertible preferred shares for the three and nine months ended September 30, 2022 of 5,789,378 and 21,508,045, respectively as the effect was anti-dilutive.

Redeemable Convertible Preferre

Redeemable Convertible Preferred Stock and Equity Transactions	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Redeemable Convertible Preferred Stock and Equity Transactions	Note 9 - 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 September 30, 2023 and December 31, 2022 (dollars in thousands, except share amounts): Balance as of Shares Outstanding as of Third Quarter 2023 Dividend Per Share (1) September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Redeemable Convertible Preferred Stock: Series H Preferred Stock (2) $ 89,748 $ 89,748 17,950 17,950 $ 106.22 Series I Preferred Stock (3) $ — $ 5,000 — 1,000 — Perpetual Preferred Stock: Series E Preferred Stock $ 258,742 $ 258,742 10,329,039 10,329,039 $ 0.46875 Common Stock: Common Stock - at par value (4)(5) $ 822 $ 826 83,019,881 82,992,784 $ 0.355 _________________________________________________________ (1) As declared by the Company's board of directors. (2) 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. 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. (3) On January 19, 2023, all 1,000 outstanding shares of the Company's Series I Preferred Stock each automatically converted into 299.2 shares of Common Stock, pursuant to the terms of the Series I Preferred Stock, resulting in the issuance of 299,200 shares of Common Stock. (4) Common Stock includes shares issued pursuant to the Company's dividend reinvestment plan ("DRIP") and unvested restricted shares. (5) The Company did not repurchase any shares during the three months ended September 30, 2023. During the nine months ended September 30, 2023, the Company repurchased 758,137 shares of Common Stock at an average price of $12.08 per share for a total of $9.2 million. All of these shares were retired upon settlement, reducing the total outstanding shares as of September 30, 2023. See discussion in the "Stock Repurchases" section below. During the nine months ended September 30, 2023 and 2022, the Company paid an aggregate of $87.7 million and $58.1 million, respectively, of common stock distributions comprised of quarterly common dividends of $0.355 per share. 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. Repurchases 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, 2024, which was extended from 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. As of September 30, 2023, the Company had $39.3 million remaining under the share repurchase program. The following table is a summary of the Company’s repurchase activity of its common stock during the nine months ended September 30, 2023 (dollars in thousands, except share amounts): For the Nine Months Ended September 30, 2023 Shares Amount (1) Beginning of period, authorized repurchase amount (2) $ 48,421 Repurchases paid 758,137 (9,161) Remaining as of September 30, 2023 $ 39,260 _________________________________________________________ (1) For the nine months ended September 30, 2023, the average purchase price was $12.08 per share. (2) Amount includes commissions paid associated with share repurchases . Accumulated Other Comprehensive Income/(Loss) The following tables set forth the changes in accumulated other comprehensive income/(loss) by component for the three and nine months ended September 30, 2023 and 2022 (dollars in thousands): For the Three Months Ended September 30, 2023 September 30, 2022 Total Available for Sale Securities Cash Flow Hedges Total Available for Sale Securities Cash Flow Hedges Balance, Beginning of Period $ (1,299) $ (1,299) $ — $ — $ — $ — Other comprehensive income/(loss) 448 448 — (373) (373) — Reclassification adjustment for amounts included in net income/(loss) (248) (248) — — — — Balance, End of Period $ (1,099) $ (1,099) $ — $ (373) $ (373) $ — For the Nine Months Ended September 30, 2023 September 30, 2022 Total Available for Sale Securities Cash Flow Hedges Total Available for Sale Securities Cash Flow Hedges Balance, Beginning of Period $ 390 $ 390 $ — $ (62) $ — $ (62) Other comprehensive income/(loss) (564) (564) — (593) (373) (220) Reclassification adjustment for amounts included in net income/(loss) (925) (925) — 282 — 282 Balance, End of Period $ (1,099) $ (1,099) $ — $ (373) $ (373) $ —

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 10 - Commitments and Contingencies Unfunded Commitments Under Commercial Mortgage Loans As of September 30, 2023 and December 31, 2022, the Company had the below unfunded commitments to the Company's borrowers (dollars in thousands): Funding Expiration September 30, 2023 December 31, 2022 2023 (October - December) $ 23,772 $ 73,921 2024 181,698 312,009 2025 163,575 70,429 2026 and beyond 18,617 9,629 $ 387,662 $ 465,988 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. Please refer to "Part II, Item 1. Legal Proceedings" for more details about the Company's ongoing litigation matters.

Related Party Transactions and

Related Party Transactions and Arrangements	9 Months Ended
	Sep. 30, 2023
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 three and nine months ended September 30, 2023 and 2022 and the associated payable as of September 30, 2023 and December 31, 2022 (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, Payable as of 2023 2022 2023 2022 September 30, 2023 December 31, 2022 Acquisition expenses (1) $ 316 $ 362 $ 977 $ 996 $ — $ — Administrative services expenses 3,566 3,001 10,993 9,402 3,566 3,526 Asset management and subordinated performance fee 7,908 6,430 24,893 19,776 12,389 8,843 Other related party expenses (2)(3) 235 226 785 706 881 3,060 Total related party fees and reimbursements $ 12,025 $ 10,019 $ 37,648 $ 30,880 $ 16,836 $ 15,429 _________________________________________________________ (1) Total acquisition expenses paid during the three months ended September 30, 2023 and 2022 were $1.8 million and $2.5 million, respectively, of which $1.5 million and $2.1 million, respectively, were capitalized within the commercial mortgage loans, held for investment and real estate securities, available for sale, measured at fair value lines of the consolidated balance sheets. Total acquisition expenses paid during the nine months ended September 30, 2023 and 2022 were $4.1 million and $9.7 million, respectively, of which $3.1 million and $8.7 million were capitalized within the commercial mortgage loans, held for investment line of the consolidated balance sheets. (2) These are related to reimbursable costs incurred related to the increase in loan origination activities and are included in Other expenses in the Company's consolidated statements of operations. (3) As of September 30, 2023 and December 31, 2022, the related party payables include $0.6 million and $2.9 million, respectively, of payments made by the Advisor to third party vendors on behalf of the Company. The payables as of September 30, 2023 and December 31, 2022, in the table above are included in Due to affiliates on the Company's consolidated balance sheets. Other Transactions In the third quarter of 2021, the Company and an affiliate of the Company entered into the Jeffersonville JV to acquire a $139.5 million triple net lease property in Jeffersonville, GA. The Company has a 79% interest in the Jeffersonville JV, while the affiliate has a 21% interest. The Company invested a total of $109.8 million, made up of $88.7 million in debt and $21.1 million in equity, representing 79% of the ownership interest in the Jeffersonville JV. The affiliated fund made up the remaining $29.8 million composed of a $24.0 million mortgage note payable and $5.8 million in non-controlling interest. The Company has majority control of Jeffersonville JV and, therefore, consolidates the accounts of Jeffersonville JV into its consolidated financial statements. The Company's $88.7 million mortgage note payable to Jeffersonville JV is eliminated in consolidation (see Note 7 - Debt). Pursuant to the Company's 2021 Incentive Plan, in the first quarter of 2023 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. As of September 30, 2023 and December 31, 2022, our commercial mortgage loans, held for investment, includes an aggregate of $123.7 million and $122.9 million, respectively, carrying value of loans to affiliates of our Advisor. The Company recognized $2.8 million and $1.6 million of interest income from these loans for the three months ended September 30, 2023 and 2022 respectively, in the Company’s consolidated statements of operations. The Company recognized $7.4 million and $3.4 million of interest income from these loans for the nine months ended September 30, 2023 and 2022 respectively, in the Company’s consolidated statements of operations. In November 2022, the Company and an affiliate of the Company entered into the Walgreens JV to acquire the Walgreens Portfolio consisting of 24 retail properties with various locations throughout the United States. The Company has a 76% interest in the Walgreens JV, while the affiliate has a 24% interest. The Company has majority control of Walgreens JV and, therefore, consolidates the accounts of Walgreens JV into our consolidated financial statements. As of September 30, 2023 and December 31, 2022, the Company recorded $24.9 million and $10.5 million, respectively, in non-controlling interest related to the Walgreens JV on its consolidated balance sheets.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 12 - 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. 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 as 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 as Level II of the fair value hierarchy. A review of the fair value hierarchy classification is conducted on a quarterly basis. Changes in the type of inputs may result in a reclassification for certain assets or liabilities. The Company's policy with respect to transfers between levels of the fair value hierarchy is to recognize transfers into and out of each level as of the beginning of the reporting period. There were no material transfers between levels within the fair value hierarchy for the period ended September 30, 2023. Material transfers between levels within the fair value hierarchy during the period ended December 31, 2022 were specifically related to the transfer of ARM Agency Securities from Level II to Level III. The following table presents the Company's financial instruments carried at fair value on a recurring basis in the consolidated balance sheets by its level in the fair value hierarchy as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 Total Level I Level II Level III Assets, at fair value Real estate securities, available for sale, measured at fair value $ 193,072 $ — $ 193,072 $ — Commercial mortgage loans, held for sale, measured at fair value 17,000 — — 17,000 Treasury Notes 35 35 — — Total assets, at fair value $ 210,107 $ 35 $ 193,072 $ 17,000 Liabilities, at fair value Credit default swaps $ 258 $ — $ 258 $ — Total liabilities, at fair value $ 258 $ — $ 258 $ — 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 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 $ — Both observable and unobservable inputs may be used to determine the fair value of positions that the Company has classified within the Level III category. As a result, the unrealized gains and losses for assets and liabilities within the Level III category may include changes in fair value that were attributable to both observable and unobservable inputs. The following table summarizes the valuation method and significant unobservable inputs used for the Company’s financial instruments that are categorized within Level III of the fair value hierarchy as of September 30, 2023 and December 31, 2022 (dollars in thousands). The following table contains the Level III inputs used to value assets and liabilities on a recurring basis or where the Company discloses fair value as of September 30, 2023: September 30, 2023 Asset Category Fair Value Valuation Methodologies Unobservable Inputs (1) Weighted Average (2) Range Commercial mortgage loans, held for sale, measured at fair value $ 17,000 Discounted Cash Flow Yield 8.3% N/A December 31, 2022 Asset Category Fair Value Valuation Methodologies Unobservable Inputs (1) Weighted Average (2) Range 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% ________________________________________________________ (1) In determining certain inputs, the Company evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company specific developments including exit strategies and realization opportunities. The Company has determined that market participants would take these inputs into account when valuing the investments. (2) Inputs were weighted based on the fair value of the investments included in the range. Increases or decreases in any of the above unobservable inputs in isolation would result in a lower or higher fair value measurement for such assets. The following table presents additional information about the Company’s financial instruments which are measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 for which the Company has used Level III inputs to determine fair value (dollars in thousands): September 30, 2023 Commercial Mortgage Loans, held for sale, measured at fair value Real estate securities, trading, measured at fair value Beginning balance, January 1, 2023 $ 15,559 $ 235,728 Transfers into Level III (1) — — Total realized and unrealized gain/(loss) included in earnings: Realized gain/(loss) on sale of commercial mortgage loans, held for sale 3,027 — Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments 44 — Trading gain/(loss) — (605) Originations 93,250 — Sales/paydowns (94,880) (235,123) Transfers out of Level III (1) — — Ending Balance, September 30, 2023 $ 17,000 $ — ________________________________________________________ (1) There were no transfers in or out of Level III as of September 30, 2023 . 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 loans, held for sale 2,358 — — Realized gain/(loss) on sale of available for sale trading 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 — — — Originations 366,692 — — Sales/paydowns (387,698) (4,211,923) (2,045) 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. The fair value of cash and cash equivalents and restricted cash are measured using observable quoted market prices, or Level I inputs and their carrying value approximates their fair value. The fair value of borrowings under repurchase agreements approximate their carrying value on the consolidated balance sheets due to their short-term nature and are measured using Level III inputs. Financial Instruments Measured at Fair Value on a Nonrecurring Basis Real Estate Owned, held for sale , recorded in Real estate owned, held for sale on the consolidated balance sheets are valued at fair value on a non-recurring basis in accordance with ASC 820. As of September 30, 2023, we had assets and liabilities measured at fair value on a nonrecurring basis on our consolidated balance sheets with an aggregate fair value of $91.4 million, net, representing the remaining 23 retail properties in the Walgreens Portfolio, that were written down to estimated fair value less cost to sell for impairment purposes and were classified as Level III investments. The significant unobservable inputs utilized in the analysis were the exit capitalization rates, which ranged from 5.00%-5.75%. As of December 31, 2022, the Company had no assets measured at fair value on a nonrecurring basis on our consolidated balance sheets. Financial Instruments Not Measured at Fair Value The fair values of the Company's commercial mortgage loans, held for investment and collateralized loan obligations, which are not reported at fair value on the consolidated balance sheets are reported below as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 December 31, 2022 Level Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value Commercial mortgage loans, held for investment Asset III $ 4,951,156 $ 4,961,106 $ 5,269,776 $ 5,278,495 Collateralized loan obligations (2) Liability II 3,477,444 3,436,617 3,121,983 3,055,810 Mortgage note payable Liability III 23,998 23,998 23,998 23,998 Other financings Liability III 23,669 23,669 76,301 76,301 Unsecured debt Liability III 81,270 70,600 98,695 66,300 ________________________________________________________ (1) The carrying value is gross of $37.5 million and $40.8 million of allowance for credit losses as of September 30, 2023 and December 31, 2022, respectively. (2) Depending upon the significance of the fair value inputs utilized in determining these fair values, our collateralized loan obligations are classified in either Level II or Level III of the fair value hierarchy. Beginning in the third quarter of 2023, the transfers from Level III to Level II were a result of the availability of current and reliable market data provided by third party pricing services or other valuation techniques which utilized observable inputs. Repurchase agreements - commercial mortgage loans of $249.3 million and $680.9 million as of September 30, 2023 and December 31, 2022, respectively, and repurchase agreements - real estate securities of $240.0 million and $440.0 million as of September 30, 2023 and December 31, 2022, respectively, are not carried at fair value and does not 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 Mortgage note payable was recorded at transaction proceeds, which are considered to be the best initial estimate of fair value. The fair value of the Other financings is generally estimated using a discounted cash flow analysis. The fair value of the Unsecured debt is based on discounted cash flows using Company estimates for market yields on similarly structured debt instruments.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 13 - 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 September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 December 31, 2022 Fair Value Fair Value Contract type Notional Assets Liabilities Notional Assets Liabilities Credit default swaps $ 21,750 $ — $ 258 $ 18,000 $ 234 $ 64 Interest rate swaps — — — 9,800 90 — Treasury note futures 11,700 35 — 3,500 91 — Total $ 33,450 $ 35 $ 258 $ 31,300 $ 415 $ 64 The following table indicates the net realized and unrealized gains and losses on derivatives, by primary underlying risk exposure, as included in Loss on derivative instruments in the consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Contract type Unrealized Gain/(Loss) Realized Gain/(Loss) Unrealized Gain/(Loss) Realized Gain/(Loss) Credit default swaps $ 33 $ (46) $ (40) $ (254) Interest rate swaps (251) 113 1,606 (1,370) Treasury note futures 35 — — — Total $ (183) $ 67 $ 1,566 $ (1,624) Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Contract type Unrealized Gain/(Loss) Realized Gain/(Loss) Unrealized Gain/(Loss) Realized Gain/(Loss) Credit default swaps $ 36 $ (32) $ 515 $ (301) Interest rate swaps (90) 672 (13,215) 56,961 Treasury note futures (56) 44 (124) 939 Total $ (110) $ 684 $ (12,824) $ 57,599 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.

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	9 Months Ended
	Sep. 30, 2023
Offsetting [Abstract]
Offsetting Assets and Liabilities	Note 14 - Offsetting Assets and Liabilities The Company's consolidated balance sheets used a gross presentation of repurchase agreements and collateral pledged. The table below provides a gross presentation, the effects of offsetting and a net presentation of the Company's derivative instruments and repurchase agreements within the scope of ASC 210-20, Balance Sheet—Offsetting , as of September 30, 2023 and December 31, 2022 (dollars in thousands): Gross Amounts Not Offset on the Balance Sheet Assets Gross Amounts of Recognized Assets Gross Amounts Offset on the Balance Sheet Net Amount of Assets Presented on the Balance Sheet Financial Instruments Cash Collateral (1) Net Amount September 30, 2023 Derivative instruments, at fair value $ 35 $ — $ 35 $ — $ — $ 35 December 31, 2022 Derivative instruments, at fair value $ 415 $ — $ 415 $ — $ — $ 415 _________________________________________________________ See notes below. Gross Amounts Not Offset on the Balance Sheet Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Balance Sheet Net Amount of Liabilities Presented on the Balance Sheet Financial Instruments Cash Collateral (1) Net Amount September 30, 2023 Repurchase agreements - commercial mortgage loans $ 249,345 $ — $ 249,345 $ 249,345 $ — $ — Repurchase agreements - real estate securities 240,010 — 240,010 240,010 — — Derivative instruments, at fair value 258 — 258 — 258 — December 31, 2022 Repurchase agreements - commercial mortgage loans $ 680,859 $ — $ 680,859 $ 680,859 $ — $ — Repurchase agreements - real estate securities 440,008 — 440,008 440,008 — — Derivative instruments, at fair value 64 — 64 — 64 — _________________________________________________________ (1) Included in Restricted cash in the Company's consolidated balance sheets.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Reporting	Note 15 - 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 small portfolio of ARM Agency Securities (all of which has been disposed of as of September 30, 2023). • 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 TRS may also hold certain mezzanine loans that don't qualify as good REIT assets due to any potential loss from foreclosure. • The real estate owned business represents real estate acquired by the Company through foreclosure, deed in lieu of foreclosure, or purchase. Profit or loss on segment operations is measured by Net income/(loss) included in the consolidated statements of operations. The following table represents the Company's operations by segment for the three and nine months ended September 30, 2023 and 2022 (dollars in thousands): Three Months Ended September 30, 2023 Total Real Estate Debt and Other Real Estate Investments Real Estate Securities TRS Real Estate Owned Interest income $ 137,042 $ 131,093 $ 4,908 $ 109 $ 932 Revenue from real estate owned 3,317 — — — 3,317 Interest expense 77,973 74,002 3,151 307 513 Net income/(loss) 30,995 35,450 (1,568) 82 (2,969) Total assets as of September 30, 2023 5,875,455 5,357,513 196,240 56,198 265,504 Three Months Ended September 30, 2022 Interest income $ 94,131 $ 91,097 $ 1,648 $ 1,386 $ — Revenue from real estate owned 2,312 — — — 2,312 Interest expense 46,157 43,260 1,779 786 332 Net income/(loss) 35,258 35,778 (3,309) 2,107 682 Total assets as of December 31, 2022 6,203,601 5,444,152 474,231 63,307 221,911 Nine Months Ended September 30, 2023 Total Real Estate Debt and Other Real Estate Investments Real Estate Securities TRS Real Estate Owned Interest income $ 420,470 $ 404,300 $ 12,488 $ 1,179 $ 2,503 Revenue from real estate owned 13,067 — — — 13,067 Interest expense 224,347 211,923 10,139 824 1,461 Net income/(loss) 114,478 125,723 1,158 (10,610) (1,793) Total assets as of September 30, 2023 5,875,455 5,357,513 196,240 56,198 265,504 Nine Months Ended September 30, 2022 Interest income $ 239,602 $ 209,585 $ 25,424 $ 4,593 $ — Revenue from real estate owned 6,936 — — — 6,936 Interest expense (1) 96,262 87,522 6,853 1,123 764 Net income/(loss) (12,958) 46,306 (63,533) 1,995 2,274 Total assets as of December 31, 2022 6,203,601 5,444,152 474,231 63,307 221,911 _________________________________________________________ (1) For the nine months ended September 30, 2022, $5.2 million of deferred financing costs expense related to the redemption of the BSPRT 2018-FL4 Issuer CLO was reclassified from Interest expense to Realized gain/(loss) on extinguishment of debt on the consolidated statements of operations. For the purposes of the table above, management fees have been allocated to the business segments using an agreed upon percentage of each respective segment's prior period equity. Administrative fees have been allocated to the business segments using a percentage derived from taking the respective business segment's prior period equity as a percent of consolidated equity and multiplying it by the Company's total administrative fee.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 16 - Subsequent Events Subsequent to the quarter ended September 30, 2023, the following events took place: Loan activity : On October 3, 2023, the Company foreclosed upon a multifamily property located in Lubbock, TX. The loan had an amortized cost basis of $12.0 million as of September 30, 2023 (see Note 3 - Commercial Mortgage Loans). Debt activity : On October 12, 2023, the Company entered into a master repurchase agreement ("MRA") with Churchill MRA Funding, with a maximum facility amount of $225 million. On October 25, 2023, the Wells Fargo Repo Facility capacity was decreased from $500 million to $400 million. Additionally, the maturity date was extended to November 21, 2025. See Note 7 - Debt. Stock repurchases: Subsequent to September 30, 2023, the Company repurchased 137,444 shares of common stock at a weighted average cost of

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 31,767	$ 39,603	$ 43,830	$ 35,258	$ (25,709)	$ (22,507)	$ 115,200	$ (12,958)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The Company's unaudited consolidated financial statements and related footnotes have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America ("GAAP") for interim financial statements and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of, and for the year ended December 31, 2022, which are included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on March 16, 2023, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this report.
Use of Estimates	Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. In the opinion of management, the interim data includes all adjustments, of a normal and recurring nature, necessary for a fair statement of the results for the periods presented. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the entire year or any subsequent interim periods.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members, as well as whether the entity is a variable interest entity ("VIE") for which the Company is the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company's assets and liabilities are held by the OP. The Company consolidates all entities that it controls through either majority ownership or voting rights. In addition, the Company consolidates all VIEs of which the Company is considered the primary beneficiary. VIEs are entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. Non-controlling interest represents the equity of 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.
Reclassifications	Reclassifications Certain prior year balances have been reclassified in order to conform to the current period presentation. Our share-based compensation expense of $0.7 million and $1.9 million for the three and nine months ended September 30, 2022, respectively, which was previously included as a component of Professional fees was reclassified to its own line item Share-based compensation on the consolidated statements of operations. For the nine months ended September 30, 2022, $5.2 million related to the remaining unamortized deferred financing costs on the redemption of BSPRT 2018-FL4 during the second quarter of 2022 was reclassified from Interest Expense to Realized gain/(loss) on extinguishment of debt on the consolidated statements of operations and the consolidated statement of cash flows, and ($4.0) thousand of Unrealized gain/(loss) on other real estate investments, measured at fair value and $33 thousand of Realized gain/(loss) on other real estate investments, measured at fair value were combined to be presented as a net result in Gain/(loss)on other real estate investments on the 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 and cash equivalent balances may, at a limited number of banks and financial institutions, exceed insurable amounts. The Company believes it mitigates risk by investing in or through major financial institutions and primarily in funds that are currently U.S. federal government insured up to applicable account limits. Recoverability of investments is dependent upon the performance of the issuers. Cash equivalents include short-term, liquid investments in money market funds with original maturities of 90 days or less when purchased.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements 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 ("TDR") 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. On January 1, 2023, the Company adopted ASU 2022-02 on a prospective basis and the adoption had no significant impact to the Company's 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
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. 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 as 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 as Level II of the fair value hierarchy. A review of the fair value hierarchy classification is conducted on a quarterly basis. Changes in the type of inputs may result in a reclassification for certain assets or liabilities. The Company's policy with respect to transfers between levels of the fair value hierarchy is to recognize transfers into and out of each level as of the beginning of the reporting period. There were no material transfers between levels within the fair value hierarchy for the period ended September 30, 2023. Material transfers between levels within the fair value hierarchy during the period ended December 31, 2022 were specifically related to the transfer of ARM Agency Securities from Level II to Level III.

Commercial Mortgage Loans (Tabl

Commercial Mortgage Loans (Tables)	9 Months Ended
	Sep. 30, 2023
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): September 30, 2023 December 31, 2022 Senior loans $ 4,933,031 $ 5,251,464 Mezzanine loans 18,125 18,312 Total gross carrying value of loans 4,951,156 5,269,776 General allowance for credit losses 37,512 26,624 Specific allowance for credit losses — 14,224 Less: Allowance for credit losses 37,512 40,848 Total commercial mortgage loans, held for investment, net $ 4,913,644 $ 5,228,928 The following tables represent the composition by loan collateral type and region of the Company's commercial mortgage loans, held for investment portfolio (dollars in thousands): September 30, 2023 December 31, 2022 Loan Collateral Type Par Value Percentage Par Value Percentage Multifamily $ 3,864,857 77.8 % $ 4,030,975 76.1 % Hospitality 573,075 11.6 % 510,566 9.7 % Office 288,057 5.8 % 405,705 7.7 % Retail 34,000 0.7 % 120,017 2.3 % Industrial 78,050 1.6 % 93,035 1.8 % Other 123,021 2.5 % 128,676 2.4 % Total $ 4,961,060 100.0 % $ 5,288,974 100.0 % September 30, 2023 December 31, 2022 Loan Region Par Value Percentage Par Value Percentage Southeast $ 2,129,301 43.0 % $ 2,229,756 42.2 % Southwest 1,877,084 37.8 % 1,763,492 33.3 % Mideast 447,339 9.0 % 706,192 13.4 % Far West 96,226 1.9 % 234,891 4.4 % Great Lakes 163,342 3.3 % 162,162 3.1 % Various 247,768 5.0 % 192,481 3.6 % Total $ 4,961,060 100.0 % $ 5,288,974 100.0 % The following tables represent the composition by loan collateral type and region of the Company's commercial mortgage loans, held for sale, measured at fair value (dollars in thousands): September 30, 2023 December 31, 2022 Loan Collateral Type Par Value Percentage Par Value Percentage Hospitality $ 17,000 100.0 % $ — — % Retail — — % 12,000 76.8 % Office — — % 3,625 23.2 % Total $ 17,000 100.0 % $ 15,625 100.0 % September 30, 2023 December 31, 2022 Loan Region Par Value Percentage Par Value Percentage Southeast $ 17,000 100.0 % $ 15,625 100.0 %
Summary of Commercial Mortgage Loans Held for Investment Activity	For the nine months ended September 30, 2023 and year ended December 31, 2022, the activity in the Company's commercial mortgage loans held for investment carrying values, was as follows (dollars in thousands): Nine Months Ended September 30, 2023 Year Ended Amortized cost, beginning of period $ 5,269,776 $ 4,226,888 Acquisitions and originations 671,927 2,247,613 Principal repayments (903,273) (1,109,769) Discount accretion/premium amortization 9,901 12,614 Loans transferred from/(to) commercial real estate loans, held for sale — (9,296) Net fees capitalized into carrying value of loans (3,910) (13,775) Transfer to real estate owned (80,039) (80,460) Principal charge-off (11,499) — Cost recovery (1,727) (4,039) Amortized cost, end of period $ 4,951,156 $ 5,269,776 Allowance for credit losses, beginning of period $ (40,848) $ (15,827) General (provision)/benefit for credit losses (10,888) (10,797) Specific (provision)/benefit for credit losses (12,334) (25,281) Write offs from specific allowance for credit losses 26,558 11,057 Allowance for credit losses, end of period $ (37,512) $ (40,848) Total commercial mortgage loans, held for investment, net $ 4,913,644 $ 5,228,928
Schedule of Changes in Allowance for Credit Losses	The following schedules present the quarterly changes in the Company's allowance for credit losses for the nine months ended September 30, 2023 (dollars in thousands): General Allowance for Credit Losses Specific Allowance for Credit Losses Funded Unfunded Total Total Allowance for Credit Losses December 31, 2022 $ 14,224 $ 26,624 $ 280 $ 26,904 $ 41,128 Changes: Provision/(Benefit) $ 835 (1) $ 2,127 $ 1,398 $ 3,525 $ 4,360 Write offs (15,059) (1) — — — (15,059) March 31, 2023 $ — $ 28,751 $ 1,678 $ 30,429 $ 30,429 Changes: Provision/(Benefit) $ 11,893 (2) $ 10,181 $ (450) $ 9,731 $ 21,624 Write offs (11,893) (2) — — — (11,893) June 30, 2023 $ — $ 38,932 $ 1,228 $ 40,160 $ 40,160 Changes: Provision/(Benefit) $ (394) (2) $ (1,420) $ 4,193 2,773 $ 2,379 Write offs $ 394 (2) — — — 394 September 30, 2023 $ — $ 37,512 $ 5,421 $ 42,933 $ 42,933 ________________________________________ (1) During the year ended December 31, 2022, the Company identified a commercial mortgage loan, held for investment secured by 24 retail properties (the "Walgreens Portfolio"), that was assigned a risk rating of “5” due to certain conditions that negatively impacted the underlying collateral property’s cash flows. The loan was evaluated in accordance with ASC 310 - Receivables and was determined to be a TDR. During the first quarter of 2023, the Company recorded an $0.8 million specific allowance for credit losses on the loan and wrote off the remaining $15.1 million specific allowance for credit losses for the Walgreens Portfolio, net of $0.7 million recoveries recorded. All remaining properties collateralized by the senior mortgage notes were assumed by the Company through foreclosures and deeds-in-lieu of foreclosure and correspondingly were transferred to Real estate owned, net of depreciation in the consolidated balance sheets. During the third quarter of 2023, the Walgreens Portfolio was actively marketed for sale and therefore, the Company classified the portfolio as Real estate owned, held for sale. See Note 5 - Real Estate Owned. (2) In February 2020, the Company originated a first mortgage loan secured by an office property in Portland, OR. In February 2023, the fully committed $37.3 million senior loan was restructured as a result of financial difficulty to a $25.0 million committed senior loan. In connection with the restructuring, the Company committed a $10.1 million mezzanine note. In accordance with the adoption of ASU 2022-02, the restructuring was classified as a continuation of an existing loan on the senior loan and new loan for the mezzanine note. During the second quarter of 2023, the Company assigned the senior and mezzanine notes a risk rating of "5" and placed the loan on cost recovery status. 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 loan. As a result, the Company recorded a specific allowance for credit losses of $11.9 million on this loan in the second quarter of 2023 and subsequently wrote off this specific allowance for credit losses in the same quarter. As of September 30, 2023, the Company recorded recoveries of $0.4 million and $1.1 million for the three and nine months ended September 30, 2023. During the third quarter of 2023, the Company foreclosed upon the mortgage notes through deed-in-lieu of foreclosure. The carrying value of the loan was $20.3 million. In connection therewith, the underlying collateral assets were reclassified to Real estate owned, net of depreciation in the consolidated balance sheets as a result of deed-in-lieu. The transfer was evaluated to be an asset acquisition in accordance with ASC 805. See Note 5 - Real Estate Owned.
Summary of Past Due Loans	The following table presents a summary of the loans amortized cost basis as of September 30, 2023 (dollars in thousands): Current Less than 90 days past due 90 or more days past due Total As of September 30, 2023 $ 4,865,233 $ 85,923 $ — $ 4,951,156
Summary of Loans on Nonaccrual Status	The following table presents the amortized cost basis of our non-performing loans as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 December 31, 2022 Non-performing loan amortized cost at beginning of year, January 1 $ 117,379 $ 57,075 Addition of non-performing loan amortized cost 76,412 60,304 Less: Removal of non-performing loan amortized cost 137,763 — Non-performing loan amortized cost end of period (1) $ 56,028 $ 117,379 _________________________________________________________ (1) As of September 30, 2023, and December 31, 2022, the Company had three and two loans, respectively, designated as non-performing. No specific allowances for credit losses were determined for the 3 loans on non-performing status as of September 30, 2023.
Allocation by Risk Rating	The loans are scored on a scale of 1 to 5 as follows: Investment Rating Summary Description 1 Very Low Risk - Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable. 2 Low Risk - Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. 3 Average Risk - Performing investments requiring closer monitoring. Trends and risk factors show some deterioration. 4 High Risk/Delinquent/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/Defaulted/Loss Likely - Underperforming investment with expected loss of interest and some principal. September 30, 2023 Amortized Cost by Year of Origination Risk Rating Number of Loans Total Par Value 2023 2022 2021 2020 2019 Prior Total Amortized Cost % of Portfolio 1 — $ — $ — $ — $ — $ — $ — $ — $ — — % 2 115 4,081,231 475,495 1,460,281 1,917,162 109,700 73,896 35,876 4,072,410 82.3 % 3 27 797,143 1,140 185,400 451,001 82,796 19,176 56,620 796,133 16.0 % 4 3 82,686 — — 56,825 — 25,788 — 82,613 1.7 % 5 — — — — — — — — — — % Total 145 $ 4,961,060 $ 476,635 $ 1,645,681 $ 2,424,988 $ 192,496 $ 118,860 $ 92,496 $ 4,951,156 100.0 % Allowance for credit losses (37,512) Total carrying value, net $ 4,913,644 December 31, 2022 Amortized Cost by Year of Origination Risk Rating Number of Loans Total Par Value 2022 2021 2020 2019 2018 Prior Total Amortized Cost % of Portfolio 1 — $ — $ — $ — $ — $ — $ — $ — $ — — % 2 141 4,783,568 1,778,691 2,483,120 315,269 115,673 75,467 — 4,768,220 90.6 % 3 15 281,071 — 167,707 36,655 54,631 — 21,792 280,785 5.3 % 4 4 160,695 32,305 — 36,356 — 34,731 57,075 160,467 3.0 % 5 1 63,640 60,304 — — — — — 60,304 1.1 % Total 161 $ 5,288,974 $ 1,871,300 $ 2,650,827 $ 388,280 $ 170,304 $ 110,198 $ 78,867 $ 5,269,776 100.0 % Allowance for credit losses (40,848) Total carrying value, net $ 5,228,928

Real Estate Securities (Tables)

Real Estate Securities (Tables)	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Summary of ARMs by Collateral Type and Interest Rate Characteristics	The following is a summary of the Company's ARMs 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 % ________________________________________________________ (1) Average yield is presented for the period then ended and is based on the cash component of interest income expressed as a percentage on average cost basis (the “cash yield”).
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 September 30, 2023 and December 31, 2022 (dollars in thousands): CRE CLO Bonds Number of Bonds Benchmark Interest Rate Weighted Average Interest Rate Weighted Average Contractual Maturity (years) Par Value Fair Value September 30, 2023 6 1 Month SOFR 8.20% 11.6 $ 194,225 $ 193,072 December 31, 2022 7 1 Month SOFR 7.55% 15.4 $ 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 September 30, 2023 and December 31, 2022 (dollars in thousands): Amortized Cost Credit Loss Allowance Unrealized Gain Unrealized (Loss) Fair Value September 30, 2023 $ 194,171 $ — $ 22 $ (1,121) $ 193,072 December 31, 2022 $ 220,635 $ — $ 833 $ (443) $ 221,025

Real Estate Owned (Tables)

Real Estate Owned (Tables)	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Summary of Real Estate Owned, Held For Investment	The following table summarizes the Company's real estate owned, held for investment assets as of September 30, 2023 and December 31, 2022 (dollars in thousands): As of September 30, 2023 Acquisition Date Property Type Primary Location(s) Land Building and Improvements Furniture, Fixtures and Equipment Accumulated Depreciation Real Estate Owned, net September 2021 (1) Industrial Jeffersonville, GA $ 3,436 $ 84,259 $ 2,928 $ (4,603) $ 86,020 August 2023 (2) Office Portland, OR 16,479 52 2,065 — 18,596 $ 19,915 $ 84,311 $ 4,993 $ (4,603) $ 104,616 ________________________ See notes below. As of December 31, 2022 Acquisition Date Property Type Primary Location(s) Land Building and Improvements Furniture, Fixtures and Equipment Accumulated Depreciation Real Estate Owned, net September 2021 (1) Industrial Jeffersonville, GA $ 3,436 $ 84,259 $ 2,928 $ (2,877) $ 87,746 Various (3) Retail Various 9,105 31,036 — (115) 40,026 $ 12,541 $ 115,295 $ 2,928 $ (2,992) $ 127,772 ________________________ (1) In the third quarter of 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 triple net lease property in Jeffersonville, GA. Refer to Note 11 - Related Party Transactions and Arrangements for details. (2) In August 2023, the Company obtained, through deed-in-lieu of foreclosure, an office property located in Portland, OR in exchange for relief of the associated loan. (3) Relates to ten retail properties associated with the loan secured by the Walgreens Portfolio that were foreclosed upon as of December 31, 2022. The properties are located throughout the United States of America. During the third quarter of 2023, we classified the Walgreens Portfolio consisting of 24 retail properties as Real estate owned, held for sale in the consolidated balance sheets as discussed in the paragraphs below. Refer to Note 11 - Related Party Transactions and Arrangements for details.
Summary of Real Estate Owned, Held For Sale	The following table summarizes the Company's Real estate owned, held for sale assets and liabilities as of September 30, 2023 and December 31, 2022 (dollars in thousands): As of September 30, 2023 Property Type Primary Location(s) Assets, Net Liabilities, Net Retail Various $ 103,657 $ 12,297 As of December 31, 2022 Property Type Primary Location(s) Assets, Net Liabilities, Net Multifamily New Rochelle, NY $ 23,520 $ — Office St. Louis, MO 12,977 — $ 36,497 $ —

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Schedule of Intangible Leased Assets and Liabilities	The following table summarizes the Company's identified intangible lease assets (primarily in-place leases) and liabilities (primarily below-market leases) recognized in the consolidated balance sheets as of September 30, 2023 and December 31, 2022 (dollars in thousands): Identified intangible assets: September 30, 2023 December 31, 2022 Gross amount $ 49,363 $ 58,542 Accumulated amortization (5,759) (3,711) Total, net $ 43,604 $ 54,831 Identified intangible liabilities: Gross amount $ 12,813 $ 6,507 Accumulated amortization (516) (79) Total, net $ 12,297 $ 6,428
Schedule of Future Minimum Payments to be Received	The following table summarizes the Company's schedule of future minimum rents on its real estate owned, held for investment properties, with a remaining lease term of approximately 15.1 years, to be recognized (dollars in thousands): Future Minimum Rents September 30, 2023 2023 (October - December) $ 2,220 2024 8,207 2025 8,372 2026 8,539 2027 8,710 2028 and beyond 106,271 Total future minimum rent $ 142,319
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, exclusive of intangible assets that are held for sale, assuming no further acquisitions or dispositions (dollars in thousands): Amortization Expense - Acquired below (above) market leases, net September 30, 2023 2023 (October - December) $ 90 2024 — 2025 — 2026 — 2027 — The following table summarizes the Company's expected other identified intangible assets, net amortization over the next five years, exclusive of intangible assets that are held for sale, assuming no further acquisitions or dispositions (dollars in thousands): Amortization Expense - Other identified intangible assets September 30, 2023 2023 (October - December) $ 981 2024 2,880 2025 2,880 2026 2,880 2027 2,880

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Summary of Debt	Below is a summary of the Company's Repurchase facilities and revolving credit facilities - commercial mortgage loans ("Repo and Revolving Credit Facilities"), Mortgage note payable, Other financing and Unsecured debt as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 Capacity Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate Term Maturity Repo and revolving credit facilities - commercial mortgage loans (2) : JPM Repo Facility (3) $ 500,000 $ 115,274 $ 19,796 7.95 % 07/2026 Atlas Repo Facility (4) 600,000 38,857 5,375 7.58 % 03/2024 WF Repo Facility (5) 500,000 28,675 8,822 7.58 % 11/2023 Barclays Revolver Facility (6) 250,000 — 823 N/A 09/2024 Barclays Repo Facility (7) 500,000 66,539 10,191 7.19 % 03/2025 Total/Weighted average $ 2,350,000 $ 249,345 $ 45,007 7.65 % Mortgage note payable: Debt related to our REO (8) N/A $ 23,998 $ 1,464 8.45 % 10/2024 Other financings: Other financings (9) N/A $ 23,669 $ 4,672 8.08 % Various (9) Unsecured debt (10) : Junior subordinated notes maturing in: October 2035 (11) N/A $ 17,037 $ 1,521 9.13 % 10/2035 December 2035 N/A 39,541 2,593 8.97 % 12/2035 September 2036 N/A 24,692 1,620 8.97 % 09/2036 Total/Weighted average N/A $ 81,270 $ 5,734 9.00 % ________________________________________________________ See notes below. December 31, 2022 Capacity Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate Term Maturity Repo and revolving credit facilities - commercial mortgage loans (2) : JPM Repo Facility (3) $ 500,000 $ 275,423 $ 11,773 7.42 % 10/2024 Atlas Repo Facility (4) 600,000 168,046 8,676 7.12 % 10/2023 WF Repo Facility (5) 500,000 79,807 7,492 7.11 % 11/2023 Barclays Revolver Facility (6) 250,000 — 1,267 N/A 09/2023 Barclays Repo Facility (7) 500,000 157,583 8,997 6.75 % 03/2025 Total/Weighted average $ 2,350,000 $ 680,859 $ 38,205 7.16 % Mortgage note payable: Debt related to our REO (8) N/A $ 23,998 $ 1,185 7.32 % 10/2024 Other financings: Other financings (9) N/A $ 76,301 $ 3,069 6.17 % Various (9) Unsecured debt (10) : Junior subordinated notes maturing in: October 2035 N/A $ 34,508 $ 2,046 8.25 % 10/2035 December 2035 N/A 39,513 2,202 8.39 % 12/2035 September 2036 N/A 24,674 1,375 8.39 % 09/2036 Total/Weighted average N/A $ 98,695 $ 5,623 8.34 % ________________________________________________________ (1) Represents year to date expense and includes amortization of deferred financing costs. (2) The Company may pledge one or more mortgage loans to the financing entity in exchange for funds typically at an advance rate of between 60% to 75% of the principal amount of the mortgage loan being pledged. These loans are all floating rate at the Secured Overnight Financing Rate ("SOFR") plus an applicable spread. Additionally, the Repo and Revolving Credit Facilities generally provide that in the event of a decrease in the value of the Company's collateral, the lenders can demand additional collateral. As of September 30, 2023 and December 31, 2022, the Company is in compliance with all debt covenants. (3) On July 27, 2023, the Company extended the maturity date from October 6, 2023 to July 26, 2026 with a one-year extension option available at the Company's discretion. (4) On March 17, 2023, the maturity date was extended to March 15, 2024. During the first quarter of 2023, this repurchase facility was transferred from Credit Suisse to Atlas SP Partners. (5) On October 25, 2023, the committed financing was decreased from $500 million to $400 million. Additionally, the maturity date was extended to November 21, 2025. There are two more one-year extension options available at the Company's discretion. (6) 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. Additionally, on April 24, 2023, the Company extended the maturity date to September 20, 2024. (7) There are two one-year extension options available at the Company's discretion. (8) Relates to a mortgage note payable in Jeffersonville JV, a consolidated joint venture. The loan has a principal amount of $112.7 million of which $88.7 million of the loan is owned by the Company and was eliminated in our consolidated financial statements (see Note 5 - Real Estate Owned). (9) Comprised of two note-on-note financings via participation agreements. From inception of the loan, the Company's outstanding loans could increase as a result of future fundings, leading to an increase in amount outstanding via the participation agreement. The weighted average contractual maturity of these loans is December 2023. (10) 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 $1.9 million and $5.8 million for the three and nine months ended September 30, 2023, respectively, compared to $1.3 million and $4.1 million for the three and nine months ended September 30, 2022, respectively.
Summary of Repurchase Agreements	Below is a summary of the Company's MRAs which were included in Repurchase agreements - real estate securities in the Company's consolidated balance sheets as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 Counterparty Amount Outstanding Interest Expense Collateral Pledged (1) Weighted Average Interest Rate Weighted Average Days to Maturity JP Morgan Securities LLC $ 179,221 $ 3,699 $ 203,463 6.32 % 23 Wells Fargo Securities, LLC 8,994 95 9,993 6.11 % 31 Barclays Capital Inc. 51,795 2,552 58,275 6.17 % 17 Total/Weighted Average $ 240,010 $ 6,346 $ 271,731 6.28 % 22 ________________________________________________________ See notes below. December 31, 2022 Counterparty Amount Outstanding Interest Expense Collateral Pledged (1) Weighted Average Interest Rate Weighted Average Days to Maturity 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 ________________________________________________________ December 31, 2022 Amount Outstanding Accrued Collateral Weighted Average Repurchase arrangements secured by trading securities with maturities of 30 days or less $ 172,144 $ 544 $ 180,400 4.25 % Repurchase arrangements secured by trading securities with maturities of 31 to 90 days 45,000 114 47,210 4.51 % Total/Weighted Average $ 217,144 $ 658 $ 227,610 4.30 %
Schedule of Collateralized Loan Obligations by Tranche	The following table represents the terms of the notes issued by 2019-FL5 Issuer, 2019-FL6 Issuer, 2021-FL7 Issuer, 2022-FL8 Issuer, 2022-FL9 Issuer and 2023-FL10 Issuer (collectively the "CLOs"), as of September 30, 2023 and December 31, 2022: September 30, 2023 CLO Facility Number of Loans in pool (1) Benchmark Interest Rate (2) Weighted Average Spread Par Value Par Value Outstanding (3) Principal Balance of Collateralized Mortgage Assets Maturity Dates 2021-FL6 Issuer 60 Term SOFR 1.42 % $ 584,500 $ 583,078 $ 699,595 3/15/2036 2021-FL7 Issuer 36 Term SOFR 1.64 % 722,250 720,000 882,382 12/21/2038 2022-FL8 Issuer 46 AVG SOFR 1.78 % 960,000 960,000 1,197,872 2/15/2037 2022-FL9 Issuer 49 Term SOFR 3.04 % 670,637 670,639 798,766 5/15/2039 2023-FL10 Issuer 28 Term SOFR 2.52 % 573,794 573,794 896,554 9/15/2035 $ 3,511,181 $ 3,507,511 $ 4,475,169 December 31, 2022 CLO Facility Number of Loans in pool (1) Benchmark interest rate (2) Weighted Average Spread Par Value Par Value Outstanding (3) Principal Balance of Collateralized Mortgage Assets Maturity Dates 2019-FL5 Issuer 25 LIBOR 1.77 % $ 664,199 $ 210,339 $ 378,786 5/15/2029 2021-FL6 Issuer 58 LIBOR 1.42 % 584,500 584,500 691,148 3/15/2036 2021-FL7 Issuer 39 LIBOR 1.64 % 722,250 722,250 899,729 12/21/2038 2022-FL8 Issuer 39 AVG SOFR 1.72 % 960,000 960,000 1,198,477 2/15/2037 2022-FL9 Issuer 50 Term SOFR 3.04 % 670,637 670,639 797,545 5/15/2039 $ 3,601,586 $ 3,147,728 $ 3,965,685 ________________________________________________________ (1) Loan assets may be pledged towards one or multiple CLO pool. (2) On March 5, 2021, the Financial Conduct Authority of the U.K. (the “FCA”) announced that LIBOR tenors relevant to 2019-FL5 Issuer, 2021- FL6 Issuer, and 2021-FL7 Issuer would cease to be published or no longer be representative after June 30, 2023. The Alternative Reference Rates Committee (the “ARRC”) interpreted this announcement to constitute a benchmark transition event. The benchmark index of 1M LIBOR interest rate will convert from LIBOR to compounded SOFR, plus a benchmark adjustment of 11.448 basis points with a lookback period equal to the number of calendar days in the applicable interest accrual period plus two SOFR business days, conforming with the indenture agreement and recommendations from the ARRC. Compounded SOFR for any interest accrual period shall be the “30-Day Average SOFR” as published by the Federal Reserve Bank of New York on each benchmark determination date. On July 13, 2023, the Company converted the indices for 2021-FL6 Issuer and 2021-FL7 Issuer to 1M Term SOFR + 11.448 basis points and the applicable spreads remains unchanged. (3) Excludes $610.5 million and $453.4 million, respectively, of CLO notes, held by the Company, which are eliminated within the collateralized loan obligations line in the consolidated balance sheet as of September 30, 2023 and December 31, 2022, respectively.
Schedule of Collateralized Loan Obligations	The below table reflects the total assets and liabilities of the Company's outstanding CLOs. The CLOs are considered VIEs and are consolidated into the Company's consolidated financial statements as of September 30, 2023 and December 31, 2022 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. September 30, 2023 December 31, 2022 Assets (dollars in thousands) Cash (1) $ 26,725 $ 43,246 Commercial mortgage loans, held for investment, net (2) 4,443,255 3,942,918 Accrued interest receivable 21,013 15,444 Total Assets $ 4,490,993 $ 4,001,608 Liabilities (dollars in thousands) Notes payable, net (3)(4) $ 4,118,009 $ 3,601,102 Accrued interest payable 11,811 10,582 Total Liabilities $ 4,129,820 $ 3,611,684 ________________________________________________________ (1) Includes $25.9 million and $42.5 million of cash held by the servicer related to CLO loan payoffs as of September 30, 2023 and December 31, 2022, respectively. (2) The balance is presented net of allowance for credit losses of $23.9 million and $13.2 million as of September 30, 2023 and December 31, 2022, respectively. (3) Includes $610.5 million and $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 September 30, 2023 and December 31, 2022, respectively. (4) The balance is presented net of deferred financing cost and discount of $30.1 million and $19.2 million as of September 30, 2023 and December 31, 2022, respectively.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Summary of the Basic and Diluted Earnings Per Share	The following table presents a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations and the calculation of basic and diluted earnings per share for the three and nine months ended September 30, 2023 and 2022 (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator Net income/(loss) $ 30,995 $ 35,258 $ 114,478 $ (12,958) Net (income)/loss from noncontrolling interest 772 — 722 — Less: Preferred stock dividends 6,748 6,899 20,245 34,865 Net income/(loss) applicable to common stock $ 25,019 $ 28,359 $ 94,955 $ (47,823) Less: Participating securities' share in earnings 287 — 1,300 — Net income/(loss) applicable to common stockholders (basic & diluted earnings per share) $ 24,732 $ 28,359 $ 93,655 $ (47,823) Denominator Weighted-average common shares outstanding for basic earnings per share 82,210,624 83,665,250 82,410,725 67,965,397 Weighted-average common shares outstanding for diluted earnings per share 82,210,624 83,665,250 82,410,725 67,965,397 Basic earnings per share $ 0.30 $ 0.34 $ 1.14 $ (0.70) Diluted earnings per share $ 0.30 $ 0.34 $ 1.14 $ (0.70)

Redeemable Convertible Prefer_2

Redeemable Convertible Preferred Stock and Equity Transactions (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Summary of Shares Outstanding	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 September 30, 2023 and December 31, 2022 (dollars in thousands, except share amounts): Balance as of Shares Outstanding as of Third Quarter 2023 Dividend Per Share (1) September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Redeemable Convertible Preferred Stock: Series H Preferred Stock (2) $ 89,748 $ 89,748 17,950 17,950 $ 106.22 Series I Preferred Stock (3) $ — $ 5,000 — 1,000 — Perpetual Preferred Stock: Series E Preferred Stock $ 258,742 $ 258,742 10,329,039 10,329,039 $ 0.46875 Common Stock: Common Stock - at par value (4)(5) $ 822 $ 826 83,019,881 82,992,784 $ 0.355 _________________________________________________________ (1) As declared by the Company's board of directors. (2) 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. 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. (3) On January 19, 2023, all 1,000 outstanding shares of the Company's Series I Preferred Stock each automatically converted into 299.2 shares of Common Stock, pursuant to the terms of the Series I Preferred Stock, resulting in the issuance of 299,200 shares of Common Stock. (4) Common Stock includes shares issued pursuant to the Company's dividend reinvestment plan ("DRIP") and unvested restricted shares. (5) The Company did not repurchase any shares during the three months ended September 30, 2023. During the nine months ended September 30, 2023, the Company repurchased 758,137 shares of Common Stock at an average price of $12.08 per share for a total of $9.2 million. All of these shares were retired upon settlement, reducing the total outstanding shares as of September 30, 2023. See discussion in the "Stock Repurchases" section below.
Summary of Repurchases	The following table is a summary of the Company’s repurchase activity of its common stock during the nine months ended September 30, 2023 (dollars in thousands, except share amounts): For the Nine Months Ended September 30, 2023 Shares Amount (1) Beginning of period, authorized repurchase amount (2) $ 48,421 Repurchases paid 758,137 (9,161) Remaining as of September 30, 2023 $ 39,260 _________________________________________________________ (1) For the nine months ended September 30, 2023, the average purchase price was $12.08 per share. (2) Amount includes commissions paid associated with share repurchases .
Changes in Accumulated Other Comprehensive Income (Loss)	The following tables set forth the changes in accumulated other comprehensive income/(loss) by component for the three and nine months ended September 30, 2023 and 2022 (dollars in thousands): For the Three Months Ended September 30, 2023 September 30, 2022 Total Available for Sale Securities Cash Flow Hedges Total Available for Sale Securities Cash Flow Hedges Balance, Beginning of Period $ (1,299) $ (1,299) $ — $ — $ — $ — Other comprehensive income/(loss) 448 448 — (373) (373) — Reclassification adjustment for amounts included in net income/(loss) (248) (248) — — — — Balance, End of Period $ (1,099) $ (1,099) $ — $ (373) $ (373) $ — For the Nine Months Ended September 30, 2023 September 30, 2022 Total Available for Sale Securities Cash Flow Hedges Total Available for Sale Securities Cash Flow Hedges Balance, Beginning of Period $ 390 $ 390 $ — $ (62) $ — $ (62) Other comprehensive income/(loss) (564) (564) — (593) (373) (220) Reclassification adjustment for amounts included in net income/(loss) (925) (925) — 282 — 282 Balance, End of Period $ (1,099) $ (1,099) $ — $ (373) $ (373) $ —

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Unfunded Commitments Under Commercial Mortgage Loans	As of September 30, 2023 and December 31, 2022, the Company had the below unfunded commitments to the Company's borrowers (dollars in thousands): Funding Expiration September 30, 2023 December 31, 2022 2023 (October - December) $ 23,772 $ 73,921 2024 181,698 312,009 2025 163,575 70,429 2026 and beyond 18,617 9,629 $ 387,662 $ 465,988

Related Party Transactions an_2

Related Party Transactions and Arrangements (Tables)	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Schedule of Costs Incurred From Arrangements with Advisor and Affiliates	The table below shows the costs incurred due to arrangements with our Advisor and its affiliates during the three and nine months ended September 30, 2023 and 2022 and the associated payable as of September 30, 2023 and December 31, 2022 (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, Payable as of 2023 2022 2023 2022 September 30, 2023 December 31, 2022 Acquisition expenses (1) $ 316 $ 362 $ 977 $ 996 $ — $ — Administrative services expenses 3,566 3,001 10,993 9,402 3,566 3,526 Asset management and subordinated performance fee 7,908 6,430 24,893 19,776 12,389 8,843 Other related party expenses (2)(3) 235 226 785 706 881 3,060 Total related party fees and reimbursements $ 12,025 $ 10,019 $ 37,648 $ 30,880 $ 16,836 $ 15,429 _________________________________________________________ (1) Total acquisition expenses paid during the three months ended September 30, 2023 and 2022 were $1.8 million and $2.5 million, respectively, of which $1.5 million and $2.1 million, respectively, were capitalized within the commercial mortgage loans, held for investment and real estate securities, available for sale, measured at fair value lines of the consolidated balance sheets. Total acquisition expenses paid during the nine months ended September 30, 2023 and 2022 were $4.1 million and $9.7 million, respectively, of which $3.1 million and $8.7 million were capitalized within the commercial mortgage loans, held for investment line of the consolidated balance sheets. (2) These are related to reimbursable costs incurred related to the increase in loan origination activities and are included in Other expenses in the Company's consolidated statements of operations. (3) As of September 30, 2023 and December 31, 2022, the related party payables include $0.6 million and $2.9 million, respectively, of payments made by the Advisor to third party vendors on behalf of the Company.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Financial Instruments Carried at Fair Value on a Recurring Basis	The following table presents the Company's financial instruments carried at fair value on a recurring basis in the consolidated balance sheets by its level in the fair value hierarchy as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 Total Level I Level II Level III Assets, at fair value Real estate securities, available for sale, measured at fair value $ 193,072 $ — $ 193,072 $ — Commercial mortgage loans, held for sale, measured at fair value 17,000 — — 17,000 Treasury Notes 35 35 — — Total assets, at fair value $ 210,107 $ 35 $ 193,072 $ 17,000 Liabilities, at fair value Credit default swaps $ 258 $ — $ 258 $ — Total liabilities, at fair value $ 258 $ — $ 258 $ — 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 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 $ — September 30, 2023 Commercial Mortgage Loans, held for sale, measured at fair value Real estate securities, trading, measured at fair value Beginning balance, January 1, 2023 $ 15,559 $ 235,728 Transfers into Level III (1) — — Total realized and unrealized gain/(loss) included in earnings: Realized gain/(loss) on sale of commercial mortgage loans, held for sale 3,027 — Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments 44 — Trading gain/(loss) — (605) Originations 93,250 — Sales/paydowns (94,880) (235,123) Transfers out of Level III (1) — — Ending Balance, September 30, 2023 $ 17,000 $ — ________________________________________________________ (1) There were no transfers in or out of Level III as of September 30, 2023 . 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 loans, held for sale 2,358 — — Realized gain/(loss) on sale of available for sale trading 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 — — — Originations 366,692 — — Sales/paydowns (387,698) (4,211,923) (2,045) 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.
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 basis or where the Company discloses fair value as of September 30, 2023: September 30, 2023 Asset Category Fair Value Valuation Methodologies Unobservable Inputs (1) Weighted Average (2) Range Commercial mortgage loans, held for sale, measured at fair value $ 17,000 Discounted Cash Flow Yield 8.3% N/A December 31, 2022 Asset Category Fair Value Valuation Methodologies Unobservable Inputs (1) Weighted Average (2) Range 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% ________________________________________________________ (1) In determining certain inputs, the Company evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company specific developments including exit strategies and realization opportunities. The Company has determined that market participants would take these inputs into account when valuing the investments. (2) Inputs were weighted based on the fair value of the investments included in the range.
Financial Instruments Not Carried at Fair Value	The fair values of the Company's commercial mortgage loans, held for investment and collateralized loan obligations, which are not reported at fair value on the consolidated balance sheets are reported below as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 December 31, 2022 Level Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value Commercial mortgage loans, held for investment Asset III $ 4,951,156 $ 4,961,106 $ 5,269,776 $ 5,278,495 Collateralized loan obligations (2) Liability II 3,477,444 3,436,617 3,121,983 3,055,810 Mortgage note payable Liability III 23,998 23,998 23,998 23,998 Other financings Liability III 23,669 23,669 76,301 76,301 Unsecured debt Liability III 81,270 70,600 98,695 66,300 ________________________________________________________ (1) The carrying value is gross of $37.5 million and $40.8 million of allowance for credit losses as of September 30, 2023 and December 31, 2022, respectively. (2) Depending upon the significance of the fair value inputs utilized in determining these fair values, our collateralized loan obligations are classified in either Level II or Level III of the fair value hierarchy. Beginning in the third quarter of 2023, the transfers from Level III to Level II were a result of the availability of current and reliable market data provided by third party pricing services or other valuation techniques which utilized observable inputs.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Assets at Fair Value	The following derivative instruments were outstanding as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 December 31, 2022 Fair Value Fair Value Contract type Notional Assets Liabilities Notional Assets Liabilities Credit default swaps $ 21,750 $ — $ 258 $ 18,000 $ 234 $ 64 Interest rate swaps — — — 9,800 90 — Treasury note futures 11,700 35 — 3,500 91 — Total $ 33,450 $ 35 $ 258 $ 31,300 $ 415 $ 64
Schedule of Derivative Liabilities at Fair Value	The following derivative instruments were outstanding as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 December 31, 2022 Fair Value Fair Value Contract type Notional Assets Liabilities Notional Assets Liabilities Credit default swaps $ 21,750 $ — $ 258 $ 18,000 $ 234 $ 64 Interest rate swaps — — — 9,800 90 — Treasury note futures 11,700 35 — 3,500 91 — Total $ 33,450 $ 35 $ 258 $ 31,300 $ 415 $ 64
Schedule of Derivative Instruments, Gain (Loss)	The following table indicates the net realized and unrealized gains and losses on derivatives, by primary underlying risk exposure, as included in Loss on derivative instruments in the consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Contract type Unrealized Gain/(Loss) Realized Gain/(Loss) Unrealized Gain/(Loss) Realized Gain/(Loss) Credit default swaps $ 33 $ (46) $ (40) $ (254) Interest rate swaps (251) 113 1,606 (1,370) Treasury note futures 35 — — — Total $ (183) $ 67 $ 1,566 $ (1,624) Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Contract type Unrealized Gain/(Loss) Realized Gain/(Loss) Unrealized Gain/(Loss) Realized Gain/(Loss) Credit default swaps $ 36 $ (32) $ 515 $ (301) Interest rate swaps (90) 672 (13,215) 56,961 Treasury note futures (56) 44 (124) 939 Total $ (110) $ 684 $ (12,824) $ 57,599

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Offsetting [Abstract]
Offsetting Assets	The table below provides a gross presentation, the effects of offsetting and a net presentation of the Company's derivative instruments and repurchase agreements within the scope of ASC 210-20, Balance Sheet—Offsetting , as of September 30, 2023 and December 31, 2022 (dollars in thousands): Gross Amounts Not Offset on the Balance Sheet Assets Gross Amounts of Recognized Assets Gross Amounts Offset on the Balance Sheet Net Amount of Assets Presented on the Balance Sheet Financial Instruments Cash Collateral (1) Net Amount September 30, 2023 Derivative instruments, at fair value $ 35 $ — $ 35 $ — $ — $ 35 December 31, 2022 Derivative instruments, at fair value $ 415 $ — $ 415 $ — $ — $ 415 _________________________________________________________ See notes below.
Offsetting Liabilities	Gross Amounts Not Offset on the Balance Sheet Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Balance Sheet Net Amount of Liabilities Presented on the Balance Sheet Financial Instruments Cash Collateral (1) Net Amount September 30, 2023 Repurchase agreements - commercial mortgage loans $ 249,345 $ — $ 249,345 $ 249,345 $ — $ — Repurchase agreements - real estate securities 240,010 — 240,010 240,010 — — Derivative instruments, at fair value 258 — 258 — 258 — December 31, 2022 Repurchase agreements - commercial mortgage loans $ 680,859 $ — $ 680,859 $ 680,859 $ — $ — Repurchase agreements - real estate securities 440,008 — 440,008 440,008 — — Derivative instruments, at fair value 64 — 64 — 64 — _________________________________________________________ (1) Included in Restricted cash in the Company's consolidated balance sheets.

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table represents the Company's operations by segment for the three and nine months ended September 30, 2023 and 2022 (dollars in thousands): Three Months Ended September 30, 2023 Total Real Estate Debt and Other Real Estate Investments Real Estate Securities TRS Real Estate Owned Interest income $ 137,042 $ 131,093 $ 4,908 $ 109 $ 932 Revenue from real estate owned 3,317 — — — 3,317 Interest expense 77,973 74,002 3,151 307 513 Net income/(loss) 30,995 35,450 (1,568) 82 (2,969) Total assets as of September 30, 2023 5,875,455 5,357,513 196,240 56,198 265,504 Three Months Ended September 30, 2022 Interest income $ 94,131 $ 91,097 $ 1,648 $ 1,386 $ — Revenue from real estate owned 2,312 — — — 2,312 Interest expense 46,157 43,260 1,779 786 332 Net income/(loss) 35,258 35,778 (3,309) 2,107 682 Total assets as of December 31, 2022 6,203,601 5,444,152 474,231 63,307 221,911 Nine Months Ended September 30, 2023 Total Real Estate Debt and Other Real Estate Investments Real Estate Securities TRS Real Estate Owned Interest income $ 420,470 $ 404,300 $ 12,488 $ 1,179 $ 2,503 Revenue from real estate owned 13,067 — — — 13,067 Interest expense 224,347 211,923 10,139 824 1,461 Net income/(loss) 114,478 125,723 1,158 (10,610) (1,793) Total assets as of September 30, 2023 5,875,455 5,357,513 196,240 56,198 265,504 Nine Months Ended September 30, 2022 Interest income $ 239,602 $ 209,585 $ 25,424 $ 4,593 $ — Revenue from real estate owned 6,936 — — — 6,936 Interest expense (1) 96,262 87,522 6,853 1,123 764 Net income/(loss) (12,958) 46,306 (63,533) 1,995 2,274 Total assets as of December 31, 2022 6,203,601 5,444,152 474,231 63,307 221,911 _________________________________________________________ (1) For the nine months ended September 30, 2022, $5.2 million of deferred financing costs expense related to the redemption of the BSPRT 2018-FL4 Issuer CLO was reclassified from Interest expense to Realized gain/(loss) on extinguishment of debt on the consolidated statements of operations.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Professional fees reclassified to share-based compensation	$ 1,255,000	$ 669,000		$ 3,505,000	$ 1,851,000
Interest expense reclassified to realized gain/(loss) on extinguishment of debt	(2,836,000)	0		2,201,000	(5,167,000)
Realized gain/(loss) on other real estate investments reclassified to gain/(loss) on other real estate investments	$ (4,112,000)	$ 0		$ (7,142,000)	(29,000)
BSPRT 2018-FL4
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Interest expense reclassified to realized gain/(loss) on extinguishment of debt					$ 5,200,000
Revision of Prior Period, Reclassification, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Unrealized gain/(loss) on other real estate investments reclassified to gain/(loss) on other real estate investments			$ (4,000)
Realized gain/(loss) on other real estate investments reclassified to gain/(loss) on other real estate investments			$ 33,000

Commercial Mortgage Loans - Loa

Commercial Mortgage Loans - Loans Receivable by Class (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Total gross carrying value of loans	$ 4,951,156	$ 5,269,776
Less: Allowance for credit losses	37,512	40,848
Total commercial mortgage loans, held for investment, net	4,913,644	5,228,928
General allowance for credit losses
Financing Receivable, Credit Quality Indicator [Line Items]
Less: Allowance for credit losses	37,512	26,624
Specific allowance for credit losses
Financing Receivable, Credit Quality Indicator [Line Items]
Less: Allowance for credit losses	0	14,224
Senior loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total gross carrying value of loans	4,933,031	5,251,464
Mezzanine loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total gross carrying value of loans	$ 18,125	$ 18,312

Commercial Mortgage Loans - Com

Commercial Mortgage Loans - Commercial Mortgage Loan Portfolio, Held-For-Investment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Provision for Credit Losses
Allowance for credit losses, beginning of period			$ (40,848)
(Provision)/benefit for credit losses	$ (2,379)	$ 599	(28,363)	$ (30,976)
Allowance for credit losses, end of period	(37,512)		(37,512)		$ (40,848)
Total commercial mortgage loans, held for investment, net	4,913,644		4,913,644		5,228,928
General (provision)/benefit for credit losses
Provision for Credit Losses
Allowance for credit losses, beginning of period			(26,624)
Allowance for credit losses, end of period	(37,512)		(37,512)		(26,624)
Specific (provision)/benefit for credit losses
Provision for Credit Losses
Allowance for credit losses, beginning of period			(14,224)
Allowance for credit losses, end of period	0		0		(14,224)
Commercial Mortgage Receivable, Held-For-Investment
Amortized Cost
Amortized cost, beginning of period			5,269,776	4,226,888	4,226,888
Acquisitions and originations			671,927		2,247,613
Principal repayments			(903,273)		(1,109,769)
Discount accretion/premium amortization			9,901		12,614
Loans transferred from/(to) commercial real estate loans, held for sale			0		(9,296)
Net fees capitalized into carrying value of loans			(3,910)		(13,775)
Transfer to real estate owned			(80,039)		(80,460)
Principal charge-off			(11,499)		0
Cost recovery			(1,727)		(4,039)
Amortized cost, end of period	4,951,156		4,951,156		5,269,776
Provision for Credit Losses
Allowance for credit losses, beginning of period			(40,848)	$ (15,827)	(15,827)
Allowance for credit losses, end of period	(37,512)		(37,512)		(40,848)
Total commercial mortgage loans, held for investment, net	$ 4,913,644		4,913,644		5,228,928
Commercial Mortgage Receivable, Held-For-Investment | General (provision)/benefit for credit losses
Provision for Credit Losses
(Provision)/benefit for credit losses			(10,888)		(10,797)
Commercial Mortgage Receivable, Held-For-Investment | Specific (provision)/benefit for credit losses
Provision for Credit Losses
(Provision)/benefit for credit losses			(12,334)		(25,281)
Write offs from specific allowance for credit losses			$ 26,558		$ 11,057

Commercial Mortgage Loans - Nar

Commercial Mortgage Loans - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended				9 Months Ended		12 Months Ended
	Oct. 30, 2023 property	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) rating loan	Sep. 30, 2022 USD ($) rating	Dec. 31, 2022 USD ($) rating loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses		$ 2,379			$ (599)	$ 28,363	$ 30,976
Amortized cost basis		4,951,156				$ 4,951,156		$ 5,269,776
Initial risk rating | rating						2	2
Weighted average risk rating of loans | rating						2.2		2.2
Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses		2,379	$ 21,624	$ 4,360
General allowance for credit losses | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses		2,773	$ 9,731	$ 3,525	$ 200	$ 16,000	$ 3,400
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan						145		161
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost basis		4,951,156				$ 4,951,156		$ 5,269,776
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan						3		2
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | Multifamily | Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan						3
Amortized cost basis		12,000				$ 12,000
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | Multifamily | Nonperforming Financial Instruments | Subsequent Event
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of properties foreclosed upon | property	1
Commercial Mortgage Receivable, Held-For-Investment | General allowance for credit losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses						$ 10,888		$ 10,797
Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan						1		2
Amortized cost basis		$ 17,000				$ 17,000		$ 15,625

Commercial Mortgage Loans - C_2

Commercial Mortgage Loans - Commercial Mortgage Loans, Held for Investment Portfolio (Details) - Commercial Mortgage Receivable, Held-For-Investment - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 4,961,060	$ 5,288,974
Customer Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	100%	100%
Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	100%	100%
Southeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 2,129,301	$ 2,229,756
Southeast | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	43%	42.20%
Southwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 1,877,084	$ 1,763,492
Southwest | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	37.80%	33.30%
Mideast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 447,339	$ 706,192
Mideast | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	9%	13.40%
Far West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 96,226	$ 234,891
Far West | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	1.90%	4.40%
Great Lakes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 163,342	$ 162,162
Great Lakes | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	3.30%	3.10%
Various
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 247,768	$ 192,481
Various | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	5%	3.60%
Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 3,864,857	$ 4,030,975
Multifamily | Customer Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	77.80%	76.10%
Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 573,075	$ 510,566
Hospitality | Customer Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	11.60%	9.70%
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 288,057	$ 405,705
Office | Customer Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	5.80%	7.70%
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 34,000	$ 120,017
Retail | Customer Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	0.70%	2.30%
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 78,050	$ 93,035
Industrial | Customer Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	1.60%	1.80%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 123,021	$ 128,676
Other | Customer Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	2.50%	2.40%

Commercial Mortgage Loans - All

Commercial Mortgage Loans - Allowance for Credit Losses (Details) $ in Thousands	1 Months Ended	3 Months Ended				9 Months Ended		12 Months Ended
	Feb. 28, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) property
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance				$ 40,848		$ 40,848
Provision/(Benefit)		$ 2,379			$ (599)	28,363	$ 30,976
Ending balance		37,512				37,512		$ 40,848
Allowance for credit losses		2,379			(599)	28,363	30,976
Par Value		4,951,156				4,951,156		5,269,776
Commercial mortgage loans, held for investment, net		4,913,644				4,913,644		5,228,928
Specific Allowance for Credit Losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance				14,224		14,224
Ending balance		0				0		14,224
General Allowance for Credit Losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance				26,624		26,624
Ending balance		37,512				37,512		26,624
Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance				40,848		40,848	15,827	15,827
Ending balance		37,512				37,512		40,848
Commercial mortgage loans, held for investment, net		4,913,644				4,913,644		5,228,928
Commercial Mortgage Receivable, Held-For-Investment | Specific Allowance for Credit Losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Provision/(Benefit)						12,334		25,281
Allowance for credit losses						12,334		25,281
Commercial Mortgage Receivable, Held-For-Investment | General Allowance for Credit Losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Provision/(Benefit)						10,888		10,797
Allowance for credit losses						10,888		10,797
Senior loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Par Value		4,933,031				4,933,031		5,251,464
Mezzanine note
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Par Value		18,125				18,125		18,312
Commercial Portfolio Segment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance		40,160	$ 30,429	41,128		41,128
Provision/(Benefit)		2,379	21,624	4,360
Write offs		394	(11,893)	(15,059)
Ending balance		42,933	40,160	30,429		42,933		$ 41,128
Allowance for credit losses		2,379	21,624	4,360
Commercial Portfolio Segment | Fully Committed Status to Committed Status
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Cost recovery		400				1,100
Commercial mortgage loans, held for investment, net		20,300				20,300
Commercial Portfolio Segment | Retail
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Number of properties securing loan | property								24
Commercial Portfolio Segment | Specific Allowance for Credit Losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance		0	0	14,224		14,224
Provision/(Benefit)		(394)	11,893	835
Write offs		394	(11,893)	(15,059)
Ending balance		0	0	0		0		$ 14,224
Allowance for credit losses		(394)	11,893	835
Commercial Portfolio Segment | Specific Allowance for Credit Losses | Fully Committed Status to Committed Status
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Provision/(Benefit)			11,900
Allowance for credit losses			11,900
Allowance for credit losses, writeoff			11,900
Commercial Portfolio Segment | General Allowance for Credit Losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance		40,160	30,429	26,904		26,904
Provision/(Benefit)		2,773	9,731	3,525	200	16,000	3,400
Write offs		0	0	0
Ending balance		42,933	40,160	30,429		42,933		26,904
Allowance for credit losses		2,773	9,731	3,525	$ 200	16,000	$ 3,400
Commercial Portfolio Segment | Funded | General Allowance for Credit Losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance		38,932	28,751	26,624		26,624
Provision/(Benefit)		(1,420)	10,181	2,127
Write offs		0	0	0
Ending balance		37,512	38,932	28,751		37,512		26,624
Allowance for credit losses		(1,420)	10,181	2,127
Commercial Portfolio Segment | Unfunded | General Allowance for Credit Losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance		1,228	1,678	280		280
Provision/(Benefit)		4,193	(450)	1,398
Write offs		0	0	0
Ending balance		5,421	1,228	1,678		5,421		280
Allowance for credit losses		4,193	$ (450)	1,398
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance				40,848		40,848
Ending balance		37,512				37,512		40,848
Par Value		4,951,156				4,951,156		5,269,776
Commercial mortgage loans, held for investment, net		4,913,644				4,913,644		$ 5,228,928
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Retail
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Cost recovery				700
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Specific Allowance for Credit Losses | Nonperforming Financial Instruments
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Ending balance		$ 0				$ 0
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Specific Allowance for Credit Losses | Retail | Nonperforming Financial Instruments
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Provision/(Benefit)				800
Allowance for credit losses				800
Allowance for credit losses, writeoff				$ 15,100
Commercial Portfolio Segment | Senior loans | Fully Committed Status to Committed Status
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Restructured loan	$ 37,300
Par Value	25,000
Commercial Portfolio Segment | Mezzanine note | Fully Committed Status to Committed Status
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Par Value	$ 10,100

Commercial Mortgage Loans - Pas

Commercial Mortgage Loans - Past Due (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Amortized cost basis	$ 4,951,156	$ 5,269,776
Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity
Financing Receivable, Past Due [Line Items]
Amortized cost basis	4,951,156
Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | Current
Financing Receivable, Past Due [Line Items]
Amortized cost basis	4,865,233
Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | Less than 90 days past due
Financing Receivable, Past Due [Line Items]
Amortized cost basis	85,923
Commercial Portfolio Segment | Financing Receivable, Held-to-Maturity | 90 or more days past due
Financing Receivable, Past Due [Line Items]
Amortized cost basis	$ 0

Commercial Mortgage Loans - Non

Commercial Mortgage Loans - Non-Performing Status (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2021 USD ($)
Non-Performing Financial Instruments [Roll Forward]
Allowance for credit loss	$ 37,512	$ 40,848
Specific allowance for credit losses
Non-Performing Financial Instruments [Roll Forward]
Allowance for credit loss	$ 0	$ 14,224
Commercial Mortgage Receivable, Held-For-Investment
Non-Performing Financial Instruments [Roll Forward]
Number of loans | loan	145	161
Allowance for credit loss	$ 37,512	$ 40,848			$ 15,827
Commercial Portfolio Segment
Non-Performing Financial Instruments [Roll Forward]
Allowance for credit loss	42,933	41,128	$ 40,160	$ 30,429
Commercial Portfolio Segment | Specific allowance for credit losses
Non-Performing Financial Instruments [Roll Forward]
Allowance for credit loss	0	14,224	$ 0	$ 0
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Non-Performing Financial Instruments [Roll Forward]
Allowance for credit loss	37,512	40,848
Nonperforming Financial Instruments | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Non-Performing Financial Instruments [Roll Forward]
Non-performing loan amortized cost at beginning of year, January 1	117,379	57,075
Addition of non-performing loan amortized cost	76,412	60,304
Less: Removal of non-performing loan amortized cost	137,763	0
Non-performing loan amortized cost end of period	$ 56,028	$ 117,379
Number of loans | loan	3	2
Nonperforming Financial Instruments | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Specific allowance for credit losses
Non-Performing Financial Instruments [Roll Forward]
Allowance for credit loss	$ 0

Commercial Mortgage Loans - A_2

Commercial Mortgage Loans - Allocation by Risk Rating (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2021 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Par Value	$ 4,951,156	$ 5,269,776
Amortized Cost by Year of Origination
Total Amortized Cost	4,951,156	5,269,776
Allowance for credit losses	(37,512)	(40,848)
Total commercial mortgage loans, held for investment, net	$ 4,913,644	$ 5,228,928
Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	145	161
Amortized Cost by Year of Origination
Allowance for credit losses	$ (37,512)	$ (40,848)			$ (15,827)
Total commercial mortgage loans, held for investment, net	4,913,644	5,228,928
Commercial Portfolio Segment
Amortized Cost by Year of Origination
Allowance for credit losses	(42,933)	(41,128)	$ (40,160)	$ (30,429)
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Par Value	4,951,156	5,269,776
Amortized Cost by Year of Origination
Year one, originated in current fiscal year	476,635	1,871,300
Year two, originated in prior fiscal year one	1,645,681	2,650,827
Year three, originated in prior fiscal year two	2,424,988	388,280
Year four, originated in prior fiscal year three	192,496	170,304
Year five, original in prior fiscal year four	118,860	110,198
Prior	92,496	78,867
Total Amortized Cost	4,951,156	5,269,776
Allowance for credit losses	(37,512)	(40,848)
Total commercial mortgage loans, held for investment, net	$ 4,913,644	$ 5,228,928
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Credit Concentration Risk | Commercial mortgage loans, held for investment
Amortized Cost by Year of Origination
% of Portfolio	100%	100%
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 1
Financing Receivable, Credit Quality Indicator [Line Items]
Par Value	$ 0	$ 0
Amortized Cost by Year of Origination
Year one, originated in current fiscal year	0	0
Year two, originated in prior fiscal year one	0	0
Year three, originated in prior fiscal year two	0	0
Year four, originated in prior fiscal year three	0	0
Year five, original in prior fiscal year four	0	0
Prior	0	0
Total Amortized Cost	$ 0	$ 0
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 1 | Credit Concentration Risk | Commercial mortgage loans, held for investment
Amortized Cost by Year of Origination
% of Portfolio	0%	0%
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 2
Financing Receivable, Credit Quality Indicator [Line Items]
Par Value	$ 4,072,410	$ 4,768,220
Amortized Cost by Year of Origination
Year one, originated in current fiscal year	475,495	1,778,691
Year two, originated in prior fiscal year one	1,460,281	2,483,120
Year three, originated in prior fiscal year two	1,917,162	315,269
Year four, originated in prior fiscal year three	109,700	115,673
Year five, original in prior fiscal year four	73,896	75,467
Prior	35,876	0
Total Amortized Cost	$ 4,072,410	$ 4,768,220
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 2 | Credit Concentration Risk | Commercial mortgage loans, held for investment
Amortized Cost by Year of Origination
% of Portfolio	82.30%	90.60%
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 3
Financing Receivable, Credit Quality Indicator [Line Items]
Par Value	$ 796,133	$ 280,785
Amortized Cost by Year of Origination
Year one, originated in current fiscal year	1,140	0
Year two, originated in prior fiscal year one	185,400	167,707
Year three, originated in prior fiscal year two	451,001	36,655
Year four, originated in prior fiscal year three	82,796	54,631
Year five, original in prior fiscal year four	19,176	0
Prior	56,620	21,792
Total Amortized Cost	$ 796,133	$ 280,785
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 3 | Credit Concentration Risk | Commercial mortgage loans, held for investment
Amortized Cost by Year of Origination
% of Portfolio	16%	5.30%
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 4
Financing Receivable, Credit Quality Indicator [Line Items]
Par Value	$ 82,613	$ 160,467
Amortized Cost by Year of Origination
Year one, originated in current fiscal year	0	32,305
Year two, originated in prior fiscal year one	0	0
Year three, originated in prior fiscal year two	56,825	36,356
Year four, originated in prior fiscal year three	0	0
Year five, original in prior fiscal year four	25,788	34,731
Prior	0	57,075
Total Amortized Cost	$ 82,613	$ 160,467
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 4 | Credit Concentration Risk | Commercial mortgage loans, held for investment
Amortized Cost by Year of Origination
% of Portfolio	1.70%	3%
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 5
Financing Receivable, Credit Quality Indicator [Line Items]
Par Value	$ 0	$ 60,304
Amortized Cost by Year of Origination
Year one, originated in current fiscal year	0	60,304
Year two, originated in prior fiscal year one	0	0
Year three, originated in prior fiscal year two	0	0
Year four, originated in prior fiscal year three	0	0
Year five, original in prior fiscal year four	0	0
Prior	0	0
Total Amortized Cost	$ 0	$ 60,304
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 5 | Credit Concentration Risk | Commercial mortgage loans, held for investment
Amortized Cost by Year of Origination
% of Portfolio	0%	1.10%
Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	145	161
Par Value	$ 4,961,060	$ 5,288,974
Amortized Cost by Year of Origination
Total Amortized Cost	$ 4,961,060	$ 5,288,974
Commercial Mortgage Receivable, Held-For-Investment | 1
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	0	0
Par Value	$ 0	$ 0
Amortized Cost by Year of Origination
Total Amortized Cost	$ 0	$ 0
Commercial Mortgage Receivable, Held-For-Investment | 2
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	115	141
Par Value	$ 4,081,231	$ 4,783,568
Amortized Cost by Year of Origination
Total Amortized Cost	$ 4,081,231	$ 4,783,568
Commercial Mortgage Receivable, Held-For-Investment | 3
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	27	15
Par Value	$ 797,143	$ 281,071
Amortized Cost by Year of Origination
Total Amortized Cost	$ 797,143	$ 281,071
Commercial Mortgage Receivable, Held-For-Investment | 4
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	3	4
Par Value	$ 82,686	$ 160,695
Amortized Cost by Year of Origination
Total Amortized Cost	$ 82,686	$ 160,695
Commercial Mortgage Receivable, Held-For-Investment | 5
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	0	1
Par Value	$ 0	$ 63,640
Amortized Cost by Year of Origination
Total Amortized Cost	$ 0	$ 63,640

Commercial Mortgage Loans - C_3

Commercial Mortgage Loans - Commercial Mortgage Loans, Held for Sale Portfolio (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 4,951,156	$ 5,269,776
Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	17,000	15,625
Commercial Mortgage Receivable, Held-For-Sale | Southeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 17,000	$ 15,625
Commercial Mortgage Receivable, Held-For-Sale | Commercial mortgage loans, held for sale | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	100%	100%
Commercial Mortgage Receivable, Held-For-Sale | Commercial mortgage loans, held for sale | Geographic Concentration Risk | Southeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	100%	100%
Hospitality | Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 17,000	$ 0
Hospitality | Commercial Mortgage Receivable, Held-For-Sale | Commercial mortgage loans, held for sale | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	100%	0%
Retail | Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 0	$ 12,000
Retail | Commercial Mortgage Receivable, Held-For-Sale | Commercial mortgage loans, held for sale | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	0%	76.80%
Office | Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 0	$ 3,625
Office | Commercial Mortgage Receivable, Held-For-Sale | Commercial mortgage loans, held for sale | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	0%	23.20%

Real Estate Securities - Narrat

Real Estate Securities - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) position	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) position	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) position
Debt Securities, Available-for-sale [Line Items]
Real estate securities, trading, measured at fair value	$ 0		$ 0		$ 235,728
Proceeds from principal paydowns on debt securities, trading	2,600	$ 15,100	17,600	$ 468,900
Proceeds from sale of debt securities, trading	122,800	0	218,200	3,800,000
Net trading losses	$ (2,600)	$ (2,700)	$ (605)	$ (113,717)
CRE CLO Bonds
Debt Securities, Available-for-sale [Line Items]
Number of positions with net unrealized gain (loss) period less than 12 months | position	6		6		7
Amortized Cost	$ 194,171		$ 194,171		$ 220,635
Net unrealized gain (loss) on CLO bonds	$ (1,100)		$ (1,100)		$ 390
Number of positions with gross unrealized loss period less than 12 months | position	5		5		3
Gross unrealized loss on CLO bonds	$ 1,100		$ 1,100		$ 400
Number of positions in unrealized loss position 12 months or longer | position	0		0		0
Fair value of securities in an unrealized loss position	$ 164,800		$ 164,800		$ 113,700

Real Estate Securities - Summar

Real Estate Securities - Summary of RMBS (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Carrying Amount	$ 0	$ 235,728
Fannie Mae/Freddie Mac ARMs
Marketable Securities [Line Items]
Carrying Amount		$ 235,728
Average Yield		2.42%

Real Estate Securities - Securi

Real Estate Securities - Securities Classified As Available For Sale (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) bond	Dec. 31, 2022 USD ($) bond
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 193,072	$ 221,025
CRE CLO Bonds
Debt Securities, Available-for-sale [Line Items]
Number of Bonds | bond	6	7
Weighted Average Interest Rate	8.20%	7.55%
Weighted Average Contractual Maturity (years)	11 years 7 months 6 days	15 years 4 months 24 days
Par Value	$ 194,225	$ 221,000
Fair Value	$ 193,072	$ 221,025

Real Estate Securities - Amorti

Real Estate Securities - Amortized Cost and Fair Value of CLO Bonds (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 193,072	$ 221,025
CRE CLO Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	194,171	220,635
Credit Loss Allowance	0	0
Unrealized Gain	22	833
Unrealized (Loss)	(1,121)	(443)
Fair Value	$ 193,072	$ 221,025

Real Estate Owned - Summary of

Real Estate Owned - Summary of Real Estate Owned, Held For Investment (Details) $ in Thousands	Sep. 30, 2023 USD ($) property	Dec. 31, 2022 USD ($) property
Real Estate [Line Items]
Accumulated Depreciation	$ (4,603)	$ (2,992)
Real Estate Owned, net	104,616	127,772
Land
Real Estate [Line Items]
Real estate owned, gross	19,915	12,541
Building and Improvements
Real Estate [Line Items]
Real estate owned, gross	84,311	115,295
Furniture, Fixtures and Equipment
Real Estate [Line Items]
Real estate owned, gross	4,993	2,928
Industrial | Jeffersonville, GA
Real Estate [Line Items]
Accumulated Depreciation	(4,603)	(2,877)
Real Estate Owned, net	86,020	87,746
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
Office | Portland, OR
Real Estate [Line Items]
Accumulated Depreciation	0
Real Estate Owned, net	18,596
Office | Portland, OR | Land
Real Estate [Line Items]
Real estate owned, gross	16,479
Office | Portland, OR | Building and Improvements
Real Estate [Line Items]
Real estate owned, gross	52
Office | Portland, OR | Furniture, Fixtures and Equipment
Real Estate [Line Items]
Real estate owned, gross	$ 2,065
Retail | Various
Real Estate [Line Items]
Accumulated Depreciation		(115)
Real Estate Owned, net		$ 40,026
Retail | Various | Franklin BSP Realty Trust, Inc
Real Estate [Line Items]
Number of retail properties | property	24	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	1 Months Ended			3 Months Ended			9 Months Ended
	Sep. 30, 2023 USD ($) property	Aug. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2023 USD ($) property	Jun. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($)	Dec. 31, 2022 property	Nov. 30, 2022 property
Real Estate [Line Items]
Depreciation expense				$ 600		$ 600	$ 2,400	$ 1,700
Loss on other real estate investments				4,112		$ 0	7,142	$ 29
Multifamily | New Rochelle, NY
Real Estate [Line Items]
Consideration for sale of real estate asset			$ 22,800
Loss on other real estate investments							1,200
Office | St. Louis, MO
Real Estate [Line Items]
Consideration for sale of real estate asset		$ 12,000
Loss on other real estate investments				$ 300			$ 300
Impairment loss on real estate held for sale					$ 1,900
Retail | Walgreens JV
Real Estate [Line Items]
Number of real estate properties | property	1			1			1
Retail | Various | Franklin BSP Realty Trust, Inc
Real Estate [Line Items]
Number of lease properties acquired through foreclosures | property	24			24			24		10
Retail | Various | Walgreens JV
Real Estate [Line Items]
Loss on other real estate investments	$ 22
Impairment loss on real estate held for sale				$ 4,000
Number of real estate properties | property	23			23			23			24
Retail | Various | Walgreens JV | Franklin BSP Realty Trust, Inc
Real Estate [Line Items]
Number of lease properties acquired through foreclosures | property									10
Period increase in number of lease properties acquired through foreclosures | property							14

Real Estate Owned - Summary o_2

Real Estate Owned - Summary of Real Estate Owned, Held For Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Real Estate [Line Items]
Assets, Net	$ 103,657	$ 36,497
Liabilities, Net		0
Retail | Various
Real Estate [Line Items]
Assets, Net	103,657
Liabilities, Net	$ 12,297
Multifamily | New Rochelle, NY
Real Estate [Line Items]
Assets, Net		23,520
Liabilities, Net		0
Office | St. Louis, MO
Real Estate [Line Items]
Assets, Net		12,977
Liabilities, Net		$ 0

Leases - Intangible Leased Asse

Leases - Intangible Leased Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Identified intangible assets:
Gross amount	$ 49,363	$ 58,542
Accumulated amortization	(5,759)	(3,711)
Total, net	43,604	54,831
Identified intangible liabilities:
Gross amount	12,813	6,507
Accumulated amortization	(516)	(79)
Total, net	$ 12,297	$ 6,428

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Rental income	$ 4.7	$ 2.3	$ 14	$ 6.9
Remaining lease term	15 years 1 month 6 days		15 years 1 month 6 days
Weighted average life of intangible asset	15 years 1 month 6 days		15 years 1 month 6 days
Amortization expense	$ 0.9	0.7	$ 3.1	2.2
Amortization of acquired below-market leases, net of acquired above-market leases	$ 1.4	$ 0	$ 1	$ 0

Leases - Future Minimum Payment

Leases - Future Minimum Payments to be Received (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Leases [Abstract]
2023 (October - December)	$ 2,220
2024	8,207
2025	8,372
2026	8,539
2027	8,710
2028 and beyond	106,271
Total future minimum rent	$ 142,319

Leases - Schedule of Expected A

Leases - Schedule of Expected Amortization Expense (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Below Market Leases
Finite-Lived Intangible Assets [Line Items]
2023 (October - December)	$ 90
2024	0
2025	0
2026	0
2027	0
Other Identified Intangible Assets
Finite-Lived Intangible Assets [Line Items]
2023 (October - December)	981
2024	2,880
2025	2,880
2026	2,880
2027	$ 2,880

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details)			3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 25, 2023 USD ($) extension	Jul. 27, 2023	Sep. 30, 2023 USD ($) agreement	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) extension agreement	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Oct. 24, 2023 USD ($)	Sep. 30, 2021 USD ($)	Sep. 17, 2021 USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Unsecured debt, amount outstanding			$ 81,270,000		$ 81,270,000		$ 98,695,000
Interest Expense			77,973,000	$ 46,157,000	224,347,000	$ 96,262,000
Realized gain on extinguishment of debt			(2,836,000)	0	2,201,000	(5,167,000)
Secured debt
Assets Sold under Agreements to Repurchase [Line Items]
Repo and revolving credit facilities, commercial mortgage loans, capacity			2,350,000,000		2,350,000,000		2,350,000,000
Repo and revolving credit facilities, commercial mortgage loans, amount outstanding			$ 249,345,000		249,345,000		680,859,000
Interest Expense					$ 45,007,000		$ 38,205,000
Ending Weighted Average Interest Rate			7.65%		7.65%		7.16%
Secured debt | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Advance rate of mortgage loan (percent)					60%
Secured debt | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Advance rate of mortgage loan (percent)					75%
Mortgage note payable
Assets Sold under Agreements to Repurchase [Line Items]
Debt related to REO and other financings, amount outstanding			$ 23,998,000		$ 23,998,000		$ 23,998,000
Interest Expense					$ 1,464,000		$ 1,185,000
Ending Weighted Average Interest Rate			8.45%		8.45%		7.32%
Mortgage note payable | Industrial | Jeffersonville, GA
Assets Sold under Agreements to Repurchase [Line Items]
Par Value										$ 112,700,000
Mortgage note payable | September 2021 Mortgage Note Payable, Eliminated in Consolidation | Industrial | Jeffersonville, GA | Franklin BSP Realty Trust, Inc
Assets Sold under Agreements to Repurchase [Line Items]
Par Value									$ 88,700,000	$ 88,700,000
Note-on-note financing
Assets Sold under Agreements to Repurchase [Line Items]
Debt related to REO and other financings, amount outstanding			$ 23,669,000		$ 23,669,000		$ 76,301,000
Interest Expense					$ 4,672,000		$ 3,069,000
Ending Weighted Average Interest Rate			8.08%		8.08%		6.17%
Number of note-on-note financings | agreement			2		2
Unsecured debt
Assets Sold under Agreements to Repurchase [Line Items]
Unsecured debt, amount outstanding			$ 81,270,000		$ 81,270,000		$ 98,695,000
Interest Expense					$ 5,734,000		$ 5,623,000
Ending Weighted Average Interest Rate			9%		9%		8.34%
Interest paid on unsecured debt			$ 1,900,000	$ 1,300,000	$ 5,800,000	$ 4,100,000
Unsecured debt | Junior Subordinated Notes, Maturing in October 2035
Assets Sold under Agreements to Repurchase [Line Items]
Unsecured debt, amount outstanding			$ 17,037,000		17,037,000		$ 34,508,000
Interest Expense					$ 1,521,000		$ 2,046,000
Ending Weighted Average Interest Rate			9.13%		9.13%		8.25%
Par Value			$ 17,500,000		$ 17,500,000
Realized gain on extinguishment of debt					$ 4,400,000
Debt redemption price, percent					75%
Unsecured debt | Junior Subordinated Notes, Maturing in December 2035
Assets Sold under Agreements to Repurchase [Line Items]
Unsecured debt, amount outstanding			$ 39,541,000		$ 39,541,000		$ 39,513,000
Interest Expense					$ 2,593,000		$ 2,202,000
Ending Weighted Average Interest Rate			8.97%		8.97%		8.39%
Unsecured debt | Junior Subordinated Notes, Maturing in September 2036
Assets Sold under Agreements to Repurchase [Line Items]
Unsecured debt, amount outstanding			$ 24,692,000		$ 24,692,000		$ 24,674,000
Interest Expense					$ 1,620,000		$ 1,375,000
Ending Weighted Average Interest Rate			8.97%		8.97%		8.39%
Barclays Repo Facility | Secured debt
Assets Sold under Agreements to Repurchase [Line Items]
Extension period on initial maturity date					1 year
Number of extension options | extension					2
Repo Facility | JPM Repo Facility | Secured debt
Assets Sold under Agreements to Repurchase [Line Items]
Repo and revolving credit facilities, commercial mortgage loans, capacity			$ 500,000,000		$ 500,000,000		$ 500,000,000
Repo and revolving credit facilities, commercial mortgage loans, amount outstanding			$ 115,274,000		115,274,000		275,423,000
Interest Expense					$ 19,796,000		$ 11,773,000
Ending Weighted Average Interest Rate			7.95%		7.95%		7.42%
Extension period on initial maturity date		1 year
Repo Facility | Atlas Repo Facility | Secured debt
Assets Sold under Agreements to Repurchase [Line Items]
Repo and revolving credit facilities, commercial mortgage loans, capacity			$ 600,000,000		$ 600,000,000		$ 600,000,000
Repo and revolving credit facilities, commercial mortgage loans, amount outstanding			$ 38,857,000		38,857,000		168,046,000
Interest Expense					$ 5,375,000		$ 8,676,000
Ending Weighted Average Interest Rate			7.58%		7.58%		7.12%
Repo Facility | WF Repo Facility | Secured debt
Assets Sold under Agreements to Repurchase [Line Items]
Repo and revolving credit facilities, commercial mortgage loans, capacity			$ 500,000,000		$ 500,000,000		$ 500,000,000
Repo and revolving credit facilities, commercial mortgage loans, amount outstanding			$ 28,675,000		28,675,000		79,807,000
Interest Expense					$ 8,822,000		$ 7,492,000
Ending Weighted Average Interest Rate			7.58%		7.58%		7.11%
Repo Facility | WF Repo Facility | Secured debt | Subsequent Event
Assets Sold under Agreements to Repurchase [Line Items]
Repo and revolving credit facilities, commercial mortgage loans, capacity	$ 400,000,000							$ 500,000,000
Extension period on initial maturity date	1 year
Number of extension options | extension	2
Repo Facility | Barclays Repo Facility | Secured debt
Assets Sold under Agreements to Repurchase [Line Items]
Repo and revolving credit facilities, commercial mortgage loans, capacity			$ 500,000,000		$ 500,000,000		$ 500,000,000
Repo and revolving credit facilities, commercial mortgage loans, amount outstanding			$ 66,539,000		66,539,000		157,583,000
Interest Expense					$ 10,191,000		$ 8,997,000
Ending Weighted Average Interest Rate			7.19%		7.19%		6.75%
Revolver Facility | Barclays Revolver Facility | Secured debt
Assets Sold under Agreements to Repurchase [Line Items]
Repo and revolving credit facilities, commercial mortgage loans, capacity			$ 250,000,000		$ 250,000,000		$ 250,000,000
Repo and revolving credit facilities, commercial mortgage loans, amount outstanding			0		0		0
Interest Expense					$ 823,000		$ 1,267,000
Line of credit facility interval period					3 months
Revolver Facility | Barclays Revolver Facility | Secured debt | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Authorized increase in total commitment amount			100,000,000		$ 100,000,000
Revolver Facility | Barclays Revolver Facility | Secured debt | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Authorized increase in total commitment amount			$ 150,000,000		$ 150,000,000

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 28, 2023	Jul. 17, 2023
Debt Instrument [Line Items]
Secured debt, repurchase agreements, average outstanding amount		$ 220,100
Interest paid on repurchase agreements	$ 800		$ 1,500	$ 4,600	$ 7,000
BSPRT 2023-FL10 Issuer, LLC
Debt Instrument [Line Items]
Preferred stock, shares issued (in shares)						75,086
Preferred stock, par value per share (in dollars per share)						$ 0.001
Liquidation preference and notional amount (in dollars per share)						$ 1,000
U.S. Bank National Association | Secured debt
Debt Instrument [Line Items]
Outstanding principal	3,507,511	3,147,728		3,507,511
Principal balance of secured floating rate notes	4,475,169	3,965,685		4,475,169
U.S. Bank National Association | 2019-FL5 Issuer | Secured debt
Debt Instrument [Line Items]
Outstanding principal		210,339					$ 122,000
Unamortized deferred financing costs							$ 2,900
Principal balance of secured floating rate notes		378,786
U.S. Bank National Association | 2023-FL10 Issuer | Secured debt
Debt Instrument [Line Items]
Outstanding principal	573,794			573,794
Principal balance of secured floating rate notes	896,554			896,554		$ 896,600
U.S. Bank National Association | 2023-FL10 Issuer | Secured debt | Third Party Investors
Debt Instrument [Line Items]
Principal balance of secured floating rate notes						573,800
U.S. Bank National Association | 2023-FL10 Issuer | Secured debt | Affiliated entity
Debt Instrument [Line Items]
Principal balance of secured floating rate notes						$ 322,800
Repurchase Agreements Collateralized by Real Estate Securities Classified as Trading
Debt Instrument [Line Items]
Outstanding collateralized repurchase agreements	$ 0	217,144		$ 0
Principal balance of secured floating rate notes		$ 227,610
Minimum
Debt Instrument [Line Items]
Master repurchase agreements maturity (days)				30 days
Maximum
Debt Instrument [Line Items]
Master repurchase agreements maturity (days)				90 days

Debt - Repurchase Agreements, R

Debt - Repurchase Agreements, Real Estate Securities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest Expense	$ 11,504	$ 12,715
Fair Value	193,072	221,025
MRAs
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	240,010	222,864
Interest Expense	$ 6,346	$ 2,927
Weighted Average Interest Rate	6.28%	5.25%
Weighted Average Days to Maturity	22 days	37 days
MRAs | Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral
Assets Sold under Agreements to Repurchase [Line Items]
Collateral Pledged	$ 271,731	$ 265,529
Secured debt
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 249,345	$ 680,859
Weighted Average Interest Rate	7.65%	7.16%
Secured debt | Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral | U.S. Bank National Association
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value	$ 118,100	$ 67,100
JP Morgan Securities LLC | MRAs
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	179,221	103,513
Interest Expense	$ 3,699	$ 1,281
Weighted Average Interest Rate	6.32%	5.34%
Weighted Average Days to Maturity	23 days	22 days
JP Morgan Securities LLC | MRAs | Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral
Assets Sold under Agreements to Repurchase [Line Items]
Collateral Pledged	$ 203,463	$ 120,751
Wells Fargo Securities, LLC | MRAs
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	8,994
Interest Expense	$ 95
Weighted Average Interest Rate	6.11%
Weighted Average Days to Maturity	31 days
Wells Fargo Securities, LLC | MRAs | Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral
Assets Sold under Agreements to Repurchase [Line Items]
Collateral Pledged	$ 9,993
Barclays Capital Inc. | MRAs
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	51,795	119,351
Interest Expense	$ 2,552	$ 1,646
Weighted Average Interest Rate	6.17%	5.18%
Weighted Average Days to Maturity	17 days	50 days
Barclays Capital Inc. | MRAs | Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral
Assets Sold under Agreements to Repurchase [Line Items]
Collateral Pledged	$ 58,275	$ 144,778

Debt - Repurchase Agreements, C

Debt - Repurchase Agreements, Collateral Type (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Net Investment Income [Line Items]
Accrued Interest Receivable	$ 38,297	$ 34,007
Repurchase arrangements secured by trading securities with maturities of 30 days or less
Net Investment Income [Line Items]
Amount Outstanding		172,144
Accrued Interest Receivable		544
Collateral Carrying Amount		$ 180,400
Weighted Average Borrowing Rates		4.25%
Repurchase arrangements secured by trading securities with maturities of 31 to 90 days
Net Investment Income [Line Items]
Amount Outstanding		$ 45,000
Accrued Interest Receivable		114
Collateral Carrying Amount		$ 47,210
Weighted Average Borrowing Rates		4.51%
Repurchase Agreements Collateralized by Real Estate Securities Classified as Trading
Net Investment Income [Line Items]
Amount Outstanding	$ 0	$ 217,144
Accrued Interest Receivable		658
Collateral Carrying Amount		$ 227,610
Weighted Average Borrowing Rates		4.30%

Debt - Collateralized Loan Obli

Debt - Collateralized Loan Obligation by Tranche (Details) $ in Thousands		3 Months Ended	9 Months Ended	12 Months Ended
	Jul. 13, 2023	Sep. 30, 2023 USD ($) loan	Sep. 30, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan	Sep. 28, 2023 USD ($)	Jul. 17, 2023 USD ($)
Debt Instrument [Line Items]
Par Value		$ 23,998	$ 23,998	$ 23,998
SOFR
Debt Instrument [Line Items]
Weighted Average Spread		0.11448%
SOFR | 2021-FL6 Issuer
Debt Instrument [Line Items]
Weighted Average Spread	0.11448%
SOFR | 2021-FL7 Issuer
Debt Instrument [Line Items]
Weighted Average Spread	0.11448%
Collaterized loan obligation
Debt Instrument [Line Items]
Par Value		$ 4,118,009	4,118,009	3,601,102
U.S. Bank National Association | Secured debt
Debt Instrument [Line Items]
Par Value		3,511,181	3,511,181	3,601,586
Par Value Outstanding		3,507,511	3,507,511	3,147,728
Principal balance of secured floating rate notes		$ 4,475,169	$ 4,475,169	$ 3,965,685
U.S. Bank National Association | Secured debt | 2019-FL5 Issuer
Debt Instrument [Line Items]
Number of Loans in pool | loan				25
Weighted Average Spread				1.77%
Par Value				$ 664,199
Par Value Outstanding				210,339		$ 122,000
Principal balance of secured floating rate notes				$ 378,786
U.S. Bank National Association | Secured debt | 2021-FL6 Issuer
Debt Instrument [Line Items]
Number of Loans in pool | loan		60	60	58
Weighted Average Spread			1.42%	1.42%
Par Value		$ 584,500	$ 584,500	$ 584,500
Par Value Outstanding		583,078	583,078	584,500
Principal balance of secured floating rate notes		$ 699,595	$ 699,595	$ 691,148
U.S. Bank National Association | Secured debt | 2021-FL7 Issuer
Debt Instrument [Line Items]
Number of Loans in pool | loan		36	36	39
Weighted Average Spread			1.64%	1.64%
Par Value		$ 722,250	$ 722,250	$ 722,250
Par Value Outstanding		720,000	720,000	722,250
Principal balance of secured floating rate notes		$ 882,382	$ 882,382	$ 899,729
U.S. Bank National Association | Secured debt | 2022-FL8 Issuer
Debt Instrument [Line Items]
Number of Loans in pool | loan		46	46	39
Weighted Average Spread			1.78%	1.72%
Par Value		$ 960,000	$ 960,000	$ 960,000
Par Value Outstanding		960,000	960,000	960,000
Principal balance of secured floating rate notes		$ 1,197,872	$ 1,197,872	$ 1,198,477
U.S. Bank National Association | Secured debt | 2022-FL9 Issuer
Debt Instrument [Line Items]
Number of Loans in pool | loan		49	49	50
Weighted Average Spread			3.04%	3.04%
Par Value		$ 670,637	$ 670,637	$ 670,637
Par Value Outstanding		670,639	670,639	670,639
Principal balance of secured floating rate notes		$ 798,766	$ 798,766	797,545
U.S. Bank National Association | Secured debt | 2023-FL10 Issuer
Debt Instrument [Line Items]
Number of Loans in pool | loan		28	28
Weighted Average Spread			2.52%
Par Value		$ 573,794	$ 573,794
Par Value Outstanding		573,794	573,794
Principal balance of secured floating rate notes		896,554	896,554		$ 896,600
U.S. Bank National Association | Secured debt | Collaterized loan obligation
Debt Instrument [Line Items]
Collateralized loan obligation excluded		$ 610,500	$ 610,500	$ 453,400

Debt - Collateralized Loan Ob_2

Debt - Collateralized Loan Obligation (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Assets
Cash	$ 411,437	$ 179,314	$ 216,985	$ 154,929
Commercial mortgage loans, held for investment, net	4,913,644	5,228,928
Accrued interest receivable	38,297	34,007
Total assets	5,875,455	6,203,601
Liabilities
Notes payable, net	23,998	23,998
Accrued interest payable	11,504	12,715
Total liabilities	4,189,739	4,530,465
Allowance for credit loss	37,512	40,848
U.S. Bank National Association | Secured debt
Liabilities
Notes payable, net	3,511,181	3,601,586
Collaterized loan obligation
Assets
Cash	26,725	43,246
Commercial mortgage loans, held for investment, net	4,443,255	3,942,918
Accrued interest receivable	21,013	15,444
Total assets	4,490,993	4,001,608
Liabilities
Notes payable, net	4,118,009	3,601,102
Accrued interest payable	11,811	10,582
Total liabilities	4,129,820	3,611,684
Restricted cash	25,900	42,500
Allowance for credit loss	23,900	13,200
Deferred financing cost and discount	30,100	19,200
Collaterized loan obligation | U.S. Bank National Association | Secured debt
Liabilities
Collateralized loan obligation excluded	$ 610,500	$ 453,400

Earnings Per Share - Summary of

Earnings Per Share - Summary of the Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator
Net income/(loss)	$ 30,995			$ 35,258	$ 114,478	$ (12,958)
Net (income)/loss from noncontrolling interest	772	$ (41)	$ (9)	0	722	0
Less: Preferred stock dividends	6,748			6,899	20,245	34,865
Net income/(loss) applicable to common stock, basic	25,019			28,359	94,955	(47,823)
Net income/(loss) applicable to common stock, diluted	25,019			28,359	94,955	(47,823)
Less: Participating securities' share in earnings	287			0	1,300	0
Net income/(loss) applicable to common stockholders (basic)	24,732			28,359	93,655	(47,823)
Net income/(loss) applicable to common stockholders (diluted)	$ 24,732			$ 28,359	$ 93,655	$ (47,823)
Denominator
Weighted-average common shares outstanding for basic earnings per share (in shares)	82,210,624			83,665,250	82,410,725	67,965,397
Weighted-average common shares outstanding for diluted earnings per share (in shares)	82,210,624			83,665,250	82,410,725	67,965,397
Basic earnings per share (in dollars per share)	$ 0.30			$ 0.34	$ 1.14	$ (0.70)
Diluted earnings per share (in dollars per share)	$ 0.30			$ 0.34	$ 1.14	$ (0.70)

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	809,257	516,830	772,945	465,237
Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	5,370,498	5,789,378	5,370,498	21,508,045

Redeemable Convertible Prefer_3

Redeemable Convertible Preferred Stock and Equity Transactions - Summary of Shares Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended					9 Months Ended	12 Months Ended
	Jan. 19, 2024	Jan. 19, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Redeemable Convertible Preferred Stock:			$ 89,748					$ 89,748		$ 94,748
Common stock, shares issued (in shares)		299,200
Common stock shares repurchased, average price per share (in dollars per share)								$ 12.08
Common stock shares repurchased				$ 5,495	$ 3,667	$ 11,035
Series H Preferred Stock
Class of Stock [Line Items]
Redeemable Convertible Preferred Stock:			$ 89,748					$ 89,748		$ 89,748
Preferred stock, shares outstanding (in shares)			17,950					17,950		17,950
Preferred stock dividends declared (in dollars per share)			$ 106.22
Mandatory conversion date, extension period		1 year
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 I Preferred Stock
Class of Stock [Line Items]
Redeemable Convertible Preferred Stock:			$ 0					$ 0		$ 5,000
Preferred stock, shares outstanding (in shares)			0					0		1,000
Preferred stock dividends declared (in dollars per share)			$ 0
Preferred stock converted to common stock, per share stock consideration (in shares)		299.2
Stock converted (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
Preferred stock dividends declared (in dollars per share)			$ 0.46875
Perpetual Preferred Stock:			$ 258,742					$ 258,742		$ 258,742
Common Stock
Class of Stock [Line Items]
Common stock - at par value			$ 822					$ 822		$ 826
Common stock - at par value, shares outstanding (in shares)			83,019,881	83,019,881	83,363,971	83,362,351	84,226,628	83,019,881		82,992,784	44,471,127	43,965,928
Common stock dividends declared (in dollars per share)			$ 0.355
Common stock, shares issued (in shares)			83,019,881					83,019,881		82,992,784
Common stock shares repurchased (in shares)			0	444,726	313,411	931,053	743	758,137
Common stock shares repurchased, average price per share (in dollars per share)								$ 12.08
Common stock shares repurchased				$ 5	$ 3	$ 9		$ 9,200
Common Stock | Series I Preferred Stock
Class of Stock [Line Items]
Stock converted (in shares)					299,200

Redeemable Convertible Prefer_4

Redeemable Convertible Preferred Stock and Equity Transactions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Class of Stock [Line Items]
Stock repurchase program, authorized amount	$ 65,000		$ 48,421
Stock repurchase program, remaining authorized repurchase amount	39,260
Common Stock
Class of Stock [Line Items]
Common stock distributions	$ 87,700	$ 58,100
Cash paid for common stock dividends (in dollars per share)	$ 0.355	$ 0.355

Redeemable Convertible Prefer_5

Redeemable Convertible Preferred Stock and Equity Transactions - Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Equity [Abstract]
Repurchases paid (in shares)	758,137
Share Repurchases [Roll Forward]
Beginning of period, authorized repurchase amount	$ 65,000	$ 48,421
Repurchases paid	(9,161)
Remaining as of September 30, 2023	$ 39,260
Common stock shares repurchased, average price per share (in dollars per share)	$ 12.08

Redeemable Convertible Prefer_6

Redeemable Convertible Preferred Stock and Equity Transactions - Changes in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, Beginning of Period	$ (1,299)	$ 0	$ 390	$ (62)
Other comprehensive income/(loss)	448	(373)	(564)	(593)
Reclassification adjustment for amounts included in net income/(loss)	(248)	0	(925)	282
Balance, End of Period	(1,099)	(373)	(1,099)	(373)
Available for Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, Beginning of Period	(1,299)	0	390	0
Other comprehensive income/(loss)	448	(373)	(564)	(373)
Reclassification adjustment for amounts included in net income/(loss)	(248)	0	(925)	0
Balance, End of Period	(1,099)	(373)	(1,099)	(373)
Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, Beginning of Period	0	0	0	(62)
Other comprehensive income/(loss)	0	0	0	(220)
Reclassification adjustment for amounts included in net income/(loss)	0	0	0	282
Balance, End of Period	$ 0	$ 0	$ 0	$ 0

Commitments and Contingencies_2

Commitments and Contingencies (Details) - Unfunded commitments under commercial mortgage loans - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
2023 (October - December)	$ 23,772	$ 73,921
2024	181,698	312,009
2025	163,575	70,429
2026 and beyond	18,617	9,629
Total	$ 387,662	$ 465,988

Related Party Transactions an_3

Related Party Transactions and Arrangements - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Nov. 30, 2022 property	Sep. 30, 2021 USD ($)	Sep. 17, 2021 USD ($)
Related Party Transaction [Line Items]
Commercial mortgage loans, held for investment, net	$ 4,913,644		$ 4,913,644		$ 5,228,928
Interest income	137,042	$ 94,131	420,470	$ 239,602
Commercial Mortgage Receivable, Held-For-Investment
Related Party Transaction [Line Items]
Commercial mortgage loans, held for investment, net	$ 4,913,644		$ 4,913,644		5,228,928
Industrial | Jeffersonville, GA
Related Party Transaction [Line Items]
Real estate investment property, net							$ 139,500
Industrial | Jeffersonville, GA | Mortgages
Related Party Transaction [Line Items]
Par Value								$ 112,700
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
Equity method investments							21,100
Industrial | Jeffersonville, GA | Franklin BSP Realty Trust, Inc | September 2021 Mortgage Note Payable, Eliminated in Consolidation | Mortgages
Related Party Transaction [Line Items]
Par Value							$ 88,700	$ 88,700
Industrial | Jeffersonville, GA | Jeffersonville JV, Affiliate
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners							21%
Equity method investments							$ 5,800
Noncontrolling interest in joint ventures							29,800
Industrial | Jeffersonville, GA | Jeffersonville JV, Affiliate | September 2021 Mortgage Note Payable, Affiliate | Mortgages
Related Party Transaction [Line Items]
Par Value							$ 24,000
Retail | Walgreens JV
Related Party Transaction [Line Items]
Number of real estate properties | property	1		1
Retail | Various | Walgreens JV
Related Party Transaction [Line Items]
Number of real estate properties | property	23		23			24
Retail | Various | Franklin BSP Realty Trust, Inc | Walgreens JV
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by parent						76%
Retail | Various | Walgreens JV, Affiliate | Walgreens JV
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners						24%
Retail | Various | Walgreens JV, Affiliate | Walgreens JV | Commercial Mortgage Receivable, Held-For-Investment
Related Party Transaction [Line Items]
Commercial mortgage loans, held for investment, net	$ 24,900		$ 24,900		10,500
Related Party | Commercial Mortgage Receivable, Held-For-Investment
Related Party Transaction [Line Items]
Commercial mortgage loans, held for investment, net	123,700		123,700		$ 122,900
Interest income	$ 2,800	$ 1,600	$ 7,400	$ 3,400
Benefit Street Partners LLC | Related Party
Related Party Transaction [Line Items]
Monthly asset management fee (percent)	0.125%		0.125%
Subordinated performance fee, percent that total return exceeds per year	6%		6%
Percent of excess total return	15%		15%
Maximum annual subordinated performance fee payable percent of total return	10%		10%
Benefit Street Partners LLC | Related Party | Fee to acquire and originate real estate debt
Related Party Transaction [Line Items]
Transaction rate (percent)			0.50%

Related Party Transactions an_4

Related Party Transactions and Arrangements - Schedule of Costs Incurred From Arrangements with Advisor and Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Acquisition expenses	$ 316	$ 362	$ 977	$ 996
Administrative services expenses	3,566	3,001	10,993	9,402
Asset management and subordinated performance fee	7,908	6,430	24,893	19,776
Other related party expenses	2,856	1,424	9,323	4,849
Total expenses	21,567	17,255	66,966	59,047
Related Party
Related Party Transaction [Line Items]
Acquisition expenses	316	362	977	996
Administrative services expenses	3,566	3,001	10,993	9,402
Asset management and subordinated performance fee	7,908	6,430	24,893	19,776
Other related party expenses	235	226	785	706
Total expenses	12,025	10,019	37,648	30,880
Payables due to affiliate	16,836		16,836		$ 15,429
Related Party | Acquisition expenses
Related Party Transaction [Line Items]
Payables due to affiliate	0		0		0
Related Party | Administrative services expenses
Related Party Transaction [Line Items]
Payables due to affiliate	3,566		3,566		3,526
Related Party | Asset management and subordinated performance fee
Related Party Transaction [Line Items]
Payables due to affiliate	12,389		12,389		8,843
Related Party | Other related party expenses
Related Party Transaction [Line Items]
Payables due to affiliate	881		881		3,060
Related Party | Acquisition fees and expenses, including amount capitalized
Related Party Transaction [Line Items]
Acquisition expenses	1,800	2,500	4,100	9,700
Related Party | Acquisition fees and expenses, amount capitalized | Commercial Mortgage Loans, Held for Investment and Real Estate Securities, Available for Sale
Related Party Transaction [Line Items]
Acquisition expenses	1,500	$ 2,100
Related Party | Acquisition fees and expenses, amount capitalized | Commercial Mortgage Loans, Held for Investment
Related Party Transaction [Line Items]
Acquisition expenses			3,100	$ 8,700
Related Party | Third Party Vendor Agreement
Related Party Transaction [Line Items]
Payables due to affiliate	$ 600		$ 600		$ 2,900

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Financial Instruments Carried at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets, at fair value
Real estate securities, available for sale, measured at fair value	$ 193,072	$ 221,025
Real estate securities, trading, measured at fair value	0	235,728
Commercial mortgage loans, held for sale, measured at fair value	17,000	15,559
Derivative instruments, measured at fair value	35	415
Liabilities, at fair value
Derivative instruments, measured at fair value	258	64
Fair Value, Measurements, Recurring
Assets, at fair value
Real estate securities, available for sale, measured at fair value	193,072	221,025
Real estate securities, trading, measured at fair value		235,728
Commercial mortgage loans, held for sale, measured at fair value	17,000	15,559
Total assets, at fair value	210,107	472,727
Liabilities, at fair value
Total liabilities, at fair value	258	64
Level I | Fair Value, Measurements, Recurring
Assets, at fair value
Real estate securities, available for sale, measured at fair value	0	0
Real estate securities, trading, measured at fair value		0
Commercial mortgage loans, held for sale, measured at fair value	0	0
Total assets, at fair value	35	91
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	193,072	221,025
Real estate securities, trading, measured at fair value		0
Commercial mortgage loans, held for sale, measured at fair value	0	0
Total assets, at fair value	193,072	221,349
Liabilities, at fair value
Total liabilities, at fair value	258	64
Level III | Fair Value, Measurements, Recurring
Assets, at fair value
Real estate securities, available for sale, measured at fair value	0	0
Real estate securities, trading, measured at fair value		235,728
Commercial mortgage loans, held for sale, measured at fair value	17,000	15,559
Total assets, at fair value	17,000	251,287
Liabilities, at fair value
Total liabilities, at fair value	0	0
Treasury Notes
Assets, at fair value
Derivative instruments, measured at fair value	35	91
Liabilities, at fair value
Derivative instruments, measured at fair value	0	0
Treasury Notes | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative instruments, measured at fair value	35	91
Treasury Notes | Level I | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative instruments, measured at fair value	35	91
Treasury Notes | Level II | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative instruments, measured at fair value	0	0
Treasury Notes | Level III | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative instruments, measured at fair value	0	0
Interest rate swaps
Assets, at fair value
Derivative instruments, measured at fair value	0	90
Liabilities, at fair value
Derivative instruments, measured at fair value	0	0
Interest rate swaps | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative instruments, measured at fair value		90
Interest rate swaps | Level I | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative instruments, measured at fair value		0
Interest rate swaps | Level II | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative instruments, measured at fair value		90
Interest rate swaps | Level III | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative instruments, measured at fair value		0
Credit default swaps
Assets, at fair value
Derivative instruments, measured at fair value	0	234
Liabilities, at fair value
Derivative instruments, measured at fair value	258	64
Credit default swaps | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative instruments, measured at fair value		234
Liabilities, at fair value
Derivative instruments, measured at fair value	258	64
Credit default swaps | Level I | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative instruments, measured at fair value		0
Liabilities, at fair value
Derivative instruments, measured at fair value	0	0
Credit default swaps | Level II | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative instruments, measured at fair value		234
Liabilities, at fair value
Derivative instruments, measured at fair value	258	64
Credit default swaps | Level III | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative instruments, measured at fair value		0
Liabilities, at fair value
Derivative instruments, measured at fair value	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Valuation Method Of Level 3 Financial Instruments Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held for sale, measured at fair value	$ 17,000	$ 15,559
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	17,000	15,559
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	17,000	15,559
Discounted Cash Flow | Commercial Mortgage Loans, held for sale, measured at fair value | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held for sale, measured at fair value	$ 17,000	15,559
Discounted Cash Flow | Real estate securities, trading, measured at fair value | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, trading, measured at fair value		$ 235,728
Discounted Cash Flow | Weighted Average | Commercial Mortgage Loans, held for sale, measured at fair value | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average yield	8.30%	7.20%
Discounted Cash Flow | Weighted Average | Real estate securities, trading, measured at fair value | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average yield		3.30%
Discounted Cash Flow | Minimum | Commercial Mortgage Loans, held for sale, measured at fair value | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average yield		6.30%
Discounted Cash Flow | Minimum | Real estate securities, trading, measured at fair value | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average yield		2%
Discounted Cash Flow | Maximum | Commercial Mortgage Loans, held for sale, measured at fair value | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average yield		7.70%
Discounted Cash Flow | Maximum | Real estate securities, trading, measured at fair value | Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average yield		6.50%

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Changes in the Company's Financial Instruments Classified as Level III (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Total realized and unrealized gain/(loss) included in earnings:
Net accretion	$ 10,102	$ 8,780
Commercial Mortgage Loans, held for sale, measured at fair value | Level III | Fair Value, Measurements, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	15,559	34,718	$ 34,718
Transfers into Level III	0		0
Total realized and unrealized gain/(loss) included in earnings:
Realized gain/(loss) on sale of commercial mortgage loans, held for sale	3,027		2,358
Realized gain/(loss) on sale of available for sale trading securities			0
Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments	44		(511)
Trading gain/(loss)	0		0
Net accretion			0
Originations	93,250		366,692
Sales/paydowns	(94,880)		(387,698)
Transfers out of Level III	0		0
Ending balance	17,000		15,559
Real estate securities, trading, measured at fair value | Level III | Fair Value, Measurements, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	235,728	0	0
Transfers into Level III	0		4,566,871
Total realized and unrealized gain/(loss) included in earnings:
Realized gain/(loss) on sale of commercial mortgage loans, held for sale	0		0
Realized gain/(loss) on sale of available for sale trading securities			0
Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments	0		0
Trading gain/(loss)	(605)		(119,220)
Net accretion			0
Originations	0		0
Sales/paydowns	(235,123)		(4,211,923)
Transfers out of Level III	0		0
Ending balance	0		235,728
Other real estate investments, measured at fair value | Level III | Fair Value, Measurements, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 0	$ 2,074	2,074
Transfers into Level III			0
Total realized and unrealized gain/(loss) included in earnings:
Realized gain/(loss) on sale of commercial mortgage loans, held for sale			0
Realized gain/(loss) on sale of available for sale trading securities			(33)
Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments			4
Trading gain/(loss)			0
Net accretion			0
Originations			0
Sales/paydowns			(2,045)
Transfers out of Level III			0
Ending balance			$ 0

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) property	Dec. 31, 2022 USD ($)	Nov. 30, 2022 property
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Exit capitalization rates	5%
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Exit capitalization rates	5.75%
Repurchase agreements - commercial mortgage loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Repurchase agreements	$ 249,345	$ 680,859
Repurchase agreements - real estate securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Repurchase agreements	$ 240,010	440,008
Walgreens JV | Retail
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of real estate properties | property	1
Walgreens JV | Retail | Various
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of real estate properties | property	23		24
Fair Value, Nonrecurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets and liabilities measured at fair value, net	$ 91,400
Assets measured at fair value		$ 0

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Allowance for credit losses	$ 37,512	$ 40,848
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Allowance for credit losses	37,500	40,800
Carrying Amount | Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized loan obligations	3,477,444	3,121,983
Carrying Amount | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans, held for investment	4,951,156	5,269,776
Mortgage note payable	23,998	23,998
Other financings	23,669	76,301
Unsecured debt	81,270	98,695
Fair Value | Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized loan obligations	3,436,617	3,055,810
Fair Value | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans, held for investment	4,961,106	5,278,495
Mortgage note payable	23,998	23,998
Other financings	23,669	76,301
Unsecured debt	$ 70,600	$ 66,300

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Outstanding Derivatives (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Notional	$ 33,450	$ 31,300
Assets	35	415
Liabilities	258	64
Credit default swaps
Derivative [Line Items]
Notional	21,750	18,000
Assets	0	234
Liabilities	258	64
Interest rate swaps
Derivative [Line Items]
Notional	0	9,800
Assets	0	90
Liabilities	0	0
Treasury note futures
Derivative [Line Items]
Notional	11,700	3,500
Assets	35	91
Liabilities	$ 0	$ 0

Derivative Instruments - Net Re

Derivative Instruments - Net Realized and Unrealized Losses on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain/(Loss)	$ (183)	$ 1,566	$ (110)	$ (12,824)
Realized Gain/(Loss)	67	(1,624)	684	57,599
Credit default swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain/(Loss)	33	(40)	36	515
Realized Gain/(Loss)	(46)	(254)	(32)	(301)
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain/(Loss)	(251)	1,606	(90)	(13,215)
Realized Gain/(Loss)	113	(1,370)	672	56,961
Treasury note futures
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain/(Loss)	(35)	0	(56)	(124)
Realized Gain/(Loss)	$ 0	$ 0	$ 44	$ 939

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities - Offsetting Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Offsetting [Abstract]
Gross Amounts of Recognized Assets	$ 35	$ 415
Gross Amounts Offset on the Balance Sheet	0	0
Net Amount of Assets Presented on the Balance Sheet	35	415
Financial Instruments	0	0
Cash Collateral	0	0
Net Amount	$ 35	$ 415

Offsetting Assets and Liabili_4

Offsetting Assets and Liabilities - Offsetting Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Offsetting Derivative Liabilities [Abstract]
Derivative instruments, at fair value, gross amounts of recognized liabilities	$ 258	$ 64
Derivative instruments, at fair value, gross amounts offset on the balance sheet	0	0
Derivative instruments, at fair value, amount of liabilities presented on the balance sheet	258	64
Derivative instruments, at fair value, gross amounts not offset on the balance sheet, financial instruments	0	0
Derivative instruments, at fair value, gross amounts not offset on the balance sheet, cash collateral	258	64
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
Repurchase agreements, gross amounts offset on the balance sheet	0	0
Repurchase agreements, amount of liabilities presented on the balance sheet	249,345	680,859
Repurchase agreements, gross amounts not offset on the balance sheet, financial instruments	249,345	680,859
Repurchase agreements, gross amounts not offset on the balance sheet, cash collateral	0	0
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	240,010	440,008
Repurchase agreements, gross amounts offset on the balance sheet	0	0
Repurchase agreements, amount of liabilities presented on the balance sheet	240,010	440,008
Repurchase agreements, gross amounts not offset on the balance sheet, financial instruments	240,010	440,008
Repurchase agreements, gross amounts not offset on the balance sheet, cash collateral	0	0
Repurchase agreements, net amount	$ 0	$ 0

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Interest income	$ 137,042	$ 94,131	$ 420,470	$ 239,602
Revenue from real estate owned	3,317	2,312	13,067	6,936
Interest expense	77,973	46,157	224,347	96,262
Net income/(loss)	30,995	35,258	114,478	(12,958)
Total assets	5,875,455		5,875,455		$ 6,203,601
Interest expense reclassified to realized gain/(loss) on extinguishment of debt	(2,836)	0	2,201	(5,167)
BSPRT 2018-FL4
Segment Reporting Information [Line Items]
Interest expense reclassified to realized gain/(loss) on extinguishment of debt				5,200
Real Estate Debt and Other Real Estate Investments
Segment Reporting Information [Line Items]
Interest income	131,093	91,097	404,300	209,585
Revenue from real estate owned	0	0	0	0
Interest expense	74,002	43,260	211,923	87,522
Net income/(loss)	35,450	35,778	125,723	46,306
Total assets	5,357,513		5,357,513		5,444,152
Real Estate Securities
Segment Reporting Information [Line Items]
Interest income	4,908	1,648	12,488	25,424
Revenue from real estate owned	0	0	0	0
Interest expense	3,151	1,779	10,139	6,853
Net income/(loss)	(1,568)	(3,309)	1,158	(63,533)
Total assets	196,240		196,240		474,231
TRS
Segment Reporting Information [Line Items]
Interest income	109	1,386	1,179	4,593
Revenue from real estate owned	0	0	0	0
Interest expense	307	786	824	1,123
Net income/(loss)	82	2,107	(10,610)	1,995
Total assets	56,198		56,198		63,307
Real Estate Owned
Segment Reporting Information [Line Items]
Interest income	932	0	2,503	0
Revenue from real estate owned	3,317	2,312	13,067	6,936
Interest expense	513	332	1,461	764
Net income/(loss)	(2,969)	$ 682	(1,793)	$ 2,274
Total assets	$ 265,504		$ 265,504		$ 221,911

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	1 Months Ended	9 Months Ended
	Oct. 30, 2023	Sep. 30, 2023	Oct. 25, 2023	Oct. 24, 2023	Oct. 12, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Amortized cost basis		$ 4,951,156,000				$ 5,269,776,000
Common stock repurchased (in shares)		758,137
Common stock repurchased, weighted average cost per share (in dollars per share)		$ 12.08
Secured debt
Subsequent Event [Line Items]
Maximum facility amount		$ 2,350,000,000				2,350,000,000
WF Repo Facility | Secured debt | Repo Facility
Subsequent Event [Line Items]
Maximum facility amount		500,000,000				500,000,000
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Subsequent Event [Line Items]
Amortized cost basis		4,951,156,000				$ 5,269,776,000
Multifamily | Nonperforming Financial Instruments | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Subsequent Event [Line Items]
Amortized cost basis		$ 12,000,000
Subsequent Event
Subsequent Event [Line Items]
Common stock repurchased (in shares)	137,444
Common stock repurchased, weighted average cost per share (in dollars per share)	$ 12.55
Subsequent Event | Churchill MRA Funding | MRAs
Subsequent Event [Line Items]
Maximum facility amount					$ 225,000,000
Subsequent Event | WF Repo Facility | Secured debt | Repo Facility
Subsequent Event [Line Items]
Maximum facility amount			$ 400,000,000	$ 500,000,000