Franklin BSP Realty Trust (FBRT) 10-K 26 Feb 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Feb. 07, 2024	Jun. 30, 2023
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-40923
Entity Registrant Name	FRANKLIN BSP REALTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-1406086
Entity Address, Address Line One	1345 Avenue of the Americas
Entity Address, Address Line Two	Suite 32A
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10105
City Area Code	(212)
Local Phone Number	588-6770
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1,114.5
Entity Common Stock, Shares Outstanding		82,122,502
Documents Incorporated by Reference	Portions of the definitive proxy statement to be filed by Franklin BSP Realty Trust, Inc. with the Securities and Exchange Commission pursuant to Regulation 14A relating to the registrant’s Annual Meeting of Stockholders to be held on May 29, 2024 will be incorporated by reference in this Form 10-K in response to Items 10, 11, 12, 13 and 14 of Part III. The definitive proxy statement will be filed with the SEC not later than 120 days after the registrant’s fiscal year ended December 31, 2023.
Entity Central Index Key	0001562528
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock, par value $0.01 per share
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	FBRT
Security Exchange Name	NYSE
7.50% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per share
Title of 12(b) Security	7.50% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	FBRT PRE
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Atlanta, Georgia

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents		$ 337,595	$ 179,314
Restricted cash		6,092	11,173
Commercial mortgage loans, held for investment, net of allowance for credit losses of $47,175 and $40,848 as of December 31, 2023 and 2022, respectively		4,989,767	5,228,928
Commercial mortgage loans, held for sale, measured at fair value		0	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 $243,272 and $220,635 as of December 31, 2023 and 2022, respectively (includes pledged assets of $167,948 and $198,429 as of December 31, 2023 and 2022, respectively)		242,569	221,025
Derivative instruments, measured at fair value		0	415
Receivable for loan repayment	[1]	55,174	42,557
Accrued interest receivable		42,490	34,007
Prepaid expenses and other assets		19,213	15,795
Intangible lease asset, net of amortization		42,793	54,831
Real estate owned, net of depreciation		115,830	127,772
Real estate owned, held for sale		103,657	36,497
Total assets		5,955,180	6,203,601
LIABILITIES AND STOCKHOLDERS' EQUITY
Collateralized loan obligations		3,567,166	3,121,983
Mortgage note payable		23,998	23,998
Unsecured debt		81,295	98,695
Derivative instruments, measured at fair value		0	64
Interest payable		15,383	12,715
Distributions payable		36,133	36,317
Accounts payable and accrued expenses		13,339	17,668
Intangible lease liability, held for sale		12,297	0
Intangible lease liability, net of amortization		0	6,428
Total liabilities		4,279,223	4,530,465
Commitments and Contingencies
Total redeemable convertible preferred stock		89,748	94,748
Equity:
Common stock, $0.01 par value, 900,000,000 shares authorized, 82,751,913 and 82,992,784 issued and outstanding as of December 31, 2023 and 2022, respectively		820	826
Additional paid-in capital		1,599,197	1,602,247
Accumulated other comprehensive income (loss)		(703)	390
Accumulated deficit		(298,942)	(299,225)
Total stockholders' equity		1,559,114	1,562,980
Non-controlling interest		27,095	15,408
Total equity		1,586,209	1,578,388
Total liabilities, redeemable convertible preferred stock and equity		5,955,180	6,203,601
Related Party
LIABILITIES AND STOCKHOLDERS' EQUITY
Due to affiliates		19,316	15,429
CMBS
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		299,707	680,859
Other financings		36,534	76,301
Repurchase agreements, real estate securities
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		174,055	440,008
Series H Preferred Stock
LIABILITIES AND STOCKHOLDERS' EQUITY
Total redeemable convertible preferred stock		89,748	89,748
Series I Preferred Stock
LIABILITIES AND STOCKHOLDERS' EQUITY
Total 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 December 31, 2023 and 2022		$ 258,742	$ 258,742
[1] Includes $55.1 million and $42.5 million of cash held by the servicer related to the CLOs as of December 31, 2023 and 2022, respectively. The Company no longer holds a residential mortgage backed securities principal paydown receivable as of December 31, 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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Allowance for credit losses	$ 47,175	$ 40,848
Pledged assets		$ 227,610
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	900,000,000	900,000,000
Common stock, shares issued (in shares)	82,751,913	82,992,784
Common Stock, shares outstanding (in shares)	82,751,913	82,992,784
Residential mortgage backed securities, principal paydowns, receivable	$ 0	$ 100
Collaterized loan obligation
Allowance for credit losses	32,600	13,200
CLO cash held by servicer	$ 55,100	$ 42,500
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)		1,000
Preferred stock, shares outstanding (in shares)	0	1,000
Preferred stock, shares issued (in shares)	0	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 dividend rate percentage	7.50%	7.50%
CRE CLO Bonds
Pledged assets	$ 167,948	$ 198,429
Amortized cost	$ 243,272	$ 220,635

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income
Interest income	$ 552,506	$ 357,705	$ 216,890
Less: Interest expense	305,577	160,526	56,193
Net interest income	246,929	197,179	160,697
Revenue from real estate owned	17,021	9,655	4,759
Total income	263,950	206,834	165,456
Expenses
Asset management and subordinated performance fee	33,847	26,157	28,110
Acquisition expenses	1,241	1,360	1,203
Administrative services expenses	14,440	12,928	7,658
Impairment of acquired assets	0	0	88,282
Professional fees	15,270	22,566	11,650
Share-based compensation	4,761	2,519	0
Depreciation and amortization	7,128	5,408	2,107
Other expenses	11,135	6,572	3,946
Total expenses	87,822	77,510	142,956
Other income/(loss)
(Provision)/benefit for credit losses	(33,738)	(36,115)	5,192
Realized gain/(loss) on extinguishment of debt	2,201	(5,167)	(4,642)
Realized gain/(loss) on sale of available for sale trading securities	80	0	0
Realized gain/(loss) on sale of commercial mortgage loans, held for sale	0	(354)	26
Realized gain/(loss) on sale of commercial mortgage loans, held for sale, measured at fair value	3,873	2,358	24,208
Gain/(loss) on other real estate investments	(7,089)	(692)	9,790
Unrealized gain/(loss) on commercial mortgage loans, held for sale, measured at fair value	44	(511)	469
Trading gain/(loss)	(605)	(119,220)	(36,128)
Unrealized gain/(loss) on derivatives	(140)	(15,840)	7,402
Realized gain/(loss) on derivatives	998	60,033	484
Total other income/(loss)	(34,376)	(115,508)	6,801
Income/(loss) before taxes	141,752	13,816	29,301
(Provision)/benefit for income tax	2,757	399	(3,599)
Net income/(loss)	144,509	14,215	25,702
Net (income)/loss attributable to non-controlling interest	706	216	0
Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.	145,215	14,431	25,702
Less: Preferred stock dividends	26,993	41,741	33,587
Net income/(loss) attributable to common stock, basic	118,222	(27,310)	(7,885)
Net income/(loss) attributable to common stock, diluted	$ 118,222	$ (27,310)	$ (7,885)
Basic earnings per share (in dollars per share)	$ 1.42	$ (0.38)	$ (0.18)
Diluted earnings per share (in dollars per share)	$ 1.42	$ (0.38)	$ (0.18)
Basic weighted average shares outstanding (in shares)	82,307,970	71,628,365	43,419,209
Weighted-average common shares outstanding for diluted earnings per share (in shares)	82,307,970	71,628,365	43,434,731

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income/(loss)	$ 144,509	$ 14,215	$ 25,702
Amounts related to available for sale real estate securities:
Change in net unrealized gain/(loss)	(330)	390	8,256
Reclassification adjustment for amounts included in net income/(loss)	(763)	0	0
Total unrealized gain (loss)	(1,093)	390	8,256
Amounts related to cash flow hedges:
Change in net unrealized gain/(loss)	0	(220)	(852)
Reclassification adjustment for amounts included in net income/(loss)	0	282	790
Total unrealized gain (loss)	0	62	(62)
Comprehensive (income)/loss attributable to non-controlling interest	706	216	0
Comprehensive income/(loss) attributable to Franklin BSP Realty Trust, Inc.	$ 144,122	$ 14,883	$ 33,896

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Series A Preferred Stock	Series F Preferred Stock	Series C Preferred Stock	Series I Preferred Stock	Total Stockholders' Equity	Total Stockholders' Equity Preferred Stock	Total Stockholders' Equity Common Stock	Total Stockholders' Equity Series A Preferred Stock	Total Stockholders' Equity Series F Preferred Stock	Total Stockholders' Equity Series C Preferred Stock	Total Stockholders' Equity Series I Preferred Stock	Common Stock	Common Stock Common Stock	Common Stock Series A Preferred Stock	Common Stock Series F Preferred Stock	Common Stock Series C Preferred Stock	Common Stock Series I Preferred Stock	Additional Paid-In Capital	Additional Paid-In Capital Common Stock	Additional Paid-In Capital Series A Preferred Stock	Additional Paid-In Capital Series F Preferred Stock	Additional Paid-In Capital Series C Preferred Stock	Additional Paid-In Capital Series I Preferred Stock	Accumulated Other Comprehensive Income/(Loss)	Accumulated Deficit	Preferred Stock Series F Preferred Stock	Preferred Stock Series E Preferred Stock	Non-Controlling Interest
Beginning balance (in shares) at Dec. 31, 2020															44,510,051
Beginning balance at Dec. 31, 2020	$ 798,444							$ 798,444							$ 446						$ 912,725						$ (8,256)	$ (106,471)	$ 0	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock		$ 969,173	$ 579,526						$ 969,173	$ 579,526						$ 319						$ 579,207							710,431	258,742
Issuance of common stock (in shares)																31,887,442
Common stock repurchases (in shares)															(648,837)
Common stock repurchases	(11,417)							(11,417)							$ (6)						(11,411)
Common stock issued through distribution reinvestment plan (in shares)															289,755
Common stock issued through distribution reinvestment plan	5,110							5,110							$ 3						5,107
Share-based compensation (in shares)															11,184
Share-based compensation	211							211													211
Common stock exchanged for Series F Preferred Stock (in shares)															(39,733,299)
Common stock exchanged for Series F Preferred Stock	(710,431)							(710,431)							$ (397)						(710,034)
Preferred stock conversion to common stock (in shares)																	7,649,632
Preferred stock conversion to common stock				$ 127,603							$ 127,603						$ 76						$ 127,527
Offering costs	(68)							(68)													(68)
Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.	25,702							25,702																				25,702
Net income/(loss) attributable to non-controlling interest	0
Distributions declared	(86,410)							(86,410)																				(86,410)
Other comprehensive income/(loss)	8,194							8,194																			8,194
Contributions/(distributions) in non-controlling interest, net	5,764																														5,764
Ending balance (in shares) at Dec. 31, 2021															43,965,928
Ending balance at Dec. 31, 2021	1,711,401							1,705,637							$ 441						903,264						(62)	(167,179)	710,431	258,742	5,764
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchases (in shares)															(1,416,369)
Common stock repurchases	(16,579)							(16,579)							$ (14)						(16,565)
Common stock issued through distribution reinvestment plan (in shares)															73,501
Common stock issued through distribution reinvestment plan	1,000							1,000							$ 1						999
Share-based compensation (in shares)															516,887
Share-based compensation	2,519							2,519													2,519
Preferred stock conversion to common stock (in shares)																		39,733,299	119,538
Preferred stock conversion to common stock					$ 0	$ 1,997						$ 0	$ 1,997					$ 397	$ 1					$ 710,034	$ 1,996				(710,431)
Offering costs	(91)							(91)																				(91)
Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.	14,431							14,431																				14,431
Net income/(loss) attributable to non-controlling interest	(216)																														(216)
Distributions declared	(146,386)							(146,386)																				(146,386)
Other comprehensive income/(loss)	452							452																			452
Contributions/(distributions) in non-controlling interest, net	$ 9,428																														9,428
Ending balance (in shares) at Dec. 31, 2022	82,992,784														82,992,784
Ending balance at Dec. 31, 2022	$ 1,578,388							1,562,980							$ 826						1,602,247						390	(299,225)	0	258,742	15,408
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchases (in shares)															(1,026,105)
Common stock repurchases	(12,505)							(12,505)							$ (10)						(12,495)
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)															481,189
Share-based compensation	4,761							4,761													4,761
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 conversion to common stock (in shares)																				299,200
Preferred stock conversion to common stock							$ 5,000							$ 5,000						$ 3						$ 4,997
Offering costs	(269)							(269)													(269)
Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.	145,215							145,215																				145,215
Net income/(loss) attributable to non-controlling interest	(706)																														(706)
Distributions declared	(144,932)							(144,932)																				(144,932)
Other comprehensive income/(loss)	(1,093)							(1,093)																			(1,093)
Contributions/(distributions) in non-controlling interest, net	$ 12,393																														12,393
Ending balance (in shares) at Dec. 31, 2023	82,751,913														82,751,913
Ending balance at Dec. 31, 2023	$ 1,586,209							$ 1,559,114							$ 820						$ 1,599,197						$ (703)	$ (298,942)	$ 0	$ 258,742	$ 27,095

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income/(loss)	$ 144,509	$ 14,215	$ 25,702
Adjustments to reconcile net income to net cash provided by operating activities:
Premium amortization and (discount accretion), net	(13,072)	(12,619)	(7,035)
Accretion of deferred commitment fees	(7,577)	(9,450)	(10,139)
Amortization of deferred financing costs	7,779	6,308	4,561
Share-based compensation	4,761	2,519	211
Realized (gain)/loss from sale of available for sale trading securities	(80)	0	0
(Gain)/loss on other real estate investments	7,089	692	(9,790)
Realized (gain)/loss from extinguishment of debt	(2,201)	5,167	4,642
Realized (gain)/loss on swap terminations	0	(55,301)	(616)
Realized (gain)/loss on sale of commercial mortgage loans, held for sale	(3,873)	354	0
Trading (gain)/loss	605	119,220	36,128
Unrealized (gain)/loss on commercial mortgage loans held for sale, measured at fair value	(44)	511	(469)
Unrealized (gain)/losses on derivative instruments	140	15,840	(7,402)
Depreciation and amortization	8,412	5,329	2,107
Provision/(benefit) for credit losses	33,738	36,115	(5,192)
Origination of commercial mortgage loans, held for sale, measured at fair value	(102,500)	(366,692)	(420,673)
Proceeds from sale of commercial mortgage loans, held for sale, measured at fair value	121,976	384,808	454,073
Severance and deferred compensation	0	0	(22,168)
Changes in assets and liabilities:
Accrued interest receivable	(906)	(563)	(4,675)
Prepaid expenses and other assets	(3,085)	(6,879)	94,864
Accounts payable and accrued expenses	(5,081)	5,027	3,640
Due to affiliates	3,887	(2,109)	8,013
Interest payable	2,910	10,023	715
Net cash (used in)/provided by operating activities	197,387	152,515	146,497
Cash flows from investing activities:
Cash acquired through merger	0	0	174,083
Origination and purchase of commercial mortgage loans, held for investment	(936,271)	(2,227,723)	(2,881,852)
Principal repayments received on commercial mortgage loans, held for investment	1,065,538	1,258,393	1,225,645
Principal repayments received on commercial mortgage loans, held for sale, measured at fair value	0	532	0
Proceeds from sale of other real estate investments	39,755	2,045	30,338
Purchase of real estate owned and capital expenditures	(1,151)	(663)	(134,052)
Proceeds from sale of commercial mortgage loans, held for sale	0	9,344	52,615
Purchase of real estate securities	(223,768)	(220,630)	0
Proceeds from sale of real estate securities	418,791	3,731,716	2,059,418
Principal collateral on mortgage investments	17,702	545,416	541,313
Proceeds from sale/(purchase) of derivative instruments	211	(1,165)	1,239
Net cash (used in)/provided by investing activities	380,807	3,097,265	1,068,747
Cash flows from financing activities:
Cash consideration paid in merger	0	0	(20,485)
Proceeds from issuances of redeemable convertible preferred stock	0	0	15,000
Payments for common stock repurchases	(12,505)	(16,579)	(11,417)
Shares cancelled for tax withholding on vested equity awards	(812)	0	0
Payments of offering costs	(269)	0	0
Borrowings on collateralized loan obligations	689,294	1,630,639	1,410,173
Repayments of collateralized loan obligations	(241,223)	(662,410)	(869,887)
Borrowings on repurchase agreements and revolving credit facilities - commercial mortgage loans	600,164	1,918,631	1,874,694
Repayments of repurchase agreements and revolving credit facilities - commercial mortgage loans	(981,317)	(2,257,372)	(1,131,434)
Borrowings on repurchase agreements - real estate securities	870,014	18,457,406	13,553,886
Repayments of repurchase agreements - real estate securities	(1,135,967)	(22,196,183)	(15,983,193)
Borrowings on other financings	59,707	38,537	6,524
Repayments on other financings	(99,474)	(139)	0
Borrowings on unsecured debt	0	0	210,000
Repayments of unsecured debt	(13,367)	(50,000)	(160,000)
Borrowing on mortgage note payable	0	0	23,940
Payments of deferred financing costs	(12,905)	(15,232)	(9,285)
Cash collateral received on interest rate swaps	0	56,767	11,138
Proceeds from interest rate swap settlements	0	8,478	9,115
Distributions to non-controlling interest	(1,987)	(745)	0
Contributions from non-controlling interest	0	125	0
Distributions paid to common and preferred stockholders	(144,347)	(139,415)	(67,955)
Net cash (used in)/provided by financing activities:	(424,994)	(3,227,492)	(1,139,186)
Net change in cash, cash equivalents and restricted cash	153,200	22,288	76,058
Cash, cash equivalents and restricted cash, beginning of period	190,487	168,199	92,141
Cash, cash equivalents and restricted cash, end of period	343,687	190,487	168,199
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period	179,314	154,929	82,071
Restricted cash, beginning of period	11,173	13,270	10,070
Cash and cash equivalents, end of period	337,595	179,314	154,929
Restricted cash, end of period	6,092	11,173	13,270
Cash, cash equivalents and restricted cash,	343,687	190,487	168,199
Supplemental disclosures of cash flow information:
Cash payments for income taxes	325	1,199	140
Cash payments for interest	295,130	144,195	51,050
Supplemental disclosures of non-cash flow information:
Common stock issued through distribution reinvestment plan	769	1,963	5,110
Distribution payable	36,133	36,317	30,346
Commercial mortgage loans transferred from held for sale to held for investment	0	9,296	52,615
Loans transferred to real estate owned	77,305	115,978	0
Reclassification of assets held for investment to held for sale	114,512	0	0
Reclassification of liabilities held for investment to held for sale	13,664	0	0
Issuances of common stock due to merger	0	0	579,526
Unsecured debt assumed due to merger	0	0	98,574
Exchange of preferred stock	0	94,748	710,431
Conversion of Preferred Stock to Common Stock
Supplemental disclosures of non-cash flow information:
Conversion of preferred stock to common stock	5,000	712,428	(127,603)
Series E Preferred Stock
Supplemental disclosures of non-cash flow information:
Issuances of Series E preferred stock due to merger	$ 0	$ 0	$ 258,742

Organization and Business Opera

Organization and Business Operations	12 Months Ended
	Dec. 31, 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 December 31, 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	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 - Summary of Significant Accounting Policies Basis of Accounting The Company's consolidated financial statements and related footnotes have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the requirements for reporting on Form 10-K and Regulation S-X, as appropriate. Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. 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. For the twelve months ended December 31, 2022 and 2021, $5.2 million and $4.6 million, respectively, related to the remaining unamortized deferred financing costs on the redemption of BSPRT 2018-FL4 and BSPRT 2018-FL3, respectively, were reclassified from Interest Expense to Realized gain/(loss) on extinguishment of debt in the consolidated statements of operations and the consolidated statement of cash flows. For the twelve months ended December 31, 2022, $33 thousand of Realized loss on sale of other real estate investments, measured at fair value and $0.7 million of Unrealized 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 in the consolidated statements of operations. For the twelve months ended December 31, 2021, $9.8 million of Realized gain on sale of real estate owned assets, held for sale and $19 thousand of Unrealized 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 in the consolidated statements of operations. Acquisition Expenses For commercial mortgage loans, held for investment the Company capitalizes certain direct costs relating to loan origination activities. The cost is amortized over the life of the loan and recognized in Interest income in the consolidated statements of operations. Acquisition expenses paid on future funding amounts are expensed within the Acquisition expenses in 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 equivalents include short-term, liquid investments in money market funds with original maturities of 90 days or less when purchased. 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. Restricted Cash Restricted cash primarily consists of cash pledged as margin on repurchase agreements and derivative transactions. The duration of this restricted cash generally matches the duration of the related repurchase agreements or derivative transaction. Commercial Mortgage Loans Held for Investment - Commercial mortgage loans that are held for investment purposes and are anticipated to be held until maturity, are carried at cost, net of unamortized acquisition expenses, discounts or premiums and unfunded commitments. Commercial mortgage loans, held for investment purposes, are carried at amortized cost less a allowance for credit losses. Interest income is recorded on the accrual basis and related discounts, premiums and acquisition expenses on investments are amortized over the life of the investment using the effective interest method. Amortization or accretion is reflected as an adjustment to interest income in the consolidated statements of operations. Guaranteed loan commitment fees payable by the borrower upon maturity are accreted over the life of the investment using the effective interest method. The accretion of guaranteed loan commitment fees is recognized in Interest income in the consolidated statements of operations. Held for Sale - Commercial mortgage loans that are intended to be sold in the foreseeable future are reported as held for sale and are recorded at the lower of cost or fair value with changes recorded through the statements of operations. Unamortized loan origination costs for commercial mortgage loans held for sale that are carried at the lower of cost or fair value are capitalized as part of the carrying value of the loans and recognized upon the sale of such loans. Amortization of origination costs ceases upon transfer of commercial mortgage loans to held for sale. Held for Sale, Measured at Fair Value - The fair value option provides an option to irrevocably elect fair value as an alternative measurement for selected financial assets, financial liabilities, and written loan commitments. The Company has elected to measure commercial mortgage loans held for sale in the Company's TRS under the fair value option. These commercial mortgage loans are included in the Commercial mortgage loans, held for sale, measured at fair value in the consolidated balance sheets. Interest income received on commercial mortgage loans held for sale, measured at fair value is recorded on the accrual basis of accounting and is included in Interest income in the consolidated statements of operations. Costs to originate these investments are expensed when incurred. Real estate owned The Company classifies its real estate owned as long-lived assets held for investment or as long-lived assets held for sale. Held for investment assets are stated at cost, as adjusted for any impairment loss, less accumulated depreciation. Real estate owned, held for investment - Amounts capitalized to real estate owned, held for investment consist of the cost of acquisition or construction, any tenant improvements or major improvements, betterments that extend the useful life of the related asset, and transaction costs associated with the acquisition of an individual asset that does not qualify as a business combination. All repairs and maintenance are expensed as incurred. Additionally, the Company capitalizes interest while the development, or redevelopment, of a real estate owned asset is in progress. No development or redevelopments of real estate owned assets are in progress as of December 31, 2023. The Company’s real estate owned, held for investment assets are depreciated or amortized using the straight-line method over the following useful lives: Building 40 years Furniture, fixtures, and equipment 15 years Site Improvements 5 - 25 years Intangible Lease Assets Lease Term The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of the real estate and related intangible assets of either operating properties or properties under construction in which the Company has an ownership interest, either directly or through investments in joint ventures, may not be recoverable. When indicators of potential impairment are present, management assesses whether the respective carrying values will be recovered from the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition for assets held for use, or from the estimated fair values, less costs to sell, for assets held for sale. In the event that the expected undiscounted future cash flows for assets held for use or the estimated fair value, less costs to sell, for assets held for sale do not exceed the respective asset carrying value, management adjusts such assets to the respective estimated fair values and recognizes an impairment loss. Estimated fair values are calculated based on the following information, depending upon availability, in order of preference: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of undiscounted cash flows, including estimated sales value (which is based on key assumptions such as estimated market rents, lease-up periods, estimated lease terms, and capitalization and discount rates) less estimated selling costs. Real estate owned, held for sale - Real estate owned is classified as held for sale in the period in which the six criteria under ASC Topic 360, "Property, Plant, and Equipment" are met: (i) we commit to a plan and have the authority to sell the asset; (ii) the asset is available for sale in its current condition; (iii) we have initiated an active marketing plan to locate a buyer for the asset; (iv) the sale of the asset is both probable and expected to qualify for full sales recognition within a period of 12 months; (v) the asset is being actively marketed for sale at a price that is reflective of its current fair value; and (vi) we do not anticipate changes to our plan to sell the asset. Held for sale assets are carried at the lower of depreciated cost or estimated fair value, less estimated costs to sell. Real estate owned assets are not depreciated or amortized while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be accrued. Upon the disposition of a real estate owned asset, the Company calculates realized gains and losses as net proceeds received less the carrying value of the real estate owned asset. Net proceeds received are net of direct selling costs associated with the disposition of the real estate owned asset. Fair Value of Assets and Liabilities of Acquired Properties Upon the acquisition of real properties, the Company records the fair value of properties (plus any related acquisition costs) allocated based on relative fair value as tangible assets, consisting of land and building, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, based on their estimated fair values. Substantially all of the Company’s property acquisitions qualify as asset acquisitions under ASC 805, Business Combinations. The estimated fair values of the tangible assets of an acquired property are determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and building based on management’s determination of the estimated fair value of these assets. Management relies on a sales comparison approach using closed land sales and listings in determining the land value, and determines the as-if-vacant estimated fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates the cost to execute similar leases including leasing commissions, legal, and other related costs. The estimated fair values of above-market and below-market in-place leases are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of market rates for the corresponding in-place leases, measured over a period equal to the remaining terms of the leases, taking into consideration the probability of renewals for any below-market leases. The capitalized above-market and below-market lease values are recorded as intangible lease assets or liabilities and amortized as an adjustment to rental revenues over the remaining terms of the respective leases. The estimated fair values of in-place leases include an estimate of the direct costs associated with obtaining the acquired or "in place" tenant and estimates of opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease. The amount capitalized as direct costs associated with obtaining a tenant include commissions, tenant improvements, and other direct costs and are estimated based on management’s consideration of current market costs to execute a similar lease. These direct lease origination costs are included in deferred lease costs in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. The value of opportunity costs is calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. These lease intangibles are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. Credit Losses The allowance for credit losses required under ASU 2016-13 is deducted from the respective loan's amortized cost basis in the consolidated balance sheets. General allowance for credit losses The general allowance for credit losses for the Company’s financial instruments carried at amortized cost and off-balance sheet credit exposures, such as loans held for investment and unfunded loan commitments represents a lifetime estimate of expected credit losses. Factors considered by the Company when determining the general provision for credit losses reserve include loan-specific characteristics such as loan-to-value (“LTV”) ratio, vintage year, loan term, property type, occupancy and geographic location, financial performance of the borrower, expected payments of principal and interest, as well as internal or external information relating to past events, current conditions and forward looking information through the use of projected macroeconomic scenarios over the reasonable and supportable forecasts. The general allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist for multiple financial instruments. If similar risk characteristics do not exist, the Company measures the general allowance for credit losses on an individual instrument basis. The determination of whether a particular financial instrument should be included in a pool can change over time. If a financial asset’s risk characteristics change, the Company evaluates whether it is appropriate to continue to keep the financial instrument in its existing pool or evaluate it individually. In measuring the general allowance for credit losses for financial instruments such as loans held for investment and unfunded loan commitments that share similar risk characteristics, the Company primarily applies a probability of default (“PD”)/loss given default (“LGD”) model for instruments that are collectively assessed, whereby the provision for credit losses is calculated as the product of PD, LGD and exposure at default (“EAD”). The Company’s model to determine the general allowance for credit losses principally utilizes historical loss rates derived from a commercial mortgage backed securities database with historical losses from 2002 to 2021 provided by a reputable third party, forecasting the loss parameters based on a projected macroeconomic scenario using a probability-based statistical approach over a reasonable and supportable forecast period of twelve months, followed by an immediate reversion to average historical losses. Specific allowance for credit losses For financial instruments where the borrower is experiencing financial difficulty based on the Company’s assessment at the reporting date and the repayment is expected to be provided substantially through the operation or sale of the collateral, the Company may elect to use as a practical expedient the fair value of the collateral at the reporting date when determining the provision for credit losses. For loans held for investment which the Company identifies reasonable doubt as to whether the collection of contractual components can be satisfied, a loan specific allowance for credit losses analysis is performed. Determining whether a specific allowance for credit losses for a loan is required entails significant judgment from management and is based on several factors including (i) the underlying collateral performance, (ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact the borrower’s ability to pay the contractual amounts due under the terms of the loan. If a loan is determined to have a specific allowance for credit losses, the specific allowance for credit losses is recorded as a component of our Current Expected Credit Loss ("CECL") reserve by applying the practical expedient for collateral dependent loans. The CECL reserve is assessed on an individual basis for such loans by comparing the estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. The estimated fair value of the underlying collateral requires judgments, which include assumptions regarding capitalization rates, discount rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plans, loan sponsorship, actions of other lenders, and other factors deemed relevant by the Company. Actual losses, if any, could ultimately differ materially from these estimates. The Company only expects to write-off specific provisions if and when such amounts are deemed non-recoverable. Non-recoverability is generally determined at the time a loan is settled, or in the case of foreclosure, when the underlying asset is sold. Non-recoverability may also be concluded if, in the Company's determination, it is deemed certain that all amounts due will not be collected. If a loan is determined to be impaired based on the above considerations, management records a write-off through a charge to the allowance for credit losses and the respective loan balance. Risk Rating In developing the provision for credit losses for its loans held for investment, the Company performs a comprehensive analysis of its loan portfolio and assigns risk ratings to loans that incorporate management's current judgments about their credit quality based on all known and relevant internal and external factors that may affect collectability, using similar factors as those in developing the provision for credit losses. This methodology results in loans being segmented by risk classification into risk rating categories that are associated with estimated probabilities of default and principal loss. Risk rating categories range from "1" to "5" with "1" representing the lowest risk of loss and "5" representing the highest risk of loss with the ratings updated quarterly. At the time of origination or purchase, loans held for investment are ranked as a “2” and will move accordingly going forward based on the ratings which are defined as follows: 1. Very Low Risk- Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable. 2. Low Risk- Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. 3. Average Risk- Performing investments requiring closer monitoring. Trends and risk factors show some deterioration. 4. High Risk/Delinquent/Defaulted/Potential for Loss- Underperforming investment with the potential of some interest loss but still expecting a positive return on investment. Trends and risk factors are negative. 5. Impaired/Loss Likely- Underperforming investment with expected loss of interest and some principal. The Company also considers qualitative and environmental factors, including, but not limited to, economic and business conditions, nature and volume of the loan portfolio, lending terms, volume and severity of past due loans, concentration of credit and changes in the level of such concentrations in its determination of the provision for credit losses. Changes in the provision for credit losses for the Company’s financial instruments are recorded in (Provision)/benefit for credit losses in the consolidated statements of operations with a corresponding offset to the financial instrument’s amortized cost recorded in the consolidated balance sheets, or as a component of Accounts payable and accrued expenses for unfunded loan commitments. The Company has elected to not measure a provision for credit losses for accrued interest receivable as balances are written off in a timely manner when loans, real estate securities or preferred equity investments are designated as non-performing and placed on non-accrual or cost recovery status within 90 days of becoming past due. Non-performing status The Company designates loans as non-performing when (i) full payment of principal and coupon interest components become 90-days past due ("non-accrual status"); or (ii) the Company has reasonable doubt as to whether the collection of contractual components can be satisfied ("cost recovery status"). When a loan is designated as non-performing and placed on non-accrual status, interest is only recognized as income when payment has been received. Loans designated as non-performing and placed on non-accrual status are removed from their non-performing designation when collection of principal and coupon interest components have been satisfied. When a loan is designated as non-performing and placed on cost recovery status, the cost-recovery method is applied to which receipt of principal or coupon interest is recorded as a reduction to the amortized cost until collection of all contractual components are reasonably assured. Real Estate Securities Available For Sale The Company’s real estate securities are classified as available for sale ("AFS") and carried at fair value. Changes in fair value of available for sale real estate securities are recognized in the consolidated statements of comprehensive income. Related discounts, premiums and acquisition expenses on investments are amortized or accreted over the life of the investment using the effective interest method. Amortization and accretion are reflected as an adjustment to interest income in the consolidated statements of operations. The Company uses the specific identification method in determining the cost relief for real estate securities sold. Realized gains and losses from the sale of available for sale securities are included in the consolidated statements of operations. AFS real estate securities which have experienced a decline in the fair value below their amortized cost basis (i.e., impairment) are evaluated each reporting period to determine whether the decline in fair value is due to credit-related factors. Any impairment that is not credit-related is recognized in accumulated other comprehensive income, while credit-related impairment is recognized as an allowance in the consolidated balance sheets with a corresponding adjustment in the consolidated statements of operations. If the Company intends to sell an impaired real estate security or more likely than not will be required to sell such a security before recovering its amortized cost basis, the entire impairment amount is recognized in the consolidated statements of operations with a corresponding adjustment to the security’s amortized cost basis. The Company analyzes the AFS real estate securities portfolio on a periodic basis for credit losses at the individual security level using the same criteria described above for those amortized cost financial assets subject to an provision for credit losses including but not limited to; performance of the underlying assets in the security, borrower financial resources and investment in collateral, collateral type, credit ratings, project economics and geographic location as well as national and regional economic factors. The non-credit loss component of the unrealized loss within the Company’s AFS portfolio is recognized as an adjustment to the individual security’s asset balance with an offsetting entry to Accumulated other comprehensive income/(loss) in the consolidated balance sheets. Repurchase Agreements Commercial mortgage loans and real estate securities sold under repurchase agreements have been treated as collateralized financing transactions because the Company maintains effective control over the transferred securities. Commercial mortgage loans and real estate securities financed through repurchase agreements remain in the consolidated balance sheets as an asset and cash received from the purchaser is recorded as a liability. Interest paid in accordance with repurchase agreements is recorded in Interest expense in the consolidated statements of operations. Deferred Financing Costs The deferred financing costs related to the Company's various Master Repurchase Agreements as well as certain prepaid subscription costs are included in Prepaid expenses and other assets in the consolidated balance sheets. Deferred financing cost on the Company's CLO are netted against the Company's CLO payable in Collateralized loan obligations in the consolidated balance sheets. Deferred financing costs are amortized over the terms of the respective financing agreement using the effective interest method and included in Interest expense in the consolidated statements of operations. Unamortized deferred financing costs are generally realized in Realized gain/(loss) on extinguishment of debt in the consolidated statements of operations when the associated debt is refinanced or repaid before maturity. Offering and Related Costs Since 2018, the Company has from time to time offered, shares of the Company’s common stock or one or more series of its preferred stock, including its former Series C convertible preferred stock (the “Series C Preferred Stock,”), former Series D convertible preferred stock (the “Series D Preferred Stock”), Series H convertible preferred stock (the “Series H Preferred Stock”) and former Series I convertible preferred stock (the “Series I Preferred Stock”) in private placements exempt from the registration requirements of the Securities Act of 1933, as amended. In connection with these offerings, the Company incurred various offering costs. These offering costs include but are not limited to legal, accounting, printing, mailing and filing fees, and diligence expenses of broker-dealers. Offering costs for the common stock are recorded in the Company’s stockholders’ equity, while the offering costs for the Series C Preferred Stock and Series D Preferred Stock are included within Series C Preferred Stock and Series D Preferred Stock, respectively, in the consolidated balance sheets. Offering costs for the Series H Preferred Stock and Series I Preferred Stock were expensed in the consolidated statement of operations. Equity Incentive Plan The Company maintains the Franklin BSP Realty Trust, Inc. 2021 Equity Incentive Plan (the “2021 Incentive Plan”), pursuant to which the Company has granted and may in the future, from time to time, grant equity awards to the Company’s directors, officers and employees (if it ever has employees), employees of the Advisor and its affiliates, or certain of the Company’s consultants, advisors or other service providers to the Company or an affiliate of the Company. The 2021 Incentive Plan, which is administered by the Compensation Committee of the board of directors, provides for the grant of awards of share options, share appreciation rights, restricted shares, restricted share units, deferred share units, unrestricted shares, dividend equivalent rights, performance shares and other performance-based awards, other equity-based awards, long-term incentive plan units and cash bonus awards. Since 2022, the Company has been issuing under the 2021 Incentive Plan annual awards of restricted stock units ("RSUs") to its officers and certain other personnel of the Advisor who provide services to the Company. These awards are service-based and vest in equal annual installments beginning on the anniversary of the date of grant over a period of three years, subject to continuing service. One share of the Company’s common stock is issued for each unit that vests. These awards also grant non-forfeitable dividend equivalent rights equal to the cash dividend paid in the ordinary course on a common share to the Company's common shareholders. Upon termination for any reason, all unvested RSUs will be forfeited by the grantee, who will be given no further rights to such RSUs. The fair value of the RSUs is expensed over the vesting period, which are included in Share-based compensation in the consolidated statements of operations. Restricted Share Plan The Company also had an Amended and Restated Employee and Director Incentive Restricted Share Plan (the "RSP"), which provided the Company with the ability to grant awards of restricted shares to the Company’s directors, officers and employees (if the Company ever has employees), employees of the Advisor and its affiliates, employees of entities that provide services to the Company, directors of the Advisor or of entities that provide services to the Company, the Advisor and its affiliates. The RSP expired on February 7, 2023. Distribution Reinvestment Plan The Company maintains a dividend reinvestment plan ("DRIP") pursuant to which stockholders may reinvest dividends into shares of common stock. Shares of common stock purchased through the DRIP for dividend reinvestments are supplied either directly by the Company as newly issued shares or via purchases by the DRIP administrator of shares of common stock on the open market, at the Company’s option. If the shares are purchased in the open market, the purchase price is the average price per share of shares purchased; if the shares are purchased directly from the Company, the purchase price is generally the a

Commercial Mortgage Loans

Commercial Mortgage Loans	12 Months Ended
	Dec. 31, 2023
Receivables [Abstract]
Commercial Mortgage Loans	Note 3 - Commercial Mortgage Loans The following table is a summary of the Company's commercial mortgage loans, held for investment, carrying values by class (dollars in thousands): December 31, 2023 December 31, 2022 Senior loans $ 5,017,569 $ 5,251,464 Mezzanine loans 19,373 18,312 Total gross carrying value of loans 5,036,942 5,269,776 General allowance for credit losses 47,175 26,624 Specific allowance for credit losses (1) — 14,224 Less: Allowance for credit losses 47,175 40,848 Total commercial mortgage loans, held for investment, net $ 4,989,767 $ 5,228,928 ________________________ (1) As of December 31, 2022, the Company recorded a specific reserve with respect to a retail loan designated as non-performing. For the years ended December 31, 2023 and 2022, the activity in the Company's commercial mortgage loans, held for investment carrying values, was as follows (dollars in thousands): For the Years Ended December 31, 2023 December 31, 2022 Amortized cost, beginning of period $ 5,269,776 $ 4,226,888 Acquisitions and originations 941,513 2,247,613 Principal repayments (1,076,532) (1,109,769) Net fees capitalized into carrying value of loans (5,242) (13,775) Discount accretion/premium amortization 13,016 12,614 Loans transferred from/(to) commercial real estate loans, held for sale — (9,296) Transfer to real estate owned (103,863) (80,460) Cost recovery (1,726) (4,039) Amortized cost, end of period 5,036,942 5,269,776 Allowance for credit losses, beginning of period (40,848) (15,827) General (provision)/benefit for credit losses (20,551) (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 (47,175) (40,848) Total commercial mortgage loans, held for investment, net $ 4,989,767 $ 5,228,928 As of December 31, 2023 and 2022, the Company's total commercial mortgage loan, held for investment portfolio, was comprised of 144 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): December 31, 2023 December 31, 2022 Loan Collateral Type Par Value Percentage Par Value Percentage Multifamily $ 3,876,108 76.8 % $ 4,030,975 76.1 % Hospitality 670,274 13.3 % 510,566 9.7 % Office 269,924 5.4 % 405,705 7.7 % Industrial 73,724 1.5 % 93,035 1.8 % Retail 34,000 0.7 % 120,017 2.3 % Other 121,006 2.3 % 128,676 2.4 % Total $ 5,045,036 100.0 % $ 5,288,974 100.0 % December 31, 2023 December 31, 2022 Loan Region Par Value Percentage Par Value Percentage Southeast $ 1,989,175 39.4 % $ 2,229,756 42.2 % Southwest 1,920,491 38.1 % 1,763,492 33.3 % Mideast 455,739 9.0 % 706,192 13.4 % Great Lakes 161,059 3.2 % 162,162 3.1 % Far West 113,554 2.3 % 234,891 4.4 % Other 405,018 8.0 % 192,481 3.6 % Total $ 5,045,036 100.0 % $ 5,288,974 100.0 % Allowance for Credit Losses The following table presents the changes in the Company's allowance for credit losses for the years ended December 31, 2023 and 2022 (dollars in thousands): General Allowance for Credit Losses Specific Allowance for Credit Losses Funded Unfunded Total Total Allowance for Credit Losses December 31, 2021 $ — $ 15,827 $ 243 $ 16,070 $ 16,070 Changes: Provision/(Benefit) 25,281 10,797 37 10,834 36,115 Write offs (11,057) — — — (11,057) December 31, 2022 $ 14,224 $ 26,624 $ 280 $ 26,904 $ 41,128 Changes: Provision/(Benefit) 12,334 20,551 853 21,404 33,738 Write offs (26,558) — — — (26,558) December 31, 2023 $ — $ 47,175 $ 1,133 $ 48,308 $ 48,308 Specific Allowance for Credit Losses As of December 31, 2022, the Company identified a commercial mortgage loan, held for investment secured by a portfolio of 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. The Company elected the practical expedient collateral-dependent asset to measure the fair value of the underlying collateral, as of December 31, 2022, and recorded a specific provision for credit losses of $14.2 million based on the difference between the Company’s estimation of the fair value of the underlying collateral property, less costs to sell, and the loan’s amortized cost basis. As of December 31, 2022, the loan had a fully funded outstanding principal balance of $63.6 million, and carrying value of $46.1 million. During the first quarter of 2023, the Company recorded an additional $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 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. 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. 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 at the time of repossession was $20.3 million, net of cost recoveries totaling $1.1 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. General Allowance for Credit Losses The Company recorded an increase in its general allowance for credit losses during the year ended December 31, 2023 of $21.4 million. The primary driver for the higher reserve balance is due to a more pessimistic and conservative macro-economic outlook since the end of the prior year slightly offset by a decrease in the overall portfolio of commercial mortgage loans, held for investment as of December 31, 2023. The Company recorded an increase in its general allowance for credit losses during the year ended December 31, 2022 of $10.8 million. The primary driver for the higher reserve balance is the change in economic outlook since the end of the prior year coupled with the increase in overall portfolio of commercial mortgage loans, held for investment as of December 31, 2022. Past Due Status The following table presents a summary of the loans amortized cost basis as of December 31, 2023 (dollars in thousands): Current Less than 90 days past due 90 or more days past due (1) Total As of December 31, 2023 $ 4,837,414 $ 136,139 $ 63,389 $ 5,036,942 ________________________ (1) This is comprised of (i) $27.4 million of outstanding principal amount of a mortgage loan collateralized by self storage properties which was paid down subsequent to December 31, 2023 and (ii) $35.9 million outstanding principal amount of a mortgage loan collateralized by multifamily properties which was designated as non-performing and, subsequent to December 31, 2023, all past due accrued interest was collected. Non-performing Status The following table presents the amortized cost basis of our non-performing loans as of December 31, 2023 and 2022 (dollars in thousands): December 31, 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 118,647 60,304 Less: Removal of non-performing loan amortized cost 157,841 — Non-performing loan amortized cost end of period (1) $ 78,185 $ 117,379 ________________________ (1) As of December 31, 2023 and 2022, the Company had two and two loans, respectively, designated as non-performing. No specific allowances for credit losses were determined for the 2 loans on non-performing status as of December 31, 2023. As of December 31, 2023, the two designated non-performing loans were both collateralized by multifamily properties. 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 described in Note 2 - Summary of Significant Accounting Policies. Commercial mortgage loans, held for investment in the consolidated balance sheets, are assigned an initial risk rating of 2. As of December 31, 2023 and 2022, the weighted average risk rating of loans was 2.3 and 2.2, respectively. The following tables present the par value and amortized cost of our commercial mortgage loans, held for investment as of December 31, 2023 and 2022, by the Company’s internal risk rating and year of origination (dollars in thousands): December 31, 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 — $ — $ — $ — $ — $ — $ — $ — $ — — % 2 111 3,897,680 694,228 1,256,509 1,724,734 105,477 73,743 35,734 3,890,424 77.2 % 3 27 875,449 2,379 273,097 468,244 74,729 — 56,362 874,811 17.4 % 4 6 271,907 — 141,740 87,126 — 42,840 — 271,707 5.4 % 5 — — — — — — — — — — % Total 144 $ 5,045,036 $ 696,607 $ 1,671,346 $ 2,280,104 $ 180,206 $ 116,583 $ 92,096 $ 5,036,942 100.0 % Allowance for credit losses (47,175) Total carrying value, net $ 4,989,767 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 December 31, 2023 the Company did not hold any commercial mortgage loans, held for sale. As of December 31, 2022, the contractual principal balance outstanding of commercial mortgage loans, held for sale, measured at fair value was $15.6 million which was comprised of two loans. As of 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): December 31, 2023 December 31, 2022 Loan Collateral Type Par Value Percentage Par Value Percentage Retail — — % $ 12,000 76.8 % Office — — % 3,625 23.2 % Total $ — — % $ 15,625 100.0 % December 31, 2023 December 31, 2022 Loan Region Par Value Percentage Par Value Percentage Southeast $ — — % $ 15,625 100.0 %

Real Estate Securities

Real Estate Securities	12 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Real Estate Securities	Note 4 - Real Estate Securities Real Estate Securities Classified As Trading As of December 31, 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 year 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 year ended December 31, 2023, the carrying amount of the Company's ARMs portfolio declined due to (i) $17.6 million of principal paydowns, (ii) $218.2 million of sales, and (iii) $0.6 million of net trading losses, related to principal paydowns, changes in market values and sales of these securities. During the year ended December 31, 2022, the carrying amount of the Company's ARMs portfolio declined due to (i) $480.2 million of principal paydowns, (ii) $3.8 billion of sales, and (iii) $119.2 million of net trading losses related to principal paydowns, changes in market values and sales of these securities. The net trading gains/losses on ARM Agency Securities were included in Trading gain/(loss) in the 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 December 31, 2023 and 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 December 31, 2023 7 1 Month SOFR 8.12% 12.2 $ 243,340 $ 242,569 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) in the consolidated balance sheets. The following table shows the amortized cost, allowance for expected credit losses, unrealized gain/(loss) and fair value of the Company's CRE CLO bonds by investment type as of December 31, 2023 and 2022 (dollars in thousands): Amortized Cost Credit Loss Allowance Unrealized Gain Unrealized (Loss) Fair Value December 31, 2023 $ 243,272 $ — 74 (777) $ 242,569 December 31, 2022 $ 220,635 $ — $ 833 (443) $ 221,025

Real Estate Owned

Real Estate Owned	12 Months Ended
	Dec. 31, 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 December 31, 2023 and 2022 (dollars in thousands): As of December 31, 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 $ (5,179) $ 85,444 August 2023 (2) Office Portland, OR 16,479 2,065 — (13) 18,531 October 2023 (3) Multifamily Lubbock, TX 1,618 10,076 185 (24) 11,855 $ 21,533 $ 96,400 $ 3,113 $ (5,216) $ 115,830 ________________________ 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 (4) 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 lieu of repayment of the associated loan. (3) In October 2023, the Company obtained, through deed-in-lieu of foreclosure, a multifamily property located in Lubbock, TX in lieu of repayment of the associated loan. (4) As of December 31, 2023 and 2022, the Company foreclosed upon 24 and ten retail properties respectively, located throughout the United States of America. During the year ended December 31, 2023, the Company classified the entire portfolio consisting of the 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 years ended December 31, 2023 and 2022 totaled $3.3 million and $2.4 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 December 31, 2023 and 2022 (dollars in thousands): As of December 31, 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 $ — During the year ended December 31, 2022, the Company entered into agreements with two borrowers to voluntarily transfer their assets in exchange for the removal of the borrowers' obligation to repay all of the associated commercial mortgage loans receivable with an amortized cost of $36.9 million, in aggregate, provided by the Company. One of the voluntary transfers collateralized by a multifamily portfolio was the result of the borrower experiencing financial difficulty and the recorded investment in the receivable was more than the fair value, less estimated costs to sell, for the collateral collected. Therefore, the voluntary transfer qualified as a TDR. The Company accounted for both voluntary transfers and the real estate owned acquired as asset acquisitions. The voluntary transfers resulted in a total realized loss of $0.4 million, in aggregate, and was recognized in Realized (gain)/loss on sale of commercial mortgage loan, held for sale in the consolidated statements of operations for the year ended December 31, 2022. As of December 31, 2022, the Company designated the properties included within the real estate owned business segment as held for sale in accordance with ASC 360. As of December 31, 2022, the Company recognized an unrealized loss of $0.7 million on real estate owned, held for sale assets resulting in a carrying value of $36.5 million, in aggregate. During the year ended December 31, 2023, the Company sold the two properties for an aggregate amount of $34.8 million resulting in a total loss of $3.3 million included in Gain/(loss) on other real estate investments in the consolidated statements of operations. 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 year ended December 31, 2023. During the third quarter of 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 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 consolidated statements of operations. As of December 31, 2023, the Company's real estate owned held for sale assets consisted of the remaining 23 retail properties in the Walgreens Portfolio.

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	Note 6 - Leases Intangible Lease Assets and Liabilities, Held for Investment 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 December 31, 2023 and 2022 (dollars in thousands): Identified intangible assets: December 31, 2023 December 31, 2022 Gross amount $ 49,285 $ 58,542 Accumulated amortization $ (6,492) (3,711) Total, net 42,793 $ 54,831 Identified intangible liabilities: Gross amount $ — $ 6,507 Accumulated amortization — (79) Total, net $ — $ 6,428 Rental Income Rental income for the years ended December 31, 2023 and 2022 totaled $17.9 million and $9.6 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, to be received under the lease (dollars in thousands): Future Minimum Rents December 31, 2023 2024 $ 8,616 2025 8,374 2026 8,539 2027 8,710 2028 8,884 2029 and beyond 97,388 Total future minimum rent $ 140,511 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 December 31, 2023 is approximately 14.8 years. Amortization expense for the years ended December 31, 2023 and 2022 totaled $3.8 million and $3.0 million, respectively. Amortization of acquired below (above) market leases, net of acquired above-market leases, resulted in a decrease to rental revenues of $0.9 million for the year ended December 31, 2023 and an increase to rental revenues of $0.1 million for the year ended December 31, 2022, respectively. The following table summarizes the Company's expected amortization of other identified intangible assets, net 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 December 31, 2023 2024 $ 2,880 2025 2,880 2026 2,880 2027 2,880 2028 2,880
Leases	Note 6 - Leases Intangible Lease Assets and Liabilities, Held for Investment 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 December 31, 2023 and 2022 (dollars in thousands): Identified intangible assets: December 31, 2023 December 31, 2022 Gross amount $ 49,285 $ 58,542 Accumulated amortization $ (6,492) (3,711) Total, net 42,793 $ 54,831 Identified intangible liabilities: Gross amount $ — $ 6,507 Accumulated amortization — (79) Total, net $ — $ 6,428 Rental Income Rental income for the years ended December 31, 2023 and 2022 totaled $17.9 million and $9.6 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, to be received under the lease (dollars in thousands): Future Minimum Rents December 31, 2023 2024 $ 8,616 2025 8,374 2026 8,539 2027 8,710 2028 8,884 2029 and beyond 97,388 Total future minimum rent $ 140,511 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 December 31, 2023 is approximately 14.8 years. Amortization expense for the years ended December 31, 2023 and 2022 totaled $3.8 million and $3.0 million, respectively. Amortization of acquired below (above) market leases, net of acquired above-market leases, resulted in a decrease to rental revenues of $0.9 million for the year ended December 31, 2023 and an increase to rental revenues of $0.1 million for the year ended December 31, 2022, respectively. The following table summarizes the Company's expected amortization of other identified intangible assets, net 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 December 31, 2023 2024 $ 2,880 2025 2,880 2026 2,880 2027 2,880 2028 2,880

Debt

Debt	12 Months Ended
	Dec. 31, 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 December 31, 2023 and 2022 (dollars in thousands): As of December 31, 2023 Repo and revolving credit facilities - commercial mortgage loans (2) : Capacity Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate Term Maturity JPM Repo Facility (3) $ 500,000 $ 108,574 $ 22,401 7.90 % 07/2026 Atlas Repo Facility (4) 600,000 52,864 6,603 7.68 % 03/2024 WF Repo Facility (5) 400,000 71,730 9,580 7.85 % 10/2025 Barclays Revolver Facility (6) 250,000 — 940 N/A 09/2024 Barclays Repo Facility (7) 500,000 66,539 11,616 7.22 % 03/2025 Churchill Repo Facility (8) 225,000 — 30 N/A N/A Total $ 2,475,000 $ 299,707 $ 51,170 7.70 % Mortgage note payable: Debt related to our REO (9) N/A $ 23,998 $ 1,982 8.48 % 10/2024 Other Financing Other Financings (10) N/A $ 36,534 $ 5,330 7.36 % Various (9) Unsecured Debt (11) Junior subordinated notes maturing in: October 2035 (12) N/A $ 17,047 $ 1,940 9.15 % 10/2035 December 2035 N/A $ 39,550 $ 3,519 8.95 % 12/2035 September 2036 N/A $ 24,698 $ 2,199 8.95 % 09/2036 Total/Weighted average N/A $ 81,295 $ 7,658 8.99 % ________________________ See notes below. As of December 31, 2022 Repo and revolving credit facilities - commercial mortgage loans (2) : Capacity Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate Term Maturity 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 $ 2,350,000 $ 680,859 $ 38,205 7.16 % Mortgage note payable: Debt related to our REO (9) N/A $ 23,998 $ 1,185 7.32 % 10/2024 Other Financing Other Financings (10) N/A $ 76,301 $ 3,069 6.17 % Various Unsecured Debt (11) 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 December 31, 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. (4) During the first quarter of 2023, this repurchase facility was transferred from Credit Suisse to Atlas SP partners. On January 4, 2024, the Company extended the maturity date to January 5, 2026 with a one-year extension option. Additionally, the committed financing was decreased from $600 million to $350 million. (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. (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. (8) 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. (9) 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). (10) Comprised of three 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 date of these loans is August 2025. (11) 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 $7.7 million for the year ended December 31, 2023, compared to $5.7 million for the year ended December 31, 2022, respectively. (12) During the year ended December 31, 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 as of December 31, 2023 and 2022 (dollars in thousands): As of December 31, 2023 Counterparty Amount Outstanding Interest Expense Collateral Pledged (1) Weighted Average Interest Rate Weighted Average Days to Maturity JP Morgan Securities LLC $ 113,111 $ 6,717 $ 127,602 6.29 % 15 Wells Fargo Securities, LLC 8,994 235 9,975 6.14 % 5 Barclays Capital Inc. 51,950 3,371 58,250 6.19 % 5 Total/Weighted Average $ 174,055 $ 10,323 $ 195,827 6.25 % 11 As of 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 $27.9 million and $67.1 million of CLO notes, held by the Company, which is eliminated in Real estate securities, available for sale, measured at fair value in the consolidated balance sheets as of December 31, 2023 and 2022, respectively. The Company did not have any outstanding repurchase agreements collateralized by real estate securities classified as trading as of December 31, 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 consolidated balance sheet as of December 31, 2022 (dollars in thousands): December 31, 2022 Amount Outstanding Accrued Collateral Carrying Amount 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 Agency 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 $1.0 billion during the year ended December 31, 2022. Average repurchase agreements outstanding differed from respective year-end balances during the indicated periods primarily due to changes in portfolio levels and differences in the timing of portfolio acquisitions relative to portfolio runoff and asset sales. Interest paid on repurchase agreements, including related derivative payments, totaled $4.6 million and $8.5 million during the twelve months ended December 31, 2023 and 2022, respectively. Collateralized Loan Obligation The following table represents the terms of the notes issued by 2019-FL5 Issuer, 2021-FL6 Issuer, 2021-FL7 Issuer, 2022-FL8 Issuer, 2022-FL9 Issuer and 2023-FL10 Issuer (collectively the "CLOs"), as of December 31, 2023 and December 31, 2022: December 31, 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 54 Term SOFR 1.43 % $ 584,500 $ 558,040 $ 673,289 3/15/2036 2021-FL7 Issuer 40 Term SOFR 1.64 % 722,250 720,000 864,079 12/21/2038 2022-FL8 Issuer 46 AVG SOFR 1.72 % 960,000 960,000 1,184,931 2/15/2037 2022-FL9 Issuer 51 Term SOFR 2.80 % 670,637 670,639 800,638 5/15/2039 2023-FL10 Issuer 27 Term SOFR 2.57 % 717,243 689,294 895,525 9/15/2035 $ 3,654,630 $ 3,597,973 $ 4,418,462 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 converted 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 (3) Excludes $495.0 million and $453.4 million, respectively, of CLO notes, held by the Company, which are eliminated in Collateralized loan obligations in the consolidated balance sheet as of December 31, 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 in 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. During the three months ended December 31, 2023, an additional $115.5 million was sold by the wholly-owned subsidiary to third party investors. As of December 31, 2023 $689.3 million was outstanding. 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 December 31, 2023 and 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. Assets (dollars in thousands) December 31, 2023 December 31, 2022 Cash and cash equivalents (1) $ 55,914 $ 43,246 Commercial mortgage loans, held for investment, net (2) 4,379,760 $ 3,942,918 Accrued interest receivable 23,927 $ 15,444 Total Assets $ 4,459,601 $ 4,001,608 Liabilities Notes payable (3)(4) $ 4,092,971 $ 3,601,102 Accrued interest payable 15,171 $ 10,582 Total Liabilities $ 4,108,142 $ 3,611,684 ________________________ (1) Includes $55.1 million and $42.5 million of cash held by the servicer related to CLOs as of December 31, 2023 and 2022, respectively. (2) The balance is presented net of allowance for credit losses of $32.6 million and $13.2 million as of December 31, 2023 and 2022, respectively. (3) Includes $495.0 million and $453.4 million of CLO notes, held by the Company, which are eliminated in Collateralized loan obligation in the consolidated balance sheets as of December 31, 2023 and 2022, respectively. (4)

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 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 years ended December 31, 2023, 2022 and 2021 (dollars in thousands, except share and per share data): Year Ended December 31, Numerator 2023 2022 2021 Net income/(loss) $ 144,509 $ 14,215 $ 25,702 Net (income)/loss from non-controlling interest 706 216 — Less: Preferred stock dividends 26,993 41,741 33,587 Net income/(loss) attributable to common stock 118,222 (27,310) (7,885) Less: Participating securities' share in earnings 1,162 — — Net income/(loss) attributable to common shareholders (for basic and diluted earnings per share) $ 117,060 $ (27,310) $ (7,885) Year Ended December 31, Denominator 2023 2022 2021 Weighted-average common shares outstanding for basic earnings per share 82,307,970 71,628,365 43,419,209 Effect of dilutive shares (1) : Unvested restricted shares and stock units — — 15,251 Weighted-average common shares outstanding for diluted earnings per share 82,307,970 71,628,365 43,434,731 Basic earnings per share $ 1.42 $ (0.38) $ (0.18) Diluted earnings per share $ 1.42 $ (0.38) $ (0.18) ________________________ (1) The effect of the weighted average dilutive shares excluded restricted shares and restricted stock units for the years ended December 31, 2023 and 2022 of 191,324 and 476,653, respectively, as the effect was anti-dilutive. Additionally, the effect of the weighted average dilutive shares excluded the common equivalent of convertible preferred shares for the year-ended December 31, 2023 and 2022 of 5,385,254 and 17,521,845, respectively, as the effect was anti-dilutive.

Redeemable Convertible Preferre

Redeemable Convertible Preferred Stock and Equity Transactions	12 Months Ended
	Dec. 31, 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, and common stock as of December 31, 2023 and 2022 (in thousands, except share and per share amounts): Balance as of Shares Outstanding as of Fourth Quarter 2023 Dividend Per Share (1) December 31, 2023 December 31, 2022 December 31, 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) $ 820 $ 826 82,751,913 82,992,784 $ 0.355 ________________________ (1) As declared by the Company's board of directors. (2) On January 10, 2024, the Series H Preferred Stock was amended such that the mandatory conversion date was extended by one year, to January 21, 2025. 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 21, 2025. 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 2024, 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) During the year ended December 31, 2023, the Company repurchased 1,026,105 shares of Common Stock at a net average price of $12.19 per share, for a total of $12.5 million. All of these shares were retired upon settlement, reducing the total outstanding shares as of December 31, 2023. See discussion in the "Stock Repurchases" section below. During the year ended December 31, 2023 and 2022, the Company paid an aggregate of $118.0 million and $87.8 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's share repurchase program will remain open until at least December 31, 2024, 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 December 31, 2023, the Company had $35.9 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 year ended December 31, 2023 (in thousands, except share amounts): Year Ended December 31, 2023 Shares Amount (1)(2) Beginning of period, authorized repurchase amount $ 48,421 Repurchases paid 1,026,105 (12,504) Remaining as of December 31, 2023 $ 35,917 ________________________ (1) For the year ended December 31, 2023, the net average purchase price was 12.19 per share. (2) Amount includes commissions paid associated with share repurchases. Dividend Reinvestment and Direct Stock Purchase Plan The Company has adopted a dividend reinvestment and direct stock purchase plan ("DRIP") under which we registered and reserved for issuance, in the aggregate, 63,000,000 shares of common stock. Under the dividend reinvestment component of this plan, the Company's common stockholders can designate all or a portion of their cash dividends to be reinvested in additional shares of common stock. The direct stock purchase component allows stockholders, subject to the Company's approval, to purchase shares of common stock directly from us. During the years ended December 31, 2023, 2022 and 2021, the Company issued 61,866 shares, 72,764 shares and zero shares, respectively, of common stock under the dividend reinvestment component of DRIP. As of December 31, 2023, 62,865,370 shares remained available for issuance under the DRIP. At-the-Market Sales Agreement On April 14, 2023, the Company established a $200 million at-the-market offering program ("ATM program") by entering into a Sales Agreement (the "Sales Agreement") with a financial syndicate as sales agents (the "Agents"), pursuant to which the Company may sell, from time to time, and at various prices, through the Agents, shares of the Company's common stock. Sales, if any, of the common stock made through the Agents, pursuant to the Sales Agreement, may be made in "at the market" offerings (as defined in Rule 415 under the Securities Act of 1933, as amended), by means of ordinary brokers' transactions on the New York Stock Exchange or otherwise, at market prices prevailing at the time of sale, in block transactions, in negotiated transactions, in any manner permitted by applicable law or as otherwise as may be agreed by the Company and any Agent.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 10 - Commitments and Contingencies Unfunded Commitments Under Commercial Mortgage Loans As of December 31, 2023 and 2022, the Company had the below unfunded commitments to the Company's borrowers (dollars in thousands): Funding Expiration December 31, 2023 December 31, 2022 2023 $ 9,694 (1) $ 73,921 2024 117,411 312,009 2025 131,579 70,429 2026 28,525 8,579 2027 and beyond 684 1,050 $ 287,893 $ 465,988 ________________________ (1) The balance relates to four loans that are subject to modification as of December 31, 2023. The borrowers are generally required to meet or maintain certain metrics in order to qualify for the unfunded commitment amounts. Litigation and Regulatory Matters The Company is not presently named as a defendant in any material litigation arising outside the ordinary course of business. However, the Company is involved in routine litigation arising in the ordinary course of business, none of which the Company believes, individually or in the aggregate, will have a material impact on the Company’s financial condition, operating results or cash flows.

Related Party Transactions and

Related Party Transactions and Arrangements	12 Months Ended
	Dec. 31, 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 years ended December 31, 2023, 2022 and 2021 and the associated payable as of December 31, 2023 and 2022 (dollars in thousands): Year Ended December 31, Payable as of December 31, 2023 2022 2021 2023 2022 Acquisition expenses (1) $ 1,241 $ 1,360 $ 1,203 $ — $ — Administrative services expenses 14,440 12,928 7,658 3,447 3,526 Asset management and subordinated performance fee 33,847 26,157 28,110 15,014 8,843 Other related party expenses (2)(3) 1,192 875 355 855 3,060 Total related party fees and reimbursements $ 50,720 $ 41,320 $ 37,326 $ 19,316 $ 15,429 ________________________ (1) Total acquisition fees and expenses paid during the years ended December 31, 2023, 2022 and 2021 were $5.8 million, $11.7 million and $15.0 million respectively, of which $4.6 million, $10.3 million and $13.8 million were capitalized in Commercial mortgage loans, held for investment and Real estate securities, available for sale, measured at fair value in the consolidated balance sheets for the years ended December 31, 2023, 2022 and 2021. (2) These are related to reimbursable costs incurred related to the increase in loan origination activities and are included in Other expenses in the consolidated statements of operations. (3) As of December 31, 2023 and December 31, 2022, the related party payables include $0.7 million and $2.9 million of payments made by the Advisor to third party vendors on behalf of the Company. The payables as of December 31, 2023 and 2022 in the table above are included in Due to affiliates in the 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 affiliated fund has a 21% interest. The Company invested a total of $109.8 million, made up of $88.7 million in debt and $21.1 million in equity, representing 79% of the ownership interest in the Jeffersonville JV. The affiliated fund made up the remaining $29.8 million composed of a $24.0 million mortgage note payable and $5.8 million in non-controlling interest. The Company has majority control of Jeffersonville JV and, therefore, consolidates the accounts of Jeffersonville JV in 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 December 31, 2023, our commercial mortgage loans, held for investment, includes an aggregate of $124.1 million carrying value of loans to affiliates of our Advisor. The Company recognized $10.0 million and $5.0 million in interest income from these loans for the year ended December 31, 2023 and 2022 respectively, in the consolidated statements of operations. As disclosed in Note 3 - Commercial Mortgage Loans in April 2022, the Company fully funded a $113.2 million first mortgage consisting of 24 retail properties with various locations throughout the United States. The Company entered into a joint venture agreement and formed a joint venture entity, BSPRT Walgreens Portfolio, LLC (the "Walgreens Portfolio") to acquire 75.618% ownership interest in the Walgreens Portfolio, while the affiliated fund has 24.242% interest (see Note 5 - Real Estate Owned).

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Note 12 - Share-Based Compensation Share Plans The Company's 2021 Incentive plan provides the Company with the ability to grant equity-based awards to its directors, officers and employees (if the Company ever has employees), employees of the Advisor and its affiliates, or certain of the Company's consultants, employees of entities that provide services to the Company, directors of the Advisor or of entities that provide services to the Company, the Advisor and its affiliates. As of December 31, 2023, there w ere 4,526,704 sh ares of common stock remaining available for issuance under the Company's 2021 Incentive Plan. The Board may amend, suspend or terminate the 2021 Incentive Plan at any time; provided that no amendment, suspension or termination may impair rights or obligations under any outstanding award without the participant’s consent or violate the 2021 Incentive Plan’s prohibition on repricing. The Company's previous plan, the RSP, expired on February 7, 2023. Service-based Restricted Stock and Restricted Stock Units In accordance with the 2021 Incentive Plan, the Company issued awards of RSUs to its officers and certain other personnel of the Advisor who provide services to the Company under the Advisory Agreement. Restricted Stock and RSU activity issued under the RSP and 2021 Incentive Plan for the years ended December 31, 2023 and 2022 are summarized below: Shares Outstanding Fourth Quarter 2023 Weighted Average Grant Date Fair Value For the Years Ended December 31, 2023 December 31, 2022 RSP 2021 Incentive Plan RSP 2021 Incentive Plan Unvested equity awards outstanding at beginning of period 20,934 492,107 11,184 — $ 14.11 Grants — 481,189 28,143 492,107 14.20 Forfeitures — — — — — Vested (20,934) (164,039) (18,393) — 14.34 Unvested equity awards outstanding at end of period — 809,257 20,934 492,107 $ 14.11 T he Company recognized compensation expense associated with equity awards of $4.8 million and $2.5 million during the years ended December 31, 2023 and 2022, respectively, which is included in Share-based compensation in the consolidated statements of operations. Unrecognized estimated compensation expense for these awards totaled $7.1 million as of December 31, 2023 to be expensed over a weighted average period of 1.3 years . The fair value of equity awards that vested during the year ended December 31, 2023 was $2.7 million .

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 13 - Fair Value of Financial Instruments GAAP establishes a hierarchy of valuation techniques based on the observability of inputs used in measuring financial instruments at fair values. GAAP establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below: • Level I - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. • Level II - Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. • Level III - Unobservable inputs that reflect the entity's own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the above hierarchy requires significant judgment and factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. The Company has implemented valuation control processes to validate the fair value of the Company's financial instruments measured at fair value including those derived from pricing models. These control processes are designed to assure that the values used for financial reporting are based on observable inputs wherever possible. In the event that observable inputs are not available, the control processes are designed to assure that the valuation approach utilized is appropriate and consistently applied and the assumptions are reasonable. Financial Instruments Measured at Fair Value on a Recurring Basis CRE CLO bonds , recorded in Real estate securities, available for sale, measured at fair value in 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 in the consolidated balance sheets are valued using unobservable inputs. The Company engaged the services of a third party independent valuation firm to determine fair value of certain investments, including preferred equity investments, held by the Company. Fair value is determined using a discounted cash flow model that primarily considers changes in interest rates and credit spreads, weighted average life and current performance of the underlying collateral. The Company classified the other real estate investments, measured at fair value as Level III. The fair value for Treasury note futures is derived using market prices. Treasury note futures trade on the Chicago Mercantile Exchange (“CME”). The instruments are a variety of recently issued 10-year U.S. Treasury notes. The future contracts are liquid and are centrally cleared through the CME. Treasury note futures are generally categorized in Level I of the fair value hierarchy. The fair value for credit default swaps and interest rate swaps contracts are derived using pricing models that are widely accepted by marketplace participants. Credit default swaps and some interest rate swaps are traded in the over the counter ("OTC") market. The pricing models take into account multiple inputs including specific contract terms, interest rate yield curves, interest rates, credit curves, recovery rates, and/or current credit spreads obtained from swap counterparties and other market participants. Most inputs into the models are not subjective as they are observable in the marketplace or set per the contract. Valuation is primarily determined by the difference between the contract spread and the current market spread. The contract spread (or rate) is generally fixed and the market spread is determined by the credit risk of the underlying debt or reference entity. If the underlying indices are liquid and the OTC market for the current spread is active, credit default swaps and interest rate swaps are categorized in Level II of the fair value hierarchy. If the underlying indices are illiquid and the OTC market for the current spread is not active, credit default swaps are categorized in Level III of the fair value hierarchy. The credit default swaps and interest rate swaps are generally categorized in Level II of the fair value hierarchy. A review of the fair value hierarchy classification is conducted on a quarterly basis. Changes in the type of inputs may result in a reclassification for certain assets or liabilities. The Company's policy with respect to transfers between levels of the fair value hierarchy is to recognize transfers into and out of each level as of the beginning of the reporting period. There were no material transfers between levels within the fair value hierarchy during the year ended December 31, 2023. Material transfers between levels within the fair value hierarchy during the year ended December 31, 2022 were specifically related to the transfer of ARM Agency Securities from Level II to Level III. The following table presents the Company's financial instruments carried at fair value on a recurring basis in the consolidated balance sheets by its level in the fair value hierarchy as of December 31, 2023 and 2022 (dollars in thousands). The Company did not have any liabilities carried at fair value as of December 31, 2023. December 31, 2023 Total Level I Level II Level III Assets, at fair value Real estate securities, available for sale, measured at fair value $ 242,569 $ — $ 242,569 $ — Total assets, at fair value $ 242,569 $ — $ 242,569 $ — 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 Credit default swaps 234 — 234 — Interest rate swaps 90 — 90 — Treasury note futures 91 91 — — 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 December 31, 2023 and 2022 (dollars in thousands). The following table contains the Level III inputs used to value assets and liabilities on a recurring and nonrecurring basis or where the Company discloses fair value as of December 31, 2022. The Company did not hold any applicable positions as of December 31, 2023. 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 December 31, 2023 and 2022 for which the Company has used Level III inputs to determine fair value (dollars in thousands): December 31, 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 loan, held for sale 3,873 — Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments 44 — Trading gain/(loss) — (605) Originations 102,500 — Sales / paydowns (121,976) (235,123) Transfers out of Level III (1) — — Ending balance, December 31, 2023 $ — $ — ________________________ (1) There were no transfers in or out of Level III as of December 31, 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 loan, 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) — Originations 366,692 — — Sales / paydowns (387,698) (4,211,923) (2,045) Transfers out of Level III (1) — — — Ending balance, December 31, 2022 $ 15,559 $ 235,728 $ — ________________________ (1) Transfers into Level III include transfers related to ARM Agency Securities transferred from Level II. There were no transfers out of Level III as of December 31, 2022. 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 in 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 in the consolidated balance sheets are valued at fair value on a non-recurring basis in accordance with ASC 820. As of December 31, 2023 and 2022, there were no Real estate owned, held for sale assets measured at fair value on a nonrecurring basis in the consolidated balance sheets. As of September 30, 2023, our Real estate owned, held for sale assets and liabilities, measured at fair value on a nonrecurring basis in the consolidated balance sheets, had an aggregate fair value of $91.4 million, net, that represented the remaining 23 retail properties in the Walgreens Portfolio and 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%. Financial Instruments Not Measured at Fair Value The Company's financial assets and liabilities that are not reported at fair value in the consolidated balance sheets are reported below as of December 31, 2023 and 2022 (dollars in thousands): December 31, 2023 December 31, 2022 Level Carrying Amount Fair Value Level Carrying Amount Fair Value Commercial mortgage loans, held for investment (1) Asset III $ 5,036,942 $ 5,010,580 III $ 5,269,776 $ 5,278,495 Collateralized loan obligation (2) Liability II 3,567,166 3,521,274 III 3,121,983 3,055,810 Mortgage note payable Liability III 23,998 23,998 III 23,998 23,998 Other financings Liability III 36,534 36,534 III 76,301 76,301 Unsecured debt Liability III 81,295 64,900 III 98,695 66,300 ________________________ (1) The carrying value is gross of $47.2 million and $40.8 million of allowance for credit losses as of December 31, 2023 and 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 $299.7 million and $680.9 million as of December 31, 2023 and 2022, respectively, and repurchase agreements - real estate securities of $174.1 million and $440.0 million as of December 31, 2023 and 2022, respectively, are not carried at fair value and do not include accrued interest, 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	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 14 - Derivative Instruments The Company uses derivative instruments primarily to manage the fair value variability of fixed rate assets caused by interest rate fluctuations and overall portfolio market risk. As of December 31, 2023, there were no derivative instruments outstanding. The following derivative instruments were outstanding as of December 31, 2022 (dollars in thousands): Fair Value Contract type Notional Assets Liabilities As of December 31, 2022 Credit default swaps $ 18,000 $ 234 $ 64 Interest rate swaps 9,800 90 — Treasury note futures 3,500 91 — Total $ 31,300 $ 415 $ 64 The following table indicates the net realized and unrealized gains and losses on derivatives, by primary underlying risk exposure, as included in the consolidated statements of operations for the year ended December 31, 2023, 2022 and 2021: Year Ended Year Ended Year Ended Contract type Unrealized Realized Unrealized Realized Unrealized Realized Credit default swaps $ 41 $ (36) $ 147 $ (405) $ 101 $ (650) Interest rate swaps (90) 672 (15,954) 59,499 7,070 (70) Treasury note futures (91) 362 (33) 939 231 1,478 Options — — — — — (274) Total $ (140) $ 998 $ (15,840) $ 60,033 $ 7,402 $ 484 The Company paired out of the entirety of its ARM portfolio-related swap agreements and does not hold any derivative positions related to the trading securities as of December 31, 2023 and 2022. Interest rate swap agreements are measured at fair value on a recurring basis primarily using Level II Inputs in accordance with ASU 2010-06, Fair Value Measurements and Disclosures (Topic 820). In determining fair value estimates for swaps, the Company utilizes the standard methodology of netting the discounted future fixed cash payments and the discounted future variable cash receipts which are based on expected future interest rates derived from observable market interest rate curves. The Company also incorporates both its own nonperformance risk and its counterparties’ nonperformance risk in determining fair value. In considering the effect of nonperformance risk, the Company considered the impact of netting and credit enhancements, such as collateral postings and guarantees, and has concluded that counterparty risk is not significant to the overall valuation.

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	12 Months Ended
	Dec. 31, 2023
Offsetting [Abstract]
Offsetting Assets and Liabilities	Note 15 - Offsetting Assets and Liabilities The Company's consolidated balance sheets used a gross presentation of repurchase agreements and collateral pledged. The table below provides a gross presentation, the effects of offsetting and a net presentation of the Company's derivative instruments and repurchase agreements within the scope of ASC 210-20, Balance Sheet—Offsetting , as of December 31, 2023 and 2022 (dollars in thousands): Gross Amounts Not Offset on the Balance Sheet Assets (1) 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 (2) Net Amount December 31, 2022 Derivative instruments, at fair value $ 415 $ — $ 415 $ — $ — $ 415 Gross Amounts Not Offset on the Balance Sheet Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Balance Sheet Net Amount of Assets Presented on the Balance Sheet Financial Instruments Cash Collateral (2) Net Amount December 31, 2023 Repurchase agreements, commercial mortgage loans $ 299,707 $ — $ 299,707 $ 299,707 $ — $ — Repurchase agreements, real estate securities 174,055 — 174,055 174,055 — — 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) As of December 31, 2023, there were no assets which were presented gross within the scope of ASC 210-20, Balance Sheet—Offsetting . (2) Included in Restricted cash in the consolidated balance sheets.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Segment Reporting	Note 16 - Segment Reporting The Company conducts its business through the following segments: • The real estate debt business focuses on originating, acquiring and asset managing commercial real estate debt investments, including first mortgages, subordinate mortgages, mezzanine loans and participations in such loans. • The real estate securities business focuses on investing in and asset managing real estate securities. Historically this business has focused primarily on CMBS, CRE CLO bonds, CDO notes, and other securities. As a result of the October 2021 acquisition of Capstead, the Company acquired a portfolio of ARM Agency Securities. The portfolio was completely divested by the third quarter of 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 years ended December 31, 2023, 2022 and 2021 (dollars in thousands): December 31, 2023 Total Real Estate Debt and Other Real Estate Investments Real Estate Securities TRS Real Estate Owned Interest income $ 552,506 $ 530,116 $ 17,323 $ 2,244 $ 2,823 Revenue from real estate owned 17,021 — — — 17,021 Interest expense 305,577 288,327 14,118 1,150 1,982 Net income/(loss) 144,509 153,655 1,921 (10,506) (561) Total assets as of December 31, 2023 5,955,180 5,372,371 245,949 66,503 270,357 December 31, 2022 Interest income $ 357,705 $ 320,546 $ 30,203 $ 6,956 $ — Revenue from real estate owned 9,655 — — — 9,655 Interest expense 160,526 146,493 11,203 1,643 1,187 Net income/(loss) 14,215 78,252 (69,155) 2,736 2,382 Total assets as of December 31, 2022 6,203,601 5,444,152 474,231 63,307 221,911 December 31, 2021 Interest income $ 216,890 $ 189,090 $ 24,740 $ 3,060 $ — Revenue from real estate owned 4,759 — — — 4,759 Interest expense 56,193 50,132 3,682 992 1,387 Net income/(loss) 25,702 86,863 (85,381) 13,149 11,071 Total assets as of December 31, 2021 9,474,701 4,205,883 5,054,394 72,840 141,584 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 are derived from an agreed upon reimbursable amount based on employee time charged and allocated to the business segments.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 17 - Income Taxes The Company has conducted its operations to qualify as a REIT for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2013. As a REIT, if the Company meets certain organizational and operational requirements and distributes at least 90% of its "REIT taxable income" (determined before the deduction of dividends paid and excluding net capital gains) to its stockholders in a year, it will not be subject to U.S. federal income tax to the extent of the income that it distributes. However, even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on income in addition to U.S. federal income and excise taxes on its undistributed income. The Company, through its TRSs, is indirectly subject to U.S. federal, state and local income taxes. The Company’s TRSs are not consolidated for U.S. federal income tax purposes, but is instead taxed as a C corporations. For financial reporting purposes, the TRSs are consolidated and a provision for current and deferred taxes is established for the portion of earnings recognized by the Company with respect to its interest in its TRSs. Total (provision)/benefit for income taxes for the years ended December 31, 2023, 2022 and 2021 were $2.8 million, $0.4 million and $(3.6) million, respectively. As of December 31, 2023, our taxable REIT subsidiaries have an estimated $13.1 million of federal net operating loss ("NOL") carryforwards and $5.7 million of state and local NOL carryforwards. The NOL carryforwards are subject to certain limitations. The Company has analyzed and determined that future earnings of the Company's TRS are sufficient to support a conclusion that valuation allowance is not necessary as of December 31, 2023. The Company uses a more-likely-than-not threshold for recognition and derecognition of tax positions taken or to be taken in a tax return. The Company has assessed its tax positions for all open tax years beginning with December 31, 2018 and concluded that there were no uncertainties to be recognized. The Company’s accounting policy with respect to interest and penalties related to tax uncertainties is to classify these amounts as provision for income taxes. Components of the provision for income taxes consist of the following (dollars in thousands): Year Ended December 31, 2023 2022 2021 Current (provision)/benefit for income taxes U.S. Federal $ (12) $ 65 $ (3,093) State and local (1) 167 (349) Total current (provision)/benefit for income taxes $ (13) $ 232 $ (3,442) Deferred (provision)/benefit for income taxes U.S. Federal $ 2,670 $ 99 $ 1 State and local 100 68 (158) Total deferred (provision)/benefit for income taxes $ 2,770 $ 167 $ (157) Total (provision)/benefit for income taxes $ 2,757 $ 399 $ (3,599) The tax characteristics of $1.42 distributions per share of Common Stock declared during 2023 was $1.42 ordinary income. The tax characteristics of the $1.88 per share of Series E Preferred Stock declared during 2023 was $1.88 ordinary income. The tax characteristics of the $1.42 per as-converted share of Series H Preferred Stock declared during 2023 was $1.42 ordinary income. The ordinary income per share of each stockholder represents the ordinary dividend that may be eligible for the 20% deduction applicable to qualified REIT dividends under Internal Revenue Code Section 199A. The tax characteristics of the $1.42 distributions per common share declared during 2022 was $1.42 ordinary income. The tax characteristics of the $318.66 distributions per share of Series C Preferred stock declared during 2022 was $318.66 ordinary income. The tax characteristics of the $106.22 per share of Series I Preferred Stock declared during 2022 was $106.22 ordinary income. The Series D Preferred Stock was exchanged for an equivalent number of shares of Series H Preferred Stock on June 24, 2022 and the tax characteristics of the $424.86 per share declared during 2022 was $424.86 ordinary income. The tax characteristics of the $0.355 distributions per share of Series F Preferred stock declared during 2022, prior to converting on a one-for-one basis into shares of Common Stock, was $0.355 ordinary income. The tax characteristics of the $1.875 distributions per share of Series E Preferred stock declared during 2022 was $1.875 ordinary income. The ordinary income per share of each stockholder represents the amount of ordinary dividends that may be eligible for the 20% deduction applicable to qualified REIT dividends under Section 199A. The Company utilizes the TRSs to reduce the impact of the prohibited transaction tax and to avoid penalty for the holding of assets not qualifying as real estate assets for purposes of the REIT asset tests. Any income associated with a TRS is fully taxable because the TRS is subject to federal and state income taxes as a domestic C corporation based upon its net income.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 18 - Subsequent Events The Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K. The following activity took place subsequent to the year end: Loan Activity : On February 7, 2024, we obtained, through deed-in-lieu of foreclosure, a multifamily property located in San Antonio, Texas. The loan had an amortized cost basis of $42.2 million as of December 31, 2023. On February 14, 2024, we sold the property for $42.8 million and fully recovered our loan basis. Stock Repurchases : Subsequent to December 31, 2023, the Company repurchased 56,323 shares of common stock at a weighted average cost of $12.52 per share. As of February 7, 2024, $35.2 million remains available under the Company’s share repurchase program (see Part II, Item 5, "Purchases of Equity Securities by the Issuer and Affiliated Purchasers" for additional details).

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE December 31, 2023 (Dollars in thousands) Description Property Type Face Value Amortized Cost Principal amount subject to delinquent principal or interest (1) Index (2) Spread Payment Maturity Date Senior Debt 1 Hospitality $ 4,586 $ 4,586 $ — Adj. 1 month SOFR Term 4.00% Amortizing Balloon 3/9/2024 Senior Debt 2 Multifamily 35,212 35,212 — 1 month SOFR Term 4.50% Interest Only 9/9/2024 Senior Debt 3 Hospitality 21,796 21,796 — 1 month SOFR Term 4.25% Amortizing Balloon 3/9/2024 Senior Debt 4 Office 13,937 13,937 — 1 month SOFR Term 5.50% Amortizing Balloon 9/9/2024 Senior Debt 5 Office 41,185 41,185 — 1 month SOFR Term 3.56% Amortizing Balloon 5/9/2024 Senior Debt 6 Hospitality 18,398 18,398 — 1 month SOFR Term 3.84% Amortizing Balloon 1/9/2024 Senior Debt 7 Hospitality 12,900 12,900 — 1 month SOFR Term 4.41% Amortizing Balloon 10/9/2025 Senior Debt 8 Hospitality 4,805 4,805 — 1 month SOFR Term 5.25% Amortizing Balloon 5/9/2024 Senior Debt 9 Office 14,852 14,852 — 1 month SOFR Term 4.00% Amortizing Balloon 12/9/2024 Senior Debt 10 Office 24,444 24,442 — Adj. 1 month SOFR Term 4.35% Interest Only 1/9/2024 Senior Debt 11 Manufactured Housing 1,301 1,301 — 5.50% Amortizing Balloon 5/9/2025 Senior Debt 12 Self Storage 27,440 27,440 27,440 Adj. 1 month SOFR Term 5.00% Interest Only 1/9/2024 Senior Debt 13 Office 17,103 17,103 — Adj. 1 month SOFR Term 4.50% Amortizing Balloon 10/9/2024 Senior Debt 14 Office 63,274 63,146 — 5.15% Amortizing Balloon 10/9/2025 Senior Debt 15 Office 30,186 30,186 — 1 month SOFR Term 2.81% Interest Only 10/9/2024 Senior Debt 16 Office 9,175 9,175 — Adj. 1 month SOFR Term 5.00% Interest Only 11/9/2024 Senior Debt 17 Multifamily 12,550 12,547 — Adj. 1 month SOFR Term 4.55% Interest Only 2/9/2024 Senior Debt 18 Multifamily 21,000 21,000 — Adj. 1 month SOFR Term 4.60% Interest Only 1/9/2024 Senior Debt 19 Office 10,855 10,855 — 1 month SOFR Term 5.56% Amortizing Balloon 1/9/2024 Senior Debt 20 Office 44,913 44,892 — Adj. 1 month SOFR Term 3.97% Interest Only 3/9/2024 Senior Debt 21 Multifamily 34,476 34,457 — 1 month SOFR Term 8.00% Interest Only 2/9/2024 Senior Debt 22 Hospitality 23,000 22,992 — Adj. 1 month SOFR Term 5.79% Interest Only 3/9/2024 Senior Debt 23 Multifamily 34,750 34,750 — 1 month SOFR Term 4.10% Interest Only 3/9/2024 Senior Debt 24 Multifamily 55,000 55,000 — 1 month SOFR Term 4.00% Interest Only 5/9/2024 Senior Debt 25 Multifamily 14,700 14,696 — Adj. 1 month SOFR Term 3.39% Interest Only 4/9/2024 Senior Debt 26 Multifamily 8,898 8,893 — Adj. 1 month SOFR Term 3.80% Interest Only 4/9/2024 Senior Debt 27 Multifamily 19,804 19,798 — Adj. 1 month SOFR Term 3.60% Interest Only 4/9/2024 Senior Debt 28 Multifamily 43,246 43,237 — Adj. 1 month SOFR Term 2.95% Interest Only 4/9/2026 Senior Debt 29 Hospitality 25,700 25,700 — Adj. 1 month SOFR Term 5.60% Interest Only 5/9/2024 Senior Debt 30 Mixed Use 32,500 32,500 — Adj. 1 month SOFR Term 3.70% Interest Only 7/9/2024 Senior Debt 31 Multifamily 75,927 75,901 — Adj. 1 month SOFR Term 2.95% Interest Only 4/9/2026 Senior Debt 32 Multifamily 20,450 20,426 — Adj. 1 month SOFR Term 3.60% Interest Only 5/9/2024 Senior Debt 33 Multifamily 30,320 30,310 — Adj. 1 month SOFR Term 2.95% Interest Only 4/9/2026 Senior Debt 34 Multifamily 35,466 35,459 — Adj. 1 month SOFR Term 2.95% Interest Only 4/9/2026 Senior Debt 35 Multifamily 33,588 33,582 — Adj. 1 month SOFR Term 2.95% Interest Only 4/9/2026 Senior Debt 36 Multifamily 152,112 151,644 — 1 month SOFR Term 4.55% Interest Only 6/9/2024 Description Property Type Face Value Amortized Cost Principal amount subject to delinquent principal or interest (1) Index (2) Spread Payment Maturity Date Senior Debt 37 Hospitality 36,750 36,713 — Adj. 1 month SOFR Term 6.25% Interest Only 6/9/2024 Senior Debt 38 Multifamily 35,116 34,990 — Adj. 1 month SOFR Term 8.00% Interest Only 3/9/2025 Senior Debt 39 Multifamily 16,453 16,453 — Adj. 1 month SOFR Term 3.75% Interest Only 10/9/2024 Senior Debt 40 Multifamily 47,984 47,901 — Adj. 1 month SOFR Term 3.15% Interest Only 10/9/2024 Senior Debt 41 Multifamily 41,650 41,650 — Adj. 1 month SOFR Term 3.40% Interest Only 9/9/2024 Senior Debt 42 Multifamily 34,760 34,713 — Adj. 1 month SOFR Term 3.64% Interest Only 10/9/2024 Senior Debt 43 Multifamily 8,500 8,489 — Adj. 1 month SOFR Term 3.75% Interest Only 9/9/2024 Senior Debt 44 Multifamily 14,890 14,890 — Adj. 1 month SOFR Term 3.15% Interest Only 9/9/2024 Senior Debt 45 Multifamily 69,500 69,312 — Adj. 1 month SOFR Term 3.25% Interest Only 10/9/2024 Senior Debt 46 Multifamily 11,325 11,306 — Adj. 1 month SOFR Term 3.75% Interest Only 10/9/2024 Senior Debt 47 Multifamily 27,199 27,160 — Adj. 1 month SOFR Term 3.20% Interest Only 10/9/2024 Senior Debt 48 Hospitality 17,122 17,122 — Adj. 1 month SOFR Term 5.25% Interest Only 10/9/2024 Senior Debt 49 Multifamily 56,150 56,071 — Adj. 1 month SOFR Term 3.10% Interest Only 10/9/2024 Senior Debt 50 Multifamily 38,242 38,116 — Adj. 1 month SOFR Term 2.90% Interest Only 11/9/2026 Senior Debt 51 Multifamily 55,394 55,394 — Adj. 1 month SOFR Term 3.10% Interest Only 1/9/2024 Senior Debt 52 Multifamily 38,153 38,101 — Adj. 1 month SOFR Term 2.90% Interest Only 12/9/2024 Senior Debt 53 Multifamily 68,165 68,165 — Adj. 1 month SOFR Term 2.85% Interest Only 11/9/2024 Senior Debt 54 Multifamily 32,567 32,510 — Adj. 1 month SOFR Term 3.25% Interest Only 12/9/2024 Senior Debt 55 Multifamily 61,600 61,600 — Adj. 1 month SOFR Term 3.35% Interest Only 11/9/2024 Senior Debt 56 Multifamily 44,987 44,987 — Adj. 1 month SOFR Term 3.00% Interest Only 12/9/2024 Senior Debt 57 Multifamily 47,147 47,019 — Adj. 1 month SOFR Term 2.75% Interest Only 11/9/2025 Senior Debt 58 Multifamily 86,000 85,959 — 1 month SOFR Term 3.24% Interest Only 3/9/2024 Senior Debt 59 Manufactured Housing 6,700 6,688 — Adj. 1 month SOFR Term 4.50% Interest Only 12/9/2024 Senior Debt 60 Multifamily 58,680 58,677 — Adj. 1 month SOFR Term 3.45% Interest Only 1/9/2024 Senior Debt 61 Multifamily 26,068 26,068 — Adj. 1 month SOFR Term 2.90% Interest Only 3/9/2024 Senior Debt 62 Multifamily 14,933 14,905 — Adj. 1 month SOFR Term 3.20% Interest Only 12/9/2024 Senior Debt 63 Multifamily 38,283 38,219 — Adj. 1 month SOFR Term 3.00% Interest Only 12/9/2024 Senior Debt 64 Multifamily 42,235 42,234 — Adj. 1 month SOFR Term 2.90% Interest Only 1/9/2024 Senior Debt 65 Multifamily 69,415 69,415 — Adj. 1 month SOFR Term 2.88% Interest Only 12/9/2024 Senior Debt 66 Multifamily 66,742 66,742 — Adj. 1 month SOFR Term 2.88% Interest Only 12/9/2024 Senior Debt 67 Multifamily 17,145 17,144 — 1 month SOFR Term 3.50% Interest Only 1/9/2025 Senior Debt 68 Multifamily 59,232 59,175 — Adj. 1 month SOFR Term 2.75% Interest Only 12/9/2024 Senior Debt 69 Multifamily 22,240 22,239 — 1 month SOFR Term 2.96% Interest Only 7/9/2024 Senior Debt 70 Multifamily 25,241 25,195 — 1 month SOFR Term 2.96% Interest Only 1/9/2025 Senior Debt 71 Multifamily 32,428 32,425 — 1 month SOFR Term 3.20% Interest Only 1/9/2024 Senior Debt 72 Multifamily 78,416 78,167 — 1 month SOFR Term 3.45% Interest Only 1/9/2027 Senior Debt 73 Multifamily 81,247 81,164 — 1 month SOFR Term 3.21% Interest Only 1/9/2025 Senior Debt 74 Multifamily 24,000 23,999 — 1 month SOFR Term 3.10% Interest Only 1/9/2024 Senior Debt 75 Retail 31,000 30,946 — 1 month SOFR Term 3.29% Interest Only 1/9/2025 Senior Debt 76 Multifamily 38,511 38,511 — 1 month SOFR Term 3.55% Interest Only 2/9/2024 Senior Debt 77 Multifamily 23,855 23,848 — 1 month SOFR Term 2.95% Interest Only 2/9/2024 Description Property Type Face Value Amortized Cost Principal amount subject to delinquent principal or interest (1) Index (2) Spread Payment Maturity Date Senior Debt 78 Multifamily 11,100 11,097 — 1 month SOFR Term 3.30% Interest Only 2/9/2024 Senior Debt 79 Multifamily 47,444 47,442 — 1 month SOFR Term 2.86% Interest Only 1/9/2024 Senior Debt 80 Multifamily 36,824 36,821 — 1 month SOFR Term 2.86% Interest Only 1/9/2024 Senior Debt 81 Hospitality 10,504 10,481 — 1 month SOFR Term 5.30% Interest Only 2/9/2025 Senior Debt 82 Multifamily 82,000 81,989 — 1 month SOFR Term 3.20% Interest Only 2/9/2024 Senior Debt 83 Industrial 55,000 54,973 — 1 month SOFR Term 3.50% Interest Only 3/9/2024 Senior Debt 84 Multifamily 39,864 39,843 — 1 month SOFR Term 3.10% Interest Only 3/9/2024 Senior Debt 85 Multifamily 35,220 35,202 — 1 month SOFR Term 2.95% Interest Only 3/9/2024 Senior Debt 86 Mixed Use 19,000 18,991 — 1 month SOFR Term 3.42% Interest Only 3/9/2024 Senior Debt 87 Multifamily 85,500 85,480 — 1 month SOFR Term 3.15% Interest Only 3/9/2024 Senior Debt 88 Multifamily 31,900 31,888 — 1 month SOFR Term 3.30% Interest Only 4/9/2024 Senior Debt 89 Hospitality 30,021 29,741 — 1 month SOFR Term 7.05% Interest Only 6/9/2025 Senior Debt 90 Multifamily 13,558 12,691 — 1 month SOFR Term 6.75% Interest Only 4/9/2025 Senior Debt 91 Hospitality 43,457 43,457 — 1 month SOFR Term 4.90% Interest Only 4/9/2024 Senior Debt 92 Hospitality 15,634 15,568 — 1 month SOFR Term 5.34% Interest Only 11/9/2025 Senior Debt 93 Multifamily 35,949 35,949 35,949 1 month SOFR Term 6.05% Interest Only 6/9/2024 Senior Debt 94 Multifamily 56,616 56,479 — 1 month SOFR Term 3.95% Interest Only 5/9/2025 Senior Debt 95 Multifamily 29,905 29,816 — 1 month SOFR Term 4.00% Interest Only 11/9/2024 Senior Debt 96 Multifamily 56,859 56,806 — 1 month SOFR Term 6.70% Interest Only 3/9/2024 Senior Debt 97 Multifamily 12,536 12,523 — 1 month SOFR Term 3.55% Interest Only 5/9/2024 Senior Debt 98 Industrial 18,724 18,673 — 1 month SOFR Term 4.90% Interest Only 9/9/2024 Senior Debt 99 Multifamily 19,899 19,875 — 1 month SOFR Term 3.50% Interest Only 6/9/2024 Senior Debt 100 Multifamily 28,979 28,936 — 1 month SOFR Term 3.65% Interest Only 6/9/2024 Senior Debt 101 Multifamily 17,330 17,303 — 1 month SOFR Term 3.65% Interest Only 6/9/2024 Senior Debt 102 Multifamily 70,750 70,673 — 1 month SOFR Term 3.80% Interest Only 6/9/2024 Senior Debt 103 Multifamily 83,914 83,810 — 1 month SOFR Term 3.95% Interest Only 6/9/2024 Senior Debt 104 Multifamily 45,469 45,414 — 1 month SOFR Term 3.95% Interest Only 6/9/2024 Senior Debt 105 Multifamily 58,003 57,930 — 1 month SOFR Term 3.95% Interest Only 6/9/2024 Senior Debt 106 Multifamily 20,716 20,688 — 1 month SOFR Term 3.95% Interest Only 6/9/2024 Senior Debt 107 Multifamily 146,810 146,608 — 1 month SOFR Term 3.95% Interest Only 6/9/2024 Senior Debt 108 Multifamily 56,000 55,938 — 1 month SOFR Term 3.80% Interest Only 6/9/2024 Senior Debt 109 Multifamily 11,675 11,661 — 1 month SOFR Term 4.45% Interest Only 11/9/2024 Senior Debt 110 Multifamily 70,750 70,569 — 1 month SOFR Term 3.45% Interest Only 6/9/2024 Senior Debt 111 Hospitality 39,525 39,346 — 1 month SOFR Term 6.94% Interest Only 8/9/2025 Senior Debt 112 Multifamily — — — 1 month SOFR Term 6.31% Interest Only 9/9/2025 Senior Debt 113 Hospitality 16,270 16,249 — 1 month SOFR Term 5.75% Interest Only 4/9/2024 Senior Debt 114 Manufactured Housing 11,617 11,587 — 1 month SOFR Term 4.75% Interest Only 9/9/2024 Senior Debt 115 Hospitality — — — 1 month SOFR Term 7.50% Interest Only 11/9/2024 Senior Debt 116 Multifamily 48,764 48,684 — 1 month SOFR Term 4.20% Interest Only 1/9/2025 Senior Debt 117 Multifamily 51,000 50,875 — 1 month SOFR Term 3.75% Interest Only 12/9/2024 Senior Debt 118 Multifamily 14,635 14,594 — 1 month SOFR Term 4.25% Interest Only 1/9/2025 Description Property Type Face Value Amortized Cost Principal amount subject to delinquent principal or interest (1) Index (2) Spread Payment Maturity Date Senior Debt 119 Hospitality 28,300 28,297 — 1 month SOFR Term 5.25% Interest Only 1/9/2024 Senior Debt 120 Multifamily 55,500 55,353 — 1 month SOFR Term 3.85% Interest Only 4/9/2025 Senior Debt 121 Hospitality 10,500 10,465 — 1 month SOFR Term 5.50% Interest Only 4/9/2025 Senior Debt 122 Hospitality 120,000 119,559 — 1 month SOFR Term 4.90% Interest Only 2/9/2026 Senior Debt 123 Multifamily 64,500 64,388 — 1 month SOFR Term 5.00% Interest Only 5/9/2024 Senior Debt 124 Hospitality 39,549 39,661 — 1 month SOFR Term 3.75% Interest Only 12/27/2024 Senior Debt 125 Multifamily 21,700 21,616 — 1 month SOFR Term 3.95% Interest Only 7/9/2025 Senior Debt 126 Manufactured Housing 21,449 21,296 — 1 month SOFR Term 4.25% Interest Only 8/9/2025 Senior Debt 127 Multifamily 19,793 19,881 — 4.75% Interest Only 7/9/2028 Senior Debt 128 Multifamily 78,996 78,664 — 1 month SOFR Term 3.20% Interest Only 8/9/2025 Senior Debt 129 Hospitality 23,000 22,861 — 1 month SOFR Term 5.45% Interest Only 8/9/2026 Senior Debt 130 Hospitality 12,420 12,322 — 1 month SOFR Term 4.85% Interest Only 9/9/2026 Senior Debt 131 Multifamily 38,750 38,572 — 1 month SOFR Term 4.50% Interest Only 11/9/2025 Senior Debt 132 Hospitality 31,300 31,078 — 1 month SOFR Term 4.25% Interest Only 11/9/2026 Senior Debt 133 Multifamily 42,750 42,555 — 1 month SOFR Term 3.85% Interest Only 11/9/2025 Senior Debt 134 Multifamily 17,119 16,966 — 1 month SOFR Term 3.20% Interest Only 10/9/2026 Senior Debt 135 Multifamily 21,000 20,887 — 1 month SOFR Term 3.75% Interest Only 12/9/2024 Senior Debt 136 Hospitality 41,071 40,855 — 1 month SOFR Term 3.65% Interest Only 12/9/2026 Senior Debt 137 Hospitality 25,750 25,595 — 1 month SOFR Term 3.95% Interest Only 1/9/2026 Senior Debt 138 Hospitality 16,566 16,563 — 5.99% Amortizing Balloon 10/6/2024 Mezzanine Loan 1 Retail 3,000 2,994 — 1 month SOFR Term 12.00% Interest Only 1/9/2025 Mezzanine Loan 2 Mixed Use 1,000 1,000 — 1 month SOFR Term 11.00% Interest Only 3/9/2024 Mezzanine Loan 3 Hospitality 1,350 1,346 — 1 month SOFR Term 9.25% Interest Only 11/9/2025 Mezzanine Loan 4 Hospitality — — — 1 month SOFR Term 10.00% Interest Only 11/9/2024 Mezzanine Loan 5 Multifamily 2,378 2,378 — 1 month SOFR Term 4.50% Interest Only 9/9/2024 Mezzanine Loan 6 Multifamily 11,700 11,655 — 1 month SOFR Term 3.95% Interest Only 7/9/2025 Commercial mortgage loans, held for investment (3) $ 5,045,036 $ 5,036,942 $ 63,389 Allowance for credit losses $ (47,175) Commercial mortgage loans, held for investment, net of allowance for credit losses $ 4,989,767 ________________________ (1) Principal amount of loans subject to delinquent principal or interest is defined as loans in (a) maturity default or (b) receipt of interest outstanding for more than 90 days. (2) On March 5, 2021, the Financial Conduct Authority of the U.K. (the “FCA”) announced that LIBOR tenors would cease to be published or no longer be representative. The Alternative Reference Rates Committee (the “ARRC”) interpreted this announcement to constitute a benchmark transition event. The benchmark index of LIBOR interest rate will convert from LIBOR to compounded SOFR, plus a benchmark adjustment of 11.448 basis points. As of December 31, 2023, all of our commercial mortgage loans, held for investment which had been indexed at LIBOR were converted to SOFR utilizing the 11.448 basis points adjustment and the applicable spreads remain unchanged. The loans which have the SOFR adjustment are indicated with "Adj. 1M SOFR Term." Effective yield is calculated as the spread of the loan plus the higher of any applicable index or index floor. (3) The estimated aggregate cost for U.S. federal income tax purposes is approximately $5.0 billion. For the activity within the Company's loan portfolio during the years ended December 31, 2023 and 2022, refer to Note 3 - Commercial Mortgage Loans on the consolidated financials of Form 10-K.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 145,215	$ 14,431	$ 25,702

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 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)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The Company's consolidated financial statements and related footnotes have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the requirements for reporting on Form 10-K and Regulation S-X, as appropriate.
Use of Estimates	Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members, as well as whether the entity is a variable interest entity ("VIE") for which the Company is the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company's assets and liabilities are held by the OP. The Company consolidates all entities that it controls through either majority ownership or voting rights. In addition, the Company consolidates all VIEs of which the Company is considered the primary beneficiary. VIEs are entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. Non-controlling interest represents the equity of consolidated joint ventures that are not owned by the Company. The accompanying consolidated financial statements include the accounts of collateralized loan obligations ("CLOs") issued and securitized by wholly owned subsidiaries of the Company. The Company has determined the CLOs are VIEs of which the Company's subsidiary is the primary beneficiary. The assets and liabilities of the CLOs are consolidated in the accompanying consolidated balance sheets in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation.
Reclassifications	Reclassifications Certain prior year balances have been reclassified in order to conform to the current period presentation. For the twelve months ended December 31, 2022 and 2021, $5.2 million and $4.6 million, respectively, related to the remaining unamortized deferred financing costs on the redemption of BSPRT 2018-FL4 and BSPRT 2018-FL3, respectively, were reclassified from Interest Expense to Realized gain/(loss) on extinguishment of debt in the consolidated statements of operations and the consolidated statement of cash flows. For the twelve months ended December 31, 2022, $33 thousand of Realized loss on sale of other real estate investments, measured at fair value and $0.7 million of Unrealized 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 in the consolidated statements of operations. For the twelve months ended December 31, 2021, $9.8 million of Realized gain on sale of real estate owned assets, held for sale and $19 thousand of Unrealized 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
Acquisition Expenses	Acquisition Expenses For commercial mortgage loans, held for investment the Company capitalizes certain direct costs relating to loan origination activities. The cost is amortized over the life of the loan and recognized in Interest income in the consolidated statements of operations. Acquisition expenses paid on future funding amounts are expensed within the Acquisition expenses in 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 equivalents include short-term, liquid investments in money market funds with original maturities of 90 days or less when purchased. 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.
Restricted Cash	Restricted Cash Restricted cash primarily consists of cash pledged as margin on repurchase agreements and derivative transactions. The duration of this restricted cash generally matches the duration of the related repurchase agreements or derivative transaction.
Commercial Mortgage Loans	Commercial Mortgage Loans Held for Investment - Commercial mortgage loans that are held for investment purposes and are anticipated to be held until maturity, are carried at cost, net of unamortized acquisition expenses, discounts or premiums and unfunded commitments. Commercial mortgage loans, held for investment purposes, are carried at amortized cost less a allowance for credit losses. Interest income is recorded on the accrual basis and related discounts, premiums and acquisition expenses on investments are amortized over the life of the investment using the effective interest method. Amortization or accretion is reflected as an adjustment to interest income in the consolidated statements of operations. Guaranteed loan commitment fees payable by the borrower upon maturity are accreted over the life of the investment using the effective interest method. The accretion of guaranteed loan commitment fees is recognized in Interest income in the consolidated statements of operations. Held for Sale - Commercial mortgage loans that are intended to be sold in the foreseeable future are reported as held for sale and are recorded at the lower of cost or fair value with changes recorded through the statements of operations. Unamortized loan origination costs for commercial mortgage loans held for sale that are carried at the lower of cost or fair value are capitalized as part of the carrying value of the loans and recognized upon the sale of such loans. Amortization of origination costs ceases upon transfer of commercial mortgage loans to held for sale. Held for Sale, Measured at Fair Value - The fair value option provides an option to irrevocably elect fair value as an alternative measurement for selected financial assets, financial liabilities, and written loan commitments. The Company has elected to measure commercial mortgage loans held for sale in the Company's TRS under the fair value option. These commercial mortgage loans are included in the Commercial mortgage loans, held for sale, measured at fair value in the consolidated balance sheets. Interest income received on commercial mortgage loans held for sale, measured at fair value is recorded on the accrual basis of accounting and is included in Interest income in the consolidated statements of operations. Costs to originate these investments are expensed when incurred. Real estate owned The Company classifies its real estate owned as long-lived assets held for investment or as long-lived assets held for sale. Held for investment assets are stated at cost, as adjusted for any impairment loss, less accumulated depreciation. Real estate owned, held for investment - Amounts capitalized to real estate owned, held for investment consist of the cost of acquisition or construction, any tenant improvements or major improvements, betterments that extend the useful life of the related asset, and transaction costs associated with the acquisition of an individual asset that does not qualify as a business combination. All repairs and maintenance are expensed as incurred. Additionally, the Company capitalizes interest while the development, or redevelopment, of a real estate owned asset is in progress. No development or redevelopments of real estate owned assets are in progress as of December 31, 2023. The Company’s real estate owned, held for investment assets are depreciated or amortized using the straight-line method over the following useful lives: Building 40 years Furniture, fixtures, and equipment 15 years Site Improvements 5 - 25 years Intangible Lease Assets Lease Term The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of the real estate and related intangible assets of either operating properties or properties under construction in which the Company has an ownership interest, either directly or through investments in joint ventures, may not be recoverable. When indicators of potential impairment are present, management assesses whether the respective carrying values will be recovered from the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition for assets held for use, or from the estimated fair values, less costs to sell, for assets held for sale. In the event that the expected undiscounted future cash flows for assets held for use or the estimated fair value, less costs to sell, for assets held for sale do not exceed the respective asset carrying value, management adjusts such assets to the respective estimated fair values and recognizes an impairment loss. Estimated fair values are calculated based on the following information, depending upon availability, in order of preference: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of undiscounted cash flows, including estimated sales value (which is based on key assumptions such as estimated market rents, lease-up periods, estimated lease terms, and capitalization and discount rates) less estimated selling costs. Real estate owned, held for sale - Real estate owned is classified as held for sale in the period in which the six criteria under ASC Topic 360, "Property, Plant, and Equipment" are met: (i) we commit to a plan and have the authority to sell the asset; (ii) the asset is available for sale in its current condition; (iii) we have initiated an active marketing plan to locate a buyer for the asset; (iv) the sale of the asset is both probable and expected to qualify for full sales recognition within a period of 12 months; (v) the asset is being actively marketed for sale at a price that is reflective of its current fair value; and (vi) we do not anticipate changes to our plan to sell the asset. Held for sale assets are carried at the lower of depreciated cost or estimated fair value, less estimated costs to sell. Real estate owned assets are not depreciated or amortized while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be accrued. Upon the disposition of a real estate owned asset, the Company calculates realized gains and losses as net proceeds received less the carrying value of the real estate owned asset. Net proceeds received are net of direct selling costs associated with the disposition of the real estate owned asset. Fair Value of Assets and Liabilities of Acquired Properties Upon the acquisition of real properties, the Company records the fair value of properties (plus any related acquisition costs) allocated based on relative fair value as tangible assets, consisting of land and building, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, based on their estimated fair values. Substantially all of the Company’s property acquisitions qualify as asset acquisitions under ASC 805, Business Combinations. The estimated fair values of the tangible assets of an acquired property are determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and building based on management’s determination of the estimated fair value of these assets. Management relies on a sales comparison approach using closed land sales and listings in determining the land value, and determines the as-if-vacant estimated fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates the cost to execute similar leases including leasing commissions, legal, and other related costs. The estimated fair values of above-market and below-market in-place leases are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of market rates for the corresponding in-place leases, measured over a period equal to the remaining terms of the leases, taking into consideration the probability of renewals for any below-market leases. The capitalized above-market and below-market lease values are recorded as intangible lease assets or liabilities and amortized as an adjustment to rental revenues over the remaining terms of the respective leases. The estimated fair values of in-place leases include an estimate of the direct costs associated with obtaining the acquired or "in place" tenant and estimates of opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease. The amount capitalized as direct costs associated with obtaining a tenant include commissions, tenant improvements, and other direct costs and are estimated based on management’s consideration of current market costs to execute a similar lease. These direct lease origination costs are included in deferred lease costs in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. The value of opportunity costs is calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. These lease intangibles are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases.
Credit Losses	Credit Losses The allowance for credit losses required under ASU 2016-13 is deducted from the respective loan's amortized cost basis in the consolidated balance sheets. General allowance for credit losses The general allowance for credit losses for the Company’s financial instruments carried at amortized cost and off-balance sheet credit exposures, such as loans held for investment and unfunded loan commitments represents a lifetime estimate of expected credit losses. Factors considered by the Company when determining the general provision for credit losses reserve include loan-specific characteristics such as loan-to-value (“LTV”) ratio, vintage year, loan term, property type, occupancy and geographic location, financial performance of the borrower, expected payments of principal and interest, as well as internal or external information relating to past events, current conditions and forward looking information through the use of projected macroeconomic scenarios over the reasonable and supportable forecasts. The general allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist for multiple financial instruments. If similar risk characteristics do not exist, the Company measures the general allowance for credit losses on an individual instrument basis. The determination of whether a particular financial instrument should be included in a pool can change over time. If a financial asset’s risk characteristics change, the Company evaluates whether it is appropriate to continue to keep the financial instrument in its existing pool or evaluate it individually. In measuring the general allowance for credit losses for financial instruments such as loans held for investment and unfunded loan commitments that share similar risk characteristics, the Company primarily applies a probability of default (“PD”)/loss given default (“LGD”) model for instruments that are collectively assessed, whereby the provision for credit losses is calculated as the product of PD, LGD and exposure at default (“EAD”). The Company’s model to determine the general allowance for credit losses principally utilizes historical loss rates derived from a commercial mortgage backed securities database with historical losses from 2002 to 2021 provided by a reputable third party, forecasting the loss parameters based on a projected macroeconomic scenario using a probability-based statistical approach over a reasonable and supportable forecast period of twelve months, followed by an immediate reversion to average historical losses. Specific allowance for credit losses For financial instruments where the borrower is experiencing financial difficulty based on the Company’s assessment at the reporting date and the repayment is expected to be provided substantially through the operation or sale of the collateral, the Company may elect to use as a practical expedient the fair value of the collateral at the reporting date when determining the provision for credit losses. For loans held for investment which the Company identifies reasonable doubt as to whether the collection of contractual components can be satisfied, a loan specific allowance for credit losses analysis is performed. Determining whether a specific allowance for credit losses for a loan is required entails significant judgment from management and is based on several factors including (i) the underlying collateral performance, (ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact the borrower’s ability to pay the contractual amounts due under the terms of the loan. If a loan is determined to have a specific allowance for credit losses, the specific allowance for credit losses is recorded as a component of our Current Expected Credit Loss ("CECL") reserve by applying the practical expedient for collateral dependent loans. The CECL reserve is assessed on an individual basis for such loans by comparing the estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. The estimated fair value of the underlying collateral requires judgments, which include assumptions regarding capitalization rates, discount rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plans, loan sponsorship, actions of other lenders, and other factors deemed relevant by the Company. Actual losses, if any, could ultimately differ materially from these estimates. The Company only expects to write-off specific provisions if and when such amounts are deemed non-recoverable. Non-recoverability is generally determined at the time a loan is settled, or in the case of foreclosure, when the underlying asset is sold. Non-recoverability may also be concluded if, in the Company's determination, it is deemed certain that all amounts due will not be collected. If a loan is determined to be impaired based on the above considerations, management records a write-off through a charge to the allowance for credit losses and the respective loan balance. Risk Rating In developing the provision for credit losses for its loans held for investment, the Company performs a comprehensive analysis of its loan portfolio and assigns risk ratings to loans that incorporate management's current judgments about their credit quality based on all known and relevant internal and external factors that may affect collectability, using similar factors as those in developing the provision for credit losses. This methodology results in loans being segmented by risk classification into risk rating categories that are associated with estimated probabilities of default and principal loss. Risk rating categories range from "1" to "5" with "1" representing the lowest risk of loss and "5" representing the highest risk of loss with the ratings updated quarterly. At the time of origination or purchase, loans held for investment are ranked as a “2” and will move accordingly going forward based on the ratings which are defined as follows: 1. Very Low Risk- Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable. 2. Low Risk- Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. 3. Average Risk- Performing investments requiring closer monitoring. Trends and risk factors show some deterioration. 4. High Risk/Delinquent/Defaulted/Potential for Loss- Underperforming investment with the potential of some interest loss but still expecting a positive return on investment. Trends and risk factors are negative. 5. Impaired/Loss Likely- Underperforming investment with expected loss of interest and some principal. The Company also considers qualitative and environmental factors, including, but not limited to, economic and business conditions, nature and volume of the loan portfolio, lending terms, volume and severity of past due loans, concentration of credit and changes in the level of such concentrations in its determination of the provision for credit losses. Changes in the provision for credit losses for the Company’s financial instruments are recorded in (Provision)/benefit for credit losses in the consolidated statements of operations with a corresponding offset to the financial instrument’s amortized cost recorded in the consolidated balance sheets, or as a component of Accounts payable and accrued expenses for unfunded loan commitments. The Company has elected to not measure a provision for credit losses for accrued interest receivable as balances are written off in a timely manner when loans, real estate securities or preferred equity investments are designated as non-performing and placed on non-accrual or cost recovery status within 90 days of becoming past due. Non-performing status The Company designates loans as non-performing when (i) full payment of principal and coupon interest components become 90-days past due ("non-accrual status"); or (ii) the Company has reasonable doubt as to whether the collection of contractual components can be satisfied ("cost recovery status"). When a loan is designated as non-performing and placed on non-accrual status, interest is only recognized as income when payment has been received. Loans designated as non-performing and placed on non-accrual status are removed from their non-performing designation when collection of principal and coupon interest components have been satisfied. When a loan is designated as non-performing and placed on cost recovery status, the cost-recovery method is applied to which receipt of principal or coupon interest is recorded as a reduction to the amortized cost until collection of all contractual components are reasonably assured.
Real Estate Securities	Real Estate Securities Available For Sale The Company’s real estate securities are classified as available for sale ("AFS") and carried at fair value. Changes in fair value of available for sale real estate securities are recognized in the consolidated statements of comprehensive income. Related discounts, premiums and acquisition expenses on investments are amortized or accreted over the life of the investment using the effective interest method. Amortization and accretion are reflected as an adjustment to interest income in the consolidated statements of operations. The Company uses the specific identification method in determining the cost relief for real estate securities sold. Realized gains and losses from the sale of available for sale securities are included in the consolidated statements of operations. AFS real estate securities which have experienced a decline in the fair value below their amortized cost basis (i.e., impairment) are evaluated each reporting period to determine whether the decline in fair value is due to credit-related factors. Any impairment that is not credit-related is recognized in accumulated other comprehensive income, while credit-related impairment is recognized as an allowance in the consolidated balance sheets with a corresponding adjustment in the consolidated statements of operations. If the Company intends to sell an impaired real estate security or more likely than not will be required to sell such a security before recovering its amortized cost basis, the entire impairment amount is recognized in the consolidated statements of operations with a corresponding adjustment to the security’s amortized cost basis. The Company analyzes the AFS real estate securities portfolio on a periodic basis for credit losses at the individual security level using the same criteria described above for those amortized cost financial assets subject to an provision for credit losses including but not limited to; performance of the underlying assets in the security, borrower financial resources and investment in collateral, collateral type, credit ratings, project economics and geographic location as well as national and regional economic factors. The non-credit loss component of the unrealized loss within the Company’s AFS portfolio is recognized as an adjustment to the individual security’s asset balance with an offsetting entry to Accumulated other comprehensive income/(loss) in the consolidated balance sheets.
Repurchase Agreements	Repurchase Agreements Commercial mortgage loans and real estate securities sold under repurchase agreements have been treated as collateralized financing transactions because the Company maintains effective control over the transferred securities. Commercial mortgage loans and real estate securities financed through repurchase agreements remain in the consolidated balance sheets as an asset and cash received from the purchaser is recorded as a liability. Interest paid in accordance with repurchase agreements is recorded in Interest expense in the consolidated statements of operations.
Deferred Financing Costs	Deferred Financing Costs The deferred financing costs related to the Company's various Master Repurchase Agreements as well as certain prepaid subscription costs are included in Prepaid expenses and other assets in the consolidated balance sheets. Deferred financing cost on the Company's CLO are netted against the Company's CLO payable in Collateralized loan obligations in the consolidated balance sheets. Deferred financing costs are amortized over the terms of the respective financing agreement using the effective interest method and included in Interest expense in the consolidated statements of operations. Unamortized deferred financing costs are generally realized in Realized gain/(loss) on extinguishment of debt in the consolidated statements of operations when the associated debt is refinanced or repaid before maturity.
Offering and Related Costs	Offering and Related Costs Since 2018, the Company has from time to time offered, shares of the Company’s common stock or one or more series of its preferred stock, including its former Series C convertible preferred stock (the “Series C Preferred Stock,”), former Series D convertible preferred stock (the “Series D Preferred Stock”), Series H convertible preferred stock (the “Series H Preferred Stock”) and former Series I convertible preferred stock (the “Series I Preferred Stock”) in private placements exempt from the registration requirements of the Securities Act of 1933, as amended. In connection with these offerings, the Company incurred various offering costs. These offering costs include but are not limited to legal, accounting, printing, mailing and filing fees, and diligence expenses of broker-dealers. Offering costs for the common stock are recorded in the Company’s stockholders’ equity, while the offering costs for the Series C Preferred Stock and Series D Preferred Stock are included within Series C Preferred Stock and Series D Preferred Stock, respectively, in the consolidated balance sheets. Offering costs for the Series H Preferred Stock and Series I Preferred Stock were expensed in the consolidated statement of operations.
Equity Incentive Plan and Restricted Share Plan	Equity Incentive Plan The Company maintains the Franklin BSP Realty Trust, Inc. 2021 Equity Incentive Plan (the “2021 Incentive Plan”), pursuant to which the Company has granted and may in the future, from time to time, grant equity awards to the Company’s directors, officers and employees (if it ever has employees), employees of the Advisor and its affiliates, or certain of the Company’s consultants, advisors or other service providers to the Company or an affiliate of the Company. The 2021 Incentive Plan, which is administered by the Compensation Committee of the board of directors, provides for the grant of awards of share options, share appreciation rights, restricted shares, restricted share units, deferred share units, unrestricted shares, dividend equivalent rights, performance shares and other performance-based awards, other equity-based awards, long-term incentive plan units and cash bonus awards. Since 2022, the Company has been issuing under the 2021 Incentive Plan annual awards of restricted stock units ("RSUs") to its officers and certain other personnel of the Advisor who provide services to the Company. These awards are service-based and vest in equal annual installments beginning on the anniversary of the date of grant over a period of three years, subject to continuing service. One share of the Company’s common stock is issued for each unit that vests. These awards also grant non-forfeitable dividend equivalent rights equal to the cash dividend paid in the ordinary course on a common share to the Company's common shareholders. Upon termination for any reason, all unvested RSUs will be forfeited by the grantee, who will be given no further rights to such RSUs. The fair value of the RSUs is expensed over the vesting period, which are included in Share-based compensation in the consolidated statements of operations. Restricted Share Plan The Company also had an Amended and Restated Employee and Director Incentive Restricted Share Plan (the "RSP"), which provided the Company with the ability to grant awards of restricted shares to the Company’s directors, officers and employees (if the Company ever has employees), employees of the Advisor and its affiliates, employees of entities that provide services to the Company, directors of the Advisor or of entities that provide services to the Company, the Advisor and its affiliates. The RSP expired on February 7, 2023.
Distribution Reinvestment Plan	Distribution Reinvestment Plan
Income Taxes	Income Taxes The Company has conducted its operations to qualify as a REIT for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2013. As a REIT, if the Company meets certain organizational and operational requirements and distributes at least 90% of its "REIT taxable income" (determined before the deduction of dividends paid and excluding net capital gains) to its stockholders in a year, it will not be subject to U.S. federal income tax to the extent of the income that it distributes. However, even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on income in addition to U.S. federal income and excise taxes on its undistributed income. The Company, through its TRSs, is indirectly subject to U.S. federal, state and local income taxes. The Company’s TRSs are not consolidated for U.S. federal income tax purposes, but are instead taxed as C corporations. For financial reporting purposes, the TRSs are consolidated and a provision for current and deferred taxes is established for the portion of earnings recognized by the Company with respect to its interest in its TRS. Total income tax (provision)/benefit for the years ended December 31, 2023, 2022, and 2021 were $2.8 million, $0.4 million, and $(3.6) million, respectively. The Company uses a more-likely-than-not threshold for recognition and derecognition of tax positions taken or to be taken in a tax return. The Company has assessed its tax positions for all open tax years beginning with December 31, 2017 and concluded that there were no uncertainties to be recognized. The Company’s accounting policy with respect to interest and penalties related to tax uncertainties is to classify these amounts as provision for income taxes. The Company utilizes the TRSs to reduce the impact of the prohibited transaction tax and to avoid penalty for the holding of assets not qualifying as real estate assets for purposes of the REIT asset tests. Any income associated with a TRS is fully taxable because the TRS is subject to federal and state income taxes as a domestic C corporation based upon its net income.
Derivatives and Hedging Activities	Derivatives and Hedging Activities In the normal course of business, the Company is exposed to the effect of interest rate changes and may undertake a strategy to limit these risks through the use of derivatives. The Company uses derivatives primarily to economically hedge against interest rates, CMBS spreads and macro market risk in order to minimize volatility. The Company may use a variety of derivative instruments that are considered conventional, including but not limited to: Treasury note futures and credit derivatives on various indices including CMBX and CDX. The Company recognizes all derivatives on the consolidated balance sheets at fair value. The Company does not designate derivatives as hedges to qualify for hedge accounting for financial reporting purposes and therefore any net payments under, or fluctuations in the fair value of these derivatives have been recognized currently in Unrealized (gain)/loss on derivative instruments in the accompanying consolidated statements of operations. The Company records derivative asset and liability positions on a gross basis with any collateral posted with or received from counterparties recorded separately within Restricted cash in the consolidated balance sheets. Certain derivatives that the Company has entered into are subject to master netting agreements with its counterparties, allowing for netting of the same transaction, in the same currency, on the same date.
Per Share Data	Per Share Data The Company’s Series H Preferred Stock and Series I Preferred Stock are each considered a participating security and the Company calculates basic earnings per share using the two-class method. The Company’s dilutive earnings per share calculation is computed using the more dilutive result of the treasury stock method, assuming the participating security is a potential common share, or the two-class method, assuming the participating security is not converted. The Company calculates basic earnings per share by dividing net income applicable to common stock for the period by the weighted-average number of shares of common stock outstanding for that period. Diluted earnings per share reflects the potential dilution that could occur from shares outstanding if potential shares of common stock with a dilutive effect have been issued in connection with the restricted stock plan or upon conversion of the outstanding shares of the Company’s Series H Preferred Stock and Series I Preferred Stock , except when doing so would be anti-dilutive.
Reportable Segments	Reportable Segments The Company has determined that it has four reportable segments based on how the chief operating decision maker reviews and manages the business. The four reporting segments are as follows: • The real estate debt business focuses on originating, acquiring and asset managing commercial real estate debt investments, including first mortgages, subordinate mortgages, mezzanine loans and participations in such loans. • The real estate securities business focuses on investing in and asset managing real estate securities. Historically this business has focused primarily on CMBS, CRE CLO bonds, CDO notes, and other securities. As a result of the October 2021 acquisition of Capstead, the Company acquired a portfolio of ARM Agency Securities. The portfolio was completely divested by the third quarter of 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.
Redeemable Convertible Preferred Stock	Redeemable Convertible Preferred Stock The Company’s outstanding classes of redeemable convertible preferred stock are classified outside of permanent equity in the consolidated balance sheets. Series H Preferred Stock The Series H Preferred Stock ranks senior to the Common Stock and on parity with the Company’s 7.50% Series E Cumulative Redeemable Preferred Stock ("Series E Preferred Stock") with respect to priority in dividends and in the distribution of assets in the event of the liquidation, dissolution or winding-up of the Company. The liquidation preference of each share of Series H Preferred Stock is the greater of (i) $5,000 plus accrued and unpaid dividends, and (ii) the amount that would be received upon a conversion of the Series H Preferred Stock into the Common Stock. Dividends on the Series H Preferred Stock, which are typically declared and paid quarterly, accrue at a rate equal to the greater of (i) an annual amount equal to 4.0% of the liquidation preference per share and (ii) the dividends that would have been paid had such share of Series H Preferred Stock been converted into a share of common stock on the first day of such quarter, subject to proration in the event the share of Series H preferred stock is not outstanding for the full quarter. Dividends are paid in arrears. Dividends will accumulate and be cumulative from the most recent date to which dividends had been paid. On January 10, 2024, the Series H Preferred Stock was amended such that the mandatory conversion date was extended by one year, to January 21, 2025. 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 21, 2025. 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 2024, upon 10 business days’ advance notice to the Company. Holders of the Series H Preferred Stock (voting as a single class with holders of common stock) are entitled to vote on each matter submitted to a vote of the stockholders of the Company upon which the holders of common stock are entitled to vote. The number of votes applicable to a share of outstanding Series H Preferred Stock will be equal to the number of shares of common stock a share of Series H Preferred Stock could have been converted into as of the record date set for purposes of such stockholder vote (rounded down to the nearest whole number of shares of common stock). In addition, the affirmative vote of the holders of two-thirds of the outstanding shares of Series H Preferred Stock, voting as a single class with other shares of parity preferred stock, is required to approve the issuance of any equity securities senior to the Series H Preferred Stock and to take certain actions materially adverse to the holders of the Series H Preferred Stock. Series I Preferred Stock On January 19, 2023, all of the 1,000 outstanding shares of the Series I Preferred Stock converted by their terms into 299.2 shares of common stock per share of Series I Preferred Stock. Perpetual Preferred Stock—Series E Preferred Stock The Series E Preferred Stock has no stated maturity and is not subject to any sinking fund or mandatory redemption. The Series E Preferred Stock ranks, with respect to rights to the payment of dividends and the distribution of assets upon its liquidation, dissolution or winding up, senior to the common stock and on a parity with the Series H Preferred Stock. The liquidation preference is $25.00 per share, plus an amount equal to any accumulated and unpaid dividends. Holders of shares of the Series E Preferred Stock are entitled to receive, when, as and if authorized by our board of directors and declared by the Company, out of funds legally available for the payment of dividends, cumulative cash dividends at the rate of 7.50% of the $25.00 per share liquidation preference per annum (equivalent to $1.875 per annum per share). Dividends on the Series E Preferred Stock are cumulative and payable quarterly in arrears. Dividends on the Series E Preferred Stock will accumulate whether or not the Company has earnings, whether or not there are funds legally available for the payment of those dividends and whether or not those dividends are declared. The Company may, at its option, upon not less than 30 nor more than 60 days’ written notice, redeem the Series E Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends thereon to, but not including, the date fixed for redemption. Upon a change of control of the Company, in the event the Company does not redeem the Series E Preferred Stock, a holder of Series E Preferred Stock will have the right to convert to Common Stock upon the terms set forth in the applicable Articles Supplementary. The Series E Preferred Stock is listed on the New York Stock Exchange under the symbol “FBRT PRE”.
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 or material 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 . During the third quarter of 2023, the Company adopted ASU 2020-04. The adoption of ASU 2020-04 did not have a material impact on the Company's consolidated financial statements as of December 31, 2023. In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” or ASU 2023-07. ASU 2023-07 enhances the disclosures required for reportable segments on an annual and interim basis. ASU 2023-07 is effective on a retrospective basis for annual periods beginning after December 15, 2023, for interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. We do not expect the adoption of ASU 2023-07 to have a material impact on our consolidated financial statements. In December 2023, the FASB issued Accounting Standards Update, or ASU, 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” or ASU 2023-09. ASU 2023-09 requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. We do not expect the adoption of ASU 2023-09 to have a material impact on our consolidated financial statements.
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 in 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 in the consolidated balance sheets are valued using unobservable inputs. The Company engaged the services of a third party independent valuation firm to determine fair value of certain investments, including preferred equity investments, held by the Company. Fair value is determined using a discounted cash flow model that primarily considers changes in interest rates and credit spreads, weighted average life and current performance of the underlying collateral. The Company classified the other real estate investments, measured at fair value as Level III. The fair value for Treasury note futures is derived using market prices. Treasury note futures trade on the Chicago Mercantile Exchange (“CME”). The instruments are a variety of recently issued 10-year U.S. Treasury notes. The future contracts are liquid and are centrally cleared through the CME. Treasury note futures are generally categorized in Level I of the fair value hierarchy. The fair value for credit default swaps and interest rate swaps contracts are derived using pricing models that are widely accepted by marketplace participants. Credit default swaps and some interest rate swaps are traded in the over the counter ("OTC") market. The pricing models take into account multiple inputs including specific contract terms, interest rate yield curves, interest rates, credit curves, recovery rates, and/or current credit spreads obtained from swap counterparties and other market participants. Most inputs into the models are not subjective as they are observable in the marketplace or set per the contract. Valuation is primarily determined by the difference between the contract spread and the current market spread. The contract spread (or rate) is generally fixed and the market spread is determined by the credit risk of the underlying debt or reference entity. If the underlying indices are liquid and the OTC market for the current spread is active, credit default swaps and interest rate swaps are categorized in Level II of the fair value hierarchy. If the underlying indices are illiquid and the OTC market for the current spread is not active, credit default swaps are categorized in Level III of the fair value hierarchy. The credit default swaps and interest rate swaps are generally categorized in Level II of the fair value hierarchy.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Useful Lives for Real Estate Owned, Held for Investment Assets	The Company’s real estate owned, held for investment assets are depreciated or amortized using the straight-line method over the following useful lives: Building 40 years Furniture, fixtures, and equipment 15 years Site Improvements 5 - 25 years Intangible Lease Assets Lease Term

Commercial Mortgage Loans (Tabl

Commercial Mortgage Loans (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2023 December 31, 2022 Senior loans $ 5,017,569 $ 5,251,464 Mezzanine loans 19,373 18,312 Total gross carrying value of loans 5,036,942 5,269,776 General allowance for credit losses 47,175 26,624 Specific allowance for credit losses (1) — 14,224 Less: Allowance for credit losses 47,175 40,848 Total commercial mortgage loans, held for investment, net $ 4,989,767 $ 5,228,928 ________________________ (1) As of December 31, 2022, the Company recorded a specific reserve with respect to a retail loan designated as non-performing. The following tables represent the composition by loan collateral type and region of the Company's commercial mortgage loans, held for investment portfolio (dollars in thousands): December 31, 2023 December 31, 2022 Loan Collateral Type Par Value Percentage Par Value Percentage Multifamily $ 3,876,108 76.8 % $ 4,030,975 76.1 % Hospitality 670,274 13.3 % 510,566 9.7 % Office 269,924 5.4 % 405,705 7.7 % Industrial 73,724 1.5 % 93,035 1.8 % Retail 34,000 0.7 % 120,017 2.3 % Other 121,006 2.3 % 128,676 2.4 % Total $ 5,045,036 100.0 % $ 5,288,974 100.0 % December 31, 2023 December 31, 2022 Loan Region Par Value Percentage Par Value Percentage Southeast $ 1,989,175 39.4 % $ 2,229,756 42.2 % Southwest 1,920,491 38.1 % 1,763,492 33.3 % Mideast 455,739 9.0 % 706,192 13.4 % Great Lakes 161,059 3.2 % 162,162 3.1 % Far West 113,554 2.3 % 234,891 4.4 % Other 405,018 8.0 % 192,481 3.6 % Total $ 5,045,036 100.0 % $ 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): December 31, 2023 December 31, 2022 Loan Collateral Type Par Value Percentage Par Value Percentage Retail — — % $ 12,000 76.8 % Office — — % 3,625 23.2 % Total $ — — % $ 15,625 100.0 % December 31, 2023 December 31, 2022 Loan Region Par Value Percentage Par Value Percentage Southeast $ — — % $ 15,625 100.0 %
Summary of Commercial Mortgage Loans Held for Investment Activity	For the years ended December 31, 2023 and 2022, the activity in the Company's commercial mortgage loans, held for investment carrying values, was as follows (dollars in thousands): For the Years Ended December 31, 2023 December 31, 2022 Amortized cost, beginning of period $ 5,269,776 $ 4,226,888 Acquisitions and originations 941,513 2,247,613 Principal repayments (1,076,532) (1,109,769) Net fees capitalized into carrying value of loans (5,242) (13,775) Discount accretion/premium amortization 13,016 12,614 Loans transferred from/(to) commercial real estate loans, held for sale — (9,296) Transfer to real estate owned (103,863) (80,460) Cost recovery (1,726) (4,039) Amortized cost, end of period 5,036,942 5,269,776 Allowance for credit losses, beginning of period (40,848) (15,827) General (provision)/benefit for credit losses (20,551) (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 (47,175) (40,848) Total commercial mortgage loans, held for investment, net $ 4,989,767 $ 5,228,928
Schedule of Changes in Allowance for Credit Losses	The following table presents the changes in the Company's allowance for credit losses for the years ended December 31, 2023 and 2022 (dollars in thousands): General Allowance for Credit Losses Specific Allowance for Credit Losses Funded Unfunded Total Total Allowance for Credit Losses December 31, 2021 $ — $ 15,827 $ 243 $ 16,070 $ 16,070 Changes: Provision/(Benefit) 25,281 10,797 37 10,834 36,115 Write offs (11,057) — — — (11,057) December 31, 2022 $ 14,224 $ 26,624 $ 280 $ 26,904 $ 41,128 Changes: Provision/(Benefit) 12,334 20,551 853 21,404 33,738 Write offs (26,558) — — — (26,558) December 31, 2023 $ — $ 47,175 $ 1,133 $ 48,308 $ 48,308
Summary of Past Due Loans	The following table presents a summary of the loans amortized cost basis as of December 31, 2023 (dollars in thousands): Current Less than 90 days past due 90 or more days past due (1) Total As of December 31, 2023 $ 4,837,414 $ 136,139 $ 63,389 $ 5,036,942 ________________________ (1) This is comprised of (i) $27.4 million of outstanding principal amount of a mortgage loan collateralized by self storage properties which was paid down subsequent to December 31, 2023 and (ii) $35.9 million outstanding principal amount of a mortgage loan collateralized by multifamily properties which was designated as non-performing and, subsequent to December 31, 2023, all past due accrued interest was collected.
Summary of Loans on Nonaccrual Status	The following table presents the amortized cost basis of our non-performing loans as of December 31, 2023 and 2022 (dollars in thousands): December 31, 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 118,647 60,304 Less: Removal of non-performing loan amortized cost 157,841 — Non-performing loan amortized cost end of period (1) $ 78,185 $ 117,379 ________________________ (1) As of December 31, 2023 and 2022, the Company had two and two loans, respectively, designated as non-performing. No specific allowances for credit losses were determined for the 2 loans on non-performing status as of December 31, 2023.
Allocation by Risk Rating	The following tables present the par value and amortized cost of our commercial mortgage loans, held for investment as of December 31, 2023 and 2022, by the Company’s internal risk rating and year of origination (dollars in thousands): December 31, 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 — $ — $ — $ — $ — $ — $ — $ — $ — — % 2 111 3,897,680 694,228 1,256,509 1,724,734 105,477 73,743 35,734 3,890,424 77.2 % 3 27 875,449 2,379 273,097 468,244 74,729 — 56,362 874,811 17.4 % 4 6 271,907 — 141,740 87,126 — 42,840 — 271,707 5.4 % 5 — — — — — — — — — — % Total 144 $ 5,045,036 $ 696,607 $ 1,671,346 $ 2,280,104 $ 180,206 $ 116,583 $ 92,096 $ 5,036,942 100.0 % Allowance for credit losses (47,175) Total carrying value, net $ 4,989,767 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)	12 Months Ended
	Dec. 31, 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 year then ended, and is based on the cash component of interest income expressed as a percentage on average cost basis (the “cash yield”).
Available-for-Sale Securities	The following is a summary of the Company's real estate securities, available for sale, measured at fair value as of December 31, 2023 and 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 December 31, 2023 7 1 Month SOFR 8.12% 12.2 $ 243,340 $ 242,569 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 December 31, 2023 and 2022 (dollars in thousands): Amortized Cost Credit Loss Allowance Unrealized Gain Unrealized (Loss) Fair Value December 31, 2023 $ 243,272 $ — 74 (777) $ 242,569 December 31, 2022 $ 220,635 $ — $ 833 (443) $ 221,025

Real Estate Owned (Tables)

Real Estate Owned (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2023 and 2022 (dollars in thousands): As of December 31, 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 $ (5,179) $ 85,444 August 2023 (2) Office Portland, OR 16,479 2,065 — (13) 18,531 October 2023 (3) Multifamily Lubbock, TX 1,618 10,076 185 (24) 11,855 $ 21,533 $ 96,400 $ 3,113 $ (5,216) $ 115,830 ________________________ 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 (4) 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 lieu of repayment of the associated loan. (3) In October 2023, the Company obtained, through deed-in-lieu of foreclosure, a multifamily property located in Lubbock, TX in lieu of repayment of the associated loan. (4) As of December 31, 2023 and 2022, the Company foreclosed upon 24 and ten retail properties respectively, located throughout the United States of America. During the year ended December 31, 2023, the Company classified the entire portfolio consisting of the 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 December 31, 2023 and 2022 (dollars in thousands): As of December 31, 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)	12 Months Ended
	Dec. 31, 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 December 31, 2023 and 2022 (dollars in thousands): Identified intangible assets: December 31, 2023 December 31, 2022 Gross amount $ 49,285 $ 58,542 Accumulated amortization $ (6,492) (3,711) Total, net 42,793 $ 54,831 Identified intangible liabilities: Gross amount $ — $ 6,507 Accumulated amortization — (79) Total, net $ — $ 6,428
Schedule of Future Minimum Payments to be Received	The following table summarizes the Company's schedule of future minimum rents on its real estate owned, held for investment properties, to be received under the lease (dollars in thousands): Future Minimum Rents December 31, 2023 2024 $ 8,616 2025 8,374 2026 8,539 2027 8,710 2028 8,884 2029 and beyond 97,388 Total future minimum rent $ 140,511
Schedule of Expected Future Amortization Expense	The following table summarizes the Company's expected amortization of other identified intangible assets, net 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 December 31, 2023 2024 $ 2,880 2025 2,880 2026 2,880 2027 2,880 2028 2,880

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2023 and 2022 (dollars in thousands): As of December 31, 2023 Repo and revolving credit facilities - commercial mortgage loans (2) : Capacity Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate Term Maturity JPM Repo Facility (3) $ 500,000 $ 108,574 $ 22,401 7.90 % 07/2026 Atlas Repo Facility (4) 600,000 52,864 6,603 7.68 % 03/2024 WF Repo Facility (5) 400,000 71,730 9,580 7.85 % 10/2025 Barclays Revolver Facility (6) 250,000 — 940 N/A 09/2024 Barclays Repo Facility (7) 500,000 66,539 11,616 7.22 % 03/2025 Churchill Repo Facility (8) 225,000 — 30 N/A N/A Total $ 2,475,000 $ 299,707 $ 51,170 7.70 % Mortgage note payable: Debt related to our REO (9) N/A $ 23,998 $ 1,982 8.48 % 10/2024 Other Financing Other Financings (10) N/A $ 36,534 $ 5,330 7.36 % Various (9) Unsecured Debt (11) Junior subordinated notes maturing in: October 2035 (12) N/A $ 17,047 $ 1,940 9.15 % 10/2035 December 2035 N/A $ 39,550 $ 3,519 8.95 % 12/2035 September 2036 N/A $ 24,698 $ 2,199 8.95 % 09/2036 Total/Weighted average N/A $ 81,295 $ 7,658 8.99 % ________________________ See notes below. As of December 31, 2022 Repo and revolving credit facilities - commercial mortgage loans (2) : Capacity Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate Term Maturity 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 $ 2,350,000 $ 680,859 $ 38,205 7.16 % Mortgage note payable: Debt related to our REO (9) N/A $ 23,998 $ 1,185 7.32 % 10/2024 Other Financing Other Financings (10) N/A $ 76,301 $ 3,069 6.17 % Various Unsecured Debt (11) 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 December 31, 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. (4) During the first quarter of 2023, this repurchase facility was transferred from Credit Suisse to Atlas SP partners. On January 4, 2024, the Company extended the maturity date to January 5, 2026 with a one-year extension option. Additionally, the committed financing was decreased from $600 million to $350 million. (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. (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. (8) 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. (9) 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). (10) Comprised of three 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 date of these loans is August 2025. (11) 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 $7.7 million for the year ended December 31, 2023, compared to $5.7 million for the year ended December 31, 2022, respectively. (12)
Summary of Repurchase Agreements	Below is a summary of the Company's MRAs as of December 31, 2023 and 2022 (dollars in thousands): As of December 31, 2023 Counterparty Amount Outstanding Interest Expense Collateral Pledged (1) Weighted Average Interest Rate Weighted Average Days to Maturity JP Morgan Securities LLC $ 113,111 $ 6,717 $ 127,602 6.29 % 15 Wells Fargo Securities, LLC 8,994 235 9,975 6.14 % 5 Barclays Capital Inc. 51,950 3,371 58,250 6.19 % 5 Total/Weighted Average $ 174,055 $ 10,323 $ 195,827 6.25 % 11 As of 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 $27.9 million and $67.1 million of CLO notes, held by the Company, which is eliminated in Real estate securities, available for sale, measured at fair value Repurchase agreements - real estate securities in the consolidated balance sheet as of December 31, 2022 (dollars in thousands): December 31, 2022 Amount Outstanding Accrued Collateral Carrying Amount 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 Agency 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, 2021-FL6 Issuer, 2021-FL7 Issuer, 2022-FL8 Issuer, 2022-FL9 Issuer and 2023-FL10 Issuer (collectively the "CLOs"), as of December 31, 2023 and December 31, 2022: December 31, 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 54 Term SOFR 1.43 % $ 584,500 $ 558,040 $ 673,289 3/15/2036 2021-FL7 Issuer 40 Term SOFR 1.64 % 722,250 720,000 864,079 12/21/2038 2022-FL8 Issuer 46 AVG SOFR 1.72 % 960,000 960,000 1,184,931 2/15/2037 2022-FL9 Issuer 51 Term SOFR 2.80 % 670,637 670,639 800,638 5/15/2039 2023-FL10 Issuer 27 Term SOFR 2.57 % 717,243 689,294 895,525 9/15/2035 $ 3,654,630 $ 3,597,973 $ 4,418,462 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 converted 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 (3) Excludes $495.0 million and $453.4 million, respectively, of CLO notes, held by the Company, which are eliminated in Collateralized loan obligations in the consolidated balance sheet as of December 31, 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 December 31, 2023 and 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. Assets (dollars in thousands) December 31, 2023 December 31, 2022 Cash and cash equivalents (1) $ 55,914 $ 43,246 Commercial mortgage loans, held for investment, net (2) 4,379,760 $ 3,942,918 Accrued interest receivable 23,927 $ 15,444 Total Assets $ 4,459,601 $ 4,001,608 Liabilities Notes payable (3)(4) $ 4,092,971 $ 3,601,102 Accrued interest payable 15,171 $ 10,582 Total Liabilities $ 4,108,142 $ 3,611,684 ________________________ (1) Includes $55.1 million and $42.5 million of cash held by the servicer related to CLOs as of December 31, 2023 and 2022, respectively. (2) The balance is presented net of allowance for credit losses of $32.6 million and $13.2 million as of December 31, 2023 and 2022, respectively. (3) Includes $495.0 million and $453.4 million of CLO notes, held by the Company, which are eliminated in Collateralized loan obligation in the consolidated balance sheets as of December 31, 2023 and 2022, respectively. (4)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2023, 2022 and 2021 (dollars in thousands, except share and per share data): Year Ended December 31, Numerator 2023 2022 2021 Net income/(loss) $ 144,509 $ 14,215 $ 25,702 Net (income)/loss from non-controlling interest 706 216 — Less: Preferred stock dividends 26,993 41,741 33,587 Net income/(loss) attributable to common stock 118,222 (27,310) (7,885) Less: Participating securities' share in earnings 1,162 — — Net income/(loss) attributable to common shareholders (for basic and diluted earnings per share) $ 117,060 $ (27,310) $ (7,885) Year Ended December 31, Denominator 2023 2022 2021 Weighted-average common shares outstanding for basic earnings per share 82,307,970 71,628,365 43,419,209 Effect of dilutive shares (1) : Unvested restricted shares and stock units — — 15,251 Weighted-average common shares outstanding for diluted earnings per share 82,307,970 71,628,365 43,434,731 Basic earnings per share $ 1.42 $ (0.38) $ (0.18) Diluted earnings per share $ 1.42 $ (0.38) $ (0.18) ________________________ (1) The effect of the weighted average dilutive shares excluded restricted shares and restricted stock units for the years ended December 31, 2023 and 2022 of 191,324 and 476,653, respectively, as the effect was anti-dilutive. Additionally, the effect of the weighted average dilutive shares excluded the common equivalent of convertible preferred shares for the year-ended December 31, 2023 and 2022 of 5,385,254 and 17,521,845, respectively, as the effect was anti-dilutive.

Redeemable Convertible Prefer_2

Redeemable Convertible Preferred Stock and Equity Transactions (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of Shares Outstanding	The following table presents the summary of the Company's outstanding shares of redeemable convertible preferred stock, perpetual preferred stock, and common stock as of December 31, 2023 and 2022 (in thousands, except share and per share amounts): Balance as of Shares Outstanding as of Fourth Quarter 2023 Dividend Per Share (1) December 31, 2023 December 31, 2022 December 31, 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) $ 820 $ 826 82,751,913 82,992,784 $ 0.355 ________________________ (1) As declared by the Company's board of directors. (2) On January 10, 2024, the Series H Preferred Stock was amended such that the mandatory conversion date was extended by one year, to January 21, 2025. 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 21, 2025. 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 2024, 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) During the year ended December 31, 2023, the Company repurchased 1,026,105 shares of Common Stock at a net average price of $12.19 per share, for a total of $12.5 million. All of these shares were retired upon settlement, reducing the total outstanding shares as of December 31, 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 year ended December 31, 2023 (in thousands, except share amounts): Year Ended December 31, 2023 Shares Amount (1)(2) Beginning of period, authorized repurchase amount $ 48,421 Repurchases paid 1,026,105 (12,504) Remaining as of December 31, 2023 $ 35,917 ________________________ (1) For the year ended December 31, 2023, the net average purchase price was 12.19 per share. (2) Amount includes commissions paid associated with share repurchases.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Unfunded Commitments Under Commercial Mortgage Loans	As of December 31, 2023 and 2022, the Company had the below unfunded commitments to the Company's borrowers (dollars in thousands): Funding Expiration December 31, 2023 December 31, 2022 2023 $ 9,694 (1) $ 73,921 2024 117,411 312,009 2025 131,579 70,429 2026 28,525 8,579 2027 and beyond 684 1,050 $ 287,893 $ 465,988 ________________________ (1) The balance relates to four loans that are subject to modification as of December 31, 2023.

Related Party Transactions an_2

Related Party Transactions and Arrangements (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2023, 2022 and 2021 and the associated payable as of December 31, 2023 and 2022 (dollars in thousands): Year Ended December 31, Payable as of December 31, 2023 2022 2021 2023 2022 Acquisition expenses (1) $ 1,241 $ 1,360 $ 1,203 $ — $ — Administrative services expenses 14,440 12,928 7,658 3,447 3,526 Asset management and subordinated performance fee 33,847 26,157 28,110 15,014 8,843 Other related party expenses (2)(3) 1,192 875 355 855 3,060 Total related party fees and reimbursements $ 50,720 $ 41,320 $ 37,326 $ 19,316 $ 15,429 ________________________ (1) Total acquisition fees and expenses paid during the years ended December 31, 2023, 2022 and 2021 were $5.8 million, $11.7 million and $15.0 million respectively, of which $4.6 million, $10.3 million and $13.8 million were capitalized in Commercial mortgage loans, held for investment and Real estate securities, available for sale, measured at fair value in the consolidated balance sheets for the years ended December 31, 2023, 2022 and 2021. (2) These are related to reimbursable costs incurred related to the increase in loan origination activities and are included in Other expenses in the consolidated statements of operations. (3) As of December 31, 2023 and December 31, 2022, the related party payables include $0.7 million and $2.9 million of payments made by the Advisor to third party vendors on behalf of the Company.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Restricted Stock and RSU Activity	Restricted Stock and RSU activity issued under the RSP and 2021 Incentive Plan for the years ended December 31, 2023 and 2022 are summarized below: Shares Outstanding Fourth Quarter 2023 Weighted Average Grant Date Fair Value For the Years Ended December 31, 2023 December 31, 2022 RSP 2021 Incentive Plan RSP 2021 Incentive Plan Unvested equity awards outstanding at beginning of period 20,934 492,107 11,184 — $ 14.11 Grants — 481,189 28,143 492,107 14.20 Forfeitures — — — — — Vested (20,934) (164,039) (18,393) — 14.34 Unvested equity awards outstanding at end of period — 809,257 20,934 492,107 $ 14.11

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2023 and 2022 (dollars in thousands). The Company did not have any liabilities carried at fair value as of December 31, 2023. December 31, 2023 Total Level I Level II Level III Assets, at fair value Real estate securities, available for sale, measured at fair value $ 242,569 $ — $ 242,569 $ — Total assets, at fair value $ 242,569 $ — $ 242,569 $ — 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 Credit default swaps 234 — 234 — Interest rate swaps 90 — 90 — Treasury note futures 91 91 — — Total assets, at fair value $ 472,727 $ 91 $ 221,349 $ 251,287 Liabilities, at fair value Credit default swaps $ 64 $ — $ 64 $ — Total liabilities, at fair value $ 64 $ — $ 64 $ — December 31, 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 loan, held for sale 3,873 — Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments 44 — Trading gain/(loss) — (605) Originations 102,500 — Sales / paydowns (121,976) (235,123) Transfers out of Level III (1) — — Ending balance, December 31, 2023 $ — $ — ________________________ (1) There were no transfers in or out of Level III as of December 31, 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 loan, 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) — Originations 366,692 — — Sales / paydowns (387,698) (4,211,923) (2,045) Transfers out of Level III (1) — — — Ending balance, December 31, 2022 $ 15,559 $ 235,728 $ — ________________________ (1) Transfers into Level III include transfers related to ARM Agency Securities transferred from Level II. There were no transfers out of Level III as of December 31, 2022.
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques	The following table contains the Level III inputs used to value assets and liabilities on a recurring and nonrecurring basis or where the Company discloses fair value as of December 31, 2022. The Company did not hold any applicable positions as of December 31, 2023. 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 Company's financial assets and liabilities that are not reported at fair value in the consolidated balance sheets are reported below as of December 31, 2023 and 2022 (dollars in thousands): December 31, 2023 December 31, 2022 Level Carrying Amount Fair Value Level Carrying Amount Fair Value Commercial mortgage loans, held for investment (1) Asset III $ 5,036,942 $ 5,010,580 III $ 5,269,776 $ 5,278,495 Collateralized loan obligation (2) Liability II 3,567,166 3,521,274 III 3,121,983 3,055,810 Mortgage note payable Liability III 23,998 23,998 III 23,998 23,998 Other financings Liability III 36,534 36,534 III 76,301 76,301 Unsecured debt Liability III 81,295 64,900 III 98,695 66,300 ________________________ (1) The carrying value is gross of $47.2 million and $40.8 million of allowance for credit losses as of December 31, 2023 and 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)	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Assets at Fair Value	The following derivative instruments were outstanding as of December 31, 2022 (dollars in thousands): Fair Value Contract type Notional Assets Liabilities As of December 31, 2022 Credit default swaps $ 18,000 $ 234 $ 64 Interest rate swaps 9,800 90 — Treasury note futures 3,500 91 — Total $ 31,300 $ 415 $ 64
Schedule of Derivative Liabilities at Fair Value	The following derivative instruments were outstanding as of December 31, 2022 (dollars in thousands): Fair Value Contract type Notional Assets Liabilities As of December 31, 2022 Credit default swaps $ 18,000 $ 234 $ 64 Interest rate swaps 9,800 90 — Treasury note futures 3,500 91 — Total $ 31,300 $ 415 $ 64
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 the consolidated statements of operations for the year ended December 31, 2023, 2022 and 2021: Year Ended Year Ended Year Ended Contract type Unrealized Realized Unrealized Realized Unrealized Realized Credit default swaps $ 41 $ (36) $ 147 $ (405) $ 101 $ (650) Interest rate swaps (90) 672 (15,954) 59,499 7,070 (70) Treasury note futures (91) 362 (33) 939 231 1,478 Options — — — — — (274) Total $ (140) $ 998 $ (15,840) $ 60,033 $ 7,402 $ 484

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2023 and 2022 (dollars in thousands): Gross Amounts Not Offset on the Balance Sheet Assets (1) 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 (2) Net Amount December 31, 2022 Derivative instruments, at fair value $ 415 $ — $ 415 $ — $ — $ 415 Gross Amounts Not Offset on the Balance Sheet Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Balance Sheet Net Amount of Assets Presented on the Balance Sheet Financial Instruments Cash Collateral (2) Net Amount December 31, 2023 Repurchase agreements, commercial mortgage loans $ 299,707 $ — $ 299,707 $ 299,707 $ — $ — Repurchase agreements, real estate securities 174,055 — 174,055 174,055 — — 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) As of December 31, 2023, there were no assets which were presented gross within the scope of ASC 210-20, Balance Sheet—Offsetting . (2) Included in Restricted cash in the consolidated balance sheets.
Offsetting Liabilities	The table below provides a gross presentation, the effects of offsetting and a net presentation of the Company's derivative instruments and repurchase agreements within the scope of ASC 210-20, Balance Sheet—Offsetting , as of December 31, 2023 and 2022 (dollars in thousands): Gross Amounts Not Offset on the Balance Sheet Assets (1) 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 (2) Net Amount December 31, 2022 Derivative instruments, at fair value $ 415 $ — $ 415 $ — $ — $ 415 Gross Amounts Not Offset on the Balance Sheet Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Balance Sheet Net Amount of Assets Presented on the Balance Sheet Financial Instruments Cash Collateral (2) Net Amount December 31, 2023 Repurchase agreements, commercial mortgage loans $ 299,707 $ — $ 299,707 $ 299,707 $ — $ — Repurchase agreements, real estate securities 174,055 — 174,055 174,055 — — 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) As of December 31, 2023, there were no assets which were presented gross within the scope of ASC 210-20, Balance Sheet—Offsetting . (2) Included in Restricted cash in the consolidated balance sheets.

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Summary of Operations by Segment	The following table represents the Company's operations by segment for the years ended December 31, 2023, 2022 and 2021 (dollars in thousands): December 31, 2023 Total Real Estate Debt and Other Real Estate Investments Real Estate Securities TRS Real Estate Owned Interest income $ 552,506 $ 530,116 $ 17,323 $ 2,244 $ 2,823 Revenue from real estate owned 17,021 — — — 17,021 Interest expense 305,577 288,327 14,118 1,150 1,982 Net income/(loss) 144,509 153,655 1,921 (10,506) (561) Total assets as of December 31, 2023 5,955,180 5,372,371 245,949 66,503 270,357 December 31, 2022 Interest income $ 357,705 $ 320,546 $ 30,203 $ 6,956 $ — Revenue from real estate owned 9,655 — — — 9,655 Interest expense 160,526 146,493 11,203 1,643 1,187 Net income/(loss) 14,215 78,252 (69,155) 2,736 2,382 Total assets as of December 31, 2022 6,203,601 5,444,152 474,231 63,307 221,911 December 31, 2021 Interest income $ 216,890 $ 189,090 $ 24,740 $ 3,060 $ — Revenue from real estate owned 4,759 — — — 4,759 Interest expense 56,193 50,132 3,682 992 1,387 Net income/(loss) 25,702 86,863 (85,381) 13,149 11,071 Total assets as of December 31, 2021 9,474,701 4,205,883 5,054,394 72,840 141,584

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Components of Provision for Income Taxes	Components of the provision for income taxes consist of the following (dollars in thousands): Year Ended December 31, 2023 2022 2021 Current (provision)/benefit for income taxes U.S. Federal $ (12) $ 65 $ (3,093) State and local (1) 167 (349) Total current (provision)/benefit for income taxes $ (13) $ 232 $ (3,442) Deferred (provision)/benefit for income taxes U.S. Federal $ 2,670 $ 99 $ 1 State and local 100 68 (158) Total deferred (provision)/benefit for income taxes $ 2,770 $ 167 $ (157) Total (provision)/benefit for income taxes $ 2,757 $ 399 $ (3,599)

Organization and Business Ope_2

Organization and Business Operations (Details)	Dec. 31, 2023 employee
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of employees	0

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 19, 2023 shares	Dec. 31, 2024 shares	Dec. 31, 2023 USD ($) segment $ / shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 21, 2025 shares
Conversion of Stock [Line Items]
Interest expense reclassified to realized gain/(loss) on extinguishment of debt			$ 2,201	$ (5,167)	$ (4,642)
Realized gain/(loss) on other real estate investments reclassified to gain/(loss) on other real estate investments			$ (7,089)	(692)	9,790
Minimum distribution percentage to qualify for REIT taxation status			90%
Income tax (provision)/benefit			$ 2,757	$ 399	(3,599)
Number of reportable segments | segment			4
Series E Preferred Stock
Conversion of Stock [Line Items]
Preferred stock dividend rate percentage			7.50%	7.50%
Liquidation preference (in dollars per share) | $ / shares			$ 25
Preferred stock, liquidation preference per share, per annum (in usd per share) | $ / shares			$ 1.875
Series E Preferred Stock | Minimum
Conversion of Stock [Line Items]
Preferred stock, redemption of stock for cash, notice period			30 days
Series E Preferred Stock | Maximum
Conversion of Stock [Line Items]
Preferred stock, redemption of stock for cash, notice period			60 days
Series H Preferred Stock
Conversion of Stock [Line Items]
Liquidation preference (in dollars per share) | $ / shares			$ 5,000
Rate of dividend accrual (percent)			4%
Preferred stock, affirmative voting percentage			66.67%
Series H Preferred Stock | Forecast
Conversion of Stock [Line Items]
Preferred stock converted to common stock, per share stock consideration (in shares) | shares						299.2
Maximum allowable share conversions per month (in shares) | shares		4,487
Conversion of stock, preferred stock to common stock, notice period		10 days
Series I Preferred Stock
Conversion of Stock [Line Items]
Preferred stock converted to common stock, per share stock consideration (in shares) | shares	299.2
Preferred stock converted to common stock (in shares) | shares	1,000
Restricted Stock Units (RSUs) | 2021 Incentive Plan
Conversion of Stock [Line Items]
Award vesting period			3 years
Revision of Prior Period, Reclassification, Adjustment
Conversion of Stock [Line Items]
Realized gain/(loss) on other real estate investments reclassified to gain/(loss) on other real estate investments				$ (33)	9,800
Unrealized loss on other real estate investments reclassified to gain/(loss) on other real estate investments				700	19
Collateralized Loan Obligations Issued in 2018-FL4
Conversion of Stock [Line Items]
Interest expense reclassified to realized gain/(loss) on extinguishment of debt				$ 5,200
Collateralized Loan Obligations Issued in 2018-FL3
Conversion of Stock [Line Items]
Interest expense reclassified to realized gain/(loss) on extinguishment of debt					$ 4,600

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Useful Lives (Details)	Dec. 31, 2023
Building
Property, Plant and Equipment [Line Items]
Useful life	40 years
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Useful life	15 years
Site Improvements | Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Site Improvements | Maximum
Property, Plant and Equipment [Line Items]
Useful life	25 years

Commercial Mortgage Loans - Loa

Commercial Mortgage Loans - Loans Receivable by Class (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Total gross carrying value of loans	$ 5,036,942	$ 5,269,776
Less: Allowance for credit losses	47,175	40,848
Total commercial mortgage loans, held for investment, net	4,989,767	5,228,928
General allowance for credit losses
Financing Receivable, Credit Quality Indicator [Line Items]
Less: Allowance for credit losses	47,175	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	5,017,569	5,251,464
Mezzanine loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total gross carrying value of loans	$ 19,373	$ 18,312

Commercial Mortgage Loans - Com

Commercial Mortgage Loans - Commercial Mortgage Loan Portfolio, Held-For-Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Provision for Credit Losses
Allowance for credit losses, beginning of period	$ (40,848)
(Provision)/benefit for credit losses	(33,738)	$ (36,115)	$ 5,192
Allowance for credit losses, end of period	(47,175)	(40,848)
Total commercial mortgage loans, held for investment, net	4,989,767	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	(47,175)	(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	(14,224)
Commercial Mortgage Receivable, Held-For-Investment
Amortized Cost
Amortized cost, beginning of period	5,269,776	4,226,888
Acquisitions and originations	941,513	2,247,613
Principal repayments	(1,076,532)	(1,109,769)
Net fees capitalized into carrying value of loans	(5,242)	(13,775)
Discount accretion/premium amortization	13,016	12,614
Loans transferred from/(to) commercial real estate loans, held for sale	0	(9,296)
Transfer to real estate owned	(103,863)	(80,460)
Cost recovery	(1,726)	(4,039)
Amortized cost, end of period	5,036,942	5,269,776	4,226,888
Provision for Credit Losses
Allowance for credit losses, beginning of period	(40,848)	(15,827)
Allowance for credit losses, end of period	(47,175)	(40,848)	$ (15,827)
Total commercial mortgage loans, held for investment, net	4,989,767	5,228,928
Commercial Mortgage Receivable, Held-For-Investment | General (provision)/benefit for credit losses
Provision for Credit Losses
(Provision)/benefit for credit losses	(20,551)	(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			12 Months Ended
	Feb. 28, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) rating loan	Dec. 31, 2022 USD ($) rating loan	Dec. 31, 2021 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses					$ 33,738	$ 36,115	$ (5,192)
Amortized cost					5,036,942	5,269,776
Commercial mortgage loans, held for investment, net					$ 4,989,767	$ 5,228,928
Initial risk rating | rating					2	2
Weighted average risk rating of loans | rating					2.3	2.2
Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses					$ 33,738	$ 36,115
Commercial Portfolio Segment | Fully Committed Status to Committed Status
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cost recovery		$ 1,100
Commercial mortgage loans, held for investment, net		$ 20,300
Specific allowance for credit losses | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses					12,334	25,281
Specific allowance for credit losses | Commercial Portfolio Segment | Fully Committed Status to Committed Status
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses			$ 11,900
Allowance for credit losses, writeoff			$ 11,900
General allowance for credit losses | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses					$ 21,404	10,834
Retail | Specific allowance for credit losses | Nonperforming Financial Instruments | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses						$ 14,200
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan					144	161
Commercial mortgage loans, held for investment, net					$ 4,989,767	$ 5,228,928
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost					5,036,942	5,269,776
Commercial mortgage loans, held for investment, net					4,989,767	$ 5,228,928
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | 90 or more days past due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost					$ 63,389
Commercial Mortgage Receivable, Held-For-Investment | Nonperforming Financial Instruments | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan					2	2
Loans in default					$ 78,185	$ 117,379	$ 57,075
Commercial Mortgage Receivable, Held-For-Investment | Specific allowance for credit losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses					12,334	25,281
Commercial Mortgage Receivable, Held-For-Investment | General allowance for credit losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses					$ 20,551	10,797
Commercial Mortgage Receivable, Held-For-Investment | Retail | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value of loan						46,100
Cost recovery				$ 700
Commercial Mortgage Receivable, Held-For-Investment | Retail | Nonperforming Financial Instruments | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding principal balance of loan						63,600
Commercial Mortgage Receivable, Held-For-Investment | Retail | Specific allowance for credit losses | Nonperforming Financial Instruments | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision/(benefit) for credit losses				800
Allowance for credit losses, writeoff				$ 15,100
Commercial Mortgage Receivable, Held-For-Investment | Multifamily | Nonperforming Financial Instruments | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan					2
Amortized cost					$ 42,200
Senior loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost					5,017,569	5,251,464
Senior loans | Commercial Portfolio Segment | Fully Committed Status to Committed Status
Accounts, Notes, Loans and Financing Receivable [Line Items]
Restructured loan	$ 37,300
Amortized cost	25,000
Mezzanine loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost					19,373	$ 18,312
Mezzanine loans | Commercial Portfolio Segment | Fully Committed Status to Committed Status
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 10,100
Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan						2
Amortized cost					0	$ 15,625
Commercial Mortgage Receivable, Held-For-Sale | Commercial Portfolio Segment | 90 or more days past due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost						0
Commercial Mortgage Receivable, Held-For-Sale | Nonperforming Financial Instruments | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans in default						0
Commercial Mortgage Receivable, Held-For-Sale | Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost					$ 0	$ 12,000

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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 5,045,036	$ 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	$ 1,989,175	$ 2,229,756
Southeast | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	39.40%	42.20%
Southwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 1,920,491	$ 1,763,492
Southwest | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	38.10%	33.30%
Mideast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 455,739	$ 706,192
Mideast | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	9%	13.40%
Great Lakes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 161,059	$ 162,162
Great Lakes | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	3.20%	3.10%
Far West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 113,554	$ 234,891
Far West | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	2.30%	4.40%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 405,018	$ 192,481
Other | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	8%	3.60%
Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 3,876,108	$ 4,030,975
Multifamily | Customer Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	76.80%	76.10%
Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 670,274	$ 510,566
Hospitality | Customer Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	13.30%	9.70%
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 269,924	$ 405,705
Office | Customer Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	5.40%	7.70%
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 73,724	$ 93,035
Industrial | Customer Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	1.50%	1.80%
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%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 121,006	$ 128,676
Other | Customer Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	2.30%	2.40%

Commercial Mortgage Loans - All

Commercial Mortgage Loans - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 40,848
Provision/(Benefit)	33,738	$ 36,115	$ (5,192)
Ending balance	47,175	40,848
Commercial Portfolio Segment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	41,128	16,070
Provision/(Benefit)	33,738	36,115
Write offs	(26,558)	(11,057)
Ending balance	48,308	41,128	16,070
Specific Allowance for Credit Losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	14,224
Ending balance	0	14,224
Specific Allowance for Credit Losses | Commercial Portfolio Segment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	14,224	0
Provision/(Benefit)	12,334	25,281
Write offs	(26,558)	(11,057)
Ending balance	0	14,224	0
General Allowance for Credit Losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	26,624
Ending balance	47,175	26,624
General Allowance for Credit Losses | Commercial Portfolio Segment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	26,904	16,070
Provision/(Benefit)	21,404	10,834
Write offs	0	0
Ending balance	48,308	26,904	16,070
General Allowance for Credit Losses | Commercial Portfolio Segment | Funded
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	26,624	15,827
Provision/(Benefit)	20,551	10,797
Write offs	0	0
Ending balance	47,175	26,624	15,827
General Allowance for Credit Losses | Commercial Portfolio Segment | Unfunded
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	280	243
Provision/(Benefit)	853	37
Write offs	0	0
Ending balance	$ 1,133	$ 280	$ 243

Commercial Mortgage Loans - Pas

Commercial Mortgage Loans - Past Due (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Amortized cost basis	$ 5,036,942	$ 5,269,776
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Past Due [Line Items]
Amortized cost basis	5,036,942	$ 5,269,776
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Current
Financing Receivable, Past Due [Line Items]
Amortized cost basis	4,837,414
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Less than 90 days past due
Financing Receivable, Past Due [Line Items]
Amortized cost basis	136,139
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 90 or more days past due
Financing Receivable, Past Due [Line Items]
Amortized cost basis	63,389
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 90 or more days past due | Self Storage | Senior Debt 12
Financing Receivable, Past Due [Line Items]
Amortized cost basis	27,400
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 90 or more days past due | Multifamily | Senior Debt 93
Financing Receivable, Past Due [Line Items]
Amortized cost basis	$ 35,900

Commercial Mortgage Loans - Non

Commercial Mortgage Loans - Non-Performing Status (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)
Non-Performing Financial Instruments [Roll Forward]
Allowance for credit losses	$ 47,175	$ 40,848
Specific allowance for credit losses
Non-Performing Financial Instruments [Roll Forward]
Allowance for credit losses	$ 0	$ 14,224
Commercial Mortgage Receivable, Held-For-Investment
Non-Performing Financial Instruments [Roll Forward]
Number of loans | loan	144	161
Allowance for credit losses	$ 47,175	$ 40,848	$ 15,827
Commercial Portfolio Segment
Non-Performing Financial Instruments [Roll Forward]
Allowance for credit losses	48,308	41,128	16,070
Commercial Portfolio Segment | Specific allowance for credit losses
Non-Performing Financial Instruments [Roll Forward]
Allowance for credit losses	0	14,224	$ 0
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Non-Performing Financial Instruments [Roll Forward]
Allowance for credit losses	47,175	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	118,647	60,304
Less: Removal of non-performing loan amortized cost	157,841	0
Non-performing loan amortized cost end of period	$ 78,185	$ 117,379
Number of loans | loan	2	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 losses	$ 0

Commercial Mortgage Loans - A_2

Commercial Mortgage Loans - Allocation by Risk Rating (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost	$ 5,036,942	$ 5,269,776
Amortized Cost by Year of Origination
Total Amortized Cost	5,036,942	5,269,776
Allowance for credit losses	(47,175)	(40,848)
Total commercial mortgage loans, held for investment, net	$ 4,989,767	$ 5,228,928
Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	144	161
Amortized Cost by Year of Origination
Allowance for credit losses	$ (47,175)	$ (40,848)	$ (15,827)
Total commercial mortgage loans, held for investment, net	4,989,767	5,228,928
Commercial Portfolio Segment
Amortized Cost by Year of Origination
Allowance for credit losses	(48,308)	(41,128)	$ (16,070)
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost	5,036,942	5,269,776
Amortized Cost by Year of Origination
Year one, originated in current fiscal year	696,607	1,871,300
Year two, originated in prior fiscal year one	1,671,346	2,650,827
Year three, originated in prior fiscal year two	2,280,104	388,280
Year four, originated in prior fiscal year three	180,206	170,304
Year five, original in prior fiscal year four	116,583	110,198
Prior	92,096	78,867
Total Amortized Cost	5,036,942	5,269,776
Allowance for credit losses	(47,175)	(40,848)
Total commercial mortgage loans, held for investment, net	$ 4,989,767	$ 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]
Amortized cost	$ 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]
Amortized cost	$ 3,890,424	$ 4,768,220
Amortized Cost by Year of Origination
Year one, originated in current fiscal year	694,228	1,778,691
Year two, originated in prior fiscal year one	1,256,509	2,483,120
Year three, originated in prior fiscal year two	1,724,734	315,269
Year four, originated in prior fiscal year three	105,477	115,673
Year five, original in prior fiscal year four	73,743	75,467
Prior	35,734	0
Total Amortized Cost	$ 3,890,424	$ 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	77.20%	90.60%
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 3
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost	$ 874,811	$ 280,785
Amortized Cost by Year of Origination
Year one, originated in current fiscal year	2,379	0
Year two, originated in prior fiscal year one	273,097	167,707
Year three, originated in prior fiscal year two	468,244	36,655
Year four, originated in prior fiscal year three	74,729	54,631
Year five, original in prior fiscal year four	0	0
Prior	56,362	21,792
Total Amortized Cost	$ 874,811	$ 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	17.40%	5.30%
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 4
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost	$ 271,707	$ 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	141,740	0
Year three, originated in prior fiscal year two	87,126	36,356
Year four, originated in prior fiscal year three	0	0
Year five, original in prior fiscal year four	42,840	34,731
Prior	0	57,075
Total Amortized Cost	$ 271,707	$ 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	5.40%	3%
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 5
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost	$ 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	144	161
Amortized cost	$ 5,045,036	$ 5,288,974
Amortized Cost by Year of Origination
Total Amortized Cost	$ 5,045,036	$ 5,288,974
Commercial Mortgage Receivable, Held-For-Investment | 1
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	0	0
Amortized cost	$ 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	111	141
Amortized cost	$ 3,897,680	$ 4,783,568
Amortized Cost by Year of Origination
Total Amortized Cost	$ 3,897,680	$ 4,783,568
Commercial Mortgage Receivable, Held-For-Investment | 3
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	27	15
Amortized cost	$ 875,449	$ 281,071
Amortized Cost by Year of Origination
Total Amortized Cost	$ 875,449	$ 281,071
Commercial Mortgage Receivable, Held-For-Investment | 4
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	6	4
Amortized cost	$ 271,907	$ 160,695
Amortized Cost by Year of Origination
Total Amortized Cost	$ 271,907	$ 160,695
Commercial Mortgage Receivable, Held-For-Investment | 5
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	0	1
Amortized cost	$ 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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 5,036,942	$ 5,269,776
Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	0	15,625
Commercial Mortgage Receivable, Held-For-Sale | Southeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 0	$ 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	0%	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	0%	100%
Retail | Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 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]
Amortized cost	$ 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	12 Months Ended
	Dec. 31, 2023 USD ($) position	Dec. 31, 2022 USD ($) position	Dec. 31, 2021 USD ($)
Debt Securities, Available-for-sale [Line Items]
Real estate securities, trading, measured at fair value	$ 0	$ 235,728
Proceeds from principal paydowns on debt securities, trading	17,600	480,200
Proceeds from sale of debt securities, trading	218,200	3,800,000
Net trading losses	$ 605	$ 119,220	$ 36,128
CRE CLO Bonds
Debt Securities, Available-for-sale [Line Items]
Number of positions with net unrealized gain (loss) period less than 12 months | position	7	7
Amortized cost	$ 243,272	$ 220,635
Net unrealized gain (loss) on CLO bonds	$ (700)	$ 390
Number of positions with gross unrealized loss period less than 12 months | position	5	3
Gross unrealized loss on CLO bonds	$ 800	$ 440
Number of positions in unrealized loss position 12 months or longer | position	0	0
Fair value of securities in an unrealized loss position	$ 184,200	$ 113,700

Real Estate Securities - Summar

Real Estate Securities - Summary of RMBS (Details) - USD ($) $ in Thousands	Dec. 31, 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	12 Months Ended
	Dec. 31, 2023 USD ($) bond	Dec. 31, 2022 USD ($) bond
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 242,569	$ 221,025
CRE CLO Bonds
Debt Securities, Available-for-sale [Line Items]
Number of Bonds | bond	7	7
Weighted Average Interest Rate	8.12%	7.55%
Weighted Average Contractual Maturity (years)	12 years 2 months 12 days	15 years 4 months 24 days
Par Value	$ 243,340	$ 221,000
Fair Value	$ 242,569	$ 221,025

Real Estate Securities - Amorti

Real Estate Securities - Amortized Cost and Fair Value of CLO Bonds (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 242,569	$ 221,025
CRE CLO Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	243,272	220,635
Credit Loss Allowance	0	0
Unrealized Gain	74	833
Unrealized (Loss)	(777)	(443)
Fair Value	$ 242,569	$ 221,025

Real Estate Owned - Summary of

Real Estate Owned - Summary of Real Estate Owned, Held For Investment (Details) $ in Thousands	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property
Real Estate [Line Items]
Accumulated Depreciation	$ (5,216)	$ (2,992)
Real Estate Owned, net	115,830	127,772
Land
Real Estate [Line Items]
Real estate owned, gross	21,533	12,541
Building and Improvements
Real Estate [Line Items]
Real estate owned, gross	96,400	115,295
Furniture, Fixtures and Equipment
Real Estate [Line Items]
Real estate owned, gross	3,113	2,928
Industrial | Jeffersonville, GA
Real Estate [Line Items]
Accumulated Depreciation	(5,179)	(2,877)
Real Estate Owned, net	85,444	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	(13)
Real Estate Owned, net	18,531
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	2,065
Office | Portland, OR | Furniture, Fixtures and Equipment
Real Estate [Line Items]
Real estate owned, gross	0
Multifamily | Lubbock, TX
Real Estate [Line Items]
Accumulated Depreciation	(24)
Real Estate Owned, net	11,855
Multifamily | Lubbock, TX | Land
Real Estate [Line Items]
Real estate owned, gross	1,618
Multifamily | Lubbock, TX | Building and Improvements
Real Estate [Line Items]
Real estate owned, gross	10,076
Multifamily | Lubbock, TX | Furniture, Fixtures and Equipment
Real Estate [Line Items]
Real estate owned, gross	$ 185
Retail | Various
Real Estate [Line Items]
Accumulated Depreciation		(115)
Real Estate Owned, net		$ 40,026
Retail | Various | Franklin BSP Realty Trust, Inc | Walgreens JV
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	12 Months Ended
	Sep. 30, 2023 USD ($) property	Sep. 30, 2023 USD ($) property	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) borrower agreement property	Dec. 31, 2021 USD ($)	Nov. 30, 2022 property	Apr. 30, 2022 property
Real Estate [Line Items]
Depreciation expense			$ 3,300	$ 2,400
Amortized cost			5,036,942	5,269,776
Realized loss on sale of commercial mortgage loans, held for sale			0	354	$ (26)
Commercial mortgage loans, held for investment, net			4,989,767	5,228,928
Loss on other real estate investments			$ 7,089	$ 692	$ (9,790)
Walgreens JV | Retail
Real Estate [Line Items]
Number of retail properties | property	1	1
Walgreens JV | Retail | Various
Real Estate [Line Items]
Number of retail properties | property	23	23	23			24	24
Loss on other real estate investments	$ 22
Impairment loss on real estate held for sale		$ 4,000
Walgreens JV | Retail | Various | Franklin BSP Realty Trust, Inc
Real Estate [Line Items]
Number of lease properties acquired through foreclosures | property			24	10
Period increase in number of lease properties acquired through foreclosures | property			14
Commercial Mortgage Receivable, Held-For-Sale
Real Estate [Line Items]
Amortized cost			$ 0	$ 15,625
Commercial Mortgage Receivable, Held-For-Sale | Retail
Real Estate [Line Items]
Amortized cost			$ 0	$ 12,000
Voluntary Transfers | Commercial Mortgage Receivable, Held-For-Sale
Real Estate [Line Items]
Voluntary transfer agreements, number of borrowers | borrower				2
Amortized cost				$ 36,900
Number of agreements qualifying as TDR | agreement				1
Realized loss on sale of commercial mortgage loans, held for sale				$ 400
Unrealized loss on real estate owned, held for sale				700
Commercial mortgage loans, held for investment, net				$ 36,500
Number of retail properties | property			2
Consideration for sale of property			$ 34,800
Loss on other real estate investments			$ 3,300

Real Estate Owned - Summary o_2

Real Estate Owned - Summary of Real Estate Owned, Held For Sale (Details) - USD ($) $ in Thousands	Dec. 31, 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 Lease Asset

Leases - Intangible Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Identified intangible assets:
Gross amount	$ 49,285	$ 58,542
Accumulated amortization	(6,492)	(3,711)
Total, net	42,793	54,831
Identified intangible liabilities:
Gross amount	0	6,507
Accumulated amortization	0	(79)
Total, net	$ 0	$ 6,428

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Rental income	$ 17.9	$ 9.6
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenue from real estate owned	Revenue from real estate owned
Weighted average life of intangible assets	14 years 9 months 18 days
Amortization expense	$ 3.8	$ 3
Amortization of acquired below (above) market leases, net of acquired above-market leases that decreased (increased) rental revenues	$ 0.9	$ (0.1)

Leases - Future Minimum Payment

Leases - Future Minimum Payments to be Received (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 8,616
2025	8,374
2026	8,539
2027	8,710
2028	8,884
2029 and beyond	97,388
Total future minimum rent	$ 140,511

Leases - Schedule of Expected A

Leases - Schedule of Expected Amortization Expense (Details) - Other Identified Intangible Assets $ in Thousands	Dec. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
2024	$ 2,880
2025	2,880
2026	2,880
2027	2,880
2028	$ 2,880

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details)				3 Months Ended	12 Months Ended
	Jan. 04, 2024 USD ($)	Oct. 25, 2023 USD ($) extension	Jul. 27, 2023	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) extension agreement	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 03, 2024 USD ($)	Oct. 24, 2023 USD ($)	Oct. 12, 2023 USD ($)	Sep. 30, 2021 USD ($)	Sep. 17, 2021 USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Unsecured debt, amount outstanding					$ 81,295,000	$ 98,695,000
Interest Expense					305,577,000	$ 160,526,000	$ 56,193,000
Ending Weighted Average Interest Rate						4.30%
Interest expense reclassified to realized gain on extinguishment of debt					2,201,000	$ (5,167,000)	$ (4,642,000)
Secured debt
Assets Sold under Agreements to Repurchase [Line Items]
Repo and revolving credit facilities, commercial mortgage loans, capacity					2,475,000,000	2,350,000,000
Repo and revolving credit facilities, commercial mortgage loans, amount outstanding					299,707,000	680,859,000
Interest Expense					$ 51,170,000	$ 38,205,000
Ending Weighted Average Interest Rate					7.70%	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
Interest Expense					$ 1,982,000	$ 1,185,000
Ending Weighted Average Interest Rate					8.48%	7.32%
Mortgage note payable | Industrial | Jeffersonville, GA
Assets Sold under Agreements to Repurchase [Line Items]
Face amount of debt												$ 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]
Face amount of debt											$ 88,700,000	$ 88,700,000
Other Financing
Assets Sold under Agreements to Repurchase [Line Items]
Debt related to REO and other financings, amount outstanding					$ 36,534,000	$ 76,301,000
Interest Expense					$ 5,330,000	$ 3,069,000
Ending Weighted Average Interest Rate					7.36%	6.17%
Number of note-on-note financings | agreement					3
Unsecured Debt
Assets Sold under Agreements to Repurchase [Line Items]
Unsecured debt, amount outstanding					$ 81,295,000	$ 98,695,000
Interest Expense					$ 7,658,000	$ 5,623,000
Ending Weighted Average Interest Rate					8.99%	8.34%
Interest paid on unsecured debt					$ 7,700,000	$ 5,700,000
Unsecured Debt | Junior Subordinated Notes, Maturing in October 2035
Assets Sold under Agreements to Repurchase [Line Items]
Unsecured debt, amount outstanding					17,047,000	34,508,000
Interest Expense					$ 1,940,000	$ 2,046,000
Ending Weighted Average Interest Rate					9.15%	8.25%
Face amount of debt				$ 17,500,000
Interest expense reclassified to 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					39,550,000	$ 39,513,000
Interest Expense					$ 3,519,000	$ 2,202,000
Ending Weighted Average Interest Rate					8.95%	8.39%
Unsecured Debt | Junior Subordinated Notes, Maturing in September 2036
Assets Sold under Agreements to Repurchase [Line Items]
Unsecured debt, amount outstanding					$ 24,698,000	$ 24,674,000
Interest Expense					$ 2,199,000	$ 1,375,000
Ending Weighted Average Interest Rate					8.95%	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
Repo and revolving credit facilities, commercial mortgage loans, amount outstanding					108,574,000	275,423,000
Interest Expense					$ 22,401,000	$ 11,773,000
Ending Weighted Average Interest Rate					7.90%	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
Repo and revolving credit facilities, commercial mortgage loans, amount outstanding					52,864,000	168,046,000
Interest Expense					$ 6,603,000	$ 8,676,000
Ending Weighted Average Interest Rate					7.68%	7.12%
Repo Facility | Atlas Repo Facility | Secured debt | Subsequent Event
Assets Sold under Agreements to Repurchase [Line Items]
Repo and revolving credit facilities, commercial mortgage loans, capacity	$ 350,000,000							$ 600,000,000
Extension period on initial maturity date	1 year
Repo Facility | WF Repo Facility | Secured debt
Assets Sold under Agreements to Repurchase [Line Items]
Repo and revolving credit facilities, commercial mortgage loans, capacity		$ 400,000,000			$ 400,000,000	$ 500,000,000			$ 500,000,000
Repo and revolving credit facilities, commercial mortgage loans, amount outstanding					71,730,000	79,807,000
Interest Expense					$ 9,580,000	$ 7,492,000
Ending Weighted Average Interest Rate					7.85%	7.11%
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
Repo and revolving credit facilities, commercial mortgage loans, amount outstanding					66,539,000	157,583,000
Interest Expense					$ 11,616,000	$ 8,997,000
Ending Weighted Average Interest Rate					7.22%	6.75%
Repo Facility | Churchill Repo Facility | Secured debt
Assets Sold under Agreements to Repurchase [Line Items]
Repo and revolving credit facilities, commercial mortgage loans, capacity					$ 225,000,000					$ 225,000,000
Repo and revolving credit facilities, commercial mortgage loans, amount outstanding					0
Interest Expense					30,000
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
Repo and revolving credit facilities, commercial mortgage loans, amount outstanding					0	0
Interest Expense					$ 940,000	$ 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
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

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 28, 2023	Jul. 17, 2023
Debt Instrument [Line Items]
Outstanding collateralized repurchase agreements	$ 0	$ 217,144
Secured debt, repurchase agreements, average outstanding amount		1,000,000
Interest paid on repurchase agreements	4,600	8,500
Principal Balance of Collateralized Mortgage Assets		227,610
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	3,597,973	3,147,728
Principal Balance of Collateralized Mortgage Assets	4,418,462	3,965,685
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 Collateralized Mortgage Assets		$ 378,786
U.S. Bank National Association | 2023-FL10 Issuer | Secured debt
Debt Instrument [Line Items]
Outstanding principal	689,294
Principal Balance of Collateralized Mortgage Assets	895,525		$ 896,600
U.S. Bank National Association | 2023-FL10 Issuer | Secured debt | Third Party Investors
Debt Instrument [Line Items]
Principal Balance of Collateralized Mortgage Assets			573,800
U.S. Bank National Association | 2023-FL10 Issuer | Secured debt | Subsidiary
Debt Instrument [Line Items]
Principal Balance of Collateralized Mortgage Assets			$ 322,800
Subsidiary | 2023-FL10 Issuer | Secured debt | Third Party Investors
Debt Instrument [Line Items]
Principal Balance of Collateralized Mortgage Assets	$ 115,500
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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest Expense	$ 15,383	$ 12,715
Weighted Average Interest Rate		4.30%
Real estate securities, available for sale, measured at fair value	242,569	$ 221,025
MRAs
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	174,055	222,864
Interest Expense	$ 10,323	$ 2,927
Weighted Average Interest Rate	6.25%	5.25%
Weighted Average Days to Maturity	11 days	37 days
MRAs | Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral
Assets Sold under Agreements to Repurchase [Line Items]
Collateral Pledged	$ 195,827	$ 265,529
Secured debt
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 299,707	$ 680,859
Weighted Average Interest Rate	7.70%	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]
Real estate securities, available for sale, measured at fair value	$ 27,900	$ 67,100
JP Morgan Securities LLC | MRAs
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	113,111	103,513
Interest Expense	$ 6,717	$ 1,281
Weighted Average Interest Rate	6.29%	5.34%
Weighted Average Days to Maturity	15 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	$ 127,602	$ 120,751
Wells Fargo Securities, LLC | MRAs
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	8,994
Interest Expense	$ 235
Weighted Average Interest Rate	6.14%
Weighted Average Days to Maturity	5 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	$ 9,975
Barclays Capital Inc. | MRAs
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	51,950	119,351
Interest Expense	$ 3,371	$ 1,646
Weighted Average Interest Rate	6.19%	5.18%
Weighted Average Days to Maturity	5 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	$ 58,250	$ 144,778

Debt - Repurchase Agreements, C

Debt - Repurchase Agreements, Collateral Type (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
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%
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 Agency 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%

Debt - Collateralized Loan Obli

Debt - Collateralized Loan Obligation by Tranche (Details) $ in Thousands			12 Months Ended
	Jul. 13, 2023	Mar. 05, 2021	Dec. 31, 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
Principal Balance of Collateralized Mortgage Assets				227,610
Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Weighted Average Spread		0.11448%
Lookback period spread (days)		2 days
Secured Overnight Financing Rate (SOFR) | 2021-FL6 Issuer
Debt Instrument [Line Items]
Weighted Average Spread	0.11448%
Secured Overnight Financing Rate (SOFR) | 2021-FL7 Issuer
Debt Instrument [Line Items]
Weighted Average Spread	0.11448%
Collaterized loan obligation
Debt Instrument [Line Items]
Par Value			4,092,971	3,601,102
U.S. Bank National Association | Secured debt
Debt Instrument [Line Items]
Par Value			3,654,630	3,601,586
Par Value Outstanding			3,597,973	3,147,728
Principal Balance of Collateralized Mortgage Assets			$ 4,418,462	$ 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 Collateralized Mortgage Assets				$ 378,786
U.S. Bank National Association | Secured debt | 2021-FL6 Issuer
Debt Instrument [Line Items]
Number of Loans in pool | loan			54	58
Weighted Average Spread			1.43%	1.42%
Par Value			$ 584,500	$ 584,500
Par Value Outstanding			558,040	584,500
Principal Balance of Collateralized Mortgage Assets			$ 673,289	$ 691,148
U.S. Bank National Association | Secured debt | 2021-FL7 Issuer
Debt Instrument [Line Items]
Number of Loans in pool | loan			40	39
Weighted Average Spread			1.64%	1.64%
Par Value			$ 722,250	$ 722,250
Par Value Outstanding			720,000	722,250
Principal Balance of Collateralized Mortgage Assets			$ 864,079	$ 899,729
U.S. Bank National Association | Secured debt | 2022-FL8 Issuer
Debt Instrument [Line Items]
Number of Loans in pool | loan			46	39
Weighted Average Spread			1.72%	1.72%
Par Value			$ 960,000	$ 960,000
Par Value Outstanding			960,000	960,000
Principal Balance of Collateralized Mortgage Assets			$ 1,184,931	$ 1,198,477
U.S. Bank National Association | Secured debt | 2022-FL9 Issuer
Debt Instrument [Line Items]
Number of Loans in pool | loan			51	50
Weighted Average Spread			2.80%	3.04%
Par Value			$ 670,637	$ 670,637
Par Value Outstanding			670,639	670,639
Principal Balance of Collateralized Mortgage Assets			$ 800,638	797,545
U.S. Bank National Association | Secured debt | 2023-FL10 Issuer
Debt Instrument [Line Items]
Number of Loans in pool | loan			27
Weighted Average Spread			2.57%
Par Value			$ 717,243
Par Value Outstanding			689,294
Principal Balance of Collateralized Mortgage Assets			895,525		$ 896,600
U.S. Bank National Association | Secured debt | Collaterized loan obligation
Debt Instrument [Line Items]
Collateralized loan obligation excluded			$ 495,000	$ 453,400

Debt - Collateralized Loan Ob_2

Debt - Collateralized Loan Obligation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 337,595	$ 179,314	$ 154,929	$ 82,071
Commercial mortgage loans, held for investment, net	4,989,767	5,228,928
Accrued interest receivable	42,490	34,007
Total assets	5,955,180	6,203,601	$ 9,474,701
Liabilities
Notes payable	23,998	23,998
Accrued interest payable	15,383	12,715
Total liabilities	4,279,223	4,530,465
Allowance for credit losses	47,175	40,848
U.S. Bank National Association | Secured debt
Liabilities
Notes payable	3,654,630	3,601,586
Collaterized loan obligation
Assets
Cash and cash equivalents	55,914	43,246
Commercial mortgage loans, held for investment, net	4,379,760	3,942,918
Accrued interest receivable	23,927	15,444
Total assets	4,459,601	4,001,608
Liabilities
Notes payable	4,092,971	3,601,102
Accrued interest payable	15,171	10,582
Total liabilities	4,108,142	3,611,684
CLO cash held by servicer	55,100	42,500
Allowance for credit losses	32,600	13,200
Deferred financing cost and discount	30,800	19,200
Collaterized loan obligation | U.S. Bank National Association | Secured debt
Liabilities
Collateralized loan obligation excluded	$ 495,000	$ 453,400

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator
Net income/(loss)	$ 144,509	$ 14,215	$ 25,702
Net (income)/loss from non-controlling interest	706	216	0
Less: Preferred stock dividends	26,993	41,741	33,587
Net income/(loss) attributable to common stock, basic	118,222	(27,310)	(7,885)
Net income/(loss) attributable to common stock, diluted	118,222	(27,310)	(7,885)
Less: Participating securities' share in earnings	1,162	0	0
Net income/(loss) attributable to common shareholders (basic)	117,060	(27,310)	(7,885)
Net income/(loss) attributable to common shareholders (diluted)	$ 117,060	$ (27,310)	$ (7,885)
Denominator
Weighted-average common shares outstanding for basic earnings per share (in shares)	82,307,970	71,628,365	43,419,209
Unvested restricted shares and stock units (in shares)	0	0	15,251
Weighted-average common shares outstanding for diluted earnings per share (in shares)	82,307,970	71,628,365	43,434,731
Basic earnings per share (in dollars per share)	$ 1.42	$ (0.38)	$ (0.18)
Diluted earnings per share (in dollars per share)	$ 1.42	$ (0.38)	$ (0.18)
Restricted Shares and Restricted Stock Units
Denominator
Antidilutive securities excluded from computation (in shares)	191,324	476,653
Convertible Preferred Stock
Denominator
Antidilutive securities excluded from computation (in shares)	5,385,254	17,521,845

Redeemable Convertible Prefer_3

Redeemable Convertible Preferred Stock and Equity Transactions - Summary of Shares Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands			2 Months Ended	3 Months Ended	12 Months Ended
	Jan. 10, 2024	Jan. 19, 2023	Feb. 26, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 21, 2025	Dec. 31, 2020
Class of Stock [Line Items]
Redeemable Convertible Preferred Stock				$ 89,748		$ 89,748	$ 94,748
Common Stock, shares outstanding (in shares)				82,751,913		82,751,913	82,992,784
Common Stock dividends declared (in dollars per share)						$ 1.42	$ 1.42
Common stock, shares issued (in shares)		299,200		82,751,913		82,751,913	82,992,784
Common stock shares repurchased, average price per share (in dollars per share)						$ 12.19
Common stock shares repurchased						$ 12,505	$ 16,579	$ 11,417
Subsequent Event
Class of Stock [Line Items]
Common stock shares repurchased, average price per share (in dollars per share)			$ 12.52
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		$ 1.42	$ 424.86
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 H Preferred Stock | Subsequent Event
Class of Stock [Line Items]
Mandatory conversion date, extension period	1 year
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			$ 106.22
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		$ 1.88	$ 1.875
Perpetual Preferred Stock				$ 258,742		$ 258,742	$ 258,742
Common Stock
Class of Stock [Line Items]
Common Stock				$ 820		$ 820	$ 826
Common Stock, shares outstanding (in shares)				82,751,913		82,751,913	82,992,784	43,965,928		44,510,051
Common Stock dividends declared (in dollars per share)				$ 0.355
Common stock shares repurchased (in shares)						1,026,105	1,416,369	648,837
Common stock shares repurchased, average price per share (in dollars per share)						$ 12.19
Common stock shares repurchased						$ 10	$ 14	$ 6
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 ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Apr. 14, 2023
Class of Stock [Line Items]
Share repurchase program, authorized amount	$ 65,000,000	$ 48,421,000
Remaining amount available under share repurchase program	$ 35,917,000
ATM Program
Class of Stock [Line Items]
Value of common stock authorized				$ 200,000,000
Issuance of common stock (in shares)	0
Remaining value of common stock available for issuance	$ 200,000,000
DRIP
Class of Stock [Line Items]
Common stock reserved for issuance (in shares)	63,000,000
Common stock issued under dividend reinvestment plan (in shares)	61,866	72,764	0
Remaining common stock available for issuance (in shares)	62,865,370
Common Stock
Class of Stock [Line Items]
Common stock distributions	$ 118,000,000	$ 87,800,000
Common dividends paid (in dollars per share)	$ 0.355	$ 0.355
Common stock issued under dividend reinvestment plan (in shares)	61,866	73,501	289,755

Redeemable Convertible Prefer_5

Redeemable Convertible Preferred Stock and Equity Transactions - Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Repurchases paid (in shares)	1,026,105
Beginning of period, authorized repurchase amount	$ 65,000	$ 48,421
Repurchases paid	(12,504)
Remaining as of December 31, 2023	$ 35,917
Net average purchase price (in dollars per share)	$ 12.19

Commitments and Contingencies_2

Commitments and Contingencies (Details) - Unfunded Commitments Under Commercial Mortgage Loans $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)
Loss Contingencies [Line Items]
To be paid subject to modification	$ 9,694
To be paid in year one	117,411	$ 73,921
To be paid in year two	131,579	312,009
To be paid in year three	28,525	70,429
To be paid after year three	684
To be paid in year four		8,579
To be paid after year four		1,050
Total	$ 287,893	$ 465,988
Number of loans subject to modification | loan	4

Related Party Transactions an_3

Related Party Transactions and Arrangements - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2023 property	Nov. 30, 2022 property	Apr. 30, 2022 USD ($) property	Sep. 30, 2021 USD ($)	Sep. 17, 2021 USD ($)
Related Party Transaction [Line Items]
Commercial mortgage loans, held for investment, net	$ 4,989,767	$ 5,228,928
Interest income	552,506	357,705	$ 216,890
Commercial Mortgage Receivable, Held-For-Investment
Related Party Transaction [Line Items]
Commercial mortgage loans, held for investment, net	4,989,767	5,228,928
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment
Related Party Transaction [Line Items]
Commercial mortgage loans, held for investment, net	$ 4,989,767	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 retail properties | property				1
Retail | Various | Walgreens JV
Related Party Transaction [Line Items]
Number of retail properties | property	23			23	24	24
Retail | Various | Franklin BSP Realty Trust, Inc | Walgreens JV
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by parent						75.618%
Retail | Various | Walgreens JV, Affiliate | Commercial Portfolio Segment
Related Party Transaction [Line Items]
Commercial mortgage loans, held for investment, net						$ 113,200
Retail | Various | Walgreens JV, Affiliate | Walgreens JV
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners						24.242%
Related Party | Commercial Mortgage Receivable, Held-For-Investment
Related Party Transaction [Line Items]
Commercial mortgage loans, held for investment, net	$ 124,100
Interest income	$ 10,000	$ 5,000
Benefit Street Partners LLC | Related Party
Related Party Transaction [Line Items]
Monthly asset management fee (percent)	0.125%
Subordinated performance fee, percent that total return exceeds per year	6%
Percent of excess total return	15%
Maximum annual subordinated performance fee payable percent of total return	10%
Benefit Street Partners LLC | 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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Acquisition expenses	$ 1,241	$ 1,360	$ 1,203
Administrative services expenses	14,440	12,928	7,658
Asset management and subordinated performance fee	33,847	26,157	28,110
Other related party expenses	11,135	6,572	3,946
Total expenses	87,822	77,510	142,956
Related Party
Related Party Transaction [Line Items]
Acquisition expenses	1,241	1,360	1,203
Administrative services expenses	14,440	12,928	7,658
Asset management and subordinated performance fee	33,847	26,157	28,110
Other related party expenses	1,192	875	355
Total expenses	50,720	41,320	37,326
Payables due to affiliate	19,316	15,429
Related Party | Acquisition expenses
Related Party Transaction [Line Items]
Payables due to affiliate	0	0
Related Party | Administrative services expenses
Related Party Transaction [Line Items]
Payables due to affiliate	3,447	3,526
Related Party | Asset management and subordinated performance fee
Related Party Transaction [Line Items]
Payables due to affiliate	15,014	8,843
Related Party | Other related party expenses
Related Party Transaction [Line Items]
Payables due to affiliate	855	3,060
Related Party | Acquisition fees and expenses, including amount capitalized
Related Party Transaction [Line Items]
Acquisition expenses	5,800	11,700	15,000
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	4,600	10,300	$ 13,800
Related Party | Third Party Vendor Agreement
Related Party Transaction [Line Items]
Payables due to affiliate	$ 700	$ 2,900

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 4,761	$ 2,519	$ 0
2021 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum common stock shares available for issuance (in shares)	4,526,704
2021 Incentive Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 4,800	$ 2,500
Unrecognized estimated compensation expense	$ 7,100
Weighted average period for recognition	1 year 3 months 18 days
Fair value of vested equity awards	$ 2,700

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock and RSU Activity (Details) - Restricted Stock Units (RSUs) - $ / shares	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Fourth Quarter 2023 Weighted Average Grant Date Fair Value
Unvested equity awards outstanding at beginning of period (in dollars per share)	$ 14.11
Grants (in dollars per share)	14.20
Forfeitures (in dollars per share)	0
Vested (in dollars per share)	14.34
Unvested equity awards outstanding at end of period (in dollars per share)	$ 14.11	$ 14.11
RSP
Shares Outstanding
Unvested equity awards outstanding at beginning of period (in shares)		20,934	11,184
Grants (in shares)		0	28,143
Forfeitures (in shares)		0	0
Vested (in shares)		(20,934)	(18,393)
Unvested equity awards outstanding at end of period (in shares)	0	0	20,934
2021 Incentive Plan
Shares Outstanding
Unvested equity awards outstanding at beginning of period (in shares)		492,107	0
Grants (in shares)		481,189	492,107
Forfeitures (in shares)		0	0
Vested (in shares)		(164,039)	0
Unvested equity awards outstanding at end of period (in shares)	809,257	809,257	492,107

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Financial Instruments Carried at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets, at fair value
Real estate securities, available for sale, measured at fair value	$ 242,569	$ 221,025
Real estate securities, trading, measured at fair value	0	235,728
Commercial mortgage loans, held for sale, measured at fair value	0	15,559
Derivative assets	0	415
Liabilities, at fair value
Liabilities	0	64
Fair Value, Measurements, Recurring
Assets, at fair value
Real estate securities, available for sale, measured at fair value	242,569	221,025
Real estate securities, trading, measured at fair value		235,728
Commercial mortgage loans, held for sale, measured at fair value		15,559
Total assets, at fair value	242,569	472,727
Liabilities, at fair value
Total liabilities, at fair value		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
Total assets, at fair value	0	91
Liabilities, at fair value
Total liabilities, at fair value		0
Level II | Fair Value, Measurements, Recurring
Assets, at fair value
Real estate securities, available for sale, measured at fair value	242,569	221,025
Real estate securities, trading, measured at fair value		0
Commercial mortgage loans, held for sale, measured at fair value		0
Total assets, at fair value	242,569	221,349
Liabilities, at fair value
Total liabilities, at fair value		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		15,559
Total assets, at fair value	$ 0	251,287
Liabilities, at fair value
Total liabilities, at fair value		0
Credit default swaps
Assets, at fair value
Derivative assets		234
Liabilities, at fair value
Liabilities		64
Credit default swaps | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative assets		234
Liabilities, at fair value
Liabilities		64
Credit default swaps | Level I | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative assets		0
Liabilities, at fair value
Liabilities		0
Credit default swaps | Level II | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative assets		234
Liabilities, at fair value
Liabilities		64
Credit default swaps | Level III | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative assets		0
Liabilities, at fair value
Liabilities		0
Interest rate swaps
Assets, at fair value
Derivative assets		90
Liabilities, at fair value
Liabilities		0
Interest rate swaps | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative assets		90
Interest rate swaps | Level I | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative assets		0
Interest rate swaps | Level II | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative assets		90
Interest rate swaps | Level III | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative assets		0
Treasury note futures
Assets, at fair value
Derivative assets		91
Liabilities, at fair value
Liabilities		0
Treasury note futures | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative assets		91
Treasury note futures | Level I | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative assets		91
Treasury note futures | Level II | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative assets		0
Treasury note futures | Level III | Fair Value, Measurements, Recurring
Assets, at fair value
Derivative assets		$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) property	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)	Nov. 30, 2022 property	Apr. 30, 2022 property
Assets Sold under Agreements to Repurchase [Line Items]
Commercial mortgage loans, held for sale, measured at fair value		$ 0	$ 15,559
Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Exit capitalization rates	5%
Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Exit capitalization rates	5.75%
Walgreens JV | Retail
Assets Sold under Agreements to Repurchase [Line Items]
Number of retail properties | property	1
Walgreens JV | Retail | Various
Assets Sold under Agreements to Repurchase [Line Items]
Number of retail properties | property	23	23		24	24
Repurchase agreements, commercial mortgage loans
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements		$ 299,707	680,859
Repurchase agreements, real estate securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements		174,055	440,008
Fair Value, Measurements, Recurring
Assets Sold under Agreements to Repurchase [Line Items]
Commercial mortgage loans, held for sale, measured at fair value			15,559
Assets measured at fair value		242,569	472,727
Fair Value, Nonrecurring
Assets Sold under Agreements to Repurchase [Line Items]
Assets measured at fair value		0	0
Assets and liabilities measured at fair value, net	$ 91,400
Level III | Fair Value, Measurements, Recurring
Assets Sold under Agreements to Repurchase [Line Items]
Commercial mortgage loans, held for sale, measured at fair value			15,559
Assets measured at fair value		0	$ 251,287
Commercial mortgage loans, held for sale, measured at fair value | Level III | Fair Value, Measurements, Recurring
Assets Sold under Agreements to Repurchase [Line Items]
Commercial mortgage loans, held for sale, measured at fair value		0
Repurchase agreements, real estate securities | Level III | Fair Value, Measurements, Recurring
Assets Sold under Agreements to Repurchase [Line Items]
Real estate securities, trading, measured at fair value		$ 0

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Valuation Method of Level 3 Financial Instruments Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held for sale, measured at fair value	$ 15,559	$ 0
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held for sale, measured at fair value	15,559
Fair Value, Measurements, Recurring | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held for sale, measured at fair value	15,559
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		0
Commercial mortgage loans, held for sale, measured at fair value | Fair Value, Measurements, Recurring | Level III | Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held for sale, measured at fair value	$ 15,559
Commercial mortgage loans, held for sale, measured at fair value | Fair Value, Measurements, Recurring | Level III | Minimum | Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield (percentage)	6.30%
Commercial mortgage loans, held for sale, measured at fair value | Fair Value, Measurements, Recurring | Level III | Maximum | Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield (percentage)	7.70%
Commercial mortgage loans, held for sale, measured at fair value | Fair Value, Measurements, Recurring | Level III | Weighted Average | Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield (percentage)	7.20%
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		$ 0
Real estate securities, trading, measured at fair value | Fair Value, Measurements, Recurring | Level III | Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, trading, measured at fair value	$ 235,728
Real estate securities, trading, measured at fair value | Fair Value, Measurements, Recurring | Level III | Minimum | Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield (percentage)	2%
Real estate securities, trading, measured at fair value | Fair Value, Measurements, Recurring | Level III | Maximum | Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield (percentage)	6.50%
Real estate securities, trading, measured at fair value | Fair Value, Measurements, Recurring | Level III | Weighted Average | Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield (percentage)	3.30%

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Changes in the Company's Financial Instruments Classified as Level III (Details) - Fair Value, Measurements, Recurring - Level III - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Commercial mortgage loans, held for sale, measured at fair value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 15,559	$ 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 loan, held for sale	3,873	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
Originations	102,500	366,692
Sales / paydowns	(121,976)	(387,698)
Transfers out of Level III	0	0
Ending balance	0	15,559
Real estate securities, trading, measured at fair value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	235,728	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 loan, 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)
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
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 0	2,074
Transfers into Level III		0
Total realized and unrealized gain/(loss) included in earnings:
Realized gain/(loss) on sale of commercial mortgage loan, 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
Originations		0
Sales / paydowns		(2,045)
Transfers out of Level III		0
Ending balance		$ 0

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Allowance for credit losses	$ 47,175	$ 40,848
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Allowance for credit losses	47,200	40,800
Carrying Amount | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans, held-for-investment	5,036,942	5,269,776
Mortgage note payable	23,998	23,998
Other financings	36,534	76,301
Unsecured debt	81,295	98,695
Carrying Amount | Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized loan obligation	3,567,166	3,121,983
Fair Value | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans, held-for-investment	5,010,580	5,278,495
Mortgage note payable	23,998	23,998
Other financings	36,534	76,301
Unsecured debt	64,900	66,300
Fair Value | Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized loan obligation	$ 3,521,274	$ 3,055,810

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative instruments outstanding	$ 0	$ 31,300
Trading securities
Derivative [Line Items]
Derivative instruments outstanding	$ 0	$ 0

Derivative Instruments - Schedu

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

Derivative Instruments - Net Re

Derivative Instruments - Net Realized and Unrealized Gains and Losses on Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss)	$ (140)	$ (15,840)	$ 7,402
Realized gain/(loss)	998	60,033	484
Credit default swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss)	41	147	101
Realized gain/(loss)	(36)	(405)	(650)
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss)	(90)	(15,954)	7,070
Realized gain/(loss)	672	59,499	(70)
Treasury note futures
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss)	(91)	(33)	231
Realized gain/(loss)	362	939	1,478
Options
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss)	0	0	0
Realized gain/(loss)	$ 0	$ 0	$ (274)

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Offsetting Assets
Gross Amounts of Recognized Assets	$ 0	$ 415
Gross Amounts Offset on the Balance Sheet		0
Net Amount of Assets Presented on the Balance Sheet	0	415
Financial Instruments		0
Cash Collateral		0
Net Amount		415
Offsetting Derivative Instruments
Derivative instruments, at fair value, gross amounts recognized		64
Derivative instruments, at fair value, gross amounts offset on the balance sheet		0
Derivative instruments, at fair value, net amount of liabilities presented on the balance sheet	0	64
Derivative instruments, at fair value, gross amounts not offset on balance sheet, financial instruments		0
Derivative instruments, at fair value, gross amounts not offset on the balance sheet, cash collateral		64
Derivative instruments, at fair value, net amount		0
Repurchase agreements, commercial mortgage loans
Offsetting Repurchase Agreements
Repurchase agreements, gross amounts of recognized liabilities	299,707	680,859
Repurchase agreements, gross amounts offset on the balance sheet	0	0
Repurchase agreements, net amount of liabilities presented on the balance sheet	299,707	680,859
Repurchase agreements, gross amounts not offset on the balance sheet, financial instruments	299,707	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 Repurchase Agreements
Repurchase agreements, gross amounts of recognized liabilities	174,055	440,008
Repurchase agreements, gross amounts offset on the balance sheet	0	0
Repurchase agreements, net amount of liabilities presented on the balance sheet	174,055	440,008
Repurchase agreements, gross amounts not offset on the balance sheet, financial instruments	174,055	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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Interest income	$ 552,506	$ 357,705	$ 216,890
Revenue from real estate owned	17,021	9,655	4,759
Interest expense	305,577	160,526	56,193
Net income/(loss)	144,509	14,215	25,702
Total assets	5,955,180	6,203,601	9,474,701
Real Estate Debt and Other Real Estate Investments
Segment Reporting Information [Line Items]
Interest income	530,116	320,546	189,090
Revenue from real estate owned	0	0	0
Interest expense	288,327	146,493	50,132
Net income/(loss)	153,655	78,252	86,863
Total assets	5,372,371	5,444,152	4,205,883
Real Estate Securities
Segment Reporting Information [Line Items]
Interest income	17,323	30,203	24,740
Revenue from real estate owned	0	0	0
Interest expense	14,118	11,203	3,682
Net income/(loss)	1,921	(69,155)	(85,381)
Total assets	245,949	474,231	5,054,394
TRS
Segment Reporting Information [Line Items]
Interest income	2,244	6,956	3,060
Revenue from real estate owned	0	0	0
Interest expense	1,150	1,643	992
Net income/(loss)	(10,506)	2,736	13,149
Total assets	66,503	63,307	72,840
Real Estate Owned
Segment Reporting Information [Line Items]
Interest income	2,823	0	0
Revenue from real estate owned	17,021	9,655	4,759
Interest expense	1,982	1,187	1,387
Net income/(loss)	(561)	2,382	11,071
Total assets	$ 270,357	$ 221,911	$ 141,584

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 19, 2023
Operating Loss Carryforwards [Line Items]
Minimum distribution percentage to qualify for REIT taxation status		90%
(Provision)/benefit for income tax		$ 2,757	$ 399	$ (3,599)
Common stock distributions per share declared (in dollars per share)		$ 1.42	$ 1.42
Common stock ordinary income declared per share (in dollars per share)		1.42	1.42
Series E Preferred Stock
Operating Loss Carryforwards [Line Items]
Preferred stock distributions per share declared (in dollars per share)	$ 0.46875	1.88	1.875
Preferred stock ordinary income declared per share (in dollars per share)		1.88	1.875
Series H Preferred Stock
Operating Loss Carryforwards [Line Items]
Preferred stock distributions per share declared (in dollars per share)	106.22	1.42	424.86
Preferred stock ordinary income declared per share (in dollars per share)		$ 1.42	424.86
Series C Preferred Stock
Operating Loss Carryforwards [Line Items]
Preferred stock distributions per share declared (in dollars per share)			318.66
Preferred stock ordinary income declared per share (in dollars per share)			318.66
Series I Preferred Stock
Operating Loss Carryforwards [Line Items]
Preferred stock distributions per share declared (in dollars per share)	$ 0		106.22
Preferred stock ordinary income declared per share (in dollars per share)			106.22
Conversion basis of preferred stock to common stock (in shares)					299.2
Series F Preferred Stock
Operating Loss Carryforwards [Line Items]
Preferred stock distributions per share declared (in dollars per share)			0.355
Preferred stock ordinary income declared per share (in dollars per share)			$ 0.355
Conversion basis of preferred stock to common stock (in shares)			1
Federal | TRS
Operating Loss Carryforwards [Line Items]
NOL carryforwards	$ 13,100	$ 13,100
State and Local | TRS
Operating Loss Carryforwards [Line Items]
NOL carryforwards	$ 5,700	$ 5,700

Income Taxes - Components of Pr

Income Taxes - Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current (provision)/benefit for income taxes
U.S. Federal	$ (12)	$ 65	$ (3,093)
State and local	(1)	167	(349)
Total current (provision)/benefit for income taxes	(13)	232	(3,442)
Deferred (provision)/benefit for income taxes
U.S. Federal	2,670	99	1
State and local	100	68	(158)
Total deferred (provision)/benefit for income taxes	2,770	167	(157)
Total (provision)/benefit for income taxes	$ 2,757	$ 399	$ (3,599)

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands		2 Months Ended	12 Months Ended
	Feb. 14, 2024	Feb. 26, 2024	Dec. 31, 2023	Feb. 07, 2024	Dec. 31, 2022
Subsequent Event [Line Items]
Amortized cost basis			$ 5,036,942		$ 5,269,776
Common stock repurchased (in shares)			1,026,105
Common stock repurchased, weighted average cost per share (in dollars per share)			$ 12.19
Remaining amount available under share repurchase program			$ 35,917
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Subsequent Event [Line Items]
Amortized cost basis			5,036,942		$ 5,269,776
Multifamily | Nonperforming Financial Instruments | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Subsequent Event [Line Items]
Amortized cost basis			$ 42,200
Subsequent Event
Subsequent Event [Line Items]
Common stock repurchased (in shares)		56,323
Common stock repurchased, weighted average cost per share (in dollars per share)		$ 12.52
Remaining amount available under share repurchase program				$ 35,200
Subsequent Event | Multifamily | San Antonio, Texas
Subsequent Event [Line Items]
Consideration for sale of property	$ 42,800

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands		12 Months Ended
	Mar. 05, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Amortized cost		$ 5,036,942	$ 5,269,776
Allowance for credit losses		(47,175)	(40,848)
Total commercial mortgage loans, held for investment, net		4,989,767	5,228,928
Commercial Mortgage Loans, Held for Investment
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Allowance for credit losses		(47,175)	(40,848)	$ (15,827)
Total commercial mortgage loans, held for investment, net		$ 4,989,767	$ 5,228,928
Secured Overnight Financing Rate (SOFR)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis points adjustment	0.11448%
Secured Overnight Financing Rate (SOFR) | Commercial Mortgage Loans, Held for Investment
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis points adjustment		0.11448%
First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 5,045,036
Amortized cost		5,036,942
Allowance for credit losses		(47,175)
Total commercial mortgage loans, held for investment, net		4,989,767
Principal amount subject to delinquent principal or interest		63,389
Estimated aggregate cost for U.S. federal income tax purposes		5,000,000
First Mortgage | Hospitality | Senior Debt 1
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		4,586
Amortized cost		4,586
Principal amount subject to delinquent principal or interest		$ 0
Spread		4%
First Mortgage | Hospitality | Senior Debt 3
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 21,796
Amortized cost		21,796
Principal amount subject to delinquent principal or interest		$ 0
Spread		4.25%
First Mortgage | Hospitality | Senior Debt 6
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 18,398
Amortized cost		18,398
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.84%
First Mortgage | Hospitality | Senior Debt 7
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 12,900
Amortized cost		12,900
Principal amount subject to delinquent principal or interest		$ 0
Spread		4.41%
First Mortgage | Hospitality | Senior Debt 8
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 4,805
Amortized cost		4,805
Principal amount subject to delinquent principal or interest		$ 0
Spread		5.25%
First Mortgage | Hospitality | Senior Debt 22
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 23,000
Amortized cost		22,992
Principal amount subject to delinquent principal or interest		$ 0
Spread		5.79%
First Mortgage | Hospitality | Senior Debt 29
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 25,700
Amortized cost		25,700
Principal amount subject to delinquent principal or interest		$ 0
Spread		5.60%
First Mortgage | Hospitality | Senior Debt 37
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 36,750
Amortized cost		36,713
Principal amount subject to delinquent principal or interest		$ 0
Spread		6.25%
First Mortgage | Hospitality | Senior Debt 48
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 17,122
Amortized cost		17,122
Principal amount subject to delinquent principal or interest		$ 0
Spread		5.25%
First Mortgage | Hospitality | Senior Debt 81
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 10,504
Amortized cost		10,481
Principal amount subject to delinquent principal or interest		$ 0
Spread		5.30%
First Mortgage | Hospitality | Senior Debt 89
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 30,021
Amortized cost		29,741
Principal amount subject to delinquent principal or interest		$ 0
Spread		7.05%
First Mortgage | Hospitality | Senior Debt 91
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 43,457
Amortized cost		43,457
Principal amount subject to delinquent principal or interest		$ 0
Spread		4.90%
First Mortgage | Hospitality | Senior Debt 92
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 15,634
Amortized cost		15,568
Principal amount subject to delinquent principal or interest		$ 0
Spread		5.34%
First Mortgage | Hospitality | Senior Debt 111
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 39,525
Amortized cost		39,346
Principal amount subject to delinquent principal or interest		$ 0
Spread		6.94%
First Mortgage | Hospitality | Senior Debt 113
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 16,270
Amortized cost		16,249
Principal amount subject to delinquent principal or interest		$ 0
Spread		5.75%
First Mortgage | Hospitality | Senior Debt 115
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 0
Amortized cost		0
Principal amount subject to delinquent principal or interest		$ 0
Spread		7.50%
First Mortgage | Hospitality | Senior Debt 119
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 28,300
Amortized cost		28,297
Principal amount subject to delinquent principal or interest		$ 0
Spread		5.25%
First Mortgage | Hospitality | Senior Debt 121
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 10,500
Amortized cost		10,465
Principal amount subject to delinquent principal or interest		$ 0
Spread		5.50%
First Mortgage | Hospitality | Senior Debt 122
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 120,000
Amortized cost		119,559
Principal amount subject to delinquent principal or interest		$ 0
Spread		4.90%
First Mortgage | Hospitality | Senior Debt 124
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 39,549
Amortized cost		39,661
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.75%
First Mortgage | Hospitality | Senior Debt 129
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 23,000
Amortized cost		22,861
Principal amount subject to delinquent principal or interest		$ 0
Spread		5.45%
First Mortgage | Hospitality | Senior Debt 130
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 12,420
Amortized cost		12,322
Principal amount subject to delinquent principal or interest		$ 0
Spread		4.85%
First Mortgage | Hospitality | Senior Debt 132
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 31,300
Amortized cost		31,078
Principal amount subject to delinquent principal or interest		$ 0
Spread		4.25%
First Mortgage | Hospitality | Senior Debt 136
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 41,071
Amortized cost		40,855
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.65%
First Mortgage | Hospitality | Senior Debt 137
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 25,750
Amortized cost		25,595
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.95%
First Mortgage | Hospitality | Senior Debt 138
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 16,566
Amortized cost		16,563
Principal amount subject to delinquent principal or interest		$ 0
Spread		5.99%
First Mortgage | Hospitality | Mezzanine Loan 3
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 1,350
Amortized cost		1,346
Principal amount subject to delinquent principal or interest		$ 0
Spread		9.25%
First Mortgage | Hospitality | Mezzanine Loan 4
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 0
Amortized cost		0
Principal amount subject to delinquent principal or interest		$ 0
Spread		10%
First Mortgage | Multifamily | Senior Debt 2
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 35,212
Amortized cost		35,212
Principal amount subject to delinquent principal or interest		$ 0
Spread		4.50%
First Mortgage | Multifamily | Senior Debt 17
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 12,550
Amortized cost		12,547
Principal amount subject to delinquent principal or interest		$ 0
Spread		4.55%
First Mortgage | Multifamily | Senior Debt 18
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 21,000
Amortized cost		21,000
Principal amount subject to delinquent principal or interest		$ 0
Spread		4.60%
First Mortgage | Multifamily | Senior Debt 21
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 34,476
Amortized cost		34,457
Principal amount subject to delinquent principal or interest		$ 0
Spread		8%
First Mortgage | Multifamily | Senior Debt 23
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 34,750
Amortized cost		34,750
Principal amount subject to delinquent principal or interest		$ 0
Spread		4.10%
First Mortgage | Multifamily | Senior Debt 24
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 55,000
Amortized cost		55,000
Principal amount subject to delinquent principal or interest		$ 0
Spread		4%
First Mortgage | Multifamily | Senior Debt 25
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 14,700
Amortized cost		14,696
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.39%
First Mortgage | Multifamily | Senior Debt 26
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 8,898
Amortized cost		8,893
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.80%
First Mortgage | Multifamily | Senior Debt 27
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 19,804
Amortized cost		19,798
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.60%
First Mortgage | Multifamily | Senior Debt 28
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 43,246
Amortized cost		43,237
Principal amount subject to delinquent principal or interest		$ 0
Spread		2.95%
First Mortgage | Multifamily | Senior Debt 31
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 75,927
Amortized cost		75,901
Principal amount subject to delinquent principal or interest		$ 0
Spread		2.95%
First Mortgage | Multifamily | Senior Debt 32
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 20,450
Amortized cost		20,426
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.60%
First Mortgage | Multifamily | Senior Debt 33
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 30,320
Amortized cost		30,310
Principal amount subject to delinquent principal or interest		$ 0
Spread		2.95%
First Mortgage | Multifamily | Senior Debt 34
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 35,466
Amortized cost		35,459
Principal amount subject to delinquent principal or interest		$ 0
Spread		2.95%
First Mortgage | Multifamily | Senior Debt 35
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 33,588
Amortized cost		33,582
Principal amount subject to delinquent principal or interest		$ 0
Spread		2.95%
First Mortgage | Multifamily | Senior Debt 36
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 152,112
Amortized cost		151,644
Principal amount subject to delinquent principal or interest		$ 0
Spread		4.55%
First Mortgage | Multifamily | Senior Debt 38
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 35,116
Amortized cost		34,990
Principal amount subject to delinquent principal or interest		$ 0
Spread		8%
First Mortgage | Multifamily | Senior Debt 39
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 16,453
Amortized cost		16,453
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.75%
First Mortgage | Multifamily | Senior Debt 40
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 47,984
Amortized cost		47,901
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.15%
First Mortgage | Multifamily | Senior Debt 41
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 41,650
Amortized cost		41,650
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.40%
First Mortgage | Multifamily | Senior Debt 42
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 34,760
Amortized cost		34,713
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.64%
First Mortgage | Multifamily | Senior Debt 43
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 8,500
Amortized cost		8,489
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.75%
First Mortgage | Multifamily | Senior Debt 44
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 14,890
Amortized cost		14,890
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.15%
First Mortgage | Multifamily | Senior Debt 45
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 69,500
Amortized cost		69,312
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.25%
First Mortgage | Multifamily | Senior Debt 46
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 11,325
Amortized cost		11,306
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.75%
First Mortgage | Multifamily | Senior Debt 47
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 27,199
Amortized cost		27,160
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.20%
First Mortgage | Multifamily | Senior Debt 49
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 56,150
Amortized cost		56,071
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.10%
First Mortgage | Multifamily | Senior Debt 50
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 38,242
Amortized cost		38,116
Principal amount subject to delinquent principal or interest		$ 0
Spread		2.90%
First Mortgage | Multifamily | Senior Debt 51
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 55,394
Amortized cost		55,394
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.10%
First Mortgage | Multifamily | Senior Debt 52
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 38,153
Amortized cost		38,101
Principal amount subject to delinquent principal or interest		$ 0
Spread		2.90%
First Mortgage | Multifamily | Senior Debt 53
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 68,165
Amortized cost		68,165
Principal amount subject to delinquent principal or interest		$ 0
Spread		2.85%
First Mortgage | Multifamily | Senior Debt 54
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 32,567
Amortized cost		32,510
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.25%
First Mortgage | Multifamily | Senior Debt 55
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 61,600
Amortized cost		61,600
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.35%
First Mortgage | Multifamily | Senior Debt 56
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 44,987
Amortized cost		44,987
Principal amount subject to delinquent principal or interest		$ 0
Spread		3%
First Mortgage | Multifamily | Senior Debt 57
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 47,147
Amortized cost		47,019
Principal amount subject to delinquent principal or interest		$ 0
Spread		2.75%
First Mortgage | Multifamily | Senior Debt 58
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 86,000
Amortized cost		85,959
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.24%
First Mortgage | Multifamily | Senior Debt 60
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 58,680
Amortized cost		58,677
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.45%
First Mortgage | Multifamily | Senior Debt 61
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 26,068
Amortized cost		26,068
Principal amount subject to delinquent principal or interest		$ 0
Spread		2.90%
First Mortgage | Multifamily | Senior Debt 62
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 14,933
Amortized cost		14,905
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.20%
First Mortgage | Multifamily | Senior Debt 63
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 38,283
Amortized cost		38,219
Principal amount subject to delinquent principal or interest		$ 0
Spread		3%
First Mortgage | Multifamily | Senior Debt 64
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 42,235
Amortized cost		42,234
Principal amount subject to delinquent principal or interest		$ 0
Spread		2.90%
First Mortgage | Multifamily | Senior Debt 65
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 69,415
Amortized cost		69,415
Principal amount subject to delinquent principal or interest		$ 0
Spread		2.88%
First Mortgage | Multifamily | Senior Debt 66
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 66,742
Amortized cost		66,742
Principal amount subject to delinquent principal or interest		$ 0
Spread		2.88%
First Mortgage | Multifamily | Senior Debt 67
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 17,145
Amortized cost		17,144
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.50%
First Mortgage | Multifamily | Senior Debt 68
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 59,232
Amortized cost		59,175
Principal amount subject to delinquent principal or interest		$ 0
Spread		2.75%
First Mortgage | Multifamily | Senior Debt 69
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 22,240
Amortized cost		22,239
Principal amount subject to delinquent principal or interest		$ 0
Spread		2.96%
First Mortgage | Multifamily | Senior Debt 70
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 25,241
Amortized cost		25,195
Principal amount subject to delinquent principal or interest		$ 0
Spread		2.96%
First Mortgage | Multifamily | Senior Debt 71
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 32,428
Amortized cost		32,425
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.20%
First Mortgage | Multifamily | Senior Debt 72
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 78,416
Amortized cost		78,167
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.45%
First Mortgage | Multifamily | Senior Debt 73
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 81,247
Amortized cost		81,164
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.21%
First Mortgage | Multifamily | Senior Debt 74
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 24,000
Amortized cost		23,999
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.10%
First Mortgage | Multifamily | Senior Debt 76
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 38,511
Amortized cost		38,511
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.55%
First Mortgage | Multifamily | Senior Debt 77
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 23,855
Amortized cost		23,848
Principal amount subject to delinquent principal or interest		$ 0
Spread		2.95%
First Mortgage | Multifamily | Senior Debt 78
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 11,100
Amortized cost		11,097
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.30%
First Mortgage | Multifamily | Senior Debt 79
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 47,444
Amortized cost		47,442
Principal amount subject to delinquent principal or interest		$ 0
Spread		2.86%
First Mortgage | Multifamily | Senior Debt 80
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 36,824
Amortized cost		36,821
Principal amount subject to delinquent principal or interest		$ 0
Spread		2.86%
First Mortgage | Multifamily | Senior Debt 82
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 82,000
Amortized cost		81,989
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.20%
First Mortgage | Multifamily | Senior Debt 84
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 39,864
Amortized cost		39,843
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.10%
First Mortgage | Multifamily | Senior Debt 85
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 35,220
Amortized cost		35,202
Principal amount subject to delinquent principal or interest		$ 0
Spread		2.95%
First Mortgage | Multifamily | Senior Debt 87
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 85,500
Amortized cost		85,480
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.15%
First Mortgage | Multifamily | Senior Debt 88
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 31,900
Amortized cost		31,888
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.30%
First Mortgage | Multifamily | Senior Debt 90
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 13,558
Amortized cost		12,691
Principal amount subject to delinquent principal or interest		$ 0
Spread		6.75%
First Mortgage | Multifamily | Senior Debt 93
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 35,949
Amortized cost		35,949
Principal amount subject to delinquent principal or interest		$ 35,949
Spread		6.05%
First Mortgage | Multifamily | Senior Debt 94
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 56,616
Amortized cost		56,479
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.95%
First Mortgage | Multifamily | Senior Debt 95
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 29,905
Amortized cost		29,816
Principal amount subject to delinquent principal or interest		$ 0
Spread		4%
First Mortgage | Multifamily | Senior Debt 96
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 56,859
Amortized cost		56,806
Principal amount subject to delinquent principal or interest		$ 0
Spread		6.70%
First Mortgage | Multifamily | Senior Debt 97
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 12,536
Amortized cost		12,523
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.55%
First Mortgage | Multifamily | Senior Debt 99
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 19,899
Amortized cost		19,875
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.50%
First Mortgage | Multifamily | Senior Debt 100
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 28,979
Amortized cost		28,936
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.65%
First Mortgage | Multifamily | Senior Debt 101
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 17,330
Amortized cost		17,303
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.65%
First Mortgage | Multifamily | Senior Debt 102
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 70,750
Amortized cost		70,673
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.80%
First Mortgage | Multifamily | Senior Debt 103
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 83,914
Amortized cost		83,810
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.95%
First Mortgage | Multifamily | Senior Debt 104
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 45,469
Amortized cost		45,414
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.95%
First Mortgage | Multifamily | Senior Debt 105
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 58,003
Amortized cost		57,930
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.95%
First Mortgage | Multifamily | Senior Debt 106
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 20,716
Amortized cost		20,688
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.95%
First Mortgage | Multifamily | Senior Debt 107
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 146,810
Amortized cost		146,608
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.95%
First Mortgage | Multifamily | Senior Debt 108
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 56,000
Amortized cost		55,938
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.80%
First Mortgage | Multifamily | Senior Debt 109
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 11,675
Amortized cost		11,661
Principal amount subject to delinquent principal or interest		$ 0
Spread		4.45%
First Mortgage | Multifamily | Senior Debt 110
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 70,750
Amortized cost		70,569
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.45%
First Mortgage | Multifamily | Senior Debt 112
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 0
Amortized cost		0
Principal amount subject to delinquent principal or interest		$ 0
Spread		6.31%
First Mortgage | Multifamily | Senior Debt 116
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 48,764
Amortized cost		48,684
Principal amount subject to delinquent principal or interest		$ 0
Spread		4.20%
First Mortgage | Multifamily | Senior Debt 117
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 51,000
Amortized cost		50,875
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.75%
First Mortgage | Multifamily | Senior Debt 118
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 14,635
Amortized cost		14,594
Principal amount subject to delinquent principal or interest		$ 0
Spread		4.25%
First Mortgage | Multifamily | Senior Debt 120
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 55,500
Amortized cost		55,353
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.85%
First Mortgage | Multifamily | Senior Debt 123
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 64,500
Amortized cost		64,388
Principal amount subject to delinquent principal or interest		$ 0
Spread		5%
First Mortgage | Multifamily | Senior Debt 125
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 21,700
Amortized cost		21,616
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.95%
First Mortgage | Multifamily | Senior Debt 127
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 19,793
Amortized cost		19,881
Principal amount subject to delinquent principal or interest		$ 0
Spread		4.75%
First Mortgage | Multifamily | Senior Debt 128
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 78,996
Amortized cost		78,664
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.20%
First Mortgage | Multifamily | Senior Debt 131
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 38,750
Amortized cost		38,572
Principal amount subject to delinquent principal or interest		$ 0
Spread		4.50%
First Mortgage | Multifamily | Senior Debt 133
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 42,750
Amortized cost		42,555
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.85%
First Mortgage | Multifamily | Senior Debt 134
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 17,119
Amortized cost		16,966
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.20%
First Mortgage | Multifamily | Senior Debt 135
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 21,000
Amortized cost		20,887
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.75%
First Mortgage | Multifamily | Mezzanine Loan 5
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 2,378
Amortized cost		2,378
Principal amount subject to delinquent principal or interest		$ 0
Spread		4.50%
First Mortgage | Multifamily | Mezzanine Loan 6
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 11,700
Amortized cost		11,655
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.95%
First Mortgage | Office | Senior Debt 4
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 13,937
Amortized cost		13,937
Principal amount subject to delinquent principal or interest		$ 0
Spread		5.50%
First Mortgage | Office | Senior Debt 5
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 41,185
Amortized cost		41,185
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.56%
First Mortgage | Office | Senior Debt 9
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 14,852
Amortized cost		14,852
Principal amount subject to delinquent principal or interest		$ 0
Spread		4%
First Mortgage | Office | Senior Debt 10
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 24,444
Amortized cost		24,442
Principal amount subject to delinquent principal or interest		$ 0
Spread		4.35%
First Mortgage | Office | Senior Debt 13
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 17,103
Amortized cost		17,103
Principal amount subject to delinquent principal or interest		$ 0
Spread		4.50%
First Mortgage | Office | Senior Debt 14
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 63,274
Amortized cost		63,146
Principal amount subject to delinquent principal or interest		$ 0
Spread		5.15%
First Mortgage | Office | Senior Debt 15
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 30,186
Amortized cost		30,186
Principal amount subject to delinquent principal or interest		$ 0
Spread		2.81%
First Mortgage | Office | Senior Debt 16
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 9,175
Amortized cost		9,175
Principal amount subject to delinquent principal or interest		$ 0
Spread		5%
First Mortgage | Office | Senior Debt 19
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 10,855
Amortized cost		10,855
Principal amount subject to delinquent principal or interest		$ 0
Spread		5.56%
First Mortgage | Office | Senior Debt 20
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 44,913
Amortized cost		44,892
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.97%
First Mortgage | Manufactured Housing | Senior Debt 11
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 1,301
Amortized cost		1,301
Principal amount subject to delinquent principal or interest		$ 0
Spread		5.50%
First Mortgage | Manufactured Housing | Senior Debt 59
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 6,700
Amortized cost		6,688
Principal amount subject to delinquent principal or interest		$ 0
Spread		4.50%
First Mortgage | Manufactured Housing | Senior Debt 114
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 11,617
Amortized cost		11,587
Principal amount subject to delinquent principal or interest		$ 0
Spread		4.75%
First Mortgage | Manufactured Housing | Senior Debt 126
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 21,449
Amortized cost		21,296
Principal amount subject to delinquent principal or interest		$ 0
Spread		4.25%
First Mortgage | Self Storage | Senior Debt 12
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 27,440
Amortized cost		27,440
Principal amount subject to delinquent principal or interest		$ 27,440
Spread		5%
First Mortgage | Mixed Use | Senior Debt 30
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 32,500
Amortized cost		32,500
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.70%
First Mortgage | Mixed Use | Senior Debt 86
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 19,000
Amortized cost		18,991
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.42%
First Mortgage | Mixed Use | Mezzanine Loan 2
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 1,000
Amortized cost		1,000
Principal amount subject to delinquent principal or interest		$ 0
Spread		11%
First Mortgage | Retail | Senior Debt 75
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 31,000
Amortized cost		30,946
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.29%
First Mortgage | Retail | Mezzanine Loan 1
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 3,000
Amortized cost		2,994
Principal amount subject to delinquent principal or interest		$ 0
Spread		12%
First Mortgage | Industrial | Senior Debt 83
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 55,000
Amortized cost		54,973
Principal amount subject to delinquent principal or interest		$ 0
Spread		3.50%
First Mortgage | Industrial | Senior Debt 98
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Value		$ 18,724
Amortized cost		18,673
Principal amount subject to delinquent principal or interest		$ 0
Spread		4.90%