Franklin BSP Realty Trust (FBRT) 10-Q 29 Apr 24 2024 Q1 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	3 Months Ended
	Mar. 31, 2024	Apr. 19, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-40923
Entity Registrant Name	FRANKLIN BSP REALTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-1406086
Entity Address, Address Line One	1345 Avenue of the Americas
Entity Address, Address Line Two	Suite 32A
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10105
City Area Code	212
Local Phone Number	588-6770
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		81,870,061
Entity Central Index Key	0001562528
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Filer Category	Large Accelerated Filer
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	FBRT
Security Exchange Name	NYSE
Series E Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	7.50% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	FBRT PRE
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents		$ 240,030	$ 337,595
Restricted cash		8,092	6,092
Commercial mortgage loans, held for investment, net of allowance for credit losses of $49,215 and $47,175 as of March 31, 2024 and December 31, 2023, respectively		5,184,205	4,989,767
Commercial mortgage loans, held for sale, measured at fair value		30,457	0
Real estate securities, available for sale, measured at fair value, amortized cost of $217,324 and $243,272 as of March 31, 2024 and December 31, 2023, respectively (includes pledged assets of $217,855 and $167,948 as of March 31, 2024 and December 31, 2023, respectively)		217,855	242,569
Receivable for loan repayment	[1]	26,683	55,174
Accrued interest receivable		39,628	42,490
Prepaid expenses and other assets		19,911	19,213
Intangible lease asset, net of amortization		42,037	42,793
Real estate owned, net of depreciation		115,169	115,830
Real estate owned, held for sale		103,657	103,657
Total assets		6,027,724	5,955,180
LIABILITIES AND STOCKHOLDERS' EQUITY
Collateralized loan obligations		3,530,740	3,567,166
Mortgage note payable		23,998	23,998
Unsecured debt		81,320	81,295
Derivative instruments, measured at fair value		524	0
Interest payable		15,052	15,383
Distributions payable		36,308	36,133
Accounts payable and accrued expenses		11,195	13,339
Due to affiliates		20,969	19,316
Intangible lease liability, held for sale		12,297	12,297
Total liabilities		4,352,593	4,279,223
Commitments and Contingencies
Total redeemable convertible preferred stock		89,748	89,748
Equity:
Common stock, $0.01 par value, 900,000,000 shares authorized, 83,254,483 and 82,751,913 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively		820	820
Additional paid-in capital		1,597,611	1,599,197
Accumulated other comprehensive income (loss)		530	(703)
Accumulated deficit		(299,326)	(298,942)
Total stockholders' equity		1,558,377	1,559,114
Non-controlling interest		27,006	27,095
Total equity		1,585,383	1,586,209
Total liabilities, redeemable convertible preferred stock and equity		6,027,724	5,955,180
Repurchase agreements - commercial mortgage loans
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		412,556	299,707
Other financings		12,865	36,534
Repurchase agreements - real estate securities
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		194,769	174,055
Series H Preferred Stock
LIABILITIES AND STOCKHOLDERS' EQUITY
Total redeemable convertible preferred stock		89,748	89,748
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 March 31, 2024 and December 31, 2023		$ 258,742	$ 258,742
[1]Includes $26.6 million and $55.1 million of cash held by servicer related to the CLOs as of March 31, 2024 and December 31, 2023, respectively.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Allowance for credit losses	$ 49,215	$ 47,175
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)	83,254,483	82,751,913
Common stock, shares outstanding (in shares)	83,254,483	82,751,913
CRE CLO Bonds
Amortized cost	$ 217,324	$ 243,272
Pledged assets	217,855	167,948
Collaterized loan obligation
Allowance for credit losses	31,500	32,600
CLO cash held by servicer	$ 26,600	$ 55,100
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 issued (in shares)	17,950	17,950
Preferred stock, shares outstanding (in shares)	17,950	17,950
Series E Preferred Stock
Preferred stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	10,329,039	10,329,039
Preferred stock, shares outstanding (in shares)	10,329,039	10,329,039
Preferred stock dividend rate percentage	7.50%	7.50%

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income
Interest income	$ 130,558	$ 130,536
Less: Interest expense	81,318	71,075
Net interest income	49,240	59,461
Revenue from real estate owned	4,712	3,312
Total income	53,952	62,773
Expenses
Asset management and subordinated performance fee	7,865	8,085
Acquisition expenses	238	378
Administrative services expenses	2,860	4,029
Professional fees	4,084	4,814
Share-based compensation	1,799	1,022
Depreciation and amortization	1,417	1,805
Other expenses	2,363	2,166
Total expenses	20,626	22,299
Other income/(loss)
(Provision)/benefit for credit losses	(2,880)	(4,360)
Realized gain/(loss) on extinguishment of debt	0	4,767
Realized gain/(loss) on real estate securities, available for sale	88	596
Realized gain/(loss) on sale of commercial mortgage loans, held for sale, measured at fair value	5,513	0
Unrealized gain/(loss) on commercial mortgage loans, held for sale, measured at fair value	457	347
Gain/(loss) on other real estate investments	6	(1,339)
Trading gain/(loss)	0	2,968
Unrealized gain/(loss) on derivatives	(138)	(320)
Realized gain/(loss) on derivatives	290	44
Total other income/(loss)	3,336	2,703
Income/(loss) before taxes	36,662	43,177
(Provision)/benefit for income tax	(835)	662
Net income/(loss)	35,827	43,839
Net (income)/loss attributable to non-controlling interest	93	(9)
Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.	35,920	43,830
Less: Preferred stock dividends	6,748	6,748
Net income/(loss) applicable to common stock, basic	29,172	37,082
Net income/(loss) applicable to common stock, diluted	$ 29,172	$ 37,082
Basic earnings per share (in dollars per share)	$ 0.35	$ 0.44
Diluted earnings per share (in dollars per share)	$ 0.35	$ 0.44
Basic weighted average shares outstanding (in shares)	81,994,096	82,774,771
Weighted-average common shares outstanding for diluted earnings per share (in shares)	81,994,096	82,774,771

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income/(loss)	$ 35,827	$ 43,839
Amounts related to available for sale real estate securities:
Change in net unrealized gain/(loss)	927	(1,648)
Reclassification adjustment for amounts included in net income/(loss)	306	(677)
Total unrealized gain (loss)	1,233	(2,325)
Comprehensive (income)/loss attributable to non-controlling interest	93	(9)
Comprehensive income/(loss) attributable to Franklin BSP Realty Trust, Inc.	$ 37,153	$ 41,505

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Series I Preferred Stock	Total Stockholders' Equity	Total Stockholders' Equity Series I Preferred Stock	Common Stock	Common Stock Series I Preferred Stock	Additional Paid-In Capital	Additional Paid-In Capital Series I Preferred Stock	Accumulated Other Comprehensive Income/(Loss)	Accumulated Deficit	Preferred E Series E Preferred Stock	Non-Controlling Interest
Beginning balance (in shares) at Dec. 31, 2022					82,992,784
Balance, Beginning of Period at Dec. 31, 2022	$ 1,578,388		$ 1,562,980		$ 826		$ 1,602,247		$ 390	$ (299,225)	$ 258,742	$ 15,408
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchases (in shares)					(313,411)
Common stock repurchases	(3,667)		(3,667)		$ (3)		(3,664)
Share-based compensation (in shares)					442,419
Share-based compensation	1,022		1,022				1,022
Shares canceled for tax withholding on vested equity rewards (in shares)					(57,021)
Shares canceled for tax withholding on vested equity rewards	(812)		(812)				(812)
Series I Preferred Stock converted into common stock (in shares)						299,200
Series I Preferred Stock converted into common stock		$ 5,000		$ 5,000		$ 3		$ 4,997
Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.	43,830		43,830							43,830
Net income/(loss) attributable to non-controlling interest	9											9
Distributions declared	(36,367)		(36,367)							(36,367)
Other comprehensive income/(loss)	(2,325)		(2,325)						(2,325)
Contributions/(distributions) in non-controlling interest, net	5,851											5,851
Ending balance (in shares) at Mar. 31, 2023					83,363,971
Balance, End of Period at Mar. 31, 2023	$ 1,590,929		1,569,661		$ 826		1,603,790		(1,935)	(291,762)	258,742	21,268
Beginning balance (in shares) at Dec. 31, 2023	82,751,913				82,751,913
Balance, Beginning of Period at Dec. 31, 2023	$ 1,586,209		1,559,114		$ 820		1,599,197		(703)	(298,942)	258,742	27,095
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchases (in shares)					(151,123)
Common stock repurchases	(1,877)		(1,877)		$ (2)		(1,875)
Share-based compensation (in shares)					766,664
Share-based compensation	1,799		1,799		$ 2		1,797
Shares canceled for tax withholding on vested equity rewards (in shares)					(112,971)
Shares canceled for tax withholding on vested equity rewards	(1,508)		(1,508)				(1,508)
Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.	35,920		35,920							35,920
Net income/(loss) attributable to non-controlling interest	(93)											(93)
Distributions declared	(36,304)		(36,304)							(36,304)
Other comprehensive income/(loss)	1,233		1,233						1,233
Contributions/(distributions) in non-controlling interest, net	$ 4											4
Ending balance (in shares) at Mar. 31, 2024	83,254,483				83,254,483
Balance, End of Period at Mar. 31, 2024	$ 1,585,383		$ 1,558,377		$ 820		$ 1,597,611		$ 530	$ (299,326)	$ 258,742	$ 27,006

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Cash flows from operating activities:
Net income/(loss)	$ 35,827	$ 43,839
Adjustments to reconcile net income to net cash provided by operating activities:
Premium amortization and (discount accretion), net	(2,453)	(4,163)
Accretion of deferred commitment fees	(1,513)	(2,869)
Amortization of deferred financing costs	3,105	1,837
Share-based compensation	1,799	1,022
Realized (gain)/loss on extinguishment of debt	0	(4,767)
Realized (gain)/loss on sale of available for sale securities, measured at fair value	(88)	(596)
Realized (gain)/loss on sale of commercial mortgage loans, held for sale, measured at fair value	(5,513)	0
Unrealized (gain)/loss from commercial mortgage loans, held for sale, measured at fair value	(457)	(347)
Unrealized (gain)/loss from derivative instruments	138	320
(Gain)/loss from other real estate investments	(6)	1,339
Trading (gain)/loss	0	(2,968)
Depreciation and amortization	1,417	1,642
Straight lining rents	(1,559)	(307)
Provision/(benefit) for credit losses	2,880	4,360
Origination of commercial mortgage loans, held for sale, measured at fair value	(130,700)	0
Proceeds from sale or repayment of commercial mortgage loans, held for sale, measured at fair value	106,213	(22)
Changes in assets and liabilities:
Accrued interest receivable	4,375	539
Prepaid expenses and other assets	940	(735)
Accounts payable and accrued expenses	(2,757)	(3,510)
Due to affiliates	1,653	(1,573)
Interest payable	(331)	217
Net cash (used in)/provided by operating activities	12,970	33,258
Cash flows from investing activities:
Origination and purchase of commercial mortgage loans, held for investment	(488,291)	(195,617)
Principal repayments received on commercial mortgage loans, held for investment	280,292	406,243
Proceeds from sale of real estate owned, held for sale	42,241	0
Purchase of real estate owned and capital expenditures	0	0
Purchase of real estate securities, available for sale	(15,717)	(20,267)
Proceeds from sale of real estate securities	41,755	225,147
Principal collateral on mortgage investments	0	7,302
Proceeds from sale/(purchase) of derivative instruments	386	0
Net cash (used in)/provided by investing activities	(139,334)	422,808
Cash flows from financing activities:
Payments for common stock repurchases	(1,877)	(3,666)
Shares cancelled for tax withholding on vested equity rewards	(1,508)	(812)
Borrowings on collateralized loan obligations	27,949	0
Repayments of collateralized loan obligations	(66,654)	(69,042)
Borrowings on repurchase agreements and revolving credit facilities - commercial mortgage loans	151,013	157,862
Repayments of repurchase agreements and revolving credit facilities - commercial mortgage loans	(38,164)	(234,300)
Borrowings on repurchase agreements - real estate securities	57,289	258,881
Repayments of repurchase agreements - real estate securities	(36,575)	(469,955)
Borrowings on other financings	0	43,615
Repayments on other financings	(23,669)	(40,795)
Repayments of unsecured debt	0	(13,367)
Payments of deferred financing costs	(880)	(1,377)
Distributions paid	(36,125)	(36,317)
Net cash (used in)/provided by financing activities:	30,799	(409,273)
Net change in cash, cash equivalents and restricted cash	(95,565)	46,793
Cash, cash equivalents and restricted cash, beginning of period	343,687	190,487	$ 190,487
Cash, cash equivalents and restricted cash, end of period	248,122	237,279	343,687
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period	337,595	179,314	179,314
Restricted cash, beginning of period	6,092	11,173	11,173
Cash and cash equivalents, end of period	240,030	230,405	337,595
Restricted cash, end of period	8,092	6,874	6,092
Cash, cash equivalents and restricted cash,	248,122	237,279	343,687
Supplemental disclosures of cash flow information:
Cash payments for income taxes	51	(15)
Cash payments for interest	77,589	69,263
Pre-close loan fundings held with servicer	0	(2,742)
Supplemental disclosures of non-cash flow information:
Distribution payable	36,308	36,367	$ 36,133
Loans transferred to real estate owned	42,235	57,205
Modification accounted for as repayment and new loan	(42,235)	0
Conversion of Preferred Stock to Common Stock
Supplemental disclosures of non-cash flow information:
Conversion of preferred stock to common stock	$ 0	$ 5,000

Organization and Business Opera

Organization and Business Operations	3 Months Ended
	Mar. 31, 2024
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. 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	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 - Summary of Significant Accounting Policies Basis of Accounting The Company's unaudited consolidated financial statements and related footnotes have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America ("GAAP") for interim financial statements and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of, and for the year ended December 31, 2023, which are included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 26, 2024, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this report. Reclassifications Certain prior year balances have been reclassified in order to conform to the current period presentation. For the three months ended March 31, 2023 $0.3 million related to straight lining of rents was reclassified from Prepaid expenses and other assets to Straight lining rents in the consolidated statement of cash flows. Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. In the opinion of management, the interim data includes all adjustments, of a normal and recurring nature, necessary for a fair statement of the results for the periods presented. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the entire year or any subsequent interim periods. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members, as well as whether the entity is a variable interest entity ("VIE") for which the Company is the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company's assets and liabilities are held by the OP. The Company consolidates all entities that it controls through either majority ownership or voting rights. In addition, the Company consolidates all VIEs of which the Company is considered the primary beneficiary. VIEs are entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. Non-controlling interest represents the equity of consolidated joint ventures that are not owned by the Company. The accompanying consolidated financial statements include the accounts of collateralized loan obligations ("CLOs") issued and securitized by wholly owned subsidiaries of the Company. The Company has determined the CLOs are VIEs of which the Company's subsidiary is the primary beneficiary. The assets and liabilities of the CLOs are consolidated in the accompanying consolidated balance sheets in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation . Cash and Cash Equivalents Cash consists of amounts deposited with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company up to an insurance limit. Cash and cash equivalent balances may, at a limited number of banks and financial institutions, exceed insurable amounts. The Company believes it mitigates risk by investing in or through major financial institutions and primarily in funds that are currently U.S. federal government insured up to applicable account limits. Recoverability of investments is dependent upon the performance of the issuers. Cash equivalents include short-term, liquid investments in money market funds with original maturities of 90 days or less when purchased. Recently Issued Accounting Pronouncements In 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. The Company is still assessing the impact, if any, to the adoption of ASU 2023-07 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. In March 2024, the FASB issued Accounting Standards Update, or ASU, 2024-01 “Compensation — Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards,” or ASU 2024-01. ASU 2024-01 improves clarity and operability without changing the guidance. ASU 2024-01 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. In March 2024, the FASB issued Accounting Standards Update, or ASU, 2024-02 “Codification Improvements — Amendments to Remove References to the Concepts Statements,” or ASU 2024-02. ASU 2024-02 amended certain definitions in the guidance. ASU 2024-02 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.

Commercial Mortgage Loans

Commercial Mortgage Loans	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Commercial Mortgage Loans	Note 3 - Commercial Mortgage Loans Commercial Mortgage Loans, Held for Investment The following table is a summary of the Company's commercial mortgage loans, held for investment, carrying values by class (dollars in thousands): March 31, 2024 December 31, 2023 Senior loans $ 5,206,011 $ 5,017,569 Mezzanine loans 27,409 19,373 Total gross carrying value of loans 5,233,420 5,036,942 General allowance for credit losses 48,477 47,175 Specific allowance for credit losses 738 — Less: Allowance for credit losses 49,215 47,175 Total commercial mortgage loans, held for investment, net $ 5,184,205 $ 4,989,767 For the three months ended March 31, 2024 and year ended December 31, 2023, the activity in the Company's commercial mortgage loans, held for investment carrying values, was as follows (dollars in thousands): Three months ended March 31, 2024 Year Ended Amortized cost, beginning of period $ 5,036,942 $ 5,269,776 Acquisitions and originations 492,800 941,513 Principal repayments (251,801) (1,076,532) Net fees capitalized into carrying value of loans (4,736) (5,242) Discount accretion/premium amortization 2,450 13,016 Transfer to real estate owned (1) (42,235) (103,863) Cost recovery — (1,726) Amortized cost, end of period $ 5,233,420 $ 5,036,942 Allowance for credit losses, beginning of period $ (47,175) $ (40,848) General (provision)/benefit for credit losses (1,302) (20,551) Specific (provision)/benefit for credit losses (738) (12,334) Write offs from specific allowance for credit losses — 26,558 Allowance for credit losses, end of period $ (49,215) $ (47,175) Total commercial mortgage loans, held for investment, net $ 5,184,205 $ 4,989,767 ________________________ (1) In February 2024, the Company, through deed-in-lieu of foreclosure, acquired a multifamily property located in San Antonio, TX, and assumed the senior mortgage note which the Company originated in November 2021. At the time of the deed-in-lieu of foreclosure, the amortized cost of the loan was $42.2 million and contractual interest was satisfied. Subsequently thereafter, the property was sold to a third party. In connection with the sale, the senior mortgage note which the Company originated in November 2021 was assumed by the buyer and immediately modified, resulting in a $5.9 million principal paydown. As a result, the modification was accounted for as a new loan for GAAP purposes and the sale of the real estate owned transaction resulted in a net gain of $6.0 thousand recorded in Gain/(loss) on other real estate investments in the consolidated statement of operations. As of March 31, 2024 and December 31, 2023, the Company's total commercial mortgage loan, held for investment portfolio, was comprised of 145 and 144 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): March 31, 2024 December 31, 2023 Loan Collateral Type Par Value Percentage Par Value Percentage Multifamily $ 3,931,501 74.9 % $ 3,876,108 76.8 % Hospitality 721,075 13.8 % 670,274 13.3 % Office 312,894 6.0 % 269,924 5.4 % Industrial 150,346 2.9 % 73,724 1.5 % Retail 34,000 0.6 % 34,000 0.7 % Other 93,984 1.8 % 121,006 2.3 % Total $ 5,243,800 100.0 % $ 5,045,036 100.0 % March 31, 2024 December 31, 2023 Loan Region Par Value Percentage Par Value Percentage Southeast $ 2,116,439 40.4 % $ 1,989,175 39.4 % Southwest 2,033,484 38.8 % 1,920,491 38.1 % Mideast 385,710 7.4 % 455,739 9.0 % Great Lakes 156,627 3.0 % 161,059 3.2 % Rocky Mountain 134,535 2.6 % 74,934 1.5 % Far West 104,321 2.0 % 113,554 2.3 % New England 62,691 1.2 % 63,274 1.3 % Various (1) 249,993 4.6 % 266,810 5.2 % Total $ 5,243,800 100.0 % $ 5,045,036 100.0 % ________________________ (1) Represents loans secured by a portfolio of properties located in various parts of the United States. Allowance for Credit Losses The following table presents the quarterly changes in the Company's allowance for credit losses for the three months ended March 31, 2024 (dollars in thousands): General Allowance for Credit Losses Specific Allowance for Credit Losses Funded Unfunded Total Total Allowance for Credit Losses December 31, 2023 $ — $ 47,175 $ 1,133 $ 48,308 $ 48,308 Changes: Provision/(Benefit) $ 738 $ 1,302 $ 841 $ 2,143 $ 2,881 Write offs — — — — — March 31, 2024 $ 738 $ 48,477 $ 1,974 $ 50,451 $ 51,189 Specific Allowance for Credit Losses In June 2022, the Company originated a first mortgage loan with a fully committed principal balance of $58.0 million secured by two multifamily properties in North Carolina. In March 2024, the loan was identified by management as non-performing and placed on non-accrual 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. The Company estimated the fair value less estimated cost to sell utilizing the market approach with an unobservable input based on a negotiated price noted in a letter of intent from an anticipated buyer. As a result, the Company recorded a specific allowance for credit losses of $0.7 million on this loan. General Allowance for Credit Losses The Company recorded a total increase in its general allowance for credit losses during the three months ended March 31, 2024 of $2.1 million. The primary driver for the higher reserve balance is due to the Company utilizing a pessimistic and conservative macro-economic outlook since the end of the prior quarter along with an increase in size of the overall portfolio of commercial mortgage loans, held for investment as of March 31, 2024. Changes in the provision for credit losses for the Company’s financial instruments are recorded in (Provision)/benefit for income tax 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 Past Due Status The following table presents a summary of the loans amortized cost basis as of March 31, 2024 (dollars in thousands): Current Less than 90 days past due 90 or more days past due (1) Total As of March 31, 2024 $ 4,925,874 $ 141,806 $ 165,740 $ 5,233,420 ________________________ (1) Comprised of two mortgage loans collateralized by multifamily properties, both of which are designated as non-performing and placed on non-accrual status. For the three months ended March 31, 2024, the Company has received and recognized $3.4 million in interest proceeds included in Interest income in the consolidated statements of operations. Non-performing Status The following table presents the amortized cost basis of our non-performing loans as of March 31, 2024 and December 31, 2023 (dollars in thousands): March 31, 2024 December 31, 2023 Non-performing loan amortized cost at beginning of year, January 1 $ 78,185 $ 117,379 Addition of non-performing loan amortized cost 292,596 118,647 Less: Removal of non-performing loan amortized cost 63,235 157,841 Non-performing loan amortized cost end of period (1) $ 307,546 $ 78,185 ________________________ (1) As of March 31, 2024, and December 31, 2023, the Company had four and two loans, respectively, designated as non-performing. As of March 31, 2024, three of the four non-performing loans were placed on non-accrual status and one was placed on cost recovery status. For the loans designated as non-performing and placed on non-accrual status, the Company recognized $3.4 million of interest proceeds included in Interest income in the consolidated statements of operations for the three months ended March 31, 2024. As of March 31, 2024, the one loan designated as non-performing and placed on cost recovery was determined to have a $0.7 million specific allowance for credit losses. As of March 31, 2024, the four designated non-performing loans were all 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 follows: Investment Rating Summary Description 1 Very Low Risk - Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable. 2 Low Risk - Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. 3 Average Risk - Performing investments requiring closer monitoring. Trends and risk factors show some deterioration. 4 High Risk/Delinquent/Defaulted/Potential For Loss - Underperforming investment with the potential of some interest loss but still expecting a positive return on investment. Trends and risk factors are negative. 5 Impaired/Defaulted/Loss Likely - Underperforming investment with expected loss of interest and some principal. All commercial mortgage loans, excluding loans classified as commercial mortgage loans, held for sale, measured at fair value within the consolidated balance sheets, are assigned an initial risk rating of 2. As of March 31, 2024 and December 31, 2023, the weighted average risk rating of loans was 2.3 and 2.3, respectively. The following tables present the par value and amortized cost of our commercial mortgage loans, held for investment as of March 31, 2024 and December 31, 2023, by the Company’s internal risk rating and year of origination (dollars in thousands): March 31, 2024 Amortized Cost by Year of Origination Risk Rating Number of Loans Total Par Value 2024 2023 2022 2021 2020 Prior Total Amortized Cost % of Portfolio 1 — $ — $ — $ — $ — $ — $ — $ — $ — — % 2 111 3,858,347 435,557 659,601 1,072,104 1,499,359 73,004 109,128 3,848,753 73.5 % 3 28 1,121,569 — 57,981 459,627 539,579 47,189 16,518 1,120,894 21.5 % 4 6 263,884 — — 141,806 44,913 — 77,054 263,773 5.0 % 5 — — — — — — — — — — % Total 145 $ 5,243,800 $ 435,557 $ 717,582 $ 1,673,537 $ 2,083,851 $ 120,193 $ 202,700 $ 5,233,420 100.0 % Allowance for credit losses (49,215) Total carrying value, net $ 5,184,205 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 Commercial Mortgage Loans, Held for Sale, Measured at Fair Value As of March 31, 2024 the contractual principal balance outstanding of commercial mortgage loans, held for sale, measured at fair value was $30.0 million, comprised of one loan. As of March 31, 2024, 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. As of December 31, 2023, the Company did not hold any commercial mortgage loans, held for sale. 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 as of March 31, 2024 (dollars in thousands): Loan Collateral Type Par Value Percentage Office $ 30,000 100.0 % Loan Region Par Value Percentage Southeast $ 30,000 100.0 %

Real Estate Securities

Real Estate Securities	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Real Estate Securities	Note 4 - Real Estate Securities 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 March 31, 2024 and December 31, 2023 (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 March 31, 2024 7 1 Month SOFR 7.93% 12.0 $ 217,560 $ 217,855 December 31, 2023 7 1 Month SOFR 8.12% 12.2 $ 243,340 $ 242,569 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 A ccumulated 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 as of March 31, 2024 and December 31, 2023 (dollars in thousands): Amortized Cost Unrealized Gain Unrealized (Loss) Fair Value March 31, 2024 $ 217,324 $ 643 $ (112) $ 217,855 December 31, 2023 $ 243,272 $ 74 $ (777) $ 242,569 As of March 31, 2024, the Company held seven CRE CLO bonds with an amortized cost basis of $217.3 million and a net unrealized gain of $0.5 million, three of which were held in a gross unrealized loss position of $0.1 million. As of December 31, 2023, the Company held seven CRE CLO bonds with an amortized cost basis of $243.3 million and a net unrealized loss of $0.7 million, five of which were held in a gross unrealized loss position of $0.8 million. As of March 31, 2024 and December 31, 2023, zero positions had an unrealized loss for a period greater than twelve months. As of March 31, 2024 and December 31, 2023, the fair value of the Company's CRE CLO bonds that were in an unrealized loss position for less than twelve months, and for which an allowance for credit loss has not been recorded was $72.6 million and $184.2 million, respectively.

Real Estate Owned

Real Estate Owned	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023 (dollars in thousands): As of March 31, 2024 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 $ (5,755) $ 84,868 August 2023 Office Portland, OR 16,479 2,065 — (26) 18,518 October 2023 Multifamily Lubbock, TX 1,618 10,076 185 (96) 11,783 $ 21,533 $ 96,400 $ 3,113 $ (5,877) $ 115,169 ________________________ See note below. 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 Office Portland, OR 16,479 2,065 — (13) 18,531 October 2023 Multifamily Lubbock, TX 1,618 10,076 185 (24) 11,855 $ 21,533 $ 96,400 $ 3,113 $ (5,216) $ 115,830 ________________________ (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. Depreciation expense for the three months ended March 31, 2024 and 2023 totaled $0.7 million and $0.8 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 March 31, 2024 and December 31, 2023 (dollars in thousands): As of March 31, 2024 Property Type Primary Location(s) Assets, Net Liabilities, Net Retail Various $ 103,657 $ 12,297 As of December 31, 2023 Property Type Primary Location(s) Assets, Net Liabilities, Net Retail Various $ 103,657 $ 12,297 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. During the three months ended September 30, 2023, the Company classified the real estate owned assets and liabilities as held for sale in accordance with ASC 360 - Property, Plant, and Equipment. Refer to Note 12 - Fair Value of Financial Instruments for discussion on the properties fair value measurement. As of March 31, 2024, the Company's real estate owned held for sale assets consisted of the remaining 23 retail properties in the Walgreens Portfolio.

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	Note 6 - Leases Intangible Lease Assets, Held for Investment The following table summarizes the Company's identified intangible lease assets (primarily in-place leases) recognized in the consolidated balance sheets as of March 31, 2024 and December 31, 2023 (dollars in thousands): Identified intangible assets: March 31, 2024 December 31, 2023 Gross amount $ 49,285 $ 49,285 Less: Accumulated amortization 7,248 6,492 Total, net $ 42,037 $ 42,793 Rental Income Rental income for the three months ended March 31, 2024 and 2023 totaled $4.7 million and $3.1 million, respectively. Rental income is included in Revenue from real estate owned in the consolidated statements of operations. The following table summarizes the Company's schedule of future minimum rents on its real estate owned, held for investment properties, with a remaining lease term of approximately 14.6 years, to be received under the leases (dollars in thousands): Future Minimum Rents March 31, 2024 2024 (April - December) $ 6,637 2025 8,425 2026 8,539 2027 8,710 2028 8,884 2029 and beyond 97,388 Total future minimum rent $ 138,583 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 March 31, 2024 is approximately 14.6 years. Amortization expense for the three months ended March 31, 2024 and 2023 totaled $0.8 million and $1.0 million, respectively. The following table summarizes the Company's expected other identified intangible assets, net amortization over the next five years, exclusive of intangible assets that are held for sale, assuming no further acquisitions or dispositions (dollars in thousands): Amortization Expense - Other identified intangible assets March 31, 2024 2024 (April - December) $ 2,203 2025 2,880 2026 2,880 2027 2,880 2028 2,880
Leases	Note 6 - Leases Intangible Lease Assets, Held for Investment The following table summarizes the Company's identified intangible lease assets (primarily in-place leases) recognized in the consolidated balance sheets as of March 31, 2024 and December 31, 2023 (dollars in thousands): Identified intangible assets: March 31, 2024 December 31, 2023 Gross amount $ 49,285 $ 49,285 Less: Accumulated amortization 7,248 6,492 Total, net $ 42,037 $ 42,793 Rental Income Rental income for the three months ended March 31, 2024 and 2023 totaled $4.7 million and $3.1 million, respectively. Rental income is included in Revenue from real estate owned in the consolidated statements of operations. The following table summarizes the Company's schedule of future minimum rents on its real estate owned, held for investment properties, with a remaining lease term of approximately 14.6 years, to be received under the leases (dollars in thousands): Future Minimum Rents March 31, 2024 2024 (April - December) $ 6,637 2025 8,425 2026 8,539 2027 8,710 2028 8,884 2029 and beyond 97,388 Total future minimum rent $ 138,583 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 March 31, 2024 is approximately 14.6 years. Amortization expense for the three months ended March 31, 2024 and 2023 totaled $0.8 million and $1.0 million, respectively. The following table summarizes the Company's expected other identified intangible assets, net amortization over the next five years, exclusive of intangible assets that are held for sale, assuming no further acquisitions or dispositions (dollars in thousands): Amortization Expense - Other identified intangible assets March 31, 2024 2024 (April - December) $ 2,203 2025 2,880 2026 2,880 2027 2,880 2028 2,880

Debt

Debt	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023 (dollars in thousands): March 31, 2024 Capacity Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate Term Maturity Repo and revolving credit facilities - commercial mortgage loans (2) : JPM Repo Facility (3) $ 500,000 $ 113,409 $ 1,702 7.84 % 07/2026 Atlas Repo Facility (4) 350,000 14,700 610 7.83 % 01/2026 WF Repo Facility (5) 400,000 79,037 1,613 7.80 % 10/2025 Barclays Revolver Facility (6) 250,000 — 117 N/A 09/2024 Barclays Repo Facility (5) 500,000 205,410 2,060 7.14 % 03/2025 Churchill Repo Facility 225,000 — 34 N/A N/A Total/Weighted average $ 2,225,000 $ 412,556 $ 6,136 7.48 % Mortgage note payable: Debt related to our REO (7) N/A $ 23,998 $ 512 8.44 % 10/2024 Other financings: Other financings (8) N/A $ 12,865 $ 481 6.00 % Various (8) Unsecured debt (9) : Junior Note I N/A $ 17,056 $ 412 9.15 % 10/2035 Junior Note II N/A 39,560 913 8.95 % 12/2035 Junior Note III N/A 24,704 571 8.95 % 09/2036 Total/Weighted average N/A $ 81,320 $ 1,896 8.99 % ________________________ See notes below. December 31, 2023 Capacity Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate Term Maturity Repo and revolving credit facilities - commercial mortgage loans (2) : JPM Repo Facility (3) $ 500,000 $ 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 (5) 500,000 66,539 11,616 7.22 % 03/2025 Churchill Repo Facility 225,000 — 30 N/A N/A Total/Weighted average $ 2,475,000 $ 299,707 $ 51,170 7.70 % Mortgage note payable: Debt related to our REO (7) N/A $ 23,998 $ 1,982 8.48 % 10/2024 Other financings: Other financings (8) N/A $ 36,534 $ 5,330 7.36 % Various (8) Unsecured debt (9) : Junior Note I N/A $ 17,047 $ 1,940 9.15 % 10/2035 Junior Note II N/A 39,550 3,519 8.95 % 12/2035 Junior Note III N/A 24,698 2,199 8.95 % 09/2036 Total/Weighted average N/A $ 81,295 $ 7,658 8.99 % ________________________ (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 March 31, 2024 and December 31, 2023, the Company is in compliance with all debt covenants. (3) There is a one-year extension option. (4) 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) There are two one-year extension options. (6) The Company may increase the total commitment by an amount between $100 million and $150 million for three month intervals, on an unlimited basis prior to maturity. (7) 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). (8) Comprised of two note-on-note financings via participation agreements. From inception of the loan, the Company's outstanding loans could increase as a result of future fundings, leading to an increase in amount outstanding via the participation agreement. The weighted average contractual maturity date of these loans is July 2028. (9) The notes are currently redeemable, in whole or in part, without penalty, at the Company’s option. Interest paid on unsecured debt totaled $2.0 million and $2.3 million for the three months ended March 31, 2024 and 2023, respectively. Repurchase Agreements - Real Estate Securities The Company has entered into various Master Repurchase Agreements (the "MRAs") that allow the Company to sell real estate securities while providing a fixed repurchase price for the same real estate securities in the future. The repurchase contracts on each security under an MRA generally mature in 30-90 days and terms are adjusted for current market rates as necessary. Below is a summary of the Company's MRAs which were included in Repurchase agreements - real estate securities in the Company's consolidated balance sheets as of March 31, 2024 and December 31, 2023 (dollars in thousands): March 31, 2024 Counterparty Amount Outstanding Interest Expense Collateral Pledged (1) Weighted Average Interest Rate Weighted Average Days to Maturity JP Morgan Securities LLC $ 85,750 $ 1,421 $ 96,819 6.18 % 17 Wells Fargo Securities, LLC 8,994 139 9,995 6.12 % 4 Barclays Capital Inc. 79,414 924 89,029 6.06 % 5 Lucid Prime Fund 20,611 114 23,393 6.08 % 18 Total Weighted Average $ 194,769 $ 2,598 $ 219,236 6.12 % 12 ________________________ See note below 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 ________________________ (1) Includes $1.4 million and $27.9 million of CLO notes, held by the Company, which is eliminated within the Real estate securities, available for sale, measured at fair value of the consolidated balance sheets as of March 31, 2024 and December 31, 2023, respectively. Collateralized Loan Obligation The following table represents the terms of the notes issued by 2021-FL6 Issuer, 2021-FL7 Issuer, 2022-FL8 Issuer, 2022-FL9 Issuer and 2023-FL10 Issuer (collectively the "CLOs"), as of March 31, 2024 and December 31, 2023: March 31, 2024 CLO Facility Number of Loans in pool (1) Benchmark Interest Rate Weighted Average Spread Par Value Par Value Outstanding (2) Principal Balance of Collateralized Mortgage Assets Maturity Dates 2021-FL6 Issuer 50 Term SOFR 1.44 % $ 584,500 $ 536,620 $ 645,103 3/15/2036 2021-FL7 Issuer 39 Term SOFR 1.66 % 722,250 674,822 853,181 12/21/2038 2022-FL8 Issuer 45 AVG SOFR 1.72 % 960,000 959,943 1,194,783 2/15/2037 2022-FL9 Issuer 49 Term SOFR 2.80 % 670,637 670,639 792,676 5/15/2039 2023-FL10 Issuer (3) 27 Term SOFR 2.59 % 717,243 717,243 896,219 9/15/2035 $ 3,654,630 $ 3,559,267 $ 4,381,962 December 31, 2023 CLO Facility Number of Loans in pool (1) Benchmark interest rate Weighted Average Spread Par Value Par Value Outstanding (2) 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 ________________________ (1) Loan assets may be pledged towards one or multiple CLO pool. (2) Excludes $467.0 million and $495.0 million, respectively, of CLO notes, held by the Company, which are eliminated in Collateralized loan obligations in the consolidated balance sheet as of March 31, 2024 and December 31, 2023. (3) During the three months ended March 31, 2024, the Company sold the BSPRT FL10 AS retained tranche with a principal balance of $27.9 million. The below table reflects the total assets and liabilities of the Company's outstanding CLOs. The CLOs are considered VIEs and are consolidated into the Company's consolidated financial statements as of March 31, 2024 and December 31, 2023 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. March 31, 2024 December 31, 2023 Assets (dollars in thousands) Cash (1) $ 27,442 $ 55,914 Commercial mortgage loans, held for investment, net (2) 4,309,148 4,379,760 Accrued interest receivable 20,124 23,927 Total Assets $ 4,356,714 $ 4,459,601 Liabilities (dollars in thousands) Notes payable, net (3)(4) $ 4,026,315 $ 4,092,971 Accrued interest payable 14,902 15,171 Total Liabilities $ 4,041,217 $ 4,108,142 ________________________ (1) Includes $26.6 million and $55.1 million of cash held by the servicer related to CLO loan payoffs as of March 31, 2024 and December 31, 2023, respectively. (2) The balance is presented net of allowance for credit losses of $31.5 million and $32.6 million as of March 31, 2024 and December 31, 2023, respectively. (3) Includes $467.0 million and $495.0 million of CLO notes, held by the Company, which are eliminated in Collateralized loan obligation of the consolidated balance sheets as of March 31, 2024 and December 31, 2023, respectively. (4) The balance is presented net of deferred financing cost and discount of $28.5 million and $30.8 million as of March 31, 2024 and December 31, 2023, respectively. The deferred financing costs are amortized over the expected lifetime of each CLO.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Note 8 - Earnings Per Share The Company uses the two-class method in calculating basic and diluted earnings per share. Net income/(loss) is allocated between our common stock and other participating securities based on their participation rights. Diluted net income per share has been computed using the weighted average number of shares of common stock outstanding and other dilutive securities. The following table presents a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations and the calculation of basic and diluted earnings per share for the three months ended March 31, 2024 and 2023 (in thousands, except share and per share data): Three Months Ended March 31, 2024 2023 Numerator Net income/(loss) $ 35,827 $ 43,839 Net (income)/loss from non-controlling interest 93 (9) Less: Preferred stock dividends 6,748 6,748 Net income/(loss) applicable to common stock $ 29,172 $ 37,082 Less: Participating securities' share in earnings 449 797 Net income/(loss) applicable to common stockholders (for basic & diluted earnings per share) $ 28,723 $ 36,285 Denominator Weighted-average common shares outstanding for basic earnings per share 81,994,096 82,774,771 Weighted-average common shares outstanding for diluted earnings per share (1) 81,994,096 82,774,771 Basic earnings per share $ 0.35 $ 0.44 Diluted earnings per share $ 0.35 $ 0.44 ________________________ (1) The effect of the weighted average dilutive shares excluded restricted shares and stock units as of the three months ended March 31, 2024 and 2023 of 210,665 and 711,000 respectively, as the effect was anti-dilutive. Additionally, the effect of dilutive shares excluded 5,370,498 and 5,430,480 weighted average common share equivalents of convertible preferred stock for the three months ended March 31, 2024 and 2023 , respectively, as the effect was anti-dilutive.

Redeemable Convertible Preferre

Redeemable Convertible Preferred Stock and Equity Transactions	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023 (in thousands, except share and per share amounts): Balance as of Shares Outstanding as of First Quarter 2024 Dividend Per Share (1) March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Redeemable Convertible Preferred Stock: Series H Preferred Stock (2) $ 89,748 $ 89,748 17,950 17,950 $ 106.22 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 (3)(4) $ 820 $ 820 83,254,483 82,751,913 $ 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) Includes shares issued pursuant to the Company's dividend reinvestment plan ("DRIP") and unvested restricted shares. (4) During the three months ended March 31, 2024, the Company repurchased 151,123 shares of common stock at an average price of $12.42 per share for a total of $1.9 million. All of these shares were retired upon settlement. See discussion in the "Stock Repurchases" section below. During the three months ended March 31, 2024 and 2023, the Company paid an aggregate of $29.4 million and $29.5 million, respectively, of common stock distributions comprised of quarterly common dividends of $0.355 per share. Stock Repurchases The Company’s board of directors has authorized a $65 million share repurchase program of the Company’s common stock. The Company’s share repurchase program authorizes share repurchases at prices below the most recently reported book value per share as determined in accordance with GAAP. Repurchases made under the program may be made through open market, block, and privately negotiated transactions, including Rule 10b5-1 plans, as permitted by securities laws and other legal requirements. The timing, manner, price and amount of any purchases by the Company will be determined by the Company in its reasonable business judgment and consistent with the exercise of its legal duties and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The share repurchase program does not obligate the Company to acquire any particular amount of common stock. The Company share repurchase program will remain open until at least December 31, 2024 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 March 31, 2024, the Company had $34.0 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 three months ended March 31, 2024 (in thousands, except share amounts): For the Three Months Ended March 31, 2024 Shares Amount (1)(2) Beginning of period, authorized repurchase amount $ 35,917 Repurchases 151,123 (1,877) Remaining as of March 31, 2024 $ 34,040 ________________________ (1) For the three months ended March 31, 2024, the average purchase price was $12.42 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, up to 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 (which shares, at the Company's option, are either issued directly from the Company or purchased by the administrator on the open market). The direct stock purchase component allows stockholders, subject to the Company's approval, to purchase shares of common stock directly from us. During the three months ended March 31, 2024 and 2023, no shares were issued, and 40,735 shares and 58,310 shares, respectively, of common stock were purchased by the administrator under the dividend reinvestment component of the DRIP. Accumulated Other Comprehensive Income/(Loss) The following table sets forth the changes in accumulated other comprehensive income/(loss) related to the Company's real estate securities, available for sale, measured at fair value for the three months ended March 31, 2024 and 2023 (dollars in thousands): For the Three Months Ended March 31, 2024 March 31, 2023 Balance, Beginning of Period $ (703) $ 390 Other comprehensive income/(loss) 927 (1,648) Reclassification adjustment for amounts included in net income/(loss) 306 (677) Balance, End of Period $ 530 $ (1,935)

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 10 - Commitments and Contingencies Unfunded Commitments Under Commercial Mortgage Loans As of March 31, 2024, the Company had the below unfunded commitments to the Company's borrowers (dollars in thousands): Funding Expiration March 31, 2024 2024 $ 85,034 2025 118,614 2026 166,005 2027 18,260 Total $ 387,913 The borrowers are generally required to meet or maintain certain metrics in order to qualify for the unfunded commitment amounts. Litigation and Regulatory Matters The Company is not presently named as a defendant in any material litigation arising outside the ordinary course of business. However, the Company is involved in routine litigation arising in the ordinary course of business, none of which the Company believes, individually or in the aggregate, will have a material impact on the Company’s financial condition, operating results or cash flows. Please refer to "Part II, Item 1. Legal Proceedings" for more details about the Company's ongoing litigation matters.

Related Party Transactions and

Related Party Transactions and Arrangements	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Note 11 - Related Party Transactions and Arrangements Advisory Agreement Fees and Reimbursements Pursuant to the Advisory Agreement, the Company is required to make the following payments and reimbursements to the Advisor: • The Company reimburses the Advisor’s costs of providing services pursuant to the Advisory Agreement, except the salaries and benefits paid by the Advisor to the Company’s executive officers. • The Company pays the Advisor, or its affiliates, a monthly asset management fee equal to one-twelfth of 1.5% of stockholders' equity as calculated pursuant to the Advisory Agreement. • The Company will pay the Advisor an annual subordinated performance fee calculated on the basis of total return to stockholders, payable monthly in arrears, such that for any year in which total return on stockholders’ capital (as defined in the Advisory Agreement) exceeds 6.0% per annum, our Advisor will be entitled to 15.0% of the excess total return; provided that in no event will the annual subordinated performance fee payable to our Advisor exceed 10.0% of the aggregate total return for such year. • The Company reimburses the Advisor for insourced expenses incurred by the Advisor on the Company‘s behalf related to selecting, evaluating, originating and acquiring investments in an amount up to 0.5% of the principal amount funded by the Company to originate or acquire commercial mortgage loans and up to 0.5% of the anticipated net equity funded by the Company to acquire real estate securities investments. The table below shows the costs incurred due to arrangements with our Advisor and its affiliates during the three months ended March 31, 2024 and 2023 and the associated payable as of March 31, 2024 and December 31, 2023 (dollars in thousands): Three Months Ended March 31, Payable as of 2024 2023 March 31, 2024 December 31, 2023 Acquisition expenses (1) $ 238 $ 378 $ — $ — Administrative services expenses 2,860 4,029 2,860 3,447 Asset management and subordinated performance fee 7,865 8,085 16,497 15,014 Other related party expenses (2)(3) 343 211 1,612 855 Total related party fees and reimbursements $ 11,306 $ 12,703 $ 20,969 $ 19,316 ________________________ (1) Total acquisition expenses paid during the three months ended March 31, 2024 and March 31, 2023 were $2.3 million and $1.1 million, respectively, of which $2.1 million and $0.7 million were capitalized within the Commercial mortgage loans, held for investment and Real estate securities, available for sale, measured at fair value lines of the consolidated balance sheets. (2) These are related to reimbursable costs incurred related to the increase in loan origination activities and are included in Other expenses in the Company's consolidated statements of operations. (3) As of March 31, 2024 and December 31, 2023, the related party payables include $1.5 million and $0.7 million, respectively, of payments made by the Advisor to third party vendors on behalf of the Company. The payables as of March 31, 2024 and December 31, 2023, in the table above are included in Due to affiliates on the Company's consolidated balance sheets. Other Transactions In the third quarter of 2021, the Company and an affiliate of the Company entered into the Jeffersonville JV to acquire a $139.5 million triple net lease property in Jeffersonville, GA. The Company has a 79% interest in the Jeffersonville JV, while the affiliate has a 21% interest. The Company invested a total of $109.8 million, made up of $88.7 million in debt and $21.1 million in equity, representing 79% of the ownership interest in the Jeffersonville JV. The affiliated fund made up the remaining $29.8 million composed of a $24.0 million mortgage note payable and $5.8 million in non-controlling interest. The Company has majority control of Jeffersonville JV and, therefore, consolidates the accounts of Jeffersonville JV into its consolidated financial statements. The Company's $88.7 million mortgage note payable to Jeffersonville JV is eliminated in consolidation (see Note 7 - Debt). Pursuant to the Company's 2021 Incentive Plan, in the first quarter of 2024 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 March 31, 2024 and December 31, 2023, our commercial mortgage loans, held for investment, includes an aggregate of $123.6 million and $124.1 million, respectively, carrying value of loans to affiliates of our Advisor. The Company recognized $2.6 million and $2.3 million of interest income from these loans for the three months ended March 31, 2024 and 2023, respectively, in the Company's consolidated statement of operations.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 12 - Fair Value of Financial Instruments GAAP establishes a hierarchy of valuation techniques based on the observability of inputs used in measuring financial instruments at fair values. GAAP establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below: • Level I - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. • Level II - Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. • Level III - Unobservable inputs that reflect the entity's own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the above hierarchy requires significant judgment and factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. The Company has implemented valuation control processes to validate the fair value of the Company's financial instruments measured at fair value including those derived from pricing models. These control processes are designed to assure that the values used for financial reporting are based on observable inputs wherever possible. In the event that observable inputs are not available, the control processes are designed to assure that the valuation approach utilized is appropriate and consistently applied and the assumptions are reasonable. Financial Instruments Measured at Fair Value on a Recurring Basis CRE CLO bonds , recorded in real estate securities, available for sale, measured at fair value on the consolidated balance sheets are valued utilizing both observable and unobservable market inputs. These factors include projected future cash flows, ratings, subordination levels, vintage, remaining lives, credit issues, and recent trades of similar real estate securities. Depending upon the significance of the fair value inputs used in determining these fair values, these real estate securities are classified in either Level II or Level III of the fair value hierarchy. The Company obtains third party pricing for determining the fair value of each CRE CLO investment, resulting in a Level II classification. Commercial mortgage loans held for sale, measured at fair value in the Company's TRS are initially recorded at transaction price, which are considered to be the best initial estimate of fair value. The Company engaged the services of a third party independent valuation firm to determine fair value of certain investments held by the Company. Fair value is determined using a discounted cash flow model that primarily considers changes in interest rates and credit spreads, weighted average life and current performance of the underlying collateral. Commercial mortgage loans held for sale, measured at fair value that are originated in the last month of the reporting period are held and marked to the transaction price. The Company classified its commercial mortgage loans held for sale, measured at fair value as Level III. Other real estate investments, measured at fair value on the consolidated balance sheets are valued using unobservable inputs. The Company engaged the services of a third party independent valuation firm to determine fair value of certain investments, including preferred equity investments, held by the Company. Fair value is determined using a discounted cash flow model that primarily considers changes in interest rates and credit spreads, weighted average life and current performance of the underlying collateral. The Company generally classifies its other real estate investments, measured at fair value as Level III. Derivative instruments, measured at fair value are valued 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 categorized as Level I. 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 Company classified its credit default swaps and interest rate swaps as Level II. A review of the fair value hierarchy classification is conducted on a quarterly basis. Changes in the type of inputs may result in a reclassification for certain assets or liabilities. The Company's policy with respect to transfers between levels of the fair value hierarchy is to recognize transfers into and out of each level as of the beginning of the reporting period. There were no material transfers between levels within the fair value hierarchy for the period ended March 31, 2024 and December 31, 2023. The following table presents the Company's financial instruments carried at fair value on a recurring basis in the consolidated balance sheets by its level in the fair value hierarchy as of March 31, 2024 and December 31, 2023 (dollars in thousands). The Company did not have any liabilities carried at fair value as of December 31, 2023. March 31, 2024 Total Level I Level II Level III Assets, at fair value Real estate securities, available for sale, measured at fair value $ 217,855 $ — $ 217,855 $ — Commercial mortgage loans, held for sale, measured at fair value 30,457 — — 30,457 Total assets, at fair value $ 248,312 $ — $ 217,855 $ 30,457 Liabilities, at fair value Credit default swaps $ 429 $ — $ 429 $ — Treasury note futures 95 95 — — Total liabilities, at fair value $ 524 $ 95 $ 429 $ — 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 $ — 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. The following table summarizes the valuation method and significant unobservable inputs used for the Company’s financial instruments that are categorized within Level III of the fair value hierarchy as of March 31, 2024 and December 31, 2023 (dollars in thousands). The Company did not hold any applicable positions as of December 31, 2023. March 31, 2024 Asset Category Fair Value Valuation Methodologies Unobservable Inputs (1) Yield Range Commercial mortgage loans, held for sale, measured at fair value $ 30,457 Discounted Cash Flow Yield 8.2% N/A ________________________ (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. Increases or decreases in any of the above unobservable inputs in isolation would result in a lower or higher fair value measurement for such assets. The following table presents additional information about the Company’s financial instruments which are measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 for which the Company has used Level III inputs to determine fair value (dollars in thousands): March 31, 2024 Commercial Mortgage Loans, held for sale, measured at fair value Beginning balance, January 1, 2024 $ — Transfers into Level III (1) — Originations 130,700 Sales/paydowns (106,213) Total realized and unrealized gain/(loss) included in earnings: Realized gain/(loss) on sale of commercial mortgage loans, held for sale 5,513 Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments 457 Transfers out of Level III (1) — Ending Balance, March 31, 2024 $ 30,457 ________________________ (1) There were no transfers in or out of Level III as of March 31, 2024. December 31, 2023 Real estate securities, trading, measured at fair value Commercial Mortgage Loans, held for sale, measured at fair value Beginning balance, January 1, 2023 $ 235,728 $ 15,559 Transfers into Level III (1) — — Originations — 102,500 Sales/paydowns (235,123) (121,976) Total realized and unrealized gain/(loss) included in earnings: Realized gain/(loss) on sale of commercial mortgage loans, 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) — 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. 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 approximate their fair value. The fair value of borrowings under repurchase agreements approximate their carrying value on the consolidated balance sheets due to their short-term nature and are measured using Level III inputs. Financial Instruments Measured at Fair Value on a Nonrecurring Basis Real Estate Owned, held for sale , on the consolidated balance sheets are valued at fair value on a non-recurring basis in accordance with ASC 820 and are classified as Level III investments. In its evaluation of fair value, the Company applied the market approach utilizing an exit capitalization rate range between 5.00%-5.75% as its significant unobservable input. As of March 31, 2024 and December 31, 2023 the Company's Real estate owned, held for sale assets and liabilities, had a fair value of $91.4 million, net, representing 23 retail properties in the Walgreens Portfolio. Financial Instruments Not Measured at Fair Value The fair values of the Company's commercial mortgage loans, held for investment and collateralized loan obligations, which are not reported at fair value on the consolidated balance sheets are reported below as of March 31, 2024 and December 31, 2023 (dollars in thousands): March 31, 2024 December 31, 2023 Level Carrying Amount Fair Value Level Carrying Amount Fair Value Commercial mortgage loans, held for investment (1) Asset III $ 5,233,420 $ 5,195,238 III $ 5,036,942 $ 5,010,580 Collateralized loan obligations (2) Liability II 3,530,740 3,503,916 II 3,567,166 3,521,274 Mortgage note payable Liability III 23,998 23,998 III 23,998 23,998 Other financings Liability III 12,865 12,865 III 36,534 36,534 Unsecured debt Liability III 81,320 71,500 III 81,295 64,900 ________________________ (1) The carrying value is gross of $49.2 million and $47.2 million of allowance for credit losses as of March 31, 2024 and December 31, 2023, respectively. (2) Depending upon the significance of the fair value inputs utilized in determining these fair values, our collateralized loan obligations are classified as 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 $412.6 million and $299.7 million as of March 31, 2024 and December 31, 2023, respectively, and repurchase agreements - real estate securities of $194.8 million and $174.1 million as of March 31, 2024 and December 31, 2023, respectively, are not carried at fair value and does not include accrued interest expense, which are presented in Note 7 – Debt. For these instruments, carrying value generally approximates fair value and are classified as Level III. The fair value of the commercial mortgage loans, held for investment is estimated using a discounted cash flow analysis, based on the Advisor's experience with similar types of investments. The Company estimates the fair value of the collateralized loan obligations using external broker quotes. The Mortgage note payable was recorded at transaction proceeds, which are considered to be the best initial estimate of fair value. The fair value of the Other financings is generally estimated using a discounted cash flow analysis. The fair value of the Unsecured debt is based on discounted cash flows using Company estimates for market yields on similarly structured debt instruments.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 13 - Derivative Instruments The Company uses derivative instruments primarily to manage the fair value variability of fixed rate assets caused by interest rate fluctuations and overall portfolio market risk. The following derivative instruments were outstanding as of March 31, 2024 (dollars in thousands): Fair Value Contract type Notional Assets Liabilities Credit default swaps $ 18,750 $ — $ 429 Interest rate swaps — — — Treasury note futures 27,300 — 95 Total $ 46,050 $ — $ 524 The following table indicates the net realized and unrealized gains and losses on derivatives, by primary underlying risk exposure, as included in loss on derivative instruments in the consolidated statements of operations for the three months ended March 31, 2024 and 2023 (dollars in thousands): Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Contract type Unrealized Gain/(Loss) Realized Gain/(Loss) Unrealized Gain/(Loss) Realized Gain/(Loss) Credit default swaps $ (43) $ (96) $ 63 $ — Interest rate swaps — — (291) — Treasury note futures (95) 386 (92) 44 Total $ (138) $ 290 $ (320) $ 44 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	3 Months Ended
	Mar. 31, 2024
Offsetting [Abstract]
Offsetting Assets and Liabilities	Note 14 - Offsetting Assets and Liabilities The Company's consolidated balance sheets used a gross presentation of repurchase agreements and collateral pledged. As of March 31, 2024 and December 31, 2023, there were no assets which were presented gross within the scope of ASC 210-20, Balance Sheet - Offsetting. The table below provides a gross presentation, the effects of offsetting, and a net presentation of the Company's derivative instruments and repurchase agreements as of March 31, 2024 and December 31, 2023 (dollars in thousands): Gross Amounts Not Offset on the Balance Sheet Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Balance Sheet Net Amount of Liabilities Presented on the Balance Sheet Financial Instruments Cash Collateral (1) Net Amount March 31, 2024 Repurchase agreements - commercial mortgage loans $ 412,556 $ — $ 412,556 $ 412,556 $ — $ — Repurchase agreements - real estate securities 194,769 — 194,769 194,769 — — Derivative instruments, at fair value 524 — 524 — 524 — 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 — — Derivative instruments, at fair value — — — — — — ________________________ (1) Included in Restricted cash in the Company's consolidated balance sheets.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Reporting	Note 15 - Segment Reporting The Company conducts its business through the following segments: • The real estate debt business focuses on originating, acquiring and asset managing commercial real estate debt investments, including first mortgages, subordinate mortgages, mezzanine loans and participations in such loans. • The real estate securities business focuses on investing in and asset managing real estate securities. Historically this business has focused primarily on CMBS, CRE CLO bonds, CDO notes, and other securities. • The commercial real estate conduit business operated through the Company's TRS, which is focused on generating risk-adjusted returns by originating and subsequently selling fixed-rate commercial real estate loans into the CMBS securitization market at a profit. The TRS may also hold certain mezzanine loans that don't qualify as good REIT assets due to any potential loss from foreclosure. • The real estate owned business represents real estate acquired by the Company through foreclosure, deed in lieu of foreclosure, or purchase. Profit or loss on segment operations is measured by Net income/(loss) included in the consolidated statements of operations. The following table represents the Company's operations by segment for the three months ended March 31, 2024 and 2023 (dollars in thousands): Three Months Ended March 31, 2024 Total Real Estate Debt and Other Real Estate Investments Real Estate Securities TRS Real Estate Owned Interest income $ 130,558 $ 123,765 $ 4,601 $ 1,946 $ 246 Revenue from real estate owned 4,712 — — — 4,712 Interest expense 81,318 78,023 2,589 194 512 Net income/(loss) 35,827 27,941 1,751 4,290 1,845 Total assets as of March 31, 2024 6,027,724 5,427,910 221,868 106,902 271,044 Three Months Ended March 31, 2023 Interest income $ 130,536 $ 125,949 $ 3,568 $ 322 $ 697 Revenue from real estate owned 3,312 — — — 3,312 Interest expense 71,075 66,958 3,446 216 455 Net income/(loss) 43,839 43,531 3,295 (3,314) 327 Total assets as of December 31, 2023 5,955,180 5,372,371 245,949 66,503 270,357 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.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 16 - Subsequent Events

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 35,920	$ 43,830

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The Company's unaudited consolidated financial statements and related footnotes have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America ("GAAP") for interim financial statements and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of, and for the year ended December 31, 2023, which are included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 26, 2024, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this report.
Reclassifications	Reclassifications Certain prior year balances have been reclassified in order to conform to the current period presentation.
Use of Estimates	Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. In the opinion of management, the interim data includes all adjustments, of a normal and recurring nature, necessary for a fair statement of the results for the periods presented. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the entire year or any subsequent interim periods.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members, as well as whether the entity is a variable interest entity ("VIE") for which the Company is the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company's assets and liabilities are held by the OP. The Company consolidates all entities that it controls through either majority ownership or voting rights. In addition, the Company consolidates all VIEs of which the Company is considered the primary beneficiary. VIEs are entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. Non-controlling interest represents the equity of consolidated joint ventures that are not owned by the Company. The accompanying consolidated financial statements include the accounts of collateralized loan obligations ("CLOs") issued and securitized by wholly owned subsidiaries of the Company. The Company has determined the CLOs are VIEs of which the Company's subsidiary is the primary beneficiary. The assets and liabilities of the CLOs are consolidated in the accompanying consolidated balance sheets in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation .
Cash and Cash Equivalents	Cash and Cash Equivalents Cash consists of amounts deposited with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company up to an insurance limit. Cash and cash equivalent balances may, at a limited number of banks and financial institutions, exceed insurable amounts. The Company believes it mitigates risk by investing in or through major financial institutions and primarily in funds that are currently U.S. federal government insured up to applicable account limits. Recoverability of investments is dependent upon the performance of the issuers. Cash equivalents include short-term, liquid investments in money market funds with original maturities of 90 days or less when purchased.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In 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. The Company is still assessing the impact, if any, to the adoption of ASU 2023-07 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. In March 2024, the FASB issued Accounting Standards Update, or ASU, 2024-01 “Compensation — Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards,” or ASU 2024-01. ASU 2024-01 improves clarity and operability without changing the guidance. ASU 2024-01 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. In March 2024, the FASB issued Accounting Standards Update, or ASU, 2024-02 “Codification Improvements — Amendments to Remove References to the Concepts Statements,” or ASU 2024-02. ASU 2024-02 amended certain definitions in the guidance. ASU 2024-02 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 on the consolidated balance sheets are valued utilizing both observable and unobservable market inputs. These factors include projected future cash flows, ratings, subordination levels, vintage, remaining lives, credit issues, and recent trades of similar real estate securities. Depending upon the significance of the fair value inputs used in determining these fair values, these real estate securities are classified in either Level II or Level III of the fair value hierarchy. The Company obtains third party pricing for determining the fair value of each CRE CLO investment, resulting in a Level II classification. Commercial mortgage loans held for sale, measured at fair value in the Company's TRS are initially recorded at transaction price, which are considered to be the best initial estimate of fair value. The Company engaged the services of a third party independent valuation firm to determine fair value of certain investments held by the Company. Fair value is determined using a discounted cash flow model that primarily considers changes in interest rates and credit spreads, weighted average life and current performance of the underlying collateral. Commercial mortgage loans held for sale, measured at fair value that are originated in the last month of the reporting period are held and marked to the transaction price. The Company classified its commercial mortgage loans held for sale, measured at fair value as Level III. Other real estate investments, measured at fair value on the consolidated balance sheets are valued using unobservable inputs. The Company engaged the services of a third party independent valuation firm to determine fair value of certain investments, including preferred equity investments, held by the Company. Fair value is determined using a discounted cash flow model that primarily considers changes in interest rates and credit spreads, weighted average life and current performance of the underlying collateral. The Company generally classifies its other real estate investments, measured at fair value as Level III. Derivative instruments, measured at fair value are valued 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 categorized as Level I. 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 Company classified its credit default swaps and interest rate swaps as Level II. A review of the fair value hierarchy classification is conducted on a quarterly basis. Changes in the type of inputs may result in a reclassification for certain assets or liabilities. The Company's policy with respect to transfers between levels of the fair value hierarchy is to recognize transfers into and out of each level as of the beginning of the reporting period. There were no material transfers between levels within the fair value hierarchy for the period ended March 31, 2024 and December 31, 2023.

Commercial Mortgage Loans (Tabl

Commercial Mortgage Loans (Tables)	3 Months Ended
	Mar. 31, 2024
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): March 31, 2024 December 31, 2023 Senior loans $ 5,206,011 $ 5,017,569 Mezzanine loans 27,409 19,373 Total gross carrying value of loans 5,233,420 5,036,942 General allowance for credit losses 48,477 47,175 Specific allowance for credit losses 738 — Less: Allowance for credit losses 49,215 47,175 Total commercial mortgage loans, held for investment, net $ 5,184,205 $ 4,989,767 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): March 31, 2024 December 31, 2023 Loan Collateral Type Par Value Percentage Par Value Percentage Multifamily $ 3,931,501 74.9 % $ 3,876,108 76.8 % Hospitality 721,075 13.8 % 670,274 13.3 % Office 312,894 6.0 % 269,924 5.4 % Industrial 150,346 2.9 % 73,724 1.5 % Retail 34,000 0.6 % 34,000 0.7 % Other 93,984 1.8 % 121,006 2.3 % Total $ 5,243,800 100.0 % $ 5,045,036 100.0 % March 31, 2024 December 31, 2023 Loan Region Par Value Percentage Par Value Percentage Southeast $ 2,116,439 40.4 % $ 1,989,175 39.4 % Southwest 2,033,484 38.8 % 1,920,491 38.1 % Mideast 385,710 7.4 % 455,739 9.0 % Great Lakes 156,627 3.0 % 161,059 3.2 % Rocky Mountain 134,535 2.6 % 74,934 1.5 % Far West 104,321 2.0 % 113,554 2.3 % New England 62,691 1.2 % 63,274 1.3 % Various (1) 249,993 4.6 % 266,810 5.2 % Total $ 5,243,800 100.0 % $ 5,045,036 100.0 % ________________________ (1) Represents loans secured by a portfolio of properties located in various parts of the United States. 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 as of March 31, 2024 (dollars in thousands): Loan Collateral Type Par Value Percentage Office $ 30,000 100.0 % Loan Region Par Value Percentage Southeast $ 30,000 100.0 %
Summary of Commercial Mortgage Loans Held for Investment Activity	For the three months ended March 31, 2024 and year ended December 31, 2023, the activity in the Company's commercial mortgage loans, held for investment carrying values, was as follows (dollars in thousands): Three months ended March 31, 2024 Year Ended Amortized cost, beginning of period $ 5,036,942 $ 5,269,776 Acquisitions and originations 492,800 941,513 Principal repayments (251,801) (1,076,532) Net fees capitalized into carrying value of loans (4,736) (5,242) Discount accretion/premium amortization 2,450 13,016 Transfer to real estate owned (1) (42,235) (103,863) Cost recovery — (1,726) Amortized cost, end of period $ 5,233,420 $ 5,036,942 Allowance for credit losses, beginning of period $ (47,175) $ (40,848) General (provision)/benefit for credit losses (1,302) (20,551) Specific (provision)/benefit for credit losses (738) (12,334) Write offs from specific allowance for credit losses — 26,558 Allowance for credit losses, end of period $ (49,215) $ (47,175) Total commercial mortgage loans, held for investment, net $ 5,184,205 $ 4,989,767 ________________________ (1) In February 2024, the Company, through deed-in-lieu of foreclosure, acquired a multifamily property located in San Antonio, TX, and assumed the senior mortgage note which the Company originated in November 2021. At the time of the deed-in-lieu of foreclosure, the amortized cost of the loan was $42.2 million and contractual interest was satisfied. Subsequently thereafter, the property was sold to a third party. In connection with the sale, the senior mortgage note which the Company originated in November 2021 was assumed by the buyer and immediately modified, resulting in a $5.9 million principal paydown. As a result, the modification was accounted for as a new loan for GAAP purposes and the sale of the real estate owned transaction resulted in a net gain of $6.0 thousand recorded in Gain/(loss) on other real estate investments in the consolidated statement of operations.
Schedule of Changes in Allowance for Credit Losses	The following table presents the quarterly changes in the Company's allowance for credit losses for the three months ended March 31, 2024 (dollars in thousands): General Allowance for Credit Losses Specific Allowance for Credit Losses Funded Unfunded Total Total Allowance for Credit Losses December 31, 2023 $ — $ 47,175 $ 1,133 $ 48,308 $ 48,308 Changes: Provision/(Benefit) $ 738 $ 1,302 $ 841 $ 2,143 $ 2,881 Write offs — — — — — March 31, 2024 $ 738 $ 48,477 $ 1,974 $ 50,451 $ 51,189
Summary of Past Due Loans	The following table presents a summary of the loans amortized cost basis as of March 31, 2024 (dollars in thousands): Current Less than 90 days past due 90 or more days past due (1) Total As of March 31, 2024 $ 4,925,874 $ 141,806 $ 165,740 $ 5,233,420 ________________________ (1) Comprised of two mortgage loans collateralized by multifamily properties, both of which are designated as non-performing and placed on non-accrual status. For the three months ended March 31, 2024, the Company has received and recognized $3.4 million in interest proceeds included in Interest income in the consolidated statements of operations.
Summary of Loans on Nonaccrual Status	The following table presents the amortized cost basis of our non-performing loans as of March 31, 2024 and December 31, 2023 (dollars in thousands): March 31, 2024 December 31, 2023 Non-performing loan amortized cost at beginning of year, January 1 $ 78,185 $ 117,379 Addition of non-performing loan amortized cost 292,596 118,647 Less: Removal of non-performing loan amortized cost 63,235 157,841 Non-performing loan amortized cost end of period (1) $ 307,546 $ 78,185 ________________________ (1) As of March 31, 2024, and December 31, 2023, the Company had four and two loans, respectively, designated as non-performing. As of March 31, 2024, three of the four non-performing loans were placed on non-accrual status and one was placed on cost recovery status. For the loans designated as non-performing and placed on non-accrual status, the Company recognized $3.4 million of interest proceeds included in Interest income
Allocation by Risk Rating	The following tables present the par value and amortized cost of our commercial mortgage loans, held for investment as of March 31, 2024 and December 31, 2023, by the Company’s internal risk rating and year of origination (dollars in thousands): March 31, 2024 Amortized Cost by Year of Origination Risk Rating Number of Loans Total Par Value 2024 2023 2022 2021 2020 Prior Total Amortized Cost % of Portfolio 1 — $ — $ — $ — $ — $ — $ — $ — $ — — % 2 111 3,858,347 435,557 659,601 1,072,104 1,499,359 73,004 109,128 3,848,753 73.5 % 3 28 1,121,569 — 57,981 459,627 539,579 47,189 16,518 1,120,894 21.5 % 4 6 263,884 — — 141,806 44,913 — 77,054 263,773 5.0 % 5 — — — — — — — — — — % Total 145 $ 5,243,800 $ 435,557 $ 717,582 $ 1,673,537 $ 2,083,851 $ 120,193 $ 202,700 $ 5,233,420 100.0 % Allowance for credit losses (49,215) Total carrying value, net $ 5,184,205 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

Real Estate Securities (Tables)

Real Estate Securities (Tables)	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
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 March 31, 2024 and December 31, 2023 (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 March 31, 2024 7 1 Month SOFR 7.93% 12.0 $ 217,560 $ 217,855 December 31, 2023 7 1 Month SOFR 8.12% 12.2 $ 243,340 $ 242,569 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 as of March 31, 2024 and December 31, 2023 (dollars in thousands): Amortized Cost Unrealized Gain Unrealized (Loss) Fair Value March 31, 2024 $ 217,324 $ 643 $ (112) $ 217,855 December 31, 2023 $ 243,272 $ 74 $ (777) $ 242,569

Real Estate Owned (Tables)

Real Estate Owned (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023 (dollars in thousands): As of March 31, 2024 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 $ (5,755) $ 84,868 August 2023 Office Portland, OR 16,479 2,065 — (26) 18,518 October 2023 Multifamily Lubbock, TX 1,618 10,076 185 (96) 11,783 $ 21,533 $ 96,400 $ 3,113 $ (5,877) $ 115,169 ________________________ See note below. 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 Office Portland, OR 16,479 2,065 — (13) 18,531 October 2023 Multifamily Lubbock, TX 1,618 10,076 185 (24) 11,855 $ 21,533 $ 96,400 $ 3,113 $ (5,216) $ 115,830 ________________________ (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.
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 March 31, 2024 and December 31, 2023 (dollars in thousands): As of March 31, 2024 Property Type Primary Location(s) Assets, Net Liabilities, Net Retail Various $ 103,657 $ 12,297 As of December 31, 2023 Property Type Primary Location(s) Assets, Net Liabilities, Net Retail Various $ 103,657 $ 12,297

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Intangible Lease Assets	The following table summarizes the Company's identified intangible lease assets (primarily in-place leases) recognized in the consolidated balance sheets as of March 31, 2024 and December 31, 2023 (dollars in thousands): Identified intangible assets: March 31, 2024 December 31, 2023 Gross amount $ 49,285 $ 49,285 Less: Accumulated amortization 7,248 6,492 Total, net $ 42,037 $ 42,793
Schedule of Future Minimum Payments to be Received	The following table summarizes the Company's schedule of future minimum rents on its real estate owned, held for investment properties, with a remaining lease term of approximately 14.6 years, to be received under the leases (dollars in thousands): Future Minimum Rents March 31, 2024 2024 (April - December) $ 6,637 2025 8,425 2026 8,539 2027 8,710 2028 8,884 2029 and beyond 97,388 Total future minimum rent $ 138,583
Schedule of Expected Future Amortization Expense	The following table summarizes the Company's expected other identified intangible assets, net amortization over the next five years, exclusive of intangible assets that are held for sale, assuming no further acquisitions or dispositions (dollars in thousands): Amortization Expense - Other identified intangible assets March 31, 2024 2024 (April - December) $ 2,203 2025 2,880 2026 2,880 2027 2,880 2028 2,880

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023 (dollars in thousands): March 31, 2024 Capacity Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate Term Maturity Repo and revolving credit facilities - commercial mortgage loans (2) : JPM Repo Facility (3) $ 500,000 $ 113,409 $ 1,702 7.84 % 07/2026 Atlas Repo Facility (4) 350,000 14,700 610 7.83 % 01/2026 WF Repo Facility (5) 400,000 79,037 1,613 7.80 % 10/2025 Barclays Revolver Facility (6) 250,000 — 117 N/A 09/2024 Barclays Repo Facility (5) 500,000 205,410 2,060 7.14 % 03/2025 Churchill Repo Facility 225,000 — 34 N/A N/A Total/Weighted average $ 2,225,000 $ 412,556 $ 6,136 7.48 % Mortgage note payable: Debt related to our REO (7) N/A $ 23,998 $ 512 8.44 % 10/2024 Other financings: Other financings (8) N/A $ 12,865 $ 481 6.00 % Various (8) Unsecured debt (9) : Junior Note I N/A $ 17,056 $ 412 9.15 % 10/2035 Junior Note II N/A 39,560 913 8.95 % 12/2035 Junior Note III N/A 24,704 571 8.95 % 09/2036 Total/Weighted average N/A $ 81,320 $ 1,896 8.99 % ________________________ See notes below. December 31, 2023 Capacity Amount Outstanding Interest Expense (1) Ending Weighted Average Interest Rate Term Maturity Repo and revolving credit facilities - commercial mortgage loans (2) : JPM Repo Facility (3) $ 500,000 $ 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 (5) 500,000 66,539 11,616 7.22 % 03/2025 Churchill Repo Facility 225,000 — 30 N/A N/A Total/Weighted average $ 2,475,000 $ 299,707 $ 51,170 7.70 % Mortgage note payable: Debt related to our REO (7) N/A $ 23,998 $ 1,982 8.48 % 10/2024 Other financings: Other financings (8) N/A $ 36,534 $ 5,330 7.36 % Various (8) Unsecured debt (9) : Junior Note I N/A $ 17,047 $ 1,940 9.15 % 10/2035 Junior Note II N/A 39,550 3,519 8.95 % 12/2035 Junior Note III N/A 24,698 2,199 8.95 % 09/2036 Total/Weighted average N/A $ 81,295 $ 7,658 8.99 % ________________________ (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 March 31, 2024 and December 31, 2023, the Company is in compliance with all debt covenants. (3) There is a one-year extension option. (4) 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) There are two one-year extension options. (6) The Company may increase the total commitment by an amount between $100 million and $150 million for three month intervals, on an unlimited basis prior to maturity. (7) 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). (8) Comprised of two note-on-note financings via participation agreements. From inception of the loan, the Company's outstanding loans could increase as a result of future fundings, leading to an increase in amount outstanding via the participation agreement. The weighted average contractual maturity date of these loans is July 2028. (9) The notes are currently redeemable, in whole or in part, without penalty, at the Company’s option. Interest paid on unsecured debt totaled $2.0 million and $2.3 million for the three months ended March 31, 2024 and 2023, respectively.
Summary of Repurchase Agreements	Below is a summary of the Company's MRAs which were included in Repurchase agreements - real estate securities in the Company's consolidated balance sheets as of March 31, 2024 and December 31, 2023 (dollars in thousands): March 31, 2024 Counterparty Amount Outstanding Interest Expense Collateral Pledged (1) Weighted Average Interest Rate Weighted Average Days to Maturity JP Morgan Securities LLC $ 85,750 $ 1,421 $ 96,819 6.18 % 17 Wells Fargo Securities, LLC 8,994 139 9,995 6.12 % 4 Barclays Capital Inc. 79,414 924 89,029 6.06 % 5 Lucid Prime Fund 20,611 114 23,393 6.08 % 18 Total Weighted Average $ 194,769 $ 2,598 $ 219,236 6.12 % 12 ________________________ See note below 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 ________________________ (1) Includes $1.4 million and $27.9 million of CLO notes, held by the Company, which is eliminated within the Real estate securities, available for sale, measured at fair value of the consolidated balance sheets as of March 31, 2024 and December 31, 2023, respectively.
Schedule of Collateralized Loan Obligations by Tranche	The following table represents the terms of the notes issued by 2021-FL6 Issuer, 2021-FL7 Issuer, 2022-FL8 Issuer, 2022-FL9 Issuer and 2023-FL10 Issuer (collectively the "CLOs"), as of March 31, 2024 and December 31, 2023: March 31, 2024 CLO Facility Number of Loans in pool (1) Benchmark Interest Rate Weighted Average Spread Par Value Par Value Outstanding (2) Principal Balance of Collateralized Mortgage Assets Maturity Dates 2021-FL6 Issuer 50 Term SOFR 1.44 % $ 584,500 $ 536,620 $ 645,103 3/15/2036 2021-FL7 Issuer 39 Term SOFR 1.66 % 722,250 674,822 853,181 12/21/2038 2022-FL8 Issuer 45 AVG SOFR 1.72 % 960,000 959,943 1,194,783 2/15/2037 2022-FL9 Issuer 49 Term SOFR 2.80 % 670,637 670,639 792,676 5/15/2039 2023-FL10 Issuer (3) 27 Term SOFR 2.59 % 717,243 717,243 896,219 9/15/2035 $ 3,654,630 $ 3,559,267 $ 4,381,962 December 31, 2023 CLO Facility Number of Loans in pool (1) Benchmark interest rate Weighted Average Spread Par Value Par Value Outstanding (2) 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 ________________________ (1) Loan assets may be pledged towards one or multiple CLO pool. (2) Excludes $467.0 million and $495.0 million, respectively, of CLO notes, held by the Company, which are eliminated in Collateralized loan obligations in the consolidated balance sheet as of March 31, 2024 and December 31, 2023. (3) During the three months ended March 31, 2024, the Company sold the BSPRT FL10 AS retained tranche with a principal balance of $27.9 million.
Schedule of Collateralized Loan Obligations	The below table reflects the total assets and liabilities of the Company's outstanding CLOs. The CLOs are considered VIEs and are consolidated into the Company's consolidated financial statements as of March 31, 2024 and December 31, 2023 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. March 31, 2024 December 31, 2023 Assets (dollars in thousands) Cash (1) $ 27,442 $ 55,914 Commercial mortgage loans, held for investment, net (2) 4,309,148 4,379,760 Accrued interest receivable 20,124 23,927 Total Assets $ 4,356,714 $ 4,459,601 Liabilities (dollars in thousands) Notes payable, net (3)(4) $ 4,026,315 $ 4,092,971 Accrued interest payable 14,902 15,171 Total Liabilities $ 4,041,217 $ 4,108,142 ________________________ (1) Includes $26.6 million and $55.1 million of cash held by the servicer related to CLO loan payoffs as of March 31, 2024 and December 31, 2023, respectively. (2) The balance is presented net of allowance for credit losses of $31.5 million and $32.6 million as of March 31, 2024 and December 31, 2023, respectively. (3) Includes $467.0 million and $495.0 million of CLO notes, held by the Company, which are eliminated in Collateralized loan obligation of the consolidated balance sheets as of March 31, 2024 and December 31, 2023, respectively. (4) The balance is presented net of deferred financing cost and discount of $28.5 million and $30.8 million as of March 31, 2024 and December 31, 2023, respectively. The deferred financing costs are amortized over the expected lifetime of each CLO.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Summary of the Basic and Diluted Earnings Per Share	The following table presents a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations and the calculation of basic and diluted earnings per share for the three months ended March 31, 2024 and 2023 (in thousands, except share and per share data): Three Months Ended March 31, 2024 2023 Numerator Net income/(loss) $ 35,827 $ 43,839 Net (income)/loss from non-controlling interest 93 (9) Less: Preferred stock dividends 6,748 6,748 Net income/(loss) applicable to common stock $ 29,172 $ 37,082 Less: Participating securities' share in earnings 449 797 Net income/(loss) applicable to common stockholders (for basic & diluted earnings per share) $ 28,723 $ 36,285 Denominator Weighted-average common shares outstanding for basic earnings per share 81,994,096 82,774,771 Weighted-average common shares outstanding for diluted earnings per share (1) 81,994,096 82,774,771 Basic earnings per share $ 0.35 $ 0.44 Diluted earnings per share $ 0.35 $ 0.44 ________________________ (1) The effect of the weighted average dilutive shares excluded restricted shares and stock units as of the three months ended March 31, 2024 and 2023 of 210,665 and 711,000 respectively, as the effect was anti-dilutive. Additionally, the effect of dilutive shares excluded 5,370,498 and 5,430,480 weighted average common share equivalents of convertible preferred stock for the three months ended March 31, 2024 and 2023 , respectively, as the effect was anti-dilutive.

Redeemable Convertible Prefer_2

Redeemable Convertible Preferred Stock and Equity Transactions (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023 (in thousands, except share and per share amounts): Balance as of Shares Outstanding as of First Quarter 2024 Dividend Per Share (1) March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Redeemable Convertible Preferred Stock: Series H Preferred Stock (2) $ 89,748 $ 89,748 17,950 17,950 $ 106.22 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 (3)(4) $ 820 $ 820 83,254,483 82,751,913 $ 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) Includes shares issued pursuant to the Company's dividend reinvestment plan ("DRIP") and unvested restricted shares. (4) During the three months ended March 31, 2024, the Company repurchased 151,123 shares of common stock at an average price of $12.42 per share for a total of $1.9 million. All of these shares were retired upon settlement. 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 three months ended March 31, 2024 (in thousands, except share amounts): For the Three Months Ended March 31, 2024 Shares Amount (1)(2) Beginning of period, authorized repurchase amount $ 35,917 Repurchases 151,123 (1,877) Remaining as of March 31, 2024 $ 34,040 ________________________ (1) For the three months ended March 31, 2024, the average purchase price was $12.42 per share. (2) Amount includes commissions paid associated with share repurchases .
Summary of Changes in Accumulated Other Comprehensive Income/(Loss)	The following table sets forth the changes in accumulated other comprehensive income/(loss) related to the Company's real estate securities, available for sale, measured at fair value for the three months ended March 31, 2024 and 2023 (dollars in thousands): For the Three Months Ended March 31, 2024 March 31, 2023 Balance, Beginning of Period $ (703) $ 390 Other comprehensive income/(loss) 927 (1,648) Reclassification adjustment for amounts included in net income/(loss) 306 (677) Balance, End of Period $ 530 $ (1,935)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Unfunded Commitments Under Commercial Mortgage Loans	As of March 31, 2024, the Company had the below unfunded commitments to the Company's borrowers (dollars in thousands): Funding Expiration March 31, 2024 2024 $ 85,034 2025 118,614 2026 166,005 2027 18,260 Total $ 387,913

Related Party Transactions an_2

Related Party Transactions and Arrangements (Tables)	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Schedule of Costs Incurred From Arrangements with Advisor and Affiliates	The table below shows the costs incurred due to arrangements with our Advisor and its affiliates during the three months ended March 31, 2024 and 2023 and the associated payable as of March 31, 2024 and December 31, 2023 (dollars in thousands): Three Months Ended March 31, Payable as of 2024 2023 March 31, 2024 December 31, 2023 Acquisition expenses (1) $ 238 $ 378 $ — $ — Administrative services expenses 2,860 4,029 2,860 3,447 Asset management and subordinated performance fee 7,865 8,085 16,497 15,014 Other related party expenses (2)(3) 343 211 1,612 855 Total related party fees and reimbursements $ 11,306 $ 12,703 $ 20,969 $ 19,316 ________________________ (1) Total acquisition expenses paid during the three months ended March 31, 2024 and March 31, 2023 were $2.3 million and $1.1 million, respectively, of which $2.1 million and $0.7 million were capitalized within the Commercial mortgage loans, held for investment and Real estate securities, available for sale, measured at fair value lines of the consolidated balance sheets. (2) These are related to reimbursable costs incurred related to the increase in loan origination activities and are included in Other expenses in the Company's consolidated statements of operations. (3) As of March 31, 2024 and December 31, 2023, the related party payables include $1.5 million and $0.7 million, respectively, of payments made by the Advisor to third party vendors on behalf of the Company.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Financial Instruments Carried at Fair Value on a Recurring Basis	The following table presents the Company's financial instruments carried at fair value on a recurring basis in the consolidated balance sheets by its level in the fair value hierarchy as of March 31, 2024 and December 31, 2023 (dollars in thousands). The Company did not have any liabilities carried at fair value as of December 31, 2023. March 31, 2024 Total Level I Level II Level III Assets, at fair value Real estate securities, available for sale, measured at fair value $ 217,855 $ — $ 217,855 $ — Commercial mortgage loans, held for sale, measured at fair value 30,457 — — 30,457 Total assets, at fair value $ 248,312 $ — $ 217,855 $ 30,457 Liabilities, at fair value Credit default swaps $ 429 $ — $ 429 $ — Treasury note futures 95 95 — — Total liabilities, at fair value $ 524 $ 95 $ 429 $ — 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 $ — March 31, 2024 Commercial Mortgage Loans, held for sale, measured at fair value Beginning balance, January 1, 2024 $ — Transfers into Level III (1) — Originations 130,700 Sales/paydowns (106,213) Total realized and unrealized gain/(loss) included in earnings: Realized gain/(loss) on sale of commercial mortgage loans, held for sale 5,513 Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments 457 Transfers out of Level III (1) — Ending Balance, March 31, 2024 $ 30,457 ________________________ (1) There were no transfers in or out of Level III as of March 31, 2024. December 31, 2023 Real estate securities, trading, measured at fair value Commercial Mortgage Loans, held for sale, measured at fair value Beginning balance, January 1, 2023 $ 235,728 $ 15,559 Transfers into Level III (1) — — Originations — 102,500 Sales/paydowns (235,123) (121,976) Total realized and unrealized gain/(loss) included in earnings: Realized gain/(loss) on sale of commercial mortgage loans, 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) — 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.
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques	The Company did not hold any applicable positions as of December 31, 2023. March 31, 2024 Asset Category Fair Value Valuation Methodologies Unobservable Inputs (1) Yield Range Commercial mortgage loans, held for sale, measured at fair value $ 30,457 Discounted Cash Flow Yield 8.2% N/A ________________________ (1)
Financial Instruments Not Carried at Fair Value	The fair values of the Company's commercial mortgage loans, held for investment and collateralized loan obligations, which are not reported at fair value on the consolidated balance sheets are reported below as of March 31, 2024 and December 31, 2023 (dollars in thousands): March 31, 2024 December 31, 2023 Level Carrying Amount Fair Value Level Carrying Amount Fair Value Commercial mortgage loans, held for investment (1) Asset III $ 5,233,420 $ 5,195,238 III $ 5,036,942 $ 5,010,580 Collateralized loan obligations (2) Liability II 3,530,740 3,503,916 II 3,567,166 3,521,274 Mortgage note payable Liability III 23,998 23,998 III 23,998 23,998 Other financings Liability III 12,865 12,865 III 36,534 36,534 Unsecured debt Liability III 81,320 71,500 III 81,295 64,900 ________________________ (1) The carrying value is gross of $49.2 million and $47.2 million of allowance for credit losses as of March 31, 2024 and December 31, 2023, respectively. (2) Depending upon the significance of the fair value inputs utilized in determining these fair values, our collateralized loan obligations are classified as 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)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Assets at Fair Value	The following derivative instruments were outstanding as of March 31, 2024 (dollars in thousands): Fair Value Contract type Notional Assets Liabilities Credit default swaps $ 18,750 $ — $ 429 Interest rate swaps — — — Treasury note futures 27,300 — 95 Total $ 46,050 $ — $ 524
Schedule of Derivative Liabilities at Fair Value	The following derivative instruments were outstanding as of March 31, 2024 (dollars in thousands): Fair Value Contract type Notional Assets Liabilities Credit default swaps $ 18,750 $ — $ 429 Interest rate swaps — — — Treasury note futures 27,300 — 95 Total $ 46,050 $ — $ 524
Schedule of Derivative Instruments, Gain (Loss)	The following table indicates the net realized and unrealized gains and losses on derivatives, by primary underlying risk exposure, as included in loss on derivative instruments in the consolidated statements of operations for the three months ended March 31, 2024 and 2023 (dollars in thousands): Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Contract type Unrealized Gain/(Loss) Realized Gain/(Loss) Unrealized Gain/(Loss) Realized Gain/(Loss) Credit default swaps $ (43) $ (96) $ 63 $ — Interest rate swaps — — (291) — Treasury note futures (95) 386 (92) 44 Total $ (138) $ 290 $ (320) $ 44

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Offsetting [Abstract]
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 as of March 31, 2024 and December 31, 2023 (dollars in thousands): Gross Amounts Not Offset on the Balance Sheet Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Balance Sheet Net Amount of Liabilities Presented on the Balance Sheet Financial Instruments Cash Collateral (1) Net Amount March 31, 2024 Repurchase agreements - commercial mortgage loans $ 412,556 $ — $ 412,556 $ 412,556 $ — $ — Repurchase agreements - real estate securities 194,769 — 194,769 194,769 — — Derivative instruments, at fair value 524 — 524 — 524 — 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 — — Derivative instruments, at fair value — — — — — — ________________________ (1) Included in Restricted cash in the Company's consolidated balance sheets.

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Summary of Operations by Segment	The following table represents the Company's operations by segment for the three months ended March 31, 2024 and 2023 (dollars in thousands): Three Months Ended March 31, 2024 Total Real Estate Debt and Other Real Estate Investments Real Estate Securities TRS Real Estate Owned Interest income $ 130,558 $ 123,765 $ 4,601 $ 1,946 $ 246 Revenue from real estate owned 4,712 — — — 4,712 Interest expense 81,318 78,023 2,589 194 512 Net income/(loss) 35,827 27,941 1,751 4,290 1,845 Total assets as of March 31, 2024 6,027,724 5,427,910 221,868 106,902 271,044 Three Months Ended March 31, 2023 Interest income $ 130,536 $ 125,949 $ 3,568 $ 322 $ 697 Revenue from real estate owned 3,312 — — — 3,312 Interest expense 71,075 66,958 3,446 216 455 Net income/(loss) 43,839 43,531 3,295 (3,314) 327 Total assets as of December 31, 2023 5,955,180 5,372,371 245,949 66,503 270,357

Organization and Business Ope_2

Organization and Business Operations (Details)	Mar. 31, 2024 employee
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of employees	0

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reclassification [Line Items]
Prepaid expenses and other assets	$ 940	$ (735)
Straight lining rents	$ 1,559	307
Revision of Prior Period, Reclassification, Adjustment
Reclassification [Line Items]
Prepaid expenses and other assets		$ 300

Commercial Mortgage Loans - Loa

Commercial Mortgage Loans - Loans Receivable by Class (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Total gross carrying value of loans	$ 5,233,420	$ 5,036,942
Less: Allowance for credit losses	49,215	47,175
Total commercial mortgage loans, held for investment, net	5,184,205	4,989,767
General allowance for credit losses
Financing Receivable, Credit Quality Indicator [Line Items]
Less: Allowance for credit losses	48,477	47,175
Specific allowance for credit losses
Financing Receivable, Credit Quality Indicator [Line Items]
Less: Allowance for credit losses	738	0
Senior loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total gross carrying value of loans	5,206,011	5,017,569
Mezzanine loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total gross carrying value of loans	$ 27,409	$ 19,373

Commercial Mortgage Loans - Com

Commercial Mortgage Loans - Commercial Mortgage Loan Portfolio, Held-For-Investment (Details) - USD ($)		3 Months Ended		12 Months Ended
	Feb. 14, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Feb. 07, 2024
Provision for Credit Losses
Allowance for credit losses, beginning of period		$ (47,175,000)
(Provision)/benefit for credit losses		(2,880,000)	$ (4,360,000)
Allowance for credit losses, end of period		(49,215,000)		$ (47,175,000)
Total commercial mortgage loans, held for investment, net		5,184,205,000		4,989,767,000
Amortized cost		5,233,420,000		5,036,942,000
Net gain from sale of real estate owned		6,000	(1,339,000)
Commercial Portfolio Segment
Provision for Credit Losses
Allowance for credit losses, beginning of period		(48,308,000)
(Provision)/benefit for credit losses		(2,881,000)
Allowance for credit losses, end of period		(51,189,000)		(48,308,000)
General (provision)/benefit for credit losses
Provision for Credit Losses
Allowance for credit losses, beginning of period		(47,175,000)
Allowance for credit losses, end of period		(48,477,000)		(47,175,000)
General (provision)/benefit for credit losses | Commercial Portfolio Segment
Provision for Credit Losses
Allowance for credit losses, beginning of period		(48,308,000)
(Provision)/benefit for credit losses		(2,143,000)
Allowance for credit losses, end of period		(50,451,000)		(48,308,000)
Specific (provision)/benefit for credit losses
Provision for Credit Losses
Allowance for credit losses, beginning of period		0
Allowance for credit losses, end of period		(738,000)		0
Specific (provision)/benefit for credit losses | Commercial Portfolio Segment
Provision for Credit Losses
Allowance for credit losses, beginning of period		0
(Provision)/benefit for credit losses		(738,000)
Allowance for credit losses, end of period		(738,000)		0
Commercial Mortgage Receivable, Held-For-Investment
Amortized Cost
Amortized cost, beginning of period		5,036,942,000	5,269,776,000	5,269,776,000
Acquisitions and originations		492,800,000		941,513,000
Principal repayments		(251,801,000)		(1,076,532,000)
Net fees capitalized into carrying value of loans		(4,736,000)		(5,242,000)
Discount accretion/premium amortization		2,450,000		13,016,000
Transfer to real estate owned		(42,235,000)		(103,863,000)
Cost recovery		0		(1,726,000)
Amortized cost, end of period		5,233,420,000		5,036,942,000
Provision for Credit Losses
Allowance for credit losses, beginning of period		(47,175,000)	$ (40,848,000)	(40,848,000)
Allowance for credit losses, end of period		(49,215,000)		(47,175,000)
Total commercial mortgage loans, held for investment, net		5,184,205,000		4,989,767,000
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment
Provision for Credit Losses
Allowance for credit losses, beginning of period		(47,175,000)
Allowance for credit losses, end of period		(49,215,000)		(47,175,000)
Total commercial mortgage loans, held for investment, net		5,184,205,000		4,989,767,000
Amortized cost		5,233,420,000		5,036,942,000
Commercial Mortgage Receivable, Held-For-Investment | Multifamily | Nonperforming Financial Instruments | Commercial Portfolio Segment
Provision for Credit Losses
Amortized cost					$ 42,200,000
Principal paydown	$ 5,900,000
Net gain from sale of real estate owned	$ 6,000
Commercial Mortgage Receivable, Held-For-Investment | General (provision)/benefit for credit losses
Provision for Credit Losses
(Provision)/benefit for credit losses		(1,302,000)		(20,551,000)
Commercial Mortgage Receivable, Held-For-Investment | Specific (provision)/benefit for credit losses
Provision for Credit Losses
(Provision)/benefit for credit losses		(738,000)		(12,334,000)
Write offs from specific allowance for credit losses		0		$ 26,558,000
Commercial Mortgage Receivable, Held-For-Investment | Specific (provision)/benefit for credit losses | Nonperforming Financial Instruments | Commercial Portfolio Segment
Provision for Credit Losses
Allowance for credit losses, end of period		$ (700,000)

Commercial Mortgage Loans - Nar

Commercial Mortgage Loans - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) rating loan	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) rating loan	Feb. 07, 2024 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($) property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 5,233,420		$ 5,036,942
Allowance for credit loss	49,215		$ 47,175
Increase in allowance for credit losses	$ 2,880	$ 4,360
Initial risk rating | rating	2		2
Weighted average risk rating of loans | rating	2.3		2.3
Specific allowance for credit losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss	$ 738		$ 0
General allowance for credit losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss	48,477		47,175
Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss	51,189		48,308
Increase in allowance for credit losses	2,881
Commercial Portfolio Segment | Specific allowance for credit losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss	738		0
Increase in allowance for credit losses	738
Commercial Portfolio Segment | General allowance for credit losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss	50,451		$ 48,308
Increase in allowance for credit losses	$ 2,143
Multifamily | NORTH CAROLINA | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost						$ 58,000
Number of real estate properties | property						2
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	145		144
Allowance for credit loss	$ 49,215		$ 47,175		$ 40,848
Commercial Mortgage Receivable, Held-For-Investment | Specific allowance for credit losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase in allowance for credit losses	738		12,334
Commercial Mortgage Receivable, Held-For-Investment | General allowance for credit losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase in allowance for credit losses	1,302		20,551
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	5,233,420		5,036,942
Allowance for credit loss	$ 49,215		$ 47,175
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	4		2
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | Specific allowance for credit losses | Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss	$ 700
Commercial Mortgage Receivable, Held-For-Investment | Multifamily | Commercial Portfolio Segment | Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost				$ 42,200
Commercial Mortgage Receivable, Held-For-Investment | Multifamily | NORTH CAROLINA | Commercial Portfolio Segment | Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	2
Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	1		0
Amortized cost	$ 30,000

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	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 5,243,800	$ 5,045,036
Customer Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	100%	100%
Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	100%	100%
Southeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 2,116,439	$ 1,989,175
Southeast | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	40.40%	39.40%
Southwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 2,033,484	$ 1,920,491
Southwest | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	38.80%	38.10%
Mideast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 385,710	$ 455,739
Mideast | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	7.40%	9%
Great Lakes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 156,627	$ 161,059
Great Lakes | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	3%	3.20%
Rocky Mountain
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 134,535	$ 74,934
Rocky Mountain | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	2.60%	1.50%
Far West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 104,321	$ 113,554
Far West | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	2%	2.30%
New England
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 62,691	$ 63,274
New England | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	1.20%	1.30%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 249,993	$ 266,810
Other | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	4.60%	5.20%
Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 3,931,501	$ 3,876,108
Multifamily | Customer Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	74.90%	76.80%
Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 721,075	$ 670,274
Hospitality | Customer Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	13.80%	13.30%
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 312,894	$ 269,924
Office | Customer Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	6%	5.40%
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 150,346	$ 73,724
Industrial | Customer Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	2.90%	1.50%
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 34,000	$ 34,000
Retail | Customer Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	0.60%	0.70%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 93,984	$ 121,006
Other | Customer Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	1.80%	2.30%

Commercial Mortgage Loans - All

Commercial Mortgage Loans - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 47,175
Provision/(Benefit)	2,880	$ 4,360
Ending balance	49,215
Commercial Portfolio Segment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	48,308
Provision/(Benefit)	2,881
Write offs	0
Ending balance	51,189
Specific Allowance for Credit Losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	0
Ending balance	738
Specific Allowance for Credit Losses | Commercial Portfolio Segment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	0
Provision/(Benefit)	738
Write offs	0
Ending balance	738
General Allowance for Credit Losses
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	47,175
Ending balance	48,477
General Allowance for Credit Losses | Commercial Portfolio Segment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	48,308
Provision/(Benefit)	2,143
Write offs	0
Ending balance	50,451
General Allowance for Credit Losses | Commercial Portfolio Segment | Funded
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	47,175
Provision/(Benefit)	1,302
Write offs	0
Ending balance	48,477
General Allowance for Credit Losses | Commercial Portfolio Segment | Unfunded
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,133
Provision/(Benefit)	841
Write offs	0
Ending balance	$ 1,974

Commercial Mortgage Loans - Pas

Commercial Mortgage Loans - Past Due (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) loan	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) loan	Feb. 07, 2024 USD ($)	Jun. 30, 2022 USD ($)
Financing Receivable, Past Due [Line Items]
Amortized cost basis	$ 5,233,420		$ 5,036,942
Interest proceeds	$ 130,558	$ 130,536
Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Past Due [Line Items]
Number of loans | loan	145		144
Commercial Portfolio Segment | Multifamily | NORTH CAROLINA
Financing Receivable, Past Due [Line Items]
Amortized cost basis					$ 58,000
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Past Due [Line Items]
Amortized cost basis	$ 5,233,420		$ 5,036,942
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Nonperforming Financial Instruments
Financing Receivable, Past Due [Line Items]
Number of loans | loan	4		2
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Multifamily | Nonperforming Financial Instruments
Financing Receivable, Past Due [Line Items]
Amortized cost basis				$ 42,200
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Multifamily | NORTH CAROLINA | Nonperforming Financial Instruments
Financing Receivable, Past Due [Line Items]
Number of loans | loan	2
Interest proceeds	$ 3,400
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Current
Financing Receivable, Past Due [Line Items]
Amortized cost basis	4,925,874
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Less than 90 days past due
Financing Receivable, Past Due [Line Items]
Amortized cost basis	141,806
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 90 or more days past due
Financing Receivable, Past Due [Line Items]
Amortized cost basis	$ 165,740

Commercial Mortgage Loans - Non

Commercial Mortgage Loans - Non-Performing Status (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) loan	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)
Non-Performing Financial Instruments [Roll Forward]
Interest proceeds	$ 130,558	$ 130,536
Allowance for credit loss	49,215		$ 47,175
Specific allowance for credit losses
Non-Performing Financial Instruments [Roll Forward]
Allowance for credit loss	$ 738		$ 0
Commercial Mortgage Receivable, Held-For-Investment
Non-Performing Financial Instruments [Roll Forward]
Number of loans | loan	145		144
Allowance for credit loss	$ 49,215		$ 47,175	$ 40,848
Commercial Portfolio Segment
Non-Performing Financial Instruments [Roll Forward]
Allowance for credit loss	51,189		48,308
Commercial Portfolio Segment | Specific allowance for credit losses
Non-Performing Financial Instruments [Roll Forward]
Allowance for credit loss	738		0
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Non-Performing Financial Instruments [Roll Forward]
Allowance for credit loss	49,215		47,175
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	78,185	$ 117,379	117,379
Addition of non-performing loan amortized cost	292,596		118,647
Less: Removal of non-performing loan amortized cost	63,235		157,841
Non-performing loan amortized cost end of period	$ 307,546		$ 78,185
Number of loans | loan	4		2
Number of loans, non-accrual status | loan	3
Number of loans, cost recovery status | loan	1
Nonperforming Financial Instruments | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Multifamily | NORTH CAROLINA
Non-Performing Financial Instruments [Roll Forward]
Number of loans | loan	2
Interest proceeds	$ 3,400
Nonperforming Financial Instruments | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Specific allowance for credit losses
Non-Performing Financial Instruments [Roll Forward]
Allowance for credit loss	$ 700

Commercial Mortgage Loans - A_2

Commercial Mortgage Loans - Allocation by Risk Rating (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost	$ 5,233,420	$ 5,036,942
Amortized Cost by Year of Origination
Total Amortized Cost	5,233,420	5,036,942
Allowance for credit losses	(49,215)	(47,175)
Total commercial mortgage loans, held for investment, net	$ 5,184,205	$ 4,989,767
Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	145	144
Amortized Cost by Year of Origination
Allowance for credit losses	$ (49,215)	$ (47,175)	$ (40,848)
Total commercial mortgage loans, held for investment, net	5,184,205	4,989,767
Commercial Portfolio Segment
Amortized Cost by Year of Origination
Allowance for credit losses	(51,189)	(48,308)
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost	5,233,420	5,036,942
Amortized Cost by Year of Origination
Year one, originated in current fiscal year	435,557	696,607
Year two, originated in prior fiscal year one	717,582	1,671,346
Year three, originated in prior fiscal year two	1,673,537	2,280,104
Year four, originated in prior fiscal year three	2,083,851	180,206
Year five, original in prior fiscal year four	120,193	116,583
Prior	202,700	92,096
Total Amortized Cost	5,233,420	5,036,942
Allowance for credit losses	(49,215)	(47,175)
Total commercial mortgage loans, held for investment, net	$ 5,184,205	$ 4,989,767
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	$ 3,848,753	$ 3,890,424
Amortized Cost by Year of Origination
Year one, originated in current fiscal year	435,557	694,228
Year two, originated in prior fiscal year one	659,601	1,256,509
Year three, originated in prior fiscal year two	1,072,104	1,724,734
Year four, originated in prior fiscal year three	1,499,359	105,477
Year five, original in prior fiscal year four	73,004	73,743
Prior	109,128	35,734
Total Amortized Cost	$ 3,848,753	$ 3,890,424
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	73.50%	77.20%
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 3
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost	$ 1,120,894	$ 874,811
Amortized Cost by Year of Origination
Year one, originated in current fiscal year	0	2,379
Year two, originated in prior fiscal year one	57,981	273,097
Year three, originated in prior fiscal year two	459,627	468,244
Year four, originated in prior fiscal year three	539,579	74,729
Year five, original in prior fiscal year four	47,189	0
Prior	16,518	56,362
Total Amortized Cost	$ 1,120,894	$ 874,811
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	21.50%	17.40%
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 4
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost	$ 263,773	$ 271,707
Amortized Cost by Year of Origination
Year one, originated in current fiscal year	0	0
Year two, originated in prior fiscal year one	0	141,740
Year three, originated in prior fiscal year two	141,806	87,126
Year four, originated in prior fiscal year three	44,913	0
Year five, original in prior fiscal year four	0	42,840
Prior	77,054	0
Total Amortized Cost	$ 263,773	$ 271,707
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%	5.40%
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 5
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 | 5 | Credit Concentration Risk | Commercial mortgage loans, held for investment
Amortized Cost by Year of Origination
% of Portfolio	0%	0%
Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	145	144
Amortized cost	$ 5,243,800	$ 5,045,036
Amortized Cost by Year of Origination
Total Amortized Cost	$ 5,243,800	$ 5,045,036
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	111
Amortized cost	$ 3,858,347	$ 3,897,680
Amortized Cost by Year of Origination
Total Amortized Cost	$ 3,858,347	$ 3,897,680
Commercial Mortgage Receivable, Held-For-Investment | 3
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	28	27
Amortized cost	$ 1,121,569	$ 875,449
Amortized Cost by Year of Origination
Total Amortized Cost	$ 1,121,569	$ 875,449
Commercial Mortgage Receivable, Held-For-Investment | 4
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	6	6
Amortized cost	$ 263,884	$ 271,907
Amortized Cost by Year of Origination
Total Amortized Cost	$ 263,884	$ 271,907
Commercial Mortgage Receivable, Held-For-Investment | 5
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 Loans - C_3

Commercial Mortgage Loans - Commercial Mortgage Loans, Held for Sale Portfolio (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 5,233,420	$ 5,036,942
Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	30,000
Commercial Mortgage Receivable, Held-For-Sale | Southeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 30,000
Commercial Mortgage Receivable, Held-For-Sale | Commercial mortgage loans, held for sale, measured at fair value | Geographic Concentration Risk | Southeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	100%
Office | Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 30,000
Office | Commercial Mortgage Receivable, Held-For-Sale | Commercial mortgage loans, held for sale, measured at fair value | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	100%

Real Estate Securities - Securi

Real Estate Securities - Securities Classified As Available For Sale (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) bond	Dec. 31, 2023 USD ($) bond
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 217,855	$ 242,569
CRE CLO Bonds
Debt Securities, Available-for-sale [Line Items]
Number of Bonds | bond	7	7
Weighted Average Interest Rate	7.93%	8.12%
Weighted Average Contractual Maturity (years)	12 years	12 years 2 months 12 days
Par Value	$ 217,560	$ 243,340
Fair Value	$ 217,855	$ 242,569

Real Estate Securities - Amorti

Real Estate Securities - Amortized Cost and Fair Value of CLO Bonds (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 217,855	$ 242,569
CRE CLO Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	217,324	243,272
Unrealized Gain	643	74
Unrealized (Loss)	(112)	(777)
Fair Value	$ 217,855	$ 242,569

Real Estate Securities - Narrat

Real Estate Securities - Narrative (Details) - CRE CLO Bonds $ in Thousands	Mar. 31, 2024 USD ($) position	Dec. 31, 2023 USD ($) position
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 basis	$ 217,324	$ 243,272
Net unrealized gain (loss) on CLO bonds	$ 500	$ (700)
Number of positions with gross unrealized loss period less than 12 months | position	3	5
Gross unrealized loss on CLO bonds	$ 100	$ 800
Number of positions in unrealized loss position 12 months or longer | position	0	0
Fair value of securities in an unrealized loss position	$ 72,600	$ 184,200

Real Estate Owned - Summary of

Real Estate Owned - Summary of Real Estate Owned, Held For Investment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Real Estate [Line Items]
Accumulated Depreciation	$ (5,877)	$ (5,216)
Real Estate Owned, net	115,169	115,830
Land
Real Estate [Line Items]
Real estate owned, gross	21,533	21,533
Building and Improvements
Real Estate [Line Items]
Real estate owned, gross	96,400	96,400
Furniture, Fixtures and Equipment
Real Estate [Line Items]
Real estate owned, gross	3,113	3,113
Industrial | Jeffersonville, GA
Real Estate [Line Items]
Accumulated Depreciation	(5,755)	(5,179)
Real Estate Owned, net	84,868	85,444
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	(26)	(13)
Real Estate Owned, net	18,518	18,531
Office | Portland, OR | Land
Real Estate [Line Items]
Real estate owned, gross	16,479	16,479
Office | Portland, OR | Building and Improvements
Real Estate [Line Items]
Real estate owned, gross	2,065	2,065
Office | Portland, OR | Furniture, Fixtures and Equipment
Real Estate [Line Items]
Real estate owned, gross	0	0
Multifamily | Lubbock, TX
Real Estate [Line Items]
Accumulated Depreciation	(96)	(24)
Real Estate Owned, net	11,783	11,855
Multifamily | Lubbock, TX | Land
Real Estate [Line Items]
Real estate owned, gross	1,618	1,618
Multifamily | Lubbock, TX | Building and Improvements
Real Estate [Line Items]
Real estate owned, gross	10,076	10,076
Multifamily | Lubbock, TX | Furniture, Fixtures and Equipment
Real Estate [Line Items]
Real estate owned, gross	$ 185	$ 185

Real Estate Owned - Narrative (

Real Estate Owned - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) property	Mar. 31, 2023 USD ($)	Dec. 31, 2023 property	Nov. 30, 2022 property
Real Estate [Line Items]
Depreciation expense | $	$ 0.7	$ 0.8
Walgreens JV | Retail | Various
Real Estate [Line Items]
Number of real estate properties | property	23		23	24

Real Estate Owned - Summary o_2

Real Estate Owned - Summary of Real Estate Owned, Held For Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Real Estate [Line Items]
Assets, Net	$ 103,657	$ 103,657
Retail | Various
Real Estate [Line Items]
Assets, Net	103,657	103,657
Liabilities, Net	$ 12,297	$ 12,297

Leases - Intangible Lease Asset

Leases - Intangible Lease Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Identified intangible assets:
Gross amount	$ 49,285	$ 49,285
Less: Accumulated amortization	7,248	6,492
Total, net	$ 42,037	$ 42,793

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Rental income	$ 4.7	$ 3.1
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenue from real estate owned	Revenue from real estate owned
Remaining lease term	14 years 7 months 6 days
Weighted average life of intangible assets	14 years 7 months 6 days
Amortization expense	$ 0.8	$ 1

Leases - Future Minimum Payment

Leases - Future Minimum Payments to be Received (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Leases [Abstract]
2024 (April - December)	$ 6,637
2025	8,425
2026	8,539
2027	8,710
2028	8,884
2029 and beyond	97,388
Total future minimum rent	$ 138,583

Leases - Schedule of Expected A

Leases - Schedule of Expected Amortization Expense (Details) - Amortization Expense - Other identified intangible assets $ in Thousands	Mar. 31, 2024 USD ($)
Lessee, Lease, Description [Line Items]
2024 (April - December)	$ 2,203
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 ($)	Mar. 31, 2024 USD ($) agreement extension	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Jan. 03, 2024 USD ($)	Sep. 17, 2021 USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Unsecured debt, amount outstanding		$ 81,320,000		$ 81,295,000
Interest Expense		81,318,000	$ 71,075,000
Secured debt
Assets Sold under Agreements to Repurchase [Line Items]
Repo and revolving credit facilities, commercial mortgage loans, capacity		2,225,000,000		2,475,000,000
Repo and revolving credit facilities, commercial mortgage loans, amount outstanding		412,556,000		299,707,000
Interest Expense		$ 6,136,000		$ 51,170,000
Ending Weighted Average Interest Rate		7.48%		7.70%
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		$ 512,000		$ 1,982,000
Ending Weighted Average Interest Rate		8.44%		8.48%
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
Other Financing
Assets Sold under Agreements to Repurchase [Line Items]
Debt related to REO and other financings, amount outstanding		$ 12,865,000		$ 36,534,000
Interest Expense		$ 481,000		$ 5,330,000
Ending Weighted Average Interest Rate		6%		7.36%
Number of note-on-note financings | agreement		2
Unsecured Debt
Assets Sold under Agreements to Repurchase [Line Items]
Unsecured debt, amount outstanding		$ 81,320,000		$ 81,295,000
Interest Expense		$ 1,896,000		$ 7,658,000
Ending Weighted Average Interest Rate		8.99%		8.99%
Interest paid on unsecured debt		$ 2,000,000	$ 2,300,000
Unsecured Debt | Junior Note I
Assets Sold under Agreements to Repurchase [Line Items]
Unsecured debt, amount outstanding		17,056,000		$ 17,047,000
Interest Expense		$ 412,000		$ 1,940,000
Ending Weighted Average Interest Rate		9.15%		9.15%
Unsecured Debt | Junior Note II
Assets Sold under Agreements to Repurchase [Line Items]
Unsecured debt, amount outstanding		$ 39,560,000		$ 39,550,000
Interest Expense		$ 913,000		$ 3,519,000
Ending Weighted Average Interest Rate		8.95%		8.95%
Unsecured Debt | Junior Note III
Assets Sold under Agreements to Repurchase [Line Items]
Unsecured debt, amount outstanding		$ 24,704,000		$ 24,698,000
Interest Expense		$ 571,000		$ 2,199,000
Ending Weighted Average Interest Rate		8.95%		8.95%
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		113,409,000		108,574,000
Interest Expense		$ 1,702,000		$ 22,401,000
Ending Weighted Average Interest Rate		7.84%		7.90%
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	$ 350,000,000	$ 350,000,000		$ 600,000,000	$ 600,000,000
Repo and revolving credit facilities, commercial mortgage loans, amount outstanding		14,700,000		52,864,000
Interest Expense		$ 610,000		$ 6,603,000
Ending Weighted Average Interest Rate		7.83%		7.68%
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
Repo and revolving credit facilities, commercial mortgage loans, amount outstanding		79,037,000		71,730,000
Interest Expense		$ 1,613,000		$ 9,580,000
Ending Weighted Average Interest Rate		7.80%		7.85%
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		205,410,000		66,539,000
Interest Expense		$ 2,060,000		$ 11,616,000
Ending Weighted Average Interest Rate		7.14%		7.22%
Extension period on initial maturity date		1 year
Number of extension options | extension		2
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		0
Interest Expense		34,000		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		$ 117,000		$ 940,000
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)	3 Months Ended
	Mar. 31, 2024
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	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest Expense	$ 15,052	$ 15,383
Real estate securities, available for sale, measured at fair value	217,855	242,569
MRAs
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	194,769	174,055
Interest Expense	$ 2,598	$ 10,323
Weighted Average Interest Rate	6.12%	6.25%
Weighted Average Days to Maturity	12 days	11 days
MRAs | Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral
Assets Sold under Agreements to Repurchase [Line Items]
Collateral Pledged	$ 219,236	$ 195,827
Secured debt
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 412,556	$ 299,707
Weighted Average Interest Rate	7.48%	7.70%
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	$ 1,400	$ 27,900
JP Morgan Securities LLC | MRAs
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	85,750	113,111
Interest Expense	$ 1,421	$ 6,717
Weighted Average Interest Rate	6.18%	6.29%
Weighted Average Days to Maturity	17 days	15 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	$ 96,819	$ 127,602
Wells Fargo Securities, LLC | MRAs
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	8,994	8,994
Interest Expense	$ 139	$ 235
Weighted Average Interest Rate	6.12%	6.14%
Weighted Average Days to Maturity	4 days	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	$ 9,995	$ 9,975
Barclays Capital Inc. | MRAs
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	79,414	51,950
Interest Expense	$ 924	$ 3,371
Weighted Average Interest Rate	6.06%	6.19%
Weighted Average Days to Maturity	5 days	5 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	$ 89,029	$ 58,250
Lucid Prime Fund | MRAs
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	20,611
Interest Expense	$ 114
Weighted Average Interest Rate	6.08%
Weighted Average Days to Maturity	18 days
Lucid Prime Fund | MRAs | Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral
Assets Sold under Agreements to Repurchase [Line Items]
Collateral Pledged	$ 23,393

Debt - Collateralized Loan Obli

Debt - Collateralized Loan Obligation by Tranche (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
Debt Instrument [Line Items]
Par Value	$ 23,998	$ 23,998
Collaterized loan obligation
Debt Instrument [Line Items]
Par Value	4,026,315	4,092,971
U.S. Bank National Association | Secured debt
Debt Instrument [Line Items]
Par Value	3,654,630	3,654,630
Par Value Outstanding	3,559,267	3,597,973
Principal Balance of Collateralized Mortgage Assets	$ 4,381,962	$ 4,418,462
U.S. Bank National Association | Secured debt | 2021-FL6 Issuer
Debt Instrument [Line Items]
Number of Loans in pool | loan	50	54
Weighted Average Spread	1.44%	1.43%
Par Value	$ 584,500	$ 584,500
Par Value Outstanding	536,620	558,040
Principal Balance of Collateralized Mortgage Assets	$ 645,103	$ 673,289
U.S. Bank National Association | Secured debt | 2021-FL7 Issuer
Debt Instrument [Line Items]
Number of Loans in pool | loan	39	40
Weighted Average Spread	1.66%	1.64%
Par Value	$ 722,250	$ 722,250
Par Value Outstanding	674,822	720,000
Principal Balance of Collateralized Mortgage Assets	$ 853,181	$ 864,079
U.S. Bank National Association | Secured debt | 2022-FL8 Issuer
Debt Instrument [Line Items]
Number of Loans in pool | loan	45	46
Weighted Average Spread	1.72%	1.72%
Par Value	$ 960,000	$ 960,000
Par Value Outstanding	959,943	960,000
Principal Balance of Collateralized Mortgage Assets	$ 1,194,783	$ 1,184,931
U.S. Bank National Association | Secured debt | 2022-FL9 Issuer
Debt Instrument [Line Items]
Number of Loans in pool | loan	49	51
Weighted Average Spread	2.80%	2.80%
Par Value	$ 670,637	$ 670,637
Par Value Outstanding	670,639	670,639
Principal Balance of Collateralized Mortgage Assets	$ 792,676	$ 800,638
U.S. Bank National Association | Secured debt | 2023-FL10 Issuer
Debt Instrument [Line Items]
Number of Loans in pool | loan	27	27
Weighted Average Spread	2.59%	2.57%
Par Value	$ 717,243	$ 717,243
Par Value Outstanding	717,243	689,294
Principal Balance of Collateralized Mortgage Assets	896,219	895,525
U.S. Bank National Association | Secured debt | 2023-FL10 Issuer, AS
Debt Instrument [Line Items]
Principal Balance of Collateralized Mortgage Assets	27,900
U.S. Bank National Association | Secured debt | Collaterized loan obligation
Debt Instrument [Line Items]
Collateralized loan obligation excluded	$ 467,000	$ 495,000

Debt - Collateralized Loan Ob_2

Debt - Collateralized Loan Obligation (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash	$ 240,030	$ 337,595	$ 230,405	$ 179,314
Commercial mortgage loans, held for investment, net	5,184,205	4,989,767
Accrued interest receivable	39,628	42,490
Total assets	6,027,724	5,955,180
Liabilities
Notes payable, net	23,998	23,998
Accrued interest payable	15,052	15,383
Total liabilities	4,352,593	4,279,223
Allowance for credit loss	49,215	47,175
U.S. Bank National Association | Secured debt
Liabilities
Notes payable, net	3,654,630	3,654,630
Collaterized loan obligation
Assets
Cash	27,442	55,914
Commercial mortgage loans, held for investment, net	4,309,148	4,379,760
Accrued interest receivable	20,124	23,927
Total assets	4,356,714	4,459,601
Liabilities
Notes payable, net	4,026,315	4,092,971
Accrued interest payable	14,902	15,171
Total liabilities	4,041,217	4,108,142
Restricted cash	26,600	55,100
Allowance for credit loss	31,500	32,600
Deferred financing cost and discount	28,500	30,800
Collaterized loan obligation | U.S. Bank National Association | Secured debt
Liabilities
Collateralized loan obligation excluded	$ 467,000	$ 495,000

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator
Net income/(loss)	$ 35,827	$ 43,839
Net (income)/loss from non-controlling interest	93	(9)
Less: Preferred stock dividends	6,748	6,748
Net income/(loss) applicable to common stock, basic	29,172	37,082
Net income/(loss) applicable to common stock, diluted	29,172	37,082
Less: Participating securities' share in earnings	449	797
Net income/(loss) applicable to common stockholders (basic)	28,723	36,285
Net income/(loss) applicable to common stockholders (diluted)	$ 28,723	$ 36,285
Denominator
Weighted-average common shares outstanding for basic earnings per share (in shares)	81,994,096	82,774,771
Weighted-average common shares outstanding for diluted earnings per share (in shares)	81,994,096	82,774,771
Basic earnings per share (in dollars per share)	$ 0.35	$ 0.44
Diluted earnings per share (in dollars per share)	$ 0.35	$ 0.44
Restricted Shares and Restricted Stock Units
Denominator
Antidilutive securities excluded from computation (in shares)	210,665	711,000
Convertible Preferred Stock
Denominator
Antidilutive securities excluded from computation (in shares)	5,370,498	5,430,480

Redeemable Convertible Prefer_3

Redeemable Convertible Preferred Stock and Equity Transactions - Summary of Shares Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		12 Months Ended
	Jan. 10, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2024	Jan. 21, 2025	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Redeemable convertible preferred stock		$ 89,748				$ 89,748
Common stock, shares outstanding (in shares)		83,254,483				82,751,913
Common stock shares repurchased, average price per share (in dollars per share)		$ 12.42
Series H Preferred Stock
Class of Stock [Line Items]
Redeemable convertible preferred stock		$ 89,748				$ 89,748
Preferred stock, shares outstanding (in shares)		17,950				17,950
Preferred stock dividends declared (in dollars per share)		$ 106.22
Mandatory conversion date, extension period	1 year
Series H Preferred Stock | Forecast
Class of Stock [Line Items]
Preferred stock converted to common stock, per share stock consideration (in shares)					299.2
Maximum allowable share conversions per month (in shares)				4,487
Conversion of stock, preferred stock to common stock, notice period				10 days
Series E Preferred Stock
Class of Stock [Line Items]
Perpetual preferred stock		$ 258,742				$ 258,742
Preferred stock, shares outstanding (in shares)		10,329,039				10,329,039
Preferred stock dividends declared (in dollars per share)		$ 0.46875
Common Stock
Class of Stock [Line Items]
Common stock - at par value		$ 820				$ 820
Common stock, shares outstanding (in shares)		83,254,483	83,363,971			82,751,913	82,992,784
Common stock dividends declared (in dollars per share)		$ 0.355
Common stock shares repurchased (in shares)		151,123	313,411
Common stock shares repurchased, average price per share (in dollars per share)		$ 12.42
Common stock repurchased and retired		$ 1,900

Redeemable Convertible Prefer_4

Redeemable Convertible Preferred Stock and Equity Transactions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Class of Stock [Line Items]
Share repurchase program, authorized amount	$ 65,000		$ 35,917
Remaining amount available under share repurchase program	$ 34,040
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)	0	0
Common stock repurchased under dividend reinvestment plan (in shares)	40,735	58,310
Common Stock
Class of Stock [Line Items]
Common stock distributions	$ 29,400	$ 29,500
Common dividends paid (in dollars per share)	$ 0.355	$ 0.355
Common stock repurchased under dividend reinvestment plan (in shares)	151,123	313,411

Redeemable Convertible Prefer_5

Redeemable Convertible Preferred Stock and Equity Transactions - Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Repurchase (in shares)	151,123
Beginning of period, authorized repurchase amount	$ 65,000	$ 35,917
Repurchases	(1,877)
Remaining as of March 31, 2024	$ 34,040
Net average purchase price (in dollars per share)	$ 12.42

Redeemable Convertible Prefer_6

Redeemable Convertible Preferred Stock and Equity Transactions - Changes in Accumulated Other Comprehensive Income/(Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, Beginning of Period	$ 1,586,209	$ 1,578,388
Balance, End of Period	1,585,383	1,590,929
Accumulated Other Comprehensive Income/(Loss) for Real Estate Securities, Available for Sale, Measured at Fair Value
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, Beginning of Period	(703)	390
Other comprehensive income/(loss)	927	(1,648)
Reclassification adjustment for amounts included in net income/(loss)	306	(677)
Balance, End of Period	$ 530	$ (1,935)

Commitments and Contingencies_2

Commitments and Contingencies (Details) - Unfunded Commitments Under Commercial Mortgage Loans $ in Thousands	Mar. 31, 2024 USD ($)
Loss Contingencies [Line Items]
2024	$ 85,034
2025	118,614
2026	166,005
2027	18,260
Total	$ 387,913

Related Party Transactions an_3

Related Party Transactions and Arrangements - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) property	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) property	Nov. 30, 2022 property	Jun. 30, 2022 USD ($) property	Sep. 30, 2021 USD ($)	Sep. 17, 2021 USD ($)
Related Party Transaction [Line Items]
Commercial mortgage loans, held for investment, net	$ 5,184,205		$ 4,989,767
Interest income	130,558	$ 130,536
Commercial Mortgage Receivable, Held-For-Investment
Related Party Transaction [Line Items]
Commercial mortgage loans, held for investment, net	5,184,205		4,989,767
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment
Related Party Transaction [Line Items]
Commercial mortgage loans, held for investment, net	$ 5,184,205		$ 4,989,767
Industrial | Jeffersonville, GA | Mortgages
Related Party Transaction [Line Items]
Mortgage note payable							$ 112,700
Industrial | Jeffersonville, GA | Franklin BSP Realty Trust, Inc | September 2021 Mortgage Note Payable, Eliminated in Consolidation | Mortgages
Related Party Transaction [Line Items]
Mortgage note payable							$ 88,700
Retail | Various | Walgreens JV
Related Party Transaction [Line Items]
Number of real estate properties | property	23		23	24
Related Party | Commercial Mortgage Receivable, Held-For-Investment
Related Party Transaction [Line Items]
Commercial mortgage loans, held for investment, net	$ 123,600		$ 124,100
Interest income	$ 2,600	$ 2,300
Related Party | Industrial | Jeffersonville, GA
Related Party Transaction [Line Items]
Real estate investment property, net						$ 139,500
Related Party | 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
Related Party | Industrial | Jeffersonville, GA | Franklin BSP Realty Trust, Inc | September 2021 Mortgage Note Payable, Eliminated in Consolidation | Mortgages
Related Party Transaction [Line Items]
Mortgage note payable						$ 88,700
Related Party | 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
Related Party | Industrial | Jeffersonville, GA | Jeffersonville JV, Affiliate | September 2021 Mortgage Note Payable, Affiliate | Mortgages
Related Party Transaction [Line Items]
Mortgage note payable						$ 24,000
Related Party | Retail | Various | Walgreens JV
Related Party Transaction [Line Items]
Number of real estate properties | property					24
Related Party | Retail | Various | Franklin BSP Realty Trust, Inc | Walgreens JV
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by parent					76%
Related Party | Retail | Various | Walgreens JV, Affiliate | Commercial Portfolio Segment
Related Party Transaction [Line Items]
Commercial mortgage loans, held for investment, net					$ 149,700
Related Party | Retail | Various | Walgreens JV, Affiliate | Walgreens JV
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners					24%
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	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Acquisition expenses	$ 238	$ 378
Administrative services expenses	2,860	4,029
Asset management and subordinated performance fee	7,865	8,085
Other related party expenses	2,363	2,166
Total expenses	20,626	22,299
Payables due to affiliate	20,969		$ 19,316
Related Party
Related Party Transaction [Line Items]
Acquisition expenses	238	378
Administrative services expenses	2,860	4,029
Asset management and subordinated performance fee	7,865	8,085
Other related party expenses	343	211
Total expenses	11,306	12,703
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	2,860		3,447
Related Party | Asset management and subordinated performance fee
Related Party Transaction [Line Items]
Payables due to affiliate	16,497		15,014
Related Party | Other related party expenses
Related Party Transaction [Line Items]
Payables due to affiliate	1,612		855
Related Party | Acquisition fees and expenses, including amount capitalized
Related Party Transaction [Line Items]
Acquisition expenses	2,300	1,100
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	2,100	$ 700
Related Party | Third Party Vendor Agreement
Related Party Transaction [Line Items]
Payables due to affiliate	$ 1,500		$ 700

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Financial Instruments Carried at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets, at fair value
Real estate securities, available for sale, measured at fair value	$ 217,855	$ 242,569
Commercial mortgage loans, held for sale, measured at fair value	30,457	0
Liabilities, at fair value
Liabilities	524	0
Fair Value, Measurements, Recurring
Assets, at fair value
Real estate securities, available for sale, measured at fair value	217,855	242,569
Commercial mortgage loans, held for sale, measured at fair value	30,457
Total assets, at fair value	248,312	242,569
Liabilities, at fair value
Total liabilities, at fair value	524
Level I | Fair Value, Measurements, Recurring
Assets, at fair value
Real estate securities, available for sale, measured at fair value	0	0
Commercial mortgage loans, held for sale, measured at fair value	0
Total assets, at fair value	0	0
Liabilities, at fair value
Total liabilities, at fair value	95
Level II | Fair Value, Measurements, Recurring
Assets, at fair value
Real estate securities, available for sale, measured at fair value	217,855	242,569
Commercial mortgage loans, held for sale, measured at fair value	0
Total assets, at fair value	217,855	242,569
Liabilities, at fair value
Total liabilities, at fair value	429
Level III | Fair Value, Measurements, Recurring
Assets, at fair value
Real estate securities, available for sale, measured at fair value	0	0
Commercial mortgage loans, held for sale, measured at fair value	30,457
Total assets, at fair value	30,457	$ 0
Liabilities, at fair value
Total liabilities, at fair value	0
Credit default swaps
Liabilities, at fair value
Liabilities	429
Credit default swaps | Fair Value, Measurements, Recurring
Liabilities, at fair value
Liabilities	429
Credit default swaps | Level I | Fair Value, Measurements, Recurring
Liabilities, at fair value
Liabilities	0
Credit default swaps | Level II | Fair Value, Measurements, Recurring
Liabilities, at fair value
Liabilities	429
Credit default swaps | Level III | Fair Value, Measurements, Recurring
Liabilities, at fair value
Liabilities	0
Treasury note futures
Liabilities, at fair value
Liabilities	95
Treasury note futures | Fair Value, Measurements, Recurring
Liabilities, at fair value
Liabilities	95
Treasury note futures | Level I | Fair Value, Measurements, Recurring
Liabilities, at fair value
Liabilities	95
Treasury note futures | Level II | Fair Value, Measurements, Recurring
Liabilities, at fair value
Liabilities	0
Treasury note futures | Level III | Fair Value, Measurements, Recurring
Liabilities, at fair value
Liabilities	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($) property	Nov. 30, 2022 property
Assets Sold under Agreements to Repurchase [Line Items]
Commercial mortgage loans, held for sale, measured at fair value	$ 30,457	$ 0
Repurchase agreements, commercial mortgage loans
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	412,556	299,707
Repurchase agreements - real estate securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	$ 194,769	$ 174,055
Walgreens JV | Retail | Various
Assets Sold under Agreements to Repurchase [Line Items]
Number of real estate properties | property	23	23	24
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%
Fair Value, Measurements, Recurring
Assets Sold under Agreements to Repurchase [Line Items]
Commercial mortgage loans, held for sale, measured at fair value	$ 30,457
Fair Value, Nonrecurring
Assets Sold under Agreements to Repurchase [Line Items]
Assets and liabilities measured at fair value, net	91,400	$ 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	$ 30,457
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

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	3 Months Ended
	Mar. 31, 2024	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	$ 30,457	$ 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	30,457
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	30,457
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	$ 30,457
Yield	8.20%

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	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
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	$ 0	$ 15,559
Transfers into Level III	0	0
Originations	130,700	102,500
Sales / paydowns	(106,213)	(121,976)
Total realized and unrealized gain/(loss) included in earnings:
Realized gain/(loss) on sale of commercial mortgage loan, held for sale	5,513	3,873
Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments	457	44
Trading gain/(loss)		0
Transfers out of Level III	0	0
Ending balance	30,457	0
Real estate securities, trading, measured at fair value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 0	235,728
Transfers into Level III		0
Originations		0
Sales / paydowns		(235,123)
Total realized and unrealized gain/(loss) included in earnings:
Realized gain/(loss) on sale of commercial mortgage loan, held for sale		0
Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments		0
Trading gain/(loss)		(605)
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	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Allowance for credit loss	$ 49,215	$ 47,175
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Allowance for credit loss	49,200	47,200
Carrying Amount | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans, held for investment	5,233,420	5,036,942
Mortgage note payable	23,998	23,998
Other financings	12,865	36,534
Unsecured debt	81,320	81,295
Carrying Amount | Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized loan obligation	3,530,740	3,567,166
Fair Value | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans, held for investment	5,195,238	5,010,580
Mortgage note payable	23,998	23,998
Other financings	12,865	36,534
Unsecured debt	71,500	64,900
Fair Value | Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized loan obligation	$ 3,503,916	$ 3,521,274

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Outstanding Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Notional	$ 46,050
Assets	0
Liabilities	524	$ 0
Credit default swaps
Derivative [Line Items]
Notional	18,750
Assets	0
Liabilities	429
Interest rate swaps
Derivative [Line Items]
Notional	0
Assets	0
Liabilities	0
Treasury note futures
Derivative [Line Items]
Notional	27,300
Assets	0
Liabilities	$ 95

Derivative Instruments - Net Re

Derivative Instruments - Net Realized and Unrealized Gains and Losses on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain/(Loss)	$ (138)	$ (320)
Realized Gain/(Loss)	290	44
Credit default swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain/(Loss)	(43)	63
Realized Gain/(Loss)	(96)	0
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain/(Loss)	0	(291)
Realized Gain/(Loss)	0	0
Treasury note futures
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain/(Loss)	(95)	(92)
Realized Gain/(Loss)	$ 386	$ 44

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Offsetting Derivative Instruments
Derivative instruments, at fair value, gross amounts recognized	$ 524	$ 0
Derivative instruments, at fair value, gross amounts offset on the balance sheet	0	0
Derivative instruments, at fair value, net amount of liabilities presented on the balance sheet	524	0
Derivative instruments, at fair value, gross amounts not offset on balance sheet, financial instruments	0	0
Derivative instruments, at fair value, gross amounts not offset on the balance sheet, cash collateral	524	0
Derivative instruments, at fair value, net amount	0	0
Repurchase agreements - commercial mortgage loans
Offsetting Repurchase Agreements
Repurchase agreements, gross amounts of recognized liabilities	412,556	299,707
Repurchase agreements, gross amounts offset on the balance sheet	0	0
Repurchase agreements, net amount of liabilities presented on the balance sheet	412,556	299,707
Repurchase agreements, gross amounts not offset on the balance sheet, financial instruments	412,556	299,707
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	194,769	174,055
Repurchase agreements, gross amounts offset on the balance sheet	0	0
Repurchase agreements, net amount of liabilities presented on the balance sheet	194,769	174,055
Repurchase agreements, gross amounts not offset on the balance sheet, financial instruments	194,769	174,055
Repurchase agreements, gross amounts not offset on the balance sheet, cash collateral	0	0
Repurchase agreements, net amount	$ 0	$ 0

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Interest income	$ 130,558	$ 130,536
Revenue from real estate owned	4,712	3,312
Interest expense	81,318	71,075
Net income/(loss)	35,827	43,839
Total assets	6,027,724		$ 5,955,180
Real Estate Debt and Other Real Estate Investments
Segment Reporting Information [Line Items]
Interest income	123,765	125,949
Revenue from real estate owned	0	0
Interest expense	78,023	66,958
Net income/(loss)	27,941	43,531
Total assets	5,427,910		5,372,371
Real Estate Securities
Segment Reporting Information [Line Items]
Interest income	4,601	3,568
Revenue from real estate owned	0	0
Interest expense	2,589	3,446
Net income/(loss)	1,751	3,295
Total assets	221,868		245,949
TRS
Segment Reporting Information [Line Items]
Interest income	1,946	322
Revenue from real estate owned	0	0
Interest expense	194	216
Net income/(loss)	4,290	(3,314)
Total assets	106,902		66,503
Real Estate Owned
Segment Reporting Information [Line Items]
Interest income	246	697
Revenue from real estate owned	4,712	3,312
Interest expense	512	455
Net income/(loss)	1,845	$ 327
Total assets	$ 271,044		$ 270,357