Franklin BSP Realty Trust (FBRT) 10-Q 31 Jul 24 2024 Q2 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	6 Months Ended
	Jun. 30, 2024	Jul. 24, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		81,828,987
Entity Central Index Key	0001562528
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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		Jun. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents		$ 94,779	$ 337,595
Restricted cash		10,957	6,092
Commercial mortgage loans, held for investment, net of allowance for credit losses of $80,536 and $47,175 as of June 30, 2024 and December 31, 2023, respectively		5,347,395	4,989,767
Commercial mortgage loans, held for sale, measured at fair value		62,165	0
Real estate securities, available for sale, measured at fair value, amortized cost of $214,752 and $243,272 as of June 30, 2024 and December 31, 2023, respectively (includes pledged assets of $215,327 and $167,948 as of June 30, 2024 and December 31, 2023, respectively)		215,327	242,569
Receivable for loan repayment	[1]	54,483	55,174
Accrued interest receivable		39,819	42,490
Prepaid expenses and other assets		17,306	19,213
Intangible lease asset, net of amortization		41,280	42,793
Real estate owned, net of depreciation		114,509	115,830
Real estate owned, held for sale		271,316	103,657
Total assets		6,269,336	5,955,180
LIABILITIES AND STOCKHOLDERS' EQUITY
Collateralized loan obligations		3,420,137	3,567,166
Mortgage note payable		23,998	23,998
Unsecured debt		81,345	81,295
Derivative instruments, measured at fair value		1,013	0
Interest payable		13,531	15,383
Distributions payable		36,233	36,133
Accounts payable and accrued expenses		13,014	13,339
Due to affiliates		16,550	19,316
Intangible lease liability, held for sale		10,934	12,297
Total liabilities		4,635,703	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, 83,054,639 and 82,751,913 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively		818	820
Additional paid-in capital		1,596,709	1,599,197
Accumulated other comprehensive income (loss)		575	(703)
Accumulated deficit		(337,734)	(298,942)
Total stockholders' equity		1,519,110	1,559,114
Non-controlling interest		24,775	27,095
Total equity		1,543,885	1,586,209
Total liabilities, redeemable convertible preferred stock and equity		6,269,336	5,955,180
Repurchase agreements - commercial mortgage loans
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		762,437	299,707
Other financings		12,865	36,534
Repurchase agreements - real estate securities
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		243,646	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 June 30, 2024 and December 31, 2023		$ 258,742	$ 258,742
[1]Includes $36.3 million and $55.1 million of cash held by servicer related to the CLOs as of June 30, 2024 and December 31, 2023, respectively.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Allowance for credit losses	$ 80,536	$ 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)	83,054,639	82,751,913
Common stock, shares outstanding (in shares)	83,054,639	82,751,913
CRE CLO Bonds
Amortized cost	$ 214,752	$ 243,272
Pledged assets	215,327	167,948
Collaterized loan obligation
Allowance for credit losses	33,200	32,600
CLO cash held by servicer	$ 36,300	$ 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income
Interest income	$ 133,553	$ 152,892	$ 264,111	$ 283,428
Less: Interest expense	86,740	75,299	168,058	146,374
Net interest income	46,813	77,593	96,053	137,054
Revenue from real estate owned	4,072	6,438	8,784	9,750
Total income	50,885	84,031	104,837	146,804
Expenses
Asset management and subordinated performance fee	6,252	8,900	14,117	16,985
Acquisition expenses	195	283	433	661
Administrative services expenses	704	3,398	3,564	7,427
Professional fees	3,864	2,794	7,948	7,608
Share-based compensation	2,087	1,228	3,886	2,250
Depreciation and amortization	1,417	2,196	2,835	4,001
Other expenses	3,202	4,301	5,565	6,467
Total expenses	17,721	23,100	38,348	45,399
Other income/(loss)
(Provision)/benefit for credit losses	(32,178)	(21,624)	(35,059)	(25,984)
Realized gain/(loss) on extinguishment of debt	0	270	0	5,037
Realized gain/(loss) on real estate securities, available for sale	0	0	88	596
Realized gain/(loss) on sale of commercial mortgage loans, held for sale, measured at fair value	1,384	2,094	6,897	2,094
Unrealized gain/(loss) on commercial mortgage loans, held for sale, measured at fair value	158	(303)	615	44
Gain/(loss) on other real estate investments	(6,249)	(1,691)	(6,243)	(3,030)
Trading gain/(loss)	0	(946)	0	2,022
Unrealized gain/(loss) on derivatives	(183)	393	(321)	73
Realized gain/(loss) on derivatives	22	573	313	617
Total other income/(loss)	(37,046)	(21,234)	(33,710)	(18,531)
Income/(loss) before taxes	(3,882)	39,697	32,779	82,874
(Provision)/benefit for income tax	117	(53)	(717)	609
Net income/(loss)	(3,765)	39,644	32,062	83,483
Net (income)/loss attributable to non-controlling interest	1,590	(41)	1,683	(50)
Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.	(2,175)	39,603	33,745	83,433
Less: Preferred stock dividends	6,748	6,749	13,497	13,497
Net income/(loss) applicable to common stock, basic	(8,923)	32,854	20,248	69,936
Net income/(loss) applicable to common stock, diluted	$ (8,923)	$ 32,854	$ 20,248	$ 69,936
Basic earnings per share (in dollars per share)	$ (0.11)	$ 0.39	$ 0.24	$ 0.83
Diluted earnings per share (in dollars per share)	$ (0.11)	$ 0.39	$ 0.24	$ 0.83
Basic weighted average shares outstanding (in shares)	81,815,681	82,252,979	81,904,888	82,512,434
Diluted weighted average shares outstanding (in shares)	81,815,681	82,252,979	81,904,888	82,512,434

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income/(loss)	$ (3,765)	$ 39,644	$ 32,062	$ 83,483
Amounts related to available for sale real estate securities:
Change in net unrealized gain/(loss)	45	636	972	(1,012)
Reclassification adjustment for amounts included in net income/(loss)	0	0	306	(677)
Total unrealized gain (loss)	45	636	1,278	(1,689)
Comprehensive (income)/loss attributed to non-controlling interest	1,590	(41)	1,683	(50)
Comprehensive income/(loss) attributable to Franklin BSP Realty Trust, Inc.	$ (2,130)	$ 40,239	$ 35,023	$ 81,744

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	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, 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]
Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.	83,433
Net income/(loss) attributable to non-controlling interest	50
Ending balance (in shares) at Jun. 30, 2023					83,019,881
Balance, End of Period at Jun. 30, 2023	1,599,751		1,569,921		$ 822		1,600,036		(1,299)	(288,380)	258,742	29,830
Beginning balance (in shares) at Mar. 31, 2023					83,363,971
Balance, Beginning of Period at Mar. 31, 2023	1,590,929		1,569,661		$ 826		1,603,790		(1,935)	(291,762)	258,742	21,268
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchases (in shares)					(444,726)
Common stock repurchases	(5,495)		(5,495)		$ (5)		(5,490)
Share-based compensation (in shares)					38,770
Share-based compensation	1,227		1,227				1,227
Common stock issued through dividend reinvestment plan (in shares)					61,866
Common stock issued through dividend reinvestment plan	769		769		$ 1		768
Offering costs	(259)		(259)				(259)
Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.	39,603		39,603							39,603
Net income/(loss) attributable to non-controlling interest	41											41
Distributions declared	(36,221)		(36,221)							(36,221)
Other comprehensive income/(loss)	636		636						636
Contributions/(distributions) in non-controlling interest, net	8,521											8,521
Ending balance (in shares) at Jun. 30, 2023					83,019,881
Balance, End of Period at Jun. 30, 2023	$ 1,599,751		1,569,921		$ 822		1,600,036		(1,299)	(288,380)	258,742	29,830
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
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
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)					(391,863)
Common stock repurchases	(4,900)
Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.	33,745
Net income/(loss) attributable to non-controlling interest	$ (1,683)
Ending balance (in shares) at Jun. 30, 2024	83,054,639				83,054,639
Balance, End of Period at Jun. 30, 2024	$ 1,543,885		1,519,110		$ 818		1,596,709		575	(337,734)	258,742	24,775
Beginning balance (in shares) at Mar. 31, 2024					83,254,483
Balance, Beginning of Period at Mar. 31, 2024	1,585,383		1,558,377		$ 820		1,597,611		530	(299,326)	258,742	27,006
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchases (in shares)					(240,740)
Common stock repurchases	(2,991)		(2,991)		$ (2)		(2,989)
Share-based compensation (in shares)					40,896
Share-based compensation	2,087		2,087				2,087
Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.	(2,175)		(2,175)							(2,175)
Net income/(loss) attributable to non-controlling interest	(1,590)											(1,590)
Distributions declared	(36,233)		(36,233)							(36,233)
Other comprehensive income/(loss)	45		45						45
Contributions/(distributions) in non-controlling interest, net	$ (641)											(641)
Ending balance (in shares) at Jun. 30, 2024	83,054,639				83,054,639
Balance, End of Period at Jun. 30, 2024	$ 1,543,885		$ 1,519,110		$ 818		$ 1,596,709		$ 575	$ (337,734)	$ 258,742	$ 24,775

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Cash flows from operating activities:
Net income/(loss)	$ (3,765)	$ 39,644	$ 32,062	$ 83,483
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:
Premium amortization and (discount accretion), net			(4,860)	(6,244)
Accretion of deferred commitment fees			(3,394)	(5,073)
Amortization of deferred financing costs			6,401	3,893
Share-based compensation			3,886	2,250
Realized (gain)/loss on extinguishment of debt	0	(270)	0	(5,037)
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			(6,897)	(2,094)
Unrealized (gain)/loss from commercial mortgage loans, held for sale, measured at fair value			(615)	(44)
Unrealized (gain)/loss from derivative instruments			321	(73)
(Gain)/loss from other real estate investments			6,243	3,030
Trading (gain)/loss			0	(2,022)
Depreciation and amortization			2,835	3,554
Straight line rental income			(2,770)	(614)
Provision/(benefit) for credit losses	32,178	21,624	35,059	25,984
Origination of commercial mortgage loans, held for sale, measured at fair value			(201,125)	(76,250)
Proceeds from sale or repayment of commercial mortgage loans, held for sale, measured at fair value			146,472	59,697
Changes in assets and liabilities:
Accrued interest receivable			6,065	732
Prepaid expenses and other assets			965	(761)
Accounts payable and accrued expenses			(1,058)	(6,105)
Due to affiliates			(2,766)	500
Interest payable			(1,852)	196
Net cash (used in)/provided by operating activities			14,884	78,406
Cash flows from investing activities:
Origination and purchase of commercial mortgage loans, held for investment			(1,100,153)	(472,342)
Principal repayments received on commercial mortgage loans, held for investment			492,364	591,364
Proceeds from sale of real estate owned, held for sale			49,234	22,344
Purchase of real estate owned and capital expenditures			0	(645)
Purchase of real estate securities, available for sale			(28,271)	(100,267)
Proceeds from sale or paydown of real estate securities			56,889	127,660
Proceeds from sale of real estate securities, trading, at fair value			0	97,487
Principal collateral on mortgage investments			0	14,399
Proceeds from sale/(purchase) of derivative instruments			692	472
Net cash (used in)/provided by investing activities			(529,245)	280,472
Cash flows from financing activities:
Payments for common stock repurchases			(4,867)	(9,162)
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			(179,585)	(89,888)
Borrowings on repurchase agreements and revolving credit facilities - commercial mortgage loans			565,216	417,476
Repayments of repurchase agreements and revolving credit facilities - commercial mortgage loans			(102,486)	(403,296)
Borrowings on repurchase agreements - real estate securities			115,664	596,187
Repayments of repurchase agreements - real estate securities			(46,072)	(746,202)
Borrowings on other financings			0	46,842
Repayments on other financings			(23,669)	(40,795)
Repayments of unsecured debt			0	(13,367)
Payments of deferred financing costs			(1,157)	(2,034)
Payments of offering costs			0	(259)
Distributions to noncontrolling interest			(637)	0
Distributions paid			(72,438)	(71,915)
Net cash (used in)/provided by financing activities:			276,410	(317,225)
Net change in cash, cash equivalents and restricted cash			(237,951)	41,653
Cash, cash equivalents and restricted cash, beginning of period			343,687	190,487	$ 190,487
Cash, cash equivalents and restricted cash, end of period	105,736	232,140	105,736	232,140	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	94,779	224,696	94,779	224,696	337,595
Restricted cash, end of period	10,957	7,444	10,957	7,444	6,092
Cash, cash equivalents and restricted cash,	105,736	232,140	105,736	232,140	343,687
Supplemental disclosures of cash flow information:
Cash payments for income taxes			465	313
Cash payments for interest			161,816	142,527
Supplemental disclosures of non - cash flow information:
Distribution payable	$ 36,233	$ 36,221	36,233	36,221	$ 36,133
Common stock issued through dividend reinvestment plan			0	769
Loans transferred to real estate owned			222,115	118,631
Modification accounted for as repayment and new loan			$ (42,235)	$ 0

Organization and Business Opera

Organization and Business Operations	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2023, $0.6 million related to straight lining of rents was reclassified from Prepaid expenses and other assets to Straight line rental income 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	6 Months Ended
	Jun. 30, 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): June 30, 2024 December 31, 2023 Senior loans $ 5,399,095 $ 5,017,569 Mezzanine loans 28,836 19,373 Total gross carrying value of loans 5,427,931 5,036,942 General allowance for credit losses 48,248 47,175 Specific allowance for credit losses 32,288 — Less: Allowance for credit losses 80,536 47,175 Total commercial mortgage loans, held for investment, net $ 5,347,395 $ 4,989,767 For the six months ended June 30, 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): Six Months Ended June 30, 2024 Year Ended Amortized cost, beginning of period $ 5,036,942 $ 5,269,776 Acquisitions and originations 1,107,490 941,513 Principal repayments (491,460) (1,076,532) Net fees capitalized into carrying value of loans (7,563) (5,242) Discount accretion/premium amortization 4,850 13,016 Transfer to real estate owned (1)(2) (222,115) (103,863) Cost recovery (213) (1,726) Amortized cost, end of period $ 5,427,931 $ 5,036,942 Allowance for credit losses, beginning of period $ (47,175) $ (40,848) General (provision)/benefit for credit losses (1,073) (20,551) Specific (provision)/benefit for credit losses (33,026) (12,334) Write offs from specific allowance for credit losses 738 26,558 Allowance for credit losses, end of period $ (80,536) $ (47,175) Total commercial mortgage loans, held for investment, net $ 5,347,395 $ 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. (2) For additional details on properties obtained through foreclosure or deed-in-lieu of foreclosure see Note 5 - Real Estate Owned. As of June 30, 2024 and December 31, 2023, the Company's total commercial mortgage loan, held for investment portfolio, was comprised of 153 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): June 30, 2024 December 31, 2023 Loan Collateral Type Par Value Percentage Par Value Percentage Multifamily $ 4,030,905 74.1 % $ 3,876,108 76.8 % Hospitality 745,013 13.7 % 670,274 13.3 % Industrial 274,283 5.0 % 73,724 1.5 % Office 258,274 4.7 % 269,924 5.4 % Retail 35,986 0.7 % 34,000 0.7 % Other 94,424 1.8 % 121,006 2.3 % Total $ 5,438,885 100.0 % $ 5,045,036 100.0 % June 30, 2024 December 31, 2023 Loan Region Par Value Percentage Par Value Percentage Southwest $ 2,068,343 38.0 % $ 1,920,491 38.1 % Southeast 1,975,711 36.3 % 1,989,175 39.4 % Mideast 370,197 6.8 % 455,739 9.0 % Great Lakes 180,966 3.3 % 161,059 3.2 % New England 178,611 3.3 % 63,274 1.3 % Far West 155,409 2.9 % 113,554 2.3 % Rocky Mountain 137,060 2.5 % 74,934 1.5 % Various (1) 372,588 6.9 % 266,810 5.2 % Total $ 5,438,885 100.0 % $ 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 six months ended June 30, 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 Changes: Provision/(Benefit) 32,288 (229) 119 (110) 32,178 Write offs (738) — — — (738) June 30, 2024 $ 32,288 $ 48,248 $ 2,093 $ 50,341 $ 82,629 Specific Allowance for Credit Losses The Company elected to apply a practical expedient for collateral dependent assets in which the allowance for credit losses is calculated as the difference between the estimated fair value of the underlying collateral, less estimated cost to sell, and the amortized cost basis of the loan. As such, these loans receivable are measured at fair value on a nonrecurring basis using significant unobservable inputs and are classified as Level 3 assets in the fair value hierarchy. The fair value of the underlying collateral is determined using the market approach, the income approach, or a combination thereof. The significant unobservable input used for the income approach, includes the exit capitalization rate assumptions, which ranged from 4.93% to 9.50%. The significant unobservable input used for the market approach, includes the estimated fair value less cost to sell based on a negotiated price from an anticipated buyer. In June 2022, the Company originated a first mortgage loan with a commitment of $60.8 million secured by two multifamily properties in North Carolina. The loan was identified by management as non-performing and placed on non-accrual status, with an amortized cost of $58.0 million as of March 31, 2024. The Company recorded a specific allowance for credit losses of $0.7 million on this loan for the quarter ended March 31, 2024. In May 2024, the Company, through deed-in-lieu of foreclosure, acquired the properties which are recorded in Real estate owned, held for sale in the consolidated balance sheets. See Note 5 - Real Estate Owned for additional details. In March 2021, the Company originated a first mortgage loan with a commitment of $48.5 million secured by an office property in Colorado. The loan was identified by management as non-performing and placed on cost recovery status, with an amortized cost of $44.7 million as of June 30, 2024. The Company recorded a specific allowance for credit losses of $27.8 million on this loan for the quarter ended June 30, 2024. In December 2019, the Company originated a first mortgage loan with a commitment of $33.0 million secured by an office property in Georgia. The loan was identified by management as non-performing and placed on cost recovery status, with an amortized cost of $23.4 million as of June 30, 2024. The Company recorded a specific allowance for credit losses of $1.9 million on this loan for the quarter ended June 30, 2024. In June 2022, the Company originated a first mortgage loan with a commitment of $46.0 million secured by a multifamily property located in North Carolina. The loan was identified by management as non-performing and placed on non-accrual status, with an amortized cost of $45.6 million as of June 30, 2024. The Company recorded a specific allowance for credit losses of $1.7 million on this loan for the quarter ended June 30, 2024. In June 2022, the Company originated a first mortgage loan with a commitment of $152.8 million secured by a pool of 15 multifamily properties located in Oklahoma, South Carolina and North Carolina. The loan was identified by management as non-performing and placed on non-accrual status, with an amortized cost of $111.3 million as of June 30, 2024. The Company recorded a specific allowance for credit losses of $0.9 million on this loan for the quarter ended June 30, 2024. General Allowance for Credit Losses The Company recorded a total increase (decrease) in its general allowance for credit losses during the three and six months ended June 30, 2024 of $(0.1) million and $2.1 million, respectively. The primary driver for the higher reserve balance over the six-month period is due to the Company utilizing a pessimistic macro-economic outlook since the end of the year along with an increase in size of the overall portfolio of commercial mortgage loans, held for investment as of June 30, 2024. Changes in the provision for credit losses for the Company’s financial instruments are recorded in (Provision)/benefit for credit losses in the consolidated statements of operations with a corresponding offset to the financial instrument’s amortized cost recorded in the consolidated balance sheet, 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 June 30, 2024 (dollars in thousands): Current Less than 90 days past due 90 or more days past due (1) Total As of June 30, 2024 $ 5,049,688 $ 209,777 $ 168,466 $ 5,427,931 ________________________ (1) Comprised of two mortgage loans collateralized by multifamily properties, one of which is designated as non-performing and placed on non-accrual status. For the three months and six months ended June 30, 2024, the Company has received $4.6 million and $9.4 million, respectively, 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 June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, 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 461,400 118,647 Less: Removal of non-performing loan amortized cost 314,558 157,841 Non-performing loan amortized cost end of period (1) $ 225,027 $ 78,185 ________________________ (1) As of June 30, 2024, and December 31, 2023, the Company had four and two loans, respectively, designated as non-performing. As of June 30, 2024, two of the four non-performing loans were placed on non-accrual status and two were placed on cost recovery status. For the loans designated as non-performing and placed on non-accrual status, the Company recognized $4.0 million and $7.4 million of interest proceeds included in Interest income in the consolidated statements of operations for the three and six months ended June 30, 2024, respectively. As of June 30, 2024, the two loans designated as non-performing and placed on cost recovery were determined to have a specific allowance for credit losses of $27.8 million and $1.9 million, respectively. As of June 30, 2024, two of the four designated non-performing loans were collateralized by multifamily properties and two were collateralized by office 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 June 30, 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 June 30, 2024 and December 31, 2023, by the Company’s internal risk rating and year of origination (dollars in thousands): June 30, 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 — $ — $ — $ — $ — $ — $ — $ — $ — — % 2 119 4,072,386 971,616 580,728 1,039,151 1,304,660 72,388 93,729 4,062,272 74.8 % 3 27 1,076,343 — 153,220 241,256 618,737 46,239 16,473 1,075,925 19.8 % 4 5 221,799 — — 203,192 — — 18,398 221,590 4.1 % 5 2 68,357 — — — 44,700 — 23,444 68,144 1.3 % Total 153 $ 5,438,885 $ 971,616 $ 733,948 $ 1,483,599 $ 1,968,097 $ 118,627 $ 152,044 $ 5,427,931 100.0 % Allowance for credit losses (80,536) Total carrying value, net $ 5,347,395 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 June 30, 2024 the contractual principal balance outstanding of commercial mortgage loans, held for sale, measured at fair value was $61.6 million, comprised of four loans. As of June 30, 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 June 30, 2024 (dollars in thousands): Loan Collateral Type Par Value Percentage Multifamily $ 43,500 70.7 % Hospitality 10,850 17.6 % Retail 7,200 11.7 % Total $ 61,550 100.0 % Loan Region Par Value Percentage Southwest $ 7,200 11.7 % Far West 43,500 70.7 % Southeast 10,850 17.6 % Total $ 61,550 100.0 %

Real Estate Securities

Real Estate Securities	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2024 9 1 Month SOFR 7.97% 11.5 $ 214,932 $ 215,327 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 Accumulated other comprehensive income/(loss) in the consolidated balance sheets. The following table shows the amortized cost, unrealized gain/(loss) and fair value of the Company's CRE CLO bonds as of June 30, 2024 and December 31, 2023 (dollars in thousands): Amortized Cost Unrealized Gain Unrealized (Loss) Fair Value June 30, 2024 $ 214,752 $ 709 $ (134) $ 215,327 December 31, 2023 $ 243,272 $ 74 $ (777) $ 242,569 As of June 30, 2024, the Company held nine CRE CLO bonds with an amortized cost basis of $214.8 million and a net unrealized gain of $0.6 million, four 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 June 30, 2024 and December 31, 2023, zero positions had an unrealized loss for a period greater than twelve months. As of June 30, 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 was $40.1 million and $184.2 million, respectively.

Real Estate Owned

Real Estate Owned	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023 (dollars in thousands): As of June 30, 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 $ (6,330) $ 84,293 August 2023 Office Portland, OR 16,479 2,065 — (39) 18,505 October 2023 Multifamily Lubbock, TX 1,618 10,076 185 (168) 11,711 Total $ 21,533 $ 96,400 $ 3,113 $ (6,537) 114,509 ________________________ 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 Total $ 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 and six months ended June 30, 2024 totaled $0.6 million and $1.3 million, respectively. Depreciation expense for the three and six months ended June 30, 2023 totaled $1.0 million and $1.9 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 June 30, 2024 and December 31, 2023 (dollars in thousands): As of June 30, 2024 Property Type Primary Location(s) Assets, Net Liabilities, Net Retail (1) Various $ 92,175 $ 10,934 Multifamily (2) Various 179,966 1,425 Total $ 272,141 $ 12,359 ________________________ See notes below. As of December 31, 2023 Property Type Primary Location(s) Assets, Net Liabilities, Net Retail (1) Various $ 103,657 $ 12,297 (1) 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 a group of 24 retail properties with various locations throughout the United States (the "Walgreens Portfolio"). Refer to Note 11 - Related Party Transactions and Arrangements. During the second quarter of 2024, the Company recorded a loss of $ 5.7 million, included in Gain/(loss) on other real estate investment s in the Company's consolidated financial statements of operations, related to the portfolio consisting of a $5.0 million write-down of assets and a $0.7 million loss on the sale of two of the properties. As of June 30, 2024, the Company's real estate owned held for sale assets include the remaining 21 retail properties in the Walgreens Portfolio. (2) In May and June 2024, the Company obtained, through foreclosure or deed-in-lieu of foreclosure, four multifamily properties located in various locations throughout the United States. The Company recognized a net loss on foreclosure of $0.5 million included in Gain/(loss) on other real estate investments in the Company's consolidated financial statements of operations. As of June 30, 2024, the Company has designated certain properties included within the real estate owned business segment as held for sale in accordance with ASC 360. The properties are currently being marketed and sales are probable to occur within one year.

Leases

Leases	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023 (dollars in thousands): Identified intangible assets: June 30, 2024 December 31, 2023 Gross amount $ 49,285 $ 49,285 Less: Accumulated amortization (8,005) (6,492) Total, net $ 41,280 $ 42,793 Rental Income Rental income for the three and six months ended June 30, 2024 totaled $4.1 million and $8.8 million, respectively. Rental income for the three and six months ended June 30, 2023 totaled $6.2 million and $9.3 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 14.3 years, to be received under the leases (dollars in thousands): Future Minimum Rents June 30, 2024 2024 (July - December) $ 4,522 2025 8,541 2026 8,539 2027 8,710 2028 8,884 2029 and beyond 97,388 Total future minimum rent $ 136,584 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 June 30, 2024 is approximately 14.3 years. Amortization expense for the three and six months ended June 30, 2024 is $0.8 million and $1.5 million, respectively. Amortization expense for the three and six months ended June 30, 2023 totaled $1.2 million and $2.1 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 June 30, 2024 2024 (July - December) $ 1,446 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 June 30, 2024 and December 31, 2023 (dollars in thousands): Identified intangible assets: June 30, 2024 December 31, 2023 Gross amount $ 49,285 $ 49,285 Less: Accumulated amortization (8,005) (6,492) Total, net $ 41,280 $ 42,793 Rental Income Rental income for the three and six months ended June 30, 2024 totaled $4.1 million and $8.8 million, respectively. Rental income for the three and six months ended June 30, 2023 totaled $6.2 million and $9.3 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 14.3 years, to be received under the leases (dollars in thousands): Future Minimum Rents June 30, 2024 2024 (July - December) $ 4,522 2025 8,541 2026 8,539 2027 8,710 2028 8,884 2029 and beyond 97,388 Total future minimum rent $ 136,584 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 June 30, 2024 is approximately 14.3 years. Amortization expense for the three and six months ended June 30, 2024 is $0.8 million and $1.5 million, respectively. Amortization expense for the three and six months ended June 30, 2023 totaled $1.2 million and $2.1 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 June 30, 2024 2024 (July - December) $ 1,446 2025 2,880 2026 2,880 2027 2,880 2028 2,880

Debt

Debt	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, 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 $ 258,525 $ 5,974 7.56 % 07/2026 Atlas Repo Facility (4) 350,000 87,245 1,792 8.19 % 01/2026 WF Repo Facility (3) 400,000 123,882 3,500 7.55 % 10/2025 Barclays Revolver Facility 250,000 — 441 N/A 09/2024 Barclays Repo Facility (3) 500,000 292,785 6,777 7.11 % 03/2025 Churchill Repo Facility 225,000 — 69 N/A N/A Total/Weighted average $ 2,225,000 $ 762,437 $ 18,553 7.46 % Mortgage note payable: Debt related to our REO (5) N/A $ 23,998 $ 1,024 8.45 % 10/2024 Other financings: Other financings (6) N/A $ 12,865 $ 676 6.00 % Various (8) Unsecured debt (7) : Junior Note I N/A $ 17,066 $ 824 9.09 % 10/2035 Junior Note II N/A 39,569 1,821 8.90 % 12/2035 Junior Note III N/A 24,710 1,139 8.90 % 09/2036 Total/Weighted average N/A $ 81,345 $ 3,784 8.94 % ________________________ 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 (3) 400,000 71,730 9,580 7.85 % 10/2025 Barclays Revolver Facility 250,000 — 940 N/A 09/2024 Barclays Repo Facility (3) 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 (5) N/A $ 23,998 $ 1,982 8.48 % 10/2024 Other financings: Other financings (6) N/A $ 36,534 $ 5,330 7.36 % Various (8) Unsecured debt (7) : 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 June 30, 2024 and December 31, 2023, the Company is in compliance with all debt covenants. (3) There are two one-year extension options. (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) 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). (6) 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. (7) The notes are currently redeemable, in whole or in part, without penalty, at the Company’s option. Interest paid on unsecured debt totaled $1.9 million and $3.8 million for the three and six months ended June 30, 2024, 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 June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, 2024 Counterparty Amount Outstanding Interest Expense Collateral Pledged (1) Weighted Average Interest Rate Weighted Average Days to Maturity JP Morgan Securities LLC $ 133,868 $ 3,352 $ 166,981 6.35 % 19 Wells Fargo Securities, LLC 8,994 278 10,041 6.09 % 29 Barclays Capital Inc. 80,139 2,158 90,039 6.07 % 4 Lucid Prime Fund 20,645 431 23,388 6.08 % 18 Total/Weighted Average $ 243,646 $ 6,219 $ 290,449 6.24 % 14 ________________________ 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 $75.1 million and $27.9 million of CRE CLO bonds, held by the Company, which is eliminated through consolidation of the related CLO's on the Company's consolidated balance sheets as of June 30, 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 June 30, 2024 and December 31, 2023: June 30, 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 46 Term SOFR 1.49 % $ 584,500 $ 477,217 $ 537,678 3/15/2036 2021-FL7 Issuer 36 Term SOFR 1.67 % 722,250 648,440 827,100 12/21/2038 2022-FL8 Issuer 44 AVG SOFR 1.73 % 960,000 932,797 1,171,827 2/15/2037 2022-FL9 Issuer 50 Term SOFR 2.80 % 670,637 670,639 801,110 5/15/2039 2023-FL10 Issuer (3) 27 Term SOFR 2.59 % 717,243 717,243 868,043 9/15/2035 $ 3,654,630 $ 3,446,336 $ 4,205,758 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 June 30, 2024 and December 31, 2023. (3) During the first quarter of 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 June 30, 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. June 30, 2024 December 31, 2023 Assets (dollars in thousands) Cash (1) $ 37,144 $ 55,914 Commercial mortgage loans, held for investment, net (2) 4,168,490 4,379,760 Accrued interest receivable 18,272 23,927 Total Assets $ 4,223,906 $ 4,459,601 Liabilities (dollars in thousands) Notes payable, net (3)(4) $ 3,913,384 $ 4,092,971 Accrued interest payable 11,991 15,171 Total Liabilities $ 3,925,375 $ 4,108,142 ________________________ (1) Includes $36.3 million and $55.1 million of cash held by the servicer related to CLO loan payoffs as of June 30, 2024 and December 31, 2023, respectively. (2) The balance is presented net of allowance for credit losses of $33.2 million and $32.6 million as of June 30, 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 obligations of the consolidated balance sheets as of June 30, 2024 and December 31, 2023, respectively. (4) The balance is presented net of deferred financing cost and discount of $26.2 million and $30.8 million as of June 30, 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023 (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator Net income/(loss) $ (3,765) $ 39,644 $ 32,062 $ 83,483 Net (income)/loss from non-controlling interest 1,590 (41) 1,683 (50) Less: Preferred stock dividends 6,748 6,749 13,497 13,497 Net income/(loss) applicable to common stock $ (8,923) $ 32,854 $ 20,248 $ 69,936 Less: Participating securities' share in earnings 450 526 898 1,325 Net income/(loss) applicable to common stockholders (for basic & diluted earnings per share) $ (9,373) $ 32,328 $ 19,350 $ 68,611 Denominator Weighted-average common shares outstanding for basic earnings per share 81,815,681 82,252,979 81,904,888 82,512,434 Weighted-average common shares outstanding for diluted earnings per share (1) 81,815,681 82,252,979 81,904,888 82,512,434 Basic earnings per share $ (0.11) $ 0.39 $ 0.24 $ 0.83 Diluted earnings per share $ (0.11) $ 0.39 $ 0.24 $ 0.83 ________________________ (1) Weighted average dilutive shares excluded restricted shares and stock units as of the three months ended June 30, 2024 and 2023 of 96,783 and 797,497 respectively, as the effect was anti-dilutive. Weighted average dilutive shares excluded restricted shares and stock units as of the six months ended June 30, 2024 and 2023 of 118,176 and 754,487 respectively, as the effect was anti-dilutive. Additionally, the effect of dilutive shares excluded 5,370,498 and 5,370,640 weighted average common share equivalents of convertible preferred stock for the three and six months ended June 30, 2024 and 2023, respectively, as the effect was anti-dilutive.

Redeemable Convertible Preferre

Redeemable Convertible Preferred Stock and Equity Transactions	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023 (in thousands, except share and per share amounts): Balance as of Shares Outstanding as of Second Quarter 2024 Dividend Per Share (1) June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Redeemable Convertible Preferred Stock: Series H Preferred Stock (2) $ 89,748 $ 89,748 17,950 17,950 $ 106.216 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) $ 818 $ 820 83,054,639 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 and six months ended June 30, 2024, the Company repurchased 240,740 and 391,863 shares, respectively, of common stock at an average price of $12.42 per share, for a total of $3.0 million and $4.9 million, respectively. All of these shares were retired upon settlement. See discussion in the "Stock Repurchases" section below. During the six months ended June 30, 2024 and 2023 , the Company paid an aggregate of $58.9 million and $58.3 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 June 30, 2024, the Company had $31.1 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 six months ended June 30, 2024 (in thousands, except share amounts): For the Six Months Ended June 30, 2024 Shares Amount (1)(2) Beginning of period, authorized repurchase amount $ 35,917 Repurchases 391,863 (4,867) Remaining as of June 30, 2024 $ 31,050 ________________________ (1) For the six months ended June 30, 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 June 30, 2024 and 2023, no shares were issued, and 44,450 shares and 61,866 shares, respectively, of common stock were purchased by the administrator on the open market under the dividend reinvestment component of the DRIP. During the six months ended June 30, 2024 and 2023, no shares were issued, and 85,185 shares and 120,175 shares, respectively, of common stock were purchased by the administrator on the open market 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 and six months ended June 30, 2024 and 2023 (dollars in thousands): For the Three Months Ended June 30, 2024 June 30, 2023 Balance, Beginning of Period $ 530 $ (1,935) Other comprehensive income/(loss) 45 636 Reclassification adjustment for amounts included in net income/(loss) — — Balance, End of Period $ 575 $ (1,299) For the Six Months Ended June 30, 2024 June 30, 2023 Balance, Beginning of Period $ (703) $ 390 Other comprehensive income/(loss) 972 (1,012) Reclassification adjustment for amounts included in net income/(loss) 306 (677) Balance, End of Period $ 575 $ (1,299)

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 10 - Commitments and Contingencies Unfunded Commitments Under Commercial Mortgage Loans As of June 30, 2024, the Company had the below unfunded commitments to the Company's borrowers (dollars in thousands): Funding Expiration As of June 30, 2024 2024 $ 53,719 2025 100,572 2026 181,149 2027 48,763 Total $ 384,203 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023 and the associated payable as of June 30, 2024 and December 31, 2023 (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, Payable as of 2024 2023 2024 2023 June 30, 2024 December 31, 2023 Acquisition expenses (1) $ 195 $ 283 $ 433 $ 661 $ — $ — Administrative services expenses 704 3,398 3,564 7,427 704 3,447 Asset management and subordinated performance fee 6,252 8,900 14,117 16,985 14,330 15,014 Other related party expenses (2)(3) 347 339 690 550 1,516 855 Total related party fees and reimbursements $ 7,498 $ 12,920 $ 18,804 $ 25,623 $ 16,550 $ 19,316 ________________________ (1) Total acquisition expenses paid during the three months ended June 30, 2024 and 2023 were $3.1 million and $1.8 million, respectively, of which $2.9 million and $1.5 million were capitalized within the Commercial mortgage loans, held for investment and Real estate securities, available for sale, measured at fair value lines of the consolidated balance sheets. Total acquisition expenses paid during the six months ended June 30, 2024 and 2023 were $5.5 million and $2.9 million, respectively, of which $5.1 million and $2.2 million were capitalized within the Commercial mortgage loans, held for investment and Real estate securities, available for sale, measured at fair value lines of the consolidated balance sheets. (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 June 30, 2024 and December 31, 2023, the related party payables include $1.4 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 June 30, 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 June 30, 2024 and December 31, 2023, our commercial mortgage loans, held for investment, includes an aggregate of $86.8 million and $124.1 million, respectively, carrying value of loans to affiliates of our Advisor. The Company recognized $2.2 million and $4.8 million of interest income from these loans for the three and six months ended June 30, 2024, respectively, and $2.5 million and $4.8 million of interest income from these loans for the three and six months ended June 30, 2023, respectively, in the Company's consolidated statement of operations.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2024 and December 31, 2023 (dollars in thousands). The Company did not have any liabilities carried at fair value as of December 31, 2023. June 30, 2024 Total Level I Level II Level III Assets, at fair value Real estate securities, available for sale, measured at fair value $ 215,327 $ — $ 215,327 $ — Commercial mortgage loans, held for sale, measured at fair value 62,165 — — 62,165 Total assets, at fair value $ 277,492 $ — $ 215,327 $ 62,165 Liabilities, at fair value Credit default swaps $ 687 $ — $ 687 $ — Treasury note futures 326 326 — — Total liabilities, at fair value $ 1,013 $ 326 $ 687 $ — 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 June 30, 2024 and December 31, 2023 (dollars in thousands). The Company did not hold any applicable positions as of December 31, 2023. June 30, 2024 Asset Category Fair Value Valuation Methodologies Unobservable Inputs (1) Yield Range Commercial mortgage loans, held for sale, measured at fair value $ 62,165 Discounted Cash Flow Yield 7.6% 6.8% - 9.1% ________________________ (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 June 30, 2024 and December 31, 2023 for which the Company has used Level III inputs to determine fair value (dollars in thousands): June 30, 2024 Commercial mortgage loans, held for sale, measured at fair value Beginning balance, January 1, 2024 $ — Transfers into Level III (1) — Originations 201,125 Sales/paydowns (146,472) Total realized and unrealized gain/(loss) included in earnings: Realized gain/(loss) on sale of commercial mortgage loans, held for sale 6,897 Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments 615 Transfers out of Level III (1) — Ending Balance, June 30, 2024 $ 62,165 ________________________ (1) There were no transfers in or out of Level III as of June 30, 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. At the time of acquisition, we determined the fair value of the net real estate assets, using either the market approach, the income approach, or a combination thereof. During the quarter ended June 30, 2024, the Walgreens Portfolio was written down to estimated fair value less cost to sell for impairment purposes based on the market approach. In addition, the Company determined the fair value of its four multifamily properties, obtained through foreclosure or deed in lieu of foreclosure, based on a combination of the market approach and the income approach, utilizing exit capitalization rates which ranged from 5.00% - 6.25%. As of June 30, 2024, the Company's Real estate owned, held for sale assets and liabilities, had a fair value of $260.4 million, net, that represented the remaining 21 retail properties in the Walgreens Portfolio and four multifamily properties. As of 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 the remaining 23 retail properties in the Walgreens Portfolio and four multifamily properties. 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 June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, 2024 December 31, 2023 Level Carrying Amount Fair Value Level Carrying Amount Fair Value Commercial mortgage loans, held for investment (1) Asset III $ 5,427,931 $ 5,383,523 III $ 5,036,942 $ 5,010,580 Collateralized loan obligations (2) Liability II 3,420,137 3,414,700 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 81,345 73,600 III 81,295 64,900 ________________________ (1) The carrying value is gross of $80.5 million and $47.2 million of allowance for credit losses as of June 30, 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 $762.4 million and $299.7 million as of June 30, 2024 and December 31, 2023, respectively, and repurchase agreements - real estate securities of $243.6 million and $174.1 million as of June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2024 (dollars in thousands): Fair Value Contract type Notional Assets Liabilities Credit default swaps $ 33,250 $ — $ 687 Treasury note futures 47,400 — 326 Total $ 80,650 $ — $ 1,013 The following tables indicate the net realized and unrealized gains and losses on derivatives, by primary underlying risk exposure, as included in the consolidated statements of operations for the three and six months ended June 30, 2024 and 2023 (dollars in thousands): Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 Contract type Unrealized Gain/(Loss) Realized Gain/(Loss) Unrealized Gain/(Loss) Realized Gain/(Loss) Credit default swaps $ 47 $ (30) $ (60) $ 14 Interest rate swaps — — 453 559 Treasury note futures (230) 122 — — Options — (70) — — Total $ (183) $ 22 $ 393 $ 573 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Contract type Unrealized Gain/(Loss) Realized Gain/(Loss) Unrealized Gain/(Loss) Realized Gain/(Loss) Credit default swaps $ 4 $ (125) $ 3 $ 14 Interest rate swaps — — 161 559 Treasury note futures (325) 508 (91) 44 Options — (70) — — Total $ (321) $ 313 $ 73 $ 617 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	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 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 June 30, 2024 Repurchase agreements - commercial mortgage loans $ 762,437 $ — $ 762,437 $ 762,437 $ — $ — Repurchase agreements - real estate securities 243,646 — 243,646 243,646 — — Derivative instruments, at fair value 1,013 — 1,013 — 1,013 — 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 — — ________________________ (1) Included in Restricted cash in the Company's consolidated balance sheets.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023 (dollars in thousands): Three Months Ended June 30, 2024 Total Real Estate Debt and Other Real Estate Investments Real Estate Securities TRS Real Estate Owned Interest income $ 133,553 $ 128,007 $ 4,357 $ 1,155 $ 34 Revenue from real estate owned 4,072 — — — 4,072 Interest expense 86,740 82,446 3,619 163 512 Net income/(loss) (3,765) 2,413 312 (118) (6,372) Total assets as of June 30, 2024 6,269,336 5,509,908 219,995 99,290 440,143 Three Months Ended June 30, 2023 Interest income $ 152,892 $ 147,258 $ 4,012 $ 748 $ 874 Revenue from real estate owned 6,438 — — — 6,438 Interest expense 75,299 70,963 3,542 301 493 Net income/(loss) 39,644 46,742 (569) (7,378) 849 Total assets as of December 31, 2023 5,955,180 5,372,371 245,949 66,503 270,357 Six Months Ended June 30, 2024 Total Real Estate Debt and Other Real Estate Investments Real Estate Securities TRS Real Estate Owned Interest income $ 264,111 $ 251,772 $ 8,958 $ 3,101 $ 280 Revenue from real estate owned 8,784 — — — 8,784 Interest expense 168,058 160,469 6,208 357 1,024 Net income/(loss) 32,062 30,354 2,063 4,172 (4,527) Total assets as of June 30, 2024 6,269,336 5,509,908 219,995 99,290 440,143 Six Months Ended June 30, 2023 Interest income $ 283,428 $ 273,207 $ 7,580 $ 1,070 $ 1,571 Revenue from real estate owned 9,750 — — — 9,750 Interest expense 146,374 137,921 6,988 517 948 Net income/(loss) 83,483 90,273 2,726 (10,692) 1,176 Total assets as of December 31, 2023 5,955,180 5,372,371 245,949 66,503 270,357 For the purposes of the tables 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	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 16 - Subsequent Events The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q. On July 1, 2024, the Company completed the sale of 16 of the remaining 21 retail properties in the Walgreens Portfolio for a sale price of $60.9 million. The transaction was financed with a $57.8 million loan originated by the Company.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (2,175)	$ 35,920	$ 39,603	$ 43,830	$ 33,745	$ 83,433

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 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)	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023.

Commercial Mortgage Loans (Tabl

Commercial Mortgage Loans (Tables)	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Schedule of Loans Receivable by Class	The following table is a summary of the Company's commercial mortgage loans, held for investment, carrying values by class (dollars in thousands): June 30, 2024 December 31, 2023 Senior loans $ 5,399,095 $ 5,017,569 Mezzanine loans 28,836 19,373 Total gross carrying value of loans 5,427,931 5,036,942 General allowance for credit losses 48,248 47,175 Specific allowance for credit losses 32,288 — Less: Allowance for credit losses 80,536 47,175 Total commercial mortgage loans, held for investment, net $ 5,347,395 $ 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): June 30, 2024 December 31, 2023 Loan Collateral Type Par Value Percentage Par Value Percentage Multifamily $ 4,030,905 74.1 % $ 3,876,108 76.8 % Hospitality 745,013 13.7 % 670,274 13.3 % Industrial 274,283 5.0 % 73,724 1.5 % Office 258,274 4.7 % 269,924 5.4 % Retail 35,986 0.7 % 34,000 0.7 % Other 94,424 1.8 % 121,006 2.3 % Total $ 5,438,885 100.0 % $ 5,045,036 100.0 % June 30, 2024 December 31, 2023 Loan Region Par Value Percentage Par Value Percentage Southwest $ 2,068,343 38.0 % $ 1,920,491 38.1 % Southeast 1,975,711 36.3 % 1,989,175 39.4 % Mideast 370,197 6.8 % 455,739 9.0 % Great Lakes 180,966 3.3 % 161,059 3.2 % New England 178,611 3.3 % 63,274 1.3 % Far West 155,409 2.9 % 113,554 2.3 % Rocky Mountain 137,060 2.5 % 74,934 1.5 % Various (1) 372,588 6.9 % 266,810 5.2 % Total $ 5,438,885 100.0 % $ 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 June 30, 2024 (dollars in thousands): Loan Collateral Type Par Value Percentage Multifamily $ 43,500 70.7 % Hospitality 10,850 17.6 % Retail 7,200 11.7 % Total $ 61,550 100.0 % Loan Region Par Value Percentage Southwest $ 7,200 11.7 % Far West 43,500 70.7 % Southeast 10,850 17.6 % Total $ 61,550 100.0 %
Schedule of Commercial Mortgage Loans Held for Investment Activity	For the six months ended June 30, 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): Six Months Ended June 30, 2024 Year Ended Amortized cost, beginning of period $ 5,036,942 $ 5,269,776 Acquisitions and originations 1,107,490 941,513 Principal repayments (491,460) (1,076,532) Net fees capitalized into carrying value of loans (7,563) (5,242) Discount accretion/premium amortization 4,850 13,016 Transfer to real estate owned (1)(2) (222,115) (103,863) Cost recovery (213) (1,726) Amortized cost, end of period $ 5,427,931 $ 5,036,942 Allowance for credit losses, beginning of period $ (47,175) $ (40,848) General (provision)/benefit for credit losses (1,073) (20,551) Specific (provision)/benefit for credit losses (33,026) (12,334) Write offs from specific allowance for credit losses 738 26,558 Allowance for credit losses, end of period $ (80,536) $ (47,175) Total commercial mortgage loans, held for investment, net $ 5,347,395 $ 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. (2)
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 six months ended June 30, 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 Changes: Provision/(Benefit) 32,288 (229) 119 (110) 32,178 Write offs (738) — — — (738) June 30, 2024 $ 32,288 $ 48,248 $ 2,093 $ 50,341 $ 82,629
Schedule of Past Due Loans	The following table presents a summary of the loans amortized cost basis as of June 30, 2024 (dollars in thousands): Current Less than 90 days past due 90 or more days past due (1) Total As of June 30, 2024 $ 5,049,688 $ 209,777 $ 168,466 $ 5,427,931 ________________________ (1) Comprised of two mortgage loans collateralized by multifamily properties, one of which is designated as non-performing and placed on non-accrual status. For the three months and six months ended June 30, 2024, the Company has received $4.6 million and $9.4 million, respectively, in interest proceeds included in Interest income in the consolidated statements of operations.
Schedule of Loans on Nonaccrual Status	The following table presents the amortized cost basis of our non-performing loans as of June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, 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 461,400 118,647 Less: Removal of non-performing loan amortized cost 314,558 157,841 Non-performing loan amortized cost end of period (1) $ 225,027 $ 78,185 ________________________ (1) As of June 30, 2024, and December 31, 2023, the Company had four and two loans, respectively, designated as non-performing. As of June 30, 2024, two of the four non-performing loans were placed on non-accrual status and two were placed on cost recovery status. For the loans designated as non-performing and placed on non-accrual status, the Company recognized $4.0 million and $7.4 million of interest proceeds included in Interest income in the consolidated statements of operations for the three and six months ended June 30, 2024, respectively. As of June 30, 2024, the two loans designated as non-performing and placed on cost recovery were determined to have a specific allowance for credit losses of $27.8 million and $1.9 million, respectively. As of June 30, 2024, two of the four designated non-performing loans were collateralized by multifamily properties and two were collateralized by office properties.
Schedule of Allocation by Risk Rating	The following tables present the par value and amortized cost of our commercial mortgage loans, held for investment as of June 30, 2024 and December 31, 2023, by the Company’s internal risk rating and year of origination (dollars in thousands): June 30, 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 — $ — $ — $ — $ — $ — $ — $ — $ — — % 2 119 4,072,386 971,616 580,728 1,039,151 1,304,660 72,388 93,729 4,062,272 74.8 % 3 27 1,076,343 — 153,220 241,256 618,737 46,239 16,473 1,075,925 19.8 % 4 5 221,799 — — 203,192 — — 18,398 221,590 4.1 % 5 2 68,357 — — — 44,700 — 23,444 68,144 1.3 % Total 153 $ 5,438,885 $ 971,616 $ 733,948 $ 1,483,599 $ 1,968,097 $ 118,627 $ 152,044 $ 5,427,931 100.0 % Allowance for credit losses (80,536) Total carrying value, net $ 5,347,395 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)	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of 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 June 30, 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 June 30, 2024 9 1 Month SOFR 7.97% 11.5 $ 214,932 $ 215,327 December 31, 2023 7 1 Month SOFR 8.12% 12.2 $ 243,340 $ 242,569 The following table shows the amortized cost, unrealized gain/(loss) and fair value of the Company's CRE CLO bonds as of June 30, 2024 and December 31, 2023 (dollars in thousands): Amortized Cost Unrealized Gain Unrealized (Loss) Fair Value June 30, 2024 $ 214,752 $ 709 $ (134) $ 215,327 December 31, 2023 $ 243,272 $ 74 $ (777) $ 242,569

Real Estate Owned (Tables)

Real Estate Owned (Tables)	6 Months Ended
	Jun. 30, 2024
Real Estate [Abstract]
Schedule of Real Estate Owned, Held For Investment	The following table summarizes the Company's real estate owned, held for investment assets as of June 30, 2024 and December 31, 2023 (dollars in thousands): As of June 30, 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 $ (6,330) $ 84,293 August 2023 Office Portland, OR 16,479 2,065 — (39) 18,505 October 2023 Multifamily Lubbock, TX 1,618 10,076 185 (168) 11,711 Total $ 21,533 $ 96,400 $ 3,113 $ (6,537) 114,509 ________________________ 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 Total $ 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.
Schedule 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 June 30, 2024 and December 31, 2023 (dollars in thousands): As of June 30, 2024 Property Type Primary Location(s) Assets, Net Liabilities, Net Retail (1) Various $ 92,175 $ 10,934 Multifamily (2) Various 179,966 1,425 Total $ 272,141 $ 12,359 ________________________ See notes below. As of December 31, 2023 Property Type Primary Location(s) Assets, Net Liabilities, Net Retail (1) Various $ 103,657 $ 12,297 (1) 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 a group of 24 retail properties with various locations throughout the United States (the "Walgreens Portfolio"). Refer to Note 11 - Related Party Transactions and Arrangements. During the second quarter of 2024, the Company recorded a loss of $ 5.7 million, included in Gain/(loss) on other real estate investment s in the Company's consolidated financial statements of operations, related to the portfolio consisting of a $5.0 million write-down of assets and a $0.7 million loss on the sale of two of the properties. As of June 30, 2024, the Company's real estate owned held for sale assets include the remaining 21 retail properties in the Walgreens Portfolio. (2) In May and June 2024, the Company obtained, through foreclosure or deed-in-lieu of foreclosure, four multifamily properties located in various locations throughout the United States. The Company recognized a net loss on foreclosure of $0.5 million included in Gain/(loss) on other real estate investments

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023 (dollars in thousands): Identified intangible assets: June 30, 2024 December 31, 2023 Gross amount $ 49,285 $ 49,285 Less: Accumulated amortization (8,005) (6,492) Total, net $ 41,280 $ 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 14.3 years, to be received under the leases (dollars in thousands): Future Minimum Rents June 30, 2024 2024 (July - December) $ 4,522 2025 8,541 2026 8,539 2027 8,710 2028 8,884 2029 and beyond 97,388 Total future minimum rent $ 136,584
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 June 30, 2024 2024 (July - December) $ 1,446 2025 2,880 2026 2,880 2027 2,880 2028 2,880

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule 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 June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, 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 $ 258,525 $ 5,974 7.56 % 07/2026 Atlas Repo Facility (4) 350,000 87,245 1,792 8.19 % 01/2026 WF Repo Facility (3) 400,000 123,882 3,500 7.55 % 10/2025 Barclays Revolver Facility 250,000 — 441 N/A 09/2024 Barclays Repo Facility (3) 500,000 292,785 6,777 7.11 % 03/2025 Churchill Repo Facility 225,000 — 69 N/A N/A Total/Weighted average $ 2,225,000 $ 762,437 $ 18,553 7.46 % Mortgage note payable: Debt related to our REO (5) N/A $ 23,998 $ 1,024 8.45 % 10/2024 Other financings: Other financings (6) N/A $ 12,865 $ 676 6.00 % Various (8) Unsecured debt (7) : Junior Note I N/A $ 17,066 $ 824 9.09 % 10/2035 Junior Note II N/A 39,569 1,821 8.90 % 12/2035 Junior Note III N/A 24,710 1,139 8.90 % 09/2036 Total/Weighted average N/A $ 81,345 $ 3,784 8.94 % ________________________ 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 (3) 400,000 71,730 9,580 7.85 % 10/2025 Barclays Revolver Facility 250,000 — 940 N/A 09/2024 Barclays Repo Facility (3) 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 (5) N/A $ 23,998 $ 1,982 8.48 % 10/2024 Other financings: Other financings (6) N/A $ 36,534 $ 5,330 7.36 % Various (8) Unsecured debt (7) : 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 June 30, 2024 and December 31, 2023, the Company is in compliance with all debt covenants. (3) There are two one-year extension options. (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) 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). (6) 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. (7) The notes are currently redeemable, in whole or in part, without penalty, at the Company’s option. Interest paid on unsecured debt totaled $1.9 million and $3.8 million for the three and six months ended June 30, 2024, respectively.
Schedule 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 June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, 2024 Counterparty Amount Outstanding Interest Expense Collateral Pledged (1) Weighted Average Interest Rate Weighted Average Days to Maturity JP Morgan Securities LLC $ 133,868 $ 3,352 $ 166,981 6.35 % 19 Wells Fargo Securities, LLC 8,994 278 10,041 6.09 % 29 Barclays Capital Inc. 80,139 2,158 90,039 6.07 % 4 Lucid Prime Fund 20,645 431 23,388 6.08 % 18 Total/Weighted Average $ 243,646 $ 6,219 $ 290,449 6.24 % 14 ________________________ 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 $75.1 million and $27.9 million of CRE CLO bonds, held by the Company, which is eliminated through consolidation of the related CLO's on the Company's consolidated balance sheets as of June 30, 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 June 30, 2024 and December 31, 2023: June 30, 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 46 Term SOFR 1.49 % $ 584,500 $ 477,217 $ 537,678 3/15/2036 2021-FL7 Issuer 36 Term SOFR 1.67 % 722,250 648,440 827,100 12/21/2038 2022-FL8 Issuer 44 AVG SOFR 1.73 % 960,000 932,797 1,171,827 2/15/2037 2022-FL9 Issuer 50 Term SOFR 2.80 % 670,637 670,639 801,110 5/15/2039 2023-FL10 Issuer (3) 27 Term SOFR 2.59 % 717,243 717,243 868,043 9/15/2035 $ 3,654,630 $ 3,446,336 $ 4,205,758 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 June 30, 2024 and December 31, 2023. (3) During the first quarter of 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 June 30, 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. June 30, 2024 December 31, 2023 Assets (dollars in thousands) Cash (1) $ 37,144 $ 55,914 Commercial mortgage loans, held for investment, net (2) 4,168,490 4,379,760 Accrued interest receivable 18,272 23,927 Total Assets $ 4,223,906 $ 4,459,601 Liabilities (dollars in thousands) Notes payable, net (3)(4) $ 3,913,384 $ 4,092,971 Accrued interest payable 11,991 15,171 Total Liabilities $ 3,925,375 $ 4,108,142 ________________________ (1) Includes $36.3 million and $55.1 million of cash held by the servicer related to CLO loan payoffs as of June 30, 2024 and December 31, 2023, respectively. (2) The balance is presented net of allowance for credit losses of $33.2 million and $32.6 million as of June 30, 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 obligations of the consolidated balance sheets as of June 30, 2024 and December 31, 2023, respectively. (4) The balance is presented net of deferred financing cost and discount of $26.2 million and $30.8 million as of June 30, 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)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of the Basic and Diluted Earnings Per Share	The following table presents a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations and the calculation of basic and diluted earnings per share for the three and six months ended June 30, 2024 and 2023 (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator Net income/(loss) $ (3,765) $ 39,644 $ 32,062 $ 83,483 Net (income)/loss from non-controlling interest 1,590 (41) 1,683 (50) Less: Preferred stock dividends 6,748 6,749 13,497 13,497 Net income/(loss) applicable to common stock $ (8,923) $ 32,854 $ 20,248 $ 69,936 Less: Participating securities' share in earnings 450 526 898 1,325 Net income/(loss) applicable to common stockholders (for basic & diluted earnings per share) $ (9,373) $ 32,328 $ 19,350 $ 68,611 Denominator Weighted-average common shares outstanding for basic earnings per share 81,815,681 82,252,979 81,904,888 82,512,434 Weighted-average common shares outstanding for diluted earnings per share (1) 81,815,681 82,252,979 81,904,888 82,512,434 Basic earnings per share $ (0.11) $ 0.39 $ 0.24 $ 0.83 Diluted earnings per share $ (0.11) $ 0.39 $ 0.24 $ 0.83 ________________________ (1) Weighted average dilutive shares excluded restricted shares and stock units as of the three months ended June 30, 2024 and 2023 of 96,783 and 797,497 respectively, as the effect was anti-dilutive. Weighted average dilutive shares excluded restricted shares and stock units as of the six months ended June 30, 2024 and 2023 of 118,176 and 754,487 respectively, as the effect was anti-dilutive. Additionally, the effect of dilutive shares excluded 5,370,498 and 5,370,640 weighted average common share equivalents of convertible preferred stock for the three and six months ended June 30, 2024 and 2023, respectively, as the effect was anti-dilutive.

Redeemable Convertible Prefer_2

Redeemable Convertible Preferred Stock and Equity Transactions (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023 (in thousands, except share and per share amounts): Balance as of Shares Outstanding as of Second Quarter 2024 Dividend Per Share (1) June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Redeemable Convertible Preferred Stock: Series H Preferred Stock (2) $ 89,748 $ 89,748 17,950 17,950 $ 106.216 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) $ 818 $ 820 83,054,639 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 and six months ended June 30, 2024, the Company repurchased 240,740 and 391,863 shares, respectively, of common stock at an average price of $12.42 per share, for a total of $3.0 million and $4.9 million, respectively. All of these shares were retired upon settlement. See discussion in the "Stock Repurchases" section below.
Schedule of Repurchases	The following table is a summary of the Company’s repurchase activity of its common stock during the six months ended June 30, 2024 (in thousands, except share amounts): For the Six Months Ended June 30, 2024 Shares Amount (1)(2) Beginning of period, authorized repurchase amount $ 35,917 Repurchases 391,863 (4,867) Remaining as of June 30, 2024 $ 31,050 ________________________ (1) For the six months ended June 30, 2024, the average purchase price was $12.42 per share. (2) Amount includes commissions paid associated with share repurchases .
Schedule 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 and six months ended June 30, 2024 and 2023 (dollars in thousands): For the Three Months Ended June 30, 2024 June 30, 2023 Balance, Beginning of Period $ 530 $ (1,935) Other comprehensive income/(loss) 45 636 Reclassification adjustment for amounts included in net income/(loss) — — Balance, End of Period $ 575 $ (1,299) For the Six Months Ended June 30, 2024 June 30, 2023 Balance, Beginning of Period $ (703) $ 390 Other comprehensive income/(loss) 972 (1,012) Reclassification adjustment for amounts included in net income/(loss) 306 (677) Balance, End of Period $ 575 $ (1,299)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Unfunded Commitments Under Commercial Mortgage Loans	As of June 30, 2024, the Company had the below unfunded commitments to the Company's borrowers (dollars in thousands): Funding Expiration As of June 30, 2024 2024 $ 53,719 2025 100,572 2026 181,149 2027 48,763 Total $ 384,203

Related Party Transactions an_2

Related Party Transactions and Arrangements (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023 and the associated payable as of June 30, 2024 and December 31, 2023 (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, Payable as of 2024 2023 2024 2023 June 30, 2024 December 31, 2023 Acquisition expenses (1) $ 195 $ 283 $ 433 $ 661 $ — $ — Administrative services expenses 704 3,398 3,564 7,427 704 3,447 Asset management and subordinated performance fee 6,252 8,900 14,117 16,985 14,330 15,014 Other related party expenses (2)(3) 347 339 690 550 1,516 855 Total related party fees and reimbursements $ 7,498 $ 12,920 $ 18,804 $ 25,623 $ 16,550 $ 19,316 ________________________ (1) Total acquisition expenses paid during the three months ended June 30, 2024 and 2023 were $3.1 million and $1.8 million, respectively, of which $2.9 million and $1.5 million were capitalized within the Commercial mortgage loans, held for investment and Real estate securities, available for sale, measured at fair value lines of the consolidated balance sheets. Total acquisition expenses paid during the six months ended June 30, 2024 and 2023 were $5.5 million and $2.9 million, respectively, of which $5.1 million and $2.2 million were capitalized within the Commercial mortgage loans, held for investment and Real estate securities, available for sale, measured at fair value lines of the consolidated balance sheets. (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 June 30, 2024 and December 31, 2023, the related party payables include $1.4 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)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of 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 June 30, 2024 and December 31, 2023 (dollars in thousands). The Company did not have any liabilities carried at fair value as of December 31, 2023. June 30, 2024 Total Level I Level II Level III Assets, at fair value Real estate securities, available for sale, measured at fair value $ 215,327 $ — $ 215,327 $ — Commercial mortgage loans, held for sale, measured at fair value 62,165 — — 62,165 Total assets, at fair value $ 277,492 $ — $ 215,327 $ 62,165 Liabilities, at fair value Credit default swaps $ 687 $ — $ 687 $ — Treasury note futures 326 326 — — Total liabilities, at fair value $ 1,013 $ 326 $ 687 $ — 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 $ — June 30, 2024 Commercial mortgage loans, held for sale, measured at fair value Beginning balance, January 1, 2024 $ — Transfers into Level III (1) — Originations 201,125 Sales/paydowns (146,472) Total realized and unrealized gain/(loss) included in earnings: Realized gain/(loss) on sale of commercial mortgage loans, held for sale 6,897 Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments 615 Transfers out of Level III (1) — Ending Balance, June 30, 2024 $ 62,165 ________________________ (1) There were no transfers in or out of Level III as of June 30, 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.
Schedule of Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques	The Company did not hold any applicable positions as of December 31, 2023. June 30, 2024 Asset Category Fair Value Valuation Methodologies Unobservable Inputs (1) Yield Range Commercial mortgage loans, held for sale, measured at fair value $ 62,165 Discounted Cash Flow Yield 7.6% 6.8% - 9.1% ________________________ (1)
Schedule of 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 June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, 2024 December 31, 2023 Level Carrying Amount Fair Value Level Carrying Amount Fair Value Commercial mortgage loans, held for investment (1) Asset III $ 5,427,931 $ 5,383,523 III $ 5,036,942 $ 5,010,580 Collateralized loan obligations (2) Liability II 3,420,137 3,414,700 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 81,345 73,600 III 81,295 64,900 ________________________ (1) The carrying value is gross of $80.5 million and $47.2 million of allowance for credit losses as of June 30, 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)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Assets at Fair Value	The following derivative instruments were outstanding as of June 30, 2024 (dollars in thousands): Fair Value Contract type Notional Assets Liabilities Credit default swaps $ 33,250 $ — $ 687 Treasury note futures 47,400 — 326 Total $ 80,650 $ — $ 1,013
Schedule of Derivative Liabilities at Fair Value	The following derivative instruments were outstanding as of June 30, 2024 (dollars in thousands): Fair Value Contract type Notional Assets Liabilities Credit default swaps $ 33,250 $ — $ 687 Treasury note futures 47,400 — 326 Total $ 80,650 $ — $ 1,013
Schedule of Derivative Instruments, Gain (Loss)	The following tables indicate the net realized and unrealized gains and losses on derivatives, by primary underlying risk exposure, as included in the consolidated statements of operations for the three and six months ended June 30, 2024 and 2023 (dollars in thousands): Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 Contract type Unrealized Gain/(Loss) Realized Gain/(Loss) Unrealized Gain/(Loss) Realized Gain/(Loss) Credit default swaps $ 47 $ (30) $ (60) $ 14 Interest rate swaps — — 453 559 Treasury note futures (230) 122 — — Options — (70) — — Total $ (183) $ 22 $ 393 $ 573 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Contract type Unrealized Gain/(Loss) Realized Gain/(Loss) Unrealized Gain/(Loss) Realized Gain/(Loss) Credit default swaps $ 4 $ (125) $ 3 $ 14 Interest rate swaps — — 161 559 Treasury note futures (325) 508 (91) 44 Options — (70) — — Total $ (321) $ 313 $ 73 $ 617

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Offsetting [Abstract]
Schedule of 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 June 30, 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 June 30, 2024 Repurchase agreements - commercial mortgage loans $ 762,437 $ — $ 762,437 $ 762,437 $ — $ — Repurchase agreements - real estate securities 243,646 — 243,646 243,646 — — Derivative instruments, at fair value 1,013 — 1,013 — 1,013 — 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 — — ________________________ (1) Included in Restricted cash in the Company's consolidated balance sheets.

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Operations by Segment	The following table represents the Company's operations by segment for the three and six months ended June 30, 2024 and 2023 (dollars in thousands): Three Months Ended June 30, 2024 Total Real Estate Debt and Other Real Estate Investments Real Estate Securities TRS Real Estate Owned Interest income $ 133,553 $ 128,007 $ 4,357 $ 1,155 $ 34 Revenue from real estate owned 4,072 — — — 4,072 Interest expense 86,740 82,446 3,619 163 512 Net income/(loss) (3,765) 2,413 312 (118) (6,372) Total assets as of June 30, 2024 6,269,336 5,509,908 219,995 99,290 440,143 Three Months Ended June 30, 2023 Interest income $ 152,892 $ 147,258 $ 4,012 $ 748 $ 874 Revenue from real estate owned 6,438 — — — 6,438 Interest expense 75,299 70,963 3,542 301 493 Net income/(loss) 39,644 46,742 (569) (7,378) 849 Total assets as of December 31, 2023 5,955,180 5,372,371 245,949 66,503 270,357 Six Months Ended June 30, 2024 Total Real Estate Debt and Other Real Estate Investments Real Estate Securities TRS Real Estate Owned Interest income $ 264,111 $ 251,772 $ 8,958 $ 3,101 $ 280 Revenue from real estate owned 8,784 — — — 8,784 Interest expense 168,058 160,469 6,208 357 1,024 Net income/(loss) 32,062 30,354 2,063 4,172 (4,527) Total assets as of June 30, 2024 6,269,336 5,509,908 219,995 99,290 440,143 Six Months Ended June 30, 2023 Interest income $ 283,428 $ 273,207 $ 7,580 $ 1,070 $ 1,571 Revenue from real estate owned 9,750 — — — 9,750 Interest expense 146,374 137,921 6,988 517 948 Net income/(loss) 83,483 90,273 2,726 (10,692) 1,176 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)	Jun. 30, 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	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Reclassification [Line Items]
Prepaid expenses and other assets	$ 965	$ (761)
Straight line rental income	$ 2,770	614
Revision of Prior Period, Reclassification, Adjustment
Reclassification [Line Items]
Prepaid expenses and other assets		$ 600

Commercial Mortgage Loans - Sch

Commercial Mortgage Loans - Schedule of Loans Receivable by Class (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Less: Allowance for credit losses	$ 80,536	$ 47,175
Total commercial mortgage loans, held for investment, net	5,347,395	4,989,767
Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Total gross carrying value of loans	5,427,931	5,036,942
Less: Allowance for credit losses	80,536	47,175	$ 40,848
Total commercial mortgage loans, held for investment, net	5,347,395	4,989,767
Commercial Mortgage Receivable, Held-For-Investment | General allowance for credit losses
Financing Receivable, Credit Quality Indicator [Line Items]
Less: Allowance for credit losses	48,248	47,175
Commercial Mortgage Receivable, Held-For-Investment | Specific allowance for credit losses
Financing Receivable, Credit Quality Indicator [Line Items]
Less: Allowance for credit losses	32,288	0
Senior loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total gross carrying value of loans	5,399,095	5,017,569
Mezzanine loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total gross carrying value of loans	$ 28,836	$ 19,373

Commercial Mortgage Loans - S_2

Commercial Mortgage Loans - Schedule of Commercial Mortgage Loan Portfolio, Held-For-Investment (Details) - USD ($)		3 Months Ended			6 Months Ended		12 Months Ended
	Feb. 14, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Feb. 07, 2024
Provision for Credit Losses
Allowance for credit losses, beginning of period			$ (47,175,000)		$ (47,175,000)
(Provision)/benefit for credit losses		$ (32,178,000)		$ (21,624,000)	(35,059,000)	$ (25,984,000)
Allowance for credit losses, end of period		(80,536,000)			(80,536,000)		$ (47,175,000)
Total commercial mortgage loans, held for investment, net		5,347,395,000			5,347,395,000		4,989,767,000
Net gain from sale of real estate owned		(6,249,000)		$ (1,691,000)	(6,243,000)	(3,030,000)
Commercial Portfolio Segment
Provision for Credit Losses
Allowance for credit losses, beginning of period		(51,189,000)	(48,308,000)		(48,308,000)
(Provision)/benefit for credit losses		(32,178,000)	(2,881,000)
Allowance for credit losses, end of period		(82,629,000)	(51,189,000)		(82,629,000)		(48,308,000)
General (provision)/benefit for credit losses | Commercial Portfolio Segment
Provision for Credit Losses
Allowance for credit losses, beginning of period		(50,451,000)	(48,308,000)		(48,308,000)
(Provision)/benefit for credit losses		110,000	(2,143,000)
Allowance for credit losses, end of period		(50,341,000)	(50,451,000)		(50,341,000)		(48,308,000)
Specific (provision)/benefit for credit losses | Commercial Portfolio Segment
Provision for Credit Losses
Allowance for credit losses, beginning of period		(738,000)	0		0
(Provision)/benefit for credit losses		(32,288,000)	(738,000)
Allowance for credit losses, end of period		(32,288,000)	(738,000)		(32,288,000)		0
Commercial Mortgage Receivable, Held-For-Investment
Amortized Cost
Amortized cost, beginning of period			5,036,942,000		5,036,942,000	5,269,776,000	5,269,776,000
Acquisitions and originations					1,107,490,000		941,513,000
Principal repayments					(491,460,000)		(1,076,532,000)
Net fees capitalized into carrying value of loans					(7,563,000)		(5,242,000)
Discount accretion/premium amortization					4,850,000		13,016,000
Transfer to real estate owned					(222,115,000)		(103,863,000)
Cost recovery					(213,000)		(1,726,000)
Amortized cost, end of period		5,427,931,000			5,427,931,000		5,036,942,000
Provision for Credit Losses
Allowance for credit losses, beginning of period			(47,175,000)		(47,175,000)	$ (40,848,000)	(40,848,000)
Allowance for credit losses, end of period		(80,536,000)			(80,536,000)		(47,175,000)
Total commercial mortgage loans, held for investment, net		5,347,395,000			5,347,395,000		4,989,767,000
Amortized cost		5,427,931,000			5,427,931,000		5,036,942,000
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment
Provision for Credit Losses
Allowance for credit losses, beginning of period			(47,175,000)		(47,175,000)
Allowance for credit losses, end of period		(80,536,000)			(80,536,000)		(47,175,000)
Total commercial mortgage loans, held for investment, net		5,347,395,000			5,347,395,000		4,989,767,000
Amortized cost		5,427,931,000			5,427,931,000		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
Allowance for credit losses, beginning of period			(47,175,000)		(47,175,000)
(Provision)/benefit for credit losses					(1,073,000)		(20,551,000)
Allowance for credit losses, end of period		(48,248,000)			(48,248,000)		(47,175,000)
Commercial Mortgage Receivable, Held-For-Investment | General (provision)/benefit for credit losses | Commercial Portfolio Segment
Provision for Credit Losses
(Provision)/benefit for credit losses		100,000			(2,100,000)
Commercial Mortgage Receivable, Held-For-Investment | Specific (provision)/benefit for credit losses
Provision for Credit Losses
Allowance for credit losses, beginning of period			$ 0		0
(Provision)/benefit for credit losses					(33,026,000)		(12,334,000)
Write offs from specific allowance for credit losses					738,000		26,558,000
Allowance for credit losses, end of period		$ (32,288,000)			$ (32,288,000)		$ 0

Commercial Mortgage Loans - Nar

Commercial Mortgage Loans - Narrative (Details) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) rating loan	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) rating loan	Feb. 07, 2024 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($) property	Mar. 31, 2021 USD ($)	Dec. 31, 2019 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss	$ 80,536			$ 80,536		$ 47,175
Increase (decrease) in allowance for credit losses	32,178		$ 21,624	35,059	$ 25,984
Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss	82,629	$ 51,189		82,629		48,308
Increase (decrease) in allowance for credit losses	32,178	2,881
Commercial Portfolio Segment | Specific allowance for credit losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss	32,288	738		32,288		0
Increase (decrease) in allowance for credit losses	32,288	738
Commercial Portfolio Segment | General allowance for credit losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss	50,341	50,451		$ 50,341		$ 48,308
Increase (decrease) in allowance for credit losses	$ (110)	2,143
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Exit capitalization rate	5%			4.93%
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Exit capitalization rate	6.25%			9.50%
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan				153		144
Amortized cost	$ 5,427,931			$ 5,427,931		$ 5,036,942
Allowance for credit loss	80,536			$ 80,536		$ 47,175		$ 40,848
Initial risk rating | rating				2		2
Weighted average risk rating of loans | rating				2.3		2.3
Commercial Mortgage Receivable, Held-For-Investment | Specific allowance for credit losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss	32,288			$ 32,288		$ 0
Increase (decrease) in allowance for credit losses				33,026		12,334
Commercial Mortgage Receivable, Held-For-Investment | General allowance for credit losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss	48,248			48,248		47,175
Increase (decrease) in allowance for credit losses				1,073		20,551
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	5,427,931			5,427,931		5,036,942
Allowance for credit loss	80,536			80,536		$ 47,175
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | General allowance for credit losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase (decrease) in allowance for credit losses	(100)			$ 2,100
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 | Multifamily | Commercial Portfolio Segment | Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan				2
Amortized cost							$ 42,200
Commercial Mortgage Receivable, Held-For-Investment | Multifamily | NORTH CAROLINA | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of real estate properties | property									2
Commercial Mortgage Receivable, Held-For-Investment | Multifamily | NORTH CAROLINA | Commercial Portfolio Segment | Non-Performing Loan One
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost									$ 60,800
Commercial Mortgage Receivable, Held-For-Investment | Multifamily | NORTH CAROLINA | Commercial Portfolio Segment | Non-Performing Loan Two
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost									46,000
Commercial Mortgage Receivable, Held-For-Investment | Multifamily | NORTH CAROLINA | Commercial Portfolio Segment | Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	45,600	58,000		$ 45,600
Commercial Mortgage Receivable, Held-For-Investment | Multifamily | NORTH CAROLINA | Commercial Portfolio Segment | Nonperforming Financial Instruments | Specific allowance for credit losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss	1,700	$ 700		1,700
Commercial Mortgage Receivable, Held-For-Investment | Multifamily | Oklahoma, South Carolina, And North Carolina | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost									$ 152,800
Number of real estate properties | property									15
Commercial Mortgage Receivable, Held-For-Investment | Multifamily | Oklahoma, South Carolina, And North Carolina | Commercial Portfolio Segment | Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	111,300			111,300
Commercial Mortgage Receivable, Held-For-Investment | Multifamily | Oklahoma, South Carolina, And North Carolina | Commercial Portfolio Segment | Nonperforming Financial Instruments | Specific allowance for credit losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss	900			$ 900
Commercial Mortgage Receivable, Held-For-Investment | Office | Commercial Portfolio Segment | Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan				2
Commercial Mortgage Receivable, Held-For-Investment | Office | COLORADO | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost										$ 48,500
Commercial Mortgage Receivable, Held-For-Investment | Office | COLORADO | Commercial Portfolio Segment | Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	44,700			$ 44,700
Commercial Mortgage Receivable, Held-For-Investment | Office | COLORADO | Commercial Portfolio Segment | Nonperforming Financial Instruments | Specific allowance for credit losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss	27,800			27,800
Commercial Mortgage Receivable, Held-For-Investment | Office | GEORGIA | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost											$ 33,000
Commercial Mortgage Receivable, Held-For-Investment | Office | GEORGIA | Commercial Portfolio Segment | Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	23,400			23,400
Commercial Mortgage Receivable, Held-For-Investment | Office | GEORGIA | Commercial Portfolio Segment | Nonperforming Financial Instruments | Specific allowance for credit losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss	1,900			$ 1,900
Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan				4
Amortized cost	61,550			$ 61,550		$ 0
Commercial Mortgage Receivable, Held-For-Sale | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 43,500			$ 43,500

Commercial Mortgage Loans - Com

Commercial Mortgage Loans - Commercial Mortgage Loans, Held for Investment Portfolio (Details) - Commercial Mortgage Receivable, Held-For-Investment - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 5,438,885	$ 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%
Southwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 2,068,343	$ 1,920,491
Southwest | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	38%	38.10%
Southeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 1,975,711	$ 1,989,175
Southeast | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	36.30%	39.40%
Mideast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 370,197	$ 455,739
Mideast | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	6.80%	9%
Great Lakes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 180,966	$ 161,059
Great Lakes | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	3.30%	3.20%
New England
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 178,611	$ 63,274
New England | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	3.30%	1.30%
Far West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 155,409	$ 113,554
Far West | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	2.90%	2.30%
Rocky Mountain
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 137,060	$ 74,934
Rocky Mountain | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	2.50%	1.50%
Various
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 372,588	$ 266,810
Various | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	6.90%	5.20%
Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 4,030,905	$ 3,876,108
Multifamily | Customer Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	74.10%	76.80%
Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 745,013	$ 670,274
Hospitality | Customer Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	13.70%	13.30%
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 274,283	$ 73,724
Industrial | Customer Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	5%	1.50%
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 258,274	$ 269,924
Office | Customer Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	4.70%	5.40%
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 35,986	$ 34,000
Retail | Customer Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	0.70%	0.70%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 94,424	$ 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 - S_3

Commercial Mortgage Loans - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance		$ 47,175		$ 47,175
Provision/(Benefit)	$ 32,178		$ 21,624	35,059	$ 25,984
Ending balance	80,536			80,536
Commercial Portfolio Segment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	51,189	48,308		48,308
Provision/(Benefit)	32,178	2,881
Write offs	(738)	0
Ending balance	82,629	51,189		82,629
Specific Allowance for Credit Losses | Commercial Portfolio Segment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	738	0		0
Provision/(Benefit)	32,288	738
Write offs	(738)	0
Ending balance	32,288	738		32,288
General Allowance for Credit Losses | Commercial Portfolio Segment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	50,451	48,308		48,308
Provision/(Benefit)	(110)	2,143
Write offs	0	0
Ending balance	50,341	50,451		50,341
General Allowance for Credit Losses | Commercial Portfolio Segment | Funded
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	48,477	47,175		47,175
Provision/(Benefit)	(229)	1,302
Write offs	0	0
Ending balance	48,248	48,477		48,248
General Allowance for Credit Losses | Commercial Portfolio Segment | Unfunded
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,974	1,133		1,133
Provision/(Benefit)	119	841
Write offs	0	0
Ending balance	$ 2,093	$ 1,974		$ 2,093

Commercial Mortgage Loans - S_4

Commercial Mortgage Loans - Schedule of Past Due (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) loan	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) loan	Feb. 07, 2024 USD ($)
Financing Receivable, Past Due [Line Items]
Interest proceeds	$ 133,553	$ 152,892	$ 264,111	$ 283,428
Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Past Due [Line Items]
Amortized cost	5,427,931		$ 5,427,931		$ 5,036,942
Number of loans | loan			153		144
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Past Due [Line Items]
Amortized cost	5,427,931		$ 5,427,931		$ 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
Interest proceeds	4,000		$ 7,400
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Multifamily | Nonperforming Financial Instruments
Financing Receivable, Past Due [Line Items]
Amortized cost						$ 42,200
Number of loans | loan			2
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Current
Financing Receivable, Past Due [Line Items]
Amortized cost	5,049,688		$ 5,049,688
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Less than 90 days past due
Financing Receivable, Past Due [Line Items]
Amortized cost	209,777		209,777
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 90 or more days past due
Financing Receivable, Past Due [Line Items]
Amortized cost	168,466		$ 168,466
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 90 or more days past due | Multifamily
Financing Receivable, Past Due [Line Items]
Number of loans | loan			2
Interest proceeds	$ 4,600		$ 9,400
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 90 or more days past due | Multifamily | Nonperforming Financial Instruments
Financing Receivable, Past Due [Line Items]
Number of loans | loan			1

Commercial Mortgage Loans - Non

Commercial Mortgage Loans - Non-Performing Status (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) loan	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) loan	Mar. 31, 2024 USD ($)	Dec. 31, 2022 USD ($)
Non-Performing Financial Instruments [Roll Forward]
Interest proceeds	$ 133,553	$ 152,892	$ 264,111	$ 283,428
Allowance for credit loss	80,536		$ 80,536		$ 47,175
Commercial Mortgage Receivable, Held-For-Investment
Non-Performing Financial Instruments [Roll Forward]
Number of loans | loan			153		144
Allowance for credit loss	80,536		$ 80,536		$ 47,175		$ 40,848
Commercial Mortgage Receivable, Held-For-Investment | Specific allowance for credit losses
Non-Performing Financial Instruments [Roll Forward]
Allowance for credit loss	32,288		32,288		0
Commercial Portfolio Segment
Non-Performing Financial Instruments [Roll Forward]
Allowance for credit loss	82,629		82,629		48,308	$ 51,189
Commercial Portfolio Segment | Specific allowance for credit losses
Non-Performing Financial Instruments [Roll Forward]
Allowance for credit loss	32,288		32,288		0	$ 738
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Non-Performing Financial Instruments [Roll Forward]
Allowance for credit loss	80,536		80,536		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			461,400		118,647
Less: Removal of non-performing loan amortized cost			314,558		157,841
Non-performing loan amortized cost end of period	225,027		$ 225,027		$ 78,185
Number of loans | loan			4		2
Number of loans, non-accrual status | loan			2
Number of loans, cost recovery status | loan			2
Interest proceeds	4,000		$ 7,400
Nonperforming Financial Instruments | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Multifamily
Non-Performing Financial Instruments [Roll Forward]
Number of loans | loan			2
Nonperforming Financial Instruments | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Office
Non-Performing Financial Instruments [Roll Forward]
Number of loans | loan			2
Nonperforming Financial Instruments | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Specific allowance for credit losses | Office | COLORADO
Non-Performing Financial Instruments [Roll Forward]
Allowance for credit loss	27,800		$ 27,800
Nonperforming Financial Instruments | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Specific allowance for credit losses | Office | GEORGIA
Non-Performing Financial Instruments [Roll Forward]
Allowance for credit loss	$ 1,900		$ 1,900

Commercial Mortgage Loans - All

Commercial Mortgage Loans - Allocation by Risk Rating (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan	Mar. 31, 2024 USD ($)	Dec. 31, 2022 USD ($)
Amortized Cost by Year of Origination
Allowance for credit losses	$ (80,536)	$ (47,175)
Total commercial mortgage loans, held for investment, net	$ 5,347,395	$ 4,989,767
Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	153	144
Amortized cost	$ 5,427,931	$ 5,036,942
Amortized Cost by Year of Origination
Total Amortized Cost	5,427,931	5,036,942
Allowance for credit losses	(80,536)	(47,175)		$ (40,848)
Total commercial mortgage loans, held for investment, net	5,347,395	4,989,767
Commercial Portfolio Segment
Amortized Cost by Year of Origination
Allowance for credit losses	(82,629)	(48,308)	$ (51,189)
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost	5,427,931	5,036,942
Amortized Cost by Year of Origination
Year one, originated in current fiscal year	971,616	696,607
Year two, originated in prior fiscal year one	733,948	1,671,346
Year three, originated in prior fiscal year two	1,483,599	2,280,104
Year four, originated in prior fiscal year three	1,968,097	180,206
Year five, original in prior fiscal year four	118,627	116,583
Prior	152,044	92,096
Total Amortized Cost	5,427,931	5,036,942
Allowance for credit losses	(80,536)	(47,175)
Total commercial mortgage loans, held for investment, net	$ 5,347,395	$ 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	$ 4,062,272	$ 3,890,424
Amortized Cost by Year of Origination
Year one, originated in current fiscal year	971,616	694,228
Year two, originated in prior fiscal year one	580,728	1,256,509
Year three, originated in prior fiscal year two	1,039,151	1,724,734
Year four, originated in prior fiscal year three	1,304,660	105,477
Year five, original in prior fiscal year four	72,388	73,743
Prior	93,729	35,734
Total Amortized Cost	$ 4,062,272	$ 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	74.80%	77.20%
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 3
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost	$ 1,075,925	$ 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	153,220	273,097
Year three, originated in prior fiscal year two	241,256	468,244
Year four, originated in prior fiscal year three	618,737	74,729
Year five, original in prior fiscal year four	46,239	0
Prior	16,473	56,362
Total Amortized Cost	$ 1,075,925	$ 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	19.80%	17.40%
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 4
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost	$ 221,590	$ 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	203,192	87,126
Year four, originated in prior fiscal year three	0	0
Year five, original in prior fiscal year four	0	42,840
Prior	18,398	0
Total Amortized Cost	$ 221,590	$ 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	4.10%	5.40%
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 5
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost	$ 68,144	$ 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	44,700	0
Year five, original in prior fiscal year four	0	0
Prior	23,444	0
Total Amortized Cost	$ 68,144	$ 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	1.30%	0%
Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	153	144
Amortized cost	$ 5,438,885	$ 5,045,036
Amortized Cost by Year of Origination
Total Amortized Cost	$ 5,438,885	$ 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	119	111
Amortized cost	$ 4,072,386	$ 3,897,680
Amortized Cost by Year of Origination
Total Amortized Cost	$ 4,072,386	$ 3,897,680
Commercial Mortgage Receivable, Held-For-Investment | 3
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	27	27
Amortized cost	$ 1,076,343	$ 875,449
Amortized Cost by Year of Origination
Total Amortized Cost	$ 1,076,343	$ 875,449
Commercial Mortgage Receivable, Held-For-Investment | 4
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	5	6
Amortized cost	$ 221,799	$ 271,907
Amortized Cost by Year of Origination
Total Amortized Cost	$ 221,799	$ 271,907
Commercial Mortgage Receivable, Held-For-Investment | 5
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	2	0
Amortized cost	$ 68,357	$ 0
Amortized Cost by Year of Origination
Total Amortized Cost	$ 68,357	$ 0

Commercial Mortgage Loans - C_2

Commercial Mortgage Loans - Commercial Mortgage Loans, Held for Sale Portfolio (Details) - Commercial Mortgage Receivable, Held-For-Sale - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 61,550	$ 0
Southeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	7,200
Far West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	43,500
Southwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 10,850
Commercial mortgage loans, held for sale, measured at fair value | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	100%
Commercial mortgage loans, held for sale, measured at fair value | Geographic Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	100%
Commercial mortgage loans, held for sale, measured at fair value | Geographic Concentration Risk | Southeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	11.70%
Commercial mortgage loans, held for sale, measured at fair value | Geographic Concentration Risk | Far West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	70.70%
Commercial mortgage loans, held for sale, measured at fair value | Geographic Concentration Risk | Southwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	17.60%
Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 43,500
Multifamily | Commercial mortgage loans, held for sale, measured at fair value | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	70.70%
Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 10,850
Hospitality | Commercial mortgage loans, held for sale, measured at fair value | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	17.60%
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 7,200
Retail | Commercial mortgage loans, held for sale, measured at fair value | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	11.70%

Real Estate Securities - Securi

Real Estate Securities - Securities Classified As Available For Sale (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) bond	Dec. 31, 2023 USD ($) bond
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 215,327	$ 242,569
CRE CLO Bonds
Debt Securities, Available-for-sale [Line Items]
Number of Bonds | bond	9	7
Weighted Average Interest Rate	7.97%	8.12%
Weighted Average Contractual Maturity (years)	11 years 6 months	12 years 2 months 12 days
Par Value	$ 214,932	$ 243,340
Fair Value	$ 215,327	$ 242,569

Real Estate Securities - Amorti

Real Estate Securities - Amortized Cost and Fair Value of CLO Bonds (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 215,327	$ 242,569
CRE CLO Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	214,752	243,272
Unrealized Gain	709	74
Unrealized (Loss)	(134)	(777)
Fair Value	$ 215,327	$ 242,569

Real Estate Securities - Narrat

Real Estate Securities - Narrative (Details) - CRE CLO Bonds $ in Thousands	Jun. 30, 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	9	7
Amortized cost basis	$ 214,752	$ 243,272
Net unrealized gain (loss) on CLO bonds	$ 600	$ (700)
Number of positions with gross unrealized loss period less than 12 months | position	4	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	$ 40,100	$ 184,200

Real Estate Owned - Schedule of

Real Estate Owned - Schedule of Real Estate Owned, Held For Investment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Real Estate [Line Items]
Accumulated Depreciation	$ (6,537)	$ (5,216)
Real Estate Owned, net	114,509	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	(6,330)	(5,179)
Real Estate Owned, net	84,293	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	(39)	(13)
Real Estate Owned, net	18,505	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	(168)	(24)
Real Estate Owned, net	11,711	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) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Real Estate [Abstract]
Depreciation expense	$ 0.6	$ 1	$ 1.3	$ 1.9

Real Estate Owned - Schedule _2

Real Estate Owned - Schedule of Real Estate Owned, Held For Sale (Details) $ in Thousands	2 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) property	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) property	Nov. 30, 2022 property
Real Estate [Line Items]
Assets, Net	$ 271,316	$ 271,316		$ 271,316		$ 103,657
Loss on other real estate investments		6,249	$ 1,691	6,243	$ 3,030
Various
Real Estate [Line Items]
Assets, Net	272,141	272,141		272,141
Liabilities, Net	12,359	12,359		12,359
Retail | Various
Real Estate [Line Items]
Assets, Net	92,175	92,175		92,175		103,657
Liabilities, Net	$ 10,934	$ 10,934		$ 10,934		$ 12,297
Retail | Various | Walgreens JV
Real Estate [Line Items]
Number of real estate properties | property	21	21		21		23	24
Loss on other real estate investments		$ 5,700
Write-down of other real estate investment assets		5,000
Loss on sale of other real estate investments		$ 700
Number of real estate properties sold | property	2	2		2
Multifamily | Various
Real Estate [Line Items]
Assets, Net	$ 179,966	$ 179,966		$ 179,966
Liabilities, Net	$ 1,425	$ 1,425		$ 1,425
Multifamily | Various | Walgreens JV
Real Estate [Line Items]
Number of real estate properties | property	4	4		4		4
Loss on other real estate investments	$ 500
Number of properties acquired through foreclosure | property	4

Leases - Schedule of Intangible

Leases - Schedule of Intangible Lease Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Identified intangible assets:
Gross amount	$ 49,285	$ 49,285
Less: Accumulated amortization	(8,005)	(6,492)
Total, net	$ 41,280	$ 42,793

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Rental income	$ 4.1	$ 6.2	$ 8.8	$ 9.3
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 3 months 18 days		14 years 3 months 18 days
Weighted average life of intangible assets	14 years 3 months 18 days		14 years 3 months 18 days
Amortization expense	$ 0.8	$ 1.2	$ 1.5	$ 2.1

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Payments to be Received (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Leases [Abstract]
2024 (July - December)	$ 4,522
2025	8,541
2026	8,539
2027	8,710
2028	8,884
2029 and beyond	97,388
Total future minimum rent	$ 136,584

Leases - Schedule of Expected A

Leases - Schedule of Expected Amortization Expense (Details) - Amortization Expense - Other identified intangible assets $ in Thousands	Jun. 30, 2024 USD ($)
Lessee, Lease, Description [Line Items]
2024 (July - December)	$ 1,446
2025	2,880
2026	2,880
2027	2,880
2028	$ 2,880

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details)		3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 04, 2024 USD ($)	Jun. 30, 2024 USD ($) agreement	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) extension agreement	Jun. 30, 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		$ 81,345,000		$ 81,345,000		$ 81,295,000
Interest Expense		86,740,000	$ 75,299,000	168,058,000	$ 146,374,000
Secured debt
Assets Sold under Agreements to Repurchase [Line Items]
Repo and revolving credit facilities, commercial mortgage loans, capacity		2,225,000,000		2,225,000,000		2,475,000,000
Repo and revolving credit facilities, commercial mortgage loans, amount outstanding		$ 762,437,000		762,437,000		299,707,000
Interest Expense				$ 18,553,000		$ 51,170,000
Ending Weighted Average Interest Rate		7.46%		7.46%		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		$ 23,998,000
Interest Expense				$ 1,024,000		$ 1,982,000
Ending Weighted Average Interest Rate		8.45%		8.45%		8.48%
Mortgage note payable | Industrial | Jeffersonville, GA
Assets Sold under Agreements to Repurchase [Line Items]
Principal amount								$ 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]
Principal amount								$ 88,700,000
Other financings
Assets Sold under Agreements to Repurchase [Line Items]
Debt related to REO and other financings, amount outstanding		$ 12,865,000		$ 12,865,000		$ 36,534,000
Interest Expense				$ 676,000		$ 5,330,000
Ending Weighted Average Interest Rate		6%		6%		7.36%
Number of note-on-note financings | agreement		2		2
Unsecured debt
Assets Sold under Agreements to Repurchase [Line Items]
Unsecured debt, amount outstanding		$ 81,345,000		$ 81,345,000		$ 81,295,000
Interest Expense				$ 3,784,000		$ 7,658,000
Ending Weighted Average Interest Rate		8.94%		8.94%		8.99%
Interest paid on unsecured debt		$ 1,900,000		$ 3,800,000
Unsecured debt | Junior Note I
Assets Sold under Agreements to Repurchase [Line Items]
Unsecured debt, amount outstanding		$ 17,066,000		17,066,000		$ 17,047,000
Interest Expense				$ 824,000		$ 1,940,000
Ending Weighted Average Interest Rate		9.09%		9.09%		9.15%
Unsecured debt | Junior Note II
Assets Sold under Agreements to Repurchase [Line Items]
Unsecured debt, amount outstanding		$ 39,569,000		$ 39,569,000		$ 39,550,000
Interest Expense				$ 1,821,000		$ 3,519,000
Ending Weighted Average Interest Rate		8.90%		8.90%		8.95%
Unsecured debt | Junior Note III
Assets Sold under Agreements to Repurchase [Line Items]
Unsecured debt, amount outstanding		$ 24,710,000		$ 24,710,000		$ 24,698,000
Interest Expense				$ 1,139,000		$ 2,199,000
Ending Weighted Average Interest Rate		8.90%		8.90%		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		$ 500,000,000
Repo and revolving credit facilities, commercial mortgage loans, amount outstanding		$ 258,525,000		258,525,000		108,574,000
Interest Expense				$ 5,974,000		$ 22,401,000
Ending Weighted Average Interest Rate		7.56%		7.56%		7.90%
Number of extension options | extension				2
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		$ 350,000,000		$ 600,000,000	$ 600,000,000
Repo and revolving credit facilities, commercial mortgage loans, amount outstanding		$ 87,245,000		87,245,000		52,864,000
Interest Expense				$ 1,792,000		$ 6,603,000
Ending Weighted Average Interest Rate		8.19%		8.19%		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		$ 400,000,000
Repo and revolving credit facilities, commercial mortgage loans, amount outstanding		$ 123,882,000		123,882,000		71,730,000
Interest Expense				$ 3,500,000		$ 9,580,000
Ending Weighted Average Interest Rate		7.55%		7.55%		7.85%
Number of extension options | extension				2
Extension period on initial maturity date				1 year
Repo Facility | Barclays Repo Facility | Secured debt
Assets Sold under Agreements to Repurchase [Line Items]
Repo and revolving credit facilities, commercial mortgage loans, capacity		$ 500,000,000		$ 500,000,000		$ 500,000,000
Repo and revolving credit facilities, commercial mortgage loans, amount outstanding		$ 292,785,000		292,785,000		66,539,000
Interest Expense				$ 6,777,000		$ 11,616,000
Ending Weighted Average Interest Rate		7.11%		7.11%		7.22%
Number of extension options | extension				2
Extension period on initial maturity date				1 year
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		$ 225,000,000
Repo and revolving credit facilities, commercial mortgage loans, amount outstanding		0		0		0
Interest Expense				69,000		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		250,000,000
Repo and revolving credit facilities, commercial mortgage loans, amount outstanding		$ 0		0		0
Interest Expense				$ 441,000		$ 940,000

Debt - Narrative (Details)

Debt - Narrative (Details)	6 Months Ended
	Jun. 30, 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 - Schedule of Repurchase A

Debt - Schedule of Repurchase Agreements (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest Expense	$ 13,531	$ 15,383
Real estate securities, available for sale, measured at fair value	215,327	242,569
MRAs
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	243,646	174,055
Interest Expense	$ 6,219	$ 10,323
Weighted Average Interest Rate	6.24%	6.25%
Weighted Average Days to Maturity	14 days	11 days
MRAs | Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral
Assets Sold under Agreements to Repurchase [Line Items]
Collateral Pledged	$ 290,449	$ 195,827
Secured debt
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 762,437	$ 299,707
Weighted Average Interest Rate	7.46%	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	$ 75,100	$ 27,900
JP Morgan Securities LLC | MRAs
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	133,868	113,111
Interest Expense	$ 3,352	$ 6,717
Weighted Average Interest Rate	6.35%	6.29%
Weighted Average Days to Maturity	19 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	$ 166,981	$ 127,602
Wells Fargo Securities, LLC | MRAs
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	8,994	8,994
Interest Expense	$ 278	$ 235
Weighted Average Interest Rate	6.09%	6.14%
Weighted Average Days to Maturity	29 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	$ 10,041	$ 9,975
Barclays Capital Inc. | MRAs
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	80,139	51,950
Interest Expense	$ 2,158	$ 3,371
Weighted Average Interest Rate	6.07%	6.19%
Weighted Average Days to Maturity	4 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	$ 90,039	$ 58,250
Lucid Prime Fund | MRAs
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	20,645
Interest Expense	$ 431
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	$ 23,388

Debt - Schedule of Collateraliz

Debt - Schedule of Collateralized Loan Obligations by Tranche (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan	Mar. 31, 2024 USD ($)
Debt Instrument [Line Items]
Par Value	$ 23,998	$ 23,998
Collaterized loan obligation
Debt Instrument [Line Items]
Par Value	3,913,384	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	3,446,336	3,597,973
Principal Balance of Collateralized Mortgage Assets	$ 4,205,758	$ 4,418,462
U.S. Bank National Association | Secured debt | 2021-FL6 Issuer
Debt Instrument [Line Items]
Number of Loans in pool | loan	46	54
Weighted Average Spread	1.49%	1.43%
Par Value	$ 584,500	$ 584,500
Par Value Outstanding	477,217	558,040
Principal Balance of Collateralized Mortgage Assets	$ 537,678	$ 673,289
U.S. Bank National Association | Secured debt | 2021-FL7 Issuer
Debt Instrument [Line Items]
Number of Loans in pool | loan	36	40
Weighted Average Spread	1.67%	1.64%
Par Value	$ 722,250	$ 722,250
Par Value Outstanding	648,440	720,000
Principal Balance of Collateralized Mortgage Assets	$ 827,100	$ 864,079
U.S. Bank National Association | Secured debt | 2022-FL8 Issuer
Debt Instrument [Line Items]
Number of Loans in pool | loan	44	46
Weighted Average Spread	1.73%	1.72%
Par Value	$ 960,000	$ 960,000
Par Value Outstanding	932,797	960,000
Principal Balance of Collateralized Mortgage Assets	$ 1,171,827	$ 1,184,931
U.S. Bank National Association | Secured debt | 2022-FL9 Issuer
Debt Instrument [Line Items]
Number of Loans in pool | loan	50	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	$ 801,110	$ 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	868,043	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 - Schedule of Collateral_2

Debt - Schedule of Collateralized Loan Obligations (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Assets
Cash	$ 94,779	$ 337,595	$ 224,696	$ 179,314
Commercial mortgage loans, held for investment, net	5,347,395	4,989,767
Accrued interest receivable	39,819	42,490
Total assets	6,269,336	5,955,180
Liabilities
Notes payable, net	23,998	23,998
Accrued interest payable	13,531	15,383
Total liabilities	4,635,703	4,279,223
Allowance for credit loss	80,536	47,175
U.S. Bank National Association | Secured debt
Liabilities
Notes payable, net	3,654,630	3,654,630
Collaterized loan obligation
Assets
Cash	37,144	55,914
Commercial mortgage loans, held for investment, net	4,168,490	4,379,760
Accrued interest receivable	18,272	23,927
Total assets	4,223,906	4,459,601
Liabilities
Notes payable, net	3,913,384	4,092,971
Accrued interest payable	11,991	15,171
Total liabilities	3,925,375	4,108,142
Restricted cash	36,300	55,100
Allowance for credit loss	33,200	32,600
Deferred financing cost and discount	26,200	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				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator
Net income/(loss)	$ (3,765)		$ 39,644		$ 32,062	$ 83,483
Net (income)/loss from non-controlling interest	1,590	$ 93	(41)	$ (9)	1,683	(50)
Less: Preferred stock dividends	6,748		6,749		13,497	13,497
Net income/(loss) applicable to common stock, basic	(8,923)		32,854		20,248	69,936
Net income/(loss) applicable to common stock, diluted	(8,923)		32,854		20,248	69,936
Less: Participating securities' share in earnings	450		526		898	1,325
Net income/(loss) applicable to common stockholders (basic)	(9,373)		32,328		19,350	68,611
Net income/(loss) applicable to common stockholders (diluted)	$ (9,373)		$ 32,328		$ 19,350	$ 68,611
Denominator
Weighted-average common shares outstanding for basic earnings per share (in shares)	81,815,681		82,252,979		81,904,888	82,512,434
Weighted-average common shares outstanding for diluted earnings per share (in shares)	81,815,681		82,252,979		81,904,888	82,512,434
Basic earnings per share (in dollars per share)	$ (0.11)		$ 0.39		$ 0.24	$ 0.83
Diluted earnings per share (in dollars per share)	$ (0.11)		$ 0.39		$ 0.24	$ 0.83
Restricted Shares and Restricted Stock Units
Denominator
Antidilutive securities excluded from computation (in shares)	96,783		797,497		118,176	754,487
Convertible Preferred Stock
Denominator
Antidilutive securities excluded from computation (in shares)	5,370,498		5,370,640		5,370,498	5,370,640

Redeemable Convertible Prefer_3

Redeemable Convertible Preferred Stock and Equity Transactions - Schedule of Shares Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended				6 Months Ended	12 Months Ended
	Jan. 10, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	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			$ 89,748
Common stock, shares outstanding (in shares)		83,054,639				83,054,639			82,751,913
Common stock shares repurchased, average price per share (in dollars per share)						$ 12.42
Common stock shares repurchased		$ 2,991	$ 1,877	$ 5,495	$ 3,667	$ 4,900
Series H Preferred Stock
Class of Stock [Line Items]
Redeemable convertible preferred stock		$ 89,748				$ 89,748			$ 89,748
Preferred stock, shares outstanding (in shares)		17,950				17,950			17,950
Preferred stock dividends declared (in dollars per share)		$ 106.216
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			$ 258,742
Preferred stock, shares outstanding (in shares)		10,329,039				10,329,039			10,329,039
Preferred stock dividends declared (in dollars per share)		$ 0.46875
Common Stock
Class of Stock [Line Items]
Common stock - at par value		$ 818				$ 818			$ 820
Common stock, shares outstanding (in shares)		83,054,639	83,254,483	83,019,881	83,363,971	83,054,639			82,751,913	82,992,784
Common stock dividends declared (in dollars per share)		$ 0.355
Common stock shares repurchased (in shares)		240,740	151,123	444,726	313,411	391,863
Common stock shares repurchased, average price per share (in dollars per share)		$ 12.42				$ 12.42
Common stock shares repurchased		$ 2	$ 2	$ 5	$ 3

Redeemable Convertible Prefer_4

Redeemable Convertible Preferred Stock and Equity Transactions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Class of Stock [Line Items]
Share repurchase program, authorized amount	$ 65,000				$ 65,000		$ 35,917
Remaining amount available under share repurchase program	$ 31,050				$ 31,050
DRIP
Class of Stock [Line Items]
Common stock reserved for issuance (in shares)	63,000,000				63,000,000
Common stock issued under dividend reinvestment plan (in shares)	0		0		0	0
Common stock repurchased under dividend reinvestment plan (in shares)	44,450		61,866		85,185	120,175
Common Stock
Class of Stock [Line Items]
Common stock distributions					$ 58,900	$ 58,300
Common dividends paid (in dollars per share)					$ 0.355	$ 0.355
Common stock issued under dividend reinvestment plan (in shares)			61,866
Common stock repurchased under dividend reinvestment plan (in shares)	240,740	151,123	444,726	313,411	391,863

Redeemable Convertible Prefer_5

Redeemable Convertible Preferred Stock and Equity Transactions - Schedule of Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Equity [Abstract]
Repurchases (in shares)	391,863
Beginning of period, authorized repurchase amount	$ 65,000	$ 35,917
Repurchases	(4,867)
Remaining as of June 30, 2024	$ 31,050
Net average purchase price (in dollars per share)	$ 12.42

Redeemable Convertible Prefer_6

Redeemable Convertible Preferred Stock and Equity Transactions - Schedule of Changes in Accumulated Other Comprehensive Income/(Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, Beginning of Period	$ 1,585,383	$ 1,590,929	$ 1,586,209	$ 1,578,388
Balance, End of Period	1,543,885	1,599,751	1,543,885	1,599,751
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	530	(1,935)	(703)	390
Other comprehensive income/(loss)	45	636	972	(1,012)
Reclassification adjustment for amounts included in net income/(loss)	0	0	306	(677)
Balance, End of Period	$ 575	$ (1,299)	$ 575	$ (1,299)

Commitments and Contingencies_2

Commitments and Contingencies (Details) - Unfunded Commitments Under Commercial Mortgage Loans $ in Thousands	Jun. 30, 2024 USD ($)
Loss Contingencies [Line Items]
2024	$ 53,719
2025	100,572
2026	181,149
2027	48,763
Total	$ 384,203

Related Party Transactions an_3

Related Party Transactions and Arrangements - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($)	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	$ 5,347,395		$ 5,347,395		$ 4,989,767
Interest income	133,553	$ 152,892	264,111	$ 283,428
Commercial Mortgage Receivable, Held-For-Investment
Related Party Transaction [Line Items]
Commercial mortgage loans, held for investment, net	5,347,395		5,347,395		4,989,767
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment
Related Party Transaction [Line Items]
Commercial mortgage loans, held for investment, net	$ 5,347,395		$ 5,347,395		$ 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	21		21		23	24
Related Party | Commercial Mortgage Receivable, Held-For-Investment
Related Party Transaction [Line Items]
Commercial mortgage loans, held for investment, net	$ 86,800		$ 86,800		$ 124,100
Interest income	$ 2,200	$ 2,500	$ 4,800	$ 4,800
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							75.618%
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							24.242%
Benefit Street Partners LLC | Related Party
Related Party Transaction [Line Items]
Monthly asset management fee (percent)	0.125%		0.125%
Subordinated performance fee, percent that total return exceeds per year	6%		6%
Percent of excess total return	15%		15%
Maximum annual subordinated performance fee payable percent of total return	10%		10%
Benefit Street Partners LLC | Related Party | Fee to Acquire and Originate Real Estate Debt
Related Party Transaction [Line Items]
Transaction rate (percent)			0.50%

Related Party Transactions an_4

Related Party Transactions and Arrangements - Schedule of Costs Incurred From Arrangements with Advisor and Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Acquisition expenses	$ 195	$ 283	$ 433	$ 661
Administrative services expenses	704	3,398	3,564	7,427
Asset management and subordinated performance fee	6,252	8,900	14,117	16,985
Other related party expenses	3,202	4,301	5,565	6,467
Total expenses	17,721	23,100	38,348	45,399
Payables due to affiliate	16,550		16,550		$ 19,316
Related Party
Related Party Transaction [Line Items]
Acquisition expenses	195	283	433	661
Administrative services expenses	704	3,398	3,564	7,427
Asset management and subordinated performance fee	6,252	8,900	14,117	16,985
Other related party expenses	347	339	690	550
Total expenses	7,498	12,920	18,804	25,623
Related Party | Acquisition expenses
Related Party Transaction [Line Items]
Payables due to affiliate	0		0		0
Related Party | Administrative services expenses
Related Party Transaction [Line Items]
Payables due to affiliate	704		704		3,447
Related Party | Asset management and subordinated performance fee
Related Party Transaction [Line Items]
Payables due to affiliate	14,330		14,330		15,014
Related Party | Other related party expenses
Related Party Transaction [Line Items]
Payables due to affiliate	1,516		1,516		855
Related Party | Acquisition fees and expenses, including amount capitalized
Related Party Transaction [Line Items]
Acquisition expenses	3,100	1,800	5,500	2,900
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	2,900	$ 1,500	5,100	$ 2,200
Related Party | Third Party Vendor Agreement
Related Party Transaction [Line Items]
Payables due to affiliate	$ 1,400		$ 1,400		$ 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	Jun. 30, 2024	Dec. 31, 2023
Assets, at fair value
Real estate securities, available for sale, measured at fair value	$ 215,327	$ 242,569
Commercial mortgage loans, held for sale, measured at fair value	62,165	0
Liabilities, at fair value
Liabilities	1,013	0
Fair Value, Measurements, Recurring
Assets, at fair value
Real estate securities, available for sale, measured at fair value	215,327	242,569
Commercial mortgage loans, held for sale, measured at fair value	62,165
Total assets, at fair value	277,492	242,569
Liabilities, at fair value
Total liabilities, at fair value	1,013
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	326
Level II | Fair Value, Measurements, Recurring
Assets, at fair value
Real estate securities, available for sale, measured at fair value	215,327	242,569
Commercial mortgage loans, held for sale, measured at fair value	0
Total assets, at fair value	215,327	242,569
Liabilities, at fair value
Total liabilities, at fair value	687
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	62,165
Total assets, at fair value	62,165	$ 0
Liabilities, at fair value
Total liabilities, at fair value	0
Credit default swaps
Liabilities, at fair value
Liabilities	687
Credit default swaps | Fair Value, Measurements, Recurring
Liabilities, at fair value
Liabilities	687
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	687
Credit default swaps | Level III | Fair Value, Measurements, Recurring
Liabilities, at fair value
Liabilities	0
Treasury note futures
Liabilities, at fair value
Liabilities	326
Treasury note futures | Fair Value, Measurements, Recurring
Liabilities, at fair value
Liabilities	326
Treasury note futures | Level I | Fair Value, Measurements, Recurring
Liabilities, at fair value
Liabilities	326
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	6 Months Ended
	Jun. 30, 2024 USD ($) property	Jun. 30, 2024 USD ($) 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	$ 62,165	$ 62,165	$ 0
Repurchase agreements, commercial mortgage loans
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	762,437	762,437	299,707
Repurchase agreements - real estate securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	$ 243,646	$ 243,646	$ 174,055
Walgreens JV | Multifamily | Various
Assets Sold under Agreements to Repurchase [Line Items]
Number of real estate properties | property	4	4	4
Walgreens JV | Retail | Various
Assets Sold under Agreements to Repurchase [Line Items]
Number of real estate properties | property	21	21	23	24
Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Exit capitalization rate	5%	4.93%
Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Exit capitalization rate	6.25%	9.50%
Fair Value, Measurements, Recurring
Assets Sold under Agreements to Repurchase [Line Items]
Commercial mortgage loans, held for sale, measured at fair value	$ 62,165	$ 62,165
Fair Value, Nonrecurring
Assets Sold under Agreements to Repurchase [Line Items]
Assets and liabilities measured at fair value, net	260,400	260,400	$ 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	$ 62,165	$ 62,165
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	6 Months Ended
	Jun. 30, 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	$ 62,165	$ 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	62,165
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	62,165
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	$ 62,165
Yield	7.60%
Commercial mortgage loans, held for sale, measured at fair value | Fair Value, Measurements, Recurring | Level III | Discounted Cash Flow | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield	6.80%
Commercial mortgage loans, held for sale, measured at fair value | Fair Value, Measurements, Recurring | Level III | Discounted Cash Flow | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Yield	9.10%

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	6 Months Ended	12 Months Ended
	Jun. 30, 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	201,125	102,500
Sales/paydowns	(146,472)	(121,976)
Total realized and unrealized gain/(loss) included in earnings:
Realized gain/(loss) on sale of commercial mortgage loans, held for sale	6,897	3,873
Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments	615	44
Trading gain/(loss)		0
Transfers out of Level III	0	0
Ending balance	62,165	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 loans, 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	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Allowance for credit loss	$ 80,536	$ 47,175
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Allowance for credit loss	80,500	47,200
Carrying Amount | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans, held for investment	5,427,931	5,036,942
Mortgage note payable	23,998	23,998
Other financings	12,865	36,534
Unsecured debt	81,345	81,295
Carrying Amount | Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized loan obligations	3,420,137	3,567,166
Fair Value | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans, held for investment	5,383,523	5,010,580
Mortgage note payable	23,998	23,998
Other financings	12,865	36,534
Unsecured debt	73,600	64,900
Fair Value | Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized loan obligations	$ 3,414,700	$ 3,521,274

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Outstanding Derivatives (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Notional	$ 80,650
Assets	0
Liabilities	1,013	$ 0
Credit default swaps
Derivative [Line Items]
Notional	33,250
Assets	0
Liabilities	687
Treasury note futures
Derivative [Line Items]
Notional	47,400
Assets	0
Liabilities	$ 326

Derivative Instruments - Sche_2

Derivative Instruments - Schedule of Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain/(Loss)	$ (183)	$ 393	$ (321)	$ 73
Realized Gain/(Loss)	22	573	313	617
Credit default swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain/(Loss)	47	(60)	4	3
Realized Gain/(Loss)	(30)	14	(125)	14
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain/(Loss)	0	453	0	161
Realized Gain/(Loss)	0	559	0	559
Treasury note futures
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain/(Loss)	(230)	0	(325)	(91)
Realized Gain/(Loss)	122	0	508	44
Options
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain/(Loss)	0	0	0	0
Realized Gain/(Loss)	$ (70)	$ 0	$ (70)	$ 0

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Offsetting Derivative Instruments
Derivative instruments, at fair value, gross amounts recognized liabilities	$ 1,013
Derivative instruments, at fair value, gross amounts offset on the balance sheet	0
Derivative instruments, at fair value, net amount of liabilities presented on the balance sheet	1,013	$ 0
Derivative instruments, at fair value, gross amounts not offset on balance sheet, financial instruments	0
Derivative instruments, at fair value, gross amounts not offset on the balance sheet, cash collateral	1,013
Derivative instruments, at fair value, net amount	0
Repurchase agreements - commercial mortgage loans
Offsetting Repurchase Agreements
Repurchase agreements, gross amounts of recognized liabilities	762,437	299,707
Repurchase agreements, gross amounts offset on the balance sheet	0	0
Repurchase agreements, net amount of liabilities presented on the balance sheet	762,437	299,707
Repurchase agreements, gross amounts not offset on the balance sheet, financial instruments	762,437	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	243,646	174,055
Repurchase agreements, gross amounts offset on the balance sheet	0	0
Repurchase agreements, net amount of liabilities presented on the balance sheet	243,646	174,055
Repurchase agreements, gross amounts not offset on the balance sheet, financial instruments	243,646	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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Interest income	$ 133,553	$ 152,892	$ 264,111	$ 283,428
Revenue from real estate owned	4,072	6,438	8,784	9,750
Interest expense	86,740	75,299	168,058	146,374
Net income/(loss)	(3,765)	39,644	32,062	83,483
Total assets	6,269,336		6,269,336		$ 5,955,180
Real Estate Debt and Other Real Estate Investments
Segment Reporting Information [Line Items]
Interest income	128,007	147,258	251,772	273,207
Revenue from real estate owned	0	0	0	0
Interest expense	82,446	70,963	160,469	137,921
Net income/(loss)	2,413	46,742	30,354	90,273
Total assets	5,509,908		5,509,908		5,372,371
Real Estate Securities
Segment Reporting Information [Line Items]
Interest income	4,357	4,012	8,958	7,580
Revenue from real estate owned	0	0	0	0
Interest expense	3,619	3,542	6,208	6,988
Net income/(loss)	312	(569)	2,063	2,726
Total assets	219,995		219,995		245,949
TRS
Segment Reporting Information [Line Items]
Interest income	1,155	748	3,101	1,070
Revenue from real estate owned	0	0	0	0
Interest expense	163	301	357	517
Net income/(loss)	(118)	(7,378)	4,172	(10,692)
Total assets	99,290		99,290		66,503
Real Estate Owned
Segment Reporting Information [Line Items]
Interest income	34	874	280	1,571
Revenue from real estate owned	4,072	6,438	8,784	9,750
Interest expense	512	493	1,024	948
Net income/(loss)	(6,372)	$ 849	(4,527)	$ 1,176
Total assets	$ 440,143		$ 440,143		$ 270,357

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	Jul. 01, 2024 USD ($) property	Jun. 30, 2024 USD ($) property	Dec. 31, 2023 USD ($) property	Nov. 30, 2022 property
Subsequent Event [Line Items]
Commercial mortgage loans, held for investment, net | $		$ 5,347,395	$ 4,989,767
Walgreens JV | Retail | Various
Subsequent Event [Line Items]
Number of real estate properties sold | property		2
Number of real estate properties | property		21	23	24
Subsequent Event | Walgreens JV | Retail | Various
Subsequent Event [Line Items]
Number of real estate properties sold | property	16
Consideration for sale of retail properties | $	$ 60,900
Subsequent Event | Walgreens JV | Retail | Various | Commercial Portfolio Segment
Subsequent Event [Line Items]
Commercial mortgage loans, held for investment, net | $	$ 57,800